Financial highlights for the second quarter of 2024:
- Net income of $50.6 million, or $1.09 per share, and core
net income1 of $51.4 million, or $1.11 per share
- Return on average common equity of 20.7% and core return on
average tangible common equity1 of 23.3%
- Net interest margin of 2.64%, cost of deposits of
1.89%
- Board declares dividend for the quarter ended June 30, 2024
of $0.44 per share
- Approved new share repurchase authorization for up to 2.1
million common shares
- Stephen E. Cummings appointed Independent Director
The Bank of N.T. Butterfield & Son Limited ("Butterfield" or
the "Bank") (BSX: NTB.BH; NYSE: NTB) today announced financial
results for the quarter ended June 30, 2024.
Net income for the second quarter of 2024 was $50.6 million, or
$1.09 per diluted common share, compared to net income of $53.4
million, or $1.13 per diluted common share, for the previous
quarter and $61.0 million, or $1.22 per diluted common share, for
the second quarter of 2023. Core net income1 for the second quarter
of 2024 was $51.4 million, or $1.11 per diluted common share,
compared to $55.0 million, or $1.17 per diluted common share, for
the previous quarter and $57.0 million, or $1.14 per diluted common
share, for the second quarter of 2023.
The return on average common equity for the second quarter of
2024 was 20.7% compared to 21.5% for the previous quarter and 25.9%
for the second quarter of 2023. The core return on average tangible
common equity1 for the second quarter of 2024 was 23.3%, compared
to 24.5% for the previous quarter and 26.3% for the second quarter
of 2023. The efficiency ratio for the second quarter of 2024 was
62.4%, compared to 60.9% for the previous quarter and 57.6% for the
second quarter of 2023. The core efficiency ratio1 for the second
quarter of 2024 was 61.8% compared with 59.8% in the previous
quarter and 57.6% for the second quarter of 2023.
The Bank also announced the appointment of a new Independent
Director, Stephen E. Cummings, a highly qualified and experienced
financial services industry expert.
Michael Collins, Chairman and Chief Executive Officer,
commented, “During the second quarter of 2024, Butterfield
continued to deliver strong returns with sustainable non-interest
income, disciplined expense management, a stable balance sheet, and
a conservative credit profile. Our capital management strategy
produces consistent and attractive shareholder returns through
quarterly cash dividends and active share repurchases, which now
includes a new share repurchase authorization. Growth through
M&A remains a priority but, in the absence of a near term
acquisition, excess capital will be allocated to support organic
growth, dividends, and share repurchases.
“I am excited that Stephen Cummings has joined our Board and
that Butterfield continues to attract such high-quality directors.
Stephen is an excellent addition as an Independent Director and
will further strengthen our governance and financial expertise at
the Board level. I welcome Stephen to Butterfield and look forward
to working with him as we continue to create value for all of the
Bank’s stakeholders.”
Net income was down in the second quarter of 2024 versus the
prior quarter primarily due to higher non-interest expenses as a
result of inflationary pressures, higher performance-based
remuneration and benefits accruals and higher technology spend from
the recently implemented core banking software.
Net interest income (“NII”) for the second quarter of 2024 was
$87.4 million, higher compared with NII of $87.1 million in the
previous quarter and down $5.0 million from $92.5 million in the
second quarter of 2023. NII was higher during the second quarter of
2024 compared to the first quarter of 2024, primarily due to larger
balance volumes, which was partially offset by higher deposit
costs. Compared to the second quarter of 2023, the decreased NII in
the second quarter of 2024 was due to higher deposit costs, despite
increased yields on interest earning assets and a larger balance
sheet.
Net interest margin (“NIM”) for the second quarter of 2024 was
2.64%, a decrease of 4 basis points from 2.68% in the previous
quarter and down 19 basis points from 2.83% in the second quarter
of 2023. NIM in the second quarter of 2024 decreased compared to
the prior quarter and second quarter of 2023 due to higher deposit
costs.
Non-interest income for the second quarter of 2024 was $55.6
million, an increase of $0.6 million from $55.1 million in the
previous quarter and $5.5 million higher than $50.2 million in the
second quarter of 2023. The increase in the second quarter of 2024
compared to the prior quarter was due to an increase in equity
pickup from a portfolio investment and higher unclaimed balances
recognized in income. Non-interest income in the second quarter of
2024 was higher than the second quarter of 2023 primarily due to
transaction volume-driven increases in banking and foreign exchange
revenue, increased trust income from assets acquired from Credit
Suisse, as well as an increase in equity pickup from a portfolio
investment and higher unclaimed balances recognized in income.
Non-interest expenses were $91.1 million in the second quarter
of 2024, compared to $88.5 million in the previous quarter and
$83.5 million in the second quarter of 2023. Core non-interest
expenses1 of $90.3 million in the second quarter of 2024 were
higher than the $86.9 million incurred in the previous quarter and
higher than the $83.6 million incurred in the second quarter of
2023. Core non-interest expenses1 in the second quarter of 2024
were higher compared to the prior quarter and the second quarter of
2023 due to performance-based remuneration accruals and
inflationary increases in staff healthcare costs; increased expense
arising from the recently implemented core banking software and
non-recurring outsourced consultancy and legal fees.
Period end deposit balances were $12.5 billion, an increase of
4.7% compared to $12.0 billion at December 31, 2023, primarily due
to deposit increases in the Channel Islands. Average deposits were
$12.4 billion in the quarter ended June 30, 2024, compared to $12.2
billion in the prior quarter.
Tangible book value per share improved by $0.58 or 3.0% this
quarter to $20.03 per share.
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 August 19, 2024 to shareholders of record on August
5, 2024. During the second quarter of 2024, Butterfield repurchased
1.1 million common shares under the Bank's existing share
repurchase program. On July 22, 2024, the Board approved a new
share repurchase program authorizing the purchase of up to 2.1
million common shares through to December 31, 2024.
The current total regulatory capital ratio as at June 30, 2024
was 24.8% as calculated under Basel III, compared to 25.4% as at
December 31, 2023. Both of these ratios remain conservatively above
the minimum Basel III regulatory requirements applicable to the
Bank.
About Stephen E. Cummings:
Mr. Cummings is currently the Secretary of Finance for the
Commonwealth of Virginia. He had a long and successful career in
banking and finance, most recently serving as President and Chief
Executive Officer of Mitsubishi UFJ Financial Group (MUFG) in the
Americas. Prior to his role at MUFG, he was the Chairman of UBS’s
Investment Banking division in the Americas, was Global Head of
Corporate and Investment Banking at Wachovia Bank, and served as
Chairman and Chief Executive Officer at Bowles Hollowell Conner
& Co. Mr. Cummings has an MBA from Columbia University Graduate
School of Business and a Bachelor of Arts degree from Colby
College.
(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 SECOND
QUARTER RESULTS
Income statement
Three months ended
(Unaudited)
(in $ millions)
June 30, 2024
March 31, 2024
June 30, 2023
Non-interest income
55.6
55.1
50.2
Net interest income before provision for
credit losses
87.4
87.1
92.5
Total net revenue before provision for
credit losses and other gains (losses)
143.1
142.2
142.6
Provision for credit (losses)
recoveries
(0.5
)
0.4
(1.5
)
Total other gains (losses)
0.1
0.2
4.0
Total net revenue
142.7
142.8
145.1
Non-interest expenses
(91.1
)
(88.5
)
(83.5
)
Total net income before taxes
51.5
54.3
61.5
Income tax benefit (expense)
(0.9
)
(0.9
)
(0.5
)
Net income
50.6
53.4
61.0
Net earnings per share
Basic
1.11
1.15
1.23
Diluted
1.09
1.13
1.22
Per diluted share impact of other non-core
items 1
0.02
0.04
(0.08
)
Core earnings per share on a fully
diluted basis 1
1.11
1.17
1.14
Adjusted weighted average number of
participating shares on a fully diluted basis (in thousands of
shares)
46,298
47,167
49,890
Key financial ratios
Return on common equity
20.7
%
21.5
%
25.9
%
Core return on average tangible common
equity 1
23.3
%
24.5
%
26.3
%
Return on average assets
1.5
%
1.6
%
1.8
%
Net interest margin
2.64
%
2.68
%
2.83
%
Core efficiency ratio 1
61.8
%
59.8
%
57.6
%
(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)
June 30, 2024
December 31, 2023
Cash and cash equivalents
2,390
1,647
Securities purchased under agreements to
resell
657
187
Short-term investments
632
1,038
Investments in securities
5,168
5,292
Loans, net of allowance for credit
losses
4,585
4,746
Premises, equipment and computer software,
net
150
154
Goodwill and intangibles, net
94
99
Accrued interest and other assets
262
211
Total assets
13,939
13,374
Total deposits
12,548
11,987
Accrued interest and other liabilities
293
285
Long-term debt
99
98
Total liabilities
12,940
12,370
Common shareholders’ equity
999
1,004
Total shareholders' equity
999
1,004
Total liabilities and shareholders'
equity
13,939
13,374
Key Balance Sheet Ratios:
June 30, 2024
December 31, 2023
Common equity tier 1 capital ratio2
22.5
%
23.0
%
Tier 1 capital ratio2
22.5
%
23.0
%
Total capital ratio2
24.8
%
25.4
%
Leverage ratio2
7.3
%
7.6
%
Risk-Weighted Assets (in $ millions)
4,668
4,541
Risk-Weighted Assets / total assets
33.5
%
34.0
%
Tangible common equity ratio
6.5
%
6.8
%
Book value per common share (in $)
22.12
21.39
Tangible book value per share (in $)
20.03
19.29
Non-accrual loans/gross loans
1.5
%
1.3
%
Non-performing assets/total assets
1.1
%
1.0
%
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 JUNE 30, 2024 COMPARED WITH THE QUARTER ENDED
MARCH 31, 2024
Net Income
Net income for the quarter ended June 30, 2024 was $50.6
million, down from $53.4 million in the prior quarter.
Movements in net income during the quarter ended June 30, 2024
compared to the previous quarter are attributable to the
following:
- $0.6 million increase in non-interest income driven by (i) $1.1
million increase in other non-interest income due to an increase in
equity pickup from a portfolio investment and an increase in
long-held unclaimed customer check and draft balances being
recognized in revenue and (ii) $0.4 million increase in trust
income driven by additional special fees. This was partially offset
by $0.5 million decrease in banking fees and $0.6 million decrease
in foreign exchange revenue, both volume driven;
- $0.9 million increase in provision for credit losses driven by
a commercial facility secured by real estate in Bermuda, partially
offset by the continued reduction in the term to maturity on a
long-term Cayman government facility and the normalization of a few
previously delinquent accounts; and
- $2.6 million increase in non-interest expenses driven by (i)
$1.2 million increase in professional and outside services due to
outsourced consultancy and legal fees; (ii) $1.1 million increase
in salaries and other employee benefits driven by performance-based
incentive accruals and inflationary increases in staff health care
costs; and (iii) $0.7 million increase in technology and
communications from higher spend associated with the recently
implemented core banking software; partially offset by a $0.7
million decrease in indirect taxes related to the annual vesting of
share compensation occurring in the prior quarter.
Non-Core Items1
Non-core items resulted in expenses, net of gains, of $0.8
million in the second quarter of 2024. Non-core items for the
quarter included fees relating to corporate restructuring and the
final costs relating to the acquisition of assets from Credit
Suisse.
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 JUNE 30, 2024 COMPARED WITH
DECEMBER 31, 2023
Total Assets
Total assets of the Bank were $13.9 billion at June 30, 2024, an
increase of $0.6 billion from December 31, 2023. The Bank
maintained a highly liquid position at June 30, 2024, with $8.8
billion of cash, bank deposits, reverse repurchase agreements and
liquid investments representing 63.5% of total assets, compared
with 61.0% at December 31, 2023.
Loans Receivable
The loan portfolio totaled $4.6 billion at June 30, 2024, which
was $0.2 billion lower than December 31, 2023 balances. The
decrease was driven primarily by maturities and prepayments in
excess of originations across the residential mortgage
portfolios.
The allowance for credit losses at June 30, 2024 totaled $25.2
million, a decrease of $0.5 million from $25.8 million at December
31, 2023. The net change was driven by a decrease in loan volumes,
the continued reduction in the term to maturity on a long-term
Cayman government facility and the normalization of a few
previously delinquent accounts.
The loan portfolio represented 32.9% of total assets at June 30,
2024 (December 31, 2023: 35.5%), while loans as a percentage of
total deposits was 36.5% at June 30, 2024 (December 31, 2023:
39.6%). The decrease in both ratios was attributable principally to
a decrease in loan balances at June 30, 2024 compared to December
31, 2023.
As at June 30, 2024, the Bank had gross non-accrual loans of
$70.0 million, representing 1.5% of total gross loans, an increase
of $9.0 million from $61.0 million, or 1.3% of total loans, at
December 31, 2023. The increase in non-accrual loans was driven by
a commercial facility secured by real estate in Bermuda and
partially offset by the repayment of a residential mortgage
facility in the Channel Islands and UK segment as well as a number
of Bermuda residential mortgages migrating back to accrual
status.
Other real estate owned (“OREO”) decreased by $0.1 million
compared to December 31, 2023 driven by the sale of a residential
property in Bermuda.
Investment in Securities
The investment portfolio was $5.2 billion at June 30, 2024,
which was $0.1 billion lower than the December 31, 2023 balances.
The changes were attributable to paydowns and maturities in the
portfolio.
The investment portfolio is made up of high-quality assets with
100% invested in A-or-better-rated securities. The investment book
yield was 2.30% during the quarter ended June 30, 2024 compared
with 2.23% during the previous quarter. Total net unrealized losses
on the available-for-sale portfolio increased to $176.8 million,
compared with total net unrealized losses of $163.9 million at
December 31, 2023, as a result of rising long-term US dollar
interest rates.
Deposits
Average total deposit balances were $12.4 billion for the
quarter ended June 30, 2024, an increase of $0.3 billion compared
to the previous quarter, while period end balances as at June 30,
2024 were $12.5 billion, an increase of $0.6 billion compared to
December 31, 2023.
Average Balance Sheet2
For the three months ended
June 30, 2024
March 31, 2024
June 30, 2023
(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
3,468.8
41.4
4.78
3,138.3
36.8
4.71
2,488.2
25.2
4.06
Investment in securities
5,172.6
29.6
2.30
5,204.2
28.9
2.23
5,614.7
28.9
2.07
Available-for-sale
1,797.1
10.8
2.41
1,766.3
9.6
2.17
1,970.7
8.8
1.78
Held-to-maturity
3,375.4
18.8
2.24
3,437.9
19.3
2.25
3,644.0
20.2
2.22
Loans
4,622.7
76.6
6.65
4,689.5
77.0
6.58
4,984.1
79.8
6.42
Commercial
1,342.8
21.7
6.50
1,381.4
23.7
6.88
1,396.7
23.0
6.59
Consumer
3,279.9
54.8
6.71
3,308.1
53.3
6.46
3,587.4
56.8
6.35
Interest earning assets
13,264.1
147.6
4.46
13,031.9
142.7
4.39
13,087.0
133.9
4.10
Other assets
430.4
412.0
402.0
Total assets
13,694.5
13,444.0
13,489.0
Liabilities
Deposits - interest bearing
9,807.6
(58.7
)
(2.40
)
9,586.5
(54.2
)
(2.27
)
9,308.0
(38.5
)
(1.66
)
Securities sold under agreement to
repurchase
2.9
—
(4.83
)
4.6
(0.1
)
(4.69
)
0.4
—
(5.45
)
Long-term debt
98.6
(1.4
)
(5.58
)
98.5
(1.4
)
(5.58
)
147.4
(2.9
)
(8.02
)
Interest bearing liabilities
9,909.1
(60.1
)
(2.43
)
9,689.7
(55.6
)
(2.30
)
9,455.8
(41.4
)
(1.76
)
Non-interest bearing current accounts
2,636.8
2,603.5
2,863.2
Other liabilities
243.8
250.0
243.6
Total liabilities
12,789.6
12,543.2
12,562.6
Shareholders’ equity
904.9
900.8
926.4
Total liabilities and shareholders’
equity
13,694.5
13,444.0
13,489.0
Non-interest bearing funds net of
non-interest earning assets (free balance)
3,355.0
3,342.3
3,631.2
Net interest margin
87.4
2.64
87.1
2.68
92.5
2.83
(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 $131.1 billion and $26.9 billion, respectively, at
June 30, 2024, while assets under management were $5.7 billion at
June 30, 2024. This compares with $132.4 billion, $30.3 billion and
$5.5 billion, respectively, at December 31, 2023.
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
(in $ millions except per share
amounts)
June 30, 2024
March 31, 2024
June 30, 2023
Net income
50.6
53.4
61.0
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
0.2
1.3
—
Restructuring charges and related
professional service fees
0.6
0.3
—
Total non-core expenses
0.8
1.6
—
Total non-core items
0.8
1.6
(4.0
)
Core net income
51.4
55.0
57.0
Average common equity
979.4
996.1
943.3
Less: average goodwill and intangible
assets
(95.3
)
(97.4
)
(74.0
)
Average tangible common equity
884.1
898.7
869.3
Core earnings per share fully
diluted
1.11
1.17
1.14
Return on common equity
20.7
%
21.5
%
25.9
%
Core return on average tangible common
equity
23.3
%
24.5
%
26.3
%
Shareholders' equity
999.1
995.1
950.3
Less: goodwill and intangible assets
(94.4
)
(96.3
)
(74.0
)
Tangible common equity
904.7
898.8
876.3
Basic participating shares outstanding (in
millions)
45.2
46.2
49.1
Tangible book value per common
share
20.03
19.45
17.83
Non-interest expenses
91.1
88.5
83.5
Less: non-core expenses
(0.8
)
(1.6
)
—
Less: amortization of intangibles
(1.9
)
(1.9
)
(1.4
)
Core non-interest expenses before
amortization of intangibles
88.4
85.0
82.1
Core revenue before other gains and losses
and provision for credit losses
143.1
142.2
142.6
Core efficiency ratio
61.8
%
59.8
%
57.6
%
Conference Call Information:
Butterfield will host a conference call to discuss the Bank’s
results on Tuesday, July 23, 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.
Presentation of Financial Information:
Certain monetary amounts, percentages and other figures included
in this report have been subject to rounding adjustments.
Accordingly, figures shown as totals in certain tables may not be
the arithmetic aggregation of the figures that precede them, and
figures expressed as percentages in the text may not total 100% or,
as applicable, when aggregated may not be the arithmetic
aggregation of the percentages that precede them.
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/20240722558635/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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