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

Good morning. My name is Debbie and I will be your conference operator today. At this time, I would like to welcome everyone to the third quarter 2025 earnings call for the Bank of NT Butterfield and Son 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 a touch-tone phone. To withdraw your question, please press star, then two. 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 third quarter 2025 financial results. On the call, I'm joined by Michael Collins, Butterfield's chairman and chief executive officer, Michael Scrum, president and chief financial officer, and Jody Feldman, managing director of Bermuda. 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 third 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 the 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 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.

Thank you, Noah, and thanks to everyone joining the call today. I am pleased with our strong third quarter results, which continue to demonstrate our ability to drive long-term value. Our financial performance was supported by solid net interest income, disciplined capital management, and a conservative and stable balance sheet. We delivered higher non-interest revenue and improved efficiency across the organization, underpinning our continued profitability and growth. Waterfield is a leading offshore bank and wealth manager, with franchise-level market shares in Bermuda and the Cayman Islands and a growing retail banking presence in the Channel Islands. We offer our full suite of services, from trust and private banking to asset management and custody, tailored to meet the needs of our clients across these markets. We also serve international private trust clients in the Bahamas, Switzerland, and Singapore, and provide high net worth mortgage lending for prime London properties from our London office. I will now turn to the third quarter highlights on page four. Butterfield reported net income of $61.1 million and core net income of $63.3 million. We reported core earnings per share of $1.51 with a core return on average tangible common equity of 25.5% in the third quarter. The net interest margin was 2.73% in the third quarter, an increase of nine basis points from the prior quarter, with the cost of deposits falling nine basis points to 147 basis points from the prior quarter. We again are announcing a quarterly cash dividend of 50 cents per share. During the quarter, we continue to repurchase shares with a total of 700,000 shares at a cost of $30.3 million. We continue our active capital management and plan to return excess capital that we do not require to support the business and growth initiatives. I will now turn the call over to Jody for an update on our Bermuda and Cayman markets and businesses.