Butterfield Reports Fourth Quarter and Full Year 2022 Results
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
Net income for the year ended December 31, 2022 was
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
Net income for the fourth quarter of 2022 was
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
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
Non-interest expenses were
Deposit balances increased
The Bank maintained its balanced capital return policy. The Board again declared a quarterly dividend of
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 |
||||||
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
The
$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 theChannel 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
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
The
$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 theChannel 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 theCayman 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
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
Loans Receivable
The loan portfolio totaled
The allowance for credit losses at December 31, 2022 totaled
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
Other real estate owned (“OREO”) increased by
Investment in Securities
The investment portfolio was
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
Deposits
Average deposits were
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
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
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
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: [email protected]
Media Relations Contact:
Nicky Stevens
Group Strategic Marketing & Communications
The Bank of N.T. Butterfield & Son Limited
Phone: (441) 299 1624
E-mail: [email protected]
Source: The Bank of N.T. Butterfield & Son Limited