Date: April 23, 2024 | THE BANK OF N.T. BUTTERFIELD & SON LIMITED | |||||||
By: | /s/ Craig Bridgewater | |||||||
Name: | Craig Bridgewater | |||||||
Title: | Group Chief Financial Officer |
2 | ||
Exhibit | Description | |||||||
Earnings release - First quarter 2024 results |
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Financial Statements - First quarter 2024 results |
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Earnings call presentation - First quarter 2024 results |
3 | ||
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 | % |
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 | % | ||||||||||
For the three months ended | |||||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||
(in $ millions) |
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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 |
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 | % |
Unaudited Consolidated Financial Statements | Page | ||||
Consolidated Balance Sheets (unaudited) as of March 31, 2024 and December 31, 2023 |
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Consolidated Statements of Operations (unaudited) for the Three Months Ended March 31, 2024 and 2023 |
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Consolidated Statements of Comprehensive Income (unaudited) for the Three Months Ended March 31, 2024 and 2023 |
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Consolidated Statements of Changes in Shareholders’ Equity (unaudited) for the Three Months Ended March 31, 2024 and 2023 |
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Consolidated Statements of Cash Flows (unaudited) for the Three Months Ended March 31, 2024 and 2023 |
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Notes to the Consolidated Financial Statements (unaudited) |
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 | ||||||
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 | ||||||
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 |
March 31, 2024 | March 31, 2023 | |||||||||||||
Number of shares | In thousands of US dollars |
Number of shares | In thousands of US dollars |
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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 |
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 | — | ||||||
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 |
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 |
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 |
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) | ||||||||||||||
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 | ||||||||||||||||
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 |
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) |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 | % | ||||||||||||||||||
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 |
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 | ||||||||||||||||||||
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 |
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 | |||||||||
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) |
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 |
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 | |||||||
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 |
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 |
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) |
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) |
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) |
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 |
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 | — | — |
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 |
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 |
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 |
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 |
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 |
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 | % |
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 |
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 |
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 | — |
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 | ||||||