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Northern Trust Corporation Reports Fourth Quarter Net Income Of $167.7 Million, Earnings Per Common Share Of $0.69. Full Year Net Income Of $687.3 Million, Earnings Per Common Share Of $2.81.

The table below provides information regarding nonperforming assets, the allowance for credit losses, and associated ratios.

             
  December 31,   September 30,   December 31,
($ In Millions)   2012   2012   2011
 
Nonperforming Assets
Nonperforming Loans and Leases $ 254.8 $ 269.0 $ 293.7
Other Real Estate Owned     20.3     20.6     21.2
Total Nonperforming Assets     275.1     289.6     314.9
 
Allowance for Credit Losses
Allowance for Credit Losses Assigned to:
Loans and Leases 297.9 298.6 294.8
Unfunded Loan Commitments and Standby Letters of Credit     29.7     29.4     34.1
Total Allowance for Credit Losses   $ 327.6   $ 328.0   $ 328.9
 
Ratios

Nonperforming Loans and Leases to Total Loans and Leases

0.86% 0.91% 1.01%

Allowance for Credit Losses Assigned to Loans and Leases to Total Loans and Leases

1.01% 1.01% 1.01%

Coverage of Loan and Lease Allowance to Nonperforming Loans and Leases

1.2x 1.1x 1.0x
 

Noninterest expense totaled $741.5 million in the current quarter compared to $771.7 million in the prior year quarter. The current quarter includes restructuring and integration related charges of $8.2 million ($5.2 million after tax, or $0.02 per common share). The prior year quarter included restructuring, acquisition and integration related charges of $61.0 million ($39.8 million after tax, or $0.17 per common share). Excluding the current quarter and prior year quarter charges, and the prior year quarter’s Visa benefit of $13.0 million, noninterest expense increased $9.6 million, or 1%.

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