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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM			8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 23, 2025

NORTHERN TRUST CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

001-36609

36-2723087

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

50 South LaSalle Street

60603

Chicago,

Illinois

(Zip Code)

(Address of principal executive offices)

Registrant’s telephone number, including area code (312) 630-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $1.66 2/3 Par Value	NTRS	The NASDAQ Stock Market LLC
Depositary Shares, each representing 1/1,000th interest in a share of Series E Non-Cumulative Perpetual Preferred Stock	NTRSO	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

The information contained in the registrant’s July 23, 2025 press release, reporting on the registrant’s earnings for the three and six months ended June 30, 2025, a copy of which is attached as Exhibit 99.1 hereto, is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure

On July 23, 2025, Northern Trust Corporation (the “Corporation”) will hold a live conference call and webcast to discuss financial results for the three and six months ended June 30, 2025 and other matters relating to the Corporation. In connection therewith, the Corporation has also made available on its website presentation materials containing certain information relating to the Corporation (the “Presentation Materials”) and materials that contain additional information about the Corporation’s financial results for the three and six months ended June 30, 2025 (the “Financial Trends”), copies of which are attached as Exhibits 99.2 and 99.3 hereto, and are incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

The information provided in this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.

(d) Exhibits:


			Exhibit Number			Description
			99.1			Press Release
			99.2			Presentation Materials
			99.3			Financial Trends
			104			The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NORTHERN TRUST CORPORATION

(Registrant)

Dated:

July 23, 2025

By:

/s/ David W. Fox, Jr.

David W. Fox, Jr.

Executive Vice President and Chief Financial Officer

EX-99.1 2 q22025earningsreleaseex991.htm EX-99.1 Document

Exhibit 99.1


NEWS RELEASE
www.northerntrust.com

INVESTOR CONTACT: Jennifer Childe | 312-444-3290 | Jennifer.Childe@ntrs.com MEDIA CONTACT: John O'Connell | 312-444-2388  | John.O'Connell@ntrs.com

NORTHERN TRUST CORPORATION REPORTS SECOND QUARTER
NET INCOME OF $421.3 MILLION, EARNINGS PER DILUTED COMMON SHARE OF $2.13

CHICAGO, JULY 23, 2025 — Northern Trust Corporation today reported second quarter net income per diluted common share of $2.13, compared to $1.90 in the first quarter of 2025 and $4.34 in the second quarter of 2024. Net income was $421.3 million, compared to $392.0 million in the prior quarter and $896.1 million in the prior year quarter.


MICHAEL O’GRADY, CHAIRMAN AND CHIEF EXECUTIVE OFFICER:
“Northern Trust reported another quarter of strengthening results, featuring mid-single digit trust fee growth, record net interest income, and meaningful expansion in our pretax margin, all of which drove a 20% increase in our earnings per share, excluding notables in the prior period. The second quarter marks our fourth consecutive quarter of generating year-over-year improvement in our expense-to-trust fee ratio and delivering both positive trust fee operating leverage and overall operating leverage, all excluding notables. During this period, we have also returned over 100% of our earnings, including record share repurchases this quarter. Yesterday, our Board of Directors approved a $0.05 or 7% increase to our quarterly dividend. We enter the second half of the year with good momentum, squarely focused on delivering exceptional value to our clients, driving sustainable and profitable growth, and creating long-term value for our shareholders.”


FINANCIAL SUMMARY & KEY METRICS
										% Change Q2 2025 vs.
($ In Millions except per share data)	Q2 2025			Q1 2025			Q2 2024			Q1 2025		Q2 2024
Trust, Investment and Other Servicing Fees	$	1,231.1		$	1,213.8		$	1,166.1		1	%	6	%
Other Noninterest Income (1)	156.3			158.1			1,026.5			(1)		(85)
Net Interest Income (FTE*)	615.2			573.7			529.8			7		16
Total Revenue (FTE*)	$	2,002.6		$	1,945.6		$	2,722.4		3	%	(26)	%

Noninterest Expense (2)	$	1,416.6		$	1,417.6		$	1,533.9		—	%	(8)	%
Provision for Credit Losses	16.5			1.0			8.0			N/M		N/M
Provision for Income Taxes	143.5			129.4			277.5			11		(48)
FTE Adjustment*	4.7			5.6			6.9			(14)		(31)
Net Income	$	421.3		$	392.0		$	896.1		7	%	(53)	%

Earnings Allocated to Common and Potential Common Shares	$	412.8		$	372.2		$	884.3		11	%	(53)	%
Diluted Earnings per Common Share	$	2.13		$	1.90		$	4.34		12		(51)
Return on Average Common Equity	14.2		%	13.0		%	31.2		%
Average Assets	$	157,719.2		$	150,262.1		$	148,001.2		5	%	7	%

(1) Other Noninterest Income for Q2 2024 included the following notable items: $878.4 million net gain related to Northern Trust’s participation in the Visa Exchange Offer, partially offset by a $7.6 million impairment charge taken on certain investments and a $6.5 million loss recognized as a result of a securities repositioning related to the supplemental pension plan.

(2) Noninterest Expense for Q2 2024 included the following notable items: $182.2 million of restructuring charges and other notable items, including severance-related charges of $85.2 million, a $70.0 million charitable contribution to the Northern Trust Foundation, $16.4 million of software amortization acceleration and dispositions, and a $10.6 million legal settlement.

(*) Net interest income and total revenue presented on a fully taxable equivalent (FTE) basis are non-generally accepted accounting principles (non-GAAP) financial measures. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.

N/M - Not meaningful


NORTHERN TRUST CORPORATION SECOND QUARTER 2025 RESULTS


CLIENT ASSETS
Assets under custody/administration (AUC/A) and assets under management are a driver of the Corporation’s trust, investment and other servicing fees, the largest component of noninterest income.
	As of						% Change June 30, 2025 vs.
($ In Billions)	June 30, 2025*		March 31, 2025		June 30, 2024		March 31, 2025		June 30, 2024
Assets Under Custody/Administration
Asset Servicing	$	16,864.9	$	15,804.7	$	15,470.8	7	%	9	%
Wealth Management	1,203.4		1,119.3		1,096.6		8		10
Total Assets Under Custody/Administration	$	18,068.3	$	16,924.0	$	16,567.4	7	%	9	%
Assets Under Custody(1)
Asset Servicing	$	13,056.5	$	12,163.6	$	11,955.5	7	%	9	%
Wealth Management	1,187.2		1,105.9		1,085.9		7		9
Total Assets Under Custody	$	14,243.7	$	13,269.5	$	13,041.4	7	%	9	%
Assets Under Management
Asset Servicing	$	1,229.2	$	1,160.9	$	1,107.3	6	%	11	%
Wealth Management	468.5		446.9		419.4		5		12
Total Assets Under Management	$	1,697.7	$	1,607.8	$	1,526.7	6	%	11	%

(1) Assets Under Custody are a component of Assets Under Custody/Administration.

(*) Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.

Total assets under custody/administration and assets under custody increased from the prior quarter and the prior year quarter primarily driven by favorable markets and favorable currency translation.

Total assets under management increased compared to the prior quarter primarily reflecting favorable markets. Total assets under management increased compared to the prior year quarter primarily reflecting favorable markets and net new business.


TRUST, INVESTMENT AND OTHER SERVICING FEES
							% Change Q2 2025 vs.
($ In Millions)	Q2 2025		Q1 2025		Q2 2024		Q1 2025		Q2 2024

Asset Servicing
Custody and Fund Administration	$	469.2	$	453.3	$	445.9	4	%	5	%
Investment Management	157.3		152.5		145.7		3		8
Securities Lending	20.2		17.9		16.5		13		22
Other	45.1		48.2		42.5		(7)		6
Total Asset Servicing Trust, Investment and Other Servicing Fees	$	691.8	$	671.9	$	650.6	3	%	6	%

Wealth Management
Central	$	189.2	$	189.1	$	180.7	—	%	5	%
East	139.3		141.0		132.7		(1)		5
West	106.3		108.0		103.3		(2)		3
Global Family Office (GFO)	104.5		103.8		98.8		1		6
Total Wealth Management Trust, Investment and Other Servicing Fees	$	539.3	$	541.9	$	515.5	—	%	5	%

Total Consolidated Trust, Investment and Other Servicing Fees	$	1,231.1	$	1,213.8	$	1,166.1	1	%	6	%

Asset Servicing and Wealth Management Trust, Investment and Other Servicing Fees are impacted by both one-month and one-quarter lagged asset values.

Total Asset Servicing Trust, Investment and Other Servicing Fees increased both sequentially and from the prior-year quarter.

▪Custody and Fund Administration fees increased from the prior year quarter primarily due to favorable markets, favorable currency movements, and net new business.

▪Investment management fees increased from the prior year quarter primarily due to favorable markets and net new business.

Total Wealth Management Trust, Investment and Other Servicing Fees was relatively unchanged sequentially and increased from the prior-year quarter.

▪Fees in the regions increased from the prior year quarter primarily due to favorable markets.

▪Fees in GFO increased from the prior year quarter primarily due to asset inflows and favorable markets.


NORTHERN TRUST CORPORATION SECOND QUARTER 2025 RESULTS


REPORTING SEGMENT RESULTS
										% Change Q2 2025 vs.
($ In Millions)	Q2 2025			Q1 2025			Q2 2024			Q1 2025		Q2 2024
Income (Loss) before Income Taxes (FTE*)(1)
Asset Servicing	$	271.1		$	235.4		$	135.6		15	%	100	%
Wealth Management	309.6			304.3			262.7			2		18
Other	(11.2)			(12.7)			782.2			N/M		N/M
Total Income before Income Taxes (FTE*)	$	569.5		$	527.0		$	1,180.5		8	%	(52)	%

Profit Margin (pre-tax) (FTE*)(1)
Asset Servicing	23.2		%	20.9		%	12.9		%	2.3	pts	10.3	pts
Wealth Management	37.2			37.1			33.4			0.1		3.8
Total Profit Margin (pre-tax) (FTE*)	28.4			27.1			43.4			1.3		(15.0)

Average Loans
Asset Servicing	$	5,812.8		$	5,749.3		$	6,472.3		1	%	(10)	%
Wealth Management	35,345.2			35,327.2			34,562.3			—		2
Total Average Loans	$	41,158.0		$	41,076.5		$	41,034.6		—	%	—	%

Average Deposits
Asset Servicing	$	95,506.7		$	89,296.5		$	86,223.0		7	%	11	%
Wealth Management	25,291.0			25,289.6			26,236.4			—		(4)
Other	1,580.1			1,333.0			882.2			19		79
Total Average Deposits	$	122,377.8		$	115,919.1		$	113,341.6		6	%	8	%

(1) Please see detail of Q2 2024 notable items included within the Financial Summary & Key Metrics section on page 1. Certain notable items are allocated to the Reporting Segments based on the nature of the item.

(*) Income (Loss) before Income Taxes and Profit Margin (pre-tax) presented on a fully taxable equivalent (FTE) basis are non-generally accepted accounting principles (non-GAAP) financial measures. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail

Note: Reporting segment results are subject to reclassification when organizational changes are made. The results are also subject to refinements in revenue and expense allocation methodologies, which are typically reflected on a retrospective basis unless it is impractical to do so.


OTHER NONINTEREST INCOME
							% Change Q2 2025 vs.
($ In Millions)	Q2 2025		Q1 2025		Q2 2024		Q1 2025		Q2 2024
Other Noninterest Income
Foreign Exchange Trading Income	$	50.6	$	58.7	$	58.4	(14)	%	(13)	%
Treasury Management Fees	9.7		9.6		9.0		—		7
Security Commissions and Trading Income	39.6		39.1		34.3		1		16
Other Operating Income	56.4		50.7		924.7		11		(94)
Investment Security Gains (Losses), net	—		—		0.1		N/M		N/M
Total Other Noninterest Income	$	156.3	$	158.1	$	1,026.5	(1)	%	(85)	%

N/M - Not meaningful

Foreign Exchange Trading Income decreased compared to the prior quarter and prior-year quarter primarily due to an unfavorable impact from foreign exchange swap activity executed by our Treasury department, partially offset by higher client volumes.

Other Operating Income decreased compared to the prior year quarter primarily due to the $878.4 million net gain related to Northern Trust’s participation in the Visa Exchange Offer, partially offset by a $7.6 million charge for investment impairments and a $6.5 million loss recognized as a result of a securities repositioning related to the supplemental pension plan, all recorded in the prior year.


NORTHERN TRUST CORPORATION SECOND QUARTER 2025 RESULTS


NET INTEREST INCOME
										% Change Q2 2025 vs.
($ In Millions)	Q2 2025			Q1 2025			Q2 2024			Q1 2025		Q2 2024
Net Interest Income
Interest Income (FTE*)	$	2,217.5		$	2,146.5		$	2,513.4		3	%	(12)	%
Interest Expense	1,602.3			1,572.8			1,983.6			2		(19)
Net Interest Income (FTE*)	$	615.2		$	573.7		$	529.8		7	%	16	%
Average Earning Assets	$	145,822.0		$	138,007.9		$	135,401.1		6	%	8	%
Net Interest Margin (FTE*)	1.69		%	1.69		%	1.57		%	—	bps	12	bps

(*) Interest income, net interest income and net interest margin presented on an FTE basis are non-GAAP financial measures. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.

bps - basis points

Net Interest Income on an FTE basis increased sequentially primarily driven by the favorable impact of higher deposits and foreign exchange swap activity executed by our Treasury Department. Net Interest Income on an FTE basis increased compared to the prior year quarter primarily driven by the favorable impact of higher deposits, lower funding costs, and foreign exchange swap activity executed by our Treasury Department.

The Net Interest Margin on an FTE basis increased compared to the prior year quarter primarily driven by lower funding costs, partially offset by lower yields on earning assets.

Average Earning Assets increased sequentially and compared to the prior year quarter primarily driven by an increase in placements with the Federal Reserve and other central banks driven by higher deposits.


PROVISION FOR CREDIT LOSSES
	As of and for the three-months ended,						% Change June 30, 2025 vs.
($ In Millions)	June 30, 2025		March 31, 2025		June 30, 2024		March 31, 2025		June 30, 2024
Allowance for Credit Losses
Beginning Allowance for Credit Losses	$	207.3	$	206.1	$	201.5	1	%	3	%
Provision for Credit Losses	16.5		1.0		8.0		N/M		N/M
Net Recoveries	0.3		0.2		0.1		N/M		N/M
Ending Allowance for Credit Losses	$	224.1	$	207.3	$	209.6	8	%	7	%
Allowance assigned to:
Loans	$	180.5	$	167.1	$	167.7	8	%	8	%
Undrawn Loan Commitments and Standby Letters of Credit	34.7		32.8		29.5		6		18
Debt Securities and Other Financial Assets	8.9		7.4		12.4		20		(29)
Ending Allowance for Credit Losses	$	224.1	$	207.3	$	209.6	8	%	7	%

N/M - Not meaningful

Q2 2025

The provision in the current quarter resulted from an increase in specific reserves related to a small number of non-performing loans and an increase in the collective reserve resulting primarily from a worsening macroeconomic outlook, partially offset by sector and portfolio-specific improvements within the Commercial Real Estate (CRE) portfolio.

Q1 2025

The provision in the prior quarter resulted from an increase in the collective reserve, primarily driven by increased projected macroeconomic uncertainty, partially offset by sector and portfolio-specific improvements within the CRE portfolio.

Q2 2024

The provision in the prior year quarter resulted from an increase in the collective reserve, driven by modest deterioration in credit quality in the commercial and institutional (C&I) portfolio and expectations for weaker CRE prices.


NORTHERN TRUST CORPORATION SECOND QUARTER 2025 RESULTS


NONINTEREST EXPENSE
							% Change Q2 2025 vs.
($ In Millions)	Q2 2025		Q1 2025		Q2 2024		Q1 2025		Q2 2024
Noninterest Expense
Compensation	$	614.8	$	644.4	$	665.2	(5)	%	(8)	%
Employee Benefits	117.7		109.7		100.2		7		17
Outside Services	247.0		245.2		260.9		1		(5)
Equipment and Software	293.7		280.9		277.5		5		6
Occupancy	52.5		53.4		54.8		(2)		(4)
Other Operating Expense	90.9		84.0		175.3		8		(48)
Total Noninterest Expense	$	1,416.6	$	1,417.6	$	1,533.9	—	%	(8)	%
End of Period Full-Time Equivalent Employees	23,400		23,400		23,000		—	%	2	%

Compensation expense decreased sequentially primarily due to seasonal equity incentive awards granted to retirement-eligible employees in the prior quarter, partially offset by base pay increases and unfavorable currency movements. Compensation expense decreased compared to the prior year quarter primarily due to a severance related charge of $81.8 million in the prior year quarter, partially offset by an increase in headcount, higher base pay adjustments and unfavorable currency movements in the current quarter.

Employee Benefits expense increased compared to the prior year quarter primarily driven by higher medical costs and higher payroll taxes.

Outside Services expense decreased compared to the prior year quarter primarily due to a decrease in consulting services.

Equipment and Software expense increased sequentially primarily due to higher software support and rental expense and higher software amortization. Equipment and Software expense increased compared to the prior year quarter primarily due to higher software amortization and higher software support and rental expense, partially offset by $16.4 million of software acceleration and disposition charges recorded in the prior year.

Other Operating Expense decreased compared to the prior year quarter primarily due to a $70 million charitable contribution and a $10.6 million legal settlement recorded in the prior year.


PROVISION FOR INCOME TAXES
										% Change Q2 2025 vs.
($ In Millions)	Q2 2025			Q1 2025			Q2 2024			Q1 2025		Q2 2024
Net Income
Income before Income Taxes	$	564.8		$	521.4		$	1,173.6		8%		(52)%
Provision for Income Taxes	143.5			129.4			277.5			11		(48)
Net Income	$	421.3		$	392.0		$	896.1		7%		(53)%
Effective Tax Rate	25.4		%	24.8		%	23.6		%	60	bps	180	bps

N/M - Not meaningful

bps - basis points

The effective tax rate increased sequentially primarily due to lower tax benefits associated with share-based compensation. The effective tax rate increased compared to the prior year quarter primarily due to favorable discrete tax benefits recognized in the prior year in connection with state tax legislation and the resolution of state income tax audits.


CAPITAL ACTIONS

The Corporation returned $485.6 million to common shareholders in the current quarter through dividends and the repurchase of shares. During the current quarter, the Corporation declared cash dividends totaling $146.2 million to common stockholders and maintained its quarterly cash dividend of $0.75 per share on common stock from the previous quarter. The Corporation repurchased 3,374,980 shares of common stock, including 10,622 withheld to satisfy tax withholding obligations related to share-based compensation, at a total cost of $339.4 million ($100.57 average price per share).

The Corporation also declared cash dividends totaling $4.7 million to preferred stockholders during the current quarter.


NORTHERN TRUST CORPORATION SECOND QUARTER 2025 RESULTS


REGULATORY CAPITAL

The capital ratios of Northern Trust Corporation and its principal subsidiary, The Northern Trust Company, remained strong at June 30, 2025, exceeding the minimum requirements for classification as “well-capitalized” under applicable U.S. regulatory requirements.


($ In Millions)	Standardized Approach									Advanced Approach
Northern Trust Corporation	June 30, 2025*			March 31, 2025			June 30, 2024			June 30, 2025*			March 31, 2025			June 30, 2024			Well-Capitalized Ratios	Minimum Capital Ratios
Regulatory Capital
Common Equity Tier 1 Capital	$	11,108.2		$	11,140.9		$	10,931.6		$	11,108.2		$	11,140.9		$	10,931.6
Tier 1 Capital	11,938.5			11,973.0			11,768.9			11,938.5			11,973.0			11,768.9
Total Capital	13,508.9			13,527.3			13,473.1			13,285.6			13,320.1			13,264.2

Assets
Risk-Weighted Assets	$	91,385.4		$	86,141.8		$	86,750.6		$	74,176.8		$	72,722.8		$	78,399.7
Average Adjusted Total Assets	156,854.5			149,331.9			146,998.5			156,854.5			149,331.9			146,998.5
Supplementary Leverage Exposure	N/A			N/A			N/A			131,379.4			130,890.7			129,540.1

Capital Ratios
Common Equity Tier 1 Capital	12.2		%	12.9		%	12.6		%	15.0		%	15.3		%	13.9		%	N/A	4.5	%
Tier 1 Capital	13.1			13.9			13.6			16.1			16.5			15.0			6.0	6.0
Total Capital	14.8			15.7			15.5			17.9			18.3			16.9			10.0	8.0
Tier 1 Leverage	7.6			8.0			8.0			7.6			8.0			8.0			N/A	4.0
Supplementary Leverage	N/A			N/A			N/A			9.1			9.1			9.1			N/A	3.0


($ In Millions)	Standardized Approach									Advanced Approach
The Northern Trust Company	June 30, 2025*			March 31, 2025			June 30, 2024			June 30, 2025*			March 31, 2025			June 30, 2024			Well-Capitalized Ratios		Minimum Capital Ratios
Regulatory Capital
Common Equity Tier 1 Capital	$	10,278.6		$	10,185.4		$	11,097.6		$	10,278.6		$	10,185.4		$	11,097.6
Tier 1 Capital	10,278.6			10,185.4			11,097.6			10,278.6			10,185.4			11,097.6
Total Capital	11,501.8			11,392.7			12,508.5			11,278.6			11,185.4			12,299.6

Assets
Risk-Weighted Assets	$	90,205.6		$	84,975.0		$	85,757.1		$	72,017.5		$	70,567.2		$	76,172.9
Average Adjusted Total Assets	156,405.8			148,888.6			146,578.0			156,405.8			148,888.6			146,578.0
Supplementary Leverage Exposure	N/A			N/A			N/A			130,930.4			130,447.1			129,016.4

Capital Ratios
Common Equity Tier 1 Capital	11.4		%	12.0		%	12.9		%	14.3		%	14.4		%	14.6		%	6.5	%	4.5	%
Tier 1 Capital	11.4			12.0			12.9			14.3			14.4			14.6			8.0		6.0
Total Capital	12.8			13.4			14.6			15.7			15.9			16.1			10.0		8.0
Tier 1 Leverage	6.6			6.8			7.6			6.6			6.8			7.6			5.0		4.0
Supplementary Leverage	N/A			N/A			N/A			7.9			7.8			8.6			3.0		3.0

(*) Regulatory Capital and resulting ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.


NORTHERN TRUST CORPORATION SECOND QUARTER 2025 RESULTS


RECONCILIATION TO FULLY TAXABLE EQUIVALENT

The following table presents a reconciliation of interest income, net interest income, net interest margin, total revenue, income before taxes, and profit margin (pre-tax) prepared in accordance with GAAP to such measures on an FTE non-GAAP basis. Management believes this presentation facilitates the analysis of asset yields and provides a clearer indication of these financial measures for comparative purposes. When adjusted to an FTE basis, yields on taxable, nontaxable and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income.


	QUARTERS
	2025						2024
($ in Millions)	SECOND			FIRST			FOURTH			THIRD			SECOND
Net Interest Income
Interest Income - GAAP	$	2,212.8		$	2,140.9		$	2,280.0		$	2,530.2		$	2,506.5
Add: FTE Adjustment	4.7			5.6			10.5			7.1			6.9
Interest Income (FTE) - Non-GAAP	$	2,217.5		$	2,146.5		$	2,290.5		$	2,537.3		$	2,513.4

Net Interest Income - GAAP	$	610.5		$	568.1		$	563.8		$	562.3		$	522.9
Add: FTE Adjustment	4.7			5.6			10.5			7.1			6.9
Net Interest Income (FTE) - Non-GAAP	$	615.2		$	573.7		$	574.3		$	569.4		$	529.8

Net Interest Margin - GAAP(1)	1.68		%	1.67		%	1.68		%	1.66		%	1.55		%
Net Interest Margin (FTE) - Non-GAAP(1)	1.69		%	1.69		%	1.71		%	1.68		%	1.57		%

Total Revenue
Total Revenue - GAAP	$	1,997.9		$	1,940.0		$	1,959.6		$	1,968.5		$	2,715.5
Add: FTE Adjustment	4.7			5.6			10.5			7.1			6.9
Total Revenue (FTE) - Non-GAAP	$	2,002.6		$	1,945.6		$	1,970.1		$	1,975.6		$	2,722.4

Income before Income Taxes
Income before Income Taxes - GAAP	$	564.8		$	521.4		$	594.2		$	601.1		$	1,173.6
Add: FTE Adjustment	$	4.7		$	5.6		$	10.5		$	7.1		$	6.9
Income before Income Taxes (FTE) - Non-GAAP	$	569.5		$	527.0		$	604.7		$	608.2		$	1,180.5

Profit Margin (pre-tax) - GAAP(2)	28.3		%	26.9		%	30.3		%	30.5		%	43.2		%
Profit Margin (pre-tax) (FTE) - Non-GAAP(2)	28.4		%	27.1		%	30.7		%	30.8		%	43.4		%

(1) Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets.

(2) Profit margin (pre-tax) is calculated by dividing income before income taxes by total revenue.


NORTHERN TRUST CORPORATION SECOND QUARTER 2025 RESULTS


FORWARD LOOKING STATEMENTS

This release may include statements which constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified typically by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “likely,” “plan,” “goal,” “target,” “strategy,” and similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements include statements, other than those related to historical facts, that relate to Northern Trust’s financial results and outlook, capital adequacy, dividend policy and share repurchase program, accounting estimates and assumptions, credit quality including allowance levels, future pension plan contributions, effective tax rate, anticipated expense levels, contingent liabilities, acquisitions, strategies, market and industry trends, and expectations regarding the impact of accounting pronouncements and legislation. These statements are based on Northern Trust’s current beliefs and expectations of future events or future results, and involve risks and uncertainties that are difficult to predict and subject to change. These statements are also based on assumptions about many important factors, including the factors discussed in Northern Trust’s most recent annual report on Form 10-K and other filings with the U.S. Securities and Exchange Commission, all of which are available on Northern Trust’s website. We caution you not to place undue reliance on any forward-looking statement as actual results may differ materially from those expressed or implied by forward-looking statements. Northern Trust assumes no obligation to update its forward-looking statements.


WEBCAST OF SECOND QUARTER EARNINGS CONFERENCE CALL

Northern Trust’s second quarter earnings conference call will be webcast on July 23, 2025.

The live call will be conducted at 8:00 a.m. CT and is accessible on Northern Trust’s website at:

https://www.northerntrust.com/about-us/investor-relations

A recording of the live call will be available on Northern Trust’s website following the live event, for approximately four weeks. Participants will need Windows Media or Adobe Flash software. This earnings release can also be accessed at Northern Trust’s website.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2025, Northern Trust had assets under custody/administration of US$18.1 trillion, and assets under management of US$1.7 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.


NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)


STATEMENT OF INCOME DATA										% Change(1)
($ In Millions Except Per Share Data)										Q2 2025 vs.
	Q2 2025			Q1 2025			Q2 2024			Q1 2025		Q2 2024
Noninterest Income
Trust, Investment and Other Servicing Fees	$	1,231.1		$	1,213.8		$	1,166.1		1	%	6	%
Foreign Exchange Trading Income	50.6			58.7			58.4			(14)		(13)
Treasury Management Fees	9.7			9.6			9.0			—		7
Security Commissions and Trading Income	39.6			39.1			34.3			1		16
Other Operating Income	56.4			50.7			924.7			11		(94)
Investment Security Gains (Losses), net	—			—			0.1			N/M		N/M
Total Noninterest Income	1,387.4			1,371.9			2,192.6			1		(37)

Net Interest Income
Interest Income	2,212.8			2,140.9			2,506.5			3		(12)
Interest Expense	1,602.3			1,572.8			1,983.6			2		(19)
Net Interest Income	610.5			568.1			522.9			7		17

Total Revenue	1,997.9			1,940.0			2,715.5			3		(26)

Provision for Credit Losses	16.5			1.0			8.0			N/M		N/M

Noninterest Expense
Compensation	614.8			644.4			665.2			(5)		(8)
Employee Benefits	117.7			109.7			100.2			7		17
Outside Services	247.0			245.2			260.9			1		(5)
Equipment and Software	293.7			280.9			277.5			5		6
Occupancy	52.5			53.4			54.8			(2)		(4)
Other Operating Expense	90.9			84.0			175.3			8		(48)
Total Noninterest Expense	1,416.6			1,417.6			1,533.9			—		(8)

Income before Income Taxes	564.8			521.4			1,173.6			8		(52)
Provision for Income Taxes	143.5			129.4			277.5			11		(48)
NET INCOME	$	421.3		$	392.0		$	896.1		7	%	(53)	%
Preferred Stock Dividends	4.7			16.2			4.7			(71)		—
NET INCOME APPLICABLE TO COMMON STOCK	$	416.6		$	375.8		$	891.4		11	%	(53)	%
Earnings Allocated to Participating Securities	3.8			3.6			7.1			7		(46)
Earnings Allocated to Common and Potential Common Shares	$	412.8		$	372.2		$	884.3		11	%	(53)	%

Per Common Share
Net Income
Basic	$	2.14		$	1.91		$	4.35		12	%	(51)	%
Diluted	2.13			1.90			4.34			12		(51)



Average Common Equity	$	11,727.2		$	11,719.1		$	11,473.9		—	%	2	%
Return on Average Common Equity	14.2		%	13.0		%	31.2		%


Cash Dividends Declared per Common Share	$	0.75		$	0.75		$	0.75		—	%	—	%

Average Common Shares Outstanding (000s)
Basic	192,752			195,193			203,306			(1)	%	(5)	%
Diluted	193,375			196,125			203,739			(1)		(5)
Common Shares Outstanding (EOP) (000s)	191,233			194,539			201,638			(2)		(5)

(1) Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.

N/M - Not meaningful

EOP - End of period


NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)


STATEMENT OF INCOME DATA
($ In Millions Except Per Share Data)	SIX MONTHS
	2025			2024			% Change(1)
Noninterest Income
Trust, Investment and Other Servicing Fees	$	2,444.9		$	2,309.0		6	%
Foreign Exchange Trading Income	109.3			115.4			(5)
Treasury Management Fees	19.3			18.3			5
Security Commissions and Trading Income	78.7			72.2			9
Other Operating Income	107.1			985.7			(89)
Investment Security Gains (Losses), net	—			(189.3)			N/M
Total Noninterest Income	2,759.3			3,311.3			(17)

Net Interest Income
Interest Income	4,353.7			4,952.1			(12)
Interest Expense	3,175.1			3,901.1			(19)
Net Interest Income	1,178.6			1,051.0			12

Total Revenue	3,937.9			4,362.3			(10)

Provision for Credit Losses	17.5			(0.5)			N/M

Noninterest Expense
Compensation	1,259.2			1,292.3			(3)
Employee Benefits	227.4			201.3			13
Outside Services	492.2			490.2			—
Equipment and Software	574.6			530.2			8
Occupancy	105.9			108.9			(3)
Other Operating Expense	174.9			275.7			(37)
Total Noninterest Expense	2,834.2			2,898.6			(2)

Income before Income Taxes	1,086.2			1,464.2			(26)
Provision for Income Taxes	272.9			353.4			(23)
NET INCOME	$	813.3		$	1,110.8		(27)	%
Preferred Stock Dividends	20.9			20.9			—
NET INCOME APPLICABLE TO COMMON STOCK	$	792.4		$	1,089.9		(27)	%
Earnings Allocated to Participating Securities	7.4			9.5			(22)
Earnings Allocated to Common and Potential Common Shares	$	785.0		$	1,080.4		(27)	%

Per Common Share
Net Income
Basic	$	4.05		$	5.30		(24)	%
Diluted	4.03			5.28			(24)



Average Common Equity	$	11,723.2		$	11,186.4		5	%
Return on Average Common Equity	13.6		%	19.6		%


Cash Dividends Declared per Common Share	$	1.50		$	1.50		—	%

Average Common Shares Outstanding (000s)
Basic	193,966			203,968			(5)	%
Diluted	194,742			204,437			(5)
Common Shares Outstanding (EOP) (000s)	191,233			201,638			(5)

(1)Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.

N/M - Not meaningful

EOP - End of period


NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)


BALANCE SHEET
($ In Millions)							% Change(1)
							June 30, 2025 vs.
	June 30, 2025		March 31, 2025		June 30, 2024		March 31, 2025		June 30, 2024
Assets
Federal Reserve and Other Central Bank Deposits	$	52,265.5	$	52,794.5	$	43,206.1	(1)	%	21	%
Interest-Bearing Due from and Deposits with Banks(2)	6,800.9		5,277.1		5,558.9		29		22
Federal Funds Sold and Securities Purchased under Agreements to Resell	921.9		124.4		859.6		N/M		7
Debt Securities
Available for Sale	32,250.4		30,464.3		26,861.7		6		20
Held to Maturity	21,400.8		20,874.3		22,798.6		3		(6)

Total Debt Securities	53,651.2		51,338.6		49,660.3		5		8
Loans	43,323.4		40,833.3		42,135.2		6		3
Other Interest-Earning Assets(3)	2,522.6		2,834.1		3,025.2		(11)		(17)
Total Earning Assets	159,485.5		153,202.0		144,445.3		4		10
Allowance for Credit Losses	(188.5)		(174.5)		(179.5)		8		5
Cash and Due from Banks and Other Central Bank Deposits(4)	2,035.1		737.4		2,390.1		176		(15)
Buildings and Equipment	467.7		477.4		481.0		(2)		(3)

Goodwill	714.6		700.5		697.4		2		2
Other Assets	9,369.2		10,128.4		8,962.8		(7)		5
Total Assets	$	171,883.6	$	165,071.2	$	156,797.1	4	%	10	%
Liabilities and Stockholders’ Equity
Interest-Bearing Deposits
Savings, Money Market and Other	$	27,965.1	$	28,489.1	$	28,074.0	(2)	%	—	%
Savings Certificates and Other Time	6,742.5		6,680.2		6,378.4		1		6
Non-U.S. Offices - Interest-Bearing	77,206.9		73,951.0		67,612.3		4		14
Total Interest-Bearing Deposits	111,914.5		109,120.3		102,064.7		3		10
Federal Funds Purchased	2,388.5		2,377.6		2,406.4		—		(1)
Securities Sold under Agreements to Repurchase	841.4		335.7		629.2		151		34
Other Borrowings(5)	6,532.9		6,534.5		6,823.7		—		(4)
Senior Notes	2,835.2		2,809.3		2,744.0		1		3
Long-Term Debt	4,089.8		4,085.6		4,073.0		—		—
Total Interest-Bearing Liabilities	128,602.3		125,263.0		118,741.0		3		8
Demand and Other Noninterest-Bearing Deposits	25,139.2		21,905.3		20,926.2		15		20
Other Liabilities	5,275.6		5,024.4		4,474.1		5		18
Total Liabilities	159,017.1		152,192.7		144,141.3		4		10
Common Equity
Common Equity, excluding Accumulated Other Comprehensive Income	12,680.8		12,733.0		12,635.9		—		—
Accumulated Other Comprehensive Income (Loss)	(699.2)		(739.4)		(865.0)		(5)		(19)
Total Common Equity	11,981.6		11,993.6		11,770.9		—		2
Preferred Equity	884.9		884.9		884.9		—		—
Total Equity	12,866.5		12,878.5		12,655.8		—		2
Total Liabilities and Stockholders’ Equity	$	171,883.6	$	165,071.2	$	156,797.1	4	%	10	%

(1) Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.

(2) Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.

(3) Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.

(4) Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.

(5) Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.


NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)


AVERAGE BALANCE SHEET
($ In Millions)							% Change(1)
							Q2 2025 vs.
	Q2 2025		Q1 2025		Q2 2024		Q1 2025		Q2 2024
Assets
Federal Reserve and Other Central Bank Deposits	$	43,655.3	$	37,161.0	$	35,924.1	17	%	22	%
Interest-Bearing Due from and Deposits with Banks(2)	5,321.5		4,877.6		4,999.7		9		6
Federal Funds Sold and Securities Purchased under Agreements to Resell	713.2		394.5		732.2		81		(3)
Debt Securities
Available for Sale	31,415.0		30,168.3		26,591.4		4		18
Held to Maturity	20,895.9		21,821.9		23,373.8		(4)		(11)

Total Debt Securities	52,310.9		51,990.2		49,965.2		1		5
Loans	41,158.0		41,076.5		41,034.6		—		—
Other Interest-Earning Assets(3)	2,663.1		2,508.1		2,745.3		6		(3)
Total Earning Assets	145,822.0		138,007.9		135,401.1		6		8
Allowance for Credit Losses	(174.9)		(175.6)		(175.8)		—		(1)
Cash and Due from Banks and Other Central Bank Deposits(4)	1,069.8		1,041.2		1,802.0		3		(41)
Buildings and Equipment	479.3		484.8		485.8		(1)		(1)

Goodwill	709.1		696.4		697.1		2		2
Other Assets	9,813.9		10,207.4		9,791.0		(4)		—
Total Assets	$	157,719.2	$	150,262.1	$	148,001.2	5	%	7	%
Liabilities and Stockholders’ Equity
Interest-Bearing Deposits
Savings, Money Market and Other	$	28,797.4	$	27,720.5	$	27,554.9	4	%	5	%
Savings Certificates and Other Time	6,652.0		6,874.0		6,027.4		(3)		10
Non-U.S. Offices - Interest-Bearing	70,158.0		64,454.3		63,216.3		9		11
Total Interest-Bearing Deposits	105,607.4		99,048.8		96,798.6		7		9
Federal Funds Purchased	2,469.0		2,393.6		3,010.7		3		(18)
Securities Sold under Agreements to Repurchase	584.6		442.4		574.6		32		2
Other Borrowings(5)	7,008.2		7,024.4		7,053.5		—		(1)
Senior Notes	2,818.2		2,781.6		2,728.7		1		3
Long-Term Debt	4,087.8		4,083.5		4,071.1		—		—
Total Interest-Bearing Liabilities	122,575.2		115,774.3		114,237.2		6		7
Demand and Other Noninterest-Bearing Deposits	16,770.4		16,870.3		16,543.0		(1)		1
Other Liabilities	5,761.5		5,013.5		4,862.2		15		18
Total Liabilities	145,107.1		137,658.1		135,642.4		5		7
Common Equity
Common Equity, excluding Accumulated Other Comprehensive Income	12,500.4		12,527.2		12,375.7		—		1
Accumulated Other Comprehensive Income (Loss)	(773.2)		(808.1)		(901.8)		(4)		(14)
Total Common Equity	11,727.2		11,719.1		11,473.9		—		2
Preferred Equity	884.9		884.9		884.9		—		—
Total Equity	12,612.1		12,604.0		12,358.8		—		2
Total Liabilities and Stockholders’ Equity	$	157,719.2	$	150,262.1	$	148,001.2	5	%	7	%

(1) Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.

(5) Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.


NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)


QUARTERLY TREND DATA	QUARTERS
($ In Millions Except Per Share Data)	2025						2024
	SECOND			FIRST			FOURTH			THIRD			SECOND
Net Income Summary
Trust, Investment and Other Servicing Fees	$	1,231.1		$	1,213.8		$	1,222.2		$	1,196.6		$	1,166.1
Other Noninterest Income	156.3			158.1			173.6			209.6			1,026.5
Net Interest Income	610.5			568.1			563.8			562.3			522.9
Total Revenue	1,997.9			1,940.0			1,959.6			1,968.5			2,715.5
Provision for Credit Losses	16.5			1.0			(10.5)			8.0			8.0
Noninterest Expense	1,416.6			1,417.6			1,375.9			1,359.4			1,533.9
Income before Income Taxes	564.8			521.4			594.2			601.1			1,173.6
Provision for Income Taxes	143.5			129.4			138.8			136.2			277.5
Net Income	$	421.3		$	392.0		$	455.4		$	464.9		$	896.1

Per Common Share
Net Income - Basic	$	2.14		$	1.91		$	2.27		$	2.23		$	4.35
- Diluted	2.13			1.90			2.26			2.22			4.34
Cash Dividends Declared per Common Share	0.75			0.75			0.75			0.75			0.75
Book Value (EOP)	62.65			61.65			60.74			59.85			58.38
Market Value (EOP)	126.79			98.65			102.50			90.03			83.98

Financial Ratios
Return on Average Common Equity	14.2		%	13.0		%	15.3		%	15.4		%	31.2		%

Net Interest Margin (GAAP)	1.68			1.67			1.68			1.66			1.55
Net Interest Margin (FTE*)	1.69			1.69			1.71			1.68			1.57

Assets Under Custody / Administration ($ in Billions) - End Of Period
Asset Servicing	$	16,864.9		$	15,804.7		$	15,640.1		$	16,278.0		$	15,470.8
Wealth Management	1,203.4			1,119.3			1,147.9			1,145.0			1,096.6
Total Assets Under Custody / Administration	$	18,068.3		$	16,924.0		$	16,788.0		$	17,423.0		$	16,567.4

Assets Under Custody ($ In Billions) - End Of Period
Asset Servicing	$	13,056.5		$	12,163.6		$	12,214.0		$	12,662.1		$	11,955.5
Wealth Management	1,187.2			1,105.9			1,135.2			1,132.7			1,085.9
Total Assets Under Custody	$	14,243.7		$	13,269.5		$	13,349.2		$	13,794.8		$	13,041.4

Assets Under Management ($ In Billions) - End Of Period
Asset Servicing	$	1,229.2		$	1,160.9		$	1,159.7		$	1,177.9		$	1,107.3
Wealth Management	468.5			446.9			450.7			443.9			419.4
Total Assets Under Management	$	1,697.7		$	1,607.8		$	1,610.4		$	1,621.8		$	1,526.7

Asset Quality ($ In Millions) - End Of Period
Nonaccrual Loans/Assets(1)	$	92.8		$	73.1		$	56.0		$	39.3		$	38.5


Nonaccrual Assets / Loans(1)	0.21		%	0.18		%	0.13		%	0.09		%	0.09		%

Gross Charge-offs	$	(0.1)		$	(0.3)		$	(4.1)		$	—		$	(0.3)
Gross Recoveries	0.4			0.5			0.7			2.4			0.4
Net Recoveries (Charge-offs)	$	0.3		$	0.2		$	(3.4)		$	2.4		$	0.1
Annualized Net Recoveries (Charge-offs) to Avg Loans	—		%	—		%	(0.03)		%	0.02		%	—		%
Allowance for Credit Losses Assigned to:
Loans	$	180.5		$	167.1		$	168.0		$	184.8		$	167.7
Undrawn Loan Commitments and Standby Letters of Credit	34.7			32.8			30.4			26.5			29.5
Debt Securities and Other Financial Assets	8.9			7.4			7.7			8.7			12.4
Loans Allowance / Nonaccrual Loans	1.9		x	2.3		x	3.0		x	4.7		x	4.4		x

(*) Net interest margin presented on an FTE basis is a non-GAAP financial measure. Refer to the Reconciliation to Fully Taxable Equivalent section for further detail.

(1) There was no Other Real Estate Owned (OREO) for any of the periods presented.

EX-99.2 3 q22025presentationmateri.htm EX-99.2 q22025presentationmateri

northerntrust.com / © 2025 Northern Trust Delivering One Northern Trust for Clients $1.7 Trillion AUM1 ASSET MANAGEMENT ASSET SERVICING $16.9 Trillion AUC/A1 WEALTH MANAGEMENT $1.2 Trillion AUC/A1 INTEGRATED GLOBAL OPERATING PLATFORM Individuals Families Family Offices Foundations Pensions Asset Managers Sovereign Entities Endowments ¹ As of June 30, 2025. Client assets for the current quarter are considered preliminary until the Form 10-Q is fi led with the Securities and Exchange Commission. 2

northerntrust.com / © 2025 Northern Trust Executing on One Northern Trust Strategy PILLARS Dr i ve Organic Growth Ma na ging Enterprise Risk Ac hi eve Operational Excellence OPTIMIZE GROWTH DRIVE PRODUCTIVITY STRENGTHEN RESILIENCY & MANAGE RISK • Improving organic growth • Advancing growth initiatives • Enhancing control environment • Modernizing capabilities • Bending the cost curve • Deploying AI and increasing automation 3

northerntrust.com / © 2025 Northern Trust • Fundraising exceeding targets • Pipeline up 3x vs. historical levels • Assets under advisement up 66% • Large custom mandates awarded • Continued market leadership • Supporting 6 LTAFs and 5 ELTIFs ALTERNATIVES SOLUTIONS 1H 2025 PROGRESS Proprietary fund-of-funds investing across private equity, private credit, venture and hedge funds Third Party Managers Externally managed alternative investments for Wealth Management clients Alternatives Advisory Consulting, managing and constructing customized alternatives portfolios Fund Services Custody, fund administration and banking for alternative managers Alternatives Solutions Driving Growth • Record fundraising • Closed largest secondary fund 4

2025 PRIORITIES 1H 2025 PROGRESS • Deliver complete set of family office services to upper tier wealth clients • Strong organic growth in Global Family Office • International market acceleration – revenue up 20%+, comprising ~15% of total GFO revenue • Launched Family Office Solutions for ultra-high- net-worth clients • >75% win rate; strong pipeline 5northerntrust.com / © 2025 Northern Trust MARKET POSITION $468.5B Assets under Management1 $1.2T Assets under Custody / Administration1 Serve 30% of the Forbes 400 Best Private Bank in the U.S. 13 out of 16 years2 in N.A. for Ultra- High Net Worth Clients2 Best Digital Innovator of the Year in the U.S.3 ¹ As of June 30, 2025. Client assets for the current quarter are considered preliminary until the Form 10-Q is fi led with the Securities and Exchange Commission. Sources: 2 Financial Times Group, 2024. 3 Wealth Tech Awards, Financial Times and PWM, 2024. • Deepen penetration of priority markets • Expand alternative investments suite • Completed four new funds • Expect to launch eight more funds in 2H 2025 • Refreshed regional leadership • Investing in additional key talent to drive organic growth Wealth Management Update

Asset Management Update • Fundraising up 60% vs. FY 2024 • Strong demand from Wealth Management, Global Family Office and other institutional investors MARKET POSITION $1.7T Assets under Management1 Top 20 Global Asset Manager $17B Alternatives Solutions Platform $327B Liquidity AUM (11th largest, U.S.) Top 3 Largest Direct Index Manager2 Top 5 Largest U.S. Bond & Equities Index Manager2 Top 10 Manager of Retirement Solutions across DB & DC3 6northerntrust.com / © 2025 Northern Trust • Boost growth within 50 S. Capital and suite of alternative investment product offerings • Expand in key growth areas, particularly custom SMAs • Enhance ETF platform • $2B in net flows into Tax-Advantaged Equity strategies • Liquidity flows of $19B • On track to launch 11 new ETFs in 2H 2025 2025 PRIORITIES 1H 2025 PROGRESS ¹ As of June 30, 2025. Client assets for the current quarter are considered preliminary until the Form 10-Q is fi led with the Securities and Exchange Commission. Sources: 2 Pensions & Investments. 3 Pensions & Investments Rankings, as of June 2024

2025 PRIORITIES 1H 2025 PROGRESS • Continued new business momentum • Alternatives assets under administration approaching $1T 7northerntrust.com / © 2025 Northern Trust MARKET POSITION $16.9T Assets under Custody / Administration1 $1.2T Assets under Management1 52% of Top 100 US Corporate Pensions Plans 80% of Top 10 Sovereign Wealth Funds in APAC Custodian of the Year European Pensions2 Best Outsourced Service Provider For Outsourced Trading3 • Grow with alternative investment managers globally • Accelerate expansion of banking & capital markets solutions business • Grow upmarket asset owner market share • Capital markets revenue increased by 15% • 30% growth in outsourced trading and currency management • Multiple new upmarket asset owner client wins • Asset Owners comprise 50% of segment-level revenue Asset Servicing Update ¹ As of June 30, 2025. Client assets for the current quarter are considered preliminary until the Form 10-Q is fi led with the Securities and Exchange Commission. Sources: 2 European Pensions Awards 2025. 3 Institutional Asset Manager Service Provider Awards, November 2024.

northerntrust.com / © 2025 Northern Trust Annual Expense Growth1 2021-24A H1 2025A1 Productivity Drivers ¹ Excluding notable items 6.5% 4.8% 2025 Target: <5% Growth Drivers Revenue Generating Talent Product Expertise Technology Client Centric Capability Operating Model Operational Scale and Standards Unified Technology Global Resiliency Third Party Vendors Suppliers Utilization Management Process Automation AI Business Process Re-Engineering Digitization Workforce Management Optimization Spans & Layers Contractor Inversion Footprint Bending the Cost Curve 8

northerntrust.com / © 2025 Northern Trust 9 Expenses to Trust Fees 105-110% Pre-Tax Margin >30% Return on Equity 13-15% MEDIUM-TERM Total Payout Ratio >100% Positive Operating Leverage 2025 Total Expense Growth1 <5% ¹ Excluding notable items Financial Targets

Notable Items*: 2Q24 Pre-tax Revenue Impacts: • $878.4 mil l ion net gain resulting in our participation in the Visa Exchange Offer • $7.6 mil lion investment impairment charges • $6.5 mil lion securi ties loss related to repositioning of the Supplemental Pension Plan Expense Impacts: • $85.2 mil l ion severance-related charge • $70.0 mil l ion Northern Trust Foundation chari table contribution • $16.4 mil l ion software acceleration and dispositions charge • $10.6 mil l ion legal settlement charge ¹ Revenue and profit margin (pre-tax) stated on a fully taxable equivalent (FTE) basis are non-GAAP financial measures. A reconciliation to reported revenue and reported profit margin (pre-tax) prepared in accordance with U.S. generally accepted accounting principles (GAAP) is included in the Appendix on page 19. ² Actual numbers for all periods, not % change. ³ Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. N/M - Not meaningful *Refer to page 16 for additional detail on notable items recognized in Noninterest expense. Financial Highlights & Key Metrics 12northerntrust.com / © 2025 Northern Trust RESULTS INCLUDE IMPACT OF NOTABLE ITEMS* $ in mill ions (except EPS and as noted) % CHANGE V S. 2Q 2025 1Q 2025 2Q 2024 Revenue (FTE¹) $ 2,002.6 3 % (26)% Noninterest Expense $ 1,416.6 — % (8)% Provision for Credit Losses 16.5 N/M N/M Net Income $ 421.3 7 % (53)% Diluted Earnings per Share $ 2.13 12 % (51)% Return on Average Common Equity² 14.2 % 13.0 % 31.2 % Profit Margin (Pre-tax)¹,² 28.4 % 27.1 % 43.4 % Expense to Trust Fee Ratio² 115 % 117 % 132 % Assets under Custody / Administration³ (AUC/A) ( i n billions) $ 18,068.3 7 % 9 % Assets under Custody³ (AUC) ( i n b illions ) $ 14,243.7 7 % 9 % Assets under Management³ (AUM) ( i n b illions) $ 1,697.7 6 % 11 %

northerntrust.com / © 2025 Northern Trust +3% Asset Servicing Highlights 13Categories may not sum due to rounding.1 2Q24 pre-tax margin included $75.3 million in notable items. 2 Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. % CHANGE V S. Key Indicators (in billions): 2Q 2025 1Q 2025 2Q 2024 Assets under Custody / Administration (AUC/A)2 $ 16,864.9 7 % 9 % Assets under Custody (AUC)2 $ 13,056.5 7 % 9 % Assets under Management (AUM)2 $ 1,229.2 6 % 11 % Securities Lending Collateral $ 205.4 8 % 28 % Average Deposits $ 95.5 7 % 11 % Average Loans $ 5.8 1 % (10)% Asset Servicing Trust, Investment and Other Servicing Fees ($ in millions) +6% $691.8 $671.9$675.5$667.1$650.6

northerntrust.com / © 2025 Northern Trust Wealth Management Highlights 14Categories may not sum due to rounding.1 2Q24 pre-tax margin included $32.9 million in notable items. 2 Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. % CHANGE V S. Key Indicators (in billions): 2Q 2025 1Q 2025 2Q 2024 Assets under Custody / Administration (AUC/A)2 $ 1,203.4 8 % 10 % Assets under Custody (AUC)2 $ 1,187.2 7 % 9 % Assets under Management (AUM)2 $ 468.5 5 % 12 % Average Deposits $ 25.3 — % (4)% Average Loans $ 35.3 — % 2 % Wealth Management Trust, Investment and Other Servicing Fees ($ in millions) +5% —% $539.3$546.7 $529.5$515.5 $541.9

northerntrust.com / © 2025 Northern Trust Net Interest Income and Balance Sheet Trends 15 Categories may not sum due to rounding. 1 Net interest income and net interest margin stated on an FTE basis are non-GAAP financial measures. A reconciliation of these measures to reported results prepared in accordance with U.S. GAAP is included in the Appendix on page 19. ² Other Earning Assets includes Interest-Bearing Due from and Deposits with Banks, Federal Funds Sold and Securities Purchased under Agreements to Resell, and Other Interest-Earning Assets. Average Earning Assets ($ in billions) Net Interest Income (FTE¹) ($ in millions) +8% +6% +16% +7% $133.7 $138.0$134.8$135.4 $145.8

Noninterest Expense 16northerntrust.com / © 2025 Northern TrustCategories may not sum due to rounding. Total Noninterest Expense ($ in millions) (8)% —% Expense Highlights Noninterest expense included the fol lowing notable i tems: 2Q24 Pre-tax • $85.2 mill ion severance-related charge • $70.0 mill ion Northern Trust Foundation charitable contribution • $16.4 mill ion software acceleration and dispositions charge • $10.6 mill ion legal settlement charge

Capital Update 17 Standardized Tier 1 Leverage northerntrust.com / © 2025 Northern Trust Capital Highlights • Robust capital and liquidity • $12.0 bi l l ion in Tier 1 capi tal • 66% of average deposi ts covered by highly l iquid assets including 32% by cash and central bank deposi ts • Declared $146.2 million in common stock dividends and $4.7 million in preferred stock dividends in 2Q25 • Repurchased $339.4 million of common stock in 2Q25 • Net unrealized after-tax losses on available-for-sale securities of $481.2 million as of June 30, 2025 Northern Trust Corporation Capital Ratios 2Q 2025 CAPITAL RATIOS STANDARDIZED APPROACH ADVANCED APPROACH Common Equity Tier 1 Capital 12.2% 15.0% Tier 1 Capital 13.1% 16.1% Total Capital 14.8% 17.9% Tier 1 Leverage 7.6% 7.6% Supplementary Leverage N/A 9.1% Standardized Common Equity Tier 1 Capital ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.

northerntrust.com / © 2025 Northern Trust Reconciliation of Non-GAAP Financial Measures 19 The following table presents a reconciliation of interest income, net interest income, net interest margin, total revenue, pre-tax income, and profit margin (pre-tax) prepared in accordance with GAAP to such measures on a fully taxable equivalent (FTE) basis, which are non-GAAP financial measures. Management believes this presentation provides a clearer indication of these financial measures for comparative purposes. The adjustment to an FTE basis has no impact on net income. QUARTERS 2025 2024 ($ in Millions) SECOND FIRST FOURTH THIRD SECOND Net Interest Income Interest Income - GAAP $ 2,212.8 $ 2,140.9 $ 2,280.0 $ 2,530.2 $ 2,506.5 Add: FTE Adjustment 4.7 5.6 10.5 7.1 6.9 Interest Income (FTE) - Non-GAAP $ 2,217.5 $ 2,146.5 $ 2,290.5 $ 2,537.3 $ 2,513.4 Net Interest Income - GAAP $ 610.5 $ 568.1 $ 563.8 $ 562.3 $ 522.9 Add: FTE Adjustment 4.7 5.6 10.5 7.1 6.9 Net Interest Income (FTE) - Non-GAAP $ 615.2 $ 573.7 $ 574.3 $ 569.4 $ 529.8 Net Interest Margin - GAAP 1.68 % 1.67 % 1.68 % 1.66 % 1.55 % Net Interest Margin (FTE) - Non-GAAP 1.69 % 1.69 % 1.71 % 1.68 % 1.57 % Total Rev enue Total Revenue - GAAP $ 1,997.9 $ 1,940.0 $ 1,959.6 $ 1,968.5 $ 2,715.5 Add: FTE Adjustment 4.7 5.6 10.5 7.1 6.9 Total Revenue (FTE) - Non-GAAP $ 2,002.6 $ 1,945.6 $ 1,970.1 $ 1,975.6 $ 2,722.4 Pre-Tax Income Pre-Tax Income - GAAP $ 564.8 $ 521.4 $ 594.2 $ 601.1 $ 1,173.6 Add: FTE Adjustment 4.7 5.6 10.5 7.1 6.9 Pre-Tax Income (FTE) - Non-GAAP $ 569.5 $ 527.0 $ 604.7 $ 608.2 $ 1,180.5 Profit Margin (Pre-Tax) Profit Margin (Pre-Tax) - GAAP 28.3 % 26.9 % 30.3 % 30.5 % 43.2 % Profit Margin (Pre-Tax) (FTE) - Non-GAAP 28.4 % 27.1 % 30.7 % 30.8 % 43.4 %

northerntrust.com / © 2025 Northern Trust Forward-looking Statements 20 This presentation may include statements which constitute “forward-looking statements” within the meaning of the safe harbor provis ions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified typically by words or phrases such as “believe,” “expect,” “antic ipate,” “intend,” “estimate,” “project,” “likely,” “plan,” “goal,” “target,” “strategy,” and similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements include statements, other than those related to historical facts, that relate to Northern Trust’s financial results and outlook, capital adequacy, dividend policy and share repurchase program, accounting estimates and assumptions, credit quality including allowance levels, future pension plan contributions, effective tax rate, antic ipated expense levels, contingent liabilities, acquis itions, strategies, market and industry trends, and expectations regarding the impact of accounting pronouncements and legis lation. These statements are based on Northern Trust’s current beliefs and expectations of future events or future results, and involve risks and uncertainties that are difficult to predict and subject to change. These statements are also based on assumptions about many important factors, including the factors discussed in Northern Trust’s most recent annual report on Form 10-K and other filings with the U.S. Securities and Exchange Commission, all of which are available on Northern Trust’s website. We caution you not to place undue reliance on any forward-looking statement as actual results may differ materially from those expressed or implied by forward-looking statements. Northern Trust assumes no obligation to update its forward-looking statements. This presentation should be reviewed together with Northern Trust Corporation’s Second Quarter 2025 earnings press release.

EX-99.3 4 q22025trendreport-wordrepo.htm EX-99.3 Document

Exhibit 99.3

Financial Trends

Second Quarter 2025

July 23, 2025

Please direct inquiries to:


Jennifer Childe
Senior Vice President, Director of Investor Relations
(312) 444-3290 or jennifer.childe@ntrs.com

Trace Stegeman
Senior Financial Analyst, Investor Relations
(312) 630-1428 or trace.stegeman@ntrs.com

The historical financial results and trends reflected in this report are not indicative of future financial results and trends for Northern Trust Corporation. This report should be read in conjunction with the Corporation's Second Quarter 2025 earnings press release, 2024 Annual Report to Shareholders and periodic reports to the Securities and Exchange Commission, all of which contain additional information about factors that could affect the Corporation's future financial results and trends. The Corporation assumes no obligation to update this report.


TABLE OF CONTENTS

	1	7
	Financial Summary	Balance Sheet Mix Trends

	2	8
	Income Statement	Interest Rate Trends

	3	9
	Net Income Trends	Asset Quality

	4	10
	Reporting Segment Results	Trust Assets

	5	11
	Balance Sheet (EOP)	Reconciliation to FTE

	6	12
	Balance Sheet Trends	Reconciliation to FTE (Ratios)


Northern Trust Corporation
FINANCIAL SUMMARY
($ in Millions except per share information)
																				2024												2025
		2020			2021			2022			2023			2024						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr	4th Qtr
																	Profitability:
		$	1,209.3		$	1,545.3		$	1,336.0		$	1,107.3		$	2,031.1		Net Income			$	214.7		$	896.1		$	464.9		$	455.4		$	392.0		$	421.3
																	Earnings Allocated to Common and Potential
		1,141.0			1,490.6			1,282.4			1,053.9			1,972.4				Common Shares		196.1			884.3			445.0			447.0			372.2			412.8

		$	5.48		$	7.16		$	6.16		$	5.09		$	9.80		Basic Earnings Per Share			$	0.96		$	4.35		$	2.23		$	2.27		$	1.91		$	2.14
		5.46			7.14			6.14			5.08			9.77			Diluted Earnings Per Share			0.96			4.34			2.22			2.26			1.90			2.13
		(18		%)	31		%	(14		%)	(17		%)	92		%	Diluted EPS Growth over Previous Year			(37		%)	179		%	49		%	N/M			99		%	(51		%)

		11.2		%	13.9		%	12.7		%	10.0		%	17.4		%	Return on Average Common Equity			7.3		%	31.2		%	15.4		%	15.3		%	13.0		%	14.2		%

		27.1		%	31.5		%	26.6		%	22.3		%	32.3		%	Profit Margin (pre-tax) (FTE)(1)			18.0		%	43.4		%	30.8		%	30.7		%	27.1		%	28.4		%
		19.7		%	23.8		%	19.6		%	16.2		%	24.4		%	Profit Margin (after-tax) (FTE)(1)			13.0		%	32.9		%	23.5		%	23.1		%	20.1		%	21.0		%

		75.9		%	78.2		%	71.6		%	70.1		%	73.5		%	Noninterest Income to Total Revenue (FTE)(1)			67.6		%	80.5		%	71.2		%	70.8		%	70.5		%	69.3		%

		65.1		%	67.1		%	65.1		%	63.9		%	56.8		%	Trust Fees to Total Revenue (FTE)(1)			69.1		%	42.8		%	60.6		%	62.0		%	62.4		%	61.5		%

		25.7		%	23.1		%	24.4		%	24.4		%	23.6		%	Effective Tax Rate (US GAAP)			26.1		%	23.6		%	22.7		%	23.4		%	24.8		%	25.4		%
		27.2		%	24.5		%	26.3		%	27.3		%	24.5		%	Effective Tax Rate (FTE)(1)			27.9		%	24.1		%	23.5		%	24.7		%	25.6		%	26.0		%

																	Capital Ratios:(2)
																		Standardized Approach
		12.8		%	11.9		%	10.8		%	11.4		%	12.4		%			Common Equity Tier 1 Capital	11.4		%	12.6		%	12.6		%	12.4		%	12.9		%	12.2		%
		13.9		%	12.9		%	11.8		%	12.3		%	13.3		%			Tier 1 Capital	12.4		%	13.6		%	13.6		%	13.3		%	13.9		%	13.1		%
		15.6		%	14.1		%	13.9		%	14.2		%	15.1		%			Total Capital	14.2		%	15.5		%	15.6		%	15.1		%	15.7		%	14.8		%
		7.6		%	6.9		%	7.1		%	8.1		%	8.1		%			Tier 1 Leverage	7.8		%	8.0		%	8.1		%	8.1		%	8.0		%	7.6		%

																		Advanced Approach
		13.4		%	13.2		%	11.5		%	13.4		%	14.5		%			Common Equity Tier 1 Capital	13.5		%	13.9		%	14.0		%	14.5		%	15.3		%	15.0		%
		14.5		%	14.3		%	12.5		%	14.5		%	15.6		%			Tier 1 Capital	14.6		%	15.0		%	15.1		%	15.6		%	16.5		%	16.1		%
		15.9		%	15.3		%	14.5		%	16.5		%	17.4		%			Total Capital	16.5		%	16.9		%	17.0		%	17.4		%	18.3		%	17.9		%
		7.6		%	6.9		%	7.1		%	8.1		%	8.1		%			Tier 1 Leverage	7.8		%	8.0		%	8.1		%	8.1		%	8.0		%	7.6		%
		8.6		%	8.2		%	7.9		%	8.6		%	8.9		%			Supplementary Leverage (3)	8.8		%	9.1		%	9.2		%	8.9		%	9.1		%	9.1		%

																	Per Share Information / Ratios:
		$	2.80		$	2.80		$	2.90		$	3.00		$	3.00		Cash Dividends Declared Per Common Share			$	0.75		$	0.75		$	0.75		$	0.75		$	0.75		$	0.75
		51		%	39		%	47		%	59		%	31		%	Dividend Payout Ratio			78		%	17		%	34		%	33		%	39		%	35		%

		$	93.14		$	119.61		$	88.49		$	84.38		$	102.50		Market Value Per Share (End of Period)			$	88.92		$	83.98		$	90.03		$	102.50		$	98.65		$	126.79
		17.1			16.8			14.4			16.6			10.5			Stock Price Multiple of Earnings			19.6			11.5			11.2			10.5			9.2			14.9
																	(based on trailing 4 quarters of diluted EPS)

		$	51.87		$	53.58		$	49.78		$	53.69		$	60.74		Book Value Per Common Share (End of Period)			$	54.83		$	58.38		$	59.85		$	60.74		$	61.65		$	62.65

	(1)	Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent - Ratios on page 12 for further detail.
	(2)	Regulatory Capital and resulting ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.
	(3)	From April 1, 2020, through April 1, 2021, the Federal Reserve issued temporary Supplementary Leverage Ratio (SLR) relief that required Northern Trust to exclude U.S. Treasury balances from the SLR. Please see the Northern Trust Corporation Pillar 3 disclosures for further SLR discussion.


Northern Trust Corporation
INCOME STATEMENT
($ in Millions except per share information)

	SIX MONTHS				CHANGE (2)					SECOND QUARTER				CHANGE (2)
	2025		2024		$		%			2025		2024		$		%
	$	1,363.7	$	1,290.2	$	73.5	6	%	Asset Servicing Trust, Investment and Other Servicing Fees	$	691.8	$	650.6	$	41.2	6	%
	1,081.2		1,018.8		62.4		6	%	WM Trust, Investment and Other Servicing Fees	539.3		515.5		23.8		5	%
	2,444.9		2,309.0		135.9		6	%	Total Fees	1,231.1		1,166.1		65.0		6	%
	109.3		115.4		(6.1)		(5)	%	Foreign Exchange Trading Income	50.6		58.4		(7.8)		(13)	%
	19.3		18.3		1.0		5	%	Treasury Management Fees	9.7		9.0		0.7		7	%
	78.7		72.2		6.5		9	%	Security Commissions and Trading Income	39.6		34.3		5.3		16	%
	107.1		985.7		(878.6)		(89)	%	Other Operating Income	56.4		924.7		(868.3)		(94)	%
	—		(189.3)		189.3		N/M		Investment Security Gains (Losses), net	—		0.1		(0.1)		N/M
	2,759.3		3,311.3		(552.0)		(17)	%	Total Noninterest Income	1,387.4		2,192.6		(805.2)		(37)	%

	4,364.0		4,966.3		(602.3)		(12)	%	Interest Income (FTE)(1)	2,217.5		2,513.4		(295.9)		(12)	%
	3,175.1		3,901.1		(726.0)		(19)	%	Interest Expense	1,602.3		1,983.6		(381.3)		(19)	%
	1,188.9		1,065.2		123.7		12	%	Net Interest Income (FTE)(1)	615.2		529.8		85.4		16	%

	3,948.2		4,376.5		(428.3)		(10)	%	Total Revenue (FTE)(1)	2,002.6		2,722.4		(719.8)		(26)	%

	17.5		(0.5)		18.0		N/M		Provision for Credit Losses	16.5		8.0		8.5		N/M

	1,259.2		1,292.3		(33.1)		(3)	%	Compensation	614.8		665.2		(50.4)		(8)	%
	227.4		201.3		26.1		13	%	Employee Benefits	117.7		100.2		17.5		17	%
	492.2		490.2		2.0		—	%	Outside Services	247.0		260.9		(13.9)		(5)	%
	574.6		530.2		44.4		8	%	Equipment and Software	293.7		277.5		16.2		6	%
	105.9		108.9		(3.0)		(3)	%	Occupancy	52.5		54.8		(2.3)		(4)	%
	174.9		275.7		(100.8)		(37)	%	Other Operating Expense	90.9		175.3		(84.4)		(48)	%
	2,834.2		2,898.6		(64.4)		(2)	%	Total Noninterest Expense	1,416.6		1,533.9		(117.3)		(8)	%
	1,096.5		1,478.4		(381.9)		(26)	%	Income before Income Taxes (FTE)(1)	569.5		1,180.5		(611.0)		(52)	%
	272.9		353.4		(80.5)		(23)	%	Provision for Income Taxes	143.5		277.5		(134.0)		(48)	%
	10.3		14.2		(3.9)		(27)	%	Taxable Equivalent Adjustment	4.7		6.9		(2.2)		(31)	%
	283.2		367.6		(84.4)		(23)	%	Total Taxes (FTE)(1)	148.2		284.4		(136.2)		(48)	%
	$	813.3	$	1,110.8	$	(297.5)	(27)	%	Net Income	$	421.3	$	896.1	$	(474.8)	(53)	%

	$	20.9	$	20.9	$	—	—	%	Dividends on Preferred Stock	$	4.7	$	4.7	$	—	—	%
	7.4		9.5		(2.1)		(22)	%	Earnings Allocated to Participating Securities	3.8		7.1		(3.3)		(46)	%
	785.0		1,080.4		(295.4)		(27)	%	Earnings Allocated to Common and Potential Common Shares	412.8		884.3		(471.5)		(53)	%

	$	4.05	$	5.30	$	(1.25)	(24)	%	Earnings Per Share - Basic	$	2.14	$	4.35	$	(2.21)	(51)	%
	$	4.03	$	5.28	$	(1.25)	(24)	%	Earnings Per Share - Diluted	$	2.13	$	4.34	$	(2.21)	(51)	%

	193,966		203,968		(10,002)		(5)	%	Average Basic Shares (000s)	192,752		203,306		(10,554)		(5)	%
	194,742		204,437		(9,695)		(5)	%	Average Diluted Shares (000s)	193,375		203,739		(10,364)		(5)	%
	191,233		201,638		(10,405)		(5)	%	End of Period Shares Outstanding (000s)	191,233		201,638		(10,405)		(5)	%

	N/M - Not meaningful
	(1) Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent on page 11 for further detail.
	(2) Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.


Northern Trust Corporation
NET INCOME TRENDS
($ in Millions except per share information)

													2024								2025
	2020		2021		2022		2023		2024				1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		3rd Qtr	4th Qtr
	$	2,321.6	$	2,487.3	$	2,496.3	$	2,461.9	$	2,632.8	Asset Servicing Trust, Investment and Other Servicing Fees		$	639.6	$	650.6	$	667.1	$	675.5	$	671.9	$	691.8
	1,673.4		1,873.8		1,936.3		1,899.9		2,095.0		WM Trust, Investment and Other Servicing Fees		503.3		515.5		529.5		546.7		541.9		539.3
	3,995.0		4,361.1		4,432.6		4,361.8		4,727.8			Total Fees	1,142.9		1,166.1		1,196.6		1,222.2		1,213.8		1,231.1
	290.4		292.6		288.6		203.9		231.2		Foreign Exchange Trading Income		57.0		58.4		54.1		61.7		58.7		50.6
	45.4		44.3		39.3		31.6		35.7		Treasury Management Fees		9.3		9.0		8.2		9.2		9.6		9.7
	133.2		140.2		136.2		135.0		150.5		Security Commissions and Trading Income		37.9		34.3		35.5		42.8		39.1		39.6
	194.0		243.9		191.3		228.7		1,157.4		Other Operating Income		61.0		924.7		111.8		59.9		50.7		56.4
	(0.4)		(0.3)		(214.0)		(169.5)		(189.3)		Investment Security Gains (Losses), net		(189.4)		0.1		—		—		—		—
	4,657.6		5,081.8		4,874.0		4,791.5		6,113.3			Total Noninterest Income	1,118.7		2,192.6		1,406.2		1,395.8		1,371.9		1,387.4
	1,477.6		1,418.3		1,932.8		2,039.5		2,208.9		Net Interest Income (FTE)(1)		535.4		529.8		569.4		574.3		573.7		615.2
	6,135.2		6,500.1		6,806.8		6,831.0		8,322.2			Total Revenue (FTE)(1)	1,654.1		2,722.4		1,975.6		1,970.1		1,945.6		2,002.6

	125.0		(81.5)		12.0		24.5		(3.0)		Provision for (Release of) Credit Losses		(8.5)		8.0		8.0		(10.5)		1.0		16.5

	1,947.1		2,011.0		2,248.0		2,321.8		2,471.1		Compensation		627.1		665.2		583.6		595.2		644.4		614.8
	387.7		431.4		437.4		405.2		417.8		Employee Benefits		101.1		100.2		109.2		107.3		109.7		117.7
	763.1		849.4		880.3		906.5		998.0		Outside Services		229.3		260.9		256.3		251.5		245.2		247.0
	673.5		736.3		838.8		945.5		1,075.0		Equipment and Software		252.7		277.5		270.4		274.4		280.9		293.7
	230.1		208.7		219.1		232.3		216.8		Occupancy		54.1		54.8		53.8		54.1		53.4		52.5
	346.7		299.1		359.3		472.9		455.2		Other Operating Expense		100.4		175.3		86.1		93.4		84.0		90.9
	4,348.2		4,535.9		4,982.9		5,284.2		5,633.9			Total Noninterest Expense	1,364.7		1,533.9		1,359.4		1,375.9		1,417.6		1,416.6
	1,662.0		2,045.7		1,811.9		1,522.3		2,691.3			Income before Income Taxes (FTE)(1)	297.9		1,180.5		608.2		604.7		527.0		569.5
	418.3		464.8		430.3		357.5		628.4		Provision for Income Taxes		75.9		277.5		136.2		138.8		129.4		143.5
	34.4		35.6		45.6		57.5		31.8		Taxable Equivalent Adjustment		7.3		6.9		7.1		10.5		5.6		4.7
	452.7		500.4		475.9		415.0		660.2			Total Taxes (FTE)(1)	83.2		284.4		143.3		149.3		135.0		148.2
	$	1,209.3	$	1,545.3	$	1,336.0	$	1,107.3	$	2,031.1		Net Income	$	214.7	$	896.1	$	464.9	$	455.4	$	392.0	$	421.3
	$	5.48	$	7.16	$	6.16	$	5.09	$	9.80	Earnings Per Share - Basic		$	0.96	$	4.35	$	2.23	$	2.27	$	1.91	$	2.14
	5.46		7.14		6.14		5.08		9.77		Earnings Per Share - Diluted		0.96		4.34		2.22		2.26		1.90		2.13
	209,008		208,899		208,867		207,564		201,870		Average Diluted Shares (000s)		205,135		203,739		200,549		198,114		196,125		193,375
	$	56.2	$	41.8	$	41.8	$	41.8	$	41.8	Preferred Dividends(2)		$	16.2	$	4.7	$	16.2	$	4.7	$	16.2	$	4.7

	(1) Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent on page 11 for further detail.
	(2) Dividends on Preferred Stock in 2020 includes $11.5 million related to the difference between the redemption amount of the Corporation's Series C Non-Cumulative Perpetual Preferred Stock, which was redeemed in the first quarter of 2020, and its carrying value.


Northern Trust Corporation
Reporting Segment Results(1)
($ in Millions)

																			2024												2025
		2020			2021			2022			2023			2024			Asset Servicing		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr	4th Qtr
		$	1,586.1		$	1,818.8		$	1,700.1		$	1,689.5		$	1,792.6		Custody & Fund Administration		$	436.7		$	445.9		$	453.1		$	456.9		$	453.3		$	469.2
		511.1			443.5			555.1			528.1			595.2			Investment Management		140.0			145.7			152.6			156.9			152.5			157.3
		88.0			76.7			81.4			83.0			72.3			Securities Lending		17.9			16.5			17.5			20.4			17.9			20.2
		136.4			148.3			159.7			161.3			172.7			Other		45.0			42.5			43.9			41.3			48.2			45.1
		$	2,321.6		$	2,487.3		$	2,496.3		$	2,461.9		$	2,632.8			Total Asset Servicing Trust, Investment and Other Servicing Fees	$	639.6		$	650.6		$	667.1		$	675.5		$	671.9		$	691.8

		$	740.2		$	905.1		$	1,083.2		$	871.0		$	877.4		Income before Income Taxes (FTE)(2)		$	219.3		$	135.6		$	258.4		$	264.1		$	235.4		$	271.1
		21.5		%	25.0		%	26.7		%	21.1		%	20.1		%	Profit Margin (pre-tax) (FTE)(2)		20.6		%	12.9		%	23.2		%	23.4		%	20.9		%	23.2		%

		$	6,018.2		$	5,663.4		$	7,208.0		$	7,372.6		$	6,315.5		Average Loans		$	6,909.5		$	6,472.3		$	5,615.8		$	6,272.6		$	5,749.3		$	5,812.8
		84,691.0			101,588.5			96,085.5			81,742.1			86,691.3			Average Deposits		86,688.6			86,223.0			86,635.7			87,212.9			89,296.5			95,506.7

																	Wealth Management
		$	607.3		$	698.7		$	692.6		$	673.8		$	740.9		Central		$	178.3		$	180.7		$	186.6		$	195.3		$	189.1		$	189.2
		442.1			509.3			504.0			491.5			539.7			East		129.9			132.7			136.4			140.7			141.0			139.3
		337.7			380.2			382.1			378.0			418.9			West		99.9			103.3			105.7			110.0			108.0			106.3
		286.3			285.6			357.6			356.6			395.5			Global Family Office		95.2			98.8			100.8			100.7			103.8			104.5
		$	1,673.4		$	1,873.8		$	1,936.3		$	1,899.9		$	2,095.0			Total Wealth Management Trust, Investment and Other Servicing Fees	$	503.3		$	515.5		$	529.5		$	546.7		$	541.9		$	539.3

		$	1,022.9		$	1,271.3		$	1,153.8		$	983.5		$	1,213.1		Income before Income Taxes (FTE)(2)		$	292.3		$	262.7		$	307.1		$	351.0		$	304.3		$	309.6
		39.2		%	45.5		%	39.7		%	34.1		%	37.8		%	Profit Margin (pre-tax) (FTE)(2)		37.5		%	33.4		%	38.0		%	41.9		%	37.1		%	37.2		%

		$	27,480.6		$	31,544.1		$	33,822.6		$	34,804.4		$	34,601.2		Average Loans		$	34,677.4		$	34,562.3		$	34,268.2		$	34,897.3		$	35,327.2		$	35,345.2
		23,410.3			28,387.9			29,426.3			23,432.9			25,558.2			Average Deposits		25,568.0			26,236.4			25,179.3			25,256.6			25,289.6			25,291.0

																	Other
		$	(101.1)		$	(130.7)		$	(425.1)		$	(332.2)		$	600.8		Income before Income Taxes (FTE)(2)		$	(213.7)		$	782.2		$	42.7		$	(10.4)		$	(12.7)		$	(11.2)
		409.8			106.7			80.6			70.5			450.8			Average Deposits		106.0			882.2			745.7			70.3			1,333.0			1,580.1

	(1)	Reporting segment results are subject to reclassification when organizational changes are made. The results are also subject to refinements in revenue and expense allocation methodologies, which are typically reflected on a retrospective basis unless it is impractical to do so.
	(2)	Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent section on pages 11 and 12 for further detail.


Northern Trust Corporation
BALANCE SHEET
END OF PERIOD
($ in Millions)
								CHANGE (5)
	Assets			6/30/2025		6/30/2024		$		%
		Federal Reserve and Other Central Bank Deposits		$	52,265.5	$	43,206.1	$	9,059.4	21	%
		Interest-Bearing Due from and Deposits with Banks(1)		6,800.9		5,558.9		1,242.0		22	%
		Federal Funds Sold and Securities Purchased under Agreements to Resell		921.9		859.6		62.3		7	%
		Debt Securities:
			Available For Sale	32,250.4		26,861.7		5,388.7		20	%
			Held To Maturity	21,400.8		22,798.6		(1,397.8)		(6)	%

			Total Debt Securities	53,651.2		49,660.3		3,990.9		8	%
		Loans		43,323.4		42,135.2		1,188.2		3	%
		Other Interest-Earning Assets(2)		2,522.6		3,025.2		(502.6)		(17)	%
			Total Earning Assets	159,485.5		144,445.3		15,040.2		10	%
		Allowance for Credit Losses		(188.5)		(179.5)		(9.0)		5	%
		Cash and Due From Banks and Other Central Bank Deposits(3)		2,035.1		2,390.1		(355.0)		(15)	%
		Buildings and Equipment		467.7		481.0		(13.3)		(3)	%
		Goodwill		714.6		697.4		17.2		2	%
		Other Assets		9,369.2		8,962.8		406.4		5	%
			Total Assets	$	171,883.6	$	156,797.1	$	15,086.5	10	%
	Liabilities and Stockholders' Equity
		Savings, Money Market and Other		$	27,965.1	$	28,074.0	$	(108.9)	—	%
		Savings Certificates and Other Time		6,742.5		6,378.4		364.1		6	%
		Non-U.S. Offices - Interest-Bearing		77,206.9		67,612.3		9,594.6		14	%
			Total Interest-Bearing Deposits	111,914.5		102,064.7		9,849.8		10	%
		Federal Funds Purchased		2,388.5		2,406.4		(17.9)		(1)	%
		Securities Sold under Agreements to Repurchase		841.4		629.2		212.2		34	%
		Other Borrowings(4)		6,532.9		6,823.7		(290.8)		(4)	%
		Senior Notes		2,835.2		2,744.0		91.2		3	%
		Long-Term Debt		4,089.8		4,073.0		16.8		—	%

			Total Interest-Bearing Liabilities	128,602.3		118,741.0		9,861.3		8	%
		Demand and Other Noninterest-Bearing Deposits		25,139.2		20,926.2		4,213.0		20	%
		Other Liabilities		5,275.6		4,474.1		801.5		18	%
			Total Liabilities	159,017.1		144,141.3		14,875.8		10	%
		Common Equity, excluding Accumulated Other Comprehensive Income		12,680.8		12,635.9		44.9		—	%
		Accumulated Other Comprehensive Income (Loss)		(699.2)		(865.0)		165.8		(19)	%
		Preferred Equity		884.9		884.9		—		—	%
			Total Stockholders' Equity	12,866.5		12,655.8		210.7		2	%
			Total Liabilities and Stockholders' Equity	$	171,883.6	$	156,797.1	$	15,086.5	10	%

	(1)	Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
	(2)	Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
	(3)	Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
	(4)	Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
	(5)	Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.


Northern Trust Corporation
BALANCE SHEET TRENDS
PERIOD AVERAGES(1)
($ in Millions)

														2024								2025
	2020		2021		2022		2023		2024		Assets			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		3rd Qtr	4th Qtr
	$	27,904.2	$	39,028.2	$	36,248.8	$	31,205.4	$	35,179.9		Federal Reserve and Other Central Bank Deposits		$	35,897.3	$	35,924.1	$	36,067.3	$	32,847.0	$	37,161.0	$	43,655.3
	5,400.8		5,779.7		4,192.5		4,333.9		4,800.8			Interest-Bearing Due from and Deposits with Banks(2)		4,418.0		4,999.7		4,828.1		4,955.3		4,877.6		5,321.5
	1,255.4		1,067.5		1,076.7		957.0		727.9			Federal Funds Sold and Securities Purchased under Agreements to Resell		518.4		732.2		977.4		681.3		394.5		713.2
												Debt Securities:
	40,642.7		38,986.9		32,060.2		24,356.6		26,871.9				Available For Sale	24,049.6		26,591.4		27,462.6		29,350.4		30,168.3		31,415.0
	14,353.3		20,617.0		22,970.0		25,511.9		23,230.7				Held To Maturity	24,498.9		23,373.8		22,834.0		22,231.6		21,821.9		20,895.9
	1.1		0.6		12.1		0.5		—				Trading Account	—		—		—		—		—		—
	54,997.1		59,604.5		55,042.3		49,869.0		50,102.6				Total Debt Securities	48,548.5		49,965.2		50,296.6		51,582.0		51,990.2		52,310.9
	33,498.8		37,207.5		41,030.6		42,177.0		40,916.7			Loans and Leases		41,586.9		41,034.6		39,884.0		41,169.9		41,076.5		41,158.0
	1,076.6		1,185.6		1,248.1		2,259.0		2,688.4			Other Interest-Earning Assets(3)		2,847.7		2,745.3		2,714.4		2,448.5		2,508.1		2,663.1
	124,132.9		143,873.0		138,839.0		130,801.3		134,416.3				Total Earning Assets	133,816.8		135,401.1		134,767.8		133,684.0		138,007.9		145,822.0
	(178.0)		(173.0)		(154.1)		(172.8)		(185.2)			Allowance for Credit Losses		(191.8)		(175.8)		(180.5)		(192.9)		(175.6)		(174.9)
	2,603.0		2,285.9		2,069.5		1,771.6		1,698.8			Cash and Due From Banks and Other Central Bank Deposits(4)		1,799.5		1,802.0		1,742.3		1,453.4		1,041.2		1,069.8
	509.3		502.7		488.7		484.8		488.0			Buildings and Equipment		498.2		485.8		482.2		485.8		484.8		479.3
	695.4		707.3		692.2		696.2		699.8			Goodwill		699.4		697.1		702.9		699.7		696.4		709.1
	9,048.5		9,167.3		10,616.6		9,068.1		9,515.8			Other Assets		8,496.2		9,791.0		9,328.2		10,440.2		10,207.4		9,813.9
	$	136,811.1	$	156,363.2	$	152,551.9	$	142,649.2	$	146,633.5			Total Assets	$	145,118.3	$	148,001.2	$	146,842.9	$	146,570.2	$	150,262.1	$	157,719.2

											Liabilities and Stockholders' Equity
	$	23,396.4	$	28,339.0	$	30,205.0	$	24,172.4	$	26,236.3		Savings, Money Market and Other		$	27,349.0	$	27,554.9	$	25,233.0	$	24,834.8	$	27,720.5	$	28,797.4
	1,266.4		887.2		1,059.7		3,341.2		5,856.9			Savings Certificates and Other Time		4,554.3		6,027.4		6,639.6		6,193.9		6,874.0		6,652.0
	60,486.3		69,713.4		65,031.3		60,008.6		63,854.7			Non-U.S. Offices - Interest-Bearing		63,752.8		63,216.3		64,347.2		64,094.5		64,454.3		70,158.0
	85,149.1		98,939.6		96,296.0		87,522.2		95,947.9				Total Interest-Bearing Deposits	95,656.1		96,798.6		96,219.8		95,123.2		99,048.8		105,607.4
	980.9		190.6		1,407.8		5,144.3		2,616.4			Federal Funds Purchased		2,650.1		3,010.7		2,320.9		2,488.8		2,393.6		2,469.0
	218.3		232.0		433.6		401.5		518.5			Securities Sold under Agreements to Repurchase		490.1		574.6		504.3		505.4		442.4		584.6
	6,401.1		5,049.8		5,463.5		10,339.5		6,980.3			Other Borrowings(5)		6,852.1		7,053.5		7,085.9		6,928.9		7,024.4		7,008.2
	3,233.8		2,856.4		2,756.0		2,734.0		2,764.0			Senior Notes		2,748.7		2,728.7		2,795.6		2,782.4		2,781.6		2,818.2
	1,189.2		1,166.1		1,258.9		2,586.0		4,073.2			Long-Term Debt		4,067.0		4,071.1		4,075.1		4,079.4		4,083.5		4,087.8
	277.7		218.4		—		—		—			Floating Rate Capital Debt		—		—		—		—		—		—
	97,450.1		108,652.9		107,615.8		108,727.5		112,900.3				Total Interest-Bearing Liabilities	112,464.1		114,237.2		113,001.6		111,908.1		115,774.3		122,575.2
	23,362.0		31,143.5		29,296.4		17,723.3		16,752.4			Demand and Other Noninterest-Bearing Deposits		16,706.5		16,543.0		16,340.9		17,416.6		16,870.3		16,770.4
	4,806.4		4,869.8		4,558.3		4,701.6		4,681.0			Other Liabilities		4,164.0		4,862.2		5,026.3		4,668.0		5,013.5		5,761.5
	125,618.0		144,666.2		141,471.0		131,152.4		134,333.7				Total Liabilities	133,334.6		135,642.4		134,368.8		133,992.7		137,658.1		145,107.1
	10,058.2		10,629.6		11,512.3		11,964.6		12,287.4			Common Equity, excluding Accumulated Other Comprehensive Income		11,873.4		12,375.7		12,421.8		12,475.2		12,527.2		12,500.4
	248.5		182.5		(1,315.8)		(1,352.7)		(872.5)			Accumulated Other Comprehensive Income (Loss)		(974.6)		(901.8)		(832.6)		(782.6)		(808.1)		(773.2)
	885.9		884.9		884.9		884.9		884.9			Preferred Equity		884.9		884.9		884.9		884.9		884.9		884.9
	11,193.0		11,697.0		11,081.4		11,496.8		12,299.8				Total Stockholders' Equity	11,783.7		12,358.8		12,474.1		12,577.5		12,604.0		12,612.1
	$	136,811.0	$	156,363.2	$	152,551.9	$	142,649.2	$	146,633.5			Total Liabilities and Stockholders' Equity	$	145,118.3	$	148,001.2	$	146,842.9	$	146,570.2	$	150,262.1	$	157,719.2

(1)	Summations may not equal due to rounding.
(2)	Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)	Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)	Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)	Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.


Northern Trust Corporation
BALANCE SHEET MIX TRENDS
PERIOD AVERAGES(1)

														2024								2025
	2020		2021		2022		2023		2024		Assets			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		3rd Qtr	4th Qtr
	20.4	%	25.0	%	23.8	%	21.9	%	24.0	%		Federal Reserve and Other Central Bank Deposits		24.7	%	24.3	%	24.6	%	22.4	%	24.7	%	27.7	%
	3.9		3.7		2.7		3.0		3.3			Interest-Bearing Due from and Deposits with Banks(2)		3.0		3.4		3.3		3.4		3.2		3.4

	0.9		0.7		0.7		0.7		0.5			Federal Funds Sold and Securities Purchased under Agreements to Resell		0.4		0.5		0.7		0.5		0.3		0.5
												Debt Securities:
	29.7		24.9		21.0		17.1		18.3				Available For Sale	16.6		18.0		18.7		20.0		20.1		19.9
	10.5		13.2		15.1		17.9		15.8				Held To Maturity	16.9		15.8		15.5		15.2		14.5		13.2

	40.2		38.1		36.1		35.0		34.2				Total Debt Securities	33.5		33.8		34.3		35.2		34.6		33.2
	24.5		23.8		26.9		29.6		27.9			Loans and Leases		28.7		27.7		27.2		28.1		27.3		26.1
	0.8		0.8		0.8		1.6		1.8			Other Interest-Earning Assets(3)		2.0		1.9		1.8		1.7		1.7		1.7
	90.7		92.0		91.0		91.7		91.7				Total Earning Assets	92.2		91.5		91.8		91.2		91.8		92.5
	(0.1)		(0.1)		(0.1)		(0.1)		(0.1)			Allowance for Credit Losses		(0.1)		(0.1)		(0.1)		(0.1)		(0.1)		(0.1)
	1.9		1.5		1.4		1.2		1.2			Cash and Due From Banks and Other Central Bank Deposits(4)		1.2		1.2		1.2		1.0		0.7		0.7
	0.4		0.3		0.3		0.3		0.3			Buildings and Equipment		0.3		0.3		0.3		0.3		0.3		0.3
	0.5		0.5		0.5		0.5		0.5			Goodwill		0.5		0.5		0.5		0.5		0.5		0.4
	6.6		5.9		7.0		6.4		6.5			Other Assets		5.9		6.6		6.4		7.1		6.8		6.2
	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%			Total Assets	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

											Liabilities and Stockholders' Equity
	17.1	%	18.1	%	19.8	%	16.9	%	17.9	%		Savings, Money Market and Other		18.8	%	18.6	%	17.2	%	16.9	%	18.4	%	18.3	%
	0.9		0.6		0.7		2.3		4.0			Savings Certificates and Other Time		3.1		4.1		4.5		4.2		4.6		4.2
	44.2		44.6		42.6		42.1		43.5			Non-U.S. Offices - Interest-Bearing		43.9		42.7		43.8		43.7		42.9		44.5
	62.2		63.3		63.1		61.4		65.4				Total Interest-Bearing Deposits	65.9		65.4		65.5		64.9		65.9		67.0
	0.7		0.1		0.9		3.6		1.8			Federal Funds Purchased		1.8		2.0		1.6		1.7		1.6		1.6
	0.2		0.1		0.3		0.3		0.4			Securities Sold under Agreements to Repurchase		0.3		0.4		0.3		0.3		0.3		0.4
	4.7		3.2		3.6		7.2		4.8			Other Borrowings(5)		4.7		4.8		4.8		4.7		4.7		4.4
	2.4		1.8		1.8		1.9		1.9			Senior Notes		1.9		1.8		1.9		1.9		1.9		1.8
	0.9		0.7		0.8		1.8		2.8			Long-Term Debt		2.8		2.8		2.8		2.8		2.7		2.6
	0.2		0.1		—		—		—			Floating Rate Capital Debt		—		—		—		—		—		—
	71.2		69.5		70.5		76.2		77.0				Total Interest-Bearing Liabilities	77.5		77.2		77.0		76.4		77.0		77.7
	17.1		19.9		19.2		12.4		11.4			Demand and Other Noninterest-Bearing Deposits		11.5		11.2		11.1		11.9		11.2		10.6
	3.5		3.1		3.0		3.3		3.2			Other Liabilities		2.9		3.3		3.4		3.2		3.3		3.7
	91.8		92.5		92.7		91.9		91.6				Total Liabilities	91.9		91.6		91.5		91.4		91.6		92.0
	7.4		6.8		7.5		8.4		8.4			Common Equity, excluding Accumulated Other Comprehensive Income		8.2		8.4		8.5		8.5		8.3		7.9
	0.1		0.1		(0.8)		(0.9)		(0.6)			Accumulated Other Comprehensive Income (Loss)		(0.7)		(0.6)		(0.6)		(0.5)		(0.5)		(0.5)
	0.6		0.6		0.6		0.6		0.6			Preferred Equity		0.6		0.6		0.6		0.6		0.6		0.6
	8.2		7.5		7.3		8.1		8.4				Total Stockholders' Equity	8.1		8.4		8.5		8.6		8.4		8.0
	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%			Total Liabilities and Stockholders' Equity	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

(1)	Summations may not equal due to rounding.
(2)	Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)	Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)	Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)	Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.


Northern Trust Corporation
INTEREST RATE TRENDS (FTE(1) Basis)
PERIOD AVERAGES

		Net Interest Income (FTE Adjusted), a non-GAAP financial measure, includes adjustments to a fully taxable equivalent basis for loans and securities. A reconciliation of net interest income, net interest margin, and net interest spread on a GAAP basis to net interest income, net interest margin, and net interest spread on an FTE basis, respectively, (each of which is a non-GAAP financial measure) is provided on pages 11 and 12. Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets. Net interest spread is calculated as the difference between the interest rate earned (annualized interest income divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds).
															2024								2025
		2020		2021		2022		2023		2024		Earnings Assets			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		3rd Qtr	4th Qtr
		0.10	%	0.03	%	1.30	%	4.69	%	4.93	%		Federal Reserve and Other Central Bank Deposits		5.15	%	5.12	%	4.98	%	4.44	%	4.15	%	4.01	%
		0.41		0.16		1.11		3.00		2.55			Interest-Bearing Due from and Deposits with Banks(2)		3.15		2.53		2.35		2.26		1.95		1.64
		0.32		0.33		9.65		165.68		458.90			Federal Funds Sold and Securities Purchased under Agreements to Resell(3)		639.29		474.27		362.57		444.99		705.95		389.92
													Debt Securities:
		1.77		1.28		1.91		4.35		5.37				Available for Sale	5.41		5.52		5.50		5.09		4.73		4.69
		0.59		0.80		1.26		1.87		1.94				Held to Maturity	2.02		1.95		1.88		1.89		1.94		1.85
		3.27		1.59		3.84		13.50		—				Trading Account	—		—		—		—		—		—
		1.46		1.11		1.64		3.08		3.78				Total Debt Securities	3.70		3.85		3.86		3.71		3.56		3.56
		2.32		1.92		3.28		6.06		6.28			Loans and Leases		6.34		6.38		6.45		5.97		5.68		5.62
		3.63		3.43		4.03		4.87		4.85			Other Interest-Earning Assets(4)		4.51		4.68		4.71		5.57		3.88		3.81
		1.35	%	1.00	%	2.11	%	5.64	%	7.29	%			Total Earning Assets	7.37	%	7.47	%	7.49	%	6.82	%	6.31	%	6.10	%

												Interest-Bearing Funds
		0.20	%	0.05	%	0.74	%	2.85	%	3.66	%		Savings, Money Market and Other		3.72	%	3.75	%	3.76	%	3.39	%	3.11	%	3.10	%
		1.30		0.55		1.68		4.54		5.11			Savings Certificates and Other Time		5.19		5.23		5.19		4.84		4.48		4.31
		(0.03)		(0.11)		0.56		3.07		3.38			Non-U.S. Offices - Interest-Bearing		3.59		3.58		3.39		2.95		2.60		2.45
		0.06		(0.06)		0.63		3.07		3.56				Total Interest-Bearing Deposits	3.71		3.73		3.61		3.19		2.87		2.74
		0.22		(0.19)		2.43		4.99		4.94			Federal Funds Purchased		5.11		5.16		5.07		4.38		4.00		3.97
		0.47		0.07		20.94		383.84		632.65			Securities Sold under Agreements to Repurchase(3)		667.86		596.00		686.17		586.70		617.15		467.05
		0.71		0.28		2.31		5.25		5.20			Other Borrowings(5)		5.20		5.43		5.32		4.82		4.60		4.60
		2.24		1.69		3.36		6.22		6.28			Senior Notes		6.45		6.50		6.30		5.88		5.65		5.55
		2.24		1.81		3.49		5.69		5.49			Long-Term Debt		5.50		5.50		5.47		5.47		5.52		5.48
		1.52		0.78		—		—		—			Floating Rate Capital Debt		—		—		—		—		—		—
		0.21	%	0.02	%	0.92	%	4.91	%	6.72	%			Total Interest-Bearing Liabilities	6.86	%	6.98	%	6.93	%	6.10	%	5.51	%	5.24	%



		1.14	%	0.98	%	1.19	%	0.73	%	0.57	%		Net Interest Spread		0.51	%	0.49	%	0.56	%	0.72	%	0.80	%	0.86	%

		1.19	%	0.99	%	1.39	%	1.56	%	1.64	%		Net Interest Margin		1.61	%	1.57	%	1.68	%	1.71	%	1.69	%	1.69	%


	(1)	Fully taxable equivalent. FTE adjustments are based on a federal income tax rate of 21%, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit.
	(2)	Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
	(3)	Includes the impact of balance sheet netting under master netting arrangements of approximately $62.0 billion for the three months ended June 30, 2025. Excluding the impact of netting, the average interest rate on Federal Funds Sold and Securities Purchased under Agreements to Resell would be approximately 4.43% for the three months ended June 30, 2025. Excluding the impact of netting, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 4.36% for the three months ended June 30, 2025. See previous filings for impact of netting on prior periods.
	(4)	Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
	(5)	Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.


Northern Trust Corporation
ASSET QUALITY
END OF PERIOD
($ in Millions)

																					2024												2025
		2020			2021			2022			2023			2024							1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr	4th Qtr

		$	124.4		$	259.9		$	184.7		$	200.9		$	220.4		Beginning Allowance for Credit Losses				$	220.4		$	201.5		$	209.6		$	220.0		$	206.1		$	207.3

		13.7			—			—			—			—			Cumulative Effect Adjustment(1)				—			—			—			—			—			—

		125.0			(81.5)			12.0			24.5			(3.0)			Provision for (Release of) Credit Losses				(8.5)			8.0			8.0			(10.5)			1.0			16.5

																	(Charge-offs) Recoveries
		(9.7)			(0.7)			(6.0)			(8.7)			(15.5)				Charge-offs			(11.1)			(0.3)			—			(4.1)			(0.3)			(0.1)
		6.5			7.0			10.2			3.7			4.2				Recoveries			0.7			0.4			2.4			0.7			0.5			0.4
		(3.2)			6.3			4.2			(5.0)			(11.3)					Net (Charge-offs) Recoveries		(10.4)			0.1			2.4			(3.4)			0.2			0.3


		$	259.9		$	184.7		$	200.9		$	220.4		$	206.1					Ending Allowance for Credit Losses	$	201.5		$	209.6		$	220.0		$	206.1		$	207.3		$	224.1

																	Allowance for Credit Losses Assigned to:
		$	190.7		$	138.4		$	144.3		$	178.7		$	168.0			Loans and Leases			$	162.4		$	167.7		$	184.8		$	168.0		$	167.1		$	180.5
		61.1			34.1			38.5			26.9			30.4				Undrawn Loan Commitments and Standby Letters of Credit			25.2			29.5			26.5			30.4			32.8			34.7
		8.1			12.2			18.1			14.8			7.7				Debt Securities and Other Financial Assets			13.9			12.4			8.7			7.7			7.4			8.9
		$	259.9		$	184.7		$	200.9		$	220.4		$	206.1				Total Allowance for Credit Losses		$	201.5		$	209.6		$	220.0		$	206.1		$	207.3		$	224.1

		$	33,499		$	37,208		$	41,031		$	42,177		$	40,917		Average Loans and Leases Outstanding				$	41,587		$	41,035		$	39,884		$	41,170		$	41,077		$	41,158

																	Annualized Loan-Related Net (Charge-offs) Recoveries to
		(0.01)		%	0.02		%	0.01		%	(0.01)		%	(0.03)		%		Average Loans and Leases			(0.10)		%	—		%	0.02		%	(0.03)		%	—		%	—		%

		$	33,760		$	40,481		$	42,893		$	47,617		$	43,391		End of Period Loans and Leases Outstanding				$	47,343		$	42,135		$	41,950		$	43,391		$	40,833		$	43,323

																	Allowance for Credit Losses Assigned to Loans
		0.56		%	0.34		%	0.34		%	0.38		%	0.39		%		and Leases to Total Loans and Leases			0.34		%	0.40		%	0.44		%	0.39		%	0.41		%	0.42		%

																	Nonaccrual Assets
		$	131.7		$	122.3		$	45.9		$	63.6		$	56.0			Nonaccrual Loans and Leases			$	37.0		$	38.5		$	39.3		$	56.0		$	73.1		$	92.8
		0.7			3.0			—			1.5			—				Other Real Estate Owned (OREO)			—			—			—			—			—			—
		$	132.4		$	125.3		$	45.9		$	65.1		$	56.0				Total Nonaccrual Assets		$	37.0		$	38.5		$	39.3		$	56.0		$	73.1		$	92.8

		0.39		%	0.31		%	0.11		%	0.14		%	0.13		%	Nonaccrual Assets to Loans and Leases and OREO				0.08		%	0.09		%	0.09		%	0.13		%	0.18		%	0.21		%
																	Loans and Leases Allowance to Nonaccrual
		1.4x			1.1x			3.1x			2.8x			3.0x				Loans and Leases			4.4x			4.4x			4.7x			3.0x			2.3x			1.9x

	(1)	Upon the January 1, 2020 adoption of ASU 2016-13, Northern Trust increased the allowance for credit losses by $13.7 million, with a corresponding cumulative effect adjustment to decrease retained earnings $10.1 million, net of tax.


Northern Trust Corporation
ASSETS UNDER MANAGEMENT AND CUSTODY
END OF PERIOD
($ in Billions)

														2024								2025
	2020		2021		2022		2023		2024		Assets Under Management			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		3rd Qtr	4th Qtr
	$	1,057.5	$	1,191.0	$	898.1	$	1,032.0	$	1,159.7	Asset Servicing			$	1,080.1	$	1,107.3	$	1,177.9	$	1,159.7	$	1,160.9	$	1,229.2
												Asset allocation:
	551.7		626.6		485.0		563.9		644.6				Equities	602.5		613.7		650.0		644.6		625.8		666.7
	120.1		132.6		107.1		116.2		127.2				Fixed Income Securities	116.3		125.8		131.0		127.2		130.2		131.9
	198.8		236.2		157.7		184.5		211.7				Cash and Other Assets	198.2		207.2		220.9		211.7		214.2		225.2
	186.9		195.6		148.3		167.4		176.2				Securities Lending Collateral	163.1		160.6		176.0		176.2		190.7		205.4

	$	347.8	$	416.1	$	351.4	$	402.5	$	450.7	Wealth Management			$	420.6	$	419.4	$	443.9	$	450.7	$	446.9	$	468.5
												Asset allocation:
	182.0		229.9		186.3		221.6		258.5				Equities	238.6		243.2		258.8		258.5		254.2		276.9
	84.7		83.5		79.4		87.2		90.3				Fixed Income Securities	87.2		85.8		88.7		90.3		91.2		91.6
	81.1		102.7		85.7		93.7		101.6				Cash and Other Assets	94.7		90.3		96.3		101.6		101.1		99.4
	—		—		—		—		0.3				Securities Lending Collateral	0.1		0.1		0.1		0.3		0.4		0.6
	$	1,405.3	$	1,607.1	$	1,249.5	$	1,434.5	$	1,610.4	Total Assets Under Management			$	1,500.7	$	1,526.7	$	1,621.8	$	1,610.4	$	1,607.8	$	1,697.7
												Asset allocation:
	$	733.7	$	856.5	$	671.3	$	785.5	$	903.1			Equities	$	841.1	$	856.9	$	908.8	$	903.1	$	880.0	$	943.6
	204.8		216.1		186.5		203.4		217.5				Fixed Income Securities	203.5		211.6		219.7		217.5		221.4		223.5
	279.9		338.9		243.4		278.2		313.3				Cash and Other Assets	292.9		297.5		317.2		313.3		315.3		324.6
	186.9		195.6		148.3		167.4		176.5				Securities Lending Collateral	163.2		160.7		176.1		176.5		191.1		206.0

											Assets Under Custody / Administration
	$	13,653.1	$	15,183.2	$	12,705.5	$	14,362.6	$	15,640.1		Asset Servicing		$	15,385.4	$	15,470.8	$	16,278.0	$	15,640.1	$	15,804.7	$	16,864.9
	879.4		1,065.6		898.5		1,042.3		1,147.9			Wealth Management		1,087.1		1,096.6		1,145.0		1,147.9		1,119.3		1,203.4
	$	14,532.5	$	16,248.8	$	13,604.0	$	15,404.9	$	16,788.0	Total Assets Under Custody / Administration			$	16,472.5	$	16,567.4	$	17,423.0	$	16,788.0	$	16,924.0	$	18,068.3
											Assets Under Custody
	$	10,387.7	$	11,554.8	$	9,712.3	$	10,882.0	$	12,214.0	Asset Servicing			$	11,723.1	$	11,955.5	$	12,662.1	$	12,214.0	$	12,163.6	$	13,056.5
												Asset allocation:
	4,751.0		5,404.3		4,312.8		5,028.9		5,938.6				Equities	5,511.4		5,711.7		6,098.1		5,938.6		5,832.8		6,420.1
	3,742.6		3,997.5		3,252.1		3,600.4		3,742.1				Fixed Income Securities	3,665.8		3,662.0		3,887.3		3,742.1		3,868.6		4,053.4
	1,707.2		1,957.4		1,999.1		2,085.3		2,357.1				Cash and Other Assets	2,382.8		2,421.2		2,500.7		2,357.1		2,271.5		2,377.6
	186.9		195.6		148.3		167.4		176.2				Securities Lending Collateral	163.1		160.6		176.0		176.2		190.7		205.4

	$	875.1	$	1,057.5	$	892.3	$	1,034.5	$	1,135.2	Wealth Management			$	1,081.0	$	1,085.9	$	1,132.7	$	1,135.2	$	1,105.9	$	1,187.2
												Asset allocation:
	542.9		644.8		497.9		623.6		700.4				Equities	661.1		669.3		701.4		700.4		669.0		736.7
	128.3		142.1		134.0		136.7		142.8				Fixed Income Securities	138.4		139.2		144.4		142.8		147.1		149.6
	203.9		270.6		260.4		274.2		291.7				Cash and Other Assets	281.4		277.3		286.8		291.7		289.4		300.3
	—		—		—		—		0.3				Securities Lending Collateral	0.1		0.1		0.1		0.3		0.4		0.6
	$	11,262.8	$	12,612.3	$	10,604.6	$	11,916.5	$	13,349.2	Total Assets Under Custody			$	12,804.1	$	13,041.4	$	13,794.8	$	13,349.2	$	13,269.5	$	14,243.7
												Asset allocation:
	$	5,293.9	$	6,049.1	$	4,810.7	$	5,652.5	$	6,639.0			Equities	$	6,172.5	$	6,381.0	$	6,799.5	$	6,639.0	$	6,501.8	$	7,156.8
	3,870.9		4,139.6		3,386.1		3,737.1		3,884.9				Fixed Income Securities	3,804.2		3,801.2		4,031.7		3,884.9		4,015.7		4,203.0
	1,911.1		2,228.0		2,259.5		2,359.5		2,648.8				Cash and Other Assets	2,664.2		2,698.5		2,787.5		2,648.8		2,560.9		2,677.9
	186.9		195.6		148.3		167.4		176.5				Securities Lending Collateral	163.2		160.7		176.1		176.5		191.1		206.0

											Memo
	$	114.0	$	144.9	$	119.9	$	144.3	$	170.2		WM Global Family Office AUM		$	152.4	$	152.7	$	161.8	$	170.2	$	169.7	$	176.1
	600.7		742.6		614.9		728.0		802.4			WM Global Family Office AUC		762.1		768.1		798.0		802.4		779.2		836.7


Northern Trust Corporation
RECONCILIATION TO FULLY TAXABLE EQUIVALENT
($ in Millions)

	Northern Trust presents certain financial measures on a fully taxable equivalent (FTE) basis, which is a non-generally accepted accounting principle (GAAP). Management believes an FTE presentation provides a clearer indication of these financial measures for comparative purposes. Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income, consistent with industry practice. The adjustments are based on the federal income tax rate, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. When adjusted to an FTE basis, yields on taxable, nontaxable, and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income. Below is a reconciliation of the financial measures presented on an FTE basis.

													2024								2025
	2020		2021		2022		2023		2024				1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		3rd Qtr	4th Qtr

	$	1,643.5	$	1,406.5	$	2,877.7	$	7,325.0	$	9,762.3	Interest Income - GAAP		$	2,445.6	$	2,506.5	$	2,530.2	$	2,280.0	$	2,140.9	$	2,212.8
	34.4		35.6		45.6		57.5		31.8		Add: FTE Adjustment		7.3		6.9		7.1		10.5		5.6		4.7
	1,677.9		1,442.1		2,923.3		7,382.5		9,794.1			Interest Income (FTE) - Non-GAAP	2,452.9		2,513.4		2,537.3		2,290.5		2,146.5		2,217.5

	1,443.2		1,382.7		1,887.2		1,982.0		2,177.1		Net Interest Income - GAAP		528.1		522.9		562.3		563.8		568.1		610.5
	34.4		35.6		45.6		57.5		31.8		Add: FTE Adjustment		7.3		6.9		7.1		10.5		5.6		4.7
	1,477.6		1,418.3		1,932.8		2,039.5		2,208.9			Net Interest Income (FTE) - Non-GAAP	535.4		529.8		569.4		574.3		573.7		615.2

	6,100.8		6,464.5		6,761.2		6,773.5		8,290.4		Total Revenue - GAAP		1,646.8		2,715.5		1,968.5		1,959.6		1,940.0		1,997.9
	34.4		35.6		45.6		57.5		31.8		Add: FTE Adjustment		7.3		6.9		7.1		10.5		5.6		4.7
	6,135.2		6,500.1		6,806.8		6,831.0		8,322.2			Total Revenue (FTE) - Non-GAAP	1,654.1		2,722.4		1,975.6		1,970.1		1,945.6		2,002.6

	1,627.6		2,010.1		1,766.3		1,464.8		2,659.5		Income before Income Taxes - GAAP		290.6		1,173.6		601.1		594.2		521.4		564.8
	34.4		35.6		45.6		57.5		31.8		Add: FTE Adjustment		7.3		6.9		7.1		10.5		5.6		4.7
	1,662.0		2,045.7		1,811.9		1,522.3		2,691.3			Income before Income Taxes (FTE) - Non-GAAP	297.9		1,180.5		608.2		604.7		527.0		569.5

	418.3		464.8		430.3		357.5		628.4		Provision for Income Taxes - GAAP		75.9		277.5		136.2		138.8		129.4		143.5
	34.4		35.6		45.6		57.5		31.8		Add: FTE Adjustment		7.3		6.9		7.1		10.5		5.6		4.7
	452.7		500.4		475.9		415.0		660.2			Provision for Income Taxes (FTE) - Non-GAAP	83.2		284.4		143.3		149.3		135.0		148.2


Northern Trust Corporation
RECONCILIATION TO FULLY TAXABLE EQUIVALENT
RATIOS

		Northern Trust presents certain financial measures on a fully taxable equivalent (FTE) basis, which is a non-generally accepted accounting principle (GAAP). Management believes an FTE presentation provides a clearer indication of these financial measures for comparative purposes. Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income, consistent with industry practice. The adjustments are based on the federal income tax rate, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. When adjusted to an FTE basis, yields on taxable, nontaxable, and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income. Below is a reconciliation of the financial ratios presented on an FTE basis.

													2024								2025
		2020		2021		2022		2023		2024			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		3rd Qtr	4th Qtr

		26.7	%	31.1	%	26.1	%	21.6	%	32.1	%	Profit Margin (pre-tax) - GAAP (1)	17.6	%	43.2	%	30.5	%	30.3	%	26.9	%	28.3	%
		27.1	%	31.5	%	26.6	%	22.3	%	32.3	%	Profit Margin (pre-tax) (FTE) - Non-GAAP (1)	18.0	%	43.4	%	30.8	%	30.7	%	27.1	%	28.4	%

		19.8	%	23.9	%	19.8	%	16.3	%	24.5	%	Profit Margin (after-tax) - GAAP (2)	13.0	%	33.0	%	23.6	%	23.2	%	20.2	%	21.1	%
		19.7	%	23.8	%	19.6	%	16.2	%	24.4	%	Profit Margin (after-tax) (FTE) - Non-GAAP (2)	13.0	%	32.9	%	23.5	%	23.1	%	20.1	%	21.0	%

		25.7	%	23.1	%	24.4	%	24.4	%	23.6	%	Effective Tax Rate - GAAP (3)	26.1	%	23.6	%	22.7	%	23.4	%	24.8	%	25.4	%
		27.2	%	24.5	%	26.3	%	27.3	%	24.5	%	Effective Tax Rate (FTE) - Non-GAAP (3)	27.9	%	24.1	%	23.5	%	24.7	%	25.6	%	26.0	%

		76.3	%	78.6	%	72.1	%	70.7	%	73.7	%	Noninterest Income to Total Revenue - GAAP (4)	67.9	%	80.7	%	71.4	%	71.2	%	70.7	%	69.4	%
		75.9	%	78.2	%	71.6	%	70.1	%	73.5	%	Noninterest Income to Total Revenue (FTE) - Non-GAAP (4)	67.6	%	80.5	%	71.2	%	70.8	%	70.5	%	69.3	%

		65.5	%	67.5	%	65.6	%	64.4	%	57.0	%	Trust Fees to Total Revenue - GAAP (5)	69.4	%	42.9	%	60.8	%	62.4	%	62.6	%	61.6	%
		65.1	%	67.1	%	65.1	%	63.9	%	56.8	%	Trust Fees to Total Revenue (FTE) - Non-GAAP (5)	69.1	%	42.8	%	60.6	%	62.0	%	62.4	%	61.5	%

		1.11	%	0.96	%	1.15	%	0.69	%	0.54	%	Net Interest Spread - GAAP (6)	0.49	%	0.47	%	0.54	%	0.69	%	0.78	%	0.85	%
		1.14	%	0.98	%	1.19	%	0.73	%	0.57	%	Net Interest Spread (FTE) - Non-GAAP (6)	0.51	%	0.49	%	0.56	%	0.72	%	0.80	%	0.86	%

		1.16	%	0.96	%	1.36	%	1.52	%	1.62	%	Net Interest Margin - GAAP (7)	1.59	%	1.55	%	1.66	%	1.68	%	1.67	%	1.68	%
		1.19	%	0.99	%	1.39	%	1.56	%	1.64	%	Net Interest Margin (FTE) - Non-GAAP (7)	1.61	%	1.57	%	1.68	%	1.71	%	1.69	%	1.69	%

	(1)	Profit margin (pre-tax) is calculated by dividing income before income taxes by total revenue. Profit margin (pre-tax) on an FTE basis is calculated by dividing income before income taxes on an FTE basis by total revenue on an FTE basis.
	(2)	Profit margin (after-tax) is calculated by dividing net income by total revenue. Profit margin (after-tax) on an FTE basis is calculated by dividing net income by total revenue on an FTE basis.
	(3)	Effective tax rate is calculated by dividing the provision for income taxes by income before income taxes. Effective tax rate on an FTE basis is calculated by dividing the provision for income taxes on an FTE basis by income before income taxes on an FTE basis.
	(4)	Noninterest income to total revenue is calculated by dividing noninterest income by total revenue. Noninterest income to total revenue on an FTE basis is calculated by dividing noninterest income by total revenue on an FTE basis.
	(5)	Trust fees to total revenue is calculated by dividing total trust, investment and other servicing fees by total revenue. Trust fees to total revenue on an FTE basis is calculated by dividing total trust, investment and other servicing fees by total revenue on an FTE basis.
	(6)	Net interest spread is calculated as the difference between the interest rate earned (annualized interest income divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds). Net interest spread on an FTE basis is calculated as the difference between the interest rate earned (annualized interest income on an FTE basis divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds).
	(7)	Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets. Net interest margin on an FTE basis is calculated by dividing annualized net interest income on an FTE basis by average interest-earning assets.