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National Heroes Day Banking Hours

Butterfield will be closed on Monday, 20 June, 2022 for National Heroes Day. To access your accounts, please use our Butterfield Online, ATM and mobile banking services.



Our Banking Centres will re-open on Tuesday, 21 June, 2022 from 9:00 a.m. – 4:00 p.m.

We have moved! Our new address is: PO Box 250, IFC6, IFC Jersey, St Helier, Jersey, JE4 5PU.

 

Please be advised our EUR & USD Notice account rates have been updated. Please click here to view our Notice account rates. 

 

Butterfield will be closed on Monday, 13 November, for the Remembrance Day public holiday. Our Banking Centres will reopen on Tuesday, 14 November, at 9 a.m. To access your accounts, please use Butterfield Online and our ATM network.

Old Sterling Banknotes – removed from circulation on 1 October 2022.

Please be advised that as of Saturday, 1 October 2022, Butterfield will not accept old paper sterling notes for banking deposits or transactions as they will no longer be legal tender. The official last day of use is Friday, 30 September 2022.

Butterfield clients are encouraged to deposit old notes or swap them out for the new polymer ones at any Butterfield Banking Centre before Saturday, 1 October 2022. From this date, only polymer sterling banknotes will be accepted.

We will be closed on Monday, 23 January 2023 for National Heroes Day. Our Midtown Plaza Banking Centre will be this Saturday from 9:00 a.m. until 12:00 p.m. and otherwise all Banking Centres will reopen on Tuesday, 24 January 2023, with normal operating hours of 9:00 a.m. - 4:00 p.m. You can continue to access your accounts during the public holiday by using our Butterfield Online, ATM and mobile banking devices.

Please be advised our General Terms and Conditions have been updated in reference to a new clause 11.3.  Please click here to view the full document.

Holiday Banking Hours:

Butterfield will be closed from 2 p.m. on Friday 23 December and will reopen 9 a.m. Wednesday 28 December, 2022.

We will close again from 4 p.m. on Friday 30 December, 2022 and will reopen 9 a.m. Tuesday 3 January, 2023.

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Update on Saturday Banking: Saturday Banking will be temporarily suspended as we allow time for annual training and infrastructure investment initiatives. To access your accounts, please use our Butterfield Online, ATM and mobile banking services. Saturday Banking hours will resume as normal on March 4th.

Please be aware that we will be carrying out work on our technology systems from 6 pm on Friday, 6 October. Butterfield Online and Saturday Banking will be unavailable this weekend. All services are expected to resume as normal on Monday, 9 October. 

Butterfield will be closed on Monday, 2 September 2024, for the Labour Day public holiday. To access your accounts, please use Butterfield Online and our ATM network.

Our Banking Centres will re-open on Tuesday, 3 September 2024, from 9:00 a.m. - 4:00 p.m.

Butterfield will be closed on Monday, 17 June 2024 for the King’s Birthday public holiday. To access your accounts, please use Butterfield Online and our ATM network.

Our Banking Centres will re-open on Tuesday, 18 May 2024 from 9:00 a.m. - 4:00 p.m.

Update on Saturday Banking: We are pleased to announce the return of Saturday Banking. Our Front Street Banking Centre will be open from 10:00 a.m. to 3:00 p.m. every Saturday for you to take care of your personal banking needs.

Update on Saturday Banking: Saturday Banking will be temporarily suspended effective 15 July 2023, as we allow time for annual training and infrastructure investment initiatives. We will advise when Saturday Banking services have resumed. To access your accounts, please use Butterfield Online and our ATM network. We apologise for any inconvenience caused.

Hurricane Lee Advisory: Please be advised that our offices and Banking Centres in Bermuda will be open for business from 12:00 p.m. to 4:00 p.m. today.

The ATMs at Collector’s Hill, Modern Mart, Somerset MarketPlace and Somerset Banking Centre are back in service and Saturday banking will be available tomorrow at Front Street from 10:00 a.m. to 3 p.m. 

We are pleased to report the issue with debit card settlements has been fixed for the vast majority of accounts impacted, and we are working to correct the few outstanding. If you still see an issue with your account and you require access to blocked funds immediately, please contact the call centre.

Please be advised that our Banking Centres will be closing at 2:00 p.m. on Friday, 6 October. Butterfield Online will also be unavailable this weekend from 4:00 p.m. on Friday, 6 October until Monday, 9 October at 9:00 a.m. as part of a scheduled systems update.

Our Island Saver Instant Access account now has a reduced minimum of £10,000. Click here for more details

Our Fee Schedule has been updated, effective Friday, 1 March 2024. For full details, please review the Fee Schedule here

 

Butterfield will be closed on Monday, 17 June 2024 for the National Heroes Day public holiday. To access your accounts, please use Butterfield Online and our ATM network.
All Banking Centres will reopen on Tuesday, 18 June 2024, with our normal operating hours of 9:00 a.m. - 4:00 p.m.

Our Schedule of Charges for Personal and Corporate Banking services have been updated, effective Tuesday, 2 January 2024. For full details, please review the Schedule of Charges documents in our website footer below. 

Our Schedule of Charges for Personal and Corporate Banking services have been updated, effective Tuesday, 2 January 2024. For full details, please review the Schedule of Charges documents in our website footer below. 

Please be advised our EUR & USD Notice account rates have been updated.  Please click here to view our Notice account rates. 

 

Recent Developments

Recent developments

Butterfield reported solid results for the second quarter of 2023, with net income of $61.0 million and core net income* of $57.0 million. The Bank reported a return on average common equity of 25.9% and core return on average tangible common equity* of 26.3 percent for the second quarter of 2023 with earnings per share of $1.22 and core earnings per share* of $1.14.
The net interest margin was 2.83% for the second quarter, a decrease of 5 basis points, with the cost of deposits rising to 127 basis points from 110 basis points in the prior quarter. Deposit pricing increased across jurisdictions as fixed term deposits rolled into higher pricing due to rising market interest rates. Butterfield’s business in the Channel Islands, which has a higher proportion of corporate banking customers, continues to be the most competitive market segment. 
The Bank’s TCE/TA ratio of 6.5% has improved to the conservative end of the targeted range of between 6% and 6.5%. As a result, Butterfield was able to continue to execute its balanced capital return strategy, accelerating the share buy-back program in the second quarter, having repurchased approximately 723,000 shares in the quarter and expect to continue to repurchase shares throughout 2023, subject to market conditions. The Board again declared a quarterly dividend of $0.44 per common share to be paid on August 28, 2023 to shareholders of record on August 14, 2023. 

Recent developments

During the quarter Moody’s assigned an A3 long-term deposit rating with a stable outlook to the Bank’s Cayman subsidiary in addition to reaffirming the Group rating, also at A3 (stable). This demonstrates the strength of the Bank’s Cayman business model and Butterfield’s ability to support the Cayman Islands market, which has benefited from steady economic growth, driven by resurgent tourism and a healthy financial services sector. In Bermuda, the Bank successfully implemented the upgrade of its core banking system and online platform and inaugurated a new flagship retail banking center in Hamilton.
As expected, the Bank completed the second closing of the planned acquisition of Credit Suisse trust assets. To date, 374 relationships representing $21.1 billion of AUA have now transferred to Butterfield, significantly expanding the Bank’s footprint in Asia.

Net income
NET INCOME*
$61.0M
Net income
up
$11.9 million
Net interest income
NET INTEREST INCOME*
$92.5M
Net interest income
up
$10.5 million
Non interest income
NON INTEREST INCOME*
$50.2M
Non interest income
down
$1.7 million
Non interest expenses
NON INTEREST EXPENSES*
$83.5M
Non interest expenses
down
$0.5 million
Return on average common equity
RETURN ON AVERAGE COMMON EQUITY
25.9%
Return on average common equity
Q2 2022
24.5%
Core efficiency ratio
CORE EFFICIENCY RATIO*
57.6%
Core efficiency ratio
Q2 2022
60.2%
Return on  average assets
RETURN ON AVERAGE ASSETS
1.8%
Return on  average assets
Q2 2022
1.3%
Quarterly dividend
QUARTERLY DIVIDEND*
$0.44
Quarterly dividend
per common
share

 

* IN US DOLLARS (With comparisons to the quarter ended 30 June 2022)
** Please refer to the “Reconciliation of Non-GAAP Financial Measures” in our published second quarter 2023 results.

Capital Ratios

COMMON EQUITY TIER 1

22.7%

31 Dec 2022 20.3%

TOTAL CAPITAL RATIO

25.1%

31 Dec 2022 24.1%

Credit Ratings

KBRA

Short-Term K1
Long-Term Senior A+

Moody's

Short-Term P2
Long-Term Senior A3

S&P

Short-Term A2
Long-Term Senior BBB+

Second Quarter 2023