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Q4 2020 Earnings Release EX991

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Q4 2020 Earnings Release EX991 News Release Investor Contact: Media Contact: Mark Bette Doug Holt (312) 444-2301 (312) 557-1571 [email protected] [email protected] https://www.northerntrust.com NORTHERN TRUST CORPORATION REPORTS FOURTH QUARTER NET INCOME OF $240.9 MILLION, EARNINGS PER DILUTED COMMON SHARE OF $1.12 CHICAGO, JANUARY 21, 2021 — Northern Trust Corporation today reported fourth quarter net income per diluted common share of $1.12, compared to $1.70 in the fourth quarter of 2019 and $1.32 in the third quarter of 2020. Net income was $240.9 million, compared to $371.1 million in the prior-year quarter and $294.5 million in the prior quarter. Fourth quarter 2020 results included the following: • $55.0 million of pre-tax severance-related charges (after-tax $41.2 million) in connection with a reduction in force • $11.9 million of pre-tax occupancy expense (after-tax $8.9 million) related to an early lease exit arising from a workplace real estate strategy • $26.8 million of tax expense related to the reversal of tax benefits previously recognized through earnings “Northern Trust’s performance during the quarter and year demonstrated the continued strength of our company,” said Michael O’Grady, Chairman and Chief Executive Officer. “Throughout the year, our strong capital base and liquidity profile enabled us to continue to support the needs of our clients. Full year 2020 performance resulted in revenue consistent with the prior year. Execution on our growth strategies and overall favorable equity markets drove fees and other noninterest income growth of 6%, while net interest income declined by 14% in 2020 due to persistently low interest rates. During the fourth quarter we recognized a charge of $55.0 million associated with a reduction in force, which will allow us to improve the alignment of our operational expenses with the current economic environment. We continue to focus on serving our clients with excellence, executing on our long-term priorities, driving operating efficiency and investing wisely for future profitable growth to deliver long-term value to our various stakeholders.” - 2 - FOURTH QUARTER 2020 RESULTS SUMMARY RESULTS & KEY METRICS % Change vs. ($ In Millions except per share data) Q4 2020 Q3 2020 Q4 2019 Q3 2020 Q4 2019 Trust, Investment and Other Servicing Fees $ 1,026.1 $ 1,003.8 $ 992.2 2 % 3 % Other Noninterest Income 161.4 152.7 134.7 6 20 Net Interest Income (FTE*) 345.1 336.5 430.5 3 (20) Total Revenue (FTE*) 1,532.6 1,493.0 1,557.4 3 (2) Noninterest Expense 1,151.0 1,094.7 1,072.3 5 7 Provision for Credit Losses (2.5) 0.5 (1.0) N/M N/M Provision for Income Taxes 132.5 95.4 105.3 39 26 FTE Adjustment* 10.7 7.9 9.7 36 10 Net Income $ 240.9 $ 294.5 $ 371.1 (18) % (35) % Earnings Allocated to Common and Potential Common Shares 234.7 275.0 361.0 (15) (35) Diluted Earnings per Common Share $ 1.12 $ 1.32 $ 1.70 (15) % (34) % Return on Average Common Equity 8.8 % 10.5 % 14.8 % Return on Average Assets 0.67 % 0.83 % 1.25 % Average Assets $ 143,262.0 $ 140,925.4 $ 118,105.3 2 % 21 % N/M - Not meaningful (*) Net interest income and total revenue presented on a fully taxable equivalent (FTE) basis are non-generally accepted accounting principle financial measures that facilitate the analysis of asset yields. Please refer to the Reconciliation to Fully Taxable Equivalent section for further detail. CLIENT ASSETS Assets under custody/administration (AUC/A) and assets under management are a driver of the Corporation’s trust, investment and other servicing fees, the largest component of noninterest income. The following table presents the Corporation’s AUC/A, assets under custody (a component of AUC/A), and assets under management by reporting segment. As of % Change vs. December 31, September 30, December 31, September 30, December 31, ($ In Billions) 2020* 2020 2019 2020 2019 Assets Under Custody/Administration Corporate & Institutional Services (C&IS) $ 13,653.1 $ 12,263.2 $ 11,311.6 11 % 21 % Wealth Management 879.4 814.4 738.8 8 19 Total Assets Under Custody/Administration $ 14,532.5 $ 13,077.6 $ 12,050.4 11 % 21 % Assets Under Custody Corporate & Institutional Services $ 10,387.7 $ 9,312.2 $ 8,497.8 12 % 22 % Wealth Management 875.1 810.4 735.7 8 19 Total Assets Under Custody $ 11,262.8 $ 10,122.6 $ 9,233.5 11 % 22 % Assets Under Management Corporate & Institutional Services $ 1,057.5 $ 993.2 $ 917.5 6 % 15 % Wealth Management 347.8 318.5 313.8 9 11 Total Assets Under Management $ 1,405.3 $ 1,311.7 $ 1,231.3 7 % 14 % (*) Client assets for the current quarter are considered preliminary until the Form 10-K is filed with the Securities and Exchange Commission. - 3 - FOURTH QUARTER 2020 RESULTS (continued) TRUST, INVESTMENT AND OTHER SERVICING FEES % Change vs. ($ In Millions) Q4 2020 Q3 2020 Q4 2019 Q3 2020 Q4 2019 C&IS Trust, Investment and Other Servicing Fees Custody and Fund Administration $ 419.9 $ 395.0 $ 396.9 6 % 6 % Investment Management 125.1 136.8 115.9 (9) 8 Securities Lending 17.6 19.7 22.6 (11) (22) Other 33.5 33.4 31.6 — 6 Total C&IS $ 596.1 $ 584.9 $ 567.0 2 % 5 % Wealth Management Trust, Investment and Other Servicing Fees Central $ 154.7 $ 151.1 $ 158.2 2 % (2) % East 115.5 110.9 110.2 4 5 West 86.0 84.7 85.0 2 1 Global Family Office 73.8 72.2 71.8 2 3 Total Wealth Management $ 430.0 $ 418.9 $ 425.2 3 % 1 % Total Consolidated Trust, Investment and Other Servicing Fees $ 1,026.1 $ 1,003.8 $ 992.2 2 % 3 % Q4 2020 vs. Q3 2020 C&IS and Wealth Management trust, investment and other servicing fees are impacted by both one- month and one-quarter lagged asset values. C&IS trust, investment and other servicing fees increased compared to the prior quarter. ▪ Custody and fund administration fees increased primarily due to new business, higher transaction volumes, favorable currency translation and favorable markets. ▪ Investment management fees decreased primarily due to higher money market mutual fund waivers. ▪ Securities lending fees decreased primarily due to lower spreads. Wealth Management trust, investment and other servicing fees increased from the prior quarter, primarily due to favorable markets, as well as certain nonrecurring service fees, partially offset by higher money market mutual fund waivers. Q4 2020 vs. Q4 2019 C&IS and Wealth Management trust, investment and other servicing fees are impacted by both one- month and one-quarter lagged asset values. C&IS trust, investment and other servicing fees increased compared to the prior-year quarter. ▪ Custody and fund administration fees increased primarily due to new business and favorable currency translation, partially offset by unfavorable non-U.S. markets. ▪ Investment management fees increased primarily due to new business and favorable markets, partially offset by money market mutual fund waivers. • Securities lending fees decreased primarily due to lower spreads. Wealth Management trust, investment and other servicing fees increased compared to the prior-year quarter, primarily due to favorable markets, partially offset by money market mutual fund waivers. - 4 - FOURTH QUARTER 2020 RESULTS (continued) OTHER NONINTEREST INCOME % Change vs. ($ In Millions) Q4 2020 Q3 2020 Q4 2019 Q3 2020 Q4 2019 Other Noninterest Income Foreign Exchange Trading Income $ 68.6 $ 61.6 $ 64.5 11 % 6 % Treasury Management Fees 11.4 11.6 10.4 (1) 10 Security Commissions and Trading Income 32.3 26.0 27.8 24 16 Other Operating Income 49.6 53.5 32.5 (7) 52 Investment Security Gains (Losses), net (0.5) — (0.5) N/M 19 Total Other Noninterest Income $ 161.4 $ 152.7 $ 134.7 6 % 20 % N/M - Not meaningful Q4 2020 vs. Q3 2020 ▪ Foreign exchange trading income increased primarily due to higher client volumes. ▪ Security commissions and trading income increased primarily due to higher core brokerage revenue. ▪ Other operating income decreased primarily due to lower miscellaneous income. The lower miscellaneous income was primarily associated with lower income in the supplemental compensation plans, which also resulted in a related decrease in supplemental compensation plans expense in other operating expense. Q4 2020 vs. Q4 2019 ▪ Foreign exchange trading income increased primarily due to higher client volumes and increased market volatility, partially offset by decreased foreign exchange swap activity in Treasury. ▪ Security commissions and trading income increased primarily due to higher core brokerage revenue. ▪ Other operating income increased primarily due to charges in the prior-year quarter related to the decision to sell substantially all of the lease portfolio, partially offset by higher expenses for existing swap agreements related to Visa Inc. Class B common shares. - 5 - FOURTH QUARTER 2020 RESULTS (continued) NET INTEREST INCOME % Change vs. ($ In Millions) Q4 2020 Q3 2020 Q4 2019 Q3 2020 Q4 2019 Net Interest Income Interest Income (FTE*) $ 363.3 $ 363.3 $ 585.8 — % (38) % Interest Expense 18.2 26.8 155.3 (32) (88) Net Interest Income (FTE*) $ 345.1 $ 336.5 $ 430.5 3 % (20) % Average Earning Assets $ 131,235 $ 129,368 $ 107,160 1 % 22 % Net Interest Margin (FTE*) 1.05 % 1.03 % 1.59 % (*) Interest income, net interest income and net interest margin presented on an FTE basis are non-generally accepted accounting principle financial measures that facilitate the analysis of asset yields. Please refer to the Reconciliation to Fully Taxable Equivalent section for further detail. Q4 2020 vs. Q3 2020 ▪ Net interest income on an FTE basis increased primarily due to a slightly higher net interest margin and an increase in average earning assets.
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