10-Q – 2025-10-30 – ntrs-20250930.htm

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________
FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025
OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     
Commission File No. 001-36609
NORTHERN TRUST CORPORATION
(Exact name of registrant as specified in its charter)

Delaware 36-2723087
(State or other jurisdiction of
incorporation or organization) (I.R.S. 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
____________________________________________
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes    x      No   ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes    x      No   ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x Accelerated filer ¨

Non-accelerated filer ¨ Smaller reporting company ☐

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. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ☐    No   x
At September 30, 2025, 189,117,369 shares of common stock, $1.66 2/3 par value, were outstanding.

NORTHERN TRUST CORPORATION
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025
TABLE OF CONTENTS

Page
Consolidated Financial Highlights (unaudited)
1

Part I – Financial Information

Items 2 and 3: Management’s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures About Market Risk
3

Item 1: Consolidated Financial Statements (unaudited)
35

Consolidated Balance Sheets
35

Consolidated Statements of Income
36

Consolidated Statements of Comprehensive Income
36

Consolidated Statements of Changes in Stockholders’ Equity
37

Consolidated Statements of Cash Flows
39

Notes to Consolidated Financial Statements
40

Item 4: Controls and Procedures
83

Part II – Other Information

Item 1: Legal Proceedings
84

Item 1A: Risk Factors
84

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
84

Item 3: Defaults Upon Senior Securities
84

Item 4: Mine Safety Disclosures
84

Item 5: Other Information
85

Item 6: Exhibits
85

Signatures
86

i

CONSOLIDATED FINANCIAL HIGHLIGHTS
(UNAUDITED)

THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
CONDENSED INCOME STATEMENTS ($ In Millions) 2025 2024 % CHANGE (1)
2025 2024 % CHANGE (1)

Noninterest Income $ 1,434.6   $ 1,406.2  2  % $ 4,193.9   $ 4,717.5  (11) %
Net Interest Income 590.8   562.3  5  1,769.4   1,613.3  10 
Total Revenue 2,025.4   1,968.5  3  5,963.3   6,330.8  (6)
Provision for Credit Losses (17.0) 8.0  N/M 0.5   7.5  N/M
Noninterest Expense 1,422.9   1,359.4  5  4,257.1   4,258.0  — 
Income before Income Taxes 619.5   601.1  3  1,705.7   2,065.3  (17)
Provision for Income Taxes 161.9   136.2  19  434.8   489.6  (11)
Net Income $ 457.6   $ 464.9  (2) % $ 1,270.9   $ 1,575.7  (19) %

PER COMMON SHARE
Net Income — Basic $ 2.30   $ 2.23  3  % $ 6.34   $ 7.53  (16) %
— Diluted 2.29   2.22  3  6.32   7.51  (16)
Cash Dividends Declared Per Common Share 0.80   0.75  7  2.30   2.25  2 
Book Value — End of Period (EOP) 63.83   59.85  7  63.83   59.85  7 
Market Value — EOP 134.60   90.03  50  134.60   90.03  50 

SELECTED BALANCE SHEET DATA ($ In Millions) SEPTEMBER 30, 2025 DECEMBER 31, 2024 % CHANGE (1)

End of Period:
Total Assets $ 170,263.3   $ 155,508.4  9  %
Earning Assets 159,079.4   142,228.0  12 
Deposits 135,801.1   122,482.7  11 
Stockholders’ Equity 12,956.0   12,788.4  1 

THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
2025 2024 % CHANGE (1)
2025 2024 % CHANGE (1)

Average Balances:
Total Assets $ 151,041.5   $ 146,842.9  3  % $ 153,010.4   $ 146,654.8  4  %
Earning Assets 139,338.9   134,767.8  3  141,061.1   134,662.2  5 
Deposits 116,700.6   112,560.7  4  118,335.4   112,754.2  5 
Stockholders’ Equity 12,707.0   12,474.1  2  12,641.4   12,206.5  4 

CLIENT ASSETS ($ In Billions) SEPTEMBER 30, 2025 DECEMBER 31, 2024 % CHANGE (1)

AUC/A (2)
$ 18,247.6   $ 16,788.0  9  %
AUC 14,439.1   13,349.2  8 
AUM 1,772.7   1,610.4  10 

N/M - Not meaningful
(1)     Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above.
(2)     For the purposes of disclosing AUC/A, to the extent that both custody and administration services are provided, the value of the assets is included only once in this amount.

1

SELECTED RATIOS AND METRICS

THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
2025 2024 2025 2024
Financial Ratios:
Return on Average Common Equity 14.8   % 15.4  % 14.0   % 18.2  %

Dividend Payout Ratio 34.9   33.8  36.4   30.0 
Net Interest Margin (1)
1.70   1.68  1.69   1.62 

Standardized Approach Advanced Approach
September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024 WELL-CAPITALIZED RATIOS MINIMUM CAPITAL RATIOS
Capital Ratios:
Northern Trust Corporation
Common Equity Tier 1 Capital 12.4   % 12.4  % 15.1   % 14.5  % N/A 4.5  %
Tier 1 Capital 13.4   13.3  16.2   15.6  6.0  6.0 
Total Capital 15.1   15.1  18.0   17.4  10.0  8.0 
Tier 1 Leverage 8.0   8.1  8.0   8.1  N/A 4.0 
Supplementary Leverage N/A N/A 8.9   8.9  N/A 3.0 

The Northern Trust Company
Common Equity Tier 1 Capital 11.8   % 11.4  % 14.5   % 13.6  % 6.5  % 4.5  %
Tier 1 Capital 11.8   11.4  14.5   13.6  8.0  6.0 
Total Capital 13.1   12.8  15.9   15.0  10.0  8.0 
Tier 1 Leverage 7.0   6.9  7.0   6.9  5.0  4.0 
Supplementary Leverage N/A N/A 7.7   7.5  3.0  3.0 

(1)     Net interest margin is presented on a fully taxable equivalent (FTE) basis, a non-generally accepted accounting principle (GAAP) financial measure that facilitates the analysis of asset yields. The net interest margin on a GAAP basis and a reconciliation of net interest income on a GAAP basis to net interest income on an FTE basis are presented in “Reconciliation to Fully Taxable Equivalent” within the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section.
2

PART I – FINANCIAL INFORMATION

Items 2. and 3. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures about Market Risk
The following is management’s discussion and analysis of the financial condition and results of operations (MD&A) of Northern Trust Corporation (Corporation) for the third quarter of 2025. The following should be read in conjunction with the consolidated financial statements and related footnotes included in this report as well as the Annual Report on Form 10-K for the year ended December 31, 2024. Investors also should read the section titled “Forward-Looking Statements.”
Certain terms used in this report are defined in the Glossary included in our Annual Report on Form 10-K for the year ended December 31, 2024.

CONSOLIDATED RESULTS OF OPERATIONS

General
The Corporation is a leading provider of asset servicing, wealth management, asset management and banking solutions to corporations, institutions, families and individuals. The Corporation focuses on managing and servicing client assets through its two client-focused reporting segments: Asset Servicing and Wealth Management. Asset management and related services are provided to Asset Servicing and Wealth Management clients primarily by the Asset Management business. Except where the context requires otherwise, the terms “Northern Trust,” “we,” “us,” “our,” “its,” or similar terms mean the Corporation and its subsidiaries on a consolidated basis.

Overview of Financial Results
TABLE 1: FINANCIAL HIGHLIGHTS

THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
($ In Millions) 2025 2024 CHANGE 2025 2024 CHANGE
Trust, Investment and Other Servicing Fees $ 1,265.5   $ 1,196.6  $ 68.9  6  % $ 3,710.4   $ 3,505.6  $ 204.8  6  %
Other Noninterest Income (1)
169.1   209.6  (40.5) (19) 483.5   1,211.9  (728.4) (60)
Net Interest Income 590.8   562.3  28.5  5  1,769.4   1,613.3  156.1  10 
Total Revenue $ 2,025.4   $ 1,968.5  $ 56.9  3  % $ 5,963.3   $ 6,330.8  $ (367.5) (6) %
Provision for Credit Losses (17.0) 8.0  N/M N/M 0.5   7.5  N/M N/M
Noninterest Expense (2)
1,422.9   1,359.4  63.5  5  4,257.1   4,258.0  (0.9) — 
Income before Income Taxes $ 619.5   $ 601.1  $ 18.4  3  % $ 1,705.7   $ 2,065.3  $ (359.6) (17) %
Provision for Income Taxes 161.9   136.2  25.7  19  434.8   489.6  (54.8) (11)
Net Income $ 457.6   $ 464.9  $ (7.3) (2) % $ 1,270.9   $ 1,575.7  $ (304.8) (19) %
Preferred Stock Dividends 16.2   16.2  —  —  37.1   37.1  —  — 
Net Income Applicable to Common Stock $ 441.4   $ 448.7  $ (7.3) (2) % $ 1,233.8   $ 1,538.6  $ (304.8) (20) %
PER COMMON SHARE
Net Income – Basic $ 2.30   $ 2.23  $ 0.07  3  % $ 6.34   $ 7.53  $ (1.19) (16) %
 – Diluted 2.29   2.22  0.07  3  6.32   7.51  (1.19) (16)
Cash Dividends Declared Per Common Share 0.80   0.75  0.05  7  2.30   2.25  0.05  2 
SELECTED RATIOS AND METRICS
Return on Average Common Equity 14.8   % 15.4  % 14.0   % 18.2  %

(1)    For the three months ended September 30, 2024, Other Noninterest Income included a $68.1 million pre-tax gain related to the sale of an equity investment, recorded in Other Operating Income. For the nine months ended September 30, 2024, Other Noninterest Income included a $878.4 million net gain related to Northern Trust’s participation in the Visa Exchange Offer, 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, all recorded to Other Operating Income, as well as a $189.3 million loss on available for sale debt securities sold in conjunction with a repositioning of the portfolio, recorded in Investment Security Gains (Losses), net.
(2)    For the nine months ended September 30, 2024, Noninterest Expense included severance-related charges of $85.2 million, of which $81.8 million was recorded to Compensation expense and $3.4 million was recorded to Outside Services, a $70.0 million charitable contribution to the Northern Trust Foundation, recorded in Other Operating Expense, $16.4 million of software amortization acceleration and dispositions, recorded to Equipment and Software expense, as well as a $14.7 million increase to the Federal Deposit Insurance Corporation (FDIC) special assessment and a $10.6 million legal settlement, both recorded to Other Operating Expense.
N/M - Not meaningful

3

CONSOLIDATED RESULTS OF OPERATIONS (continued)
Overview of Financial Results (continued)

Three Months Ended September 30, 2025 highlights:
• Revenue for the three months ended September 30, 2025 increased from the prior-year quarter to $2.0 billion, reflecting:
◦ Trust, Investment and Other Servicing Fees increased to $1.3 billion in the current quarter primarily due to favorable markets.
◦ Other Noninterest Income decreased to $169.1 million in the current quarter primarily driven by the $68.1 million gain on the sale of an equity investment in the prior-year quarter, partially offset by lower expenses in the current quarter associated with existing Visa Class B swap agreements.
◦ Net Interest Income increased to $590.8 million in the current quarter primarily driven by lower funding costs.
• Noninterest Expense increased to $1.4 billion in the current quarter primarily due to higher Compensation and Equipment and Software expense.
• In the current quarter, there was a negative Provision for Credit Losses of $17.0 million, as compared to a Provision for Credit Losses of $8.0 million in the prior-year quarter. For additional information, refer to the Provision for Credit Losses within the “Consolidated Results of Operations” section.
• The Provision for Income Taxes in the current quarter totaled $161.9 million, representing an effective tax rate of 26.1%. The Provision for Income Taxes in the prior-year quarter totaled $136.2 million, representing an effective tax rate of 22.7%.

Nine Months Ended September 30, 2025 highlights:
• Revenue for the nine months ended September 30, 2025 decreased from the prior-year period to $6.0 billion, reflecting:
◦ Trust, Investment and Other Servicing Fees increased to $3.7 billion in the current period primarily driven by favorable markets and net new business.
◦ Other Noninterest Income decreased to $483.5 million in the current period primarily driven by the $878.4 million net gain related to Northern Trust’s participation in the Visa exchange program and a $68.1 million gain on the sale of an equity investment, partially offset by a $189.3 million AFS debt security loss, a $7.6 million charge for investment impairments and a $6.5 million loss recognized as a result of security repositioning related to the supplemental pension plan, all recorded in the prior-year period.
◦ Net Interest Income increased to $1.8 billion in the current period primarily due to the favorable impact of higher deposits, lower funding costs and higher foreign exchange swap activity executed by our Treasury department.
• There was a $0.5 million Provision for Credit Losses in the current period, as compared to a $7.5 million Provision for Credit Losses in the prior-year period. For additional information, refer to the Provision for Credit Losses within “Consolidated Results of Operations” section.
• The Provision for Income Taxes for the current period totaled $434.8 million, representing an effective tax rate of 25.5%. The Provision for Income Taxes for the prior-year period totaled $489.6 million, representing an effective tax rate of 23.7%.

4

THIRD QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)

Trust, Investment and Other Servicing Fees
Trust, Investment and Other Servicing Fees are based primarily on the market value of assets held in custody, managed or serviced; the volume of transactions; securities lending volume and spreads; and fees for other services rendered. Certain market value calculations on which fees are based are performed on a monthly or quarterly basis in arrears.
The components of Trust, Investment and Other Servicing Fees are provided below.
TABLE 2: TRUST, INVESTMENT AND OTHER SERVICING FEES

THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
($ In Millions) 2025 2024 CHANGE 2025 2024 CHANGE
Asset Servicing Trust, Investment and Other Servicing Fees
Custody and Fund Administration $ 482.7   $ 453.1  $ 29.6  7  % $ 1,405.2   $ 1,335.7  $ 69.5  5  %
Investment Management 159.6   152.6  7.0  5  469.4   438.3  31.1  7 
Securities Lending 21.2   17.5  3.7  21  59.3   51.9  7.4  14 
Other 43.4   43.9  (0.5) (1) 136.7   131.4  5.3  4 
Total Asset Servicing Trust, Investment and Other Servicing Fees $ 706.9   $ 667.1  $ 39.8  6  % $ 2,070.6   $ 1,957.3  $ 113.3  6  %
Wealth Management Trust, Investment and Other Servicing Fees
Central $ 200.6   $ 186.6  $ 14.0  8  % $ 578.9   $ 545.6  $ 33.3  6  %
East 146.0   136.4  9.6  7  426.3   399.0  27.3  7 
West 110.5   105.7  4.8  4  324.8   308.9  15.9  5 
Global Family Office 101.5   100.8  0.7  1  309.8   294.8  15.0  5 
Total Wealth Management Trust, Investment and Other Servicing Fees $ 558.6   $ 529.5  $ 29.1  5  % $ 1,639.8   $ 1,548.3  $ 91.5  6  %
Total Consolidated Trust, Investment and Other Servicing Fees $ 1,265.5   $ 1,196.6  $ 68.9  6  % $ 3,710.4   $ 3,505.6  $ 204.8  6  %

Asset Servicing
Custody and Fund Administration fees, the largest component of Asset Servicing fees, are driven primarily by values of client assets under custody/administration (AUC/A), transaction volumes and the number of accounts. The asset values used to calculate these fees vary depending on the individual fee arrangements negotiated with each client. Custody fees related to asset values are client-specific and are priced based on month-end market values, quarter-end market values, or the average of month-end market values for the quarter. The fund administration fees that are asset-value-related are priced using month-end, quarter-end, or average daily balances. Investment Management fees are based generally on market values of client AUM throughout the period. Typically, the asset values used to calculate fee revenue are based on a one-month or one-quarter lag. Securities Lending revenue is affected by market values; the demand for securities to be lent, which drives volumes; and the interest rate spread earned on the investment of cash deposited by investment firms as collateral for securities they have borrowed. The Other fee category in Asset Servicing includes products such as investment risk and analytical services, benefit payments, and other services. Revenue from these products is based generally on the volume of services provided or a fixed fee.
Custody and Fund Administration fees increased both from the prior-year quarter and from the prior-year period primarily driven by favorable markets, net new business, and favorable currency movements.
Investment Management fees increased both from the prior-year quarter and from the from the prior-year period primarily due to favorable markets .
Securities Lending increased from the prior-year period primarily due to higher loan volumes.
Wealth Management
Wealth Management fee income is calculated primarily based on market values and is impacted by both one-month and one-quarter lagged asset values.
Fee income in the regions (Central, East and West) increased both from the prior-year quarter and from the prior-year period, primarily due to favorable markets .
Global Family Office fee income increased from the prior-year period, primarily due to favorable markets.
5

THIRD QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)

Market Indices
The following tables present selected market indices and the percentage changes year-over-year to provide context regarding equity and fixed income market impacts on the Corporation’s results.
TABLE 3: EQUITY MARKET INDICES

DAILY AVERAGES PERIOD-END
THREE MONTHS ENDED SEPTEMBER 30, AS OF SEPTEMBER 30,
2025 2024 CHANGE 2025 2024 CHANGE
S&P 500 6,424   5,542  16  % 6,688   5,762  16  %
MSCI EAFE (U.S. dollars) 2,698   2,378  13  2,767   2,469  12 
MSCI EAFE (local currency) 1,641   1,507  9  1,677   1,524  10 

TABLE 4: FIXED INCOME MARKET INDICES

AS OF SEPTEMBER 30,
2025 2024 CHANGE
Barclays Capital U.S. Aggregate Bond Index 2,323   2,258  3  %
Barclays Capital Global Aggregate Bond Index 500   488  2 

Client Assets
As noted above, AUC/A and AUM are two of the primary drivers of our Trust, Investment and Other Servicing Fees. For the purposes of disclosing AUC/A, to the extent that both custody and administration services are provided, the value of the assets is included only once in this amount. The following table presents AUC/A by reporting segment.
TABLE 5: ASSETS UNDER CUSTODY / ADMINISTRATION BY REPORTING SEGMENT

SEPTEMBER 30, 2025 JUNE 30, 2025 SEPTEMBER 30, 2024 CHANGE Q3-25/Q2-25 CHANGE Q3-25/Q3-24
($ In Billions)
Asset Servicing $ 16,990.4   $ 16,864.9  $ 16,278.0  1  % 4  %
Wealth Management 1,257.2   1,203.4  1,145.0  4  10 
Total Assets Under Custody / Administration $ 18,247.6   $ 18,068.3  $ 17,423.0  1  % 5  %

The following table presents Northern Trust’s assets under custody, a component of AUC/A, by reporting segment.
TABLE 6: ASSETS UNDER CUSTODY BY REPORTING SEGMENT

SEPTEMBER 30, 2025 JUNE 30, 2025 SEPTEMBER 30, 2024 CHANGE Q3-25/Q2-25 CHANGE Q3-25/Q3-24
($ In Billions)
Asset Servicing $ 13,195.0   $ 13,056.5  $ 12,662.1  1  % 4  %
Wealth Management 1,244.1   1,187.2  1,132.7  5  10 
Total Assets Under Custody $ 14,439.1   $ 14,243.7  $ 13,794.8  1  % 5  %

Total assets under custody/administration and assets under custody increased from the prior-year quarter primarily driven by favorable markets and favorable currency translation, partially offset by asset outflows.
6

THIRD QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)

The following table presents the allocation of Northern Trust’s custodied assets by reporting segment.
TABLE 7: ALLOCATION OF ASSETS UNDER CUSTODY

SEPTEMBER 30, 2025 JUNE 30, 2025 SEPTEMBER 30, 2024
AS WM TOTAL AS WM TOTAL AS WM TOTAL
Equities 49   % 61   % 50   % 49  % 62  % 50  % 48  % 62  % 50  %
Fixed Income Securities 31   13   30   31  13  30  31  13  29 
Cash and Other Assets 18   26   19   18  25  19  20  25  20 
Securities Lending Collateral 2   —   1   2  —  1  1  —  1 

The following table presents Northern Trust’s assets under custody by investment type.
TABLE 8: ASSETS UNDER CUSTODY BY INVESTMENT TYPE
($ In Billions) SEPTEMBER 30, 2025 JUNE 30, 2025 SEPTEMBER 30, 2024 CHANGE Q3-25/Q2-25 CHANGE Q3-25/Q3-24
Equities $ 7,166.5   $ 7,156.8  $ 6,799.5  —  % 5  %
Fixed Income Securities 4,297.9   4,203.0  4,031.7  2  7 
Cash and Other Assets 2,768.1   2,677.9  2,787.5  3  (1)
Securities Lending Collateral 206.6   206.0  176.1  —  17 
Total AUC $ 14,439.1   $ 14,243.7  $ 13,794.8  1  % 5  %

The following table presents Northern Trust’s AUM by reporting segment.
TABLE 9: ASSETS UNDER MANAGEMENT BY REPORTING SEGMENT

SEPTEMBER 30, 2025 JUNE 30, 2025 SEPTEMBER 30, 2024 CHANGE Q3-25/Q2-25 CHANGE Q3-25/Q3-24
($ In Billions)
Asset Servicing $ 1,280.1   $ 1,229.2  $ 1,177.9  4  % 9  %
Wealth Management 492.6   468.5  443.9  5  11 
Total AUM $ 1,772.7   $ 1,697.7  $ 1,621.8  4  % 9  %

Total assets under management increased compared to the prior-year quarter primarily reflecting favorable markets and net new business.
The following table presents the allocation of Northern Trust’s AUM by reporting segment.
TABLE 10: ALLOCATION OF ASSETS UNDER MANAGEMENT

SEPTEMBER 30, 2025 JUNE 30, 2025 SEPTEMBER 30, 2024
AS WM TOTAL AS WM TOTAL AS WM TOTAL
Equities 55   % 61   % 56   % 54  % 59  % 56  % 55  % 58  % 56  %
Fixed Income Securities 11   19   13   11  20  13  11  20  13 
Cash and Other Assets 18   20   19   18  21  19  19  22  20 
Securities Lending Collateral 16   —   12   17  —  12  15  —  11 

The following table presents Northern Trust’s AUM by investment type.
TABLE 11: ASSETS UNDER MANAGEMENT BY INVESTMENT TYPE

($ In Billions) SEPTEMBER 30, 2025 JUNE 30, 2025 SEPTEMBER 30, 2024 CHANGE Q3-25/Q2-25 CHANGE Q3-25/Q3-24
Equities $ 1,001.5   $ 943.6  $ 908.8  6  % 10  %
Fixed Income Securities 230.0   223.5  219.7  3  5 
Cash and Other Assets 334.6   324.6  317.2  3  5 
Securities Lending Collateral 206.6   206.0  176.1  —  17 
Total AUM $ 1,772.7   $ 1,697.7  $ 1,621.8  4  % 9  %

7

THIRD QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)
Trust, Investment and Other Servicing Fees (continued)

The following table presents activity in consolidated AUM by product.
TABLE 12: ACTIVITY IN CONSOLIDATED ASSETS UNDER MANAGEMENT BY PRODUCT

THREE MONTHS ENDED
(In Billions) SEPTEMBER 30, 2025 JUNE 30, 2025 MARCH 31, 2025 DECEMBER 31, 2024 SEPTEMBER 30, 2024
Beginning Balance of AUM $ 1,697.7   $ 1,607.8  $ 1,610.4  $ 1,621.8  $ 1,526.7 
Net Inflows (Outflows) by Product
Equities (14.6) (25.2) (9.5) 0.7  (1.1)
Fixed Income 4.2   (1.4) (1.0) 3.9  1.0 
Cash and Other Assets 15.3   12.4  7.4  0.1  23.1 
Securities Lending Collateral 0.6   14.9  14.7  0.3  15.4 
Net Inflows (Outflows) 5.5   0.7  11.6  5.0  38.4 

Total Market Performance, Currency & Other 69.5   89.2  (14.2) (16.4) 56.7 
Ending Balance of AUM $ 1,772.7   $ 1,697.7  $ 1,607.8  $ 1,610.4  $ 1,621.8 

Other Noninterest Income
The components of Other Noninterest Income are provided below.
TABLE 13: OTHER NONINTEREST INCOME

THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
($ In Millions) 2025 2024 CHANGE 2025 2024 CHANGE
Foreign Exchange Trading Income $ 57.2   $ 54.1  $ 3.1  6  % $ 166.5   $ 169.5  $ (3.0) (2) %
Treasury Management Fees 9.5   8.2  1.3  16  28.8   26.5  2.3  9 
Security Commissions and Trading Income 41.8   35.5  6.3  18  120.5   107.7  12.8  12 
Other Operating Income 60.6   111.8  (51.2) (46) 167.7   1,097.5  (929.8) (85)
Investment Security Gains (Losses), net —   —  —  N/M —   (189.3) 189.3  N/M
Total Other Noninterest Income $ 169.1   $ 209.6  $ (40.5) (19)% $ 483.5   $ 1,211.9  $ (728.4) (60)%

N/M - Not meaningful

For the nine months ended September 30, 2025, Security Commissions and Trading Income increased compared to the prior-year period primarily driven by higher revenue from core brokerage.
For the three months ended September 30, 2025 Other Operating Income decreased compared to the prior-year quarter primarily driven by the $68.1 million gain on the sale of an equity investment in the prior-year quarter, partially offset by lower expenses in the current quarter associated with existing Visa Class B swap agreements. For the nine months ended September 30, 2025, Other Operating Income decreased compared to the prior-year period primarily driven by the $878.4 million gain related to Northern Trust’s participation in the Visa exchange program and a $68.1 million gain on the sale of an equity investment, 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 period.
For the nine months ended September 30, 2024, Investment Security Gains (Losses), net reflects a $189.3 million available for sale debt security loss related to repositioning of the portfolio.
8

CONSOLIDATED RESULTS OF OPERATIONS (continued)

Net Interest Income
Net Interest Income is defined as the total of Interest Income and amortized fees on earning assets, less Interest Expense on deposits and borrowed funds, adjusted for the impact of interest-related hedging activity. Earning assets—including Federal Funds Sold, Securities Purchased under Agreements to Resell, Interest-Bearing Due From and Deposits with Banks, Federal Reserve and Other Central Bank Deposits, Securities, Loans, and Other Interest-Earning Assets—are financed by a large base of interest-bearing liabilities that include client deposits, short-term borrowings, Senior Notes and Long-Term Debt. Short-term borrowings include Federal Funds Purchased, Securities Sold Under Agreements to Repurchase, and Other Borrowings. Earning assets are also funded by noninterest-bearing funds, which include demand deposits and stockholders’ equity. Net Interest Income is subject to variations in the level and mix of earning assets and interest-bearing funds and their relative sensitivity to interest rates. In addition, the levels of nonaccruing assets and client compensating deposit balances used to pay for services impact Net Interest Income.
Net interest margin is the difference between what we earn on our assets and what we pay for deposits and other sources of funding relative to average interesting-earning assets. The direction and level of interest rates are important factors in our earnings. Net interest margin is calculated by dividing annualized Net Interest Income by average interest-earning assets.
Net Interest Income stated on a fully taxable equivalent (FTE) basis is a non-generally accepted accounting principle (GAAP) financial measure that facilitates the analysis of asset yields. Management believes an FTE presentation provides a clearer indication of net interest margins 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. A reconciliation of Net Interest Income on a GAAP basis to Net Interest Income on an FTE basis is provided in “Reconciliation to Fully Taxable Equivalent” within this MD&A.

9

CONSOLIDATED RESULTS OF OPERATIONS (continued)
Net Interest Income (continued)

The following tables present an analysis of average daily balances and interest rates changes affecting Net Interest Income and an analysis of Net Interest Income changes for the three months ended September 30, 2025.
TABLE 14: AVERAGE CONSOLIDATED BALANCE SHEETS WITH ANALYSIS OF NET INTEREST INCOME

(INTEREST AND RATE ON A FULLY TAXABLE EQUIVALENT BASIS) THIRD QUARTER
2025 2024
($ In Millions) INTEREST AVERAGE BALANCE AVERAGE RATE (7)
INTEREST AVERAGE BALANCE AVERAGE RATE (7)

Interest-Earning Assets
Federal Reserve and Other Central Bank Deposits $ 326.5   $ 33,754.2   3.84   % $ 451.7  $ 36,067.3  4.98  %
Interest-Bearing Due from and Deposits with Banks (1)
20.7   5,237.7   1.57   28.5  4,828.1  2.35 
Federal Funds Sold and Securities Purchased under Agreements to Resell (2)
711.7   1,300.4   217.12   890.8  977.4  362.57 
Debt Securities
Available for Sale 383.0   33,022.7   4.60   379.8  27,462.6  5.50 
Held to Maturity 99.8   22,129.7   1.79   107.8  22,834.0  1.88 

Total Debt Securities 482.8   55,152.4   3.47   487.6  50,296.6  3.86 
Loans (3)
585.1   41,500.6   5.59   646.5  39,884.0  6.45 
Other Interest-Earning Assets (4)
23.0   2,393.6   3.81   32.2  2,714.4  4.71 
Total Interest-Earning Assets 2,149.8   139,338.9   6.12   2,537.3  134,767.8  7.49 
Cash and Due from Banks and Other Central Bank Deposits (5)
—   1,159.3   —   —  1,742.3  —  
Other Noninterest-Earning Assets —   10,543.3   —   —  10,332.8  —  
Total Assets $ —   $ 151,041.5   —   % $ —  $ 146,842.9  —  %
Average Source of Funds
Deposits
Savings, Money Market and Other $ 226.2   $ 28,348.7   3.16   % $ 238.6  $ 25,233.0  3.76  %
Savings Certificates and Other Time 71.8   6,700.1   4.25   86.7  6,639.6  5.19 
Non-U.S. Offices — Interest-Bearing 360.4   65,354.5   2.19   548.2  64,347.2  3.39 
Total Interest-Bearing Deposits 658.4   100,403.3   2.60   873.5  96,219.8  3.61 
Federal Funds Purchased 24.8   2,467.7   3.99   29.6  2,320.9  5.07 
Securities Sold under Agreements to Repurchase (2)
695.0   500.4   551.02   869.7  504.3  686.17 
Other Borrowings (6)
79.6   6,938.4   4.55   94.8  7,085.9  5.32 
Senior Notes 39.3   2,839.6   5.50   44.2  2,795.6  6.30 
Long-Term Debt 56.4   4,092.0   5.46   56.1  4,075.1  5.47 

Total Interest-Bearing Liabilities 1,553.5   117,241.4   5.26   1,967.9  113,001.6  6.93 
Interest Rate Spread —   —   0.86   —  —  0.56 
Demand and Other Noninterest-Bearing Deposits —   16,297.3   —   —  16,340.9  — 
Other Noninterest-Bearing Liabilities —   4,795.8   —   —  5,026.3  — 
Stockholders’ Equity —   12,707.0   —   —  12,474.1  — 
Total Liabilities and Stockholders’ Equity $ —   $ 151,041.5   —   % $ —  $ 146,842.9  —  %
Less: FTE Adjustment $ 5.5   $ —   —   % $ 7.1  $ —  —  %
Net Interest Income/Margin (Unadjusted) $ 590.8   $ —   1.68   % $ 562.3  $ —  1.66  %
Net Interest Income/Margin (FTE Adjusted) (8)
$ 596.3   $ —   1.70   % $ 569.4  $ —  1.68  %

(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.
(2) Includes the impact of balance sheet netting under master netting arrangements of approximately $62.7 billion and $64.3 billion for the three months ended September 30, 2025 and 2024, respectively. Excluding the impact of netting for the three months ended September 30, 2025 and 2024, the average interest rate on Federal Funds Sold and Securities Purchased under Agreements to Resell would be approximately 4.41% and 5.43%, respectively. Excluding the impact of netting for the three months ended September 30, 2025 and 2024, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 4.37% and 5.34%, respectively. Northern Trust nets securities sold under repurchase agreements against those purchased under resale agreements when the GAAP requirements to net are met.
(3) Average balances include nonaccrual loans.
(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.
(5) Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits on the consolidated balance sheets.
(6) Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
(7) Rate calculations are based on actual balances rather than the rounded amounts presented in the table above.
(8) A reconciliation of Net Interest Income on a GAAP basis to Net Interest Income on an FTE basis is provided in “Reconciliation to Fully Taxable Equivalent” within this MD&A.

10

CONSOLIDATED RESULTS OF OPERATIONS (continued)
Net Interest Income (continued)

Net Interest Income for the three months ended September 30, 2025, stated on an FTE basis, increased from the prior-year quarter, primarily driven by lower funding costs.
The net interest margin on an FTE basis increased from the prior-year quarter, primarily driven by lower funding costs, partially offset by lower yield on interest-earning assets.
Interest-earning deposits includes Federal Reserve and Other Central Bank Deposits and Interest-Bearing Due from and Deposits with Banks. Interest-earning deposits decreased 5%, from the prior-year quarter, primarily due to reinvesting into the securities portfolio.
Average Securities increased 10% from the prior-year quarter, reflecting strategic purchases of investment securities primarily in the AFS portfolio with modest duration and reinvesting maturities at higher yields Average taxable Securities were $46.9 billion in the current quarter and $44.0 billion in the prior-year quarter. Average nontaxable Securities, which represent securities that are primarily exempt from U.S. federal and state income taxes, were $8.3 billion in the current quarter and $6.3 billion in the prior-year quarter. For additional discussion relating to the securities portfolio, refer to the “Asset Quality” section in this MD&A and to Note 4-Securities to the consolidated financial statements provided in Item 1. Consolidated Financial Statements (unaudited).
Average Loans increased 4%, from the prior-year quarter, primarily driven by an increase in average Private Client loans.
Average Other Interest-Earning Assets includes collateral deposits with certain securities depositories and clearing houses, certain community development investments, Federal Home Loan Bank stock, a money market investment, and Federal Reserve stock of $994.6 million, $879.7 million, $342.7 million, $85.0 million, and $70.0 million, respectively, which are recorded in Other Assets on the consolidated balance sheets.
Average Interest-Bearing Deposits increased 4% from the prior-year quarter, primarily due to increased client activity and higher liquidity as a result of market volatility. Average Non-U.S. Offices Interest-Bearing Deposits comprised 65% and 67% of total average Interest-Bearing Deposits for the three months ended September 30, 2025 and 2024, respectively.
The balances within short-term borrowing classifications vary based on funding requirements and strategies, interest rate levels, changes in the volume of lower-cost deposit sources, and the availability of collateral to secure these borrowings.
11

CONSOLIDATED RESULTS OF OPERATIONS (continued)
Net Interest Income (continued)

The following tables present an analysis of average daily balances and interest rate changes affecting Net Interest Income and an analysis of Net Interest Income changes for the nine months ended September 30, 2025.
TABLE 15: AVERAGE CONSOLIDATED BALANCE SHEETS WITH ANALYSIS OF NET INTEREST INCOME

(INTEREST AND RATE ON A FULLY TAXABLE EQUIVALENT BASIS) NINE MONTHS ENDED SEPTEMBER 30,
2025 2024
($ In Millions) INTEREST AVERAGE BALANCE AVERAGE
RATE (7)
INTEREST AVERAGE BALANCE AVERAGE
RATE (7)

Interest-Earning Assets
Federal Reserve and Other Central Bank Deposits $ 1,142.9   $ 38,177.7   4.00   % $ 1,369.0  $ 35,963.2  5.08  %
Interest-Bearing Due from and Deposits with Banks (1)
65.9   5,146.9   1.71   94.5  4,748.9  2.66 
Federal Funds Sold and Securities Purchased under Agreements to Resell (2)
2,091.7   806.0   346.96   2,578.2  743.6  463.18 
Debt Securities
Available for Sale 1,102.7   31,545.8   4.67   1,067.8  26,039.7  5.48 
Held to Maturity 300.7   21,617.0   1.86   345.0  23,566.3  1.96 

Total Debt Securities 1,403.4   53,162.8   3.53   1,412.8  49,606.0  3.80 
Loans (3)
1,737.6   41,246.6   5.63   1,953.0  40,831.6  6.39 
Other Interest-Earning Assets (4)
72.3   2,521.1   3.83   96.1  2,768.9  4.63 
Total Interest-Earning Assets 6,513.8   141,061.1   6.17   7,503.6  134,662.2  7.44 
Cash and Due from Banks and Other Central Bank Deposits (5)
—   1,090.5   —   —  1,781.1  — 
Other Noninterest-Earning Assets —   10,858.8   —   —  10,211.5  — 
Total Assets $ —   $ 153,010.4   —   % $ —  $ 146,654.8  —  %
Average Source of Funds
Deposits
Savings, Money Market and Other $ 661.5   $ 28,291.2   3.13   % $ 748.9  $ 26,706.9  3.75  %
Savings Certificates and Other Time 219.2   6,741.4   4.35   223.9  5,743.7  5.21 
Non-U.S. Offices — Interest-Bearing 1,201.6   66,658.9   2.41   1,680.7  63,774.2  3.52 
Total Interest-Bearing Deposits 2,082.3   101,691.5   2.74   2,653.5  96,224.8  3.68 
Federal Funds Purchased 72.8   2,443.7   3.98   101.9  2,659.3  5.12 
Securities Sold under Agreements to Repurchase (2)
2,048.8   509.3   537.83   2,535.1  522.9  647.56 
Other Borrowings (6)
239.7   6,990.0   4.58   278.7  6,997.6  5.32 
Senior Notes 117.1   2,813.4   5.57   132.4  2,757.8  6.41 
Long-Term Debt 167.9   4,087.8   5.49   167.4  4,071.1  5.49 
Total Interest-Related Funds 4,728.6   118,535.7   5.33   5,869.0  113,233.5  6.92 
Interest Rate Spread —   —   0.84   —  —  0.52 
Demand and Other Noninterest-Bearing Deposits —   16,643.9   —   —  16,529.4  — 
Other Noninterest-Bearing Liabilities —   5,189.4   —   —  4,685.4  — 
Stockholders’ Equity —   12,641.4   —   —  12,206.5  — 
Total Liabilities and Stockholders’ Equity $ —   $ 153,010.4   —   % $ —  $ 146,654.8  —  %
Less: FTE Adjustment $ 15.8   $ —   —   % $ 21.3  $ —  —  %
Net Interest Income/Margin (Unadjusted) $ 1,769.4   $ —   1.68   % $ 1,613.3  $ —  1.60  %
Net Interest Income/Margin (FTE Adjusted) (8)
$ 1,785.2   $ —   1.69   % $ 1,634.6  $ —  1.62  %

(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.
(2) Includes the impact of balance sheet netting under master netting arrangements of approximately $62.2 billion and $62.5 billion for the nine months ended September 30, 2025 and 2024, respectively. Excluding the impact of netting for the nine months ended September 30, 2025 and 2024, the average interest rate on Federal Funds Sold and Securities Purchased under Agreements to Resell would be approximately 4.44% and 5.45%, respectively. Excluding the impact of netting for the nine months ended September 30, 2025 and 2024, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 4.36% and 5.37%, respectively. Northern Trust nets securities sold under repurchase agreements against those purchased under resale agreements when the GAAP requirements to net are met.
(3) Average balances include nonaccrual loans.
(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.
(5) Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits on the consolidated balance sheets.
(6) Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
(7) Rate calculations are based on actual balances rather than the rounded amounts presented in the table above.
(8) A reconciliation of Net Interest Income on a GAAP basis to Net Interest Income on an FTE basis is provided in “Reconciliation to Fully Taxable Equivalent” within this MD&A.

12

CONSOLIDATED RESULTS OF OPERATIONS (continued)
Net Interest Income (continued)

Net Interest Income for the nine months ended September 30, 2025, stated on an FTE basis, increased from the prior-year period, primarily driven by the favorable impact of higher deposits and lower funding costs.
The net interest margin on an FTE basis increased from the prior-year period, primarily driven by the favorable impact of lower funding costs, partially offset by lower yields on interest-earning assets.
Interest-earning deposits includes Federal Reserve and Other Central Bank Deposits and Interest-Bearing Due from and Deposits with Banks. Average Federal Reserve and Other Central Bank Deposits increased 6% from the prior-year period. Average Interest-Bearing Due from and Deposits with Banks increased 8% from the prior-year period. The increase in interest-earning deposits compared to the prior-year is primarily driven by higher client deposits.
Average Securities increased 7%, from the prior-year period reflecting strategic purchases of investment securities primarily in the AFS portfolio. Average taxable Securities were $45.0 billion in the current period and $43.7 billion in the prior-year period. Average nontaxable Securities, which represent securities that are primarily exempt from U.S. federal and state income taxes, were $8.2 billion in the current period and $5.9 billion in the prior-year period. For additional discussion relating to the securities portfolio, refer to the “Asset Quality” section in this MD&A and to Note 4-Securities to the consolidated financial statements provided in Item 1. Consolidated Financial Statements (unaudited).
Average Loans increased 1%, from the prior-year period, primarily driven by an increase in average Private Client loans, partially offset by a decrease in average Commercial and Institutional loans.
Average Other Interest-Earning Assets includes collateral deposits with certain securities depositories and clearing houses, certain community development investments, Federal Home Loan Bank stock, a money market investment, and Federal Reserve stock of $1.1 billion, $868.5 million, $342.7 million, $85.0 million, and $70.0 million respectively, which are recorded in Other Assets on the consolidated balance sheets.
Average Interest-Bearing Deposits increased 6% from the prior-year period, primarily due to increased client activity and higher liquidity as a result of market volatility. Average non-U.S. offices interest-bearing deposits comprised 66% of total average interest-bearing deposits for both the nine months ended September 30, 2025 and 2024.
The balances within short-term borrowing classifications vary based on funding requirements and strategies, interest rate levels, changes in the volume of lower-cost deposit sources, and the availability of collateral to secure these borrowings.
13

CONSOLIDATED RESULTS OF OPERATIONS (continued)
Net Interest Income (continued)

TABLE 16: ANALYSIS OF NET INTEREST INCOME CHANGES DUE TO VOLUME AND RATE QTD (1)

(INTEREST AND RATE ON A FULLY TAXABLE EQUIVALENT BASIS) THREE MONTHS ENDED SEPTEMBER 30, 2025 VS. 2024
CHANGE DUE TO
(In Millions) AVERAGE BALANCE AVERAGE RATE NET (DECREASE) INCREASE
Increase (Decrease) in Net Interest Income (FTE)
Federal Reserve and Other Central Bank Deposits $ (51.7) $ (73.5) $ (125.2)
Interest-Bearing Due from and Deposits with Banks 0.7   (8.5) (7.8)
Federal Funds Sold and Securities Purchased under Agreements to Resell (2)
101.3   (280.4) (179.1)
Debt Securities
Available for Sale 36.0   (32.8) 3.2  
Held to Maturity (4.7) (3.3) (8.0)

Total Debt Securities 31.3   (36.1) (4.8)
Loans 8.7   (70.1) (61.4)
Other Interest-Earning Assets (5.3) (3.9) (9.2)
Total Interest Income $ 85.0   $ (472.5) $ (387.5)

Interest-Bearing Deposits
Savings, Money Market and Other $ 52.2   $ (64.6) $ (12.4)
Savings Certificates and Other Time 1.5   (16.4) (14.9)
Non-U.S. Offices - Interest-Bearing 15.9   (203.7) (187.8)
Total Interest-Bearing Deposits 69.6   (284.7) (215.1)
Federal Funds Purchased 3.0   (7.8) (4.8)
Securities Sold under Agreements to Repurchase (2)
(1.4) (173.3) (174.7)
Other Borrowings (0.4) (14.8) (15.2)
Senior Notes 1.2   (6.1) (4.9)
Long-Term Debt 0.4   (0.1) 0.3  

Total Interest Expense $ 72.4   $ (486.8) $ (414.4)
Increase in Net Interest Income (FTE) $ 12.6   $ 14.3   $ 26.9  

(1) Changes not due solely to average balance changes or rate changes are allocated proportionately to average balance and rate based on their relative absolute magnitudes.
(2) Changes due to average balance and average rate include the impact of balance sheet netting as noted in Table 14: Average Consolidated Balance Sheets with Analysis of Net Interest Income. Excluding the impact of netting, the 2025 vs. 2024 change in Federal Funds Sold and Securities Purchased under Agreements to Resell attributed to the average balance and the average rate would be $(17.5) million and $(161.6) million, respectively. Excluding the impact of netting, the 2025 vs. 2024 change in Securities Sold under Agreements to Repurchase attributed to the average balance and the average rate would be $(21.4) million and $(153.3) million, respectively.

Notes:    Net Interest Income (FTE adjusted), a non-GAAP financial measure, includes adjustments to a fully taxable equivalent basis for Loans, Securities and Other Interest-Earning assets. The adjustments are based on a federal income tax rate of 21.0%, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. See Table 14: Average Consolidated Balance Sheets with Analysis of Net Interest Income which reflects the applied FTE adjustment. A reconciliation of Net Interest Income and net interest margin on a GAAP basis to Net Interest Income and net interest margin on an FTE basis (each of which is a non-GAAP financial measure) is provided in “Reconciliation to Fully Taxable Equivalent” within this MD&A. Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets.
Interest revenue on cash collateral positions is reported above within Interest-Bearing Due from and Deposits with Banks, Loans and within Other Interest-Earning Assets. Interest expense on cash collateral positions is reported above within Savings, Money Market and Other and in Non-U.S. Offices Interest-Bearing Deposits. Related cash collateral received from and deposited with derivative counterparties is recorded net of the associated derivative contract in Other Assets and Other Liabilities, respectively.
14

CONSOLIDATED RESULTS OF OPERATIONS (continued)
Net Interest Income (continued)

TABLE 17: ANALYSIS OF NET INTEREST INCOME CHANGES DUE TO VOLUME AND RATE YTD (1)

(INTEREST AND RATE ON A FULLY TAXABLE EQUIVALENT BASIS) NINE MONTHS ENDED SEPTEMBER 30, 2025 vs. 2024
CHANGE DUE TO
(In Millions) AVERAGE BALANCE AVERAGE
 RATE NET (DECREASE) INCREASE
Increase (Decrease) in Net Interest Income (FTE)
Federal Reserve and Other Central Bank Deposits $ 57.8   $ (283.9) $ (226.1)
Interest-Bearing Due from and Deposits with Banks 5.3   (33.9) (28.6)
Federal Funds Sold and Securities Purchased under Agreements to Resell (2)
132.7   (619.2) (486.5)
Debt Securities
Available for Sale 172.6   (137.7) 34.9  
Held to Maturity (30.5) (13.8) (44.3)

Total Debt Securities 142.1   (151.5) (9.4)
Loans and Leases 13.5   (228.9) (215.4)
Other Interest-Earning Assets (9.8) (14.0) (23.8)
Total Interest Income $ 341.6   $ (1,331.4) $ (989.8)

Interest-Bearing Deposits
Savings, Money Market and Other $ 92.8   $ (180.2) $ (87.4)
Savings Certificates and Other Time 49.9   (54.6) (4.7)
Non-U.S. Offices - Interest-Bearing 133.5   (612.6) (479.1)
Total Interest-Bearing Deposits 276.2   (847.4) (571.2)
Federal Funds Purchased (2.2) (26.9) (29.1)
Securities Sold under Agreements to Repurchase (2)
(16.2) (470.1) (486.3)
Other Borrowings (0.1) (38.9) (39.0)
Senior Notes 4.7   (20.0) (15.3)
Long-Term Debt 0.5   —   0.5  

Total Interest Expense $ 262.9   $ (1,403.3) $ (1,140.4)
Increase in Net Interest Income (FTE) $ 78.7   $ 71.9   $ 150.6  

(1)      Changes not due solely to average balance changes or rate changes are allocated proportionately to average balance and rate based on their relative absolute magnitudes.
(2)      Changes due to average balance and average rate include the impact of balance sheet netting as noted in Table 20: Average Consolidated Balance Sheets with Analysis of Net Interest Income. Excluding the impact of netting, the 2025 vs. 2024 change in Federal Funds Sold and Securities Purchased under Agreements to Resell attributed to the average balance and the average rate would be $(7.1) million and $(479.4) million, respectively. Excluding the impact of netting, the 2025 vs. 2024 change in Securities Sold under Agreements to Repurchase attributed to the average balance and the average rate would be $(10.1) million and $(476.2) million, respectively.

Notes:    Net Interest Income (FTE Adjusted), a non-GAAP financial measure, includes adjustments to a fully taxable equivalent basis for Loans, Securities and Other Interest-Earning assets. The adjustments are based on a federal income tax rate of 21.0%, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. See Table 16: Average Consolidated Balance Sheets with Analysis of Net Interest Income which reflects the applied FTE adjustment. A reconciliation of Net Interest Income and net interest margin on a GAAP basis to Net Interest Income and net interest margin on an FTE basis (each of which is a non-GAAP financial measure) is provided in “Reconciliation to Fully Taxable Equivalent” within this MD&A. Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets.
Interest revenue on cash collateral positions is reported above within Interest-Bearing Due from and Deposits with Banks, Loans and within Other Interest-Earning Assets. Interest expense on cash collateral positions is reported above within Savings, Money Market and Other and in Non-U.S. Offices Interest-Bearing Deposits. Related cash collateral received from and deposited with derivative counterparties is recorded net of the associated derivative contract in Other Assets and Other Liabilities, respectively.

15

THIRD QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)

Provision for Credit Losses
For the three months ended September 30, 2025, there was a negative Provision for Credit Losses of $17.0 million, as compared to a Provision for Credit Losses of $8.0 million in the prior-year quarter. The negative provision in the current quarter resulted from a decrease in collective reserves driven by improved macroeconomic factors primarily impacting the Commercial and Institutional (C&I) portfolio and improved projections for Residential Real Estate (RRE). The provision in the prior-year quarter resulted from an increase in collective reserves driven by a small number of downgrades and extensions in the C&I portfolio, as well as, an increase in individual reserves driven by the default of one C&I loan.
Net charge-offs in the current quarter were $0.4 million, reflecting $2.1 million of charge-offs and $1.7 million of recoveries. The prior-year quarter included $2.4 million net recoveries, reflecting $2.4 million of recoveries and de minimus charge-offs.
For the nine months ended September 30, 2025, there was a Provision for Credit Losses of $0.5 million, as compared to a Provision for Credit Losses of $7.5 million in the prior-year period. The provision in the current-year period was primarily due to an increase in specific reserves related to a small number of non-performing loans; partially offset by a decrease in the collective reserve driven by an improved outlook for the Commercial Real Estate (CRE) portfolio. The provision in the prior-year period was primarily due to an increase in collective reserves, partially offset by a decrease in individual reserves. The increase in collective reserves was primarily driven by a small number of downgrades and extensions in the C&I portfolio and by expectations for weaker prices in the CRE portfolio. The decrease in individual reserves was driven by one C&I loan charge-off in the first quarter, partially offset by the default of one C&I loan in the third quarter.
Net recoveries in the current-year period totaled $0.1 million, reflecting $2.6 million of recoveries and 2.5 million of charge-offs. The prior-year period included $7.9 million net charge-offs, reflecting $11.4 million of charge-offs and $3.5 million of recoveries.
For additional discussion of the allowance for credit losses, refer to the “Asset Quality” section in this MD&A.

Noninterest Expense
The components of Noninterest Expense are provided in the following table.
TABLE 18: NONINTEREST EXPENSE

THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
($ In Millions) 2025 2024 CHANGE 2025 2024 CHANGE
Compensation $ 625.3   $ 583.6  $ 41.7  7  % $ 1,884.5   $ 1,875.9  $ 8.6  —  %
Employee Benefits 115.2   109.2  6.0  6  342.6   310.5  32.1  10 
Outside Services 248.2   256.3  (8.1) (3) 740.4   746.5  (6.1) (1)
Equipment and Software 294.2   270.4  23.8  9  868.8   800.6  68.2  9 
Occupancy 55.0   53.8  1.2  2  160.9   162.7  (1.8) (1)
Other Operating Expense 85.0   86.1  (1.1) (1) 259.9   361.8  (101.9) (28)
Total Noninterest Expense $ 1,422.9   $ 1,359.4  $ 63.5  5  % $ 4,257.1   $ 4,258.0  $ (0.9) —  %

For the three months ended September 30, 2025, Compensation expense, the largest component of Noninterest Expense, increased compared to the prior-year quarter primarily due to base pay adjustments, increased headcount, and higher incentives.
For the nine months ended September 30, 2025, Employee Benefits expense increased compared to the prior-year period primarily driven by higher medical costs.
For the three months ended September 30, 2025, Equipment and Software expense increased compared to the prior-year quarter primarily due to higher software amortization and higher software support and rental expense. For the nine months ended September 30, 2025, Equipment and Software expense increased compared to the prior-year period 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.
For the nine months ended September 30, 2025, Other Operating Expense decreased compared to the prior-year period primarily due to a $70.0 million charitable contribution, a $10.6 million legal settlement, and $14.7 million of additional expense related to the FDIC special assessment, all recorded in the prior year period.
16

THIRD QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)

Provision for Income Taxes
Income tax expense for the three months ended September 30, 2025 was $161.9 million, representing an effective tax rate of 26.1%, compared to $136.2 million in the prior-year quarter, representing an effective tax rate of 22.7%. The effective tax rate increased compared to the prior-year quarter primarily due to favorable discrete tax benefits recognized in the prior year and a higher net tax impact from international operations.
Income tax expense for the nine months ended September 30, 2025 was $434.8 million, representing an effective tax rate of 25.5%, compared to $489.6 million in the prior-year period, representing an effective tax rate of 23.7%. The effective tax rate increased compared to the prior-year period primarily due to favorable discrete tax benefits recognized in the prior year and a higher net tax impact from international operations.
On July 4, 2025, The One Big Beautiful Bill Act (the “Bill”) was enacted into law. The significant provisions of the Bill include the permanent extension and modification of certain provisions of the Tax Cuts and Jobs Act, including international tax provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented in later years. The Company evaluated the provisions of the Bill and determined that there is no material impact on our financial statements.

REPORTING SEGMENTS
Northern Trust is organized around its two client-focused reporting segments: Asset Servicing and Wealth Management. Asset management and related services are provided to Asset Servicing and Wealth Management clients primarily by the Asset Management business. The revenue and expenses of Asset Management and certain other support functions are allocated fully to Asset Servicing and Wealth Management.
Reporting segment financial information, presented on an internal management-reporting basis, is determined by accounting systems used to allocate revenue and expense to each segment, and incorporates processes for allocating assets, liabilities, equity and the applicable interest income and expense utilizing an FTP methodology. Under the methodology, assets and liabilities receive a funding charge or credit that considers interest rate risk, liquidity risk, and other product characteristics on an instrument level. Additionally, segment information is presented on an FTE basis as management believes an FTE presentation provides a clearer indication of net interest income. The adjustment to an FTE basis has no impact on Net Income.
Revenues, expenses and average assets are allocated to Asset Servicing and Wealth Management, with the exception of non-recurring activities such as certain corporate transactions and costs incurred associated with acquisitions, divestitures, litigation, restructuring, and tax adjustments not directly attributable to a specific reporting segment, which are reported within Other.
In addition to income and expenses associated with non-recurring activities, Other includes expenses for Asset Management, corporate and other support functions not directly incurred by, but ultimately allocated back to Asset Servicing and Wealth Management. Other also includes the FTE adjustments of $5.5 million and $15.8 million for the three and nine months ended September 30, 2025 respectively, and $7.1 million and $21.3 million for the three and nine months ended September 30, 2024, respectively, in order to reconcile the segment results that are reported on an internal management-reporting basis into consolidated results.
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.
Effective January 2025, certain operations support activities were moved out of Asset Servicing and Wealth Management in connection with the formation of the Enterprise Chief Operating Office. The Enterprise Chief Operating Office provides operational support to Asset Servicing and Wealth Management. Its expenses are included within Other and are fully allocated to Asset Servicing and Wealth Management. Prior-year segment results have been recast, where practical, to reflect the organizational changes.
For further details, please refer to Note 9—Reporting Segments to the consolidated financial statements provided in Item 1. Consolidated Financial Statements (unaudited).

17

REPORTING SEGMENTS (continued)

The following table presents the earnings contributions and average assets of Northern Trust’s reporting segments for the three- and nine- month periods ended September 30, 2025 and 2024.
TABLE 19: RESULTS OF REPORTING SEGMENTS
($ In Millions) ASSET SERVICING WEALTH MANAGEMENT OTHER (3)
TOTAL CONSOLIDATED
THREE MONTHS ENDED SEPTEMBER 30, 2025 2024 2025 2024 2025 2024 2025 2024
Noninterest Income
Trust, Investment and Other Servicing Fees $ 706.9 $ 667.1 $ 558.6 $ 529.5 $ — $ — $ 1,265.5 $ 1,196.6
Foreign Exchange Trading Income (Loss) 65.5 59.5 (8.3) (5.4) — — 57.2 54.1
Other Noninterest Income (Loss) 77.0 66.7 38.9 35.5 (4.0) 53.3 111.9 155.5
Total Noninterest Income (Loss) 849.4 793.3 589.2 559.6 (4.0) 53.3 1,434.6 1,406.2
Net Interest Income (Expense) (1)
339.9 320.9 257.2 248.8 (6.3) (7.4) 590.8 562.3
Revenue (1)
1,189.3 1,114.2 846.4 808.4 (10.3) 45.9 2,025.4 1,968.5
Provision for Credit Losses (6.1) (0.6) (12.3) 12.4 1.4 (3.8) (17.0) 8.0
Noninterest Expense
Compensation 78.8 90.3 143.3 138.7 403.2 354.6 625.3 583.6
Employee Benefits 16.8 18.2 22.5 23.5 75.9 67.5 115.2 109.2
Outside Services 24.0 43.6 14.0 11.6 210.2 201.1 248.2 256.3
Allocated Expense 763.6 682.7 315.3 297.1 (1,078.9) (979.8) — —
Other Segment Items (2)
18.1 21.6 21.2 18.0 394.9 370.7 434.2 410.3
Total Noninterest Expense 901.3 856.4 516.3 488.9 5.3 14.1 1,422.9 1,359.4
Income (Loss) before Income Taxes (1)
294.1 258.4 342.4 307.1 (17.0) 35.6 619.5 601.1
Provision for Income Taxes (1)
64.3 56.7 83.7 76.8 13.9 2.7 161.9 136.2
Net Income (Loss) $ 229.8 $ 201.7 $ 258.7 $ 230.3 $ (30.9) $ 32.9 $ 457.6 $ 464.9
Percentage of Consolidated Net Income 50   % 43  % 57% 50  % (7) % 7  % 100   % 100  %
Average Assets $ 110,056.4 $ 107,362.3 $ 39,850.2 $ 38,734.9 $ 1,134.9 $ 745.7 $ 151,041.5 $ 146,842.9
Average Loans $ 5,399.9 $ 5,615.8 $ 36,100.7 $ 34,268.2 $ — $ — $ 41,500.6 $ 39,884.0
Average Deposits $ 90,195.3 $ 86,635.7 $ 25,370.4 $ 25,179.3 $ 1,134.9 $ 745.7 $ 116,700.6 $ 112,560.7

(1) Financial measures stated on an FTE basis. The FTE adjustment was $5.5 million and $7.1 million for three months ended September 30, 2025 and 2024, respectively, and is eliminated within “Other” in order for “Total Consolidated” to reconcile with the Consolidated Statement of Income.
(2) Other Segment Items include Occupancy, Equipment & Software and Other Operating Expense.
(3) Prior-year quarter includes a gain related to the sale of an equity investment.

18

REPORTING SEGMENTS (continued)

(In Millions) ASSET SERVICING (3)
WEALTH MANAGEMENT (3)
OTHER (4)
TOTAL CONSOLIDATED
NINE MONTHS ENDED SEPTEMBER 30, 2025 2024 2025 2024 2025 2024 2025 2024
Noninterest Income
Trust, Investment and Other Servicing Fees $ 2,070.6 $ 1,957.3 $ 1,639.8 $ 1,548.3 $ — $ — $ 3,710.4 $ 3,505.6
Foreign Exchange Trading Income (Loss) 190.4 181.6 (23.9) (12.1) — — 166.5 169.5
Other Noninterest Income (Loss) 216.2 196.8 107.0 104.0 (6.2) 741.6 317.0 1,042.4
Total Noninterest Income (Loss) 2,477.2 2,335.7 1,722.9 1,640.2 (6.2) 741.6 4,193.9 4,717.5
Net Interest Income (Expense) (1)
1,010.8 896.2 775.6 734.4 (17.0) (17.3) 1,769.4 1,613.3
Revenue (1)
3,488.0 3,231.9 2,498.5 2,374.6 (23.2) 724.3 5,963.3 6,330.8
Provision for Credit Losses (0.1) (1.9) (2.0) 15.7 2.6 (6.3) 0.5 7.5
Noninterest Expense
Compensation 249.1 318.4 434.4 438.6 1,201.0 1,118.9 1,884.5 1,875.9
Employee Benefits 50.8 52.3 67.1 64.7 224.7 193.5 342.6 310.5
Outside Services 114.2 145.6 45.3 34.1 580.9 566.8 740.4 746.5
Allocated Expense 2,213.5 2,037.7 929.9 901.0 (3,143.4) (2,938.7) — —
Other Segment Items (2)
59.9 66.5 67.5 58.4 1,162.2 1,200.2 1,289.6 1,325.1
Total Noninterest Expense 2,687.5 2,620.5 1,544.2 1,496.8 25.4 140.7 4,257.1 4,258.0
Income (Loss) before Income Taxes (1)
800.6 613.3 956.3 862.1 (51.2) 589.9 1,705.7 2,065.3
Provision for Income Taxes (1)
173.2 134.5 233.8 216.7 27.8 138.4 434.8 489.6
Net Income (Loss) $ 627.4 $ 478.8 $ 722.5 $ 645.4 $ (79.0) $ 451.5 $ 1,270.9 $ 1,575.7
Percentage of Consolidated Net Income 49   % 30  % 57% 41  % (6)% 29  % 100   % 100  %
Average Assets $ 112,297.8   $ 107,447.0  $ 39,364.0 $ 38,629.2 $ 1,348.6 $ 578.6 $ 153,010.4 $ 146,654.8
Average Loans $ 5,652.7 $ 6,329.8 $ 35,593.9 $ 34,501.8 $ — $ — $ 41,246.6 $ 40,831.6
Average Deposits $ 91,669.5 $ 86,516.2 $ 25,317.3 $ 25,659.4 $ 1,348.6 $ 578.6 $ 118,335.4 $ 112,754.2

(1) Financial measures stated on an FTE basis. The FTE adjustment was $15.8 million and $21.3 million for nine months ended September 30, 2025 and 2024, respectively, and is eliminated within “Other” in order for “Total Consolidated” to reconcile with the Consolidated Statement of Income.
(2) Other Segment Items include Occupancy, Equipment & Software and Other Operating Expense.
(3) Prior-year period items including severance-related charges, software amortization acceleration and dispositions, and a securities repositioning related to the supplemental pension plan, are allocated to the Reporting Segments based on the nature of the item.
(4) Includes the net gain related to Northern Trust’s participation in the Visa Exchange Offer, a gain related to the sale of an equity investment, partially offset by a loss on available for sale debt securities sold in conjunction with a repositioning of the portfolio, all in the prior-year period.

Asset Servicing
Asset Servicing Trust, Investment and Other Servicing Fees
For an explanation of Asset Servicing Trust, Investment and Other Servicing Fees, please see the “Trust, Investment and Other Servicing Fees” section within the Consolidated Results of Operations section.
Asset Servicing Foreign Exchange Trading Income
Foreign Exchange Trading Income increased $6.0 million , or 10%, from the prior-year quarter and increased $8.8 million, or 5% from the prior-year period, primarily driven by higher trading volumes.
Asset Servicing Other Noninterest Income
Other Noninterest Income increased $10.3 million , or 15%, from the prior-year quarter and increased $19.4 million, or 10% from the prior-year period, primarily driven by Security Commissions and Trading Income due to higher core brokerage income.
Asset Servicing Net Interest Income
Net Interest Income stated on an FTE basis increased $19.0 million, or 6%, from the prior-year quarter and increased $114.6 million, or 13% from the prior-year period, primarily due to the favorable impact of higher deposits and lower funding costs.
Asset Servicing Provision for Credit Losses
The negative Provision for Credit Losses for the three and nine months ended September 30, 2025, reflected a decrease in the collective reserve driven by improved macroeconomic factors primarily in the C&I portfolio.
19

REPORTING SEGMENTS (continued)
Asset Servicing (continued)

Asset Servicing Noninterest Expense
Noninterest Expense increased $44.9 million, or 5%, from the prior-year quarter, primarily driven by higher indirect expense allocations for certain corporate support services.

Wealth Management
Wealth Management Trust, Investment and Other Servicing Fees
For an explanation of Wealth Management Trust, Investment and Other Servicing Fees, please see the “Trust, Investment and Other Servicing Fees” section within the Consolidated Results of Operations section.
Wealth Management Foreign Exchange Trading Income (Loss)
Foreign Exchange Trading Income decreased $11.8 million, or 98%, from the prior-year period, primarily driven by the allocation of losses from Treasury swap activity.
Wealth Management Net Interest Income
Net Interest Income increased $41.2 million, or 6%, from the prior-year period, primarily due to lower funding costs, partially offset by a decline in loan yields.
Wealth Management Provision for Credit Losses
The negative Provision for Credit Losses for the three months ended September 30, 2025, reflected a decrease in the collective reserve driven by improved macroeconomic factors for the C&I portfolio and improved projections for RRE. The negative Provision for Credit Losses for the nine months ended September 30, 2025 reflected a decrease in collective reserves driven by an improved industry outlook for the CRE portfolio; partially offset by an increase in specific reserves related to a small number of non-performing loans.
Wealth Management Noninterest Expense
Noninterest Expense increased $27.4 million, or 6%, from the prior-year quarter, primarily driven by higher indirect expense allocations for certain corporate support services.

Other
Other—Noninterest Income
Other Noninterest Income decreased $57.3 million, or 108%,from the prior-year quarter primarily due to the $68.1 million gain related to the sale of an equity investment in the prior-year quarter; partially offset by lower expenses in the current quarter associated with Visa Swap agreements. Other Noninterest Income decreased $747.8 million, or 101%, from the prior-year period primarily due to the $878.4 million net gain from Northern Trust’s participation in the Visa Exchange Offer and the $68.1 million gain related to the sale of an equity investment; partially offset by the $189.3 million loss on sale of available for sale debt securities arising from a repositioning of the portfolio, all of which occurred in the prior-year period.
Other—Noninterest Expense
Other Noninterest Expense decreased $8.8 million, or 62%, from the prior-year quarter primarily due to lower expense related to the FDIC Special Assessment. Other Noninterest Expense decreased $115.3 million, or 82%, from the prior-year period, primarily due to a $70.0 million charitable contribution, $14.7 million FDIC special assessment, and $10.6 million legal settlement, all recorded in the prior-year period.
20

CONSOLIDATED BALANCE SHEET

The following table summarizes selected consolidated balance sheet information.
TABLE 20: SELECT CONSOLIDATED BALANCE SHEET INFORMATION

($ In Billions) SEPTEMBER 30, 2025 DECEMBER 31, 2024 CHANGE
Assets
Federal Reserve and Other Central Bank Deposits $ 49.3   $ 38.8  $ 10.5  27  %
Interest-Bearing Due from and Deposits with Banks (1)
6.4   5.6  0.8  15 
Federal Funds Sold and Securities Purchased under Agreements to Resell 1.9   0.4  1.5  N/M
Total Debt Securities 55.9   51.3  4.6  9 
Loans 42.9   43.4  (0.5) (1)
Other Interest-Earning Assets (2)
2.7   2.7  —  (3)
Total Earning Assets 159.1   142.2  16.9  12 
Total Assets 170.3   155.5  14.8  9 
Liabilities and Stockholders' Equity
Total Interest-Bearing Deposits 109.9   98.1  11.8  12 
Demand and Other Noninterest-Bearing Deposits 25.9   24.4  1.5  6 
Federal Funds Purchased 1.8   2.2  (0.4) (19)
Securities Sold under Agreements to Repurchase 0.4   0.5  (0.1) (20)
Other Borrowings (3)
6.6   6.5  0.1  1 
Total Stockholders’ Equity 13.0   12.8  0.2  1 

(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.
(2)     Other Interest-Earning Assets includes 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.
(3)     Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
During the three and nine months ended September 30, 2025, the Corporation declared cash dividends totaling $154.3 million and $448.7 million to common stockholders, and cash dividends totaling $16.2 million and $37.1 million to preferred stockholders, respectively. During the three and nine months ended September 30, 2024, the Corporation declared cash dividends totaling $151.6 million and $459.3 million to common stockholders, and cash dividends totaling $16.2 million and $37.1 million to preferred stockholders, respectively.

21

ASSET QUALITY

Securities Portfolio
Northern Trust maintains a high quality debt securities portfolio. The following tables provide the book value of debt securities by credit rating using ratings from Moody’s, S&P Global or Fitch Ratings. Book value is fair value for AFS debt securities and amortized cost for HTM debt securities. Debt securities not explicitly rated were grouped where possible under the credit rating of the issuer of the security.
TABLE 21: BOOK VALUE OF DEBT SECURITIES BY CREDIT RATING

SEPTEMBER 30, 2025
($ In Millions) AAA AA A BBB NOT RATED TOTAL
Available for Sale
U.S. Government $ —   $ 8,155.0   $ —   $ —   $ —   $ 8,155.0  
Obligations of States and Political Subdivisions 40.5   270.2   —   —   —   310.7  
Government Sponsored Agency —   16,441.5   —   —   —   16,441.5  
Non-U.S. Government 260.3   55.0   —   —   —   315.3  
Corporate Debt —   64.6   42.3   —   —   106.9  
Covered Bonds 229.2   43.6   —   —   —   272.8  
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 4,230.9   559.2   196.6   —   —   4,986.7  
Other Asset-Backed 1,726.2   84.0   —   —   —   1,810.2  
Commercial Mortgage-Backed 472.4   17.7   —   —   —   490.1  
Total Available for Sale $ 6,959.5   $ 25,690.8   $ 238.9   $ —   $ —   $ 32,889.2  
Percent of Total Available for Sale 21   % 78   % 1   % —   % —   % 100   %
Held to Maturity
Obligations of States and Political Subdivisions $ 1,002.6   $ 1,473.4   $ —   $ —   $ —   $ 2,476.0  
Government Sponsored Agency —   8,512.4   —   —   —   8,512.4  
Non-U.S. Government 596.1   1,196.5   1,268.7   344.3   —   3,405.6  
Corporate Debt 159.4   150.5   97.3   —   —   407.2  
Covered Bonds 1,290.2   253.2   —   —   —   1,543.4  
Certificates of Deposit —   861.3   —   —   50.7   912.0  
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 3,819.0   1,176.7   50.5   1.2   —   5,047.4  

Commercial Mortgage-Backed —   37.6   —   —   —   37.6  
Other 53.3   —   —   —   580.0   633.3  
Total Held to Maturity $ 6,920.6   $ 13,661.6   $ 1,416.5   $ 345.5   $ 630.7   $ 22,974.9  
Percent of Total Held to Maturity 30   % 59   % 6   % 2   % 3   % 100   %
Total Debt Securities $ 13,880.1   $ 39,352.4   $ 1,655.4   $ 345.5   $ 630.7   $ 55,864.1  
Percent of Total Debt Securities 25   % 70   % 3   % 1   % 1   % 100   %

22

ASSET QUALITY (continued)
Securities Portfolio (continued)

DECEMBER 31, 2024
($ In Millions) AAA AA A BBB NOT RATED TOTAL
Available for Sale Debt Securities
U.S. Government $ 7,367.5  $ —  $ —  $ —  $ —  $ 7,367.5 
Obligations of States and Political Subdivisions 38.5  259.1  —  —  —  297.6 
Government Sponsored Agency 13,288.9  —  —  —  —  13,288.9 
Non-U.S. Government 296.8  —  —  —  —  296.8 
Corporate Debt 4.6  54.7  104.5  —  —  163.8 
Covered Bonds 230.9  —  —  —  —  230.9 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 4,021.4  446.6  115.1  —  —  4,583.1 
Other Asset-Backed 2,182.7  —  —  —  —  2,182.7 
Commercial Mortgage-Backed 571.2  19.0  —  —  —  590.2 
Total Available for Sale $ 28,002.5  $ 779.4  $ 219.6  $ —  $ —  $ 29,001.5 
Percent of Total Available for Sale 96  % 3  % 1  % —  % —  % 100  %
Held to Maturity
Obligations of States and Political Subdivisions $ 1,024.3  $ 1,523.9  $ —  $ —  $ —  $ 2,548.2 
Government Sponsored Agency 8,635.0  —  —  —  —  8,635.0 
Non-U.S. Government 700.0  704.2  2,020.1  311.5  —  3,735.8 
Corporate Debt —  191.5  160.1  —  —  351.6 
Covered Bonds 1,776.8  —  —  —  —  1,776.8 
Certificates of Deposit 316.6  —  —  —  19.4  336.0 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 3,132.8  984.5  28.5  1.1  —  4,146.9 
Other Asset-Backed 107.1  —  —  —  —  107.1 
Commercial Mortgage-Backed 37.6  —  —  —  —  37.6 
Other 50.7  —  —  —  571.0  621.7 
Total Held to Maturity $ 15,780.9  $ 3,404.1  $ 2,208.7  $ 312.6  $ 590.4  $ 22,296.7 
Percent of Total Held to Maturity 71  % 15  % 10  % 1  % 3  % 100  %
Total Debt Securities $ 43,783.4  $ 4,183.5  $ 2,428.3  $ 312.6  $ 590.4  $ 51,298.2 
Percent of Total Debt Securities 85  % 8  % 5  % 1  % 1  % 100  %

Moody's downgraded the long-term credit rating of the U.S. from Aaa to Aa1 in May 2025. As a result, U.S. treasuries and government sponsored agency securities are now AA rated in the table dated September 30, 2025 above.
As of September 30, 2025 and December 31, 2024, HTM debt securities not rated by Moody’s, S&P Global or Fitch Ratings primarily consisted of certificates of deposit with a remaining life of less than six months, as well as investments purchased by Northern Trust to fulfill its obligations under the Community Reinvestment Act (CRA). Northern Trust fulfills its obligations under the CRA by making qualified investments for purposes of supporting institutions and programs that benefit low-to-moderate income communities within Northern Trust’s market area.
For additional information relating to the securities portfolio, refer to Note 4, “Securities” to the consolidated financial statements provided in Item 1. Consolidated Financial Statements (unaudited).

Short-Term Borrowings
Short-term borrowings includes Federal Funds Purchased, Securities Sold under Agreements to Repurchase, and Other Borrowings. These balances are primarily driven by sources of strategic funding needs. Securities purchased under agreements to resell and securities sold under agreements to repurchase are accounted for as collateralized financings and recorded at the amounts at which the securities were acquired or sold plus accrued interest. To minimize potential credit risk associated with these transactions, the fair value of the securities purchased or sold is monitored, limits are set on exposure with counterparties, and the financial condition of counterparties is regularly assessed. It is Northern Trust’s policy to take possession, either directly or via third-party custodians, of securities purchased under agreements to resell. Securities sold under agreements to repurchase are held by the counterparty until their repurchase.
23

ASSET QUALITY (continued)

Nonaccrual Loans and Other Real Estate Owned
Nonaccrual assets consist of nonaccrual loans and other real estate owned (OREO). OREO is comprised of commercial and residential properties acquired in partial or total satisfaction of loans. There was no outstanding OREO as of September 30, 2025 or December 31, 2024.
The following table provides the amounts of nonaccrual loans, by loan segment and class, that were outstanding at the dates shown, as well as the balance of loans that were delinquent 90 days or more and still accruing interest. Loans that are delinquent 90 days or more and still accruing interest can fluctuate widely based on the timing of cash collections, renegotiation and renewals.
TABLE 22: NONACCRUAL ASSETS
SEPTEMBER 30, 2025 DECEMBER 31, 2024
($ In Millions) AMOUNT % OF NONACCRUAL LOANS TO TOTAL NONACCRUAL LOANS AMOUNT % OF NONACCRUAL LOANS TO TOTAL NONACCRUAL LOANS
Nonaccrual Loans
Commercial
Commercial and Institutional $ 42.5   54   % $ 29.8  53  %
Commercial Real Estate —   —   5.6  10 
Non-U.S. 0.5   1   0.5  1 
Total Commercial $ 43.0   55   % $ 35.9  64  %
Personal
Private Client $ 6.9   9   % $ 2.3  4  %
Residential Real Estate 28.9   36   17.8  32 
Total Personal $ 35.8   45   % $ 20.1  36  %
Total Nonaccrual Loans 78.8   56.0 

90 Day Past Due Loans Still Accruing $ 14.1   $ 82.3 
Nonaccrual Loans to Total Loans 0.18   % 0.13  %
Allowance for Credit Losses Assigned to Loans to Nonaccrual Loans 2.1   x 3.0  x