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Securities
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
The following tables provide the amortized cost, fair values, and remaining maturities of AFS debt securities and HTM debt securities by security type as of March 31, 2026 and December 31, 2025.
TABLE 35: RECONCILIATION OF AMORTIZED COST TO FAIR VALUE OF DEBT SECURITIES
MARCH 31, 2026
(In Millions)AMORTIZED COSTGROSS UNREALIZED GAINSGROSS UNREALIZED LOSSESFAIR VALUE
Available for Sale Debt Securities
U.S. Governments$7,965.3 $11.9 $5.3 $7,971.9 
Obligations of States and Political Subdivisions321.0 — 9.1 311.9 
Government Sponsored Agency18,614.1 29.2 114.2 18,529.1 
Non-U.S. Government318.3 — 6.7 311.6 
Corporate Debt66.9 — 0.8 66.1 
Covered Bonds277.4 0.3 2.7 275.0 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds5,057.0 7.8 50.1 5,014.7 
CLOs3,295.2 0.4 2.2 3,293.4 
Other Asset-Backed705.3 1.8 3.7 703.4 
Commercial Mortgage-Backed445.2 — 9.1 436.1 
Total Available for Sale Debt Securities$37,065.7 $51.4 $203.9 $36,913.2 
Held to Maturity Debt Securities
Obligations of States and Political Subdivisions$2,442.1 $1.7 $22.9 $2,420.9 
Government Sponsored Agency8,299.6 4.1 775.4 7,528.3 
Non-U.S. Government5,026.8 0.2 33.0 4,994.0 
Corporate Debt303.5 — 6.0 297.5 
Covered Bonds2,192.8 — 52.8 2,140.0 
Certificate of Deposit766.5 — 3.7 762.8 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds4,604.9 1.2 78.4 4,527.7 
Commercial Mortgage-Backed37.6 — 1.3 36.3 
Other612.4 — 181.9 430.5 
Total Held to Maturity Debt Securities$24,286.2 $7.2 $1,155.4 $23,138.0 
Total Debt Securities$61,351.9 $58.6 $1,359.3 $60,051.2 
DECEMBER 31, 2025
(In Millions)AMORTIZED COSTGROSS UNREALIZED GAINSGROSS UNREALIZED LOSSESFAIR VALUE
Available for Sale Debt Securities
U.S. Governments$8,148.0 $29.5 $5.1 $8,172.4 
Obligations of States and Political Subdivisions322.4 — 9.3 313.1 
Government Sponsored Agency16,616.7 44.1 93.3 16,567.5 
Non-U.S. Government534.1 — 6.9 527.2 
Corporate Debt65.1 — 0.7 64.4 
Covered Bonds275.3 0.4 2.2 273.5 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds5,002.9 11.0 29.6 4,984.3 
CLOs2,151.3 3.7 0.1 2,154.9 
Other Asset-Backed569.2 4.0 3.0 570.2 
Commercial Mortgage-Backed417.4 0.1 8.5 409.0 
Total Available for Sale Debt Securities$34,102.4 $92.8 $158.7 $34,036.5 
Held to Maturity Debt Securities
Obligations of States and Political Subdivisions$2,457.8 $4.6 $13.0 $2,449.4 
Government Sponsored Agency8,424.5 8.3 736.7 7,696.1 
Non-U.S. Government4,741.0 0.1 27.2 4,713.9 
Corporate Debt389.0 — 5.0 384.0 
Covered Bonds1,754.5 0.1 41.4 1,713.2 
Certificate of Deposit444.5 — 4.0 440.5 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds4,511.5 4.3 59.4 4,456.4 
Commercial Mortgage-Backed37.6 — 1.3 36.3 
Other669.2 — 177.8 491.4 
Total Held to Maturity Debt Securities$23,429.6 $17.4 $1,065.8 $22,381.2 
Total Debt Securities$57,532.0 $110.2 $1,224.5 $56,417.7 
TABLE 36: REMAINING MATURITY OF DEBT SECURITIES
MARCH 31, 2026ONE YEAR OR LESSONE TO FIVE YEARSFIVE TO TEN YEARSOVER TEN YEARSTOTAL
(In Millions)AMORTIZED COSTFAIR VALUEAMORTIZED COSTFAIR VALUEAMORTIZED COSTFAIR VALUEAMORTIZED COSTFAIR VALUEAMORTIZED COSTFAIR VALUE
Available for Sale Debt Securities
U.S. Governments$1,695.2 $1,699.7 $6,270.1 $6,272.2 $— $— $— $— $7,965.3 $7,971.9 
Obligations of States and Political Subdivisions— — 248.9 242.3 72.1 69.6 — — 321.0 311.9 
Non-U.S. Government179.8 178.4 138.5 133.2 — — — — 318.3 311.6 
Corporate Debt44.6 44.5 22.3 21.6 — — — — 66.9 66.1 
Covered Bonds239.6 238.9 37.8 36.1 — — — — 277.4 275.0 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds1,095.9 1,092.1 3,883.8 3,844.8 77.3 77.8 — — 5,057.0 5,014.7 
Government Sponsored Agency18,614.1 18,529.1 
Commercial Mortgage-Backed445.2 436.1 
CLOs3,295.2 3,293.4 
Other Asset-Backed705.3 703.4 
Total Available for Sale Debt Securities$3,255.1 $3,253.6 $10,601.4 $10,550.2 $149.4 $147.4 $— $— $37,065.7 $36,913.2 
Held to Maturity Debt Securities
Obligations of States and Political Subdivisions$231.7 $231.5 $1,412.6 $1,407.3 $772.3 $757.4 $25.5 $24.7 $2,442.1 $2,420.9 
Non-U.S. Government3,989.6 3,978.5 1,037.2 1,015.5 — — — — 5,026.8 4,994.0 
Corporate Debt131.5 129.4 172.0 168.1 — — — — 303.5 297.5 
Covered Bonds752.4 744.7 1,440.4 1,395.3 — — — — 2,192.8 2,140.0 
Certificate of Deposit766.5 762.8 — — — — — — 766.5 762.8 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds1,449.9 1,428.5 3,155.0 3,099.2 — — — — 4,604.9 4,527.7 
Other87.5 85.5 290.4 258.8 43.1 34.7 191.4 51.5 612.4 430.5 
Government Sponsored Agency8,299.6 7,528.3 
Commercial Mortgage-Backed37.6 36.3 
Total Held to Maturity Debt Securities$7,409.1 $7,360.9 $7,507.6 $7,344.2 $815.4 $792.1 $216.9 $76.2 $24,286.2 $23,138.0 
Total Debt Securities $10,664.2 $10,614.5 $18,109.0 $17,894.4 $964.8 $939.5 $216.9 $76.2 $61,351.9 $60,051.2 
Credit Quality. AFS debt securities impairment reviews are conducted quarterly to identify and evaluate securities that have indications of possible credit losses. A determination as to whether a security’s decline in market value is related to credit impairment takes into consideration numerous factors and the relative significance of any single factor can vary by security. Factors Northern Trust considers in determining whether impairment is credit-related include, but are not limited to, the severity of the impairment; the cause of the impairment; the financial condition and near-term prospects of the issuer; activity in the market of the issuer, which may indicate adverse credit conditions; Northern Trust’s intent regarding the sale of the security as of the balance sheet date; and the likelihood that Northern Trust will not be required to sell the security for a period of time sufficient to allow for the recovery of the security’s amortized cost basis. For each security meeting the requirements of Northern Trust’s internal screening process, an extensive review is conducted to determine if a credit loss has occurred.
There was no provision for credit losses for AFS securities for the three months ended March 31, 2026 and a negative $0.2 million provision for credit losses for AFS securities for the three months ended March 31, 2025. There was no allowance for credit losses for AFS securities as of both March 31, 2026 and December 31, 2025. The process for identifying credit losses for AFS securities is based on the best estimate of cash flows to be collected from the security, discounted using the security’s effective interest rate. If the present value of the expected cash flows is found to be less than the current amortized cost of the security, an allowance for credit losses is generally recorded equal to the difference between the two amounts, limited to the amount the amortized cost basis exceeds the fair value of the security. For additional information, please refer to Note 6, “Allowance for Credit Losses.”
The following table provides information regarding AFS debt securities with no credit losses reported that had been in a continuous unrealized loss position for less than twelve months and for twelve months or longer as of March 31, 2026 and December 31, 2025.
TABLE 37: AVAILABLE FOR SALE DEBT SECURITIES IN UNREALIZED LOSS POSITION WITH NO CREDIT LOSSES REPORTED
MARCH 31, 2026LESS THAN 12 MONTHS12 MONTHS OR LONGERTOTAL
(In Millions)FAIR
VALUE		UNREALIZED
LOSSES		FAIR
VALUE		UNREALIZED
LOSSES		FAIR
VALUE		UNREALIZED
LOSSES
U.S. Governments$451.7 $0.5 $94.9 $4.8 $546.6 $5.3 
Obligations of States and Political Subdivisions— — 311.9 9.1 311.9 9.1 
Government Sponsored Agency4,712.0 23.5 6,501.8 90.7 11,213.8 114.2 
Non-U.S. Government108.9 0.7 202.6 6.0 311.5 6.7 
Corporate Debt21.5 0.7 44.5 0.1 66.0 0.8 
Covered Bonds81.4 1.6 63.9 1.1 145.3 2.7 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds2,169.3 22.1 522.6 28.0 2,691.9 50.1 
CLOs1,912.4 2.2 — — 1,912.4 2.2 
Other Asset-Backed267.2 1.8 226.3 1.9 493.5 3.7 
Commercial Mortgage-Backed179.4 0.2 214.7 8.9 394.1 9.1 
Total$9,903.8 $53.3 $8,183.2 $150.6 $18,087.0 $203.9 
Note: There were no AFS securities with an allowance for credit losses reported as of March 31, 2026. Refer to the discussion below and Note 6, “Allowance for Credit Losses” for further information.
DECEMBER 31, 2025LESS THAN 12 MONTHS12 MONTHS OR LONGERTOTAL
(In Millions)FAIR
VALUE		UNREALIZED
LOSSES		FAIR
VALUE		UNREALIZED
LOSSES		FAIR
VALUE		UNREALIZED
LOSSES
U.S. Governments$— $— $194.2 $5.1 $194.2 $5.1 
Obligations of States and Political Subdivisions— — 313.1 9.3 313.1 9.3 
Government Sponsored Agency1,288.2 1.7 6,848.5 91.6 8,136.7 93.3 
Non-U.S. Government329.7 0.1 197.5 6.8 527.2 6.9 
Corporate Debt21.3 0.4 43.1 0.3 64.4 0.7 
Covered Bonds80.0 1.0 63.7 1.2 143.7 2.2 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds1,007.7 2.3 669.1 27.3 1,676.8 29.6 
CLOs109.9 0.1 — — 109.9 0.1 
Other Asset-Backed— — 265.4 3.0 265.4 3.0 
Commercial Mortgage-Backed54.9 — 186.6 8.5 241.5 8.5 
Total$2,891.7 $5.6 $8,781.2 $153.1 $11,672.9 $158.7 
Note: There were no AFS securities with an allowance for credit losses reported as of December 31, 2025. Refer to the discussion below and Note 6, “Allowance for Credit Losses” for further information.
As of March 31, 2026, 888 AFS debt securities with a combined fair value of $18.1 billion were in an unrealized loss position without an allowance for credit losses, with their unrealized losses totaling $203.9 million. As of December 31, 2025, 718 AFS debt securities with a combined fair value of $11.7 billion were in an unrealized loss position without an allowance for credit losses, with their unrealized losses totaling $158.7 million. Unrealized losses on AFS debt securities without an allowance for credit losses are primarily attributable to changes in market interest rates and credit spreads since their purchase.
The following table provides the amortized cost of HTM debt securities by credit ratings using ratings from Moody’s, S&P Global or Fitch Ratings. Securities not explicitly rated were grouped where possible under the credit rating of the issuer of the security.
TABLE 38: AMORTIZED COST OF HELD TO MATURITY DEBT SECURITIES BY CREDIT RATING
MARCH 31, 2026
($ In Millions)AAAAAABBBNOT RATEDTOTAL
Obligations of States and Political Subdivisions$1,000.7 $1,441.4 $— $— $— $2,442.1 
Government Sponsored Agency45.7 8,253.9 — — — 8,299.6 
Non-U.S. Government1,258.5 1,327.3 2,426.1 14.9 — 5,026.8 
Corporate Debt155.9 94.5 53.1 — — 303.5 
Covered Bonds2,192.8 — — — — 2,192.8 
Certificate of Deposit— — — — 766.5 766.5 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds3,299.0 927.4 377.3 1.2 — 4,604.9 
Commercial Mortgage-Backed— 37.6 — — — 37.6 
Other— — — — 612.4 612.4 
Total Held to Maturity$7,952.6 $12,082.1 $2,856.5 $16.1 $1,378.9 $24,286.2 
Percent of Total Held to Maturity33 %50 %12 %— %5 %100 %

DECEMBER 31, 2025
($ In Millions)AAAAAABBBNOT RATEDTOTAL
Obligations of States and Political Subdivisions$986.0 $1,471.8 $— $— $— $2,457.8 
Government Sponsored Agency— 8,424.5 — — — 8,424.5 
Non-U.S. Government649.7 1,231.7 2,844.7 14.9 — 4,741.0 
Corporate Debt159.2 150.2 79.6 — — 389.0 
Covered Bonds1,754.5 — — — — 1,754.5 
Certificate of Deposit— — — — 444.5 444.5 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds3,412.9 776.2 321.2 1.2 — 4,511.5 
Commercial Mortgage-Backed— 37.6 — — — 37.6 
Other53.0 — — — 616.2 669.2 
Total Held to Maturity$7,015.3 $12,092.0 $3,245.5 $16.1 $1,060.7 $23,429.6 
Percent of Total Held to Maturity30 %52 %14 %— %4 %100 %
Credit quality indicators are metrics that provide information regarding the relative credit risk of debt securities. Northern Trust maintains a high quality debt securities portfolio, with 95% and 96% of the HTM portfolio at March 31, 2026 and December 31, 2025, respectively, comprised of securities rated A or higher.
Investment Security Gains and Losses. There were no sales of debt securities and no net investment security gains (losses) for both the three months ended March 31, 2026 and 2025.