Northern Trust Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Northern Trust Corp has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial activities and corporate information.</b>

AI Summary

NORTHERN TRUST CORP (NTRSO) filed a Quarterly Report (10-Q) with the SEC on April 23, 2024. Northern Trust Corp filed its 10-Q report for the quarter ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal business address is 50 S LASALLE ST, CHICAGO, IL 60603. Northern Trust Corp is incorporated in Delaware and operates under the SIC code 6022 (State Commercial Banks). The filing was submitted on April 23, 2024.

Why It Matters

For investors and stakeholders tracking NORTHERN TRUST CORP, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial performance data for Northern Trust Corp, crucial for evaluating its current standing and future prospects. Understanding the details within this report allows stakeholders to assess the company's financial health, operational efficiency, and adherence to regulatory requirements in the banking sector.

Risk Assessment

Risk Level: low — NORTHERN TRUST CORP shows low risk based on this filing. The risk is low as this is a standard quarterly filing (10-Q) providing routine financial disclosures, not indicating any immediate or significant adverse events.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Northern Trust Corp's performance trends and any disclosed risks.

Key Numbers

• 0000073124-24-000159 — Accession Number (SEC Filing Accession Number)
• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-23 — Filing Date (FILED AS OF DATE)
• 6022 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• NORTHERN TRUST CORP (company) — FILER
• 50 S LASALLE ST (location) — BUSINESS ADDRESS
• CHICAGO (location) — BUSINESS ADDRESS CITY
• IL (location) — BUSINESS ADDRESS STATE
• 60603 (location) — BUSINESS ADDRESS ZIP
• DE (location) — STATE OF INCORPORATION
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-23 (date) — FILED AS OF DATE

FAQ

Industry Context

Northern Trust Corp operates within the State Commercial Banks industry, providing a range of financial services.

Regulatory Implications

The company is subject to regulations governing commercial banks in the United States, as indicated by its SIC code and the filing of a 10-Q under the 1934 Act.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the quarter ended March 31, 2024.
2. Review any disclosures regarding risk factors, legal proceedings, or management's discussion and analysis.
3. Compare key financial metrics with previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-23: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report (10-K).

Key Financial Figures

• $1.66 — ange on which registered Common Stock, $1.66 2/3 Par Value NTRS The NASDAQ Stock Mar
• $0.96 — Net Income per diluted common share was $0.96 in the current quarter and $1.51 in the
• $1.51 — re was $0.96 in the current quarter and $1.51 in the first quarter of 2023. Net Incom
• $119.9 million — t quarter of 2023. Net Income decreased $119.9 million to $214.7 million in the current quarte
• $214.7 million — Net Income decreased $119.9 million to $214.7 million in the current quarter from $334.6 mill
• $334.6 million — 4.7 million in the current quarter from $334.6 million in the prior-year quarter. Annualized r
• $97.8 m — prior-year quarter. Revenue decreased $97.8 million, or 6%, to $1.65 billion in the c
• $1.65 billion — enue decreased $97.8 million, or 6%, to $1.65 billion in the current quarter from $1.74 billi
• $1.74 billion — .65 billion in the current quarter from $1.74 billion in the prior-year quarter. Trust, Inves
• $79.3 m — ment and Other Servicing Fees increased $79.3 million, or 7%, from $1.06 billion in the
• $1.06 billion — es increased $79.3 million, or 7%, from $1.06 billion in the prior-year quarter to $1.14 bill
• $1.14 billion — 06 billion in the prior-year quarter to $1.14 billion in the current quarter, primarily due t
• $174.0 million — her Noninterest Income (Loss) decreased $174.0 million from $149.8 million in the prior-year q
• $149.8 million — me (Loss) decreased $174.0 million from $149.8 million in the prior-year quarter to a loss of
• $24.2 million — in the prior-year quarter to a loss of $24.2 million in the current quarter, primarily due t

Filing Documents

• ntrs-20240331.htm (10-Q) — 4569KB
• q12024ex101.htm (EX-10.1) — 130KB
• q12024ex102.htm (EX-10.2) — 97KB
• q12024ex311.htm (EX-31.1) — 11KB
• q12024ex312.htm (EX-31.2) — 11KB
• q12024ex32.htm (EX-32) — 7KB
• 0000073124-24-000159.txt (&nbsp;) — 23635KB
• ntrs-20240331.xsd (EX-101.SCH) — 103KB
• ntrs-20240331_cal.xml (EX-101.CAL) — 204KB
• ntrs-20240331_def.xml (EX-101.DEF) — 725KB
• ntrs-20240331_lab.xml (EX-101.LAB) — 1153KB
• ntrs-20240331_pre.xml (EX-101.PRE) — 967KB
• ntrs-20240331_htm.xml (XML) — 5751KB

– Financial Information

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

: Consolidated Financial Statements (unaudited)

Item 1: Consolidated Financial Statements (unaudited) 28 Consolidated Balance Sheets 28 Consolidated Statements of Income 29 Consolidated Statements of Comprehensive Income 29 Consolidated Statements of Changes in Stockholders' Equity 30 Consolidated Statements of Cash Flows 31

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 32

: Controls and Procedures

Item 4: Controls and Procedures 72

– Other Information

Part II – Other Information

: Legal Proceedings

Item 1: Legal Proceedings 73

: Risk Factors

Item 1A: Risk Factors 73

: Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Item 2: Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 73

: Defaults Upon Senior Securities

Item 3: Defaults Upon Senior Securities 73

: Mine Safety Disclosures

Item 4: Mine Safety Disclosures 73

: Other Information

Item 5: Other Information 73

: Exhibits

Item 6: Exhibits 74

Signatures

Signatures 75 i CONSOLIDATED FINANCIAL HIGHLIGHTS (UNAUDITED) THREE MONTHS ENDED MARCH 31, CONDENSED INCOME STATEMENTS ($ In Millions) 2024 2023 % CHANGE (1) Noninterest Income $ 1,118.7 $ 1,213.4 (8) % Net Interest Income 528.1 531.2 (1) Total Revenue 1,646.8 1,744.6 (6) Provision for Credit Losses (8.5) 15.0 N/M Noninterest Expense 1,364.7 1,285.6 6 Income before Income Taxes 290.6 444.0 (35) Provision for Income Taxes 75.9 109.4 (31) Net Income $ 214.7 $ 334.6 (36) % PER COMMON SHARE Net Income — Basic $ 0.96 $ 1.51 (37) % — Diluted 0.96 1.51 (37) Cash Dividends Declared Per Common Share 0.75 0.75 — Book Value — End of Period (EOP) 54.83 51.37 7 Market Price — EOP 88.92 88.13 1 SELECTED BALANCE SHEET DATA ($ In Millions) MARCH 31, 2024 DECEMBER 31, 2023 % CHANGE (1) End of Period: Total Assets $ 156,111.0 $ 150,783.1 4 % Earning Assets 144,495.9 140,369.6 3 Deposits 123,941.7 116,164.0 7 Stockholders' Equity 12,101.8 11,897.9 2 THREE MONTHS ENDED MARCH 31, 2024 2023 % CHANGE (1) Average Balances: Total Assets $ 145,118.3 $ 148,059.9 (2) % Earning Assets 133,816.8 135,957.4 (2) Deposits 112,362.6 112,185.6 — Stockholders' Equity 11,783.7 11,281.5 4 CLIENT ASSETS ($ In Billions) MARCH 31, 2024 DECEMBER 31, 2023 % CHANGE (1) Assets Under Custody/Administration (2) $ 16,472.5 $ 15,404.9 7 % Assets Under Custody 12,804.1 11,916.5 7 Assets Under Management 1,500.7 1,434.5 5 N/M - Not meaningful (1) Percentage calculations are based on actual balances rather than the rounded amounts presented in the Consolidated Financial Highlights. (2) For the purposes of disclosing Assets Under Custody/Administration, 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 MARCH 31, 2024 2023 Financial Ratios: Return on Average Common Equity 7.3 % 12.4 % Return on Average Assets 0.60 0.92 Divid

– FINANCIAL INFORMATION

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 first quarter of 2024. 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, 2023. Investors also should read the section entitled "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, 2023. FIRST QUARTER CONSOLIDATED RESULTS OF OPERATIONS General The Corporation is a leading provider of wealth management, asset servicing, 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 Net Income per diluted common share was $0.96 in the current quarter and $1.51 in the first quarter of 2023. Net Income decreased $119.9 million to $214.7 million in the current quarter from $334.6 million in the prior-year quarter. Annualized return on average common equity was 7.3% in the current quarter and 12.4% in the prior-year quarter. The annualized return on average assets was 0.60% in the current quarter as compare

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View this 10-Q filing on SEC EDGAR