The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) Q4 2023 Earnings Conference Call February 13, 2024 10:00 AM ET

Company Participants

Noah Fields - Head of IR

Michael Collins - Chairman and CEO

Craig Bridgewater - CFO

Michael Schrum - President and CRO

Conference Call Participants

Andrew Stimpson - KBW

David Feaster - Raymond James

Alex Twerdahl - Piper Sandler

Timur Braziler - Wells Fargo

Operator

Good morning. My name is Nihugi and I will be your conference operator today. At this time, I would like to welcome everyone to the Fourth Quarter and Full Year 2023 Earnings Call for The Bank of N.T. Butterfield & Son Limited. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the call over to Noah Fields, Butterfield's Head of Investor Relations. Please go ahead. Sir.

Noah Fields

Thank you. Good morning, everyone and thank you for joining us. Today, we will be reviewing Butterfield's fourth quarter and full year 2023 financial results.

On the call, I'm joined by Michael Collins, Butterfield's Chairman and Chief Executive Officer; Craig Bridgewater, Group Chief Financial Officer; and Michael Schrum, President and Group Chief Risk Officer. Following their prepared remarks, we will open the call up for a question and answer session.

Yesterday afternoon, we issued a press release announcing our fourth quarter and full year 2023 results. The press release, along with a slide presentation that we will refer to during our remarks on this call are available on the Investor Relations section of our website at www.butterfieldgroup.com. Before I turn the call over to Michael Collins, I would like to remind everyone that today's discussions will refer to certain non-GAAP measures which we believe are important in evaluating the company's performance. For a reconciliation of these measures to U.S. GAAP, please refer to the earnings press release and slide presentation.

Today's call and associated materials may also contain certain forward-looking statements which are subject to risks, uncertainties, and other factors that may cause actual results to differ materially from those contemplated by these statements. Additional information regarding these risks can be found in our SEC filings.

I will now turn the call over to Michael Collins.

Michael Collins

Thank you, Noah, and thanks to everyone joining the call today.

I am pleased with Butterfield's performance in 2023 as we completed a number of important projects including the implementation of our upgraded core banking system in Bermuda and Cayman, the onboarding of trust assets acquired from Credit Suisse, and executed a significant cost reduction program which should improve operating efficiencies and help offset inflationary pressures and the expected impact of lower market interest rates on net interest income.