UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR (Jurisdiction of incorporation or organization) 65 Front Street, Hamilton, HM 12 Bermuda (A ...

Butterfield Reports Fourth Quarter and Full Year 2023 Results Financial highlights for the fourth quarter of 2023: Financial highlights for the full year 2023: Hamilton, Bermuda - February 12, 2024: The Bank of N.T. Butterfield & Son Limited ("Butterfield" or the "Bank") (BSX: NTB.BH; NYSE: NTB) today announced financial results for the quarter and year ended December 31, 2023. Net income for the year ended December 31, 2023 was $225.5 million, or $4.58 per diluted common share, compared to $214.0 million, ...

Group Chief Financial Officer Presenters Agenda | --- | --- | --- | |------------------------------------------------|-------|-------| | Third Quarter 2023 | | | | The Bank of N.T. Butterfield & Son | | | | Limited Earnings Presentation October 25, 2023 | | | 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 ...

INDEX TO FINANCIAL STATEMENTS Unaudited Consolidated Financial Statements Page Consolidated Balance Sheets (unaudited) as of September 30, 2023 and December 31, 2022 2 Consolidated Statements of Operations (unaudited) for the Three and Nine Months Ended September 30, 2023 and 2022 3 Consolidated Statements of Comprehensive Income (unaudited) for the Three and Nine Months Ended September 30, 2023 and 2022 4 Consolidated Statements of Changes in Shareholders' Equity (unaudited) for the Three and Nine Months E ...

Capital and Risk Management Pillar 3 Disclosures for the six-month period ended June 30, 2023 | Contents | | Page | | --- | --- | --- | | 1. | Overview | 3 | | 1.1. | Background | | | 1.2. | Basis of disclosures | | | 1.3. | Scope of applications | | | 1.4. | Location and verification | | | 2. | Risk Management Objectives and Policies | 5 | | 2.1. | Risk governance | | | 2.2. | Risk management | | | 3. | Prudential Metrics | 7 | | 4. | Capital Adequacy | 9 | | 4.1. | Capital management | | | 4.2. | Regulato ...

24 • Bank of Hawaii Corporation (BOH) • Wintrust Financial Corporation (WTFC) 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 ...

Financial Data and Key Metrics Changes - The company reported net income and core net income of $62.2 million for Q1 2023, with a core return on average tangible common equity of 30.5% and core earnings per share of $1.24 [24] - Tangible book value per common share improved by 8.8% to $17.32, driven by lower OCI marks and net income [15] - Net interest income before provision for credit losses was $97.4 million, an increase of 3% compared to the prior quarter [26] - The net interest margin increased by 9 basis points to 2.88%, while the cost of deposits rose to 110 basis points from 78 basis points in the prior quarter [15][17] Business Line Data and Key Metrics Changes - Core noninterest expenses were $84.1 million, slightly lower than $84.5 million in the prior quarter, primarily due to severance costs incurred previously [2] - Noninterest income normalized in Q1, with card services banking fees decreasing by $3.9 million after a seasonally elevated prior quarter [27] - The average loan balances remained broadly flat, while loan yields increased by 44 basis points during the first quarter [48] Market Data and Key Metrics Changes - Period-end deposit balances decreased by approximately $600 million to $12.3 billion compared to the prior quarter-end, attributed to normal unexpected client activity [28] - The deposit composition remains diversified, with Bermuda holding the highest deposit levels, followed by Cayman and the Channel Islands [50] - The company expects total deposit levels to stabilize in the range of $12 billion to $12.5 billion post-pandemic [19] Company Strategy and Development Direction - The company completed the first closing of the acquired Credit Suisse trust book, which is expected to add approximately $6 million to core expenses annualized in 2024 [7][18] - The company is focusing on expense management and plans to increase core noninterest expenses due to system upgrades and new brand launches [18][32] - The company aims to expand its retail banking presence in the Channel Islands to address competitive pressures and improve deposit stability [64] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the prospects for the company, highlighting a strong and liquid balance sheet [54] - The company noted a strong post-pandemic recovery in tourism in Cayman and Bermuda, which is expected to improve economic activity levels in 2023 [45] - Management indicated that the deposit outflows were primarily due to normal business flows and not significant credit concerns [63][87] Other Important Information - The company has recommenced its share buyback program at a modest pace, expecting to continue repurchasing shares throughout 2023 [46][52] - The company maintains a low loan-to-deposit ratio of 41%, reflecting conservative lending standards [20] Q&A Session Summary Question: Are there any aspects of the Credit Suisse transaction that could change due to the UBS takeover? - Management stated that nothing has changed regarding the transaction and the working team remains focused on completion [56] Question: Where did the deposits go following the outflows? - Management indicated that deposits were withdrawn for other investments, with no significant credit sensitivity noted [63] Question: Can you provide insights on the increase in loans past due but still accruing? - Management clarified that the increase is due to a handful of borrowers in specific markets, with no real credit concerns as collateral values exceed outstanding loan balances [59][60] Question: What are the expectations for deposit betas and NIM expansion going forward? - Management expects deposit betas to slow, with continued NIM expansion likely offset by higher deposit costs as term deposits roll over [72][66]

INDEX TO FINANCIAL STATEMENTS Unaudited Consolidated Financial Statements Page Consolidated Balance Sheets (unaudited) as of March 31, 2023 and December 31, 2022 2 Consolidated Statements of Operations (unaudited) for the Three Months Ended March 31, 2023 and 2022 3 Consolidated Statements of Comprehensive Income (unaudited) for the Three Months Ended March 31, 2023 and 2022 4 Consolidated Statements of Changes in Shareholders' Equity (unaudited) for the Three Months Ended March 31, 2023 and 2022 5 Consolid ...

Capital and Risk Management Pillar 3 Disclosures for the six-month period ended December 31, 2022 | Contents | | Page | | --- | --- | --- | | 1. | Overview | 3 | | 1.1. | Background | | | 1.2. | Basis of disclosures | | | 1.3. | Scope of applications | | | 1.4. | Location and verification | | | 2. | Risk Management Objectives and Policies | 5 | | 2.1. | Risk governance | | | 2.2. | Risk management | | | 3. | Prudential Metrics | 7 | | 4. | Capital Adequacy | 9 | | 4.1. | Capital management | | | 4.2. | Regu ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...