Northern Trust(NTRS) - 2022 Q3 - Quarterly Report

Consolidated Financial Highlights Presents Northern Trust's financial performance and position for Q3 and 9M 2022, highlighting key metrics, balance sheet, client assets, and financial ratios Condensed Income Statements (Three Months Ended September 30) | Indicator | 2022 ($ In Millions) | 2021 ($ In Millions) | % Change | | :-------------------- | :------------------- | :------------------- | :------- | | Noninterest Income | 1,241.8 | 1,287.4 | (4)% | | Net Interest Income | 513.0 | 346.4 | 48 | | Total Revenue | 1,754.8 | 1,633.8 | 7 | | Provision for Credit Losses | 0.5 | (13.0) | N/M | | Noninterest Expense | 1,229.8 | 1,128.7 | 9 | | Income before Income Taxes | 524.5 | 518.1 | 1 | | Provision for Income Taxes | 129.7 | 122.4 | 6 | | Net Income | 394.8 | 395.7 | — % | | Net Income — Diluted (Per Common Share) | 1.80 | 1.80 | — | Condensed Income Statements (Nine Months Ended September 30) | Indicator | 2022 ($ In Millions) | 2021 ($ In Millions) | % Change | | :-------------------- | :------------------- | :------------------- | :------- | | Noninterest Income | 3,889.5 | 3,775.4 | 3 % | | Net Interest Income | 1,352.7 | 1,022.1 | 32 | | Total Revenue | 5,242.2 | 4,797.5 | 9 | | Provision for Credit Losses | 7.0 | (70.0) | N/M | | Noninterest Expense | 3,659.3 | 3,367.0 | 9 | | Income before Income Taxes | 1,575.9 | 1,500.5 | 5 | | Provision for Income Taxes | 395.6 | 361.6 | 9 | | Net Income | 1,180.3 | 1,138.9 | 4 % | | Net Income — Diluted (Per Common Share) | 5.43 | 5.22 | 4 | Selected Balance Sheet Data (End of Period) | Indicator | September 30, 2022 ($ In Millions) | December 31, 2021 ($ In Millions) | % Change | | :-------------------- | :--------------------------------- | :---------------------------------- | :------- | | Total Assets | 159,839.6 | 183,889.8 | (13)% | | Earning Assets | 142,738.5 | 172,276.0 | (17) | | Deposits | 128,547.4 | 159,928.4 | (20) | | Stockholders' Equity | 11,030.4 | 12,016.8 | (8) | Client Assets ($ In Billions) | Indicator | September 30, 2022 | December 31, 2021 | % Change | | :-------------------------- | :----------------- | :------------------ | :------- | | Assets Under Custody/Administration | 12,822.0 | 16,248.8 | (21)% | | Assets Under Custody | 9,986.3 | 12,612.3 | (21) | | Assets Under Management | 1,209.9 | 1,607.1 | (25) | Financial Ratios (Three Months Ended September 30) | Ratio | 2022 | 2021 | | :------------------------ | :---- | :---- | | Return on Average Common Equity | 14.9 %| 13.7 %| | Return on Average Assets | 1.07 | 1.00 | | Dividend Payout Ratio | 41.7 | 38.9 | | Net Interest Margin | 1.58 | 0.98 | Northern Trust Corporation Capital Ratios (Standardized Approach) | Ratio | September 30, 2022 | December 31, 2021 | | :------------------------ | :----------------- | :---------------- | | Common Equity Tier 1 Capital | 10.1 % | 11.9 % | | Tier 1 Capital | 11.1 | 12.9 | | Total Capital | 12.2 | 14.1 | | Tier 1 Leverage | 7.0 | 6.9 | Part I – Financial Information Management's Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures about Market Risk Management analyzes Northern Trust's financial condition and operations for Q3 and 9M 2022, detailing revenue, expenses, balance sheet changes, capital, and market risk Third Quarter Consolidated Results of Operations Q3 2022 consolidated results show a slight net income decrease, with 7% total revenue growth driven by net interest income, offset by lower noninterest income and higher expenses - Net Income decreased by $0.9 million to $394.8 million in Q3 2022 from $395.7 million in Q3 2021[15] - Total Revenue increased by $121.0 million, or 7%, to $1.75 billion in Q3 2022 from $1.63 billion in Q3 2021[16] - Net Interest Income increased by $166.6 million, or 48%, to $513.0 million in Q3 2022, primarily due to a higher net interest margin, partially offset by lower average earning assets[19] - Noninterest Expense increased by $101.1 million, or 9%, to $1.23 billion in Q3 2022, primarily attributable to higher Compensation, Equipment and Software expense, Outside Services and Employee Benefits[21] - A $0.5 million Provision for Credit Losses was recorded in Q3 2022, compared to a $13.0 million release in Q3 2021, primarily due to an increase in the collective basis reserve driven by a weaker macroeconomic outlook[20] - Trust, Investment and Other Servicing Fees decreased by $32.3 million, or 3%, from $1.11 billion in Q3 2021 to $1.08 billion in Q3 2022, primarily due to lagged unfavorable markets and unfavorable currency translation, partially offset by lower money market fund fee waivers[18] Nine-Month Consolidated Results of Operations Northern Trust reported a 4% net income increase and 9% total revenue growth for 9M 2022, driven by net interest income and lower fee waivers, despite higher expenses and credit loss provisions - Net Income increased by $41.4 million, or 4%, to $1.18 billion in 9M 2022 from $1.14 billion in 9M 2021[76] - Total Revenue increased by $444.7 million, or 9%, to $5.24 billion in 9M 2022 from $4.80 billion in 9M 2021[77] - Net Interest Income increased by $330.6 million, or 32%, to $1.35 billion in 9M 2022, primarily due to a higher net interest margin and nonrecurring interest received from the sale of certain nonaccrual loans[80] - Noninterest Expense increased by $292.3 million, or 9%, to $3.66 billion in 9M 2022, primarily attributable to higher Compensation and Equipment and Software expense[82] - A $7.0 million Provision for Credit Losses was recorded in 9M 2022, compared to a $70.0 million release in 9M 2021, primarily due to an increase in the collective basis reserve driven by a weaker macroeconomic outlook[81] - Trust, Investment and Other Servicing Fees increased by $140.4 million, or 4%, to $3.39 billion in 9M 2022, primarily driven by lower money market fee waivers, new business, and accounting reclassification, partially offset by unfavorable currency translation and unfavorable markets[78] Reporting Segments Northern Trust operates through Asset Servicing and Wealth Management segments, with results presented on an internal management reporting basis using FTP and FTE - Northern Trust is organized around its two client-focused reporting segments: Asset Servicing and Wealth Management[115] - Segment financial information is presented on an internal management reporting basis, utilizing a funds transfer pricing (FTP) methodology and an FTE basis[116] Consolidated Net Income by Segment (Three Months Ended September 30) | Segment | 2022 ($ In Millions) | 2021 ($ In Millions) | Percentage of Consolidated Net Income 2022 | Percentage of Consolidated Net Income 2021 | | :------------------ | :------------------- | :------------------- | :----------------------------------------- | :----------------------------------------- | | Asset Servicing | 209.7 | 158.2 | 53 % | 40 % | | Wealth Management | 201.3 | 241.1 | 51 % | 61 % | | Other | (16.2) | (3.6) | (4)% | (1)% | | Total | 394.8 | 395.7 | 100 % | 100 % | Consolidated Net Income by Segment (Nine Months Ended September 30) | Segment | 2022 ($ In Millions) | 2021 ($ In Millions) | Percentage of Consolidated Net Income 2022 | Percentage of Consolidated Net Income 2021 | | :------------------ | :------------------- | :------------------- | :----------------------------------------- | :----------------------------------------- | | Asset Servicing | 591.0 | 478.0 | 50 % | 42 % | | Wealth Management | 640.3 | 688.6 | 54 % | 60 % | | Other | (51.0) | (27.7) | (4)% | (2)% | | Total | 1,180.3 | 1,138.9 | 100 % | 100 % | Consolidated Balance Sheets Consolidated balance sheet shows decreased total assets and deposits at September 30, 2022, primarily from lower central bank and noninterest-bearing deposits, with increased loans Select Consolidated Balance Sheet Information ($ In Billions) | Item | September 30, 2022 | December 31, 2021 | Change ($B) | Change (%) | | :------------------------------------ | :----------------- | :---------------- | :---------- | :--------- | | Federal Reserve and Other Central Bank Deposits and Other | 39.6 | 64.5 | (24.9) | (39)% | | Total Securities | 53.8 | 62.7 | (8.9) | (14) | | Loans and Leases | 44.0 | 40.5 | 3.5 | 9 | | Total Earning Assets | 142.7 | 172.3 | (29.6) | (17) | | Total Assets | 159.8 | 183.9 | (24.1) | (13) | | Total Interest-Bearing Deposits | 100.7 | 111.6 | (10.9) | (10) | | Demand and Other Noninterest-Bearing Deposits | 27.9 | 48.3 | (20.4) | (42) | | Total Stockholders' Equity | 11.0 | 12.0 | (1.0) | (8) | - Average total assets decreased $10.1 billion (6%) for the three months ended September 30, 2022, compared to the prior-year quarter[153] - Average total deposits decreased $5.5 billion (5%) for the three months ended September 30, 2022, compared to the prior-year quarter[153] Asset Quality Northern Trust maintains a high-quality debt securities portfolio, with increased net unrealized losses due to higher interest rates, while nonaccrual assets decreased - Net unrealized losses within the investment securities portfolio totaled $3.5 billion at September 30, 2022, compared to $187.1 million as of December 31, 2021, primarily due to higher interest rates[164] - 95% of the Held to Maturity (HTM) portfolio at September 30, 2022, was comprised of securities rated A or higher[289] Nonaccrual Assets ($ In Millions) | Category | September 30, 2022 | December 31, 2021 | | :---------------------------- | :----------------- | :---------------- | | Commercial and Institutional | 18.4 | 19.5 | | Commercial Real Estate | 41.9 | 66.6 | | Residential Real Estate | 16.1 | 36.2 | | Other Real Estate Owned | — | 3.0 | | Total Nonaccrual Assets | 76.4 | 125.3 | - Nonaccrual assets decreased $64.8 million, or 46%, to $76.4 million at September 30, 2022, from $141.2 million at the end of the prior-year quarter, primarily due to the payoff of two nonaccrual loans in the commercial real estate portfolio and payoffs in the residential real estate portfolio[174] Statements of Cash Flows For 9M 2022, net cash used in operating activities increased, investing activities provided more cash from decreased central bank deposits, and financing activities used more cash from lower deposits Cash Flow Activity Summary (Nine Months Ended September 30) | Activity | 2022 ($ In Millions) | 2021 ($ In Millions) | | :------------------------ | :------------------- | :------------------- | | Net cash used in Operating activities | (1,759.6) | (685.9) | | Net cash provided by Investing activities | 21,773.5 | 188.4 | | Net cash used in Financing activities | (18,156.8) | 430.0 | | Effect of Foreign Currency Exchange Rates on Cash | (421.1) | (127.3) | | Change in Cash and Due from Banks | 1,436.0 | (194.8) | - Net cash used in operating activities of $1.8 billion for 9M 2022 was primarily attributable to higher net collateral deposited with derivative counterparties[187] - Net cash provided by investing activities of $21.8 billion for 9M 2022 was primarily attributable to decreased levels of Federal Reserve and other central bank deposits and net proceeds from HTM debt securities[188] - Net cash used in financing activities of $18.2 billion for 9M 2022 was primarily attributable to the decreased levels of total deposits, particularly non-U.S. office noninterest-bearing and interest-bearing deposits[190] Capital Ratios Northern Trust maintained strong capital ratios exceeding "well-capitalized" requirements, though ratios decreased due to increased accumulated other comprehensive loss - The capital ratios of Northern Trust Corporation and its principal subsidiary, The Northern Trust Company, remained strong at September 30, 2022, exceeding the requirements for classification as "well-capitalized" under applicable U.S. regulatory requirements[193] - An increase in accumulated other comprehensive loss, primarily due to an increase in net unrealized losses on the available for sale debt securities portfolio largely from higher interest rates, contributed to the current quarter's change in capital ratios from the prior quarter[195] Northern Trust Corporation Capital Ratios (Standardized Approach) | Ratio | September 30, 2022 | September 30, 2021 | Minimum Capital Ratios | | :------------------------ | :----------------- | :----------------- | :--------------------- | | Common Equity Tier 1 Capital | 10.1 % | 11.9 % | 4.5 % | | Tier 1 Capital | 11.1 | 12.9 | 6.0 | | Total Capital | 12.2 | 14.3 | 8.0 | | Tier 1 Leverage | 7.0 | 7.1 | 4.0 | Recent Accounting Pronouncements and Developments Northern Trust adopted ASU 2020-06 and 2021-10 with no significant impact, and new ASUs effective in future periods are not expected to be significant - ASU No. 2022-01, "Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method," is effective for interim and annual periods beginning after December 15, 2022, and is not expected to have a significant impact[197] - ASU No. 2022-02, "Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures," is effective for interim and annual periods beginning after December 15, 2022, and is not expected to have a significant impact[198] - ASU No. 2022-03, "Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions," is effective for interim and annual periods beginning after December 15, 2023, and is not expected to have a significant impact[199] Market Risk Management Northern Trust manages market risk, including interest rate and trading risk, using NII and MVE sensitivity models, and monitors foreign currency VaR daily - Northern Trust uses two primary measurement techniques to manage interest rate risk: Net Interest Income (NII) sensitivity and Market Value of Equity (MVE) sensitivity[201] Net Interest Income Sensitivity (Estimated Impact on Next Twelve Months of Net Interest Income, $ In Millions) | Scenario | September 30, 2022 | September 30, 2021 | | :---------------------------------------- | :----------------- | :----------------- | | Increase in Interest Rates (100 Basis Points) | 64 | 308 | | Increase in Interest Rates (200 Basis Points) | 128 | 534 | | Decrease in Interest Rates (100 Basis Points) | (70) | 36 | Market Value of Equity Sensitivity (Estimated Impact on Market Value of Equity, $ In Millions) | Scenario | September 30, 2022 | December 31, 2021 | | :---------------------------------------- | :----------------- | :---------------- | | Increase in Interest Rates (100 Basis Points) | (487) | 241 | | Increase in Interest Rates (200 Basis Points) | (1,019) | (60) | | Decrease in Interest Rates (100 Basis Points) | 503 | (384) | - Northern Trust measures daily the risk of loss associated with all non-U.S. currency positions using a Value-at-Risk (VaR) model and applying the historical simulation methodology[214] Reconciliation to Fully Taxable Equivalent This section reconciles GAAP financial measures to non-GAAP fully taxable equivalent (FTE) counterparts, offering a clearer comparison of asset yields Reconciliation to Fully Taxable Equivalent (Three Months Ended September 30, $ In Millions) | Metric | GAAP 2022 | FTE 2022 | GAAP 2021 | FTE 2021 | | :-------------------- | :-------- | :------- | :-------- | :------- | | Interest Income | 799.3 | 811.6 | 351.3 | 362.0 | | Net Interest Income | 513.0 | 525.3 | 346.4 | 357.1 | | Net Interest Margin | 1.54 % | 1.58 % | 0.95 % | 0.98 % | | Total Revenue | 1,754.8 | 1,767.1 | 1,633.8 | 1,644.5 | Reconciliation to Fully Taxable Equivalent (Nine Months Ended September 30, $ In Millions) | Metric | GAAP 2022 | FTE 2022 | GAAP 2021 | FTE 2021 | | :-------------------- | :-------- | :------- | :-------- | :------- | | Interest Income | 1,707.6 | 1,737.7 | 1,044.3 | 1,069.9 | | Net Interest Income | 1,352.7 | 1,382.8 | 1,022.1 | 1,047.7 | | Net Interest Margin | 1.29 % | 1.32 % | 0.96 % | 0.99 % | | Total Revenue | 5,242.2 | 5,272.3 | 4,797.5 | 4,823.1 | Forward-Looking Statements This section outlines forward-looking statements based on current beliefs and expectations, involving inherent risks and uncertainties from financial markets, geopolitical factors, and regulatory changes - Forward-looking statements are identified 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[223] - 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[223] - Key factors influencing actual results include financial market disruptions, volatility in financial markets, geopolitical risks, changes in foreign exchange rates, operational risks (e.g., cybersecurity, human errors), and regulatory changes[224] Consolidated Financial Statements (unaudited) Presents Northern Trust Corporation's unaudited consolidated financial statements, including balance sheets, income, comprehensive income, equity changes, cash flows, and detailed notes Consolidated Balance Sheets (Unaudited) Presents Northern Trust Corporation's unaudited consolidated balance sheets as of September 30, 2022, and December 31, 2021 Consolidated Balance Sheets (In Millions) | ASSETS | September 30, 2022 | December 31, 2021 | | :------------------------------------ | :----------------- | :---------------- | | Cash and Due from Banks | 4,492.8 | 3,056.8 | | Federal Reserve and Other Central Bank Deposits | 39,644.9 | 64,582.2 | | Total Debt Securities | 52,229.2 | 61,575.3 | | Total Loans and Leases | 43,991.9 | 40,480.6 | | Total Assets | 159,839.6 | 183,889.8 | | LIABILITIES | | | | Total Deposits | 128,547.4 | 159,928.4 | | Federal Funds Purchased | 4,364.8 | 0.2 | | Total Liabilities | 148,809.2 | 171,873.0 | | STOCKHOLDERS' EQUITY | | | | Total Stockholders' Equity | 11,030.4 | 12,016.8 | | Total Liabilities and Stockholders' Equity | 159,839.6 | 183,889.8 | Consolidated Statements of Income (Unaudited) Presents Northern Trust Corporation's unaudited consolidated statements of income for the three and nine months ended September 30, 2022 and 2021 Consolidated Statements of Income (Three Months Ended September 30, In Millions) | Item | 2022 | 2021 | | :------------------------------------ | :---- | :---- | | Total Noninterest Income | 1,241.8 | 1,287.4 | | Net Interest Income | 513.0 | 346.4 | | Provision for Credit Losses | 0.5 | (13.0)| | Total Noninterest Expense | 1,229.8 | 1,128.7 | | Net Income | 394.8 | 395.7 | | Net Income Applicable to Common Stock | 378.6 | 379.5 | | Diluted Net Income Per Common Share | 1.80 | 1.80 | Consolidated Statements of Income (Nine Months Ended September 30, In Millions) | Item | 2022 | 2021 | | :------------------------------------ | :---- | :---- | | Total Noninterest Income | 3,889.5 | 3,775.4 | | Net Interest Income | 1,352.7 | 1,022.1 | | Provision for Credit Losses | 7.0 | (70.0)| | Total Noninterest Expense | 3,659.3 | 3,367.0 | | Net Income | 1,180.3 | 1,138.9 | | Net Income Applicable to Common Stock | 1,143.2 | 1,101.8 | | Diluted Net Income Per Common Share | 5.43 | 5.22 | Consolidated Statements of Comprehensive Income (Unaudited) Presents Northern Trust Corporation's unaudited consolidated statements of comprehensive income for the three and nine months ended September 30, 2022 and 2021 Consolidated Statements of Comprehensive Income (Three Months Ended September 30, In Millions) | Item | 2022 | 2021 | | :------------------------------------ | :---- | :---- | | Net Income | 394.8 | 395.7 | | Other Comprehensive Income (Loss) | (274.4)| (80.7)| | Comprehensive Income (Loss) | 120.4 | 315.0 | Consolidated Statements of Comprehensive Income (Nine Months Ended September 30, In Millions) | Item | 2022 | 2021 | | :------------------------------------ | :---- | :---- | | Net Income | 1,180.3 | 1,138.9 | | Other Comprehensive Income (Loss) | (1,749.4)| (314.0)| | Comprehensive Income (Loss) | (569.1)| 824.9 | - Net Unrealized Gains (Losses) on Available for Sale Debt Securities (net of tax and reclassifications) were $(1,674.0) million for the nine months ended September 30, 2022, compared to $(358.4) million for the same period in 2021[233] Consolidated Statements of Changes in Stockholders' Equity (Unaudited) Presents Northern Trust Corporation's unaudited consolidated statements of changes in stockholders' equity for the nine months ended September 30, 2022 and 2021 Consolidated Statements of Changes in Stockholders' Equity (Nine Months Ended September 30, 2022, In Millions) | Item | Balance at December 31, 2021 | Net Income | Other Comprehensive Income (Loss) | Dividends Declared (Common Stock) | Dividends Declared (Preferred Stock) | Stock Purchased | Balance at September 30, 2022 | | :------------------------------------ | :--------------------------- | :--------- | :-------------------------------- | :-------------------------------- | :----------------------------------- | :-------------- | :---------------------------- | | Total Stockholders' Equity | 12,016.8 | 1,180.3 | (1,749.4) | (454.2) | (37.1) | (35.2) | 11,030.4 | - Accumulated Other Comprehensive Loss increased from $(35.6) million at December 31, 2021, to $(1,785.0) million at September 30, 2022[235] Consolidated Statements of Cash Flows (Unaudited) Presents Northern Trust Corporation's unaudited consolidated statements of cash flows for the nine months ended September 30, 2022 and 2021 Consolidated Statements of Cash Flows (Nine Months Ended September 30, In Millions) | Item | 2022 | 2021 | | :------------------------------------ | :---- | :---- | | Net cash used in Operating activities | (1,759.6)| (685.9)| | Net cash provided by Investing activities | 21,773.5| 188.4 | | Net cash used in Financing activities | (18,156.8)| 430.0 | | Effect of Foreign Currency Exchange Rates on Cash | (421.1)| (127.3)| | Change in Cash and Due from Banks | 1,436.0 | (194.8)| | Cash and Due from Banks at End of Period | 4,492.8 | 4,194.7 | - Transfers from Available for Sale Debt Securities to Held to Maturity Debt Securities totaled $6,623.3 million for the nine months ended September 30, 2022[240] Notes to Consolidated Financial Statements (Unaudited) These notes provide detailed disclosures supporting the consolidated financial statements, covering accounting policies, fair value, securities, loans, credit losses, capital, and financial instruments - The consolidated financial statements and notes conform to U.S. generally accepted accounting principles (GAAP) and reporting practices prescribed for the banking industry[241] - During the first quarter of 2022, the Corporation changed the name of its Corporate & Institutional Services (C&IS) segment to "Asset Servicing"[241] Controls and Procedures Management evaluated the effectiveness of the Corporation's disclosure controls and procedures as of September 30, 2022, concluding effectiveness with no material changes in internal control - The Corporation's management, with the participation of the Corporation's Chief Executive Officer and Chief Financial Officer, concluded that the Corporation's disclosure controls and procedures are effective as of September 30, 2022[477] - There have been no changes in the Corporation's internal control over financial reporting identified during the last fiscal quarter that have materially affected, or that are reasonably likely to materially affect, the Corporation's internal control over financial reporting[478] Part II – Other Information Legal Proceedings Incorporates legal proceedings from Note 21, with management believing potential losses will not materially affect the Corporation's financial position or liquidity - The information presented under the caption "Legal Proceedings" in Note 21 – Commitments and Contingent Liabilities is incorporated by reference[481] - Management does not believe that losses, fines or penalties, if any, arising from pending litigation or threatened legal actions or regulatory matters either individually or in the aggregate, after giving effect to applicable reserves and insurance coverage will have a material adverse effect on the consolidated financial position or liquidity of the Corporation[436] - A re-trial in a French appellate court regarding complicity in estate tax fraud is scheduled to commence in September 2023[441] Unregistered Sales of Equity Securities and Use of Proceeds Details common stock repurchases for Q3 2022, noting no shares were purchased under the publicly announced plan, but the 25.0 million share authorization remains active - No shares were purchased as part of a publicly announced plan during the three months ended September 30, 2022[483] - The Board of Directors authorized the Corporation to repurchase up to 25.0 million shares of the Corporation's common stock, with no expiration date[483] - For the three months ended September 30, 2022, the Corporation repurchased 11,080 shares of common stock at a total cost of $1.2 million, all related to share-based compensation to satisfy tax withholding obligations[387] Exhibits Lists exhibits filed with the Form 10-Q, including certifications, financial instruments, and XBRL-formatted financial data - Exhibit 31.1 and 31.2 include Rule 13a-14(a)/15d-14(a) Certifications of CEO and CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002[486] - Exhibit 32 includes Certifications of CEO and CFO Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002[486] - Exhibit 101 includes financial and related information from Northern Trust's Quarterly Report on Form 10-Q, formatted in Inline Extensible Business Reporting Language (iXBRL)[486] Signatures Contains signatures of authorized officers, including the EVP and CFO, and EVP and Controller, certifying the report's submission - The report was signed by Jason J. Tyler, Executive Vice President and Chief Financial Officer[489] - The report was signed by Lauren Allnutt, Executive Vice President and Controller[489] - The date of signing for the report was October 25, 2022[489]