0000073124-16-000409.txt : 20160720 0000073124-16-000409.hdr.sgml : 20160720 20160720080749 ACCESSION NUMBER: 0000073124-16-000409 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160720 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160720 DATE AS OF CHANGE: 20160720 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHERN TRUST CORP CENTRAL INDEX KEY: 0000073124 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 362723087 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36609 FILM NUMBER: 161774619 BUSINESS ADDRESS: STREET 1: 50 S LASALLE ST CITY: CHICAGO STATE: IL ZIP: 60603 BUSINESS PHONE: 3126306000 MAIL ADDRESS: STREET 1: 50 S LASALLE ST CITY: CHICAGO STATE: IL ZIP: 60603 FORMER COMPANY: FORMER CONFORMED NAME: NORTRUST CORP DATE OF NAME CHANGE: 19780525 8-K 1 a2016q2form8-k.htm 8-K Document


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
 
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 20, 2016

 
NORTHERN TRUST CORPORATION
(Exact name of registrant as specified in its charter)
 

Delaware
(State or other jurisdiction of incorporation)
 
 
 
001-36609
 
36-2723087
(Commission File Number)
 
(IRS Employer Identification No.)
 
 
50 South LaSalle Street, Chicago, Illinois
 
60603
(Address of principal executive offices)
 
(Zip Code)

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))










 




Item 2.02.    Results of Operations and Financial Condition

The information contained in the registrant’s July 20, 2016 press release, reporting on the registrant’s earnings for the three and six months ended June 30, 2016, a copy of which is attached as Exhibit 99 hereto, is incorporated herein by reference.


Item 9.01.    Financial Statements and Exhibits

(d) Exhibits:
 

Exhibit 99    July 20, 2016 Press Release





SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
 
 
NORTHERN TRUST CORPORATION
 
 
 
(Registrant)
 
 
 
 
 
 
Dated:
July 20, 2016
 
By:
 
/s/ S. Biff Bowman
 
 
 
 
 
S. Biff Bowman
 
 
 
 
 
Executive Vice President and Chief Financial Officer




EXHIBIT INDEX
 
Number
Description
Page Number

99
July 20, 2016 Press Release
1



 EX-99.1 2 a2016q2earningsreleaseex991.htm EXHIBIT 99.1 Exhibit


News Release
Investor Contact:
Media Contact:
Mark Bette
Doug Holt
(312) 444-2301
(312) 557-1571
Mark_Bette@ntrs.com
Doug_Holt@ntrs.com
https://www.northerntrust.com


FOR IMMEDIATE RELEASE

NORTHERN TRUST CORPORATION REPORTS SECOND QUARTER NET INCOME
OF $260.7 MILLION, EARNINGS PER COMMON SHARE OF $1.09

RETURN ON AVERAGE COMMON EQUITY OF 12.2%
RETURNED $224.2 MILLION IN CAPITAL TO COMMON STOCKHOLDERS
CHICAGO, JULY 20, 2016 — Northern Trust Corporation today reported second quarter net income per diluted common share of $1.09, compared to $1.10 in the second quarter of 2015 and $1.01 in the first quarter of 2016. Net income was $260.7 million, compared to $269.2 million in the prior-year quarter and $241.8 million in the prior quarter. Return on average common equity was 12.2%, compared to 12.8% in the prior-year quarter and 11.4% in the prior quarter.
The current quarter included a pre-tax gain on the sale of 1.1 million Visa Inc. Class B common shares, net of the valuation adjustment to existing swap agreements, totaling $118.2 million ($73.1 million after tax, or $0.31 per diluted common share); a pre-tax charge in connection with an agreement to settle certain securities lending litigation, which is subject to court approval, of $46.5 million ($28.9 million after tax, or $0.12 per diluted common share); charges related to contractual modifications associated with existing Corporate and Institutional Services clients of $18.6 million ($11.6 million after tax, or $0.05 per diluted common share); severance, other personnel and related charges of $17.5 million ($11.2 million after tax or $0.05 per diluted common share); impairment charges and the loss on sale related to the decision to exit a portion of a non-strategic loan and lease portfolio of $14.1 million ($8.8 million after tax, or $0.04 per diluted common share); and impairment charges related to the residual value of certain aircraft and rail cars of $7.5 million ($4.6 million after tax, or $0.02 per diluted common share). Excluding these items, net income per diluted common share, net income and return on average common equity were $1.06, $252.7 million and 11.7%, respectively.



- 2 -
SECOND QUARTER 2016 RESULTS


The prior-year quarter included a pre-tax gain on the sale of 1.0 million Visa Inc. Class B common shares totaling $99.9 million ($62.1 million after tax, or $0.26 per diluted common share); voluntary cash contributions to certain constant dollar net-asset-value (NAV) funds of $45.8 million ($28.6 million after tax, or $0.12 per diluted common share); and the impairment of the residual value of certain aircraft under leveraged lease agreements of $17.8 million ($11.1 million after tax, or $0.05 per diluted common share). Excluding these items, net income per diluted common share, net income, and return on average common equity were $1.01, $246.7 million and 11.8%, respectively.
“Northern Trust continued to navigate effectively in the second quarter of 2016, amidst the volatile market environment and heightened global economic uncertainty. Total revenue increased with strong growth in net interest income and steady growth in trust, investment and other servicing fees, partially offset by lower foreign exchange trading income. We continued to invest in people, technology and regulatory initiatives to support our growing business. Our results for the quarter demonstrated our ability to win new business in the current environment.
We are pleased the Federal Reserve did not object to the proposed capital actions in our 2016 Capital Plan, which demonstrate our financial strength and commitment to grow the franchise profitably,” said Frederick H. Waddell, Chairman and Chief Executive Officer.



- 3 -
SECOND QUARTER 2016 RESULTS (continued)


SUMMARY RESULTS & KEY METRICS
 
 
 
 
 
 
 
% Change vs.
($ In Millions except per share data)
Q2 2016
 
Q1 2016
 
Q2 2015
 
Q1 2016
 
Q2 2015
Total Revenue (FTE*)
$
1,323.6

 
$
1,196.2

 
$
1,262.3

 
11
%
 
5
 %
Noninterest Expense
925.0

 
828.8

 
854.5

 
12

 
8

Provision for Credit Losses
(3.0
)
 
2.0

 
(10.0
)
 
N/M

 
(70
)
Provision for Income Taxes
134.0

 
117.4

 
142.2

 
14

 
(6
)
Net Income
260.7

 
241.8

 
269.2

 
8

 
(3
)
Net Income Applicable to Common Stock
254.9

 
235.9

 
263.4

 
8

 
(3
)
 
 
 
 
 
 
 


 


Diluted Earnings per Common Share
$
1.09

 
$
1.01

 
$
1.10

 
8
%
 
(1
)%
 
 
 
 
 
 
 


 


Return on Average Common Equity
12.20
%
 
11.43
%
 
12.85
%
 


 


Return on Average Assets
0.91
%
 
0.86
%
 
0.97
%
 


 


 
 
 
 
 
 
 


 


Average Assets
$
114,913.8

 
$
113,417.1

 
$
111,691.1

 
1
%
 
3
 %

(*)
Total revenue and net interest income presented on a fully taxable equivalent (FTE) basis are non-generally accepted accounting principle financial measures that facilitate the analysis of asset yields. Please refer to the Reconciliation of Reported Total Revenue and Net Interest Income section for further detail.
CLIENT ASSETS
Assets under custody/administration (AUC/A) and assets under management are the primary drivers of the Corporation’s trust, investment and other servicing fees, the largest component of noninterest income. Assets under custody/administration totaled $8.12 trillion at June 30, 2016, up $189.5 billion, or 2%, from $7.93 trillion at March 31, 2016. The following table presents the Corporation’s assets under custody, a component of AUC/A, and assets under management by reporting segment.
 
As of
 
% Change vs.
($ In Billions)
June 30,
2016
 
March 31,
2016
 
June 30,
2015
 
March 31, 2016
 
June 30,
2015
Assets Under Custody
 
 
 
 
 
 
 
 
 
   Corporate & Institutional Services (C&IS)
$
5,838.6

 
$
5,700.3

 
$
5,652.6

 
2
%
 
3
 %
   Wealth Management
514.2

 
511.1

 
524.4

 
1

 
(2
)
     Total Assets Under Custody
$
6,352.8

 
$
6,211.4

 
$
6,177.0

 
2
%
 
3
 %
Assets Under Management
 
 
 
 
 
 
 
 
 
   Corporate & Institutional Services
$
672.3

 
$
669.9

 
$
713.6

 
—
%
 
(6
)%
   Wealth Management
233.9

 
230.1

 
232.0

 
2

 
1

     Total Assets Under Management
$
906.2

 
$
900.0

 
$
945.6

 
1
%
 
(4
)%
TOTAL REVENUE (FTE)
 
 
 
 
 
 
 
% Change vs.
($ In Millions except per share data)
Q2 2016
 
Q1 2016
 
Q2 2015
 
Q1 2016
 
Q2 2015
Noninterest Income
$
1,017.0

 
$
882.2

 
$
1,004.7

 
15
 %
 
1
%
Net Interest Income (FTE*)
306.6

 
314.0

 
257.6

 
(2
)
 
19

Total Revenue (FTE*)
$
1,323.6

 
$
1,196.2

 
$
1,262.3

 
11
 %
 
5
%

(*)
Total revenue and net interest income presented on a fully taxable equivalent (FTE) basis are non-generally accepted accounting principle financial measures that facilitate the analysis of asset yields. Please refer to the Reconciliation of Reported Total Revenue and Net Interest Income section for further detail.



- 4 -
SECOND QUARTER 2016 RESULTS (continued)


Noninterest Income
 
 
 
 
 
 
 
% Change vs.
($ In Millions)
Q2 2016
 
Q1 2016
 
Q2 2015
 
Q1 2016
 
Q2 2015
Noninterest Income
 
 
 
 
 
 
 
 
 
     Trust, Investment and Other Servicing Fees
$
777.2

 
$
748.2

 
$
756.8

 
4
 %
 
3
 %
     Foreign Exchange Trading Income
64.4

 
60.5

 
74.8

 
6

 
(14
)
     Treasury Management Fees
16.0

 
16.2

 
16.1

 
(1
)
 
(1
)
     Security Commissions and Trading Income
20.6

 
18.9

 
20.0

 
9

 
3

     Other Operating Income
141.2

 
38.1

 
137.4

 
N/M

 
3

     Investment Security Gains (Losses), net
(2.4
)
 
0.3

 
(0.4
)
 
N/M

 
N/M

Total Noninterest Income
$
1,017.0

 
$
882.2

 
$
1,004.7

 
15
 %
 
1
 %

Q2 2016 vs. Q1 2016

▪
Trust, investment and other servicing fees increased primarily due to new business, lower money market mutual fund fee waivers, favorable equity markets and higher securities lending fees.
▪
Foreign exchange trading income increased based on higher currency volatility.
▪
Security commissions and trading income increased due to revenue from the acquisition of Aviate Global LLP, which closed on May 1, 2016.
▪
Other operating income in the current quarter included the pre-tax gain on the sale of 1.1 million Visa Inc. Class B common shares, net of the valuation adjustment to existing swap agreements, totaling $118.2 million, offset by $18.9 million of the total impairment charges and loss on sale related to the decision to exit a portion of a non-strategic loan and lease portfolio and impairment charges related to the residual value of certain aircraft and rail cars. Excluding these items, other operating income increased primarily due to income associated with the supplemental compensation plans, partially offset by a $2.3 million net gain in the prior quarter related to the decision to exit a portion of a non-strategic loan and lease portfolio. The income associated with the supplemental compensation plans has an associated expense in other operating expense.

Q2 2016 vs. Q2 2015

▪
Trust, investment and other servicing fees increased primarily due to lower money market mutual fund fee waivers and new business, partially offset by the unfavorable impact of equity markets and movements in foreign exchange rates.
▪
Foreign exchange trading income decreased primarily due to lower client volumes.
▪
Other operating income in the current quarter included the pre-tax gain on the sale of 1.1 million Visa Inc. Class B common shares, net of the valuation adjustment to existing swap agreements, totaling $118.2 million, offset by impairment charges and the loss on sale related to the decision to exit a portion of a non-strategic loan and lease portfolio as well as impairment charges related to the residual value of certain aircraft and rail cars of $18.9 million during the current quarter. The prior-year quarter included a pre-tax gain on the sale of 1.0 million Visa Inc. Class B common shares totaling $99.9 million. Excluding these items, other operating income increased primarily due to income associated with the supplemental compensation plans. The income associated with the supplemental compensation plans has an associated expense in other operating expense.




- 5 -
SECOND QUARTER 2016 RESULTS (continued)


Trust, Investment and Other Servicing Fees by Reporting Segment
 
 
 
 
 
 
 
% Change vs.
($ In Millions)
Q2 2016
 
Q1 2016
 
Q2 2015
 
Q1 2016
 
Q2 2015
C&IS Trust, Investment and Other Servicing Fees
 
 
 
 
 
 
 
 
 
Custody and Fund Administration
$
293.3

 
$
286.4

 
$
293.6

 
2
 %
 
—
 %
Investment Management
94.2

 
89.1

 
80.6

 
6

 
17

Securities Lending
26.8

 
22.6

 
26.8

 
18

 
—

Other
32.6

 
35.3

 
31.0

 
(8
)
 
5

Total
$
446.9

 
$
433.4

 
$
432.0

 
3
 %
 
3
 %
 
 
 
 
 
 
 


 


   Money Market Mutual Fund Fee Waivers
$
0.1

 
$
1.7

 
$
13.6

 
(92
)%
 
(99
)%

Q2 2016 vs. Q1 2016

▪
C&IS custody and fund administration fees increased primarily due to new business.
▪
C&IS investment management fees increased primarily due to new business and lower money market mutual fund fee waivers.
▪
C&IS securities lending fees increased primarily reflecting higher spreads in the current quarter.
▪
C&IS other fees decreased primarily due to seasonally higher benefit payments fees in the prior quarter.

Q2 2016 vs. Q2 2015

▪
C&IS custody and fund administration fees were relatively unchanged, primarily driven by new business, partially offset by the unfavorable impact of equity markets and movements in foreign exchange rates.
▪
C&IS investment management fees increased primarily due to lower money market mutual fund fee waivers.
 
 
 
 
 
 
 
% Change vs.
($ In Millions)
Q2 2016
 
Q1 2016
 
Q2 2015
 
Q1 2016
 
Q2 2015
Wealth Management Trust, Investment and Other Servicing Fees
 
 
 
 
 
 
 
 
 
Central
$
130.2

 
$
124.4

 
$
128.2

 
5
 %
 
2
 %
East
84.5

 
81.0

 
85.9

 
4
 %
 
(2
)
West
67.5

 
63.9

 
68.5

 
6
 %
 
(1
)
Global Family Office
48.1

 
45.5

 
42.2

 
6
 %
 
14

Total
$
330.3

 
$
314.8

 
$
324.8

 
5
 %
 
2
 %
 
 
 
 
 
 
 


 


   Money Market Mutual Fund Fee Waivers
$
0.1

 
$
6.0

 
$
14.6

 
(99
)%
 
(100
)%

Q2 2016 vs. Q1 2016

▪
The increase in Wealth Management fees across the regions was primarily attributable to the impact of favorable equity markets and lower money market mutual fund fee waivers.




- 6 -
SECOND QUARTER 2016 RESULTS (continued)


Q2 2016 vs. Q2 2015

▪
The increase in Wealth Management fees, driven by Global Family Office, was primarily attributable to the impact of lower money market mutual fund fee waivers, partially offset by unfavorable equity markets.
Net Interest Income
 
 
 
 
 
 
 
% Change vs.
($ In Millions)
Q2 2016
 
Q1 2016
 
Q2 2015
 
Q1 2016
 
Q2 2015
Net Interest Income
 
 
 
 
 
 
 
 
 
     Interest Income (FTE*)
$
351.6

 
$
358.2

 
$
295.2

 
(2
)%
 
19
%
     Interest Expense
45.0

 
44.2

 
37.6

 
2

 
20

Net Interest Income (FTE*)
$
306.6

 
$
314.0

 
$
257.6

 
(2
)%
 
19
%
 
 
 
 
 
 
 


 


Average Earning Assets
$
106,614

 
$
104,617

 
$
103,806

 
2
 %
 
3
%
Net Interest Margin (FTE*)
1.16
%
 
1.21
%
 
1.00
%
 


 



(*)
Total revenue and net interest income presented on a fully taxable equivalent (FTE) basis are non-generally accepted accounting principle financial measures that facilitate the analysis of asset yields. Please refer to the Reconciliation of Reported Total Revenue and Net Interest Income section for further detail.


Q2 2016 vs. Q1 2016

▪
Net interest income on an FTE basis decreased compared to the prior quarter, primarily attributable to a lower net interest margin, partially offset by an increase in earning assets. In addition, the current quarter included a pre-tax impairment charge related to the residual value of certain aircraft and rail cars of $2.7 million.
▪
Earning assets increased compared to the prior quarter, primarily resulting from higher levels of securities. Earning asset growth was funded primarily by a higher level of demand deposits and borrowed funds.
▪
Excluding the impact of the pre-tax charge, the net interest margin on an FTE basis decreased primarily reflecting lower yields on earning assets.
Q2 2016 vs. Q2 2015
▪
Net interest income on an FTE basis increased compared to the prior-year quarter, primarily the result of an increase in earning assets and a higher net interest margin. Additionally, the current quarter included a pre-tax charge of $2.7 million related to the residual value of certain aircraft and rail cars. The prior-year quarter included a pre-tax charge of $17.8 million related to the residual value of certain aircraft under leveraged lease agreements.
▪
Earning assets increased compared to the prior-year quarter, primarily resulting from higher levels of securities and loans. Earning asset growth was funded primarily by a higher level of borrowed funds and demand deposits.
▪
Excluding the impact of the pre-tax charges in the current quarter and the prior-year quarter, the net interest margin on an FTE basis increased, primarily reflecting higher yields on earning assets.



- 7 -
SECOND QUARTER 2016 RESULTS (continued)


PROVISION FOR CREDIT LOSSES
 
As of and for the three-months ended,
 
% Change vs.
($ In Millions)
June 30,
2016
 
March 31,
2016
 
June 30,
2015
 
March 31,
2016
 
June 30,
2015
Allowance for Credit Losses
 
 
 
 
 
 
 
 
 
Beginning Allowance for Credit Losses
$
232.6

 
$
233.3

 
$
286.7

 
—
 %
 
(19
)%
Provision for Credit Losses
(3.0
)
 
2.0

 
(10.0
)
 
N/M

 
(70
)
Net (Charge-Offs) / Recoveries
(2.4
)
 
(2.7
)
 
(2.6
)
 
(11
)
 
(8
)
Effect of Foreign Exchange Rates
(0.1
)
 
—

 
0.1

 
(100
)
 
N/M

Ending Allowance for Credit Losses
$
227.1

 
$
232.6

 
$
274.2

 
(2
)%
 
(17
)%
 
 
 
 
 
 
 
 
 
 
Allowance assigned to:
 
 
 
 
 
 
 
 
 
Loans and Leases
$
192.0

 
$
195.6

 
$
257.3

 
(2
)%
 
(25
)%
Undrawn Commitments and
Standby Letters of Credit
35.1

 
37.0

 
16.9

 
(5
)
 
108

Ending Allowance for Credit Losses
$
227.1

 
$
232.6

 
$
274.2

 
(2
)%
 
(17
)%

Q2 2016 vs. Q1 2016

▪
The credit provision in the current quarter was driven by improved credit quality in the commercial real estate portfolio and a reduction in outstanding loans and improved credit quality in the residential real estate portfolio compared to the prior quarter, resulting in a reduction in the required allowance for credit losses.
Q2 2016 vs. Q2 2015
▪
The credit provision in the prior-year quarter was driven by improved credit quality across the loan portfolio. The decrease in the allowance for credit losses from the prior-year quarter was driven by improved credit quality across the loan and lease portfolio. Nonperforming loans and leases in the current quarter were $152.2 million compared to $208.7 million in the prior-year quarter.
NONINTEREST EXPENSE
 
 
 
 
 
 
 
% Change vs.
($ In Millions)
Q2 2016
 
Q1 2016
 
Q2 2015
 
Q1 2016
 
Q2 2015
Noninterest Expense
 
 
 
 
 
 
 
 
 
Compensation
$
389.5

 
$
378.8

 
$
361.9

 
3
%
 
8
 %
Employee Benefits
72.2

 
70.6

 
73.2

 
2

 
(1
)
Outside Services
159.0

 
149.9

 
147.2

 
6

 
8

Equipment and Software
118.0

 
114.2

 
114.4

 
3

 
3

Occupancy
45.3

 
40.9

 
43.0

 
11

 
5

Other Operating Expense
141.0

 
74.4

 
114.8

 
90

 
23

Total Noninterest Expense
$
925.0

 
$
828.8

 
$
854.5

 
12
%
 
8
 %
 
 
 
 
 
 
 


 


End of Period Full-Time Equivalent Staff
16,600

 
16,300

 
15,800

 
2
%
 
5
 %

Q2 2016 vs. Q1 2016

▪
Compensation expense in the current quarter included severance and related charges of $13.0 million. Excluding the severance and related charges, compensation expense was relatively unchanged compared to the prior quarter.



- 8 -
SECOND QUARTER 2016 RESULTS (continued)


▪
Employee benefits expense in the current quarter included severance and related charges of $1.5 million. Excluding the severance and related charges, employee benefits expense was relatively unchanged compared to the prior quarter.
▪
Expense for outside services in the current quarter included severance and related charges of $0.7 million. Excluding the severance and related charges, expense for outside services increased compared to the prior quarter, primarily reflecting higher consulting expense, sub-custodian expense, clearing expense, and legal fees, partially offset by a decrease in technical services.
▪
Equipment and software expense increased compared to the prior quarter, primarily reflecting increased software amortization.
▪
Occupancy expense increased compared to the prior quarter, primarily reflecting a sublease provision credit that reduced expense in the prior quarter and a slight increase in rent expense.
▪
Other operating expense in the current quarter included a pre-tax charge in connection with an agreement to settle certain securities lending litigation of $46.5 million, charges related to contractual modifications associated with existing Corporate and Institutional Services clients of $18.6 million, and other personnel charges of $2.3 million. Excluding these charges, other operating expense decreased compared to the prior quarter, primarily due to a decrease in business promotion expense related to the Northern Trust Open, partially offset by increased expense associated with supplemental compensation plans and various other expenses. The supplemental compensation plans expense has associated income in other operating income.

Q2 2016 vs. Q2 2015

▪
Compensation expense in the current quarter included severance and related charges of $13.0 million. Excluding the severance and related charges, compensation expense increased compared to the prior-year quarter, primarily reflecting higher staff levels, partially offset by lower performance-based incentive compensation.
▪
Employee benefits expense in the current quarter included severance and related charges of $1.5 million. Excluding the severance and related charges, employee benefits expense decreased compared to the prior-year quarter, primarily reflecting a decrease in pension expense.
▪
Expense for outside services in the current quarter included severance and related charges of $0.7 million. Excluding the severance and related charges, expense for outside services increased compared to the prior-year quarter, primarily reflecting increased technical services and consulting services, partially offset by a reduction in third party advisory fees.
▪
Equipment and software expense increased compared to the prior-year quarter, primarily reflecting increased software amortization.
▪
Occupancy expense increased compared to the prior-year quarter, primarily reflecting increased rent expense.
▪
Other operating expense in the current quarter included a pre-tax charge in connection with an agreement to settle certain securities lending litigation of $46.5 million, charges related to contractual modifications associated with existing Corporate and Institutional Services clients of $18.6 million, and other personnel charges of $2.3 million recorded in the current quarter. The prior-year quarter included a charge related to voluntary cash contributions to certain constant dollar NAV funds totaling $45.8 million. Excluding these charges, other operating expense increased compared to the prior-year quarter, primarily due to increases in various other expenses, including higher supplemental compensation plans expense. The supplemental compensation plans expense has associated income in other operating income.



- 9 -
SECOND QUARTER 2016 RESULTS (continued)


PROVISION FOR INCOME TAX
 
 
 
 
 
 
 
% Change vs.
($ In Millions)
Q2 2016
 
Q1 2016
 
Q2 2015
 
Q1 2016
 
Q2 2015
Net Income
 
 
 
 
 
 
 
 
 
Income before Income Taxes
$
394.7

 
$
359.2

 
$
411.4

 
10
%
 
(4
)%
Provision for Income Taxes
134.0

 
117.4

 
142.2

 
14

 
(6
)
Net Income
$
260.7

 
$
241.8

 
$
269.2

 
8
%
 
(3
)%
 
 
 
 
 
 
 


 


Effective Tax Rate
33.9
%
 
32.7
%
 
34.6
%
 


 



Q2 2016 vs. Q1 2016

▪
The increase in the provision for income taxes compared to the prior quarter was based primarily on increased income before income taxes and a higher effective tax rate driven by the tax treatment of the Visa-related net gain, partially off-set by the tax treatment related to the securities lending settlement agreement, retained client implementation charges, and severance, other personnel and related charges.
Q2 2016 vs. Q2 2015
▪
The decrease in the provision for income taxes compared to the prior-year quarter was based primarily on lower income before income taxes and a lower effective tax rate driven by federal tax-exempted income and an overall reduction in the state income tax provision, which included an increase in state income tax credits.



- 10 -
STOCKHOLDERS' EQUITY

Total stockholders’ equity averaged $8.8 billion, up $184.8 million, or 2% from the prior-year quarter’s average of $8.6 billion. The increase was primarily attributable to earnings, partially offset by dividend declarations and the repurchase of common stock pursuant to the Corporation’s share repurchase program. During the current quarter, the Corporation declared cash dividends totaling $5.8 million to preferred stockholders and cash dividends totaling $83.4 million to common stockholders. During the three and six months ended June 30, 2016, the Corporation repurchased 1,969,228 shares of common stock, including 2,239 shares withheld related to share-based compensation, at a total cost of $140.8 million ($71.52 average price per share) and 4,279,845 shares of common stock, including 387,843 shares withheld related to share-based compensation, at a total cost of $281.1 million ($65.68 average price per share), respectively.

CAPITAL RATIOS
The capital ratios of Northern Trust and its principal subsidiary bank, The Northern Trust Company, remained strong at June 30, 2016, with all ratios applicable to classification as “well capitalized” under U.S. regulatory requirements having been exceeded.
The table below provides capital ratios for Northern Trust Corporation and The Northern Trust Company determined by Basel III phased in requirements.
 
 
June 30, 2016
 
March 31, 2016
 
June 30, 2015
Capital Ratios -
Northern Trust Corporation
 
Advanced Approach
 
Standardized Approach
 
Advanced Approach
 
Standardized Approach
 
Advanced Approach
 
Standardized Approach
Common Equity Tier 1
 
11.5
%
 
10.6
%
 
11.6
%
 
10.6
%
 
12.0
%
 
10.7
%
Tier 1
 
12.0
%
 
11.0
%
 
12.1
%
 
11.1
%
 
12.6
%
 
11.2
%
Total
 
13.5
%
 
12.7
%
 
13.6
%
 
12.8
%
 
14.4
%
 
13.2
%
Tier 1 Leverage
 
7.4
%
 
7.4
%
 
7.4
%
 
7.4
%
 
7.6
%
 
7.6
%
Supplementary Leverage(a)
 
6.1
%
 
N/A

 
6.1
%
 
N/A

 
6.3
%
 
N/A

 
 
June 30, 2016
 
March 31, 2016
 
June 30, 2015
Capital Ratios -
The Northern Trust Company
 
Advanced Approach
 
Standardized Approach
 
Advanced Approach
 
Standardized Approach
 
Advanced Approach
 
Standardized Approach
Common Equity Tier 1
 
11.6
%
 
10.4
%
 
11.5
%
 
10.4
%
 
11.6
%
 
10.1
%
Tier 1
 
11.6
%
 
10.4
%
 
11.5
%
 
10.4
%
 
11.6
%
 
10.1
%
Total
 
13.3
%
 
12.2
%
 
13.2
%
 
12.2
%
 
13.2
%
 
11.9
%
Tier 1 Leverage
 
7.0
%
 
7.0
%
 
6.9
%
 
6.9
%
 
6.8
%
 
6.8
%
Supplementary Leverage(a)
 
5.8
%
 
N/A

 
6.0
%
 
N/A

 
5.6
%
 
N/A

(a)
Effective January 1, 2018, the Northern Trust will be subject to a minimum supplementary leverage ratio of 3 percent.



- 11 -
RECONCILIATION OF REPORTED TOTAL REVENUE AND
NET INTEREST INCOME TO FULLY TAXABLE EQUIVALENT



The following table presents a reconciliation of interest income, net interest income, net interest margin, and total revenue prepared in accordance with GAAP to such measures on an FTE basis, which are non-GAAP financial measures. Management believes this presentation provides a clearer indication of these financial measures 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.
 
Three Months Ended
 
June 30, 2016
 
March 31, 2016
 
June 30, 2015
($ In Millions)
Reported
 
FTE Adj.
 
FTE
 
Reported
 
FTE Adj.
 
FTE
 
Reported
 
FTE Adj.
 
FTE
Net Interest Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Income
$
344.7

 
$
6.9

 
$
351.6

 
$
352.0

 
$
6.2

 
$
358.2

 
$
288.8

 
$
6.4

 
$
295.2

Interest Expense
45.0

 
—

 
45.0

 
44.2

 
—

 
44.2

 
37.6

 
—

 
37.6

Net Interest Income
$
299.7

 
$
6.9

 
$
306.6

 
$
307.8

 
$
6.2

 
$
314.0

 
$
251.2

 
$
6.4

 
$
257.6

Net Interest Margin
1.13
%
 
 
 
1.16
%
 
1.18
%
 
 
 
1.21
%
 
0.97
%
 
 
 
1.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenue
$
1,316.7

 
$
6.9

 
$
1,323.6

 
$
1,190.0

 
$
6.2

 
$
1,196.2

 
$
1,255.9

 
$
6.4

 
$
1,262.3




- 12 -
FORWARD-LOOKING STATEMENTS

This release may include statements which constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified typically by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “likely,” “plan,” “goal,” “target,” “strategy,” and similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements include statements, other than those related to historical facts, that relate to Northern Trust’s financial results and outlook, capital adequacy, dividend policy, anticipated expense levels, spending related to technology and regulatory initiatives, risk management policies, contingent liabilities, strategic initiatives, industry trends, and expectations regarding the impact of recent legislation. These statements are based on Northern Trust’s current beliefs and expectations of future events or future results, and involve risks and uncertainties that are difficult to predict and subject to change. These statements are also based on assumptions about many important factors, including the factors discussed in Northern Trust’s most recent annual report on Form 10-K and other filings with the U.S. Securities and Exchange Commission, all of which are available on Northern Trust’s website. We caution you not to place undue reliance on any forward-looking statement as actual results may differ materially from those expressed or implied by forward-looking statements. Northern Trust assumes no obligation to update its forward-looking statements.



- 13 -
WEBCAST OF SECOND QUARTER EARNINGS CONFERENCE CALL

Northern Trust’s second quarter earnings conference call will be webcast on July 20, 2016. The live call will be conducted at 11:00 a.m. CT and is accessible on Northern Trust’s website at:
https://www.northerntrust.com/financialreleases
The rebroadcast of the live call will be available on Northern Trust’s website from 2:00 p.m. CT on July 20, 2016, for approximately four weeks. Participants will need Windows Media or Adobe Flash software. This earnings release can also be accessed at Northern Trust’s website.
To download our investor relations mobile app, which offers access to SEC filings, press releases, stock quotes and upcoming events, please visit Apple’s App Store for your iPad. You may find the app by searching Northern Trust Investor Relations or by clicking on https://appsto.re/us/MtHH3.i from your iPad.

About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 20 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2016 Northern Trust had assets under custody of US$6.4 trillion, and assets under management of US$906 billion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at http://www.northerntrust.com/disclosures.


/ / /


 
NORTHERN TRUST CORPORATION
Page 1
 
(Supplemental Consolidated Financial Information)
 

STATEMENT OF INCOME DATA
 
 
 
 
 
($ In Millions Except Per Share Data)
SECOND QUARTER
 
 
 
2016
 
2015
 
% Change (*)
Noninterest Income
 
 
 
 
 
     Trust, Investment and Other Servicing Fees
$
777.2

 
$
756.8

 
3
 %
     Foreign Exchange Trading Income
64.4

 
74.8

 
(14
)
     Treasury Management Fees
16.0

 
16.1

 
(1
)
     Security Commissions and Trading Income
20.6

 
20.0

 
3

     Other Operating Income
141.2

 
137.4

 
3

     Investment Security Gains (Losses), net
(2.4
)
 
(0.4
)
 
N/M

Total Noninterest Income
1,017.0

 
1,004.7

 
1

 
 
 
 
 
 
Net Interest Income
 
 
 
 
 
      Interest Income
344.7

 
288.8

 
19

      Interest Expense
45.0

 
37.6

 
20

Net Interest Income
299.7

 
251.2

 
19

 
 
 
 
 
 
Total Revenue
1,316.7

 
1,255.9

 
5

 
 
 
 
 
 
Provision for Credit Losses
(3.0
)
 
(10.0
)
 
(70
)
 
 
 
 
 
 
Noninterest Expense
 
 
 
 
 
     Compensation
389.5

 
361.9

 
8

     Employee Benefits
72.2

 
73.2

 
(1
)
     Outside Services
159.0

 
147.2

 
8

     Equipment and Software
118.0

 
114.4

 
3

     Occupancy
45.3

 
43.0

 
5

     Other Operating Expense
141.0

 
114.8

 
23

Total Noninterest Expense
925.0

 
854.5

 
8

 
 
 
 
 
 
Income before Income Taxes
394.7

 
411.4

 
(4
)
Provision for Income Taxes
134.0

 
142.2

 
(6
)
NET INCOME
$
260.7

 
$
269.2

 
(3
)%
 
 
 
 
 
 
Dividends on Preferred Stock
$
5.8

 
$
5.8

 
—
 %
Earnings Allocated to Participating Securities
4.7

 
4.1

 
16

Earnings Allocated to Common and Potential Common Shares
250.2

 
259.3

 
(4
)
 
 
 
 
 
 
Per Common Share
 
 
 
 
 
Net Income
 
 
 
 
 
     Basic
$
1.10

 
$
1.11

 
(1
)%
     Diluted
1.09

 
1.10

 
(1
)
 
 
 
 
 
 
Average Common Equity
$
8,404.2

 
$
8,219.4

 
2
 %
Return on Average Common Equity
12.20

%
12.85
%
 
 
Return on Average Assets
0.91

%
0.97
%
 
 
 
 
 
 
 
 
Cash Dividends Declared per Common Share
$
0.36

 
$
0.36

 
—
 %
 
 
 
 
 
 
Average Common Shares Outstanding (000s)
 
 
 
 
 
     Basic
227,536

 
233,149

 
 
     Diluted
229,197

 
235,233

 
 
Common Shares Outstanding (EOP) (000s)
226,591

 
232,853

 
 
(*)
Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.


 
NORTHERN TRUST CORPORATION
Page 2
 
(Supplemental Consolidated Financial Information)
 

STATEMENT OF INCOME DATA
SECOND
 
FIRST
 
 
($ In Millions Except Per Share Data)
QUARTER
 
QUARTER
 
 
 
2016
 
2016
 
% Change (*)
Noninterest Income
 
 
 
 
 
     Trust, Investment and Other Servicing Fees
$
777.2

 
$
748.2

 
4
 %
     Foreign Exchange Trading Income
64.4

 
60.5

 
6

     Treasury Management Fees
16.0

 
16.2

 
(1
)
     Security Commissions and Trading Income
20.6

 
18.9

 
9

     Other Operating Income
141.2

 
38.1

 
N/M

     Investment Security Gains (Losses), net
(2.4
)
 
0.3

 
N/M

Total Noninterest Income
1,017.0

 
882.2

 
15

 
 
 
 
 


Net Interest Income
 
 
 
 


       Interest Income
344.7

 
352.0

 
(2
)
       Interest Expense
45.0

 
44.2

 
2

Net Interest Income
299.7

 
307.8

 
(3
)
 
 
 
 
 


Total Revenue
1,316.7

 
1,190.0

 
11

 
 
 
 
 


Provision for Credit Losses
(3.0
)
 
2.0

 
N/M

 
 
 
 
 


Noninterest Expense
 
 
 
 


     Compensation
389.5

 
378.8

 
3

     Employee Benefits
72.2

 
70.6

 
2

     Outside Services
159.0

 
149.9

 
6

     Equipment and Software
118.0

 
114.2

 
3

     Occupancy
45.3

 
40.9

 
11

     Other Operating Expense
141.0

 
74.4

 
90

Total Noninterest Expense
925.0

 
828.8

 
12

 
 
 
 
 


Income before Income Taxes
394.7

 
359.2

 
10

Provision for Income Taxes
134.0

 
117.4

 
14

NET INCOME
$
260.7

 
$
241.8

 
8
 %
 
 
 
 
 


Dividends on Preferred Stock
$
5.8

 
$
5.9

 
—
 %
Earnings Allocated to Participating Securities
4.7

 
4.1

 
17

Earnings Allocated to Common and Potential Common Shares
250.2

 
231.8

 
8

 
 
 
 
 


Per Common Share
 
 
 
 


Net Income
 
 
 
 


     Basic
$
1.10

 
$
1.01

 
9
 %
     Diluted
1.09

 
1.01

 
8

 
 
 
 
 


Average Common Equity
$
8,404.2

 
$
8,302.6

 
1
 %
Return on Average Common Equity
12.20

%
11.43
%
 


Return on Average Assets
0.91

%
0.86
%
 


 
 
 
 
 


Cash Dividends Declared per Common Share
$
0.36

 
$
0.36

 
—
 %
 
 
 
 
 
 
Average Common Shares Outstanding (000s)
 
 
 
 
 
     Basic
227,536

 
228,619

 
 
     Diluted
229,197

 
229,980

 
 
Common Shares Outstanding (EOP) (000s)
226,591

 
228,164

 
 
(*)
Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.


 
NORTHERN TRUST CORPORATION
Page 3
 
(Supplemental Consolidated Financial Information)
 

STATEMENT OF INCOME DATA
 
 
 
 
 
($ In Millions Except Per Share Data)
SIX MONTHS
 
 
 
2016
 
2015
 
% Change (*)
Noninterest Income
 
 
 
 
 
     Trust, Investment and Other Servicing Fees
$
1,525.4

 
$
1,484.3

 
3
 %
     Foreign Exchange Trading Income
124.9

 
146.4

 
(15
)
     Treasury Management Fees
32.2

 
32.4

 
(1
)
     Security Commissions and Trading Income
39.5

 
39.8

 
(1
)
     Other Operating Income
179.3

 
176.0

 
2

     Investment Security Gains (Losses), net
(2.1
)
 
(0.3
)
 
N/M

Total Noninterest Income
1,899.2

 
1,878.6

 
1

 
 
 
 
 


Net Interest Income
 
 
 
 


       Interest Income
696.7

 
587.6

 
19

       Interest Expense
89.2

 
75.8

 
18

Net Interest Income
607.5

 
511.8

 
19

 
 
 
 
 


Total Revenue
2,506.7

 
2,390.4

 
5

 
 
 
 
 


Provision for Credit Losses
(1.0
)
 
(14.5
)
 
(93
)
 
 
 
 
 


Noninterest Expense
 
 
 
 


     Compensation
768.3

 
716.2

 
7

     Employee Benefits
142.8

 
146.1

 
(2
)
     Outside Services
308.9

 
282.3

 
9

     Equipment and Software
232.2

 
224.7

 
3

     Occupancy
86.2

 
86.0

 
—

     Other Operating Expense
215.4

 
188.2

 
15

Total Noninterest Expense
1,753.8

 
1,643.5

 
7

 
 
 
 
 


Income before Income Taxes
753.9

 
761.4

 
(1
)
Provision for Income Taxes
251.4

 
261.5

 
(4
)
NET INCOME
$
502.5

 
$
499.9

 
1
 %
 
 
 
 
 


Dividends on Preferred Stock
$
11.7

 
$
11.7

 
—
 %
Earnings Allocated to Participating Securities
8.8

 
7.8

 
13

Earnings Allocated to Common and Potential Common Shares
482.0

 
480.4

 
—

 
 
 
 
 


Per Common Share
 
 
 
 


Net Income
 
 
 
 


     Basic
$
2.11

 
$
2.06

 
3
 %
     Diluted
2.10

 
2.04

 
3

 
 
 
 
 


Average Common Equity
$
8,353.4

 
$
8,152.2

 
2
 %
Return on Average Common Equity
11.82

%
12.08
%
 


Return on Average Assets
0.89

%
0.92
%
 


 
 
 
 
 


Cash Dividends Declared per Common Share
$
0.72

 
$
0.69

 
4
 %
 
 
 
 
 
 
Average Common Shares Outstanding (000s)
 
 
 
 
 
     Basic
228,077

 
233,264

 
 
     Diluted
229,588

 
235,260

 
 
Common Shares Outstanding (EOP) (000s)
226,591

 
232,853

 
 
(*)
Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.


 
NORTHERN TRUST CORPORATION
Page 4
 
(Supplemental Consolidated Financial Information)
 

BALANCE SHEET
 
 
 
 
 
($ In Millions)
JUNE 30
 
 
 
2016
 
2015
 
% Change (*)
Assets
 
 
 
 
 
Federal Funds Sold and Securities Purchased under Agreements to Resell
$
1,862.7

 
$
1,020.0

 
83
 %
Interest-Bearing Due from and Deposits with Banks (**)
10,311.8

 
13,718.5

 
(25
)
Federal Reserve and Other Central Bank Deposits
23,022.2

 
22,679.8

 
2

Securities
 
 
 
 


       U.S. Government
6,897.3

 
5,018.8

 
37

       Obligations of States and Political Subdivisions
720.7

 
107.9

 
N/M

       Government Sponsored Agency
17,445.5

 
16,776.9

 
4

       Other (***)
16,397.6

 
17,289.6

 
(5
)
Total Securities
41,461.1

 
39,193.2

 
6

Loans and Leases
34,557.1

 
32,953.8

 
5

Total Earning Assets
111,214.9

 
109,565.3

 
2

Allowance for Credit Losses Assigned to Loans and Leases
(192.0
)
 
(257.3
)
 
(25
)
Cash and Due from Banks and Other Central Bank Deposits (****)
2,005.6

 
3,893.6

 
(48
)
Buildings and Equipment
434.0

 
436.5

 
(1
)
Client Security Settlement Receivables
2,217.0

 
2,034.2

 
9

Goodwill
527.8

 
534.3

 
(1
)
Other Assets
5,302.3

 
3,736.3

 
42

Total Assets
$
121,509.6

 
$
119,942.9

 
1
 %
 
 
 
 
 

Liabilities and Stockholders’ Equity
 
 
 
 

Interest-Bearing Deposits
 
 
 
 

       Savings and Money Market
$
15,669.8

 
$
15,782.4

 
(1
)%
       Savings Certificates and Other Time
1,403.1

 
1,540.5

 
(9
)
       Non-U.S. Offices - Interest-Bearing
50,547.5

 
52,909.9

 
(4
)
Total Interest-Bearing Deposits
67,620.4

 
70,232.8

 
(4
)
Short-Term Borrowings
6,909.1

 
3,704.0

 
87

Senior Notes
1,496.2

 
1,497.2

 
—

Long-Term Debt
1,418.8

 
1,362.3

 
4

Floating Rate Capital Debt
277.4

 
277.3

 
—

Total Interest-Related Funds
77,721.9

 
77,073.6

 
1

Demand and Other Noninterest-Bearing Deposits
31,466.5

 
30,455.1

 
3

Other Liabilities
3,369.7

 
3,664.9

 
(8
)
Total Liabilities
112,558.1

 
111,193.6

 
1

Common Equity
8,563.0

 
8,360.8

 
2

Preferred Equity
388.5

 
388.5

 
—

Total Equity
8,951.5

 
8,749.3

 
2

Total Liabilities and Stockholders’ Equity
$
121,509.6

 
$
119,942.9

 
1
 %
(*)
Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.
(**)
Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(***)
Other securities include Federal Reserve and Federal Home Loan Bank stock and certain community development investments for purposes of presenting earning assets; such securities are presented in other assets on consolidated balance sheets in our periodic filings with the SEC.
(****)
Cash and Due from Banks and Other Central Bank Deposits includes the non-interest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.



 
NORTHERN TRUST CORPORATION
Page 5
 
(Supplemental Consolidated Financial Information)
 

BALANCE SHEET
 
 
 
 
 
($ In Millions)
JUNE 30
 
MARCH 31
 
 
 
2016
 
2016
 
% Change (*)
Assets
 
 
 
 
 
Federal Funds Sold and Securities Purchased under Agreements to Resell
$
1,862.7

 
$
1,765.2

 
6
 %
Interest-Bearing Due from and Deposits with Banks (**)
10,311.8

 
10,465.4

 
(1
)
Federal Reserve and Other Central Bank Deposits
23,022.2

 
21,560.3

 
7

Securities
 
 
 
 


       U.S. Government
6,897.3

 
6,885.0

 
—

       Obligations of States and Political Subdivisions
720.7

 
269.2

 
168

       Government Sponsored Agency
17,445.5

 
16,901.8

 
3

       Other (***)
16,397.6

 
15,590.1

 
5

Total Securities
41,461.1

 
39,646.1

 
5

Loans and Leases
34,557.1

 
34,144.9

 
1

Total Earning Assets
111,214.9

 
107,581.9

 
3

Allowance for Credit Losses Assigned to Loans and Leases
(192.0
)
 
(195.6
)
 
(2
)
Cash and Due from Banks and Other Central Bank Deposits (****)
2,005.6

 
2,930.0

 
(32
)
Buildings and Equipment
434.0

 
437.8

 
(1
)
Client Security Settlement Receivables
2,217.0

 
1,902.7

 
17

Goodwill
527.8

 
523.6

 
1

Other Assets
5,302.3

 
4,618.4

 
15

Total Assets
$
121,509.6

 
$
117,798.8

 
3
 %
 
 
 
 
 


Liabilities and Stockholders’ Equity
 
 
 
 


Interest-Bearing Deposits
 
 
 
 


       Savings and Money Market
$
15,669.8

 
$
14,956.0

 
5
 %
       Savings Certificates and Other Time
1,403.1

 
1,417.0

 
(1
)
       Non-U.S. Offices - Interest-Bearing
50,547.5

 
50,747.4

 
—

Total Interest-Bearing Deposits
67,620.4

 
67,120.4

 
1

Short-Term Borrowings
6,909.1

 
4,780.2

 
45

Senior Notes
1,496.2

 
1,496.1

 
—

Long-Term Debt
1,418.8

 
1,406.2

 
1

Floating Rate Capital Debt
277.4

 
277.3

 
—

Total Interest-Related Funds
77,721.9

 
75,080.2

 
4

Demand and Other Noninterest-Bearing Deposits
31,466.5

 
30,539.2

 
3

Other Liabilities
3,369.7

 
3,346.6

 
1

Total Liabilities
112,558.1

 
108,966.0

 
3

Common Equity
8,563.0

 
8,444.3

 
1

Preferred Equity
388.5

 
388.5

 
—

Total Equity
8,951.5

 
8,832.8

 
1

Total Liabilities and Stockholders’ Equity
$
121,509.6

 
$
117,798.8

 
3
 %
(*)
Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.
(**)
Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(***)
Other securities include Federal Reserve and Federal Home Loan Bank stock and certain community development investments for purposes of presenting earning assets; such securities are presented in other assets on consolidated balance sheets in our periodic filings with the SEC.
(****)
Cash and Due from Banks and Other Central Bank Deposits includes the non-interest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.



 
NORTHERN TRUST CORPORATION
Page 6
 
(Supplemental Consolidated Financial Information)
 

AVERAGE BALANCE SHEET
 
 
 
 
 
($ In Millions)
SECOND QUARTER
 
 
 
2016
 
2015
 
% Change (*)
Assets
 
 
 
 
 
Federal Funds Sold and Securities Purchased under Agreements to Resell
$
1,915.2

 
$
1,041.9

 
84
 %
Interest-Bearing Due from and Deposits with Banks (**)
9,827.9

 
12,012.4

 
(18
)
Federal Reserve and Other Central Bank Deposits
19,657.8

 
19,900.3

 
(1
)
Securities
 
 
 
 


       U.S. Government
6,875.1

 
4,789.1

 
44

       Obligations of States and Political Subdivisions
470.2

 
112.2

 
N/M

       Government Sponsored Agency
17,347.0

 
16,821.7

 
3

       Other (***)
16,064.2

 
16,207.0

 
(1
)
Total Securities
40,756.5

 
37,930.0

 
7

Loans and Leases
34,456.1

 
32,921.4

 
5

Total Earning Assets
106,613.5

 
103,806.0

 
3

Allowance for Credit Losses Assigned to Loans and Leases
(195.4
)
 
(260.0
)
 
(25
)
Cash and Due from Banks and Other Central Bank Deposits (****)
2,093.9

 
2,142.9

 
(2
)
Buildings and Equipment
439.9

 
446.5

 
(1
)
Client Security Settlement Receivables
1,143.0

 
945.0

 
21

Goodwill
531.2

 
531.1

 
—

Other Assets
4,287.7

 
4,079.6

 
5

Total Assets
$
114,913.8

 
$
111,691.1

 
3
 %
 
 
 
 
 


Liabilities and Stockholders’ Equity
 
 
 
 


Interest-Bearing Deposits
 
 
 
 


       Savings and Money Market
$
15,041.3

 
$
15,705.4

 
(4
)%
       Savings Certificates and Other Time
1,405.0

 
1,779.5

 
(21
)
       Non-U.S. Offices - Interest-Bearing
50,443.8

 
49,291.8

 
2

Total Interest-Bearing Deposits
66,890.1

 
66,776.7

 
—

Short-Term Borrowings
6,195.0

 
4,404.8

 
41

Senior Notes
1,496.1

 
1,497.1

 
—

Long-Term Debt
1,403.2

 
1,380.2

 
2

Floating Rate Capital Debt
277.4

 
277.3

 
—

Total Interest-Related Funds
76,261.8

 
74,336.1

 
3

Demand and Other Noninterest-Bearing Deposits
26,718.0

 
25,558.4

 
5

Other Liabilities
3,141.3

 
3,188.7

 
(1
)
Total Liabilities
106,121.1

 
103,083.2

 
3

Common Equity
8,404.2

 
8,219.4

 
2

Preferred Equity
388.5

 
388.5

 
—

Total Equity
8,792.7

 
8,607.9

 
2

Total Liabilities and Stockholders’ Equity
$
114,913.8

 
$
111,691.1

 
3
 %
(*)
Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.
(**)
Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(***)
Other securities include Federal Reserve and Federal Home Loan Bank stock and certain community development investments for purposes of presenting earning assets; such securities are presented in other assets on consolidated balance sheets in our periodic filings with the SEC.
(****)
Cash and Due from Banks and Other Central Bank Deposits includes the non-interest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.


 
NORTHERN TRUST CORPORATION
Page 7
 
(Supplemental Consolidated Financial Information)
 

AVERAGE BALANCE SHEET
SECOND
 
FIRST
 
 
($ In Millions)
QUARTER
 
QUARTER
 
 
 
2016
 
2016
 
% Change (*)
Assets
 
 
 
 
 
Federal Funds Sold and Securities Purchased under Agreements to Resell
$
1,915.2

 
$
1,593.7

 
20
 %
Interest-Bearing Due from and Deposits with Banks (**)
9,827.9

 
9,056.8

 
9

Federal Reserve and Other Central Bank Deposits
19,657.8

 
21,170.2

 
(7
)
Securities
 
 
 
 


       U.S. Government
6,875.1

 
6,500.5

 
6

       Obligations of States and Political Subdivisions
470.2

 
189.1

 
149

       Government Sponsored Agency
17,347.0

 
16,764.2

 
3

       Other (***)
16,064.2

 
15,349.5

 
5

Total Securities
40,756.5

 
38,803.3

 
5

Loans and Leases
34,456.1

 
33,993.4

 
1

Total Earning Assets
106,613.5

 
104,617.4

 
2

Allowance for Credit Losses Assigned to Loans and Leases
(195.4
)
 
(193.5
)
 
1

Cash and Due from Banks and Other Central Bank Deposits (****)
2,093.9

 
2,192.4

 
(4
)
Buildings and Equipment
439.9

 
445.9

 
(1
)
Client Security Settlement Receivables
1,143.0

 
1,190.5

 
(4
)
Goodwill
531.2

 
523.1

 
2

Other Assets
4,287.7

 
4,641.3

 
(8
)
Total Assets
$
114,913.8

 
$
113,417.1

 
1
 %
 
 
 
 
 


Liabilities and Stockholders’ Equity
 
 
 
 


Interest-Bearing Deposits
 
 
 
 


       Savings and Money Market
$
15,041.3

 
$
15,367.3

 
(2
)%
       Savings Certificates and Other Time
1,405.0

 
1,459.6

 
(4
)
       Non-U.S. Offices - Interest-Bearing
50,443.8

 
49,434.9

 
2

Total Interest-Bearing Deposits
66,890.1

 
66,261.8

 
1

Short-Term Borrowings
6,195.0

 
5,584.1

 
11

Senior Notes
1,496.1

 
1,497.4

 
—

Long-Term Debt
1,403.2

 
1,399.3

 
—

Floating Rate Capital Debt
277.4

 
277.3

 
—

Total Interest-Related Funds
76,261.8

 
75,019.9

 
2

Demand and Other Noninterest-Bearing Deposits
26,718.0

 
26,214.5

 
2

Other Liabilities
3,141.3

 
3,491.5

 
(10
)
Total Liabilities
106,121.1

 
104,725.9

 
1

Common Equity
8,404.2

 
8,302.7

 
1

Preferred Equity
388.5

 
388.5

 
—

Total Equity
8,792.7

 
8,691.2

 
1

Total Liabilities and Stockholders’ Equity
$
114,913.8

 
$
113,417.1

 
1
 %
(*)
Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.
(**)
Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(***)
Other securities include Federal Reserve and Federal Home Loan Bank stock and certain community development investments for purposes of presenting earning assets; such securities are presented in other assets on consolidated balance sheets in our periodic filings with the SEC.
(****)
Cash and Due from Banks and Other Central Bank Deposits includes the non-interest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.


 
NORTHERN TRUST CORPORATION
Page 8
 
(Supplemental Consolidated Financial Information)
 

QUARTERLY TREND DATA
2016
 
2015
($ In Millions Except Per Share Data)
QUARTERS
 
QUARTERS
 
SECOND
 
FIRST
 
FOURTH
 
THIRD
 
SECOND
Net Income Summary
 
 
 
 
 
 
 
 
 
   Trust, Investment and Other Servicing Fees
$
777.2

 
$
748.2

 
$
747.1

 
$
749.1

 
$
756.8

   Other Noninterest Income
239.8

 
134.0

 
120.2

 
137.5

 
247.9

   Net Interest Income
299.7

 
307.8

 
289.4

 
268.9

 
251.2

     Total Revenue
1,316.7

 
1,190.0

 
1,156.7

 
1,155.5

 
1,255.9

   Provision for Credit Losses
(3.0
)
 
2.0

 
(18.5
)
 
(10.0
)
 
(10.0
)
   Noninterest Expense
925.0

 
828.8

 
824.8

 
812.3

 
854.5

     Income before Income Taxes
394.7

 
359.2

 
350.4

 
353.2

 
411.4

   Provision for Income Taxes
134.0

 
117.4

 
111.1

 
118.6

 
142.2

     Net Income
$
260.7

 
$
241.8

 
$
239.3

 
$
234.6

 
$
269.2

 
 
 
 
 
 
 
 
 
 
Per Common Share
 
 
 
 
 
 
 
 
 
   Net Income - Basic
$
1.10

 
$
1.01

 
$
1.00

 
$
0.97

 
$
1.11

                      - Diluted
1.09

 
1.01

 
0.99

 
0.96

 
1.10

   Cash Dividends Declared per Common Share
0.36

 
0.36

 
0.36

 
0.36

 
0.36

   Book Value (EOP)
37.79

 
37.01

 
36.27

 
36.31

 
35.91

   Market Value (EOP)
66.26

 
65.17

 
72.09

 
68.16

 
76.46

 
 
 
 
 
 
 
 
 
 
Financial Ratios
 
 
 
 
 
 
 
 
 
   Return on Average Common Equity
12.20

%
11.43
%
 
11.14
%
 
10.91
%
 
12.85
%
   Return on Average Assets
0.91

 
0.86

 
0.84

 
0.85

 
0.97

   Net Interest Margin (GAAP)
1.13

 
1.18

 
1.09

 
1.06

 
0.97

   Net Interest Margin (FTE)
1.16

 
1.21

 
1.11

 
1.08

 
1.00

 
 
 
 
 
 
 
 
 
 
Capital Ratios
 
 
 
 
 
 
 
 
 
   Standardized Approach
 
 
 
 
 
 
 
 
 
       Common Equity Tier 1
10.6

%
10.6
%
 
10.8
%
 
10.4
%
 
10.7
%
       Tier 1
11.0

 
11.1

 
11.4

 
11.0

 
11.2

       Total
12.7

 
12.8

 
13.2

 
12.8

 
13.2

       Tier 1 Leverage
7.4

 
7.4

 
7.5

 
7.8

 
7.6

 
 
 
 
 
 
 
 
 
 
   Advanced Approach
 
 
 
 
 
 
 
 
 
       Common Equity Tier 1
11.5

%
11.6
%
 
11.9
%
 
12.4
%
 
12.0
%
       Tier 1
12.0

 
12.1

 
12.5

 
13.0

 
12.6

       Total
13.5

 
13.6

 
14.2

 
14.8

 
14.4

       Tier 1 Leverage
7.4

 
7.4

 
7.5

 
7.8

 
7.6

       Supplementary Leverage
6.1

 
6.1

 
6.2

 
6.4

 
6.3

 
 
 
 
 
 
 
 
 
 
Assets Under Custody ($ In Billions) - EOP
 
 
 
 
 
 
 
 
 
   Corporate & Institutional Services
$
5,838.6

 
$
5,700.3

 
$
5,565.8

 
$
5,460.6

 
$
5,652.6

   Wealth Management
514.2

 
511.1

 
506.3

 
495.8

 
524.4

     Total Assets Under Custody
$
6,352.8

 
$
6,211.4

 
$
6,072.1

 
$
5,956.4

 
$
6,177.0

 
 
 
 
 
 
 
 
 
 
Assets Under Management ($ In Billions) - EOP
 
 
 
 
 
 
 
 
 
   Corporate & Institutional Services
$
672.3

 
$
669.9

 
$
648.0

 
$
661.5

 
$
713.6

   Wealth Management
233.9

 
230.1

 
227.3

 
225.3

 
232.0

     Total Assets Under Management
$
906.2

 
$
900.0

 
$
875.3

 
$
886.8

 
$
945.6

 
 
 
 
 
 
 
 
 
 
Asset Quality ($ In Millions) - EOP
 
 
 
 
 
 
 
 
 
   Nonperforming Loans and Leases
$
152.2

 
$
164.0

 
$
180.1

 
$
198.6

 
$
208.7

   Other Real Estate Owned (OREO)
14.2

 
10.4

 
8.2

 
8.9

 
10.1

     Total Nonperforming Assets
$
166.4

 
$
174.4

 
$
188.3

 
$
207.5

 
$
218.8

   Nonperforming Assets / Loans and Leases and OREO
0.48

%
0.51
%
 
0.57
%
 
0.62
%
 
0.66
%
   Gross Charge-offs
$
4.9

 
$
5.3

 
$
5.2

 
$
11.9

 
$
6.1

   Less: Gross Recoveries
2.5

 
2.6

 
2.3

 
2.5

 
3.5

     Net Charge-offs
$
2.4

 
$
2.7

 
$
2.9

 
$
9.4

 
$
2.6

   Net Charge-offs (Annualized) to Average Loans and Leases
0.03

%
0.03
%
 
0.03
%
 
0.11
%
 
0.03
%
   Allowance for Credit Losses Assigned to Loans and Leases
$
192.0

 
$
195.6

 
$
193.8

 
$
242.2

 
$
257.3

   Allowance to Nonperforming Loans and Leases
1.3
x
 
1.2
x
 
1.1
x
 
1.2x

 
1.2x

   Allowance for Other Credit-Related Exposures
$
35.1

 
$
37.0

 
$
39.5

 
$
12.5

 
$
16.9




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