Financial highlights for the fourth quarter of 2023:
- Net income of $53.5 million, or $1.11 per share, and core
net income1 of $55.3 million, or $1.15 per share
- Return on average common equity of 22.5% and core return on
average tangible common equity1 of 25.4%
- Net interest margin of 2.73%, cost of deposits of
1.72%
- Board declares dividend for the quarter ended December 31,
2023 of $0.44 per share
- Approved new share repurchase authorization for up to 3.5
million common shares
- Final close of acquisition of trust assets from Credit
Suisse
Financial highlights for the full year 2023:
- Net income of $225.5 million, or $4.58 per share, and core
net income1 of $231.5 million, or $4.70 per share
- Return on average common equity of 24.2%, and core return on
average tangible common equity1 of 27.0%
- Net interest margin of 2.80%, cost of deposits of
1.40%
- Active capital management with aggregate annual dividends of
$1.76 per share in addition to the share repurchase
program
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, 2023.
Net income for the year ended December 31, 2023 was $225.5
million, or $4.58 per diluted common share, compared to $214.0
million, or $4.29 per diluted common share, for the year ended
December 31, 2022. Core net income1 for the year ended December 31,
2023 was $231.5 million, or $4.70 per diluted common share,
compared to $215.7 million, or $4.33 per diluted common share, for
the year ended December 31, 2022.
The return on average common equity for the year ended December
31, 2023 was 24.2% compared to 25.7% for the year ended December
31, 2022. The core return on average tangible common equity1 for
the year ended December 31, 2023 was 27.0%, compared to 28.6% for
the year ended December 31, 2022. The efficiency ratio for the year
ended December 31, 2023 was 59.8% compared with 59.2% for the year
ended December 31, 2022. The core efficiency ratio1 for the year
ended December 31, 2023 was 58.1% compared with 58.9% for the year
ended December 31, 2022.
Michael Collins, Butterfield's Chairman and Chief Executive
Officer, commented, “Butterfield's strong performance in 2023 was
driven by active balance sheet management and an enhanced focus on
long-term client relationships. Our conservative and profitable
business model, characterized by limited credit risk, a high fee
income ratio, and strong cash liquidity, was validated during the
systemic challenges faced by U.S. regional banks last year.
Butterfield also benefited from a resilient deposit base
diversified across jurisdictions, sectors, and currencies.
"During the fourth quarter, we upgraded our core banking system
in the Cayman Islands, which was well received, and completed
onboarding the final tranche of the Credit Suisse trust clients. In
December, we announced the approval of a new share repurchase
program for 2024, with an authorization to purchase up to 3.5
million common shares. After a successful year, Butterfield is well
positioned to continue generating strong risk adjusted returns and
excess capital while providing market leading products and
financial services."
Net income for the fourth quarter of 2023 was $53.5 million, or
$1.11 per diluted common share, compared to net income of $48.7
million, or $0.99 per diluted common share, for the previous
quarter and $63.1 million, or $1.26 per diluted common share, for
the fourth quarter of 2022. Core net income1 for the fourth quarter
of 2023 was $55.3 million, or $1.15 per diluted common share,
compared to $57.0 million, or $1.16 per diluted common share, for
the previous quarter and $63.2 million, or $1.27 per diluted common
share, for the fourth quarter of 2022.
The return on average common equity for the fourth quarter of
2023 was 22.5% compared to 20.6% for the previous quarter and 31.6%
for the fourth quarter of 2022. The core return on average tangible
common equity1 for the fourth quarter of 2023 was 25.4%, compared
to 26.1% for the previous quarter and 34.9% for the fourth quarter
of 2022. The efficiency ratio for the fourth quarter of 2023 was
61.7%, compared to 64.1% for the previous quarter and 55.7% for the
fourth quarter of 2022. The core efficiency ratio1 for the fourth
quarter of 2023 was 60.5% compared with 58.3% in the previous
quarter and 55.6% for the fourth quarter of 2022.
Core net income1 decreased in the fourth quarter of 2023 versus
the prior quarter primarily due to lower net interest income,
higher core non-interest expenses1 and higher provisions for credit
losses, which were partially offset by higher non-interest income
and the recognition of a deferred tax asset in Singapore.
Net interest income (“NII”) for the fourth quarter of 2023 was
$86.9 million, a decrease of $3.3 million, compared with NII of
$90.2 million in the previous quarter and down $7.7 million from
$94.6 million in the fourth quarter of 2022. NII decreased during
the fourth quarter of 2023 compared to the prior quarter and fourth
quarter of 2022, primarily due to higher deposit costs and a
decrease in the size of the Bank's balance sheet.
Net interest margin (“NIM”) for the fourth quarter of 2023 was
2.73%, a decrease of 3 basis points from 2.76% in the previous
quarter and down 6 basis points from 2.79% in the fourth quarter of
2022. NIM in the fourth quarter of 2023 was lower than the prior
quarter and lower compared to the fourth quarter of 2022 due to
increased deposit costs, which were partially offset by improved
yields on interest earning assets.
Non-interest income for the fourth quarter of 2023 was $60.0
million, an increase of $8.0 million from $52.0 million in the
previous quarter and $5.1 million higher than $54.9 million in the
fourth quarter of 2022. The increase in the fourth quarter of 2023
compared to the prior quarter was mainly due to higher banking
fees, which benefited from seasonal increases in credit card and
debit card transaction fees, higher trust fees from the Credit
Suisse acquisition and higher foreign exchange revenue.
Non-interest income in the fourth quarter of 2023 was higher than
the fourth quarter of 2022 primarily due to new trust business and
increased activity-based trust fees, as well as higher banking,
asset management and foreign exchange income.
Non-interest expenses were $92.2 million in the fourth quarter
of 2023, compared to $92.5 million in the previous quarter and
$84.7 million in the fourth quarter of 2022. Core non-interest
expenses1 of $90.4 million in the fourth quarter of 2023 were
higher than the $84.3 million incurred in the previous quarter and
$84.5 million in the fourth quarter of 2022, primarily due to
discretionary performance-based accrual increases and the impact of
completing the IT upgrade on staff-related expenses, higher
technology and communications costs related to the Bank's upgraded
IT infrastructure and core banking system, as well as increased
property costs.
Period end deposit balances were $12.0 billion, a decrease of
7.7% compared to $13.0 billion at December 31, 2022, primarily due
to deposit declines across all banking jurisdictions, as normal
commercial movements saw customers activate their funds and seek
higher yielding products. Average deposits were $11.8 billion in
the quarter ended December 31, 2023, compared to $12.1 billion in
the prior quarter.
Tangible book value per share improved by $1.56 or 8.8% this
quarter to $19.29 per share. This reflects an increase of $3.37 per
share, or 21.2% from the end of 2022.
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 11, 2024 to shareholders of record on February
26, 2024. During the fourth quarter of 2023, Butterfield
repurchased 1.2 million common shares under the Bank's share
repurchase program. The Board approved a new share repurchase
program on December 5, 2023 to replace its expiring program,
authorizing the purchase of up to 3.5 million common shares through
to December 31, 2024. The new share repurchase authorization took
effect on December 15, 2023.
The current total regulatory capital ratio as at December 31,
2023 was 25.4% as calculated under Basel III, compared to 24.1% as
at December 31, 2022. Both of these ratios remain conservatively
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, 2023
September 30, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Non-interest income
60.0
52.0
54.9
212.3
206.6
Net interest income before provision for
credit losses
86.9
90.2
94.6
367.0
343.6
Total net revenue before provision for
credit losses and other gains (losses)
146.9
142.2
149.5
579.3
550.2
Provision for credit (losses)
recoveries
(1.7
)
(0.5
)
(1.6
)
(4.5
)
(2.4
)
Total other gains (losses)
(0.3
)
—
0.6
3.8
1.5
Total net revenue
144.9
141.7
148.5
578.6
549.3
Non-interest expenses
(92.2
)
(92.5
)
(84.7
)
(352.3
)
(331.6
)
Total net income before taxes
52.7
49.1
63.8
226.3
217.7
Income tax benefit (expense)
0.8
(0.4
)
(0.7
)
(0.8
)
(3.7
)
Net income
53.5
48.7
63.1
225.5
214.0
Net earnings per share
Basic
1.13
1.00
1.27
4.62
4.32
Diluted
1.11
0.99
1.26
4.58
4.29
Per diluted share impact of other non-core
items 1
0.04
0.17
0.01
0.12
0.04
Core earnings per share on a fully
diluted basis 1
1.15
1.16
1.27
4.70
4.33
Adjusted weighted average number of
participating shares on a fully diluted basis (in thousands of
shares)
48,099
49,140
49,963
49,277
49,860
Key financial ratios
Return on common equity
22.5
%
20.6
%
31.6
%
24.2
%
25.7
%
Core return on average tangible common
equity 1
25.4
%
26.1
%
34.9
%
27.0
%
28.6
%
Return on average assets
1.6
%
1.4
%
1.8
%
1.7
%
1.5
%
Net interest margin
2.73
%
2.76
%
2.79
%
2.80
%
2.41
%
Core efficiency ratio 1
60.5
%
58.3
%
55.6
%
58.1
%
58.9
%
(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, 2023
December 31, 2022
Cash and cash equivalents
1,647
2,101
Securities purchased under agreements to
resell
187
60
Short-term investments
1,038
884
Investments in securities
5,292
5,727
Loans, net of allowance for credit
losses
4,746
5,096
Premises, equipment and computer software,
net
154
146
Goodwill and intangibles, net
99
74
Accrued interest and other assets
211
217
Total assets
13,374
14,306
Total deposits
11,987
12,991
Accrued interest and other liabilities
285
278
Long-term debt
98
172
Total liabilities
12,370
13,441
Common shareholders’ equity
1,004
865
Total shareholders' equity
1,004
865
Total liabilities and shareholders'
equity
13,374
14,306
Key Balance Sheet Ratios:
December 31, 2023
December 31, 2022
Common equity tier 1 capital ratio2
23.0
%
20.3
%
Tier 1 capital ratio2
23.0
%
20.3
%
Total capital ratio2
25.4
%
24.1
%
Leverage ratio2
7.6
%
6.7
%
Risk-Weighted Assets (in $ millions)
4,541
4,843
Risk-Weighted Assets / total assets
34.0
%
33.9
%
Tangible common equity ratio
6.8
%
5.6
%
Book value per common share (in $)
21.39
17.42
Tangible book value per share (in $)
19.29
15.92
Non-accrual loans/gross loans
1.3
%
1.2
%
Non-performing assets/total assets
1.0
%
0.5
%
Allowance for credit losses/total
loans
0.5
%
0.5
%
(2)
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, 2023 COMPARED WITH THE QUARTER
ENDED SEPTEMBER 30, 2023
Net Income
Net income for the quarter ended December 31, 2023 was $53.5
million, up $4.8 million from $48.7 million in the prior quarter
(see also discussion of non-core items below).
The $4.8 million change in net income in the quarter ended
December 31, 2023 compared to the previous quarter was due
principally to the following:
- $8.0 million increase in non-interest income driven by (i) a
$4.5 million increase in banking fees from increased card services
fees and higher volume; (ii) a $1.3 million increase in trust
income from fees on newly acquired clients from Credit Suisse; and
(iii) a $1.4 million increase in foreign exchange revenue driven by
volume;
- $3.3 million decrease in net interest income before provision
for credit losses driven by a reduced volume of interest earning
assets and a higher cost of funding which was offset by increased
yields across all classes of interest earning assets;
- $1.2 million increase in provision for credit losses driven by
retail write-offs and costs associated with the settlement of
certain loans and mortgages and the related recovery of
collateral;
- $1.2 million decrease in income tax expense due to the
recognition of a deferred tax asset in Singapore.
Non-Core Items1
Non-core items resulted in expenses, net of gains, of $1.8
million in the fourth quarter of 2023. Non-core items for the
quarter comprised costs relating to the acquisition from Credit
Suisse and fees relating to corporate restructuring. This was
partially offset by the derecognition of certain redundancy
expenses related to the group-wide restructuring in the third
quarter of 2023.
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, 2023 COMPARED WITH THE YEAR ENDED
DECEMBER 31, 2022
Net Income
Net income for the year ended December 31, 2023 was $225.5
million, up $11.5 million from $214.0 million in the prior
year.
The $11.5 million change in net income in the year ended
December 31, 2023 was due principally to the following:
- $20.7 million increase in non-interest expenses, driven by
staff-related costs; higher technology and communications costs as
the core banking system upgrade came into operation; and costs
relating to the Credit Suisse trust asset acquisition;
- $5.7 million increase in non-interest income primarily due to
higher trust income earned from the newly acquired trust clients
from Credit Suisse and higher asset management fees due to an
increase in net values of assets under management;
- $23.4 million increase in net interest income before provision
for credit losses primarily due to increases in yields on loans and
treasury assets outpacing increasing deposit costs;
- $2.2 million increase in total other gains (losses) due to a
gain realized on the liquidation settlement from a legacy
investment that was previously written-off;
- $2.1 million increase in provision for credit losses due to
increased specific provisions, net write-offs and costs associated
with the recovery of collateral; and
- $2.9 million decrease in income tax expenses due to the
recognition of a deferred tax asset in Singapore and lower net
income in the Channel Islands.
Non-Core Items1
Non-core items resulted in expenses, net of gains, of $6.0
million in the year ended December 31, 2023 compared to expenses,
net of gains, of $1.7 million in the prior year. Non-core items for
the year relates mainly to (i) the group-wide restructuring that
resulted in the recognition of redundancy expenses; (ii) costs
relating to the acquisition of trust assets from Credit Suisse; and
(iii) fees relating to corporate restructuring. These costs were
partially offset by gains related to a liquidation settlement of an
investment previously written off.
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, 2023 COMPARED WITH
DECEMBER 31, 2022
Total Assets
Total assets of the Bank were $13.4 billion at December 31,
2023, a decrease of $0.9 billion from December 31, 2022. The Bank
maintained a highly liquid position at December 31, 2023, with $8.2
billion of cash, bank deposits, reverse repurchase agreements and
liquid investments representing 61.0% of total assets, compared
with 61.3% at December 31, 2022.
Loans Receivable
The loan portfolio totaled $4.7 billion at December 31, 2023,
which was $0.4 billion lower than December 31, 2022 balances. The
decrease was driven primarily by scheduled paydowns in the
portfolio as well as prepayments in the Channel Islands and UK and
Cayman residential mortgage portfolio.
The allowance for credit losses at December 31, 2023 totaled
$25.8 million, an increase of $0.8 million from $25.0 million at
December 31, 2022. The movement was driven by an increase in credit
card provisions, specific provisions on a small number of loan
facilities in Bermuda and updated forward-looking economic
forecasts. This was partially offset by net paydowns during the
period.
The loan portfolio represented 35.5% of total assets at December
31, 2023 (December 31, 2022: 35.6%), while loans as a percentage of
total deposits was 39.6% at December 31, 2023 (December 31, 2022:
39.2%). The increase in the loan-to-deposit ratio was attributable
principally to a decrease in deposit balances at December 31, 2023
compared to December 31, 2022.
As of December 31, 2023, the Bank had gross non-accrual loans of
$61.0 million, representing 1.3% of total gross loans, a decrease
of $2.0 million from $63.1 million, or 1.2% of total loans, at
December 31, 2022. The decrease in non-accrual loans was driven by
the net settlements of residential mortgages in the Channel Islands
and UK segment and partially offset by a number of net new Bermuda
residential mortgages moving to non-accrual status.
Other real estate owned (“OREO”) remained stable at $0.5 million
compared to December 31, 2022.
Investment in Securities
The investment portfolio was $5.3 billion at December 31, 2023,
which was $0.4 billion lower compared with December 31, 2022
balances. The changes were attributable to paydowns and maturities
in the portfolio, for which the majority of the proceeds were
invested into short-term treasury assets.
The investment portfolio is made up of high quality assets with
100% invested in A-or-better-rated securities. The investment book
yield was 2.16% during the quarter ended December 31, 2023 compared
with 2.06% during the previous quarter. Total net unrealized losses
on the available-for-sale portfolio decreased to $163.9 million,
compared with total net unrealized losses of $220.2 million at
December 31, 2022, as a result of declining long-term US dollar
interest rates.
Deposits
Average total deposit balances were $11.8 billion for the
quarter ended December 31, 2023, a decrease of $0.3 billion
compared to the previous quarter, while period end balances as at
December 31, 2023 were $12.0 billion, a decrease of $1.0 billion
compared to December 31, 2022 and an increase of $0.1 billion
compared to the previous quarter. The change in the balances from
December 31, 2022 was a result of normal commercial movements as
customers activated their funds and also sought higher yielding
financial investments.
Average Balance Sheet2
For the three months ended
December 31, 2023
September 30, 2023
December 31, 2022
(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
2,603.6
31.0
4.72
2,559.2
28.8
4.47
2,538.4
18.0
2.81
Investment in securities
5,290.5
28.9
2.16
5,494.9
28.5
2.06
5,854.9
30.0
2.03
Available-for-sale
1,798.8
9.1
2.01
1,926.0
8.8
1.81
2,074.5
8.9
1.71
Held-to-maturity
3,491.7
19.7
2.24
3,568.9
19.7
2.19
3,780.3
21.1
2.21
Loans
4,732.5
79.7
6.68
4,897.5
80.4
6.51
5,039.8
73.5
5.79
Commercial
1,374.1
24.4
7.03
1,394.9
23.2
6.60
1,477.2
22.4
6.00
Consumer
3,358.3
55.4
6.54
3,502.6
57.2
6.47
3,562.6
51.2
5.70
Interest earning assets
12,626.6
139.6
4.39
12,951.6
137.7
4.22
13,433.0
121.5
3.59
Other assets
421.6
416.7
385.7
Total assets
13,048.1
13,368.3
13,818.7
Liabilities
Deposits - interest bearing
9,208.6
(51.2
)
(2.21
)
9,340.4
(46.1
)
(1.96
)
9,476.3
(24.5
)
(1.02
)
Securities sold under agreement to
repurchase
4.7
(0.1
)
(5.64
)
—
—
—
2.2
—
(3.92
)
Long-term debt
98.5
(1.4
)
(5.53
)
98.4
(1.4
)
(5.53
)
172.2
(2.4
)
(5.53
)
Interest bearing liabilities
9,311.7
(52.6
)
(2.24
)
9,438.8
(47.5
)
(2.00
)
9,650.7
(26.9
)
(1.10
)
Non-interest bearing current accounts
2,618.5
2,739.3
3,039.0
Other liabilities
228.9
279.3
254.2
Total liabilities
12,159.2
12,457.4
12,943.9
Shareholders’ equity
889.0
910.9
874.8
Total liabilities and shareholders’
equity
13,048.1
13,368.3
13,818.7
Non-interest bearing funds net of
non-interest earning assets
(free balance)
3,314.9
3,512.8
3,782.3
Net interest margin
86.9
2.73
90.2
2.76
94.6
2.79
(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 $132.4 billion and $30.3 billion, respectively, at
December 31, 2023, while assets under management were $5.5 billion
at December 31, 2023. This compares with $106.2 billion, $32.2
billion and $5.0 billion, respectively, at December 31, 2022.
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, 2023
September 30, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Net income
53.5
48.7
63.1
225.5
214.0
Non-core items
Non-core (gains) losses
Liquidation settlement from an investment
previously written-off
—
—
—
(4.0
)
—
Total non-core (gains) losses
—
—
—
(4.0
)
—
Non-core expenses
Early retirement program, voluntary
separation, redundancies and other non-core compensation costs
(0.3
)
8.2
—
7.9
1.0
Tax compliance review costs
—
—
0.1
0.1
0.4
Settlement of client related tax
inquiry
—
—
—
—
0.2
Asset acquisition costs
1.9
—
—
1.9
—
Restructuring charges and related
professional service fees
0.2
—
—
0.2
—
Total non-core expenses
1.8
8.2
0.1
10.0
1.7
Total non-core items
1.8
8.2
0.1
6.0
1.7
Core net income
55.3
57.0
63.2
231.5
215.7
Average common equity
943.0
940.2
791.2
931.2
833.2
Less: average goodwill and intangible
assets
(77.7
)
(72.9
)
(73.4
)
(75.1
)
(78.5
)
Average tangible common equity
865.2
867.2
717.8
856.1
754.7
Core earnings per share fully
diluted
1.15
1.16
1.27
4.70
4.33
Return on common equity
22.5
%
20.6
%
31.6
%
24.2
%
25.7
%
Core return on average tangible common
equity
25.4
%
26.1
%
34.9
%
27.0
%
28.6
%
Shareholders' equity
1,003.6
922.9
864.8
1,003.6
864.8
Less: goodwill and intangible assets
(98.9
)
(70.6
)
(74.4
)
(98.9
)
(74.4
)
Tangible common equity
904.7
852.3
790.4
904.7
790.4
Basic participating shares outstanding (in
millions)
46.9
48.1
49.7
46.9
49.7
Tangible book value per common
share
19.29
17.73
15.92
19.29
15.92
Non-interest expenses
92.2
92.5
84.7
352.3
331.6
Less: non-core expenses
(1.8
)
(8.2
)
(0.1
)
(10.0
)
(1.7
)
Less: amortization of intangibles
(1.4
)
(1.4
)
(1.4
)
(5.7
)
(5.7
)
Core non-interest expenses before
amortization of intangibles
89.0
82.9
83.1
336.6
324.2
Core revenue before other gains and losses
and provision for credit losses
146.9
142.2
149.5
579.3
550.2
Core efficiency ratio
60.5
%
58.3
%
55.6
%
58.1
%
58.9
%
Conference Call Information:
Butterfield will host a conference call to discuss the Bank’s
results on Tuesday, February 13, 2024 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 and referencing the Conference ID:
Butterfield Group. 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 for
12 months.
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 (including
economic growth and general business conditions) and fluctuations
of interest rates, inflation, a decline in Bermuda’s sovereign
credit rating, any sudden liquidity crisis, the successful
completion and integration of acquisitions (including our
integration of the trust assets acquired from Credit Suisse) or the
realization of the anticipated benefits of such acquisitions in the
expected time-frames or at all, success in business retention
(including the retention of relationships associated with our
Credit Suisse acquisition) and obtaining new business, potential
impacts of climate change, the success of our updated systems and
platforms 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
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version on businesswire.com: https://www.businesswire.com/news/home/20240212855516/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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