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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________

FORM 10-Q

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

For the quarterly period ended September 30, 2021

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

Registrant’s telephone number, including area code: (312) 630-6000

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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 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.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐   No  x

At September 30, 2021, 207,661,247 shares of common stock, $1.66 2/3 par value, were outstanding.

NORTHERN TRUST CORPORATION

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2021

TABLE OF CONTENTS

			Page
Consolidated Financial Highlights (unaudited)			1
Part I – Financial Information
Items 2 and 3: Management’s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures About Market Risk			3
Item 1: Consolidated Financial Statements (unaudited)			35
Consolidated Balance Sheets			35
Consolidated Statements of Income			36
Consolidated Statements of Comprehensive Income			36
Consolidated Statements of Changes in Stockholders’ Equity			37
Consolidated Statements of Cash Flows			39
Notes to Consolidated Financial Statements			40
Item 4: Controls and Procedures			87
Part II – Other Information
Item 1: Legal Proceedings			88
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds			88
Item 6: Exhibits			88
Signatures			89

			THREE MONTHS ENDED SEPTEMBER 30,									NINE MONTHS ENDED SEPTEMBER 30,
CONDENSED INCOME STATEMENTS ($ In Millions)			2021			2020			% CHANGE(1)			2021			2020			% CHANGE(1)
Noninterest Income			$	1,287.4		$	1,156.5		11		%	$	3,775.4		$	3,470.1		9		%
Net Interest Income			346.4			328.6			5			1,022.1			1,108.8			(8)
Total Revenue			1,633.8			1,485.1			10			4,797.5			4,578.9			5
Provision for Credit Losses			(13.0)			0.5			N/M			(70.0)			127.5			N/M
Noninterest Expense			1,128.7			1,094.7			3			3,367.0			3,197.2			5
Income before Income Taxes			518.1			389.9			33			1,500.5			1,254.2			20
Provision for Income Taxes			122.4			95.4			28			361.6			285.8			27
Net Income			$	395.7		$	294.5		34		%	$	1,138.9		$	968.4		18		%

PER COMMON SHARE
Net Income — Basic			$	1.81		$	1.32		37		%	$	5.24		$	4.35		21		%
— Diluted			1.80			1.32			37			5.22			4.34			20
Cash Dividends Declared Per Common Share			0.70			0.70			—			2.10			2.10			—
Book Value — End of Period (EOP)			53.04			51.38			3			53.04			51.38			3
Market Price — EOP			107.81			77.97			38			107.81			77.97			38

SELECTED BALANCE SHEET DATA ($ In Millions)			SEPTEMBER 30, 2021			DECEMBER 31, 2020			% CHANGE(1)
End of Period:
Total Assets			$	169,085.7		$	170,003.9		(1)		%
Earning Assets			155,897.4			158,531.6			(2)
Deposits			141,924.6			143,878.0			(1)
Stockholders’ Equity			11,898.8			11,688.3			2

			THREE MONTHS ENDED SEPTEMBER 30,									NINE MONTHS ENDED SEPTEMBER 30,
			2021			2020			% CHANGE(1)			2021			2020			% CHANGE(1)
Average Balances:
Total Assets			$	156,452.8		$	140,925.4		11		%	$	154,681.3		$	134,645.2		15		%
Earning Assets			143,953.4			129,368.0			11			142,201.1			121,748.2			17
Deposits			129,795.4			112,844.7			15			128,082.2			106,290.9			21
Stockholders’ Equity			11,852.9			11,402.9			4			11,648.2			11,078.3			5

CLIENT ASSETS ($ In Billions)			SEPTEMBER 30, 2021			DECEMBER 31, 2020			% CHANGE(1)
Assets Under Custody/Administration(2)			$	15,776.2		$	14,532.5		9		%
Assets Under Custody			12,246.5			11,262.8			9
Assets Under Management			1,532.4			1,405.3			9

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)    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 on page 32.