Price Graph
Price
Yield
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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36-2723087
|
|
(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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50 South LaSalle Street
Chicago, Illinois
|
60603
|
|
(Address of principal executive offices)
|
(Zip Code)
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|
Large accelerated filer
|
x
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Accelerated filer
|
¨
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|
|
|
|
|
|
Non-accelerated filer
|
¨
(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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|
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|
Emerging growth company
|
¨
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|
Page
|
|
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|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
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CONDENSED INCOME STATEMENTS (In Millions)
|
2017
|
|
2016
|
|
% Change
(1)
|
|
2017
|
|
2016
|
|
% Change
(1)
|
||||||||||
|
Noninterest Income
|
$
|
991.0
|
|
|
$
|
910.6
|
|
|
9
|
%
|
|
$
|
2,901.6
|
|
|
$
|
2,809.8
|
|
|
3
|
%
|
|
Net Interest Income
|
354.2
|
|
|
303.1
|
|
|
17
|
|
|
1,049.2
|
|
|
910.6
|
|
|
15
|
|
||||
|
Provision for Credit Losses
|
(7.0
|
)
|
|
(3.0
|
)
|
|
134
|
|
|
(15.0
|
)
|
|
(4.0
|
)
|
|
N/M
|
|
||||
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Noninterest Expense
|
935.6
|
|
|
843.0
|
|
|
11
|
|
|
2,767.5
|
|
|
2,596.8
|
|
|
7
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|
||||
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Income before Income Taxes
|
416.6
|
|
|
373.7
|
|
|
11
|
|
|
1,198.3
|
|
|
1,127.6
|
|
|
6
|
|
||||
|
Provision for Income Taxes
|
118.2
|
|
|
116.1
|
|
|
2
|
|
|
355.9
|
|
|
361.6
|
|
|
(2
|
)
|
||||
|
Net Income
|
$
|
298.4
|
|
|
$
|
257.6
|
|
|
16
|
%
|
|
$
|
842.4
|
|
|
$
|
766.0
|
|
|
10
|
%
|
|
PER COMMON SHARE
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net Income — Basic
|
$
|
1.21
|
|
|
$
|
1.09
|
|
|
11
|
%
|
|
$
|
3.43
|
|
|
$
|
3.23
|
|
|
6
|
%
|
|
— Diluted
|
1.20
|
|
|
1.08
|
|
|
11
|
|
|
3.41
|
|
|
3.21
|
|
|
6
|
|
||||
|
Cash Dividends Declared Per Common Share
|
0.42
|
|
|
0.38
|
|
|
11
|
|
|
1.18
|
|
|
1.10
|
|
|
7
|
|
||||
|
Book Value — End of Period (EOP)
|
40.82
|
|
|
38.41
|
|
|
6
|
|
|
40.82
|
|
|
38.41
|
|
|
6
|
|
||||
|
Market Price — EOP
|
91.93
|
|
|
67.99
|
|
|
35
|
|
|
91.93
|
|
|
67.99
|
|
|
35
|
|
||||
|
SELECTED BALANCE SHEET DATA (In Millions)
|
|
|
|
|
|
|||||
|
|
September 30, 2017
|
|
December 31, 2016
|
|
% Change
(1)
|
|||||
|
End of Period:
|
|
|
|
|
|
|||||
|
Assets
|
$
|
131,400.2
|
|
|
$
|
123,926.9
|
|
|
6
|
%
|
|
Earning Assets
|
122,565.9
|
|
|
115,446.4
|
|
|
6
|
|
||
|
Deposits
|
105,810.6
|
|
|
101,651.7
|
|
|
4
|
|
||
|
Stockholders’ Equity
|
10,165.2
|
|
|
9,770.4
|
|
|
4
|
|
||
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
|
2017
|
|
2016
|
|
% Change
(1)
|
|
2017
|
|
2016
|
|
% Change
(1)
|
||||||||||
|
Average Balances:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Assets
|
$
|
121,159.4
|
|
|
$
|
116,382.5
|
|
|
4
|
%
|
|
$
|
118,696.0
|
|
|
$
|
114,909.9
|
|
|
3
|
%
|
|
Earning Assets
|
112,485.0
|
|
|
107,843.8
|
|
|
4
|
|
|
110,460.7
|
|
|
106,363.7
|
|
|
4
|
|
||||
|
Deposits
|
97,112.0
|
|
|
93,773.9
|
|
|
4
|
|
|
96,269.6
|
|
|
93,287.9
|
|
|
3
|
|
||||
|
Stockholders’ Equity
|
10,040.2
|
|
|
9,230.6
|
|
|
9
|
|
|
9,936.8
|
|
|
8,906.0
|
|
|
12
|
|
||||
|
CLIENT ASSETS (In Billions)
|
September 30, 2017
|
|
December 31, 2016
|
|
% Change
(1)
|
|||||
|
Assets Under Custody/Administration
(2)
|
$
|
9,696.0
|
|
|
$
|
8,541.3
|
|
|
14
|
%
|
|
Assets Under Custody
|
7,753.8
|
|
|
6,720.5
|
|
|
15
|
|
||
|
Assets Under Management
|
1,125.1
|
|
|
942.4
|
|
|
19
|
|
||
|
(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.
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
|
Financial Ratios:
|
|
|
|
|
|
|
|
||||
|
Return on Average Common Equity
|
12.2
|
%
|
|
11.7
|
%
|
|
11.8
|
%
|
|
11.9
|
%
|
|
Return on Average Assets
|
0.98
|
|
|
0.88
|
|
|
0.95
|
|
|
0.89
|
|
|
Dividend Payout Ratio
|
35.0
|
|
|
35.2
|
|
|
34.6
|
|
|
34.3
|
|
|
Net Interest Margin
(1)
|
1.29
|
|
|
1.14
|
|
|
1.31
|
|
|
1.17
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||
|
|
Advanced
Approach
|
|
Standardized
Approach
|
|
Advanced
Approach
|
|
Standardized
Approach
|
||||
|
Capital Ratios:
|
|
|
|
|
|
|
|
||||
|
Northern Trust Corporation
|
|
|
|
|
|
|
|
||||
|
Common Equity Tier 1
|
13.3
|
%
|
|
12.3
|
%
|
|
12.4
|
%
|
|
11.8
|
%
|
|
Tier 1
|
14.6
|
|
|
13.4
|
|
|
13.7
|
|
|
12.9
|
|
|
Total
|
16.4
|
|
|
15.4
|
|
|
15.1
|
|
|
14.5
|
|
|
Tier 1 Leverage
|
8.0
|
|
|
8.0
|
|
|
8.0
|
|
|
8.0
|
|
|
Supplementary Leverage
|
6.9
|
|
|
N/A
|
|
|
6.8
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
||||
|
The Northern Trust Company
|
|
|
|
|
|
|
|
||||
|
Common Equity Tier 1
|
13.5
|
%
|
|
12.2
|
%
|
|
12.4
|
%
|
|
11.5
|
%
|
|
Tier 1
|
13.5
|
|
|
12.2
|
|
|
12.4
|
|
|
11.5
|
|
|
Total
|
15.1
|
|
|
13.9
|
|
|
14.0
|
|
|
13.3
|
|
|
Tier 1 Leverage
|
7.2
|
|
|
7.2
|
|
|
7.0
|
|
|
7.0
|
|
|
Supplementary Leverage
|
6.2
|
|
|
N/A
|
|
|
6.0
|
|
|
N/A
|
|
|
(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 28.
|
|
Noninterest Income
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
($ In Millions)
|
2017
|
|
2016
|
|
Change
|
|||||||||
|
Trust, Investment and Other Servicing Fees
|
$
|
867.9
|
|
|
$
|
788.3
|
|
|
$
|
79.6
|
|
|
10
|
%
|
|
Foreign Exchange Trading Income
|
49.1
|
|
|
53.6
|
|
|
(4.5
|
)
|
|
(8
|
)
|
|||
|
Treasury Management Fees
|
13.2
|
|
|
15.0
|
|
|
(1.8
|
)
|
|
(12
|
)
|
|||
|
Security Commissions and Trading Income
|
21.2
|
|
|
20.4
|
|
|
0.8
|
|
|
4
|
|
|||
|
Other Operating Income
|
40.0
|
|
|
33.1
|
|
|
6.9
|
|
|
21
|
|
|||
|
Investment Security (Losses) Gains, net
|
(0.4
|
)
|
|
0.2
|
|
|
(0.6
|
)
|
|
N/M
|
|
|||
|
Total Noninterest Income
|
$
|
991.0
|
|
|
$
|
910.6
|
|
|
$
|
80.4
|
|
|
9
|
%
|
|
Assets Under Custody / Administration
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2016
|
|
Change Q3-17/Q2-17
|
|
Change Q3-17/Q3-16
|
||||||||
|
($ In Billions)
|
|||||||||||||||||
|
Corporate & Institutional
|
$
|
9,062.8
|
|
|
$
|
8,690.8
|
|
|
$
|
7,951.7
|
|
|
4
|
%
|
|
14
|
%
|
|
Wealth Management
|
633.2
|
|
|
603.4
|
|
|
544.0
|
|
|
5
|
|
|
16
|
|
|||
|
Total Assets Under Custody / Administration
|
$
|
9,696.0
|
|
|
$
|
9,294.2
|
|
|
$
|
8,495.7
|
|
|
4
|
%
|
|
14
|
%
|
|
Assets Under Custody
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2016
|
|
Change Q3-17/Q2-17
|
|
Change Q3-17/Q3-16
|
||||||||
|
($ In Billions)
|
|||||||||||||||||
|
Corporate & Institutional
|
$
|
7,130.9
|
|
|
$
|
6,786.3
|
|
|
$
|
6,173.6
|
|
|
5
|
%
|
|
16
|
%
|
|
Wealth Management
|
622.9
|
|
|
593.3
|
|
|
533.2
|
|
|
5
|
|
|
17
|
|
|||
|
Total Assets Under Custody
|
$
|
7,753.8
|
|
|
$
|
7,379.6
|
|
|
$
|
6,706.8
|
|
|
5
|
%
|
|
16
|
%
|
|
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2016
|
|||||||||||||||||||||
|
Assets Under Custody
|
C&IS
|
|
WM
|
|
Total
|
|
C&IS
|
|
WM
|
|
Total
|
|
C&IS
|
|
WM
|
|
Total
|
|||||||||
|
Equities
|
45
|
%
|
|
57
|
%
|
|
46
|
%
|
|
45
|
%
|
|
56
|
%
|
|
46
|
%
|
|
43
|
%
|
|
55
|
%
|
|
44
|
%
|
|
Fixed Income
|
38
|
|
|
20
|
|
|
36
|
|
|
38
|
|
|
20
|
|
|
37
|
|
|
39
|
|
|
23
|
|
|
38
|
|
|
Cash and Other Assets
|
17
|
|
|
23
|
|
|
18
|
|
|
17
|
|
|
24
|
|
|
17
|
|
|
18
|
|
|
22
|
|
|
18
|
|
|
Assets Under Management
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2016
|
|
Change Q3-17/Q2-17
|
|
Change Q3-17/Q3-16
|
||||||||
|
($ In Billions)
|
|||||||||||||||||
|
Corporate & Institutional
|
$
|
840.7
|
|
|
$
|
762.7
|
|
|
$
|
703.6
|
|
|
10
|
%
|
|
19
|
%
|
|
Wealth Management
|
284.4
|
|
|
266.1
|
|
|
242.2
|
|
|
7
|
|
|
17
|
|
|||
|
Total Assets Under Management
|
$
|
1,125.1
|
|
|
$
|
1,028.8
|
|
|
$
|
945.8
|
|
|
9
|
%
|
|
19
|
%
|
|
($ In Billions)
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2016
|
||||||
|
Equities
|
$
|
572.5
|
|
|
$
|
531.3
|
|
|
$
|
479.3
|
|
|
Fixed Income
|
178.3
|
|
|
169.5
|
|
|
162.8
|
|
|||
|
Cash and Other Assets
|
212.3
|
|
|
197.0
|
|
|
189.8
|
|
|||
|
Securities Lending Collateral
|
162.0
|
|
|
131.0
|
|
|
113.9
|
|
|||
|
Total Assets Under Management
|
$
|
1,125.1
|
|
|
$
|
1,028.8
|
|
|
$
|
945.8
|
|
|
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2016
|
|||||||||||||||||||||
|
Assets Under Management
|
C&IS
|
|
WM
|
|
Total
|
|
C&IS
|
|
WM
|
|
Total
|
|
C&IS
|
|
WM
|
|
Total
|
|||||||||
|
Equities
|
51
|
%
|
|
51
|
%
|
|
51
|
%
|
|
52
|
%
|
|
49
|
%
|
|
52
|
%
|
|
52
|
%
|
|
47
|
%
|
|
51
|
%
|
|
Fixed Income
|
13
|
|
|
25
|
|
|
16
|
|
|
13
|
|
|
26
|
|
|
16
|
|
|
13
|
|
|
29
|
|
|
17
|
|
|
Cash and Other Assets
|
17
|
|
|
24
|
|
|
19
|
|
|
18
|
|
|
25
|
|
|
19
|
|
|
19
|
|
|
24
|
|
|
20
|
|
|
Securities Lending Collateral
|
19
|
|
|
—
|
|
|
14
|
|
|
17
|
|
|
—
|
|
|
13
|
|
|
16
|
|
|
—
|
|
|
12
|
|
|
|
|
Three Months Ended
|
||||||||||||||
|
($ In Billions)
|
September 30, 2017
|
June 30, 2017
|
March 31, 2017
|
December 31, 2016
|
September 30, 2016
|
|||||||||||
|
Beginning Balance of AUM
|
$
|
1,028.8
|
|
$
|
1,001.3
|
|
$
|
942.4
|
|
$
|
945.8
|
|
$
|
906.2
|
|
|
|
Inflows by Investment Type
|
|
|
|
|
|
|||||||||||
|
|
Equity
|
51.2
|
|
36.3
|
|
41.6
|
|
44.5
|
|
27.2
|
|
|||||
|
|
Fixed Income
|
19.8
|
|
11.6
|
|
13.7
|
|
16.2
|
|
13.1
|
|
|||||
|
|
Cash & Other Assets
|
101.6
|
|
98.2
|
|
91.8
|
|
95.7
|
|
109.5
|
|
|||||
|
|
Securities Lending Collateral
|
45.5
|
|
24.9
|
|
29.6
|
|
24.8
|
|
27.1
|
|
|||||
|
|
|
|
|
|
|
|
||||||||||
|
Total Inflows
|
218.1
|
|
171.0
|
|
176.7
|
|
181.2
|
|
176.9
|
|
||||||
|
|
|
|
|
|
|
|
||||||||||
|
Outflows by Investment Type
|
|
|
|
|
|
|||||||||||
|
|
Equity
|
(41.0
|
)
|
(38.6
|
)
|
(38.4
|
)
|
(50.0
|
)
|
(26.6
|
)
|
|||||
|
|
Fixed Income
|
(13.0
|
)
|
(10.5
|
)
|
(13.0
|
)
|
(14.1
|
)
|
(8.8
|
)
|
|||||
|
|
Cash & Other Assets
|
(83.0
|
)
|
(99.5
|
)
|
(89.7
|
)
|
(98.4
|
)
|
(100.2
|
)
|
|||||
|
|
Securities Lending Collateral
|
(14.4
|
)
|
(17.5
|
)
|
(18.0
|
)
|
(26.8
|
)
|
(21.4
|
)
|
|||||
|
|
|
|
|
|
|
|
||||||||||
|
Total Outflows
|
(151.4
|
)
|
(166.1
|
)
|
(159.1
|
)
|
(189.3
|
)
|
(157.0
|
)
|
||||||
|
|
|
|
|
|
|
|
||||||||||
|
Net Inflows / (Outflows)
|
66.7
|
|
4.9
|
|
17.6
|
|
(8.1
|
)
|
19.9
|
|
||||||
|
|
|
|
|
|
|
|
||||||||||
|
Market Performance, Currency & Other
|
|
|
|
|
|
|||||||||||
|
|
Market Performance & Other
|
26.6
|
|
18.2
|
|
38.9
|
|
—
|
|
—
|
|
|||||
|
|
Currency
|
3.0
|
|
4.4
|
|
2.4
|
|
—
|
|
—
|
|
|||||
|
Total Market Performance, Currency & Other
|
29.6
|
|
22.6
|
|
41.3
|
|
4.7
|
|
19.7
|
|
||||||
|
|
|
|
|
|
|
|
||||||||||
|
Ending Balance of AUM
|
$
|
1,125.1
|
|
$
|
1,028.8
|
|
$
|
1,001.3
|
|
$
|
942.4
|
|
$
|
945.8
|
|
|
|
Other Operating Income
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
($ In Millions)
|
2017
|
|
2016
|
|
Change
|
|||||||||
|
Loan Service Fees
|
$
|
12.7
|
|
|
$
|
14.0
|
|
|
$
|
(1.3
|
)
|
|
(9
|
)%
|
|
Banking Service Fees
|
12.6
|
|
|
13.6
|
|
|
(1.0
|
)
|
|
(7
|
)
|
|||
|
Other Income
|
14.7
|
|
|
5.5
|
|
|
9.2
|
|
|
170
|
|
|||
|
Total Other Operating Income
|
$
|
40.0
|
|
|
$
|
33.1
|
|
|
$
|
6.9
|
|
|
21
|
%
|
|
|
NORTHERN TRUST CORPORATION
|
||||||||||||||||||||
|
(Interest and Rate on a Fully Taxable Equivalent Basis)
|
THIRD QUARTER
|
||||||||||||||||||||
|
2017
|
|
2016
|
|||||||||||||||||||
|
($ In Millions)
|
Interest
|
|
Average
Balance
|
|
Rate
(5)
|
|
Interest
|
|
Average
Balance
|
|
Rate
(5)
|
||||||||||
|
Average Earning Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Federal Reserve and Other Central Bank Deposits
|
$
|
44.9
|
|
|
$
|
25,182.9
|
|
|
0.71
|
%
|
|
$
|
21.8
|
|
|
$
|
20,829.6
|
|
|
0.42
|
%
|
|
Interest-Bearing Due from and Deposits with Banks
(1)
|
16.0
|
|
|
7,145.8
|
|
|
0.88
|
|
|
15.4
|
|
|
8,232.2
|
|
|
0.74
|
|
||||
|
Federal Funds Sold and Securities Purchased under Agreements to Resell
|
7.8
|
|
|
1,945.8
|
|
|
1.58
|
|
|
4.4
|
|
|
1,613.2
|
|
|
1.08
|
|
||||
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
U.S. Government
|
22.1
|
|
|
6,002.2
|
|
|
1.46
|
|
|
19.9
|
|
|
7,292.5
|
|
|
1.08
|
|
||||
|
Obligations of States and Political Subdivisions
|
3.0
|
|
|
845.3
|
|
|
1.41
|
|
|
3.3
|
|
|
734.7
|
|
|
1.80
|
|
||||
|
Government Sponsored Agency
|
65.4
|
|
|
17,974.7
|
|
|
1.45
|
|
|
38.8
|
|
|
17,583.7
|
|
|
0.88
|
|
||||
|
Other
(2)
|
64.2
|
|
|
19,920.1
|
|
|
1.28
|
|
|
48.5
|
|
|
17,647.8
|
|
|
1.09
|
|
||||
|
Total Securities
|
154.7
|
|
|
44,742.3
|
|
|
1.37
|
|
|
110.5
|
|
|
43,258.7
|
|
|
1.02
|
|
||||
|
Loans and Leases
(3)
|
242.4
|
|
|
33,468.2
|
|
|
2.87
|
|
|
204.1
|
|
|
33,910.1
|
|
|
2.39
|
|
||||
|
Total Earning Assets
|
465.8
|
|
|
112,485.0
|
|
|
1.64
|
|
|
356.2
|
|
|
107,843.8
|
|
|
1.31
|
|
||||
|
Allowance for Credit Losses Assigned to Loans and Leases
|
—
|
|
|
(155.1
|
)
|
|
—
|
|
|
—
|
|
|
(192.9
|
)
|
|
—
|
|
||||
|
Cash and Due from Banks and Other Central Bank Deposits
(4)
|
—
|
|
|
2,666.8
|
|
|
—
|
|
|
—
|
|
|
1,933.8
|
|
|
—
|
|
||||
|
Buildings and Equipment
|
—
|
|
|
467.3
|
|
|
—
|
|
|
—
|
|
|
441.3
|
|
|
—
|
|
||||
|
Client Security Settlement Receivables
|
—
|
|
|
917.0
|
|
|
—
|
|
|
—
|
|
|
1,200.7
|
|
|
—
|
|
||||
|
Goodwill
|
—
|
|
|
523.9
|
|
|
—
|
|
|
—
|
|
|
525.5
|
|
|
—
|
|
||||
|
Other Assets
|
—
|
|
|
4,254.5
|
|
|
—
|
|
|
—
|
|
|
4,630.3
|
|
|
—
|
|
||||
|
Total Assets
|
$
|
—
|
|
|
$
|
121,159.4
|
|
|
—
|
%
|
|
$
|
—
|
|
|
$
|
116,382.5
|
|
|
—
|
%
|
|
Average Source of Funds
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Savings, Money Market and Other
|
$
|
7.3
|
|
|
$
|
15,617.1
|
|
|
0.19
|
%
|
|
$
|
3.2
|
|
|
$
|
15,025.7
|
|
|
0.08
|
%
|
|
Savings Certificates and Other Time
|
2.4
|
|
|
1,255.1
|
|
|
0.75
|
|
|
2.1
|
|
|
1,450.3
|
|
|
0.58
|
|
||||
|
Non-U.S. Offices — Interest-Bearing
|
45.4
|
|
|
58,503.4
|
|
|
0.31
|
|
|
14.7
|
|
|
51,468.6
|
|
|
0.11
|
|
||||
|
Total Interest-Bearing Deposits
|
55.1
|
|
|
75,375.6
|
|
|
0.29
|
|
|
20.0
|
|
|
67,944.6
|
|
|
0.12
|
|
||||
|
Short-Term Borrowings
|
20.3
|
|
|
7,264.5
|
|
|
1.11
|
|
|
6.6
|
|
|
6,961.0
|
|
|
0.38
|
|
||||
|
Senior Notes
|
11.5
|
|
|
1,497.0
|
|
|
3.11
|
|
|
11.8
|
|
|
1,496.3
|
|
|
3.11
|
|
||||
|
Long-Term Debt
|
11.3
|
|
|
1,672.5
|
|
|
2.68
|
|
|
6.8
|
|
|
1,406.9
|
|
|
1.91
|
|
||||
|
Floating Rate Capital Debt
|
1.4
|
|
|
277.5
|
|
|
1.87
|
|
|
0.9
|
|
|
277.4
|
|
|
1.24
|
|
||||
|
Total Interest-Related Funds
|
99.6
|
|
|
86,087.1
|
|
|
0.46
|
|
|
46.1
|
|
|
78,086.2
|
|
|
0.23
|
|
||||
|
Interest Rate Spread
|
—
|
|
|
—
|
|
|
1.18
|
|
|
—
|
|
|
—
|
|
|
1.08
|
|
||||
|
Demand and Other Noninterest-Bearing Deposits
|
—
|
|
|
21,736.4
|
|
|
—
|
|
|
—
|
|
|
25,829.3
|
|
|
—
|
|
||||
|
Other Liabilities
|
—
|
|
|
3,295.7
|
|
|
—
|
|
|
—
|
|
|
3,236.4
|
|
|
—
|
|
||||
|
Stockholders’ Equity
|
—
|
|
|
10,040.2
|
|
|
—
|
|
|
—
|
|
|
9,230.6
|
|
|
—
|
|
||||
|
Total Liabilities and Stockholders’ Equity
|
$
|
—
|
|
|
$
|
121,159.4
|
|
|
—
|
%
|
|
$
|
—
|
|
|
$
|
116,382.5
|
|
|
—
|
%
|
|
Net Interest Income/Margin (FTE Adjusted)
|
$
|
366.2
|
|
|
$
|
—
|
|
|
1.29
|
%
|
|
$
|
310.1
|
|
|
$
|
—
|
|
|
1.14
|
%
|
|
Net Interest Income/Margin (Unadjusted)
|
$
|
354.2
|
|
|
$
|
—
|
|
|
1.25
|
%
|
|
$
|
303.1
|
|
|
$
|
—
|
|
|
1.12
|
%
|
|
|
Three Months Ended September 30, 2017/2016
|
||||||||||
|
|
Change Due To
|
||||||||||
|
(In Millions)
|
Average
Balance
|
|
Rate
|
|
Total
|
||||||
|
Earning Assets (FTE)
|
$
|
19.2
|
|
|
$
|
90.4
|
|
|
$
|
109.6
|
|
|
Interest-Related Funds
|
5.2
|
|
|
48.3
|
|
|
53.5
|
|
|||
|
Net Interest Income (FTE)
|
$
|
14.0
|
|
|
$
|
42.1
|
|
|
$
|
56.1
|
|
|
(1)
|
Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets.
|
|
(2)
|
Other securities include certain community development investments and Federal Home Loan Bank and Federal Reserve stock, which are classified in other assets in the consolidated balance sheets as of
September 30, 2017
and
2016
.
|
|
(3)
|
Average balances include nonaccrual loans. Lease financing receivable balances are reduced by deferred income.
|
|
(4)
|
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.
|
|
(5)
|
Rate calculations are based on actual balances rather than the rounded amounts presented in the Average Consolidated Balance Sheets with Analysis of Net Interest Income.
|
|
Notes:
|
Net Interest Income (FTE Adjusted), a non-generally accepted accounting principle (GAAP) financial measure, includes adjustments to a fully taxable equivalent basis for loans and securities. Such adjustments are based on a blended federal and state tax rate of
38.1%
and
37.8%
for the three months ended
September 30, 2017
and
2016
, respectively. Total taxable equivalent interest adjustments amounted to
$12.0 million
and
$7.0 million
for the three months ended
September 30, 2017
and
2016
, respectively. A reconciliation of net interest income and net interest margin on a GAAP basis to net interest income and net interest margin on an FTE basis (each of which is a non-GAAP financial measure) is provided on page 28.
|
|
Noninterest Expense
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
($ In Millions)
|
2017
|
|
2016
|
|
Change
|
|||||||||
|
Compensation
|
$
|
418.3
|
|
|
$
|
382.1
|
|
|
$
|
36.2
|
|
|
9
|
%
|
|
Employee Benefits
|
74.8
|
|
|
73.2
|
|
|
1.6
|
|
|
2
|
|
|||
|
Outside Services
|
172.7
|
|
|
157.6
|
|
|
15.1
|
|
|
10
|
|
|||
|
Equipment and Software
|
130.5
|
|
|
114.5
|
|
|
16.0
|
|
|
14
|
|
|||
|
Occupancy
|
47.3
|
|
|
44.2
|
|
|
3.1
|
|
|
7
|
|
|||
|
Other Operating Expense
|
92.0
|
|
|
71.4
|
|
|
20.6
|
|
|
29
|
|
|||
|
Total Noninterest Expense
|
$
|
935.6
|
|
|
$
|
843.0
|
|
|
$
|
92.6
|
|
|
11
|
%
|
|
Other Operating Expense
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
($ In Millions)
|
2017
|
|
2016
|
|
Change
|
|||||||||
|
Business Promotion
|
$
|
36.5
|
|
|
$
|
19.2
|
|
|
$
|
17.3
|
|
|
91
|
%
|
|
Staff Related
|
10.2
|
|
|
11.5
|
|
|
(1.3
|
)
|
|
(12
|
)
|
|||
|
FDIC Insurance Premiums
|
9.1
|
|
|
9.5
|
|
|
(0.4
|
)
|
|
(3
|
)
|
|||
|
Other Intangibles Amortization
|
2.3
|
|
|
2.0
|
|
|
0.3
|
|
|
21
|
|
|||
|
Other Expenses
|
33.9
|
|
|
29.2
|
|
|
4.7
|
|
|
16
|
|
|||
|
Total Other Operating Expense
|
$
|
92.0
|
|
|
$
|
71.4
|
|
|
$
|
20.6
|
|
|
29
|
|
|
Three Months Ended September 30,
|
Corporate &
Institutional Services
|
|
Wealth
Management
|
|
Treasury and
Other
|
|
Total
Consolidated
|
||||||||||||||||||||||||
|
($ In Millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
|
Noninterest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Trust, Investment and Other Servicing Fees
|
$
|
501.1
|
|
|
$
|
450.8
|
|
|
$
|
366.8
|
|
|
$
|
337.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
867.9
|
|
|
$
|
788.3
|
|
|
Foreign Exchange Trading Income
|
47.2
|
|
|
55.2
|
|
|
0.7
|
|
|
0.9
|
|
|
1.2
|
|
|
(2.5
|
)
|
|
49.1
|
|
|
53.6
|
|
||||||||
|
Other Noninterest Income
|
43.8
|
|
|
41.5
|
|
|
25.2
|
|
|
26.3
|
|
|
5.0
|
|
|
0.9
|
|
|
74.0
|
|
|
68.7
|
|
||||||||
|
Net Interest Income*
|
194.0
|
|
|
138.2
|
|
|
186.6
|
|
|
164.1
|
|
|
(14.4
|
)
|
|
7.8
|
|
|
366.2
|
|
|
310.1
|
|
||||||||
|
Revenue*
|
786.1
|
|
|
685.7
|
|
|
579.3
|
|
|
528.8
|
|
|
(8.2
|
)
|
|
6.2
|
|
|
1,357.2
|
|
|
1,220.7
|
|
||||||||
|
Provision for Credit Losses
|
0.8
|
|
|
4.0
|
|
|
(7.8
|
)
|
|
(7.0
|
)
|
|
—
|
|
|
—
|
|
|
(7.0
|
)
|
|
(3.0
|
)
|
||||||||
|
Noninterest Expense
|
542.1
|
|
|
487.8
|
|
|
348.8
|
|
|
318.0
|
|
|
44.7
|
|
|
37.2
|
|
|
935.6
|
|
|
843.0
|
|
||||||||
|
Income before Income Taxes*
|
243.2
|
|
|
193.9
|
|
|
238.3
|
|
|
217.8
|
|
|
(52.9
|
)
|
|
(31.0
|
)
|
|
428.6
|
|
|
380.7
|
|
||||||||
|
Provision for Income Taxes*
|
78.4
|
|
|
61.8
|
|
|
90.3
|
|
|
82.3
|
|
|
(38.5
|
)
|
|
(21.0
|
)
|
|
130.2
|
|
|
123.1
|
|
||||||||
|
Net Income
|
$
|
164.8
|
|
|
$
|
132.1
|
|
|
$
|
148.0
|
|
|
$
|
135.5
|
|
|
$
|
(14.4
|
)
|
|
$
|
(10.0
|
)
|
|
$
|
298.4
|
|
|
$
|
257.6
|
|
|
Percentage of Consolidated Net Income
|
55
|
%
|
|
51
|
%
|
|
50
|
%
|
|
53
|
%
|
|
(5
|
)%
|
|
(4
|
)%
|
|
100
|
%
|
|
100
|
%
|
||||||||
|
Average Assets
|
$
|
82,250.9
|
|
|
$
|
75,696.5
|
|
|
$
|
26,463.0
|
|
|
$
|
26,601.7
|
|
|
$
|
12,445.5
|
|
|
$
|
14,084.3
|
|
|
$
|
121,159.4
|
|
|
$
|
116,382.5
|
|
|
Nine Months Ended September 30,
|
Corporate &
Institutional Services |
|
Wealth
Management |
|
Treasury and
Other |
|
Total
Consolidated |
||||||||||||||||||||||||
|
($ In Millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
|
Noninterest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Trust, Investment and Other Servicing Fees
|
$
|
1,451.1
|
|
|
$
|
1,331.1
|
|
|
$
|
1,073.2
|
|
|
$
|
982.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,524.3
|
|
|
$
|
2,313.7
|
|
|
Foreign Exchange Trading Income
|
146.9
|
|
|
169.1
|
|
|
2.4
|
|
|
7.0
|
|
|
(2.2
|
)
|
|
2.4
|
|
|
147.1
|
|
|
178.5
|
|
||||||||
|
Other Noninterest Income
|
132.4
|
|
|
113.0
|
|
|
77.4
|
|
|
79.8
|
|
|
20.4
|
|
|
124.8
|
|
|
230.2
|
|
|
317.6
|
|
||||||||
|
Net Interest Income*
|
536.5
|
|
|
417.8
|
|
|
545.4
|
|
|
482.8
|
|
|
(2.9
|
)
|
|
30.1
|
|
|
1,079.0
|
|
|
930.7
|
|
||||||||
|
Revenue*
|
2,266.9
|
|
|
2,031.0
|
|
|
1,698.4
|
|
|
1,552.2
|
|
|
15.3
|
|
|
157.3
|
|
|
3,980.6
|
|
|
3,740.5
|
|
||||||||
|
Provision for Credit Losses
|
(1.6
|
)
|
|
—
|
|
|
(13.4
|
)
|
|
(4.0
|
)
|
|
—
|
|
|
—
|
|
|
(15.0
|
)
|
|
(4.0
|
)
|
||||||||
|
Noninterest Expense
|
1,598.5
|
|
|
1,519.9
|
|
|
1,046.0
|
|
|
975.2
|
|
|
123.0
|
|
|
101.7
|
|
|
2,767.5
|
|
|
2,596.8
|
|
||||||||
|
Income before Income Taxes*
|
670.0
|
|
|
511.1
|
|
|
665.8
|
|
|
581.0
|
|
|
(107.7
|
)
|
|
55.6
|
|
|
1,228.1
|
|
|
1,147.7
|
|
||||||||
|
Provision for Income Taxes*
|
213.0
|
|
|
158.0
|
|
|
251.4
|
|
|
219.1
|
|
|
(78.7
|
)
|
|
4.6
|
|
|
385.7
|
|
|
381.7
|
|
||||||||
|
Net Income
|
$
|
457.0
|
|
|
$
|
353.1
|
|
|
$
|
414.4
|
|
|
$
|
361.9
|
|
|
$
|
(29.0
|
)
|
|
$
|
51.0
|
|
|
$
|
842.4
|
|
|
$
|
766.0
|
|
|
Percentage of Consolidated Net Income
|
54
|
%
|
|
46
|
%
|
|
49
|
%
|
|
47
|
%
|
|
(3
|
)%
|
|
7
|
%
|
|
100
|
%
|
|
100
|
%
|
||||||||
|
Average Assets
|
$
|
80,229.1
|
|
|
$
|
75,589.0
|
|
|
$
|
26,648.7
|
|
|
$
|
26,525.6
|
|
|
$
|
11,818.2
|
|
|
$
|
12,795.3
|
|
|
$
|
118,696.0
|
|
|
$
|
114,909.9
|
|
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
($ In Millions)
|
2017
|
|
2016
|
|
Change
|
|||||||||
|
Custody and Fund Administration
|
$
|
338.1
|
|
|
$
|
299.4
|
|
|
$
|
38.7
|
|
|
13
|
%
|
|
Investment Management
|
104.3
|
|
|
94.4
|
|
|
9.9
|
|
|
10
|
|
|||
|
Securities Lending
|
22.8
|
|
|
23.1
|
|
|
(0.3
|
)
|
|
(1
|
)
|
|||
|
Other
|
35.9
|
|
|
33.9
|
|
|
2.0
|
|
|
6
|
|
|||
|
Total C&IS Trust, Investment and Other Servicing Fees
|
$
|
501.1
|
|
|
$
|
450.8
|
|
|
$
|
50.3
|
|
|
11
|
%
|
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
($ In Millions)
|
2017
|
|
2016
|
|
Change
|
|||||||||
|
Central
|
$
|
145.4
|
|
|
$
|
135.6
|
|
|
$
|
9.8
|
|
|
7
|
%
|
|
East
|
90.2
|
|
|
85.1
|
|
|
5.1
|
|
|
6
|
|
|||
|
West
|
73.7
|
|
|
68.0
|
|
|
5.7
|
|
|
8
|
|
|||
|
Global Family Office
|
57.5
|
|
|
48.8
|
|
|
8.7
|
|
|
18
|
|
|||
|
Total Wealth Management Trust, Investment and Other Servicing Fees
|
$
|
366.8
|
|
|
$
|
337.5
|
|
|
$
|
29.3
|
|
|
9
|
%
|
|
Noninterest Income
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||
|
($ In Millions)
|
2017
|
|
2016
|
|
Change
|
|||||||||
|
Trust, Investment and Other Servicing Fees
|
$
|
2,524.3
|
|
|
$
|
2,313.7
|
|
|
$
|
210.6
|
|
|
9
|
%
|
|
Foreign Exchange Trading Income
|
147.1
|
|
|
178.5
|
|
|
(31.4
|
)
|
|
(18
|
)
|
|||
|
Treasury Management Fees
|
42.8
|
|
|
47.2
|
|
|
(4.4
|
)
|
|
(9
|
)
|
|||
|
Security Commissions and Trading Income
|
65.8
|
|
|
59.9
|
|
|
5.9
|
|
|
10
|
|
|||
|
Other Operating Income
|
122.7
|
|
|
212.4
|
|
|
(89.7
|
)
|
|
(42
|
)
|
|||
|
Investment Security Losses, net
|
(1.1
|
)
|
|
(1.9
|
)
|
|
0.8
|
|
|
(41
|
)
|
|||
|
Total Noninterest Income
|
$
|
2,901.6
|
|
|
$
|
2,809.8
|
|
|
$
|
91.8
|
|
|
3
|
%
|
|
C&IS Trust, Investment and Other Servicing Fees
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||
|
($ In Millions)
|
2017
|
|
2016
|
|
Change
|
|||||||||
|
Custody and Fund Administration
|
$
|
973.1
|
|
|
$
|
879.1
|
|
|
$
|
94.0
|
|
|
11
|
%
|
|
Investment Management
|
297.1
|
|
|
277.7
|
|
|
19.4
|
|
|
7
|
|
|||
|
Securities Lending
|
71.2
|
|
|
72.5
|
|
|
(1.3
|
)
|
|
(2
|
)
|
|||
|
Other
|
109.7
|
|
|
101.8
|
|
|
7.9
|
|
|
8
|
|
|||
|
Total
|
$
|
1,451.1
|
|
|
$
|
1,331.1
|
|
|
$
|
120.0
|
|
|
9
|
%
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||
|
($ In Millions)
|
2017
|
|
2016
|
|
Change
|
|||||||||
|
Wealth Management Trust, Investment and Other Servicing Fees
|
|
|
|
|
|
|
|
|||||||
|
Central
|
$
|
425.9
|
|
|
$
|
390.2
|
|
|
$
|
35.7
|
|
|
9
|
%
|
|
East
|
263.7
|
|
|
250.6
|
|
|
13.1
|
|
|
5
|
|
|||
|
West
|
216.7
|
|
|
199.4
|
|
|
17.3
|
|
|
9
|
|
|||
|
Global Family Office
|
166.9
|
|
|
142.4
|
|
|
24.5
|
|
|
17
|
|
|||
|
Total
|
$
|
1,073.2
|
|
|
$
|
982.6
|
|
|
$
|
90.6
|
|
|
9
|
%
|
|
Other Operating Income
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||
|
($ In Millions)
|
2017
|
|
2016
|
|
Change
|
|||||||||
|
Loan Service Fees
|
$
|
38.4
|
|
|
$
|
42.2
|
|
|
$
|
(3.8
|
)
|
|
(9
|
)%
|
|
Banking Service Fees
|
37.5
|
|
|
38.8
|
|
|
(1.3
|
)
|
|
(3
|
)%
|
|||
|
Other Income
|
46.8
|
|
|
131.4
|
|
|
(84.6
|
)
|
|
(64
|
)
|
|||
|
Total Other Operating Income
|
$
|
122.7
|
|
|
$
|
212.4
|
|
|
$
|
(89.7
|
)
|
|
(42
|
)%
|
|
|
NORTHERN TRUST CORPORATION
|
||||||||||||||||||||
|
(Interest and Rate on a Fully Taxable Equivalent Basis)
|
Nine Months Ended September 30,
|
||||||||||||||||||||
|
2017
|
|
2016
|
|||||||||||||||||||
|
($ In Millions)
|
Interest
|
|
Average
Balance
|
|
Rate
(5)
|
|
Interest
|
|
Average
Balance
|
|
Rate
(5)
|
||||||||||
|
Average Earning Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Federal Reserve and Other Central Bank Deposits
|
$
|
108.4
|
|
|
$
|
23,198.9
|
|
|
0.62
|
%
|
|
$
|
71.4
|
|
|
$
|
20,553.5
|
|
|
0.46
|
%
|
|
Interest-Bearing Due from and Deposits with Banks
(1)
|
45.0
|
|
|
7,163.0
|
|
|
0.84
|
|
|
49.4
|
|
|
9,036.0
|
|
|
0.73
|
|
||||
|
Federal Funds Sold and Securities Purchased under Agreements to Resell
|
21.7
|
|
|
2,005.4
|
|
|
1.45
|
|
|
12.4
|
|
|
1,707.0
|
|
|
0.97
|
|
||||
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
U.S. Government
|
67.1
|
|
|
6,542.2
|
|
|
1.37
|
|
|
56.0
|
|
|
6,890.8
|
|
|
1.08
|
|
||||
|
Obligations of States and Political Subdivisions
|
10.0
|
|
|
920.8
|
|
|
1.45
|
|
|
7.5
|
|
|
465.6
|
|
|
2.16
|
|
||||
|
Government Sponsored Agency
|
196.0
|
|
|
17,887.4
|
|
|
1.47
|
|
|
123.0
|
|
|
17,232.9
|
|
|
0.95
|
|
||||
|
Other
(2)
|
178.0
|
|
|
19,066.8
|
|
|
1.25
|
|
|
136.0
|
|
|
16,358.8
|
|
|
1.11
|
|
||||
|
Total Securities
|
451.1
|
|
|
44,417.2
|
|
|
1.36
|
|
|
322.5
|
|
|
40,948.1
|
|
|
1.05
|
|
||||
|
Loans and Leases
(3)
|
684.9
|
|
|
33,676.2
|
|
|
2.72
|
|
|
610.3
|
|
|
34,119.1
|
|
|
2.39
|
|
||||
|
Total Earning Assets
|
1,311.1
|
|
|
110,460.7
|
|
|
1.59
|
|
|
1,066.0
|
|
|
106,363.7
|
|
|
1.34
|
|
||||
|
Allowance for Credit Losses Assigned to Loans and Leases
|
—
|
|
|
(159.4
|
)
|
|
—
|
|
|
—
|
|
|
(193.9
|
)
|
|
—
|
|
||||
|
Cash and Due from Banks and Other Central Bank Deposits
(4)
|
—
|
|
|
2,496.9
|
|
|
—
|
|
|
—
|
|
|
2,072.9
|
|
|
—
|
|
||||
|
Buildings and Equipment
|
—
|
|
|
466.1
|
|
|
—
|
|
|
—
|
|
|
442.4
|
|
|
—
|
|
||||
|
Client Security Settlement Receivables
|
—
|
|
|
858.9
|
|
|
—
|
|
|
—
|
|
|
1,178.2
|
|
|
—
|
|
||||
|
Goodwill
|
—
|
|
|
521.7
|
|
|
—
|
|
|
—
|
|
|
526.6
|
|
|
—
|
|
||||
|
Other Assets
|
—
|
|
|
4,051.1
|
|
|
—
|
|
|
—
|
|
|
4,520.0
|
|
|
—
|
|
||||
|
Total Assets
|
$
|
—
|
|
|
$
|
118,696.0
|
|
|
—
|
%
|
|
$
|
—
|
|
|
$
|
114,909.9
|
|
|
—
|
%
|
|
Average Source of Funds
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Savings, Money Market and Other
|
$
|
15.2
|
|
|
$
|
15,433.9
|
|
|
0.13
|
%
|
|
$
|
8.7
|
|
|
$
|
15,144.3
|
|
|
0.08
|
%
|
|
Savings Certificates and Other Time
|
7.0
|
|
|
1,301.8
|
|
|
0.72
|
|
|
5.9
|
|
|
1,438.4
|
|
|
0.55
|
|
||||
|
Non-U.S. Offices — Interest-Bearing
|
101.5
|
|
|
55,892.8
|
|
|
0.24
|
|
|
48.8
|
|
|
50,452.8
|
|
|
0.13
|
|
||||
|
Total Interest-Bearing Deposits
|
123.7
|
|
|
72,628.5
|
|
|
0.23
|
|
|
63.4
|
|
|
67,035.5
|
|
|
0.13
|
|
||||
|
Short-Term Borrowings
|
41.5
|
|
|
6,117.7
|
|
|
0.91
|
|
|
14.9
|
|
|
6,249.3
|
|
|
0.32
|
|
||||
|
Senior Notes
|
35.0
|
|
|
1,496.9
|
|
|
3.14
|
|
|
35.2
|
|
|
1,496.6
|
|
|
3.14
|
|
||||
|
Long-Term Debt
|
28.3
|
|
|
1,512.4
|
|
|
2.50
|
|
|
19.3
|
|
|
1,403.1
|
|
|
1.83
|
|
||||
|
Floating Rate Capital Debt
|
3.6
|
|
|
277.4
|
|
|
1.71
|
|
|
2.5
|
|
|
277.4
|
|
|
1.20
|
|
||||
|
Total Interest-Related Funds
|
232.1
|
|
|
82,032.9
|
|
|
0.38
|
|
|
135.3
|
|
|
76,461.9
|
|
|
0.24
|
|
||||
|
Interest Rate Spread
|
—
|
|
|
—
|
|
|
1.21
|
|
|
—
|
|
|
—
|
|
|
1.10
|
|
||||
|
Demand and Other Noninterest-Bearing Deposits
|
—
|
|
|
23,641.1
|
|
|
—
|
|
|
—
|
|
|
26,252.4
|
|
|
—
|
|
||||
|
Other Liabilities
|
—
|
|
|
3,085.2
|
|
|
—
|
|
|
—
|
|
|
3,289.6
|
|
|
—
|
|
||||
|
Stockholders’ Equity
|
—
|
|
|
9,936.8
|
|
|
—
|
|
|
—
|
|
|
8,906.0
|
|
|
—
|
|
||||
|
Total Liabilities and Stockholders’ Equity
|
$
|
—
|
|
|
$
|
118,696.0
|
|
|
—
|
%
|
|
$
|
—
|
|
|
$
|
114,909.9
|
|
|
—
|
%
|
|
Net Interest Income/Margin (FTE Adjusted)
|
$
|
1,079.0
|
|
|
$
|
—
|
|
|
1.31
|
%
|
|
$
|
930.7
|
|
|
$
|
—
|
|
|
1.17
|
%
|
|
Net Interest Income/Margin (Unadjusted)
|
$
|
1,049.2
|
|
|
$
|
—
|
|
|
1.27
|
%
|
|
$
|
910.6
|
|
|
$
|
—
|
|
|
1.14
|
%
|
|
ANALYSIS OF NET INTEREST INCOME CHANGES
DUE TO VOLUME AND RATE |
|
|
|
|
|
||||||
|
|
Nine Months Ended September 30, 2017/2016
|
||||||||||
|
|
Change Due To
|
||||||||||
|
(In Millions)
|
Average
Balance
|
|
Rate
|
|
Total
|
||||||
|
Earning Assets (FTE)
|
$
|
34.9
|
|
|
$
|
210.2
|
|
|
$
|
245.1
|
|
|
Interest-Related Funds
|
11.3
|
|
|
85.5
|
|
|
96.8
|
|
|||
|
Net Interest Income (FTE)
|
$
|
23.6
|
|
|
$
|
124.7
|
|
|
$
|
148.3
|
|
|
(1)
|
Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets.
|
|
(2)
|
Other securities include certain community development investments and Federal Home Loan Bank and Federal Reserve stock, which are classified in other assets in the consolidated balance sheets as of
September 30, 2017
and
2016
.
|
|
(3)
|
Average balances include nonaccrual loans. Lease financing receivable balances are reduced by deferred income.
|
|
(4)
|
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.
|
|
(5)
|
Rate calculations are based on actual balances rather than the rounded amounts presented in the Average Consolidated Balance Sheets with Analysis of Net Interest Income.
|
|
Notes:
|
Net Interest Income (FTE Adjusted), a non-generally accepted accounting principle (GAAP) financial measure, includes adjustments to a fully taxable equivalent basis for loans and securities. Such adjustments are based on a blended federal and state tax rate of
38.1%
and
37.8%
for the
nine months ended September 30, 2017
and
2016
, respectively. Total taxable equivalent interest adjustments amounted to
$29.8 million
and
$20.1 million
for the
nine months ended September 30, 2017
and
2016
, respectively. A reconciliation of net interest income and net interest margin on a GAAP basis to net interest income and net interest margin on an FTE basis (each of which is a non-GAAP financial measure) is provided on page 28.
|
|
Noninterest Expense
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||
|
($ In Millions)
|
2017
|
|
2016
|
|
Change
|
|||||||||
|
Compensation
|
$
|
1,276.6
|
|
|
$
|
1,150.4
|
|
|
$
|
126.2
|
|
|
11
|
%
|
|
Employee Benefits
|
228.2
|
|
|
216.0
|
|
|
12.2
|
|
|
6
|
|
|||
|
Outside Services
|
492.8
|
|
|
466.5
|
|
|
26.3
|
|
|
6
|
|
|||
|
Equipment and Software
|
391.5
|
|
|
346.7
|
|
|
44.8
|
|
|
13
|
|
|||
|
Occupancy
|
139.0
|
|
|
130.4
|
|
|
8.6
|
|
|
7
|
|
|||
|
Other Operating Expense
|
239.4
|
|
|
286.8
|
|
|
(47.4
|
)
|
|
(16
|
)
|
|||
|
Total Noninterest Expense
|
$
|
2,767.5
|
|
|
$
|
2,596.8
|
|
|
$
|
170.7
|
|
|
7
|
%
|
|
Other Operating Expense
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||
|
($ In Millions)
|
2017
|
|
2016
|
|
Change
|
|||||||||
|
Business Promotion
|
$
|
72.5
|
|
|
$
|
67.2
|
|
|
$
|
5.3
|
|
|
8
|
%
|
|
Staff Related
|
31.6
|
|
|
33.3
|
|
|
(1.7
|
)
|
|
(5
|
)
|
|||
|
FDIC Insurance Premiums
|
26.1
|
|
|
22.8
|
|
|
3.3
|
|
|
15
|
|
|||
|
Other Intangibles Amortization
|
7.0
|
|
|
6.3
|
|
|
0.7
|
|
|
12
|
|
|||
|
Other Expenses
|
102.2
|
|
|
157.2
|
|
|
(55.0
|
)
|
|
(35
|
)
|
|||
|
Total Other Operating Expense
|
$
|
239.4
|
|
|
$
|
286.8
|
|
|
$
|
(47.4
|
)
|
|
(16
|
)%
|
|
Capital Ratios — Northern Trust Corporation
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2016
|
||||||||||||
|
Advanced
Approach
|
|
Standardized
Approach
|
|
Advanced
Approach
|
|
Standardized
Approach
|
|
Advanced
Approach
|
|
Standardized
Approach
|
|||||||
|
Common Equity Tier 1
|
13.3
|
%
|
|
12.3
|
%
|
|
13.2
|
%
|
|
12.3
|
%
|
|
11.8
|
%
|
|
11.2
|
%
|
|
Tier 1
|
14.6
|
%
|
|
13.4
|
%
|
|
14.5
|
%
|
|
13.5
|
%
|
|
13.1
|
%
|
|
12.3
|
%
|
|
Total
|
16.4
|
%
|
|
15.4
|
%
|
|
16.5
|
%
|
|
15.6
|
%
|
|
14.5
|
%
|
|
14.0
|
%
|
|
Tier 1 Leverage
|
8.0
|
%
|
|
8.0
|
%
|
|
8.1
|
%
|
|
8.1
|
%
|
|
7.9
|
%
|
|
7.9
|
%
|
|
Supplementary Leverage
|
6.9
|
%
|
|
N/A
|
|
|
7.0
|
%
|
|
N/A
|
|
|
6.6
|
%
|
|
N/A
|
|
|
Capital Ratios — The Northern Trust Company
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2016
|
||||||||||||
|
Advanced
Approach
|
|
Standardized
Approach
|
|
Advanced
Approach
|
|
Standardized
Approach
|
|
Advanced
Approach
|
|
Standardized
Approach
|
|||||||
|
Common Equity Tier 1
|
13.5
|
%
|
|
12.2
|
%
|
|
13.3
|
%
|
|
12.1
|
%
|
|
12.0
|
%
|
|
11.1
|
%
|
|
Tier 1
|
13.5
|
%
|
|
12.2
|
%
|
|
13.3
|
%
|
|
12.1
|
%
|
|
12.0
|
%
|
|
11.1
|
%
|
|
Total
|
15.1
|
%
|
|
13.9
|
%
|
|
14.9
|
%
|
|
13.9
|
%
|
|
13.6
|
%
|
|
12.9
|
%
|
|
Tier 1 Leverage
|
7.2
|
%
|
|
7.2
|
%
|
|
7.2
|
%
|
|
7.2
|
%
|
|
7.0
|
%
|
|
7.0
|
%
|
|
Supplementary Leverage
|
6.2
|
%
|
|
N/A
|
|
|
6.2
|
%
|
|
N/A
|
|
|
5.9
|
%
|
|
N/A
|
|
|
($ In Millions)
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2016
|
||||||
|
Nonperforming Loans and Leases
|
|
|
|
|
|
||||||
|
Commercial
|
|
|
|
|
|
||||||
|
Commercial and Institutional
|
$
|
8.8
|
|
|
$
|
21.6
|
|
|
$
|
36.7
|
|
|
Commercial Real Estate
|
8.3
|
|
|
8.6
|
|
|
11.8
|
|
|||
|
Total Commercial
|
17.1
|
|
|
30.2
|
|
|
48.5
|
|
|||
|
Personal
|
|
|
|
|
|
||||||
|
Residential Real Estate
|
120.1
|
|
|
128.7
|
|
|
122.6
|
|
|||
|
Private Client
|
0.1
|
|
|
0.1
|
|
|
2.2
|
|
|||
|
Total Personal
|
120.2
|
|
|
128.8
|
|
|
124.8
|
|
|||
|
Total Nonperforming Loans and Leases
|
137.3
|
|
|
159.0
|
|
|
173.3
|
|
|||
|
Other Real Estate Owned
|
8.2
|
|
|
7.7
|
|
|
7.7
|
|
|||
|
Total Nonperforming Assets
|
145.5
|
|
|
166.7
|
|
|
181.0
|
|
|||
|
90 Day Past Due Loans Still Accruing
|
$
|
8.7
|
|
|
$
|
64.6
|
|
|
$
|
12.5
|
|
|
Nonperforming Loans and Leases to Total Loans and Leases
|
0.41
|
%
|
|
0.47
|
%
|
|
0.52
|
%
|
|||
|
Coverage of Loan and Lease Allowance to
Nonperforming Loans and Leases
|
1.1
|
x
|
|
1.0
|
x
|
|
1.1
|
x
|
|||
|
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2016
|
|||||||||||||||
|
($ In Millions)
|
Allowance
Amount
|
|
Percent of
Loans to
Total
Loans
|
|
Allowance
Amount
|
|
Percent of
Loans to
Total
Loans
|
|
Allowance
Amount
|
|
Percent of
Loans to
Total
Loans
|
|||||||||
|
Specific Allowance
|
$
|
8.6
|
|
|
—
|
%
|
|
$
|
8.7
|
|
|
—
|
%
|
|
$
|
9.1
|
|
|
—
|
%
|
|
Allocated Inherent Allowance
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Commercial and Institutional
|
33.4
|
|
|
28
|
|
|
33.7
|
|
|
27
|
|
|
35.9
|
|
|
27
|
|
|||
|
Commercial Real Estate
|
53.6
|
|
|
11
|
|
|
58.7
|
|
|
11
|
|
|
72.1
|
|
|
12
|
|
|||
|
Lease Financing, net
|
0.3
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
0.4
|
|
|
1
|
|
|||
|
Non-U.S.
|
—
|
|
|
5
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
4
|
|
|||
|
Other
|
1.1
|
|
|
1
|
|
|
1.1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||
|
Total Commercial
|
88.4
|
|
|
46
|
|
|
93.5
|
|
|
46
|
|
|
108.4
|
|
|
45
|
|
|||
|
Personal
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential Real Estate
|
64.2
|
|
|
22
|
|
|
63.8
|
|
|
23
|
|
|
85.3
|
|
|
25
|
|
|||
|
Private Client
|
9.9
|
|
|
32
|
|
|
10.7
|
|
|
31
|
|
|
19.8
|
|
|
30
|
|
|||
|
Other
|
2.3
|
|
|
—
|
|
|
2.1
|
|
|
—
|
|
|
2.3
|
|
|
—
|
|
|||
|
Total Personal
|
76.4
|
|
|
54
|
|
|
76.6
|
|
|
54
|
|
|
107.4
|
|
|
55
|
|
|||
|
Total Allocated Inherent Allowance
|
$
|
164.8
|
|
|
100
|
%
|
|
$
|
170.1
|
|
|
100
|
%
|
|
$
|
215.8
|
|
|
100
|
%
|
|
Total Allowance for Credit Losses
|
$
|
173.4
|
|
|
|
|
$
|
178.8
|
|
|
|
|
$
|
224.9
|
|
|
|
|||
|
Allowance Assigned to
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Loans and Leases
|
$
|
150.3
|
|
|
|
|
$
|
153.8
|
|
|
|
|
$
|
191.0
|
|
|
|
|||
|
Undrawn Commitments and Standby Letters of Credit
|
23.1
|
|
|
|
|
25.0
|
|
|
|
|
33.9
|
|
|
|
||||||
|
Total Allowance for Credit Losses
|
$
|
173.4
|
|
|
|
|
$
|
178.8
|
|
|
|
|
$
|
224.9
|
|
|
|
|||
|
Allowance Assigned to Loans and Leases to Total Loans and Leases
|
0.45
|
%
|
|
|
|
0.46
|
%
|
|
|
|
0.57
|
%
|
|
|
||||||
|
▪
|
the balance sheet size and mix generally remains constant over the simulation horizon with maturing assets and liabilities replaced with instruments with similar terms as those that are maturing, with the exception of certain products such as securities (the assumed reinvestment of which is determined by management’s strategies); non-maturity deposits, of which some recent increases are assumed to be temporary in nature; and long-term fixed rate borrowings, which upon maturity are replaced with overnight wholesale instruments;
|
|
▪
|
prepayments on mortgage loans and securities collateralized by mortgages are projected under each rate scenario using a third-party mortgage analytics system that incorporates market prepayment assumptions;
|
|
▪
|
cash flows for structured securities are estimated using a third-party vendor in conjunction with the prepayments provided by the third-party mortgage analytics vendor;
|
|
▪
|
non-maturity deposit pricing and lives are projected based on Northern Trust’s actual historical patterns and management judgment, depending upon the availability of historical data and current pricing strategies; and
|
|
▪
|
new business rates are based on current spreads to market indices.
|
|
($ In Millions)
|
Increase/(Decrease)
Estimated Impact on
Next Twelve Months of
Net Interest Income
|
||
|
Increase in Interest Rates Above Market-Implied Forward Rates
|
|
||
|
100 Basis Points
|
$
|
21
|
|
|
200 Basis Points
|
38
|
|
|
|
▪
|
the present value of nonmaturity deposits are estimated using remaining lives, which are based on a combination of Northern Trust’s actual historical runoff patterns and management judgment — some balances are assumed to be core and have long lives while other balances are assumed to be temporary and have comparatively shorter lives; and
|
|
▪
|
the present values of most noninterest-related balances (such as receivables, equipment, and payables) are the same as their book values.
|
|
($ In Millions)
|
Increase/(Decrease)
Estimated Impact on
Market Value of Equity
|
||
|
Increase in Interest Rates Above Market Implied Forward Rates
|
|
||
|
100 Basis Points
|
$
|
267
|
|
|
200 Basis Points
|
280
|
|
|
|
|
Total VaR
(Spot and Forward) |
|
Foreign Exchange
Spot VaR |
|
Foreign Exchange
Forward VaR |
||||||||||||||||||
|
($ In Millions)
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2017
|
|
June 30, 2017
|
||||||||||||
|
High
|
$
|
0.9
|
|
|
$
|
1.2
|
|
|
$
|
0.3
|
|
|
$
|
0.4
|
|
|
$
|
0.9
|
|
|
$
|
1.2
|
|
|
Low
|
0.2
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
0.3
|
|
||||||
|
Average
|
0.5
|
|
|
0.8
|
|
|
0.1
|
|
|
0.1
|
|
|
0.4
|
|
|
0.7
|
|
||||||
|
Quarter-End
|
0.3
|
|
|
0.5
|
|
|
0.2
|
|
|
—
|
|
|
0.3
|
|
|
0.5
|
|
||||||
|
|
Three Months Ended
|
||||||||||||||||||||||
|
|
September 30, 2017
|
|
September 30, 2016
|
||||||||||||||||||||
|
($ In Millions)
|
Reported
|
|
FTE Adj.
|
|
FTE
|
|
Reported
|
|
FTE Adj.
|
|
FTE
|
||||||||||||
|
Interest Income
|
$
|
453.8
|
|
|
$
|
12.0
|
|
|
$
|
465.8
|
|
|
$
|
349.2
|
|
|
$
|
7.0
|
|
|
$
|
356.2
|
|
|
Interest Expense
|
99.6
|
|
|
—
|
|
|
99.6
|
|
|
46.1
|
|
|
—
|
|
|
46.1
|
|
||||||
|
Net Interest Income
|
$
|
354.2
|
|
|
$
|
12.0
|
|
|
$
|
366.2
|
|
|
$
|
303.1
|
|
|
$
|
7.0
|
|
|
$
|
310.1
|
|
|
Net Interest Margin
|
1.25
|
%
|
|
|
|
1.29
|
%
|
|
1.12
|
%
|
|
|
|
1.14
|
%
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Revenue
|
$
|
1,345.2
|
|
|
$
|
12.0
|
|
|
$
|
1,357.2
|
|
|
1,213.7
|
|
|
7.0
|
|
|
1,220.7
|
|
|||
|
|
Nine Months Ended
|
||||||||||||||||||||||
|
|
September 30, 2017
|
|
September 30, 2016
|
||||||||||||||||||||
|
($ In Millions)
|
Reported
|
|
FTE Adj.
|
|
FTE
|
|
Reported
|
|
FTE Adj.
|
|
FTE
|
||||||||||||
|
Interest Income
|
$
|
1,281.3
|
|
|
$
|
29.8
|
|
|
$
|
1,311.1
|
|
|
$
|
1,045.9
|
|
|
$
|
20.1
|
|
|
$
|
1,066.0
|
|
|
Interest Expense
|
232.1
|
|
|
—
|
|
|
232.1
|
|
|
135.3
|
|
|
—
|
|
|
135.3
|
|
||||||
|
Net Interest Income
|
$
|
1,049.2
|
|
|
$
|
29.8
|
|
|
$
|
1,079.0
|
|
|
$
|
910.6
|
|
|
$
|
20.1
|
|
|
$
|
930.7
|
|
|
Net Interest Margin
|
1.27
|
%
|
|
|
|
1.31
|
%
|
|
1.14
|
%
|
|
|
|
1.17
|
%
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Revenue
|
$
|
3,950.8
|
|
|
$
|
29.8
|
|
|
$
|
3,980.6
|
|
|
$
|
3,720.4
|
|
|
$
|
20.1
|
|
|
$
|
3,740.5
|
|
|
•
|
financial market disruptions or economic recession, whether in the United States, Europe, the Middle East, Asia or other regions;
|
|
•
|
volatility or changes in financial markets, including debt and equity markets, that impact the value, liquidity, or credit ratings of financial assets in general, or financial assets held in particular investment funds or client portfolios, including those funds, portfolios, and other financial assets with respect to which Northern Trust has taken, or may in the future take, actions to provide asset value stability or additional liquidity;
|
|
•
|
the impact of equity markets on fee revenue;
|
|
•
|
the downgrade of U.S. government-issued and other securities;
|
|
•
|
changes in foreign exchange trading client volumes and volatility in foreign currency exchange rates, changes in the valuation of the U.S. dollar relative to other currencies in which Northern Trust records revenue or accrues expenses, and Northern Trust’s success in assessing and mitigating the risks arising from all such changes and volatility;
|
|
•
|
a decline in the value of securities held in Northern Trust’s investment portfolio, particularly asset-backed securities, the liquidity and pricing of which may be negatively impacted by periods of economic turmoil and financial market disruptions;
|
|
•
|
Northern Trust’s ability to address operating risks, including cyber-security or data security breach risks, human errors or omissions, pricing or valuation of securities, fraud, systems performance or defects, systems interruptions, and breakdowns in processes or internal controls;
|
|
•
|
Northern Trust’s success in responding to and investing in changes and advancements in technology;
|
|
•
|
a significant downgrade of any of Northern Trust’s debt ratings;
|
|
•
|
the health and soundness of the financial institutions and other counterparties with which Northern Trust conducts business;
|
|
•
|
uncertainties inherent in the complex and subjective judgments required to assess credit risk and establish appropriate allowances therefor;
|
|
•
|
the pace and extent of continued globalization of investment activity and growth in worldwide financial assets;
|
|
•
|
changes in interest rates or in the monetary or other policies of various regulatory authorities or central banks;
|
|
•
|
changes in the legal, regulatory and enforcement framework and oversight applicable to financial institutions, including changes that may affect leverage limits and risk-based capital and liquidity requirements, require financial institutions to pay higher assessments, expose financial institutions to certain liabilities of their subsidiary depository institutions, or restrict or increase the regulation of certain activities carried on by financial institutions, including Northern Trust;
|
|
•
|
increased costs of compliance and other risks associated with changes in regulation, the current regulatory environment, and areas of increased regulatory emphasis and oversight in the United States and other countries, such as anti-money laundering, anti-bribery, and client privacy;
|
|
•
|
failure to satisfy regulatory standards or to obtain regulatory approvals when required, including for the use and distribution of capital;
|
|
•
|
changes in tax laws, accounting requirements or interpretations and other legislation in the United States or other countries that could affect Northern Trust or its clients;
|
|
•
|
geopolitical risks and the risks of extraordinary events such as natural disasters, terrorist events and war, and the responses of the United States and other countries to those events;
|
|
•
|
the referendum held in the United Kingdom in which voters approved a departure from the European Union, commonly referred to as “Brexit,” and any effects thereof on global economic conditions, global financial markets, and our business and results of operations;
|
|
•
|
changes in the nature and activities of Northern Trust’s competition;
|
|
•
|
Northern Trust’s success in maintaining existing business and continuing to generate new business in existing and targeted markets and its ability to deploy deposits in a profitable manner consistent with its liquidity requirements;
|
|
•
|
Northern Trust’s ability to address the complex needs of a global client base and manage compliance with legal, tax, regulatory and other requirements;
|
|
•
|
Northern Trust’s ability to maintain a product mix that achieves acceptable margins;
|
|
•
|
Northern Trust’s ability to continue to generate investment results that satisfy clients and to develop an array of investment products;
|
|
•
|
Northern Trust’s success in recruiting and retaining the necessary personnel to support business growth and expansion and maintain sufficient expertise to support increasingly complex products and services;
|
|
•
|
Northern Trust’s success in implementing its expense management initiatives;
|
|
•
|
uncertainties inherent in Northern Trust’s assumptions concerning its pension plan, including discount rates and expected contributions, returns and payouts;
|
|
•
|
Northern Trust’s success in improving risk management practices and controls and managing risks inherent in its businesses, including credit risk, operational risk, market and liquidity risk, fiduciary risk, compliance risk and strategic risk;
|
|
•
|
risks and uncertainties inherent in the litigation and regulatory process, including the possibility that losses may be in excess of Northern Trust’s recorded liability and estimated range of possible loss for litigation exposures;
|
|
•
|
risks associated with being a holding company, including Northern Trust’s dependence on dividends from its principal subsidiary;
|
|
•
|
the risk of damage to Northern Trust’s reputation which may undermine the confidence of clients, counterparties, rating agencies, and stockholders; and
|
|
•
|
other factors identified elsewhere in the Corporation’s Annual Report on Form 10-K for the year ended
December 31, 2016
, including those factors described in Item 1A, “Risk Factors,” and other filings with the SEC, all of which are available on Northern Trust’s website.
|
|
CONSOLIDATED BALANCE SHEETS
|
NORTHERN TRUST CORPORATION
|
|
(In Millions Except Share Information)
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
|
(Unaudited)
|
|
|
||||
|
Assets
|
|
|
|
||||
|
Cash and Due from Banks
|
$
|
5,262.9
|
|
|
$
|
5,332.0
|
|
|
Federal Reserve and Other Central Bank Deposits
|
34,060.7
|
|
|
26,674.2
|
|
||
|
Interest-Bearing Deposits with Banks
|
5,684.4
|
|
|
4,800.6
|
|
||
|
Federal Funds Sold and Securities Purchased under Agreements to Resell
|
1,670.8
|
|
|
1,974.3
|
|
||
|
Securities
|
|
|
|
||||
|
Available for Sale
|
33,844.9
|
|
|
35,579.8
|
|
||
|
Held to Maturity (Fair value of $10,778.7 and $8,905.1)
|
10,811.0
|
|
|
8,921.1
|
|
||
|
Trading Account
|
0.8
|
|
|
0.3
|
|
||
|
Total Securities
|
44,656.7
|
|
|
44,501.2
|
|
||
|
Loans and Leases
|
|
|
|
||||
|
Commercial
|
15,203.8
|
|
|
15,666.7
|
|
||
|
Personal
|
18,132.3
|
|
|
18,155.4
|
|
||
|
Total Loans and Leases (Net of unearned income of $36.3 and $41.2)
|
33,336.1
|
|
|
33,822.1
|
|
||
|
Allowance for Credit Losses Assigned to Loans and Leases
|
(150.3
|
)
|
|
(161.0
|
)
|
||
|
Buildings and Equipment
|
462.5
|
|
|
466.6
|
|
||
|
Client Security Settlement Receivables
|
1,274.0
|
|
|
1,043.7
|
|
||
|
Goodwill
|
526.5
|
|
|
519.4
|
|
||
|
Other Assets
|
4,615.9
|
|
|
4,953.8
|
|
||
|
Total Assets
|
$
|
131,400.2
|
|
|
$
|
123,926.9
|
|
|
Liabilities
|
|
|
|
||||
|
Deposits
|
|
|
|
||||
|
Demand and Other Noninterest-Bearing
|
$
|
17,402.9
|
|
|
$
|
22,190.4
|
|
|
Savings, Money Market and Other Interest-Bearing
|
16,042.2
|
|
|
16,509.0
|
|
||
|
Savings Certificates and Other Time
|
1,227.4
|
|
|
1,331.7
|
|
||
|
Non U.S. Offices — Noninterest-Bearing
|
8,897.0
|
|
|
7,972.5
|
|
||
|
— Interest-Bearing
|
62,241.1
|
|
|
53,648.1
|
|
||
|
Total Deposits
|
105,810.6
|
|
|
101,651.7
|
|
||
|
Federal Funds Purchased
|
2,142.2
|
|
|
204.8
|
|
||
|
Securities Sold Under Agreements to Repurchase
|
523.9
|
|
|
473.7
|
|
||
|
Other Borrowings
|
6,052.3
|
|
|
5,109.5
|
|
||
|
Senior Notes
|
1,497.1
|
|
|
1,496.6
|
|
||
|
Long-Term Debt
|
1,663.4
|
|
|
1,330.9
|
|
||
|
Floating Rate Capital Debt
|
277.5
|
|
|
277.4
|
|
||
|
Other Liabilities
|
3,268.0
|
|
|
3,611.9
|
|
||
|
Total Liabilities
|
121,235.0
|
|
|
114,156.5
|
|
||
|
Stockholders’ Equity
|
|
|
|
||||
|
Preferred Stock, No Par Value; Authorized 10,000,000 shares:
|
|
|
|
||||
|
Series C, outstanding shares of 16,000
|
388.5
|
|
|
388.5
|
|
||
|
Series D, outstanding shares of 5,000
|
493.5
|
|
|
493.5
|
|
||
|
Common Stock, $1.66 2/3 Par Value; Authorized 560,000,000 shares;
|
|
|
|
||||
|
Outstanding shares of 227,421,128 and 228,605,485
|
408.6
|
|
|
408.6
|
|
||
|
Additional Paid-In Capital
|
1,037.5
|
|
|
1,035.8
|
|
||
|
Retained Earnings
|
9,431.2
|
|
|
8,908.4
|
|
||
|
Accumulated Other Comprehensive Loss
|
(335.1
|
)
|
|
(370.0
|
)
|
||
|
Treasury Stock (17,750,396 and 16,566,039 shares, at cost)
|
(1,259.0
|
)
|
|
(1,094.4
|
)
|
||
|
Total Stockholders’ Equity
|
10,165.2
|
|
|
9,770.4
|
|
||
|
Total Liabilities and Stockholders’ Equity
|
$
|
131,400.2
|
|
|
$
|
123,926.9
|
|
|
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
|
NORTHERN TRUST CORPORATION
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
(In Millions Except Share Information)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
Noninterest Income
|
|
|
|
|
|
|
|
||||||||
|
Trust, Investment and Other Servicing Fees
|
$
|
867.9
|
|
|
$
|
788.3
|
|
|
$
|
2,524.3
|
|
|
$
|
2,313.7
|
|
|
Foreign Exchange Trading Income
|
49.1
|
|
|
53.6
|
|
|
147.1
|
|
|
178.5
|
|
||||
|
Treasury Management Fees
|
13.2
|
|
|
15.0
|
|
|
42.8
|
|
|
47.2
|
|
||||
|
Security Commissions and Trading Income
|
21.2
|
|
|
20.4
|
|
|
65.8
|
|
|
59.9
|
|
||||
|
Other Operating Income
|
40.0
|
|
|
33.1
|
|
|
122.7
|
|
|
212.4
|
|
||||
|
Investment Security Gains (Losses), net (Note)
|
(0.4
|
)
|
|
0.2
|
|
|
(1.1
|
)
|
|
(1.9
|
)
|
||||
|
Total Noninterest Income
|
991.0
|
|
|
910.6
|
|
|
2,901.6
|
|
|
2,809.8
|
|
||||
|
Net Interest Income
|
|
|
|
|
|
|
|
||||||||
|
Interest Income
|
453.8
|
|
|
349.2
|
|
|
1,281.3
|
|
|
1,045.9
|
|
||||
|
Interest Expense
|
99.6
|
|
|
46.1
|
|
|
232.1
|
|
|
135.3
|
|
||||
|
Net Interest Income
|
354.2
|
|
|
303.1
|
|
|
1,049.2
|
|
|
910.6
|
|
||||
|
Provision for Credit Losses
|
(7.0
|
)
|
|
(3.0
|
)
|
|
(15.0
|
)
|
|
(4.0
|
)
|
||||
|
Net Interest Income after Provision for Credit Losses
|
361.2
|
|
|
306.1
|
|
|
1,064.2
|
|
|
914.6
|
|
||||
|
Noninterest Expense
|
|
|
|
|
|
|
|
||||||||
|
Compensation
|
418.3
|
|
|
382.1
|
|
|
1,276.6
|
|
|
1,150.4
|
|
||||
|
Employee Benefits
|
74.8
|
|
|
73.2
|
|
|
228.2
|
|
|
216.0
|
|
||||
|
Outside Services
|
172.7
|
|
|
157.6
|
|
|
492.8
|
|
|
466.5
|
|
||||
|
Equipment and Software
|
130.5
|
|
|
114.5
|
|
|
391.5
|
|
|
346.7
|
|
||||
|
Occupancy
|
47.3
|
|
|
44.2
|
|
|
139.0
|
|
|
130.4
|
|
||||
|
Other Operating Expense
|
92.0
|
|
|
71.4
|
|
|
239.4
|
|
|
286.8
|
|
||||
|
Total Noninterest Expense
|
935.6
|
|
|
843.0
|
|
|
2,767.5
|
|
|
2,596.8
|
|
||||
|
Income before Income Taxes
|
416.6
|
|
|
373.7
|
|
|
1,198.3
|
|
|
1,127.6
|
|
||||
|
Provision for Income Taxes
|
118.2
|
|
|
116.1
|
|
|
355.9
|
|
|
361.6
|
|
||||
|
Net Income
|
$
|
298.4
|
|
|
$
|
257.6
|
|
|
$
|
842.4
|
|
|
$
|
766.0
|
|
|
Preferred Stock Dividends
|
17.3
|
|
|
5.9
|
|
|
43.9
|
|
|
17.6
|
|
||||
|
Net Income Applicable to Common Stock
|
$
|
281.1
|
|
|
$
|
251.7
|
|
|
$
|
798.5
|
|
|
$
|
748.4
|
|
|
Per Common Share
|
|
|
|
|
|
|
|
||||||||
|
Net Income — Basic
|
$
|
1.21
|
|
|
$
|
1.09
|
|
|
$
|
3.43
|
|
|
$
|
3.23
|
|
|
— Diluted
|
1.20
|
|
|
1.08
|
|
|
3.41
|
|
|
3.21
|
|
||||
|
Average Number of Common Shares Outstanding
— Basic
|
228,010,866
|
|
|
226,540,086
|
|
|
228,751,804
|
|
|
227,561,218
|
|
||||
|
— Diluted
|
229,313,645
|
|
|
228,055,195
|
|
|
230,189,289
|
|
|
229,040,618
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Note: Changes in Other-Than-Temporary-Impairment (OTTI) Losses
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
|
$
|
(2.4
|
)
|
|
Other Security Gains (Losses), net
|
(0.4
|
)
|
|
0.2
|
|
|
(1.0
|
)
|
|
0.5
|
|
||||
|
Investment Security Gains (Losses), net
|
$
|
(0.4
|
)
|
|
$
|
0.2
|
|
|
$
|
(1.1
|
)
|
|
$
|
(1.9
|
)
|
|
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (UNAUDITED) |
NORTHERN TRUST CORPORATION
|
|
|||||||||||||
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
(In Millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
Net Income
|
$
|
298.4
|
|
|
$
|
257.6
|
|
|
$
|
842.4
|
|
|
$
|
766.0
|
|
|
Other Comprehensive Income (Loss) (Net of Tax and Reclassifications)
|
|
|
|
|
|
|
|
||||||||
|
Net Unrealized (Losses) Gains on Securities Available for Sale
|
(2.2
|
)
|
|
(13.9
|
)
|
|
18.7
|
|
|
94.3
|
|
||||
|
Net Unrealized (Losses) Gains on Cash Flow Hedges
|
(1.9
|
)
|
|
—
|
|
|
(4.9
|
)
|
|
6.6
|
|
||||
|
Foreign Currency Translation Adjustments
|
3.6
|
|
|
(9.5
|
)
|
|
10.5
|
|
|
0.7
|
|
||||
|
Pension and Other Postretirement Benefit Adjustments
|
4.3
|
|
|
3.3
|
|
|
10.6
|
|
|
11.4
|
|
||||
|
Other Comprehensive Income
|
3.8
|
|
|
(20.1
|
)
|
|
34.9
|
|
|
113.0
|
|
||||
|
Comprehensive Income
|
$
|
302.2
|
|
|
$
|
237.5
|
|
|
$
|
877.3
|
|
|
$
|
879.0
|
|
|
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
|
NORTHERN TRUST CORPORATION
|
|
|
Nine Months Ended September 30,
|
||||||
|
(In Millions)
|
2017
|
|
2016
|
||||
|
Preferred Stock
|
|
|
|
||||
|
Series C, Balance at January 1 and September 30
|
$
|
388.5
|
|
|
$
|
388.5
|
|
|
Series D, Balance at January 1 and September 30
|
$
|
493.5
|
|
|
$
|
493.5
|
|
|
Balance at September 30
|
882.0
|
|
|
882.0
|
|
||
|
Common Stock
|
|
|
|
||||
|
Balance at January 1 and September 30
|
408.6
|
|
|
408.6
|
|
||
|
Additional Paid-in Capital
|
|
|
|
||||
|
Balance at January 1
|
1,035.8
|
|
|
1,072.3
|
|
||
|
Treasury Stock Transactions — Stock Options and Awards
|
(104.8
|
)
|
|
(91.8
|
)
|
||
|
Stock Options and Awards — Amortization
|
106.5
|
|
|
67.1
|
|
||
|
Stock Options and Awards — Tax Benefit
|
—
|
|
|
(9.0
|
)
|
||
|
Balance at September 30
|
1,037.5
|
|
|
1,038.6
|
|
||
|
Retained Earnings
|
|
|
|
||||
|
Balance at January 1
|
8,908.4
|
|
|
8,242.8
|
|
||
|
Net Income
|
842.4
|
|
|
766.0
|
|
||
|
Dividends Declared — Common Stock
|
(275.7
|
)
|
|
(255.1
|
)
|
||
|
Dividends Declared — Preferred Stock
|
(43.9
|
)
|
|
(17.6
|
)
|
||
|
Balance at September 30
|
9,431.2
|
|
|
8,736.1
|
|
||
|
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
||||
|
Balance at January 1
|
(370.0
|
)
|
|
(372.7
|
)
|
||
|
Net Unrealized Gains on Securities Available for Sale
|
18.7
|
|
|
94.3
|
|
||
|
Net Unrealized Gains (Losses) on Cash Flow Hedges
|
(4.9
|
)
|
|
6.6
|
|
||
|
Foreign Currency Translation Adjustments
|
10.5
|
|
|
0.7
|
|
||
|
Pension and Other Postretirement Benefit Adjustments
|
10.6
|
|
|
11.4
|
|
||
|
Balance at September 30
|
(335.1
|
)
|
|
(259.7
|
)
|
||
|
Treasury Stock
|
|
|
|
||||
|
Balance at January 1
|
(1,094.4
|
)
|
|
(1,033.6
|
)
|
||
|
Stock Options and Awards
|
187.9
|
|
|
153.9
|
|
||
|
Stock Purchased
|
(352.5
|
)
|
|
(346.1
|
)
|
||
|
Balance at September 30
|
(1,259.0
|
)
|
|
(1,225.8
|
)
|
||
|
Total Stockholders’ Equity at September 30
|
$
|
10,165.2
|
|
|
$
|
9,579.8
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
NORTHERN TRUST CORPORATION
|
|
|
Nine Months Ended September 30,
|
||||||
|
(In Millions)
|
2017
|
|
2016
|
||||
|
Cash Flows from Operating Activities:
|
|
|
|
||||
|
Net Income
|
$
|
842.4
|
|
|
$
|
766.0
|
|
|
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
|
|
|
|
||||
|
Investment Security Losses, net
|
1.1
|
|
|
1.9
|
|
||
|
Amortization and Accretion of Securities and Unearned Income, net
|
88.6
|
|
|
65.6
|
|
||
|
Provision for Credit Losses
|
(15.0
|
)
|
|
(4.0
|
)
|
||
|
Depreciation on Buildings and Equipment
|
73.8
|
|
|
66.8
|
|
||
|
Amortization of Computer Software
|
230.4
|
|
|
203.6
|
|
||
|
Amortization of Intangibles
|
7.0
|
|
|
6.3
|
|
||
|
Pension Plan Contributions
|
(11.5
|
)
|
|
(9.1
|
)
|
||
|
Change in Receivables
|
(135.1
|
)
|
|
(80.5
|
)
|
||
|
Change in Interest Payable
|
16.5
|
|
|
0.7
|
|
||
|
Change in Collateral With Derivative Counterparties, net
|
534.8
|
|
|
(330.1
|
)
|
||
|
Other Operating Activities, net
|
(763.3
|
)
|
|
(15.7
|
)
|
||
|
Net Cash Provided by Operating Activities
|
869.7
|
|
|
671.5
|
|
||
|
Cash Flows from Investing Activities:
|
|
|
|
||||
|
Net Change in Federal Funds Sold and Securities Purchased under Agreements to Resell
|
336.3
|
|
|
(445.2
|
)
|
||
|
Change in Interest-Bearing Deposits with Banks
|
(535.6
|
)
|
|
1,136.3
|
|
||
|
Net Change in Federal Reserve and Other Central Bank Deposits
|
(6,472.3
|
)
|
|
789.7
|
|
||
|
Purchases of Securities — Held to Maturity
|
(7,346.3
|
)
|
|
(5,757.3
|
)
|
||
|
Proceeds from Maturity and Redemption of Securities — Held to Maturity
|
7,180.1
|
|
|
1,991.6
|
|
||
|
Purchases of Securities — Available for Sale
|
(6,937.6
|
)
|
|
(11,081.1
|
)
|
||
|
Proceeds from Sale, Maturity and Redemption of Securities — Available for Sale
|
7,607.7
|
|
|
7,548.0
|
|
||
|
Change in Loans and Leases
|
710.7
|
|
|
(239.3
|
)
|
||
|
Purchases of Buildings and Equipment
|
(63.7
|
)
|
|
(58.0
|
)
|
||
|
Purchases and Development of Computer Software
|
(288.2
|
)
|
|
(250.4
|
)
|
||
|
Change in Client Security Settlement Receivables
|
(220.4
|
)
|
|
173.8
|
|
||
|
Acquisition of a Subsidiary, Net of Cash Received
|
—
|
|
|
(16.9
|
)
|
||
|
Other Investing Activities, net
|
63.6
|
|
|
956.1
|
|
||
|
Net Cash Used in Investing Activities
|
(5,965.7
|
)
|
|
(5,252.7
|
)
|
||
|
Cash Flows from Financing Activities:
|
|
|
|
||||
|
Change in Deposits
|
2,082.4
|
|
|
3,149.2
|
|
||
|
Change in Federal Funds Purchased
|
1,937.3
|
|
|
27.0
|
|
||
|
Change in Securities Sold under Agreements to Repurchase
|
50.4
|
|
|
(244.8
|
)
|
||
|
Change in Short-Term Other Borrowings
|
966.4
|
|
|
(41.9
|
)
|
||
|
Proceeds from Senior Notes and Long-Term Debt
|
350.0
|
|
|
—
|
|
||
|
Repayments of Senior Notes and Long-Term Debt
|
(7.0
|
)
|
|
(4.2
|
)
|
||
|
Proceeds from Issuance of Preferred Stock - Series D
|
—
|
|
|
493.5
|
|
||
|
Treasury Stock Purchased
|
(352.5
|
)
|
|
(346.1
|
)
|
||
|
Net Proceeds from Stock Options
|
83.1
|
|
|
62.0
|
|
||
|
Cash Dividends Paid on Common Stock
|
(261.2
|
)
|
|
(246.9
|
)
|
||
|
Cash Dividends Paid on Preferred Stock
|
(32.4
|
)
|
|
(17.6
|
)
|
||
|
Other Financing Activities, net
|
0.1
|
|
|
(8.7
|
)
|
||
|
Net Cash Provided by Financing Activities
|
4,816.6
|
|
|
2,821.5
|
|
||
|
Effect of Foreign Currency Exchange Rates on Cash
|
210.3
|
|
|
233.9
|
|
||
|
Decrease in Cash and Due from Banks
|
(69.1
|
)
|
|
(1,525.8
|
)
|
||
|
Cash and Due from Banks at Beginning of Year
|
5,332.0
|
|
|
6,418.5
|
|
||
|
Cash and Due from Banks at End of Period
|
$
|
5,262.9
|
|
|
$
|
4,892.7
|
|
|
Supplemental Disclosures of Cash Flow Information:
|
|
|
|
||||
|
Interest Paid
|
$
|
215.2
|
|
|
$
|
134.1
|
|
|
Income Taxes Paid
|
348.9
|
|
|
596.9
|
|
||
|
Transfers from Loans to OREO
|
7.2
|
|
|
12.0
|
|
||
|
|
September 30, 2017
|
|||||||||||
|
Financial Instrument
|
Fair Value
|
|
Valuation
Technique
|
|
Unobservable Inputs
|
|
Range of Inputs
|
|||||
|
Auction Rate Securities
|
$
|
4.1
|
million
|
|
Comparables
|
|
Price
|
|
$87
|
—
|
99
|
|
|
Swaps Related to Sale of Certain Visa Class B Common Shares
|
$
|
27.7
|
million
|
|
Discounted Cash Flow
|
|
Visa Class A Appreciation
|
|
7.0
|
%
|
—
|
11.0%
|
|
|
|
|
Conversion Rate
|
|
1.63
|
x
|
—
|
1.65x
|
||||
|
|
|
|
|
Expected Duration
|
|
1.5
|
|
—
|
4.0 years
|
|||
|
|
December 31, 2016
|
|||||||||||
|
Financial Instrument
|
Fair Value
|
|
Valuation
Technique
|
|
Unobservable Inputs
|
|
Range of Inputs
|
|||||
|
Auction Rate Securities
|
$
|
4.7
|
million
|
|
Comparables
|
|
Price
|
|
$84
|
—
|
99
|
|
|
Swap Related to Sale of Certain Visa Class B Common Shares
|
$
|
25.2
|
million
|
|
Discounted Cash Flow
|
|
Visa Class A Appreciation
|
|
7.0
|
%
|
—
|
11.0%
|
|
|
|
|
Conversion Rate
|
|
1.63
|
x
|
—
|
1.65x
|
||||
|
|
|
|
|
Expected Duration
|
|
1.5
|
|
—
|
4.5 years
|
|||
|
(In Millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
|
|
Assets/Liabilities
at Fair Value
|
||||||||||
|
September 30, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Securities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Available for Sale
|
|
|
|
|
|
|
|
|
|
||||||||||
|
U.S. Government
|
$
|
5,744.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,744.4
|
|
|
Obligations of States and Political Subdivisions
|
—
|
|
|
765.9
|
|
|
—
|
|
|
—
|
|
|
765.9
|
|
|||||
|
Government Sponsored Agency
|
—
|
|
|
18,082.8
|
|
|
—
|
|
|
—
|
|
|
18,082.8
|
|
|||||
|
Non-U.S. Government
|
—
|
|
|
138.7
|
|
|
—
|
|
|
—
|
|
|
138.7
|
|
|||||
|
Corporate Debt
|
—
|
|
|
3,181.3
|
|
|
—
|
|
|
—
|
|
|
3,181.3
|
|
|||||
|
Covered Bonds
|
—
|
|
|
832.1
|
|
|
—
|
|
|
—
|
|
|
832.1
|
|
|||||
|
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds
|
—
|
|
|
2,202.8
|
|
|
—
|
|
|
—
|
|
|
2,202.8
|
|
|||||
|
Other Asset-Backed
|
—
|
|
|
2,394.3
|
|
|
—
|
|
|
—
|
|
|
2,394.3
|
|
|||||
|
Auction Rate
|
—
|
|
|
—
|
|
|
4.1
|
|
|
—
|
|
|
4.1
|
|
|||||
|
Commercial Mortgage-Backed
|
—
|
|
|
466.5
|
|
|
—
|
|
|
—
|
|
|
466.5
|
|
|||||
|
Other
|
—
|
|
|
32.0
|
|
|
—
|
|
|
—
|
|
|
32.0
|
|
|||||
|
Total Available for Sale
|
5,744.4
|
|
|
28,096.4
|
|
|
4.1
|
|
|
—
|
|
|
33,844.9
|
|
|||||
|
Trading Account
|
—
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|||||
|
Total Available for Sale and Trading Securities
|
5,744.4
|
|
|
28,097.2
|
|
|
4.1
|
|
|
—
|
|
|
33,845.7
|
|
|||||
|
Other Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Derivative Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign Exchange Contracts
|
—
|
|
|
3,100.1
|
|
|
—
|
|
|
—
|
|
|
3,100.1
|
|
|||||
|
Interest Rate Contracts
|
—
|
|
|
117.1
|
|
|
—
|
|
|
—
|
|
|
117.1
|
|
|||||
|
Total Derivative Assets
|
—
|
|
|
3,217.2
|
|
|
—
|
|
|
(2,373.5
|
)
|
|
843.7
|
|
|||||
|
Other Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Derivative Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign Exchange Contracts
|
—
|
|
|
3,168.6
|
|
|
—
|
|
|
—
|
|
|
3,168.6
|
|
|||||
|
Interest Rate Contracts
|
—
|
|
|
84.1
|
|
|
—
|
|
|
—
|
|
|
84.1
|
|
|||||
|
Other Financial Derivatives
(1)
|
—
|
|
|
—
|
|
|
27.7
|
|
|
—
|
|
|
27.7
|
|
|||||
|
Total Derivative Liabilities
|
$
|
—
|
|
|
$
|
3,252.7
|
|
|
$
|
27.7
|
|
|
$
|
(2,089.8
|
)
|
|
$
|
1,190.6
|
|
|
(1)
|
This line consists of swaps related to the sale of certain Visa Class B common shares.
|
|
(In Millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
|
|
Assets/Liabilities
at Fair Value
|
||||||||||
|
December 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Securities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Available for Sale
|
|
|
|
|
|
|
|
|
|
||||||||||
|
U.S. Government
|
$
|
7,522.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,522.6
|
|
|
Obligations of States and Political Subdivisions
|
—
|
|
|
885.2
|
|
|
—
|
|
|
—
|
|
|
885.2
|
|
|||||
|
Government Sponsored Agency
|
—
|
|
|
17,892.8
|
|
|
—
|
|
|
—
|
|
|
17,892.8
|
|
|||||
|
Non-U.S. Government
|
—
|
|
|
417.9
|
|
|
—
|
|
|
—
|
|
|
417.9
|
|
|||||
|
Corporate Debt
|
—
|
|
|
3,765.2
|
|
|
—
|
|
|
—
|
|
|
3,765.2
|
|
|||||
|
Covered Bonds
|
—
|
|
|
1,143.9
|
|
|
—
|
|
|
—
|
|
|
1,143.9
|
|
|||||
|
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds
|
—
|
|
|
1,340.7
|
|
|
—
|
|
|
—
|
|
|
1,340.7
|
|
|||||
|
Other Asset-Backed
|
—
|
|
|
2,085.1
|
|
|
—
|
|
|
—
|
|
|
2,085.1
|
|
|||||
|
Auction Rate
|
—
|
|
|
—
|
|
|
4.7
|
|
|
—
|
|
|
4.7
|
|
|||||
|
Commercial Mortgage-Backed
|
—
|
|
|
471.6
|
|
|
—
|
|
|
—
|
|
|
471.6
|
|
|||||
|
Other
|
—
|
|
|
50.1
|
|
|
—
|
|
|
—
|
|
|
50.1
|
|
|||||
|
Total Available for Sale
|
7,522.6
|
|
|
28,052.5
|
|
|
4.7
|
|
|
—
|
|
|
35,579.8
|
|
|||||
|
Trading Account
|
—
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|||||
|
Total Available for Sale and Trading Securities
|
7,522.6
|
|
|
28,052.8
|
|
|
4.7
|
|
|
—
|
|
|
35,580.1
|
|
|||||
|
Other Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Derivative Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign Exchange Contracts
|
—
|
|
|
3,609.6
|
|
|
—
|
|
|
—
|
|
|
3,609.6
|
|
|||||
|
Interest Rate Contracts
|
—
|
|
|
247.2
|
|
|
—
|
|
|
—
|
|
|
247.2
|
|
|||||
|
Total Derivative Assets
|
—
|
|
|
3,856.8
|
|
|
—
|
|
|
(2,170.4
|
)
|
|
1,686.4
|
|
|||||
|
Other Liabilities
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Liabilities
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Foreign Exchange Contracts
|
—
|
|
|
3,242.9
|
|
|
—
|
|
|
—
|
|
|
3,242.9
|
|
|||||
|
Interest Rate Contracts
|
—
|
|
|
108.0
|
|
|
—
|
|
|
—
|
|
|
108.0
|
|
|||||
|
Other Financial Derivatives
(1)
|
—
|
|
|
—
|
|
|
25.2
|
|
|
—
|
|
|
25.2
|
|
|||||
|
Total Derivative Liabilities
|
$
|
—
|
|
|
$
|
3,350.9
|
|
|
$
|
25.2
|
|
|
$
|
(2,431.2
|
)
|
|
$
|
944.9
|
|
|
(1)
|
This line consists of swaps related to the sale of certain Visa Class B common shares.
|
|
Level 3 Assets
(In Millions)
|
Auction Rate Securities
|
||||||
|
Three Months Ended September 30,
|
2017
|
|
2016
|
||||
|
Fair Value at July 1
|
$
|
4.1
|
|
|
$
|
6.1
|
|
|
Total Gains (Losses):
|
|
|
|
||||
|
Included in Earnings
|
—
|
|
|
—
|
|
||
|
Included in Other Comprehensive Income
(1)
|
—
|
|
|
(0.1
|
)
|
||
|
Purchases, Issues, Sales, and Settlements
|
|
|
|
||||
|
Sales
|
—
|
|
|
—
|
|
||
|
Settlements
|
—
|
|
|
(0.2
|
)
|
||
|
Fair Value at September 30
|
$
|
4.1
|
|
|
$
|
5.8
|
|
|
|
|
|
|
||||
|
Nine Months Ended September 30,
|
2017
|
|
2016
|
||||
|
Fair Value at January 1
|
$
|
4.7
|
|
|
$
|
17.1
|
|
|
Total Gains (Losses):
|
|
|
|
||||
|
Included in Earnings
|
—
|
|
|
—
|
|
||
|
Included in Other Comprehensive Income
(1)
|
—
|
|
|
(0.7
|
)
|
||
|
Purchases, Issues, Sales, and Settlements
|
|
|
|
||||
|
Sales
|
—
|
|
|
(10.1
|
)
|
||
|
Settlements
|
(0.6
|
)
|
|
(0.5
|
)
|
||
|
Fair Value at September 30
|
$
|
4.1
|
|
|
$
|
5.8
|
|
|
(1)
|
Unrealized gains (losses) are included in net unrealized gains (losses) on securities available for sale in the consolidated statements of comprehensive income.
|
|
Level 3 Liabilities
(In Millions)
|
Swaps Related to Sale of
Certain Visa Class B
Common Shares
|
||||||
|
Three Months Ended September 30,
|
2017
|
|
2016
|
||||
|
Fair Value at July 1
|
$
|
25.9
|
|
|
$
|
28.7
|
|
|
Total (Gains) Losses:
|
|
|
|
||||
|
Included in Earnings
(1)
|
4.0
|
|
|
2.3
|
|
||
|
Purchases, Issues, Sales, and Settlements
|
|
|
|
||||
|
Purchases
|
—
|
|
|
—
|
|
||
|
Settlements
|
(2.2
|
)
|
|
(1.5
|
)
|
||
|
Fair Value at September 30
|
$
|
27.7
|
|
|
$
|
29.5
|
|
|
Nine Months Ended September 30,
|
2017
|
|
2016
|
||||
|
Fair Value at January 1
|
$
|
25.2
|
|
|
$
|
10.8
|
|
|
Total (Gains) Losses:
|
|
|
|
||||
|
Included in Earnings
(1)
|
8.4
|
|
|
6.9
|
|
||
|
Purchases, Issues, Sales, and Settlements
|
|
|
|
||||
|
Purchases
|
—
|
|
|
14.9
|
|
||
|
Settlements
|
(5.9
|
)
|
|
(3.1
|
)
|
||
|
Fair Value at September 30
|
$
|
27.7
|
|
|
$
|
29.5
|
|
|
(1)
|
(Gains) losses are recorded in other operating income in the consolidated statements of income.
|
|
|
|
September 30, 2017
|
|||||||||
|
Financial Instrument
|
|
Fair Value
|
|
Valuation
Technique
|
|
Unobservable Input
|
|
Range of Discounts
Applied
|
|||
|
Loans
|
|
$12.6 million
|
|
Market Approach
|
|
Discount to reflect realizable value
|
|
15.0
|
%
|
-
|
25.0%
|
|
OREO
|
|
$1.4 million
|
|
Market Approach
|
|
Discount to reflect realizable value
|
|
15.0
|
%
|
-
|
20.0%
|
|
|
|
December 31, 2016
|
|||||||||
|
Financial Instrument
|
|
Fair Value
|
|
Valuation
Technique
|
|
Unobservable Input
|
|
Range of Discounts
Applied
|
|||
|
Loans
|
|
$6.7 million
|
|
Market Approach
|
|
Discount to reflect realizable value
|
|
15.0
|
%
|
-
|
25.0%
|
|
OREO
|
|
$0.7 million
|
|
Market Approach
|
|
Discount to reflect realizable value
|
|
15.0
|
%
|
-
|
20.0%
|
|
(In Millions)
|
September 30, 2017
|
||||||||||||||||||
|
|
Book
Value
|
|
Total
Fair Value
|
|
Fair Value
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||
|
Assets
|
|
|
|
|
|
||||||||||||||
|
Cash and Due from Banks
|
$
|
5,262.9
|
|
|
$
|
5,262.9
|
|
|
$
|
5,262.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Federal Reserve and Other Central Bank Deposits
|
34,060.7
|
|
|
34,060.7
|
|
|
—
|
|
|
34,060.7
|
|
|
—
|
|
|||||
|
Interest-Bearing Deposits with Banks
|
5,684.4
|
|
|
5,684.4
|
|
|
—
|
|
|
5,684.4
|
|
|
—
|
|
|||||
|
Federal Funds Sold and Resell Agreements
|
1,670.8
|
|
|
1,670.8
|
|
|
—
|
|
|
1,670.8
|
|
|
—
|
|
|||||
|
Securities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Available for Sale
(Note)
|
33,844.9
|
|
|
33,844.9
|
|
|
5,744.4
|
|
|
28,096.4
|
|
|
4.1
|
|
|||||
|
Held to Maturity
|
10,811.0
|
|
|
10,778.7
|
|
|
23.9
|
|
|
10,754.8
|
|
|
—
|
|
|||||
|
Trading Account
|
0.8
|
|
|
0.8
|
|
|
—
|
|
|
0.8
|
|
|
—
|
|
|||||
|
Loans (excluding Leases)
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Held for Investment
|
32,950.3
|
|
|
33,077.6
|
|
|
—
|
|
|
—
|
|
|
33,077.6
|
|
|||||
|
Held for Sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Client Security Settlement Receivables
|
1,274.0
|
|
|
1,274.0
|
|
|
—
|
|
|
1,274.0
|
|
|
—
|
|
|||||
|
Other Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Federal Reserve and Federal Home Loan Bank Stock
|
248.1
|
|
|
248.1
|
|
|
—
|
|
|
248.1
|
|
|
—
|
|
|||||
|
Community Development Investments
|
333.8
|
|
|
345.0
|
|
|
—
|
|
|
345.0
|
|
|
—
|
|
|||||
|
Employee Benefit and Deferred Compensation
|
180.3
|
|
|
180.7
|
|
|
118.0
|
|
|
62.7
|
|
|
—
|
|
|||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Deposits
|
|
|
|
|
|
||||||||||||||
|
Demand, Noninterest-Bearing, Savings, Money Market and Other Interest-Bearing
|
$
|
42,342.1
|
|
|
$
|
42,342.1
|
|
|
$
|
42,342.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Savings Certificates and Other Time
|
1,227.4
|
|
|
1,229.2
|
|
|
—
|
|
|
1,229.2
|
|
|
—
|
|
|||||
|
Non U.S. Offices Interest-Bearing
|
62,241.1
|
|
|
62,241.1
|
|
|
—
|
|
|
62,241.1
|
|
|
—
|
|
|||||
|
Federal Funds Purchased
|
2,142.2
|
|
|
2,142.2
|
|
|
—
|
|
|
2,142.2
|
|
|
—
|
|
|||||
|
Securities Sold under Agreements to Repurchase
|
523.9
|
|
|
523.9
|
|
|
—
|
|
|
523.9
|
|
|
—
|
|
|||||
|
Other Borrowings
|
6,052.3
|
|
|
6,053.3
|
|
|
—
|
|
|
6,053.3
|
|
|
—
|
|
|||||
|
Senior Notes
|
1,497.1
|
|
|
1,541.4
|
|
|
—
|
|
|
1,541.4
|
|
|
—
|
|
|||||
|
Long Term Debt (excluding Leases)
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Subordinated Debt
|
1,647.3
|
|
|
1,657.8
|
|
|
—
|
|
|
1,657.8
|
|
|
—
|
|
|||||
|
Floating Rate Capital Debt
|
277.5
|
|
|
259.3
|
|
|
—
|
|
|
259.3
|
|
|
—
|
|
|||||
|
Other Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Standby Letters of Credit
|
34.9
|
|
|
34.9
|
|
|
—
|
|
|
—
|
|
|
34.9
|
|
|||||
|
Loan Commitments
|
29.6
|
|
|
29.6
|
|
|
—
|
|
|
—
|
|
|
29.6
|
|
|||||
|
Derivative Instruments
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Asset/Liability Management
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign Exchange Contracts
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Assets
|
$
|
52.7
|
|
|
$
|
52.7
|
|
|
$
|
—
|
|
|
$
|
52.7
|
|
|
$
|
—
|
|
|
Liabilities
|
166.3
|
|
|
166.3
|
|
|
—
|
|
|
166.3
|
|
|
—
|
|
|||||
|
Interest Rate Contracts
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Assets
|
35.6
|
|
|
35.6
|
|
|
—
|
|
|
35.6
|
|
|
—
|
|
|||||
|
Liabilities
|
16.8
|
|
|
16.8
|
|
|
—
|
|
|
16.8
|
|
|
—
|
|
|||||
|
Other Financial Derivatives
|
|
|
|
|
|
|
|
||||||||||||
|
Liabilities
(1)
|
27.7
|
|
|
27.7
|
|
|
—
|
|
|
—
|
|
|
27.7
|
|
|||||
|
Client-Related and Trading
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign Exchange Contracts
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Assets
|
3,047.4
|
|
|
3,047.4
|
|
|
—
|
|
|
3,047.4
|
|
|
—
|
|
|||||
|
Liabilities
|
3,002.2
|
|
|
3,002.2
|
|
|
—
|
|
|
3,002.2
|
|
|
—
|
|
|||||
|
Interest Rate Contracts
|
|
|
|
|
|
|
|
||||||||||||
|
Assets
|
81.5
|
|
|
81.5
|
|
|
—
|
|
|
81.5
|
|
|
—
|
|
|||||
|
Liabilities
|
67.3
|
|
|
67.3
|
|
|
—
|
|
|
67.3
|
|
|
—
|
|
|||||
|
(1)
|
This line consists of swaps related to the sale of certain Visa Class B common shares.
|
|
(In Millions)
|
December 31, 2016
|
||||||||||||||||||
|
|
Book
Value
|
|
Total
Fair Value
|
|
Fair Value
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and Due from Banks
|
$
|
5,332.0
|
|
|
$
|
5,332.0
|
|
|
$
|
5,332.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Federal Reserve and Other Central Bank Deposits
|
26,674.2
|
|
|
26,674.2
|
|
|
—
|
|
|
26,674.2
|
|
|
—
|
|
|||||
|
Interest-Bearing Deposits with Banks
|
4,800.6
|
|
|
4,800.6
|
|
|
—
|
|
|
4,800.6
|
|
|
—
|
|
|||||
|
Federal Funds Sold and Resell Agreements
|
1,974.3
|
|
|
1,974.3
|
|
|
—
|
|
|
1,974.3
|
|
|
—
|
|
|||||
|
Securities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Available for Sale
(Note)
|
35,579.8
|
|
|
35,579.8
|
|
|
7,522.6
|
|
|
28,052.5
|
|
|
4.7
|
|
|||||
|
Held to Maturity
|
8,921.1
|
|
|
8,905.1
|
|
|
15.0
|
|
|
8,890.1
|
|
|
—
|
|
|||||
|
Trading Account
|
0.3
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|||||
|
Loans (excluding Leases)
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Held for Investment
|
33,354.1
|
|
|
33,471.3
|
|
|
—
|
|
|
—
|
|
|
33,471.3
|
|
|||||
|
Held for Sale
|
13.4
|
|
|
13.4
|
|
|
—
|
|
|
—
|
|
|
13.4
|
|
|||||
|
Client Security Settlement Receivables
|
1,043.7
|
|
|
1,043.7
|
|
|
—
|
|
|
1,043.7
|
|
|
—
|
|
|||||
|
Other Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Federal Reserve and Federal Home Loan Bank Stock
|
203.1
|
|
|
203.1
|
|
|
—
|
|
|
203.1
|
|
|
—
|
|
|||||
|
Community Development Investments
|
218.9
|
|
|
215.5
|
|
|
—
|
|
|
215.5
|
|
|
—
|
|
|||||
|
Employee Benefit and Deferred Compensation
|
166.2
|
|
|
162.5
|
|
|
107.2
|
|
|
55.3
|
|
|
—
|
|
|||||
|
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Deposits
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Demand, Noninterest-Bearing, Savings, Money Market and Other Interest-Bearing
|
$
|
46,671.9
|
|
|
$
|
46,671.9
|
|
|
$
|
46,671.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Savings Certificates and Other Time
|
1,331.7
|
|
|
1,337.5
|
|
|
—
|
|
|
1,337.5
|
|
|
—
|
|
|||||
|
Non U.S. Offices Interest-Bearing
|
53,648.1
|
|
|
53,648.1
|
|
|
—
|
|
|
53,648.1
|
|
|
—
|
|
|||||
|
Federal Funds Purchased
|
204.8
|
|
|
204.8
|
|
|
—
|
|
|
204.8
|
|
|
—
|
|
|||||
|
Securities Sold under Agreements to Repurchase
|
473.7
|
|
|
473.7
|
|
|
—
|
|
|
473.7
|
|
|
—
|
|
|||||
|
Other Borrowings
|
5,109.5
|
|
|
5,113.4
|
|
|
—
|
|
|
5,113.4
|
|
|
—
|
|
|||||
|
Senior Notes
|
1,496.6
|
|
|
1,535.5
|
|
|
—
|
|
|
1,535.5
|
|
|
—
|
|
|||||
|
Long Term Debt (excluding Leases)
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Subordinated Debt
|
1,307.9
|
|
|
1,316.0
|
|
|
—
|
|
|
1,316.0
|
|
|
—
|
|
|||||
|
Floating Rate Capital Debt
|
277.4
|
|
|
251.0
|
|
|
—
|
|
|
251.0
|
|
|
—
|
|
|||||
|
Other Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Standby Letters of Credit
|
37.2
|
|
|
37.2
|
|
|
—
|
|
|
—
|
|
|
37.2
|
|
|||||
|
Loan Commitments
|
41.2
|
|
|
41.2
|
|
|
—
|
|
|
—
|
|
|
41.2
|
|
|||||
|
Derivative Instruments
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Asset/Liability Management
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign Exchange Contracts
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Assets
|
$
|
335.4
|
|
|
$
|
335.4
|
|
|
$
|
—
|
|
|
$
|
335.4
|
|
|
$
|
—
|
|
|
Liabilities
|
21.2
|
|
|
21.2
|
|
|
—
|
|
|
21.2
|
|
|
—
|
|
|||||
|
Interest Rate Contracts
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Assets
|
160.2
|
|
|
160.2
|
|
|
—
|
|
|
160.2
|
|
|
—
|
|
|||||
|
Liabilities
|
22.8
|
|
|
22.8
|
|
|
—
|
|
|
22.8
|
|
|
—
|
|
|||||
|
Other Financial Derivatives
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Liabilities
(1)
|
25.2
|
|
|
25.2
|
|
|
—
|
|
|
—
|
|
|
25.2
|
|
|||||
|
Client-Related and Trading
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign Exchange Contracts
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Assets
|
3,274.2
|
|
|
3,274.2
|
|
|
—
|
|
|
3,274.2
|
|
|
—
|
|
|||||
|
Liabilities
|
3,221.7
|
|
|
3,221.7
|
|
|
—
|
|
|
3,221.7
|
|
|
—
|
|
|||||
|
Interest Rate Contracts
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Assets
|
87.0
|
|
|
87.0
|
|
|
—
|
|
|
87.0
|
|
|
—
|
|
|||||
|
Liabilities
|
85.2
|
|
|
85.2
|
|
|
—
|
|
|
85.2
|
|
|
—
|
|
|||||
|
(1)
|
This line consists of swaps related to the sale of certain Visa Class B common shares.
|
|
Securities Available for Sale
|
September 30, 2017
|
||||||||||||||
|
|
Amortized
Cost
|
|
Gross Unrealized
|
|
Fair
Value
|
||||||||||
|
(In Millions)
|
Gains
|
|
Losses
|
|
|||||||||||
|
U.S. Government
|
$
|
5,731.6
|
|
|
$
|
24.2
|
|
|
$
|
11.4
|
|
|
$
|
5,744.4
|
|
|
Obligations of States and Political Subdivisions
|
766.3
|
|
|
0.3
|
|
|
0.7
|
|
|
765.9
|
|
||||
|
Government Sponsored Agency
|
18,101.4
|
|
|
43.1
|
|
|
61.7
|
|
|
18,082.8
|
|
||||
|
Non-U.S. Government
|
139.9
|
|
|
—
|
|
|
1.2
|
|
|
138.7
|
|
||||
|
Corporate Debt
|
3,194.3
|
|
|
3.6
|
|
|
16.6
|
|
|
3,181.3
|
|
||||
|
Covered Bonds
|
833.5
|
|
|
1.5
|
|
|
2.9
|
|
|
832.1
|
|
||||
|
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds
|
2,202.6
|
|
|
4.0
|
|
|
3.8
|
|
|
2,202.8
|
|
||||
|
Other Asset-Backed
|
2,394.0
|
|
|
2.4
|
|
|
2.1
|
|
|
2,394.3
|
|
||||
|
Auction Rate
|
4.4
|
|
|
—
|
|
|
0.3
|
|
|
4.1
|
|
||||
|
Commercial Mortgage-Backed
|
469.0
|
|
|
—
|
|
|
2.5
|
|
|
466.5
|
|
||||
|
Other
|
32.0
|
|
|
—
|
|
|
—
|
|
|
32.0
|
|
||||
|
Total
|
$
|
33,869.0
|
|
|
$
|
79.1
|
|
|
$
|
103.2
|
|
|
$
|
33,844.9
|
|
|
Securities Available for Sale
|
December 31, 2016
|
||||||||||||||
|
|
Amortized
Cost
|
|
Gross Unrealized
|
|
Fair
Value
|
||||||||||
|
(In Millions)
|
Gains
|
|
Losses
|
|
|||||||||||
|
U.S. Government
|
$
|
7,514.5
|
|
|
$
|
22.4
|
|
|
$
|
14.3
|
|
|
$
|
7,522.6
|
|
|
Obligations of States and Political Subdivisions
|
890.8
|
|
|
—
|
|
|
5.6
|
|
|
885.2
|
|
||||
|
Government Sponsored Agency
|
17,914.1
|
|
|
49.3
|
|
|
70.6
|
|
|
17,892.8
|
|
||||
|
Non-U.S. Government
|
420.0
|
|
|
—
|
|
|
2.1
|
|
|
417.9
|
|
||||
|
Corporate Debt
|
3,787.4
|
|
|
2.6
|
|
|
24.8
|
|
|
3,765.2
|
|
||||
|
Covered Bonds
|
1,148.6
|
|
|
0.8
|
|
|
5.5
|
|
|
1,143.9
|
|
||||
|
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds
|
1,343.6
|
|
|
0.9
|
|
|
3.8
|
|
|
1,340.7
|
|
||||
|
Other Asset-Backed
|
2,083.7
|
|
|
2.7
|
|
|
1.3
|
|
|
2,085.1
|
|
||||
|
Auction Rate
|
5.0
|
|
|
—
|
|
|
0.3
|
|
|
4.7
|
|
||||
|
Commercial Mortgage-Backed
|
474.1
|
|
|
—
|
|
|
2.5
|
|
|
471.6
|
|
||||
|
Other
|
50.1
|
|
|
—
|
|
|
—
|
|
|
50.1
|
|
||||
|
Total
|
$
|
35,631.9
|
|
|
$
|
78.7
|
|
|
$
|
130.8
|
|
|
$
|
35,579.8
|
|
|
Securities Held to Maturity
|
September 30, 2017
|
||||||||||||||
|
|
Amortized
Cost
|
|
Gross Unrealized
|
|
Fair
Value
|
||||||||||
|
(In Millions)
|
Gains
|
|
Losses
|
|
|||||||||||
|
U.S Government
|
$
|
23.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23.9
|
|
|
Obligations of States and Political Subdivisions
|
44.8
|
|
|
2.0
|
|
|
—
|
|
|
46.8
|
|
||||
|
Government Sponsored Agency
|
6.3
|
|
|
0.4
|
|
|
—
|
|
|
6.7
|
|
||||
|
Corporate Debt
|
327.1
|
|
|
0.8
|
|
|
—
|
|
|
327.9
|
|
||||
|
Covered Bonds
|
2,777.4
|
|
|
13.1
|
|
|
3.5
|
|
|
2,787.0
|
|
||||
|
Non-U.S. Government
|
3,609.2
|
|
|
1.5
|
|
|
8.1
|
|
|
3,602.6
|
|
||||
|
Certificates of Deposit
|
153.4
|
|
|
—
|
|
|
0.1
|
|
|
153.3
|
|
||||
|
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds
|
2,650.4
|
|
|
5.7
|
|
|
6.8
|
|
|
2,649.3
|
|
||||
|
Other Asset-Backed
|
1,030.4
|
|
|
0.7
|
|
|
0.7
|
|
|
1,030.4
|
|
||||
|
Other
|
188.1
|
|
|
—
|
|
|
37.3
|
|
|
150.8
|
|
||||
|
Total
|
$
|
10,811.0
|
|
|
$
|
24.2
|
|
|
$
|
56.5
|
|
|
$
|
10,778.7
|
|
|
Securities Held to Maturity
|
December 31, 2016
|
||||||||||||||
|
|
Amortized
Cost
|
|
Gross Unrealized
|
|
Fair
Value
|
||||||||||
|
(In Millions)
|
Gains
|
|
Losses
|
|
|||||||||||
|
U.S Government
|
$
|
15.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15.0
|
|
|
Obligations of States and Political Subdivisions
|
63.6
|
|
|
2.7
|
|
|
—
|
|
|
66.3
|
|
||||
|
Government Sponsored Agency
|
7.4
|
|
|
0.5
|
|
|
—
|
|
|
7.9
|
|
||||
|
Corporate Debt
|
231.2
|
|
|
0.2
|
|
|
0.4
|
|
|
231.0
|
|
||||
|
Covered Bonds
|
2,051.6
|
|
|
10.1
|
|
|
3.7
|
|
|
2,058.0
|
|
||||
|
Non-U.S. Government
|
3,517.5
|
|
|
4.9
|
|
|
2.3
|
|
|
3,520.1
|
|
||||
|
Certificates of Deposit
|
606.0
|
|
|
0.2
|
|
|
0.1
|
|
|
606.1
|
|
||||
|
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds
|
2,154.7
|
|
|
10.5
|
|
|
2.8
|
|
|
2,162.4
|
|
||||
|
Other Asset-Backed
|
143.4
|
|
|
0.1
|
|
|
—
|
|
|
143.5
|
|
||||
|
Other
|
130.7
|
|
|
—
|
|
|
35.9
|
|
|
94.8
|
|
||||
|
Total
|
$
|
8,921.1
|
|
|
$
|
29.2
|
|
|
$
|
45.2
|
|
|
$
|
8,905.1
|
|
|
|
September 30, 2017
|
||||||
|
(In Millions)
|
Amortized
Cost
|
|
Fair
Value
|
||||
|
Available for Sale
|
|
|
|
||||
|
Due in One Year or Less
|
$
|
6,343.8
|
|
|
$
|
6,337.3
|
|
|
Due After One Year Through Five Years
|
20,521.1
|
|
|
20,506.8
|
|
||
|
Due After Five Years Through Ten Years
|
6,105.8
|
|
|
6,108.4
|
|
||
|
Due After Ten Years
|
898.3
|
|
|
892.4
|
|
||
|
Total
|
33,869.0
|
|
|
33,844.9
|
|
||
|
Held to Maturity
|
|
|
|
||||
|
Due in One Year or Less
|
3,355.6
|
|
|
3,357.6
|
|
||
|
Due After One Year Through Five Years
|
6,995.0
|
|
|
6,991.9
|
|
||
|
Due After Five Years Through Ten Years
|
399.5
|
|
|
393.3
|
|
||
|
Due After Ten Years
|
60.9
|
|
|
35.9
|
|
||
|
Total
|
$
|
10,811.0
|
|
|
$
|
10,778.7
|
|
|
Securities with Unrealized Losses as of September 30, 2017
|
|
Less than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
|
(In Millions)
|
|
Fair Value
|
|
Unrealized
Losses
|
|
Fair Value
|
|
Unrealized
Losses
|
|
Fair Value
|
|
Unrealized
Losses
|
||||||||||||
|
U.S. Government
|
|
$
|
2,109.7
|
|
|
$
|
9.4
|
|
|
$
|
99.9
|
|
|
$
|
2.0
|
|
|
$
|
2,209.6
|
|
|
$
|
11.4
|
|
|
Obligations of States and Political Subdivisions
|
|
586.9
|
|
|
0.7
|
|
|
—
|
|
|
—
|
|
|
586.9
|
|
|
0.7
|
|
||||||
|
Government Sponsored Agency
|
|
7,032.9
|
|
|
46.4
|
|
|
2,808.3
|
|
|
15.3
|
|
|
9,841.2
|
|
|
61.7
|
|
||||||
|
Non-U.S. Government
|
|
2,972.5
|
|
|
9.3
|
|
|
—
|
|
|
—
|
|
|
2,972.5
|
|
|
9.3
|
|
||||||
|
Corporate Debt
|
|
1,229.9
|
|
|
5.2
|
|
|
941.7
|
|
|
11.4
|
|
|
2,171.6
|
|
|
16.6
|
|
||||||
|
Covered Bonds
|
|
1,069.8
|
|
|
6.4
|
|
|
—
|
|
|
—
|
|
|
1,069.8
|
|
|
6.4
|
|
||||||
|
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds
|
|
2,350.6
|
|
|
9.8
|
|
|
309.2
|
|
|
0.8
|
|
|
2,659.8
|
|
|
10.6
|
|
||||||
|
Other Asset-Backed
|
|
1,347.3
|
|
|
2.8
|
|
|
—
|
|
|
—
|
|
|
1,347.3
|
|
|
2.8
|
|
||||||
|
Certificates of Deposit
|
|
61.1
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
61.1
|
|
|
0.1
|
|
||||||
|
Auction Rate
|
|
—
|
|
|
—
|
|
|
3.7
|
|
|
0.3
|
|
|
3.7
|
|
|
0.3
|
|
||||||
|
Commercial Mortgage-Backed
|
|
466.5
|
|
|
2.5
|
|
|
—
|
|
|
—
|
|
|
466.5
|
|
|
2.5
|
|
||||||
|
Other
|
|
98.4
|
|
|
17.7
|
|
|
53.2
|
|
|
19.6
|
|
|
151.6
|
|
|
37.3
|
|
||||||
|
Total
|
|
$
|
19,325.6
|
|
|
$
|
110.3
|
|
|
$
|
4,216.0
|
|
|
$
|
49.4
|
|
|
$
|
23,541.6
|
|
|
$
|
159.7
|
|
|
Securities with Unrealized Losses as of December 31, 2016
|
|
Less than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
|
(In Millions)
|
|
Fair Value
|
|
Unrealized
Losses
|
|
Fair Value
|
|
Unrealized
Losses
|
|
Fair Value
|
|
Unrealized
Losses
|
||||||||||||
|
U.S. Government
|
|
$
|
1,603.0
|
|
|
$
|
14.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,603.0
|
|
|
$
|
14.3
|
|
|
Obligations of States and Political Subdivisions
|
|
865.3
|
|
|
5.6
|
|
|
—
|
|
|
—
|
|
|
865.3
|
|
|
5.6
|
|
||||||
|
Government Sponsored Agency
|
|
8,252.5
|
|
|
58.5
|
|
|
2,121.0
|
|
|
12.1
|
|
|
10,373.5
|
|
|
70.6
|
|
||||||
|
Non-U.S. Government
|
|
2,957.1
|
|
|
4.4
|
|
|
—
|
|
|
—
|
|
|
2,957.1
|
|
|
4.4
|
|
||||||
|
Corporate Debt
|
|
1,601.7
|
|
|
11.2
|
|
|
1,054.4
|
|
|
14.0
|
|
|
2,656.1
|
|
|
25.2
|
|
||||||
|
Covered Bonds
|
|
809.0
|
|
|
8.6
|
|
|
138.9
|
|
|
0.6
|
|
|
947.9
|
|
|
9.2
|
|
||||||
|
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds
|
|
1,136.1
|
|
|
5.7
|
|
|
249.1
|
|
|
0.9
|
|
|
1,385.2
|
|
|
6.6
|
|
||||||
|
Other Asset-Backed
|
|
584.3
|
|
|
1.3
|
|
|
—
|
|
|
—
|
|
|
584.3
|
|
|
1.3
|
|
||||||
|
Certificates of Deposit
|
|
81.4
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
81.4
|
|
|
0.1
|
|
||||||
|
Auction Rate
|
|
0.4
|
|
|
0.1
|
|
|
4.3
|
|
|
0.2
|
|
|
4.7
|
|
|
0.3
|
|
||||||
|
Commercial Mortgage-Backed
|
|
471.5
|
|
|
2.5
|
|
|
—
|
|
|
—
|
|
|
471.5
|
|
|
2.5
|
|
||||||
|
Other
|
|
50.5
|
|
|
17.9
|
|
|
59.7
|
|
|
18.0
|
|
|
110.2
|
|
|
35.9
|
|
||||||
|
Total
|
|
$
|
18,412.8
|
|
|
$
|
130.2
|
|
|
$
|
3,627.4
|
|
|
$
|
45.8
|
|
|
$
|
22,040.2
|
|
|
$
|
176.0
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
(In Millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
Cumulative Credit-Related Losses on Securities Held — Beginning of Period
|
$
|
3.5
|
|
|
$
|
7.6
|
|
|
$
|
3.4
|
|
|
$
|
5.2
|
|
|
Plus: Losses on Newly Identified Impairments
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
||||
|
Additional Losses on Previously Identified Impairments
|
—
|
|
|
—
|
|
|
0.1
|
|
|
2.1
|
|
||||
|
Less: Current and Prior Period Losses on Securities Sold During the Period
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Cumulative Credit-Related Losses on Securities Held — End of Period
|
$
|
3.5
|
|
|
$
|
7.6
|
|
|
$
|
3.5
|
|
|
$
|
7.6
|
|
|
|
September 30, 2017
|
||
|
(In Millions)
|
Remaining Contractual
Maturity of the
Agreements
|
||
|
Repurchase Agreements
|
Overnight and
Continuous
|
||
|
U.S. Treasury and Agency Securities
|
$
|
523.9
|
|
|
Total Borrowings
|
$
|
523.9
|
|
|
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 21
|
$
|
523.9
|
|
|
Amounts related to agreements not included in Note 21
|
$
|
—
|
|
|
(In Millions)
|
September 30,
2017 |
|
December 31,
2016 |
||||
|
Commercial
|
|
|
|
||||
|
Commercial and Institutional
|
$
|
9,246.4
|
|
|
$
|
9,287.4
|
|
|
Commercial Real Estate
|
3,605.9
|
|
|
4,002.5
|
|
||
|
Non-U.S.
|
1,650.8
|
|
|
1,877.8
|
|
||
|
Lease Financing, net
|
235.7
|
|
|
293.9
|
|
||
|
Other
|
465.0
|
|
|
205.1
|
|
||
|
Total Commercial
|
15,203.8
|
|
|
15,666.7
|
|
||
|
Personal
|
|
|
|
||||
|
Private Client
|
10,678.7
|
|
|
10,052.0
|
|
||
|
Residential Real Estate
|
7,394.9
|
|
|
8,077.5
|
|
||
|
Other
|
58.7
|
|
|
25.9
|
|
||
|
Total Personal
|
18,132.3
|
|
|
18,155.4
|
|
||
|
Total Loans and Leases
|
33,336.1
|
|
|
33,822.1
|
|
||
|
Allowance for Credit Losses Assigned to Loans and Leases
|
(150.3
|
)
|
|
(161.0
|
)
|
||
|
Net Loans and Leases
|
$
|
33,185.8
|
|
|
$
|
33,661.1
|
|
|
•
|
Commercial and Institutional: leverage, profit margin, liquidity, asset size and capital levels;
|
|
•
|
Commercial Real Estate: debt service coverage, loan-to-value ratio, leasing status and guarantor support;
|
|
•
|
Lease Financing and Commercial-Other: leverage, profit margin, liquidity, asset size and capital levels;
|
|
•
|
Non-U.S.: leverage, profit margin, liquidity, return on assets and capital levels;
|
|
•
|
Residential Real Estate: payment history, credit bureau scores and loan-to-value ratio;
|
|
•
|
Private Client: cash-flow-to-debt and net worth ratios, leverage and liquidity; and
|
|
•
|
Personal-Other: cash-flow-to-debt and net worth ratios.
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||||||||||
|
(In Millions)
|
1 to 3
Category
|
|
4 to 5
Category
|
|
6 to 9
Category
(Watch List)
|
|
Total
|
|
1 to 3
Category
|
|
4 to 5
Category
|
|
6 to 9
Category
(Watch List)
|
|
Total
|
||||||||||||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Commercial and Institutional
|
$
|
6,032.2
|
|
|
$
|
3,106.9
|
|
|
$
|
107.3
|
|
|
$
|
9,246.4
|
|
|
$
|
6,187.2
|
|
|
$
|
3,013.9
|
|
|
$
|
86.3
|
|
|
$
|
9,287.4
|
|
|
Commercial Real Estate
|
1,304.0
|
|
|
2,282.5
|
|
|
19.4
|
|
|
3,605.9
|
|
|
1,825.7
|
|
|
2,134.8
|
|
|
42.0
|
|
|
4,002.5
|
|
||||||||
|
Non-U.S.
|
705.8
|
|
|
943.2
|
|
|
1.8
|
|
|
1,650.8
|
|
|
602.8
|
|
|
1,273.5
|
|
|
1.5
|
|
|
1,877.8
|
|
||||||||
|
Lease Financing, net
|
194.2
|
|
|
41.5
|
|
|
—
|
|
|
235.7
|
|
|
214.3
|
|
|
79.6
|
|
|
—
|
|
|
293.9
|
|
||||||||
|
Other
|
332.8
|
|
|
132.2
|
|
|
—
|
|
|
465.0
|
|
|
135.5
|
|
|
67.9
|
|
|
1.7
|
|
|
205.1
|
|
||||||||
|
Total Commercial
|
8,569.0
|
|
|
6,506.3
|
|
|
128.5
|
|
|
15,203.8
|
|
|
8,965.5
|
|
|
6,569.7
|
|
|
131.5
|
|
|
15,666.7
|
|
||||||||
|
Personal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Private Client
|
6,572.6
|
|
|
4,096.4
|
|
|
9.7
|
|
|
10,678.7
|
|
|
6,373.2
|
|
|
3,668.4
|
|
|
10.4
|
|
|
10,052.0
|
|
||||||||
|
Residential Real Estate
|
2,645.1
|
|
|
4,442.3
|
|
|
307.5
|
|
|
7,394.9
|
|
|
2,723.8
|
|
|
5,008.5
|
|
|
345.2
|
|
|
8,077.5
|
|
||||||||
|
Other
|
42.0
|
|
|
16.7
|
|
|
—
|
|
|
58.7
|
|
|
17.1
|
|
|
8.5
|
|
|
0.3
|
|
|
25.9
|
|
||||||||
|
Total Personal
|
9,259.7
|
|
|
8,555.4
|
|
|
317.2
|
|
|
18,132.3
|
|
|
9,114.1
|
|
|
8,685.4
|
|
|
355.9
|
|
|
18,155.4
|
|
||||||||
|
Total Loans and Leases
|
$
|
17,828.7
|
|
|
$
|
15,061.7
|
|
|
$
|
445.7
|
|
|
$
|
33,336.1
|
|
|
$
|
18,079.6
|
|
|
$
|
15,255.1
|
|
|
$
|
487.4
|
|
|
$
|
33,822.1
|
|
|
September 30, 2017
|
|||||||||||||||||||||||||||
|
(In Millions)
|
Current
|
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
90 Days or
More Past
Due
|
|
Total
Performing
|
|
Nonperforming
|
|
Total Loans
and Leases
|
||||||||||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Commercial and Institutional
|
$
|
9,229.0
|
|
|
$
|
3.2
|
|
|
$
|
3.4
|
|
|
$
|
2.0
|
|
|
$
|
9,237.6
|
|
|
$
|
8.8
|
|
|
$
|
9,246.4
|
|
|
Commercial Real Estate
|
3,597.1
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
3,597.6
|
|
|
8.3
|
|
|
3,605.9
|
|
|||||||
|
Non-U.S.
|
1,650.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,650.8
|
|
|
—
|
|
|
1,650.8
|
|
|||||||
|
Lease Financing, net
|
235.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
235.7
|
|
|
—
|
|
|
235.7
|
|
|||||||
|
Other
|
465.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
465.0
|
|
|
—
|
|
|
465.0
|
|
|||||||
|
Total Commercial
|
15,177.6
|
|
|
3.7
|
|
|
3.4
|
|
|
2.0
|
|
|
15,186.7
|
|
|
17.1
|
|
|
15,203.8
|
|
|||||||
|
Personal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Private Client
|
10,644.8
|
|
|
25.4
|
|
|
6.8
|
|
|
1.6
|
|
|
10,678.6
|
|
|
0.1
|
|
|
10,678.7
|
|
|||||||
|
Residential Real Estate
|
7,260.7
|
|
|
4.0
|
|
|
5.0
|
|
|
5.1
|
|
|
7,274.8
|
|
|
120.1
|
|
|
7,394.9
|
|
|||||||
|
Other
|
58.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58.7
|
|
|
—
|
|
|
58.7
|
|
|||||||
|
Total Personal
|
17,964.2
|
|
|
29.4
|
|
|
11.8
|
|
|
6.7
|
|
|
18,012.1
|
|
|
120.2
|
|
|
18,132.3
|
|
|||||||
|
Total Loans and Leases
|
$
|
33,141.8
|
|
|
$
|
33.1
|
|
|
$
|
15.2
|
|
|
$
|
8.7
|
|
|
$
|
33,198.8
|
|
|
$
|
137.3
|
|
|
$
|
33,336.1
|
|
|
|
Other Real Estate Owned
|
|
|
$
|
8.2
|
|
|
|
|||||||||||||||||||
|
|
Total Nonperforming Assets
|
|
|
$
|
145.5
|
|
|
|
|||||||||||||||||||
|
December 31, 2016
|
|||||||||||||||||||||||||||
|
(In Millions)
|
Current
|
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
90 Days or
More Past
Due
|
|
Total
Performing
|
|
Nonperforming
|
|
Total Loans
and Leases
|
||||||||||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Commercial and Institutional
|
$
|
9,269.8
|
|
|
$
|
5.3
|
|
|
$
|
1.9
|
|
|
$
|
1.2
|
|
|
$
|
9,278.2
|
|
|
$
|
9.2
|
|
|
$
|
9,287.4
|
|
|
Commercial Real Estate
|
3,974.4
|
|
|
10.9
|
|
|
1.0
|
|
|
4.6
|
|
|
3,990.9
|
|
|
11.6
|
|
|
4,002.5
|
|
|||||||
|
Non-U.S.
|
1,877.7
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
1,877.8
|
|
|
—
|
|
|
1,877.8
|
|
|||||||
|
Lease Financing, net
|
293.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
293.9
|
|
|
—
|
|
|
293.9
|
|
|||||||
|
Other
|
205.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
205.1
|
|
|
—
|
|
|
205.1
|
|
|||||||
|
Total Commercial
|
15,620.9
|
|
|
16.3
|
|
|
2.9
|
|
|
5.8
|
|
|
15,645.9
|
|
|
20.8
|
|
|
15,666.7
|
|
|||||||
|
Personal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Private Client
|
9,988.7
|
|
|
40.8
|
|
|
8.5
|
|
|
13.7
|
|
|
10,051.7
|
|
|
0.3
|
|
|
10,052.0
|
|
|||||||
|
Residential Real Estate
|
7,875.9
|
|
|
44.5
|
|
|
6.5
|
|
|
11.5
|
|
|
7,938.4
|
|
|
139.1
|
|
|
8,077.5
|
|
|||||||
|
Other
|
25.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25.9
|
|
|
—
|
|
|
25.9
|
|
|||||||
|
Total Personal
|
17,890.5
|
|
|
85.3
|
|
|
15.0
|
|
|
25.2
|
|
|
18,016.0
|
|
|
139.4
|
|
|
18,155.4
|
|
|||||||
|
Total Loans and Leases
|
$
|
33,511.4
|
|
|
$
|
101.6
|
|
|
$
|
17.9
|
|
|
$
|
31.0
|
|
|
$
|
33,661.9
|
|
|
$
|
160.2
|
|
|
$
|
33,822.1
|
|
|
|
Other Real Estate Owned
|
|
|
$
|
5.2
|
|
|
|
|||||||||||||||||||
|
|
Total Nonperforming Assets
|
|
|
$
|
165.4
|
|
|
|
|||||||||||||||||||
|
|
As of September 30, 2017
|
|
As of December 31, 2016
|
||||||||||||||||||||
|
(In Millions)
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Specific
Allowance
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Specific
Allowance
|
||||||||||||
|
With No Related Specific Allowance
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Commercial and Institutional
|
$
|
3.7
|
|
|
$
|
4.5
|
|
|
$
|
—
|
|
|
$
|
7.9
|
|
|
$
|
8.7
|
|
|
$
|
—
|
|
|
Commercial Real Estate
|
6.6
|
|
|
8.4
|
|
|
—
|
|
|
14.7
|
|
|
18.6
|
|
|
—
|
|
||||||
|
Private Client
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
0.3
|
|
|
—
|
|
||||||
|
Residential Real Estate
|
95.5
|
|
|
129.9
|
|
|
—
|
|
|
125.5
|
|
|
164.3
|
|
|
—
|
|
||||||
|
With a Related Specific Allowance
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Commercial and Institutional
|
4.1
|
|
|
8.2
|
|
|
3.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Commercial Real Estate
|
2.8
|
|
|
2.8
|
|
|
0.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Residential Real Estate
|
14.2
|
|
|
14.8
|
|
|
4.6
|
|
|
7.7
|
|
|
7.9
|
|
|
2.1
|
|
||||||
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Commercial
|
17.2
|
|
|
23.9
|
|
|
4.0
|
|
|
22.6
|
|
|
27.3
|
|
|
—
|
|
||||||
|
Personal
|
109.7
|
|
|
144.7
|
|
|
4.6
|
|
|
133.5
|
|
|
172.5
|
|
|
2.1
|
|
||||||
|
Total
|
$
|
126.9
|
|
|
$
|
168.6
|
|
|
$
|
8.6
|
|
|
$
|
156.1
|
|
|
$
|
199.8
|
|
|
$
|
2.1
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||||||||||
|
(In Millions)
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||||||||||
|
With No Related Specific Allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Commercial and Institutional
|
$
|
5.1
|
|
|
$
|
—
|
|
|
$
|
10.6
|
|
|
$
|
—
|
|
|
$
|
7.9
|
|
|
$
|
—
|
|
|
$
|
6.1
|
|
|
$
|
—
|
|
|
Commercial Real Estate
|
7.1
|
|
|
—
|
|
|
17.5
|
|
|
0.2
|
|
|
10.2
|
|
|
0.1
|
|
|
17.4
|
|
|
0.3
|
|
||||||||
|
Lease Financing, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
0.1
|
|
||||||||
|
Private Client
|
0.1
|
|
|
—
|
|
|
2.3
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
1.3
|
|
|
—
|
|
||||||||
|
Residential Real Estate
|
92.7
|
|
|
0.2
|
|
|
116.7
|
|
|
0.4
|
|
|
109.2
|
|
|
1.1
|
|
|
121.0
|
|
|
1.4
|
|
||||||||
|
With a Related Specific Allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Commercial and Institutional
|
5.8
|
|
|
—
|
|
|
6.7
|
|
|
—
|
|
|
7.9
|
|
|
—
|
|
|
7.2
|
|
|
—
|
|
||||||||
|
Commercial Real Estate
|
2.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Lease Financing, net
|
—
|
|
|
—
|
|
|
1.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.4
|
|
|
—
|
|
||||||||
|
Residential Real Estate
|
16.7
|
|
|
—
|
|
|
1.6
|
|
|
—
|
|
|
17.9
|
|
|
—
|
|
|
1.5
|
|
|
—
|
|
||||||||
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Commercial
|
20.8
|
|
|
—
|
|
|
36.2
|
|
|
0.2
|
|
|
28.5
|
|
|
0.1
|
|
|
32.7
|
|
|
0.4
|
|
||||||||
|
Personal
|
109.5
|
|
|
0.2
|
|
|
120.6
|
|
|
0.4
|
|
|
127.2
|
|
|
1.1
|
|
|
123.8
|
|
|
1.4
|
|
||||||||
|
Total
|
$
|
130.3
|
|
|
$
|
0.2
|
|
|
$
|
156.8
|
|
|
$
|
0.6
|
|
|
$
|
155.7
|
|
|
$
|
1.2
|
|
|
$
|
156.5
|
|
|
$
|
1.8
|
|
|
($ In Millions)
|
Three Months Ended September 30, 2017
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||
|
|
Number of
Loans and Leases
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Number of
Loans and Leases
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
||||||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial and Institutional
|
2
|
|
|
$
|
—
|
|
|
$
|
1.0
|
|
|
2
|
|
|
$
|
—
|
|
|
$
|
1.0
|
|
|
Commercial Real Estate
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1.3
|
|
|
1.3
|
|
||||
|
Total Commercial
|
2
|
|
|
—
|
|
|
1.0
|
|
|
3
|
|
|
1.3
|
|
|
2.3
|
|
||||
|
Personal
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Private Client
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
0.1
|
|
||||
|
Residential Real Estate
|
21
|
|
|
8.0
|
|
|
8.3
|
|
|
57
|
|
|
20.0
|
|
|
20.6
|
|
||||
|
Total Personal
|
21
|
|
|
8.0
|
|
|
8.3
|
|
|
58
|
|
|
20.0
|
|
|
20.7
|
|
||||
|
Total Loans and Leases
|
23
|
|
|
$
|
8.0
|
|
|
$
|
9.3
|
|
|
61
|
|
|
$
|
21.3
|
|
|
$
|
23.0
|
|
|
($ In Millions)
|
Three Months Ended September 30, 2016
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||
|
|
Number of
Loans and Leases
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Number of
Loans and Leases
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
||||||||||
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial and Institutional
|
1
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
5
|
|
|
$
|
4.1
|
|
|
$
|
6.2
|
|
|
Commercial Real Estate
|
1
|
|
|
1.4
|
|
|
1.4
|
|
|
7
|
|
|
8.7
|
|
|
11.0
|
|
||||
|
Total Commercial
|
2
|
|
|
1.5
|
|
|
1.5
|
|
|
12
|
|
|
12.8
|
|
|
17.2
|
|
||||
|
Personal
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Private Client
|
1
|
|
|
0.1
|
|
|
0.1
|
|
|
2
|
|
|
2.1
|
|
|
2.1
|
|
||||
|
Residential Real Estate
|
16
|
|
|
6.2
|
|
|
6.5
|
|
|
60
|
|
|
14.8
|
|
|
16.1
|
|
||||
|
Total Personal
|
17
|
|
|
6.3
|
|
|
6.6
|
|
|
62
|
|
|
16.9
|
|
|
18.2
|
|
||||
|
Total Loans and Leases
|
19
|
|
|
$
|
7.8
|
|
|
$
|
8.1
|
|
|
74
|
|
|
$
|
29.7
|
|
|
$
|
35.4
|
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||||||||||
|
(In Millions)
|
Commercial
|
|
Personal
|
|
Total
|
|
Commercial
|
|
Personal
|
|
Total
|
||||||||||||
|
Balance at Beginning of Period
|
$
|
97.3
|
|
|
$
|
81.5
|
|
|
$
|
178.8
|
|
|
$
|
112.3
|
|
|
$
|
114.8
|
|
|
$
|
227.1
|
|
|
Charge-Offs
|
—
|
|
|
(3.5
|
)
|
|
(3.5
|
)
|
|
(0.3
|
)
|
|
(2.7
|
)
|
|
(3.0
|
)
|
||||||
|
Recoveries
|
2.9
|
|
|
2.2
|
|
|
5.1
|
|
|
1.0
|
|
|
2.8
|
|
|
3.8
|
|
||||||
|
Net (Charge-Offs) Recoveries
|
2.9
|
|
|
(1.3
|
)
|
|
1.6
|
|
|
0.7
|
|
|
0.1
|
|
|
0.8
|
|
||||||
|
Provision for Credit Losses
|
(7.8
|
)
|
|
0.8
|
|
|
(7.0
|
)
|
|
4.0
|
|
|
(7.0
|
)
|
|
(3.0
|
)
|
||||||
|
Balance at End of Period
|
$
|
92.4
|
|
|
$
|
81.0
|
|
|
$
|
173.4
|
|
|
$
|
117.0
|
|
|
$
|
107.9
|
|
|
$
|
224.9
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||||||||||
|
(In Millions)
|
Commercial
|
|
Personal
|
|
Total
|
|
Commercial
|
|
Personal
|
|
Total
|
||||||||||||
|
Balance at Beginning of Period
|
$
|
104.9
|
|
|
$
|
87.1
|
|
|
$
|
192.0
|
|
|
$
|
114.8
|
|
|
$
|
118.5
|
|
|
$
|
233.3
|
|
|
Charge-Offs
|
(4.6
|
)
|
|
(8.6
|
)
|
|
(13.2
|
)
|
|
(4.7
|
)
|
|
(8.5
|
)
|
|
(13.2
|
)
|
||||||
|
Recoveries
|
5.4
|
|
|
4.2
|
|
|
9.6
|
|
|
3.5
|
|
|
5.4
|
|
|
8.9
|
|
||||||
|
Net (Charge-Offs) Recoveries
|
0.8
|
|
|
(4.4
|
)
|
|
(3.6
|
)
|
|
(1.2
|
)
|
|
(3.1
|
)
|
|
(4.3
|
)
|
||||||
|
Provision for Credit Losses
|
(13.3
|
)
|
|
(1.7
|
)
|
|
(15.0
|
)
|
|
3.5
|
|
|
(7.5
|
)
|
|
(4.0
|
)
|
||||||
|
Effect of Foreign Exchange Rates
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||||
|
Balance at End of Period
|
$
|
92.4
|
|
|
$
|
81.0
|
|
|
$
|
173.4
|
|
|
$
|
117.0
|
|
|
$
|
107.9
|
|
|
$
|
224.9
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
(In Millions)
|
Commercial
|
|
Personal
|
|
Total
|
|
Commercial
|
|
Personal
|
|
Total
|
||||||||||||
|
Loans and Leases
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Specifically Evaluated for Impairment
|
$
|
17.2
|
|
|
$
|
109.7
|
|
|
$
|
126.9
|
|
|
$
|
46.9
|
|
|
$
|
109.2
|
|
|
$
|
156.1
|
|
|
Evaluated for Inherent Impairment
|
15,186.6
|
|
|
18,022.6
|
|
|
33,209.2
|
|
|
15,619.8
|
|
|
18,046.2
|
|
|
33,666.0
|
|
||||||
|
Total Loans and Leases
|
15,203.8
|
|
|
18,132.3
|
|
|
33,336.1
|
|
|
15,666.7
|
|
|
18,155.4
|
|
|
33,822.1
|
|
||||||
|
Allowance for Credit Losses on Credit Exposures
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Specifically Evaluated for Impairment
|
4.0
|
|
|
4.6
|
|
|
8.6
|
|
|
—
|
|
|
2.1
|
|
|
2.1
|
|
||||||
|
Evaluated for Inherent Impairment
|
71.4
|
|
|
70.3
|
|
|
141.7
|
|
|
83.7
|
|
|
75.2
|
|
|
158.9
|
|
||||||
|
Allowance Assigned to Loans and Leases
|
75.4
|
|
|
74.9
|
|
|
150.3
|
|
|
83.7
|
|
|
77.3
|
|
|
161.0
|
|
||||||
|
Allowance for Undrawn Exposures
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Commitments and Standby Letters of Credit
|
17.0
|
|
|
6.1
|
|
|
23.1
|
|
|
21.2
|
|
|
9.8
|
|
|
31.0
|
|
||||||
|
Total Allowance for Credit Losses
|
$
|
92.4
|
|
|
$
|
81.0
|
|
|
$
|
173.4
|
|
|
$
|
104.9
|
|
|
$
|
87.1
|
|
|
$
|
192.0
|
|
|
(In Millions)
|
September 30,
2017 |
|
December 31,
2016 |
||||
|
Corporate & Institutional Services
|
$
|
455.3
|
|
|
$
|
448.4
|
|
|
Wealth Management
|
71.2
|
|
|
71.0
|
|
||
|
Total Goodwill
|
$
|
526.5
|
|
|
$
|
519.4
|
|
|
(In Millions)
|
September 30,
2017 |
|
December 31,
2016 |
||||
|
Gross Carrying Amount
|
$
|
94.5
|
|
|
$
|
89.0
|
|
|
Less: Accumulated Amortization
|
56.6
|
|
|
47.2
|
|
||
|
Net Book Value
|
$
|
37.9
|
|
|
$
|
41.8
|
|
|
Three Months Ended September 30,
|
Corporate &
Institutional Services |
|
Wealth
Management |
|
Treasury and
Other |
|
Total
Consolidated |
||||||||||||||||||||||||
|
($ In Millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
|
Noninterest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Trust, Investment and Other Servicing Fees
|
$
|
501.1
|
|
|
$
|
450.8
|
|
|
$
|
366.8
|
|
|
$
|
337.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
867.9
|
|
|
$
|
788.3
|
|
|
Foreign Exchange Trading Income
|
47.2
|
|
|
55.2
|
|
|
0.7
|
|
|
0.9
|
|
|
1.2
|
|
|
(2.5
|
)
|
|
49.1
|
|
|
53.6
|
|
||||||||
|
Other Noninterest Income
|
43.8
|
|
|
41.5
|
|
|
25.2
|
|
|
26.3
|
|
|
5.0
|
|
|
0.9
|
|
|
74.0
|
|
|
68.7
|
|
||||||||
|
Net Interest Income*
|
194.0
|
|
|
138.2
|
|
|
186.6
|
|
|
164.1
|
|
|
(14.4
|
)
|
|
7.8
|
|
|
366.2
|
|
|
310.1
|
|
||||||||
|
Revenue*
|
786.1
|
|
|
685.7
|
|
|
579.3
|
|
|
528.8
|
|
|
(8.2
|
)
|
|
6.2
|
|
|
1,357.2
|
|
|
1,220.7
|
|
||||||||
|
Provision for Credit Losses
|
0.8
|
|
|
4.0
|
|
|
(7.8
|
)
|
|
(7.0
|
)
|
|
—
|
|
|
—
|
|
|
(7.0
|
)
|
|
(3.0
|
)
|
||||||||
|
Noninterest Expense
|
542.1
|
|
|
487.8
|
|
|
348.8
|
|
|
318.0
|
|
|
44.7
|
|
|
37.2
|
|
|
935.6
|
|
|
843.0
|
|
||||||||
|
Income before Income Taxes*
|
243.2
|
|
|
193.9
|
|
|
238.3
|
|
|
217.8
|
|
|
(52.9
|
)
|
|
(31.0
|
)
|
|
428.6
|
|
|
380.7
|
|
||||||||
|
Provision for Income Taxes*
|
78.4
|
|
|
61.8
|
|
|
90.3
|
|
|
82.3
|
|
|
(38.5
|
)
|
|
(21.0
|
)
|
|
130.2
|
|
|
123.1
|
|
||||||||
|
Net Income
|
$
|
164.8
|
|
|
$
|
132.1
|
|
|
$
|
148.0
|
|
|
$
|
135.5
|
|
|
$
|
(14.4
|
)
|
|
$
|
(10.0
|
)
|
|
$
|
298.4
|
|
|
$
|
257.6
|
|
|
Percentage of Consolidated Net Income
|
55
|
%
|
|
51
|
%
|
|
50
|
%
|
|
53
|
%
|
|
(5
|
)%
|
|
(4
|
)%
|
|
100
|
%
|
|
100
|
%
|
||||||||
|
Average Assets
|
$
|
82,250.9
|
|
|
$
|
75,696.5
|
|
|
$
|
26,463.0
|
|
|
$
|
26,601.7
|
|
|
$
|
12,445.5
|
|
|
$
|
14,084.3
|
|
|
$
|
121,159.4
|
|
|
$
|
116,382.5
|
|
|
Nine Months Ended September 30,
|
Corporate &
Institutional Services |
|
Wealth
Management |
|
Treasury and
Other |
|
Total
Consolidated |
||||||||||||||||||||||||
|
($ In Millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
|
Noninterest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Trust, Investment and Other Servicing Fees
|
$
|
1,451.1
|
|
|
$
|
1,331.1
|
|
|
$
|
1,073.2
|
|
|
$
|
982.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,524.3
|
|
|
$
|
2,313.7
|
|
|
Foreign Exchange Trading Income
|
146.9
|
|
|
169.1
|
|
|
2.4
|
|
|
7.0
|
|
|
(2.2
|
)
|
|
2.4
|
|
|
147.1
|
|
|
178.5
|
|
||||||||
|
Other Noninterest Income
|
132.4
|
|
|
113.0
|
|
|
77.4
|
|
|
79.8
|
|
|
20.4
|
|
|
124.8
|
|
|
230.2
|
|
|
317.6
|
|
||||||||
|
Net Interest Income*
|
536.5
|
|
|
417.8
|
|
|
545.4
|
|
|
482.8
|
|
|
(2.9
|
)
|
|
30.1
|
|
|
1,079.0
|
|
|
930.7
|
|
||||||||
|
Revenue*
|
2,266.9
|
|
|
2,031.0
|
|
|
1,698.4
|
|
|
1,552.2
|
|
|
15.3
|
|
|
157.3
|
|
|
3,980.6
|
|
|
3,740.5
|
|
||||||||
|
Provision for Credit Losses
|
(1.6
|
)
|
|
—
|
|
|
(13.4
|
)
|
|
(4.0
|
)
|
|
—
|
|
|
—
|
|
|
(15.0
|
)
|
|
(4.0
|
)
|
||||||||
|
Noninterest Expense
|
1,598.5
|
|
|
1,519.9
|
|
|
1,046.0
|
|
|
975.2
|
|
|
123.0
|
|
|
101.7
|
|
|
2,767.5
|
|
|
2,596.8
|
|
||||||||
|
Income before Income Taxes*
|
670.0
|
|
|
511.1
|
|
|
665.8
|
|
|
581.0
|
|
|
(107.7
|
)
|
|
55.6
|
|
|
1,228.1
|
|
|
1,147.7
|
|
||||||||
|
Provision for Income Taxes*
|
213.0
|
|
|
158.0
|
|
|
251.4
|
|
|
219.1
|
|
|
(78.7
|
)
|
|
4.6
|
|
|
385.7
|
|
|
381.7
|
|
||||||||
|
Net Income
|
$
|
457.0
|
|
|
$
|
353.1
|
|
|
$
|
414.4
|
|
|
$
|
361.9
|
|
|
$
|
(29.0
|
)
|
|
$
|
51.0
|
|
|
$
|
842.4
|
|
|
$
|
766.0
|
|
|
Percentage of Consolidated Net Income
|
54
|
%
|
|
46
|
%
|
|
49
|
%
|
|
47
|
%
|
|
(3
|
)%
|
|
7
|
%
|
|
100
|
%
|
|
100
|
%
|
||||||||
|
Average Assets
|
$
|
80,229.1
|
|
|
$
|
75,589.0
|
|
|
$
|
26,648.7
|
|
|
$
|
26,525.6
|
|
|
$
|
11,818.2
|
|
|
12,795.3
|
|
|
$
|
118,696.0
|
|
|
$
|
114,909.9
|
|
|
|
(In Millions)
|
Balance at September 30, 2017
|
|
Net Change
|
|
Balance at December 31, 2016
|
||||||
|
Net Unrealized Gains (Losses) on Securities Available for Sale*
|
$
|
(13.7
|
)
|
|
$
|
18.7
|
|
|
$
|
(32.4
|
)
|
|
Net Unrealized Gains (Losses) on Cash Flow Hedges
|
1.2
|
|
|
(4.9
|
)
|
|
6.1
|
|
|||
|
Net Foreign Currency Adjustments
|
(8.0
|
)
|
|
10.5
|
|
|
(18.5
|
)
|
|||
|
Net Pension and Other Postretirement Benefit Adjustments
|
(314.6
|
)
|
|
10.6
|
|
|
(325.2
|
)
|
|||
|
Total
|
$
|
(335.1
|
)
|
|
$
|
34.9
|
|
|
$
|
(370.0
|
)
|
|
(In Millions)
|
Balance at September 30, 2016
|
|
Net Change
|
|
Balance at December 31, 2015
|
||||||
|
Net Unrealized Gains (Losses) on Securities Available for Sale
|
$
|
63.3
|
|
|
$
|
94.3
|
|
|
$
|
(31.0
|
)
|
|
Net Unrealized Gains (Losses) on Cash Flow Hedges
|
3.6
|
|
|
6.6
|
|
|
(3.0
|
)
|
|||
|
Net Foreign Currency Adjustments
|
(16.9
|
)
|
|
0.7
|
|
|
(17.6
|
)
|
|||
|
Net Pension and Other Postretirement Benefit Adjustments
|
(309.7
|
)
|
|
11.4
|
|
|
(321.1
|
)
|
|||
|
Total
|
$
|
(259.7
|
)
|
|
$
|
113.0
|
|
|
$
|
(372.7
|
)
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||||||||||
|
(In Millions)
|
Before Tax
|
|
Tax Effect
|
|
After Tax
|
|
Before Tax
|
|
Tax Effect
|
|
After Tax
|
||||||||||||
|
Unrealized Gains (Losses) on Securities Available for Sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Unrealized Gains (Losses) on Securities Available for Sale
|
$
|
(3.4
|
)
|
|
$
|
1.0
|
|
|
$
|
(2.4
|
)
|
|
$
|
(22.3
|
)
|
|
$
|
8.4
|
|
|
$
|
(13.9
|
)
|
|
Reclassification Adjustment for (Gains) Losses Included in Net Income
|
0.4
|
|
|
(0.2
|
)
|
|
0.2
|
|
|
(0.2
|
)
|
|
0.2
|
|
|
—
|
|
||||||
|
Net Change
|
(3.0
|
)
|
|
0.8
|
|
|
(2.2
|
)
|
|
(22.5
|
)
|
|
8.6
|
|
|
(13.9
|
)
|
||||||
|
Unrealized Gains (Losses) on Cash Flow Hedges
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Unrealized Gains (Losses) on Cash Flow Hedges
|
2.9
|
|
|
(1.0
|
)
|
|
1.9
|
|
|
(6.3
|
)
|
|
3.5
|
|
|
(2.8
|
)
|
||||||
|
Reclassification Adjustment for (Gains) Losses Included in Net Income
|
(6.1
|
)
|
|
2.3
|
|
|
(3.8
|
)
|
|
4.6
|
|
|
(1.7
|
)
|
|
2.9
|
|
||||||
|
Net Change
|
(3.2
|
)
|
|
1.3
|
|
|
(1.9
|
)
|
|
(1.7
|
)
|
|
1.8
|
|
|
0.1
|
|
||||||
|
Foreign Currency Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Foreign Currency Translation Adjustments
|
47.3
|
|
|
(6.0
|
)
|
|
41.3
|
|
|
(11.7
|
)
|
|
(0.9
|
)
|
|
(12.6
|
)
|
||||||
|
Long-Term Intra-Entity Foreign Currency Transaction Gains (Losses)
|
0.6
|
|
|
(0.2
|
)
|
|
0.4
|
|
|
0.8
|
|
|
(0.3
|
)
|
|
0.5
|
|
||||||
|
Net Investment Hedge Gains (Losses)
|
(62.3
|
)
|
|
24.2
|
|
|
(38.1
|
)
|
|
4.1
|
|
|
(1.5
|
)
|
|
2.6
|
|
||||||
|
Net Change
|
(14.4
|
)
|
|
18.0
|
|
|
3.6
|
|
|
(6.8
|
)
|
|
(2.7
|
)
|
|
(9.5
|
)
|
||||||
|
Pension and Other Postretirement Benefit Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net Actuarial Gain (Loss)
|
(0.7
|
)
|
|
0.2
|
|
|
(0.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Reclassification Adjustment for (Gains) Losses Included in Net Income
|
7.4
|
|
|
(2.6
|
)
|
|
4.8
|
|
|
6.3
|
|
|
(3.0
|
)
|
|
3.3
|
|
||||||
|
Net Change
|
$
|
6.7
|
|
|
$
|
(2.4
|
)
|
|
$
|
4.3
|
|
|
$
|
6.3
|
|
|
$
|
(3.0
|
)
|
|
$
|
3.3
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||||||||||
|
(In Millions)
|
Before Tax
|
|
Tax Effect
|
|
After Tax
|
|
Before Tax
|
|
Tax Effect
|
|
After Tax
|
||||||||||||
|
Unrealized Gains (Losses) on Securities Available for Sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Unrealized Gains (Losses) on Securities Available for Sale
|
$
|
29.6
|
|
|
$
|
(11.5
|
)
|
|
$
|
18.1
|
|
|
$
|
152.2
|
|
|
$
|
(57.6
|
)
|
|
$
|
94.6
|
|
|
Reclassification Adjustment for (Gains) Losses Included in Net Income
|
1.0
|
|
|
(0.4
|
)
|
|
0.6
|
|
|
(0.5
|
)
|
|
0.2
|
|
|
(0.3
|
)
|
||||||
|
Net Change
|
30.6
|
|
|
(11.9
|
)
|
|
18.7
|
|
|
151.7
|
|
|
(57.4
|
)
|
|
94.3
|
|
||||||
|
Unrealized Gains (Losses) on Cash Flow Hedges
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Unrealized Gains (Losses) on Cash Flow Hedges
|
20.6
|
|
|
(15.3
|
)
|
|
5.3
|
|
|
3.7
|
|
|
(0.3
|
)
|
|
3.4
|
|
||||||
|
Reclassification Adjustment for (Gains) Losses Included in Net Income
|
(16.4
|
)
|
|
6.2
|
|
|
(10.2
|
)
|
|
5.2
|
|
|
(2.0
|
)
|
|
3.2
|
|
||||||
|
Net Change
|
4.2
|
|
|
(9.1
|
)
|
|
(4.9
|
)
|
|
8.9
|
|
|
(2.3
|
)
|
|
6.6
|
|
||||||
|
Foreign Currency Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Foreign Currency Translation Adjustments
|
136.4
|
|
|
(6.1
|
)
|
|
130.3
|
|
|
(52.7
|
)
|
|
(2.3
|
)
|
|
(55.0
|
)
|
||||||
|
Long-Term Intra-Entity Foreign Currency Transaction Gains (Losses)
|
1.0
|
|
|
(0.4
|
)
|
|
0.6
|
|
|
2.0
|
|
|
(0.8
|
)
|
|
1.2
|
|
||||||
|
Net Investment Hedge Gains (Losses)
|
(194.7
|
)
|
|
74.3
|
|
|
(120.4
|
)
|
|
87.6
|
|
|
(33.1
|
)
|
|
54.5
|
|
||||||
|
Net Change
|
(57.3
|
)
|
|
67.8
|
|
|
10.5
|
|
|
36.9
|
|
|
(36.2
|
)
|
|
0.7
|
|
||||||
|
Pension and Other Postretirement Benefit Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net Actuarial Gain (Loss)
|
(3.2
|
)
|
|
0.3
|
|
|
(2.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Reclassification Adjustment for (Gains) Losses Included in Net Income
|
20.6
|
|
|
(7.1
|
)
|
|
13.5
|
|
|
19.1
|
|
|
(7.7
|
)
|
|
11.4
|
|
||||||
|
Net Change
|
$
|
17.4
|
|
|
$
|
(6.8
|
)
|
|
$
|
10.6
|
|
|
$
|
19.1
|
|
|
$
|
(7.7
|
)
|
|
$
|
11.4
|
|
|
(In Millions)
|
Location of
Reclassification Adjustments Recognized
in Income
|
Amount of Reclassification
Adjustments Recognized
in Income
|
||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||
|
September 30, 2017
|
||||||||
|
Securities Available for Sale
|
|
|
|
|
||||
|
Realized (Gains) Losses on Securities Available for Sale
|
Investment Security Gains (Losses), net
|
$
|
0.4
|
|
|
$
|
1.0
|
|
|
Realized Gains on Cash Flow Hedges
|
|
|
|
|
||||
|
Foreign Exchange Contracts
|
Other Operating Income/Expense
|
(6.1
|
)
|
|
(16.4
|
)
|
||
|
Pension and Other Postretirement Benefit Adjustments
|
|
|
|
|
||||
|
Amortization of Net Actuarial Loss
|
Employee Benefits
|
7.4
|
|
|
20.8
|
|
||
|
Amortization of Prior Service Cost
|
Employee Benefits
|
—
|
|
|
(0.2
|
)
|
||
|
Gross Reclassification Adjustment
|
|
$
|
7.4
|
|
|
$
|
20.6
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
($ In Millions Except Per Common Share Information)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
Basic Net Income Per Common Share
|
|
|
|
|
|
|
|
||||||||
|
Average Number of Common Shares Outstanding
|
228,010,866
|
|
|
226,540,086
|
|
|
228,751,804
|
|
|
227,561,218
|
|
||||
|
Net Income
|
$
|
298.4
|
|
|
$
|
257.6
|
|
|
$
|
842.4
|
|
|
$
|
766.0
|
|
|
Less: Dividends on Preferred Stock
|
17.3
|
|
|
5.9
|
|
|
43.9
|
|
|
17.6
|
|
||||
|
Net Income Applicable to Common Stock
|
281.1
|
|
|
251.7
|
|
|
798.5
|
|
|
748.4
|
|
||||
|
Less: Earnings Allocated to Participating Securities
|
4.4
|
|
|
4.8
|
|
|
13.3
|
|
|
13.7
|
|
||||
|
Earnings Allocated to Common Shares Outstanding
|
276.7
|
|
|
246.9
|
|
|
785.2
|
|
|
734.7
|
|
||||
|
Basic Net Income Per Common Share
|
$
|
1.21
|
|
|
$
|
1.09
|
|
|
$
|
3.43
|
|
|
$
|
3.23
|
|
|
Diluted Net Income Per Common Share
|
|
|
|
|
|
|
|
||||||||
|
Average Number of Common Shares Outstanding
|
228,010,866
|
|
|
226,540,086
|
|
|
228,751,804
|
|
|
227,561,218
|
|
||||
|
Plus: Dilutive Effect of Share-based Compensation
|
1,302,779
|
|
|
1,515,109
|
|
|
1,437,485
|
|
|
1,479,400
|
|
||||
|
Average Common and Potential Common Shares
|
229,313,645
|
|
|
228,055,195
|
|
|
230,189,289
|
|
|
229,040,618
|
|
||||
|
Earnings Allocated to Common and Potential Common Shares
|
$
|
276.7
|
|
|
$
|
247.0
|
|
|
$
|
785.2
|
|
|
$
|
734.8
|
|
|
Diluted Net Income Per Common Share
|
1.20
|
|
|
1.08
|
|
|
3.41
|
|
|
3.21
|
|
||||
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
(In Millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
Interest Income
|
|
|
|
|
|
|
|
||||||||
|
Loans and Leases
|
$
|
239.4
|
|
|
$
|
202.1
|
|
|
$
|
677.2
|
|
|
$
|
604.3
|
|
|
Securities — Taxable
|
143.4
|
|
|
103.3
|
|
|
421.5
|
|
|
303.4
|
|
||||
|
— Non-Taxable
|
2.3
|
|
|
2.2
|
|
|
7.5
|
|
|
5.0
|
|
||||
|
Interest-Bearing Due from and Deposits with Banks
(1)
|
16.0
|
|
|
15.4
|
|
|
45.0
|
|
|
49.4
|
|
||||
|
Federal Reserve and Other Central Bank Deposits
|
52.7
|
|
|
26.2
|
|
|
130.1
|
|
|
83.8
|
|
||||
|
Total Interest Income
|
453.8
|
|
|
349.2
|
|
|
1,281.3
|
|
|
1,045.9
|
|
||||
|
Interest Expense
|
|
|
|
|
|
|
|
||||||||
|
Deposits
|
55.1
|
|
|
20.0
|
|
|
123.7
|
|
|
63.4
|
|
||||
|
Federal Funds Purchased
|
4.3
|
|
|
0.4
|
|
|
5.7
|
|
|
1.0
|
|
||||
|
Securities Sold Under Agreements to Repurchase
|
1.8
|
|
|
0.5
|
|
|
4.0
|
|
|
1.5
|
|
||||
|
Other Borrowings
|
14.2
|
|
|
5.7
|
|
|
31.8
|
|
|
12.4
|
|
||||
|
Senior Notes
|
11.5
|
|
|
11.8
|
|
|
35.0
|
|
|
35.2
|
|
||||
|
Long-Term Debt
|
11.3
|
|
|
6.8
|
|
|
28.3
|
|
|
19.3
|
|
||||
|
Floating Rate Capital Debt
|
1.4
|
|
|
0.9
|
|
|
3.6
|
|
|
2.5
|
|
||||
|
Total Interest Expense
|
99.6
|
|
|
46.1
|
|
|
232.1
|
|
|
135.3
|
|
||||
|
Net Interest Income
|
$
|
354.2
|
|
|
$
|
303.1
|
|
|
$
|
1,049.2
|
|
|
$
|
910.6
|
|
|
(1)
|
Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets.
|
|
Net Periodic Pension Expense
U.S. Plan
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
(In Millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
Service Cost
|
$
|
9.6
|
|
|
$
|
9.3
|
|
|
$
|
28.8
|
|
|
$
|
28.0
|
|
|
Interest Cost
|
11.4
|
|
|
11.5
|
|
|
34.4
|
|
|
34.4
|
|
||||
|
Expected Return on Plan Assets
|
(23.4
|
)
|
|
(23.6
|
)
|
|
(70.4
|
)
|
|
(70.8
|
)
|
||||
|
Amortization
|
|
|
|
|
|
|
|
||||||||
|
Net Actuarial Loss
|
4.7
|
|
|
4.7
|
|
|
14.3
|
|
|
14.1
|
|
||||
|
Prior Service Cost
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.3
|
)
|
|
(0.3
|
)
|
||||
|
Net Periodic Pension Expense
|
$
|
2.2
|
|
|
$
|
1.8
|
|
|
$
|
6.8
|
|
|
$
|
5.4
|
|
|
Net Periodic Pension Expense
Non-U.S. Plans
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
(In Millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
Interest Cost
|
$
|
1.0
|
|
|
$
|
1.2
|
|
|
$
|
2.9
|
|
|
$
|
3.7
|
|
|
Expected Return on Plan Assets
|
(1.1
|
)
|
|
(1.2
|
)
|
|
(3.3
|
)
|
|
(3.7
|
)
|
||||
|
Settlement Expense
|
0.7
|
|
|
—
|
|
|
0.9
|
|
|
—
|
|
||||
|
Net Actuarial Loss Amortization
|
0.4
|
|
|
0.3
|
|
|
1.0
|
|
|
0.8
|
|
||||
|
Net Periodic Pension Expense
|
$
|
1.0
|
|
|
$
|
0.3
|
|
|
$
|
1.5
|
|
|
$
|
0.8
|
|
|
Net Periodic Pension Expense
Supplemental Plan
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
(In Millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
Service Cost
|
$
|
1.0
|
|
|
$
|
0.9
|
|
|
$
|
2.8
|
|
|
$
|
2.6
|
|
|
Interest Cost
|
1.3
|
|
|
1.3
|
|
|
3.9
|
|
|
3.9
|
|
||||
|
Amortization
|
|
|
|
|
|
|
|
||||||||
|
Net Actuarial Loss
|
1.5
|
|
|
1.5
|
|
|
4.3
|
|
|
4.4
|
|
||||
|
Prior Service Cost
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
||||
|
Net Periodic Pension Expense
|
$
|
3.9
|
|
|
$
|
3.7
|
|
|
$
|
11.1
|
|
|
$
|
11.0
|
|
|
Net Periodic Postretirement Expense
Postretirement Health Care Plan
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
(In Millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
Service Cost
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
Interest Cost
|
0.3
|
|
|
0.4
|
|
|
1.1
|
|
|
1.1
|
|
||||
|
Amortization
|
|
|
|
|
|
|
|
||||||||
|
Net Actuarial (Gain)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Net Periodic Postretirement Expense
|
$
|
0.4
|
|
|
$
|
0.4
|
|
|
$
|
1.2
|
|
|
$
|
1.2
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
(In Millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
Restricted Stock Unit Awards
|
$
|
15.8
|
|
|
$
|
15.0
|
|
|
$
|
72.6
|
|
|
$
|
45.0
|
|
|
Stock Options
|
0.9
|
|
|
0.9
|
|
|
8.2
|
|
|
8.1
|
|
||||
|
Performance Stock Units
|
4.9
|
|
|
4.5
|
|
|
25.4
|
|
|
13.1
|
|
||||
|
Total Share-Based Compensation Expense
|
21.6
|
|
|
20.4
|
|
|
106.2
|
|
|
66.2
|
|
||||
|
Tax Benefits Recognized
|
$
|
8.5
|
|
|
$
|
7.7
|
|
|
$
|
40.4
|
|
|
$
|
25.0
|
|
|
(in Millions)
|
September 30, 2017
|
December 31, 2016
|
||||
|
Pledged to others:
|
|
|
||||
|
Not permitted by contract or custom to sell or repledge
|
$
|
43.0
|
|
$
|
70.8
|
|
|
Permitted by contract or custom to sell or repledge
|
—
|
|
—
|
|
||
|
Accepted from others:
|
|
|
||||
|
Not permitted by contract or custom to sell or repledge
|
—
|
|
—
|
|
||
|
Permitted by contract or custom to sell or repledge
|
4.5
|
—
|
|
|||
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
|
Notional
Value
|
|
Fair Value
|
|
Notional
Value
|
|
Fair Value
|
||||||||||||||||
|
(In Millions)
|
Asset
|
|
Liability
|
|
Asset
|
|
Liability
|
||||||||||||||||
|
Foreign Exchange Contracts
|
$
|
323,057.7
|
|
|
$
|
3,047.4
|
|
|
$
|
3,002.2
|
|
|
$
|
273,213.1
|
|
|
$
|
3,274.2
|
|
|
$
|
3,221.7
|
|
|
Interest Rate Contracts
|
7,384.0
|
|
|
81.5
|
|
|
67.3
|
|
|
6,968.3
|
|
|
87.0
|
|
|
85.2
|
|
||||||
|
Total
|
$
|
330,441.7
|
|
|
$
|
3,128.9
|
|
|
$
|
3,069.5
|
|
|
$
|
280,181.4
|
|
|
$
|
3,361.2
|
|
|
$
|
3,306.9
|
|
|
|
|
Amount of Derivative
Gain Recognized in Income
|
||||||||||||||
|
|
Location of Derivative Gain Recognized in Income
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
(In Millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||||||
|
Foreign Exchange Contracts
|
Foreign Exchange
Trading Income
|
$
|
49.1
|
|
|
$
|
53.6
|
|
|
$
|
147.1
|
|
|
$
|
178.5
|
|
|
Interest Rate Contracts
|
Security Commissions
and Trading Income
|
2.7
|
|
|
2.6
|
|
|
8.3
|
|
|
9.7
|
|
||||
|
Total
|
|
$
|
51.8
|
|
|
$
|
56.2
|
|
|
$
|
155.4
|
|
|
$
|
188.2
|
|
|
|
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
|
Derivative
Instrument
|
|
Risk
Classification
|
|
Notional
Value
|
|
Fair Value
|
|
Notional
Value
|
|
Fair Value
|
||||||||||||||||
|
(In Millions)
|
Asset
|
|
Liability
|
|
Asset
|
|
Liability
|
||||||||||||||||||||
|
Fair Value Hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Available for Sale Investment Securities
|
Interest Rate Swap Contracts
|
|
Interest
Rate
|
|
$
|
3,430.1
|
|
|
$
|
17.4
|
|
|
$
|
11.0
|
|
|
$
|
3,873.4
|
|
|
$
|
88.3
|
|
|
$
|
16.8
|
|
|
Senior Notes and Long-Term Subordinated Debt
|
Interest Rate Swap Contracts
|
|
Interest
Rate
|
|
1,250.0
|
|
|
18.0
|
|
|
4.1
|
|
|
1,250.0
|
|
|
71.8
|
|
|
3.3
|
|
||||||
|
Cash Flow Hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Forecasted Foreign Currency Denominated Transactions
|
Foreign Exchange Contracts
|
|
Foreign
Currency
|
|
431.2
|
|
|
11.7
|
|
|
8.5
|
|
|
329.3
|
|
|
8.5
|
|
|
7.8
|
|
||||||
|
Foreign Currency Denominated Investment Securities
|
Foreign Exchange Contracts
|
|
Foreign Currency
|
|
1,439.8
|
|
|
27.4
|
|
|
—
|
|
|
1,431.6
|
|
|
151.5
|
|
|
0.8
|
|
||||||
|
Available for Sale Investment Securities
|
Interest Rate Contracts
|
|
Interest
Rate
|
|
1,025.0
|
|
|
0.2
|
|
|
1.7
|
|
|
975.0
|
|
|
0.1
|
|
|
2.7
|
|
||||||
|
Net Investment Hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net Investments in Non-U.S. Affiliates
|
Foreign Exchange Contracts
|
|
Foreign
Currency
|
|
2,855.4
|
|
|
5.0
|
|
|
154.9
|
|
|
2,083.6
|
|
|
174.6
|
|
|
10.8
|
|
||||||
|
Total
|
|
|
|
|
$
|
10,431.5
|
|
|
$
|
79.7
|
|
|
$
|
180.2
|
|
|
$
|
9,942.9
|
|
|
$
|
494.8
|
|
|
$
|
42.2
|
|
|
|
|
|
Location of
Derivative
Gain/(Loss)
Recognized in
Income
|
|
Amount of Derivative
Gain/(Loss)
Recognized in Income
|
||||||||||||||
|
|
Derivative
Instrument
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||
|
(In Millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||
|
Available for Sale Investment Securities
|
Interest Rate
Swap Contracts
|
|
Interest
Income
|
|
$
|
1.1
|
|
|
$
|
15.5
|
|
|
$
|
(24.5
|
)
|
|
$
|
(44.3
|
)
|
|
Senior Notes and Long-Term Subordinated Debt
|
Interest Rate
Swap Contracts
|
|
Interest
Expense
|
|
1.2
|
|
|
(7.3
|
)
|
|
14.3
|
|
|
63.7
|
|
||||
|
Total
|
|
|
|
|
$
|
2.3
|
|
|
$
|
8.2
|
|
|
$
|
(10.2
|
)
|
|
$
|
19.4
|
|
|
(In Millions)
|
Foreign Exchange
Contracts (Before Tax)
|
|
Interest Rate
Contracts (Before Tax)
|
||||||||||||
|
Three Months Ended September 30,
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
Net Gain/(Loss) Recognized in AOCI
|
$
|
3.1
|
|
|
$
|
(0.5
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(5.9
|
)
|
|
Net Gain/(Loss) Reclassified from AOCI to Net Income
|
|
|
|
|
|
|
|
||||||||
|
Other Operating Income
|
1.7
|
|
|
(6.8
|
)
|
|
—
|
|
|
—
|
|
||||
|
Interest Income
|
4.2
|
|
|
1.6
|
|
|
0.1
|
|
|
0.7
|
|
||||
|
Other Operating Expense
|
0.1
|
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
||||
|
Total
|
$
|
6.0
|
|
|
$
|
(5.4
|
)
|
|
$
|
0.1
|
|
|
$
|
0.7
|
|
|
(In Millions)
|
Foreign Exchange
Contracts (Before Tax)
|
|
Interest Rate
Contracts (Before Tax)
|
||||||||||||
|
Nine Months Ended September 30,
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
Net Gain/(Loss) Recognized in AOCI
|
$
|
19.4
|
|
|
$
|
1.7
|
|
|
$
|
1.2
|
|
|
$
|
1.9
|
|
|
Net Gain/(Loss) Reclassified from AOCI to Net Income
|
|
|
|
|
|
|
|
||||||||
|
Other Operating Income
|
4.2
|
|
|
(8.5
|
)
|
|
—
|
|
|
—
|
|
||||
|
Interest Income
|
12.1
|
|
|
1.6
|
|
|
0.2
|
|
|
2.5
|
|
||||
|
Other Operating Expense
|
(0.1
|
)
|
|
(0.7
|
)
|
|
—
|
|
|
—
|
|
||||
|
Total
|
$
|
16.2
|
|
|
$
|
(7.6
|
)
|
|
$
|
0.2
|
|
|
$
|
2.5
|
|
|
|
Hedging Gain / (Loss)
Recognized in OCI (Before Tax)
|
||||||||||||||
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
(In Millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
Foreign Exchange Contracts
|
$
|
(62.3
|
)
|
|
$
|
4.1
|
|
|
$
|
(194.7
|
)
|
|
$
|
87.6
|
|
|
Total
|
$
|
(62.3
|
)
|
|
$
|
4.1
|
|
|
$
|
(194.7
|
)
|
|
$
|
87.6
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
(In Millions)
|
Notional
Value
|
|
Fair Value
|
|
Notional
Value
|
|
Fair Value
|
||||||||||||||||
|
Asset
|
|
Liability
|
|
Asset
|
|
Liability
|
|||||||||||||||||
|
Foreign Exchange Contracts
|
$
|
996.4
|
|
|
$
|
8.7
|
|
|
$
|
2.9
|
|
|
$
|
289.6
|
|
|
$
|
0.8
|
|
|
$
|
1.8
|
|
|
Other Financial Derivatives
(1)
|
364.3
|
|
|
—
|
|
|
27.7
|
|
|
270.0
|
|
|
—
|
|
|
25.2
|
|
||||||
|
Total
|
$
|
1,360.7
|
|
|
$
|
8.7
|
|
|
$
|
30.6
|
|
|
$
|
559.6
|
|
|
$
|
0.8
|
|
|
$
|
27.0
|
|
|
(1)
|
This line includes swaps related to sales of certain Visa Class B common shares.
|
|
(In Millions)
|
Location of
Derivative Gain / (Loss) Recognized
in Income
|
Amount of Derivative Gain / (Loss)
Recognized in Income
|
||||||||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||
|
Foreign Exchange Contracts
|
Other Operating Income
|
$
|
(5.9
|
)
|
|
$
|
(1.2
|
)
|
|
$
|
2.2
|
|
|
$
|
(0.2
|
)
|
|
Other Financial Derivatives
(1)
|
Other Operating Income
|
(4.0
|
)
|
|
(2.3
|
)
|
|
(8.4
|
)
|
|
(8.6
|
)
|
||||
|
Total
|
|
$
|
(9.9
|
)
|
|
$
|
(3.5
|
)
|
|
$
|
(6.2
|
)
|
|
$
|
(8.8
|
)
|
|
(1)
|
This line includes swaps related to sales of certain Visa Class B common shares, total return swap contracts, and credit default swap contracts.
|
|
September 30, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(In Millions)
|
Gross
Recognized
Assets
|
|
Gross
Amounts
Offset
|
|
Net
Amounts
Presented
|
|
Gross
Amounts
Not Offset
|
|
Net
Amount
(3)
|
||||||||||
|
Derivative Assets
(1)
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign Exchange Contracts Over the Counter (OTC)
|
$
|
2,459.4
|
|
|
$
|
1,702.0
|
|
|
$
|
757.4
|
|
|
$
|
—
|
|
|
$
|
757.4
|
|
|
Interest Rate Swaps OTC
|
3.0
|
|
|
12.4
|
|
|
(9.4
|
)
|
|
—
|
|
|
(9.4
|
)
|
|||||
|
Interest Rate Swaps Exchange Cleared
|
114.1
|
|
|
22.1
|
|
|
92.0
|
|
|
—
|
|
|
92.0
|
|
|||||
|
Cross Product Netting Adjustment
|
—
|
|
|
19.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Cross Product Collateral Adjustment
|
—
|
|
|
617.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Total Derivatives Subject to a Master Netting Arrangement
|
2,576.5
|
|
|
2,373.5
|
|
|
203.0
|
|
|
—
|
|
|
203.0
|
|
|||||
|
Total Derivatives Not Subject to a Master Netting Arrangement
|
640.7
|
|
|
—
|
|
|
640.7
|
|
|
—
|
|
|
640.7
|
|
|||||
|
Total Derivatives
|
$
|
3,217.2
|
|
|
$
|
2,373.5
|
|
|
$
|
843.7
|
|
|
$
|
—
|
|
|
$
|
843.7
|
|
|
Securities Purchased under Agreements to Resell
(2)
|
$
|
1,605.8
|
|
|
$
|
—
|
|
|
$
|
1,605.8
|
|
|
$
|
1,605.8
|
|
|
$
|
—
|
|
|
December 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(In Millions)
|
Gross
Recognized
Assets
|
|
Gross
Amounts
Offset
|
|
Net
Amounts
Presented
|
|
Gross
Amounts
Not Offset
|
|
Net
Amount
(3)
|
||||||||||
|
Derivative Assets
(1)
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign Exchange Contracts OTC
|
$
|
2,800.4
|
|
|
$
|
1,651.9
|
|
|
$
|
1,148.5
|
|
|
$
|
—
|
|
|
$
|
1,148.5
|
|
|
Interest Rate Swaps OTC
|
129.8
|
|
|
18.2
|
|
|
111.6
|
|
|
—
|
|
|
111.6
|
|
|||||
|
Interest Rate Swaps Exchange Cleared
|
117.4
|
|
|
21.8
|
|
|
95.6
|
|
|
—
|
|
|
95.6
|
|
|||||
|
Cross Product Netting Adjustment
|
—
|
|
|
17.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Cross Product Collateral Adjustment
|
—
|
|
|
461.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Total Derivatives Subject to a Master Netting Arrangement
|
3,047.6
|
|
|
2,170.4
|
|
|
877.2
|
|
|
—
|
|
|
877.2
|
|
|||||
|
Total Derivatives Not Subject to a Master Netting Arrangement
|
809.2
|
|
|
—
|
|
|
809.2
|
|
|
—
|
|
|
809.2
|
|
|||||
|
Total Derivatives
|
3,856.8
|
|
|
2,170.4
|
|
|
1,686.4
|
|
|
—
|
|
|
1,686.4
|
|
|||||
|
Securities Purchased under Agreements to Resell
(2)
|
$
|
1,967.5
|
|
|
$
|
—
|
|
|
$
|
1,967.5
|
|
|
$
|
1,967.5
|
|
|
$
|
—
|
|
|
(1)
|
Derivative assets are reported in other assets in the consolidated balance sheets. Other assets (excluding derivative assets) totaled
$3.8 billion
and
$3.3 billion
as of
September 30, 2017
and
December 31, 2016
, respectively.
|
|
(2)
|
Securities purchased under agreements to resell are reported in federal funds sold and securities purchased under agreements to resell in the consolidated balance sheets. There were
$65.0 million
Federal funds sold and
$6.8 million
Federal funds sold as of
September 30, 2017
and
December 31, 2016
, respectively.
|
|
(3)
|
Northern Trust did not possess any cash collateral that was not offset in the consolidated balance sheets that could have been used to offset the net amounts presented in the consolidated balance sheets as of
September 30, 2017
and
December 31, 2016
.
|
|
September 30, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(In Millions)
|
Gross
Recognized
Liabilities
|
|
Gross
Amounts
Offset
|
|
Net
Amounts
Presented
|
|
Gross
Amounts
Not Offset
|
|
Net
Amount
(2)
|
||||||||||
|
Derivative Liabilities
(1)
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign Exchange Contracts OTC
|
$
|
2,215.8
|
|
|
$
|
1,702.0
|
|
|
$
|
513.8
|
|
|
$
|
—
|
|
|
$
|
513.8
|
|
|
Interest Rate Swaps OTC
|
62.0
|
|
|
12.4
|
|
|
49.6
|
|
|
—
|
|
|
49.6
|
|
|||||
|
Interest Rate Swaps Exchange Cleared
|
22.1
|
|
|
22.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Other Financial Derivatives
|
27.7
|
|
|
—
|
|
|
27.7
|
|
|
—
|
|
|
27.7
|
|
|||||
|
Cross Product Netting Adjustment
|
—
|
|
|
19.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Cross Product Collateral Adjustment
|
—
|
|
|
334.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Total Derivatives Subject to a Master Netting Arrangement
|
2,327.6
|
|
|
2,089.8
|
|
|
237.8
|
|
|
—
|
|
|
237.8
|
|
|||||
|
Total Derivatives Not Subject to a Master Netting Arrangement
|
952.8
|
|
|
—
|
|
|
952.8
|
|
|
—
|
|
|
952.8
|
|
|||||
|
Total Derivatives
|
3,280.4
|
|
|
2,089.8
|
|
|
1,190.6
|
|
|
—
|
|
|
1,190.6
|
|
|||||
|
Securities Sold under Agreements to Repurchase
|
$
|
523.9
|
|
|
$
|
—
|
|
|
$
|
523.9
|
|
|
$
|
523.9
|
|
|
$
|
—
|
|
|
December 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(In Millions)
|
Gross
Recognized
Liabilities
|
|
Gross
Amounts
Offset
|
|
Net
Amounts
Presented
|
|
Gross
Amounts
Not Offset
|
|
Net
Amount
(2)
|
||||||||||
|
Derivative Liabilities
(1)
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign Exchange Contracts OTC
|
$
|
2,634.4
|
|
|
$
|
1,651.9
|
|
|
$
|
982.5
|
|
|
$
|
—
|
|
|
$
|
982.5
|
|
|
Interest Rate Swaps OTC
|
86.2
|
|
|
18.2
|
|
|
68.0
|
|
|
—
|
|
|
68.0
|
|
|||||
|
Interest Rate Swaps Exchange Cleared
|
21.8
|
|
|
21.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Other Financial Derivatives
|
25.2
|
|
|
—
|
|
|
25.2
|
|
|
—
|
|
|
25.2
|
|
|||||
|
Cross Product Netting Adjustment
|
—
|
|
|
17.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Cross Product Collateral Adjustment
|
—
|
|
|
722.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Total Derivatives Subject to a Master Netting Arrangement
|
2,767.6
|
|
|
2,431.2
|
|
|
336.4
|
|
|
—
|
|
|
336.4
|
|
|||||
|
Total Derivatives Not Subject to a Master Netting Arrangement
|
608.5
|
|
|
—
|
|
|
608.5
|
|
|
—
|
|
|
608.5
|
|
|||||
|
Total Derivatives
|
3,376.1
|
|
|
2,431.2
|
|
|
944.9
|
|
|
—
|
|
|
944.9
|
|
|||||
|
Securities Sold under Agreements to Repurchase
|
$
|
473.7
|
|
|
$
|
—
|
|
|
$
|
473.7
|
|
|
$
|
473.7
|
|
|
$
|
—
|
|
|
(1)
|
Derivative liabilities are reported in other liabilities in the consolidated balance sheets. Other liabilities (excluding derivative liabilities) totaled
$2.1 billion
and
$2.7 billion
as of
September 30, 2017
and
December 31, 2016
, respectively.
|
|
(2)
|
Northern Trust did not place any cash collateral with counterparties that was not offset in the consolidated balance sheets that could have been used to offset the net amounts presented in the consolidated balance sheets as of
September 30, 2017
and
December 31, 2016
.
|
|
Period
|
Total Number
of Shares Purchased |
|
Average
Price Paid per Share |
|
Total Number of
Shares Purchased as Part of a Publicly Announced Plan (1) |
|
Maximum Number of
Shares that May Yet Be Purchased Under the Plan |
|||||
|
July 1-31, 2017
|
140,940
|
|
|
$
|
87.98
|
|
|
140,940
|
|
|
9,359,060
|
|
|
August 1-31, 2017
|
805,946
|
|
|
88.47
|
|
|
805,946
|
|
|
8,553,114
|
|
|
|
September 1-30, 2017
|
420,939
|
|
|
88.37
|
|
|
420,939
|
|
|
8,132,175
|
|
|
|
Total (Third Quarter)
|
1,367,825
|
|
|
$
|
88.39
|
|
|
1,367,825
|
|
|
8,132,175
|
|
|
(1)
|
Repurchases through July 18, 2017 were made pursuant to the repurchase program announced by the Corporation on
April 21, 2015
, under which the Corporation’s Board of Directors authorized the Corporation to repurchase up to
15.0 million
shares of the Corporation’s common stock. This program was terminated and replaced with a new repurchase program, announced on July 18, 2017, under which the Corporation’s Board of Directors authorized the Corporation to repurchase up to
9.5 million
shares of the Corporation’s common stock. Repurchases after July 18, 2017 were made pursuant to the new repurchase program, which has no expiration date.
|
|
|
|
NORTHERN TRUST CORPORATION
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
Date:
|
October 26, 2017
|
By:
|
/s/ S. Biff Bowman
|
|
|
|
|
S. Biff Bowman
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
|
|
|
Date:
|
October 26, 2017
|
By:
|
/s/ Aileen B. Blake
|
|
|
|
|
Aileen B. Blake
Executive Vice President and Controller
(Principal Accounting Officer)
|
|
Exhibit
Number
|
Description
|
|
|
|
|
4.1
|
Certain instruments defining the rights of the holders of long-term debt of the Corporation and certain of its subsidiaries, none of which authorize a total amount of indebtedness in excess of 10% of the total assets of the Corporation and its subsidiaries on a consolidated basis, have not been filed as exhibits. The Corporation hereby agrees to furnish a copy of any of these agreements to the SEC upon request.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101
|
Includes the following financial and related information from Northern Trust’s Quarterly Report on Form 10-Q as of and for the quarter ended September 30, 2017, formatted in Extensible Business Reporting Language (XBRL): (1) the Consolidated Balance Sheets as of September 30, 2017 and December 31, 2016, (2) the Consolidated Statements of Income for the three and nine months ended September 30, 2017 and 2016, (3) the Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2017 and 2016, (4) the Consolidated Statements of Changes in Stockholders’ Equity for the nine months ended September 30, 2017 and 2016, (5) the Consolidated Statements of Cash Flows for the nine months ended September 30, 2017 and 2016, and (6) Notes to Consolidated Financial Statements
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
Suppliers
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|