Bank of N.T. Butterfield & Son Ltd Files 20-F for Fiscal Year 2023

Ticker: NTB · Form: 20-F · Filed: Feb 21, 2024 · CIK: 1653242

Sentiment: neutral

Topics: 20-F, Annual Report, Financials, Butterfield, SEC Filing

TL;DR

<b>Bank of N.T. Butterfield & Son Ltd has filed its 20-F report for the fiscal year ending December 31, 2023.</b>

AI Summary

Bank of N.T. Butterfield & Son Ltd (NTB) filed a Foreign Annual Report (20-F) with the SEC on February 21, 2024. The filing is a 20-F report for Bank of N.T. Butterfield & Son Ltd for the fiscal year ending December 31, 2023. The company is incorporated in D0 and its fiscal year ends on December 31. The filing includes references to US GAAP concepts such as NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent and ForeignCurrencyTransactionGainLossBeforeTax. Key dates mentioned include the period from 2021-01-01 to 2023-12-31. The company's business address is 65 Front Street, Hamilton, HM 12.

Why It Matters

For investors and stakeholders tracking Bank of N.T. Butterfield & Son Ltd, this filing contains several important signals. This 20-F filing provides a comprehensive overview of the company's financial performance and operations for the fiscal year 2023, which is crucial for investors to assess its current standing and future prospects. The inclusion of specific US GAAP references and detailed date ranges indicates the company's adherence to regulatory reporting standards and provides a basis for year-over-year financial comparisons.

Risk Assessment

Risk Level: low — Bank of N.T. Butterfield & Son Ltd shows low risk based on this filing. The filing is a standard annual report (20-F) with no immediate red flags, indicating a routine disclosure process.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F filing to understand the company's performance and potential risks for the fiscal year 2023.

Key Numbers

Key Players & Entities

FAQ

When did Bank of N.T. Butterfield & Son Ltd file this 20-F?

Bank of N.T. Butterfield & Son Ltd filed this Foreign Annual Report (20-F) with the SEC on February 21, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by Bank of N.T. Butterfield & Son Ltd (NTB).

Where can I read the original 20-F filing from Bank of N.T. Butterfield & Son Ltd?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Bank of N.T. Butterfield & Son Ltd.

What are the key takeaways from Bank of N.T. Butterfield & Son Ltd's 20-F?

Bank of N.T. Butterfield & Son Ltd filed this 20-F on February 21, 2024. Key takeaways: The filing is a 20-F report for Bank of N.T. Butterfield & Son Ltd for the fiscal year ending December 31, 2023.. The company is incorporated in D0 and its fiscal year ends on December 31.. The filing includes references to US GAAP concepts such as NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent and ForeignCurrencyTransactionGainLossBeforeTax..

Is Bank of N.T. Butterfield & Son Ltd a risky investment based on this filing?

Based on this 20-F, Bank of N.T. Butterfield & Son Ltd presents a relatively low-risk profile. The filing is a standard annual report (20-F) with no immediate red flags, indicating a routine disclosure process.

What should investors do after reading Bank of N.T. Butterfield & Son Ltd's 20-F?

Review the detailed financial statements and risk factors within the 20-F filing to understand the company's performance and potential risks for the fiscal year 2023. The overall sentiment from this filing is neutral.

Key Dates

Glossary

20-F
An annual report required by the U.S. Securities and Exchange Commission (SEC) for foreign private issuers. (This filing provides comprehensive financial and operational information for investors.)
US GAAP
United States Generally Accepted Accounting Principles, a common accounting standard. (References to US GAAP indicate the accounting framework used for financial reporting.)

Filing Stats: 4,652 words · 19 min read · ~16 pages · Grade level 15.2 · Accepted 2024-02-21 16:32:28

Key Financial Figures

Filing Documents

Identity of Directors, Senior Management and Advisers

Item 1 Identity of Directors, Senior Management and Advisers 7

Offer Statistics and Expected Timetable

Item 2 Offer Statistics and Expected Timetable 7

Key Information

Item 3 Key Information 7 A. Reserved 7 B. Capitalization and Indebtedness 7 C. Reasons for the Offer and Use of Proceeds 7 D. Risk Factors 8

Information on the Company

Item 4 Information on the Company 22 A. History and Development of the Company 22 B. Business Overview 22 C. Organizational Structure 42 D. Property, Plants and Equipment 42 E. Selected Statistical Data 43

Unresolved Staff Comments

Item 4A Unresolved Staff Comments 48

Operating and Financial Review and Prospects

Item 5 Operating and Financial Review and Prospects 49 A. Operating Results 49 B. Liquidity and Capital Resources 89 C. Research and Development, Patents and Licenses, etc. 92 D. Trend Information 92 E. Critical Accounting Estimates 92

Directors, Senior Management and Employees

Item 6 Directors, Senior Management and Employees 95 A. Directors and Senior Management 95 B. Compensation 98 C. Board Practices 98 D. Employees 101 E. Share Ownership 101 F. Disclosure of a R egistrant's A ction to R ecover E rroneously A warded C ompensation 101

Major Shareholders and Related Party Transactions

Item 7 Major Shareholders and Related Party Transactions 102 A. Major Shareholders 102 B. Related Party Transactions 103 C. Interests of Experts and Counsel 103

Financial Information

Item 8 Financial Information 104 A. Consolidated Statements of Other Financial Information 104 B. Significant Changes 104

The Offer and Listing

Item 9 The Offer and Listing 105 A. Offering and Listing Details 105 B. Plan of Distribution 105 C. Markets 105 D. Selling Shareholders 105 E. Dilution 105 F. Expenses of the Issue 105

Additional Information

Item 10 Additional Information 106 A. Share C apital 106 B. Memorandum and Articles of Incorporation 106 C. Material Contracts 106 D. Exchange Controls 106 E. Taxation 106 3 F. Dividends and Paying Agents 108 G. Statements by Experts 108 H. Documents on Display 108 I. Subsidiary Information 108 J. Annual Report to Security Holders 108 K. Shareholder Information & Directory 109

Quantitative and Qualitative Disclosures about Market Risk

Item 11 Quantitative and Qualitative Disclosures about Market Risk 111

Description of Securities other than Equity Securities

Item 12 Description of Securities other than Equity Securities 111 Part II

Defaults, Dividend Arrearages and Delinquencies

Item 13 Defaults, Dividend Arrearages and Delinquencies 112

Material Modifications to the Rights of Security Holders and Use of Proceeds

Item 14 Material Modifications to the Rights of Security Holders and Use of Proceeds 112

Controls and Procedures

Item 15 Controls and Procedures 112

Reserved

Item 16 Reserved 112

Audit Committee Financial Expert

Item 16A Audit Committee Financial Expert 112

Code of Ethics

Item 16B Code of Ethics 112

Principal Accountant Fees and Services

Item 16C Principal Accountant Fees and Services 112

Exemption from the Listing Standards for Audit Committees

Item 16D Exemption from the Listing Standards for Audit Committees 113

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Item 16E Purchases of Equity Securities by the Issuer and Affiliated Purchasers 113

Changes in Registrant's Certifying Accountant

Item 16F Changes in Registrant's Certifying Accountant 113

Corporate Governance

Item 16G Corporate Governance 114

Mine Safety Disclosure

Item 16H Mine Safety Disclosure 114

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 16I Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 114 Item 16J Insider Trading Policies 114 Item 16K C ybersecurity 114 Part III

Financial Statements

Item 17 Financial Statements F- 2

Financial Statements - Prepared Using a Basis of Accounting Other than IFRS

Item 18 Financial Statements - Prepared Using a Basis of Accounting Other than IFRS i

Exhibits

Item 19 Exhibits ii Glossary iv 4 EXPLANATORY NOTE In this report, unless the context indicates otherwise, the term: " Bank " or " Butterfield " refers to: The Bank of N.T. Butterfield & Son Limited; " Board " refers to: The Board of Directors of the Bank; " common shares " refers to: the voting ordinary shares of par value BM$ 0.01 each in the Bank; and " we ", " our ", " us ", " the Company " and " the Group " refer to: the Bank and its consolidated subsidiaries. Refer also to the Glossary at the end of this document for additional terms. PRESENTATION OF FINANCIAL AND OTHER INFORMATION In this report, references to " BMD ", " BM$ ", or " Bermuda Dollars " are to the lawful currency of Bermuda, and " USD ", " US$ ", " $ " and " US Dollars " are to the lawful currency of the United States of America. The Bermuda Dollar is pegged to the US Dollar on a onetoone basis and therefore, for all periods presented, BM$1.00 = US$1.00. See the Glossary for more information on how we refer to additional currencies in this report. 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. Our consolidated financial statements as at December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021 have been audited, as stated in the report appearing herein, by PricewaterhouseCooper Ltd., Bermuda ("PwC"), and are included in this report and are referred to as our audited consolidated financial statements. We have prepared these financial statements in accordance with GAAP. We believe that the nonGAAP measures included in this report provide valuable information to readers bec

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable

KEY INFORMATION

ITEM 3. KEY INFORMATION A. [Reserved] B. Capitalization and Indebtedness Not applicable C. Reasons for the Offer and Use of Proceeds Not applicable 7 D. Risk Factors The material risks and uncertainties that management believes affect us are described below. Any of the following risks, as well as risks that we do not know of or currently deem immaterial, could have a material adverse effect on our business, financial condition or results of operations. Further, the risk factors below include cautionary statements identifying important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by us or on our behalf. See "Cautionary Note Regarding Forward-Looking Statements." Risks Relating to the Markets in Which We Operate Adverse economic and market conditions in Bermuda, the Cayman Islands, the Channel Islands and the UK, and other markets in which we operate, have in the past resulted in and could in the future result in lower revenue, lower asset quality, increased provisions and lower earnings. Our financial performance generally, and in particular the ability of our borrowers to pay interest and repay principal on outstanding loans and the value of the collateral securing those loans, as well as demand for loans and other products and services we offer and whose success we rely on to drive our future growth, are highly dependent upon the business environment in the markets in which we operate. A downturn in any of Bermuda, the Cayman Islands, and the Channel Islands and the UK can have a profound impact on our business performance. Some elements of the business environment that affect our financial performance include short-term and long-term interest rates, any downgrade in sovereign credit ratings to which our credit ratings are correlated, the prevailing yield curve, inflation and price levels, monetary and fiscal policy, regulatory or legal changes (including changes in tax la

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