10-Q – 2026-07-30 – ntrs-20260630.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 June 30, 2026
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 June 30, 2026, 182,955,653 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 JUNE 30, 2026
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)
34

Consolidated Balance Sheets
34

Consolidated Statements of Income
35

Consolidated Statements of Comprehensive Income
35

Consolidated Statements of Changes in Stockholders’ Equity
36

Consolidated Statements of Cash Flows
37

Notes to Consolidated Financial Statements
38

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
84

Item 6: Exhibits
85

Signatures
86

i

CONSOLIDATED FINANCIAL HIGHLIGHTS
(UNAUDITED)

THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30,
CONDENSED INCOME STATEMENTS ($ In Millions) 2026 2025 % CHANGE (1)
2026 2025 % CHANGE (1)

Noninterest Income $ 2,022.5   $ 1,387.4  46  % $ 3,574.2   $ 2,759.3  30  %
Net Interest Income 675.5   610.5  11  1,329.5   1,178.6  13 
Total Revenue 2,698.0   1,997.9  35  4,903.7   3,937.9  25 
Provision for Credit Losses (5.3) 16.5  N/M (8.3) 17.5  N/M
Noninterest Expense 1,638.6   1,416.6  16  3,146.6   2,834.2  11 
Income before Income Taxes 1,064.7   564.8  89  1,765.4   1,086.2  63 
Provision for Income Taxes 272.5   143.5  90  447.6   272.9  64 
Net Income $ 792.2   $ 421.3  88  % $ 1,317.8   $ 813.3  62  %

PER COMMON SHARE
Net Income — Basic $ 4.25   $ 2.14  98  % $ 6.97   $ 4.05  72  %
— Diluted 4.23   2.13  98  6.93   4.03  72 
Cash Dividends Declared Per Common Share 0.80   0.75  7  1.60   1.50  7 
Book Value — End of Period (EOP) 68.41   62.65  9  68.41   62.65  9 
Market Value — EOP 173.84   126.79  37  173.84   126.79  37 

SELECTED BALANCE SHEET DATA ($ In Millions) JUNE 30, 2026 DECEMBER 31, 2025 % CHANGE (1)

End of Period:
Total Assets $ 179,297.2   $ 177,132.7  1  %
Earning Assets 166,079.4   166,194.2  — 
Deposits 145,580.0   142,797.7  2 
Stockholders’ Equity 13,401.6   12,957.9  3 

THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30,
2026 2025 % CHANGE (1)
2026 2025 % CHANGE (1)

Average Balances:
Total Assets $ 163,575.8   $ 157,719.2  4  % $ 164,431.8   $ 154,011.3  7  %
Earning Assets 151,291.2   145,822.0  4  152,477.7   141,936.5  7 
Deposits 127,845.7   122,377.8  4  128,435.4   119,166.3  8 
Stockholders’ Equity 13,094.6   12,612.1  4  12,928.8   12,608.1  3 

CLIENT ASSETS ($ In Billions) JUNE 30, 2026 DECEMBER 31, 2025 % CHANGE (1)

AUC/A (2)
$ 20,000.2   $ 18,716.1  7  %
AUC 15,938.8   14,889.1  7 
AUM 1,969.9   1,803.2  9 

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 JUNE 30, SIX MONTHS ENDED JUNE 30,
2026 2025 2026 2025
Financial Ratios:
Return on Average Common Equity 25.9   % 14.2  % 21.7   % 13.6  %

Dividend Payout Ratio 18.9   35.2  23.1   37.2 
Net Interest Margin (1)
1.81   1.69  1.78   1.69 

Standardized Approach Advanced Approach
June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 WELL-CAPITALIZED RATIOS MINIMUM CAPITAL RATIOS
Capital Ratios:
Northern Trust Corporation
Common Equity Tier 1 Capital 12.2   % 12.6  % 14.3   % 15.0  % N/A 4.5  %
Tier 1 Capital 13.1   13.5  15.3   16.0  6.0  6.0 
Total Capital 15.5   16.1  17.9   18.8  10.0  8.0 
Tier 1 Leverage 7.6   7.8  7.6   7.8  N/A 4.0 
Supplementary Leverage N/A N/A 8.6   8.7  N/A 3.0 

The Northern Trust Company
Common Equity Tier 1 Capital 11.8   % 12.1  % 14.1   % 14.6  % 6.5  % 4.5  %
Tier 1 Capital 11.8   12.1  14.1   14.6  8.0  6.0 
Total Capital 13.9   14.3  16.3   17.0  10.0  8.0 
Tier 1 Leverage 6.8   6.9  6.8   6.9  5.0  4.0 
Supplementary Leverage N/A N/A 7.7   7.7  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 second quarter of 2026. 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, 2025. 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, 2025.

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 JUNE 30, SIX MONTHS ENDED JUNE 30,
($ In Millions) 2026 2025 CHANGE 2026 2025 CHANGE
Trust, Investment and Other Servicing Fees $ 1,349.5   $ 1,231.1  $ 118.4  10  % $ 2,690.9   $ 2,444.9  $ 246.0  10  %
Other Noninterest Income (1)
673.0   156.3  516.7  N/M 883.3   314.4  568.9  181
Net Interest Income 675.5   610.5  65.0  11  1,329.5   1,178.6  150.9  13 
Total Revenue $ 2,698.0   $ 1,997.9  $ 700.1  35  % $ 4,903.7   $ 3,937.9  $ 965.8  25  %
Provision for Credit Losses (5.3) 16.5  N/M N/M (8.3) 17.5  N/M N/M
Noninterest Expense (2)
1,638.6   1,416.6  222.0  16  3,146.6   2,834.2  312.4  11 
Income before Income Taxes $ 1,064.7   $ 564.8  $ 499.9  89  % $ 1,765.4   $ 1,086.2  $ 679.2  63  %
Provision for Income Taxes 272.5   143.5  129.0  90  447.6   272.9  174.7  64 
Net Income $ 792.2   $ 421.3  $ 370.9  88  % $ 1,317.8   $ 813.3  $ 504.5  62  %
Preferred Stock Dividends 4.7   4.7  —  —  20.9   20.9  —  — 
Net Income Applicable to Common Stock $ 787.5   $ 416.6  $ 370.9  89  % $ 1,296.9   $ 792.4  $ 504.5  64  %
PER COMMON SHARE
Net Income – Basic $ 4.25   $ 2.14  $ 2.11  98  % $ 6.97   $ 4.05  $ 2.92  72  %
 – Diluted 4.23   2.13  2.10  98  6.93   4.03  2.90  72 
Cash Dividends Declared Per Common Share 0.80   0.75  0.05  7  1.60   1.50  0.10  7 

N/M - Not meaningful
( 1)    For the three and six months ended June 30, 2026, Other Noninterest Income included a $525.4 million (pre-tax) gain related to Northern Trust’s participation in the second Visa, Inc. Exchange Offer, recorded in Other Operating Income and a $73.9 million (pre-tax) loss on available for sale debt securities sold in conjunction with a repositioning of the portfolio, recognized in Investment Security Gains (Losses)
(2)    For the three and six months ended June 30, 2026, Noninterest Expense included a $61.5 million (pre-tax) charge related to software dispositions, recognized in Equipment and Software expense, as well as $51.0 million (pre-tax) of severance-related charges and a $33.1 million (pre-tax) expense related to the Invested as One equity grant to eligible employees, both recognized in Compensation and Benefits expense.

3

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

Three Months Ended June 30, 2026 highlights:
• Revenue for the three months ended June 30, 2026 increased from the prior-year quarter to $2.7 billion, reflecting:
◦ Trust, Investment and Other Servicing Fees increased to $1.3 billion in the current quarter primarily due to favorable markets, net client inflows, and net new business.
◦ Other Noninterest Income increased to $673.0 million in the current quarter primarily due to higher Other Operating Income, mainly driven by a $525.4 million gain related to Northern Trust’s participation in the second Visa, Inc. Exchange Offer in the current quarter, as well as higher Foreign Exchange Trading Income and Securities Commissions and Trading Income, mainly driven by higher volumes resulting from client activity and market volatility, partially offset by a $73.9 million loss on the sale of AFS securities related to a repositioning of the portfolio in the current quarter, recognized in Investment Security Gains (Losses), net.
◦ Net Interest Income increased to $675.5 million in the current quarter primarily driven by higher deposits and lower funding costs.
• Noninterest Expense increased to $1.6 billion in the current quarter primarily due to a $61.5 million charge related to software dispositions recognized in Equipment and Software expense, as well as $51.0 million of severance-related charges and a $33.1 million expense related to the Invested as One equity grant to eligible employees, both recognized in Compensation and Benefits expense, all occurring in the current quarter.
• In the current quarter, there was a negative Provision for Credit Losses of $5.3 million, as compared to a Provision for Credit Losses of $16.5 million in the prior-year quarter. For additional information, refer to the Provision for Credit Losses within the “Consolidated Results of Operations” section.

Six Months Ended June 30, 2026 highlights:
• Revenue for the six months ended June 30, 2026 increased from the prior-year period to $4.9 billion, reflecting:
◦ Trust, Investment and Other Servicing Fees increased to $2.7 billion in the current year primarily due to favorable markets, net new business, and favorable currency movement.
◦ Other Noninterest Income increased to $883.3 million in the current year primarily due to higher Other Operating Income, mainly driven by a $525.4 million gain related to Northern Trust’s participation in the second Visa, Inc. Exchange Offer in the current quarter, as well as higher Foreign Exchange Trading Income and Securities Commissions and Trading Income, mainly driven by higher volumes resulting from client activity and market volatility, partially offset by a $73.9 million loss on the sale of AFS securities related to a repositioning of the portfolio in the current quarter, recognized in Investment Security Gains (Losses), net.
◦ Net Interest Income increased to $1.3 billion in the year primarily driven by higher deposit levels and lower funding costs, partially offset by lower asset yields.
• Noninterest Expense increased to $3.1 billion in the current year primarily due to a $61.5 million charge related to software dispositions recognized in Equipment and Software expense, as well as $51.0 million of severance-related charges and a $33.1 million expense related to the Invested as One equity grant to eligible employees, both recognized in Compensation and Benefits expense, all occurring in the current quarter.
• In the current year, there was a negative Provision for Credit Losses of $8.3 million, as compared to a Provision for Credit Losses of $17.5 million in the prior-year quarter. For additional information, refer to the Provision for Credit Losses within the “Consolidated Results of Operations” section.

4

SECOND 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 JUNE 30, SIX MONTHS ENDED JUNE 30,
($ In Millions) 2026 2025 CHANGE 2026 2025 CHANGE
Asset Servicing Trust, Investment and Other Servicing Fees
Custody and Fund Administration $ 512.3   $ 469.2  $ 43.1  9  % $ 1,009.9   $ 922.5  $ 87.4  9  %
Investment Management 172.2   157.3  14.9  10  341.4   309.8  31.6  10 
Securities Lending 29.4   20.2  9.2  46  52.8   38.1  14.7  39 
Other 43.5   45.1  (1.6) (3) 93.8   93.3  0.5  1 
Total Asset Servicing Trust, Investment and Other Servicing Fees $ 757.4   $ 691.8  $ 65.6  9  % $ 1,497.9   $ 1,363.7  $ 134.2  10  %
Wealth Management Trust, Investment and Other Servicing Fees
Private Wealth (1)
$ 483.0   $ 434.8  $ 48.2  11  % $ 969.0   $ 872.9  $ 96.1  11  %
Global Family Office 109.1   104.5  4.6  4  224.0   208.3  15.7  8 
Total Wealth Management Trust, Investment and Other Servicing Fees $ 592.1   $ 539.3  $ 52.8  10  % $ 1,193.0   $ 1,081.2  $ 111.8  10  %
Total Consolidated Trust, Investment and Other Servicing Fees $ 1,349.5   $ 1,231.1  $ 118.4  10  % $ 2,690.9   $ 2,444.9  $ 246.0  10  %

(1) Beginning in Q2 2026, Wealth Management Trust, Investment and Other Servicing Fees by region are combined into the Private Wealth line item. Prior periods have been revised.
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 from the prior-year quarter primarily driven by favorable markets and net new business. Custody and Fund Administration fees increased from the prior-year period primarily driven by favorable markets, favorable currency movements and net new business.
Investment Management fees increased from both the the prior-year quarter and the prior-year period primarily due to favorable markets and net client inflows.
Securities Lending increased from both the prior-year quarter and prior-year period primarily due to higher trading volumes and spreads.
Wealth Management
Wealth Management fees are calculated primarily based on market values and is impacted by both one-month and one-quarter lagged asset values.
Private Wealth fee income increased 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 and client inflows.
5

SECOND 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 JUNE 30, AS OF JUNE 30,
2026 2025 CHANGE 2026 2025 CHANGE
S&P 500 7,259   5,730  27  % 7,499   6,205  21  %
MSCI EAFE (U.S. dollars) 3,059   2,512  22  3,117   2,655  17 
MSCI EAFE (local currency) 1,882   1,549  21  1,952   1,600  22 

TABLE 4: FIXED INCOME MARKET INDICES

AS OF JUNE 30,
2026 2025 CHANGE
Barclays Capital U.S. Aggregate Bond Index 2,363   2,277  4  %
Barclays Capital Global Aggregate Bond Index 500   497  1 

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

JUNE 30, 2026 MARCH 31, 2026 JUNE 30, 2025 CHANGE Q2-26/Q1-26 CHANGE Q2-26/Q2-25
($ In Billions)
Asset Servicing $ 18,635.2   $ 17,288.6  $ 16,864.9  8  % 10  %
Wealth Management 1,365.0   1,265.3  1,203.4  8  13 
Total Assets Under Custody / Administration $ 20,000.2   $ 18,553.9  $ 18,068.3  8  % 11  %

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

JUNE 30, 2026 MARCH 31, 2026 JUNE 30, 2025 CHANGE Q2-26/Q1-26 CHANGE Q2-26/Q2-25
($ In Billions)
Asset Servicing $ 14,587.7   $ 13,521.1  $ 13,056.5  8  % 12  %
Wealth Management 1,351.1   1,254.2  1,187.2  8  14 
Total Assets Under Custody $ 15,938.8   $ 14,775.3  $ 14,243.7  8  % 12  %

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

SECOND 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

JUNE 30, 2026 MARCH 31, 2026 JUNE 30, 2025
AS WM TOTAL AS WM TOTAL AS WM TOTAL
Equities 50   % 62   % 51   % 48  % 60  % 49  % 49  % 62  % 50  %
Fixed Income Securities 30   13   29   32  13  30  31  13  30 
Cash and Other Assets 18   25   19   19  27  20  18  25  19 
Securities Lending Collateral 2   —   2   1  —  1  2  —  1 

The following table presents Northern Trust’s assets under custody by investment type.
TABLE 8: ASSETS UNDER CUSTODY BY INVESTMENT TYPE
($ In Billions) JUNE 30, 2026 MARCH 31, 2026 JUNE 30, 2025 CHANGE Q2-26/Q1-26 CHANGE Q2-26/Q2-25
Equities $ 8,092.7   $ 7,176.6  $ 7,156.8  13  % 13  %
Fixed Income Securities 4,578.2   4,467.4  4,203.0  2  9 
Cash and Other Assets 3,028.0   2,914.7  2,677.9  4  13 
Securities Lending Collateral 239.9   216.6  206.0  11  16 
Total AUC $ 15,938.8   $ 14,775.3  $ 14,243.7  8  % 12  %

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

JUNE 30, 2026 MARCH 31, 2026 JUNE 30, 2025 CHANGE Q2-26/Q1-26 CHANGE Q2-26/Q2-25
($ In Billions)
Asset Servicing $ 1,436.0   $ 1,287.3  $ 1,229.2  12  % 17  %
Wealth Management 533.9   497.6  468.5  7  14 
Total AUM $ 1,969.9   $ 1,784.9  $ 1,697.7  10  % 16  %

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

JUNE 30, 2026 MARCH 31, 2026 JUNE 30, 2025
AS WM TOTAL AS WM TOTAL AS WM TOTAL
Equities 55   % 62   % 57   % 53  % 59  % 55  % 54  % 59  % 56  %
Fixed Income Securities 10   18   12   11  19  13  11  20  13 
Cash and Other Assets 18   20   19   19  22  20  18  21  19 
Securities Lending Collateral 17   —   12   17  —  12  17  —  12 

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

($ In Billions) JUNE 30, 2026 MARCH 31, 2026 JUNE 30, 2025 CHANGE Q2-26/Q1-26 CHANGE Q2-26/Q2-25
Equities $ 1,117.3   $ 984.1  $ 943.6  14  % 18  %
Fixed Income Securities 236.9   233.6  223.5  1  6 
Cash and Other Assets 375.8   350.6  324.6  7  16 
Securities Lending Collateral 239.9   216.6  206.0  11  16 
Total AUM $ 1,969.9   $ 1,784.9  $ 1,697.7  10  % 16  %

7

SECOND 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) JUNE 30, 2626 MARCH 31, 2026 DECEMBER 31, 2025 SEPTEMBER 30, 2025 JUNE 30, 2025
Beginning Balance of AUM $ 1,784.9   $ 1,803.2  $ 1,772.7  $ 1,697.7  $ 1,607.8 
Net Inflows (Outflows) by Product
Equities (4.6) (5.1) (8.7) (14.6) (25.2)
Fixed Income 2.1   1.1  0.8  4.2  (1.4)
Cash and Other Assets 22.5   9.5  5.6  15.3  12.4 
Securities Lending Collateral 23.3   8.2  1.7  0.6  14.9 
Net Inflows (Outflows) 43.3   13.7  (0.6) 5.5  0.7 

Total Market Performance, Currency & Other 141.7   (32.0) 31.1  69.5  89.2 
Ending Balance of AUM $ 1,969.9   $ 1,784.9  $ 1,803.2  $ 1,772.7  $ 1,697.7 

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

THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30,
($ In Millions) 2026 2025 CHANGE 2026 2025 CHANGE
Foreign Exchange Trading Income $ 97.1   $ 50.6  $ 46.5  92  % $ 184.8   $ 109.3  $ 75.5  69  %
Security Commissions and Trading Income 55.6   39.6  16.0  40  107.7   78.7  29.0  37 
Other Operating Income (1)
594.2   66.1  528.1  N/M 664.7   126.4  538.3  N/M
Investment Security Gains (Losses), net (73.9) —  —  N/M (73.9) —  (73.9) N/M
Total Other Noninterest Income $ 673.0   $ 156.3  $ 516.7  N/M $ 883.3   $ 314.4  $ 568.9  181%

N/M - Not meaningful
(1) Beginning in Q1 2026, Treasury Management Fees are included within Other Operating Income. The prior period has been revised to conform to the current year presentation.
For the three and six months ended June 30, 2026, Foreign Exchange Trading Income increased compared to the prior-year quarter and prior-year period, primarily due to higher trading volumes driven by client activity and market volatility, particularly in Asia-Pacific markets.
For the three and six months ended June 30, 2026, Security Commissions and Trading Income increased compared to the prior-year quarter and prior-year period, primarily due to higher volumes as a result of market volatility and growth in outsourced trading activity.
For the three and six months ended June 30, 2026, Other Operating Income increased compared to the prior-year quarter and prior-year period, primarily due to a $525.4 million gain related to Northern Trust’s participation in the second Visa, Inc. Exchange Offer.
For the three and six months ended June 30, 2026 Investment Securities Gains (Losses), net reflects a $73.9 million loss on the sale of available for sale debt securities in the current quarter related to a repositioning of the securities portfolio.

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 interest-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.
8

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

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.
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 June 30, 2026 and three months ended June 30, 2025.
9

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

TABLE 14: AVERAGE CONSOLIDATED BALANCE SHEETS WITH ANALYSIS OF NET INTEREST INCOME

(INTEREST AND RATE ON A FULLY TAXABLE EQUIVALENT BASIS) SECOND QUARTER
2026 2025
($ In Millions) INTEREST AVERAGE BALANCE AVERAGE RATE (1)
INTEREST AVERAGE BALANCE AVERAGE RATE (1)

Interest-Earning Assets
Federal Reserve and Other Central Bank Deposits $ 328.8   $ 38,322.9   3.44   % $ 436.4  $ 43,655.3  4.01  %
Interest-Bearing Due from and Deposits with Banks (2)
18.2   6,304.2   1.16   21.8  5,321.5  1.64 
Federal Funds Sold and Securities Purchased under Agreements to Resell (3)(4)
783.6   521.9   602.18   693.2  713.2  389.92 
Debt Securities
Available for Sale 397.7   37,775.8   4.22   367.6  31,415.0  4.69 
Held to Maturity 121.5   23,604.2   2.06   96.3  20,895.9  1.85 

Total Debt Securities 519.2   61,380.0   3.39   463.9  52,310.9  3.56 
Loans 517.4   41,567.6   4.99   576.9  41,158.0  5.62 
Other Interest-Earning Assets (5)
29.7   3,194.6   3.73   25.3  2,663.1  3.81 
Total Interest-Earning Assets 2,196.9   151,291.2   5.82   2,217.5  145,822.0  6.10 
Cash and Due from Banks and Other Central Bank Deposits (6)
—   1,313.9   —   —  1,069.8  —  
Other Noninterest-Earning Assets —   10,970.7   —   —  10,827.4  —  
Total Assets $ —   $ 163,575.8   —   % $ —  $ 157,719.2  —  %
Average Source of Funds
Deposits
Savings, Money Market and Other $ 208.5   $ 32,356.8   2.58   % $ 222.6  $ 28,797.4  3.10  %
Savings Certificates and Other Time 46.4   5,059.1   3.68   71.5  6,652.0  4.31 
Non-U.S. Offices — Interest-Bearing 310.1   70,929.3   1.75   427.9  70,158.0  2.45 
Total Interest-Bearing Deposits 565.0   108,345.2   2.09   722.0  105,607.4  2.74 
Federal Funds Purchased 19.6   2,338.3   3.36   24.4  2,469.0  3.97 
Securities Sold under Agreements to Repurchase (3)(7)
769.8   677.2   455.90   680.6  584.6  467.05 
Other Borrowings (8)
79.9   8,255.7   3.88   80.4  7,008.2  4.60 
Senior Notes 41.2   3,335.9   4.95   39.0  2,818.2  5.55 
Long-Term Debt 38.3   2,856.9   5.38   55.9  4,087.8  5.48 

Total Interest-Bearing Liabilities 1,513.8   125,809.2   4.83   1,602.3  122,575.2  5.24 
Interest Rate Spread —   —   0.99   —  —  0.86 
Demand and Other Noninterest-Bearing Deposits —   19,500.5   —   —  16,770.4  — 
Other Noninterest-Bearing Liabilities —   5,171.5   —   —  5,761.5  — 
Stockholders’ Equity —   13,094.6   —   —  12,612.1  — 
Total Liabilities and Stockholders’ Equity $ —   $ 163,575.8   —   % $ —  $ 157,719.2  —  %
Less: FTE Adjustment $ 7.6   $ —   —   % $ 4.7  $ —  —  %
Net Interest Income/Margin (Unadjusted) $ 675.5   $ —   1.79   % $ 610.5  $ —  1.68  %
Net Interest Income/Margin (FTE Adjusted) (9)
$ 683.1   $ —   1.81   % $ 615.2  $ —  1.69  %

(1) Rate calculations are based on actual balances rather than the rounded amounts presented in the table above.
(2) Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets.
(3) Includes the impact of balance sheet netting under master netting arrangements of approximately $84.0 billion and $62.0 billion in 2026 and 2025, respectively, 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 3.72% and 4.43% in 2026 and 2025, respectively. It includes balances and rates for FICC reverse repurchase agreements, Non-FICC reverse repurchase agreements and federal funds sold of ($84.1 billion / 3.72%), ($0.4 billion / 4.04%), and ($0.8 million / 3.85%) for 2026 and ($62.1 billion / 4.45%), ($0.7 billion / 2.88%), and ($1.1 million / 4.61%) for 2025, respectively.
(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.
(6) 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.
(7) Excluding the impact of netting, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 3.65% and 4.36% in 2026 and 2025, respectively. It includes balances and rates for FICC repurchase agreements and Non-FICC repurchase agreements of ($84.0 billion / 3.65%) and ($0.7 billion / 3.41%) for 2026 and ($62.0 billion / 4.36%) and ($0.6 billion / 4.17%) for 2025, respectively.
(8) Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
(9) A reconciliation of Net Interest Income on a GAAP basis to Net Interest Income on an FTE basis is provided in “Supplemental Information—Reconciliation to Fully Taxable Equivalent” within this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section.
10

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

Net Interest Income for the three months ended June 30, 2026, stated on an FTE basis, increased from the prior-year quarter, primarily driven by higher deposits and lower funding costs.
The net interest margin on an FTE basis increased from the prior-year quarter, primarily driven by lower funding costs.
Interest-earning deposits includes Federal Reserve and Other Central Bank Deposits and Interest-Bearing Due from and Deposits with Banks. Average interest-earning deposits decreased 9%, from the prior-year quarter, primarily driven by strategic purchases in the securities portfolio.
Average Securities increased 17% from the prior-year quarter, reflecting strategic purchases of investment securities, primarily in the AFS portfolio. Average taxable Securities were $53.4 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 $8.0 billion in the current quarter and $8.3 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 of $41.6 billion increased 1% compared to the prior-year quarter, primarily driven by an increase in short term advances, primarily related to the processing of custodied client investments, and Subscription Finance loans, partially offset by a decrease in Commercial and Institutional loans. For additional discussion relating to the revised loan classes within the Commercial loan segment, refer to Note 5- Loans to the consolidated financial statements provided in Item 1. Consolidated Financial Statements (unaudited).
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 $1.7 billion, $986.1 million, $342.7 million, $101.8 million, and $69.1 million, respectively, which are recorded in Other Assets on the consolidated balance sheets.
Average Interest-Bearing Deposits increased 3% from the prior-year quarter, primarily due to increased liquidity and client activity as a result of market volatility and growth across institutional and personal clients. Average Non-U.S. Offices Interest-Bearing Deposits comprised 65% and 66% of total average Interest-Bearing Deposits for the three months ended June 30, 2026 and 2025, respectively.
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 six months ended June 30, 2026.
TABLE 15: AVERAGE CONSOLIDATED BALANCE SHEETS WITH ANALYSIS OF NET INTEREST INCOME

(INTEREST AND RATE ON A FULLY TAXABLE EQUIVALENT BASIS) SIX MONTHS ENDED JUNE 30,
2026 2025
($ In Millions) INTEREST AVERAGE BALANCE AVERAGE
RATE (1)
INTEREST AVERAGE BALANCE AVERAGE
RATE (7)

Interest-Earning Assets
Federal Reserve and Other Central Bank Deposits $ 692.3   $ 40,427.1   3.45   % $ 816.4  $ 40,426.1  4.07  %
Interest-Bearing Due from and Deposits with Banks (2)
37.7   6,160.2   1.23   45.2  5,100.7  1.79 
Federal Funds Sold and Securities Purchased under Agreements to Resell (3)(4)
1,610.5   852.5   380.96   1,380.0  554.7  501.67 
Debt Securities
Available for Sale 766.2   36,783.6   4.20   719.7  30,795.1  4.71 
Held to Maturity 242.2   23,743.0   2.06   200.9  21,356.3  1.90 

Total Debt Securities 1,008.4   60,526.6   3.36   920.6  52,151.4  3.56 
Loans 1,029.9   41,232.8   5.04   1,152.5  41,117.4  5.65 
Other Interest-Earning Assets (5)
59.8   3,278.5   3.68   49.3  2,586.2  3.85 
Total Interest-Earning Assets 4,438.6   152,477.7   5.87   4,364.0  141,936.5  6.20 
Cash and Due from Banks and Other Central Bank Deposits (6)
—   1,225.9   —   —  1,055.6  — 
Other Noninterest-Earning Assets —   10,728.2   —   —  11,019.2  — 
Total Assets $ —   $ 164,431.8   —   % $ —  $ 154,011.3  —  %
Average Source of Funds
Deposits
Savings, Money Market and Other $ 394.0   $ 30,809.5   2.58   % $ 435.3  $ 28,261.9  3.11  %
Savings Certificates and Other Time 101.6   5,420.1   3.78   147.4  6,762.4  4.40 
Non-U.S. Offices — Interest-Bearing 661.3   73,083.6   1.82   841.2  67,321.9  2.52 
Total Interest-Bearing Deposits 1,156.9   109,313.2   2.13   1,423.9  102,346.2  2.81 
Federal Funds Purchased 40.9   2,456.9   3.36   48.0  2,431.5  3.98 
Securities Sold under Agreements to Repurchase (3)(7)
1,574.2   581.0   546.37   1,353.8  513.9  531.30 
Other Borrowings (8)
155.4   7,948.7   3.94   160.1  7,016.2  4.60 
Senior Notes 82.3   3,344.3   4.96   77.8  2,800.0  5.60 
Long-Term Debt 84.2   3,163.1   5.37   111.5  4,085.7  5.50 
Total Interest-Related Funds 3,093.9   126,807.2   4.92   3,175.1  119,193.5  5.37 
Interest Rate Spread —   —   0.95   —  —  0.83 
Demand and Other Noninterest-Bearing Deposits —   19,122.2   —   —  16,820.1  — 
Other Noninterest-Bearing Liabilities —   5,573.6   —   —  5,389.6  — 
Stockholders’ Equity —   12,928.8   —   —  12,608.1  — 
Total Liabilities and Stockholders’ Equity $ —   $ 164,431.8   —   % $ —  $ 154,011.3  —  %
Less: FTE Adjustment $ 15.2   $ —   —   % $ 10.3  $ —  —  %
Net Interest Income/Margin (Unadjusted) $ 1,329.5   $ —   1.76   % $ 1,178.6  $ —  1.67  %
Net Interest Income/Margin (FTE Adjusted) (9)
$ 1,344.7   $ —   1.78   % $ 1,188.9  $ —  1.69  %

(1) Rate calculations are based on actual balances rather than the rounded amounts presented in the table above.
(2) Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets.
(3) Includes the impact of balance sheet netting under master netting arrangements of approximately $86.0 billion and $62.0 billion in 2026 and 2025, respectively, 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 3.74% and 4.45% in 2026 and 2025, respectively. It includes balances and rates for FICC reverse repurchase agreements, Non-FICC reverse repurchase agreements and federal funds sold of ($86.1 billion / 3.74%), ($0.8 billion / 3.31%), and ($0.6 million / 3.85%) for 2026 and ($62.1 billion / 4.45%), ($0.5 billion / 3.36%), and ($1.2 million / 4.61%) for 2025, respectively.
(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.
(6) 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.
(7) Excluding the impact of netting, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 3.67% and 4.36%, in 2026 and 2025, respectively. It includes balances and rates for FICC repurchase agreements and Non-FICC repurchase agreements of ($86.0 billion / 3.67%) and ($0.6 billion / 3.38%) for 2026 and ($62.0 billion / 4.37%) and ($0.5 billion / 4.14%) for 2025, respectively.
(8) Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
(9) 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 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section.
12

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

Net Interest Income for the six months ended June 30, 2026, stated on an FTE basis, increased from the prior-year period, primarily driven by higher deposits levels and lower funding costs, partially offset by lower asset yields.
The net interest margin on an FTE basis increased from the prior-year period, primarily driven by 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 interest-earning deposits increased 2% from the prior-year period, primarily driven by higher client deposits.
Average Securities increased 16%, from the prior-year period reflecting strategic purchases of investment securities primarily in the AFS portfolio. Average taxable Securities were $52.4 billion in the current period and $44.0 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 $8.1 billion in the current period and $8.2 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 was relatively flat compared the prior-year period as an increase in short term advances, primarily related to the processing of custodied client investments, was partially offset by a decrease in Commercial and Institutional loans and 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 $1.8 billion, $1.0 billion, $342.7 million, $93.4 million, and $69.1 million respectively, which are recorded in Other Assets on the consolidated balance sheets.
Average Interest-Bearing Deposits increased 7% from the prior-year period, primarily due to increased client activity and higher liquidity as a result of market volatility and growth across institutional and personal clients. Average non-U.S. offices interest-bearing deposits comprised 67% and 66% of total average interest-bearing deposits for the six months ended June 30, 2026 and 2025, respectively.
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 JUNE 30, 2026 VS. 2025
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 $ (49.4) $ (58.2) $ (107.6)
Interest-Bearing Due from and Deposits with Banks 3.6   (7.2) (3.6)
Federal Funds Sold and Securities Purchased under Agreements to Resell (2)
220.9   (130.5) 90.4  
Debt Securities
Available for Sale 69.7   (39.6) 30.1  
Held to Maturity 13.5   11.7   25.2  

Total Debt Securities 83.2   (27.9) 55.3  
Loans 5.7   (65.2) (59.5)
Other Interest-Earning Assets 4.9   (0.5) 4.4  
Total Interest Income $ 268.9   $ (289.5) $ (20.6)

Interest-Bearing Deposits
Savings, Money Market and Other $ 25.9   $ (40.0) $ (14.1)
Savings Certificates and Other Time (15.5) (9.6) (25.1)
Non-U.S. Offices - Interest-Bearing 4.7   (122.5) (117.8)
Total Interest-Bearing Deposits 15.1   (172.1) (157.0)
Federal Funds Purchased (1.2) (3.6) (4.8)
Securities Sold under Agreements to Repurchase (2)
220.8   (131.6) 89.2  
Other Borrowings 13.3   (13.8) (0.5)
Senior Notes 6.7   (4.5) 2.2  
Long-Term Debt (16.6) (1.0) (17.6)

Total Interest Expense $ 238.1   $ (326.6) $ (88.5)
Increase in Net Interest Income (FTE) $ 30.8   $ 37.1   $ 67.9  

(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 exclude the impact of balance sheet netting noted in Table 14: Average Consolidated Balance Sheets with Analysis of Net Interest Income.

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) SIX MONTHS ENDED JUNE 30, 2026 vs. 2025
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 $ —   $ (124.1) $ (124.1)
Interest-Bearing Due from and Deposits with Banks 8.3   (15.8) (7.5)
Federal Funds Sold and Securities Purchased under Agreements to Resell (2)
487.3   (256.8) 230.5  
Debt Securities
Available for Sale 129.6   (83.1) 46.5  
Held to Maturity 23.5   17.8   41.3  

Total Debt Securities 153.1   (65.3) 87.8  
Loans 3.1   (125.7) (122.6)
Other Interest-Earning Assets 12.7   (2.2) 10.5  
Total Interest Income $ 664.5   $ (589.9) $ 74.6  

Interest-Bearing Deposits
Savings, Money Market and Other $ 37.3   $ (78.6) $ (41.3)
Savings Certificates and Other Time (26.6) (19.2) (45.8)
Non-U.S. Offices - Interest-Bearing 73.9   (253.8) (179.9)
Total Interest-Bearing Deposits 84.6   (351.6) (267.0)
Federal Funds Purchased 0.5   (7.6) (7.1)
Securities Sold under Agreements to Repurchase (2)
464.5   (244.1) 220.4  
Other Borrowings 19.9   (24.6) (4.7)
Senior Notes 14.1   (9.6) 4.5  
Long-Term Debt (24.7) (2.6) (27.3)

Total Interest Expense $ 558.9   $ (640.1) $ (81.2)
Increase in Net Interest Income (FTE) $ 105.6   $ 50.2   $ 155.8  

(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 exclude the impact of balance sheet netting noted in Table 20: Average Consolidated Balance Sheets with Analysis of Net Interest Income.

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

SECOND QUARTER CONSOLIDATED RESULTS OF OPERATIONS (continued)

Provision for Credit Losses
For the three and six months ended June 30, 2026, there was a negative Provision for Credit Losses of $5.3 million and $8.3 million, respectively. The negative provision in the current quarter resulted from a decrease in the collective reserve, partially offset by an increase in individual reserves. The decrease in the collective reserve was primarily driven by a strengthening macroeconomic outlook and improved credit quality for the Commercial Real Estate (CRE) and Commercial and Institutional (C&I) portfolios. The increase in the individual reserve was driven by a small number of non-performing loans. The negative provision in the current-year period was primarily in the C&I portfolio, driven by a strengthening macroeconomic outlook and improved credit quality; partially offset by an increase in specific reserves related to a small number of non-performing loans. Net recoveries in the current quarter were $0.4 million, reflecting $0.6 million of recoveries and $0.2 million of charge-offs. Net recoveries in the current-year period were $0.3 million, reflecting $0.9 million of recoveries and $0.6 million of charge-offs.
For the three and six months ended June 30, 2025, the Provision for Credit Losses was $16.5 million and $17.5 million, respectively. The provision for both periods resulted from an increase in specific reserves related to a small number of non-performing loans and an increase in the collective reserve resulting primarily from a worsening macroeconomic outlook, partially offset by sector and portfolio-specific improvements within the CRE portfolio. The prior-year quarter included $0.3 million net recoveries, reflecting $0.4 million of recoveries and $0.1 million of charge-offs. The prior-year period included $0.5 million net recoveries, reflecting $0.9 million of recoveries and $0.4 million of charge-offs.
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 JUNE 30, SIX MONTHS ENDED JUNE 30,
($ In Millions) 2026 2025 CHANGE 2026 2025 CHANGE
Compensation and Benefits $ 868.0   $ 732.5  $ 135.5  18  % $ 1,690.2   $ 1,486.6  $ 203.6  14  %
Outside Services 246.3   247.0  (0.7) —  483.0   492.2  (9.2) (2)
Equipment and Software 378.5   293.7  84.8  29  686.6   574.6  112.0  19 
Occupancy 53.5   52.5  1.0  2  104.8   105.9  (1.1) (1)
Other Operating Expense 92.3   90.9  1.4  2  182.0   174.9  7.1  4 
Total Noninterest Expense $ 1,638.6   $ 1,416.6   $ 222.0  16  % $ 3,146.6   $ 2,834.2  $ 312.4  11  %

For the three and six months ended June 30, 2026 Compensation and Benefits expense, the largest component of Noninterest Expense, increased compared to the prior-year quarter and prior year period, primarily due to the current quarter severance charge of $51.0 million, higher incentives, the $33.1 million Invested as One equity grant to eligible employees, annual base pay adjustments and an increase in pension expense.
For the three and six months ended June 30, 2026 Equipment and Software expense increased compared to the prior-year quarter and the prior year period, primarily due to software dispositions of $61.5 million in the current quarter, higher software support and higher amortization.

Provision for Income Taxes
Income tax expense for the three months ended June 30, 2026 was $272.5 million, representing an effective tax rate of 25.6%, compared to $143.5 million in the prior-year quarter, representing an effective tax rate of 25.4%.

Income tax expense for the six months ended June 30, 2026 was $447.6 million, representing an effective tax rate of 25.4%, compared to $272.9 million in the prior-year period, representing an effective tax rate of 25.1%.

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
16

REPORTING SEGMENTS (continued)

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. Income before Income Taxes on an FTE basis is the measure of segment profit or loss reviewed by the Chief Operating Decision Maker for purposes of assessing performance and allocating resources. 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 the Enterprise Chief Operating Office, 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 $7.6 million and $15.2 million for the three and six months ended June 30, 2026, respectively, and $4.7 million and $10.3 million for the three and six months ended June 30, 2025, respectively, in order to reconcile the segment results that are reported on an internal management-reporting basis into consolidated results.
Reporting segment results are subject to reclassification when organizational changes are made. The results are also subject to refinements in revenue and expense allocation methodologies, which are typically reflected on a retrospective basis unless it is impractical to do so.
For further details, please refer to Note 9—Reporting Segments to the consolidated financial statements provided in Item 1. Consolidated Financial Statements (unaudited).
The following table presents the earnings contributions and average assets of Northern Trust’s reporting segments for the three- and six- month periods ended June 30, 2026 and 2025.
TABLE 19: RESULTS OF REPORTING SEGMENTS
($ In Millions) ASSET SERVICING (3)
WEALTH MANAGEMENT (3)
OTHER (4)
TOTAL CONSOLIDATED
THREE MONTHS ENDED JUNE 30, 2026 2025 2026 2025 2026 2025 2026 2025
Noninterest Income
Trust, Investment and Other Servicing Fees $ 757.4 $ 691.8 $ 592.1 $ 539.3 $ — $ — $ 1,349.5 $ 1,231.1
Foreign Exchange Trading Income (Loss) 98.9 61.0 (1.8) (10.4) — — 97.1 50.6
Other Noninterest Income 89.3 70.6 35.8 34.6 450.8 0.5 575.9 105.7
Total Noninterest Income 945.6 823.4 626.1 563.5 450.8 0.5 2,022.5 1,387.4
Net Interest Income (Expense) (1)
416.1 347.2 265.3 268.3 (5.9) (5.0) 675.5 610.5
Revenue (1)
1,361.7 1,170.6 891.4 831.8 444.9 (4.5) 2,698.0 1,997.9
Provision for Credit Losses (2.7) 3.9 (1.6) 11.2 (1.0) 1.4 (5.3) 16.5
Noninterest Expense
Compensation and Benefits 111.7 90.9 176.3 163.6 580.0 478.0 868.0 732.5
Outside Services 31.4 43.5 13.6 17.0 201.3 186.5 246.3 247.0
Allocated Expense 875.3 741.5 348.6 306.7 (1,223.9) (1,048.2) — —
Other Segment Items (2)
22.7 19.4 21.0 23.7 480.6 394.0 524.3 437.1
Total Noninterest Expense 1,041.1 895.3 559.5 511.0 38.0 10.3 1,638.6 1,416.6
Income (Loss) before Income Taxes (1)
323.3 271.4 333.5 309.6 407.9 (16.2) 1,064.7 564.8
Provision for Income Taxes (1)
72.9 58.2 83.2 75.6 116.4 9.7 272.5 143.5
Net Income (Loss) $ 250.4 $ 213.2 $ 250.3 $ 234.0 $ 291.5 $ (25.9) $ 792.2 $ 421.3
Percentage of Consolidated Net Income 32   % 51  % 32% 56  % 36   % (7) % 100   % 100  %
Average Assets $ 123,994.6 $ 117,044.6 $ 39,431.2 $ 39,094.5 $ 150.0 $ 1,580.1 $ 163,575.8 $ 157,719.2
Average Loans $ 5,800.6 $ 5,812.8 $ 35,767.0 $ 35,345.2 $ — $ — $ 41,567.6 $ 41,158.0
Average Deposits $ 100,980.6 $ 95,506.7 $ 26,715.1 $ 25,291.0 $ 150.0 $ 1,580.1 $ 127,845.7 $ 122,377.8

(1) Financial measures stated on an FTE basis. The FTE adjustment was $7.6 million and $4.7 million for the three months ended June 30, 2026 and 2025, 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) The current quarter charges related to software dispositions and severance are included in the Reporting Segments with $100.6 million recorded to Asset Servicing and $11.9 million recorded to Wealth Management.
(4) Other includes the current quarter $525.4 million gain related to Northern Trust's participation in the second Visa Exchange Offer, the $73.9 million loss on available for sale debt securities sold in conjunction with a repositioning of the portfolio, and the $33.1 million Invested as One equity grant to eligible employees.

17

REPORTING SEGMENTS (continued)

(In Millions) ASSET SERVICING (3)
WEALTH MANAGEMENT (3)
OTHER (4)
TOTAL CONSOLIDATED
SIX MONTHS ENDED JUNE 30, 2026 2025 2026 2025 2026 2025 2026 2025
Noninterest Income
Trust, Investment and Other Servicing Fees $ 1,497.9 $ 1,363.7 $ 1,193.0 $ 1,081.2 $ — $ — $ 2,690.9 $ 2,444.9
Foreign Exchange Trading Income (Loss) 189.9 124.9 (5.1) (15.6) — — 184.8 109.3
Other Noninterest Income (Loss) 174.2 139.2 69.7 68.1 454.6 (2.2) 698.5 205.1
Total Noninterest Income (Loss) 1,862.0 1,627.8 1,257.6 1,133.7 454.6 (2.2) 3,574.2 2,759.3
Net Interest Income (Expense) (1)
817.8 670.9 524.8 518.4 (13.1) (10.7) 1,329.5 1,178.6
Revenue (1)
2,679.8 2,298.7 1,782.4 1,652.1 441.5 (12.9) 4,903.7 3,937.9
Provision for Credit Losses (5.0) 6.0 — 10.3 (3.3) 1.2 (8.3) 17.5
Noninterest Expense
Compensation and Employee Benefits 219.2 202.1 353.6 335.3 1,117.4 949.2 1,690.2 1,486.6
Outside Services 61.2 90.2 24.6 31.3 397.2 370.7 483.0 492.2
Allocated Expense 1,663.4 1,451.8 699.4 615.3 (2,362.8) (2,067.1) — —
Other Segment Items (2)
44.4 41.7 41.0 46.2 888.0 767.5 973.4 855.4
Total Noninterest Expense 1,988.2 1,785.8 1,118.6 1,028.1 39.8 20.3 3,146.6 2,834.2
Income (Loss) before Income Taxes (1)
696.6 506.9 663.8 613.7 405.0 (34.4) 1,765.4 1,086.2
Provision for Income Taxes (1)
156.1 109.1 165.6 150.0 125.9 13.8 447.6 272.9
Net Income (Loss) $ 540.5 $ 397.8 $ 498.2 $ 463.7 $ 279.1 $ (48.2) $ 1,317.8 $ 813.3
Percentage of Consolidated Net Income 41   % 49  % 38% 57  % 21% (6) % 100   % 100  %
Average Assets $ 124,800.1   $ 113,432.9  $ 39,486.2 $ 39,121.2 $ 145.5 $ 1,457.2 $ 164,431.8 $ 154,011.3
Average Loans $ 5,717.0 $ 5,781.2 $ 35,515.8 $ 35,336.2 $ — $ — $ 41,232.8 $ 41,117.4
Average Deposits $ 101,696.8 $ 92,418.8 $ 26,593.1 $ 25,290.3 $ 145.5 $ 1,457.2 $ 128,435.4 $ 119,166.3

(1) Financial measures stated on an FTE basis. The FTE adjustment was $15.2 million and $10.3 million for the six months ended June 30, 2026 and 2025, 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) The current quarter charges related to software dispositions and severance are included in the Reporting Segments with $100.6 million recorded to Asset Servicing and $11.9 million recorded to Wealth Management.
(4) Other includes the current quarter $525.4 million gain related to Northern Trust's participation in the second Visa Exchange Offer, the $73.9 million loss on available for sale debt securities sold in conjunction with a repositioning of the portfolio, and the $33.1 million Invested as One equity grant to eligible employees.

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 $37.9 million , or 62%, from the prior-year quarter and increased $65.0 million, or 52%, from the prior-year period, primarily due to higher trading volumes driven by client activity and market volatility, particularly in Asia-Pacific markets.
Asset Servicing Other Noninterest Income
Other Noninterest Income increased $18.7 million , or 26%, from the prior-year quarter and increased $35.0 million, or 25%, from the prior-year period, primarily in Security Commissions and Trading Income due to higher volumes driven by market volatility and growth in outsourced trading activity.
Asset Servicing Net Interest Income
Net Interest Income stated on an FTE basis increased $68.9 million, or 20%, from the prior-year quarter and increased $146.9 million, or 22%, 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 six months ended June 30, 2026, reflected a decrease in the collective reserve primarily in the C&I portfolio, driven by a strengthening macroeconomic outlook and improved credit quality.
18

REPORTING SEGMENTS (continued)

Asset Servicing Noninterest Expense
Noninterest Expense increased $145.8 million, or 16%, from the prior-year quarter and increased $202.4 million, or 11%, from the prior-year period, primarily driven by higher indirect expense allocations for certain corporate support services and $100.6 million of the current quarter charges related to software dispositions and severance.

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 (Loss) increased $8.6 million, or 83%, from the prior-year quarter and $10.5 million, or 67%, from the prior-year period, primarily driven by the favorable impact from lower foreign exchange swap activity executed by our Treasury department that is allocated to Wealth Management.
Wealth Management Provision for Credit Losses
The negative Provision for Credit Losses for the three months ended June 30, 2026, reflected a decrease in the collective reserve driven by a strengthening macroeconomic outlook and improved credit quality for the CRE and C&I portfolios; partially offset by an increase in the individual reserve driven by a small number of non-performing loans
Wealth Management Noninterest Expense
Noninterest Expense increased $48.5 million, or 9%, from the prior-year quarter and $90.5 million, or 9%, from the prior-year period, primarily driven by higher indirect expense allocations for certain corporate support services and $11.9 million of the current quarter charges related to software dispositions and severance.

Other
Other—Noninterest Income
Other Noninterest Income increased $450.3 million and $456.8 million from the prior-year quarter and prior-year period, respectively, primarily due to the current quarter $525.4 million gain related to Northern Trust's participation in the second Visa Exchange Offer, partially offset by the $73.9 million loss on available for sale debt securities sold in conjunction with a repositioning of the portfolio.
Other—Noninterest Expense
Other Noninterest Expense increased $27.7 million from the prior-year quarter primarily due to the current quarter $33.1 million Invested as One equity grant to eligible employees. Other Noninterest Expense increased $19.5 million from the prior-year period driven by the current quarter $33.1 million Invested as One equity grant to eligible employees, partially offset by lower non-allocated occupancy expense primarily arising from early lease exits.
19

CONSOLIDATED BALANCE SHEETS

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

($ In Billions) JUNE 30, 2026 DECEMBER 31, 2025 CHANGE
Assets
Federal Reserve and Other Central Bank Deposits $ 50.6   $ 53.5  $ (2.9) (5) %
Interest-Bearing Due from and Deposits with Banks (1)
6.2   6.5  (0.3) (6)
Federal Funds Sold and Securities Purchased under Agreements to Resell 0.4   2.7  (2.3) (84)
Total Debt Securities 61.6   57.5  4.1  7 
Loans 43.8   41.9  1.9  4 
Other Interest-Earning Assets (2)
3.5   4.1  (0.6) (15)
Total Earning Assets 166.1   166.2  (0.1) — 
Total Assets 179.3   177.1  2.2  1 
Liabilities and Stockholders' Equity
Total Interest-Bearing Deposits 117.4   115.4  2.0  2 
Demand and Other Noninterest-Bearing Deposits 28.2   27.3  0.9  3 
Federal Funds Purchased 1.6   2.1  (0.5) (27)
Securities Sold under Agreements to Repurchase 0.2   0.3  (0.1) (40)
Other Borrowings (3)
8.6   7.2  1.4  21 
Total Stockholders’ Equity 13.4   13.0  0.4  3 

(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 six months ended June 30, 2026, the Corporation declared cash dividends totaling $148.8 million and $299.6 million to common stockholders, and cash dividends totaling $4.7 million and $20.9 million to preferred stockholders, respectively. During the three and six months ended June 30, 2025, the Corporation declared cash dividends totaling $146.2 million and $294.4 million to common stockholders, and cash dividends totaling $4.7 million and $20.9 million to preferred stockholders respectively.

20

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

JUNE 30, 2026
($ In Millions) AAA AA A BBB NOT RATED TOTAL
Available for Sale
U.S. Governments $ —   $ 7,883.3   $ —   $ —   $ —   $ 7,883.3  

Government Sponsored Agency —   19,302.8   —   —   —   19,302.8  
Non-U.S. Government 408.5   —   —   —   —   408.5  
Corporate Debt —   226.6   44.8   —   —   271.4  
Covered Bonds 275.7   —   —   —   —   275.7  

Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 4,092.3   383.1   195.0   —   —   4,670.4  
CLOs 3,453.7   —   —   —   —   3,453.7  
Other Asset-Backed 1,345.7   —   —   —   —   1,345.7  
Commercial Mortgage-Backed 502.8   8.8   —   —   —   511.6  

Total Available for Sale $ 10,078.7   $ 27,804.6   $ 239.8   $ —   $ —   $ 38,123.1  
Percent of Total Available for Sale 26   % 73   % 1   % —   % —   % 100   %
Held to Maturity

Obligations of States and Political Subdivisions $ 993.0   $ 1,377.1   $ 14.7   $ —   $ —   $ 2,384.8  
Government Sponsored Agency 41.6   8,071.2   —   —   —   8,112.8  
Non-U.S. Government 1,275.7   1,457.5   1,813.1   14.9   —   4,561.2  
Corporate Debt 154.6   16.0   109.7   —   —   280.3  
Covered Bonds 2,114.9   —   —   —   —   2,114.9  
Certificate of Deposit —   —   —   —   751.8   751.8  
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 3,316.3   901.7   376.2   1.2   —   4,595.4  

Other Asset-Backed 47.1   —   —   —   —   47.1  
Commercial Mortgage-Backed —   —   37.6   —   —   37.6  
Other —   —   —   —   606.2   606.2  
Total Held to Maturity $ 7,943.2   $ 11,823.5   $ 2,351.3   $ 16.1   $ 1,358.0   $ 23,492.1  
Percent of Total Held to Maturity 34   % 50   % 10   % —   % 6   % 100   %
Total Debt Securities $ 18,021.9   $ 39,628.1   $ 2,591.1   $ 16.1   $ 1,358.0   $ 61,615.2  
Percent of Total Debt Securities 29   % 65   % 4   % —   % 2   % 100   %

21

ASSET QUALITY (continued)
Securities Portfolio (continued)

DECEMBER 31, 2025
($ In Millions) AAA AA A BBB NOT RATED TOTAL
Available for Sale
U.S. Governments $ —  $ 8,172.4  $ —  $ —  $ —  $ 8,172.4 
Obligations of States and Political Subdivisions 40.7  272.4  —  —  —  313.1 
Government Sponsored Agency —  16,567.5  —  —  —  16,567.5 
Non-U.S. Government 527.2  —  —  —  —  527.2 
Corporate Debt —  21.3  43.1  —  —  64.4 
Covered Bonds 273.5  —  —  —  —  273.5 

Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 4,325.8  461.4  197.1  —  —  4,984.3 
CLOs 2,154.9  —  —  —  —  2,154.9 
Other Asset-Backed 570.2  —  —  —  —  570.2 
Commercial Mortgage-Backed 391.5  17.5  —  —  —  409.0 

Total Available for Sale $ 8,283.8  $ 25,512.5  $ 240.2  $ —  $ —  $ 34,036.5 
Percent of Total Available for Sale 24  % 75  % 1  % —  % —  % 100  %
Held to Maturity

Obligations of States and Political Subdivisions $ 986.0  $ 1,471.8  $ —  $ —  $ —  $ 2,457.8 
Government Sponsored Agency —  8,424.5  —  —  —  8,424.5 
Non-U.S. Government 649.7  1,231.7  2,844.7  14.9  —  4,741.0 
Corporate Debt 159.2  150.2  79.6  —  —  389.0 
Covered Bonds 1,754.5  —  —  —  —  1,754.5 
Certificate of Deposit —  —  —  —  444.5  444.5 
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 3,412.9  776.2  321.2  1.2  —  4,511.5 

Commercial Mortgage-Backed —  37.6  —  —  —  37.6 
Other 53.0  —  —  —  616.2  669.2 
Total Held to Maturity $ 7,015.3  $ 12,092.0  $ 3,245.5  $ 16.1  $ 1,060.7  $ 23,429.6 
Percent of Total Held to Maturity 30  % 52  % 14  % —  % 4  % 100  %
Total Debt Securities $ 15,299.1  $ 37,604.5  $ 3,485.7  $ 16.1  $ 1,060.7  $ 57,466.1 
Percent of Total Debt Securities 27  % 65  % 6  % —  % 2  % 100  %

As of June 30, 2026 and December 31, 2025, 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 one month, 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.
22

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 June 30, 2026 or December 31, 2025.
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
JUNE 30, 2026 DECEMBER 31, 2025
($ In Millions) AMOUNT % OF NONACCRUAL LOANS TO TOTAL NONACCRUAL LOANS AMOUNT % OF NONACCRUAL LOANS TO TOTAL NONACCRUAL LOANS
Nonaccrual Loans (1)

Commercial
Commercial and Institutional $ 44.6   62   % $ 39.7  52  %
Commercial Real Estate 2.1   3   —  — 

Other 0.5   1   0.6  1 
Total Commercial $ 47.2   66   % $ 40.3  53  %
Personal
Private Client $ 5.4   8   % $ 6.7  9  %
Residential Real Estate 18.7   26   29.7  38 
Total Personal $ 24.1   34   % $ 36.4  47  %
Total Nonaccrual Loans 71.3   76.7 

90 Day Past Due Loans Still Accruing $ 28.0   $ 25.0 
Nonaccrual Loans to Total Loans 0.16   % 0.18  %
Allowance for Credit Losses Assigned to Loans to Nonaccrual Loans 2.3   x 2.1  x

(1) Loan classes that do not have a non-accrual balance are excluded from the table.
Nonaccrual assets of $71.3 million as of June 30, 2026, were $5.4 million, or 7%, lower than December 31, 2025, primarily due to payoffs and paydowns related to a small number of Residential Real Estate loans, partially offset by the downgrade of a small number of C&I loans. In addition to the negative impact on Net Interest Income and the risk of credit losses, nonaccrual assets also increase operating costs due to the expense associated with collection efforts. Changes in the level of nonaccrual assets may be indicative of changes in the credit quality of one or more loan classes. Changes in credit quality impact the allowance for credit losses through the resultant adjustment of the allowance evaluated on an individual basis and the quantitative and qualitative factors used in the determination of the allowance evaluated on a collective basis within the allowance for credit losses.
Northern Trust’s credit policies do not allow for the origination of loan types generally considered to be high risk in nature, such as option adjustable rate mortgage loans, subprime loans, loans with initial “teaser” rates and loans with excessively high loan-to-value ratios. Residential real estate loans consist of first lien mortgages and equity credit lines, which generally require a loan-to-collateral value of no more than 65% to 80% at inception. Appraisals of supporting collateral for residential real estate loans are obtained at loan origination and upon refinancing or default or when otherwise considered warranted. Residential real estate collateral appraisals are performed and reviewed by independent third parties.
For additional information relating to the loans portfolio, refer to Note 5—Loans to the consolidated financial statements provided in Item 1. Consolidated Financial Statements (unaudited).
23

ASSET QUALITY (continued)

Allowance for Credit Losses
The Allowance for Credit Losses—which represents management’s best estimate of lifetime expected credit losses related to various portfolios subject to credit risk, off-balance-sheet credit exposure, and specific borrower relationships—is determined by management through a disciplined credit review process. Northern Trust measures expected credit losses of financial assets with similar risk characteristics on a collective basis. A financial asset is measured individually if it does not share similar risk characteristics with other financial assets and the related allowance is determined through an individual evaluation.
Management’s estimates utilized in establishing an appropriate level of allowance for credit losses are not dependent on any single assumption. In determining an appropriate allowance level, management evaluates numerous variables, many of which are interrelated or dependent on other assumptions and estimates, and takes into consideration past events, current conditions and reasonable and supportable forecasts.
The results of the credit reserve estimation methodology are reviewed quarterly by Northern Trust’s Credit Loss Reserve Committee and CFO, which receives input from Financial Risk Management, Treasury, Corporate Finance, the Economic Research Department, and each of Northern Trust’s reporting business units.
As of June 30, 2026, the Allowance for Credit Losses related to loans, undrawn loan commitments and standby letters of credit, HTM debt securities, and other financial assets, was $160.9 million, $21.9 million, $6.6 million, and $0.9 million, respectively. There was no allowance for credit losses related to AFS debt securities as of June 30, 2026. As of December 31, 2025, the Allowance for Credit Losses related to loans, undrawn loan commitments and standby letters of credit, HTM debt securities, and other financial assets, was $164.3 million, $23.3 million, $9.3 million, and $1.4 million, respectively. There was no allowance for credit losses related to AFS debt securities as of December 31, 2025. For additional information relating to the Allowance for Credit Losses and the changes in the Allowance for Credit Losses during the three and six months ended June 30, 2026 and June 30, 2025 due to charge-offs, recoveries and provisions for credit losses, refer to Note 6—Allowance for Credit Losses to the consolidated financial statements provided in Item 1. Consolidated Financial Statements (unaudited).
As of January 1, 2026, Northern Trust refined the presentation of its commercial loan segment to enhance the alignment of segment reporting with business needs, risk characteristics, and management’s approach to monitoring and managing credit performance. As part of this refinement, Subscription Finance and Fund Finance were introduced as separate loan classes. Subscription Finance includes loans to private equity funds that are secured by investors’ contractual commitments to fund capital calls. Fund Finance includes loans and credit lines to all other collective investment funds and to investment managers primarily established for short-term liquidity needs. These borrowers generally maintain highly diversified portfolios of liquid securities. Prior period disclosures have been revised to conform to the current period presentation.
The following table provides the allowance evaluated on an individual and collective basis for the loan portfolio by segment and class.
TABLE 23: ALLOCATION OF THE ALLOWANCE FOR CREDIT LOSSES FOR LOANS

JUNE 30, 2026 DECEMBER 31, 2025
($ In Millions) ALLOWANCE AMOUNT PERCENT OF LOANS TO TOTAL LOANS ALLOWANCE AMOUNT PERCENT OF LOANS TO TOTAL LOANS
Evaluated on an Individual Basis $ 19.2   —   % $ 10.2  —  %
Evaluated on a Collective Basis
Commercial
Commercial and Institutional 47.5   15   59.0  16 
Commercial Real Estate 85.0   12   85.6  13 
Subscription Finance 0.9   10   2.8  9 
Fund Finance 0.9   4   0.8  3 
Other 0.1   8   0.1  8 
Total Commercial 134.4   49   148.3  49 
Personal
Private Client 16.5   36   16.0  35 
Residential Real Estate 12.7   14   13.1  15 
Other —   1   —  1 
Total Personal 29.2   51   29.1  51 
Total Allowance Evaluated on a Collective Basis $ 163.6   $ 177.4 
Total Allowance for Credit Losses $ 182.8   $ 187.6 
Allowance Assigned to
Loans $ 160.9   $ 164.3 
Undrawn Commitments and Standby Letters of Credit 21.9   23.3 
Total Allowance for Credit Losses $ 182.8   $ 187.6 
Allowance Assigned to Loans to Total Loans 0.37   % 0.39  %

24

ASSET QUALITY (continued)

Commercial Real Estate Loans
The table below provides additional detail regarding commercial real estate loan types.
TABLE 24: COMMERCIAL REAL ESTATE LOANS

(In Millions) JUNE 30, 2026 DECEMBER 31, 2025
Commercial Mortgages
Apartment/ Multi-family $ 1,488.7   $ 1,586.4 
Industrial/ Warehouse 977.5   960.1 
Office 906.0   948.0 
Retail 712.6   695.9 
Other 588.1   622.5 
Total Commercial Mortgages 4,672.9   4,812.9 
Construction, Acquisition and Development Loans 643.3   459.3 
Total Commercial Real Estate Loans $ 5,316.2   $ 5,272.2