Financial highlights for the fourth quarter of 2021:
- Net income and core net income1 of $41.7 million, or $0.84
per share
- Return on average common equity of 17.1% and core return on
average tangible common equity1 of 18.8%
- Net interest margin of 2.00%, cost of deposits of
0.12%
- Board declares dividend for the quarter ended December 31,
2021 of $0.44 per share and a new share repurchase program of up to
2.0 million common shares
Financial highlights for the full year 2021:
- Net income of $162.7 million, or $3.26 per share, and core
net income1 of $163.6 million, or $3.28 per share
- Return on average common equity of 16.8%, and core return on
average tangible common equity1 of 18.7%
- Net interest margin of 2.02%, cost of deposits of
0.11%
- Active capital management with aggregate quarterly dividends
of $1.76 per common share and 534,828 shares repurchased
The Bank of N.T. Butterfield & Son Limited ("Butterfield" or
the "Bank") (BSX: NTB.BH; NYSE: NTB) today announced financial
results for the fourth quarter and year ended December 31,
2021.
Net income for the year ended December 31, 2021 was $162.7
million, or $3.26 per diluted common share, compared to $147.2
million, or $2.90 per diluted common share, for the year ended
December 31, 2020. Core net income1 for the year ended December 31,
2021 was $163.6 million, or $3.28 per diluted common share,
compared to $154.5 million, or $3.04 per diluted common share, for
the year ended December 31, 2020.
The core return on average tangible common equity1 for the year
ended December 31, 2021 was 18.7%, compared to 17.3% for the year
ended December 31, 2020. The efficiency ratio for the year ended
December 31, 2021 was 65.9% compared with 67.6% for the year ended
December 31, 2020. The core efficiency ratio1 for the year ended
December 31, 2021 was 65.5% compared with 66.0% for the year ended
December 31, 2020.
Michael Collins, Butterfield's Chairman and Chief Executive
Officer, commented, "Butterfield has performed well throughout the
past year, as we embraced new opportunities and managed the health
and safety challenges of the pandemic. We continued to navigate the
very low interest rate environment by improving efficiencies,
leveraging technology and enhancing the client experience. With an
improved interest rate outlook for 2022, we are well positioned
with Butterfield's historically asset sensitive balance sheet. I
look forward to continuing Butterfield's growth with our strong
balance sheet, leading market positions, solid infrastructure,
efficient operations and customer centric culture. I would like to
thank our staff, clients, the board of directors and all of the
stakeholders that continue to contribute to Butterfield's
success."
Net income and core net income1 for the fourth quarter of 2021
was $41.7 million, or $0.84 per diluted common share, compared to
net income of $39.8 million, or $0.80 per diluted common share, for
the previous quarter and $42.1 million, or $0.84 per diluted common
share, for the fourth quarter of 2020 and core net income1 for the
third quarter of 2021 of $40.0 million, or $0.80 per diluted common
share, and $42.9 million, or $0.86 per diluted common share, for
the fourth quarter of 2020.
The core return on average tangible common equity1 for the
fourth quarter of 2021 was 18.8%, compared to 17.9% for the
previous quarter and 19.0% for the fourth quarter of 2020. The
efficiency ratio for the fourth quarter of 2021 was 64.7%, compared
to 66.5% for the previous quarter and 66.3% for the fourth quarter
of 2020 and compared to a core efficiency ratio1 for the third
quarter of 2021 of 66.3% and 65.6% for the fourth quarter of
2020.
Net interest income (“NII”) for the fourth quarter of 2021 was
$74.5 million, a decrease of $1.2 million, compared with NII of
$75.7 million in the previous quarter and down $1.1 million from
$75.6 million in the fourth quarter of 2020. NII was lower during
the fourth quarter of 2021 compared to the prior quarter due to
lower average volume of interest earning assets, which was
partially offset by an improved asset mix with higher average
yields. Compared to the fourth quarter of 2020, NII was lower due
to a decrease in average yields, offset by a higher average volume
of interest earning assets.
Net interest margin (“NIM”) for the fourth quarter of 2021 was
2.00%, an increase of 3 basis points from 1.97% in the previous
quarter and down 25 basis points from 2.25% in the fourth quarter
of 2020. NIM in the fourth quarter of 2021 was slightly higher than
the prior quarter due to lower deposits decreasing the balance
sheet size, and deployment of cash into higher yielding assets.
Compared to the fourth quarter of 2020, NIM was lower due to margin
declines across interest earning assets, driven by lower US Dollar
interest rates.
Non-interest income for the fourth quarter of 2021 of $52.7
million was $3.7 million higher than the $49.0 million earned in
the previous quarter and $4.9 million higher than $47.8 million in
the fourth quarter of 2020. Non-interest income during the fourth
quarter of 2021 increased compared to the prior quarter due to
higher revenue across all business lines, with growth in trust, due
to new business onboarded and higher activity-based fees, and
increased banking revenues from increased card services fees.
Compared to the fourth quarter of 2020, non-interest income was up
due to increased banking fees due to improved economic
activity.
There was a net credit reserve release of $0.6 million for the
fourth quarter of 2021, compared to a negligible release in the
previous quarter and a release of $2.4 million during the fourth
quarter of 2020. The credit release was driven by an improved
economic outlook and continuing stable loan performance.
Non-interest expenses were $83.8 million in the fourth quarter
of 2021, compared to $84.4 million in the previous quarter and
$83.2 million in the fourth quarter of 2020. Core non-interest
expenses1 decreased to $83.7 million in the fourth quarter of 2021,
compared to $84.2 million the previous quarter and higher than the
$82.4 million incurred in the fourth quarter of 2020. Non-interest
expenses were lower in the fourth quarter versus the third quarter
of 2021 due to lower benefit costs from staff-related restructuring
programs, resulting in reduced headcount, and lower sequential
spend on technology costs and consulting expenses.
Period end deposit balances increased to $13.9 billion from
$13.3 billion as at December 31, 2020. Deposits remained elevated
across all jurisdictions. Deposit balances decreased slightly
compared to the prior quarter as economies continue to re-open and
customers activate their savings.
The Bank continued its balanced capital return policy. The Board
again declared a quarterly dividend of $0.44 per common share to be
paid on March 14, 2022 to shareholders of record on February 28,
2022. During the fourth quarter of 2021, Butterfield repurchased
0.2 million common shares under the Bank's expiring share
repurchase plan authorization. The Board approved a new replacement
share repurchase program on February 14, 2022, authorizing the
purchase of up to 2.0 million common shares through to February 28,
2023. The share repurchase program will take effect on March 1,
2022.
The current total regulatory capital ratio as at December 31,
2021 was 21.2% as calculated under Basel III, compared to 19.8% as
at December 31, 2020. Both of these ratios remain significantly
above the Basel III regulatory requirements applicable to the
Bank.
(1)
See table "Reconciliation of US GAAP
Results to Core Earnings" below for reconciliation of US GAAP
results to non-GAAP measures.
ANALYSIS AND DISCUSSION OF FOURTH
QUARTER AND FULL YEAR RESULTS
Income statement
Three months ended
(Unaudited)
Year ended
(in $ millions)
December 31, 2021
September 30, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Non-interest income
52.7
49.0
47.8
198.1
183.9
Net interest income before provision for
credit losses
74.5
75.7
75.6
299.8
317.6
Total net revenue before provision for
credit losses and other gains (losses)
127.2
124.7
123.3
497.9
501.5
Provision for credit recoveries
(losses)
0.6
—
2.4
3.1
(8.5
)
Total other gains (losses)
(1.6
)
0.3
(0.4
)
(1.4
)
1.2
Total net revenue
126.2
125.0
125.3
499.7
494.2
Non-interest expenses
(83.8
)
(84.4
)
(83.2
)
(333.9
)
(344.6
)
Total net income before taxes
42.4
40.6
42.1
165.8
149.6
Income tax benefit (expense)
(0.8
)
(0.8
)
(0.1
)
(3.1
)
(2.4
)
Net income
41.7
39.8
42.1
162.7
147.2
Net earnings per share
Basic
0.84
0.80
0.85
3.28
2.91
Diluted
0.84
0.80
0.84
3.26
2.90
Per diluted share impact of other non-core
items 1
—
—
0.02
0.02
0.14
Core earnings per share on a fully
diluted basis 1
0.84
0.80
0.86
3.28
3.04
Adjusted weighted average number of
participating shares on a fully diluted basis (in thousands of
shares)
49,800
49,883
49,809
49,875
50,850
Key financial ratios
Return on common equity
17.1
%
16.2
%
16.9
%
16.8
%
15.0
%
Core return on average tangible common
equity 1
18.8
%
17.9
%
19.0
%
18.7
%
17.3
%
Return on average assets
1.1
%
1.0
%
1.2
%
1.1
%
1.1
%
Net interest margin
2.00
%
1.97
%
2.25
%
2.02
%
2.42
%
Core efficiency ratio 1
64.7
%
66.3
%
65.6
%
65.5
%
66.0
%
(1) See table "Reconciliation of US GAAP Results to Core
Earnings" below for reconciliation of US GAAP results to non-GAAP
measures
Balance Sheet
As at
(in $ millions)
December 31, 2021
December 31, 2020
Cash due from banks
2,180
3,290
Securities purchased under agreements to
resell
96
197
Short-term investments
1,199
823
Investments in securities
6,237
4,863
Loans, net of allowance for credit
losses
5,241
5,161
Premises, equipment and computer software,
net of accumulated depreciation
139
151
Goodwill and intangibles, net
86
93
Accrued interest and other assets
158
162
Total assets
15,335
14,739
Total deposits
13,870
13,250
Accrued interest and other liabilities
316
335
Long-term debt
172
171
Total liabilities
14,358
13,757
Common shareholders’ equity
977
982
Total shareholders' equity
977
982
Total liabilities and shareholders'
equity
15,335
14,739
Key Balance Sheet Ratios:
December 31, 2021
December 31, 2020
Common equity tier 1 capital ratio1
17.6
%
16.1
%
Tier 1 capital ratio1
17.6
%
16.1
%
Total capital ratio1
21.2
%
19.8
%
Leverage ratio1
5.6
%
5.3
%
Risk-Weighted Assets (in $ millions)
5,101
5,069
Risk-Weighted Assets / total assets
33.3
%
34.4
%
Tangible common equity ratio
5.8
%
6.1
%
Book value per common share (in $)
19.83
19.88
Tangible book value per share (in $)
18.08
18.00
Non-accrual loans/gross loans
1.2
%
1.4
%
Non-performing assets/total assets
0.5
%
0.6
%
Allowance for credit losses/total
loans
0.5
%
0.7
%
(1)
In accordance with regulatory capital
guidance, the Bank has elected to make use of transitional
arrangements which allow the deferral of the January 1, 2020
Current Expected Credit Loss ("CECL") impact of $7.8 million on its
regulatory capital over a period of 5 years.
YEAR ENDED DECEMBER 31, 2021 COMPARED WITH THE YEAR ENDED
DECEMBER 31, 2020
Net Income
Net Income for the year ended December 31, 2021 was $162.7
million, up $15.5 million from $147.2 million in the prior
year.
The $15.5 million increase in net income in the year ended
December 31, 2021 was due principally to the following:
- $14.2 million increase in non-interest income due to
volume-driven increases in both banking and foreign exchange
revenue coupled with higher facility non-utilization fees;
- $17.8 million decrease in net interest income before provision
for credit losses due to: a $18.0 million decrease in interest
income from investments and cash held at other banks, driven
primarily by low global market interest rates following the
COVID-19 pandemic; a $9.1 million decrease from interest on loans
due to lower rates, the repayment of a few large commercial
facilities and paydowns in the higher-yielding Bermuda residential
mortgage portfolio; and partially offset by a $9.3 million decrease
in interest expense due to lower deposit costs;
- $11.6 million decrease in the provision for credit losses due
to both the improvement in macroeconomic forecasts impacting future
expected credit loss estimates and reduction in non-performing
loans;
- $2.6 million decrease in total other gains (losses) due to
losses related to defined benefit settlement accounting in the
Channel Islands and UK segment; and
- $12.3 million decrease in staff-related cost due primarily to
realizing the benefits from previous restructuring programs.
Non-Core Items1
Non-core items resulted in expenses, net of gains, of $0.9
million in the year ended December 31, 2021 compared to expenses,
net of gains, of $7.3 million in the prior year. Non-core items for
the year included: the gain on the disposal of the Visa Inc. Class
B shares; redundancy costs associated with the transfer of Channel
Islands banking operations functions from Mauritius to
Butterfield's service center in Canada and Guernsey; and
professional fees and final settlement of the US Department of
Justice inquiry which commenced in 2013.
Management does not believe that the expenses, gains or losses
identified as non-core are indicative of the results of operations
of the Bank in the ordinary course of business.
QUARTER ENDED DECEMBER 31, 2021 COMPARED WITH THE QUARTER
ENDED SEPTEMBER 30, 2021
Net Income
Net income for the quarter ended December 31, 2021 was $41.7
million, up $1.9 million from $39.8 million in the prior
quarter.
The $1.9 million increase in net income in the quarter ended
December 31, 2021 compared to the previous quarter was due
principally to the following:
- $3.7 million increase in non-interest income due to higher
banking fees driven by seasonally higher consumer spending
supporting interchange revenue and higher trust income driven by
both new business and higher activity-based fees;
- $1.2 million decrease in net interest income before provision
for credit losses, driven by reduced loan interest income as a
result of lower commercial loan balances;
- $0.6 million credit recovery driven by improvements in
macroeconomic forecasts;
- $1.8 million decrease in total other gains (losses) due to
losses related to defined benefit settlement accounting in the
Channel Islands and UK segment; and
- $0.9 million decrease in staff-related expenses primarily due
to redundancy costs recorded in the previous quarter associated
with the transfer of non-client facing roles to Butterfield's
service center in Canada, and lower recruitment costs.
Non-Core Items1
Non-core items resulted in a net expense of $0.1 million in the
fourth quarter of 2021. Non-core items for the period relate to
residual professional fees incurred in relation to the US
Department of Justice inquiry.
Management does not believe that comparative period expenses,
gains or losses identified as non-core are indicative of the
results of operations of the Bank in the ordinary course of
business.
(1)
See table "Reconciliation of US GAAP
Results to Core Earnings" below for reconciliation of US GAAP
results to non-GAAP measures.
BALANCE SHEET COMMENTARY AT DECEMBER 31, 2021 COMPARED WITH
DECEMBER 31, 2020
Total Assets
Total assets of the Bank were $15.3 billion at December 31,
2021, an increase of $0.6 billion from December 31, 2020. The Bank
maintained a highly liquid position at December 31, 2021, with its
$9.7 billion of cash and demand deposits with banks, reverse
repurchase agreements and liquid investments representing 63.3% of
total assets, compared with 62.2% at December 31, 2020.
Loans Receivable
The loan portfolio totaled $5.2 billion at December 31, 2021,
which was $79.9 million higher than December 31, 2020 balances. The
Cayman Islands and the Channel Islands and UK segments saw growth
in their residential mortgage portfolios, which was partially
offset by the repayment of a number of commercial and commercial
real estate facilities in Bermuda and the Channel Islands and UK
segments during the period.
Allowance for credit losses at December 31, 2021 totaled $28.1
million, a decrease of $6.0 million from $34.1 million at December
31, 2020. The movement was due primarily to collateral sales and
charge-off of loans that had previously been provisioned for, and
improving macroeconomic forecasts which drive the estimate of
expected credit losses.
The loan portfolio represented 34.2% of total assets at December
31, 2021 (December 31, 2020: 35.0%), while loans as a percentage of
total deposits decreased to 37.8% at December 31, 2021 from 38.9%
at December 31, 2020. The decrease in both ratios were attributable
principally to an increase in customer deposits at December 31,
2021 due to corporate deposit increases in Cayman and the Channel
Islands, and partially offset by expected corporate deposit
outflows in Bermuda.
As of December 31, 2021, the Bank had gross non-accrual loans of
$61.0 million, representing 1.2% of total gross loans, a decrease
of $11.4 million from $72.5 million, or 1.4% of total loans, at
December 31, 2020. The decrease in non-accrual loans was driven by
the payoff of residential mortgages and a commercial mortgage in
Bermuda and partially offset by a residential mortgage in the UK
moving into non-accrual in the fourth quarter of 2021.
Other real estate owned (“OREO”) decreased by $3.4 million from
December 31, 2020 to $0.7 million due to the sale of a commercial
property in Bermuda during the year.
Investment in Securities
The investment portfolio was $6.2 billion at December 31, 2021,
up $1.4 billion from $4.9 billion at December 31, 2020. The
increase was due to deployment of assets into the investment
portfolio.
The investment portfolio is made up of high quality assets with
100% invested in A-or-better-rated securities. The investment book
yield decreased to 1.65% during the quarter ended December 31, 2021
from 1.77% during the previous quarter. Total net unrealized gains
on the available-for-sale and held-to-maturity portfolios decreased
to $0.9 million, compared with total net unrealized gains of $53.0
million as at the end of the prior quarter and $183.2 million at
December 31, 2020, as a result of increased long-term US dollar
interest rates.
Deposits
Average deposits were $13.7 billion for the quarter ended
December 31, 2021, an increase of $1.7 billion compared to the
quarter ended December 31, 2020.
Average Balance Sheet2
For the three months ended
December 31, 2021
September 30, 2021
December 31, 2020
Average
Average
Average
Average
Average
Average
balance
Interest
rate
balance
Interest
rate
balance
Interest
rate
(in $ millions)
($)
($)
(%)
($)
($)
(%)
($)
($)
(%)
Assets
Cash due from banks and short-term
investments
3,316.3
0.3
0.03
4,210.8
0.4
0.03
3,539.4
0.6
0.07
Investment in securities
6,266.1
26.1
1.65
5,785.6
25.8
1.77
4,736.3
25.2
2.11
Available-for-sale
3,499.6
12.2
1.38
3,061.0
12.1
1.57
2,451.3
11.7
1.89
Held-to-maturity
2,766.5
13.9
1.99
2,724.6
13.7
2.00
2,284.9
13.5
2.35
Loans
5,185.4
54.6
4.18
5,247.2
55.8
4.22
5,042.6
56.2
4.42
Commercial
1,520.9
16.8
4.39
1,599.5
18.1
4.50
1,602.4
19.0
4.71
Consumer
3,664.5
37.8
4.09
3,647.7
37.7
4.10
3,440.3
37.1
4.28
Interest earning assets
14,767.7
81.0
2.17
15,243.6
82.0
2.13
13,318.3
81.9
2.44
Other assets
359.4
374.8
379.2
Total assets
15,127.2
15,618.4
13,697.5
Liabilities
Deposits
10,718.3
(4.0
)
(0.15
)
11,198.4
(3.9
)
(0.14
)
9,448.6
(3.7
)
(0.16
)
Long-term debt
171.8
(2.4
)
(5.54
)
171.7
(2.4
)
(5.55
)
187.8
(2.6
)
(5.54
)
Interest bearing liabilities
10,890.1
(6.4
)
(0.23
)
11,370.1
(6.3
)
(0.22
)
9,636.4
(6.4
)
(0.26
)
Non-interest bearing current accounts
2,928.2
2,959.0
2,713.6
Other liabilities
277.5
282.3
276.2
Total liabilities
14,095.9
14,611.4
12,626.2
Shareholders’ equity
1,031.3
1,007.0
1,071.3
Total liabilities and shareholders’
equity
15,127.2
15,618.4
13,697.5
Non-interest-bearing funds net of
non-interest earning assets (free balance)
3,877.6
3,873.5
3,681.9
Net interest margin
74.5
2.00
75.7
1.97
75.6
2.25
(2)
Averages are based upon a daily averages
for the periods indicated.
Assets Under Administration and Assets Under
Management
Total assets under administration for the trust and custody
businesses were $106.4 billion and $36.8 billion, respectively, at
December 31, 2021, while assets under management were $5.5 billion
at December 31, 2021. This compares with $104.1 billion, $32.4
billion and $5.6 billion, respectively, at December 31, 2020.
Reconciliation of US GAAP Results to Core Earnings
The table below shows the reconciliation of net income in
accordance with US GAAP to core earnings, a non-GAAP measure, which
excludes certain significant items that are included in our US GAAP
results of operations. We focus on core net income, which we
calculate by adjusting net income to exclude certain income or
expense items that are not representative of our business
operations, or “non-core”. Core net income includes revenue, gains,
losses and expense items incurred in the normal course of business.
We believe that expressing earnings and certain other financial
measures excluding these non-core items provides a meaningful base
for period-to-period comparisons, which management believes will
assist investors in analyzing the operating results of the Bank and
predicting future performance. We believe that presentation of
these non-GAAP financial measures will permit investors to assess
the performance of the Bank on the same basis as management.
Core Earnings
Three months ended
Year ended
December 31,
September 30,
December 31,
December 31,
December 31,
(in $ millions except per share
amounts)
2021
2021
2020
2021
2020
Net income
41.7
39.8
42.1
162.7
147.2
Non-core items
Non-core (gains) losses
Distribution from equity method
investment
—
—
—
—
(0.7
)
Gain on disposal of Visa Inc. Class B
shares
—
—
—
(0.9
)
—
Total non-core (gains) losses
—
—
—
(0.9
)
(0.7
)
Non-core expenses
Early retirement program, voluntary
separation, redundancies and other non-core compensation costs
—
—
0.8
1.5
8.0
Tax compliance review costs
0.1
0.1
—
0.2
—
Provision in connection with tax
compliance review
—
0.1
—
0.1
—
Total non-core expenses
0.1
0.2
0.8
1.8
8.0
Total non-core items
0.1
0.2
0.8
0.9
7.3
Core net income
41.7
40.0
42.9
163.6
154.5
Average common equity
965.2
975.4
985.4
965.7
981.0
Less: average goodwill and intangible
assets
(86.6
)
(89.1
)
(91.4
)
(90.0
)
(92.3
)
Average tangible common equity
878.5
886.2
894.0
875.8
888.8
Core earnings per share fully
diluted
0.84
0.80
0.86
3.28
3.04
Return on common equity
17.1
%
16.2
%
16.9
%
16.8
%
15.0
%
Core return on average tangible common
equity
18.8
%
17.9
%
19.0
%
18.7
%
17.3
%
Shareholders' equity
977.5
973.9
981.9
977.5
981.9
Less: goodwill and intangible assets
(86.1
)
(87.3
)
(92.8
)
(86.1
)
(92.8
)
Tangible common equity
891.4
886.6
889.1
891.4
889.1
Basic participating shares outstanding (in
millions)
49.3
49.5
49.4
49.3
49.4
Tangible book value per common
share
18.08
17.92
18.00
18.08
18.00
Non-interest expenses
83.8
84.4
83.2
333.9
344.6
Less: non-core expenses
(0.1
)
(0.2
)
(0.8
)
(1.8
)
(8.0
)
Less: amortization of intangibles
(1.5
)
(1.5
)
(1.5
)
(6.0
)
(5.8
)
Core non-interest expenses before
amortization of intangibles
82.2
82.7
80.9
326.1
330.8
Core revenue before other gains and losses
and provision for credit losses
127.2
124.7
123.3
497.9
501.5
Core efficiency ratio
64.7
%
66.3
%
65.6
%
65.5
%
66.0
%
Conference Call Information:
Butterfield will host a conference call to discuss the Bank’s
results on Tuesday, February 15, 2022 at 10:00 a.m. Eastern Time.
Callers may access the conference call by dialing +1 (844) 855 9501
(toll-free) or +1 (412) 858 4603 (international) ten minutes prior
to the start of the call. A live webcast of the conference call,
including a slide presentation, will be available in the investor
relations section of Butterfield’s website at www.butterfieldgroup.com. A replay of the call
will be archived on the Butterfield website thereafter.
About Non-GAAP Financial Measures:
Certain statements in this release involve the use of non-GAAP
financial measures. We believe such measures provide useful
information to investors that is supplementary to our financial
condition, results of operations and cash flows computed in
accordance with US GAAP; however, our non-GAAP financial measures
have a number of limitations. As such, investors should not view
these disclosures as a substitute for results determined in
accordance with US GAAP, and they are not necessarily comparable to
non-GAAP financial measures that other companies use. See
"Reconciliation of US GAAP Results to Core Earnings" for additional
information.
Forward-Looking Statements:
Certain of the statements made in this release are
forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include statements with respect to our beliefs, plans,
objectives, goals, expectations, anticipations, assumptions
estimates, intentions, and future performance, including, without
limitation, our dividend payout target, and involve known and
unknown risks, uncertainties and other factors, which may be beyond
our control, and which may cause the actual results, performance,
capital, ownership or achievements of Butterfield to be materially
different from future results, performance or achievements
expressed or implied by such forward-looking statements due to a
variety of factors, including worldwide economic conditions and
fluctuations of interest rates, a decline in Bermuda's sovereign
credit rating, the successful completion and integration of
acquisitions or the realization of the anticipated benefits of such
acquisitions in the expected time-frames or at all, success in
business retention and obtaining new business, the impact of the
COVID-19 pandemic, the scope and duration of the pandemic, actions
taken by governmental authorities in response to the pandemic, the
eventual timing and duration of economic stabilization and recovery
from the pandemic and other factors. Forward-looking statements can
be identified by words such as "anticipate," "assume," "believe,"
"estimate," "expect," "indicate," "intend," "may," "plan," "point
to," "predict," "project," "seek," "target," "potential," "will,"
"would," "could," "should," "continue," "contemplate" and other
similar expressions, although not all forward-looking statements
contain these identifying words. All statements other than
statements of historical fact are statements that could be
forward-looking statements.
All forward-looking statements in this disclosure are expressly
qualified in their entirety by this cautionary notice, including,
without limitation, those risks and uncertainties described in our
SEC reports and filings. Such reports are available upon request
from Butterfield, or from the Securities and Exchange Commission
("SEC"), including through the SEC’s website at
https://www.sec.gov. Any forward-looking statements made by
Butterfield are current views as at the date they are made. Except
as otherwise required by law, Butterfield assumes no obligation and
does not undertake to review, update, revise or correct any of the
forward-looking statements included in this disclosure, whether as
a result of new information, future events or other developments.
You are cautioned not to place undue reliance on the
forward-looking statements made by Butterfield in this disclosure.
Comparisons of results for current and any prior periods are not
intended to express any future trends or indications of future
performance, and should only be viewed as historical data.
BF-ALL
About Butterfield:
Butterfield is a full-service bank and wealth manager
headquartered in Hamilton, Bermuda, providing services to clients
from Bermuda, the Cayman Islands, Guernsey and Jersey, where our
principal banking operations are located, and The Bahamas,
Switzerland, Singapore and the United Kingdom, where we offer
specialized financial services. Banking services comprise deposit,
cash management and lending solutions for individual, business and
institutional clients. Wealth management services are composed of
trust, private banking, asset management and custody. In Bermuda,
the Cayman Islands and Guernsey, we offer both banking and wealth
management. In The Bahamas, Singapore and Switzerland, we offer
select wealth management services. In the UK, we offer residential
property lending. In Jersey, we offer select banking and wealth
management services. Butterfield is publicly traded on the New York
Stock Exchange (symbol: NTB) and the Bermuda Stock Exchange
(symbol: NTB.BH). Further details on the Butterfield Group can be
obtained from our website at: www.butterfieldgroup.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220214005651/en/
Investor Relations Contact: Noah Fields Investor
Relations The Bank of N.T. Butterfield & Son Limited Phone:
(441) 299 3816 E-mail: noah.fields@butterfieldgroup.com
Media Relations Contact: Nicky Stevens Group Strategic
Marketing & Communications The Bank of N.T. Butterfield &
Son Limited Phone: (441) 299 1624 Cellular: (441) 524 4106 E-mail:
nicky.stevens@butterfieldgroup.com
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