Butterfield Reports Fourth Quarter and Full Year 2023 Results
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
Net income for the year ended December 31, 2023 was
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
"During the fourth quarter, we upgraded our core banking system in the
Net income for the fourth quarter of 2023 was
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
Net interest income (“NII”) for the fourth quarter of 2023 was
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
Non-interest expenses were
Period end deposit balances were
Tangible book value per share improved by
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, 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, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|||||
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 |
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
The
$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 inSingapore .
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, 2023 COMPARED WITH THE YEAR ENDED DECEMBER 31, 2022
Net Income
Net income for the year ended December 31, 2023 was
The
$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 inSingapore and lower net income in theChannel Islands .
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.
(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
Loans Receivable
The loan portfolio totaled
The allowance for credit losses at December 31, 2023 totaled
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
Other real estate owned (“OREO”) remained stable at
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 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
Deposits
Average total deposit balances were
Average Balance Sheet2
|
For the three months ended |
||||||||||||||||
|
December 31, 2023 |
|
September 30, 2023 |
|
December 31, 2022 |
||||||||||||
(in $ millions) |
Average |
Interest |
Average |
|
Average |
Interest |
Average |
|
Average |
Interest |
Average |
||||||
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
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, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|||||
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
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/20240212855516/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: Bank of N.T. Butterfield & Son Limited