Trust, Investment and Other Servicing Fees
Increased 9% over the Prior-Year Quarter
Net Interest Income Increased 14% over the
Prior-Year Quarter
Northern Trust Corporation today reported second quarter net
income per diluted common share of $1.12, compared to $1.10 in the
second quarter of 2016 and $1.09 in the first quarter of 2017. Net
income was $267.9 million, compared to $263.0 million in the
prior-year quarter and $276.1 million in the prior quarter. Return
on average common equity was 11.6%.
“Our second quarter results continued to demonstrate our ability
to drive strong growth within both our wealth management and
institutional businesses. Trust, investment and other servicing
fees and net interest income grew 9% and 14%, respectively,
compared to the prior year. The growth in fees was driven by strong
growth in client assets, as assets under custody/administration and
assets under management ended the quarter up 15% and 14%,
respectively, compared to a year ago. We remain committed to
driving efficiencies in our cost base for the long term, while
continuing to invest in people, technology, and regulatory
initiatives to support our growing businesses,” said Frederick H.
Waddell, Chairman and Chief Executive Officer.
The current quarter included expense charges of $22.8 million
($14.9 million after tax, or $0.06 per diluted common share)
associated with severance and related activities. The prior-year
quarter included a net pre-tax gain in revenue of $96.6 million
($59.7 million after tax, or $0.25 per diluted common share) from
the sale of Visa Inc. Class B common shares, net of the valuation
adjustment to existing swap agreements, partially offset by
impairment charges associated with our leasing portfolio, and
expense charges of $82.6 million ($51.7 million after tax, or $0.22
per diluted common share) relating to certain securities lending
litigation, contractual modifications associated with certain
existing asset servicing clients, and severance and other personnel
related charges. Excluding these items, current quarter and
prior-year quarter net income per diluted common share, net income
and return on average common equity were $1.18, $282.8 million, and
12.2% compared to $1.07, $255.0 million, and 11.9%,
respectively.
SECOND QUARTER 2017 RESULTS
SUMMARY RESULTS & KEY METRICS
% Change vs.
($ In Millions
except per share data)
Q2 2017 Q1 2017 Q2 2016 Q1 2017 Q2 2016 Total Revenue (FTE*)
$ 1,330.1 $ 1,293.3 $ 1,323.6 3 % — % Noninterest
Expense
937.4 894.5 925.0 5 1 Provision for Credit Losses
(7.0 ) (1.0 ) (3.0 ) N/M 133 Provision for Income
Taxes
122.9 114.8 131.7 7 (7 ) Net Income
267.9 276.1
263.0 (3 ) 2 Earnings Allocated to Common and
Potential Common Shares
257.6 250.9 252.4 3 2 Diluted Earnings per Common
Share
$ 1.12 $ 1.09 $ 1.10 3 % 2 % Return on
Average Common Equity
11.6 % 11.6 % 12.3 % Return on
Average Assets
0.91 % 0.96 % 0.92 % Average
Assets
$ 118,400.7 $ 116,476.4 $ 114,913.8 2 % 3 %
(*) Total revenue presented on a fully taxable equivalent
(FTE) basis is a non-generally accepted accounting principle
financial measure that facilitates the analysis of asset yields.
Please refer to the Reconciliation to Fully Taxable Equivalent
section for further detail.
CLIENT ASSETS
Assets under custody/administration (AUC/A) and assets under
management are the primary drivers of the Corporation’s trust,
investment and other servicing fees, the largest component of
noninterest income. The following table presents the Corporation’s
AUC/A, assets under custody, a component of AUC/A, and assets under
management by reporting segment.
As of % Change vs.
($ In
Billions)
June 30,2017 March 31,2017 June 30,2016 March 31,2017
June 30,2016
Assets Under Custody/Administration
Corporate & Institutional Services (C&IS)
$
8,690.8 $ 8,338.2 $ 7,590.8 4 % 14 % Wealth Management
603.4 586.5 525.1 3 15
Total Assets Under Custody/Administration
$
9,294.2 $ 8,924.7 $ 8,115.9 4 %
15 %
Assets Under Custody Corporate & Institutional
Services
$ 6,786.3 $ 6,533.3 $ 5,838.6 4 % 16 %
Wealth Management
593.3 574.4 514.2 3
15 Total Assets Under Custody
$
7,379.6 $ 7,107.7 $ 6,352.8 4 %
16 %
Assets Under Management Corporate & Institutional
Services
$ 762.7 $ 741.1 $ 672.3 3 % 13 % Wealth
Management
266.1 260.2 233.9 2
14 Total Assets Under Management
$
1,028.8 $ 1,001.3 $ 906.2 3 % 14
%
TOTAL REVENUE (FTE)
% Change vs.
($ In Millions
except per share data)
Q2 2017 Q1 2017 Q2 2016 Q1 2017 Q2 2016 Noninterest Income
$ 979.7 $ 930.9 $ 1,017.0 5 % (4 )% Net Interest
Income (FTE*)
350.4 362.4 306.6 (3 ) 14
Total Revenue (FTE*)
$ 1,330.1 $
1,293.3 $ 1,323.6 3 % — % (*) Total revenue
and net interest income presented on an FTE basis are non-generally
accepted accounting principle financial measures that facilitate
the analysis of asset yields. Please refer to the Reconciliation to
Fully Taxable Equivalent section for further detail.
Noninterest Income
% Change vs.
($ In
Millions)
Q2 2017 Q1 2017 Q2 2016 Q1 2017 Q2 2016
Noninterest
Income Trust, Investment and Other Servicing Fees
$
848.2 $ 808.2 $ 777.2 5 % 9 % Foreign Exchange Trading
Income
49.9 48.1 64.4 4 (22 ) Treasury Management Fees
14.9 14.7 16.0 2 (7 ) Security Commissions and Trading
Income
24.1 20.5 20.6 17 17 Other Operating Income
43.0 39.7 141.2 8 (70 ) Investment Security Gains (Losses),
net
(0.4 ) (0.3 ) (2.4 ) 82 (81 ) Total
Noninterest Income
$ 979.7 $ 930.9 $
1,017.0 5 % (4 )%
Q2 2017 vs. Q1 2017
- Trust, investment and other servicing
fees increased primarily due to favorable equity markets, new
business, and the favorable impact of movements in foreign exchange
rates.
- Security commissions and trading income
increased primarily driven by higher referral, core brokerage, and
transition management revenues.
- Other operating income increased
primarily due to net gains on hedging activity.
Q2 2017 vs. Q2 2016
- Trust, investment and other servicing
fees increased primarily due to favorable equity markets and new
business, partially offset by the unfavorable impact of movements
in foreign exchange rates.
- Foreign exchange trading income
decreased primarily due to lower currency volatility.
- Security commissions and trading income
increased primarily driven by growth from the acquisition of Aviate
Global LLP, which closed during Q2 2016, and interest rate
swaps.
- Other operating income in the
prior-year quarter included the pre-tax gain on the sale of 1.1
million Visa Inc. Class B common shares, net of the valuation
adjustment to existing swap agreements, totaling $118.2 million,
partially offset by impairment charges and the loss on sale related
to the decision to exit a portion of a non-strategic loan and lease
portfolio as well as impairment charges related to the residual
value of certain aircraft and rail cars of $18.9 million. Excluding
these items, other operating income increased slightly compared to
the prior-year quarter primarily due to net gains on hedging
activity.
Trust, Investment and Other Servicing Fees by Reporting
Segment
% Change vs.
($ In
Millions)
Q2 2017 Q1 2017 Q2 2016 Q1 2017 Q2 2016
C&IS Trust,
Investment and Other Servicing Fees Custody and Fund
Administration
$ 327.5 $ 307.5 $ 293.3 7 % 12 %
Investment Management
99.3 93.5 94.2 6 5 Securities Lending
24.6 23.8 26.8 3 (8 ) Other
35.7 38.1
32.6 (6 ) 10 Total
$ 487.1 $
462.9 $ 446.9 5 % 9 %
Q2 2017 vs. Q1 2017
- C&IS custody and fund
administration fees increased primarily due to new business, the
favorable impact of movements in foreign exchange rates, favorable
equity markets, and higher transaction volumes.
- C&IS investment management fees
increased primarily due to the favorable impact of equity
markets.
- C&IS other fees decreased primarily
due to seasonally higher benefit payments fees in the prior
quarter.
Q2 2017 vs. Q2 2016
- C&IS custody and fund
administration fees increased primarily due to new business and
favorable equity markets, partially offset by the unfavorable
impact of movements in foreign exchange rates.
- C&IS investment management fees
increased primarily due to the favorable impact of equity
markets.
- C&IS securities lending fees
decreased primarily reflecting lower spreads, partially offset by
increased loan volumes in the current quarter.
- C&IS other fees increased primarily
due to new business.
% Change vs.
($ In
Millions)
Q2 2017 Q1 2017 Q2 2016 Q1 2017 Q2 2016
Wealth Management
Trust, Investment and Other Servicing Fees Central
$
143.1 $ 137.4 $ 130.2 4 % 10 % East
88.3 85.2 84.5 4
5 West
73.4 69.6 67.5 5 9 Global Family Office
56.3
53.1 48.1 6 17 Total
$ 361.1 $ 345.3 $ 330.3 5
% 9 %
Q2 2017 vs. Q1 2017
- The increase in Wealth Management fees
across all regions was primarily attributable to favorable equity
markets and new business.
Q2 2017 vs. Q2 2016
- The increase in Wealth Management fees
across all regions was primarily attributable to favorable equity
markets and new business.
Net Interest Income
% Change vs.
($ In
Millions)
Q2 2017 Q1 2017 Q2 2016 Q1 2017 Q2 2016
Net Interest
Income Interest Income (FTE*)
$ 426.1 $ 419.2 $
351.6 2 % 21 % Interest Expense
75.7 56.8 45.0
33 68 Net Interest Income (FTE*)
$
350.4 $ 362.4 $ 306.6 (3 )% 14 %
Average Earning Assets
$ 109,907 $ 108,952 $ 106,614
1 % 3 % Net Interest Margin (FTE*)
1.28 % 1.35 % 1.16
% (*) Interest income, net interest income and net interest
margin presented on an FTE basis are non-generally accepted
accounting principle financial measures that facilitate the
analysis of asset yields. Please refer to the Reconciliation to
Fully Taxable Equivalent section for further detail.
Q2 2017 vs. Q1 2017
- Net interest income on an FTE basis
decreased compared to the prior quarter, primarily attributable to
a lower net interest margin.
- The net interest margin on an FTE basis
decreased primarily due to higher premium amortization and an
unfavorable mix shift in earning assets, partially offset by an
increase in short-term interest rates. The mix shift in earning
assets was driven by a decline in U.S. Dollar deposits, which was
more than offset by increases in non-U.S. Dollar deposits.
- Average earning assets increased
compared to the prior quarter, primarily resulting from higher
levels of short-term interest bearing deposits, partially offset by
reductions in securities. Earning asset growth was funded primarily
by a higher level of interest-bearing deposits.
Q2 2017 vs. Q2 2016
- Net interest income on an FTE basis
increased compared to the prior-year quarter, primarily the result
of a higher net interest margin and an increase in earning assets.
Additionally, the prior-year quarter included a pre-tax charge of
$2.7 million related to the residual value of certain aircraft and
rail cars.
- The net interest margin on an FTE basis
increased primarily due to higher short-term interest rates and
lower premium amortization, partially offset by an unfavorable mix
shift in earning assets. The mix shift in earning assets was driven
by a decline in U.S. Dollar deposits, which was more than offset by
increases in non-U.S. Dollar deposits.
- Average earning assets increased
compared to the prior-year quarter, primarily resulting from higher
levels of securities and short-term interest bearing deposits,
partially offset by reductions in loans and leases. Earning asset
growth was funded primarily by a higher level of interest-bearing
deposits.
PROVISION FOR CREDIT LOSSES
As of and for the three-months ended, % Change vs.
($ In
Millions)
June 30,2017 March 31,2017 June 30,2016 March 31,2017
June 30,2016
Allowance for Credit Losses Beginning
Allowance for Credit Losses
$ 189.0 $ 192.0 $ 232.6
(2 )% (19 )% Provision for Credit Losses
(7.0 ) (1.0
) (3.0 ) N/M 133 Net Recoveries / (Charge-Offs)
(3.2
) (2.0 ) (2.4 ) 60 33 Effect of Foreign Exchange Rates
— — (0.1 ) — — Ending Allowance
for Credit Losses
$ 178.8 $ 189.0 $
227.1 (5 )% (21 )% Allowance assigned to: Loans and
Leases
$ 153.8 $ 162.0 $ 192.0 (5 )% (20 )% Undrawn
Commitments and
Standby Letters of Credit
25.0 27.0 35.1 (7 ) (29 ) Ending
Allowance for Credit Losses
$ 178.8 $ 189.0
$ 227.1 (5 )% (21 )%
Q2 2017
- The credit provision in the current
quarter was primarily driven by improved credit quality as well as
reductions in undrawn loan commitments and standby letters of
credit that resulted in a reduction in the inherent allowance.
Q1 2017
- The credit provision in the prior
quarter was primarily driven by reductions in outstanding loans and
undrawn loan commitments and standby letters of credit that
resulted in a reduction in the inherent allowance ascribed to the
private client, residential real estate, and commercial real estate
portfolios. The credit provision was partially offset by an
increase in specific reserves in the commercial portfolio.
Q2 2016
- The credit provision in the prior-year
quarter was driven by improved credit quality in the commercial
real estate portfolio and a reduction in outstanding loans and
improved credit quality in the residential real estate
portfolio.
NONINTEREST EXPENSE
% Change vs.
($ In
Millions)
Q2 2017 Q1 2017 Q2 2016 Q1 2017 Q2 2016
Noninterest
Expense Compensation
$ 432.5 $ 425.8 $ 389.5 2 %
11 % Employee Benefits
75.6 77.8 72.2 (3 ) 5 Outside
Services
167.0 153.1 159.0 9 5 Equipment and Software
133.7 127.3 118.0 5 13 Occupancy
46.3 45.4 45.3 2 2
Other Operating Expense
82.3 65.1 141.0
27 (42 ) Total Noninterest Expense
$ 937.4
$ 894.5 $ 925.0 5 % 1 % End of Period
Full-Time Equivalent Staff
17,600 17,300 16,600 2 % 6 %
Q2 2017 vs. Q1 2017
- Compensation expense in the current
quarter included severance and related charges of $19.5 million.
Excluding these charges, compensation expense decreased primarily
related to lower long-term performance based incentive expense,
partially offset by increases in salary expense driven by staff
growth and base pay adjustments across business units, and higher
cash-based incentive accruals. Long-term performance based
incentive expense decreased $27.6 million due to charges recorded
in the prior quarter related to a change in the vesting provisions
associated with long-term incentive grants to retirement-eligible
employees.
- Employee benefits expense in the
current quarter included severance and related charges of $2.5
million. Excluding the severance and related charges, employee
benefits expense decreased primarily due to lower medical costs and
payroll taxes.
- Expense for outside services in the
current quarter included outplacement charges associated with
severance activity of $0.8 million. Excluding these charges,
expense for outside services increased compared to the prior
quarter, primarily reflecting higher consulting, legal,
sub-custodian and technical services.
- Equipment and software expense
increased compared to the prior quarter, primarily reflecting
increased software amortization.
- Other operating expense increased
compared to the prior quarter, primarily due to higher charges
associated with account servicing activities, staff related, and
business promotion expenses.
Q2 2017 vs. Q2 2016
- Compensation expense in the current
quarter included severance and related charges of $19.5 million.
The prior-year quarter included severance and related charges of
$13.0 million. Excluding these charges, compensation expense
increased primarily related to higher salary expense driven by
staff growth and base pay adjustments across all business units,
higher long-term performance based incentive expense, and higher
cash-based incentive accruals. Long-term performance based
incentive expense increased $8.5 million due to a change in the
vesting provisions associated with long-term incentive grants to
retirement-eligible employees in the prior quarter.
- Employee benefits expense in the
current quarter included severance and related charges of $2.5
million. The prior-year quarter included severance and related
charges of $1.5 million. Excluding the severance and related
charges, employee benefits expense increased primarily due to
higher payroll taxes and retirement plan expenses, partially offset
by lower medical costs.
- Expense for outside services in the
current quarter included outplacement charges associated with
severance activity of $0.8 million. The prior-year quarter included
outplacement charges associated with severance activity of $0.7
million. Excluding these charges, expense for outside services
increased compared to the prior-year quarter, primarily due to
higher technical services, sub-custodian expenses, and third party
advisory fees, partially offset by lower consulting services.
- Equipment and software expense
increased compared to the prior-year quarter, primarily reflecting
increased software amortization, computer maintenance, and rental
costs.
- Other operating expense in the
prior-year quarter included a pre-tax charge in connection with an
agreement to settle certain securities lending litigation of $46.5
million, charges related to contractual modifications associated
with existing Corporate and Institutional Services clients of $18.6
million, and other personnel charges of $2.3 million. Excluding
these charges, other operating expense increased compared to the
prior-year quarter, primarily due to higher charges associated with
account servicing activities, business promotion, and FDIC deposit
protection expenses.
PROVISION FOR INCOME TAX
% Change vs.
($ In
Millions)
Q2 2017 Q1 2017 Q2 2016 Q1 2017 Q2 2016
Net Income
Income before Income Taxes
$ 390.8 $ 390.9 $ 394.7 —
% (1 )% Provision for Income Taxes
122.9 114.8
131.7 7 (7 ) Net Income
$ 267.9
$ 276.1 $ 263.0 (3 )% 2 % Effective Tax Rate
31.4 % 29.4 % 33.4 %
Q2 2017 vs. Q1 2017
- The increase in the provision for
income taxes was based primarily on a decrease in the income tax
benefit derived from lower vesting of restricted stock units,
partially offset by a slight increase in stock option exercises
compared to the prior quarter.
Q2 2017 vs. Q2 2016
- The decrease in the provision for
income taxes compared to the prior-year quarter was based primarily
on the increased income tax benefit derived from increased stock
option exercises in the current quarter compared to the prior-year
quarter, decreased income before income taxes, and the earnings mix
in tax jurisdictions in which the Corporation operates.
STOCKHOLDERS' EQUITY
Total stockholders’ equity averaged $10.0 billion, up $1.2
billion, or 13% from the prior-year quarter’s average of $8.8
billion. The increase was primarily attributable to the issuance of
preferred stock and earnings, partially offset by dividend
declarations and the repurchase of common stock pursuant to the
Corporation’s share repurchase program. During the third quarter
2016, the Corporation issued and sold 500,000 depositary shares,
each representing a 1/100th ownership interest in a share of Series
D Non-Cumulative Perpetual Preferred Stock for proceeds of $493.5
million, net of underwriting discounts, commissions and other
issuance costs. During the current quarter, the Corporation
declared cash dividends totaling $5.9 million to preferred
stockholders and cash dividends totaling $89.0 million to common
stockholders. During the three and six months ended June 30,
2017, the Corporation repurchased 1,760,264 shares of common stock,
including 4,342 shares withheld related to share-based
compensation, at a total cost of $157.6 million ($89.52 average
price per share) and 2,571,994 shares of common stock, including
415,211 shares withheld related to share-based compensation, at a
total cost of $227.7 million ($88.53 average price per share),
respectively.
CAPITAL RATIOS
The capital ratios of the Northern Trust Corporation and its
principal subsidiary, The Northern Trust Company, remained strong
at June 30, 2017, exceeding the minimum requirements for
classification as “well-capitalized” under applicable U.S.
regulatory requirements.
The table below provides capital ratios for Northern Trust
Corporation and The Northern Trust Company determined by Basel III
phased in requirements.
June 30, 2017 March 31, 2017 June 30, 2016
Capital Ratios -
Northern Trust Corporation
AdvancedApproach
StandardizedApproach
AdvancedApproach
StandardizedApproach
AdvancedApproach
StandardizedApproach
Common Equity Tier 1
13.2 % 12.3 % 12.9
% 12.2 % 11.5 % 10.6 % Tier 1
14.5 % 13.5
% 14.2 % 13.4 % 12.0 % 11.0 % Total
16.5 %
15.6 % 15.6 % 15.0 % 13.5 % 12.7 % Tier 1 Leverage
8.1 % 8.1 % 8.2 % 8.2 % 7.4 % 7.4 %
Supplementary Leverage
7.0 % N/A 6.9 % N/A 6.2
% N/A June 30, 2017 March 31, 2017 June
30, 2016
Capital Ratios -
The Northern Trust Company
AdvancedApproach
StandardizedApproach
AdvancedApproach
StandardizedApproach
AdvancedApproach
StandardizedApproach
Common Equity Tier 1
13.3 % 12.1 % 12.9
% 12.0 % 11.6 % 10.4 % Tier 1
13.3 % 12.1
% 12.9 % 12.0 % 11.6 % 10.4 % Total
14.9 %
13.9 % 14.6 % 13.8 % 13.3 % 12.3 % Tier 1 Leverage
7.2 % 7.2 % 7.2 % 7.2 % 7.0 % 7.0 %
Supplementary Leverage
6.2 % N/A 6.1 % N/A 5.8
% N/A
RECONCILIATION TO FULLY TAXABLE
EQUIVALENT
The following table presents a reconciliation of interest
income, net interest income, net interest margin, and total revenue
prepared in accordance generally accepted accounting principles to
such measures on an FTE basis, which are non-generally accepted
accounting financial measures. Management believes this
presentation 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.
Three Months Ended
June 30, 2017
March 31, 2017
June 30, 2016
($ In
Millions)
Reported
FTE Adj.
FTE
Reported
FTE Adj.
FTE
Reported
FTE Adj.
FTE
Net Interest Income Interest Income
$
417.2 $ 8.9 $ 426.1 $ 410.3 $
8.9 $ 419.2 $ 344.7 $ 6.9 $ 351.6 Interest Expense
75.7
—
75.7
56.8
—
56.8
45.0
—
45.0 Net Interest Income
$
341.5 $ 8.9 $
350.4 $ 353.5 $ 8.9 $ 362.4 $
299.7 $ 6.9 $ 306.6 Net Interest Margin
1.25 %
1.28 %
1.32 %
1.35 %
1.13 %
1.16 % Total Revenue
$ 1,321.2 $
8.9 $ 1,330.1 $ 1,284.4 $ 8.9 $ 1,293.3 $
1,316.7 $ 6.9 $ 1,323.6
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,
anticipated expense levels, spending related to technology and
regulatory initiatives, risk management policies, contingent
liabilities, strategic initiatives, industry trends, and
expectations regarding the impact of recent 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 19, 2017. The live call will be conducted at
11:00 a.m. CT and is accessible on Northern Trust’s website at:
https://www.northerntrust.com/financialreleases
The rebroadcast of the live call will be available on Northern
Trust’s website from 3:00 p.m. CT on July 19, 2017, 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.
To download our investor relations mobile app, which offers
access to SEC filings, press releases, stock quotes and upcoming
events, please visit Apple’s App Store for your iPad. You may
find the app by searching Northern Trust Investor Relations or by
clicking on https://appsto.re/us/MtHH3.i from your iPad.
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 offices in the
United States in 19 states and Washington, D.C., and 22
international locations in Canada, Europe, the Middle East and the
Asia-Pacific region. As of June 30, 2017 Northern Trust had
assets under custody of US$7.4 trillion, and assets under
management of US$1.0 trillion. For more than 125 years, Northern
Trust has earned distinction as an industry leader for exceptional
service, financial expertise, integrity and innovation. Visit
northerntrust.com or follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle
Street, Chicago, Illinois 60603 U.S.A., incorporated with limited
liability in the U.S. Global legal and regulatory information can
be found at https://www.northerntrust.com/disclosures.
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial
Information)
STATEMENT OF
INCOME DATA
($ In Millions Except Per Share Data)
SECOND QUARTER
2017
2016
% Change (*)
Noninterest Income Trust, Investment and
Other Servicing Fees
$ 848.2 $ 777.2 9 % Foreign
Exchange Trading Income
49.9
64.4 (22 ) Treasury Management Fees
14.9
16.0 (7 ) Security Commissions and Trading Income
24.1
20.6 17 Other Operating Income
43.0
141.2 (70 ) Investment Security Gains (Losses), net
(0.4 )
(2.4 ) (81 ) Total Noninterest Income
979.7
1,017.0 (4 )
Net Interest Income Interest Income
417.2
344.7 21 Interest Expense
75.7
45.0 68 Net Interest Income
341.5
299.7 14 Total Revenue
1,321.2
1,316.7 — Provision for Credit Losses
(7.0 )
(3.0 ) 133
Noninterest Expense Compensation
432.5
389.5 11 Employee Benefits
75.6
72.2 5 Outside Services
167.0
159.0 5 Equipment and Software
133.7
118.0 13 Occupancy
46.3
45.3 2 Other Operating Expense
82.3
141.0 (42 ) Total Noninterest Expense
937.4
925.0 1 Income before Income Taxes
390.8
394.7 (1 ) Provision for Income Taxes
122.9
131.7 (7 )
NET INCOME $ 267.9 $
263.0 2 % Dividends on Preferred Stock
$
5.9 $ 5.8 — % Earnings Allocated to Participating Securities
4.4
4.8 (10 ) Earnings Allocated to Common and Potential Common Shares
257.6
252.4 2
Per Common Share Net Income Basic
$
1.12 $ 1.11 1 % Diluted
1.12
1.10 2 Average Common Equity
$ 9,094.0 $
8,404.2 8 % Return on Average Common Equity
11.6
%
12.3 % Return on Average Assets
0.91
%
0.92 % Cash Dividends Declared per Common Share
$
0.38 $ 0.36 6 % Average Common Shares Outstanding
(000s) Basic
229,197
227,536 Diluted
230,638
229,280 Common Shares Outstanding (EOP) (000s)
228,486
226,591 (*) Percentage calculations are based on actual
balances rather than the rounded amounts presented in the
Supplemental Consolidated Financial Information.
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
STATEMENT OF
INCOME DATA
SECOND
FIRST
($ In Millions Except Per Share Data)
QUARTER
QUARTER
2017
2017
% Change (*)
Noninterest Income Trust, Investment and
Other Servicing Fees
$ 848.2 $ 808.2 5 % Foreign
Exchange Trading Income
49.9
48.1 4 Treasury Management Fees
14.9
14.7 2 Security Commissions and Trading Income
24.1
20.5 17 Other Operating Income
43.0
39.7 8 Investment Security Gains (Losses), net
(0.4 )
(0.3 ) 82 Total Noninterest Income
979.7
930.9 5
Net Interest Income Interest Income
417.2
410.3 2 Interest Expense
75.7
56.8 33 Net Interest Income
341.5
353.5 (3 ) Total Revenue
1,321.2
1,284.4 3 Provision for Credit Losses
(7.0 )
(1.0 ) N/M
Noninterest Expense Compensation
432.5
425.8 2 Employee Benefits
75.6
77.8 (3 ) Outside Services
167.0
153.1 9 Equipment and Software
133.7
127.3 5 Occupancy
46.3
45.4 2 Other Operating Expense
82.3
65.1 27 Total Noninterest Expense
937.4
894.5 5 Income before Income Taxes
390.8
390.9 — Provision for Income Taxes
122.9
114.8 7
NET INCOME $ 267.9
$ 276.1 (3 )% Dividends on Preferred Stock
$ 5.9 $ 20.7 (72 ) Earnings Allocated to
Participating Securities
4.4
4.5 (5 ) Earnings Allocated to Common and Potential Common Shares
257.6
250.9 3
Per Common Share Net Income Basic
$
1.12 $ 1.10 2 % Diluted
1.12
1.09 3 Average Common Equity
$ 9,094.0 $
8,909.4 2 % Return on Average Common Equity
11.6
%
11.6 % Return on Average Assets
0.91
%
0.96 % Cash Dividends Declared per Common Share
$
0.38 $ 0.38 — % Average Common Shares Outstanding
(000s) Basic
229,197
229,060 Diluted
230,638
230,631 Common Shares Outstanding (EOP) (000s)
228,486
229,586 (*) Percentage calculations are based on actual
balances rather than the rounded amounts presented in the
Supplemental Consolidated Financial Information.
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
STATEMENT OF
INCOME DATA
($ In Millions Except Per Share Data)
SIX MONTHS 2017 2016 % Change (*)
Noninterest Income Trust, Investment and Other Servicing
Fees
$ 1,656.4 $ 1,525.4 9 % Foreign Exchange Trading
Income
98.0 124.9 (22 )% Treasury Management Fees
29.6 32.2 (8 )% Security Commissions and Trading Income
44.6 39.5 13 % Other Operating Income
82.7 179.3 (54
)% Investment Security Gains (Losses), net
(0.7 )
(2.1 ) (65 )% Total Noninterest Income
1,910.6
1,899.2 1 %
Net Interest Income Interest Income
827.5 696.7 19 Interest Expense
132.5 89.2
49 Net Interest Income
695.0 607.5 14
Total Revenue
2,605.6 2,506.7 4 % Provision for
Credit Losses
(8.0 ) (1.0 ) N/M
Noninterest
Expense Compensation
858.3 768.3 12 % Employee Benefits
153.4 142.8 7 % Outside Services
320.1 308.9 4 %
Equipment and Software
261.0 232.2 12 % Occupancy
91.7 86.2 6 % Other Operating Expense
147.4
215.4 (32 )% Total Noninterest Expense
1,831.9
1,753.8 4 % Income before Income Taxes
781.7
753.9 4 % Provision for Income Taxes
237.7 245.5
(3 )%
NET INCOME $ 544.0 $ 508.4
7 % Dividends on Preferred Stock
$ 26.6
$ 11.7 127 % Earnings Allocated to Participating Securities
8.9 8.9 — Earnings Allocated to Common and Potential Common
Shares
508.5 487.8 4
Per Common Share Net
Income Basic
$ 2.22 $ 2.14 4 % Diluted
2.21
2.13 4 % Average Common Equity
$ 9,002.2 $
8,353.4 8 % Return on Average Common Equity
11.6
%
12.0 % Return on Average Assets
0.93
%
0.90 % Cash Dividends Declared per Common Share
$
0.76 $ 0.72 6 % Average Common Shares Outstanding
(000s) Basic
229,128 228,077 Diluted
230,634 229,539
Common Shares Outstanding (EOP) (000s)
228,486 226,591 (*)
Percentage calculations are based on actual balances rather
than the rounded amounts presented in the Supplemental Consolidated
Financial Information.
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
BALANCE
SHEET
($ In Millions) JUNE 30
2017 2016 % Change (*)
Assets Federal Reserve
and Other Central Bank Deposits
$ 28,968.6 $ 23,022.2
26 % Interest-Bearing Due from and Deposits with Banks (**)
7,969.6 10,311.8 (23 ) Federal Funds Sold and Securities
Purchased under Agreements to Resell
2,097.0 1,862.7 13
Securities U.S. Government
6,062.7 6,897.3 (12 ) Obligations
of States and Political Subdivisions
880.7 720.7 22
Government Sponsored Agency
17,791.7 17,445.5 2 Other (***)
19,055.3 16,397.6 16 Total Securities
43,790.4 41,461.1 6 Loans and Leases
33,499.0
34,557.1 (3 ) Total Earning Assets
116,324.6
111,214.9 5 Allowance for Credit Losses Assigned to Loans and
Leases
(153.8 ) (192.0 ) (20 ) Cash and Due from
Banks and Other Central Bank Deposits (****)
2,661.1 2,005.6
33 Buildings and Equipment
463.3 434.0 7 Client Security
Settlement Receivables
1,707.1 2,217.0 (23 ) Goodwill
523.1 527.8 (1 ) Other Assets
4,080.3 5,302.3
(23 )
Total Assets $ 125,605.7 $
121,509.6 3 %
Liabilities and Stockholders’
Equity Interest-Bearing Deposits Savings, Money Market and
Other
$ 15,210.4 $ 15,669.8 (3 )% Savings
Certificates and Other Time
1,292.9 1,403.1 (8 ) Non-U.S.
Offices - Interest-Bearing
58,720.2 50,547.5
16 Total Interest-Bearing Deposits
75,223.5 67,620.4
11 Short-Term Borrowings
4,674.2 6,909.1 (32 ) Senior Notes
1,496.9 1,496.2 — Long-Term Debt
1,671.7 1,418.8 18
Floating Rate Capital Debt
277.5 277.4 —
Total Interest-Related Funds
83,343.8 77,721.9 7
Demand and Other Noninterest-Bearing Deposits
29,088.6
31,466.5 (8 ) Other Liabilities
3,105.4 3,369.7
(8 ) Total Liabilities
115,537.8 112,558.1 3 Common
Equity
9,185.9 8,563.0 7 Preferred Equity
882.0
388.5 127 Total Equity
10,067.9
8,951.5 12
Total Liabilities and Stockholders’
Equity $ 125,605.7 $ 121,509.6 3 %
(*) Percentage calculations are based on actual balances
rather than the rounded amounts presented in the Supplemental
Consolidated Financial Information. (**) 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. (***) Other securities
include Federal Reserve and Federal Home Loan Bank stock and
certain community development investments for purposes of
presenting earning assets; such securities are presented in other
assets on the consolidated balance sheets in our periodic filings
with the SEC. (****) Cash and Due from Banks and Other
Central Bank Deposits includes the non-interest-bearing component
of Federal Reserve and Other Central Bank Deposits as presented on
the consolidated balance sheets in our periodic filings with the
SEC.
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
BALANCE
SHEET
($ In Millions) JUNE 30 MARCH 31
2017 2017 % Change (*)
Assets
Federal Reserve and Other Central Bank Deposits
$
28,968.6 $ 25,943.1 12 % Interest-Bearing Due from and
Deposits with Banks (**)
7,969.6 7,320.1 9 Federal Funds
Sold and Securities Purchased under Agreements to Resell
2,097.0 1,933.8 8 Securities U.S. Government
6,062.7
6,836.2 (11 ) Obligations of States and Political Subdivisions
880.7 1,000.5 (12 ) Government Sponsored Agency
17,791.7 17,943.2 (1 ) Other (***)
19,055.3
18,525.4 3 Total Securities
43,790.4 44,305.3
(1 ) Loans and Leases
33,499.0 33,471.8 —
Total Earning Assets
116,324.6 112,974.1 3 Allowance
for Credit Losses Assigned to Loans and Leases
(153.8
) (162.0 ) (5 ) Cash and Due from Banks and Other Central
Bank Deposits (****)
2,661.1 2,593.3 3 Buildings and
Equipment
463.3 459.9 1 Client Security Settlement
Receivables
1,707.1 1,559.9 9 Goodwill
523.1 519.3 1
Other Assets
4,080.3 3,544.2 15
Total Assets $ 125,605.7 $ 121,488.7
3 %
Liabilities and Stockholders’ Equity
Interest-Bearing Deposits Savings, Money Market and Other
$
15,210.4 $ 15,878.8 (4 )% Savings Certificates and Other
Time
1,292.9 1,346.8 (4 ) Non-U.S. Offices -
Interest-Bearing
58,720.2 52,757.3 11
Total Interest-Bearing Deposits
75,223.5 69,982.9 7
Short-Term Borrowings
4,674.2 4,879.8 (4 ) Senior Notes
1,496.9 1,496.8 — Long-Term Debt
1,671.7 1,321.8 26
Floating Rate Capital Debt
277.5 277.4 —
Total Interest-Related Funds
83,343.8 77,958.7 7
Demand and Other Noninterest-Bearing Deposits
29,088.6
30,546.6 (5 ) Other Liabilities
3,105.4 3,005.7
3 Total Liabilities
115,537.8 111,511.0 4
Common Equity
9,185.9 9,095.7 1 Preferred Equity
882.0 882.0 — Total Equity
10,067.9 9,977.7 1
Total Liabilities
and Stockholders’ Equity $ 125,605.7 $
121,488.7 3 % (*) Percentage calculations are based
on actual balances rather than the rounded amounts presented in the
Supplemental Consolidated Financial Information. (**)
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.
(***) Other securities include Federal Reserve and Federal
Home Loan Bank stock and certain community development investments
for purposes of presenting earning assets; such securities are
presented in other assets on the consolidated balance sheets in our
periodic filings with the SEC. (****) Cash and Due from
Banks and Other Central Bank Deposits includes the
non-interest-bearing component of Federal Reserve and Other Central
Bank Deposits as presented on the consolidated balance sheets in
our periodic filings with the SEC.
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
AVERAGE BALANCE
SHEET
($ In Millions) SECOND QUARTER
2017 2016 % Change (*)
Assets Federal
Reserve and Other Central Bank Deposits
$ 22,570.0 $
19,657.8 15 % Interest-Bearing Due from and Deposits with Banks
(**)
7,653.9 9,827.9 (22 ) Federal Funds Sold and Securities
Purchased under Agreements to Resell
2,059.4 1,915.2 8
Securities U.S. Government
6,423.8 6,875.1 (7 ) Obligations
of States and Political Subdivisions
928.8 470.2 98
Government Sponsored Agency
17,888.7 17,347.0 3 Other (***)
18,490.5 16,064.2 15 Total Securities
43,731.8 40,756.5 7 Loans and Leases
33,891.4
34,456.1 (2 ) Total Earning Assets
109,906.5
106,613.5 3 Allowance for Credit Losses Assigned to Loans and
Leases
(162.3 ) (195.4 ) (17 ) Cash and Due from
Banks and Other Central Bank Deposits (****)
2,701.1 2,093.9
29 Buildings and Equipment
465.2 439.9 6 Client Security
Settlement Receivables
829.0 1,143.0 (27 ) Goodwill
521.6 531.2 (2 ) Other Assets
4,139.6 4,287.7
(3 )
Total Assets $ 118,400.7 $
114,913.8 3 %
Liabilities and Stockholders’
Equity Interest-Bearing Deposits Savings, Money Market and
Other
$ 15,236.1 $ 15,041.3 1 % Savings Certificates
and Other Time
1,312.7 1,405.0 (7 ) Non-U.S. Offices -
Interest-Bearing
56,672.3 50,443.8 12
Total Interest-Bearing Deposits
73,221.1 66,890.1 9
Short-Term Borrowings
5,412.0 6,195.0 (13 ) Senior Notes
1,496.9 1,496.1 — Long-Term Debt
1,536.1 1,403.2 9
Floating Rate Capital Debt
277.4 277.4 —
Total Interest-Related Funds
81,943.5 76,261.8 7
Demand and Other Noninterest-Bearing Deposits
23,518.1
26,718.0 (12 ) Other Liabilities
2,963.1 3,141.3
(6 ) Total Liabilities
108,424.7 106,121.1 2 Common
Equity
9,094.0 8,404.2 8 Preferred Equity
882.0
388.5 127 Total Equity
9,976.0
8,792.7 13
Total Liabilities and Stockholders’
Equity $ 118,400.7 $ 114,913.8 3 %
(*) Percentage calculations are based on actual balances
rather than the rounded amounts presented in the Supplemental
Consolidated Financial Information. (**) 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. (***) Other securities
include Federal Reserve and Federal Home Loan Bank stock and
certain community development investments for purposes of
presenting earning assets; such securities are presented in other
assets on the consolidated balance sheets in our periodic filings
with the SEC. (****) Cash and Due from Banks and Other
Central Bank Deposits includes the non-interest-bearing component
of Federal Reserve and Other Central Bank Deposits as presented on
the consolidated balance sheets in our periodic filings with the
SEC.
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
AVERAGE BALANCE
SHEET
SECOND FIRST
($ In Millions) QUARTER
QUARTER 2017 2017 % Change (*)
Assets Federal Reserve and Other Central Bank Deposits
$ 22,570.0 $ 21,806.9 3 % Interest-Bearing Due from
and Deposits with Banks (**)
7,653.9 6,684.3 15 Federal
Funds Sold and Securities Purchased under Agreements to Resell
2,059.4 2,011.7 2 Securities U.S. Government
6,423.8
7,213.8 (11 ) Obligations of States and Political Subdivisions
928.8 989.7 (6 ) Government Sponsored Agency
17,888.7
17,796.8 1 Other (***)
18,490.5 18,777.4 (2 )
Total Securities
43,731.8 44,777.7 (2 ) Loans and Leases
33,891.4 33,671.2 1 Total Earning
Assets
109,906.5 108,951.8 1 Allowance for Credit Losses
Assigned to Loans and Leases
(162.3 ) (160.8 ) 1 Cash
and Due from Banks and Other Central Bank Deposits (****)
2,701.1 2,116.6 28 Buildings and Equipment
465.2
465.9 — Client Security Settlement Receivables
829.0 829.6 —
Goodwill
521.6 519.7 — Other Assets
4,139.6
3,753.6 10
Total Assets $
118,400.7 $ 116,476.4 2 %
Liabilities and Stockholders’ Equity Interest-Bearing
Deposits Savings, Money Market and Other
$ 15,236.1 $
15,446.7 (1 )% Savings Certificates and Other Time
1,312.7
1,338.5 (2 ) Non-U.S. Offices - Interest-Bearing
56,672.3
52,435.9 8 Total Interest-Bearing Deposits
73,221.1 69,221.1 6 Short-Term Borrowings
5,412.0
5,659.1 (4 ) Senior Notes
1,496.9 1,496.7 — Long-Term Debt
1,536.1 1,324.9 16 Floating Rate Capital Debt
277.4
277.4 — Total Interest-Related Funds
81,943.5 77,979.2 5 Demand and Other Noninterest-Bearing
Deposits
23,518.1 25,712.5 (9 ) Other Liabilities
2,963.1 2,993.3 (1 ) Total Liabilities
108,424.7 106,685.0 2 Common Equity
9,094.0 8,909.4 2
Preferred Equity
882.0 882.0 — Total
Equity
9,976.0 9,791.4 2
Total
Liabilities and Stockholders’ Equity $ 118,400.7
$ 116,476.4 2 % (*) Percentage calculations
are based on actual balances rather than the rounded amounts
presented in the Supplemental Consolidated Financial Information.
(**) 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.
(***) Other securities include Federal Reserve and Federal
Home Loan Bank stock and certain community development investments
for purposes of presenting earning assets; such securities are
presented in other assets on the consolidated balance sheets in our
periodic filings with the SEC. (****) Cash and Due from
Banks and Other Central Bank Deposits includes the
non-interest-bearing component of Federal Reserve and Other Central
Bank Deposits as presented on the consolidated balance sheets in
our periodic filings with the SEC.
NORTHERN TRUST CORPORATION
(Supplemental Consolidated Financial Information)
QUARTERLY TREND
DATA
2017 2016
($ In Millions
Except Per Share Data)
QUARTERS QUARTERS SECOND FIRST FOURTH
THIRD SECOND
Net Income
Summary
Trust, Investment and Other Servicing Fees
$ 848.2 $ 808.2 $ 794.4 $ 788.3 $ 777.2 Other
Noninterest Income
131.5 122.7 122.7 122.3 239.8 Net
Interest Income
341.5 353.5 324.3 303.1
299.7 Total Revenue
1,321.2 1,284.4 1,241.4
1,213.7 1,316.7 Provision for Credit Losses
(7.0 )
(1.0 ) (22.0 ) (3.0 ) (3.0 ) Noninterest Expense
937.4
894.5 873.9 843.0 925.0 Income
before Income Taxes
390.8 390.9 389.5 373.7 394.7 Provision
for Income Taxes
122.9 114.8 123.0
116.1 131.7 Net Income
$ 267.9 $
276.1 $ 266.5 $ 257.6 $ 263.0
Per Common
Share
Net Income - Basic
$ 1.12 $ 1.10 $ 1.12 $ 1.09 $ 1.11
- Diluted
1.12 1.09 1.11 1.08 1.10 Cash Dividends Declared
per Common Share
0.38 0.38 0.38 0.38 0.36 Book Value (EOP)
40.20 39.62 38.88 38.41 37.79 Market Value (EOP)
97.21 86.58 89.05 67.99 66.26
Financial
Ratios
Return on Average Common Equity
11.6
%
11.6 % 11.9 % 11.7 % 12.3 % Return on Average Assets
0.91
0.96 0.90 0.88 0.92 Net Interest Margin (GAAP)
1.25 1.32
1.18 1.12 1.13 Net Interest Margin (FTE*)
1.28 1.35 1.20
1.14 1.16
Assets Under
Custody / Administration ($ in Billions) - EOP
Corporate & Institutional Services
$ 8,690.8 $
8,338.2 $ 7,987.0 $ 7,951.7 $ 7,590.8 Wealth Management
603.4 586.5 554.3 544.0 525.1
Total Assets Under Custody / Administration
$
9,294.2 $ 8,924.7 $ 8,541.3 $ 8,495.7
$ 8,115.9
Assets Under
Custody ($ In Billions) - EOP
Corporate & Institutional Services
$ 6,786.3 $
6,533.3 $ 6,176.9 $ 6,173.6 $ 5,838.6 Wealth Management
593.3 574.4 543.6 533.2 514.2
Total Assets Under Custody
$ 7,379.6 $
7,107.7 $ 6,720.5 $ 6,706.8 $ 6,352.8
Assets Under
Management ($ In Billions) - EOP
Corporate & Institutional Services
$ 762.7 $
741.1 $ 694.0 $ 703.6 $ 672.3 Wealth Management
266.1
260.2 248.4 242.2 233.9 Total Assets
Under Management
$ 1,028.8 $ 1,001.3 $
942.4 $ 945.8 $ 906.2
Asset Quality ($
In Millions) - EOP
Nonperforming Loans and Leases
$ 159.0 $ 179.9 $
160.2 $ 173.3 $ 152.2 Other Real Estate Owned (OREO)
7.7
6.9 5.2 7.7 14.2 Total
Nonperforming Assets
$ 166.7 $ 186.8 $
165.4 $ 181.0 $ 166.4 Nonperforming Assets /
Loans and Leases and OREO
0.50
%
0.56 % 0.49 % 0.54 % 0.48 % Gross Charge-offs
$ 5.0 $
4.7 $ 14.1 $ 3.0 $ 4.9 Less: Gross Recoveries
1.8 2.7
3.2 3.8 2.5 Net (Recoveries) /
Charge-offs
$ 3.2 $ 2.0 $ 10.9 $
(0.8 ) $ 2.4 Net Charge-offs (Annualized) to Average Loans
and Leases
0.04
%
0.02 % 0.13 % (0.01 )% 0.03 % Allowance for Credit Losses Assigned
to Loans and Leases
$ 153.8 $ 162.0 $ 161.0 $ 191.0 $
192.0 Allowance to Nonperforming Loans and Leases
1.0
x 0.9 x 1.0 x 1.1 x 1.3 x Allowance for Other Credit-Related
Exposures
$ 25.0 $ 27.0 $ 31.0 $ 33.9 $ 35.1 (*)
Net interest margin presented on an FTE basis is a
non-generally accepted accounting principle financial measure that
facilitates the analysis of asset yields. Please refer to the
Reconciliation to Fully Taxable Equivalent section for further
detail.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170719005638/en/
Northern Trust CorporationInvestor Contact:Mark Bette(312)
444-2301Mark_Bette@ntrs.comorMedia Contact:Doug Holt(312)
557-1571Doug_Holt@ntrs.comhttps://www.northerntrust.com
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