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Annual Report the Bank of N.T. Butterfield & Son Limited

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Annual Report the Bank of N.T. Butterfield & Son Limited The Bank of N.T. Butterfield & Son Limited Annual Report 2012 Annual Report Cover 2012_final.indd 1-3 13-03-14 5:12 PM line scope essence In brief focus sight tune Butterfield is committed to environmentally conscious printing. The following savings to our natural resources were realised in the printing of this Annual Report: Energy: 5,874,649 BTUs Air Emissions: 348 kg Trees: 8 Solid Waste: 177 kg 2012 Overview Wastewater: 13,336 liters Cover 2012_final.indd 4-6 13-03-14 5:12 PM As at 31 December 2012 United Kingdom Guernsey In depth Switzerland Find out more at: Bermuda www.butterfieldgroup.com The Bahamas Cayman Islands Two Core Businesses billion $8.9 - Community Banking 1,210 Assets - Wealth Management Employees Efficiency Ratio ROE* Core Earnings improved by 0 281bps 0 45.2% *Core cash return on tangible 479 bps common equity Credit Ratings Fitch Moody’s Standard & Poor’s Short-Term Long-Term Short-Term Long-Term Short-Term Long-Term Senior Senior Senior F1A- P-1 A2 A-2 A- Accolades Six Butterfield employees named to Capital Strength Citywealth International Financial Total Capital Ratio Tier 1 Capital Ratio Centre Leaders List 2012 Euromoney 2012 Global Private Banking Survey Best Private Banking Services Overall (First in Bermuda, Eighth in Caribbean Region) Best Relationship Management (First in Bermuda and Cayman, Fourth in Caribbean Region) Best Range of Investment Products (First in Bermuda) 11.2% 7.5% 10.1% 7.2% 21.6% 15.7% 23.5% 17.7% 24.2% 18.5% Best Net-Worth-Specific Services for 2008 2009 2010 2011 2012 Super-Affluent Clientele (First in Cayman, Third in Caribbean Region) 1 time order sight In review motion brief hand Chairman2 & Chief Executive Officer’s Report to the Shareholders Chairman & Chief Executive Officer’s Report to the Shareholders 2012 was a year of continued recovery for Butterfield. The Bank’s Board Given the Bank’s ratios, and against a backdrop of the limited lending and Management team sought and delivered improved core earnings and investment opportunities available in the current economic and Shareholder returns despite ongoing economic challenges in our environment, your Board determined that it was appropriate to main jurisdictions and very low interest rates. Whilst we made good return a portion of the Bank’s capital to Shareholders as income. On progress in restoring value in the franchise, we continue to pursue 26 February 2013, the Board declared a special dividend of $0.04 per opportunities to unlock greater value as we move forward. Common and Contingent Value Convertible Preference Share to be paid on 22 March 2013 to Shareholders of record on 5 March 2013. Core earnings for the year ended 31 December 2012 were $54.9 million, up 45.2% over 2011 on gross revenues that increased by IN PURSUIT OF IMPROVED EARNINGS 1.5%. The improved core earnings reflect improvements in both our Butterfield undertook or accelerated a number of initiatives in efficiency ratio and net interest margin. 2012 that proved beneficial to earnings and which will contribute to improving the Bank’s sustainable profitability over the long term. 2012 core earnings were offset by significant net one-time charges of $29.3 million stemming from more conservative valuations of A 16 basis point increase in the net interest margin was achieved certain Balance Sheet assets not related to core operations; primarily principally through a more disciplined investment approach—matching goodwill, intangible assets and estimates of the market value of real investment maturities to deposit aging—that resulted in the purchase property owned and used by the Bank. As a result, 2012 net income of longer duration, higher-yielding (primarily US Government agency) was $25.6 million, reduced from $40.5 million in 2011. securities for the Bank’s portfolio. Butterfield benefits from stability and predictability in our deposit base, which allows for the effective In addition to growing core earnings, we improved the capital position application of such an approach, and also provides us with more of the Bank in 2012. The Tangible Common Equity Ratio increased by latitude to widen margins via deposit pricing than is the case for some 28 basis points to 7.17%, the Tier 1 Capital Ratio improved to 18.53% other financial institutions. (from 17.70% at year-end 2011), and the Total Capital Ratio ended the year at 24.18% (up from 23.50% at year-end 2011). Relative to many The Bank sold its holdings in selected non-core assets, specifically other banks, our capital position is very strong. its wholly-owned Barbados subsidiary and its interest in the Cayman-based Island Heritage insurance company during the year. Core cash return on tangible common equity rose to 6.56% from 3.75%. Those transactions generated proceeds of $63.5 million. The capital and Management resources that the sale of those assets freed will be Asset growth of $425 million, resulting primarily from increased values deployed in the ongoing development of our core businesses; those of securities in the Bank’s investment portfolios, drove improvements in which we believe we have the scale, market presence and expertise in Shareholder value. Net book value per Share rose to $1.20 from to foster material growth going forward. $1.14 and tangible book value per Share improved from $1.05 to $1.16. Managing costs remains a key area of focus for the Management To continue to effect improvements in financial performance whilst team. During 2012, we reduced non-interest expenses by more than maintaining strong ratios, the Bank is following a focused strategy for $12 million. Headcount continues to be reduced across the Group, the deployment of capital. That strategy involves allocating funds enabled by changes in technology, process improvements, declines to initiatives that directly improve the franchise value, and applying in transaction volumes in some areas owing to the current economic excess capital and proceeds from the divestiture of non-core holdings climate, and changes in customer behaviour. to core businesses and projects that will drive continued growth. The Bank also continues to seek ways to streamline operations as a IN THE INTERESTS OF SHAREHOLDERS means of managing expenses. During 2012, we made organisational As a means of improving trading liquidity and potential returns on and process changes to extract efficiencies from the previous equity, your Board authorised a Share Buy-back Programme in May centralisation of key functions in the areas of human resources, 2012 and increased the repurchase allowance in December to project management, information technology, compliance and risk 10 million Common Shares and 8,000 Preference Shares. At year end, management. We are seeking to reduce duplication of effort and the Bank had repurchased 7.3 million Common Shares at a cost of synchronise our policies and procedures to create savings and $9.0 million, and 4,422 Preference Shares at a cost of $5.4 million. improve customer service. In our two retail banking jurisdictions, Butterfield Annual Report 2012 3 Bermuda and Cayman (which now use a common banking technology financial services in the jurisdiction. Our Guernsey subsidiaries once platform), we are in the process of rationalising and simplifying our again sponsored a number of youth and sports-related events to raise product lineups to ensure customers in both markets have access to the community profile of the businesses there, and our UK bank made our best offerings, whilst reducing the costs of back-office processing a number of donations to charities connected to our private clients and administration. In 2013, we will complete the installation of a during the year. common system supporting our UK and Guernsey banking businesses, which will provide similar opportunities for operational improvements I was honoured to have been appointed Butterfield’s Chairman & Chief and cost savings. Executive Officer in 2012, and I look forward to continuing to work with my fellow Directors and Management to advance the Bank’s recovery. IN BOARD MATTERS I would like to express my appreciation to our customers for their Three new Directors joined the Board during 2012—Independent, loyalty to the Bank, our employees for their continued dedication and Non-Executive Director Alastair Barbour, Non-Executive Director hard work, and to the Shareholders for your ongoing support. Olivier Sarkozy (as one of Carlyle’s representatives), and myself—respectively filling the vacancies created by Robert Steinhoff, James Burr and Robert Mulderig upon their retirements from the Board in May. In June, sitting Independent, Non-Executive Director Barclay Simmons was named Vice Chairman. Brendan McDonagh Bradford Kopp stepped down from the Board upon his resignation as Chairman & Chief Executive Officer Butterfield’s Chief Executive Officer in August. Shaun Morris resigned as a Director upon being appointed the Group’s General Counsel and Chief Legal Officer, and in that capacity, Mr. Morris now serves as Secretary to the Board of Directors. IN THE COMMUNITY Butterfield’s long-term success and growth is tied to the prosperity of the jurisdictions we serve. Across the Group in 2012, we supported worthy causes that helped enrich and improve the lives of people in our communities. In Bermuda, the Bank focused its corporate giving efforts through the Butterfield Hope Award, making contributions to many local charities. Cayman sponsored several health, wellness and educational initiatives, and was an active member and supporter of industry-led organisations that foster the ongoing development of 4 sight particular motion In unison order detail scope Board of Directors & Group ButterfieldExecutive Annual Management Report 2012 5 Board of Directors & Principal Board Committees COMMITTEES INDICATED BY NUMBERS 1 CHAIRMAN 1,3,5 BRENDAN MCDONAGH RICHARD VENN Chief Executive Officer, Senior Executive Vice-President, The Bank of N.T.
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