Recent Developments
For the year ended 31 December 2022, the Bank reported net income of $214.0 million, or $4.29 per diluted common share and core net income of $215.7 million or $4.33 per diluted share. Net income and core net income were up year-over-year 31.6% and 30.7%, respectively. For the year, our return on common equity was 25.7% and core return on tangible common equity was 28.6%.
Butterfield’s results for the full year and fourth quarter of 2022 continued to demonstrate its 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 the Bank enters 2023, its healthy returns on common equity should continue to support investor returns and overall growth objectives. Butterfield’s long-standing strategy remains focused on limiting credit exposure in its conservative investment portfolio, growth through targeted acquisitions and thoughtful capital management. Tangible book value per common share recovered 15.7% during the fourth quarter.
Butterfield has made good progress preparing to onboard clients and new colleagues from its previously announced acquisition of the Credit Suisse trust business in Singapore, Guernsey and The Bahamas. The Bank remains on track to progressively close the transaction during 2023.
Butterfield maintained its balanced capital return policy. The Board again declared a quarterly dividend of $0.44 per common share to be paid on 14 March 2023 to shareholders of record on 27 February 2023. The Board approved a new share repurchase program on 13 February 2023 to replace its expiring program authorizing the purchase of up to 3.0 million common shares through to 29 February 2024.








* IN US DOLLARS (With comparisons to the year ended 31 December 2021)
** Please refer to the “Reconciliation of Non-GAAP Financial Measures” in our published Annual Report on Form 20-F for the year ended 31 December 2022
Capital Ratios
COMMON EQUITY TIER 1
31 Dec 2021 17.6%
TOTAL CAPITAL RATIO
31 Dec 2021 21.2%
Credit Ratings
Short-Term K1
Long-Term Senior A+
Short-Term P2
Long-Term Senior A3
Short-Term A2
Long-Term Senior BBB+