Northern Trust : Third Quarter 2019 Earnings Release

News Release

Investor Contact:	Media Contact:
Mark Bette	Doug Holt
[phone]	[phone]
[e-mail]	[e-mail]

https://www.northerntrust.com

FOR IMMEDIATE RELEASE

NORTHERN TRUST CORPORATION REPORTS THIRD QUARTER

EARNINGS PER DILUTED COMMON SHARE OF $1.69,

RETURN ON AVERAGE COMMON EQUITY OF 14.9%

CHICAGO, OCTOBER 23, 2019 - Northern Trust Corporation today reported third quarter net income per diluted common share of $1.69, compared to $1.58 in the third quarter of 2018 and $1.75 in the second quarter of 2019. Net income was $384.6 million, compared to $374.5 million in the prior-year quarter and $389.4 million in the prior quarter.

"Northern Trust continued to perform well in the third quarter of 2019, generating year-over-year revenue growth of 4% and a return on common equity of 14.9%," said Michael O'Grady, Chairman and Chief Executive Officer. "Trust, investment and other servicing fees increased 4% from one year ago driven by new business, while expenses increased 3%. Our results produced year-over-year earnings per share growth of 7% and, during the quarter, we returned $459 million to common shareholders through dividends and the repurchase of 3.4 million shares."

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THIRD QUARTER 2019 RESULTS

SUMMARY RESULTS & KEY METRICS

										% Change vs.
($ In Millions except per share data)		Q3 2019		Q2 2019		Q3 2018	Q2 2019	Q3 2018
Trust, Investment and Other Service Fees
$	975.5		$	955.5		$	939.2		2 %		4 %
Other Noninterest Income		144.7			133.7			126.9		8		14
Net Interest Income (FTE*)		425.3			425.1			418.5		-	2
Total Revenue (FTE*)		1,545.5			1,514.3			1,484.6		2		4
Noninterest Expense		1,036.3			1,006.2			1,002.3		3		3
Provision for Credit Losses		(7.0)			(6.5)			(9.0)		N/M**	N/M**
Provision for Income Taxes		124.0			117.5			106.5		5		17
FTE Adjustment*		7.6			7.7			10.3		(1)		(26)
Net Income	$	384.6		$	389.4		$	374.5		(1)%		3 %
Earnings Allocated to Common and		362.7			379.7			353.1		(4)		3
Potential Common Shares
Diluted Earnings per Common Share	$	1.69		$	1.75		$	1.58		(3)%		7 %
Return on Average Common Equity		14.9%			15.9%			15.1%
Return on Average Assets		1.31%			1.34%			1.22%
Average Assets	$	116,352.1		$	116,358.9		$	122,155.6		- %	(5)%

1. 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.

(**) N/M - Not meaningful

CLIENT ASSETS

Assets under custody/administration (AUC/A) and assets under management are the primary drivers of the Corporation's trust, investment and other servicing fees, the largest component of noninterest income. The following table presents the Corporation'sAUC/A, assets under custody (a component ofAUC/A), and assets under management by reporting segment.

					As of				% Change vs.
($ In Billions)	September 30,		June 30,	September 30,		June 30,	September 30,
	2019*			2019			2018	2019		2018
Assets Under Custody/Administration
Corporate & Institutional Services (C&IS)	$	10,864.0		$	10,623.6		$	10,153.9	2%		7%
Wealth Management		701.2			698.4			675.9		-	4
Total Assets Under Custody/Administration	$	11,565.2		$	11,322.0		$	10,829.8		2%		7%
Assets Under Custody
Corporate & Institutional Services	$	8,061.4		$	7,820.6		$	7,523.1	3%		7%
Wealth Management		698.7			698.2			665.8		-	5
Total Assets Under Custody	$	8,760.1		$	8,518.8		$	8,188.9		3%		7%
Assets Under Management
Corporate & Institutional Services	$	901.3		$	887.0		$	876.0	2%		3%
Wealth Management		300.5			293.2			295.5	2		2
Total Assets Under Management	$	1,201.8		$	1,180.2		$	1,171.5		2%		3%

1. Client assets for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.

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THIRD QUARTER 2019 RESULTS (continued)

TRUST, INVESTMENT AND OTHER SERVICING FEES

										% Change vs.
($ In Millions)		Q3 2019		Q2 2019		Q3 2018	Q2 2019	Q3 2018
C&IS Trust, Investment and Other Servicing
Fees
Custody and Fund Administration	$	392.2		$	385.1		$	374.7		2%		5%
Investment Management		114.7			110.8			108.7		4		6
Securities Lending		20.1			21.8			24.1		(8)		(17)
Other		32.9			31.7			33.5		4		(2)
Total C&IS	$	559.9		$	549.4		$	541.0		2%		3%
Wealth Management Trust, Investment and
Other Servicing Fees
Central	$	157.3		$	153.1		$	152.2		3%		3%
East		106.8			104.3			102.7		2		4
West		83.6			82.8			80.7		1		4
Global Family Office		67.9			65.9			62.6		3		8
Total Wealth Management	$	415.6		$	406.1		$	398.2		2%		4%
Total Consolidated Trust, Investment and
$	975.5		$	955.5		$	939.2		2%		4%
Other Servicing Fees

Q3 2019 vs. Q2 2019

C&IS trust, investment and other servicing fees increased 2% compared to the prior quarter.

C&IS custody and fund administration fees increased primarily due to new business and favorable markets, partially offset by the unfavorable impact of movements in foreign exchange rates.

C&IS investment management fees increased primarily due to new business and favorable markets.

Wealth Management trust, investment and other servicing fees increased 2% from the prior quarter, primarily due to favorable markets and new business.

Q3 2019 vs. Q3 2018

C&IS trust, investment and other servicing fees increased 3% compared to the prior-year quarter.

C&IS custody and fund administration fees increased primarily due to new business, partially offset by the unfavorable impact of movements in foreign exchange rates.

C&IS investment management fees increased primarily due to new business and favorable markets.

C&IS securities lending fees decreased primarily reflecting lower spreads.

Wealth Management trust, investment and other servicing fees increased 4% compared to the prior-year quarter, primarily due to new business and favorable markets.

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THIRD QUARTER 2019 RESULTS (continued)

NET INTEREST INCOME

										% Change vs.
($ In Millions)		Q3 2019		Q2 2019		Q3 2018	Q2 2019	Q3 2018
Net Interest Income
			$	647.9		$	609.5		(3)%		3 %
Interest Income (FTE*)	$	628.4
Interest Expense		203.1			222.8			191.0		(9)		6
Net Interest Income (FTE*)	$	425.3		$	425.1		$	418.5		- %		2 %
Average Earning Assets	$	104,959		$	105,709		$	112,695		(1)%		(7)%
Net Interest Margin (FTE*)		1.61%			1.61%			1.47%

1. 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.

Q3 2019 vs. Q2 2019

Net interest income on an FTE basis was essentially flat compared to the prior quarter.

The net interest margin on an FTE basis was relatively unchanged from the prior quarter, primarily due to lower short-term interest rates, offset by a balance sheet mix shift.

Average earning assets decreased slightly compared to the prior quarter, primarily due to lower short-terminterest-bearing deposits with banks, partially offset by higher levels of securities. Funding of the balance sheet reflects lower levels of client demand and other noninterest-bearing deposits and short-term borrowed funds which were partially offset by higher levels of client interest-bearing deposits.

Q3 2019 vs. Q3 2018

Net interest income on an FTE basis increased compared to the prior-year quarter, primarily resulting from a higher net interest margin, partially offset by a decrease in earning assets.

The net interest margin on an FTE basis increased compared to the prior-year quarter, primarily due to a balance sheet mix shift, the impact of lower foreign exchange swap volume, and higher short-term interest rates.

Average earning assets decreased from the prior-year quarter, primarily reflecting lower levels of short-terminterest-bearing deposits with banks, loans and leases, and securities. Funding of the balance sheet reflects lower levels of client demand and other noninterest-bearing deposits, short- term borrowed funds, and interest-bearing deposits.

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THIRD QUARTER 2019 RESULTS (continued)

PROVISION FOR CREDIT LOSSES

		As of and for the three-months ended,		% Change vs.
($ In Millions)	September 30,		June 30,	September 30,	June 30,	September 30,
	2019			2019			2018		2019		2018
Allowance for Credit Losses
Beginning Allowance for Credit Losses	$	134.1		$	139.4		$	149.2		(4)%		(10)%
Provision for Credit Losses		(7.0)			(6.5)			(9.0)		N/M	N/M
Net Recoveries / (Charge-Offs)		0.6			1.2			0.3		(50)		100
Ending Allowance for Credit Losses	$	127.7		$	134.1		$	140.5		(5)%		(9)%
Allowance assigned to:
Loans and Leases	$	105.7		$	110.8		$	119.6		(5)%		(12)%
Undrawn Commitments and		22.0			23.3			20.9		(6)		5
Standby Letters of Credit
Ending Allowance for Credit Losses	$	127.7		$	134.1		$	140.5		(5)%		(9)%

Q3 2019

The credit provision in the current quarter was primarily driven by a decrease in the specific allowance attributable to the residential real estate portfolio and a slight decrease in the inherent allowance.

Q2 2019

The credit provision in the prior quarter was primarily driven by a decrease in the allowance for the residential real estate portfolio driven by improved credit quality, partially offset by increases for the private client and commercial portfolios driven by lower credit quality, which resulted in a net reduction in the inherent allowance.

Q3 2018

The credit provision in the prior-year quarter was primarily driven by reductions in outstanding loans and undrawn loan commitments attributable to the commercial and institutional and residential real estate portfolios as well as improved credit quality across all major portfolios.

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THIRD QUARTER 2019 RESULTS (continued)

NONINTEREST EXPENSE

										% Change vs.
($ In Millions)		Q3 2019		Q2 2019		Q3 2018	Q2 2019	Q3 2018
Noninterest Expense
Compensation	$	458.0		$	455.5		$	436.1		1%		5%
Employee Benefits		87.6			89.3			85.5		(2)		2
Outside Services		194.0			186.4			186.9		4		4
Equipment and Software		151.7			147.2			145.7		3		4
Occupancy		53.0			50.9			51.0		4		4
Other Operating Expense		92.0			76.9			97.1		20		(5)
Total Noninterest Expense	$	1,036.3		$	1,006.2		$	1,002.3		3%		3%
End of Period Full-Time Equivalent Staff		19,600			19,400			18,600		1%		5%

Q3 2019 vs. Q2 2019

Compensation expense increased slightly compared to the prior quarter, primarily reflecting staffing growth.

Outside services expense increased compared to the prior quarter, primarily reflecting higher technical services costs, partially offset by lower sub-custodian expenses.

Equipment and software expense increased compared to the prior quarter, primarily driven by higher technology maintenance costs and higher depreciation and amortization.

Other operating expense increased compared to the prior quarter, primarily driven by the timing of the Northern Trust-sponsored golf tournament.

Q3 2019 vs. Q3 2018

Compensation expense increased compared to the prior-year quarter, primarily reflecting higher salary expense driven by base pay adjustments and staff growth.

Outside services expense increased compared to the prior-year quarter, primarily due to increased technical services costs and higher consulting and legal services, partially offset by lower sub-custodian expenses.

Equipment and software expense increased compared to the prior-year quarter, primarily reflecting higher software-related charges and depreciation and amortization, partially offset by lower disposition charges.

Other operating expense decreased compared to the prior-year quarter, primarily reflecting decreased FDIC insurance premiums.

- 8 -

THIRD QUARTER 2019 RESULTS (continued)

PROVISION FOR INCOME TAX

										% Change vs.
($ In Millions)		Q3 2019		Q2 2019		Q3 2018	Q2 2019	Q3 2018
Net Income
Income before Income Taxes	$	508.6		$	506.9		$	481.0		- %	6%
Provision for Income Taxes		124.0			117.5			106.5		5		17
Net Income	$	384.6		$	389.4		$	374.5		(1)%		3%
Effective Tax Rate		24.4%			23.2%			22.1%

Q3 2019 vs. Q2 2019

The provision for income taxes increased primarily attributable to the prior quarter income tax benefits recorded as a result of the Corporation's international organizational restructuring. Also contributing to the increase was a change in the earnings mix in tax jurisdictions in which the Corporation operates.

Increases to the provision for income taxes were partially offset by a larger income tax benefit derived from the vesting of restricted stock units and stock option exercises in the current quarter compared to the prior quarter.

Q3 2019 vs. Q3 2018

The provision for income taxes increased primarily due to higher U.S. taxes payable on the income of the Corporation's non-U.S. Branches, increased income before income taxes, and a one-time income tax benefit associated with the re-establishment of a deferred tax asset in the prior-year quarter based on the issuance of guidance by the Internal Revenue Service.

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STOCKHOLDERS' EQUITY

Average total stockholders' equity increased $413.2 million, or 4%, to $10.7 billion from the prior- year quarter's average of $10.3 billion. The increase was primarily attributable to earnings and accumulated other comprehensive income since the prior-year period, partially offset by the repurchase of common stock pursuant to the Corporation's share repurchase program and dividend declarations.

During the current quarter, the Corporation declared cash dividends totaling $17.4 millionto preferred stockholders and cash dividends totaling $151.5 million to common stockholders. During the three and nine months ended September 30, 2019, the Corporation repurchased 3,392,062 shares of common stock, including 68,347 shares withheld related to share-based compensation, at a total cost of $307.2 million ($90.55average price per share) and 9,169,744shares of common stock, including 602,542shares withheld related to share-based compensation, at a total cost of $835.8 million ($91.15 average price per share), respectively.

- 10 -

CAPITAL RATIOS

The capital ratios of Northern Trust Corporation and its principal subsidiary, The Northern Trust Company, remained strong at September 30, 2019, exceeding the minimum requirements for classification as "well-capitalized" under applicable U.S. regulatory requirements.

The table below provides capital ratios for Northern Trust Corporation and The Northern Trust Company determined by Basel III phased in requirements.

	September 30, 2019*		June 30, 2019		September 30, 2018
Capital Ratios -	Standardized	Advanced		Standardized	Advanced		Standardized	Advanced	Well-	Minimum
		Capitalized	Capital
Northern Trust Corporation	Approach	Approach		Approach	Approach		Approach	Approach		Ratios	Ratios
Common Equity Tier 1 Capital	12.9%	13.7%	13.2%	13.6%	12.9%	13.4%		N/A	4.5%
Tier 1 Capital	14.1%	15.0%	14.5%	14.9%	14.2%	14.8%		6.0%	6.0%
Total Capital	16.0%	16.8%	16.4%	16.7%	16.2%	16.7%		10.0%	8.0%
Tier 1 Leverage	8.6%	8.6%	8.6%	8.6%	7.8%	7.8%		N/A	4.0%
Supplementary Leverage	N/A	7.6%		N/A	7.6%		N/A	6.9%		N/A	3.0%
	September 30, 2019*		June 30, 2019		September 30, 2018
Capital Ratios -	Standardized	Advanced		Standardized	Advanced		Standardized	Advanced	Well-	Minimum
The Northern Trust			Capitalized	Capital
Company	Approach	Approach		Approach	Approach		Approach	Approach		Ratios	Ratios
Common Equity Tier 1 Capital	13.2%	14.3%	13.4%	14.1%	13.2%	14.1%		6.5%	4.5%
Tier 1 Capital	13.2%	14.3%	13.4%	14.1%	13.2%	14.1%		8.0%	6.0%
Total Capital	14.9%	15.8%	15.1%	15.7%	14.9%	15.8%		10.0%	8.0%
Tier 1 Leverage	7.9%	7.9%	7.8%	7.8%	7.2%	7.2%		5.0%	4.0%
Supplementary Leverage	N/A	7.0%		N/A	6.9%		N/A	6.4%		3.0%	3.0%

1. Capital ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.

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RECONCILIATION TO FULLY TAXABLE EQUIVALENT

The following table presents a reconciliation of interest income, net interest income, net interest margin, and total revenue prepared in accordance with generally accepted accounting principles to such measures on an FTE basis, which are non-generally accepted accounting financial measures. Management believes thispresentation providesaclearer indication ofthesefinancialmeasures forcomparative purposes. When adjusted to an FTE basis, yields on taxable, nontaxable and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income.

											Three Months Ended
		September 30, 2019					June 30, 2019					September 30, 2018
($ In Millions)	Reported	FTE Adj.		FTE		Reported		FTE Adj.		FTE		Reported	FTE Adj.		FTE
Net Interest
Income
Interest	$	620.8		$	7.6		$	628.4		$	640.2	$	7.7		$	647.9		$	599.2		$	10.3		$	609.5
Income
Interest		203.1			-			203.1			222.8			-			222.8			191.0			-			191.0
Expense
Net Interest	$	417.7		$	7.6		$	425.3		$	417.4	$	7.7		$	425.1		$	408.2		$	10.3		$	418.5
Income
Net Interest		1.58%						1.61%			1.58%						1.61%			1.44%						1.47%
Margin
Total Revenue	$1,537.9		$	7.6		$1,545.5		$1,506.6	$	7.7		$1,514.3		$1,474.3		$	10.3		$1,484.6

- 12 -

FORWARD-LOOKING STATEMENTS

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

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WEBCAST OF THIRD QUARTER EARNINGS CONFERENCE CALL

Northern Trust's third quarter earnings conference call will be webcast on October 23, 2019. The live call will be conducted at 9:00 a.m. CT and is accessible on Northern Trust's website at:

https://www.northerntrust.com/about-us/investor-relations

A recording of the live call will be available on Northern Trust's website from 1:00 p.m. CT on October 23, 2019, for approximately four weeks. Participants will need Windows Media or Adobe Flash software. This earnings release can also be accessed at Northern Trust's website.

To download our investor relations mobile app, which offers access to SEC filings, press releases, stock quotes and upcoming events, please visit Apple's App Store for your iPad. You may find the app by searching Northern Trust Investor Relations or by clicking on https://appsto.re/us/MtHH3.i from your iPad.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 20 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2019, Northern Trust had assets under custody/administration of US $11.6 trillion, and assets under management of US $1.2 trillion. For 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.

/ / /

NORTHERN TRUST CORPORATION						Page 1
(Supplemental Consolidated Financial Information)
STATEMENT OF INCOME DATA
($ In Millions Except Per Share Data)		THIRD QUARTER
		2019			2018		% Change 1
Noninterest Income
Trust, Investment and Other Servicing Fees	$	975.5	$	939.2		4%
Foreign Exchange Trading Income		59.7			71.7		(17)
Treasury Management Fees		11.2			12.5		(11)
Security Commissions and Trading Income		29.1			21.9		33
Other Operating Income		45.1			20.9		116
Investment Security Gains (Losses), net		(0.4)			(0.1)		N/M
Total Noninterest Income		1,120.2			1,066.1		5
Net Interest Income
Interest Income		620.8			599.2		4
Interest Expense		203.1			191.0		6
Net Interest Income		417.7			408.2		2
Total Revenue		1,537.9			1,474.3		4
Provision for Credit Losses		(7.0)			(9.0)		N/M
Noninterest Expense
Compensation		458.0			436.1		5
Employee Benefits		87.6			85.5		2
Outside Services		194.0			186.9		4
Equipment and Software		151.7			145.7		4
Occupancy		53.0			51.0		4
Other Operating Expense		92.0			97.1		(5)
Total Noninterest Expense		1,036.3			1,002.3		3
Income before Income Taxes		508.6			481.0		6
Provision for Income Taxes		124.0			106.5		17
NET INCOME	$	384.6	$	374.5		3%
Dividends on Preferred Stock
$	17.4	$	17.3		1%
Earnings Allocated to Participating Securities		4.5			4.1		10
Earnings Allocated to Common and Potential Common Shares		362.7			353.1		3
Per Common Share
Net Income
Basic	$	1.70	$	1.59		7%
Diluted		1.69			1.58		7
Average Common Equity	$	9,805.8	$	9,392.6		4%
Return on Average Common Equity		14.9	%		15.1%
Return on Average Assets		1.31	%		1.22%
Cash Dividends Declared per Common Share	$	0.70	$	0.55		27%
Average Common Shares Outstanding (000s)
Basic		213,177			222,443
Diluted		214,207			223,860
Common Shares Outstanding (EOP) (000s)		211,882			221,395

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

NORTHERN TRUST CORPORATION						Page 2
(Supplemental Consolidated Financial Information)
STATEMENT OF INCOME DATA		THIRD			SECOND
($ In Millions Except Per Share Data)		QUARTER			QUARTER
		2019			2019		% Change 1
Noninterest Income
Trust, Investment and Other Servicing Fees	$	975.5		$	955.5		2 %
Foreign Exchange Trading Income		59.7			60.5		(1)
Treasury Management Fees		11.2			11.2		-
Security Commissions and Trading Income		29.1			23.4		24
Other Operating Income		45.1			38.9		16
Investment Security Gains (Losses), net		(0.4)			(0.3)		N/M
Total Noninterest Income		1,120.2			1,089.2		3
Net Interest Income
Interest Income		620.8			640.2		(3)
Interest Expense		203.1			222.8		(9)
Net Interest Income		417.7			417.4		-
Total Revenue		1,537.9			1,506.6		2
Provision for Credit Losses		(7.0)			(6.5)		N/M
Noninterest Expense
Compensation		458.0			455.5		1
Employee Benefits		87.6			89.3		(2)
Outside Services		194.0			186.4		4
Equipment and Software		151.7			147.2		3
Occupancy		53.0			50.9		4
Other Operating Expense		92.0			76.9		20
Total Noninterest Expense		1,036.3			1,006.2		3
Income before Income Taxes		508.6			506.9		-
Provision for Income Taxes		124.0			117.5		5
NET INCOME	$	384.6		$	389.4		(1)%
Dividends on Preferred Stock
$	17.4		$	5.9		195 %
Earnings Allocated to Participating Securities		4.5			3.8		18
Earnings Allocated to Common and Potential Common Shares		362.7			379.7		(4)
Per Common Share
Net Income
Basic	$	1.70		$	1.76		(3)%
Diluted		1.69			1.75		(3)
Average Common Equity	$	9,805.8		$	9,656.1		2 %
Return on Average Common Equity		14.9	%		15.9%
Return on Average Assets		1.31	%		1.34%
Cash Dividends Declared per Common Share	$	0.70		$	0.60		17 %
Average Common Shares Outstanding (000s)
Basic		213,177			216,139
Diluted		214,207			217,170
Common Shares Outstanding (EOP) (000s)		211,882			214,891

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

NORTHERN TRUST CORPORATION						Page 3
(Supplemental Consolidated Financial Information)
STATEMENT OF INCOME DATA
($ In Millions Except Per Share Data)		NINE MONTHS
		2019			2018		% Change 1
Noninterest Income
Trust, Investment and Other Servicing Fees	$	2,859.9	$	2,819.8		1 %
Foreign Exchange Trading Income		186.4			229.1		(19)
Treasury Management Fees		34.1			40.0		(15)
Security Commissions and Trading Income		75.8			75.2		1
Other Operating Income		113.0			87.1		30
Investment Security Gains (Losses), net		(0.9)			(0.3)		N/M
Total Noninterest Income		3,268.3			3,250.9		1
Net Interest Income
Interest Income		1,923.8			1,672.8		15
Interest Expense		666.7			467.3		43
Net Interest Income		1,257.1			1,205.5		4
Total Revenue		4,525.4			4,456.4		2
Provision for Credit Losses		(13.5)			(10.5)		N/M
Noninterest Expense
Compensation		1,395.5			1,362.5		2
Employee Benefits		262.6			266.0		(1)
Outside Services		568.8			543.9		5
Equipment and Software		447.2			429.9		4
Occupancy		155.5			151.3		3
Other Operating Expense		241.6			241.4		-
Total Noninterest Expense		3,071.2			2,995.0		3
Income before Income Taxes		1,467.7			1,471.9		-
Provision for Income Taxes		346.6			325.4		7
NET INCOME	$	1,121.1	$	1,146.5		(2)%
Dividends on Preferred Stock	$	40.6	$	40.5		- %
Earnings Allocated to Participating Securities		12.6			14.3		(12)
Earnings Allocated to Common and Potential Common Shares		1,067.9			1,091.7		(2)
Per Common Share
Net Income
Basic	$	4.95	$	4.87		2 %
Diluted		4.92			4.84		2
Average Common Equity	$	9,670.5	$	9,323.3		4 %
Return on Average Common Equity		14.9	%		15.9%
Return on Average Assets		1.28	%		1.24%
Cash Dividends Declared per Common Share	$	1.90	$	1.39		37 %
Average Common Shares Outstanding (000s)
Basic		215,832			224,099
Diluted		216,864			225,495
Common Shares Outstanding (EOP) (000s)		211,882			221,395

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

NORTHERN TRUST CORPORATION						Page 4
(Supplemental Consolidated Financial Information)
BALANCE SHEET
($ In Millions)		SEPTEMBER 30
		2019			2018		% Change 1
Assets
Federal Reserve and Other Central Bank Deposits and Other 2	$	22,474.4		$	32,788.4		(31)%
Interest-Bearing Due from and Deposits with Banks 3		6,361.2			5,022.0		27
Federal Funds Sold and Securities Purchased under Agreements to Resell		535.0			1,501.5		(64)
Securities
U.S. Government		5,766.8			5,708.6		1
Obligations of States and Political Subdivisions		1,164.0			745.3		56
Government Sponsored Agency		22,624.2			21,588.7		5
Other 4		21,933.6			23,640.4		(7)
Total Securities		51,488.6			51,683.0		-
Loans and Leases		30,844.2			31,354.0		(2)
Total Earning Assets		111,703.4			122,348.9		(9)
Allowance for Credit Losses Assigned to Loans and Leases		(105.7)			(119.6)		(12)
Cash and Due from Banks and Other Central Bank Deposits 5		2,685.1			2,870.9		(6)
Buildings and Equipment		400.5			417.2		(4)
Client Security Settlement Receivables		2,102.2			1,541.4		36
Goodwill		687.2			672.7		2
Other Assets		6,883.1			4,647.0		48
Total Assets	$	124,355.8		$	132,378.5		(6)%
Liabilities and Stockholders' Equity
Interest-Bearing Deposits
Savings, Money Market and Other	$	18,668.7		$	15,739.7		19 %
Savings Certificates and Other Time		895.2			755.5		18
Non-U.S. Offices - Interest-Bearing		55,694.8			64,373.5		(13)
Total Interest-Bearing Deposits		75,258.7			80,868.7		(7)
Short-Term Borrowings		8,265.8			10,336.0		(20)
Senior Notes		2,597.5			1,996.2		30
Long-Term Debt		1,159.7			1,096.5		6
Floating Rate Capital Debt		277.7			277.6		-
Total Interest-Related Funds		87,559.4			94,575.0		(7)
Demand and Other Noninterest-Bearing Deposits		22,005.5			24,022.5		(8)
Other Liabilities		3,979.6			3,416.5		16
Total Liabilities		113,544.5			122,014.0		(7)
Common Equity		9,929.3			9,482.5		5
Preferred Equity		882.0			882.0		-
Total Equity		10,811.3			10,364.5		4
Total Liabilities and Stockholders' Equity	$	124,355.8		$	132,378.5		(6)%

1. Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.
2. Federal Reserve and Other Central Bank Deposits and Other includes collateral deposits with certain securities depositories and clearing houses for the purpose of presenting earning assets; such deposits are presented in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
3. Interest-BearingDue from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
4. Other securities include Federal Reserve and Federal Home Loan Bank stock and certain community development investments for purposes of presenting earning assets; such securities are presented in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
5. Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.

NORTHERN TRUST CORPORATION						Page 5
(Supplemental Consolidated Financial Information)
BALANCE SHEET
($ In Millions)	SEPTEMBER 30		JUNE 30
		2019			2019		% Change 1
Assets
Federal Reserve and Other Central Bank Deposits and Other 2	$	22,474.4		$	27,530.3		(18)%
Interest-Bearing Due from and Deposits with Banks 3		6,361.2			6,619.3		(4)
Federal Funds Sold and Securities Purchased under Agreements to Resell		535.0			660.5		(19)
Securities
U.S. Government		5,766.8			5,197.1		11
Obligations of States and Political Subdivisions		1,164.0			769.4		51
Government Sponsored Agency		22,624.2			22,509.6		1
Other 4		21,933.6			20,782.6		6
Total Securities		51,488.6			49,258.7		5
Loans and Leases		30,844.2			30,982.3		-
Total Earning Assets		111,703.4			115,051.1		(3)
Allowance for Credit Losses Assigned to Loans and Leases		(105.7)			(110.8)		(5)
Cash and Due from Banks and Other Central Bank Deposits 5		2,685.1			2,965.9		(9)
Buildings and Equipment		400.5			407.5		(2)
Client Security Settlement Receivables		2,102.2			1,311.1		60
Goodwill		687.2			682.0		1
Other Assets		6,883.1			6,244.1		10
Total Assets	$	124,355.8		$	126,550.9		(2)%
Liabilities and Stockholders' Equity
Interest-Bearing Deposits
Savings, Money Market and Other	$	18,668.7		$	18,197.2		3 %
Savings Certificates and Other Time		895.2			897.3		-
Non-U.S. Offices - Interest-Bearing		55,694.8			59,028.0		(6)
Total Interest-Bearing Deposits		75,258.7			78,122.5		(4)
Short-Term Borrowings		8,265.8			8,259.6		-
Senior Notes		2,597.5			2,565.6		1
Long-Term Debt		1,159.7			1,147.6		1
Floating Rate Capital Debt		277.7			277.6		-
Total Interest-Related Funds		87,559.4			90,372.9		(3)
Demand and Other Noninterest-Bearing Deposits		22,005.5			22,107.9		-
Other Liabilities		3,979.6			3,264.6		22
Total Liabilities		113,544.5			115,745.4		(2)
Common Equity		9,929.3			9,923.5		-
Preferred Equity		882.0			882.0		-
Total Equity		10,811.3			10,805.5		-
Total Liabilities and Stockholders' Equity	$	124,355.8		$	126,550.9		(2)%

1. Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.
2. Federal Reserve and Other Central Bank Deposits and Other includes collateral deposits with certain securities depositories and clearing houses for the purpose of presenting earning assets; such deposits are presented in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
3. Interest-BearingDue from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
4. Other securities include Federal Reserve and Federal Home Loan Bank stock and certain community development investments for purposes of presenting earning assets; such securities are presented in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
5. Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.

NORTHERN TRUST CORPORATION						Page 6
(Supplemental Consolidated Financial Information)
AVERAGE BALANCE SHEET
($ In Millions)		THIRD QUARTER
		2019			2018		% Change 1
Assets
Federal Reserve and Other Central Bank Deposits and Other 2	$	17,524.9	$	22,889.6		(23)%
Interest-Bearing Due from and Deposits with Banks 3		5,656.5			5,410.3		5
Federal Funds Sold and Securities Purchased under Agreements to Resell		816.9			1,775.2		(54)
Securities
U.S. Government		5,506.5			5,726.6		(4)
Obligations of States and Political Subdivisions		906.6			730.7		24
Government Sponsored Agency		22,494.1			21,589.9		4
Other 4		21,117.7			22,773.6		(7)
Total Securities		50,024.9			50,820.8		(2)
Loans and Leases		30,935.9			31,798.9		(3)
Total Earning Assets		104,959.1			112,694.8		(7)
Allowance for Credit Losses Assigned to Loans and Leases		(111.2)			(127.6)		(13)
Cash and Due from Banks and Other Central Bank Deposits 5		2,551.5			2,702.9		(6)
Buildings and Equipment		411.9			426.8		(3)
Client Security Settlement Receivables		1,089.6			968.1		13
Goodwill		680.4			672.4		1
Other Assets		6,770.8			4,818.2		41
Total Assets	$	116,352.1	$	122,155.6		(5)%
Liabilities and Stockholders' Equity
Interest-Bearing Deposits
Savings, Money Market and Other	$	17,802.7	$	14,787.6		20 %
Savings Certificates and Other Time		898.9			810.5		11
Non-U.S. Offices - Interest-Bearing		53,631.5			58,473.2		(8)
Total Interest-Bearing Deposits		72,333.1			74,071.3		(2)
Short-Term Borrowings		8,768.8			11,380.7		(23)
Senior Notes		2,587.7			1,818.0		42
Long-Term Debt		1,156.7			1,254.4		(8)
Floating Rate Capital Debt		277.7			277.6		-
Total Interest-Related Funds		85,124.0			88,802.0		(4)
Demand and Other Noninterest-Bearing Deposits		16,687.3			19,430.5		(14)
Other Liabilities		3,853.0			3,648.5		6
Total Liabilities		105,664.3			111,881.0		(6)
Common Equity		9,805.8			9,392.6		4
Preferred Equity		882.0			882.0		-
Total Equity		10,687.8			10,274.6		4
Total Liabilities and Stockholders' Equity	$	116,352.1		$	122,155.6		(5)%

1. Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.
2. Federal Reserve and Other Central Bank Deposits and Other includes collateral deposits with certain securities depositories and clearing houses for the purpose of presenting earning assets; such deposits are presented in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
3. Interest-BearingDue from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
4. Other securities include Federal Reserve and Federal Home Loan Bank stock and certain community development investments for purposes of presenting earning assets; such securities are presented in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
5. Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.

NORTHERN TRUST CORPORATION				Page 7
(Supplemental Consolidated Financial Information)
AVERAGE BALANCE SHEET		THIRD		SECOND
($ In Millions)		QUARTER		QUARTER
		2019			2019		% Change 1
Assets
Federal Reserve and Other Central Bank Deposits and Other 2	$	17,524.9		$	19,236.2		(9)%
Interest-Bearing Due from and Deposits with Banks 3		5,656.5			5,811.9		(3)
Federal Funds Sold and Securities Purchased under Agreements to Resell		816.9			650.9		26
Securities
U.S. Government		5,506.5			5,150.3		7
Obligations of States and Political Subdivisions		906.6			770.5		18
Government Sponsored Agency		22,494.1			22,397.0		-
Other 4		21,117.7			20,593.4		3
Total Securities		50,024.9			48,911.2		2
Loans and Leases		30,935.9			31,098.9		(1)
Total Earning Assets		104,959.1			105,709.1		(1)
Allowance for Credit Losses Assigned to Loans and Leases		(111.2)			(115.1)		(3)
Cash and Due from Banks and Other Central Bank Deposits 5		2,551.5			2,784.3		(8)
Buildings and Equipment		411.9			412.5		-
Client Security Settlement Receivables		1,089.6			1,044.6		4
Goodwill		680.4			681.4		-
Other Assets		6,770.8			5,842.1		16
Total Assets	$	116,352.1		$	116,358.9		- %
Liabilities and Stockholders' Equity
Interest-Bearing Deposits
Savings, Money Market and Other	$	17,802.7		$	15,950.9		12 %
Savings Certificates and Other Time		898.9			888.6		1
Non-U.S. Offices - Interest-Bearing		53,631.5			54,679.9		(2)
Total Interest-Bearing Deposits		72,333.1			71,519.4		1
Short-Term Borrowings		8,768.8			9,427.6		(7)
Senior Notes		2,587.7			2,361.4		10
Long-Term Debt		1,156.7			1,131.6		2
Floating Rate Capital Debt		277.7			277.6		-
Total Interest-Related Funds		85,124.0			84,717.6		-
Demand and Other Noninterest-Bearing Deposits		16,687.3			17,826.5		(6)
Other Liabilities		3,853.0			3,276.7		18
Total Liabilities		105,664.3			105,820.8		-
Common Equity		9,805.8			9,656.1		2
Preferred Equity		882.0			882.0		-
Total Equity		10,687.8			10,538.1		1
Total Liabilities and Stockholders' Equity	$	116,352.1		$	116,358.9		- %

1. Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.
2. Federal Reserve and Other Central Bank Deposits and Other includes collateral deposits with certain securities depositories and clearing houses for the purpose of presenting earning assets; such deposits are presented in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
3. Interest-BearingDue from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
4. Other securities include Federal Reserve and Federal Home Loan Bank stock and certain community development investments for purposes of presenting earning assets; such securities are presented in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
5. Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.

NORTHERN TRUST CORPORATION								Page 8
(Supplemental Consolidated Financial Information)
QUARTERLY TREND DATA						2019						2018
($ In Millions Except Per Share Data)				QUARTERS					QUARTERS
		THIRD				SECOND		FIRST		FOURTH		THIRD
Net Income Summary				$	955.5		$	928.9		$	933.9		$	939.2
Trust, Investment and Other Servicing Fees	$	975.5
Other Noninterest Income		144.7				133.7			130.0			152.7			126.9
Net Interest Income		417.7				417.4			422.0			417.2			408.2
Total Revenue		1,537.9				1,506.6			1,480.9			1,503.8			1,474.3
Provision for Credit Losses		(7.0)				(6.5)			-		(4.0)			(9.0)
Noninterest Expense		1,036.3				1,006.2			1,028.7			1,021.9			1,002.3
Income before Income Taxes		508.6				506.9			452.2			485.9			481.0
Provision for Income Taxes		124.0				117.5			105.1			76.0			106.5
Net Income	$	384.6		$	389.4		$	347.1		$	409.9		$	374.5
Per Common Share
Net Income - Basic	$	1.70		$	1.76		$	1.49		$	1.81		$	1.59
- Diluted		1.69				1.75			1.48			1.80			1.58
Cash Dividends Declared per Common Share		0.70				0.60			0.60			0.55			0.55
Book Value (EOP)		46.86				46.18			44.72			43.95			42.83
Market Value (EOP)		93.32				90.00			90.41			83.59			102.13
Financial Ratios
Return on Average Common Equity		14.9	%			15.9 %			14.0 %			17.0 %			15.1%
Return on Average Assets		1.31				1.34			1.18			1.34			1.22
Net Interest Margin (GAAP)		1.58				1.58			1.55			1.48			1.44
Net Interest Margin (FTE*)		1.61				1.61			1.58			1.52			1.47
Assets Under Custody / Administration ($ in Billions) - EOP
Corporate & Institutional Services	$	10,864.0		$	10,623.6		$	10,238.9		$	9,490.5		$	10,153.9
Wealth Management		701.2				698.4			688.5			634.8			675.9
Total Assets Under Custody / Administration	$	11,565.2		$	11,322.0		$	10,927.4		$	10,125.3		$	10,829.8
Assets Under Custody ($ In Billions) - EOP
Corporate & Institutional Services	$	8,061.4		$	7,820.6		$	7,529.1		$	6,971.0		$	7,523.1
Wealth Management		698.7				698.2			670.6			622.9			665.8
Total Assets Under Custody	$	8,760.1		$	8,518.8		$	8,199.7		$	7,593.9		$	8,188.9
Assets Under Management ($ In Billions) - EOP
Corporate & Institutional Services	$	901.3		$	887.0		$	867.9		$	790.8		$	876.0
Wealth Management		300.5				293.2			294.2			278.6			295.5
Total Assets Under Management	$	1,201.8		$	1,180.2		$	1,162.1		$	1,069.4		$	1,171.5
Asset Quality ($ In Millions) - EOP
Nonperforming Loans and Leases	$	113.1		$	115.1		$	116.1		$	109.3		$	113.6
Other Real Estate Owned (OREO)		3.2				3.8			8.0			8.4			11.3
Total Nonperforming Assets	$	116.3		$	118.9		$	124.1		$	117.7		$	124.9
Nonperforming Assets / Loans and Leases and OREO			%
	0.38			0.38 %			0.41 %			0.36 %			0.40%
Gross Charge-offs	$	1.1		$	0.6		$	1.0		$	0.8		$	2.8
Less: Gross Recoveries		1.7				1.8			2.2			2.5			3.1
Net Charge-offs / (Recoveries)	$	(0.6)		$	(1.2)		$	(1.2)		$	(1.7)		$	(0.3)
Net Charge-offs / (Recoveries) (Annualized) to Avg Loans and Leases			%
	(0.01)			(0.02)%			(0.02)%			(0.02)%			-%
Allowance for Credit Losses Assigned to Loans and Leases	$	105.7		$	110.8		$	114.5		$	112.6		$	119.6
Allowance to Nonperforming Loans and Leases		0.9x				1.0x		1.0x		1.0x		1.1x
Allowance for Other Credit-Related Exposures	$	22.0		$	23.3		$	24.9		$	25.6		$	20.9

1. Net interest margin presented on an FTE basis is a non-generally accepted accounting principle financial measure that facilitates the analysis of asset yields. Please refer to the Reconciliation to Fully Taxable Equivalent section for further detail.