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 ...

The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) Q4 2022 Results Conference Call February 14, 2023 10:00 AM ET Company Participants Noah Fields - Head, IR Michael Collins - Chairman and CEO Craig Bridgewater - Group CFO Michael Schrum - President and Group Chief Risk Officer Conference Call Participants Alex Twerdahl - Piper Sandler Timur Braziler - Wells Fargo Securities David Feaster - Raymond James Tim Switzer - KBW Operator Good morning. My name is Dave, and I will be your conference operator today ...

Financial Data and Key Metrics Changes - The company reported net income of $57.4 million or $1.15 per diluted common share for Q3 2022, with core net income at $57.6 million or $1.16 per diluted share [10] - Core return on average tangible common equity improved to 31.6% from 27.8% in the prior quarter [11] - Net interest margin increased by 33 basis points to 2.59%, while the cost of deposits rose by 18 basis points to 34 basis points [11] - Total core non-interest expenses were $81.8 million, consistent with the prior quarter [21] Business Line Data and Key Metrics Changes - Net interest income rose to $91.2 million, an increase of 11.2% compared to the previous quarter, driven by improved yields on interest-earning assets [16] - Non-interest income decreased by 3.6% quarter-over-quarter, primarily due to a lack of scheduled recognition of unclaimed customer drafts and checks [19] - Trust fees slightly declined due to lower activity-based fees compared to the prior quarter [20] Market Data and Key Metrics Changes - Average investment balances decreased by $136.6 million, primarily due to unrealized losses in the AFS portfolio as market interest rates increased [17] - Average deposit balances fell by approximately $600 million to $13.0 billion for the quarter, attributed to foreign exchange translation and customer withdrawals [25][27] - The company’s asset quality remained high, with non-accrual loans at 1.2% of gross loans and a net charge-off ratio of 8 basis points [28] Company Strategy and Development Direction - The company announced the acquisition of Credit Suisse's Trust Business in Singapore, the Channel Islands, and the Bahamas, which is expected to enhance trust fee income and position the company as a leading private client trust company in Singapore [13] - The M&A strategy remains intact, with ongoing discussions for potential deals in the trust and banking sectors [34] - The company aims to maintain a loan-to-deposit ratio below 40% while focusing on capital-efficient fee-generating businesses [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong results in Q3 but acknowledged potential challenges ahead due to rising interest rates and a cooling global economy [32] - The company plans to closely monitor the credit book as interest rates rise [32] - Management remains confident in the company's ability to grow through M&A and organically, with a focus on maintaining a strong balance sheet [34] Other Important Information - The Board declared a quarterly cash dividend of $0.44 per share, with share repurchases paused due to elevated OCI loss marks [12] - The company’s TCE to TA ratio was 5.0%, below the internal target range of 6% to 6.5% due to higher long-term U.S. dollar interest rates [23] Q&A Session Summary Question: Update on deposit base and balance sheet trajectory - Management expects stabilization in the deposit base, estimating deposits between $12 billion and $12.5 billion [38] Question: Increase in cost of deposits - The rise in deposit costs was primarily driven by the competitive market in the Channel Islands, with a 13 basis point increase attributed to that region [40] Question: Asset sensitivity profile post-FOMC hike - Management indicated that while deposit costs may lag behind rate hikes, they expect continued NIM expansion, albeit at a slower rate [41][59] Question: Credit Suisse acquisition details - The integration process is ongoing, with approximately 1,500 structures to evaluate, and management is optimistic about the quality of the client base [47][49] Question: Fixed-rate loan portfolio evolution - The company has been encouraging a shift to fixed-rate loans, with 90% of the new fixed-rate loans coming from existing floating-rate clients [51] Question: Asset quality trends and mortgage client health - Management reported no current indications of asset quality deterioration, actively monitoring clients for potential cash flow issues [80] Question: Currency risk hedging strategy - The company uses fair market value hedges for its sterling-denominated subsidiaries and views them as structural investments [74] Question: Liquidity deployment strategy - Management maintains a disciplined approach to liquidity deployment, currently holding $3 billion in cash, with plans to invest in fixed-rate securities as conditions stabilize [75][77]