• A JPMorgan Chase tailored for offshore banking and wealth management.
• Think of it as Northern Trust combined with a regional bank like PNC, serving offshore financial centers.

• Retail Banking Services: Provides personal deposit accounts, residential mortgages, and consumer loans to individuals.
• Commercial Banking Services: Offers business deposit accounts, commercial loans, and treasury management solutions to companies and institutions.
• Private Banking & Wealth Management: Delivers comprehensive financial planning, investment advisory, and trust administration services for high-net-worth clients.
• Asset Management: Manages investment portfolios and offers bespoke investment solutions for both institutional and individual investors.
• Custody Services: Provides safekeeping, settlement, and administration of financial assets on behalf of corporate and institutional clients.

Bank of N.T. Butterfield & Son (NTB) serves a diverse client base across its various jurisdictions, including individuals, businesses, and institutional clients. However, given its strong emphasis on private banking, wealth management, and retail banking in its core offshore markets, it primarily serves individuals and their associated entities. It is not feasible to identify specific "major customer companies" as banks typically do not disclose individual client names, especially for corporate lending or institutional services, unless they represent a material concentration which is rare for diversified banks.

The company primarily sells to individuals, and its customer base can be categorized as follows:

1. High Net Worth (HNW) and Ultra High Net Worth (UHNW) Individuals and Families: These clients utilize Butterfield's private banking, wealth management, trust, and fiduciary services. They often have sophisticated financial planning, asset protection, and multi-jurisdictional needs, seeking expertise in offshore financial centers like Bermuda, the Cayman Islands, and the Channel Islands.

2. Local Residents: Individuals residing in Butterfield's core operating jurisdictions (Bermuda, the Cayman Islands, Guernsey, and Jersey) form a significant part of its retail banking customer base. These clients use the bank for everyday financial needs, including current accounts, savings, mortgages, and consumer loans.

3. International Expatriates and Global Investors: This category includes individuals living and working in Butterfield's operating jurisdictions, as well as those from abroad who choose to establish banking or investment relationships in these well-regulated offshore financial centers. They seek services for wealth preservation, international transactions, or specific investment opportunities facilitated by the bank's international presence.

• Temenos AG (SWX: TEMN)
• KPMG

Michael Collins, Chairman and Chief Executive Officer

Michael Collins has served as Chairman of The Bank of N.T. Butterfield & Son Limited since 2017 and as Chief Executive Officer since 2015. He joined Butterfield in 2009 and has over 30 years of experience in financial services. Prior to joining Butterfield, Mr. Collins held progressively senior positions at Morgan Guaranty Trust Company in New York, Bank of Bermuda, and HSBC in Bermuda, where he was Chief Operating Officer at HSBC Bank Bermuda. He holds a BA in Economics from Brown University.

Michael Schrum, President and Group Chief Financial Officer

Michael Schrum was reappointed Group Chief Financial Officer in September 2025, a position he previously held from 2015 to 2022. He also served as President and Group Chief Risk Officer from 2022. Mr. Schrum oversaw the Bank's U.S. IPO and NYSE listing. With over 25 years of financial services experience, primarily in banking, insurance, and tax, he previously served as Chief Financial Officer at HSBC Bank Bermuda. Mr. Schrum holds a Master's degree in Economics from the University of London and an undergraduate degree from the University of Southern Denmark. He also serves as a Director for Bermuda Electric Light Co. Ltd., Bermuda Institute of Ocean Sciences, and Pathways Bermuda, and as Treasurer for the Bermuda Community Foundation.

Bri Hidalgo, Group Chief Risk Officer

Bri Hidalgo was appointed Group Chief Risk Officer in September 2025. She brings over 25 years of international banking experience and most recently served as Group Head of Compliance and Operational Risk at Butterfield. Prior to joining Butterfield, Ms. Hidalgo spent 14 years with Wells Fargo Bank in compliance and risk management roles, including Chief Risk Officer, Wealth & Investment Management. She also worked in senior risk management and compliance roles at Wachovia Securities and First State Investments.

Michael Neff, Group Chief Operating Officer

Michael Neff has been Butterfield's Group Chief Operating Officer since January 2024. He has over 30 years of experience in financial services, having held senior roles in wealth management, commercial banking, and financial risk management. His previous roles at Butterfield include Managing Director of Bermuda and International Wealth, and Group Head of Wealth Management. Mr. Neff began his career at Chemical Bank's Private Banking Group and also worked with Citibank's Private Banking Group and Risk Metrics Group.

Kevin Dallas, Group Chief Experience Officer and Group Head of Marketing & Communications

Kevin Dallas has served as Group Chief Experience Officer of Butterfield since January 2024, and as Group Head of Marketing and Communications since 2020. Prior to joining Butterfield, Mr. Dallas was the Chief Product and Marketing Officer at Worldpay plc.

The increasing sophistication and market penetration of digital wealth management platforms and hybrid advisory models, which leverage technology to offer potentially more cost-effective, convenient, and scalable solutions for wealth management and investment services, challenging traditional relationship-based banking models.

Here are 3-5 expected drivers of future revenue growth for Bank of N.T. Butterfield & Son (NTB) over the next 2-3 years:

1. Net Interest Margin (NIM) Stability and Expansion: Butterfield Bank anticipates stable net interest margins, with potential for expansion driven by declines in deposit costs and strategic asset repricing. Management commentary suggests an ongoing focus on managing deposit costs and reinvesting investment maturities to optimize yields.
2. Growth in Fee-Based Income: The company is focused on expanding its non-interest revenue, which includes banking fees, increased card volumes, foreign exchange services, and trust income. Recent results have shown improvements in these areas, indicating a strategic emphasis on diversifying revenue streams beyond traditional lending.
3. Operational Efficiency and Cost Management: Ongoing initiatives to improve operational efficiency and cost discipline are expected to contribute to net revenue growth by optimizing expenses. The bank has undertaken measures such as consolidating premises and aims for an efficiency ratio around 60%.
4. Strategic Expansion in Wealth Management and Trust Services: Butterfield has historically pursued acquisitions to expand its wealth management and trust service offerings in its key markets, including the Channel Islands, Cayman Islands, and Bermuda. This strategic approach to grow its client base and service mandates in these specialized areas is expected to continue.
5. Leveraging Economic Growth in Core Jurisdictions: Anticipated near-term economic growth in its core island jurisdictions, such as Bermuda and the Cayman Islands, is expected to support sustained growth across various sectors including tourism, real estate, and international business, which in turn benefits the bank's operations and revenue.

Share Repurchases

• The Board of Directors approved a new $100 million ordinary share repurchase program on December 9, 2024, authorizing the purchase of up to 2.7 million of its ordinary shares through December 31, 2025. This program became effective on January 1, 2025, succeeding a prior 2.1 million share repurchase program announced on July 22, 2024.
• In the third quarter of 2025, the company repurchased 0.7 million shares for $30.3 million.
• The company's outstanding common shares decreased from approximately 49.6 million at the end of fiscal year 2022 to 43.5 million at the end of 2024, representing a reduction of 12.3% in the share count over two years.

Outbound Investments

• In the fourth quarter of 2023, Butterfield completed the acquisition of trust assets from Credit Suisse.
• During 2024, the Bank restructured its operations in Jersey, transferring the business operations and substantially all assets and liabilities of Butterfield Bank (Jersey) Limited to the newly established Butterfield Bank (Guernsey) Limited, Jersey branch. Butterfield Bank (Jersey) Limited was subsequently dissolved in October 2024.

Capital Expenditures

• The Bank completed several strategic projects during 2023, including upgrading its core banking system in Bermuda and Cayman.
• Future capital expenditures are expected to focus on technology upgrades and back-office consolidation, with an expense run rate projected around $90 million in the near to medium term.