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Financial Trends
First Quarter 2026
April 21, 2026













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 First Quarter 2026 earnings press release, 2025 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
17
Financial SummaryBalance Sheet Mix Trends
28
Income StatementInterest Rate Trends
39
Net Income TrendsAsset Quality
410
Reporting Segment ResultsTrust Assets
511
Balance Sheet (EOP)Reconciliation to FTE
612
Balance Sheet TrendsReconciliation to FTE (Ratios)


Northern Trust Corporation
FINANCIAL SUMMARY
($ in Millions except per share information)
20252026
202120222023202420251st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
Profitability:
$1,545.3 $1,336.0 $1,107.3 $2,031.1 $1,736.9 Net Income$392.0 $421.3 $457.6 $466.0 $525.5 
Earnings Allocated to Common and Potential
1,490.6 1,282.4 1,053.9 1,972.4 1,679.2   Common Shares372.2 412.8 437.2 457.0 504.7 
$7.16 $6.16 $5.09 $9.80 $8.78 Basic Earnings Per Share$1.91 $2.14 $2.30 $2.44 $2.72 
7.14 6.14 5.08 9.77 8.74 Diluted Earnings Per Share1.90 2.13 2.29 2.42 2.71 
31%(14%)(17%)92%(11%)Diluted EPS Growth over Previous Year99%(51%)3%7%43%
13.9 %12.7 %10.0 %17.4 %14.4 %Return on Average Common Equity13.0 %14.2 %14.8 %15.4 %17.4 %
31.5 %26.6 %22.3 %32.3 %29.2 %
Pre-Tax Margin (FTE)(1)
27.1 %28.4 %30.8 %30.3 %32.0 %
78.2 %71.6 %70.1 %73.5 %69.9 %
Noninterest Income to Total Revenue (FTE)(1)
70.5 %69.3 %70.6 %69.4 %70.1 %
67.1 %65.1 %63.9 %56.8 %61.8 %
Trust Fees to Total Revenue (FTE)(1)
62.4 %61.5 %62.3 %61.2 %60.6 %
23.1 %24.4 %24.4 %23.6 %25.8 %Effective Tax Rate (US GAAP)24.8 %25.4 %26.1 %26.5 %25.0 %
24.5 %26.3 %27.3 %24.5 %26.6 %
Effective Tax Rate (FTE)(1)
25.6 %26.0 %26.8 %27.9 %25.8 %
Capital Ratios:(2)
Standardized Approach
11.9 %10.8 %11.4 %12.4 %12.6 %Common Equity Tier 1 Capital12.9 %12.2 %12.4 %12.6 %12.0 %
12.9 %11.8 %12.3 %13.3 %13.5 %Tier 1 Capital13.9 %13.1 %13.4 %13.5 %12.9 %
14.1 %13.9 %14.2 %15.1 %16.1 %Total Capital15.7 %14.8 %15.1 %16.1 %15.3 %
6.9 %7.1 %8.1 %8.1 %7.8 %Tier 1 Leverage8.0 %7.6 %8.0 %7.8 %7.3 %
Advanced Approach
13.2 %11.5 %13.4 %14.5 %15.0 %Common Equity Tier 1 Capital15.3 %15.0 %15.1 %15.0 %14.3 %
14.3 %12.5 %14.5 %15.6 %16.0 %Tier 1 Capital16.5 %16.1 %16.2 %16.0 %15.3 %
15.3 %14.5 %16.5 %17.4 %18.8 %Total Capital18.3 %17.9 %18.0 %18.8 %18.0 %
6.9 %7.1 %8.1 %8.1 %7.8 %Tier 1 Leverage8.0 %7.6 %8.0 %7.8 %7.3 %
8.2 %7.9 %8.6 %8.9 %8.7 %
Supplementary Leverage (3)
9.1 %9.1 %8.9 %8.7 %8.5 %
Per Share Information / Ratios:
$2.80 $2.90 $3.00 $3.00 $3.10 Cash Dividends Declared Per Common Share$0.75 $0.75 $0.80 $0.80 $0.80 
39 %47 %59 %31 %35 %Dividend Payout Ratio39 %35 %35 %33 %30 %
$119.61 $88.49 $84.38 $102.50 $136.59 Market Value Per Share (End of Period)$98.65 $126.79 $134.60 $136.59 $139.57 
16.8 14.4 16.6 10.5 15.6 Stock Price Multiple of Earnings9.2 14.9 15.7 15.6 14.6 
(based on trailing 4 quarters of diluted EPS)
$53.58 $49.78 $53.69 $60.74 $64.79 Book Value Per Common Share (End of Period)$61.65 $62.65 $63.83 $64.79 $65.40 
(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, Risk-Weighted Assets 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.
1

Northern Trust Corporation
INCOME STATEMENT
($ in Millions except per share information)
FIRST QUARTER
CHANGE (2)
20262025$%
Asset Servicing Trust, Investment and Other Servicing Fees$740.5 $671.9 $68.6 10 %
WM Trust, Investment and Other Servicing Fees 600.9 541.9 59.0 11 %
     Total Fees1,341.4 1,213.8 127.6 11 %
Foreign Exchange Trading Income87.7 58.7 29.0 49 %
Security Commissions and Trading Income52.1 39.1 13.0 33 %
Other Operating Income70.4 60.3 10.1 17 %
Investment Security Gains (Losses), net— — — N/M
     Total Noninterest Income1,551.6 1,371.9 179.7 13 %
Interest Income (FTE)(1)
2,241.6 2,146.5 95.1 4 %
Interest Expense1,580.0 1,572.8 7.2 — %
     Net Interest Income (FTE)(1)
661.6 573.7 87.9 15 %
     Total Revenue (FTE)(1)
2,213.2 1,945.6 267.6 14 %
Provision for Credit Losses(3.0)1.0 (4.0)N/M
Compensation and Benefits822.2 754.1 68.1 9 %
Outside Services 236.7 245.2 (8.5)(3)%
Equipment and Software308.1 280.9 27.2 10 %
Occupancy51.3 53.4 (2.1)(4)%
Other Operating Expense89.7 84.0 5.7 7 %
     Total Noninterest Expense1,508.0 1,417.6 90.4 6 %
     Income before Income Taxes (FTE)(1)
708.2 527.0 181.2 34 %
Provision for Income Taxes175.1 129.4 45.7 35 %
Taxable Equivalent Adjustment7.6 5.6 2.0 37 %
     Total Taxes (FTE)(1)
182.7 135.0 47.7 35 %
     Net Income$525.5 $392.0 $133.5 34 %
Dividends on Preferred Stock$16.2 $16.2 $— — %
Earnings Allocated to Participating Securities4.6 3.6 1.0 28 %
Earnings Allocated to Common and Potential Common Shares504.7 372.2 132.5 36 %
Earnings Per Share - Basic$2.72 $1.91 $0.81 43 %
Earnings Per Share - Diluted$2.71 $1.90 $0.81 43 %
Average Basic Shares (000s)185,499 195,193 (9,694)(5)%
Average Diluted Shares (000s)186,539 196,125 (9,586)(5)%
End of Period Shares Outstanding (000s)185,047 194,539 (9,492)(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.
2

Northern Trust Corporation
NET INCOME TRENDS
($ in Millions except per share information)
20252026
202120222023202420251st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$2,487.3 $2,496.3 $2,461.9 $2,632.8 $2,800.2 Asset Servicing Trust, Investment and Other Servicing Fees$671.9 $691.8 $706.9 $729.6 $740.5 
1,873.8 1,936.3 1,899.9 2,095.0 2,217.6 WM Trust, Investment and Other Servicing Fees541.9 539.3 558.6 577.8 600.9 
4,361.1 4,432.6 4,361.8 4,727.8 5,017.8      Total Fees1,213.8 1,231.1 1,265.5 1,307.4 1,341.4 
292.6 288.6 203.9 231.2 240.8 Foreign Exchange Trading Income58.7 50.6 57.2 74.3 87.7 
140.2 136.2 135.0 150.5 170.4 Security Commissions and Trading Income39.1 39.6 41.8 49.9 52.1 
288.2 230.6 260.3 1,193.1 246.4 Other Operating Income60.3 66.1 70.1 49.9 70.4 
(0.3)(214.0)(169.5)(189.3)— Investment Security Gains (Losses), net— — — — — 
5,081.8 4,874.0 4,791.5 6,113.3 5,675.4      Total Noninterest Income1,371.9 1,387.4 1,434.6 1,481.5 1,551.6 
1,418.3 1,932.8 2,039.5 2,208.9 2,439.5 
Net Interest Income (FTE)(1)
573.7 615.2 596.3 654.3 661.6 
6,500.1 6,806.8 6,831.0 8,322.2 8,114.9 
     Total Revenue (FTE)(1)
1,945.6 2,002.6 2,030.9 2,135.8 2,213.2 
(81.5)12.0 24.5 (3.0)(7.5)Provision for Credit Losses1.0 16.5 (17.0)(8.0)(3.0)
2,442.4 2,685.4 2,727.0 2,888.9 3,033.4 Compensation and Benefits754.1 732.5 740.5 806.3 822.2 
849.4 880.3 906.5 998.0 988.5 Outside Services245.2 247.0 248.2 248.1 236.7 
736.3 838.8 945.5 1,075.0 1,169.9 Equipment and Software280.9 293.7 294.2 301.1 308.1 
208.7 219.1 232.3 216.8 217.3 Occupancy53.4 52.5 55.0 56.4 51.3 
299.1 359.3 472.9 455.2 345.3 Other Operating Expense84.0 90.9 85.0 85.4 89.7 
4,535.9 4,982.9 5,284.2 5,633.9 5,754.4      Total Noninterest Expense1,417.6 1,416.6 1,422.9 1,497.3 1,508.0 
2,045.7 1,811.9 1,522.3 2,691.3 2,368.0 
     Income before Income Taxes (FTE)(1)
527.0 569.5 625.0 646.5 708.2 
464.8 430.3 357.5 628.4 602.6 Provision for Income Taxes129.4 143.5 161.9 167.8 175.1 
35.6 45.6 57.5 31.8 28.5 Taxable Equivalent Adjustment5.6 4.7 5.5 12.7 7.6 
500.4 475.9 415.0 660.2 631.1 
     Total Taxes (FTE)(1)
135.0 148.2 167.4 180.5 182.7 
$1,545.3 $1,336.0 $1,107.3 $2,031.1 $1,736.9      Net Income$392.0 $421.3 $457.6 $466.0 $525.5 
$7.16 $6.16 $5.09 $9.80 $8.78 Earnings Per Share - Basic$1.91 $2.14 $2.30 $2.44 $2.72 
7.14 6.14 5.08 9.77 8.74 Earnings Per Share - Diluted1.90 2.13 2.29 2.42 2.71 
208,899 208,867 207,564 201,870 192,247 Average Diluted Shares (000s)196,125 193,375 191,001 188,582 186,539 
$41.8 $41.8 $41.8 $41.8 $41.8 Preferred Dividends$16.2 $4.7 $16.2 $4.7 $16.2 
(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.
3

Northern Trust Corporation
Reporting Segment Results(1)
($ in Millions)
20252026
20212022202320242025Asset Servicing1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$1,818.8 $1,700.1 $1,689.5 $1,792.6 $1,901.6 Custody & Fund Administration$453.3 $469.2 $482.7 $496.4 $497.6 
443.5 555.1 528.1 595.2 635.2 Investment Management152.5 157.3 159.6 165.8 169.2 
76.7 81.4 83.0 72.3 82.4 Securities Lending17.9 20.2 21.2 23.1 23.3 
148.3 159.7 161.3 172.7 181.0 Other48.2 45.1 43.4 44.3 50.4 
$2,487.3 $2,496.3 $2,461.9 $2,632.8 $2,800.2 Total Asset Servicing Trust, Investment and Other Servicing Fees$671.9 $691.8 $706.9 $729.6 $740.5 
$837.1 $1,007.8 $864.4 $877.4 $1,127.1 
Income before Income Taxes (FTE)(2)
$235.5 $271.4 $294.4 $325.8 $373.3 
22.8 %24.6 %20.9 %20.1 %23.7 %
Pre-Tax Margin (FTE)(2)
20.9 %23.2 %24.7 %25.5 %28.3 %
$5,663.4 $7,208.0 $7,372.6 $6,315.5 $5,676.2 Average Loans$5,749.3 $5,812.8 $5,399.9 $5,746.0 $5,632.5 
101,588.5 96,085.5 81,742.1 86,691.3 91,906.8 Average Deposits89,296.5 95,506.7 90,195.3 92,611.0 102,421.0 
Wealth Management
$698.7 $692.6 $673.8 $740.9 $786.0 Central$189.1 $189.2 $200.6 $207.1 $214.5 
509.3 504.0 491.5 539.7 575.5 East141.0 139.3 146.0 149.2 155.0 
380.2 382.1 378.0 418.9 439.0 West108.0 106.3 110.5 114.2 116.5 
285.6 357.6 356.6 395.5 417.1 Global Family Office103.8 104.5 101.5 107.3 114.9 
$1,873.8 $1,936.3 $1,899.9 $2,095.0 $2,217.6 Total Wealth Management Trust, Investment and Other Servicing Fees$541.9 $539.3 $558.6 $577.8 $600.9 
$1,251.7 $1,114.4 $975.0 $1,213.1 $1,297.9 
Income before Income Taxes (FTE)(2)
$304.1 $309.6 $342.4 $341.8 $330.2 
43.8 %37.9 %33.8 %37.8 %38.4 %
Pre-Tax Margin (FTE)(2)
37.1 %37.2 %40.5 %38.9 %37.1 %
$31,544.1 $33,822.6 $34,804.4 $34,601.2 $35,396.9 Average Loans$35,327.2 $35,345.2 $36,100.7 $34,812.3 $35,261.8 
28,387.9 29,426.3 23,432.9 25,558.2 25,633.6 Average Deposits25,289.6 25,291.0 25,370.4 26,572.2 26,469.8 
Other
$(43.1)$(310.3)$(317.1)$600.8 $(57.0)
Income before Income Taxes (FTE)(2)
$(12.6)$(11.5)$(11.8)$(21.1)$4.7 
106.7 80.6 70.5 450.8 1,171.5 Average Deposits1,333.0 1,580.1 1,134.9 646.0 141.0 
(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.

4

Northern Trust Corporation
BALANCE SHEET
END OF PERIOD
($ in Millions)
CHANGE (5)
Assets3/31/20263/31/2025$%
Federal Reserve and Other Central Bank Deposits$41,757.3 $52,794.5 $(11,037.2)(21)%
Interest-Bearing Due from and Deposits with Banks(1)
6,343.0 5,277.1 1,065.9 20 %
Federal Funds Sold and Securities Purchased under Agreements to Resell1,678.9 124.4 1,554.5 N/M
Debt Securities:
Available For Sale36,913.2 30,464.3 6,448.9 21 %
Held To Maturity24,286.2 20,874.3 3,411.9 16 %
Total Debt Securities61,199.4 51,338.6 9,860.8 19 %
Loans42,505.5 40,833.3 1,672.2 4 %
Other Interest-Earning Assets(2)
8,415.9 2,834.1 5,581.8 197 %
Total Earning Assets161,900.0 153,202.0 8,698.0 6 %
Allowance for Credit Losses(169.7)(174.5)4.8 (3)%
Cash and Due From Banks and Other Central Bank Deposits(3)
1,407.7 737.4 670.3 91 %
Buildings and Equipment447.5 477.4 (29.9)(6)%
Goodwill709.5 700.5 9.0 1 %
Other Assets10,279.3 10,128.4 150.9 1 %
Total Assets$174,574.3 $165,071.2 $9,503.1 6 %
Liabilities and Stockholders' Equity
Savings, Money Market and Other$29,309.7 $28,489.1 $820.6 3 %
Savings Certificates and Other Time5,238.4 6,680.2 (1,441.8)(22)%
Non-U.S. Offices - Interest-Bearing75,850.7 73,951.0 1,899.7 3 %
Total Interest-Bearing Deposits110,398.8 109,120.3 1,278.5 1 %
Federal Funds Purchased1,974.3 2,377.6 (403.3)(17)%
Securities Sold under Agreements to Repurchase330.5 335.7 (5.2)(2)%
Other Borrowings(4)
7,839.5 6,534.5 1,305.0 20 %
Senior Notes3,345.5 2,809.3 536.2 19 %
Long-Term Debt2,881.6 4,085.6 (1,204.0)(29)%
Total Interest-Bearing Liabilities126,770.2 125,263.0 1,507.2 1 %
Demand and Other Noninterest-Bearing Deposits29,299.4 21,905.3 7,394.1 34 %
Other Liabilities5,517.4 5,024.4 493.0 10 %
Total Liabilities161,587.0 152,192.7 9,394.3 6 %
Common Equity, excluding Accumulated Other Comprehensive Income12,739.0 12,733.1 5.9 — %
Accumulated Other Comprehensive Income (Loss)(636.6)(739.5)102.9 (14)%
Preferred Equity884.9 884.9 — — %
Total Stockholders' Equity12,987.3 12,878.5 108.8 1 %
Total Liabilities and Stockholders' Equity$174,574.3 $165,071.2 $9,503.1 6 %
(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.
5

Northern Trust Corporation
BALANCE SHEET TRENDS
  PERIOD AVERAGES(1)
($ in Millions)
20252026
20212022202320242025Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$39,028.2 $36,248.8 $31,205.4 $35,179.9 $37,385.8 Federal Reserve and Other Central Bank Deposits$37,161.0 $43,655.3 $33,754.2 $35,035.8 $42,554.7 
5,779.7 4,192.5 4,333.9 4,800.8 5,374.4 
Interest-Bearing Due from and Deposits with Banks(2)
4,877.6 5,321.5 5,237.7 6,049.6 6,014.6 
1,067.5 1,076.7 957.0 727.9 1,004.5 Federal Funds Sold and Securities Purchased under Agreements to Resell394.5 713.2 1,300.4 1,593.7 1,186.8 
Debt Securities:
38,986.9 32,060.2 24,356.6 26,871.9 32,092.4 Available For Sale30,168.3 31,415.0 33,022.7 33,714.2 35,780.4 
20,617.0 22,970.0 25,511.9 23,230.7 22,003.6 Held To Maturity21,821.9 20,895.9 22,129.7 23,151.0 23,883.3 
0.6 12.1 0.5 — — Trading Account— — — — — 
59,604.5 55,042.3 49,869.0 50,102.6 54,096.0    Total Debt Securities51,990.2 52,310.9 55,152.4 56,865.2 59,663.7 
37,207.5 41,030.6 42,177.0 40,916.7 41,073.1 Loans and Leases41,076.5 41,158.0 41,500.6 40,558.3 40,894.3 
1,185.6 1,248.1 2,259.0 2,688.4 2,625.6 
Other Interest-Earning Assets(3)
2,508.1 2,663.1 2,393.6 2,935.5 3,363.3 
143,873.0 138,839.0 130,801.3 134,416.3 141,559.4 Total Earning Assets138,007.9 145,822.0 139,338.9 143,038.1 153,677.4 
(173.0)(154.1)(172.8)(185.2)(178.3)Allowance for Credit Losses(175.6)(174.9)(188.0)(174.8)(175.1)
2,285.9 2,069.5 1,771.6 1,698.8 1,114.4 
Cash and Due From Banks and Other Central Bank Deposits(4)
1,041.2 1,069.8 1,159.3 1,185.1 1,137.0 
502.7 488.7 484.8 488.0 473.6 Buildings and Equipment484.8 479.3 468.4 462.3 459.8 
707.3 692.2 696.2 699.8 707.3 Goodwill696.4 709.1 712.6 711.0 713.5 
9,167.3 10,616.6 9,068.1 9,515.8 9,816.8 Other Assets10,207.4 9,813.9 9,550.3 9,704.0 9,484.7 
$156,363.2 $152,551.9 $142,649.2 $146,633.5 $153,493.2 Total Assets$150,262.1 $157,719.2 $151,041.5 $154,925.7 $165,297.3 
Liabilities and Stockholders' Equity
$28,339.0 $30,205.0 $24,172.4 $26,236.3 $28,148.7 Savings, Money Market and Other$27,720.5 $28,797.4 $28,348.7 $27,725.8 $29,244.9 
887.2 1,059.7 3,341.2 5,856.9 6,744.6 Savings Certificates and Other Time6,874.0 6,652.0 6,700.1 6,754.3 5,785.2 
69,713.4 65,031.3 60,008.6 63,854.7 66,859.4 Non-U.S. Offices - Interest-Bearing64,454.3 70,158.0 65,354.5 67,454.2 75,261.9 
98,939.6 96,296.0 87,522.2 95,947.9 101,752.7 Total Interest-Bearing Deposits99,048.8 105,607.4 100,403.3 101,934.3 110,292.0 
190.6 1,407.8 5,144.3 2,616.4 2,422.0 Federal Funds Purchased2,393.6 2,469.0 2,467.7 2,357.7 2,576.7 
232.0 433.6 401.5 518.5 506.8 Securities Sold under Agreements to Repurchase442.4 584.6 500.4 499.2 483.8 
5,049.8 5,463.5 10,339.5 6,980.3 7,007.5 
Other Borrowings(5)
7,024.4 7,008.2 6,938.4 7,059.4 7,638.3 
2,856.4 2,756.0 2,734.0 2,764.0 2,882.4 Senior Notes2,781.6 2,818.2 2,839.6 3,087.3 3,352.8 
1,166.1 1,258.9 2,586.0 4,073.2 4,043.0 Long-Term Debt4,083.5 4,087.8 4,092.0 3,909.8 3,472.7 
218.4 — — — — Floating Rate Capital Debt— — — — — 
108,652.9 107,615.8 108,727.5 112,900.3 118,614.4 Total Interest-Bearing Liabilities115,774.3 122,575.2 117,241.4 118,847.7 127,816.3 
31,143.5 29,296.4 17,723.3 16,752.4 16,959.2 Demand and Other Noninterest-Bearing Deposits16,870.3 16,770.4 16,297.3 17,894.9 18,739.8 
4,869.8 4,558.3 4,701.6 4,681.0 5,243.7 Other Liabilities5,013.5 5,761.5 4,795.8 5,404.7 5,980.0 
144,666.2 141,471.0 131,152.4 134,333.7 140,817.3 Total Liabilities137,658.1 145,107.1 138,334.5 142,147.3 152,536.1 
10,629.6 11,512.3 11,964.6 12,287.4 12,508.0 Common Equity, excluding Accumulated Other Comprehensive Income12,527.2 12,500.4 12,496.7 12,508.2 12,443.4 
182.5 (1,315.8)(1,352.7)(872.5)(717.0)Accumulated Other Comprehensive Income (Loss)(808.1)(773.2)(674.6)(614.7)(567.1)
884.9 884.9 884.9 884.9 884.9 Preferred Equity884.9 884.9 884.9 884.9 884.9 
11,697.0 11,081.4 11,496.8 12,299.8 12,675.9 Total Stockholders' Equity12,604.0 12,612.1 12,707.0 12,778.4 12,761.2 
$156,363.2 $152,551.9 $142,649.2 $146,633.5 $153,493.2 Total Liabilities and Stockholders' Equity$150,262.1 $157,719.2 $151,041.5 $154,925.7 $165,297.3 
(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.
6

Northern Trust Corporation
BALANCE SHEET MIX TRENDS
PERIOD AVERAGES(1)
20252026
20212022202320242025Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
25.0 %23.8 %21.9 %24.0 %24.4 %Federal Reserve and Other Central Bank Deposits24.7 %27.7 %22.3 %22.6 %25.7 %
3.7 2.7 3.0 3.3 3.5 
Interest-Bearing Due from and Deposits with Banks(2)
3.2 3.4 3.5 3.9 3.6 
0.7 0.7 0.7 0.5 0.7 Federal Funds Sold and Securities Purchased under Agreements to Resell0.3 0.5 0.9 1.0 0.7 
Debt Securities:
24.9 21.0 17.1 18.3 20.9 Available For Sale20.1 19.9 21.9 21.8 21.6 
13.2 15.1 17.9 15.8 14.3 Held To Maturity14.5 13.2 14.7 14.9 14.4 
38.1 36.1 35.0 34.2 35.2    Total Debt Securities34.6 33.2 36.5 36.7 36.1 
23.8 26.9 29.6 27.9 26.8 Loans and Leases27.3 26.1 27.5 26.2 24.7 
0.8 0.8 1.6 1.8 1.7 
Other Interest-Earning Assets(3)
1.7 1.7 1.6 1.9 2.0 
92.0 91.0 91.7 91.7 92.2 Total Earning Assets91.8 92.5 92.3 92.3 93.0 
(0.1)(0.1)(0.1)(0.1)(0.1)Allowance for Credit Losses(0.1)(0.1)(0.1)(0.1)(0.1)
1.5 1.4 1.2 1.2 0.7 
Cash and Due From Banks and Other Central Bank Deposits(4)
0.7 0.7 0.8 0.8 0.7 
0.3 0.3 0.3 0.3 0.3 Buildings and Equipment0.3 0.3 0.3 0.3 0.3 
0.5 0.5 0.5 0.5 0.5 Goodwill0.5 0.4 0.5 0.5 0.4 
5.9 7.0 6.4 6.5 6.4 Other Assets6.8 6.2 6.3 6.3 5.7 
100.0 %100.0 %100.0 %100.0 %100.0 %Total Assets100.0 %100.0 %100.0 %100.0 %100.0 %
Liabilities and Stockholders' Equity
18.1 %19.8 %16.9 %17.9 %18.3 %Savings, Money Market and Other18.4 %18.3 %18.8 %17.9 %17.7 %
0.6 0.7 2.3 4.0 4.4 Savings Certificates and Other Time4.6 4.2 4.4 4.4 3.5 
44.6 42.6 42.1 43.5 43.6 Non-U.S. Offices - Interest-Bearing42.9 44.5 43.3 43.5 45.5 
63.3 63.1 61.4 65.4 66.3 Total Interest-Bearing Deposits65.9 67.0 66.5 65.8 66.7 
0.1 0.9 3.6 1.8 1.6 Federal Funds Purchased1.6 1.6 1.6 1.5 1.6 
0.1 0.3 0.3 0.4 0.3 Securities Sold under Agreements to Repurchase0.3 0.4 0.3 0.3 0.3 
3.2 3.6 7.2 4.8 4.6 
Other Borrowings(5)
4.7 4.4 4.6 4.6 4.6 
1.8 1.8 1.9 1.9 1.9 Senior Notes1.9 1.8 1.9 2.0 2.0 
0.7 0.8 1.8 2.8 2.6 Long-Term Debt2.7 2.6 2.7 2.5 2.1 
0.1 — — — — Floating Rate Capital Debt— — — — — 
69.5 70.5 76.2 77.0 77.3 Total Interest-Bearing Liabilities77.0 77.7 77.6 76.7 77.3 
19.9 19.2 12.4 11.4 11.0 Demand and Other Noninterest-Bearing Deposits11.2 10.6 10.8 11.6 11.3 
3.1 3.0 3.3 3.2 3.4 Other Liabilities3.3 3.7 3.2 3.5 3.6 
92.5 92.7 91.9 91.6 91.7 Total Liabilities91.6 92.0 91.6 91.8 92.3 
6.8 7.5 8.4 8.4 8.1 Common Equity, excluding Accumulated Other Comprehensive Income8.3 7.9 8.3 8.1 7.5 
0.1 (0.8)(0.9)(0.6)(0.5)Accumulated Other Comprehensive Income (Loss)(0.5)(0.5)(0.4)(0.4)(0.3)
0.6 0.6 0.6 0.6 0.6 Preferred Equity0.6 0.6 0.6 0.6 0.5 
7.5 7.3 8.1 8.4 8.3 Total Stockholders' Equity8.4 8.0 8.4 8.2 7.7 
100.0 %100.0 %100.0 %100.0 %100.0 %Total Liabilities and Stockholders' Equity100.0 %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.

7

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).
20252026
20212022202320242025Earnings Assets1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
0.03 %1.30 %4.69 %4.93 %3.92 %Federal Reserve and Other Central Bank Deposits4.15 %4.01 %3.84 %3.63 %3.46 %
0.16 1.11 3.00 2.55 1.61 
Interest-Bearing Due from and Deposits with Banks(2)
1.95 1.64 1.57 1.35 1.31 
0.33 9.65 165.68 458.90 281.64 
Federal Funds Sold and Securities Purchased under Agreements to Resell(3)(4)
705.95 389.92 217.12 183.61 282.59 
Debt Securities:
1.28 1.91 4.35 5.37 4.60 Available for Sale4.73 4.69 4.60 4.41 4.18 
0.80 1.26 1.87 1.94 1.86 Held to Maturity1.94 1.85 1.79 1.85 2.05 
1.59 3.84 13.50 — — Trading Account— — — — — 
1.11 1.64 3.08 3.78 3.49    Total Debt Securities3.56 3.56 3.47 3.37 3.33 
1.92 3.28 6.06 6.28 5.56 Loans and Leases5.68 5.62 5.59 5.33 5.08 
3.43 4.03 4.87 4.85 4.00 
Other Interest-Earning Assets(5)
3.88 3.81 3.81 4.44 3.62 
1.00 %2.11 %5.64 %7.29 %6.11 %Total Earning Assets6.31 %6.10 %6.12 %5.93 %5.92 %
Interest-Bearing Funds
0.05 %0.74 %2.85 %3.66 %3.03 %Savings, Money Market and Other3.11 %3.10 %3.16 %2.72 %2.57 %
0.55 1.68 4.54 5.11 4.30 Savings Certificates and Other Time4.48 4.31 4.25 4.14 3.87 
(0.11)0.56 3.07 3.38 2.28 Non-U.S. Offices - Interest-Bearing2.60 2.45 2.19 1.89 1.89 
(0.06)0.63 3.07 3.56 2.62 Total Interest-Bearing Deposits2.87 2.74 2.60 2.26 2.18 
(0.19)2.43 4.99 4.94 3.89 Federal Funds Purchased4.00 3.97 3.99 3.59 3.35 
0.07 20.94 383.84 632.65 545.26 
Securities Sold under Agreements to Repurchase(3)(6)
617.15 467.05 551.02 567.72 674.42 
0.28 2.31 5.25 5.20 4.48 
Other Borrowings(7)
4.60 4.60 4.55 4.17 4.01 
1.69 3.36 6.22 6.28 5.47 Senior Notes5.65 5.55 5.50 5.19 4.97 
1.81 3.49 5.69 5.49 5.46 Long-Term Debt5.52 5.48 5.46 5.38 5.35 
0.78 — — — — Floating Rate Capital Debt— — — — — 
0.02 %0.92 %4.91 %6.72 %5.24 %Total Interest-Bearing Liabilities5.51 %5.24 %5.26 %4.96 %5.01 %
0.98 %1.19 %0.73 %0.57 %0.87 %Net Interest Spread0.80 %0.86 %0.86 %0.97 %0.91 %
0.99 %1.39 %1.56 %1.64 %1.72 %Net Interest Margin1.69 %1.69 %1.70 %1.81 %1.75 %
(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 $88.1 billion for the three months ended March 31, 2026, primarily related to our involvement in FICC. Northern Trust nets securities sold under repurchase agreements against those purchased under resale agreements when the GAAP requirements to net are met.
(4)
Excluding the impact of netting, the average interest rate on Federal Funds Sold and Securities Purchased under Agreements to Resell would be approximately 3.76% for the three months ended March 31, 2026 including balances and rates for FICC reverse repurchase agreements ($88.1 billion / 3.77%), Non-FICC reverse repurchase agreements ($1.1 billion / 3.02%) and federal funds sold ($0.4 million / 3.85%).
(5)
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.
(6)
Excluding the impact of netting, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 3.68% for the three months ended March 31, 2026 including balances and rates for FICC repurchase agreements ($88.1 billion / 3.69%) and Non-FICC repurchase agreements ($0.5 billion / 3.35%).
(7)
Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
8

Northern Trust Corporation
ASSET QUALITY
END OF PERIOD
($ in Millions)
20252026
202120222023202420251st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$259.9 $184.7 $200.9 $220.4 $206.1 Beginning Allowance for Credit Losses$206.1 $207.3 $224.1 $206.7 $198.3 
(81.5)12.0 24.5 (3.0)(7.5)Provision for Credit Losses1.0 16.5 (17.0)(8.0)(3.0)
(Charge-offs) Recoveries
(0.7)(6.0)(8.7)(15.5)(3.9)Charge-offs(0.3)(0.1)(2.1)(1.4)(0.4)
7.0 10.2 3.7 4.2 3.6 Recoveries0.5 0.4 1.7 1.0 0.3 
6.3 4.2 (5.0)(11.3)(0.3)Net (Charge-offs) Recoveries0.2 0.3 (0.4)(0.4)(0.1)
$184.7 $200.9 $220.4 $206.1 $198.3 Ending Allowance for Credit Losses$207.3 $224.1 $206.7 $198.3 $195.2 
Allowance for Credit Losses Assigned to:
$138.4 $144.3 $178.7 $168.0 $164.3 Loans and Leases$167.1 $180.5 $164.4 $164.3 $161.1 
34.1 38.5 26.9 30.4 23.3 Undrawn Loan Commitments and Standby Letters of Credit32.8 34.7 32.1 23.3 25.5 
12.2 18.1 14.8 7.7 10.7 Debt Securities and Other Financial Assets7.4 8.9 10.2 10.7 8.6 
$184.7 $200.9 $220.4 $206.1 $198.3 Total Allowance for Credit Losses$207.3 $224.1 $206.7 $198.3 $195.2 
$37,208 $41,031 $42,177 $40,917 $41,073 Average Loans and Leases Outstanding$41,077 $41,158 $41,501 $40,558 $40,894 
Annualized Loan-Related Net (Charge-offs) Recoveries to
0.02 %0.01 %(0.01)%(0.03)%— %Average Loans and Leases— %— %— %— %— %
$40,481 $42,893 $47,617 $43,391 $41,948 End of Period Loans and Leases Outstanding$40,833 $43,323 $42,949 $41,948 $42,506 
Allowance for Credit Losses Assigned to Loans
0.34 %0.34 %0.38 %0.39 %0.39 %and Leases to Total Loans and Leases0.41 %0.42 %0.38 %0.39 %0.38 %
Nonaccrual Assets
$122.3 $45.9 $63.6 $56.0 $76.7 Nonaccrual Loans and Leases$73.1 $92.8 $78.8 $76.7 $55.0 
3.0 — 1.5 — — Other Real Estate Owned (OREO)— — — — — 
$125.3 $45.9 $65.1 $56.0 $76.7 Total Nonaccrual Assets$73.1 $92.8 $78.8 $76.7 $55.0 
0.31 %0.11 %0.14 %0.13 %0.18 %Nonaccrual Assets to Loans and Leases and OREO0.18 %0.21 %0.18 %0.18 %0.13 %
Loans and Leases Allowance to Nonaccrual
1.1x3.1x2.8x3.0x2.1xLoans and Leases2.3x1.9x2.1x2.1x2.9x
9

Northern Trust Corporation
ASSETS UNDER MANAGEMENT AND CUSTODY
END OF PERIOD
($ in Billions)
20252026
20212022202320242025Assets Under Management1st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$1,191.0 $898.1 $1,032.0 $1,159.7 $1,296.0 Asset Servicing$1,160.9 $1,229.2 $1,280.1 $1,296.0 $1,287.3 
Asset allocation:
626.6 485.0 563.9 644.6 712.6 Equities625.8 666.7 702.5 712.6 688.3 
132.6 107.1 116.2 127.2 140.3 Fixed Income Securities130.2 131.9 136.4 140.3 138.8 
236.2 157.7 184.5 211.7 235.3 Cash and Other Assets214.2 225.2 235.1 235.3 244.2 
195.6 148.3 167.4 176.2 207.8 Securities Lending Collateral190.7 205.4 206.1 207.8 216.0 
$416.1 $351.4 $402.5 $450.7 $507.2 Wealth Management$446.9 $468.5 $492.6 $507.2 $497.6 
Asset allocation:
229.9 186.3 221.6 258.5 303.0 Equities254.2 276.9 299.0 303.0 295.8 
83.5 79.4 87.2 90.3 94.9 Fixed Income Securities91.2 91.6 93.6 94.9 94.8 
102.7 85.7 93.7 101.6 108.8 Cash and Other Assets101.1 99.4 99.5 108.8 106.4 
— — — 0.3 0.5 Securities Lending Collateral0.4 0.6 0.5 0.5 0.6 
$1,607.1 $1,249.5 $1,434.5 $1,610.4 $1,803.2 Total Assets Under Management$1,607.8 $1,697.7 $1,772.7 $1,803.2 $1,784.9 
Asset allocation:
$856.5 $671.3 $785.5 $903.1 $1,015.6 Equities$880.0 $943.6 $1,001.5 $1,015.6 $984.1 
216.1 186.5 203.4 217.5 235.2 Fixed Income Securities221.4 223.5 230.0 235.2 233.6 
338.9 243.4 278.2 313.3 344.1 Cash and Other Assets315.3 324.6 334.6 344.1 350.6 
195.6 148.3 167.4 176.5 208.3 Securities Lending Collateral191.1 206.0 206.6 208.3 216.6 
Assets Under Custody / Administration
$15,183.2 $12,705.5 $14,362.6 $15,640.1 $17,418.4 Asset Servicing$15,804.7 $16,864.9 $16,990.4 $17,418.4 $17,288.6 
1,065.6 898.5 1,042.3 1,147.9 1,297.7 Wealth Management1,119.3 1,203.4 1,257.2 1,297.7 1,265.3 
$16,248.8 $13,604.0 $15,404.9 $16,788.0 $18,716.1 Total Assets Under Custody / Administration$16,924.0 $18,068.3 $18,247.6 $18,716.1 $18,553.9 
Assets Under Custody
$11,554.8 $9,712.3 $10,882.0 $12,214.0 $13,604.8 Asset Servicing$12,163.6 $13,056.5 $13,195.0 $13,604.8 $13,521.1 
Asset allocation:
5,404.3 4,312.8 5,028.9 5,938.6 6,582.0 Equities5,832.8 6,420.1 6,402.7 6,582.0 6,425.2 
3,997.5 3,252.1 3,600.4 3,742.1 4,271.9 Fixed Income Securities3,868.6 4,053.4 4,140.8 4,271.9 4,305.6 
1,957.4 1,999.1 2,085.3 2,357.1 2,543.1 Cash and Other Assets2,271.5 2,377.6 2,445.4 2,543.1 2,574.3 
195.6 148.3 167.4 176.2 207.8 Securities Lending Collateral190.7 205.4 206.1 207.8 216.0 
$1,057.5 $892.3 $1,034.5 $1,135.2 $1,284.3 Wealth Management$1,105.9 $1,187.2 $1,244.1 $1,284.3 $1,254.2 
Asset allocation:
644.8 497.9 623.6 700.4 777.0 Equities669.0 736.7 763.8 777.0 751.4 
142.1 134.0 136.7 142.8 163.9 Fixed Income Securities147.1 149.6 157.1 163.9 161.8 
270.6 260.4 274.2 291.7 342.9 Cash and Other Assets289.4 300.3 322.7 342.9 340.4 
— — — 0.3 0.5 Securities Lending Collateral0.4 0.6 0.5 0.5 0.6 
$12,612.3 $10,604.6 $11,916.5 $13,349.2 $14,889.1 Total Assets Under Custody$13,269.5 $14,243.7 $14,439.1 $14,889.1 $14,775.3 
Asset allocation:
$6,049.1 $4,810.7 $5,652.5 $6,639.0 $7,359.0 Equities$6,501.8 $7,156.8 $7,166.5 $7,359.0 $7,176.6 
4,139.6 3,386.1 3,737.1 3,884.9 4,435.8 Fixed Income Securities4,015.7 4,203.0 4,297.9 4,435.8 4,467.4 
2,228.0 2,259.5 2,359.5 2,648.8 2,886.0 Cash and Other Assets2,560.9 2,677.9 2,768.1 2,886.0 2,914.7 
195.6 148.3 167.4 176.5 208.3 Securities Lending Collateral191.1 206.0 206.6 208.3 216.6 
Memo
$144.9 $119.9 $144.3 $170.2 $194.4 WM Global Family Office AUM$169.7 $176.1 $186.1 $194.4 $187.5 
742.6 614.9 728.0 802.4 908.2 WM Global Family Office AUC779.2 836.7 875.8 908.2 883.5 
10

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.
20252026
202120222023202420251st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
$1,406.5 $2,877.7 $7,325.0 $9,762.3 $8,624.6 Interest Income - GAAP$2,140.9 $2,212.8 $2,144.3 $2,126.6 $2,234.0 
35.6 45.6 57.5 31.8 28.5 Add: FTE Adjustment5.6 4.7 5.5 12.7 7.6
1,442.1 2,923.3 7,382.5 9,794.1 8,653.1 Interest Income (FTE) - Non-GAAP2,146.5 2,217.5 2,149.8 2,139.3 2,241.6 
1,382.7 1,887.2 1,982.0 2,177.1 2,411.0 Net Interest Income - GAAP568.1 610.5 590.8 641.6 654.0
35.6 45.6 57.5 31.8 28.5 Add: FTE Adjustment5.6 4.7 5.5 12.7 7.6
1,418.3 1,932.8 2,039.5 2,208.9 2,439.5 Net Interest Income (FTE) - Non-GAAP573.7 615.2 596.3 654.3 661.6
6,464.5 6,761.2 6,773.5 8,290.4 8,086.4 Total Revenue - GAAP1,940.0 1,997.9 2,025.4 2,123.1 2,205.6 
35.6 45.6 57.5 31.8 28.5 Add: FTE Adjustment5.6 4.7 5.5 12.7 7.6
6,500.1 6,806.8 6,831.0 8,322.2 8,114.9 Total Revenue (FTE) - Non-GAAP1,945.6 2,002.6 2,030.9 2,135.8 2,213.2 
2,010.1 1,766.3 1,464.8 2,659.5 2,339.5 Income before Income Taxes - GAAP521.4 564.8 619.5 633.8 700.6
35.6 45.6 57.5 31.8 28.5 Add: FTE Adjustment5.6 4.7 5.5 12.7 7.6
2,045.7 1,811.9 1,522.3 2,691.3 2,368.0 Income before Income Taxes (FTE) - Non-GAAP527.0 569.5 625.0 646.5 708.2
464.8 430.3 357.5 628.4 602.6 Provision for Income Taxes - GAAP129.4 143.5 161.9 167.8 175.1
35.6 45.6 57.5 31.8 28.5 Add: FTE Adjustment5.6 4.7 5.5 12.7 7.6
500.4 475.9 415.0 660.2 631.1 Provision for Income Taxes (FTE) - Non-GAAP135.0 148.2 167.4 180.5 182.7
11

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.
20252026
202120222023202420251st Qtr2nd Qtr3rd Qtr4th Qtr1st Qtr2nd Qtr3rd Qtr4th Qtr
31.1 %26.1 %21.6 %32.1 %28.9 %
Pre-Tax Margin - GAAP (1)
26.9 %28.3 %30.6 %29.9 %31.8 %
31.5 %26.6 %22.3 %32.3 %29.2 %
Pre-Tax Margin (FTE) - Non-GAAP (1)
27.1 %28.4 %30.8 %30.3 %32.0 %
23.1 %24.4 %24.4 %23.6 %25.8 %
Effective Tax Rate - GAAP (2)
24.8 %25.4 %26.1 %26.5 %25.0 %
24.5 %26.3 %27.3 %24.5 %26.6 %
Effective Tax Rate (FTE) - Non-GAAP (2)
25.6 %26.0 %26.8 %27.9 %25.8 %
78.6 %72.1 %70.7 %73.7 %70.2 %
Noninterest Income to Total Revenue - GAAP (3)
70.7 %69.4 %70.8 %69.8 %70.4 %
78.2 %71.6 %70.1 %73.5 %69.9 %
Noninterest Income to Total Revenue (FTE) - Non-GAAP (3)
70.5 %69.3 %70.6 %69.4 %70.1 %
67.5 %65.6 %64.4 %57.0 %62.1 %
Trust Fees to Total Revenue - GAAP (4)
62.6 %61.6 %62.5 %61.6 %60.8 %
67.1 %65.1 %63.9 %56.8 %61.8 %
Trust Fees to Total Revenue (FTE) - Non-GAAP (4)
62.4 %61.5 %62.3 %61.2 %60.6 %
0.96 %1.15 %0.69 %0.54 %0.85 %
Net Interest Spread - GAAP (5)
0.78 %0.85 %0.85 %0.94 %0.89 %
0.98 %1.19 %0.73 %0.57 %0.87 %
Net Interest Spread (FTE) - Non-GAAP (5)
0.80 %0.86 %0.86 %0.97 %0.91 %
0.96 %1.36 %1.52 %1.62 %1.70 %
Net Interest Margin - GAAP (6)
1.67 %1.68 %1.68 %1.78 %1.73 %
0.99 %1.39 %1.56 %1.64 %1.72 %
Net Interest Margin (FTE) - Non-GAAP (6)
1.69 %1.69 %1.70 %1.81 %1.75 %
(1)
Pre-Tax Margin is calculated by dividing income before income taxes by total revenue. Pre-Tax Margin on an FTE basis is calculated by dividing income before income taxes on an FTE basis by total revenue on an FTE basis.
(2)
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.
(3)
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.
(4)
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.
(5)
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).
(6)
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.
12