This annual report contains forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations or assumptions regarding the future of our business, future plans and strategies, our operational results and other future conditions. Forward-looking statements can be identified by words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "seek," "target," "potential," "will," "would," "could," "should," "continue," "contemplate" and other similar expressions, although not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this annual report and include statements regarding our intentions, beliefs or current expectation concerning, among other things, our results of operations, financial condition, capital and liquidity requirements, prospects, growth, strategies and the industry in which we operate.

There are important factors that could cause actual results to differ materially from those contemplated by such forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We believe that these risks and uncertainties include, but are not limited to, those described in the "Risk Factors" section of this annual report, which include, but are not limited to, the following:

These factors should not be construed as exhaustive and should be read with the other cautionary statements in this annual report.

Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this report. In addition, even if our results of operations, financial condition and

Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement that we make in this report speaks only as of the date of such statement. Except to the extent required by applicable law, we undertake no obligation to update any forward-looking statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed as such, and should only be viewed as historical data.

We are a full service bank and wealth manager headquartered in Hamilton, Bermuda. We operate our business through sixthree geographic segments: Bermuda, the Cayman Islands, and Guernsey, where our principal banking operations are located; and The Bahamas, Switzerland,the Channel Islands and the United Kingdom, where we offer specialized financial services.UK. We offer banking services, comprisedcomprising of retail and corporate banking, treasury services, and wealth management, which consists of investment management, advisory and brokerage services, trust, private banking,estate, and asset management. Incompany management in both our Bermuda and Cayman Islands segments, we offer bothas well as custody services in our Bermuda segment. The Channel Islands and the UK segment include the jurisdictions of Guernsey and Jersey (Channel Islands), and the UK. In the Channel Islands, a broad range of services are provided to private clients and financial intermediaries including private banking and treasury services, internet banking, wealth management. In our Guernsey,management and fiduciary services. The UK jurisdiction provides mortgage services for high-value residential properties. We also have operations in the jurisdictions of The Bahamas, Canada, Mauritius, Singapore and Switzerland, segments,which we offer wealth management. Ininclude in our United Kingdom segment, we offer residential property lending.Other segment.

In all of our segments, except the United Kingdom, we offer wealth management to high net worth and ultra-high net worth individuals, family offices, and institutional and corporate clients. Our wealth management platform has three lines of business: trust, private banking, and asset management.

The trust business line, which utilizes specialists in each of our geographic areas, meetsresponds to client needs in estate and succession planning, administration of complex asset holdings, and efficient coordination of family affairs. In addition, the business provides pension and employee benefits services for multinational corporations, as well as services that involve administration of and fiduciary responsibility for customized trust structures holding a wide range of asset types including financial assets, property, business assets, and art. As of December 31, 2016, trust AUA totaled $98.0 billion.

The origin of The Bank of N.T. Butterfield & Son Limited traces back to 1758,1784, to the founding of the trading firm of Nathaniel Butterfield. In 1858, our company was established as a bank in Bermuda and has been instrumental to the local economy ever since. The Bank was later incorporated under a special act of the local Parliament in 1904. In the 1960s, as international businesses began contributing substantially to Bermuda's economy, we developed services to work to meet their needs. In 1967, we opened offices in the Cayman Islands and by the 1980s had expanded our operations to include retail banking, investment management, and fund administration. In 1973, we opened our Guernsey office in order to provide customers with access to the Pound Sterling currency after Bermuda's departure from the British Sterling zone. In addition to being Bermuda's first bank, we have a long history of innovating financial services on the island: we opened the first ATMs in Bermuda in the 1980s and launched Bermuda's first internet banking service in 2001. In 1971, we listed our common shares on the BSX ("Bermuda Stock ExchangeExchange") under the ticker symbol "NTB.BH".

In 2008 and 2009, as a result of the global financial crisis, we realized losses attributable primarily to US non-agency mortgage backed securities in our investment portfolio, as well as write-downs on local market hospitality loans. To raise capital to offset these losses, the Bank executed a $200 million preference share offering in June 2009. In 2009 and 2010, we implemented a comprehensive restructuring plan for the Company: we hired a new management team, de-risked our balance sheet, and raised $550 million of common equity from a group of investors that included Carlyle Global Financial Services and related entities (collectively, "The Carlyle Group" or "Carlyle") and Canadian Imperial Bank of Commerce ("CIBC"), as well as existing shareholders. As part of the transaction, we launched a rights offering of $130 million on April 12, 2010, so as to allow the pre-transaction shareholders to participate in the recapitalization of the Company. The rights offering, which closed on May 12, 2010, was fully subscribed to, and the proceeds were used to repurchase shares from the recapitalization investors. As a result, the recapitalization investors' total investment was reduced to $420 million.

Since our restructuring, we have pursued a strategy to focus on our core strengthsbusiness in banking and wealth management. We have executed upon our strategy by streamlining the Company's operations through exiting non-core markets, repositioning our balance sheet, investing in efficiency initiatives, and continuing to invest in our core business lines to grow both organically and through acquisitions. By following this strategy, we have significantly improved our financial results including growing Core Earnings to Common every year since 2011 and have been able to initiate a progressive capital return policy for investors. The following items were key steps in executing our strategy:

Our two largest segments are Bermuda and the Cayman Islands. As ofat December 31, 2016, 59%2019, 37% of our total assets were held by our Bermuda segment, and 29%27% by our Cayman Islands segment, and 36% were held by our Channel Islands and the UK segment. Bermuda is our largest segment by number of employees, and we are the country's largest independent bank. As ofat December 31, 2016,2019, our Bermuda segment had $6.8$5.2 billion of assets, $50.1$44.4 billion and $15.2 billion of trust and custody businesses AUA, respectively, and $3.4$4.0 billion of AUM, our Cayman Islands segment had $3.8 billion of assets, $7.7 billion and $2.6 billion of trust and custody businesses AUA, respectively and $0.8 billion of AUM, and our CaymanChannel Islands and the UK segment had $3.4$5.1 billion of assets, $4.0$20.4 billion and $12.5 billion of trust and custody businesses AUA, respectively and $0.8 billion of AUM.

The charts below provide the geographic distribution of our Net Revenue for the year ended December 31, 2016.2019.

The international trust market is primarily concentrated in select jurisdictions, including Bermuda, the Cayman Islands, Guernsey, Jersey, Hong Kong, Jersey, Singapore, and Switzerland. The leading international trust law firms serve as key introducers of clients to Butterfield and are the primary source of new business. Trust clients often hold assets that are international in nature, and as a result, performance of trust businesses is not generally linked to performance of the domestic economies where clients are served.

The private banking market in Bermuda, the Cayman Islands, and Guernsey is composed largely of resident high net worth and ultra-high net worth individuals meeting minimum deposit and/or loan thresholds. Clients are introduced to the private bank through Butterfield's retail banking operation upon reaching the appropriate deposit or loan threshold, Butterfield's trust and asset management arms, as well as through external introducers. Although locally based, private banking clients often hold international assets, and as a result, business performance is not necessarily correlated to the domestic economies where clients are served.

Our asset management business line operates in Bermuda, the Cayman Islands, and Guernsey. As ofat December 31, 2016, 73%2019, 70% of our AUM was in Bermuda, 18%15% was in the Cayman Islands, 8%and 15% was in Guernsey. In Bermuda and the Cayman Islands, a majority of our institutional and private clients are domestic from a domicile perspective while a majority of our clients in Guernsey are tied to our trust business and are international in nature.

We are a local company incorporated under the laws of Bermuda, incorporated on October 22, 1904, pursuant to the The N.T. Butterfield Act.& Son Bank Act, 1904 (the "Butterfield Act"). We are registered with the Registrar of Companies in Bermuda under registration number 2106. Our registered office and principal executive offices are located at 65 Front Street, Hamilton, HM 12, Bermuda. Our agent for service of process in the United States is C T Corporation System, 111 Eighth Avenue,28 Liberty Street, New York, New York 10011.10005. Our telephone number is (441) 295-1111.295 1111. We maintain a website at www.butterfieldgroup.com. Neither this website nor the information on or accessible through this website is included or incorporated in, or is a part of, this report.

The following chart presents our corporate structure, indicating our principal regulated subsidiaries as ofat December 31, 2016:2019. All of the subsidiaries listed below are wholly owned by the Bank.

The Bank itself is licensed in Bermuda to provide banking services and wealth management services. Through its wholly owned Bermuda subsidiary Butterfield Asset Management Limited, it is licensed and provides asset management services and, through its wholly owned Bermuda subsidiaries Butterfield Trust (Bermuda) Limited and Bermuda Trust Company Limited, it is licensed and provides corporate trustee, fiduciary and corporate administration services. BermudaButterfield Securities (Bermuda) Limited provides investment advisory and listing sponsor services.

Butterfield Bank (Cayman) Limited a wholly owned subsidiary of the Bank, provides banking services and its subsidiary Butterfield Trust (Cayman) Limited provides trustee, fiduciary and corporate administration services.

Butterfield Bank (Guernsey) Ltd. is a wholly owned subsidiary of the Bank andLimited provides private banking, custody and administered banking services. Butterfield Trust (Guernsey) Ltd. is a subsidiary of Butterfield Bank (Guernsey) Limited. andLimited provides trustee and fiduciary services.

Butterfield Trust (Bahamas) Limited is a wholly owned subsidiary of the Bank and provides trust and fiduciary services.

Butterfield Holdings (Switzerland) Limited is a wholly owned subsidiary of the Bank and provides investment services and through its subsidiary Butterfield Trust (Switzerland) Limited provides trust and fiduciary services.

Butterfield Mortgages Limited is a wholly owned subsidiary of the Bank and provides residential property lending services.

Butterfield Bank (Jersey) Limited provides deposit-taking, investment business and custody services.

The financial services industry and each of the markets in which we operate are competitive. We face strong competition in gathering deposits, making loans and obtaining client assets for management. We compete, both domestically and internationally, with globally oriented asset managers, retail and commercial banks, investment banking firms, brokerage firms and other investment service firms. Due to the trend toward consolidation in the global financial services industry, our larger competitors tend to have broader ranges of product and service offerings, increased access to capital, and greater efficiency. Larger financial institutions may also have greater ability to leverage increasing regulatory requirements and investment in expensive technology platforms. We also face competition from non-banking financial institutions. These institutions have the ability to offer services previously limited to commercial banks. In addition, non-banking financial institutions are not subject to the same regulatory restrictions as banks, and can often operate with greater flexibility and lower cost structures.

The Bermuda banking segmentindustry currently consists of four licensed banks and one licensed deposit-taking institution includinginstitution. These include one large subsidiary of an international bank, HSBC, and three domestic institutions, including Bermuda Commercial Bank and Clarien Bank. In the Cayman Islands, the Bank is one of six Class 'A' full service retail banks licensed to conduct business with domestic and international clients. There are also fivethree non-retail Class 'A' banks and 148116 limited service Class 'B' banks including according to CIMA ("Cayman NationalIslands Monetary Authority"). In the Channel Islands, Guernsey has 22 licensed banks and subsidiariesJersey has 29, the majority of international banks,which are top global banking groups and brands such as RBC.Barclays, RBS, Lloyds, Credit Suisse, Investec, RBC and Northern Trust. In certain interest rate environments, additional significant competition for deposits may be expected to arise from corporate and government debt securities and money market mutual funds. We view HSBC in Bermuda and RBCScotia and CIBC FirstCaribbean in the Cayman Islands as our most significant competitors.competitors in those markets.

In our wealth management business line, we face competition from local competitors, as well as much larger financial institutions, including financial institutions that are not based in the markets in which we operate. Revenues from the trust and wealth management business depend in large part on the level of assets under management, and larger international banks may have higher levels of assets under management.

In our trust business line, we face competition primarily from other specialized trust service providers. There are approximately 500many trust companies in the main international financial centers, and many of our competitors in this sector offer fund administration and corporate services work alongside private client fiduciary services.

Competition for deposits is also affected by the ease with which customers can transfer deposits from one institution to another. Our cost of funds fluctuates with market interest rates and may be affected by higher rates being offered by other financial institutions. Our management believes that our most direct competition for deposits comes from international and domestic financial services firms that target the same customers as the Bank.

We are a deposit-led institution with leading market shareshares in our primary segments: Bermuda and the Cayman Islands, but a relatively small market share in the Channel Islands. We strive to maintain deposit growth and to maintain a strong liquidity profile through a significant excess of deposits over loans through market cycles.

Our deposits are generated principally by our banking business line, which offers retail and corporate checking, savings, and term deposits through our segments in Bermuda, the Cayman Islands and Guernsey.the Channel Islands. In addition, wealth management, through its private banking business line, also provides deposit services to high net worth and ultra-high net worth clients in those same geographic segments. As ofat December 31, 2016,2019, our Bermuda, Cayman Islands and GuernseyChannel Islands and the UK segments contributed $5.9$4.4 billion, $3.0$3.5 billion and $1.0$4.6 billion, respectively, to our total customer deposit base. Deposits from all other segments totaled $0.1 billion as of December 31, 2016.

Total deposits as ofat December 31, 20162019 were $10.0$12.4 billion, up 9.3%31.6% over total deposits as ofat December 31, 2015.2018. Customer demand deposits, which include checking, savings and call accounts, totaled $8.2$9.4 billion, or 81.9%75.4% of customer deposits, as ofat December 31, 2016,2019, compared to $7.7$7.4 billion, or 84%79.1%, as ofat December 31, 2015.2018. Customer term deposits totaled $1.8$3.0 billion as ofat December 31, 2016.2019. The cost of funds on total deposits improvedincreased from 2118 basis points in 20152018 to 1247 basis points as of December 31, 2016in 2019. Deposit balances increased primarily as a result of an increasethe ABN AMRO (Channel Islands) acquisition in non-interest bearing deposits and small rate decreases in some jurisdictions,2019 while cost of funds increased primarily due to higher interest rates as well as increased cost of funding associated with the full repayment of the UK segment deposits, which carried a relatively higher cost than other jurisdictions.ABN AMRO (Channel Islands) acquisition.

We offer a broad set of lending offeringsproducts and services including residential mortgage lending, automobile lending, credit cards, consumer financing, and overdraft facilities to our retail customers, and commercial real estate lending, commercial and industrial loans, and overdraft facilities to our commercial and corporate customers. These offerings are provided to our retail, commercial, and private banking clients in our key jurisdictions includingof Bermuda and the Cayman Islands. We also offer residential mortgage lending through our private banking business in Guernsey and to our high net worth and ultra-high net worth clients in the UK. Our loan portfolio, net of allowance for credit losses, stood at $3.6$5.1 billion as ofat December 31, 2016.2019. The loan portfolio represented 32.2%36.9% of total assets as ofat December 31, 2016,2019, and loans, net of allowance for credit losses, as a percentage of customer deposits were 35.7%41.4%. The effective yield on total loans for the year ended December 31, 20162019 was 4.78%5.36%, compared to 4.57%5.47% for the year ended December 31, 2015.2018.

The residential mortgage portfolio comprises mortgages to clients with whom we are seeking to establish (or already have) a comprehensive financial services relationship. It includes mortgages to individuals and corporate loans secured by way of first ranking charges over the residential property to which each specific loan relates, generally on terms which allow for the repossession and sale of the property if the borrower fails to comply with the terms of the loan. As ofat December 31, 2016,2019, residential

We provide loans, as part of our normal banking business, in respect of automobile financing, consumer financing, credit cards and overdraft facilities to retail and private banking clients in the jurisdictions in which we operate. As ofat December 31, 2016,2019, non-residential loans to consumers (after specific allowance for credit losses) totaled $197.8$256.5 million, accounting for approximately 5.5%5.0% of the Group's total gross loan portfolio (after specific allowance for credit losses) and approximately 2.1%2.5% of total non-accrual loans in the Group's loan portfolio.

Commercial real estate loans are offered to real estate investors, developers and builders domiciled primarily in Bermuda, Cayman, Guernsey and the United Kingdom.UK. To manage the Group's credit exposure on such loans, the principal collateral is real estate held for commercial purposes and is supported by a registered mortgage. Cash flows from the properties, primarily from rental income, are generally supported by long-term leases.

As ofat December 31, 2016,2019, our commercial real estate loan portfolio (after specific allowance for credit losses) totaled $609.8$753.8 million, accounting for approximately 16.9%14.6% of the Group's total gross loan portfolio and approximately 12.4%6.4% of total non-accrual loans in the Group's loan portfolio.

Our commercial real estate loan portfolio is broken down into two categories: commercial mortgage and construction. As ofat December 31, 2016,2019, commercial mortgages totaled $580.9$658.8 million (after specific allowance for credit losses), and construction loans totaled $28.9$94.9 million, accounting for approximately 95.3%87.4% and 4.7%12.6% of our commercial real estate loan portfolio before(after specific allowance for credit losses,losses), respectively.

The commercial and industrial loan portfolio includes loans and overdraft facilities advanced primarily to corporations and small and medium-sized entities, which are generally not collateralized by real estate and where loan repayments are expected to flow from the operation of the underlying businesses. As ofat December 31, 2016,2019, the Group's other commercial loan portfolio totaled $469.0$559.4 million (after specific allowance for credit losses), accounting for approximately 13.0%10.9% of the Group's total gross loan portfolio.portfolio (after specific allowance for credit losses). As of the same date, the Group's loans to governments totaled $112.4$370.8 million, accounting for approximately 3.1%7.2% of our loan portfolio.portfolio (after specific allowance for credit losses). As ofat December 31, 2016,2019, other commercial loans accounted for approximately 1.2%15.0% of our total non-accrual loans, and there were no loans to governments classified as non-accrual loans.

Given the large customer deposit base commanded in our Bermuda, Cayman Islands and CaymanChannel Islands operations, and the relatively low volume of lending demand from our customer base, our investment strategy is more important than may be the case for most financial institutions. In recognition of this, we maintain what we believe to be a conservative approach to investments, requiring the purchase of mainly fixed-rate investments in order to manage interest rate risk. Our investment portfolio is comprisedcomprises of mainly of securities issued or guaranteed by the US Government or federal agencies. The securities in which we invest are limited generally limited to securities that are considered investment grade (i.e., "BBB" and higher by S&P's Financial Services LLC or an equivalent credit rating). Effective July 31, 2012, we entered into an agreement with Alumina Investment Management LLC ("Alumina") pursuant to which Alumina provides investment advisory services to us in respect of our US Treasury and agency portfolio.

As ofat December 31, 2016,2019, the Group held $4.4 billion in investments, representing approximately 39.6%31.9% of total assets.

We operate across multiple currency jurisdictions with pervasive multi-currency products. In our deposit taking jurisdictions—Bermuda, the Cayman Islands, Guernsey and Guernsey—Jersey—there are currently no dedicated central banks, and no pre-funded deposit insurance scheme infrastructures (such as the Federal Deposit Insurance Corporation in the United States), with the exception of Bermuda, where a pre-funded deposit insurance scheme has recently been implemented.implemented, and as described in “Supervision and Regulation” and “Risk Factors - Risks Relating to the Markets in Which We Operate - Certain jurisdictions in which we operate, including Bermuda, Guernsey and Jersey, have a Deposit Insurance Scheme or Deposit Compensation Scheme and we incur ongoing costs as a result”. In addition, we do not have access to borrowing or deposit facilities with the US Federal Reserve or the European Central Bank; therefore, we conservatively manage client deposit balances and the liquidity risk profile of our balance sheets. This involves the retention of significant cash or cash equivalent balances, management of intra-bank counterparty exposure and management of a significant short-dated US Treasury Bill portfolio. As ofat December 31, 2016,2019, the cash due from banks of $2.1$2.6 billion was comprisedcomposed primarily of $1.7$1.6 billion in interest earning cash equivalents, which are investments with a less than ninety day duration. The remaining amounts were comprised of non-interest earning and interest earning deposits of $0.1 billion and $0.3$0.8 billion, respectively.

We provide foreign exchange services in the normal course of business in all jurisdictions. The major contributors to foreign exchange revenues are Bermuda and the Cayman Islands, accounting for 90%84% and 87%92% of our foreign exchange revenue for the year ended December 31, 20162019 and 2015,2018, respectively. We do not maintain a proprietary trading book. Foreign exchange income is generated from client-driven transactions and totaled $30.6$37.0 million during the year ended December 31, 2016,2019, compared to $31.9$32.9 million for the comparative period in 2015.2018. The $1.3$4.1 million period-over-period decreaseincrease reflects decreasingincreased client activity and related volumes in retail and institutional foreign exchange flows, as well as increased unrealized gains on client service derivatives held over period ends.

Through our wholly ownedwholly-owned trust subsidiaries, we provide custody administration and settlement services to a wide range of internal and external investment clients dealing in global markets. Our custody service currently offers custody settlement and safekeeping services in 4039 markets globally, including major markets and smaller, less-developed markets, with principal markets covered being the United States, Canada, Europe and Japan.the Far East.

As ofat December 31, 2016,2019, we had 1,2401,512 employees on a full-time equivalency basis, which included 1,0611,389 full-time employees, 5and part-time employees and 51123 temporary employees. As ofat December 31, 2016,2019, we had 668520 employees in Bermuda, 304296 employees in the Cayman Islands, 209425 in the Channel Islands and the UK, and 271 employees in the Other segment. As at December 31, 2018, we had 1,373 employees on a full-time equivalency basis, which included 1,274 full-time and part-time employees and 99 temporary employees. As at December 31, 2018, we had 572 employees in Bermuda, 277 employees in the Cayman Islands, 331 in the Channel Islands and the UK, and 194 employees in the Other segment. As at December 31, 2017, we had 1,190 employees on a full-time equivalency basis, which included 1,117 full-time and part-time employees and 34 temporary employees. As at December 31, 2017, we had 590 employees in Bermuda, 270 employees in the Cayman Islands, 207 in Guernsey, 2322 employees in the United Kingdom, 2820 employees in The Bahamas and 9 employees in Switzerland.

We have not experienced any material employment-related issues or interruptions of services due to labor disagreements and are not a party to any collective bargaining agreements.

We devote significant resources to maintain stable, reliable, efficient and scalable information technology systems. We work with our third-party vendors to monitor and maximize the efficiency of our use of their applications. We use integrated systems to originate and process loans and deposit accounts, which reduces processing time, improves customer experience and reduces costs. Most customer records are maintained digitally. We are also currently executing several initiatives to enhance our online and mobile banking services to further improve the overall client experience.

Since 2011, we have made significant investmentinvestments to alignments andalign banking operations, as well as to make further alignmentharmonize across the whole Group for products, services, licensing and hosting locations. Currently, our information technology is operationally divided into two platforms: (i) Bermuda and Cayman and (ii) Guernsey,Channel Islands and the United KingdomUK and the Group Trust. In 2011, our Bermuda and Cayman operations transitioned to a single industry standard banking technology platform utilizing a predominantly outsourced and supported model hosted in Canada. In late 2013, our Guernsey and UK operations were placed under the Group Technology governance structure with a goal to hub core services in the Channel Islands and the UK segment in a single location, (Guernsey). The process to move to a common platform is currently underway.Guernsey.

Protecting our systems to ensure the safety of our customers' information is critical to our business. We use multiple layers of protection to control access and reduce risk, including conducting a variety ofpenetration testing and regular vulnerability and penetration testsscanning on our platforms, systems and applications to reduce the risk that any attacks are successful. To protect against disasters, we have a backup offsite core processing system and recovery plans. For more information, see "Risk Factors - Risks Relating to Risk Oversight and Internal Controls".

Through our Marketing & Communications department, we engage select advertising, branding and promotional companies on an as-needed basis and provide business development and sales support for businesses in all jurisdictions. In support of our banking businesses, we broadly market our products and services through print, broadcast, web and social media advertising in Bermuda and the Cayman Islands.major markets in which we operate. Trust and fiduciary services are marketed primarily to intermediaries through representative attendance at and sponsorship of industry conferences and through print advertising in international trade journals.

In the highly competitive banking industry in which we operate, intellectual property is important to the success of our business. We own a variety of trademarks, service marks, trade names and logos and spend time and resources maintaining this intellectual property portfolio. We control access to our intellectual property through license agreements, confidentiality procedures, non-disclosure agreements with third parties, employment agreements and other contractual rights to protect our intellectual property. For more information, see "Risk Factors - Risks Relating to Our Strategy, Brand, Portfolio and Other Aspects of Our Business".

Our corporate headquarters is located at 65 Front Street, Hamilton HM 12, Bermuda. In addition to our corporate headquarters we also maintain offices in the Cayman Islands, Guernsey, Jersey, the United Kingdom,UK, The Bahamas, Switzerland, Singapore, Mauritius and Switzerland.Canada. Additionally we operate fourthree branch locations in Bermuda and threefour branch locations in the Cayman Islands.

From time to time we are a party to various litigation matters incidental to the conduct and in the ordinary course of our business.

As publicly announced, in November 2013, the US Attorney's Office ("USAO") applied for and secured the issuance of so-called John Doe Summonses to six US financial institutions with which the Bank had correspondent bank relationships. The purpose of these Summonses was to identify US persons who may have been using our banking, trust, or other services to evade their own tax obligations in the United States.US. The Bank has been cooperating with the US authorities in their ongoing investigation.

Our historical results for any prior period do not necessarily indicate our results to be expected for any future period. The following data should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations".