Financial highlights for the fourth quarter of 2022:
- Net income of $63.1 million, or $1.26 per share, and core
net income1 of $63.2 million, or $1.27 per share
- Return on average common equity of 31.6% and core return on
average tangible common equity1 of 34.9%
- Net interest margin of 2.79%, cost of deposits of
0.78%
- Board declares dividend for the quarter ended December 31,
2022 of $0.44 per share
Financial highlights for the full year 2022:
- Net income of $214.0 million, or $4.29 per share, and core
net income1 of $215.7 million, or $4.33 per share
- Return on average common equity of 25.7%, and core return on
average tangible common equity1 of 28.6%
- Net interest margin of 2.41%, cost of deposits of
0.34%
- Active capital management with aggregate quarterly dividends
of $1.76 per share
The Bank of N.T. Butterfield & Son Limited ("Butterfield" or
the "Bank") (BSX: NTB.BH; NYSE: NTB) today announced financial
results for the quarter and year ended December 31, 2022.
Net income for the year ended December 31, 2022 was $214.0
million, or $4.29 per diluted common share, compared to $162.7
million, or $3.26 per diluted common share, for the year ended
December 31, 2021. Core net income1 for the year ended December 31,
2022 was $215.7 million, or $4.33 per diluted common share,
compared to $163.6 million, or $3.28 per diluted common share, for
the year ended December 31, 2021.
The return on average common equity for the year ended December
31, 2022 was 25.7% compared to 16.8% for the year ended December
31, 2021. The core return on average tangible common equity1 for
the year ended December 31, 2022 was 28.6%, compared to 18.7% for
the year ended December 31, 2021. The efficiency ratio for the year
ended December 31, 2022 was 59.2% compared with 65.9% for the year
ended December 31, 2021. The core efficiency ratio1 for the year
ended December 31, 2022 was 58.9% compared with 65.5% for the year
ended December 31, 2021.
Michael Collins, Butterfield's Chairman and Chief Executive
Officer, commented, "Butterfield's results for the full year and
fourth quarter of 2022 continued to demonstrate the Bank's strong
return profile, which benefited from rising market interest rates,
non-interest income growth, and disciplined expense management that
helped drive the efficiency ratio below 60%. As we enter 2023, we
believe that Butterfield's healthy returns on common equity will
continue to support investor returns and overall growth objectives.
Our long-standing strategy remains focused on limiting credit
exposure in our conservative investment portfolio, growth through
targeted acquisitions and thoughtful capital management. I was
pleased to see tangible book value per common share recover 15.7%
during the fourth quarter.
"We have made good progress preparing to onboard clients and new
colleagues from our previously announced acquisition of the Credit
Suisse trust business in Singapore, Guernsey and The Bahamas. We
remain on track to progressively close the transaction during 2023.
In terms of capital management, in addition to our quarterly cash
dividend, we prioritize capital to support organic growth and the
potential for acquisitions, and plan to recommence our share
repurchase activity in the first half of 2023 (subject to market
conditions). I am pleased that the Board has authorized a new share
repurchase program of up to 3.0 million shares. I remain optimistic
about Butterfield's continuing success following the proven
resilience of our business model across recent interest rate and
economic cycles. I am also encouraged by the removal of
pandemic-related travel restrictions to our island jurisdictions,
which should help to bolster tourism and international business and
stimulate local economies. I look forward to working alongside our
great teams of people in 2023 and beyond to help clients achieve
their financial goals while also enhancing shareholder value."
Net income for the fourth quarter of 2022 was $63.1 million, or
$1.26 per diluted common share, compared to net income of $57.4
million, or $1.15 per diluted common share, for the previous
quarter and $41.7 million, or $0.84 per diluted common share, for
the fourth quarter of 2021. Core net income1 for the fourth quarter
of 2022 was $63.2 million, or $1.27 per diluted common share,
compared to $57.6 million, or $1.16 per diluted common share, for
the previous quarter and $41.7 million, or $0.84 per diluted common
share, for the fourth quarter of 2021.
The return on average common equity for the fourth quarter of
2022 was 31.6% compared to 28.5% for the previous quarter and 17.1%
for the fourth quarter of 2021. The core return on average tangible
common equity1 for the fourth quarter of 2022 was 34.9%, compared
to 31.6% for the previous quarter and 18.8% for the fourth quarter
of 2021. The efficiency ratio for the fourth quarter of 2022 was
55.7%, compared to 57.1% for the previous quarter and 64.7% for the
fourth quarter of 2021. The core efficiency ratio1 for the fourth
quarter of 2022 was 55.6% compared with 57.0% in the previous
quarter and 64.7% for the fourth quarter of 2021.
Net income increased in the fourth quarter of 2022 versus the
prior quarter primarily due to higher market interest rates and
increased non-interest income offset by higher non-interest
expenses and a moderately higher provision for future expected
credit losses due to weaker macroeconomic forecasts and charge-offs
on a commercial facility.
Net interest income (“NII”) for the fourth quarter of 2022 was
$94.6 million, an increase of $3.4 million, compared with NII of
$91.2 million in the previous quarter and up $20.1 million from
$74.5 million in the fourth quarter of 2021. NII continued to
increase during the fourth quarter of 2022 compared to the prior
quarter, primarily due to higher margins on loans and treasury
assets, which were partially offset by higher deposit costs,
particularly in the more competitive Channel Islands markets.
Compared to the fourth quarter of 2021, NII similarly increased due
to higher yields on assets, which was partially offset by higher
deposit costs.
Net interest margin (“NIM”) for the fourth quarter of 2022 was
2.79%, an increase of 20 basis points from 2.59% in the previous
quarter and up 79 basis points from 2.00% in the fourth quarter of
2021. NIM in the fourth quarter of 2022 was higher than the prior
quarter and fourth quarter of 2021 primarily due to increased
market interest rates.
Non-interest income for the fourth quarter of 2022 of $54.9
million was $5.0 million higher than the $49.9 million earned in
the previous quarter and $2.3 million higher than $52.7 million in
the fourth quarter of 2021. Non-interest income during the fourth
quarter of 2022 increased compared to the prior quarter due to
increased banking fees driven by higher card services fees from
seasonal credit and debit card transaction activity and higher
trust income driven by both new business and higher activity-based
fees. Non-interest income in the fourth quarter of 2022 was higher
than the fourth quarter of 2021 due to higher banking and foreign
exchange revenues, partially offset by lower asset management,
trust and custody fees.
Non-interest expenses were $84.7 million in the fourth quarter
of 2022, compared to $82.0 million in the previous quarter and
$83.8 million in the fourth quarter of 2021. Core non-interest
expenses1 of $84.5 million in the fourth quarter of 2022 were
higher than the $81.8 million incurred in the previous quarter and
the $83.7 million incurred in the fourth quarter of 2021 primarily
due to higher staff-related expenses from performance-based
incentive accruals and non-recurring severance costs.
Deposit balances increased $0.5 billion compared to the prior
quarter to $13.0 billion due to increased volumes and the impact of
changes in foreign exchange rates. Period end deposit balances were
lower compared to December 31, 2021 at $13.9 billion due to the
anticipated normalization of pandemic-related elevated deposit
levels, as well as the impact of foreign exchange translation of
non-US dollar deposits following the strengthening of the US
dollar. Customer withdrawals represent 57% of the decrease in
deposits while the strengthening of US dollar's impact on non-US
dollar balances represents 43% of the change year-over-year.
The Bank maintained its balanced capital return policy. The
Board again declared a quarterly dividend of $0.44 per common share
to be paid on March 14, 2023 to shareholders of record on February
27, 2023. The Board approved a new share repurchase program on
February 13, 2023 to replace its expiring program authorizing the
purchase of up to 3.0 million common shares through to February 29,
2024. The new share repurchase authorization will take effect on
March 1, 2023.
The current total regulatory capital ratio as at December 31,
2022 was 24.1% as calculated under Basel III, compared to 21.2% as
at December 31, 2021. Both of these ratios remain significantly
above the minimum 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 RESULTS
Income statement
Three months ended
(Unaudited)
Year ended
(in $ millions)
December 31,
2022
September 30,
2022
December 31,
2021
December 31,
2022
December 31,
2021
Non-interest income
54.9
49.9
52.7
206.6
198.1
Net interest income before provision for
credit losses
94.6
91.2
74.5
343.6
299.8
Total net revenue before provision for
credit losses and other gains (losses)
149.5
141.1
127.2
550.2
497.9
Provision for credit (losses)
recoveries
(1.6
)
(0.8
)
0.6
(2.4
)
3.1
Total other gains (losses)
0.6
0.1
(1.6
)
1.5
(1.4
)
Total net revenue
148.5
140.4
126.2
549.3
499.7
Non-interest expenses
(84.7
)
(82.0
)
(83.8
)
(331.6
)
(333.9
)
Total net income before taxes
63.8
58.4
42.4
217.7
165.8
Income tax benefit (expense)
(0.7
)
(0.9
)
(0.8
)
(3.7
)
(3.1
)
Net income
63.1
57.4
41.7
214.0
162.7
Net earnings per share
Basic
1.27
1.16
0.84
4.32
3.28
Diluted
1.26
1.15
0.84
4.29
3.26
Per diluted share impact of other non-core
items 1
0.01
0.01
—
0.04
0.02
Core earnings per share on a fully
diluted basis 1
1.27
1.16
0.84
4.33
3.28
Adjusted weighted average number of
participating shares on a fully diluted basis (in thousands of
shares)
49,963
49,847
49,800
49,860
49,875
Key financial ratios
Return on common equity
31.6
%
28.5
%
17.1
%
25.7
%
16.8
%
Core return on average tangible common
equity 1
34.9
%
31.6
%
18.8
%
28.6
%
18.7
%
Return on average assets
1.8
%
1.6
%
1.1
%
1.5
%
1.1
%
Net interest margin
2.79
%
2.59
%
2.00
%
2.41
%
2.02
%
Core efficiency ratio 1
55.6
%
57.0
%
64.7
%
58.9
%
65.5
%
(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, 2022
December 31, 2021
Cash and cash equivalents
2,101
2,180
Securities purchased under agreements to
resell
60
96
Short-term investments
884
1,199
Investments in securities
5,727
6,237
Loans, net of allowance for credit
losses
5,096
5,241
Premises, equipment and computer software,
net
146
139
Goodwill and intangibles, net
74
86
Accrued interest and other assets
217
158
Total assets
14,306
15,335
Total deposits
12,991
13,870
Accrued interest and other liabilities
278
316
Long-term debt
172
172
Total liabilities
13,441
14,358
Common shareholders’ equity
865
977
Total shareholders' equity
865
977
Total liabilities and shareholders'
equity
14,306
15,335
Key Balance Sheet Ratios:
December 31, 2022
December 31, 2021
Common equity tier 1 capital ratio1
20.3
%
17.6
%
Tier 1 capital ratio1
20.3
%
17.6
%
Total capital ratio1
24.1
%
21.2
%
Leverage ratio1
6.7
%
5.6
%
Risk-Weighted Assets (in $ millions)
4,843
5,101
Risk-Weighted Assets / total assets
33.9
%
33.3
%
Tangible common equity ratio
5.6
%
5.8
%
Book value per common share (in $)
17.42
19.83
Tangible book value per share (in $)
15.92
18.08
Non-accrual loans/gross loans
1.2
%
1.2
%
Non-performing assets/total assets
0.5
%
0.5
%
Allowance for credit losses/total
loans
0.5
%
0.5
%
(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.
QUARTER ENDED DECEMBER 31, 2022 COMPARED WITH THE QUARTER
ENDED SEPTEMBER 30, 2022
Net Income
Net income for the quarter ended December 31, 2022 was $63.1
million, up $5.7 million from $57.4 million in the prior
quarter.
The $5.7 million increase in net income in the quarter ended
December 31, 2022 compared to the previous quarter was due
principally to the following:
- $3.4 million increase in net interest income before provision
for credit losses, driven by the continued impact of higher market
interest rates across the yield curve, which was partially offset
by higher deposit costs predominantly in the Channel Islands;
- $5.0 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; and partially
offset by
- $2.8 million increase in staff-related expenses primarily due
to higher staff incentive accruals and non-recurring severance
costs.
Non-Core Items1
Non-core items resulted in expenses, net of gains, of $0.1
million in the fourth quarter of 2022. Non-core items for the
quarter mainly relate to the costs associated with the settlement
of a non-US corporate income tax inquiry in connection with the
commercial affairs of a legacy custody client.
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.
YEAR ENDED DECEMBER 31, 2022 COMPARED WITH THE YEAR ENDED
DECEMBER 31, 2021
Net Income
Net Income for the year ended December 31, 2022 was $214.0
million, up $51.4 million from $162.7 million in the prior
year.
The $51.4 million increase in net income in the year ended
December 31, 2022 was due principally to the following:
- $43.8 million increase in net interest income before provision
for credit losses, driven by the impact of higher market interest
rates across the yield curve, which was partially offset by higher
deposit costs, predominantly in the Channel Islands;
- $8.5 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 and a
number of one-off corporate loan restructuring fees;
- $7.1 million decrease in technology and communications costs
due to the depreciation charges on the existing core banking system
in the prior year continuing to outpace costs associated with the
new technology projects; partially offset by
- $5.5 million increase in the provision for credit losses driven
by the extension of a large, long-term government facility in the
Cayman Islands as well as decreasing macroeconomic forecasts
impacting future expected credit loss estimates; and
- $4.9 million increase in staff-related costs due to higher
staff incentive accruals, costs associated with the departure of a
senior executive that was recorded as a non-core item, other
non-recurring severance costs and market salary adjustments.
Non-Core Items1
Non-core items resulted in expenses, net of gains, of $1.7
million in the year ended December 31, 2022 compared to expenses,
net of gains, of $0.9 million in the prior year. Non-core items for
the year included costs associated with the departure of a senior
executive, residual professional fees incurred in relation to the
resolved US Department of Justice inquiry, and costs associated
with the settlement of a non-US corporate income tax inquiry in
connection with the commercial affairs of a legacy custody
client.
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.
(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, 2022 COMPARED WITH
DECEMBER 31, 2021
Total Assets
Total assets of the Bank were $14.3 billion at December 31,
2022, a decrease of $1.0 billion from December 31, 2021. The Bank
maintained a highly liquid position at December 31, 2022, with its
$8.8 billion of cash and demand deposits with banks, reverse
repurchase agreements and liquid investments representing 61.3% of
total assets, compared with 63.3% at December 31, 2021.
Loans Receivable
The loan portfolio totaled $5.1 billion at December 31, 2022,
which was $0.1 billion lower than December 31, 2021 balances. The
decrease was driven by the impact of the strengthening of the US
dollar on GBP denominated balances, the early repayment of a number
of commercial facilities, and partially offset by the extension of
a government facility in the Cayman Islands.
The allowance for credit losses at December 31, 2022 totaled
$25.0 million, a decrease of $3.1 million from $28.1 million at
December 31, 2021. The movement was driven by a decrease in
provisioned non-accrual loans, net paydowns and foreign exchange
movements in the portfolio. This was partially offset by weaker
forward-looking economic forecasts and the extension of a large,
long-term government facility in the Cayman Islands.
The loan portfolio represented 35.6% of total assets at December
31, 2022 (December 31, 2021: 34.2%), while loans as a percentage of
total deposits was 39.2% at December 31, 2022 (December 31, 2021:
37.8%). The increase in both ratios was attributable principally to
a decrease in deposit balances at December 31, 2022 driven by the
expected withdrawal of some pandemic-related deposits as well as
the impact of the strengthening US dollar on non-US dollar
denominated balances.
As of December 31, 2022, the Bank had gross non-accrual loans of
$63.1 million, representing 1.2% of total gross loans, an increase
of $2.0 million from $61.0 million, or 1.2% of total loans, at
December 31, 2021. The increase in non-accrual loans was driven by
a few well-secured residential mortgages in the Channel Islands and
UK segment moving into non-accrual and partially offset by a number
of Bermuda residential mortgages improving to current status.
Other real estate owned (“OREO”) increased by $0.1 million from
December 31, 2021 to $0.8 million due to the foreclosure of three
loans in the Bermuda and Channel Islands and UK segments and which
was partially offset by the sale of three properties in the Bermuda
and Channel Islands and UK segments.
Investment in Securities
The investment portfolio was $5.7 billion at December 31, 2022,
down $0.5 billion from $6.2 billion at December 31, 2021. The
movement was driven by the increase in total net unrealized losses
on the available-for-sale portfolio that is carried at fair value
and the reinvestment of paydowns into cash and cash equivalents in
2022.
The investment portfolio is made up of high quality assets with
100% invested in A-or-better-rated securities. The investment book
yield increased to 2.03% during the quarter ended December 31, 2022
from 1.94% during the previous quarter. Total net unrealized losses
on the available-for-sale portfolio increased to $220.2 million,
compared with total net unrealized losses of $21.8 million at
December 31, 2021, as a result of rising long-term US dollar
interest rates. No credit losses have been noted as at December 31,
2022.
Deposits
Average deposits were $12.5 billion for the quarter ended
December 31, 2022, a decrease of $0.5 billion compared to the
previous quarter, while period end balances as at December 31, 2022
were $13.0 billion, a decrease of $0.9 billion compared to December
31, 2021.
Average Balance Sheet2
For the three months ended
December 31, 2022
September 30, 2022
December 31, 2021
(in $ millions)
Average
balance
($)
Interest
($)
Average
rate
(%)
Average
balance
($)
Interest
($)
Average
rate
(%)
Average
balance
($)
Interest
($)
Average
rate
(%)
Assets
Cash and cash equivalents and short-term
investments
2,538.4
18.0
2.81
2,818.4
10.0
1.40
3,316.3
0.3
0.03
Investment in securities
5,854.9
30.0
2.03
6,007.3
29.4
1.94
6,266.1
26.1
1.65
Available-for-sale
2,074.5
8.9
1.71
2,140.1
8.5
1.58
3,499.6
12.2
1.38
Held-to-maturity
3,780.3
21.1
2.21
3,867.3
20.9
2.14
2,766.5
13.9
1.99
Loans
5,039.8
73.5
5.79
5,123.1
65.3
5.05
5,185.4
54.6
4.18
Commercial
1,477.2
22.4
6.00
1,523.3
20.8
5.41
1,520.9
16.8
4.39
Consumer
3,562.6
51.2
5.70
3,599.8
44.5
4.90
3,664.5
37.8
4.09
Interest earning assets
13,433.0
121.5
3.59
13,948.9
104.6
2.98
14,767.7
81.0
2.17
Other assets
385.7
369.1
359.4
Total assets
13,818.7
14,317.9
15,127.2
Liabilities
Deposits
9,476.3
(24.5
)
(1.02
)
9,939.5
(11.1
)
(0.44
)
10,718.3
(4.0
)
(0.15
)
Securities sold under agreement to
repurchase
2.2
—
(3.92
)
—
—
—
—
—
—
Long-term debt
172.2
(2.4
)
(5.53
)
172.1
(2.4
)
(5.53
)
171.8
(2.4
)
(5.54
)
Interest bearing liabilities
9,650.7
(26.9
)
(1.10
)
10,111.7
(13.5
)
(0.53
)
10,890.1
(6.4
)
(0.23
)
Non-interest bearing current accounts
3,039.0
3,074.6
2,928.2
Other liabilities
254.2
256.2
277.5
Total liabilities
12,943.9
13,442.4
14,095.9
Shareholders’ equity
874.8
875.5
1,031.3
Total liabilities and shareholders’
equity
13,818.7
14,317.9
15,127.2
Non-interest bearing funds net of
non-interest earning assets
(free balance)
3,782.3
3,837.2
3,877.6
Net interest margin
94.6
2.79
91.2
2.59
74.5
2.00
(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 $106.2 billion and $32.2 billion, respectively, at
December 31, 2022, while assets under management were $5.0 billion
at December 31, 2022. This compares with $106.4 billion, $36.8
billion and $5.5 billion, respectively, at December 31, 2021.
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
(in $ millions except per share
amounts)
December 31,
2022
September 30,
2022
December 31,
2021
December 31,
2022
December 31,
2021
Net income
63.1
57.4
41.7
214.0
162.7
Non-core items
Non-core (gains) losses
Gain on disposal of Visa Inc. Class B
shares
—
—
—
—
(0.9
)
Total non-core (gains) losses
—
—
—
—
(0.9
)
Non-core expenses
Early retirement program, voluntary
separation, redundancies and other non-core compensation costs
—
—
—
1.0
1.5
Tax compliance review costs
0.1
0.2
0.1
0.4
0.2
Settlement of client related tax
inquiry
—
—
—
0.2
0.1
Total non-core expenses
0.1
0.2
0.1
1.7
1.8
Total non-core items
0.1
0.2
0.1
1.7
0.9
Core net income
63.2
57.6
41.7
215.7
163.6
Average common equity
791.2
799.0
965.2
833.2
965.7
Less: average goodwill and intangible
assets
(73.4
)
(75.1
)
(86.6
)
(78.5
)
(90.0
)
Average tangible common equity
717.8
723.9
878.5
754.7
875.8
Core earnings per share fully
diluted
1.27
1.16
0.84
4.33
3.28
Return on common equity
31.6
%
28.5
%
17.1
%
25.7
%
16.8
%
Core return on average tangible common
equity
34.9
%
31.6
%
18.8
%
28.6
%
18.7
%
Shareholders' equity
864.8
754.9
977.5
864.8
977.5
Less: goodwill and intangible assets
(74.4
)
(71.9
)
(86.1
)
(74.4
)
(86.1
)
Tangible common equity
790.4
683.0
891.4
790.4
891.4
Basic participating shares outstanding (in
millions)
49.7
49.6
49.3
49.7
49.3
Tangible book value per common
share
15.92
13.76
18.08
15.92
18.08
Non-interest expenses
84.7
82.0
83.8
331.6
333.9
Less: non-core expenses
(0.1
)
(0.2
)
(0.1
)
(1.7
)
(1.8
)
Less: amortization of intangibles
(1.4
)
(1.4
)
(1.5
)
(5.7
)
(6.0
)
Core non-interest expenses before
amortization of intangibles
83.1
80.4
82.2
324.2
326.1
Core revenue before other gains and losses
and provision for credit losses
149.5
141.1
127.2
550.2
497.9
Core efficiency ratio
55.6
%
57.0
%
64.7
%
58.9
%
65.5
%
Conference Call Information:
Butterfield will host a conference call to discuss the Bank’s
results on Tuesday, February 14, 2023 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 intention to make share repurchases and 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, inflation, 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, 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, including under the caption "Risk Factors"
in our most recent Form 20-F. 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.
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.
BF-All
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230213005566/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 E-mail:
nicky.stevens@butterfieldgroup.com
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