6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of April, 2024

Commission File Number: 001-37877

The Bank of N.T. Butterfield & Son Limited

(Translation of registrant’s name into English)

65 Front Street

Hamilton, HM 12

Bermuda

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ý Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

DOCUMENTS INCLUDED AS PART OF THIS FORM 6-K

Attached hereto (i) as Exhibit 99.1 is the earnings release, (ii) as Exhibit 99.2 is the financial statements, and (iii) as Exhibit 99.3 is the earnings call presentation, all for The Bank of N.T. Butterfield & Son Limited for the three months ended March 31, 2024.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date:  April 23, 2024	THE BANK OF N.T. BUTTERFIELD & SON LIMITED
	By:	/s/ Craig Bridgewater
	Name:	Craig Bridgewater
	Title:	Group Chief Financial Officer

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EXHIBIT INDEX

Exhibit	Description
99.1	Earnings release - First quarter 2024 results
99.2	Financial Statements - First quarter 2024 results
99.3	Earnings call presentation - First quarter 2024 results

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EX-99.1

Butterfield Reports First Quarter 2024 Results

Financial highlights for the first quarter of 2024:

•Net income of $53.4 million, or $1.13 per share, and core net income1 of$55.0 million, or $1.17 per share

•Return on average common equity of 21.5% and core return on average tangible common equity1 of 24.5%

•Net interest margin of 2.68%, cost of deposits of 1.78%

•Board declares dividend for the quarter ended March 31, 2024 of $0.44 per share

Hamilton, Bermuda - April 23, 2024: The Bank of N.T. Butterfield & Son Limited ("Butterfield" or the "Bank") (BSX: NTB.BH; NYSE: NTB) today announced financial results for thequarter ended March 31, 2024.

Net income for the first quarter of 2024 was $53.4 million, or $1.13 per diluted common share, compared to net income of $53.5 million, or $1.11 per diluted common share, for the previous quarter and $62.2 million, or $1.24 per diluted common share, for the first quarter of 2023. Core net income1 for the first quarter of 2024 was $55.0 million, or $1.17 per diluted common share, compared to $55.3 million, or $1.15 per diluted common share, for the previous quarter and $62.2 million, or $1.24 per diluted common share, for the first quarter of 2023.

The return on average common equity for the first quarter of 2024 was 21.5% compared to 22.5% for the previous quarter and 28.0% for the first quarter of 2023. The core return on average tangible common equity1 for the first quarter of 2024 was 24.5%, compared to 25.4% for the previous quarter and 30.5% for the first quarter of 2023. The efficiency ratio for the first quarter of 2024 was 60.9%, compared to 61.7% for the previous quarter and 56.0% for the first quarter of 2023. The core efficiency ratio1 for the first quarter of 2024 was 59.8% compared with 60.5% in the previous quarter and 56.0% for the first quarter of 2023.

Michael Collins, Butterfield's Chairman and Chief Executive Officer, commented, “The Bank’s first quarter results are a great start to the year and continue to demonstrate the strong profitability of Butterfield’s capital efficient non-interest earnings, well-structured balance sheet and thoughtful capital management. Since listing on the NYSE in 2016, the Bank has consistently maintained operating returns on tangible equity in the range of 16% to 28%, and we expect these levels of profitability to continue across typical economic cycles. We are on track to deliver top quartile returns relative to US regional banks. The Bank remains highly liquid with strong capital levels and has a loan portfolio that is primarily comprised of well collateralized residential mortgages with limited commercial and hospitality real estate exposure in Bermuda and the Cayman Islands."

Net income and core net income1 were flat compared to the prior quarter.

Net interest income (“NII”) for the first quarter of 2024 was $87.1 million, relatively flat compared with NII of $86.9 million in the previous quarter and down $10.3 million from $97.4 million in the first quarter of 2023. NII was flat during the first quarter of 2024 and decreased compared to the first quarter of 2023, primarily due to higher deposit costs and a decrease in the size of the Bank's balance sheet.

(1)    See table "Reconciliation of US GAAP Results to Core Earnings" below for reconciliation of US GAAP results to non-GAAP measures.         1

Net interest margin (“NIM”) for the first quarter of 2024 was 2.68%, a decrease of 5 basis points from 2.73% in the previous quarter and down 20 basis points from 2.88% in the first quarter of 2023. NIM in the first quarter of 2024 decreased compared to the prior quarter and first quarter of 2023 due to a lower volume of interest earning assets, continued mix-shift to higher yielding term deposit products and day-count.

Non-interest income for the first quarter of 2024 was $55.1 million, a decrease of $4.9 million from $60.0 million in the previous quarter and $4.9 million higher than $50.2 million in the first quarter of 2023. The decrease in the first quarter of 2024 compared to the prior quarter was mainly due to lower banking fees due to seasonally higher fourth quarter banking revenues, which were partially offset by higher foreign exchange revenue. Non-interest income in the first quarter of 2024 was higher than the first quarter of 2023 primarily due to newly acquired trust fees and higher foreign exchange income.

Non-interest expenses were $88.5 million in the first quarter of 2024, compared to $92.2 million in the previous quarter and $84.1 million in the first quarter of 2023. Core non-interest expenses1 of $86.9 million in the first quarter of 2024 were lower than the $90.4 million incurred in the previous quarter and higher than the $84.1 million incurred in the first quarter of 2023. Compared to the prior quarter, core non-interest expenses1 in the first quarter of 2024 were lower due to reduced head-count in the current quarter and higher bonus accruals in the previous quarter, lower technology cost from reduced IT project related travel and other expenses, partially offset by increases in non-income tax expenses related to the vesting of employee share awards. Core non-interest expenses1 were higher in the first quarter of 2024 compared to the first quarter of 2023 primarily due to increased costs associated with the implementation and depreciation of Butterfield's upgraded cloud-based core banking system in Bermuda and Cayman and other physical and IT asset improvements.

Period end deposit balances were $12.1 billion, an increase of 1.2% compared to $12.0 billion at December 31, 2023, primarily due to deposit increases in the Channel Islands. Average deposits were $12.2 billion in the quarter ended March 31, 2024, compared to $11.8 billion in the prior quarter.

Tangible book value per share improved by $0.16 or 0.8% this quarter to $19.45 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 May 21, 2024 to shareholders of record on May 7, 2024. During the first quarter of 2024, Butterfield repurchased 1.2 million common shares under the Bank's share repurchase program.

The current total regulatory capital ratio as at March 31, 2024 was 24.9% 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.

2

ANALYSIS AND DISCUSSION OF FIRST QUARTER RESULTS

Income statement	Three months ended (Unaudited)
(in $ millions)	March 31, 2024		December 31, 2023		March 31, 2023
Non-interest income	55.1		60.0		50.2
Net interest income before provision for credit losses	87.1		86.9		97.4
Total net revenue before provision for credit losses and other gains (losses)	142.2		146.9		147.5
Provision for credit (losses) recoveries	0.4		(1.7)		(0.7)
Total other gains (losses)	0.2		(0.3)		0.1
Total net revenue	142.8		144.9		147.0
Non-interest expenses	(88.5)		(92.2)		(84.1)
Total net income before taxes	54.3		52.7		62.9
Income tax benefit (expense)	(0.9)		0.8		(0.7)
Net income	53.4		53.5		62.2
Net earnings per share
Basic	1.15		1.13		1.25
Diluted	1.13		1.11		1.24
Per diluted share impact of other non-core items 1	0.04		0.04		—
Core earnings per share on a fully diluted basis 1	1.17		1.15		1.24
Adjusted weighted average number of participating shares on a fully diluted basis(in thousands of shares)	47,167		48,099		50,131
Key financial ratios
Return on common equity	21.5	%	22.5	%	28.0	%
Core return on average tangible common equity 1	24.5	%	25.4	%	30.5	%
Return on average assets	1.6	%	1.6	%	1.8	%
Net interest margin	2.68	%	2.73	%	2.88	%
Core efficiency ratio 1	59.8	%	60.5	%	56.0	%

(1)See table "Reconciliation of US GAAP Results to Core Earnings" below for reconciliation of US GAAP results to non-GAAP measures.

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Balance Sheet	As at
(in $ millions)	March 31, 2024		December 31, 2023
Cash and cash equivalents	1,746		1,647
Securities purchased under agreements to resell	135		187
Short-term investments	1,345		1,038
Investments in securities	5,168		5,292
Loans, net of allowance for credit losses	4,644		4,746
Premises, equipment and computer software, net	150		154
Goodwill and intangibles, net	96		99
Accrued interest and other assets	243		211
Total assets	13,528		13,374
Total deposits	12,131		11,987
Accrued interest and other liabilities	304		285
Long-term debt	99		98
Total liabilities	12,533		12,370
Common shareholders’ equity	995		1,004
Total shareholders' equity	995		1,004
Total liabilities and shareholders' equity	13,528		13,374
Key Balance Sheet Ratios:	March 31, 2024		December 31, 2023
Common equity tier 1 capital ratio2	22.6	%	23.0	%
Tier 1 capital ratio2	22.6	%	23.0	%
Total capital ratio2	24.9	%	25.4	%
Leverage ratio2	7.5	%	7.6	%
Risk-Weighted Assets (in $ millions)	4,648		4,541
Risk-Weighted Assets / total assets	34.4	%	34.0	%
Tangible common equity ratio	6.7	%	6.8	%
Book value per common share (in $)	21.53		21.39
Tangible book value per share (in $)	19.45		19.29
Non-accrual loans/gross loans	1.3	%	1.3	%
Non-performing assets/total assets	1.2	%	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 MARCH 31, 2024 COMPARED WITH THE QUARTER ENDED DECEMBER 31, 2023

Net Income

Net income for the quarter ended March 31, 2024 was $53.4 million, relatively flat from $53.5 million in the prior quarter.

Movements within net income during the quarter ended March 31, 2024 compared to the previous quarter are attributable to following:

•$4.9 million decrease in non-interest income driven by (i) $4.3 million decrease in banking fees due to prior-period seasonality; and (ii) $1.0 million decrease in trust income driven by lower activity-based fees;

•$2.1 million decrease in the provision for credit losses driven by the repayment of two residential mortgages following the sale of the underlying collateral and reduced delinquencies in Bermuda;

•$3.6 million decrease in non-interest expenses driven by (i) $1.7 million decrease in salaries and other employee benefits driven by lower head-count and adjustments to performance-based incentive accruals recorded in the previous quarter; (ii) $1.5 million decrease in professional and outside services due to costs relating to the Credit Suisse trust asset acquisition recorded in the previous quarter; and (iii) $1.1 million decrease in technology and communications from lower corporate travel and other costs associated with the core banking system upgrade which went live in Cayman in the previous quarter; partially offset by $1.3 million increase in indirect taxes related to the annual vesting of share compensation; and

4

•$1.7 million increase in income tax expense due to the recognition of a deferred tax asset in Singapore in the previous quarter.

Non-Core Items1

Non-core items resulted in expenses, net of gains, of $1.6 million in the first quarter of 2024. Non-core items for the quarter included costs associated with the departure of a senior executive and fees relating to corporate restructuring.

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 MARCH 31, 2024 COMPARED WITH DECEMBER 31, 2023

Total Assets

Total assets of the Bank were $13.5 billion at March 31, 2024, an increase of $0.2 billion from December 31, 2023. The Bank maintained a highly liquid position at March 31, 2024, with $8.4 billion of cash, bank deposits, reverse repurchase agreements and liquid investments representing 62.0% of total assets, compared with 61.0% at December 31, 2023.

Loans Receivable

The loan portfolio totaled $4.6 billion at March 31, 2024, which was $0.1 billion lower than December 31, 2023 balances. The decrease was driven primarily by maturities and prepayments in the Channel Islands and UK residential mortgage portfolio.

The allowance for credit losses at March 31, 2024 totaled $24.8 million, a decrease of $1.0 million from $25.8 million at December 31, 2023. The movement was driven by repayment of two residential mortgage properties following the sale of the underlying collateral and reduced delinquencies in Bermuda.

The loan portfolio represented 34.3% of total assets at March 31, 2024 (December 31, 2023: 35.5%), while loans as a percentage of total deposits was 38.3% at March 31, 2024 (December 31, 2023: 39.6%). The decrease in both ratios was attributable principally to a decrease in loan balances at March 31, 2024 compared to December 31, 2023.

As of March 31, 2024, the Bank had gross non-accrual loans of $59.1 million, representing 1.3% of total gross loans, a decrease of $2.0 million from $61.0 million, or 1.3% of total loans, at December 31, 2023. The decrease in non-accrual loans was driven by a number of Bermuda residential mortgages moving back to accrual status.

Other real estate owned (“OREO”) remained flat at $0.5 million compared to December 31, 2023.

Investment in Securities

The investment portfolio was $5.2 billion at March 31, 2024, which was $0.1 billion lower compared with December 31, 2023 balances. The changes were attributable to paydowns and maturities in the portfolio, for which the majority of the proceeds were invested into short-term treasury assets.

The investment portfolio is made up of high-quality assets with 100% invested in A-or-better-rated securities. The investment book yield was 2.23% during the quarter ended March 31, 2024 compared with 2.16% during the previous quarter. Total net unrealized losses on the available-for-sale portfolio increased to $178.2 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 $12.2 billion for the quarter ended March 31, 2024, an increase of $0.4 billion compared to the previous quarter, while period end balances as at March 31, 2024 were $12.1 billion, an increase of $0.1 billion compared to December 31, 2023.

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Average Balance Sheet2

	For the three months ended
	March 31, 2024			December 31, 2023			March 31, 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	3,138.3	36.8	4.71	2,603.6	31.0	4.72	2,943.9	27.1	3.74
Investment in securities	5,204.2	28.9	2.23	5,290.5	28.9	2.16	5,720.2	29.8	2.12
Available-for-sale	1,766.3	9.6	2.17	1,798.8	9.1	2.01	2,005.6	8.9	1.80
Held-to-maturity	3,437.9	19.3	2.25	3,491.7	19.7	2.24	3,714.6	20.9	2.28
Loans	4,689.5	77.0	6.58	4,732.5	79.7	6.68	5,040.7	77.5	6.23
Commercial	1,381.4	23.7	6.88	1,374.1	24.4	7.03	1,409.8	22.6	6.51
Consumer	3,308.1	53.3	6.46	3,358.3	55.4	6.54	3,630.9	54.9	6.13
Interest earning assets	13,031.9	142.7	4.39	12,626.6	139.6	4.39	13,704.7	134.5	3.98
Other assets	412.0			421.6			395.9
Total assets	13,444.0			13,048.1			14,100.7
Liabilities
Deposits - interest bearing	9,586.5	(54.2)	(2.27)	9,208.6	(51.2)	(2.21)	9,786.5	(34.7)	(1.44)
Securities sold under agreement to repurchase	4.6	(0.1)	(4.69)	4.7	(0.1)	(5.64)	0.4	—	(4.50)
Long-term debt	98.5	(1.4)	(5.58)	98.5	(1.4)	(5.53)	172.3	(2.4)	(5.65)
Interest bearing liabilities	9,689.7	(55.6)	(2.30)	9,311.7	(52.6)	(2.24)	9,959.2	(37.1)	(1.51)
Non-interest bearing current accounts	2,603.5			2,618.5			2,993.5
Other liabilities	250.0			228.9			241.1
Total liabilities	12,543.2			12,159.2			13,193.7
Shareholders’ equity	900.8			889.0			906.9
Total liabilities and shareholders’ equity	13,444.0			13,048.1			14,100.7
Non-interest bearing funds net of    non-interest earning assets    (free balance)	3,342.3			3,314.9			3,745.6
Net interest margin		87.1	2.68		86.9	2.73		97.4	2.88

(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 $130.7 billion and $30.7 billion, respectively, at March 31, 2024, while assets under management were $5.7 billion at March 31, 2024. This compares with $132.4 billion, $30.3 billion and $5.5 billion, respectively, at December 31, 2023.

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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)	March 31, 2024		December 31, 2023		March 31, 2023
Net income	53.4		53.5		62.2
Non-core items
Non-core expenses
Early retirement program, voluntary separation, redundancies and other non-core compensation costs	1.3		(0.3)		—
Asset acquisition costs	—		1.9		—
Restructuring charges and related professional service fees	0.3		0.2		—
Total non-core expenses	1.6		1.8		—
Total non-core items	1.6		1.8		—
Core net income	55.0		55.3		62.2
Average common equity	996.1		943.0		902.5
Less: average goodwill and intangible assets	(97.4)		(77.7)		(74.2)
Average tangible common equity	898.7		865.2		828.3
Core earnings per share fully diluted	1.17		1.15		1.24
Return on common equity	21.5	%	22.5	%	28.0	%
Core return on average tangible common equity	24.5	%	25.4	%	30.5	%
Shareholders' equity	995.1		1,003.6		936.9
Less: goodwill and intangible assets	(96.3)		(98.9)		(74.1)
Tangible common equity	898.8		904.7		862.8
Basic participating shares outstanding (in millions)	46.2		46.9		49.8
Tangible book value per common share	19.45		19.29		17.32
Non-interest expenses	88.5		92.2		84.1
Less: non-core expenses	(1.6)		(1.8)		—
Less: amortization of intangibles	(1.9)		(1.4)		(1.4)
Core non-interest expenses before amortization of intangibles	85.0		89.0		82.7
Core revenue before other gains and losses and provision for credit losses	142.2		146.9		147.5
Core efficiency ratio	59.8	%	60.5	%	56.0	%

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Conference Call Information:

Butterfield will host a conference call to discuss the Bank’s results on Wednesday, April 24, 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. BF-All

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.

Investor Relations Contact:Media Relations Contact:

Noah FieldsNicky Stevens

Investor Relations Group Strategic Marketing & Communications

The Bank of N.T. Butterfield & Son LimitedThe Bank of N.T. Butterfield & Son Limited

Phone: (441) 299 3816Phone: (441) 299 1624

E-mail: noah.fields@butterfieldgroup.com E-mail: nicky.stevens@butterfieldgroup.com

8

EX-99.2

INDEX TO FINANCIAL STATEMENTS

Unaudited Consolidated Financial Statements	Page
Consolidated Balance Sheets (unaudited) as of March 31, 2024 and December 31, 2023	2
Consolidated Statements of Operations (unaudited) for the Three Months Ended March 31, 2024 and 2023	3
Consolidated Statements of Comprehensive Income (unaudited) for the Three Months Ended March 31, 2024 and 2023	4
Consolidated Statements of Changes in Shareholders’ Equity (unaudited) for the Three Months Ended March 31, 2024 and 2023	5
Consolidated Statements of Cash Flows (unaudited) for the Three Months Ended March 31, 2024 and 2023	6
Notes to the Consolidated Financial Statements (unaudited)	7

1

The Bank of N.T. Butterfield & Son Limited

Consolidated Balance Sheets (unaudited)

(In thousands of US dollars, except share and per share data)

	As at
	March 31, 2024	December 31, 2023
Assets
Cash and demand deposits with banks - Non-interest bearing	90,231	91,826
Demand deposits with banks - Interest bearing	151,609	151,104
Cash equivalents - Interest bearing	1,504,381	1,403,718
Cash and cash equivalents	1,746,221	1,646,648
Securities purchased under agreements to resell	134,928	187,274
Short-term investments	1,344,747	1,038,037
Investment in securities
Available-for-sale at fair value (amortized cost: $1,944,820 (2023: $1,995,050))	1,766,631	1,831,129
Held-to-maturity (fair value: $2,848,545 (2023: $2,976,709))	3,401,472	3,461,097
Total investment in securities	5,168,103	5,292,226
Loans
Loans	4,668,892	4,771,608
Allowance for credit losses	(24,780)	(25,759)
Loans, net of allowance for credit losses	4,644,112	4,745,849
Premises, equipment and computer software, net	150,285	154,362
Goodwill	23,827	24,107
Other intangible assets, net	72,477	74,800
Equity method investments	6,434	7,063
Other real estate owned, net	525	450
Accrued interest and other assets	236,413	203,204
Total assets	13,528,072	13,374,020
Liabilities
Deposits
Non-interest bearing	2,560,430	2,656,659
Interest bearing	9,570,421	9,330,049
Total deposits	12,130,851	11,986,708
Employee benefit plans	88,937	88,694
Accrued interest and other liabilities	214,623	196,531
Total other liabilities	303,560	285,225
Long-term debt	98,549	98,490
Total liabilities	12,532,960	12,370,423
Commitments, contingencies and guarantees (Note 10)
Shareholders' equity
Common share capital (BMD 0.01 par; authorized voting ordinary shares 2,000,000,000 and    non-voting ordinary shares 6,000,000,000) issued and outstanding: 46,840,139 (2023: 47,529,045)	468	475
Additional paid-in capital	969,670	988,904
Retained earnings	364,921	342,520
Less: treasury common shares, at cost: 619,212 (2023: 619,212)	(18,660)	(18,104)
Accumulated other comprehensive income (loss)	(321,287)	(310,198)
Total shareholders’ equity	995,112	1,003,597
Total liabilities and shareholders’ equity	13,528,072	13,374,020

The accompanying notes are an integral part of these consolidated financial statements.

2

The Bank of N.T. Butterfield & Son Limited

Consolidated Statements of Operations (unaudited)

(In thousands of US dollars, except per share data)

	Three months ended
	March 31, 2024	March 31, 2023
Non-interest income
Asset management	8,842	7,938
Banking	14,259	13,600
Foreign exchange revenue	13,192	10,712
Trust	15,044	12,838
Custody and other administration services	3,314	3,336
Other non-interest income	442	1,761
Total non-interest income	55,093	50,185
Interest income
Interest and fees on loans	76,986	77,488
Investments (none of the investment securities are intrinsically tax-exempt)
Available-for-sale	9,573	8,908
Held-to-maturity	19,325	20,921
Cash and cash equivalents, securities purchased under agreements to resell and short-term investments	36,828	27,138
Total interest income	142,712	134,455
Interest expense
Deposits	54,209	34,696
Long-term debt	1,371	2,400
Securities sold under agreement to repurchase	54	4
Total interest expense	55,634	37,100
Net interest income before provision for credit losses	87,078	97,355
Provision for credit (losses) recoveries	409	(671)
Net interest income after provision for credit losses	87,487	96,684
Net gains (losses) on equity securities	—	50
Net realized gains (losses) on available-for-sale investments	—	(8)
Net gains (losses) on other real estate owned	(12)	59
Net other gains (losses)	249	9
Total other gains (losses)	237	110
Total net revenue	142,817	146,979
Non-interest expense
Salaries and other employee benefits	42,773	42,331
Technology and communications	16,127	13,929
Professional and outside services	5,513	5,033
Property	8,723	7,436
Indirect taxes	6,304	5,747
Non-service employee benefits expense	982	1,398
Marketing	1,302	1,503
Amortization of intangible assets	1,931	1,418
Other expenses	4,877	5,311
Total non-interest expense	88,532	84,106
Net income before income taxes	54,285	62,873
Income tax benefit (expense)	(854)	(669)
Net income	53,431	62,204
Earnings per common share
Basic earnings per share	1.15	1.25
Diluted earnings per share	1.13	1.24

The accompanying notes are an integral part of these consolidated financial statements.

3

The Bank of N.T. Butterfield & Son Limited

Consolidated Statements of Comprehensive Income (unaudited)

(In thousands of US dollars)

	Three months ended
	March 31, 2024	March 31, 2023
Net income	53,431	62,204
Other comprehensive income (loss), net of taxes
Unrealized net gains (losses) on translation of net investment in foreign operations	(63)	(44)
Net changes on investments transferred to held-to-maturity	2,001	2,027
Unrealized net gains (losses) on available-for-sale investments	(14,277)	29,816
Employee benefit plans adjustments	1,250	318
Other comprehensive income (loss), net of taxes	(11,089)	32,117
Total comprehensive income (loss)	42,342	94,321

The accompanying notes are an integral part of these consolidated financial statements.

4

The Bank of N.T. Butterfield & Son Limited

Consolidated Statements of Changes in Shareholders' Equity (unaudited)

	March 31, 2024		March 31, 2023
	Number of shares	In thousands of US dollars	Number of shares	In thousands of US dollars
Common share capital issued and outstanding
Balance at beginning of period	47,529,045	475	50,277,466	503
Retirement of shares	(1,155,790)	(11)	(144,929)	(2)
Issuance of common shares	466,884	4	315,460	3
Balance at end of period	46,840,139	468	50,447,997	504
Additional paid-in capital
Balance at beginning of period		988,904		1,032,632
Share-based compensation		4,796		4,493
Share-based settlements		22		—
Retirement of shares		(24,048)		(2,051)
Issuance of common shares, net of underwriting discounts and commissions		(4)		—
Balance at end of period		969,670		1,035,074
Retained earnings
Balance at beginning of period		342,520		229,732
Net Income for the period		53,431		62,204
Common share cash dividends declared and paid, $0.44 per share (2023: $0.44 per share)		(20,506)		(21,975)
Retirement of shares		(10,524)		(2,792)
Balance at end of period		364,921		267,169
Treasury common shares
Balance at beginning of period	619,212	(18,104)	619,212	(20,600)
Purchase of treasury common shares	1,155,790	(35,139)	144,929	(4,756)
Retirement of shares	(1,155,790)	34,583	(144,929)	4,845
Balance at end of period	619,212	(18,660)	619,212	(20,511)
Accumulated other comprehensive income (loss)
Balance at beginning of period		(310,198)		(377,452)
Other comprehensive income (loss), net of taxes		(11,089)		32,117
Balance at end of period		(321,287)		(345,335)
Total shareholders' equity		995,112		936,901

The accompanying notes are an integral part of these consolidated financial statements.

5

The Bank of N.T. Butterfield & Son Limited

Consolidated Statements of Cash Flows (unaudited)

(In thousands of US dollars)

	Three months ended
	March 31, 2024	March 31, 2023
Cash flows from operating activities
Net income	53,431	62,204
Adjustments to reconcile net income to operating cash flows
Depreciation and amortization	(5,878)	8,279
Provision for credit losses (recoveries)	(409)	671
Share-based payments and settlements	4,818	4,496
Net change in equity securities at fair value	—	(50)
Net realized (gains) losses on available-for-sale investments	—	8
Net (gains) losses on other real estate owned	12	(59)
(Increase) decrease in carrying value of equity method investments	584	(398)
Dividends received from equity method investments	45	45
Net other non-cash movements	—	1,089
Changes in operating assets and liabilities
(Increase) decrease in accrued interest receivable and other assets	(20,106)	5,974
Increase (decrease) in employee benefit plans, accrued interest payable and other liabilities	(4,234)	(5,100)
Cash provided by (used in) operating activities	28,263	77,159
Cash flows from investing activities
(Increase) decrease in securities purchased under agreements to resell	52,346	(111,459)
Short-term investments other than restricted cash: proceeds from maturities and sales	636,158	434,281
Short-term investments other than restricted cash: purchases	(917,859)	(617,650)
Available-for-sale investments: proceeds from sale	—	2,993
Available-for-sale investments: proceeds from maturities and pay downs	184,993	27,086
Available-for-sale investments: purchases	(151,505)	—
Held-to-maturity investments: proceeds from maturities and pay downs	59,142	61,228
Net (increase) decrease in loans	84,593	118,460
Additions to premises, equipment and computer software	(1,620)	(7,077)
Purchase of intangible assets	(477)	—
Cash provided by (used in) investing activities	(54,229)	(92,138)
Cash flows from financing activities
Net increase (decrease) in deposits	187,822	(713,634)
Common shares repurchased	(35,139)	(4,756)
Cash dividends paid on common shares	(20,506)	(21,975)
Cash provided by (used in) financing activities	132,177	(740,365)
Net effect of exchange rates on cash, cash equivalents and restricted cash	(4,228)	5,813
Net increase (decrease) in cash, cash equivalents and restricted cash	101,983	(749,531)
Cash, cash equivalents and restricted cash: beginning of period	1,672,260	2,116,546
Cash, cash equivalents and restricted cash: end of period	1,774,243	1,367,015
Components of cash, cash equivalents and restricted cash at end of period
Cash and cash equivalents	1,746,221	1,344,800
Restricted cash included in short-term investments on the consolidated balance sheets	28,022	22,215
Total cash, cash equivalents and restricted cash at end of period	1,774,243	1,367,015
Supplemental disclosure of non-cash items
Transfer to (out of) other real estate owned	87	—

The accompanying notes are an integral part of these consolidated financial statements.

6

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited)

(In thousands of US dollars, unless otherwise stated)

Note 1: Nature of business

The Bank of N.T. Butterfield & Son Limited (“Butterfield”, the “Bank” or the “Company”) is incorporated under the laws of Bermuda and has a banking license under the Banks and Deposit Companies Act, 1999 (“the Act”). Butterfield is regulated by the Bermuda Monetary Authority (“BMA”), which operates in accordance with Basel principles.

Butterfield is a full service bank and wealth manager headquartered in Hamilton, Bermuda. The Bank operates its business through three geographic segments: Bermuda, Cayman, and the Channel Islands and the United Kingdom ("UK"), where its principal banking operations are located and where it offers specialized financial services. Butterfield offers banking services, comprised of retail and corporate banking, and wealth management, which consists of trust, private banking, and asset management. In the Bermuda, Cayman, and Channel Islands and the UK segments, Butterfield offers both banking and wealth management services. Butterfield also has operations in the jurisdictions of The Bahamas, Canada, Mauritius, Singapore and Switzerland, which are included in our Other segment.

The Bank's common shares trade on the New York Stock Exchange under the symbol "NTB" and on the Bermuda Stock Exchange ("BSX") under the symbol "NTB.BH".

Note 2: Significant accounting policies

The accompanying unaudited interim consolidated financial statements of the Bank have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and should be read in conjunction with the Bank’s audited financial statements for the year ended December 31, 2023.

In the opinion of Management, these unaudited interim consolidated financial statements reflect all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair statement of the Bank’s financial position and results of operations as at the end of and for the periods presented. The Bank’s results for interim periods are not necessarily indicative of results for the full year.

The preparation of financial statements in conformity with GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period, and actual results could differ from those estimates. Management believes that the most critical accounting estimates upon which the financial condition depends, and which involve the most complex or subjective decisions or assessments, are as follows:

•Allowance for credit losses

•Fair value of financial instruments

•Impairment of goodwill

•Employee benefit plans

•Share-based compensation

New Accounting Pronouncements

There were no accounting developments issued during the three months ended March 31, 2024 or accounting standards pending adoption which impacted the Bank.

Note 3: Cash and cash equivalents

	March 31, 2024	December 31, 2023
Non-interest bearing
Cash and demand deposits with banks	90,231	91,826
Interest bearing
Demand deposits with banks	151,609	151,104
Cash equivalents	1,504,381	1,403,718
Sub-total - Interest bearing	1,655,990	1,554,822
Total cash and cash equivalents	1,746,221	1,646,648

Note 4: Short-term investments

	March 31, 2024	December 31, 2023
Unrestricted
Maturing within three months	856,084	639,133
Maturing between three to six months	460,641	321,850
Maturing between six to twelve months	—	51,442
Total unrestricted short-term investments	1,316,725	1,012,425
Affected by drawing restrictions related to minimum reserve and derivative margin requirements
Interest earning demand and term deposits	28,022	25,612
Total restricted short-term investments	28,022	25,612
Total short-term investments	1,344,747	1,038,037

7

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Note 5: Investment in securities

Amortized Cost, Carrying Amount and Fair Value

On the consolidated balance sheets, available-for-sale ("AFS") investments are carried at fair value and held-to-maturity ('HTM') investments are carried at amortized cost.

	March 31, 2024				December 31, 2023
	Amortized  cost	Gross  unrealized  gains	Gross  unrealized  losses	Fair value	Amortized  cost	Gross  unrealized  gains	Gross  unrealized  losses	Fair value
Available-for-sale
US government and federal agencies	1,831,869	1,079	(174,191)	1,658,757	1,721,278	1,382	(158,875)	1,563,785
Non-US governments debt securities	94,410	—	(3,121)	91,289	254,532	—	(4,355)	250,177
Asset-backed securities - Student loans	40	—	—	40	40	—	—	40
Residential mortgage-backed securities	18,501	—	(1,956)	16,545	19,200	—	(2,073)	17,127
Total available-for-sale	1,944,820	1,079	(179,268)	1,766,631	1,995,050	1,382	(165,303)	1,831,129
Held-to-maturity¹
US government and federal agencies	3,401,472	—	(552,927)	2,848,545	3,461,097	—	(484,388)	2,976,709
Total held-to-maturity	3,401,472	—	(552,927)	2,848,545	3,461,097	—	(484,388)	2,976,709

¹For the three months ended March 31, 2024 and March 31, 2023, impairments recognized in other comprehensive income for HTM investments were nil.

Investments with Unrealized Loss Positions

The Bank does not believe that the AFS debt securities that were in an unrealized loss position as of March 31, 2024, comprising 165 securities representing 94.2% of the AFS portfolios' carrying value (December 31, 2023: 163 and 96.2%), represent credit losses. Total gross unrealized AFS losses were 10.8% of the fair value of the affected securities (December 31, 2023: 9.4%).

The Bank’s HTM debt securities are comprised of US government and federal agencies securities and have a zero credit loss assumption under the CECL model. HTM debt securities that were in an unrealized loss position as of March 31, 2024, were comprised of 219 securities representing 100% of the HTM portfolios’ carrying value (December 31, 2023: 219 and 100%). Total gross unrealized HTM losses were 19.4% of the fair value of affected securities (December 31, 2023: 16.3%).

Management does not intend to sell and it is likely that management will not be required to sell the securities prior to the anticipated recovery of the cost of these securities. Unrealized losses were attributable primarily to changes in market interest rates, relative to when the investment securities were purchased, and not due to a decrease in the credit quality of the investment securities. The issuers continue to make timely principal and interest payments on the securities. The following describes the processes for identifying credit impairment in security types with the most significant unrealized losses as shown in the preceding tables.

Management believes that all the US government and federal agencies securities do not have any credit losses, given the explicit and implicit guarantees provided by the US federal government.

Management believes that all the Non-US governments debt securities do not have any credit losses, given the explicit guarantee provided by the issuing government.

Investments in Asset-backed securities - Student loans are composed primarily of securities collateralized by Federal Family Education Loan Program loans (“FFELP loans”). FFELP loans benefit from a US federal government guarantee of at least 97% of defaulted principal and accrued interest, with additional credit support provided in the form of over-collateralization, subordination and excess spread, which collectively total in excess of 100%. Accordingly, the vast majority of FFELP loan-backed securities are not exposed to traditional consumer credit risk.

Investments in Residential mortgage-backed securities relate to 13 securities (December 31, 2023: 13) which are rated AAA and possess similar significant credit enhancement as described above. No credit losses were recognized on these securities as the weighted average credit support and the weighted average loan-to-value ratios range from 15.6% - 49.5% and 45.0% - 53.8%, respectively. Current credit support is significantly greater than any delinquencies experienced on the underlying mortgages.

In the following tables, debt securities with unrealized losses that are not deemed to be credit impaired and for which an allowance for credit losses has not been recorded are categorized as being in a loss position for "less than 12 months" or "12 months or more" based on the point in time that the fair value most recently declined below the amortized

cost basis.

8

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

	Less than 12 months		12 months or more
March 31, 2024	Fair value	Gross  unrealized  losses	Fair value	Gross unrealized losses	Total  fair value	Total gross unrealized losses
Available-for-sale securities with unrealized losses
US government and federal agencies	122,311	(531)	1,434,017	(173,660)	1,556,328	(174,191)
Non-US governments debt securities	—	—	91,289	(3,121)	91,289	(3,121)
Asset-backed securities - Student loans	—	—	40	—	40	—
Residential mortgage-backed securities	—	—	16,545	(1,956)	16,545	(1,956)
Total available-for-sale securities with unrealized losses	122,311	(531)	1,541,891	(178,737)	1,664,202	(179,268)
Held-to-maturity securities with unrealized losses
US government and federal agencies	—	—	2,848,545	(552,927)	2,848,545	(552,927)
	Less than 12 months		12 months or more
December 31, 2023	Fair value	Gross  unrealized  losses	Fair value	Gross unrealized losses	Total fair value	Total gross unrealized losses
Available-for-sale securities with unrealized losses
US government and federal agencies	7,855	(137)	1,486,104	(158,738)	1,493,959	(158,875)
Non-US governments debt securities	—	—	250,177	(4,355)	250,177	(4,355)
Asset-backed securities - Student loans	—	—	40	—	40	—
Residential mortgage-backed securities	—	—	17,127	(2,073)	17,127	(2,073)
Total available-for-sale securities with unrealized losses	7,855	(137)	1,753,448	(165,166)	1,761,303	(165,303)
Held-to-maturity securities with unrealized losses
US government and federal agencies	—	—	2,976,709	(484,388)	2,976,709	(484,388)

Investment Maturities

The following table presents the remaining term to contractual maturity of the Bank’s securities. The actual maturities may differ as certain securities offer prepayment options to the borrowers.

	Remaining term to maturity
March 31, 2024	Within  3 months	3 to 12  months	1 to 5  years	5 to 10  years	Over 10 years	No specific or single  maturity	Carrying  amount
Available-for-sale
US government and federal agencies	44,737	147,267	587,580	—	—	879,173	1,658,757
Non-US governments debt securities	—	91,289	—	—	—	—	91,289
Asset-backed securities - Student loans	—	—	—	—	—	40	40
Residential mortgage-backed securities	—	—	—	—	—	16,545	16,545
Total available-for-sale	44,737	238,556	587,580	—	—	895,758	1,766,631
Held-to-maturity
US government and federal agencies	—	—	—	—	—	3,401,472	3,401,472

Pledged Investments

The Bank pledges certain US government and federal agencies investment securities to further secure the Bank's issued customer deposit products. The secured party does not have the right to sell or repledge the collateral.

	March 31, 2024		December 31, 2023
Pledged Investments	Amortized  cost	Fair  value	Amortized  cost	Fair  value
Available-for-sale	26,330	24,310	27,459	25,785
Held-to-maturity	94,987	84,392	96,952	88,399

9

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Sale Proceeds and Realized Gains and Losses of AFS Securities

	Three months ended
	March 31, 2024			March 31, 2023
	Sale proceeds	Gross realized gains	Gross realized (losses)	Sale proceeds	Gross realized  gains	Gross realized (losses)
Asset-backed securities - Student loans	—	—	—	2,993	—	(8)
Total	—	—	—	2,993	—	(8)

Taxability of Interest Income

None of the investments' interest income have received a specific preferential income tax treatment in any of the jurisdictions in which the Bank owns investments.

Note 6: Loans

The principal means of securing residential mortgages, personal, credit card and business loans are entitlements over assets and guarantees. Mortgage loans are generally repayable over periods of up to thirty years and personal and business loans are generally repayable over a period of five to ten years, depending on the purpose. Government loans are repayable over a variety of terms which are individually negotiated. Amounts owing on credit cards are revolving and typically a minimum amount is due within 30 days from billing. The credit card portfolio is managed as a single portfolio and includes consumer and business cards. The effective yield on total loans as at March 31, 2024 is 6.48% (December 31, 2023: 6.46%). The interest receivable on total loans as at March 31, 2024 is $23.3 million (December 31, 2023: $23.1 million). The interest receivable is included in Accrued interest and other assets on the consolidated balance sheets and is excluded from all loan amounts disclosed in this note.

Loans' Credit Quality

The four credit quality classifications set out in the following tables are defined below and describe the credit quality of the Bank's lending portfolio. These classifications each encompass a range of more granular internal credit rating grades. Loans' internal credit ratings are assigned by the Bank's customer relationship managers as well as members of the Bank's jurisdictional and Group Credit Committees. The borrowers' financial condition is documented at loan origination and maintained periodically thereafter at a frequency which can be up to monthly for certain loans. The loans' performing status, as well as current economic trends, are continuously monitored. The Bank's jurisdictional and Group Credit Committees meet on a monthly basis. The Bank also has a Group Provisions and Impairments Committee which is responsible for approving significant provisions and other impairment charges.

A pass loan shall mean a loan that is expected to be repaid as agreed. A loan is classified as pass where the Bank is not expected to face repayment difficulties because the present and projected cash flows are sufficient to repay the debt and the repayment schedule as established by the agreement is being followed. Loans in this category are reviewed by the Bank’s management on at least an annual basis.

A special mention loan shall mean a loan under close monitoring by the Bank’s management on at least a quarterly basis. Loans in this category are currently still performing, but are potentially weak and present an undue credit risk exposure, but not to the point of justifying a classification of substandard.

A substandard loan shall mean a loan whose evident unreliability makes repayment doubtful and there is a threat of loss to the Bank unless the unreliability is averted. Loans in this category are under close monitoring by the Bank’s management on at least a quarterly basis.

A non-accrual loan shall mean either management is of the opinion full payment of principal or interest is in doubt or that the principal or interest is 90 days past due unless it is a residential mortgage loan which is well secured and collection efforts are reasonably expected to result in amounts due. Loans in this category are under close monitoring by the Bank’s management on at least a quarterly basis.

10

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

The amortized cost of loans by credit quality classification and allowance for expected credit losses by class of loans is as follows:

March 31, 2024	Pass	Special mention	Substandard	Non-accrual	Total amortized cost	Allowance for expected credit losses	Total net loans
Commercial loans
Government	269,482	—	—	—	269,482	(800)	268,682
Commercial and industrial	267,727	553	835	18,369	287,484	(10,569)	276,915
Commercial overdrafts	122,456	1,472	255	112	124,295	(131)	124,164
Total commercial loans	659,665	2,025	1,090	18,481	681,261	(11,500)	669,761
Commercial real estate loans
Commercial mortgage	573,033	1,584	2,485	3,034	580,136	(1,356)	578,780
Construction	10,700	—	—	—	10,700	—	10,700
Total commercial real estate loans	583,733	1,584	2,485	3,034	590,836	(1,356)	589,480
Consumer loans
Automobile financing	18,168	—	—	159	18,327	(53)	18,274
Credit card	85,663	—	317	—	85,980	(1,718)	84,262
Overdrafts	40,374	—	—	42	40,416	(477)	39,939
Other consumer1	40,711	—	1,666	751	43,128	(837)	42,291
Total consumer loans	184,916	—	1,983	952	187,851	(3,085)	184,766
Residential mortgage loans	2,991,028	20,414	160,903	36,599	3,208,944	(8,839)	3,200,105
Total	4,419,342	24,023	166,461	59,066	4,668,892	(24,780)	4,644,112

1 Other consumer loans’ amortized cost includes $9 million of cash and portfolio secured lending and $27 million of lending secured by buildings in construction or other collateral.

December 31, 2023	Pass	Special mention	Substandard	Non-accrual	Total amortized cost	Allowance for expected credit losses	Total net loans
Commercial loans
Government	274,854	—	—	—	274,854	(848)	274,006
Commercial and industrial	258,325	626	853	18,392	278,196	(10,133)	268,063
Commercial overdrafts	116,859	1,689	159	87	118,794	(267)	118,527
Total commercial loans	650,038	2,315	1,012	18,479	671,844	(11,248)	660,596
Commercial real estate loans
Commercial mortgage	590,276	1,484	1,842	3,133	596,735	(1,441)	595,294
Construction	10,981	—	—	—	10,981	—	10,981
Total commercial real estate loans	601,257	1,484	1,842	3,133	607,716	(1,441)	606,275
Consumer loans
Automobile financing	18,823	—	—	139	18,962	(59)	18,903
Credit card	85,242	—	392	—	85,634	(1,744)	83,890
Overdrafts	42,673	—	—	42	42,715	(379)	42,336
Other consumer1	41,901	—	1,682	839	44,422	(914)	43,508
Total consumer loans	188,639	—	2,074	1,020	191,733	(3,096)	188,637
Residential mortgage loans	3,105,085	16,084	140,761	38,385	3,300,315	(9,974)	3,290,341
Total	4,545,019	19,883	145,689	61,017	4,771,608	(25,759)	4,745,849

1 Other consumer loans’ amortized cost includes $8 million of cash and portfolio secured lending and $27 million of lending secured by buildings in construction or other collateral.

11

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Based on the most recent analysis performed, the amortized cost of loans by year of origination and credit quality classification is as follows:

March 31, 2024	Pass	Special  mention	Substandard	Non-accrual	Total amortized cost
Loans by origination year
2024	99,730	—	—	—	99,730
2023	418,099	—	—	—	418,099
2022	823,557	134	—	984	824,675
2021	499,405	134	—	—	499,539
2020	344,714	441	29,879	22	375,056
Prior	1,980,054	21,639	136,010	57,906	2,195,609
Overdrafts and credit cards	253,783	1,675	572	154	256,184
Total amortized cost	4,419,342	24,023	166,461	59,066	4,668,892

December 31, 2023	Pass	Special  mention	Substandard	Non-accrual	Total amortized cost
Loans by origination year
2023	446,889	—	—	—	446,889
2022	868,598	141	—	1,024	869,763
2021	522,169	146	—	—	522,315
2020	364,225	457	25,534	12	390,228
2019	526,356	339	272	8,979	535,946
Prior	1,559,264	17,110	119,332	50,872	1,746,578
Overdrafts and credit cards	257,518	1,690	551	130	259,889
Total amortized cost	4,545,019	19,883	145,689	61,017	4,771,608

Age Analysis of Past Due Loans (Including Non-Accrual Loans)

The following tables summarize the past due status of the loans. The aging of past due amounts are determined based on the contractual delinquency status of payments under the loan and this aging may be affected by the timing of the last business day at period end. Loans less than 30 days past due are included in current loans.

March 31, 2024	30 - 59 days	60 - 89 days	90 days or more	Total past  due loans	Total current	Total amortized cost
Commercial loans
Government	—	—	—	—	269,482	269,482
Commercial and industrial	—	—	18,369	18,369	269,115	287,484
Commercial overdrafts	—	—	112	112	124,183	124,295
Total commercial loans	—	—	18,481	18,481	662,780	681,261
Commercial real estate loans
Commercial mortgage	351	472	3,034	3,857	576,279	580,136
Construction	—	—	—	—	10,700	10,700
Total commercial real estate loans	351	472	3,034	3,857	586,979	590,836
Consumer loans
Automobile financing	23	1	125	149	18,178	18,327
Credit card	559	343	317	1,219	84,761	85,980
Overdrafts	—	—	42	42	40,374	40,416
Other consumer	296	68	2,241	2,605	40,523	43,128
Total consumer loans	878	412	2,725	4,015	183,836	187,851
Residential mortgage loans	20,219	16,941	128,446	165,606	3,043,338	3,208,944
Total amortized cost	21,448	17,825	152,686	191,959	4,476,933	4,668,892

12

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

December 31, 2023	30 - 59 days	60 - 89 days	90 days or more	Total past  due loans	Total current	Total amortized cost
Commercial loans
Government	—	—	—	—	274,854	274,854
Commercial and industrial	—	—	18,392	18,392	259,804	278,196
Commercial overdrafts	—	—	87	87	118,707	118,794
Total commercial loans	—	—	18,479	18,479	653,365	671,844
Commercial real estate loans
Commercial mortgage	—	355	3,133	3,488	593,247	596,735
Construction	—	—	—	—	10,981	10,981
Total commercial real estate loans	—	355	3,133	3,488	604,228	607,716
Consumer loans
Automobile financing	124	42	112	278	18,684	18,962
Credit card	902	255	392	1,549	84,085	85,634
Overdrafts	—	—	42	42	42,673	42,715
Other consumer	—	89	2,296	2,385	42,037	44,422
Total consumer loans	1,026	386	2,842	4,254	187,479	191,733
Residential mortgage loans	23,483	17,559	102,224	143,266	3,157,049	3,300,315
Total amortized cost	24,509	18,300	126,678	169,487	4,602,121	4,771,608

Changes in Allowances For Credit Losses

The decrease in the allowance for expected credit losses during the three months ended March 31, 2024 was primarily attributable to repayment of two residential mortgage properties following the sale of the underlying collateral and reduced delinquencies in Bermuda. As disclosed in Note 2 of the December 31, 2023 Audited Consolidated Financial Statements, the Bank continuously collects and maintains attributes related to financial instruments within the scope of CECL, including current conditions, and reasonable and supportable assumptions about future economic conditions.

	Three months ended March 31, 2024
	Commercial	Commercial  real estate	Consumer	Residential  mortgage	Total
Balance at the beginning of period	11,248	1,441	3,096	9,974	25,759
Provision increase (decrease)	423	(85)	154	(917)	(425)
Recoveries of previous charge-offs	—	—	284	108	392
Charge-offs, by origination year
2024	—	—	—	—	—
2023	—	—	(2)	—	(2)
2022	—	—	—	—	—
2021	—	—	—	—	—
2020	—	—	—	—	—
Prior	(170)	—	—	(323)	(493)
Overdrafts and credit cards	(1)	—	(446)	—	(447)
Other	—	—	(1)	(3)	(4)
Allowances for expected credit losses at end of period	11,500	1,356	3,085	8,839	24,780

13

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

	Three months ended March 31, 2023
	Commercial	Commercial  real estate	Consumer	Residential  mortgage	Total
Balance at the beginning of period	12,143	884	2,696	9,238	24,961
Provision increase (decrease)	(243)	(41)	679	276	671
Recoveries of previous charge-offs	67	—	343	262	672
Charge-offs, by origination year
2023	—	—	—	—	—
2022	—	—	—	—	—
2021	—	—	(16)	—	(16)
2020	—	—	—	—	—
2019	—	—	—	—	—
Prior	(66)	—	(121)	(474)	(661)
Overdrafts and credit cards	(3)	—	(281)	—	(284)
Other	1	(1)	6	15	21
Allowances for expected credit losses at end of period	11,899	842	3,306	9,317	25,364

Collateral-dependent loans

Management identified that the repayment of certain commercial and consumer mortgage loans is expected to be provided substantially through the operation or the sale of the collateral pledged to the Bank ("collateral-dependent loans"). The Bank believes that for the vast majority of loans identified as collateral-dependent, the sale of the collateral will be sufficient to fully reimburse the loan's carrying amount.

Non-Performing Loans

During the three months ended March 31, 2024, no interest was recognized on non-accrual loans. Non-performing loans at March 31, 2024 include PCD loans, which have all been on non-accrual status since their acquisition. No credit deteriorated loans were purchased during the period.

	March 31, 2024				December 31, 2023
	Non-accrual loans with an allowance	Non-accrual loans without an allowance	Past  due 90 days or more and accruing	Total non- performing  loans	Non-accrual loans with an allowance	Non-accrual loans without an allowance	Past  due 90 days or more and accruing	Total non- performing  loans
Commercial loans
Commercial and industrial	18,067	302	—	18,369	18,086	306	—	18,392
Commercial overdrafts	—	112	—	112	—	88	—	88
Total commercial loans	18,067	414	—	18,481	18,086	394	—	18,480
Commercial real estate loans
Commercial mortgage	1,867	1,167	—	3,034	1,958	1,175	—	3,133
Total commercial real estate loans	1,867	1,167	—	3,034	1,958	1,175	—	3,133
Consumer loans
Automobile financing	127	32	—	159	124	15	—	139
Credit card	—	—	317	317	—	—	392	392
Overdrafts	—	42	—	42	—	42	—	42
Other consumer	501	250	1,666	2,417	512	327	1,682	2,521
Total consumer loans	628	324	1,983	2,935	636	384	2,074	3,094
Residential mortgage loans	19,023	17,576	96,908	133,507	20,059	18,326	70,325	108,710
Total non-performing loans	39,585	19,481	98,891	157,957	40,739	20,279	72,399	133,417

14

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

The following table summarizes the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the three-months ended March 31, 2024.

	Amortized cost basis					Weighted average financial effects
March 31, 2024	Term extension and interest rate  reduction	Term extension	Interest rate  reduction	In % of the class of loans		Months of term extension	Interest rate  reduction
Commercial mortgage	—	—	654	0.1	%	—	3.0	%
Residential mortgage loans	1,257	—	1,174	0.1	%	31	3.0	%

	Amortized cost basis					Weighted average financial effects
December 31, 2023	Term extension and interest rate  reduction	Term extension	Interest rate  reduction	In % of the class of loans		Months of term extension	Interest rate  reduction
Commercial mortgage	472	—	—	0.1	%	22	1.8	%
Residential mortgage loans	2,938	3,499	7,428	0.4	%	35	3.3	%

Age analysis and subsequent default of modified loans.

As at March 31, 2024, all loans for which a concession was granted during the preceding 12 months are current, except for the following:

Commercial real estate loans:

–$0.5 million (March 31, 2023: Nil) of commercial real estate loans for which a term extension and reduction in interest rate was granted are 60 to 89 days past due.

Residential mortgage loans:

–$0.1 million (March 31, 2023: Nil) of residential mortgage loans for which a reduction in interest rate was granted are 30 to 59 days past due; and

–$0.8 million (March 31, 2023: Nil) of residential mortgage loans for which a reduction in interest rate was granted had a payment default and are 90 days or more past due.

Note 7: Credit risk concentrations

Concentrations of credit risk in the lending and off-balance sheet credit-related arrangements portfolios arise when a number of customers are engaged in similar business activities, are in the same geographic region, or when they have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions. The Bank regularly monitors various segments of its credit risk portfolio to assess potential concentrations of risks and to obtain collateral when deemed necessary. In the Bank's commercial portfolio, risk concentrations are evaluated primarily by industry and by geographic region of loan origination. In the consumer portfolio, concentrations are evaluated primarily by products. Credit exposures include loans, guarantees and acceptances, letters of credit and commitments for undrawn lines of credit. Unconditionally cancellable credit cards and overdraft lines of credit are excluded from the tables below.

The following table summarizes the credit exposure of the Bank by geographic region. The exposure amounts disclosed below do not include accrued interest and are gross of allowances for credit losses and gross of collateral held.

15

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

	March 31, 2024				December 31, 2023
Geographic region	Cash and cash equivalents, resell agreements and  short-term  investments	Loans	Off-balance  sheet	Total credit  exposure	Cash and cash equivalents, resell agreements and  short-term  investments	Loans	Off-balance  sheet	Total credit  exposure
Belgium	9,607	—	—	9,607	2,815	—	—	2,815
Bermuda	42,826	1,746,007	184,115	1,972,948	39,843	1,772,429	189,190	2,001,462
Canada	1,201,094	—	—	1,201,094	1,198,290	—	—	1,198,290
Cayman Islands	43,984	1,159,687	225,701	1,429,372	46,870	1,171,213	197,333	1,415,416
Germany	2,999	—	—	2,999	1,637	—	—	1,637
Guernsey	1	598,616	194,406	793,023	1	630,157	180,179	810,337
Ireland	15,606	—	—	15,606	13,849	—	—	13,849
Japan	114,807	—	—	114,807	15,831	—	—	15,831
Jersey	—	180,020	15,349	195,369	—	181,647	17,514	199,161
Norway	210,029	—	—	210,029	94,698	—	—	94,698
Spain	53,936	—	—	53,936	—	—	—	—
Switzerland	2,756	—	—	2,756	1,952	—	—	1,952
The Bahamas	107	4,979	—	5,086	990	5,625	—	6,615
United Kingdom	829,830	979,583	121,184	1,930,597	558,724	1,010,537	162,002	1,731,263
United States	696,141	—	—	696,141	894,259	—	—	894,259
Other	2,173	—	—	2,173	2,200	—	—	2,200
Total gross exposure	3,225,896	4,668,892	740,755	8,635,543	2,871,959	4,771,608	746,218	8,389,785

Note 8: Deposits

By Maturity
	Demand		Total demand deposits	Term				Total term deposits
March 31, 2024	Non-interest  bearing	Interest bearing		Within 3  months	3 to 6  months	6 to 12  months	After 12 months		Total deposits
Demand or less than $100k¹	2,560,430	5,579,767	8,140,197	45,442	16,621	22,402	9,708	94,173	8,234,370
Term - $100k or more	N/A	N/A	—	2,717,544	624,051	477,622	77,264	3,896,481	3,896,481
Total deposits	2,560,430	5,579,767	8,140,197	2,762,986	640,672	500,024	86,972	3,990,654	12,130,851
	Demand		Total demand deposits	Term				Total term deposits
December 31, 2023	Non-interest  bearing	Interest bearing		Within 3  months	3 to 6  months	6 to 12  months	After 12 months		Total deposits
Demand or less than $100k¹	2,656,659	5,602,255	8,258,914	42,571	15,177	18,877	10,360	86,985	8,345,899
Term - $100k or more	N/A	N/A	—	2,633,800	474,034	459,325	73,650	3,640,809	3,640,809
Total deposits	2,656,659	5,602,255	8,258,914	2,676,371	489,211	478,202	84,010	3,727,794	11,986,708

¹The weighted-average interest rate on interest-bearing demand deposits as at March 31, 2024 is 0.81% (December 31, 2023: 0.81%).

By Type and Segment	March 31, 2024			December 31, 2023
	Payable on demand	Payable on a fixed date	Total	Payable on demand	Payable on a fixed date	Total
Bermuda	3,561,363	977,544	4,538,907	3,487,911	985,180	4,473,091
Cayman	2,893,027	1,036,694	3,929,721	2,971,581	1,033,515	4,005,096
Channel Islands and the UK	1,685,807	1,976,416	3,662,223	1,799,422	1,709,099	3,508,521
Total deposits	8,140,197	3,990,654	12,130,851	8,258,914	3,727,794	11,986,708

Note 9: Employee benefit plans

The Bank maintains trusteed pension plans including non-contributory defined benefit plans and a number of defined contribution plans, and provides post-retirement medical benefits to its qualifying retirees. The defined benefit provisions under the pension plans are generally based upon years of service and average salary during the relevant years of employment. The defined benefit and post-retirement medical plans are not open to new participants and are non-contributory and the funding required is provided by the Bank, based upon the advice of independent actuaries. The defined benefit pension plans are in the Bermuda, Guernsey and UK jurisdictions, and the defined benefit post-retirement medical plan is in Bermuda. The Bank has a residual obligation on top of its defined contribution plan in Mauritius.

16

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

The Bank included an estimate of the 2024 Bank contribution and estimated benefit payments for the next ten years under the pension and post-retirement plans in its audited financial statements for the year-ended December 31, 2023. During the three months ended March 31, 2024, there have been no material revisions to these estimates.

		Three months ended
	Line item in the consolidated statements of operations	March 31, 2024	March 31, 2023
Defined benefit pension expense (income)
Interest cost	Non-service employee benefits expense	1,279	1,332
Expected return on plan assets	Non-service employee benefits expense	(1,555)	(1,518)
Amortization of net actuarial (gains) losses	Non-service employee benefits expense	589	570
Amortization of prior service (credit) cost	Non-service employee benefits expense	20	19
Total defined benefit pension expense (income)		333	403
Post-retirement medical benefit expense (income)
Service cost	Salaries and other employee benefits	14	19
Interest cost	Non-service employee benefits expense	1,096	1,197
Amortization of net actuarial (gains) losses	Non-service employee benefits expense	131	131
Amortization of prior service (credit) cost	Non-service employee benefits expense	(578)	(333)
Total post-retirement medical benefit expense (income)		663	1,014

The components of defined benefit pension expense (income) and post-retirement benefit expense (income) other than the service cost component are included in the line item non-service employee benefits expense in the consolidated statements of income.

Note 10: Credit related arrangements, repurchase agreements and commitments

Commitments

The Bank enters into contractual commitments to extend credit, normally with fixed expiration dates or termination clauses, at specified rates and for specific purposes. Substantially all of the Bank's commitments to extend credit are contingent upon customers maintaining specific credit standards at the time of loan funding. Management assesses the credit risk associated with certain commitments to extend credit in determining the level of the allowance for expected credit losses.

The Bank has a facility with one of its custodians, whereby the Bank may offer up to US$200 million of standby letters of credit to its customers on a fully secured basis. Under the standard terms of the facility, the custodian has the right to set-off against securities held of 110% of the utilized facility. At March 31, 2024, $121.9 million (December 31, 2023: $120.0 million) of standby letters of credit were issued under this facility.

Outstanding unfunded commitments to extend credit	March 31, 2024	December 31, 2023
Commitments to extend credit	487,770	496,577
Documentary and commercial letters of credit	747	1,824
Total unfunded commitments to extend credit	488,517	498,401
Allowance for credit losses	(319)	(302)

Credit-Related Arrangements

Standby letters of credit and letters of guarantee are issued at the request of a Bank customer in order to secure the customer’s payment or performance obligations to a third party. These guarantees represent an irrevocable obligation of the Bank to pay the third party beneficiary upon presentation of the guarantee and satisfaction of the documentary requirements stipulated therein, without investigation as to the validity of the beneficiary’s claim against the customer. Generally, the term of the standby letters of credit does not exceed one year, while the term of the letters of guarantee does not exceed four years. The types and amounts of collateral security held by the Bank for these standby letters of credit and letters of guarantee are generally represented by deposits with the Bank or a charge over assets held in mutual funds.

The Bank considers the fees collected in connection with the issuance of standby letters of credit and letters of guarantee to be representative of the fair value of its obligation undertaken in issuing the guarantee. In accordance with applicable accounting standards related to guarantees, the Bank defers fees collected in connection with the issuance of standby letters of credit and letters of guarantee. The fees are then recognized in income proportionately over the life of the credit agreements. The following table presents the outstanding financial guarantees. Collateral is shown at estimated market value less selling cost. Where the collateral is cash, it is shown gross including accrued income.

	March 31, 2024			December 31, 2023
Outstanding financial guarantees	Gross	Collateral	Net	Gross	Collateral	Net
Standby letters of credit	248,637	241,487	7,150	244,288	237,139	7,149
Letters of guarantee	3,601	3,565	36	3,529	3,493	36
Total	252,238	245,052	7,186	247,817	240,632	7,185

17

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Repurchase agreements

The Bank utilizes repurchase agreements and resell agreements (reverse repurchase agreements) to manage liquidity. The risks of these transactions include changes in the fair value of the securities posted or received as collateral and other credit related events. The Bank manages these risks by ensuring that the collateral involved is appropriate and by monitoring the value of the securities posted or received as collateral on a daily basis.

As at March 31, 2024, the Bank had 9 open positions (December 31, 2023: 5) in resell agreements with a remaining maturity of less than 30 days involving pools of mortgages issued by US federal agencies. The amortized cost of these resell agreements is $134.9 million (December 31, 2023: $187.3 million) and is included in securities purchased under agreements to resell on the consolidated balance sheets. As at March 31, 2024, there were no positions (December 31, 2023: no positions) which were offset on the consolidated balance sheets to arrive at the carrying value, and there was no collateral amount which was available to offset against the future settlement amount.

Legal Proceedings

There are actions and legal proceedings pending against the Bank and its subsidiaries which arose in the normal course of its business. Management, after reviewing all actions and proceedings pending against or involving the Bank and its subsidiaries, considers that the resolution of these matters would in the aggregate not be material to the consolidated financial position of the Bank, except as noted in the following paragraph.

As publicly announced, in November 2013, the US Attorney’s Office for the Southern District of New York applied for and secured the issuance of so-called John Doe Summonses to six US financial institutions with which the Bank had correspondent bank relationships in connection with a US cross border tax investigation. On August 3, 2021, the Bank announced it had reached a resolution with the United States Department of Justice concerning this inquiry. The resolution is in the form of a non-prosecution agreement with a three-year term. The Bank paid $5.6 million in respect of Forfeiture and Tax Restitution Amounts which is consistent with that previously provisioned for.

Note 11: Leases

The Bank enters into operating lease agreements either as the lessee or the lessor, mostly for office and parking spaces as well as for small office equipment. The terms of the existing leases, including renewal options that are reasonably certain to be exercised, extend up to the year 2038. Certain lease payments will be adjusted during the related lease's term based on movements in the relevant consumer price index.

	Three months ended
	March 31, 2024		March 31, 2023
Lease costs
Operating lease costs	1,388		1,879
Short-term lease costs	818		582
Sublease income	(289)		(372)
Total net lease cost	1,917		2,089
Operating lease income	110		266
Other information for the period
Operating cash flows from operating leases	1,923		1,930
Other information at end of period	March 31, 2024		December 31, 2023
Operating leases right-of-use assets (included in other assets on the balance sheets)	33,617		33,445
Operating lease liabilities (included in other liabilities on the balance sheets)	33,141		33,014
Weighted average remaining lease term for operating leases (in years)	9.17		9.52
Weighted average discount rate for operating leases	5.60	%	5.60	%
The following table summarizes the maturity analysis of the Bank's commitments for long-term leases as at December 31, 2023:
Year ending December 31			Operating Leases
2024			7,162
2025			4,961
2026			4,128
2027			3,719
2028			3,725
2029 & thereafter			18,382
Total commitments			42,077
Less: effect of discounting cash flows to their present value			(9,063)
Operating lease liabilities			33,014

18

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Note 12: Segmented information

The Bank is managed by the Chairman & Chief Executive Officer ("CEO") on a geographic basis. The Bank presents four reportable segments, three geographical and one other: Bermuda, Cayman, Channel Islands and the UK, and Other. The Other segment is composed of several non-reportable operating segments that have been aggregated in accordance with GAAP. Each reportable segment has a managing director who reports to the Chairman & CEO. The Chairman & CEO and the segment managing director have final authority over resource allocation decisions and performance assessment.

The geographic segments reflect this management structure and the manner in which financial information is currently evaluated by the Chairman & CEO. Segment results are determined based on the Bank's management reporting system, which assigns balance sheet and statement of operations items to each of the geographic segments. The process is designed around the Bank's organizational and management structure and, accordingly, the results derived are not necessarily comparable with similar information published by other financial institutions. A description of each reportable segment and table of financial results is presented below.

Accounting policies of the reportable segments are the same as those described in Note 2 of the Bank's audited financial statements for the year ended December 31, 2023. Transactions between segments are accounted for on an accrual basis and are all eliminated upon consolidation. The Bank generally does not allocate assets, revenues and expenses among its business segments, with the exception of certain corporate overhead expenses and loan participation revenue and expenses. Loan participation revenue and expenses are allocated pro-rata based upon the percentage of the total loan funded by each jurisdiction participating in the loan.

The Bermuda segment provides a comprehensive range of retail, commercial and private banking services. Retail services are offered to individuals and small to medium-sized businesses through three branch locations and through internet banking, mobile banking, automated teller machines ("ATMs") and debit cards. Retail services include deposit services, consumer and mortgage lending, credit cards and personal insurance products. Commercial banking includes commercial lending and mortgages, cash management, payroll services, remote banking and letters of credit. Treasury services include money market and foreign exchange activities. Bermuda’s wealth management offering consists of Butterfield Asset Management Limited, which provides investment management, advisory and brokerage services and Butterfield Trust (Bermuda) Limited, which provides trust, estate, company management and custody services. Bermuda is also the location of the Bank's head offices and accordingly, retains the unallocated corporate overhead expenses.

The Cayman segment provides a comprehensive range of retail, commercial and private banking services. Retail services are offered to individuals and small to medium-sized businesses through three branch locations and through internet banking, mobile banking, ATMs and debit cards. Retail services include deposit services, consumer and mortgage lending, credit cards and property/auto insurance. Commercial banking includes commercial lending and mortgages, cash management, payroll services, remote banking and letters of credit. Treasury services include money market and foreign exchange activities. Cayman’s wealth management offering comprises investment management, advisory and brokerage services and Butterfield Trust (Cayman) Limited, which provides trust, estate and company management.

The Channel Islands and the UK segment includes the jurisdictions of Guernsey and Jersey (Channel Islands), and the UK. In the Channel Islands, a broad range of services are provided to private clients and financial intermediaries including mortgage lending, private banking and treasury services, internet banking, wealth management and fiduciary services. The jurisdiction also offers mortgage lending to the retail market. The UK jurisdiction provides mortgage services for high-value residential properties.

The Other segment includes the jurisdictions of The Bahamas, Canada, Mauritius, Singapore and Switzerland. These operating segments individually and collectively do not meet the quantitative threshold for segmented reporting and are therefore aggregated as non-reportable operating segments.

Total Assets by Segment	March 31, 2024	December 31, 2023
Bermuda	5,247,377	5,181,431
Cayman	4,296,118	4,341,739
Channel Islands and the UK	4,332,874	4,204,561
Other	68,167	63,470
Total assets before inter-segment eliminations	13,944,536	13,791,201
Less: inter-segment eliminations	(416,464)	(417,181)
Total	13,528,072	13,374,020

19

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

	Net interest income		Provision for  credit (losses) recoveries	Non-interest  income	Net revenue  before gains  and losses	Gains and  losses	Total net revenue	Total expenses	Net income
Three months ended March 31, 2024	Customer	Inter- segment
Bermuda	41,404	457	482	21,516	63,859	22	63,881	48,755	15,126
Cayman	29,915	1,557	(57)	17,311	48,726	—	48,726	16,437	32,289
Channel Islands and the UK	15,696	(2,014)	(16)	11,320	24,986	215	25,201	19,947	5,254
Other	63	—	—	10,279	10,342	—	10,342	9,580	762
Total before eliminations	87,078	—	409	60,426	147,913	237	148,150	94,719	53,431
Inter-segment eliminations	—	—	—	(5,333)	(5,333)	—	(5,333)	(5,333)	—
Total	87,078	—	409	55,093	142,580	237	142,817	89,386	53,431
	Net interest income		Provision for  credit (losses) recoveries	Non-interest  income	Net revenue  before gains  and losses	Gains and  losses	Total net revenue	Total expenses	Net income
Three months ended March 31, 2023	Customer	Inter- segment
Bermuda	47,869	(1,221)	(625)	21,847	67,870	112	67,982	47,733	20,249
Cayman	34,601	1,409	34	16,850	52,894	(3)	52,891	15,349	37,542
Channel Islands and the UK	14,875	(188)	(80)	8,518	23,125	—	23,125	19,112	4,013
Other	10	—	—	7,634	7,644	1	7,645	7,245	400
Total before eliminations	97,355	—	(671)	54,849	151,533	110	151,643	89,439	62,204
Inter-segment eliminations	—	—	—	(4,664)	(4,664)	—	(4,664)	(4,664)	—
Total	97,355	—	(671)	50,185	146,869	110	146,979	84,775	62,204

Note 13: Derivative instruments and risk management

The Bank uses derivatives for risk management purposes and to meet the needs of its customers. The Bank’s derivative contracts principally involve over-the-counter ("OTC") transactions that are negotiated privately between the Bank and the counterparty to the contract and include interest rate contracts and foreign exchange contracts.

The Bank may pursue opportunities to reduce its exposure to credit losses on derivatives by entering into International Swaps and Derivatives Association master agreements (“ISDAs”). Depending on the nature of the derivative transaction, bilateral collateral arrangements may be used as well. When the Bank is engaged in more than one outstanding derivative transaction with the same counterparty, and also has a legally enforceable master netting agreement with that counterparty, the net marked-to-market exposure represents the netting of the positive and negative exposures with that counterparty. When there is a net negative exposure, the Bank regards its credit exposure to the counterparty as being zero. The net marked-to-market position with a particular counterparty represents a reasonable measure of credit risk when there is a legally enforceable master netting agreement between the Bank and that counterparty.

Certain of these agreements contain credit risk-related contingent features in which the counterparty has the option to accelerate cash settlement of the Bank's net derivative liabilities with the counterparty in the event the Bank's credit rating falls below specified levels or the liabilities reach certain levels.

All derivative financial instruments, whether designated as hedges or not, are recorded on the consolidated balance sheets at fair value within other assets or other liabilities. These amounts include the effect of netting. The accounting for changes in the fair value of a derivative in the consolidated statements of operations depends on whether the contract has been designated as a hedge and qualifies for hedge accounting.

Notional Amounts

The notional amounts are not recorded as assets or liabilities on the consolidated balance sheets as they represent the face amount of the contract to which a rate or price is applied to determine the amount of cash flows to be exchanged. Notional amounts represent the volume of outstanding transactions and do not represent the potential gain or loss associated with market risk or credit risk of such instruments. Credit risk is limited to the positive fair value of the derivative instrument, which is significantly less than the notional amount.

Fair Value

Derivative instruments, in the absence of any compensating up-front cash payments, generally have no market value at inception. They obtain value, positive or negative, as relevant interest rates, exchange rates, equity or commodity prices or indices change. The potential for derivatives to increase or decrease in value as a result of the foregoing factors is generally referred to as market risk. Market risk is managed within clearly defined parameters as prescribed by senior management of the Bank. The fair value is defined as the profit or loss associated with replacing the derivative contracts at prevailing market prices.

Risk Management Derivatives

The Bank enters into interest derivative contracts as part of its overall interest rate risk management strategy to minimize significant unplanned fluctuations in earnings that are caused by interest rate volatility. The Bank’s goal is to manage interest rate sensitivity by modifying the repricing or maturity characteristics of certain consolidated balance sheet assets and liabilities so that movements in interest rates do not adversely affect the net interest margin. Derivative instruments that are used as part of the Bank’s risk management strategy include interest rate swap contracts that have indices related to the pricing of specific consolidated balance sheet assets and liabilities. Interest rate swaps generally involve the exchange of fixed and variable-rate interest payments between two parties, based on a common notional principal amount and maturity date. The Bank uses foreign currency derivative instruments to hedge its exposure to foreign currency risk. Certain hedging relationships are formally designated and qualify for hedge accounting as fair value or net investment hedges. Risk management derivatives comprise fair value hedges, net investment hedges and derivatives not formally designated as hedges as described below.

20

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Fair value hedges include designated currency swaps that are used to minimize the Bank's exposure to variability in the fair value of AFS investments due to movements in foreign exchange rates. The effective portion of changes in the fair value of the hedged items attributable to foreign exchange rates is recognized in current year earnings consistent with the related change in fair value of the hedging instrument. For fair value hedges, hedging effectiveness of the hedged item and the hedging instrument are assessed and managed at inception and on an ongoing basis using a partial-term method.

Net investment hedges include designated currency swaps and qualifying non-derivative instruments and are used to minimize the Bank’s exposure to variability in the foreign currency translation of net investments in foreign operations. The effective portion of changes in the fair value of the hedging instrument is recognized in accumulated other comprehensive income (loss) ("AOCIL") consistent with the related translation gains and losses of the hedged net investment. For net investment hedges, all critical terms of the hedged item and the hedging instrument are matched at inception and on an ongoing basis to minimize the risk of hedge ineffectiveness.

For derivatives designated as net investment hedges, the Bank follows the method based on changes in spot exchange rates. Accordingly:

- The change in the fair value of the derivative instrument that is reported in AOCIL (i.e., the effective portion) is determined by the changes in spot exchange rates.

- The change in the fair value of the derivative instrument attributable to changes in the difference between the forward rate and spot rate are excluded from the measure

of the hedge ineffectiveness and that difference is reported directly in the consolidated statements of operations under foreign exchange revenue.

Amounts recorded in AOCIL are reclassified to earnings only upon the sale or substantial liquidation of an investment in a foreign subsidiary.

For foreign-currency-denominated debt instruments that are designated as hedges of net investments in foreign operations, the translation gain or loss that is recorded in AOCIL is based on the spot exchange rate between the reporting currency of the Bank and the functional currency of the respective subsidiary. See Note 20: Accumulated other comprehensive income (loss) for details on the amount recognized into AOCIL during the current period from translation gain or loss.

Derivatives not formally designated as hedges are entered into to manage the foreign exchange risk of the Bank's exposure. Changes in the fair value of derivative instruments not formally designated as hedges are recognized in foreign exchange revenue.

Client service derivatives

The Bank enters into foreign exchange contracts primarily to meet the foreign exchange needs of its customers. Foreign exchange contracts are agreements to exchange specific amounts of currencies at a future date at a specified rate of exchange. Changes in the fair value of client services derivative instruments are recognized in foreign exchange revenue.

The following table shows the aggregate notional amounts of derivative contracts outstanding listed by type and respective gross positive or negative fair values and classified by those used for risk management (sub-classified as hedging and those that do not qualify for hedge accounting), client services and credit derivatives. Fair value of derivatives is recorded in the consolidated balance sheets in other assets and other liabilities. Gross positive fair values are recorded in other assets and gross negative fair values are recorded in other liabilities, subject to netting when master netting agreements are in place.

March 31, 2024	Derivative instrument	Number of contracts	Notional  amounts	Gross  positive fair value	Gross  negative fair value	Net  fair value
Risk management derivatives
Net investment hedges	Currency swaps	6	129,622	1,138	—	1,138
Fair value hedges	Currency swaps	3	149,576	—	(585)	(585)
Derivatives not formally designated as hedging instruments	Currency swaps	78	1,794,353	5,239	(5,983)	(744)
Subtotal risk management derivatives			2,073,551	6,377	(6,568)	(191)
Client services derivatives	Spot and forward foreign exchange	178	290,018	861	(674)	187
Total derivative instruments			2,363,569	7,238	(7,242)	(4)
December 31, 2023	Derivative instrument	Number of contracts	Notional  amounts	Gross  positive fair value	Gross  negative fair value	Net  fair value
Risk management derivatives
Net investment hedges	Currency swaps	5	97,194	18	(267)	(249)
Fair value hedges	Currency swaps	3	150,826	5,361	—	5,361
Derivatives not formally designated as hedging instruments	Currency swaps	57	1,368,006	5,350	(22,206)	(16,856)
Subtotal risk management derivatives			1,616,026	10,729	(22,473)	(11,744)
Client services derivatives	Spot and forward foreign exchange	99	220,292	1,761	(1,646)	115
Total derivative instruments			1,836,318	12,490	(24,119)	(11,629)

In addition to the above, as at March 31, 2024 foreign denominated deposits of £219.3 million (December 31, 2023: £240.3 million) and CHF 0.4 million (December 31, 2023: CHF 0.4 million) were designated as a hedge of foreign exchange risk associated with the net investment in foreign operations.

We manage derivative exposure by monitoring the credit risk associated with each counterparty using counterparty specific credit risk limits, using master netting arrangements where appropriate and obtaining collateral. The Bank elected to offset in the consolidated balance sheets certain gross derivative assets and liabilities subject to netting agreements.

The Bank also elected not to offset certain derivative assets or liabilities and all collateral received or paid that the Bank or the counterparties could legally offset in the event of default. In the tables below, these positions are deducted from the net fair value presented in the consolidated balance sheets in order to present the net exposures. The collateral values presented in the following table are limited to the related net derivative asset or liability balance and, accordingly, do not include excess collateral received or paid.

21

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

	Gross fair  value  recognized	Less: offset  applied  under master  netting  agreements	Net fair value presented in the  consolidated  balance sheets	Less: positions not offset in the consolidated balance sheets
March 31, 2024				Gross fair value of derivatives	Cash collateral  received / paid	Net exposures
Derivative assets
Spot and forward foreign exchange and currency swaps	7,238	(4,894)	2,344	—	(68)	2,276
Derivative liabilities
Spot and forward foreign exchange and currency swaps	7,242	(4,894)	2,348	—	(856)	1,492
Net negative fair value			(4)
	Gross fair  value  recognized	Less: offset  applied  under master  netting  agreements	Net fair value presented in the  consolidated  balance sheets	Less: positions not offset in the consolidated balance sheets
December 31, 2023				Gross fair value of derivatives	Cash collateral  received / paid	Net exposures
Derivative assets
Spot and forward foreign exchange and currency swaps	12,490	(10,148)	2,342	—	(368)	1,974
Derivative liabilities
Spot and forward foreign exchange and currency swaps	24,119	(10,148)	13,971	—	(8,401)	5,570
Net negative fair value			(11,629)

The following tables show the location and amount of gains (losses) recorded in either the consolidated statements of operations or consolidated statements of comprehensive income on derivative instruments outstanding.

		Three months ended
Derivative instrument	Consolidated statements of operations line item	March 31, 2024	March 31, 2023
Spot and forward foreign exchange	Foreign exchange revenue	71	126
Currency swaps, not designated as hedge	Foreign exchange revenue	16,113	(2,343)
Currency swaps - fair value hedges	Foreign exchange revenue	(5,946)	1,794
Total net gains (losses) recognized in net income		10,238	(423)
		Three months ended
Derivative instrument	Consolidated statements of comprehensive income line item	March 31, 2024	March 31, 2023
Currency swaps - net investment hedge	Unrealized net gains (losses) on translation of net investment in foreign operations	1,387	(385)
Total net gains (losses) recognized in comprehensive income		1,387	(385)

Note 14: Fair value measurements

The following table presents the financial assets and liabilities that are measured at fair value on a recurring basis. Management classifies these items based on the type of inputs used in their respective fair value determination as described in Note 2 of the Bank's audited financial statements for the year ended December 31, 2023.

Management reviews the price of each security monthly, comparing market values to expectations and to the prior month’s price. Management's expectations are based upon knowledge of prevailing market conditions and developments relating to specific issuers and/or asset classes held in the investment portfolio. Where there are unusual or significant price movements, or where a certain asset class has performed out-of-line with expectations, the matter is reviewed by management.

Financial instruments in Level 1 include US and UK Government Treasury notes.

Financial instruments in Level 2 include government debt securities, mortgage-backed securities and other asset-backed securities, forward foreign exchange contracts and mutual funds not actively traded.

There were no transfers between Level 1 and Level 2 or Level 2 and Level 3 during the three months ended March 31, 2024 and the year ended December 31, 2023.

22

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

	March 31, 2024			December 31, 2023
	Fair value		Total carrying amount / fair value	Fair value		Total carrying amount / fair value
	Level 1	Level 2		Level 1	Level 2
Items that are recognized at fair value on a recurring basis:
Available-for-sale investments
US government and federal agencies	779,584	879,173	1,658,757	715,965	847,820	1,563,785
Non-US governments debt securities	91,289	—	91,289	250,177	—	250,177
Asset-backed securities - Student loans	—	40	40	—	40	40
Residential mortgage-backed securities	—	16,545	16,545	—	17,127	17,127
Total available-for-sale	870,873	895,758	1,766,631	966,142	864,987	1,831,129
Other assets - Derivatives	—	2,344	2,344	—	2,342	2,342
Financial liabilities
Other liabilities - Derivatives	—	2,348	2,348	—	13,971	13,971

Items Other Than Those Recognized at Fair Value on a Recurring Basis:
		March 31, 2024			December 31, 2023
	Level	Carrying amount	Fair  value	Appreciation / (depreciation)	Carrying amount	Fair  value	Appreciation / (depreciation)
Financial assets
Cash and cash equivalents	Level 1	1,746,221	1,746,221	—	1,646,648	1,646,648	—
Securities purchased under agreements to resell	Level 2	134,928	134,928	—	187,274	187,274	—
Short-term investments	Level 1	1,344,747	1,344,747	—	1,038,037	1,038,037	—
Investments held-to-maturity	Level 2	3,401,472	2,848,545	(552,927)	3,461,097	2,976,709	(484,388)
Loans, net of allowance for credit losses	Level 2	4,644,112	4,565,977	(78,135)	4,745,849	4,700,532	(45,317)
Other real estate owned¹	Level 2	525	525	—	450	450	—
Financial liabilities
Term deposits	Level 2	3,990,654	3,996,805	(6,151)	3,727,794	3,732,610	(4,816)
Long-term debt	Level 2	98,549	96,295	2,254	98,490	96,145	2,345

¹The current carrying value of OREO is adjusted to fair value only when there is devaluation below carrying value.

23

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Note 15: Interest rate risk

The following tables set out the assets, liabilities and shareholders' equity on the date of the earlier of contractual maturity, expected maturity or repricing date. Use of these tables to derive information about the Bank’s interest rate risk position is limited by the fact that customers may choose to terminate their financial instruments at a date earlier than the contractual maturity or repricing date. Examples of this include fixed-rate mortgages, which are shown at contractual maturity but which may be subject to early prepayment, and certain term deposits, which are shown at contractual maturity but which may be withdrawn before their contractual maturity subject to prepayment penalties. Investments are shown based on remaining contractual maturities. The remaining contractual principal maturities for mortgage-backed securities (primarily US government agencies) do not consider prepayments. Remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature.

March 31, 2024	Earlier of contractual maturity or repricing date
(in $ millions)	Within 3  months	3 to 6  months	6 to 12  months	1 to 5  years	After  5 years	Non-interest  bearing funds	Total
Assets
Cash and cash equivalents	1,656	—	—	—	—	90	1,746
Securities purchased under agreement to resell	135	—	—	—	—	—	135
Short-term investments	883	462	—	—	—	—	1,345
Investments	48	152	100	739	4,129	—	5,168
Loans	2,368	186	204	1,524	326	36	4,644
Other assets	—	—	—	—	—	490	490
Total assets	5,090	800	304	2,263	4,455	616	13,528
Liabilities and shareholders' equity
Shareholders’ equity	—	—	—	—	—	995	995
Demand deposits	5,580	—	—	—	—	2,560	8,140
Term deposits	2,763	641	500	87	—	—	3,991
Other liabilities	—	—	—	—	—	303	303
Long-term debt	—	—	—	99	—	—	99
Total liabilities and shareholders' equity	8,343	641	500	186	—	3,858	13,528
Interest rate sensitivity gap	(3,253)	159	(196)	2,077	4,455	(3,242)	—
Cumulative interest rate sensitivity gap	(3,253)	(3,094)	(3,290)	(1,213)	3,242	—	—
December 31, 2023	Earlier of contractual maturity or repricing date
(in $ millions)	Within 3  months	3 to 6  months	6 to 12  months	1 to 5  years	After  5 years	Non-interest  bearing funds	Total
Assets
Cash and cash equivalents	1,555	—	—	—	—	92	1,647
Securities purchased under agreement to resell	187	—	—	—	—	—	187
Short-term investments	665	322	51	—	—	—	1,038
Investments	174	52	156	765	4,145	—	5,292
Loans	2,378	114	330	1,548	338	38	4,746
Other assets	—	—	—	—	—	464	464
Total assets	4,959	488	537	2,313	4,483	594	13,374
Liabilities and shareholders' equity
Shareholders’ equity	—	—	—	—	—	1,004	1,004
Demand deposits	5,602	—	—	—	—	2,657	8,259
Term deposits	2,676	489	479	84	—	—	3,728
Other liabilities	—	—	—	—	—	285	285
Long-term debt	—	—	—	98	—	—	98
Total liabilities and shareholders' equity	8,278	489	479	182	—	3,946	13,374
Interest rate sensitivity gap	(3,319)	(1)	58	2,131	4,483	(3,352)	—
Cumulative interest rate sensitivity gap	(3,319)	(3,320)	(3,262)	(1,131)	3,352	—	—

24

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Note 16: Long-term debt

On May 24, 2018, the Bank issued US $75 million of Subordinated Lower Tier II capital notes. The notes were issued at par and due on June 1, 2028.  The issuance was by way of a registered offering with US institutional investors. The notes are listed on the BSX in the specialist debt securities category. The proceeds of the issue were used, among others, to repay the entire amount of the US $47 million outstanding subordinated notes Series 2003-B. The notes issued pay a fixed coupon of 5.25% until June 1, 2023 when they become redeemable in whole at the option of the Bank. The notes were priced at a spread of 2.27% over the 10-year US Treasury yield. The Bank incurred $1.8 million of costs directly related to the issuance of these capital notes. These costs have been capitalized directly against the carrying value of these notes on the balance sheet and were amortized over the life of the notes. These notes were redeemed at face value in June 2023 at which time, unamortized issuance costs were fully recognized in the Consolidated Statements of Operations as part of interest expense.            

On June 11, 2020, the Bank issued US $100 million of Subordinated Lower Tier II capital notes. The notes were issued at par and due on June 15, 2030. The issuance was by way of a registered offering with US institutional investors. The notes are listed on the BSX in the specialist debt securities category. The proceeds of the issue were used, among others, to repay the entire amount of the US $45 million outstanding subordinated notes Series 2005-B which matured on July 2, 2020. The notes issued pay a fixed coupon of 5.25% until June 15, 2025 when they become redeemable in whole at the option of the Bank. The notes were priced at a spread of 4.43% over the 10-year US Treasury yield. The Bank incurred $2.3 million of costs directly related to the issuance of these capital notes. These costs have been capitalized directly against the carrying value of these notes on the balance sheet, and will be amortized over the life of the notes.

No interest was capitalized during the three months ended March 31, 2024, and the year ended December 31, 2023.

The following table presents the contractual maturity and interest payments for long-term debt issued by the Bank as at March 31, 2024. The interest payments are calculated until contractual maturity using the Secured Overnight Financing Rate ("SOFR").

							Interest payments until contractual maturity
Long-term debt	Earliest date redeemable at the Bank's option	Contractual maturity date	Interest rate until date redeemable		Interest rate from earliest date redeemable to contractual maturity	Principal  Outstanding	Within  1 year	1 to 5  years	After  5 years
Bermuda
2020 issuance	June 15, 2025	June 15, 2030	5.25	%	3 months US$ SOFR + 5.060%	100,000	5,250	42,174	13,202
Unamortized debt issuance costs						(1,451)
Long-term debt less unamortized debt issuance costs						98,549

Note17: Earnings per share

Earnings per share have been calculated using the weighted average number of common shares outstanding during the period after deduction of the shares held as treasury stock. The dilutive effect of share-based compensation plans was calculated using the treasury stock method, whereby the proceeds received from the exercise of share-based awards are assumed to be used to repurchase outstanding shares, using the average market price of the Bank’s shares for the period. Numbers of shares are expressed in thousands.

During the three months ended March 31, 2024, the average number of outstanding awards of unvested common shares was 1.5 million (March 31, 2023: 1.3 million). Only awards for which the sum of 1) the expense that will be recognized in the future (i.e., the unrecognized expense) and 2) its exercise price, if any, was lower than the average market price of the Bank‘s common shares were considered dilutive and, therefore, included in the computation of diluted earnings per share. An award's unrecognized expense is also considered to be the proceeds the employees would need to pay to purchase accelerated vesting of the awards. For the purposes of calculating dilution, such proceeds are assumed to be used by the Bank to buy back common shares at the average market price. The weighted-average number of outstanding awards, net of the assumed weighted-average number of common shares bought back, is included in the number of diluted participating shares.

	Three months ended
	March 31, 2024	March 31, 2023
Net income	53,431	62,204
Basic Earnings Per Share
Weighted average number of common shares issued	47,152	50,390
Weighted average number of common shares held as treasury stock	(619)	(619)
Weighted average number of common shares (in thousands)	46,533	49,771
Basic Earnings Per Share	1.15	1.25
Diluted Earnings Per Share
Weighted average number of common shares	46,533	49,771
Net dilution impact related to awards of unvested common shares	634	360
Weighted average number of diluted common shares (in thousands)	47,167	50,131
Diluted Earnings Per Share	1.13	1.24

25

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Note 18: Share-based payments

The common shares transferred to employees under all share-based payments are either taken from the Bank's common treasury shares or from newly issued shares. All share-based payments are settled by the ultimate parent company which, pursuant to Bermuda law, is not taxed on income. There are no income tax benefits in relation to the issue of such shares as a form of compensation.

In May 2020, the Board of Directors approved the 2020 Omnibus Plan (the "2020 Plan") which replaces and previous plan. Under the 2020 Plan, 3.0 million shares are initially available for grant to employees in the form of stock options or unvested share awards. Both types of awards are detailed below.

Stock Option Awards

2020 Plans

Under the 2020 Plan, options are awarded to Bank employees and executive management, based on predetermined vesting conditions that entitle the holder to purchase one common share at a subscription price usually equal to the price of the most recently traded common share when granted and have a term of 10 years. The subscription price is reduced for all special dividends declared by the Bank. Stock option awards granted under the 2020 Plan vest based on two specific types of vesting conditions i.e., time and performance conditions, as detailed below:

Time vesting condition

50% of each option award was granted in the form of time vested options and vested 25% on each of the second, third, fourth and fifth anniversaries of the effective grant date.

In addition to the time vesting conditions noted above, the options will generally vest immediately:

• by reason of the employee’s death or disability,

• upon termination, by the Bank, of the holder’s employment, unless if in relation with the holder’s misconduct, or

• in limited circumstances and specifically approved by the Board, as stipulated in the holder’s employment contract.

In the event of the employee’s resignation, any unvested portion of the awards shall generally be forfeited and any vested portion of the options shall generally remain exercisable during the 90-day period following the termination date or, if earlier, until the expiration date, and any vested portion of the options not exercised as of the expiration of such period shall be forfeited without any consideration therefore.

Performance vesting condition

50% of each option award was granted in the form of performance options and would vest (partially or fully) on a “valuation event” date (the date that any of the March 2, 2010 new investors transfers at least 5% of the total number of common shares or the date that there is a change in control and any of the new investors realize a predetermined multiple of invested capital ("MOIC")l). On September 21, 2016, it was determined that a valuation event occurred during which a new investor realized a MOIC of more than 200% of the original invested capital of $12.09 per share and accordingly, all outstanding unvested performance options vested.

There were no stock options outstanding as at March 31, 2024 and December 31, 2023.

Share-Based Incentive Programs

Recipients of unvested share awards are entitled to the related common shares at no cost, at the time the award vests. Recipients of unvested shares may be entitled to receive additional unvested shares having a value equal to the cash dividends that would have been paid had the unvested shares been issued and vested. Such additional unvested shares granted as dividend equivalents are subject to the same vesting schedule and conditions as the underlying unvested shares.

Unvested shares subject only to the time vesting condition generally vest upon retirement, death, disability or upon termination, by the Bank, of the holder’s employment unless if in connection with the holder’s misconduct. Unvested shares subject to both time vesting and performance vesting conditions remain outstanding and unvested upon retirement and will vest only if the performance conditions are met. Unvested shares can also vest in limited circumstances and if specifically approved by the Board, as stipulated in the holder’s employment contract. In all other circumstances, unvested shares are generally forfeited when employment ends.

The grant date weighted average fair value of unvested share awards granted in the three months ended March 31, 2024 was $30.08 per share (December 31, 2023: $32.89 per share). The Bank expects to settle these awards by issuing new shares.

Employee Deferred Incentive Program ("EDIP")

Under the Bank’s EDIP, shares are awarded to Bank employees and executive management based on the time vesting condition, which states that the shares will vest equally over a three-year period from the effective grant date.

Employee Long-Term Incentive Share Program ("ELTIP")

Under the Bank’s ELTIP, performance shares as well as time-vesting shares were awarded to employees and executive management. The performance shares will generally vest upon the achievement of certain performance targets in the three-year period from the effective grant date. The time-vesting shares will generally vest over the three-year period from the effective grant date.

Employee Share Purchase Plan ("ESPP")

The Bank's ESPP was approved in July 2021 and registered in November 2021. The first offering period started in May 2022. Under the Bank's ESPP, eligible employees may elect to contribute up to 15% of their regular compensation toward the purchase of Bank's shares at a 10% discount from market price on the closing date of each offering period. The ESPP specifies two consecutive six month offering periods per year. In the case of termination of employment or voluntary partial or full withdrawal from the plan, the related current offering period ESPP contributions are refunded to the employee and thus cannot be used to purchase shares under the ESPP. During the three months ended March 31, 2024, no shares (December 31, 2023: 26,551 shares) were issued under the ESPP.

26

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Changes in Outstanding ELTIP and EDIP awards (in thousands of shares transferable upon vesting)
	Three months ended
	March 31, 2024		March 31, 2023
	EDIP	ELTIP	EDIP	ELTIP
Outstanding at beginning of period	665	915	621	705
Granted	80	521	167	347
Vested (fair value in 2024: $14.1 million, 2023: $10.6 million, )	(137)	(333)	(133)	(185)
Outstanding at end of period	608	1,103	655	867

Share-based Compensation Cost Recognized in Net Income
	Three months ended
	March 31, 2024	March 31, 2023
	EDIP and  ELTIP	EDIP and  ELTIP
Cost recognized in net income	4,914	4,598

Unrecognized Share-based Compensation Cost
	March 31, 2024		December 31, 2023
	Unrecognized cost	Weighted average years over which it is expected to be recognized	Unrecognized cost	Weighted average years over which it is expected to be recognized
EDIP	12,643	2.52	11,774	2.66
ELTIP
Time vesting shares	106	1.87	118	2.12
Performance vesting shares	24,150	2.34	12,416	1.76
Total unrecognized expense	36,899		24,308

Note 19: Share repurchase programs

From time to time, the Bank may seek to repurchase and retire equity securities of the Bank, through cash purchase, privately negotiated transactions, or otherwise. Such transactions, if any, depend on prevailing market conditions, liquidity and capital requirements, contractual restrictions, and other factors.

Common Share Repurchase Program

On February 10, 2021, the Board approved a new common share repurchase program, authorizing the purchase of up to 2.0 million common shares through to February 28, 2022.

On February 14, 2022, the Board approved a new common share repurchase program, authorizing the purchase of up to 2.0 million common shares through to February 28, 2023.

On February 13, 2023, the Board approved a new common share repurchase program, authorizing the purchase of up to 3.0 million common shares through to February 29, 2024.

On December 5, 2023, the Board approved a new common share repurchase program, authorizing the purchase of up to 3.5 million common shares through to December 31, 2024.

In the three months ended March 31, 2024, the Bank repurchased and retired 1,155,790 shares.

	Three months ended	Year ended December 31
Common share repurchases	March 31, 2024	2023	2022
Acquired number of shares (to the nearest 1)	1,155,790	3,133,717	102,000
Average cost per common share	30.40	28.27	38.21
Total cost (in US dollars)	35,138,906	88,590,240	3,897,268

27

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Note 20: Accumulated other comprehensive income (loss)

	Unrealized net gains (losses)  on translation of  net investment in  foreign  operations	Unrealized net  gains (losses)  on HTM  investments	Unrealized net  gains (losses)  on AFS  investments	Employee benefit plans adjustments
Three months ended March 31, 2024				Pension	Post-retirement  healthcare	Subtotal -  employee benefits plans	Total AOCIL
Balance at beginning of period	(25,478)	(82,067)	(162,910)	(51,563)	11,820	(39,743)	(310,198)
Other comprehensive income (loss), net of taxes	(63)	2,001	(14,277)	1,697	(447)	1,250	(11,089)
Balance at end of period	(25,541)	(80,066)	(177,187)	(49,866)	11,373	(38,493)	(321,287)
	Unrealized net gains (losses)  on translation of  net investment in  foreign  operations	Unrealized net  gains (losses)  on HTM  investments	Unrealized net  gains (losses)  on AFS  investments	Employee benefit plans adjustments
Three months ended March 31, 2023				Pension	Post- retirement  healthcare	Subtotal -  employee benefits plans	Total AOCIL
Balance at beginning of period	(25,700)	(91,212)	(220,345)	(47,905)	7,710	(40,195)	(377,452)
Other comprehensive income (loss), net of taxes	(44)	2,027	29,816	520	(202)	318	32,117
Balance at end of period	(25,744)	(89,185)	(190,529)	(47,385)	7,508	(39,877)	(345,335)

Net Change of AOCIL Components		Three months ended
	Line item in the consolidated statements of operations, if any	March 31, 2024	March 31, 2023
Net unrealized gains (losses) on translation of net investment in foreign operations adjustments
Foreign currency translation adjustments	N/A	(4,360)	7,487
Gains (losses) on net investment hedge	N/A	4,297	(7,531)
Net change		(63)	(44)
Held-to-maturity investment adjustments
Amortization of net gains (losses) to net income	Interest income on investments	2,001	2,027
Net change		2,001	2,027
Available-for-sale investment adjustments
Gross unrealized gains (losses)	N/A	(14,606)	30,915
Transfer of realized (gains) losses to net income	Net realized gains (losses) on AFS investments	—	8
Foreign currency translation adjustments of related balances	N/A	329	(1,107)
Net change		(14,277)	29,816
Employee benefit plans adjustments
Defined benefit pension plan
Net actuarial gain (loss)	N/A	1,029	—
Amortization of net actuarial (gains) losses	Non-service employee benefits expense	589	570
Amortization of prior service (credit) cost	Non-service employee benefits expense	20	19
Foreign currency translation adjustments of related balances	N/A	59	(69)
Net change		1,697	520
Post-retirement healthcare plan
Amortization of net actuarial (gains) losses	Non-service employee benefits expense	131	131
Amortization of prior service (credit) cost	Non-service employee benefits expense	(578)	(333)
Net change		(447)	(202)
Other comprehensive income (loss), net of taxes		(11,089)	32,117

28

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Note 21: Capital structure

Authorized Capital

The par value of each issued common share and each authorized but unissued common share is BM$0.01 and the authorized share capital of the Bank comprises 2,000,000,000 common shares of par value BM$0.01 each, 6,000,000,000 non‑voting ordinary shares of par value BM$0.01 each, 110,200,001 preference shares of par value US$0.01 each and 50,000,000 preference shares of par value £0.01 each.

Dividends Declared

During the three months ended March 31, 2024, the Bank declared and paid cash dividends of $0.44 (March 31, 2023: $0.44) for each common share as of the related record dates.

The Bank is required to comply with Section 54 of the Companies Act 1981 issued by the Government of Bermuda (the “Companies Act”) each time a dividend is declared or paid by the Bank and also obtain a letter of no objection from the BMA pursuant to the Banks and Deposit Companies Act 1999 for any dividends declared. The Bank has complied with Section 54 and has obtained the BMA's letter of no objection for all dividends declared during the periods presented.

Regulatory Capital

The Bank’s regulatory capital is determined in accordance with current Basel III guidelines as issued by the BMA. The Bank is fully compliant with all regulatory capital requirements to which it is subject, and it maintains capital ratios in excess of regulatory minimums as at March 31, 2024 and 2023. The following table sets forth the Bank's capital adequacy in accordance with the Basel III framework:

	March 31, 2024				December 31, 2023
	Actual		Regulatory minimum		Actual		Regulatory minimum
Capital
CET 1 capital	1,048,118		N/A		1,042,506		N/A
Tier 1 capital	1,048,118		N/A		1,042,506		N/A
Tier 2 capital	108,869		N/A		109,423		N/A
Total capital	1,156,987		N/A		1,151,929		N/A
Risk Weighted Assets	4,647,963		N/A		4,540,745		N/A
Leverage Ratio Exposure Measure	13,932,077		N/A		13,777,771		N/A
Capital Ratios (%)
CET 1 capital	22.6	%	10.0	%	23.0	%	10.0	%
Tier 1 capital	22.6	%	11.5	%	23.0	%	11.5	%
Total capital	24.9	%	13.5	%	25.4	%	13.5	%
Leverage ratio	7.5	%	5.0	%	7.6	%	5.0	%

Note 22: Related party transactions

Financing Transactions

Certain directors and executives of the Bank, companies in which they are principal owners and/or members of the board, and trusts in which they are involved, have deposits with the Bank, have loans and/or are guarantors for loans with the Bank. Loans to directors were made in the ordinary course of business at normal credit terms, including interest rate and collateral requirements. Loans to executives may be eligible for preferential rates. All of these loans were considered performing loans as at March 31, 2024 and December 31, 2023. Loan balances with directors and executives of the Bank, companies in which they are principal owners and/or members of the board, and trusts in which they are involved were as follows:

Balance at December 31, 2022	20,393
Net loans issued (repaid) during the year	(658)
Balance at December 31, 2023	19,735
Net loans issued (repaid) during period	(295)
Effect of changes in the composition of related parties	983
Balance at March 31, 2024	20,423

Consolidated balance sheets	March 31, 2024	December 31, 2023
Deposits	89,058	100,364

29

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

	Three months ended
Consolidated statement of operations	March 31, 2024	March 31, 2023
Interest and fees on loans	326	270
Total non-interest expense	38	45
Other non-interest income	78	109

Certain affiliates of the Bank have loans and deposits with the Bank which were made and are maintained in the ordinary course of business on normal commercial terms. Balances with these parties were as follows:

Consolidated balance sheets	March 31, 2024	December 31, 2023
Loans	9,753	9,801
Deposits	427	288
Accrued interest and other liabilities	169	305

	Three months ended
Consolidated statement of operations	March 31, 2024	March 31, 2023
Interest and fees on loans	202	198
Total non-interest expense	399	375
Other non-interest income	62	—

Investments

As at March 31, 2024, several Butterfield mutual funds which are managed by a wholly owned subsidiary of the Bank, had loan balances and deposit balances held with the Bank. The Bank also earned asset management revenue and custody and other administration services revenue from funds managed by a wholly-owned subsidiary of the Bank and from directors and executives, companies in which they are principal owners and/or members of the board and trusts in which they are involved, as well as other income from other related parties.

Consolidated balance sheets	March 31, 2024	December 31, 2023
Deposits	17,446	4,633

	Three months ended
Consolidated statement of operations	March 31, 2024	March 31, 2023
Asset management	2,563	2,180
Custody and other administration services	321	264

Note23: Subsequent events

On April 23, 2024, the Board of Directors declared an interim dividend of $0.44 per common share to be paid on May 21, 2024 to shareholders of record on May 7, 2024.

30

EX-99.3

First Quarter 2024 The Bank of N.T. Butterfield & Son Limited Earnings Presentation April 24, 2024

2 Forward-Looking Statements 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. About Non-GAAP Financial Measures: This presentation contains non-GAAP financial measures including “core” net income and other financial measures presented on a “core” basis. 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 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 GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies use. Reconciliations of these non-GAAP measures to corresponding GAAP financial measures are provided in the Appendix of this presentation.

3 Agenda and Overview Ten International Locations Butterfield Overview Michael Collins Chairman and Chief Executive Officer Craig Bridgewater Group Chief Financial Officer Michael Schrum President and Group Chief Risk Officer • Leading Bank in Attractive Markets • Strong Capital Generation and Return • Resilient, Capital Efficient, Diversified Fee Revenue Model • Efficient, Conservative Balance Sheet • Experienced Leadership Team • Overview • First Quarter 2024 Financials • Q&A Presenters Agenda • Leading market positions in Bermuda & Cayman • Expanding loan and mortgage offerings in The Channel Islands • Well-secured lending in all markets • Award winning banking and wealth management offerings ESG Membership Awards

4 First Quarter 2024 Highlights Net Income (In US$ millions) Return on Equity (In US$ millions) vs. Q4 2023 vs. Q1 2023 Q1 2024 $ % $ % Net Interest Income $ 87.1 $ 0.1 $ (10.3) Non-Interest Income 55.1 (4.9) 4.9 Provision for Credit Losses 0.4 2.1 1.1 Non-Interest Expenses* (89.4) 2.0 (4.6) Other Gains (Losses) 0.2 0.6 0.1 Net Income $ 53.4 $ (0.1) (0.2) % $ (8.8) (14.1) % Non-Core Items** 1.6 0.2 1.5 Core Net Income** $ 55.0 $ (0.3) (0.5) % $ (7.2) (11.6) % • Net income of $53.4 million, or $1.13 per share • Core net income** of $55.0 million, or $1.17 per share • Return on average common equity of 21.5%; core return on average tangible common equity** of 24.5% • Net Interest Margin of 2.68%, cost of deposits of 1.78% • Cash dividend rate of $0.44 per common share during the quarter • Repurchases of 1.2 million shares at an average price of $30.40 per share • Appointment of new General Counsel & Group Chief Legal Officer Simon Des-Etages * Includes income taxes ** See the Appendix for a reconciliation of the non-GAAP measure $62.2 $61.0 $48.7 $53.5 $53.4 $62.2 $57.0 $57.0 $55.3 $55.0 Net income Core Net Income** Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 28.0% 25.9% 20.6% 22.5% 21.5% 30.5% 26.3% 26.1% 25.4% 24.5% Return on Equity Core Return on Average Tangible Common Equity** Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024

Financials

6 Net Interest Income before Provision for Credit Losses -Trend (In US$ millions) $97.4 $86.9 $87.1 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Net Interest Margin & Yields Income Statement Net Interest Income • Net interest income (“NII”) was relatively flat versus the prior quarter primarily due to an increased volume of interest earning assets, that was offset by a lower NIM and day count • Net interest margin (“NIM”) decreased by 5 basis points to 2.68% due to continued mix shift and higher cost from term deposit repricing • Average interest earning assets increased by $405.4 million due to higher average deposit volumes. Investment volumes were lower due to net paydowns and maturities. The decrease in loan volume was the result of net repayments during the quarter (In US$ millions) Q1 2024 vs. Q4 2023 Avg. Balance Yield Avg. Balance Yield Cash, S/T Inv. & Repos $ 3,138.3 4.71 % $ 534.6 (0.01) % Investments 5,204.2 2.23 % (86.3) 0.07 % Loans (net) 4,689.5 6.58 % (43.0) (0.10) % Interest Earning Assets 13,031.9 4.39 % 405.4 — % Interest Bearing Liabilities 9,689.7 (2.30) % 378.0 (0.06) % Net Interest Margin 2.68 % (0.05) %

7 Non-Interest Income Trend (In US$ millions)(In US$ millions) Q1 2024 vs. Q4 2023 Asset management $ 8.8 $ 0.5 Banking 14.3 (4.3) Foreign exchange revenue 13.2 0.4 Trust 15.0 (1.0) Custody and other 3.3 — Other 0.4 (0.5) Total Non-Interest Income $ 55.1 $ (4.9) $50.2 $60.0 $55.1 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 • Total non-interest income was down $4.9 million versus the prior quarter, primarily due to decreased banking income due to prior period seasonality and trust fees due to lower activity-based fees • The fee income ratio was 38.6% in the first quarter of 2024 which compares favorably to the peer average* and the 41.3% in the prior quarter Income Statement Non-Interest Income * Includes US banks identified by management as a peer group. Please see the Appendix for a list of these banks. Q4 2023 comparative data is used as Q1 2024 peer information was not widely available at time of publication.

8 Core Non-Interest Expense* Trend (In US$ millions) Core Non-Interest Expenses* vs. Q4 2023 (In US$ millions) Q1 2024 $ % Salaries & Benefits** $ 42.5 $ (3.7) (8.0) % Technology & Comm. 16.1 (1.1) (6.2) % Professional & O/S Services 5.2 0.3 6.1 % Property 8.7 — 0.4 % Indirect Taxes 6.3 1.3 24.9 % Marketing 1.3 (0.4) (23.8) % Intangible Amortization 1.9 0.5 34.5 % Other 4.9 (0.4) (7.0) % Total Core Non-Interest Expenses* $ 86.9 $ (3.5) (3.8) % Non-Core Expenses* 1.6 (0.1) (8.5) % Non-Interest Expenses $ 88.5 $ (3.6) (3.9) % $84.1 $90.4 $86.9 56.0% 60.5% 59.8% Core Efficiency Ratio* Core Non-Interest Expenses* Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 • Core non-interest expenses* were lower than the prior quarter primarily due to the following: ◦ Decreased salaries and benefits expenses primarily driven by lower head-count and the timing of performance-based incentive accruals ◦ Lower technology and communications costs resulting from lower corporate travel and other costs associated with the core banking system upgrade which went live in Cayman in the previous quarter • Core efficiency ratio* of 59.8% was lower than the prior quarter. Butterfield continues to target a through- cycle core efficiency ratio of 60% * See the Appendix for a reconciliation of the non-GAAP measure ** Includes Non-Service Employee Benefits Expense Income Statement Non-Interest Expenses

9 Balance Sheet Total Assets (In US$ billions) • Period end deposit balances increased by $0.1 billion to $12.1 billion compared to December 31, 2023 • Average deposit balances increased $0.4 billion over the fourth quarter of 2023 to $12.2 billion from $11.8 billion • Butterfield’s balance sheet remained low in risk density (risk weighted assets/total assets) at 34.4% vs Q4 2023 (In US$ millions) Q1 2024 Q4 2023 % Cash and cash equivalents $ 1,746 $ 1,647 6 % Reverse Repos & S/T Investments 1,480 1,225 21 % Investments 5,168 5,292 (2) % Loans (net) 4,644 4,746 (2) % Other Assets 490 464 6 % Total Assets $ 13,528 $ 13,374 1 % Int. Bearing Deposits $ 9,570 $ 9,330 3 % Non-Int. Bearing Deposits 2,560 2,657 (4) % Other Liabilities 402 384 5 % Shareholders’ Equity 995 1,004 (1) % Total Liab. & Equity $ 13,528 $ 13,374 1 % $13.7 $13.4 $13.5 $5.7 $5.3 $5.2 $5.0 $4.7 $4.6 Total assets Investments Loans Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 $12.3 $12.0 $12.1 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Total Deposits (In US$ billions)

10 Asset Quality Non-Accrual Loans (In US$ millions) $55.5 $61.0 $59.1 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Res Mtg 68.7% Consumer 4.0% Comm’l R/E 12.7% Other Comm’l 8.8% Government 5.8% Loan Distribution 0.01% 0.08% 0.01% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 0.00% 0.05% 0.10% 0.15% 0.20% Net Charge-Off Ratio AAA 0.3% AA 99.7% $4.6 billion $5.2 billion Investment Portfolio Rating Distribution • Investment portfolio continues to be of very high credit quality with 100% comprised of AA or higher rated securities, primarily US Government guaranteed mortgage backed securities and treasuries • Non-accrual loans remained at 1.3% of gross loans, consistent with the prior quarter • Allowance for credit losses at $24.8 million represented an ACL/Total loans ratio of 0.5% • The net charge-off ratio continues to be low at 0.01% of total gross loans

11 Interest Rate Sensitivity Interest Rate SensitivityAverage Balance - Balance Sheet Average Balances (US$Mil) Weighted Average Life Q1 2024 vs. Q4 2023 Duration vs. Q4 2023 Cash & Reverse Repos & S/T Invest. $ 3,138.3 $ 534.6 0.2 — N/A AFS 1,766.3 (32.5) 3.4 0.1 4.3 HTM** 3,437.9 (53.8) 6.5 — 8.7 Total $ 8,342.5 $ 448.3 (4.1)% 1.8% 3.5% (1.7)% 1.8% 3.3% NTB US Peer Median * -100bps +100bps +200bps • Total investment portfolio duration remained flat at 5.3 years compared to the prior quarter • Interest rate sensitivity increased in the first quarter due to lower asset duration, resulting from higher cash & cash equivalents, as well as investments and fixed-rate loan durations trending down • Unrealized losses on AFS securities increased by $14.3 million during the quarter. As of March 31, 2024, the Bank had $178.2 million in net unrealized losses in the AFS portfolio, compared with net unrealized losses of $163.9 million as at the end of the fourth quarter of 2023 * Includes US banks identified by management as a peer group. Please see the Appendix for a list of these banks. Q4 2023 comparative data is used as Q1 2024 peer information was not widely available at time of publication. ** The HTM portfolio is comprised of securities with negative convexity which typically exhibit lower prepayment speeds when assuming higher future rates.

12 Capital Requirements and Dividend Return Leverage Capital • Regulatory capital levels remain conservatively above minimum requirements • Quarterly dividend rate continues at $0.44 per common share • TCE/TA ratio of 6.7% is in-line with the prior quarter • TCE/TA ex-cash and ex-OCI are 7.7% and 9.1%, respectively Regulatory Capital (Basel III) - Total Capital Ratio* 24.9% 13.5% 14.8% Butterfield Current BMA Minimum US Peer Median*** *** Includes US banks identified by management as a peer group. Please see the Appendix for a list of these banks. Q4 2023 comparative data is used as Q1 2024 peer information was not widely available at time of publication. 7.7% 9.4% 6.7% 9.1% 1.0% 0.3% TCE/TA TCE/TA Ex Cash Butterfield - Current US Peer Median*** 53.7% 40.7% 38.1% 38.3% 2021 2022 2023 Q1 2024 Dividend Payout Ratio * 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 CECL impact of $7.8 million on its regulatory capital over a period of 5 years. ** 2024 is based on year-to-date dividend and earnings per share

Appendix

14 Group (US$ Billions) Bermuda (US$ Billions) Deposit Composition by Segment Cayman (US$ Billions) Channel Islands (US$ Billions) 24% 23% 22% 22% 21% 49% 49% 48% 47% 46% 27% 27% 30% 31% 33% $12.3 $12.2 $11.9 $12.0 $12.1 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 27% 25% 22% 25% 24% 56% 56% 52% 49% 50% 17% 19% 26% 26% 26% $4.2 $4.0 $3.8 $4.0 $3.9 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 42% 39% 37% 36% 35% 43% 44% 45% 42% 43% 15% 17% 18% 22% 22% $4.5 $4.6 $4.5 $4.5 $4.5 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 1% —% —% 1% —% 48% 50% 49% 50% 46% 51% 50% 51% 49% 54% $3.7 $3.6 $3.5 $3.5 $3.7 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024

15 32% 29% 29% 29% 29% 18% 21% 23% 22% 22% 49% 50% 49% 49% 49% $3.4 $3.6 $3.6 $3.3 $3.2 Bermuda Cayman UK and Channel Islands 2020 2021 2022 2023 Q1 2024 29% 26% 24% 21% 23% 5% 7% 9% 9% 10% 18% 18% 21% 22% 21% 49% 48% 46% 48% 46% $1.6 $1.4 $1.4 $1.3 $1.3 Commercial and Industrial Commercial Overdrafts Government Commercial Real Estate 2020 2021 2022 2023 Q1 2024 Residential Mortgage Loans (US$ Billions) Commercial Loans (US$ Billions) Loans 44% 39% 37% 37% 36% 18% 20% 24% 25% 26% 38% 41% 39% 38% 38% $5.2 $5.2 $5.1 $4.7 $4.6 Bermuda Cayman UK and Channel Islands 2020 2021 2022 2023 Q1 2024 Loan Portfolio Composition by Originating Segment (US$ Billions) 20% 19% 43% 51% 51% 80% 81% 57% 49% 49% $5.2 $5.2 $5.1 $4.7 $4.6 Fixed Floating 2020 2021 2022 2023 Q1 2024 Fixed vs. Floating Rate Loans (US$ Billions)

16 Loan-to-Deposit Ratio Balance Sheet Asset Mix Liquidity: Cash & Cash Equivalents** to Total Assets 41% 41% 40% 40% 38% 67% 68% 68% 68% NTB US Peer Median* Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 19% 19% 20% 21% 24% 5% 4% 3% 4% NTB US Peer Median* Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 • Butterfield takes a conservative approach to managing the liquidity and funding risk profile of its balance sheet. This involves the retention of a significant liquidity holding of cash or cash equivalent balances, comprised of interbank deposits and short-dated sovereign Canadian, UK and US Treasury Bills, as well as maintaining significant liquidity facilities with correspondent banks • Butterfield also maintains capital, liquidity and funding buffers conservatively in excess of regulatory requirements * Includes US banks identified by management as a peer group. Please see the Appendix for a list of these banks. Q1 2024 peer information was not widely available at time of publication and therefore not included. ** Includes securities purchased under agreements to resell and short-term investments.

17 Balance Sheet Movements Deposit Composition by Currency (US$ billions)Deposit Movements (US$ millions) $185 Change vs Q4 2023 Loan Movements (US$ millions) Loan Composition by Currency (US$ billions) +235 -50 $(100) Change vs Q4 2023 Volume FX Translation 75% 75% 75% 19% 19% 19% 6% 6% 6% $12.3 $12.0 $12.1 USD / USD Pegged GBP Other Total deposits Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 61% 61% 61% 38% 38% 38% 1% 1% 1% $5.0 $4.7 $4.6 USD / USD Pegged GBP Other Total loans Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 -80 -20

18 (in millions of US Dollars, unless otherwise indicated) 2024 2023 2022 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Assets Cash and cash equivalents $ 1,746 $ 1,647 $ 1,750 $ 1,795 $ 1,345 $ 2,101 $ 1,485 $ 1,340 $ 2,103 Reverse Repos & S/T Investments 1,480 1,225 893 729 1,263 944 995 1,516 1,601 Investments 5,168 5,292 5,319 5,546 5,665 5,727 5,805 5,970 6,111 Loans, Net 4,644 4,746 4,750 5,003 5,022 5,096 4,992 5,139 5,068 Other Assets 490 464 468 435 438 437 422 386 383 Total Assets $ 13,528 $ 13,374 $ 13,180 $ 13,510 $ 13,733 $ 14,306 $ 13,699 $ 14,350 $ 15,266 Liabilities and Equity Total Deposits $ 12,131 $ 11,987 $ 11,861 $ 12,192 $ 12,348 $ 12,991 $ 12,461 $ 13,075 $ 13,933 Long-Term Debt 99 98 98 98 172 172 172 172 172 Other Liabilities 304 285 297 269 275 278 311 300 319 Total Liabilities $ 12,533 $ 12,370 $ 12,257 $ 12,559 $ 12,796 $ 13,441 $ 12,944 $ 13,547 $ 14,424 Common Equity $ 995 $ 1,004 $ 923 $ 950 $ 937 $ 865 $ 755 $ 802 $ 842 Total Equity $ 995 $ 1,004 $ 923 $ 950 $ 937 $ 865 $ 755 $ 802 $ 842 Total Liabilities and Equity $ 13,528 $ 13,374 $ 13,180 $ 13,510 $ 13,733 $ 14,306 $ 13,699 $ 14,350 $ 15,266 Key Metrics CET 1 Ratio 22.6 % 23.0 % 23.4 % 22.7 % 22.2 % 20.3 % 18.9 % 17.7 % 17.3 % Total Tier 1 Capital Ratio 22.6 % 23.0 % 23.4 % 22.7 % 22.2 % 20.3 % 18.9 % 17.7 % 17.3 % Total Capital Ratio 24.9 % 25.4 % 25.8 % 25.1 % 26.2 % 24.1 % 22.7 % 21.4 % 20.9 % Leverage ratio 7.5 % 7.6 % 7.8 % 7.6 % 7.2 % 6.7 % 6.4 % 5.8 % 5.5 % Risk-Weighted Assets (in $ millions) 4,648 4,541 4,522 4,628 4,604 4,843 4,780 4,854 5,043 Risk-Weighted Assets / total assets 34.4 % 34.0 % 34.3 % 34.3 % 33.5 % 33.9 % 34.9 % 33.8 % 33.0 % Tangible common equity ratio 6.7 % 6.8 % 6.5 % 6.5 % 6.3 % 5.6 % 5.0 % 5.1 % 5.0 % Book value per common share (in $) 21.53 21.39 19.20 19.34 18.80 17.42 15.21 16.17 16.97 Tangible book value per share (in $) 19.45 19.29 17.73 17.83 17.32 15.92 13.76 14.61 15.30 Non-accrual loans/gross loans 1.3 % 1.3 % 1.2 % 1.2 % 1.1 % 1.2 % 1.2 % 1.2 % 1.2 % Non-performing assets/total assets 1.2 % 1.0 % 0.8 % 0.7 % 0.6 % 0.5 % 0.5 % 0.5 % 0.5 % Allowance for credit losses/total loans 0.5 % 0.5 % 0.5 % 0.5 % 0.5 % 0.5 % 0.5 % 0.5 % 0.5 % Balance Sheet Trends

19 (in millions of US Dollars, unless otherwise indicated) Q1 2024 Q4 2023 Q1 2023 Assets Average balance ($) Interest ($) Average rate (%) Average balance ($) Interest ($) Average rate (%) Average balance ($) Interest ($) Average rate (%) Cash and cash equivalents, reverse repurchase agreements and short-term investments $ 3,138.3 $ 36.8 4.71 % $ 2,603.6 $ 31.0 4.72 % $ 2,943.9 $ 27.1 3.74 % Investment in securities 5,204.2 28.9 2.23 % 5,290.5 28.9 2.16 % 5,720.2 29.8 2.12 % AFS 1,766.3 9.6 2.17 % 1,798.8 9.1 2.01 % 2,005.6 8.9 1.80 % HTM 3,437.9 19.3 2.25 % 3,491.7 19.7 2.24 % 3,714.6 20.9 2.28 % Loans 4,689.5 77.0 6.58 % 4,732.5 79.7 6.68 % 5,040.7 77.5 6.23 % Commercial 1,381.4 23.7 6.88 % 1,374.1 24.4 7.03 % 1,409.8 22.6 6.51 % Consumer 3,308.1 53.3 6.46 % 3,358.3 55.4 6.54 % 3,630.9 54.9 6.13 % Total interest earning assets 13,031.9 142.7 4.39 % 12,626.6 139.6 4.39 % 13,704.7 134.5 3.98 % Other assets 412.0 421.6 395.9 Total assets $ 13,444.0 $ 13,048.1 $ 14,100.7 Liabilities Deposits - interest bearing $ 9,586.5 $ (54.2) (2.27) % $ 9,208.6 $ (51.2) (2.21) % $ 9,786.5 $ (34.7) (1.44) % Securities sold under agreement to repurchase 4.6 (0.1) (4.69) % 4.7 (0.1) (5.64) % 0.4 — (4.50) % Long-term debt 98.5 (1.4) (5.58) % 98.5 (1.4) (5.53) % 172.3 (2.4) (5.65) % Interest bearing liabilities 9,689.7 (55.6) (2.30) % 9,311.7 (52.6) (2.24) % 9,959.2 (37.1) (1.51) % Non-interest bearing customer deposits 2,603.5 2,618.5 2,993.5 Other liabilities 250.0 228.9 241.1 Total liabilities $ 12,543.2 $ 12,159.2 $ 13,193.7 Shareholders’ equity 900.8 889.0 906.9 Total liabilities and shareholders’ equity $ 13,444.0 $ 13,048.1 $ 14,100.7 Non-interest bearing funds net of non- interest earning assets (free balance) $ 3,342.3 $ 3,314.9 $ 3,745.6 Net interest margin $ 87.1 2.68 % $ 86.9 2.73 % $ 97.4 2.88 % Average Balance Sheet Trends

20 (in millions of US Dollars, unless otherwise indicated) 2024 2023 2022 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net Interest Income $ 87.1 $ 86.9 $ 90.2 $ 92.5 $ 97.4 $ 94.6 $ 91.2 $ 82.0 $ 75.9 Non-Interest Income 55.1 60.0 52.0 50.2 50.2 54.9 49.9 51.8 49.9 Prov. for Credit (Losses) Recovery 0.4 (1.7) (0.5) (1.5) (0.7) (1.6) (0.8) (0.7) 0.7 Non-Interest Expenses* 89.4 91.4 92.9 84.1 84.8 85.4 82.9 84.0 82.9 Other Gains (Losses) 0.2 (0.3) — 4.0 0.1 0.6 0.1 0.1 0.8 Net Income $ 53.4 $ 53.5 $ 48.7 $ 61.0 $ 62.2 $ 63.1 $ 57.4 $ 49.1 $ 44.4 Non-Core Items** $ 1.6 $ 1.8 $ 8.2 $ (4.0) $ — $ 0.1 $ 0.2 $ 1.1 $ 0.3 Core Net Income** $ 55.0 $ 55.3 $ 57.0 $ 57.0 $ 62.2 $ 63.2 $ 57.6 $ 50.2 $ 44.7 Key Metrics Loan Yield 6.58 % 6.68 % 6.51 % 6.42 % 6.23 % 5.79 % 5.05 % 4.48 % 4.26 % Securities Yield 2.23 2.16 2.06 2.07 2.12 2.03 1.94 1.89 1.79 Cost of Deposits 1.78 1.72 1.52 1.27 1.10 0.78 0.34 0.16 0.12 Net Interest Margin 2.68 2.73 2.76 2.83 2.88 2.79 2.59 2.26 2.03 Core Efficiency Ratio** 59.8 60.5 58.3 57.6 56.0 55.6 57.0 60.2 63.7 Core ROATCE** 24.5 25.4 26.1 26.3 30.5 34.9 31.6 27.8 21.9 Fee Income Ratio 38.6 41.3 36.7 35.5 34.2 37.1 35.6 38.9 39.5 Fully Diluted Share Count (in millions of common shares) 47.2 48.1 49.1 49.9 50.1 50.0 49.8 49.8 49.8 * Includes income taxes ** See the reconciliation of non-GAAP measures on pages 23-24 Income Statement Trends

21 (in millions of US Dollars, unless otherwise indicated) 2024 2023 2022 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Non-Interest Income Asset Management $ 8.8 $ 8.3 $ 8.0 $ 8.2 $ 7.9 $ 7.4 $ 7.4 $ 7.4 $ 7.5 Banking 14.3 18.6 14.1 12.6 13.6 17.5 14.1 12.9 12.7 FX Revenue 13.2 12.8 11.4 11.3 10.7 11.5 11.8 12.0 12.4 Trust 15.0 16.0 14.7 14.3 12.8 13.7 12.6 13.3 12.7 Custody & Other Admin. 3.3 3.3 3.3 3.3 3.3 3.4 3.3 3.3 3.6 Other 0.4 1.0 0.6 0.5 1.8 1.4 0.7 2.8 1.0 Total Non-Interest Income $ 55.1 $ 60.0 $ 52.0 $ 50.2 $ 50.2 $ 54.9 $ 49.9 $ 51.8 $ 49.9 Non-Interest Expense Salaries & Benefits* $ 43.8 $ 45.9 $ 51.3 $ 42.6 $ 43.7 $ 44.7 $ 42.0 $ 42.3 $ 41.0 Technology & Comm. 16.1 17.2 16.0 14.9 13.9 14.3 14.3 14.0 14.1 Professional & O/S Services 5.5 7.0 4.3 4.8 5.0 4.3 4.8 5.4 5.1 Property 8.7 8.7 7.7 7.5 7.4 8.0 7.9 7.6 7.9 Indirect Taxes 6.3 5.0 5.4 5.3 5.7 5.4 5.2 5.5 5.9 Marketing 1.3 1.7 1.5 1.7 1.5 1.8 1.5 1.6 1.5 Intangible Amortization 1.9 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.5 Other 4.9 5.2 4.8 5.4 5.3 4.7 4.9 5.2 5.0 Total Non-Interest Expense $ 88.5 $ 92.2 $ 92.5 $ 83.5 $ 84.1 $ 84.7 $ 82.0 $ 83.0 $ 82.0 Income Taxes 0.9 (0.8) 0.4 0.5 0.7 0.7 0.9 1.1 1.0 Total Expense incld. Taxes $ 89.4 $ 91.4 $ 92.9 $ 84.1 $ 84.8 $ 85.4 $ 82.9 $ 84.0 $ 82.9 *Includes non-service employee benefits Non-Interest Income & Expense Trends

22 (in millions of US Dollars, unless otherwise indicated) 2024 2023 2022 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Salaries & Benefits* $ 42.5 $ 46.2 $ 43.4 $ 42.6 $ 43.7 $ 44.7 $ 42.0 $ 41.2 $ 41.0 Technology & Comm. 16.1 17.2 16.0 14.9 13.9 14.3 14.3 14.0 14.1 Professional & O/S Services 5.2 4.9 4.3 4.7 5.0 4.2 4.7 5.4 4.9 Property 8.7 8.7 7.7 7.5 7.4 8.0 7.9 7.6 7.9 Indirect Taxes 6.3 5.0 5.1 5.3 5.7 5.4 5.2 5.5 5.9 Marketing 1.3 1.7 1.5 1.7 1.5 1.8 1.5 1.6 1.5 Intangible Amortization 1.9 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.5 Other 4.9 5.2 4.8 5.4 5.3 4.7 4.9 5.2 4.8 Total Core Non-Interest Expense** $ 86.9 $ 90.4 $ 84.3 $ 83.6 $ 84.1 $ 84.5 $ 81.8 $ 81.9 $ 81.6 Income Taxes 0.9 (0.8) 0.4 0.5 0.7 0.7 0.9 1.1 1.0 Total Core Expense incld. Taxes** $ 87.8 $ 89.6 $ 84.7 $ 84.1 $ 84.8 $ 85.3 $ 82.8 $ 83.0 $ 82.6 * Includes non-service employee benefits ** See the reconciliation of non-GAAP measures on pages 23-24 Core Non-Interest Expense* Trends

23 (in millions of US Dollars, unless otherwise indicated) 2024 2023 Q1 Q4 Q3 Q2 Q1 Net income A $ 53.4 $ 53.5 $ 48.7 $ 61.0 $ 62.2 Non-core (gains), losses and expenses Non-core (gains) losses Liquidation settlement from an investment previously written-off — — — (4.0) — Total non-core (gains) losses B $ — $ — $ — $ (4.0) $ — Non-core expenses Early retirement program, voluntary separation, redundancies and other non-core compensation costs 1.3 (0.3) 8.2 — — Asset Acquisition costs — 1.9 — — — Restructuring charges and related professional service fees 0.3 0.2 — — — Total non-core expenses C $ 1.6 $ 1.8 $ 8.2 $ — $ — Total non-core (gains), losses and expenses D=B+C 1.6 1.8 8.2 (4.0) — Core net income to common shareholders E=A+D $ 55.0 $ 55.3 $ 57.0 $ 57.0 $ 62.2 Average shareholders' equity 996.1 943.0 940.2 943.3 902.5 Average common equity F 996.1 943.0 940.2 943.3 902.5 Less: average goodwill and intangible assets (97.4) (77.7) (72.9) (74.0) (74.2) Average tangible common equity G 898.7 865.2 867.2 869.3 828.3 Return on equity A/F 21.5 % 22.5 % 20.6 % 25.9 % 28.0 % Core return on average tangible common equity E/G 24.5 % 25.4 % 26.1 % 26.3 % 30.5 % Core earnings per common share fully diluted Adjusted weighted average number of diluted common shares (in thousands) H 47.2 48.1 49.1 49.9 50.1 Earnings per common share fully diluted A/H 1.13 1.11 0.99 1.22 1.24 Non-core items per share D/H 0.04 0.04 0.17 (0.08) — Core earnings per common share fully diluted E/H 1.17 1.15 1.16 1.14 1.24 Core return on average tangible assets Total average assets I $ 13,480.9 $ 13,157.0 $ 13,349.0 $ 13,660.8 $ 14,115.6 Less: average goodwill and intangible assets (97.4) (77.7) (72.9) (74.0) (74.2) Average tangible assets J $ 13,383.5 $ 13,079.2 $ 13,276.0 $ 13,586.8 $ 14,041.4 Return on average assets A/I 1.6 % 1.6 % 1.4 % 1.8 % 1.8 % Core return on average tangible assets E/J 1.6 % 1.7 % 1.7 % 1.7 % 1.8 % Non-GAAP Reconciliation

24 (in millions of US Dollars, unless otherwise indicated) 2024 2023 Q1 Q4 Q3 Q2 Q1 Tangible equity to tangible assets Shareholders' equity K $ 995.1 $ 1,003.6 $ 922.9 $ 950.3 $ 936.9 Less: goodwill and intangible assets (96.3) (98.9) (70.6) (74.0) (74.1) Tangible common equity L 898.8 904.7 852.3 876.3 862.8 Total assets M 13,528.1 13,374.0 13,179.5 13,509.5 13,732.7 Less: goodwill and intangible assets (96.3) (98.9) (70.6) (74.0) (74.1) Tangible assets N $ 13,431.8 $ 13,275.1 $ 13,108.9 $ 13,435.5 $ 13,658.6 Tangible common equity to tangible assets L/N 6.7 % 6.8 % 6.5 % 6.5 % 6.3 % Tangible book value per share Basic participating shares outstanding (in millions) O 46.2 46.9 48.1 49.1 49.8 Tangible book value per common share L/O 19.45 19.29 17.73 17.83 17.32 Efficiency ratio Non-interest expenses $ 88.5 $ 92.2 $ 92.5 $ 83.5 $ 84.1 Less: Amortization of intangibles (1.9) (1.4) (1.4) (1.4) (1.4) Non-interest expenses before amortization of intangibles P 86.6 90.7 91.1 82.1 82.7 Non-interest income 55.1 60.0 52.0 50.2 50.2 Net interest income before provision for credit losses 87.1 86.9 90.2 92.5 97.4 Net revenue before provision for credit losses and other gains/losses Q $ 142.2 $ 146.9 $ 142.2 $ 142.6 $ 147.5 Efficiency ratio P/Q 60.9 % 61.7 % 64.1 % 57.6 % 56.0 % Core efficiency ratio Non-interest expenses $ 88.5 $ 92.2 $ 92.5 $ 83.5 $ 84.1 Less: non-core expenses (C) (1.6) (1.8) (8.2) — — Less: amortization of intangibles (1.9) (1.4) (1.4) (1.4) (1.4) Core non-interest expenses before amortization of intangibles R 85.0 89.0 82.9 82.1 82.7 Net revenue before provision for credit losses and other gains/losses Q 142.2 146.9 142.2 142.6 147.5 Core efficiency ratio R/Q 59.8 % 60.5 % 58.3 % 57.6 % 56.0 % Non-GAAP Reconciliation (continued)

25 Our peer group includes the following banks, noted by their ticker symbols: Peer Group • First Hawaiian, Inc. (FHB) • Bank of Hawaii Corporation (BOH) • East West Bancorp, Inc. (EWBC) • Cullen/Frost Bankers, Inc. (CFR) • Associated Banc-Corp (ASB) • Wintrust Financial Corporation (WTFC) • Commerce Bancshares, Inc. (CBSH) • Trustmark Corporation (TRMK) • International Bancshares Corporation (IBOC) • Community Bank System, Inc. (CBU) • First Financial Bankshares, Inc. (FFIN) • Westamerica Bancorporation (WABC) • UMB Financial Corporation (UMBF)