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Q2 2026 · read from the 30 June 2026 Call Report · United States · Great Lakes · Illinois, the state note

Northern Trust Co.

Chicago, Illinois · $178.57B in assets · beside the 11 other the Great Lakes states banks over $10B (the state alone holds too few in the band to rank)

The filing

29.6%
Loans / deposits
1st of 12
6.7%
Equity / assets
12th of 12
0.23%
NPA / loans
1st of 12

Northern Trust Co. is the fifth largest of the 12 the Great Lakes states banks nearest its size over $10B, with $178.57B in assets at 30 June 2026. Loans are 29.6% of deposits, the lowest in the cohort against a median of 84.2%, and equity is 6.7% of assets, the lowest in the cohort. Loans grew +1.2% in the year, 10th of 12, and deposits grew 6.3%; the cohort's median loan growth is +15.1%.

Noncurrent loans are 0.23% of the book, the lowest in the cohort against a median of 0.85%; 0.62% is 30 to 89 days past due, and the allowance covers them 1.6 times. Commercial real estate is 12.3% of loans, 2nd of 12 against a median of 25.6%, and 41% of capital, below the 300% screen, with construction at 5% against the 100% screen.

Return on assets is 1.59%, the highest in the cohort against a median of 1.30%, on an efficiency ratio of 70.3%, 11th of 12. Five years ago it was 0.99%. The question this shape raises is what the liquidity earns, and what a rate path does to the securities book and the deposit base.

Loans as a share of depositsGreat Lakes states banks over $10B · 30 June 2026 · lower is stronger, listed first
median 84.2% NT Northern Trust Co. 29.6% KN KeyBank National Association 70.6% BB BMO Bank National Association 73.0% FT Fifth Third Bank N.A. 74.5% FF First Financial Bank 77.3% CB CIBC Bank USA 84.2% HN Huntington National Bank 84.2% BB Busey Bank 87.1% ON Old National Bank 89.2% AB Associated Bank N.A. 91.2% FM First Merchants Bank 93.0% MB Merchants Bank of Indiana 121.1%
Loans, year over yearGreat Lakes states banks over $10B · 30 June 2026 · no better direction, largest first
median +15.1% FT Fifth Third Bank N.A. +45.8% HN Huntington National Bank +40.9% AB Associated Bank N.A. +19.1% FM First Merchants Bank +17.1% FF First Financial Bank +16.6% MB Merchants Bank of Indiana +15.5% CB CIBC Bank USA +14.6% ON Old National Bank +5.9% KN KeyBank National Association +4.3% NT Northern Trust Co. +1.2% BB BMO Bank National Association -0.5% BB Busey Bank -4.5%

Commercial real estate against capital

Commercial real estate concentrationthe 2006 interagency screens against total risk-based capital; owner-occupied excluded; bold marks a screen met
Northern Trust Co.RankCohort median
Total CRE against capital, the 300% screen41%1st of 12159%
Construction against capital, the 100% screen5%1st of 1227%
Construction and land development, share of loans1.6%1st of 124.9%
Non-owner-occupied nonfarm nonresidential, share of loans7.3%4th of 1210.1%
Total CRE, the guidance definition, share of loans12.3%2nd of 1225.6%
CRE growth over 36 months, the third prong+4.3%3rd of 12+24.0%
Commercial real estate against capital, the 300% screenGreat Lakes states banks over $10B · 30 June 2026 · lower is stronger, listed first
median 159% NT Northern Trust Co. 41% KN KeyBank National Association 67% FT Fifth Third Bank N.A. 68% BB BMO Bank National Association 69% HN Huntington National Bank 83% CB CIBC Bank USA 149% FF First Financial Bank 169% FM First Merchants Bank 183% AB Associated Bank N.A. 183% BB Busey Bank 218% ON Old National Bank 252% MB Merchants Bank of Indiana 252%
CRE growth over 36 months, the guidance's third prongGreat Lakes states banks over $10B · 30 June 2026 · lower is stronger, listed first
median +24.0% KN KeyBank National Association -11.6% MB Merchants Bank of Indiana -7.0% NT Northern Trust Co. +4.3% BB BMO Bank National Association +8.3% FF First Financial Bank +9.0% AB Associated Bank N.A. +23.2% FM First Merchants Bank +24.8% CB CIBC Bank USA +42.1% ON Old National Bank +60.9% BB Busey Bank +70.3% HN Huntington National Bank +73.1% FT Fifth Third Bank N.A. +107.3%

Among its peers

Where it sits among its peersnavy: the stronger half of each column; amber: the weaker; darker at the ends
InstitutionAssetsROAEfficiencyNPA / loansNet charge-offsAllowance / loansLoans / depositsEquity / assets
Fifth Third Bank N.A.$299.18B0.9%68.0%0.84%0.31%1.6%74.5%12.6%
Huntington National Bank$283.07B1.0%61.7%1.06%0.24%1.7%84.2%11.8%
BMO Bank National Association$254.97B0.1%86.8%0.92%0.20%1.6%73.0%14.3%
KeyBank National Association$188.56B1.3%54.9%0.86%0.39%1.3%70.6%9.9%
Northern Trust Co.$178.57B1.6%70.3%0.23%0.00%0.4%29.6%6.7%
Old National Bank$73.86B1.4%49.4%0.92%0.25%1.1%89.2%11.3%
CIBC Bank USA$66.50B1.5%36.8%1.35%0.25%1.1%84.2%17.4%
Associated Bank N.A.$51.76B1.0%58.8%0.42%0.16%1.2%91.2%10.4%
First Financial Bank$22.35B1.5%57.5%0.70%0.27%1.4%77.3%13.4%
First Merchants Bank$21.32B0.7%65.2%0.82%0.18%1.5%93.0%12.8%
Merchants Bank of Indiana$21.17B1.5%40.2%1.18%0.39%0.4%121.1%11.0%
Busey Bank$18.15B1.3%59.9%0.51%0.21%1.2%87.1%13.7%
Five years, 2021 to 2026same quarter, five years apart; dollars as growth, ratios in points
Northern Trust Co.Cohort median
20212026Change20212026Change
Loans$37.41B$43.82B+17%$25.26B$43.57B+73%
Deposits$148.02B$148.11B+0%$31.51B$54.23B+72%
NPA / loans0.31%0.23%-0.09 pts0.72%0.85%+0.13 pts
Efficiency69.8%70.3%+0.5 pts57.5%59.3%+1.9 pts
ROA0.99%1.59%+0.61 pts1.33%1.30%-0.03 pts

This read was prepared for Northern Trust Co.'s board and management from the public record, and is one slice of what Lynx builds for any bank from its own filing: the peer cohort, the capital, liquidity and rate models with the assumptions the institution sets, and a summary report of twenty sections for the board.

The full pack on Northern Trust Co. is prepared on request, and thirty days on the institution's own numbers are open to anyone at the bank.

Ask for the pack

Prepared 7 September 2026
Filing 30 June 2026
Cohort Great Lakes states banks over $10B
Institution www.northerntrust.com

Public record only: FFIEC Call Report, 30 June 2026; FDIC data; cohort by New England and asset band. Computed from the institution's own Call Report and its peers' as published; no estimate, no adjustment; not a rating, not an audited statement and not a supervisory judgement.
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