Bank of N.T. Butterfield & Son Limited (The)

Good morning. My name is Michael and I will be your conference operator today. At this time, I would like to welcome everyone to the first quarter 2025 earnings call for the Bank of NT, Butterfield and Sun Limited. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. 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.

Thank you. Good morning, everyone, and thank you for joining us. Today, we will be reviewing Butterfield's first quarter 2025 financial results. On the call, I am joined by Michael Collins, Butterfield's Chairman and Chief Executive Officer, Craig Bridgewater, Group Chief Financial Officer, and Michael Scrum, President and Group Chief Risk Officer of 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 first quarter 2025 results. The press release and financial statements 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 reconciliation of these measures to US 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 different 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.

Thank you, Noah, and thanks to everyone joining the call today. I'm really pleased with our strong first quarter results. Barfield continues to manage a conservative and highly liquid balance sheet that supports our low credit risk investment portfolio and disciplined loan book, as well as our relationship-led fee-generating businesses. Our ongoing dedication to efficiency was evident during the quarter as we successfully executed a group-wide voluntary early retirement program resulting in a moderate reduction in future expense loads. Butterfield is a market-leading bank in Bermuda and the Cayman Islands, with a growing retail presence in the Channel Islands. We offer wealth management solutions across these island jurisdictions, including trust, private banking, asset management, and custody. We also provide specialized financial services in the Bahamas, Switzerland, Singapore, and the UK, focusing on high net worth individuals with mortgage needs for prime central London properties. I will now turn to the first quarter highlights on page four. Butterfield reported excellent financial results in the quarter with net income of $53.8 million and core net income of $56.7 million. We reported core earnings per share of $1.30 with a core return on average tangible common equity of 24.2% in the first quarter. The net interest margin was 2.70% in the first quarter, an increase of nine basis points from the prior quarter, with the cost of deposits falling 13 basis points to 160 basis points from the prior quarter. This more than offset reductions in asset yields. The Board has again approved a quarterly cash dividend of 44 cents per share. We also continued to repurchase shares during the quarter, purchasing a total of 1.1 million shares at an average price of $37.78 per share. I will now turn the call over to Craig for details on the first quarter.