The Bank of N.T. Butterfield & Son Limited (NTB) 20-F 19 Feb 25 2024 FY Annual report (foreign) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2024 shares
Entity Listings [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-37877
Entity Registrant Name	The Bank of N.T. Butterfield & Son Limited
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	65 Front Street
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM 12
Entity Address, Country	BM
Title of 12(g) Security	None
Entity Common Stock, Shares Outstanding (in shares)	43,537,979
Entity Well Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0001653242
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
New York Stock Exchange
Entity Listings [Line Items]
Title of 12(b) Security	Voting ordinary shares of par value BM$ 0.01 each
Trading Symbol	NTB
Security Exchange Name	NYSE
Bermuda Stock Exchange
Entity Listings [Line Items]
Title of 12(b) Security	Voting ordinary shares of par value BM$ 0.01 each
Trading Symbol	NTB.BH
Business Contact
Entity Listings [Line Items]
Entity Address, Address Line One	65 Front Street
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM 12
Entity Address, Country	BM
Contact Personnel Name	Simon Des-Etages
City Area Code	441
Local Phone Number	295-1111
Contact Personnel Fax Number	(441) 292-4365
Contact Personnel Email Address	Simon.Des-Etages@Butterfieldgroup.com

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	1403
Auditor Name	PricewaterhouseCoopers Ltd.
Auditor Location	Hamilton, Bermuda

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and demand deposits with banks - Non-interest bearing	$ 93,145	$ 91,826
Demand deposits with banks - Interest bearing	165,741	151,104
Cash equivalents - Interest bearing	1,739,226	1,403,718
Cash and cash equivalents	1,998,112	1,646,648
Securities purchased under agreements to resell	1,205,373	187,274
Short-term investments	580,026	1,038,037
Investment in securities
Available-for-sale investments	2,272,486	1,831,129
Held-to-maturity	3,240,290	3,461,097
Total investment in securities	5,512,776	5,292,226
Loans
Loans	4,499,300	4,771,608
Allowance for credit losses	(25,709)	(25,759)
Loans, net of allowance for credit losses	4,473,591	4,745,849
Premises, equipment and computer software, net	153,782	154,362
Goodwill	23,617	24,107
Other intangible assets, net	65,992	74,800
Equity method investments	6,594	7,063
Other real estate owned, net	0	450
Accrued interest and other assets	211,533	203,204
Total assets	14,231,396	13,374,020
Deposits
Non-interest bearing	2,687,877	2,656,659
Interest bearing	10,058,032	9,330,049
Total deposits	12,745,909	11,986,708
Securities sold under agreements to repurchase	92,562	0
Employee benefit plans	83,589	88,694
Accrued interest and other liabilities	189,799	196,531
Total other liabilities	365,950	285,225
Long-term debt	98,725	98,490
Total liabilities	13,210,584	12,370,423
Commitments, contingencies and guarantees (Note 12)
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: 43,537,979 (2023: 47,529,045)	435	475
Additional paid-in capital	916,394	988,904
Retained earnings	422,461	342,520
Less: treasury common shares, at cost: 619,212 (2023: 619,212)	(23,063)	(18,104)
Accumulated other comprehensive income (loss)	(295,415)	(310,198)
Total shareholders’ equity	1,020,812	1,003,597
Total liabilities and shareholders’ equity	$ 14,231,396	$ 13,374,020

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) $ in Thousands	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Available-for-sale debt securities pledged that secured parties are permitted to sell or repledge | $	$ 93,468	$ 0
Available-for-sale, amortized cost | $	2,435,752	1,995,050
Held-to-maturity, fair value | $	$ 2,671,040	$ 2,976,709
Common shares, par value (in BMD per share) | $ / shares	$ 0.01	$ 0.01
Common shares, issued (in shares)	43,537,979	47,529,045
Common shares, outstanding (in shares)	43,537,979	47,529,045
Treasury common shares, at cost (in shares)	619,212	619,212
Voting Common Stock
Common shares, authorized (in shares)	2,000,000,000	2,000,000,000
Non-voting Common Stock
Common shares, authorized (in shares)	6,000,000,000	6,000,000,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-interest income
Asset management	$ 36,329	$ 32,468	$ 29,727
Banking	63,682	58,818	57,120
Foreign exchange revenue	51,248	46,132	47,831
Trust	61,329	57,768	52,312
Custody and other administration services	13,815	13,319	13,626
Other non-interest income	3,612	3,831	5,971
Total non-interest income	230,015	212,336	206,587
Interest income
Interest and fees on loans	304,112	317,361	249,390
Investments (none of the investment securities are intrinsically tax-exempt)
Available-for-sale	48,892	35,589	38,939
Held-to-maturity	75,638	80,533	76,853
Cash and cash equivalents, securities purchased under agreements to resell and short-term investments	157,075	112,147	33,201
Total interest income	585,717	545,630	398,383
Interest expense
Deposits	227,001	170,504	45,176
Long-term debt	5,485	8,091	9,601
Securities sold under agreements to repurchase	2,028	75	22
Total interest expense	234,514	178,670	54,799
Net interest income before provision for credit losses	351,203	366,960	343,584
Provision for credit (losses) recoveries	(1,662)	(4,452)	(2,396)
Net interest income after provision for credit losses	349,541	362,508	341,188
Net gains (losses) on equity securities	0	43	14
Net realized gains (losses) on available-for-sale investments	0	(14)	(19)
Net gains (losses) on other real estate owned	50	(40)	448
Net other gains (losses)	327	3,764	1,079
Total other gains (losses)	377	3,753	1,522
Total net revenue	579,933	578,597	549,297
Non-interest expense
Salaries and other employee benefits	174,024	177,939	166,189
Technology and communications	66,057	61,979	56,740
Professional and outside services	22,694	21,056	19,640
Property	34,081	31,374	31,442
Indirect taxes	22,672	21,457	21,982
Non-service employee benefits expense	3,929	5,590	3,775
Marketing	6,530	6,456	6,357
Amortization of intangible assets	8,006	5,728	5,680
Other expenses	21,093	20,759	19,790
Total non-interest expense	359,086	352,338	331,595
Net income before income taxes	220,847	226,259	217,702
Income tax benefit (expense)	(4,531)	(767)	(3,682)
Net income	$ 216,316	$ 225,492	$ 214,020
Earnings per common share
Basic earnings per share (in dollars per share)	$ 4.80	$ 4.62	$ 4.32
Diluted earnings per share (in dollars per share)	$ 4.71	$ 4.58	$ 4.29

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 216,316	$ 225,492	$ 214,020
Other comprehensive income (loss), net of taxes
Unrealized net gains (losses) on translation of net investment in foreign operations	(713)	222	(4,787)
Net changes on investments transferred to held-to-maturity	8,148	9,145	(91,303)
Unrealized net gains (losses) on available-for-sale investments	635	57,435	(198,363)
Employee benefit plans adjustments	6,713	452	41,918
Other comprehensive income (loss), net of taxes	14,783	67,254	(252,535)
Total comprehensive income (loss)	$ 231,099	$ 292,746	$ (38,515)

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($)	Total	Common share capital	Additional paid-in capital	Retained earnings	Treasury common shares	Accumulated other comprehensive income (loss)
Balance at beginning of year (in shares) at Dec. 31, 2021		49,911,351
Balance at beginning of year at Dec. 31, 2021		$ 499,000	$ 1,017,640,000	$ 104,329,000	$ (20,058,000)	$ (124,917,000)
Balance at beginning of year (in shares) at Dec. 31, 2021					619,212
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Retirement of shares (in shares)		(102,000)			(102,000)
Retirement of shares		$ (1,000)	(2,080,000)	(1,274,000)	$ 3,355,000
Issuance of common shares (in shares)		468,115
Issuance of common shares		$ 5,000	(5,000)
Share-based compensation			16,441,000
Share-based settlements			636,000
Net Income for the year	$ 214,020,000			214,020,000
Common share cash dividends declared and paid, $1.76 per share (2023: $1.76 per share)				(87,343,000)
Purchase of treasury common shares (in shares)	102,000				102,000
Purchase of treasury common shares	$ (3,897,268)				$ (3,897,000)
Other comprehensive income (loss), net of taxes	(252,535,000)					(252,535,000)
Balance at end of year (in shares) at Dec. 31, 2022		50,277,466
Balance at end of year at Dec. 31, 2022	864,815,000	$ 503,000	1,032,632,000	229,732,000	$ (20,600,000)	(377,452,000)
Balance at end of year (in shares) at Dec. 31, 2022					619,212
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Retirement of shares (in shares)		(3,133,717)			(3,133,717)
Retirement of shares		$ (32,000)	(64,536,000)	(26,518,000)	$ 91,086,000
Issuance of common shares (in shares)		385,296
Issuance of common shares		$ 4,000	(4,000)
Share-based compensation			20,232,000
Share-based settlements			580,000
Net Income for the year	$ 225,492,000			225,492,000
Common share cash dividends declared and paid, $1.76 per share (2023: $1.76 per share)				(86,186,000)
Purchase of treasury common shares (in shares)	3,133,717				3,133,717
Purchase of treasury common shares	$ (88,590,240)				$ (88,590,000)
Other comprehensive income (loss), net of taxes	67,254,000					67,254,000
Balance at end of year (in shares) at Dec. 31, 2023		47,529,045
Balance at end of year at Dec. 31, 2023	$ 1,003,597,000	$ 475,000	988,904,000	342,520,000	$ (18,104,000)	(310,198,000)
Balance at end of year (in shares) at Dec. 31, 2023	619,212				619,212
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Retirement of shares (in shares)	(4,490,940)	(4,490,940)			(4,490,940)
Retirement of shares		$ (45,000)	(93,507,000)	(56,794,000)	$ 150,346,000
Issuance of common shares (in shares)		499,874
Issuance of common shares		$ 5,000	(5,000)
Share-based compensation			20,448,000
Share-based settlements			554,000
Net Income for the year	$ 216,316,000			216,316,000
Common share cash dividends declared and paid, $1.76 per share (2023: $1.76 per share)				(79,581,000)
Purchase of treasury common shares (in shares)	4,490,940				4,490,940
Purchase of treasury common shares	$ (155,305,756)				$ (155,305,000)
Other comprehensive income (loss), net of taxes	14,783,000					14,783,000
Balance at end of year (in shares) at Dec. 31, 2024		43,537,979
Balance at end of year at Dec. 31, 2024	$ 1,020,812,000	$ 435,000	$ 916,394,000	$ 422,461,000	$ (23,063,000)	$ (295,415,000)
Balance at end of year (in shares) at Dec. 31, 2024	619,212				619,212

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common share cash dividends declared (in dollars per share)	$ 1.76	$ 1.76	$ 1.76
Common share cash dividends paid (in dollars per share)	$ 1.76	$ 1.76	$ 1.76

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income	$ 216,316	$ 225,492	$ 214,020
Adjustments to reconcile net income to operating cash flows
Depreciation, accretion and amortization	42,158	36,212	40,177
Provision for credit losses (recoveries)	1,662	4,452	2,396
Share-based payments and settlements	21,002	20,812	17,077
Net change in equity securities at fair value	0	236	(14)
Net realized (gains) losses on available-for-sale investments	0	14	19
Net (gains) losses on other real estate owned	(50)	40	(448)
(Increase) decrease in carrying value of equity method investments	334	165	(39)
Dividends received from equity method investments	135	5,256	169
Net other non-cash movements	0	1,089	0
Changes in operating assets and liabilities
(Increase) decrease in accrued interest receivable and other assets	(10,011)	4,623	(54,021)
Increase (decrease) in employee benefit plans, accrued interest payable and other liabilities	(6,114)	1,899	(65)
Cash provided by (used in) operating activities	265,432	300,290	219,271
Cash flows from investing activities
Net (increase) decrease in securities purchased under agreements to resell	(1,040,931)	(127,403)	36,236
Short-term investments other than restricted cash: proceeds from maturities and sales	2,232,366	1,960,286	2,745,132
Short-term investments other than restricted cash: purchases	(1,764,289)	(2,057,132)	(2,548,734)
Available-for-sale investments: proceeds from sale	0	5,586	7,631
Available-for-sale investments: proceeds from maturities and pay downs	507,014	292,049	230,718
Available-for-sale investments: purchases	(951,990)	(71,859)	(83,900)
Held-to-maturity investments: proceeds from maturities and pay downs	258,489	276,606	403,424
Held-to-maturity investments: purchases	(37,712)	0	(383,332)
Net (increase) decrease in loans	236,975	457,295	(90,185)
Additions to premises, equipment and computer software	(21,049)	(26,932)	(26,876)
Proceeds from sale of other real estate owned	588	646	1,909
Purchase of intangible assets	(481)	(27,341)	0
Cash provided by (used in) investing activities	(581,020)	681,801	292,023
Cash flows from financing activities
Net increase (decrease) in deposits	873,120	(1,198,146)	(415,566)
Net increase (decrease) in securities sold under agreements to repurchase	97,326	0	0
Repayment of long-term debt	0	(75,000)	0
Common shares repurchased	(155,305)	(88,590)	(3,897)
Cash dividends paid on common shares	(79,581)	(86,186)	(87,343)
Cash provided by (used in) financing activities	735,560	(1,447,922)	(506,806)
Net effect of exchange rates on cash, cash equivalents and restricted cash	(3,690)	21,545	(91,439)
Net increase (decrease) in cash, cash equivalents and restricted cash	416,282	(444,286)	(86,951)
Cash, cash equivalents and restricted cash: beginning of year	1,672,260	2,116,546	2,203,497
Cash, cash equivalents and restricted cash: end of year	2,088,542	1,672,260	2,116,546
Components of cash, cash equivalents and restricted cash at end of year
Cash and cash equivalents	1,998,112	1,646,648	2,100,787
Restricted cash included in short-term investments on the consolidated balance sheets	90,430	25,612	15,759
Total cash, cash equivalents and restricted cash at end of year	2,088,542	1,672,260	2,116,546
Supplemental disclosure of cash flow information
Cash interest paid	235,514	162,394	48,643
Cash income taxes paid	2,227	1,928	4,818
Supplemental disclosure of non-cash items
Transfer to (out of) other real estate owned	87	336	1,603
Transfer of available-for-sale investments to held-to-maturity investments	0	0	998,157
Initial recognition of right-of-use assets and operating lease liabilities	$ 2,068	$ 3,268	$ 3,476

Nature of business

Nature of business	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of business	Note 1: Nature of business The Bank of N.T. Butterfield & Son Limited (“Butterfield”, the “Bank” or the “Company”) is incorporated under the laws of Bermuda and has a banking license under the Banks and Deposit Companies Act, 1999 (“the Act”). Butterfield is regulated by the Bermuda Monetary Authority (“BMA”), which operates in accordance with Basel principles. Butterfield is a full service bank and wealth manager headquartered in Hamilton, Bermuda. The Bank operates its business through three geographic segments: Bermuda, Cayman, and the Channel Islands and the UK, where its principal banking operations are located and where it offers specialized financial services. Butterfield offers banking services, comprised of retail and corporate banking, and wealth management, which consists of trust, private banking, and asset management. In the Bermuda, Cayman, and Channel Islands and the UK segments, Butterfield offers both banking and wealth management services. Butterfield also has operations in the jurisdictions of The Bahamas, Canada, Mauritius, Singapore and Switzerland, which are included in our Other segment.

Significant accounting policies

Significant accounting policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Significant accounting policies	Note 2: Significant accounting policies The Bank's reporting currency is US dollars and the functional currency is BMD dollars. Assets, liabilities, revenues and expenses denominated in Bermuda dollars are translated to US dollars at par. A. Basis of Presentation and Use of Estimates and Assumptions The accounting and financial reporting policies of the Bank and its subsidiaries conform to generally accepted accounting principles in the United States of America (“GAAP”). The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the year, and actual results could differ from those estimates. Critical accounting estimates are those that require management to make subjective or complex judgments about the effect of matters that are inherently uncertain and may change in subsequent periods. Changes that may be required in the underlying assumptions or estimates in these areas could have a material impact on the future financial condition and results of operations. Management believes that the most critical accounting estimates upon which the financial condition depends, and which involve the most complex or subjective decisions or assessments, are as follows: • Allowance for credit losses • Fair value of financial instruments • Impairment of goodwill • Employee benefit plans B. Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries (collectively the “Bank”). Intercompany accounts and transactions have been eliminated. The Bank consolidates entities where it holds, directly or indirectly, more than 50% of the voting rights or where it otherwise exercises control. Entities where the Bank holds 20% to 50% of the voting rights and/or has the ability to exercise significant influence are accounted for under the equity method, and the pro rata share of their income (loss) is included in other non-interest income. C. Foreign Currency Translation Assets, liabilities, revenues and expenses denominated in Bermuda dollars are translated to US dollars at par. Assets and liabilities of the parent company arising from other foreign currency transactions are remeasured into Bermuda dollars at the rates of exchange prevailing at the balance sheet date and then translated into US dollars at par. The resulting gains or losses are included in foreign exchange revenue in the consolidated statements of operations. The assets and liabilities of foreign currency-based subsidiaries are translated at the rate of exchange prevailing on the balance sheet date, while associated revenues and expenses are translated to US dollars at the average rates of exchange prevailing throughout the year. Unrealized translation gains or losses on investments in foreign currency- based subsidiaries are recorded as a separate component of Shareholders' equity within AOCIL. Gains and losses on foreign currency-based subsidiaries are recorded in the consolidated statements of operations when the Bank ceases to have a controlling financial interest in a foreign currency-based subsidiary. D. Assets Held in Trust or Custody Securities and properties (other than cash and deposits held with the Bank and its subsidiaries) held in trust, custody, agency or fiduciary capacity for customers are not included in the consolidated balance sheets because the Bank is not the beneficiary of these assets. E. Cash and cash equivalents Cash and cash equivalents includes cash on hand, cash items in the process of collection, amounts due from correspondent banks and highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in fair value. Such investments are those with a maturity of three months or less from the date of acquisition and include unrestricted term deposits, certificates of deposit and treasury bills. F. Securities Purchased Under Agreements to Resell Securities purchased under agreements to resell are treated as collateralized lending transactions. The obligation to resell is recorded at the amount at which the securities will be subsequently sold. G. Short-Term Investments Short-term investments have maturities of one year or less from the date of acquisition, are only subject to an insignificant risk of change in fair value and comprise (1) restricted term and demand deposits, and (2) unrestricted term deposits, certificate of deposits and treasury bills with a maturity greater than three months from the date of acquisition. H. Investments Investments are reported on the consolidated balance sheets at their trade date. Equity method investments which include investments whereby the Bank has the ability to influence, but not control, the financial or operating policies of such entities, are accounted for using the equity method of accounting. Equity securities with readily determinable fair values are carried at fair value in the consolidated balance sheets, with unrealized gains and losses included in the consolidated statements of operations as net gains (losses) on equity securities. Contained within accrued interest and other assets are investments in private equity for which the Bank does not have sufficient rights or ownership interests to follow the equity method of accounting. Unquoted equity investments which are held directly by the Bank and which do not have readily determinable fair values are recorded at cost, less impairment, plus or minus observable price changes from transactions of identical or similar securities. Debt securities are classified as AFS or HTM. Investments are classified primarily as AFS when used to manage the Bank’s exposure to interest rate and liquidity movements, as well as to make strategic longer-term investments. AFS investments are carried at fair value in the consolidated balance sheets with unrealized gains and losses reported in AOCIL, net of the allowance for credit losses. Investments that the Bank has the positive intent and ability to hold to maturity are classified as HTM and are carried at amortized cost in the consolidated balance sheets, net of the allowance for credit losses. Unrecognized gains and losses on HTM securities are disclosed in the notes to the consolidated financial statements. The specific identification method is used to determine realized gains and losses on investments, which are included in net gains (losses) on equity securities and net realized gains (losses) on AFS investments respectively, in the consolidated statements of operations. Dividend and interest income, including amortization of premiums and discounts, on securities for which cash flows are not considered uncertain are included in interest income in the consolidated statements of operations. Impairment and credit losses For debt securities, where management does not expect to recover the entire amortized cost basis of the security and intends to sell such securities or it is more likely than not that the Bank will be required to sell the securities before recovering the amortized cost, the Bank recognizes an impairment loss equal to the full difference between the amortized cost basis and the fair value of those securities through the statement of operations. Following the recognition of impairment, the security's new amortized cost basis is the previous basis less impairment. When management does not intend to sell or it is more likely than not that the Bank will hold such securities until recovering the amortized cost, management determines whether any credit losses exist. See "Note 2.J: Allowance for Credit Losses". I. Loans Loans are reported as the principal amount outstanding, net of allowance for credit losses, fair value adjustments arising from hedge accounting and net deferred loan fees. Interest income is recognized over the term of the loan using the effective interest method, or on a basis approximating a level rate of return over the term of the loan, except for loans classified as non-accrual. Prepayments are treated as a reduction of principal outstanding which is recognized upon receipt of payment. Prepayment penalties, if applicable under the terms of the specific loan agreement, are recognized also upon receipt of payment. Acquired loans Acquired loans that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination, are accounted for as PCD loans. PCD loans are recorded at their purchase price with an adjustment to the amortized cost basis for the initial expected credit losses at the time of acquisition, i.e. via a balance sheet gross-up. Changes in estimates of expected credit losses after acquisition are recognized as a movement in provision for credit recoveries (losses) in the statement of operations. Generally, acquired loans that meet the Bank's definition for non-accrual status are considered to be PCD loans. The amortized cost and an allowance for expected credit losses related to PCD loans are disclosed and included with other non-PCD loans' figures. The Bank will continue to recognize the amortization of the noncredit discount, if any, as interest income based on the yield of such assets as at the date of purchase. Participated or Assigned Loans The Bank may act as lead lender on large loans from time to time and may for strategic or commercial reasons, assign portions of such loans to other market participants. Such assignments are without full right of recourse to the Bank as the lead lender and participants/assignees accept all risks and obligations of the ultimate borrower associated with their proportional participation and assignment in such loans. The Bank records the unassigned portion of the principal outstanding in such loans on the consolidated balance sheets and records only its proportional share of interest income on the unassigned portion of the loan in the consolidated statement of operations. Impaired loans A loan is considered to be impaired when, based on current information and events, the Bank determines that it will not be able to collect all amounts due according to the original loan contract, including scheduled interest payments. Impaired loans include all non-accruing loans and all loans modified in a troubled debt restructuring even if full collectability is expected following the restructuring. If the Bank determines that the expected realizable value of the impaired loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate. If the Bank determines that part of the allowance is uncollectible, that amount is charged-off. Non-accrual Commercial, commercial real estate and consumer loans (excluding credit card consumer loans) are placed on non-accrual status if: • in the opinion of management, full payment of principal or interest is in doubt; or • principal or interest is 90 days past due. Residential mortgages are placed on non-accrual status immediately if: • in the opinion of management, full payment of principal or interest is in doubt; or • when principal or interest is 90 days past due, unless the loan is well secured and any ongoing collection efforts are reasonably expected to result in repayment of all amounts due under the contractual terms of the loan. Cash received on non-accrual loans is applied firstly against the past due principal amount of the loan and secondly to past due interest and fees. Interest income on these loans is recognized only after the entire past due principal balance receivable is recovered and only to the extent that interest payments are received in cash. Loans are returned to accrual status when: • none of the principal or accrued interest is past due (with certain exceptions as noted below) and the Bank expects repayment of the remaining contractual obligation; or • when the loan becomes well secured and in the process of collection. Loan Modifications The Bank evaluates whether a modified loan represents a new loan or a continuation of an existing loan. If the effective yield on the restructured loan is at least equal to the effective yield for comparable loans with similar collection risks and the modifications to the original loan are more than minor, the Bank will derecognize the existing loan and recognize the restructured loan as a new loan. If a loan restructuring does not meet these conditions, the Bank will account for the modification as a continuation of the existing loan. See Note 6: Loans for the new required disclosures. Delinquencies The entire balance of an account is contractually delinquent if the minimum payment of principal or interest is not received by the specified due date. Delinquency is reported on loans that are more than 30 days past due. Charge-offs The Bank recognizes charge-offs when it determines that loans are uncollectible, and this generally occurs when all commercially reasonable means of recovering the loan balance have been exhausted. Commercial and consumer loans are either fully or partially charged-off down to the fair value of collateral securing the loans when: • management judges the loan to be uncollectible; • repayment is expected to be protracted beyond reasonable time frames; • the asset has been classified as a loss by either the Bank’s internal loan review process or third party appraisers; or • the customer has filed bankruptcy and the loss becomes evident owing to a lack of assets or cash flow. The outstanding balance of commercial real estate loans and residential mortgages that are in excess of the estimated property value, less costs to sell, is charged-off once there is reasonable assurance that such excess outstanding balance is not recoverable. Credit card consumer loans that are contractually 180 days past due and other consumer loans with an outstanding balance under $100,000 that are contractually 180 days past due are generally written off and reported as charge-offs. J. Allowance for Credit Losses Accounting for Financial instruments - Credit losses The Bank uses a current expected credit loss model which is based on expected losses. The CECL model is applied by the Bank to the measurement of credit losses on financial instruments at amortized cost, including loan receivables and HTM debt securities. The Bank also applies the CECL model to certain off-balance sheet credit exposures such as undrawn loan commitments, standby letters of credit, financial guarantees, and other similar instruments. In line with Topic 326, the Bank will present credit losses on AFS securities as a valuation allowance rather than as a direct write-down. Changes in expected credit losses are recorded through the respective credit loss allowances on the consolidated balance sheets as well as in the provision for credit losses (recoveries) in the consolidated statements of operations. The Bank's PCI loans outstanding were classified as PCD loans and both the amortized cost and an allowance for expected credit losses were disclosed and included with other non-PCD loans' figures. The Bank will continue to recognize the amortization of the noncredit discount, if any, as interest income based on the yield of such assets. Under the CECL model, the Bank collects and maintains attributes as they relate to its financial instruments that are within the scope of CECL including fair value of collateral, expected performance over the lifetime of the instruments and reasonable and supportable assumptions about future economic conditions. The Bank's measurement of expected losses takes into account historical loss information and is primarily based on the product of: the respective instrument’s PD, LGD and EAD . For AFS securities, any allowance for credit losses is based on an impairment assessment. The Bank made the accounting policy election to write off accrued interest receivable on loans that are placed on non-accrual status by reversing the then accrued interest balance against interest income revenue. The Bank maintains an allowance for credit losses, which in management’s opinion is adequate to absorb all estimated credit-related losses that are expected in its lending and off-balance sheet credit-related arrangements at the balance sheet date. Management measures expected credit losses on HTM and AFS debt securities on a collective basis by major security type when similar risk characteristics exist, or failing that, on an individual basis. For AFS debt securities in an unrealized loss position, the Bank first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, the Bank evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any change in fair value that has not been recorded through an allowance for credit losses and that is not accounted for as being hedged is recognized in other comprehensive income. Losses are charged against the allowance when management believes the uncollectibility of an AFS debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. The allowance for credit losses on loans is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged-off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries typically do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts as well as the Bank's internal risk rating framework. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in the current-loan specific risk characteristics such as differences in underwriting practices, vintage, portfolio mix, delinquency level, term as well as changes in environmental conditions, such as changes in macroeconomic factors and collateral values. The allowance for credit losses is measured on a collective pool basis when similar risk characteristics exist. In each of its jurisdictions, the Bank has identified the following portfolio segments: Residential mortgages, Consumer loans (including overdrafts), Commercial loans, Commercial overdrafts, Commercial real estate loans and Credit cards. For loans and overdrafts, management uses a PD and LGD model to estimate the allowance for credit losses. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. For Credit cards, management uses a loss rate to estimate expected credit losses. Expected credit losses are estimated over the contractual term of the loans. The contractual term excludes potential extensions, renewals and modifications unless management has a reasonable expectation at the reporting date that the extension or renewal options included in the original contract will occur or that a troubled debt restructuring will be executed. Credit card receivables do not have stated maturities, therefore establishing a contractual term is performed by using an analytical approximation of behavior. K. Business Combinations, Goodwill and Intangible Assets All business combinations are accounted for using the acquisition method. Identifiable intangible assets (mostly customer relationships) are recognized separately from goodwill and are initially valued at fair value using discounted cash flow calculations and other recognized valuation techniques. Goodwill represents the excess of the fair value of the consideration paid for the acquisition of a business over the fair value of the net assets acquired. A contingent purchase consideration is measured at its fair value and recorded on the purchase date. Any subsequent changes in the fair value of a contingent consideration liability will be recorded through the consolidated statements of operations. Goodwill is tested annually for impairment at the reporting unit level, or more frequently if events or circumstances indicate there may be impairment. If the carrying amount of a reporting unit, including the allocated goodwill, exceeds its fair value, goodwill impairment is measured as the excess of the carrying amount of the reporting unit's allocated goodwill over the implied fair value of the goodwill. Other acquired intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives, not exceeding 15 years. Intangible assets' estimated lives are re-evaluated annually and an impairment test is carried out if certain indicators of impairment exist. L. Premises, Equipment and Computer Software Land is carried at cost. Buildings, equipment and computer software, including leasehold improvements, are carried at cost less accumulated depreciation. The Bank computes depreciation using the straight-line method over the estimated useful life of an asset, which is up to 50 years for buildings, and 3 to 10 years for other equipment. For leasehold improvements the Bank uses the straight-line method over the lesser of the remaining term of the leased facility or the estimated economic life of the improvement. The Bank capitalizes certain costs, including interest costs incurred during the development phase, associated with the acquisition or development of internal use software. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the software's expected useful life, which is between 5 and 10 years. The Bank capitalizes certain implementation costs for cloud computing arrangements, which includes infrastructure as a service, and these costs are then amortized on a straight-line basis over the term of the arrangement. Management reviews the recoverability of the carrying amount of premises, equipment and computer software when indicators of impairment exist and an impairment charge is recorded when the carrying amount of the reviewed asset is deemed not recoverable by future expected cash flows to be derived from the use and disposition of the asset. If there is a disposition of premises, equipment and computer software, a gain is recorded if the difference of the proceeds on disposition is in excess of the asset's carrying value. Otherwise, a loss is recorded. If there is an abandonment out of premises, equipment and computer software, the full carrying value of the asset is recognized as a loss. M. Other Real Estate Owned OREO comprises real estate property held for sale and commercial and residential real estate properties acquired in partial or total satisfaction of loans acquired through foreclosure proceedings, acceptance of a deed-in-lieu of foreclosure or by taking possession of assets that were used as loan collateral. These properties are initially recorded at fair value less estimated costs to sell the property. If the recorded investment in the loan exceeds the property’s fair value at the time of acquisition, a charge-off is recorded against the specific allowance. If the carrying value of the real estate exceeds the property’s fair value at the time of reclassification, an impairment charge is recorded in the consolidated statements of operations. Subsequent decreases in the property’s fair value below the new cost basis are recorded through the use of a valuation allowance. Subsequent increases in the fair value of a property may be used to reduce the allowance but not below zero. Any operating expenses of the property are recognized through charges to non-interest expense. N. Leases In the normal course of operations, the Bank enters into leasing agreements either as the lessee or the lessor. The Bank recognizes right-of-use assets and lease liabilities for operating leases. Lease liabilities are measured as the present value of future lease payments, including term renewals that are reasonably certain to occur, discounted using the Bank’s incremental borrowing interest rate. Right-of-use assets are measured as the carrying amount of the related lease liabilities adjusted for prepaid or accrued lease payments, unamortized lease incentive received, unamortized initial direct costs and any impairment of the right-of-use asset. The Bank made accounting policy elections not to separate lease components from non-lease components for all classes of underlying assets; and not to recognize a right-of-use asset and a lease liability for leases with a term at inception of 12 months or less, including renewal options that are reasonably certain to be exercised (referred to as “short term leases”). O. Segment Information Beginning January 1, 2024, the Bank adopted Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU provides amendments to improve reportable segment disclosure requirements. The Bank is required to adopt these amendments for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Accordingly, from the date of adoption, on an annual and interim basis, significant expenses that are regularly provided to the CODM, the title and position of the CODM, the description of expenses included in “Other expenses”, and the measures used by the CODM in assessing segment performance are disclosed. P. Derivatives All derivatives are recognized on the consolidated balance sheets at their fair value. On the date that the Bank enters into a derivative contract, it designates the derivative as either: a hedge of the fair value of a recognized asset or liability (a fair value hedge); a hedge of a forecasted transaction or the variability of cash flows that are to be received or paid in connection with a recognized asset or liability (a cash flow hedge); a hedge of an exposure to foreign currency risk of a net investment in a foreign operation (a net investment hedge); or, an instrument that is held for trading or non-hedging purposes (a trading or non-hedging derivative instrument). All instruments utilized as a hedging instrument in a fair value hedge or cash flow hedge must have one or more underlying notional amounts, no or a minimal net initial investment and a provision for net settlement in the contract to meet the definition of a derivative instrument. Instruments utilized as a hedging instrument in a hedge of a net investment in foreign operations may be derivative instruments or non-derivatives. The changes in the fair value of a derivative that is designated and qualifies as a fair value hedge, along with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk, are recorded in the consolidated statements of operations. The changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge, to the extent that the hedge is effective, are recorded in OCI and the ineffective portion is recorded in the statement of operations. That is, ineffectiveness from a derivative that overcompensates for changes in the hedged cash flows is recorded in the consolidated statements of operations. However, the ineffectiveness from a derivative that under compensates is not recorded in the consolidated statements of operations. The changes in the fair value of a derivative that is designated and qualifies as a foreign currency hedge is recorded in either current year earnings or OCI, depending on whether the hedging relationship satisfies the criteria for a fair value or cash flow hedge. If, however, a derivative is used as a hedge of a net investment in a foreign operation, the changes in the derivative’s fair value, to the extent that the derivative is effective as a hedge, are recorded in the CTA account within OCI. Changes in the fair value of trading and non-hedging derivative instruments are reported in the consolidated statements of operations. The Bank formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. This process includes linking all derivatives that are designated as fair value, cash flow, or foreign currency hedges to specific assets and liabilities on the consolidated balance sheets or specific firm commitments or forecasted transactions. The Bank also formally assesses whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. For those hedge relationships that are terminated, hedge designations that are elected to be removed, forecasted transactions that are no longer expected to occur, or where the hedge relationship ceases to be highly effective, the hedge accounting treatment described in the paragraphs above is no longer applied and the end-user derivative is terminated or transferred to the trading designation. For fair value hedges, any changes to the carrying value of the hedged item prior to the discontinuance remain as part of the basis of the asset or liability. When a cash flow hedge is discontinued, the net derivative gain (loss) remains in AOCIL unless it is probable that the forecasted transaction will not occur in the originally specified time period. Q. Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase (securities financing agreements) are treated as collateralized financing transactions. The obligation to repurchase is recorded at the amount at which the securities will be subsequently repurchased. R. Collateral The Bank pledges assets as collateral as required for various transactions involving security repurchase agreements, deposit products and derivative financial instruments. Assets that have been pledged as collateral, including those that can be sold or repledged by the secured party, continue to be reported on the Bank’s consolidated balance sheets under the same line items as non-pledged assets of the same type. S. Employee Benefit Plans The Bank maintains trusteed pension plans for substantially all employees as either non-contributory defined benefit plans or defined contribution plans. Benefits under the defined benefit plans are based primarily on the employee's years of credited service and average annual salary during the final years of employment as defined in the plans. The Bank also provides post-retirement medical benefits for certain qualifying active and retired Bermuda-based employees. Expense for the defined benefit pension plans and the post-retirement medical benefits plan is composed of (a) the actuarially determined benefits for the current year's service, (b) imputed interest on the actuarially determined liability of the plan, (c) in the case of the defined benefit pension plans, the expected investment return on the fair value of plan assets and (d) amortization of certain items over the expected average remaining service life of employees in the case of t

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	Note 3: Cash and cash equivalents December 31, 2024 December 31, 2023 Non-interest bearing Cash and demand deposits with banks 93,145 91,826 Interest bearing Demand deposits with banks 165,741 151,104 Cash equivalents 1,739,226 1,403,718 Sub-total - Interest bearing 1,904,967 1,554,822 Total cash and cash equivalents 1,998,112 1,646,648

Short-term investments

Short-term investments	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Short-term investments	Note 4: Short-term investments December 31, 2024 December 31, 2023 Unrestricted Maturing within three months 415,072 639,133 Maturing between three to six months 74,524 321,850 Maturing between six to twelve months — 51,442 Total unrestricted short-term investments 489,596 1,012,425 Affected by drawing restrictions related to minimum reserve and derivative margin requirements Interest earning demand and term deposits 90,430 25,612 Total restricted short-term investments 90,430 25,612 Total short-term investments 580,026 1,038,037

Investment in securities

Investment in securities	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investment in securities	Note 5: Investment in securities Amortized Cost, Carrying Amount and Fair Value On the consolidated balance sheets AFS investments are carried at fair value and HTM investments are carried at amortized cost. December 31, 2024 December 31, 2023 Amortized Gross Gross Fair value Amortized Gross Gross Fair value Available-for-sale US government and federal agencies 2,324,841 1,451 (162,673) 2,163,619 1,721,278 1,382 (158,875) 1,563,785 Non-US governments debt securities 93,803 — (335) 93,468 254,532 — (4,355) 250,177 Asset-backed securities - Student loans 40 — — 40 40 — — 40 Residential mortgage-backed securities 17,068 — (1,709) 15,359 19,200 — (2,073) 17,127 Total available-for-sale 2,435,752 1,451 (164,717) 2,272,486 1,995,050 1,382 (165,303) 1,831,129 Held-to-maturity 1 US government and federal agencies 3,240,290 — (569,250) 2,671,040 3,461,097 — (484,388) 2,976,709 Total held-to-maturity 3,240,290 — (569,250) 2,671,040 3,461,097 — (484,388) 2,976,709 1 For the years ended December 31, 2024, 2023 and 2022, impairments recognized in other comprehensive income for HTM investments were nil. Investments with Unrealized Loss Positions The Bank does not believe that the AFS debt securities that were in an unrealized loss position as of December 31, 2024, comprising 184 securities representing 87.7% of the AFS portfolios' carrying value (December 31, 2023: 163 and 96.2%), represent credit losses. Total gross unrealized AFS losses were 8.3% of the fair value of the affected securities (December 31, 2023: 9.4%). The Bank’s HTM debt securities are comprised of US government and federal agencies securities and have a zero credit loss assumption under the CECL model. HTM debt securities that were in an unrealized loss position as of December 31, 2024, were comprised of 220 securities representing 100.0% of the HTM portfolios’ carrying value (December 31, 2023: 219 and 100%). Total gross unrealized HTM losses were 21.3% of the fair value of affected securities (December 31, 2023: 16.3%). Management does not intend to sell and it is likely that management will not be required to sell the securities prior to the anticipated recovery of the cost of these securities. Unrealized losses were attributable primarily to changes in market interest rates, relative to when the investment securities were purchased, and not due to a decrease in the credit quality of the investment securities. The issuers continue to make timely principal and interest payments on the securities. The following describes the processes for identifying credit impairment in security types with the most significant unrealized losses as shown in the preceding tables. Management believes that all the US government and federal agencies securities do not have any credit losses, given the explicit and implicit guarantees provided by the US federal government. Management believes that all the Non-US governments debt securities do not have any credit losses, given the explicit guarantee provided by the issuing government. Investments in Asset-backed securities - Student loans are composed primarily of securities collateralized by FFELP loans. FFELP loans benefit from a US federal government guarantee of at least 97% of defaulted principal and accrued interest, with additional credit support provided in the form of over-collateralization, subordination and excess spread, which collectively total in excess of 100%. Accordingly, the vast majority of FFELP loan-backed securities are not exposed to traditional consumer credit risk. Investments in Residential mortgage-backed securities relate to 13 securities (December 31, 2023: 13) which are rated AAA and possess similar significant credit enhancement as described above. No credit losses were recognized on these securities as the weighted average credit support and the weighted average loan-to-value ratios range from 16% - 50% and 44% - 52%, respectively. Current credit support is significantly greater than any delinquencies experienced on the underlying mortgages. In the following tables, debt securities with unrealized losses that are not deemed to be credit impaired and for which an allowance for credit losses has not been recorded are categorized as being in a loss position for "less than 12 months" or "12 months or more" based on the point in time that the fair value most recently declined below the amortized cost basis. Less than 12 months 12 months or more December 31, 2024 Fair Gross Fair Gross Total Total gross Available-for-sale securities with unrealized losses US government and federal agencies 696,835 (7,922) 1,187,094 (154,751) 1,883,929 (162,673) Non-US governments debt securities — — 93,468 (335) 93,468 (335) Asset-backed securities - Student loans — — 40 — 40 — Residential mortgage-backed securities — — 15,359 (1,709) 15,359 (1,709) Total available-for-sale securities with unrealized losses 696,835 (7,922) 1,295,961 (156,795) 1,992,796 (164,717) Held-to-maturity securities with unrealized losses US government and federal agencies 36,713 (476) 2,634,326 (568,774) 2,671,039 (569,250) Less than 12 months 12 months or more December 31, 2023 Fair Gross Fair Gross Total Total gross 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) Investment Maturities The following table presents the remaining term to contractual maturity of the Bank’s securities. The actual maturities may differ as certain securities offer prepayment options to the borrowers. Remaining term to maturity December 31, 2024 Within 3 to 12 1 to 5 5 to 10 Over No specific or single Carrying Available-for-sale US government and federal agencies — 15,004 976,353 — — 1,172,262 2,163,619 Non-US governments debt securities 93,468 — — — — — 93,468 Asset-backed securities - Student loans — — — — — 40 40 Residential mortgage-backed securities — — — — — 15,359 15,359 Total available-for-sale 93,468 15,004 976,353 — — 1,187,661 2,272,486 Held-to-maturity US government and federal agencies — — — — — 3,240,290 3,240,290 Pledged Investments The Bank pledges certain US government and federal agencies investment securities to further secure the Bank's issued customer deposit products. The secured party does not have the right to sell or repledge the collateral. December 31, 2024 December 31, 2023 Pledged Investments - secured customer deposit product Amortized Fair Amortized Fair Available-for-sale 22,888 21,062 27,459 25,785 Held-to-maturity 95,588 84,003 96,952 88,399 The Bank also pledges certain non-US governments debt investment securities to secure the Bank's repurchase agreements. Where the secured party has the right to sell or repledge the collateral, the Bank discloses such pledged financial assets separately in the accompanying consolidated balance sheets. Sale Proceeds and Realized Gains and Losses of AFS Securities Year ended December 31, 2024 December 31, 2023 December 31, 2022 Sale proceeds Gross realized gains Transfers of HTM Sale Gross realized Gross realized Sale Gross realized Gross realized Transfers of HTM 1 US government and federal agencies — — — — — — — — — 998,157 Asset-backed securities - Student loans — — — 5,586 — (14) 7,631 — (19) — Total — — — 5,586 — (14) 7,631 — (19) 998,157 1 During the year ended December 31, 2022, certain investments were transferred out of the AFS categorization and into HTM. The transfers were recorded at the fair value of the securities on the date of transfer. The related net unrealized losses of $99.1 million that were recorded in AOCIL will be accreted into net income over the remaining life of the transferred investments using the effective interest rate method. Taxability of Interest Income None of the investments' interest income have received a specific preferential income tax treatment in any of the jurisdictions in which the Bank owns investments.

Loans

Loans	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Loans	Note 6: Loans The principal means of securing residential mortgages, personal, credit card and business loans are entitlements over assets and guarantees. Mortgage loans are generally repayable over periods of up to thirty years and personal and business loans are generally repayable over terms not exceeding five years. Government loans are repayable over a variety of terms which are individually negotiated. Amounts owing on credit cards are revolving and typically a minimum amount is due within 30 days from billing. The credit card portfolio is managed as a single portfolio and includes consumer and business cards. The effective yield on total loans as at December 31, 2024 is 6.29% (December 31, 2023: 6.46%). The interest receivable on total loans as at December 31, 2024 is $8.0 million (December 31, 2023: $23.1 million). The interest receivable is included in Accrued interest and other assets on the consolidated balance sheets and is excluded from all loan amounts disclosed in this note. Loans' Credit Quality The four credit quality classifications set out in the following tables are defined below and describe the credit quality of the Bank's lending portfolio. These classifications each encompass a range of more granular internal credit rating grades. Loans' internal credit ratings are assigned by the Bank's customer relationship managers as well as members of the Bank's jurisdictional and Group Credit Committees. The borrowers' financial condition is documented at loan origination and maintained periodically thereafter at a frequency which can be up to monthly for certain loans. The loans' performing status, as well as current economic trends, are continuously monitored. The Bank's jurisdictional and Group Credit Committees meet on a monthly basis. The Bank also has a Group Provisions and Impairments Committee which is responsible for approving significant provisions and other impairment charges. A pass loan shall mean a loan that is expected to be repaid as agreed. A loan is classified as pass where the Bank is not expected to face repayment difficulties because the present and projected cash flows are sufficient to repay the debt and the repayment schedule as established by the agreement is being followed. Loans in this category are reviewed by the Bank’s management on at least an annual basis. A special mention loan shall mean a loan under close monitoring by the Bank’s management on at least a quarterly basis. Loans in this category are currently still performing, but are potentially weak and present an undue credit risk exposure, but not to the point of justifying a classification of substandard. A substandard loan shall mean a loan whose evident unreliability makes repayment doubtful and there is a threat of loss to the Bank unless the unreliability is averted. Loans in this category are under close monitoring by the Bank’s management on at least a quarterly basis. A non-accrual loan shall mean either management is of the opinion full payment of principal or interest is in doubt or that the principal or interest is 90 days past due unless it is a residential mortgage loan which is well secured and collection efforts are reasonably expected to result in amounts due. Loans in this category are under close monitoring by the Bank’s management on at least a quarterly basis. The amortized cost of loans by credit quality classification and allowance for expected credit losses by class of loans is as follows: December 31, 2024 Pass Special Substandard Non-accrual Total amortized cost Allowance for expected credit losses Total net loans Commercial loans Government 266,303 — — — 266,303 (462) 265,841 Commercial and industrial 210,911 347 778 18,026 230,062 (11,147) 218,915 Commercial overdrafts 115,558 1,896 — 1 117,455 (75) 117,380 Total commercial loans 592,772 2,243 778 18,027 613,820 (11,684) 602,136 Commercial real estate loans Commercial mortgage 572,875 858 2,301 17,520 593,554 (3,267) 590,287 Construction 48,484 — — — 48,484 — 48,484 Total commercial real estate loans 621,359 858 2,301 17,520 642,038 (3,267) 638,771 Consumer loans Automobile financing 18,010 — 6 164 18,180 (34) 18,146 Credit card 90,433 — 244 — 90,677 (1,919) 88,758 Overdrafts 37,110 — — 38 37,148 (378) 36,770 Other consumer 1 45,180 — 832 733 46,745 (923) 45,822 Total consumer loans 190,733 — 1,082 935 192,750 (3,254) 189,496 Residential mortgage loans 2,849,805 23,619 137,093 40,175 3,050,692 (7,504) 3,043,188 Total 4,254,669 26,720 141,254 76,657 4,499,300 (25,709) 4,473,591 1 Other consumer loans’ amortized cost includes $10 million of cash and portfolio secured lending and $27 million of lending secured by buildings in construction or other collateral. December 31, 2023 Pass Special Substandard Non-accrual Total Allowance 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 consumer 1 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 1 Other consumer loans’ amortized cost includes $8 million of cash and portfolio secured lending and $27 million of lending secured by buildings in construction or other collateral. Based on the most recent analysis performed, the amortized cost of loans by year of origination and credit quality classification is as follows: December 31, 2024 Pass Special Substandard Non-accrual Total amortized cost Loans by origination year 2024 497,053 — 267 — 497,320 2023 366,278 — 506 51 366,835 2022 759,398 888 750 4 761,040 2021 422,496 781 — 13 423,290 2020 270,060 451 32,733 7,503 310,747 Prior 1,690,525 22,704 106,754 69,047 1,889,030 Overdrafts and credit cards 248,859 1,896 244 39 251,038 Total amortized cost 4,254,669 26,720 141,254 76,657 4,499,300 December 31, 2023 Pass Special 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 Age Analysis of Past Due Loans (Including Non-Accrual Loans) The following tables summarize the past due status of the loans. The aging of past due amounts are determined based on the contractual delinquency status of payments under the loan and this aging may be affected by the timing of the last business day at period end. Loans less than 30 days past due are included in current loans. December 31, 2024 30 - 59 60 - 89 90 days or more Total past Total Total Commercial loans Government — — — — 266,303 266,303 Commercial and industrial 217 — 17,227 17,444 212,618 230,062 Commercial overdrafts — — 1 1 117,454 117,455 Total commercial loans 217 — 17,228 17,445 596,375 613,820 Commercial real estate loans Commercial mortgage 346 — 17,520 17,866 575,688 593,554 Construction — — — — 48,484 48,484 Total commercial real estate loans 346 — 17,520 17,866 624,172 642,038 Consumer loans Automobile financing 83 35 153 271 17,909 18,180 Credit card 514 280 244 1,038 89,639 90,677 Overdrafts — — 38 38 37,110 37,148 Other consumer 739 31 733 1,503 45,242 46,745 Total consumer loans 1,336 346 1,168 2,850 189,900 192,750 Residential mortgage loans 17,520 5,797 106,965 130,282 2,920,410 3,050,692 Total amortized cost 19,419 6,143 142,881 168,443 4,330,857 4,499,300 December 31, 2023 30 - 59 60 - 89 90 days or more Total past Total Total 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 Changes in Allowances For Credit Losses The allowance for expected credit losses remained flat as at December 31, 2024 compared to December 31, 2023. As disclosed in Note 2: Significant accounting policies, the Bank continuously collects and maintains attributes related to financial instruments within the scope of CECL, including current conditions, and reasonable and supportable assumptions about future economic conditions. Year ended December 31, 2024 Commercial Commercial Consumer Residential Total Balance at the beginning of period 11,248 1,441 3,096 9,974 25,759 Provision increase (decrease) 887 2,214 933 (2,160) 1,874 Recoveries of previous charge-offs — — 1,154 227 1,381 Charge-offs, by origination year 2024 — — — — — 2023 — — (20) — (20) 2022 — — — — — 2021 — (180) — — (180) 2020 — (180) (5) — (185) Prior (427) (28) (100) (533) (1,088) Overdrafts and credit cards (24) — (1,801) — (1,825) Other — — (3) (4) (7) Allowances for expected credit losses at end of year 11,684 3,267 3,254 7,504 25,709 Year ended December 31, 2023 Commercial Commercial Consumer Residential Total Balance at the beginning of period 12,143 884 2,696 9,238 24,961 Provision increase (decrease) 570 566 1,223 2,066 4,425 Recoveries of previous charge-offs 70 — 975 612 1,657 Charge-offs, by origination year 2023 — — (4) (4) 2022 — — (52) — (52) 2021 — — (31) — (31) 2020 — — (33) — (33) 2019 — — (2) — (2) Prior (1,474) (8) (122) (2,128) (3,732) Overdrafts and credit cards (66) — (1,536) — (1,602) Other 5 (1) (18) 186 172 Allowances for expected credit losses at end of year 11,248 1,441 3,096 9,974 25,759 Collateral-dependent loans Management identified that the repayment of certain commercial and consumer mortgage loans is expected to be provided substantially through the operation or the sale of the collateral pledged to the Bank ("collateral-dependent loans"). The Bank believes that for the vast majority of loans identified as collateral-dependent, the sale of the collateral will be sufficient to fully reimburse the loan's carrying amount. Non-Performing Loans During the year ended December 31, 2024, no interest was recognized on non-accrual loans. No credit deteriorated loans were purchased during the period. December 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- Non-accrual loans with an allowance Non-accrual loans without an allowance Past due 90 days or more and accruing Total non- Commercial loans Commercial and industrial 17,209 817 — 18,026 18,086 306 — 18,392 Commercial overdrafts — 1 — 1 — 88 — 88 Total commercial loans 17,209 818 — 18,027 18,086 394 — 18,480 Commercial real estate loans Commercial mortgage 17,410 110 — 17,520 1,958 1,175 — 3,133 Total commercial real estate loans 17,410 110 — 17,520 1,958 1,175 — 3,133 Consumer loans Automobile financing 126 38 — 164 124 15 — 139 Credit card — — 244 244 — — 392 392 Overdrafts — 38 — 38 — 42 — 42 Other consumer 528 205 — 733 512 327 1,682 2,521 Total consumer loans 654 281 244 1,179 636 384 2,074 3,094 Residential mortgage loans 22,630 17,545 72,693 112,868 20,059 18,326 70,325 108,710 Total non-performing loans 57,903 18,754 72,937 149,594 40,739 20,279 72,399 133,417 Loan Modifications Made to Borrowers Experiencing Financial Difficulty The following table summarizes the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the year ended December 31, 2024. Amortized cost basis Weighted average financial effects December 31, 2024 Term extension and interest rate Payments delay in # of months Term extension Interest rate In % of the class of loans Months of Months of term extension Interest rate Commercial mortgage — — — 636 0.1 % 0 0 3.0 % Other consumer — — 56 782 1.8 % 0 34 4.0 % Residential mortgage loans 3,823 750 7,490 5,230 0.6 % 6 31 3.1 % Amortized cost basis Weighted average financial effects December 31, 2023 Term extension and interest rate Term extension Interest rate In % of the class of loans Months of term extension Interest rate Commercial mortgage 472 — — 0.1 % 22 1.8 % Residential mortgage loans 2,938 3,499 7,428 0.4 % 35 3.3 % Age analysis and subsequent default of modified loans . As at December 31, 2024 all loans for which a concession was granted during the preceding 12 months are current, except for the following: Residential mortgage loans - $0.5 million (2023: Nil) of residential mortgages for which a reduction in interest rate was granted are 30 to 59 days past due; - Nil (2023: $0.3 million) of residential mortgages for which a reduction in interest rate was granted are 60 to 89 days past due; and - Nil (2023: $0.8 million) of residential mortgages for which a reduction in interest rate was granted had a payment default and are 90 days or more past due.

Credit risk concentrations

Credit risk concentrations	12 Months Ended
	Dec. 31, 2024
Risks and Uncertainties [Abstract]
Credit risk concentrations	Note 7: Credit risk concentrations Concentrations of credit risk in the lending and off-balance sheet credit-related arrangements portfolios arise when a number of customers are engaged in similar business activities, are in the same geographic region, or when they have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions. The Bank regularly monitors various segments of its credit risk portfolio to assess potential concentrations of risks and to obtain collateral when deemed necessary. In the Bank's commercial portfolio, risk concentrations are evaluated primarily by industry and by geographic region of loan origination. In the consumer portfolio, concentrations are evaluated primarily by products. Credit exposures include loans, guarantees and acceptances, letters of credit and commitments for undrawn lines of credit. Unconditionally cancellable credit cards and overdraft lines of credit are excluded from the tables below. The following table summarizes the credit exposure of the Bank by geographic region. The exposure amounts disclosed below do not include accrued interest and are gross of allowance s for credit losses and gross of collateral hel d. December 31, 2024 December 31, 2023 Geographic region Cash and cash equivalents, resell agreements and Loans Off-balance Total credit Cash and cash equivalents, resell agreements and Loans Off-balance Total credit Belgium 2,478 — — 2,478 2,815 — — 2,815 Bermuda 37,227 1,631,461 186,210 1,854,898 39,843 1,772,429 189,190 2,001,462 Canada 1,417,882 — — 1,417,882 1,198,290 — — 1,198,290 Cayman Islands 40,675 1,068,142 218,817 1,327,634 46,870 1,171,213 197,333 1,415,416 France 207,687 — — 207,687 — — — — Germany 1,178 — — 1,178 1,637 — — 1,637 Guernsey 1 552,994 103,979 656,974 1 630,157 180,179 810,337 Ireland 8,672 — — 8,672 13,849 — — 13,849 Japan 121,862 — — 121,862 15,831 — — 15,831 Jersey — 223,964 68,217 292,181 — 181,647 17,514 199,161 Mauritius 1,055 — — 1,055 994 — — 994 Norway 100,148 — — 100,148 94,698 — — 94,698 Switzerland 3,377 — — 3,377 1,952 — — 1,952 The Bahamas 184 3,791 — 3,975 990 5,625 — 6,615 United Kingdom 1,240,116 1,018,948 137,654 2,396,718 558,724 1,010,537 162,002 1,731,263 United States 599,264 — — 599,264 894,259 — — 894,259 Other 1,705 — — 1,705 1,206 — — 1,206 Total gross exposure 3,783,511 4,499,300 714,877 8,997,688 2,871,959 4,771,608 746,218 8,389,785

Premises, equipment and compute

Premises, equipment and computer software	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Premises, equipment and computer software	Note 8: Premises, equipment and computer software December 31, 2024 December 31, 2023 Category Cost Accumulated Net carrying Cost Accumulated Net carrying Land 8,333 — 8,333 8,333 — 8,333 Buildings 204,473 (91,401) 113,072 198,692 (88,670) 110,022 Equipment 27,128 (19,304) 7,824 26,583 (19,730) 6,853 Computer hardware and software in use 100,630 (78,012) 22,618 164,231 (136,804) 27,427 Computer software in development 1,935 — 1,935 1,727 — 1,727 Total 342,499 (188,717) 153,782 399,566 (245,204) 154,362 During the year ended December 31, 2023, the Bank completed the upgrade of its core banking systems and online platforms in Bermuda and Cayman and concurrently decommissioned the legacy systems that were fully depreciated in the amount of $54.8 million. During the same year, the Bank inaugurated its new flagship retail banking center in Bermuda which formed part of the multi-year Bermuda Head Office renovation project. Year ended Depreciation charged to operating expenses December 31, 2024 December 31, 2023 December 31, 2022 Buildings (included in Property expense) 9,202 7,334 5,963 Equipment (included in Property expense) 2,384 2,389 2,390 Computer hardware and software (included in Technology and communication expense) 9,768 10,044 10,124 Total depreciation charged to operating expenses 21,354 19,767 18,477

Goodwill and other intangible a

Goodwill and other intangible assets	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and other intangible assets	Note 9: Goodwill and other intangible assets Goodwill Segment Cayman Channel Islands and the UK Other Total Balance at December 31, 2021 551 22,738 2,067 25,356 Foreign exchange translation adjustment — (2,466) 2 (2,464) Balance at December 31, 2022 551 20,272 2,069 22,892 Foreign exchange translation adjustment — 1,143 72 1,215 Balance at December 31, 2023 551 21,415 2,141 24,107 Foreign exchange translation adjustment — (396) (94) (490) Balance at December 31, 2024 551 21,019 2,047 23,617 Customer Relationship Intangible Assets December 31, 2024 December 31, 2023 Segment Cost Accumulated Net carrying Cost Accumulated Net carrying Bermuda 29,785 (20,727) 9,058 29,785 (19,297) 10,488 Cayman 16,517 (9,967) 6,550 16,517 (8,865) 7,652 Channel Islands and the UK 97,860 (67,760) 30,100 97,760 (63,746) 34,014 Other 24,923 (4,639) 20,284 24,540 (1,894) 22,646 Total 169,085 (103,093) 65,992 168,602 (93,802) 74,800 Customer relationships are initially valued based on the present value of net cash flows expected to be derived solely from the recurring customer base existing as at the date of acquisition. Customer relationship intangible assets may or may not arise from contracts. On September 6, 2022, the Bank announced that it has entered into an agreement to acquire the global trust business of Credit Suisse in Guernsey, Singapore and The Bahamas. The onboarding of selected trust customers relating to this asset acquisition was completed in December 2023. During the year ended December 31, 2024, no new customer intangible assets were acquired. During the year ended December 31, 2023, the Bank acquired $27.3 million of new customer relationship intangible assets with an estimated useful life of 15 years via the aforementioned asset acquisition. During the year ended December 31, 2024, no amounts were written off (December 31, 2023: Nil). The amortization expense amounted to $8.0 million (December 31, 2023: $5.7 million, December 31, 2022: $5.7 million) and the foreign exchange translation adjustment decreased the net carrying amount by $1.3 million (December 31, 2023: increased by $1.7 million, December 31, 2022: decreased by $3.6 million). The estimated aggregate amortization expense for each of the succeeding five years is $7.6 million.

Deposits

Deposits	12 Months Ended
	Dec. 31, 2024
Deposits [Abstract]
Deposits	Note 10: Deposits By Maturity Demand Total Term Total December 31, 2024 Non-interest Interest Within 3 3 to 6 6 to 12 After 12 months Total Demand or less than $100k¹ 2,687,877 5,579,775 8,267,652 51,608 18,035 19,912 10,395 99,950 8,367,602 Term - $100k or more N/A N/A — 3,540,636 416,374 348,301 72,996 4,378,307 4,378,307 Total deposits 2,687,877 5,579,775 8,267,652 3,592,244 434,409 368,213 83,391 4,478,257 12,745,909 Demand Total Term Total December 31, 2023 Non-interest Interest Within 3 3 to 6 6 to 12 After 12 months Total 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 ¹ The weighted-average interest rate on interest-bearing demand deposits as at December 31, 2024 is 0.87% (December 31, 2023: 0.81%). By Type and Segment December 31, 2024 December 31, 2023 Payable Payable on a Total Payable Payable on a Total Bermuda 3,535,770 1,245,294 4,781,064 3,487,911 985,180 4,473,091 Cayman 2,793,194 1,177,909 3,971,103 2,971,581 1,033,515 4,005,096 Channel Islands and the UK 1,938,688 2,055,054 3,993,742 1,799,422 1,709,099 3,508,521 Total deposits 8,267,652 4,478,257 12,745,909 8,258,914 3,727,794 11,986,708

Employee benefit plans

Employee benefit plans	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee benefit plans	Note 11: Employee benefit plans The Bank maintains trusteed pension plans including non-contributory defined benefit plans and a number of defined contribution plans, and provides post-retirement medical benefits to its qualifying retirees. The defined benefit provisions under the pension plans are generally based upon years of service and average salary during the relevant years of employment. The defined benefit and post-retirement medical plans are not open to new participants and are non-contributory and the funding required is provided by the Bank, based upon the advice of independent actuaries. The defined benefit pension plans are in the Bermuda, Guernsey and UK jurisdictions, and the defined benefit post-retirement medical plan is in Bermuda. The Bank has a residual obligation on top of its defined contribution plan in Mauritius. Bermuda Defined Benefit and Post-Retirement Medical Benefit Plan The Bank amortizes prior service credit resulting from plan amendments that occurred when plan members were active employees, on a linear basis over the expected average remaining service period (to full eligibility) of active members expected to receive benefits under the plan. Such remaining service periods are as follows: 3.1 years for the 2010 plan amendments and 4.6 years for the 2011 plan amendments. Plan amendments occurring in 2014 and 2019 resulted in the recognition of new prior service costs on December 31, 2014 and December 31, 2019 on a plan for which substantially all members are now inactive. The Bank has elected to amortize these new prior service costs on a linear basis over 21 years and 16 years, respectively, which was the average remaining life expectancy of members eligible for benefits under the plan at the time of the amendments. Guernsey Defined Benefit Pension Plan Effective October 2014, all the participants of the Guernsey defined benefit pension plan became inactive and in accordance with GAAP, the net actuarial loss of the Guernsey defined benefit pension plan is amortized over the then estimated average remaining life expectancy of the inactive participants of 39 years. Prior to all of the Guernsey participants being inactive, the net actuarial loss of the Guernsey defined benefit pension plan was amortized to net income over the estimated average remaining service period for active members of 15 years. UK Defined Benefit Pension Plan The UK defined benefit pension plan closed to new members effective April 1, 2002 and subsequently closed to further accrual of new benefits effective October 1, 2012. During the years ended December 31, 2018 and 2017, the pension plan settled in cash the liability of several plan members and an insurance policy was purchased in the name of the trustees of the plan to match the liabilities of remaining members who were pensioners as at March 31, 2016. Mauritius Portable Retirement Gratuity Fund Under the Mauritius Workers’ Right Act of 2019, the Portable Retirement Gratuity Fund (the "Fund") was established for the purpose of providing for the payment of a gratuity on the death or retirement of an employee and came into effect on January 1, 2020. The Fund operates as a centralized defined contribution scheme with employers required to make upfront contributions at prescribed rates based on employees' monthly remuneration. Any shortfall in this lump sum gratuity in an employees accumulated fund upon death or retirement, is to be funded by the Bank. Accordingly, the Bank recognizes the related service and net interest costs as well as the related net actuarial liability. The following table presents the financial position of the Bank’s defined benefit pension plans and the Bank’s post-retirement medical benefit plan, which is unfunded. The Bank measures the benefit obligations and plan assets annually on each December 31 and therefore, the most recent measurement date is December 31, 2024. December 31, 2024 December 31, 2023 December 31, 2022 Pension Post- Pension Post- Pension Post- Accumulated benefit obligation at end of year 99,013 83,578 110,004 88,682 106,748 91,983 Change in projected benefit obligation Projected benefit obligation at beginning of year 110,004 88,682 106,748 91,983 157,478 125,968 Service cost — 54 — 76 — 130 Interest cost 5,134 4,385 5,367 4,786 3,026 3,114 Benefits paid (7,961) (3,324) (7,829) (3,244) (9,153) (5,774) Actuarial (gain) loss (7,453) (6,219) 3,368 (4,919) (37,425) (31,455) Foreign exchange translation adjustment (711) — 2,350 — (7,178) — Projected benefit obligation at end of year 99,013 83,578 110,004 88,682 106,748 91,983 Change in plan assets Fair value of plan assets at beginning of year 136,653 — 137,294 — 179,025 — Actual return on plan assets (1,501) — 3,725 — (24,574) — Employer contribution 153 3,324 386 3,244 207 5,774 Benefits paid (7,961) (3,324) (7,829) (3,244) (9,153) (5,774) Foreign exchange translation adjustment (925) — 3,077 — (8,211) — Fair value of plan assets at end of year 126,419 — 136,653 — 137,294 — Amounts recognized in the consolidated balance sheets consist of: Prepaid benefit cost included in accrued interest and other assets 27,417 — 26,661 — 30,581 — Accrued pension benefit cost included in employee benefit plans liability (11) (83,578) (12) (88,682) (35) (91,983) Surplus (deficit) of plan assets over projected benefit obligation at measurement date 27,406 (83,578) 26,649 (88,682) 30,546 (91,983) Year ended December 31, 2024 December 31, 2023 December 31, 2022 Pension Post- Pension Post- Pension Post- Amounts recognized in accumulated other comprehensive income (loss) consist of: Net actuarial gain (loss), excluding deferred taxes (48,969) 22,022 (51,165) 18,114 (47,452) 14,528 Net prior service credit (cost) (313) (5,770) (398) (6,294) (453) (6,818) Net amount recognized in accumulated other comprehensive income (loss) (49,282) 16,252 (51,563) 11,820 (47,905) 7,710 Annual benefit expense Expense component Line item in the consolidated statements of operations Service cost Salaries and other employee benefits — 54 — 76 — 130 Interest cost Non-service employee benefits expense 5,134 4,385 5,367 4,786 3,026 3,114 Expected return on plan assets Non-service employee benefits expense (6,240) — (6,117) — (6,632) — Amortization of net actuarial (gains) losses Non-service employee benefits expense 2,358 524 2,284 524 2,218 1,444 Amortization of prior service (credit) loss Non-service employee benefits expense 79 (2,311) 79 (1,333) 81 524 (Gain) loss on settlement Net other gains (losses)/Non-service employee benefits expense — — — — (907) — Defined benefit (income) expense 1,331 2,652 1,613 4,053 (2,214) 5,212 Defined contribution expense 8,363 — 8,525 — 7,825 — Total benefit (income) expense 9,694 2,652 10,138 4,053 5,611 5,212 The components of benefit expense (income) other than the service cost component are included in the line item non-service employee benefits expense in the consolidated statements of operations. Other changes recognized in other comprehensive income (loss) Net gain (loss) arising during the year (288) 6,219 (5,762) 4,919 6,218 31,455 Net loss (gain) on settlement reclassified to net income — — — — (907) — Amortization of net actuarial (gains) losses 2,358 524 2,284 524 2,218 1,444 Amortization of prior service (credit) cost 79 (2,311) 79 (1,333) 81 524 Foreign exchange adjustment 132 — (259) — 885 — Total changes recognized in other comprehensive income (loss) 2,281 4,432 (3,658) 4,110 8,495 33,423 To develop the expected long-term rate of return on the plan assets assumption for each plan, the Bank considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocations of the assets. The weighted average discount rate used to determine benefit obligations at the end of the year is derived from interest rates on high quality corporate bonds with maturities that match the expected benefit payments. Actuarial Assumptions Year ended December 31, 2024 December 31, 2023 December 31, 2022 Pension Post- Pension Post- Pension Post- Actuarial assumptions used to determine annual benefit expense Weighted average discount rate 4.85 % 5.16 % 5.20 % 5.37 % 2.30 % 2.88 % Weighted average rate of compensation increases 1 3.20 % N/A 3.00 % N/A 3.00 % N/A Weighted average expected long-term rate of return on plan assets 5.80 % N/A 6.30 % N/A 4.45 % N/A Weighted average annual medical cost increase rate N/A 6.8% to 4.5% in 2040 N/A 6.9% to 4.5% in 2040 N/A 7.0% to 4.5% in 2040 Actuarial assumptions used to determine benefit obligations at end of year Weighted average discount rate 5.55 % 5.67 % 4.85 % 5.16 % 5.20 % 5.37 % Weighted average rate of compensation increases 1 3.20 % N/A 3.00 % N/A 3.00 % N/A Weighted average annual medical cost increase rate N/A 6.6% to 4.5% in 2040 N/A 6.8% to 4.5% in 2040 N/A 6.9% to 4.5% in 2040 1 Only the UK subsidiary plan is impacted by potential future compensation increases. Investments Policies and Strategies The pension plans’ assets are managed according to each plan's investment policy statement, which outlines the purpose of the plan, statement of objectives and guidelines and investment policy. The asset allocation is diversified and any use of derivatives is limited to hedging purposes only. December 31, 2024 December 31, 2023 Weighted average actual and target asset allocations of the pension plans by asset category Actual Target Actual Target Debt securities (including debt mutual funds) 70 % 74 % 70 % 74 % Equity securities (including equity mutual funds) 20 % 9 % 20 % 9 % Other 10 % 17 % 10 % 17 % Total 100 % 100 % 100 % 100 % Fair Value Measurements of Pension Plans' Assets The following table presents the fair value of the plans' assets by category and level of inputs used in their respective fair value determination as described in "Note 2: Significant accounting policies", except the level 3 security, for which the valuation determination is described following the below table: December 31, 2024 December 31, 2023 Fair value determination Fair value determination Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total US government and federal agencies — 30,748 — 30,748 — 34,278 — 34,278 Non-US governments debt securities — 39,127 — 39,127 — 44,383 — 44,383 Corporate debt securities — 19,137 — 19,137 — 17,604 — 17,604 Equity securities and mutual funds 1,066 24,790 — 25,856 926 25,986 — 26,912 Other 497 833 10,221 11,551 410 1,244 11,822 13,476 Total fair value of plans' assets 1,563 114,635 10,221 126,419 1,336 123,495 11,822 136,653 The Level 3 assets consist of insured annuity policies covering the full pension benefits of certain plan members. The fair value of these policies is deemed equal to the actuarial value of the projected benefit obligation for the insured benefits. At December 31, 2024, 19.5% (December 31, 2023: 19.1%) of the assets of the pension plans were mutual funds and equity securities managed or administered by wholly-owned subsidiaries of the Bank. At December 31, 2024, 0.8% (December 31, 2023: 0.7%) of the plans' assets were invested in common shares of the Bank. The investments of the pension funds are diversified across a range of asset classes and are diversified within each asset class. The assets are generally actively managed with the goal of adding some incremental value through security selection and asset allocation. Estimated 2025 Bank contribution to and estimated benefit payments for the next ten years under the pension and post-retirement medical benefit plans are as follows: Pension Post- Estimated Bank contributions for the full year ending December 31, 2025 — 5,323 Estimated benefit payments by year: 2025 7,400 5,323 2026 7,300 5,544 2027 7,900 5,744 2028 7,400 5,905 2029 7,500 6,054 2030-2034 36,200 31,721

Credit-related arrangements, re

Credit-related arrangements, repurchase agreements and commitments	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Credit-related arrangements, repurchase agreements and commitments	Note 12: Credit related arrangements, repurchase agreements and commitments Commitments As at December 31, 2024, the Bank was committed to expenditures under contract for information technology services sourcing of $20.3 million (December 31, 2023: $32.1 million). The Bank funded its expenditures with its own resources and plans to fund those currently in progress with its own resources, which may be obtained through cash on hand, cash flows from operations and issuances of debt and equity securities. The following table summarizes the Bank's commitments for sourcing and other agreements: Year ending December 31 Sourcing Other Total 2025 11,233 27,700 38,933 2026 9,092 18,122 27,214 2027 — 12,896 12,896 2028 — 7,549 7,549 2029 — 3,292 3,292 2030 & thereafter — 19 19 Total commitments 20,325 69,578 89,903 The Bank enters into contractual commitments to extend credit, normally with fixed expiration dates or termination clauses, at specified rates and for specific purposes. Substantially all of the Bank's commitments to extend credit are contingent upon customers maintaining specific credit standards at the time of loan funding. Management assesses the credit risk associated with certain commitments to extend credit in determining the level of the allowance for expected credit losses. The Bank has a facility with one of its custodians, whereby the Bank may offer up to $200 million of standby letters of credit to its customers on a fully secured basis. Under the standard terms of the facility, the custodian has the right to set-off against securities held of 110% of the utilized facility. At December 31, 2024, $138.4 million (December 31, 2023: $120.0 million) of standby letters of credit were issued under this facility. Outstanding unfunded commitments to extend credit December 31, 2024 December 31, 2023 Commitments to extend credit 475,289 496,577 Documentary and commercial letters of credit 1,576 1,824 Total unfunded commitments to extend credit 476,865 498,401 Allowance for credit losses (90) (302) Credit-Related Arrangements Standby letters of credit and letters of guarantee are issued at the request of a Bank customer in order to secure the customer’s payment or performance obligations to a third party. These guarantees represent an irrevocable obligation of the Bank to pay the third party beneficiary upon presentation of the guarantee and satisfaction of the documentary requirements stipulated therein, without investigation as to the validity of the beneficiary’s claim against the customer. Generally, the term of the standby letters of credit does not exceed one year, while the term of the letters of guarantee does not exceed four years. The types and amounts of collateral security held by the Bank for these standby letters of credit and letters of guarantee are generally represented by deposits with the Bank or a charge over assets held in mutual funds. The Bank considers the fees collected in connection with the issuance of standby letters of credit and letters of guarantee to be representative of the fair value of its obligation undertaken in issuing the guarantee. In accordance with applicable accounting standards related to guarantees, the Bank defers fees collected in connection with the issuance of standby letters of credit and letters of guarantee. The fees are then recognized in income proportionately over the life of the credit agreements. The following table presents the outstanding financial guarantees. Collateral is shown at estimated market value less selling cost. Where the collateral is cash, it is shown gross including accrued income. December 31, 2024 December 31, 2023 Outstanding financial guarantees Gross Collateral Net Gross Collateral Net Standby letters of credit 236,220 207,267 28,953 244,288 237,139 7,149 Letters of guarantee 1,792 1,756 36 3,529 3,493 36 Total 238,012 209,023 28,989 247,817 240,632 7,185 Repurchase agreements The Bank utilizes repurchase agreements and resell agreements (reverse repurchase agreements) to manage liquidity that are carried at the amounts at which the securities will be subsequently sold or repurchased. The risks of these transactions include changes in the fair value of the securities posted or received as collateral and other credit related events. The Bank manages these risks by ensuring that the collateral involved is appropriate and by monitoring the value of the securities posted or received as collateral on a daily basis. As at December 31, 2024, the Bank had 15 open positions (December 31, 2023: 5) in resell agreements with a remaining maturity of less than 120 days involving pools of mortgages issued by US federal agencies and non-US government debt securities. The carrying value of these resell agreements is $1.2 billion (December 31, 2023: $187.3 million) and are included in securities purchased under agreements to resell on the consolidated balance sheets. As at December 31, 2024, there were no positions (December 31, 2023: no positions) which were offset on the consolidated balance sheets to arrive at the carrying value, and there was no collateral amount which was available to offset against the future settlement amount. As at December 31, 2024, the Bank had one open position (December 31, 2023: nil) in a repurchase agreement with a remaining maturity of less than 30 days involving one non-US government debt security, with the carrying value of the repurchase agreement being $92.6 million (December 31, 2023: nil). Legal Proceedings There are actions and legal proceedings pending against the Bank and its subsidiaries which arose in the normal course of its business. Management, after reviewing all actions and proceedings pending against or involving the Bank and its subsidiaries, considers that the resolution of these matters would in the aggregate not be material to the consolidated financial position of the Bank, except as noted in the following paragraph.

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Note 13: Leases The Bank enters into operating lease agreements either as the lessee or the lessor, mostly for office and parking spaces as well as for small office equipment. The terms of the existing leases, including renewal options that are reasonably certain to be exercised, extend up to the year 2038. Certain lease payments will be adjusted during the related lease's term based on movements in the relevant consumer price index. Year ended December 31, 2024 December 31, 2023 Lease costs Operating lease costs 7,685 7,673 Short-term lease costs 1,645 2,490 Sublease income (580) (1,126) Total net lease cost 8,750 9,037 Operating lease income 1,362 1,200 Other information for the period Right-of-use assets related to new operating lease liabilities 2,068 3,268 Operating cash flows from operating leases 6,903 7,808 Year ended Other information at end of period December 31, 2024 December 31, 2023 Operating leases right-of-use assets (included in other assets on the balance sheets) 35,347 33,445 Operating lease liabilities (included in other liabilities on the balance sheets) 35,604 33,014 Weighted average remaining lease term for operating leases (in years) 11.87 9.52 Weighted average discount rate for operating leases 5.93 % 5.60 % The following table summarizes the maturity analysis of the Bank's commitments for long-term leases as at December 31, 2024: Year ending December 31 Operating Leases 2025 5,249 2026 4,910 2027 4,911 2028 4,909 2029 3,667 2030 & thereafter 16,746 Total commitments 40,392 Less: effect of discounting cash flows to their present value (4,788) Operating lease liabilities 35,604
Leases	Note 13: Leases The Bank enters into operating lease agreements either as the lessee or the lessor, mostly for office and parking spaces as well as for small office equipment. The terms of the existing leases, including renewal options that are reasonably certain to be exercised, extend up to the year 2038. Certain lease payments will be adjusted during the related lease's term based on movements in the relevant consumer price index. Year ended December 31, 2024 December 31, 2023 Lease costs Operating lease costs 7,685 7,673 Short-term lease costs 1,645 2,490 Sublease income (580) (1,126) Total net lease cost 8,750 9,037 Operating lease income 1,362 1,200 Other information for the period Right-of-use assets related to new operating lease liabilities 2,068 3,268 Operating cash flows from operating leases 6,903 7,808 Year ended Other information at end of period December 31, 2024 December 31, 2023 Operating leases right-of-use assets (included in other assets on the balance sheets) 35,347 33,445 Operating lease liabilities (included in other liabilities on the balance sheets) 35,604 33,014 Weighted average remaining lease term for operating leases (in years) 11.87 9.52 Weighted average discount rate for operating leases 5.93 % 5.60 % The following table summarizes the maturity analysis of the Bank's commitments for long-term leases as at December 31, 2024: Year ending December 31 Operating Leases 2025 5,249 2026 4,910 2027 4,911 2028 4,909 2029 3,667 2030 & thereafter 16,746 Total commitments 40,392 Less: effect of discounting cash flows to their present value (4,788) Operating lease liabilities 35,604

Loan interest income

Loan interest income	12 Months Ended
	Dec. 31, 2024
Other Income and Expenses [Abstract]
Loan interest income	Note 14: Loan interest income Year ended December 31, 2024 December 31, 2023 December 31, 2022 Contractual interest earned 298,975 312,256 243,115 Amortization Amortization of fair value hedge (202) (232) (259) Amortization of loan origination fees (net of amortized costs) 4,953 5,015 6,026 Amortization of fair value adjustment on purchased loans 386 322 508 Total loan interest income 304,112 317,361 249,390 Balance of unamortized fair value hedge included in loans as at year end 402 604 836 Balance of unamortized loan fees included in loans as at year end 9,373 10,822 11,878

Segmented information

Segmented information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segmented information	Note 15: Segmented information The Bank is managed by the Chairman & CEO, its CODM, on a geographic basis. The Bank presents four reportable segments, three geographical and one other: Bermuda, Cayman, Channel Islands and the UK, and Other. The Other segment is composed of several non-reportable operating segments that have been aggregated in accordance with GAAP. Each reportable segment has a managing director who reports to the Chairman & CEO. The Chairman & CEO and the segment managing director have final authority over resource allocation decisions and performance assessment. The geographic segments reflect this management structure and the manner in which financial information is currently evaluated by the Chairman & CEO in assessing operating performance. Segment results are determined based on the Bank's management reporting system, which assigns balance sheet and statement of operations items to each of the geographic segments. The process is designed around the Bank's organizational and management structure and, accordingly, the results derived are not necessarily comparable with similar information published by other financial institutions. A description of each reportable segment and table of financial results is presented below. Accounting policies of the reportable segments are the same as those described in Note 2: Significant accounting policies. Transactions between segments are accounted for on an accrual basis and are all eliminated upon consolidation. The Bank generally does not allocate assets, revenues and expenses among its business segments, with the exception of certain corporate overhead expenses and loan participation revenue and expenses. Loan participation revenue and expenses are allocated pro-rata based upon the percentage of the total loan funded by each jurisdiction participating in the loan. Other expenses are comprised of marketing, non-service employee benefits and other non-interest expenses. The Bermuda segment provides a comprehensive range of retail, commercial and private banking services. Retail services are offered to individuals and small to medium-sized businesses through three branch locations and through internet banking, mobile banking, automated teller machines and debit cards. Retail services include deposit services, consumer and mortgage lending, credit cards and personal insurance products. Commercial banking includes commercial lending and mortgages, cash management, payroll services, remote banking and letters of credit. Treasury services include money market and foreign exchange activities. Bermuda’s wealth management offering consists of Butterfield Asset Management Limited, which provides investment management, advisory and brokerage services and Butterfield Trust (Bermuda) Limited, which provides trust, estate, company management and custody services. Bermuda is also the location of the Bank's head offices and accordingly, retains the unallocated corporate overhead expenses. The Cayman segment provides a comprehensive range of retail, commercial and private banking services. Retail services are offered to individuals and small to medium-sized businesses through three branch locations and through internet banking, mobile banking, ATMs and debit cards. Retail services include deposit services, consumer and mortgage lending, credit cards and property/auto insurance. Commercial banking includes commercial lending and mortgages, cash management, payroll services, remote banking and letters of credit. Treasury services include money market and foreign exchange activities. Cayman’s wealth management offering comprises investment management, advisory and brokerage services and Butterfield Trust (Cayman) Limited, which provides trust, estate and company management. The Channel Islands and the UK segment includes the jurisdictions of Guernsey and Jersey (Channel Islands), and the UK. In the Channel Islands, a broad range of services are provided to individuals, private clients, trusts, financial institutions and funds including deposit services, mortgage lending and credit card services, private and corporate banking, treasury services, internet banking, wealth management and fiduciary services. In 2023, the segment began issuing credit cards to local residents of Guernsey and Jersey. The UK jurisdiction provides mortgage services for high-value residential properties. The Other segment includes the jurisdictions of The Bahamas, Canada, Mauritius, Singapore and Switzerland. These operating segments individually and collectively do not meet the quantitative threshold for segmented reporting and are therefore aggregated as non-reportable operating segments. Total Assets by Segment December 31, 2024 December 31, 2023 Bermuda 5,438,279 5,181,431 Cayman 4,337,829 4,341,739 Channel Islands and the UK 4,526,623 4,204,561 Other 62,682 63,470 Total assets before inter-segment eliminations 14,365,413 13,791,201 Less: inter-segment eliminations (134,017) (417,181) Total 14,231,396 13,374,020 2024 Bermuda Cayman Channel Islands and the UK Other Total before eliminations Inter-segment eliminations Total Year ended December 31 Interest income Interest income 222,674 159,109 203,696 238 585,717 — 585,717 Interest income - Inter-segment 7,140 5,275 1,048 — 13,463 (13,463) — Interest income Total 229,814 164,384 204,744 238 599,180 (13,463) 585,717 Interest expense Interest expense 53,559 46,948 134,007 — 234,514 — 234,514 Interest expense - Inter-segment 6,290 29 7,144 — 13,463 (13,463) — Interest expense Total 59,849 46,977 141,151 — 247,977 (13,463) 234,514 Net interest income Net interest income 169,115 112,161 69,689 238 351,203 — 351,203 Net interest income - Inter-segment 850 5,246 (6,096) — — — — Net interest income Total 169,965 117,407 63,593 238 351,203 — 351,203 Non-interest income 93,733 71,949 44,366 42,361 252,409 (22,394) 230,015 Allowance for credit losses (1,834) 135 37 — (1,662) — (1,662) Net revenue before gains and losses 261,864 189,491 107,996 42,599 601,950 (22,394) 579,556 Gains and losses 88 — 289 — 377 — 377 Total net revenue 261,952 189,491 108,285 42,599 602,327 (22,394) 579,933 Expenses Salaries and other employee benefits 74,985 27,207 45,617 26,215 174,024 — 174,024 Technology and communications 30,866 14,196 9,823 1,404 56,289 — 56,289 Non-income taxes 17,231 1,965 2,225 1,251 22,672 — 22,672 Professional and outside services 14,033 2,135 5,581 945 22,694 — 22,694 Property 9,015 2,925 8,085 2,469 22,494 — 22,494 Amortisation of intangible assets 1,429 1,101 3,456 2,020 8,006 — 8,006 Depreciation 13,174 4,517 3,078 585 21,354 — 21,354 Income tax benefit (expense) — — 3,337 1,194 4,531 — 4,531 Other expenses 37,885 13,002 (54) 3,114 53,947 (22,394) 31,553 Expenses Total 198,618 67,048 81,148 39,197 386,011 (22,394) 363,617 Net income 63,334 122,443 27,137 3,402 216,316 — 216,316 2023 Bermuda Cayman Channel Islands and the UK Other Total before eliminations Inter-segment eliminations Total Year ended December 31 Interest income Interest income 220,946 159,043 165,558 83 545,630 — 545,630 Interest income - Inter-segment 1,925 6,908 1,358 — 10,191 (10,191) — Interest income Total 222,871 165,951 166,916 83 555,821 (10,191) 545,630 Interest expense Interest expense 36,511 31,214 110,945 — 178,670 — 178,670 Interest expense - Inter-segment 5,699 1,050 3,442 — 10,191 (10,191) — Interest expense Total 42,210 32,264 114,387 — 188,861 (10,191) 178,670 Net interest income Net interest income 184,435 127,829 54,613 83 366,960 — 366,960 Net interest income - Inter-segment (3,774) 5,858 (2,084) — — — — Net interest income Total 180,661 133,687 52,529 83 366,960 — 366,960 Non-interest income 89,948 66,891 39,074 35,801 231,714 (19,378) 212,336 Allowance for credit losses (4,755) 61 242 — (4,452) — (4,452) Net revenue before gains and losses 265,854 200,639 91,845 35,884 594,222 (19,378) 574,844 Gains and losses 4,011 (4) (253) (1) 3,753 — 3,753 Total net revenue 269,865 200,635 91,592 35,883 597,975 (19,378) 578,597 Expenses Salaries and other employee benefits 78,573 30,067 46,272 23,027 177,939 — 177,939 Technology and communications 29,232 12,556 8,670 1,476 51,934 — 51,934 Non-income taxes 16,769 1,817 1,821 1,050 21,457 — 21,457 Professional and outside services 14,006 1,815 4,301 934 21,056 — 21,056 Property 9,116 2,882 7,239 2,414 21,651 — 21,651 Amortisation of intangible assets 1,430 1,101 2,821 376 5,728 — 5,728 Depreciation 11,390 3,677 4,018 682 19,767 — 19,767 Income tax benefit (expense) — — 1,278 (511) 767 — 767 Other expenses 38,343 10,596 1,511 1,734 52,184 (19,378) 32,806 Expenses Total 198,859 64,511 77,931 31,182 372,483 (19,378) 353,105 Net income 71,006 136,124 13,661 4,701 225,492 — 225,492 2022 Bermuda Cayman Channel Islands and the UK Other Total before eliminations Inter-segment eliminations Total Year ended December 31 Interest income Interest income 180,663 118,898 98,797 25 398,383 — 398,383 Interest income - Inter-segment 1,734 2,641 3,630 — 8,005 (8,005) — Interest income Total 182,397 121,539 102,427 25 406,388 (8,005) 398,383 Interest expense Interest expense 15,333 5,597 33,869 — 54,799 — 54,799 Interest expense - Inter-segment 5,122 48 2,835 — 8,005 (8,005) — Interest expense Total 20,455 5,645 36,704 — 62,804 (8,005) 54,799 Net interest income Net interest income 165,330 113,301 64,928 25 343,584 — 343,584 Net interest income - Inter-segment (3,388) 2,593 795 — — — — Net interest income Total 161,942 115,894 65,723 25 343,584 — 343,584 Non-interest income 87,855 66,696 40,485 29,425 224,461 (17,874) 206,587 Allowance for credit losses (1,226) (573) (597) — (2,396) — (2,396) Net revenue before gains and losses 248,571 182,017 105,611 29,450 565,649 (17,874) 547,775 Gains and losses 23 (19) 1,503 15 1,522 — 1,522 Total net revenue 248,593 181,998 107,114 29,466 567,171 (17,874) 549,297 Expenses Salaries and other employee benefits 75,216 28,600 42,769 19,604 166,189 — 166,189 Technology and communications 26,145 10,680 8,932 859 46,616 — 46,616 Non-income taxes 17,195 2,080 1,780 927 21,982 — 21,982 Professional and outside services 12,222 1,709 4,455 1,254 19,640 — 19,640 Property 9,544 4,458 6,945 2,141 23,088 — 23,088 Amortisation of intangible assets 1,430 1,101 2,790 359 5,680 — 5,680 Depreciation 10,339 3,469 4,033 636 18,477 — 18,477 Income tax benefit (expense) — — 3,213 469 3,682 — 3,682 Other expenses 36,585 10,023 (962) 2,151 47,797 (17,874) 29,923 Expenses Total 188,676 62,120 73,955 28,400 353,151 (17,874) 335,277 Net income 59,917 119,878 33,159 1,066 214,020 — 214,020

Derivative instruments and risk

Derivative instruments and risk management	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instruments and risk management	Note 16: Derivative instruments and risk management The Bank uses derivatives for risk management purposes and to meet the needs of its customers. The Bank’s derivative contracts principally involve over-the-counter transactions that are negotiated privately between the Bank and the counterparty to the contract and include interest rate contracts and foreign exchange contracts. The Bank may pursue opportunities to reduce its exposure to credit losses on derivatives by entering into ISDAs. Depending on the nature of the derivative transaction, bilateral collateral arrangements may be used, as well. When the Bank is engaged in more than one outstanding derivative transaction with the same counterparty, and also has a legally enforceable master netting agreement with that counterparty, the net marked-to-market exposure represents the netting of the positive and negative exposures with that counterparty. When there is a net negative exposure, the Bank regards its credit exposure to the counterparty as being zero. The net marked-to-market position with a particular counterparty represents a reasonable measure of credit risk when there is a legally enforceable master netting agreement between the Bank and that counterparty. Certain of these agreements contain credit risk-related contingent features in which the counterparty has the option to accelerate cash settlement of the Bank's net derivative liabilities with the counterparty in the event the Bank's credit rating falls below specified levels or the liabilities reach certain levels. All derivative financial instruments, whether designated as hedges or not, are recorded on the consolidated balance sheets at fair value within other assets or other liabilities. These amounts include the effect of netting. The accounting for changes in the fair value of a derivative in the consolidated statements of operations depends on whether the contract has been designated as a hedge and qualifies for hedge accounting. Notional Amounts The notional amounts are not recorded as assets or liabilities on the consolidated balance sheets as they represent the face amount of the contract to which a rate or price is applied to determine the amount of cash flows to be exchanged. Notional amounts represent the volume of outstanding transactions and do not represent the potential gain or loss associated with market risk or credit risk of such instruments. Credit risk is limited to the positive fair value of the derivative instrument, which is significantly less than the notional amount. Fair Value Derivative instruments, in the absence of any compensating up-front cash payments, generally have no market value at inception. They obtain value, positive or negative, as relevant interest rates, exchange rates, equity or commodity prices or indices change. The potential for derivatives to increase or decrease in value as a result of the foregoing factors is generally referred to as market risk. Market risk is managed within clearly defined parameters as prescribed by senior management of the Bank. The fair value is defined as the profit or loss associated with replacing the derivative contracts at prevailing market prices. Risk Management Derivatives The Bank enters into interest derivative contracts as part of its overall interest rate risk management strategy to minimize significant unplanned fluctuations in earnings that are caused by interest rate volatility. The Bank’s goal is to manage interest rate sensitivity by modifying the repricing or maturity characteristics of certain consolidated balance sheet assets and liabilities so that movements in interest rates do not adversely affect the net interest margin. Derivative instruments that are used as part of the Bank’s risk management strategy include interest rate swap contracts that have indices related to the pricing of specific consolidated balance sheet assets and liabilities. Interest rate swaps generally involve the exchange of fixed and variable-rate interest payments between two parties, based on a common notional principal amount and maturity date. The Bank uses foreign currency derivative instruments to hedge its exposure to foreign currency risk. Certain hedging relationships are formally designated and qualify for hedge accounting as fair value or net investment hedges. Risk management derivatives comprise fair value hedges, net investment hedges and derivatives not formally designated as hedges as described below. Fair value hedges include designated currency swaps that are used to minimize the Bank's exposure to variability in the fair value of AFS investments due to movements in foreign exchange rates. The effective portion of changes in the fair value of the hedged items attributable to foreign exchange rates is recognized in current year earnings consistent with the related change in fair value of the hedging instrument. For fair value hedges, hedging effectiveness of the hedged item and the hedging instrument are assessed and managed at inception and on an ongoing basis using a partial-term method. Net investment hedges include designated currency swaps and qualifying non-derivative instruments and are used to minimize the Bank’s exposure to variability in the foreign currency translation of net investments in foreign operations. The effective portion of changes in the fair value of the hedging instrument is recognized in AOCIL consistent with the related translation gains and losses of the hedged net investment. For net investment hedges, all critical terms of the hedged item and the hedging instrument are matched at inception and on an ongoing basis to minimize the risk of hedge ineffectiveness. For derivatives designated as net investment hedges, the Bank follows the method based on changes in spot exchange rates. Accordingly: - The change in the fair value of the derivative instrument that is reported in AOCIL (i.e., the effective portion) is determined by the changes in spot exchange rates. - The change in the fair value of the derivative instrument attributable to changes in the difference between the forward rate and spot rate are excluded from the measure of the hedge ineffectiveness and that difference is reported directly in the consolidated statements of operations under foreign exchange revenue. Amounts recorded in AOCIL are reclassified to earnings only upon the sale or substantial liquidation of an investment in a foreign subsidiary. For foreign-currency-denominated financial instruments that are designated as hedges of net investments in foreign operations, the translation gain or loss that is recorded in AOCIL is based on the spot exchange rate between the reporting currency of the Bank and the functional currency of the respective subsidiary. See "Note 23: Accumulated other comprehensive income (loss)" for details on the amount recognized into AOCIL during the current period from translation gain or loss. Derivatives not formally designated as hedges are entered into to manage the foreign exchange risk of the Bank's exposure. Changes in the fair value of derivative instruments not formally designated as hedges are recognized in foreign exchange revenue. Client service derivatives The Bank enters into foreign exchange contracts primarily to meet the foreign exchange needs of its customers. Foreign exchange contracts are agreements to exchange specific amounts of currencies at a future date at a specified rate of exchange. Changes in the fair value of client services derivative instruments are recognized in foreign exchange revenue. The following table shows the aggregate notional amounts of derivative contracts outstanding listed by type and respective gross positive or negative fair values and classified by those used for risk management (sub-classified as hedging and those that do not qualify for hedge accounting), client services and credit derivatives. Fair value of derivatives is recorded in the consolidated balance sheets in other assets and other liabilities. Gross positive fair values are recorded in other assets and gross negative fair values are recorded in other liabilities, subject to netting when master netting agreements are in place. December 31, 2024 Derivative instrument Number of contracts Notional Gross Gross Net Risk management derivatives Net investment hedges Currency swaps 1 23,235 986 — 986 Fair value hedges Currency swaps 3 139,512 — (4,496) (4,496) Derivatives not formally designated as hedging instruments Currency swaps 54 2,008,630 44,038 (7,181) 36,857 Subtotal risk management derivatives 2,171,377 45,024 (11,677) 33,347 Client services derivatives Spot and forward foreign exchange 145 217,490 1,681 (1,589) 92 Total derivative instruments 2,388,867 46,705 (13,266) 33,439 December 31, 2023 Derivative instrument Number of contracts Notional Gross Gross Net 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) In addition to the above, as at December 31, 2024 foreign denominated deposits of £277.1 million (December 31, 2023: £240.3 million), SGD1.5 million (December 31, 2023: Nil) and CHF 0.4 million (December 31, 2023: CHF 0.4 million) were designated as a hedge of foreign exchange risk associated with the net investment in foreign operations. We manage derivative exposure by monitoring the credit risk associated with each counterparty using counterparty specific credit risk limits, using master netting arrangements where appropriate and obtaining collateral. The Bank elected to offset in the consolidated balance sheets certain gross derivative assets and liabilities subject to netting agreements. The Bank also elected not to offset certain derivative assets or liabilities and all collateral received or paid that the Bank or the counterparties could legally offset in the event of default. In the tables below, these positions are deducted from the net fair value presented in the consolidated balance sheets in order to present the net exposures. The collateral values presented in the following table are limited to the related net derivative asset or liability balance and, accordingly, do not include excess collateral received or paid. Gross fair Less: offset applied under master netting agreements Net fair value Less: positions not offset in the consolidated balance sheets December 31, 2024 Gross fair value of derivatives Cash collateral received / paid Net exposures Derivative assets Spot and forward foreign exchange and currency swaps 46,705 (11,227) 35,478 — (250) 35,228 Derivative liabilities Spot and forward foreign exchange and currency swaps 13,266 (11,227) 2,039 — (682) 1,357 Net positive fair value 33,439 Gross fair Less: offset applied under master netting agreements Net fair value Less: positions not offset in the consolidated balance sheets December 31, 2023 Gross fair value of derivatives Cash collateral 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) The following tables show the location and amount of gains (losses) recorded in either the consolidated statements of operations or consolidated statements of comprehensive income on derivative instruments outstanding. Year ended Derivative instrument Consolidated statements of operations line item December 31, 2024 December 31, 2023 December 31, 2022 Spot and forward foreign exchange Foreign exchange revenue (24) (47) 28 Currency swaps, not designated as hedge Foreign exchange revenue 53,714 (14,639) (7,188) Currency swaps - fair value hedges Foreign exchange revenue (9,857) 2,837 3,842 Total net gains (losses) recognized in net income 43,833 (11,849) (3,318) Derivative instrument Consolidated statements of comprehensive income line item December 31, 2024 December 31, 2023 December 31, 2022 Currency swaps - net investment hedge Unrealized net gains (losses) on translation of net investment in foreign operations 1,235 (35) (1,123) Total net gains (losses) recognized in comprehensive income 1,235 (35) (1,123)

Fair value measurements

Fair value measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair value measurements	Note 17: Fair value measurements The following table presents the financial assets and liabilities that are measured at fair value on a recurring basis. Management classifies these items based on the type of inputs used in their respective fair value determination as described in "Note 2: Significant accounting policies". Management reviews the price of each security monthly, comparing market values to expectations and to the prior month’s price. Management's expectations are based upon knowledge of prevailing market conditions and developments relating to specific issuers and/or asset classes held in the investment portfolio. Where there are unusual or significant price movements, or where a certain asset class has performed out-of-line with expectations, the matter is reviewed by management. Financial instruments in Level 1 include US and UK Government Treasury notes. Financial instruments in Level 2 include government debt securities, mortgage-backed securities, other asset-backed securities, forward foreign exchange contracts and securities sold under agreements to repurchase. There were no Level 3 investments as at December 31, 2024 and December 31, 2023. During the year ended December 31, 2024 and December 31, 2023, there were no transfers between Level 1 and Level 2 or Level 2 and Level 3. December 31, 2024 December 31, 2023 Fair value Total carrying Fair value Total carrying Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Items that are recognized at fair value on a recurring basis: Financial assets Available-for-sale investments US government and federal agencies 991,357 1,172,262 — 2,163,619 715,965 847,820 — 1,563,785 Non-US governments debt securities 93,468 — — 93,468 250,177 — — 250,177 Asset-backed securities - Student loans — 40 — 40 — 40 — 40 Residential mortgage-backed securities — 15,359 — 15,359 — 17,127 — 17,127 Total available-for-sale 1,084,825 1,187,661 — 2,272,486 966,142 864,987 — 1,831,129 Other assets - Derivatives — 35,478 — 35,478 — 2,342 — 2,342 Financial liabilities Other liabilities - Derivatives — 2,039 — 2,039 — 13,971 — 13,971 Level 3 Reconciliation The Level 3 financial instrument was a federal family education loan program guaranteed student loan security and was valued using a non-binding quote from an external security pricing service. During the year ended December 31, 2022, this instrument was transferred to Level 2 due to increased price observability. The table below summarizes realized and unrealized gains and losses for Level 3 assets still held at the reporting date. December 31, 2024 December 31, 2023 December 31, 2022 Available- Available- Available- Carrying amount at beginning of year — — 13,174 Proceeds from sales, paydowns and maturities — — (7,631) Change in unrealized gains (losses) recognized in other comprehensive income — — 102 Realized and unrealized gains recognized in net income — — (19) Transfers in (out of) Level 3 out of (into) Level 2 - AFS — — (5,626) Carrying amount at end of year — — — Cumulative gain (loss) recognized in other comprehensive income — — (14) Items Other Than Those Recognized at Fair Value on a Recurring Basis: December 31, 2024 December 31, 2023 Level Carrying Fair Appreciation / Carrying Fair Appreciation / Financial assets Cash and cash equivalents Level 1 1,998,112 1,998,112 — 1,646,648 1,646,648 — Securities purchased under agreements to resell Level 2 1,205,373 1,205,373 — 187,274 187,274 — Short-term investments Level 1 580,026 580,026 — 1,038,037 1,038,037 — Investments held-to-maturity Level 2 3,240,290 2,671,040 (569,250) 3,461,097 2,976,709 (484,388) Loans, net of allowance for credit losses Level 2 4,473,591 4,433,872 (39,719) 4,745,849 4,700,532 (45,317) Other real estate owned¹ Level 2 — — — 450 450 — Financial liabilities Term deposits Level 2 4,478,257 4,482,978 (4,721) 3,727,794 3,732,610 (4,816) Securities sold under agreements to repurchase Level 2 92,562 92,562 — — — — Long-term debt Level 2 98,725 98,361 364 98,490 96,145 2,345 ¹ The current carrying value of OREO is adjusted to fair value only when there is devaluation below carrying value. Note 18: Interest rate risk The following tables set out the assets, liabilities and shareholders' equity on the date of the earlier of contractual maturity, expected maturity or repricing date. Use of these tables to derive information about the Bank’s interest rate risk position is limited by the fact that customers may choose to terminate their financial instruments at a date earlier than the contractual maturity or repricing date. Examples of this include fixed-rate mortgages, which are shown at contractual maturity but which may be subject to early prepayment, and certain term deposits, which are shown at contractual maturity but which may be withdrawn before their contractual maturity subject to prepayment penalties. Investments are shown based on remaining contractual maturities. The remaining contractual principal maturities for mortgage-backed securities (primarily US government agencies) do not consider prepayments. Remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature. December 31, 2024 Earlier of contractual maturity or repricing date (in $ millions) Within 3 3 to 6 6 to 12 1 to 5 After Non-interest Total Assets Cash and cash equivalents 1,905 — — — — 93 1,998 Securities purchased under agreements to resell 1,142 63 — — — — 1,205 Short-term investments 505 75 — — — — 580 Investments 93 6 22 1,097 4,294 — 5,512 Loans 2,398 104 229 1,407 283 53 4,474 Other assets — — — — — 462 462 Total assets 6,043 248 251 2,504 4,577 608 14,231 Liabilities and shareholders' equity Shareholders’ equity — — — — — 1,021 1,021 Demand deposits 5,580 — — — — 2,688 8,268 Term deposits 3,593 434 368 83 — — 4,478 Securities sold under agreements to repurchase 93 — — — — — 93 Other liabilities — — — — — 273 273 Long-term debt — 98 — — — — 98 Total liabilities and shareholders' equity 9,266 532 368 83 — 3,982 14,231 Interest rate sensitivity gap (3,223) (284) (117) 2,421 4,577 (3,374) — Cumulative interest rate sensitivity gap (3,223) (3,507) (3,624) (1,203) 3,374 — — December 31, 2023 Earlier of contractual maturity or repricing date (in $ millions) Within 3 3 to 6 6 to 12 1 to 5 After Non-interest 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 rate risk

Interest rate risk	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Interest rate risk	Note 17: Fair value measurements The following table presents the financial assets and liabilities that are measured at fair value on a recurring basis. Management classifies these items based on the type of inputs used in their respective fair value determination as described in "Note 2: Significant accounting policies". Management reviews the price of each security monthly, comparing market values to expectations and to the prior month’s price. Management's expectations are based upon knowledge of prevailing market conditions and developments relating to specific issuers and/or asset classes held in the investment portfolio. Where there are unusual or significant price movements, or where a certain asset class has performed out-of-line with expectations, the matter is reviewed by management. Financial instruments in Level 1 include US and UK Government Treasury notes. Financial instruments in Level 2 include government debt securities, mortgage-backed securities, other asset-backed securities, forward foreign exchange contracts and securities sold under agreements to repurchase. There were no Level 3 investments as at December 31, 2024 and December 31, 2023. During the year ended December 31, 2024 and December 31, 2023, there were no transfers between Level 1 and Level 2 or Level 2 and Level 3. December 31, 2024 December 31, 2023 Fair value Total carrying Fair value Total carrying Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Items that are recognized at fair value on a recurring basis: Financial assets Available-for-sale investments US government and federal agencies 991,357 1,172,262 — 2,163,619 715,965 847,820 — 1,563,785 Non-US governments debt securities 93,468 — — 93,468 250,177 — — 250,177 Asset-backed securities - Student loans — 40 — 40 — 40 — 40 Residential mortgage-backed securities — 15,359 — 15,359 — 17,127 — 17,127 Total available-for-sale 1,084,825 1,187,661 — 2,272,486 966,142 864,987 — 1,831,129 Other assets - Derivatives — 35,478 — 35,478 — 2,342 — 2,342 Financial liabilities Other liabilities - Derivatives — 2,039 — 2,039 — 13,971 — 13,971 Level 3 Reconciliation The Level 3 financial instrument was a federal family education loan program guaranteed student loan security and was valued using a non-binding quote from an external security pricing service. During the year ended December 31, 2022, this instrument was transferred to Level 2 due to increased price observability. The table below summarizes realized and unrealized gains and losses for Level 3 assets still held at the reporting date. December 31, 2024 December 31, 2023 December 31, 2022 Available- Available- Available- Carrying amount at beginning of year — — 13,174 Proceeds from sales, paydowns and maturities — — (7,631) Change in unrealized gains (losses) recognized in other comprehensive income — — 102 Realized and unrealized gains recognized in net income — — (19) Transfers in (out of) Level 3 out of (into) Level 2 - AFS — — (5,626) Carrying amount at end of year — — — Cumulative gain (loss) recognized in other comprehensive income — — (14) Items Other Than Those Recognized at Fair Value on a Recurring Basis: December 31, 2024 December 31, 2023 Level Carrying Fair Appreciation / Carrying Fair Appreciation / Financial assets Cash and cash equivalents Level 1 1,998,112 1,998,112 — 1,646,648 1,646,648 — Securities purchased under agreements to resell Level 2 1,205,373 1,205,373 — 187,274 187,274 — Short-term investments Level 1 580,026 580,026 — 1,038,037 1,038,037 — Investments held-to-maturity Level 2 3,240,290 2,671,040 (569,250) 3,461,097 2,976,709 (484,388) Loans, net of allowance for credit losses Level 2 4,473,591 4,433,872 (39,719) 4,745,849 4,700,532 (45,317) Other real estate owned¹ Level 2 — — — 450 450 — Financial liabilities Term deposits Level 2 4,478,257 4,482,978 (4,721) 3,727,794 3,732,610 (4,816) Securities sold under agreements to repurchase Level 2 92,562 92,562 — — — — Long-term debt Level 2 98,725 98,361 364 98,490 96,145 2,345 ¹ The current carrying value of OREO is adjusted to fair value only when there is devaluation below carrying value. Note 18: Interest rate risk The following tables set out the assets, liabilities and shareholders' equity on the date of the earlier of contractual maturity, expected maturity or repricing date. Use of these tables to derive information about the Bank’s interest rate risk position is limited by the fact that customers may choose to terminate their financial instruments at a date earlier than the contractual maturity or repricing date. Examples of this include fixed-rate mortgages, which are shown at contractual maturity but which may be subject to early prepayment, and certain term deposits, which are shown at contractual maturity but which may be withdrawn before their contractual maturity subject to prepayment penalties. Investments are shown based on remaining contractual maturities. The remaining contractual principal maturities for mortgage-backed securities (primarily US government agencies) do not consider prepayments. Remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature. December 31, 2024 Earlier of contractual maturity or repricing date (in $ millions) Within 3 3 to 6 6 to 12 1 to 5 After Non-interest Total Assets Cash and cash equivalents 1,905 — — — — 93 1,998 Securities purchased under agreements to resell 1,142 63 — — — — 1,205 Short-term investments 505 75 — — — — 580 Investments 93 6 22 1,097 4,294 — 5,512 Loans 2,398 104 229 1,407 283 53 4,474 Other assets — — — — — 462 462 Total assets 6,043 248 251 2,504 4,577 608 14,231 Liabilities and shareholders' equity Shareholders’ equity — — — — — 1,021 1,021 Demand deposits 5,580 — — — — 2,688 8,268 Term deposits 3,593 434 368 83 — — 4,478 Securities sold under agreements to repurchase 93 — — — — — 93 Other liabilities — — — — — 273 273 Long-term debt — 98 — — — — 98 Total liabilities and shareholders' equity 9,266 532 368 83 — 3,982 14,231 Interest rate sensitivity gap (3,223) (284) (117) 2,421 4,577 (3,374) — Cumulative interest rate sensitivity gap (3,223) (3,507) (3,624) (1,203) 3,374 — — December 31, 2023 Earlier of contractual maturity or repricing date (in $ millions) Within 3 3 to 6 6 to 12 1 to 5 After Non-interest 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 — —

Long-term debt

Long-term debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-term debt	Note 19: Long-term debt On May 24, 2018, the Bank issued US $75 million of Subordinated Lower Tier II capital notes. The notes were issued at par and due on June 1, 2028. The issuance was by way of a registered offering with US institutional investors. The notes are listed on the BSX in the specialist debt securities category. The proceeds of the issue were used, among others, to repay the entire amount of the US $47 million outstanding subordinated notes Series 2003-B. The notes issued pay a fixed coupon of 5.25% until June 1, 2023 when they become redeemable in whole at the option of the Bank. The notes were priced at a spread of 2.27% over the 10-year US Treasury yield. The Bank incurred $1.8 million of costs directly related to the issuance of these capital notes. These costs have been capitalized directly against the carrying value of these notes on the balance sheet, and were amortized over the life of the notes. These notes were redeemed at face value in June 2023 at which time, unamortized issuance costs were fully recognized in the Consolidated Statements of Operations as part of interest expense. On June 11, 2020, the Bank issued US $100 million of Subordinated Lower Tier II capital notes. The notes were issued at par and due on June 15, 2030. The issuance was by way of a registered offering with US institutional investors. The notes are listed on the BSX in the specialist debt securities category. The proceeds of the issue were used, among others, to repay the entire amount of the US $45 million outstanding subordinated notes Series 2005-B which matured on July 2, 2020. The notes issued pay a fixed coupon of 5.25% until June 15, 2025 when they become redeemable in whole at the option of the Bank. The notes were priced at a spread of 4.43% over the 10-year US Treasury yield. The Bank incurred $2.3 million o f costs directly related to the issuance of these capital notes. These costs have been capitalized directly against the carrying value of these notes on the balance sheet, and will be amortized over the life of the notes. No interest was capitalized during the years ended December 31, 2024, 2023 and 2022. In the event the Bank would be in a position to redeem long-term debt, priority would go to the redemption of the higher interest-bearing Series, subject to availability relative to the earliest date the Series is redeemable at the Bank's option. The following table presents the contractual maturity and interest payments for long-term debt issued by the Bank as at December 31, 2024. The interest payments are calculated until contractual maturity using the SOFR as outlined below. Interest payments until contractual maturity Long-term debt Earliest date redeemable at the Bank's option Contractual maturity date Interest rate until date redeemable Interest rate from earliest date redeemable to contractual maturity Principal Outstanding Within 1 to 5 After Bermuda 2020 issuance June 15, 2025 June 15, 2030 5.25 % 3 months US$ SOFR + 5.060% 100,000 7,480 38,757 4,828 Total 100,000 7,480 38,757 4,828 Unamortized debt issuance costs (1,275) Long-term debt less unamortized debt issuance costs 98,725

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings per share	Note 20: Earnings per share Earnings per share have been calculated using the weighted average number of common shares outstanding during the year after deduction of the shares held as treasury stock. The dilutive effect of share-based compensation plans was calculated using the treasury stock method, whereby the proceeds received from the exercise of share-based awards are assumed to be used to repurchase outstanding shares, using the average market price of the Bank’s shares for the year. Numbers of shares are expressed in thousands. During the year ended December 31, 2024, there were no options to purchase common shares outstanding (December 31, 2023: nil, December 31, 2022: nil). During the year ended December 31, 2024, the average number of outstanding awards of unvested common shares was 1.7 million (December 31, 2023: 1.5 million, December 31, 2022: 1.1 million). Only awards for which the sum of 1) the expense that will be recognized in the future (i.e., the unrecognized expense) and 2) its exercise price, if any, was lower than the average market price of the Bank‘s common shares were considered dilutive and, therefore, included in the computation of diluted earnings per share. An award's unrecognized expense is also considered to be the proceeds the employees would need to pay to purchase accelerated vesting of the awards. For purposes of calculating dilution, such proceeds are assumed to be used by the Bank to buy back common shares at the average market price. The weighted-average number of outstanding awards, net of the assumed weighted-average number of common shares bought back, is included in the number of diluted participating shares. Year ended December 31, 2024 December 31, 2023 December 31, 2022 Net income 216,316 225,492 214,020 Basic Earnings Per Share Weighted average number of common shares issued 45,701 49,423 50,214 Weighted average number of common shares held as treasury stock (619) (619) (619) Weighted average number of common shares (in thousands) 45,082 48,804 49,595 Basic Earnings Per Share 4.80 4.62 4.32 Diluted Earnings Per Share Weighted average number of common shares 45,082 48,804 49,595 Net dilution impact related to awards of unvested common shares 817 473 265 Weighted average number of diluted common shares (in thousands) 45,899 49,277 49,860 Diluted Earnings Per Share 4.71 4.58 4.29

Share-based payments

Share-based payments	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-based payments	Note 21: Share-based payments The common shares transferred to employees under all share-based payments are either taken from the Bank's common treasury shares or from newly issued shares. All share-based payments are settled by the ultimate parent company which, pursuant to Bermuda law, is not taxed on income. There are no income tax benefits in relation to the issue of such shares as a form of compensation. In May 2020, the Board of Directors approved the 2020 Omnibus Plan (the "2020 Plan"). Under the 2020 Plan, 3.0 million shares are initially available for grant to employees in the form of stock options or unvested share awards. Both types of awards are detailed below. Stock Option Awards 2020 Plan Under the 2020 Plan, options are awarded to Bank employees and executive management, based on predetermined vesting conditions that entitle the holder to purchase one common share at a subscription price usually equal to the price of the most recently traded common share when granted and have a term of 10 years. The subscription price is reduced for all special dividends declared by the Bank. Stock option awards granted under the 2020 Plan vest based on two specific types of vesting conditions, i.e., time and performance conditions, as detailed below: Time vesting condition 50% of each option award was granted in the form of time vested options and vested 25% on each of the second, third, fourth and fifth anniversaries of the effective grant date. In addition to the time vesting conditions noted above, the options will generally vest immediately: • by reason of the employee’s death or disability, • upon termination, by the Bank, of the holder’s employment, unless if in relation with the holder’s misconduct, or • in limited circumstances and specifically approved by the Board, as stipulated in the holder’s employment contract. In the event of the employee’s resignation, any unvested portion of the awards shall generally be forfeited and any vested portion of the options shall generally remain exercisable during the 90-day period following the termination date or, if earlier, until the expiration date, and any vested portion of the options not exercised as of the expiration of such period shall be forfeited without any consideration therefore. Performance vesting condition 50% of each option award was granted in the form of performance options and would vest (partially or fully) on a “valuation event” date (the date that any of the March 2, 2010 new investors transfers at least 5% of the total number of common shares or the date that there is a change in control and any of the new investors realize a predetermined multiple of invested capital). On September 21, 2016, it was determined that a valuation event occurred during which a new investor realized a MOIC of more than 200% of the original invested capital of $12.09 per share and accordingly, all outstanding unvested performance options vested. There were no stock options outstanding as at December 31, 2024 and December 31, 2023. Share-Based Incentive Programs Recipients of unvested share awards are entitled to the related common shares at no cost, at the time the award vests. Recipients of unvested shares may be entitled to receive additional unvested shares having a value equal to the cash dividends that would have been paid had the unvested shares been issued and vested. Such additional unvested shares granted as dividend equivalents are subject to the same vesting schedule and conditions as the underlying unvested shares. Unvested shares subject only to the time vesting condition generally vest upon retirement, death, disability or upon termination, by the Bank, of the holder’s employment unless if in connection with the holder’s misconduct. Unvested shares subject to both time vesting and performance vesting conditions remain outstanding and unvested upon retirement and will vest only if the performance conditions are met. Unvested shares can also vest in limited circumstances and if specifically approved by the Board, as stipulated in the holder’s employment contract. In all other circumstances, unvested shares are generally forfeited when employment ends. The grant date weighted average fair value (which equals the actual trading price prevailing on grant date) of unvested share awards granted in the years ended December 31, 2024, 2023 and 2022 was $30.11, $32.89 and $35.05, respectively. The Bank expects to settle these awards by issuing new shares. Employee Deferred Incentive Program Under the Bank’s EDIP, shares are awarded to Bank employees and executive management based on the time vesting condition, which states that the shares will vest equally over a three-year period from the effective grant date. Executive Long-Term Incentive Share Program Under the Bank’s ELTIP, performance shares as well as time-vesting shares were awarded to employees and executive management. The performance shares will generally vest upon the achievement of certain performance targets in the three-year period from the effective grant date. The time-vesting shares will generally vest over the three-year period from the effective grant date. Employee Share Purchase Plan The Bank's ESPP was approved in July 2021 and registered in November 2021. The first offering period started in May 2022. Under the Bank's ESPP, eligible employees may elect to contribute up to 15% of their regular compensation toward the purchase of Bank's shares at a 10% discount from market price on the closing date of each offering period. The ESPP specifies two consecutive six month offering periods per year. In the case of termination of employment or voluntary partial or full withdrawal from the plan, the related current offering period ESPP contributions are refunded to the employee and thus cannot be used to purchase shares under the ESPP. During the year ended December 31, 2024, 16,762 shares (December 31, 2023: 26,551 shares) were issued under the ESPP. Changes in Outstanding ELTIP and EDIP awards (in thousands of shares transferable upon vesting) Year ended December 31, 2024 December 31, 2023 December 31, 2022 EDIP ELTIP EDIP ELTIP EDIP ELTIP Outstanding at beginning of year 665 915 621 705 297 704 Granted 105 573 199 395 486 280 Vested (fair value in 2024: $14.2 million, 2023: $11.2 million; 2022: $17.3 million) (139) (333) (155) (185) (162) (279) Forfeitures and cancellations (3) (4) — — — — Outstanding at end of year 628 1,151 665 915 621 705 Share-based Compensation Cost Recognized in Net Income Year ended December 31, 2024 December 31, 2023 December 31, 2022 EDIP and EDIP and EDIP and Cost recognized in net income 19,971 19,676 16,215 Year ended Unrecognized Share-based Compensation Cost December 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 8,829 1.88 11,774 2.66 ELTIP Time vesting shares 66 1.12 118 2.12 Performance vesting shares 15,877 1.79 12,416 1.76 Total unrecognized expense 24,772 24,308

Share repurchase programs

Share repurchase programs	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Share repurchase programs	Note 22: Share repurchase programs From time to time, the Bank may seek to repurchase and retire equity securities of the Bank, through cash purchase, privately negotiated transactions, or otherwise. Such transactions, if any, depend on prevailing market conditions, liquidity and capital requirements, contractual restrictions, and other factors. Common Share Repurchase Program On February 10, 2021, the Board approved a new common share repurchase program, authorizing the purchase of up to 2.0 million common shares through to February 28, 2022. On February 14, 2022, the Board approved a new common share repurchase program, authorizing the purchase of up to 2.0 million common shares through to February 28, 2023. On February 13, 2023, the Board approved a new common share repurchase program, authorizing the purchase of up to 3.0 million common shares through to February 29, 2024. On December 5, 2023, the Board approved a new common share repurchase program, authorizing the purchase of up to 3.5 million common shares through to December 31, 2024. On July 22, 2024, the Board approved a new common share repurchase program, authorizing the purchase of up to 2.1 million common shares through to December 31, 2024. On December 9, 2024, the Board approved a new common share repurchase program, authorizing the purchase of up to 2.7 million common shares through to December 31, 2025. In the year ended December 31, 2024, the Bank repurchased and retired 4,490,940 shares. Year ended December 31 Common share repurchases 2024 2023 2022 Acquired number of shares (to the nearest 1) 4,490,940 3,133,717 102,000 Average cost per common share 34.58 28.27 38.21 Total cost (in US dollars) 155,305,756 88,590,240 3,897,268

Accumulated other comprehensive

Accumulated other comprehensive income (loss)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Accumulated other comprehensive income (loss)	Note 23: Accumulated other comprehensive income (loss) Unrealized net gains (losses) Unrealized net Unrealized net Employee benefit plans adjustments Year ended December 31, 2024 Pension Post-retirement Subtotal - Total AOCIL Balance at beginning of year (25,478) (82,067) (162,910) (51,563) 11,820 (39,743) (310,198) Other comprehensive income (loss), net of taxes (713) 8,148 635 2,281 4,432 6,713 14,783 Balance at end of year (26,191) (73,919) (162,275) (49,282) 16,252 (33,030) (295,415) Unrealized net gains (losses) Unrealized net Unrealized net Employee benefit plans adjustments Year ended December 31, 2023 Pension Post- retirement Subtotal - Total AOCIL Balance at beginning of year (25,700) (91,212) (220,345) (47,905) 7,710 (40,195) (377,452) Other comprehensive income (loss), net of taxes 222 9,145 57,435 (3,658) 4,110 452 67,254 Balance at end of year (25,478) (82,067) (162,910) (51,563) 11,820 (39,743) (310,198) Unrealized net gains (losses) Unrealized net Unrealized net Employee benefit plans adjustments Year ended December 31, 2022 Pension Post- retirement Subtotal - Total AOCIL Balance at beginning of year (20,913) 91 (21,982) (56,400) (25,713) (82,113) (124,917) Transfer of AFS investments to HTM investments — (99,143) 99,143 — — — — Other comprehensive income (loss), net of taxes (4,787) 7,840 (297,506) 8,495 33,423 41,918 (252,535) Balance at end of year (25,700) (91,212) (220,345) (47,905) 7,710 (40,195) (377,452) Net Change of AOCIL Components Year ended Line item in the consolidated statements of operations, if any December 31, 2024 December 31, 2023 December 31, 2022 Net unrealized gains (losses) on translation of net investment in foreign operations adjustments Foreign currency translation adjustments N/A (8,876) 19,420 (38,925) Gains (losses) on net investment hedge N/A 8,163 (19,198) 34,138 Net change (713) 222 (4,787) Held-to-maturity investment adjustments Net unamortized gains (losses) transferred from AFS N/A — — (99,143) Amortization of net gains (losses) to net income Interest income on investments 8,148 9,145 7,840 Net change 8,148 9,145 (91,303) Available-for-sale investment adjustments Gross unrealized gains (losses) N/A 355 60,199 (298,768) Net unrealized (gains) losses transferred to HTM N/A — — 99,143 Transfer of realized (gains) losses to net income Net realized gains (losses) on AFS investments — 14 19 Foreign currency translation adjustments of related balances N/A 280 (2,778) 1,243 Net change 635 57,435 (198,363) Employee benefit plans adjustments Defined benefit pension plan Net actuarial gain (loss) N/A (288) (5,762) 6,218 Net loss (gain) on settlement reclassified to net income Net other gains (losses) — — (907) Amortization of net actuarial (gains) losses Non-service employee benefits expense 2,358 2,284 2,218 Change in deferred taxes N/A — — — Amortization of prior service (credit) cost Non-service employee benefits expense 79 79 81 Foreign currency translation adjustments of related balances N/A 132 (259) 885 Net change 2,281 (3,658) 8,495 Post-retirement healthcare plan Net actuarial gain (loss) N/A 6,219 4,919 31,455 Amortization of net actuarial (gains) losses Non-service employee benefits expense 524 524 1,444 Amortization of prior service (credit) cost Non-service employee benefits expense (2,311) (1,333) 524 Net change 4,432 4,110 33,423 Other comprehensive income (loss), net of taxes 14,783 67,254 (252,535)

Capital structure

Capital structure	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Capital structure	Note 24: Capital structure Authorized Capital The par value of each issued common share and each authorized but unissued common share is BM$0.01 and the authorized share capital of the Bank comprises 2,000,000,000 common shares of par value BM$0.01 each, 6,000,000,000 non‑voting ordinary shares of par value BM$0.01 each, 110,200,001 preference shares of par value US$0.01 each and 50,000,000 preference shares of par value £0.01 each. Dividends Declared During the year ended December 31, 2024, the Bank declared and paid cash dividends of $1.76 (December 31, 2023: $1.76, December 31, 2022: $1.76) for each common share as of the related record dates. On February 10, 2025, the Board of Directors declared an interim dividend of $0.44 per common share to be paid on March 10, 2025 to shareholders of record on February 24, 2025. The Bank is required to comply with Section 54 of the Companies Act 1981 issued by the Government of Bermuda (the “Companies Act”) each time a dividend is declared or paid by the Bank and also obtain a letter of no objection from the BMA pursuant to the Banks and Deposit Companies Act 1999 for any dividends declared. The Bank has complied with Section 54 and has obtained the BMA's letter of no objection for all dividends declared during the periods presented. Regulatory Capital The Bank’s regulatory capital is determined in accordance with current Basel III guidelines as issued by the BMA. The Bank is fully compliant with all regulatory capital requirements to which it is subject, and it maintains capital ratios in excess of regulatory minimums as at December 31, 2024 and 2023. The following table sets forth the Bank's capital adequacy in accordance with the Basel III framework: December 31, 2024 December 31, 2023 Actual Regulatory minimum Actual Regulatory minimum Capital CET 1 capital 1,066,058 N/A 1,042,506 N/A Tier 1 capital 1,066,058 N/A 1,042,506 N/A Tier 2 capital 107,061 N/A 109,423 N/A Total capital 1,173,119 N/A 1,151,929 N/A Risk Weighted Assets 4,539,376 N/A 4,540,745 N/A Leverage Ratio Exposure Measure 14,679,662 N/A 13,777,771 N/A Capital Ratios (%) CET 1 capital 23.5 % 10.0 % 23.0 % 10.0 % Tier 1 capital 23.5 % 11.5 % 23.0 % 11.5 % Total capital 25.8 % 13.5 % 25.4 % 13.5 % Leverage ratio 7.3 % 5.0 % 7.6 % 5.0 %

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income taxes	Note 25: Income taxes The Bank is incorporated in Bermuda, and pursuant to Bermuda law is not taxed on either income or capital gains. The Bank’s subsidiaries in the Cayman Islands and The Bahamas are not subject to any taxes in their respective jurisdictions on either income or capital gains under current law applicable in the respective jurisdictions. The Bank’s subsidiaries in Canada, the United Kingdom, Guernsey, Jersey, Switzerland, Singapore and Mauritius are subject to the tax laws of those jurisdictions. For the years ended December 31, 2024, 2023, and 2022, the Bank had no uncertain tax positions. The Bank records income taxes based on the enacted tax laws and rates applicable in the relevant jurisdictions for the years ended December 31, 2024, 2023, and 2022. For the years ended December 31, 2024, 2023, and 2022, the Bank did not incur any interest or pay any penalties. Year ended Income taxes in consolidated statements of operations December 31, 2024 December 31, 2023 December 31, 2022 Current tax expense 3,949 1,909 3,223 Deferred tax (recovery) expense 582 (1,142) 459 Total tax (benefit) expense 4,531 767 3,682 Reconciliation between the Effective Income Tax Rate and the Statutory Income Tax Rate Year ended December 31, 2024 December 31, 2023 December 31, 2022 $ % $ % $ % Income tax expense in international offices taxed at different rates 4,440 2.0 2,814 1.2 4,349 2.0 Expenses not deductible for tax purposes 864 0.4 454 0.2 283 0.1 Prior year tax adjustments (196) (0.1) 45 — 83 — Effect of change in tax rate (117) (0.1) (76) — 125 0.1 Change in valuation allowance (566) (0.3) (2,192) (1.0) (1,364) (0.6) Other - net 106 — (278) (0.1) 206 0.1 Income tax (benefit) expense at effective tax rate 4,531 1.9 767 0.3 3,682 1.7 Deferred income taxes December 31, 2024 December 31, 2023 Deferred income tax asset Tax loss carried forward 3,783 5,058 Allowance for compensated absence 23 23 Deferred income tax asset before valuation allowance 3,806 5,081 Less: valuation allowance (721) (1,287) Deferred income tax asset after valuation allowance 3,085 3,794 Deferred income tax liability Fixed assets (531) (595) Total deferred income tax liability (531) (595) Net deferred income tax assets 2,554 3,199 Management assesses the available positive and negative evidence to evaluate if sufficient future taxable income will be generated to use the existing deferred tax assets. On the basis of this evaluation, as at December 31, 2024, a valuation allowance of $0.7 million (December 31, 2023: $1.3 million) has been recognized to record only the portion of the deferred tax asset that more likely than not will be realized. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carry-forward period change, or if there are changes in the available positive and negative evidence. The Bank has net taxable loss carry forwards related to the Bank’s international operations of approximately $16.9 million (December 31, 2023: $22.8 million). Of these losses available to carry forward, $16.2 million (December 31, 2023: $21.1 million) have an indefinite life.

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related party transactions	Note 26: Related party transactions Financing Transactions Certain directors and executives of the Bank, companies in which they are principal owners and/or members of the board, and trusts in which they are involved, have deposits with the Bank, have loans and/or are guarantors for loans with the Bank. Loans to directors were made in the ordinary course of business at normal credit terms, including interest rate and collateral requirements. Loans to executives may be eligible for preferential rates. All of these loans were considered performing loans as at December 31, 2024 and December 31, 2023. Loan balances with directors and executives of the Bank, companies in which they are principal owners and/or members of the board, and trusts in which they are involved were as follows: 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 year (1,081) Effect of changes in the composition of related parties 983 Balance at December 31, 2024 19,637 Consolidated balance sheets December 31, 2024 December 31, 2023 Deposits 92,182 100,364 Year ended December 31 Consolidated statement of operations 2024 2023 2022 Interest and fees on loans 1,244 1,149 900 Total non-interest expense 188 202 — Other non-interest income 269 230 — Certain affiliates of the Bank have loans and deposits with the Bank which were made and are maintained in the ordinary course of business on normal commercial terms. Balances with these parties were as follows: Consolidated balance sheets December 31, 2024 December 31, 2023 Loans 9,056 9,801 Deposits 811 288 Accrued interest and other liabilities 167 305 Year ended December 31 Consolidated statement of operations 2024 2023 2022 Interest and fees on loans 780 827 669 Total non-interest expense 1,562 1,573 1,720 Other non-interest income 252 242 242 Investments As at December 31, 2024, several Butterfield mutual funds which are managed by a wholly-owned subsidiary of the Bank, had loan balances and deposit balances held with the Bank. The Bank also earned asset management revenue and custody and other administration services revenue from funds managed by a wholly-owned subsidiary of the Bank and from directors and executives, companies in which they are principal owners and/or members of the board and trusts in which they are involved, as well as other income from other related parties. Consolidated balance sheets December 31, 2024 December 31, 2023 Deposits 9,441 4,633 Year ended December 31 Consolidated statement of operations 2024 2023 2022 Asset management 11,003 9,461 7,379 Custody and other administration services 1,385 1,163 839 Interest expense - deposits — 489 —

Condensed financial statements

Condensed financial statements of the parent company only	12 Months Ended
	Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]
Condensed financial statements of the parent company only	Note 27: Condensed financial statements of the parent company only Condensed financial statements of the Bank of N.T. Butterfield & Son Limited (the ultimate parent company) without consolidation of its subsidiaries were as follows: The Bank of N.T. Butterfield & Son Limited (parent company only) Condensed Balance Sheets (In thousands of US dollars) As at December 31, 2024 December 31, 2023 Assets Cash and demand deposits with banks - Non-interest-bearing 36,383 40,436 Demand deposits with banks - Interest-bearing 37,645 64,273 Cash equivalents - Interest-bearing 725,121 265,775 Cash and cash equivalents 799,149 370,484 Securities purchased under agreements to resell 90,674 187,274 Short-term investments 220,055 599,156 Investments (none of the investment securities are intrinsically tax-exempt) Available-for-sale (amortized cost: $1,391,401 (2023: 853,864)) 1,323,837 786,903 Held-to-maturity (fair value: $1,015,441 (2023: $1,148,103)) 1,210,265 1,309,659 Total investment in securities 2,534,102 2,096,562 Net assets of subsidiaries - Banks 588,843 597,724 Net assets of subsidiaries - Non-banks 63,169 52,265 Loans to third parties, net of allowance for credit losses 1,578,547 1,716,803 Loans to subsidiaries - Non-banks 31,847 34,541 Other assets, including accrued interest, premises, equipment and computer software, equity method investments, receivables from subsidiaries and other real estate owned 229,716 229,234 Total assets 6,136,102 5,884,043 Liabilities Deposits Non-interest bearing 1,600,902 1,610,269 Interest bearing 3,272,022 3,008,750 Total deposits 4,872,924 4,619,019 Employee benefit plans 83,578 88,682 Other liabilities, including accrued interest and payables to subsidiaries 60,063 74,255 Total other liabilities 143,641 162,937 Long-term debt 98,725 98,490 Total liabilities 5,115,290 4,880,446 Total shareholders’ equity 1,020,812 1,003,597 Total liabilities and shareholders’ equity 6,136,102 5,884,043 The Bank of N.T. Butterfield & Son Limited (parent company only) Condensed Statements of Operations (In thousands of US dollars) Year ended December 31, 2024 December 31, 2023 December 31, 2022 Non-interest income Banking 28,480 26,242 26,116 Foreign exchange revenue 10,699 11,253 11,858 Custody and other administration services 7,256 6,830 6,869 Other non-interest income 829 1,345 1,269 Dividends from subsidiaries - Banks 154,111 100,000 72,268 Dividends from subsidiaries - Non-banks 20,521 22,973 21,318 Total non-interest income 221,896 168,643 139,698 Interest income Interest and fees on loans 121,204 129,626 118,829 Investments (none of the investment securities are intrinsically tax-exempt) 56,279 50,219 49,790 Cash and cash equivalents, securities purchased under agreements to resell and short-term investments 52,935 43,690 14,499 Total interest income 230,418 223,535 183,118 Interest expense Deposits 54,271 34,064 10,834 Long-term debt 5,485 8,091 9,601 Securities sold under agreements to repurchase 106 66 22 Total interest expense 59,862 42,221 20,457 Net interest income before provision for credit losses 170,556 181,314 162,661 Provision for credit (losses) recoveries (1,834) (4,755) (1,226) Net interest income after provision for credit losses 168,722 176,559 161,435 Net gains (losses) on equity securities — 46 14 Net gains (losses) on other real estate owned 50 (40) 9 Net other gains (losses) 35 4,005 — Total other gains (losses) 85 4,011 23 Total net revenue 390,703 349,213 301,156 Non-interest expense Salaries and other employee benefits 65,372 68,779 65,789 Technology and communications 34,073 32,241 29,551 Professional and outside services 33,488 32,959 29,744 Property 11,300 10,831 10,232 Indirect taxes 15,768 15,269 15,714 Non-service employee benefits expense 3,972 5,645 4,845 Marketing 3,606 3,194 3,629 Amortization of intangible assets 169 169 169 Other expenses 9,466 10,049 9,613 Total non-interest expense 177,214 179,136 169,286 Net income before equity in undistributed earnings of subsidiaries 213,489 170,077 131,870 Equity in undistributed earnings of subsidiaries 2,827 55,415 82,150 Net income 216,316 225,492 214,020 Other comprehensive income, net of tax 14,783 67,254 (252,535) Total comprehensive income 231,099 292,746 (38,515) The Bank of N.T. Butterfield & Son Limited (parent company only) Condensed Statements of Cash Flows (In thousands of US dollars) Year ended December 31, 2024 December 31, 2023 December 31, 2022 Cash flows from operating activities Net income 216,316 225,492 214,020 Adjustments to reconcile net income to operating cash flows Depreciation and amortization 16,628 14,792 14,922 Provision for credit losses (recoveries) 1,834 4,755 1,226 Share-based payments and settlements 21,003 20,812 17,077 Net change in equity securities at fair value — 236 (14) Net (gains) losses on other real estate owned (50) 40 (9) (Increase) decrease in carrying value of equity method investments 483 313 120 Dividends received from equity method investments — 5,096 12 Equity in undistributed earnings of subsidiaries (2,827) (55,415) (82,150) Changes in operating assets and liabilities (Increase) decrease in accrued interest receivable and other assets (2,549) 10,626 (25,888) Increase (decrease) in employee benefit plans, accrued interest payable and other liabilities (13,456) 10,955 15,386 Cash provided by (used in) operating activities 237,382 237,702 154,702 Cash flows from investing activities (Increase) decrease in securities purchased under agreements to resell 96,600 (127,403) 36,236 Short-term investments other than restricted cash: proceeds from maturities and sales 781,459 357,451 821,645 Short-term investments other than restricted cash: purchases (417,695) (869,466) (666,837) Available-for-sale investments: proceeds from maturities and pay downs 156,134 131,261 112,274 Available-for-sale investments: purchases (694,620) (41,426) (44,504) Held-to-maturity investments: proceeds from maturities and pay downs 99,962 112,348 158,665 Held-to-maturity investments: purchases — — (203,867) Net (increase) decrease in loans to third parties 136,147 117,772 125,215 Net (increase) decrease in loans to bank subsidiaries — — 13,534 Net (increase) decrease in loans to non-bank subsidiaries 2,693 23,515 3,845 Additions to premises, equipment and computer software (8,937) (13,267) (20,567) Proceeds from sale of other real estate owned 588 646 730 Injection of capital in subsidiary — (58,477) (6,083) Return of capital from a subsidiary (1,878) — — Cash provided by (used in) investing activities 150,453 (367,046) 330,286 The Bank of N.T. Butterfield & Son Limited (parent company only) Condensed Statements of Cash Flows (In thousands of US dollars) Year ended December 31, 2024 December 31, 2023 December 31, 2022 Cash flows from financing activities Net increase (decrease) in deposits 281,518 (147,941) (265,270) Repayment of long-term debt — (75,000) — Common shares repurchased (155,305) (88,590) (3,897) Cash dividends paid on common shares (79,581) (86,186) (87,343) Cash provided by (used in) financing activities 46,632 (397,717) (356,510) Net increase (decrease) in cash, cash equivalents and restricted cash 434,467 (527,061) 128,478 Cash, cash equivalents and restricted cash: beginning of year 383,832 910,893 782,415 Cash, cash equivalents and restricted cash: end of year 818,299 383,832 910,893 Components of cash, cash equivalents and restricted cash at end of year Cash and cash equivalents 799,149 370,484 904,371 Restricted cash included in short-term investments on the consolidated balance sheets 19,150 13,348 6,522 Total cash, cash equivalents and restricted cash at end of year 818,299 383,832 910,893 Supplemental disclosure of cash flow information Cash interest paid 58,864 39,412 18,680 Supplemental disclosure of non-cash items Transfer to (out of) other real estate owned 87 336 830 Transfer of available-for-sale investments to held-to-maturity investments — — 364,983

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent events	Note 28: Subsequent events

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 216,316	$ 225,492	$ 214,020

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Bank recognizes the importance of assessing, identifying, and managing material risks associated with cybersecurity threats to safeguard our organization, its assets and the sensitive data entrusted to us. We define cybersecurity risks as risks resulting from the failure of, or insufficiency in, information technology (for example a system outage) or intentional or accidental unauthorized access, disclosure, removal, tampering or disposal of company and customer data and records The Bank maintains a cyber risk management framework which forms part of our overall enterprise risk management framework as described above and has adopted a conservative risk posture. This means we have developed processes and controls that are designed to be defensive and focus on detection and prevention as we seek to mitigate against the likelihood of circumstances or events which may occur causing an impact on the confidentiality, integrity or availability of our information assets. This includes regular training to help employees recognize information and cybersecurity concerns and respond accordingly, measures to ensure data security (cryptography and encryption, database security, data erasure, and media disposal, etc.) and regular data backups and restoration processes. Our crisis response structure consists of frameworks, policies and handbooks that work together to manage cybersecurity risks. This structure is intended to coordinate the activities we take to prepare for, detect, respond to and recover from cybersecurity incidents. This includes processes to triage, assess severity of, escalate, contain, investigate, and remediate the incident, as well as to comply with potentially applicable legal obligations and mitigate brand and reputational damage. The program is regularly reviewed and updated by the CISO through the Group Risk and Compliance Committee to address emerging threats and industry best practices. As part of our cybersecurity program, our enterprise risk professionals collaborate with third-party subject matter specialists as necessary to gather insights for identifying and assessing material cybersecurity risks, their severity, and potential mitigations, as well as identifying areas for continued focus, improvement and/or compliance. We employ a range of tools and services, including regular network and endpoint monitoring, vulnerability assessments, penetration testing, and tabletop exercises to inform our professionals’ risk identification and assessment. We also have a cybersecurity-specific risk assessment process in place, which helps identify our cybersecurity risks by comparing our processes to standards set by the National Institute of Standards and Technology and the Center for Internet Security, as well as by engaging experts to attempt to infiltrate our information systems. As part of this process, we regularly have third-party experts review our cybersecurity program, which evaluates our preparedness to respond to crisis-level events, including cybersecurity incidents. The Bank also maintains a third-party risk management program responsible for the oversight of outsourced operations, which enables us to oversee and identify risks related to engaging third-party service providers, including risks from cybersecurity threats to these providers. Management conducts due diligence using a risk-based approach in selecting and monitoring third-party service providers. The Bank obtains contractual assurances from third-party service providers relating to their security responsibilities, controls, reporting, and roles and responsibilities as it pertains to cybersecurity incident response policies and notification requirements. The Bank obtains independent reviews of the third parties’ security through audit reports and testing and conducts verification and validation with third parties to confirm cybersecurity and information security risks are appropriately identified, measured, mitigated, monitored, and reported by the third party to us. We have experienced, and will continue to experience, cyber incidents in the normal course of our business. These cyberattacks are often intended to disrupt the operations of financial institutions or obtain confidential, proprietary, or other information or assets of the Bank, our customers, employees, or other third parties with whom we transact. Failures or disruptions to these systems, including cloud-based services, or infrastructure from cyberattacks or other events may impede our ability to conduct business and operations and may result in business, reputational, financial, regulatory, or other harm. To date, prior cybersecurity incidents have not had a material adverse effect on our business, financial condition, results of operations, or cash flows. See Item 3.D. "Risk Factors - Cyber-attacks, distributed denial of service attacks and other cybersecurity matters, if successful, could have an adverse effect on our business, financial condition or results of operations" and Item 6.A. "Risk Management - Operational Risk".
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Bank maintains a cyber risk management framework which forms part of our overall enterprise risk management framework as described above and has adopted a conservative risk posture. This means we have developed processes and controls that are designed to be defensive and focus on detection and prevention as we seek to mitigate against the likelihood of circumstances or events which may occur causing an impact on the confidentiality, integrity or availability of our information assets. This includes regular training to help employees recognize information and cybersecurity concerns and respond accordingly, measures to ensure data security (cryptography and encryption, database security, data erasure, and media disposal, etc.) and regular data backups and restoration processes.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Risk Policy and Compliance Committee of the Board of Directors oversees Butterfield's cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks. The committee is supported in the execution of its mandate by management's Group Risk and Compliance Committee. The cybersecurity team briefs the Risk Policy and Compliance Committee on the effectiveness of the Bank’s cyber risk management program, typically on a quarterly basis. In addition, the Board of Directors reviews the Bank's cybersecurity risks, at least annually, as part of the Company’s corporate risk mapping exercise, and evaluates whether management has reasonable risk management and control processes in place to address those risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Risk Policy and Compliance Committee of the Board of Directors oversees Butterfield's cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks. The committee is supported in the execution of its mandate by management's Group Risk and Compliance Committee. The cybersecurity team briefs the Risk Policy and Compliance Committee on the effectiveness of the Bank’s cyber risk management program, typically on a quarterly basis. In addition, the Board of Directors reviews the Bank's cybersecurity risks, at least annually, as part of the Company’s corporate risk mapping exercise, and evaluates whether management has reasonable risk management and control processes in place to address those risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Bank’s CISO is the head of the Bank's cybersecurity team and reports directly to the President and Group Chief Risk Officer. The CISO is responsible for assessing and managing our cyber risk management program, informing senior management regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents and supervising such efforts. The CISO has more than 20 years’ experience in the field of information technology, cyber security and adjacent roles and is supported by a cybersecurity team that has decades of experience in selecting, deploying, and operating cybersecurity technologies, initiatives, and processes. The CISO reports regularly on the Bank’s cybersecurity program to the President & Group Chief Risk Officer as well as the Group Head of Compliance and Operational Risk, and presents information quarterly to the Group Risk and Compliance Committee.
Cybersecurity Risk Role of Management [Text Block]	The Bank’s CISO is the head of the Bank's cybersecurity team and reports directly to the President and Group Chief Risk Officer. The CISO is responsible for assessing and managing our cyber risk management program, informing senior management regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents and supervising such efforts.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Bank’s CISO is the head of the Bank's cybersecurity team and reports directly to the President and Group Chief Risk Officer. The CISO is responsible for assessing and managing our cyber risk management program, informing senior management regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents and supervising such efforts.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CISO has more than 20 years’ experience in the field of information technology, cyber security and adjacent roles and is supported by a cybersecurity team that has decades of experience in selecting, deploying, and operating cybersecurity technologies, initiatives, and processes.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Risk Policy and Compliance Committee of the Board of Directors oversees Butterfield's cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks. The committee is supported in the execution of its mandate by management's Group Risk and Compliance Committee. The cybersecurity team briefs the Risk Policy and Compliance Committee on the effectiveness of the Bank’s cyber risk management program, typically on a quarterly basis. In addition, the Board of Directors reviews the Bank's cybersecurity risks, at least annually, as part of the Company’s corporate risk mapping exercise, and evaluates whether management has reasonable risk management and control processes in place to address those risks. The Bank’s CISO is the head of the Bank's cybersecurity team and reports directly to the President and Group Chief Risk Officer. The CISO is responsible for assessing and managing our cyber risk management program, informing senior management regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents and supervising such efforts. The CISO has more than 20 years’ experience in the field of information technology, cyber security and adjacent roles and is supported by a cybersecurity team that has decades of experience in selecting, deploying, and operating cybersecurity technologies, initiatives, and processes. The CISO reports regularly on the Bank’s cybersecurity program to the President & Group Chief Risk Officer as well as the Group Head of Compliance and Operational Risk, and presents information quarterly to the Group Risk and Compliance Committee.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Significant accounting polici_2

Significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Use of Estimates and AssumptionsThe accounting and financial reporting policies of the Bank and its subsidiaries conform to generally accepted accounting principles in the United States of America (“GAAP”). The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the year, and actual results could differ from those estimates.
Use of Estimates and Assumptions	Critical accounting estimates are those that require management to make subjective or complex judgments about the effect of matters that are inherently uncertain and may change in subsequent periods. Changes that may be required in the underlying assumptions or estimates in these areas could have a material impact on the future financial condition and results of operations. Management believes that the most critical accounting estimates upon which the financial condition depends, and which involve the most complex or subjective decisions or assessments, are as follows: • Allowance for credit losses • Fair value of financial instruments • Impairment of goodwill • Employee benefit plans
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries (collectively the “Bank”). Intercompany accounts and transactions have been eliminated. The Bank consolidates entities where it holds, directly or indirectly, more than 50% of the voting rights or where it otherwise exercises control. Entities where the Bank holds 20% to 50% of the voting rights and/or has the ability to exercise significant influence are accounted for under the equity method, and the pro rata share of their income (loss) is included in other non-interest income.
Foreign Currency Translation	Foreign Currency Translation Assets, liabilities, revenues and expenses denominated in Bermuda dollars are translated to US dollars at par. Assets and liabilities of the parent company arising from other foreign currency transactions are remeasured into Bermuda dollars at the rates of exchange prevailing at the balance sheet date and then translated into US dollars at par. The resulting gains or losses are included in foreign exchange revenue in the consolidated statements of operations. The assets and liabilities of foreign currency-based subsidiaries are translated at the rate of exchange prevailing on the balance sheet date, while associated revenues and expenses are translated to US dollars at the average rates of exchange prevailing throughout the year. Unrealized translation gains or losses on investments in foreign currency- based subsidiaries are recorded as a separate component of Shareholders' equity within AOCIL. Gains and losses on foreign currency-based subsidiaries are recorded in the consolidated statements of operations when the Bank ceases to have a controlling financial interest in a foreign currency-based subsidiary.
Assets Held in Trust or Custody	Assets Held in Trust or Custody Securities and properties (other than cash and deposits held with the Bank and its subsidiaries) held in trust, custody, agency or fiduciary capacity for customers are not included in the consolidated balance sheets because the Bank is not the beneficiary of these assets.
Cash and Cash Equivalents and Consolidated Statements of Cash Flows	Cash and cash equivalents Cash and cash equivalents includes cash on hand, cash items in the process of collection, amounts due from correspondent banks and highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in fair value. Such investments are those with a maturity of three months or less from the date of acquisition and include unrestricted term deposits, certificates of deposit and treasury bills. For the purposes of the consolidated statements of cash flows, cash and cash equivalents includes cash on hand, cash items in the process of collection, amounts due from correspondent banks and highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in fair value, and restricted cash included in short-term investments on the consolidated balance sheets.
Securities Purchased Under Agreements to Resell, Securities Sold Under Agreements to Repurchase and Collateral	Securities Purchased Under Agreements to Resell Securities purchased under agreements to resell are treated as collateralized lending transactions. The obligation to resell is recorded at the amount at which the securities will be subsequently sold. Securities sold under agreements to repurchase (securities financing agreements) are treated as collateralized financing transactions. The obligation to repurchase is recorded at the amount at which the securities will be subsequently repurchased. The Bank pledges assets as collateral as required for various transactions involving security repurchase agreements, deposit products and derivative financial instruments. Assets that have been pledged as collateral, including those that can be sold or repledged by the secured party, continue to be reported on the Bank’s consolidated balance sheets under the same line items as non-pledged assets of the same type.
Short-Term Investments and Investments	Short-Term Investments Short-term investments have maturities of one year or less from the date of acquisition, are only subject to an insignificant risk of change in fair value and comprise (1) restricted term and demand deposits, and (2) unrestricted term deposits, certificate of deposits and treasury bills with a maturity greater than three months from the date of acquisition. H. Investments Investments are reported on the consolidated balance sheets at their trade date. Equity method investments which include investments whereby the Bank has the ability to influence, but not control, the financial or operating policies of such entities, are accounted for using the equity method of accounting. Equity securities with readily determinable fair values are carried at fair value in the consolidated balance sheets, with unrealized gains and losses included in the consolidated statements of operations as net gains (losses) on equity securities. Contained within accrued interest and other assets are investments in private equity for which the Bank does not have sufficient rights or ownership interests to follow the equity method of accounting. Unquoted equity investments which are held directly by the Bank and which do not have readily determinable fair values are recorded at cost, less impairment, plus or minus observable price changes from transactions of identical or similar securities. Debt securities are classified as AFS or HTM. Investments are classified primarily as AFS when used to manage the Bank’s exposure to interest rate and liquidity movements, as well as to make strategic longer-term investments. AFS investments are carried at fair value in the consolidated balance sheets with unrealized gains and losses reported in AOCIL, net of the allowance for credit losses. Investments that the Bank has the positive intent and ability to hold to maturity are classified as HTM and are carried at amortized cost in the consolidated balance sheets, net of the allowance for credit losses. Unrecognized gains and losses on HTM securities are disclosed in the notes to the consolidated financial statements. The specific identification method is used to determine realized gains and losses on investments, which are included in net gains (losses) on equity securities and net realized gains (losses) on AFS investments respectively, in the consolidated statements of operations. Dividend and interest income, including amortization of premiums and discounts, on securities for which cash flows are not considered uncertain are included in interest income in the consolidated statements of operations. Impairment and credit losses For debt securities, where management does not expect to recover the entire amortized cost basis of the security and intends to sell such securities or it is more likely than not that the Bank will be required to sell the securities before recovering the amortized cost, the Bank recognizes an impairment loss equal to the full difference between the amortized cost basis and the fair value of those securities through the statement of operations. Following the recognition of impairment, the security's new amortized cost basis is the previous basis less impairment. When management does not intend to sell or it is more likely than not that the Bank will hold such securities until recovering the amortized cost, management determines whether any credit losses exist. See "Note 2.J: Allowance for Credit Losses".
Loans	Loans Loans are reported as the principal amount outstanding, net of allowance for credit losses, fair value adjustments arising from hedge accounting and net deferred loan fees. Interest income is recognized over the term of the loan using the effective interest method, or on a basis approximating a level rate of return over the term of the loan, except for loans classified as non-accrual. Prepayments are treated as a reduction of principal outstanding which is recognized upon receipt of payment. Prepayment penalties, if applicable under the terms of the specific loan agreement, are recognized also upon receipt of payment. Acquired loans Acquired loans that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination, are accounted for as PCD loans. PCD loans are recorded at their purchase price with an adjustment to the amortized cost basis for the initial expected credit losses at the time of acquisition, i.e. via a balance sheet gross-up. Changes in estimates of expected credit losses after acquisition are recognized as a movement in provision for credit recoveries (losses) in the statement of operations. Generally, acquired loans that meet the Bank's definition for non-accrual status are considered to be PCD loans. The amortized cost and an allowance for expected credit losses related to PCD loans are disclosed and included with other non-PCD loans' figures. The Bank will continue to recognize the amortization of the noncredit discount, if any, as interest income based on the yield of such assets as at the date of purchase. Participated or Assigned Loans The Bank may act as lead lender on large loans from time to time and may for strategic or commercial reasons, assign portions of such loans to other market participants. Such assignments are without full right of recourse to the Bank as the lead lender and participants/assignees accept all risks and obligations of the ultimate borrower associated with their proportional participation and assignment in such loans. The Bank records the unassigned portion of the principal outstanding in such loans on the consolidated balance sheets and records only its proportional share of interest income on the unassigned portion of the loan in the consolidated statement of operations. Impaired loans A loan is considered to be impaired when, based on current information and events, the Bank determines that it will not be able to collect all amounts due according to the original loan contract, including scheduled interest payments. Impaired loans include all non-accruing loans and all loans modified in a troubled debt restructuring even if full collectability is expected following the restructuring. If the Bank determines that the expected realizable value of the impaired loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate. If the Bank determines that part of the allowance is uncollectible, that amount is charged-off. Non-accrual Commercial, commercial real estate and consumer loans (excluding credit card consumer loans) are placed on non-accrual status if: • in the opinion of management, full payment of principal or interest is in doubt; or • principal or interest is 90 days past due. Residential mortgages are placed on non-accrual status immediately if: • in the opinion of management, full payment of principal or interest is in doubt; or • when principal or interest is 90 days past due, unless the loan is well secured and any ongoing collection efforts are reasonably expected to result in repayment of all amounts due under the contractual terms of the loan. Cash received on non-accrual loans is applied firstly against the past due principal amount of the loan and secondly to past due interest and fees. Interest income on these loans is recognized only after the entire past due principal balance receivable is recovered and only to the extent that interest payments are received in cash. Loans are returned to accrual status when: • none of the principal or accrued interest is past due (with certain exceptions as noted below) and the Bank expects repayment of the remaining contractual obligation; or • when the loan becomes well secured and in the process of collection. Loan Modifications The Bank evaluates whether a modified loan represents a new loan or a continuation of an existing loan. If the effective yield on the restructured loan is at least equal to the effective yield for comparable loans with similar collection risks and the modifications to the original loan are more than minor, the Bank will derecognize the existing loan and recognize the restructured loan as a new loan. If a loan restructuring does not meet these conditions, the Bank will account for the modification as a continuation of the existing loan. See Note 6: Loans for the new required disclosures. Delinquencies The entire balance of an account is contractually delinquent if the minimum payment of principal or interest is not received by the specified due date. Delinquency is reported on loans that are more than 30 days past due. Charge-offs The Bank recognizes charge-offs when it determines that loans are uncollectible, and this generally occurs when all commercially reasonable means of recovering the loan balance have been exhausted. Commercial and consumer loans are either fully or partially charged-off down to the fair value of collateral securing the loans when: • management judges the loan to be uncollectible; • repayment is expected to be protracted beyond reasonable time frames; • the asset has been classified as a loss by either the Bank’s internal loan review process or third party appraisers; or • the customer has filed bankruptcy and the loss becomes evident owing to a lack of assets or cash flow. The outstanding balance of commercial real estate loans and residential mortgages that are in excess of the estimated property value, less costs to sell, is charged-off once there is reasonable assurance that such excess outstanding balance is not recoverable. Credit card consumer loans that are contractually 180 days past due and other consumer loans with an outstanding balance under $100,000 that are contractually 180 days past due are generally written off and reported as charge-offs.
Allowance for Credit Losses	Allowance for Credit Losses Accounting for Financial instruments - Credit losses The Bank uses a current expected credit loss model which is based on expected losses. The CECL model is applied by the Bank to the measurement of credit losses on financial instruments at amortized cost, including loan receivables and HTM debt securities. The Bank also applies the CECL model to certain off-balance sheet credit exposures such as undrawn loan commitments, standby letters of credit, financial guarantees, and other similar instruments. In line with Topic 326, the Bank will present credit losses on AFS securities as a valuation allowance rather than as a direct write-down. Changes in expected credit losses are recorded through the respective credit loss allowances on the consolidated balance sheets as well as in the provision for credit losses (recoveries) in the consolidated statements of operations. The Bank's PCI loans outstanding were classified as PCD loans and both the amortized cost and an allowance for expected credit losses were disclosed and included with other non-PCD loans' figures. The Bank will continue to recognize the amortization of the noncredit discount, if any, as interest income based on the yield of such assets. Under the CECL model, the Bank collects and maintains attributes as they relate to its financial instruments that are within the scope of CECL including fair value of collateral, expected performance over the lifetime of the instruments and reasonable and supportable assumptions about future economic conditions. The Bank's measurement of expected losses takes into account historical loss information and is primarily based on the product of: the respective instrument’s PD, LGD and EAD . For AFS securities, any allowance for credit losses is based on an impairment assessment. The Bank made the accounting policy election to write off accrued interest receivable on loans that are placed on non-accrual status by reversing the then accrued interest balance against interest income revenue. The Bank maintains an allowance for credit losses, which in management’s opinion is adequate to absorb all estimated credit-related losses that are expected in its lending and off-balance sheet credit-related arrangements at the balance sheet date. Management measures expected credit losses on HTM and AFS debt securities on a collective basis by major security type when similar risk characteristics exist, or failing that, on an individual basis. For AFS debt securities in an unrealized loss position, the Bank first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, the Bank evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any change in fair value that has not been recorded through an allowance for credit losses and that is not accounted for as being hedged is recognized in other comprehensive income. Losses are charged against the allowance when management believes the uncollectibility of an AFS debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. The allowance for credit losses on loans is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged-off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries typically do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts as well as the Bank's internal risk rating framework. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in the current-loan specific risk characteristics such as differences in underwriting practices, vintage, portfolio mix, delinquency level, term as well as changes in environmental conditions, such as changes in macroeconomic factors and collateral values. The allowance for credit losses is measured on a collective pool basis when similar risk characteristics exist. In each of its jurisdictions, the Bank has identified the following portfolio segments: Residential mortgages, Consumer loans (including overdrafts), Commercial loans, Commercial overdrafts, Commercial real estate loans and Credit cards. For loans and overdrafts, management uses a PD and LGD model to estimate the allowance for credit losses. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. For Credit cards, management uses a loss rate to estimate expected credit losses. Expected credit losses are estimated over the contractual term of the loans. The contractual term excludes potential extensions, renewals and modifications unless management has a reasonable expectation at the reporting date that the extension or renewal options included in the original contract will occur or that a troubled debt restructuring will be executed. Credit card receivables do not have stated maturities, therefore establishing a contractual term is performed by using an analytical approximation of behavior.
Business Combinations	All business combinations are accounted for using the acquisition method.
Goodwill and Intangible Assets	Identifiable intangible assets (mostly customer relationships) are recognized separately from goodwill and are initially valued at fair value using discounted cash flow calculations and other recognized valuation techniques. Goodwill represents the excess of the fair value of the consideration paid for the acquisition of a business over the fair value of the net assets acquired. A contingent purchase consideration is measured at its fair value and recorded on the purchase date. Any subsequent changes in the fair value of a contingent consideration liability will be recorded through the consolidated statements of operations. Goodwill is tested annually for impairment at the reporting unit level, or more frequently if events or circumstances indicate there may be impairment. If the carrying amount of a reporting unit, including the allocated goodwill, exceeds its fair value, goodwill impairment is measured as the excess of the carrying amount of the reporting unit's allocated goodwill over the implied fair value of the goodwill. Other acquired intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives, not exceeding 15 years. Intangible assets' estimated lives are re-evaluated annually and an impairment test is carried out if certain indicators of impairment exist.
Premises, Equipment and Computer Software	Premises, Equipment and Computer Software Land is carried at cost. Buildings, equipment and computer software, including leasehold improvements, are carried at cost less accumulated depreciation. The Bank computes depreciation using the straight-line method over the estimated useful life of an asset, which is up to 50 years for buildings, and 3 to 10 years for other equipment. For leasehold improvements the Bank uses the straight-line method over the lesser of the remaining term of the leased facility or the estimated economic life of the improvement. The Bank capitalizes certain costs, including interest costs incurred during the development phase, associated with the acquisition or development of internal use software. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the software's expected useful life, which is between 5 and 10 years. The Bank capitalizes certain implementation costs for cloud computing arrangements, which includes infrastructure as a service, and these costs are then amortized on a straight-line basis over the term of the arrangement. Management reviews the recoverability of the carrying amount of premises, equipment and computer software when indicators of impairment exist and an impairment charge is recorded when the carrying amount of the reviewed asset is deemed not recoverable by future expected cash flows to be derived from the use and disposition of the asset. If there is a disposition of premises, equipment and computer software, a gain is recorded if the difference of the proceeds on disposition is in excess of the asset's carrying value. Otherwise, a loss is recorded. If there is an abandonment out of premises, equipment and computer software, the full carrying value of the asset is recognized as a loss.
Other Real Estate Owned	Other Real Estate OwnedOREO comprises real estate property held for sale and commercial and residential real estate properties acquired in partial or total satisfaction of loans acquired through foreclosure proceedings, acceptance of a deed-in-lieu of foreclosure or by taking possession of assets that were used as loan collateral. These properties are initially recorded at fair value less estimated costs to sell the property. If the recorded investment in the loan exceeds the property’s fair value at the time of acquisition, a charge-off is recorded against the specific allowance. If the carrying value of the real estate exceeds the property’s fair value at the time of reclassification, an impairment charge is recorded in the consolidated statements of operations. Subsequent decreases in the property’s fair value below the new cost basis are recorded through the use of a valuation allowance. Subsequent increases in the fair value of a property may be used to reduce the allowance but not below zero. Any operating expenses of the property are recognized through charges to non-interest expense.
Leases	Leases In the normal course of operations, the Bank enters into leasing agreements either as the lessee or the lessor. The Bank recognizes right-of-use assets and lease liabilities for operating leases. Lease liabilities are measured as the present value of future lease payments, including term renewals that are reasonably certain to occur, discounted using the Bank’s incremental borrowing interest rate. Right-of-use assets are measured as the carrying amount of the related lease liabilities adjusted for prepaid or accrued lease payments, unamortized lease incentive received, unamortized initial direct costs and any impairment of the right-of-use asset. The Bank made accounting policy elections not to separate lease components from non-lease components for all classes of underlying assets; and not to recognize a right-of-use asset and a lease liability for leases with a term at inception of 12 months or less, including renewal options that are reasonably certain to be exercised (referred to as “short term leases”).
Segment Information	Segment Information Beginning January 1, 2024, the Bank adopted Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU provides amendments to improve reportable segment disclosure requirements. The Bank is required to adopt these amendments for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis.
Derivatives	Derivatives All derivatives are recognized on the consolidated balance sheets at their fair value. On the date that the Bank enters into a derivative contract, it designates the derivative as either: a hedge of the fair value of a recognized asset or liability (a fair value hedge); a hedge of a forecasted transaction or the variability of cash flows that are to be received or paid in connection with a recognized asset or liability (a cash flow hedge); a hedge of an exposure to foreign currency risk of a net investment in a foreign operation (a net investment hedge); or, an instrument that is held for trading or non-hedging purposes (a trading or non-hedging derivative instrument). All instruments utilized as a hedging instrument in a fair value hedge or cash flow hedge must have one or more underlying notional amounts, no or a minimal net initial investment and a provision for net settlement in the contract to meet the definition of a derivative instrument. Instruments utilized as a hedging instrument in a hedge of a net investment in foreign operations may be derivative instruments or non-derivatives. The changes in the fair value of a derivative that is designated and qualifies as a fair value hedge, along with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk, are recorded in the consolidated statements of operations. The changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge, to the extent that the hedge is effective, are recorded in OCI and the ineffective portion is recorded in the statement of operations. That is, ineffectiveness from a derivative that overcompensates for changes in the hedged cash flows is recorded in the consolidated statements of operations. However, the ineffectiveness from a derivative that under compensates is not recorded in the consolidated statements of operations. The changes in the fair value of a derivative that is designated and qualifies as a foreign currency hedge is recorded in either current year earnings or OCI, depending on whether the hedging relationship satisfies the criteria for a fair value or cash flow hedge. If, however, a derivative is used as a hedge of a net investment in a foreign operation, the changes in the derivative’s fair value, to the extent that the derivative is effective as a hedge, are recorded in the CTA account within OCI. Changes in the fair value of trading and non-hedging derivative instruments are reported in the consolidated statements of operations. The Bank formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. This process includes linking all derivatives that are designated as fair value, cash flow, or foreign currency hedges to specific assets and liabilities on the consolidated balance sheets or specific firm commitments or forecasted transactions. The Bank also formally assesses whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. For those hedge relationships that are terminated, hedge designations that are elected to be removed, forecasted transactions that are no longer expected to occur, or where the hedge relationship ceases to be highly effective, the hedge accounting treatment described in the paragraphs above is no longer applied and the end-user derivative is terminated or transferred to the trading designation. For fair value hedges, any changes to the carrying value of the hedged item prior to the discontinuance remain as part of the basis of the asset or liability. When a cash flow hedge is discontinued, the net derivative gain (loss) remains in AOCIL unless it is probable that the forecasted transaction will not occur in the originally specified time period.
Employee Benefit Plans	Employee Benefit Plans The Bank maintains trusteed pension plans for substantially all employees as either non-contributory defined benefit plans or defined contribution plans. Benefits under the defined benefit plans are based primarily on the employee's years of credited service and average annual salary during the final years of employment as defined in the plans. The Bank also provides post-retirement medical benefits for certain qualifying active and retired Bermuda-based employees. Expense for the defined benefit pension plans and the post-retirement medical benefits plan is composed of (a) the actuarially determined benefits for the current year's service, (b) imputed interest on the actuarially determined liability of the plan, (c) in the case of the defined benefit pension plans, the expected investment return on the fair value of plan assets and (d) amortization of certain items over the expected average remaining service life of employees in the case of the active defined benefit pension plans, estimated average remaining life expectancy of the inactive participants in the case of the inactive defined benefit pension plans and the expected average remaining service life to full eligibility age of employees covered by the plan in the case of the post-retirement medical benefits plan. The items amortized are amounts arising as a result of experience gains and losses, changes in assumptions, plan amendments and the change in the net pension asset or post-retirement medical benefits liability arising on adoption of revised accounting standards. For each of the defined benefit pension plans and for the post-retirement medical benefits plan, the assets and liabilities recognized for accounting purposes are reported in other assets and employee benefit plans respectively. The actuarial gains and losses, transition obligation and prior service costs of the defined pension plans and post-retirement medical benefits plan are recognized in OCI net of tax and amortized to net income over the average service period for the active defined benefit pension plans and post-retirement medical benefits plan and average remaining life expectancy for the inactive defined benefit pension plans. For the defined contribution pension plans, the Bank and participating employees provide an annual contribution based on each participating employee's pensionable earnings. Amounts accrued are expensed in the period.
Share-Based Compensation	Share-Based Compensation The Bank engages in equity settled share-based payment transactions in respect of services received from eligible employees. The fair value of the services received is measured by reference to the fair value of the shares or share options granted on the date of the grant. The cost of the employee services received in respect of the shares or share options granted is recognized in the consolidated statements of operations over the shorter of the vesting or service period. The fair value of the options granted is determined using option pricing models, which take into account the exercise price of the option, the current share price, the risk-free interest rate, expected dividend rate, the expected volatility of the share price over the life of the option and other relevant factors. The fair value of unvested share awards is deemed to be the closing price of the publicly traded Bank shares on grant date. The fair value of time vesting conditions is taken into account by adjusting the number of shares or share options included in the measurement of the costs of employee services so that ultimately, the amount recognized in the consolidated statements of operations reflects the number of vested shares or share options. The Bank recognizes compensation cost for awards with performance conditions if and when the Bank concludes that it is probable that the performance condition will be achieved, net of an estimate of pre-vesting forfeitures (e.g., due to termination of employment prior to vesting).
Revenue Recognition	Revenue Recognition Trust, custody and other administration services fees include fees for private and institutional trust, executorship, and custody services. Asset management fees include fees for investment management, investment advice and brokerage services. Fees are recognized as revenue over the period of the relationship or when the Bank has rendered all services to the client and is entitled to collect the fee from the client, as long as there are no contingencies associated with the fees. Banking services fees primarily include fees for letters of credit and other financial guarantees, compensating balances, overdraft facilities and other financial services-related products as well as credit card fees. Letters of credit and other financial guarantees fees are recognized as revenue over the period in which the related guarantee is outstanding. Credit card fees are comprised of merchant discounts, late fees and membership fees, net of interchange and rewards costs. Credit card fees and other fees are recognized in the period in which the service is provided. Foreign exchange revenue includes fees earned on currency exchange transactions which are recognized when such transactions occur, as well as gains and losses recognized when translating financial instruments held or due in currencies other than the local functional currency at the rates of exchange prevailing at the balance sheet date. Loan interest income is accrued and recognized in revenues over time and also includes the amortization of deferred non-refundable loan origination and commitment fees. These fees are recognized as an adjustment of yield over the life of the related loan. Loan origination and commitment fees are offset by their related direct costs and only the net amounts are deferred and amortized into interest income. Dividend and interest income, including amortization of premiums and discounts, on securities for which cash flows are not considered uncertain are included in interest income in the consolidated statements of operations. Loans placed on non-accrual status and investments with uncertain cash flows are accounted for under the cost recovery method, whereby all principal, dividends, interest and coupon payments received are applied as a reduction of the amortized cost and carrying amount.
Fair Values	Fair Values Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Bank determines the fair values of assets and liabilities based on the fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The relevant accounting standard describes three levels of inputs that may be used to measure fair value. Equity securities and debt investments classified as AFS, and derivative assets and liabilities, are recognized in the consolidated balance sheets at fair value. Level 1, 2 and 3 valuation inputs Management classifies items that are recognized at fair value on a recurring basis based on the level of inputs used in their respective fair value determination as described below. Fair value inputs are considered Level 1 when based on unadjusted quoted prices in active markets for identical assets. Fair value inputs are considered Level 2 when based on inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active. Fair value inputs are considered Level 3 when based on internally developed models using significant unobservable assumptions involving management's estimations or non-binding bid quotes from brokers. The following methods and assumptions were used in the determination of the fair value of financial instruments: Cash and cash equivalents The carrying amount of cash and demand deposits with banks, being short-term in nature, is deemed to approximate fair value. Cash equivalents include unrestricted term deposits, certificates of deposits and treasury bills with a maturity of less than three months from the date of acquisition and the carrying value at cost is considered to approximate fair value because they are short-term in nature, bear interest rates that approximate market rates, and generally have negligible credit risk. Short-term investments Short-term investments comprise restricted term and demand deposits and unrestricted term deposits, certificates of deposit and treasury bills with less than one year but greater than three months' maturity from the date of acquisition. The carrying value at cost is considered to approximate fair value because they are short-term in nature, bear interest rates that approximate market rates, and generally have negligible credit risk. Equity securities, defined benefit pension plan equity securities, and mutual funds The fair value of listed equity securities is based upon quoted market values. Investments in actively traded mutual funds are based on their published net asset values. AFS and HTM investments and defined benefit pension plan fixed income securities The fair values for AFS investments are generally sourced from third parties. The fair value of fixed income securities is based upon quoted market values where available, “evaluated bid” prices provided by third party pricing services (“pricing services”) where quoted market values are not available, or by reference to broker or underwriter bid indications where pricing services do not provide coverage for a particular security. To the extent the Bank believes current trading conditions represent distressed transactions, the Bank may elect to utilize internally generated models. The pricing services typically use market approaches for valuations using primarily Level 2 inputs (in the vast majority of valuations), or some form of discounted cash flow analysis. Pricing services indicate that they will only produce an estimate of fair value if there is objectively verifiable information available to produce a valuation. Standard inputs to the valuations provided by the pricing services listed in approximate order of priority for use when available include: reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. The pricing services may prioritize inputs differently on any given day for any security, and not all inputs listed are available for use in the evaluation process on any given day for each security evaluation. However, the pricing services also monitor market indicators and industry and economic events. When these inputs are not available, pricing services identify “buckets” of similar securities (allocated by asset class types, sectors, sub-sectors, contractual cash flows/structure, and credit rating characteristics) and apply some form of matrix or other modeled pricing to determine an appropriate security value which represents their best estimate as to what a buyer in the marketplace would pay for a security in a current sale. It is common industry practice to utilize pricing services as a source for determining the fair values of investments where the pricing services are able to obtain sufficient market corroborating information to allow them to produce a valuation at a reporting date. In addition, in the majority of cases, although a value may be obtained from a particular pricing service for a security or class of similar securities, these values are corroborated against values provided by other pricing services. While the Bank receives values for the majority of the investment securities it holds from pricing services, it is ultimately management’s responsibility to determine whether the values received and recorded in the financial statements are representative of appropriate fair value measurements. Broker/dealer quotations are used to value investments with fixed maturities where prices are unavailable from pricing services due to factors specific to the security such as limited liquidity, lack of current transactions, or trades only taking place in privately negotiated transactions. These are considered Level 3 valuations, as significant inputs utilized by brokers may be difficult to corroborate with observable market data, or sufficient information regarding the specific inputs utilized by the broker was not available to support a Level 2 classification. For disclosure purposes, HTM investments are fair valued using the same methods described above. Loans Variable rate loans re-price in response to changes in market rates and hence management estimates that the fair value of variable rate loans is not significantly different than their carrying amount. For significant fixed-rate loan exposures, fair value is estimated by discounting the future cash flows, using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities, of such loans. Management includes the effects of any credit losses recorded against individual loans, which factors in a loan's credit quality, as well as accrued interest in determining the fair value of loans. Accrued interest The carrying amounts of accrued interest receivable and payable are assumed to approximate their fair values given their short-term nature. OREO OREO assets are carried at the lower of cost or fair value less estimated costs to sell. The determination of fair value, which aims at estimating the realizable value of the properties, is based either on third-party appraisals, when available, or on internal valuation models. Appraisals of OREO properties are updated on an annual basis. Where the fair value of the related property is based on an unadjusted appraised value, the OREO is generally classified as Level 2. Where significant adjustments are made to the appraised value, or based on an internally generated valuation model, the OREO is generally classified as Level 3. Deposits The fair value of fixed-rate deposits has been estimated by discounting the contractual cash flows, using market interest rates offered at the balance sheet date for deposits of similar terms. The carrying amount of deposits with no stated maturity date is deemed to equate to the fair value. Long-term debt The fair value of the long-term debt has been estimated by discounting the contractual cash flows, using current market interest rates. Derivatives Derivative contracts can be exchange traded or OTC derivative contracts and may include forward, swap and option contracts relating to interest rates or foreign currencies. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy depending on whether they are deemed to be actively traded or not. OTC derivatives are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, model calibration to market clearing transactions, broker or dealer quotations or alternative pricing sources where an understanding of the inputs utilized in arriving at the valuations is obtained. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms and specific risks inherent in the instrument as well as the availability of pricing information in the market. The Bank generally uses similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, prepayment rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, such as generic forwards, interest rate swaps and options, model inputs can generally be verified and model selection does not involve significant management judgment. Goodwill The fair value of reporting units for which goodwill is recognized is determined when an impairment assessment is performed by discounting estimated future cash flows using discount rates reflecting valuation-date market conditions and risks specific to the reporting unit.
Impairment or Disposal of Long-Lived Assets	Impairment or Disposal of Long-Lived Assets Potential impairment losses are initially assessed by comparing the carrying amount of an asset group to the sum of the undiscounted cash flows expected from its use and disposal. The impairment recognized is measured as the amount by which the carrying amount of the asset exceeds its fair value. Long-lived assets that are to be disposed of other than by sale are classified and accounted for as held for use until the date of disposal or abandonment. Assets that meet certain criteria are classified as held for sale and are measured at the lower of their carrying amounts or fair value less estimated costs to sell.
Credit-Related Arrangements	Credit-Related Arrangements In the normal course of business, the Bank enters into various commitments to meet the credit requirements of its customers. Such commitments, which are not included in the consolidated balance sheet, include: • commitments to extend credit, which represent undertakings to make credit available in the form of loans or other financing for specific amounts and maturities, subject to certain conditions; • standby letters of credit, which represent irrevocable obligations to make payments to third parties in the event that the customer is unable to meet its financial obligations; and, • documentary and commercial letters of credit, related primarily to the import of goods by customers, which represent agreements to honor drafts presented by third parties upon completion of specific activities. These credit arrangements are subject to the Bank's normal credit standards and collateral is obtained where appropriate. The contractual amounts for these commitments set out in the table in Note 12: Credit related arrangements, repurchase agreements and commitments represent the maximum payments the Bank would have to make should the contracts be fully drawn, the counterparty default, and any collateral held prove to be of no value. As many of these arrangements will expire or terminate without being drawn upon or are fully collateralized, the contractual amounts do not necessarily represent future cash requirements. The Bank applies the CECL model to undrawn loan commitments, standby letters of credit, financial guarantees, and other similar instruments and accordingly, the Bank maintain a related allowance for credit losses.
Income Taxes	Income Taxes The Bank uses the asset and liability method of accounting for income taxes. Under this method, deferred income taxes reflect the net tax effect of temporary differences between the consolidated financial statements' carrying amounts of assets and liabilities and their respective tax bases. Accordingly, a deferred income tax asset or liability is determined for each temporary difference based on the enacted tax rates to be in effect on the expected reversal date of the temporary difference. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Bank records net deferred tax assets to the extent the Bank believes these assets will more likely than not be realized. Net deferred income tax assets or liabilities accumulated as a result of temporary differences are included in other assets or other liabilities, respectively. A valuation allowance is established to reduce deferred income tax assets to the amount more likely than not to be realized. In making such a determination, the Bank considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Bank were to determine that it would be able to realize the deferred income tax assets in the future in excess of their net recorded amount, the Bank would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Bank records uncertain tax positions on the basis of a two-step process whereby (1) the Bank determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position; and (2) where those tax positions that meet the more-likely-than-not recognition threshold, the Bank recognizes the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Income taxes on the consolidated statements of operations include the current and deferred portions of the income taxes. The Bank recognizes accrued interest and penalties related to income taxes in operating expenses. Income taxes applicable to items charged or credited directly to shareholders’ equity are included in such items.
Earnings Per Share	Earnings Per Share Earnings per share have been calculated using the weighted average number of common shares outstanding during the year (see also Note 20: Earnings per share). In periods when basic earnings per share is positive, the dilutive effect of share-based compensation plans is calculated using the treasury stock method, whereby the proceeds received from the exercise of share-based awards are assumed to be used to repurchase outstanding common shares, using the quarterly average market price of the Bank’s shares for the period.
New Accounting Pronouncements	New Accounting Pronouncements The following accounting developments were issued during the year ended December 31, 2024 or are accounting standards pending adoption:
Fair Value of Financial Instruments	Management reviews the price of each security monthly, comparing market values to expectations and to the prior month’s price. Management's expectations are based upon knowledge of prevailing market conditions and developments relating to specific issuers and/or asset classes held in the investment portfolio. Where there are unusual or significant price movements, or where a certain asset class has performed out-of-line with expectations, the matter is reviewed by management. Financial instruments in Level 1 include US and UK Government Treasury notes.

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Schedule of cash and cash equivalents	December 31, 2024 December 31, 2023 Non-interest bearing Cash and demand deposits with banks 93,145 91,826 Interest bearing Demand deposits with banks 165,741 151,104 Cash equivalents 1,739,226 1,403,718 Sub-total - Interest bearing 1,904,967 1,554,822 Total cash and cash equivalents 1,998,112 1,646,648

Short-term investments (Tables)

Short-term investments (Tables)	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of short-term investments	December 31, 2024 December 31, 2023 Unrestricted Maturing within three months 415,072 639,133 Maturing between three to six months 74,524 321,850 Maturing between six to twelve months — 51,442 Total unrestricted short-term investments 489,596 1,012,425 Affected by drawing restrictions related to minimum reserve and derivative margin requirements Interest earning demand and term deposits 90,430 25,612 Total restricted short-term investments 90,430 25,612 Total short-term investments 580,026 1,038,037

Investment in securities (Table

Investment in securities (Tables)	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of marketable securities	December 31, 2024 December 31, 2023 Amortized Gross Gross Fair value Amortized Gross Gross Fair value Available-for-sale US government and federal agencies 2,324,841 1,451 (162,673) 2,163,619 1,721,278 1,382 (158,875) 1,563,785 Non-US governments debt securities 93,803 — (335) 93,468 254,532 — (4,355) 250,177 Asset-backed securities - Student loans 40 — — 40 40 — — 40 Residential mortgage-backed securities 17,068 — (1,709) 15,359 19,200 — (2,073) 17,127 Total available-for-sale 2,435,752 1,451 (164,717) 2,272,486 1,995,050 1,382 (165,303) 1,831,129 Held-to-maturity 1 US government and federal agencies 3,240,290 — (569,250) 2,671,040 3,461,097 — (484,388) 2,976,709 Total held-to-maturity 3,240,290 — (569,250) 2,671,040 3,461,097 — (484,388) 2,976,709 1 For the years ended December 31, 2024, 2023 and 2022, impairments recognized in other comprehensive income for HTM investments were nil. In the following tables, debt securities with unrealized losses that are not deemed to be credit impaired and for which an allowance for credit losses has not been recorded are categorized as being in a loss position for "less than 12 months" or "12 months or more" based on the point in time that the fair value most recently declined below the amortized cost basis. Less than 12 months 12 months or more December 31, 2024 Fair Gross Fair Gross Total Total gross Available-for-sale securities with unrealized losses US government and federal agencies 696,835 (7,922) 1,187,094 (154,751) 1,883,929 (162,673) Non-US governments debt securities — — 93,468 (335) 93,468 (335) Asset-backed securities - Student loans — — 40 — 40 — Residential mortgage-backed securities — — 15,359 (1,709) 15,359 (1,709) Total available-for-sale securities with unrealized losses 696,835 (7,922) 1,295,961 (156,795) 1,992,796 (164,717) Held-to-maturity securities with unrealized losses US government and federal agencies 36,713 (476) 2,634,326 (568,774) 2,671,039 (569,250) Less than 12 months 12 months or more December 31, 2023 Fair Gross Fair Gross Total Total gross 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) December 31, 2024 December 31, 2023 Pledged Investments - secured customer deposit product Amortized Fair Amortized Fair Available-for-sale 22,888 21,062 27,459 25,785 Held-to-maturity 95,588 84,003 96,952 88,399
Schedule of investments maturities	The following table presents the remaining term to contractual maturity of the Bank’s securities. The actual maturities may differ as certain securities offer prepayment options to the borrowers. Remaining term to maturity December 31, 2024 Within 3 to 12 1 to 5 5 to 10 Over No specific or single Carrying Available-for-sale US government and federal agencies — 15,004 976,353 — — 1,172,262 2,163,619 Non-US governments debt securities 93,468 — — — — — 93,468 Asset-backed securities - Student loans — — — — — 40 40 Residential mortgage-backed securities — — — — — 15,359 15,359 Total available-for-sale 93,468 15,004 976,353 — — 1,187,661 2,272,486 Held-to-maturity US government and federal agencies — — — — — 3,240,290 3,240,290
Schedule of sale proceeds and realized gains and losses of AFS securities	Sale Proceeds and Realized Gains and Losses of AFS Securities Year ended December 31, 2024 December 31, 2023 December 31, 2022 Sale proceeds Gross realized gains Transfers of HTM Sale Gross realized Gross realized Sale Gross realized Gross realized Transfers of HTM 1 US government and federal agencies — — — — — — — — — 998,157 Asset-backed securities - Student loans — — — 5,586 — (14) 7,631 — (19) — Total — — — 5,586 — (14) 7,631 — (19) 998,157 1

Loans (Tables)

Loans (Tables)	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Schedule of financing receivable credit quality indicators	The amortized cost of loans by credit quality classification and allowance for expected credit losses by class of loans is as follows: December 31, 2024 Pass Special Substandard Non-accrual Total amortized cost Allowance for expected credit losses Total net loans Commercial loans Government 266,303 — — — 266,303 (462) 265,841 Commercial and industrial 210,911 347 778 18,026 230,062 (11,147) 218,915 Commercial overdrafts 115,558 1,896 — 1 117,455 (75) 117,380 Total commercial loans 592,772 2,243 778 18,027 613,820 (11,684) 602,136 Commercial real estate loans Commercial mortgage 572,875 858 2,301 17,520 593,554 (3,267) 590,287 Construction 48,484 — — — 48,484 — 48,484 Total commercial real estate loans 621,359 858 2,301 17,520 642,038 (3,267) 638,771 Consumer loans Automobile financing 18,010 — 6 164 18,180 (34) 18,146 Credit card 90,433 — 244 — 90,677 (1,919) 88,758 Overdrafts 37,110 — — 38 37,148 (378) 36,770 Other consumer 1 45,180 — 832 733 46,745 (923) 45,822 Total consumer loans 190,733 — 1,082 935 192,750 (3,254) 189,496 Residential mortgage loans 2,849,805 23,619 137,093 40,175 3,050,692 (7,504) 3,043,188 Total 4,254,669 26,720 141,254 76,657 4,499,300 (25,709) 4,473,591 1 Other consumer loans’ amortized cost includes $10 million of cash and portfolio secured lending and $27 million of lending secured by buildings in construction or other collateral. December 31, 2023 Pass Special Substandard Non-accrual Total Allowance 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 consumer 1 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 1 Other consumer loans’ amortized cost includes $8 million of cash and portfolio secured lending and $27 million of lending secured by buildings in construction or other collateral. Based on the most recent analysis performed, the amortized cost of loans by year of origination and credit quality classification is as follows: December 31, 2024 Pass Special Substandard Non-accrual Total amortized cost Loans by origination year 2024 497,053 — 267 — 497,320 2023 366,278 — 506 51 366,835 2022 759,398 888 750 4 761,040 2021 422,496 781 — 13 423,290 2020 270,060 451 32,733 7,503 310,747 Prior 1,690,525 22,704 106,754 69,047 1,889,030 Overdrafts and credit cards 248,859 1,896 244 39 251,038 Total amortized cost 4,254,669 26,720 141,254 76,657 4,499,300 December 31, 2023 Pass Special 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
Schedule of age analysis and past due loans	The following tables summarize the past due status of the loans. The aging of past due amounts are determined based on the contractual delinquency status of payments under the loan and this aging may be affected by the timing of the last business day at period end. Loans less than 30 days past due are included in current loans. December 31, 2024 30 - 59 60 - 89 90 days or more Total past Total Total Commercial loans Government — — — — 266,303 266,303 Commercial and industrial 217 — 17,227 17,444 212,618 230,062 Commercial overdrafts — — 1 1 117,454 117,455 Total commercial loans 217 — 17,228 17,445 596,375 613,820 Commercial real estate loans Commercial mortgage 346 — 17,520 17,866 575,688 593,554 Construction — — — — 48,484 48,484 Total commercial real estate loans 346 — 17,520 17,866 624,172 642,038 Consumer loans Automobile financing 83 35 153 271 17,909 18,180 Credit card 514 280 244 1,038 89,639 90,677 Overdrafts — — 38 38 37,110 37,148 Other consumer 739 31 733 1,503 45,242 46,745 Total consumer loans 1,336 346 1,168 2,850 189,900 192,750 Residential mortgage loans 17,520 5,797 106,965 130,282 2,920,410 3,050,692 Total amortized cost 19,419 6,143 142,881 168,443 4,330,857 4,499,300 December 31, 2023 30 - 59 60 - 89 90 days or more Total past Total Total 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
Schedule of allowance for credit loss	Year ended December 31, 2024 Commercial Commercial Consumer Residential Total Balance at the beginning of period 11,248 1,441 3,096 9,974 25,759 Provision increase (decrease) 887 2,214 933 (2,160) 1,874 Recoveries of previous charge-offs — — 1,154 227 1,381 Charge-offs, by origination year 2024 — — — — — 2023 — — (20) — (20) 2022 — — — — — 2021 — (180) — — (180) 2020 — (180) (5) — (185) Prior (427) (28) (100) (533) (1,088) Overdrafts and credit cards (24) — (1,801) — (1,825) Other — — (3) (4) (7) Allowances for expected credit losses at end of year 11,684 3,267 3,254 7,504 25,709 Year ended December 31, 2023 Commercial Commercial Consumer Residential Total Balance at the beginning of period 12,143 884 2,696 9,238 24,961 Provision increase (decrease) 570 566 1,223 2,066 4,425 Recoveries of previous charge-offs 70 — 975 612 1,657 Charge-offs, by origination year 2023 — — (4) (4) 2022 — — (52) — (52) 2021 — — (31) — (31) 2020 — — (33) — (33) 2019 — — (2) — (2) Prior (1,474) (8) (122) (2,128) (3,732) Overdrafts and credit cards (66) — (1,536) — (1,602) Other 5 (1) (18) 186 172 Allowances for expected credit losses at end of year 11,248 1,441 3,096 9,974 25,759
Schedule of non-accrual status for non-performing loans	December 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- Non-accrual loans with an allowance Non-accrual loans without an allowance Past due 90 days or more and accruing Total non- Commercial loans Commercial and industrial 17,209 817 — 18,026 18,086 306 — 18,392 Commercial overdrafts — 1 — 1 — 88 — 88 Total commercial loans 17,209 818 — 18,027 18,086 394 — 18,480 Commercial real estate loans Commercial mortgage 17,410 110 — 17,520 1,958 1,175 — 3,133 Total commercial real estate loans 17,410 110 — 17,520 1,958 1,175 — 3,133 Consumer loans Automobile financing 126 38 — 164 124 15 — 139 Credit card — — 244 244 — — 392 392 Overdrafts — 38 — 38 — 42 — 42 Other consumer 528 205 — 733 512 327 1,682 2,521 Total consumer loans 654 281 244 1,179 636 384 2,074 3,094 Residential mortgage loans 22,630 17,545 72,693 112,868 20,059 18,326 70,325 108,710 Total non-performing loans 57,903 18,754 72,937 149,594 40,739 20,279 72,399 133,417
Financing receivable, modified	The following table summarizes the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the year ended December 31, 2024. Amortized cost basis Weighted average financial effects December 31, 2024 Term extension and interest rate Payments delay in # of months Term extension Interest rate In % of the class of loans Months of Months of term extension Interest rate Commercial mortgage — — — 636 0.1 % 0 0 3.0 % Other consumer — — 56 782 1.8 % 0 34 4.0 % Residential mortgage loans 3,823 750 7,490 5,230 0.6 % 6 31 3.1 % Amortized cost basis Weighted average financial effects December 31, 2023 Term extension and interest rate Term extension Interest rate In % of the class of loans Months of term extension Interest rate Commercial mortgage 472 — — 0.1 % 22 1.8 % Residential mortgage loans 2,938 3,499 7,428 0.4 % 35 3.3 %

Credit risk concentrations (Tab

Credit risk concentrations (Tables)	12 Months Ended
	Dec. 31, 2024
Risks and Uncertainties [Abstract]
Schedule of credit exposure	The following table summarizes the credit exposure of the Bank by geographic region. The exposure amounts disclosed below do not include accrued interest and are gross of allowance s for credit losses and gross of collateral hel d. December 31, 2024 December 31, 2023 Geographic region Cash and cash equivalents, resell agreements and Loans Off-balance Total credit Cash and cash equivalents, resell agreements and Loans Off-balance Total credit Belgium 2,478 — — 2,478 2,815 — — 2,815 Bermuda 37,227 1,631,461 186,210 1,854,898 39,843 1,772,429 189,190 2,001,462 Canada 1,417,882 — — 1,417,882 1,198,290 — — 1,198,290 Cayman Islands 40,675 1,068,142 218,817 1,327,634 46,870 1,171,213 197,333 1,415,416 France 207,687 — — 207,687 — — — — Germany 1,178 — — 1,178 1,637 — — 1,637 Guernsey 1 552,994 103,979 656,974 1 630,157 180,179 810,337 Ireland 8,672 — — 8,672 13,849 — — 13,849 Japan 121,862 — — 121,862 15,831 — — 15,831 Jersey — 223,964 68,217 292,181 — 181,647 17,514 199,161 Mauritius 1,055 — — 1,055 994 — — 994 Norway 100,148 — — 100,148 94,698 — — 94,698 Switzerland 3,377 — — 3,377 1,952 — — 1,952 The Bahamas 184 3,791 — 3,975 990 5,625 — 6,615 United Kingdom 1,240,116 1,018,948 137,654 2,396,718 558,724 1,010,537 162,002 1,731,263 United States 599,264 — — 599,264 894,259 — — 894,259 Other 1,705 — — 1,705 1,206 — — 1,206 Total gross exposure 3,783,511 4,499,300 714,877 8,997,688 2,871,959 4,771,608 746,218 8,389,785

Premises, equipment and compu_2

Premises, equipment and computer software (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of premise, equipment, and computer software	December 31, 2024 December 31, 2023 Category Cost Accumulated Net carrying Cost Accumulated Net carrying Land 8,333 — 8,333 8,333 — 8,333 Buildings 204,473 (91,401) 113,072 198,692 (88,670) 110,022 Equipment 27,128 (19,304) 7,824 26,583 (19,730) 6,853 Computer hardware and software in use 100,630 (78,012) 22,618 164,231 (136,804) 27,427 Computer software in development 1,935 — 1,935 1,727 — 1,727 Total 342,499 (188,717) 153,782 399,566 (245,204) 154,362 During the year ended December 31, 2023, the Bank completed the upgrade of its core banking systems and online platforms in Bermuda and Cayman and concurrently decommissioned the legacy systems that were fully depreciated in the amount of $54.8 million. During the same year, the Bank inaugurated its new flagship retail banking center in Bermuda which formed part of the multi-year Bermuda Head Office renovation project. Year ended Depreciation charged to operating expenses December 31, 2024 December 31, 2023 December 31, 2022 Buildings (included in Property expense) 9,202 7,334 5,963 Equipment (included in Property expense) 2,384 2,389 2,390 Computer hardware and software (included in Technology and communication expense) 9,768 10,044 10,124 Total depreciation charged to operating expenses 21,354 19,767 18,477

Goodwill and other intangible_2

Goodwill and other intangible assets (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	Segment Cayman Channel Islands and the UK Other Total Balance at December 31, 2021 551 22,738 2,067 25,356 Foreign exchange translation adjustment — (2,466) 2 (2,464) Balance at December 31, 2022 551 20,272 2,069 22,892 Foreign exchange translation adjustment — 1,143 72 1,215 Balance at December 31, 2023 551 21,415 2,141 24,107 Foreign exchange translation adjustment — (396) (94) (490) Balance at December 31, 2024 551 21,019 2,047 23,617
Schedule of customer relationship intangible assets	December 31, 2024 December 31, 2023 Segment Cost Accumulated Net carrying Cost Accumulated Net carrying Bermuda 29,785 (20,727) 9,058 29,785 (19,297) 10,488 Cayman 16,517 (9,967) 6,550 16,517 (8,865) 7,652 Channel Islands and the UK 97,860 (67,760) 30,100 97,760 (63,746) 34,014 Other 24,923 (4,639) 20,284 24,540 (1,894) 22,646 Total 169,085 (103,093) 65,992 168,602 (93,802) 74,800

Deposits (Tables)

Deposits (Tables)	12 Months Ended
	Dec. 31, 2024
Deposits [Abstract]
Schedule of maturities of deposits	By Maturity Demand Total Term Total December 31, 2024 Non-interest Interest Within 3 3 to 6 6 to 12 After 12 months Total Demand or less than $100k¹ 2,687,877 5,579,775 8,267,652 51,608 18,035 19,912 10,395 99,950 8,367,602 Term - $100k or more N/A N/A — 3,540,636 416,374 348,301 72,996 4,378,307 4,378,307 Total deposits 2,687,877 5,579,775 8,267,652 3,592,244 434,409 368,213 83,391 4,478,257 12,745,909 Demand Total Term Total December 31, 2023 Non-interest Interest Within 3 3 to 6 6 to 12 After 12 months Total 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 ¹ The weighted-average interest rate on interest-bearing demand deposits as at December 31, 2024 is 0.87% (December 31, 2023: 0.81%).
Schedule of deposits by type and segment	By Type and Segment December 31, 2024 December 31, 2023 Payable Payable on a Total Payable Payable on a Total Bermuda 3,535,770 1,245,294 4,781,064 3,487,911 985,180 4,473,091 Cayman 2,793,194 1,177,909 3,971,103 2,971,581 1,033,515 4,005,096 Channel Islands and the UK 1,938,688 2,055,054 3,993,742 1,799,422 1,709,099 3,508,521 Total deposits 8,267,652 4,478,257 12,745,909 8,258,914 3,727,794 11,986,708

Employee benefit plans (Tables)

Employee benefit plans (Tables)	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Schedule of financial position of the Bank’s defined benefit pension plans and the Bank’s post-retirement medical benefits	The following table presents the financial position of the Bank’s defined benefit pension plans and the Bank’s post-retirement medical benefit plan, which is unfunded. The Bank measures the benefit obligations and plan assets annually on each December 31 and therefore, the most recent measurement date is December 31, 2024. December 31, 2024 December 31, 2023 December 31, 2022 Pension Post- Pension Post- Pension Post- Accumulated benefit obligation at end of year 99,013 83,578 110,004 88,682 106,748 91,983 Change in projected benefit obligation Projected benefit obligation at beginning of year 110,004 88,682 106,748 91,983 157,478 125,968 Service cost — 54 — 76 — 130 Interest cost 5,134 4,385 5,367 4,786 3,026 3,114 Benefits paid (7,961) (3,324) (7,829) (3,244) (9,153) (5,774) Actuarial (gain) loss (7,453) (6,219) 3,368 (4,919) (37,425) (31,455) Foreign exchange translation adjustment (711) — 2,350 — (7,178) — Projected benefit obligation at end of year 99,013 83,578 110,004 88,682 106,748 91,983 Change in plan assets Fair value of plan assets at beginning of year 136,653 — 137,294 — 179,025 — Actual return on plan assets (1,501) — 3,725 — (24,574) — Employer contribution 153 3,324 386 3,244 207 5,774 Benefits paid (7,961) (3,324) (7,829) (3,244) (9,153) (5,774) Foreign exchange translation adjustment (925) — 3,077 — (8,211) — Fair value of plan assets at end of year 126,419 — 136,653 — 137,294 — Amounts recognized in the consolidated balance sheets consist of: Prepaid benefit cost included in accrued interest and other assets 27,417 — 26,661 — 30,581 — Accrued pension benefit cost included in employee benefit plans liability (11) (83,578) (12) (88,682) (35) (91,983) Surplus (deficit) of plan assets over projected benefit obligation at measurement date 27,406 (83,578) 26,649 (88,682) 30,546 (91,983)
Schedule of amounts recognized in accumulated other comprehensive loss	Year ended December 31, 2024 December 31, 2023 December 31, 2022 Pension Post- Pension Post- Pension Post- Amounts recognized in accumulated other comprehensive income (loss) consist of: Net actuarial gain (loss), excluding deferred taxes (48,969) 22,022 (51,165) 18,114 (47,452) 14,528 Net prior service credit (cost) (313) (5,770) (398) (6,294) (453) (6,818) Net amount recognized in accumulated other comprehensive income (loss) (49,282) 16,252 (51,563) 11,820 (47,905) 7,710 Annual benefit expense Expense component Line item in the consolidated statements of operations Service cost Salaries and other employee benefits — 54 — 76 — 130 Interest cost Non-service employee benefits expense 5,134 4,385 5,367 4,786 3,026 3,114 Expected return on plan assets Non-service employee benefits expense (6,240) — (6,117) — (6,632) — Amortization of net actuarial (gains) losses Non-service employee benefits expense 2,358 524 2,284 524 2,218 1,444 Amortization of prior service (credit) loss Non-service employee benefits expense 79 (2,311) 79 (1,333) 81 524 (Gain) loss on settlement Net other gains (losses)/Non-service employee benefits expense — — — — (907) — Defined benefit (income) expense 1,331 2,652 1,613 4,053 (2,214) 5,212 Defined contribution expense 8,363 — 8,525 — 7,825 — Total benefit (income) expense 9,694 2,652 10,138 4,053 5,611 5,212 The components of benefit expense (income) other than the service cost component are included in the line item non-service employee benefits expense in the consolidated statements of operations. Other changes recognized in other comprehensive income (loss) Net gain (loss) arising during the year (288) 6,219 (5,762) 4,919 6,218 31,455 Net loss (gain) on settlement reclassified to net income — — — — (907) — Amortization of net actuarial (gains) losses 2,358 524 2,284 524 2,218 1,444 Amortization of prior service (credit) cost 79 (2,311) 79 (1,333) 81 524 Foreign exchange adjustment 132 — (259) — 885 — Total changes recognized in other comprehensive income (loss) 2,281 4,432 (3,658) 4,110 8,495 33,423
Schedule of actuarial assumptions	Actuarial Assumptions Year ended December 31, 2024 December 31, 2023 December 31, 2022 Pension Post- Pension Post- Pension Post- Actuarial assumptions used to determine annual benefit expense Weighted average discount rate 4.85 % 5.16 % 5.20 % 5.37 % 2.30 % 2.88 % Weighted average rate of compensation increases 1 3.20 % N/A 3.00 % N/A 3.00 % N/A Weighted average expected long-term rate of return on plan assets 5.80 % N/A 6.30 % N/A 4.45 % N/A Weighted average annual medical cost increase rate N/A 6.8% to 4.5% in 2040 N/A 6.9% to 4.5% in 2040 N/A 7.0% to 4.5% in 2040 Actuarial assumptions used to determine benefit obligations at end of year Weighted average discount rate 5.55 % 5.67 % 4.85 % 5.16 % 5.20 % 5.37 % Weighted average rate of compensation increases 1 3.20 % N/A 3.00 % N/A 3.00 % N/A Weighted average annual medical cost increase rate N/A 6.6% to 4.5% in 2040 N/A 6.8% to 4.5% in 2040 N/A 6.9% to 4.5% in 2040 1 Only the UK subsidiary plan is impacted by potential future compensation increases.
Schedule of allocation of plan assets	December 31, 2024 December 31, 2023 Weighted average actual and target asset allocations of the pension plans by asset category Actual Target Actual Target Debt securities (including debt mutual funds) 70 % 74 % 70 % 74 % Equity securities (including equity mutual funds) 20 % 9 % 20 % 9 % Other 10 % 17 % 10 % 17 % Total 100 % 100 % 100 % 100 % The following table presents the fair value of the plans' assets by category and level of inputs used in their respective fair value determination as described in "Note 2: Significant accounting policies", except the level 3 security, for which the valuation determination is described following the below table: December 31, 2024 December 31, 2023 Fair value determination Fair value determination Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total US government and federal agencies — 30,748 — 30,748 — 34,278 — 34,278 Non-US governments debt securities — 39,127 — 39,127 — 44,383 — 44,383 Corporate debt securities — 19,137 — 19,137 — 17,604 — 17,604 Equity securities and mutual funds 1,066 24,790 — 25,856 926 25,986 — 26,912 Other 497 833 10,221 11,551 410 1,244 11,822 13,476 Total fair value of plans' assets 1,563 114,635 10,221 126,419 1,336 123,495 11,822 136,653
Schedule of expected benefit payments	Estimated 2025 Bank contribution to and estimated benefit payments for the next ten years under the pension and post-retirement medical benefit plans are as follows: Pension Post- Estimated Bank contributions for the full year ending December 31, 2025 — 5,323 Estimated benefit payments by year: 2025 7,400 5,323 2026 7,300 5,544 2027 7,900 5,744 2028 7,400 5,905 2029 7,500 6,054 2030-2034 36,200 31,721

Credit-related arrangements, _2

Credit-related arrangements, repurchase agreements and commitments (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of contractual obligation, fiscal year maturity	The following table summarizes the Bank's commitments for sourcing and other agreements: Year ending December 31 Sourcing Other Total 2025 11,233 27,700 38,933 2026 9,092 18,122 27,214 2027 — 12,896 12,896 2028 — 7,549 7,549 2029 — 3,292 3,292 2030 & thereafter — 19 19 Total commitments 20,325 69,578 89,903
Schedule of fair value, off-balance sheet risks	Outstanding unfunded commitments to extend credit December 31, 2024 December 31, 2023 Commitments to extend credit 475,289 496,577 Documentary and commercial letters of credit 1,576 1,824 Total unfunded commitments to extend credit 476,865 498,401 Allowance for credit losses (90) (302)
Schedule of credit-related arrangements	The following table presents the outstanding financial guarantees. Collateral is shown at estimated market value less selling cost. Where the collateral is cash, it is shown gross including accrued income. December 31, 2024 December 31, 2023 Outstanding financial guarantees Gross Collateral Net Gross Collateral Net Standby letters of credit 236,220 207,267 28,953 244,288 237,139 7,149 Letters of guarantee 1,792 1,756 36 3,529 3,493 36 Total 238,012 209,023 28,989 247,817 240,632 7,185

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of lease costs	Year ended December 31, 2024 December 31, 2023 Lease costs Operating lease costs 7,685 7,673 Short-term lease costs 1,645 2,490 Sublease income (580) (1,126) Total net lease cost 8,750 9,037 Operating lease income 1,362 1,200 Other information for the period Right-of-use assets related to new operating lease liabilities 2,068 3,268 Operating cash flows from operating leases 6,903 7,808 Year ended Other information at end of period December 31, 2024 December 31, 2023 Operating leases right-of-use assets (included in other assets on the balance sheets) 35,347 33,445 Operating lease liabilities (included in other liabilities on the balance sheets) 35,604 33,014 Weighted average remaining lease term for operating leases (in years) 11.87 9.52 Weighted average discount rate for operating leases 5.93 % 5.60 %
Schedule of lessee operating lease liability maturity	The following table summarizes the maturity analysis of the Bank's commitments for long-term leases as at December 31, 2024: Year ending December 31 Operating Leases 2025 5,249 2026 4,910 2027 4,911 2028 4,909 2029 3,667 2030 & thereafter 16,746 Total commitments 40,392 Less: effect of discounting cash flows to their present value (4,788) Operating lease liabilities 35,604

Loan interest income (Tables)

Loan interest income (Tables)	12 Months Ended
	Dec. 31, 2024
Other Income and Expenses [Abstract]
Schedule of interest and other income	Year ended December 31, 2024 December 31, 2023 December 31, 2022 Contractual interest earned 298,975 312,256 243,115 Amortization Amortization of fair value hedge (202) (232) (259) Amortization of loan origination fees (net of amortized costs) 4,953 5,015 6,026 Amortization of fair value adjustment on purchased loans 386 322 508 Total loan interest income 304,112 317,361 249,390 Balance of unamortized fair value hedge included in loans as at year end 402 604 836 Balance of unamortized loan fees included in loans as at year end 9,373 10,822 11,878

Segmented information (Tables)

Segmented information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of segment reporting information	Total Assets by Segment December 31, 2024 December 31, 2023 Bermuda 5,438,279 5,181,431 Cayman 4,337,829 4,341,739 Channel Islands and the UK 4,526,623 4,204,561 Other 62,682 63,470 Total assets before inter-segment eliminations 14,365,413 13,791,201 Less: inter-segment eliminations (134,017) (417,181) Total 14,231,396 13,374,020 2024 Bermuda Cayman Channel Islands and the UK Other Total before eliminations Inter-segment eliminations Total Year ended December 31 Interest income Interest income 222,674 159,109 203,696 238 585,717 — 585,717 Interest income - Inter-segment 7,140 5,275 1,048 — 13,463 (13,463) — Interest income Total 229,814 164,384 204,744 238 599,180 (13,463) 585,717 Interest expense Interest expense 53,559 46,948 134,007 — 234,514 — 234,514 Interest expense - Inter-segment 6,290 29 7,144 — 13,463 (13,463) — Interest expense Total 59,849 46,977 141,151 — 247,977 (13,463) 234,514 Net interest income Net interest income 169,115 112,161 69,689 238 351,203 — 351,203 Net interest income - Inter-segment 850 5,246 (6,096) — — — — Net interest income Total 169,965 117,407 63,593 238 351,203 — 351,203 Non-interest income 93,733 71,949 44,366 42,361 252,409 (22,394) 230,015 Allowance for credit losses (1,834) 135 37 — (1,662) — (1,662) Net revenue before gains and losses 261,864 189,491 107,996 42,599 601,950 (22,394) 579,556 Gains and losses 88 — 289 — 377 — 377 Total net revenue 261,952 189,491 108,285 42,599 602,327 (22,394) 579,933 Expenses Salaries and other employee benefits 74,985 27,207 45,617 26,215 174,024 — 174,024 Technology and communications 30,866 14,196 9,823 1,404 56,289 — 56,289 Non-income taxes 17,231 1,965 2,225 1,251 22,672 — 22,672 Professional and outside services 14,033 2,135 5,581 945 22,694 — 22,694 Property 9,015 2,925 8,085 2,469 22,494 — 22,494 Amortisation of intangible assets 1,429 1,101 3,456 2,020 8,006 — 8,006 Depreciation 13,174 4,517 3,078 585 21,354 — 21,354 Income tax benefit (expense) — — 3,337 1,194 4,531 — 4,531 Other expenses 37,885 13,002 (54) 3,114 53,947 (22,394) 31,553 Expenses Total 198,618 67,048 81,148 39,197 386,011 (22,394) 363,617 Net income 63,334 122,443 27,137 3,402 216,316 — 216,316 2023 Bermuda Cayman Channel Islands and the UK Other Total before eliminations Inter-segment eliminations Total Year ended December 31 Interest income Interest income 220,946 159,043 165,558 83 545,630 — 545,630 Interest income - Inter-segment 1,925 6,908 1,358 — 10,191 (10,191) — Interest income Total 222,871 165,951 166,916 83 555,821 (10,191) 545,630 Interest expense Interest expense 36,511 31,214 110,945 — 178,670 — 178,670 Interest expense - Inter-segment 5,699 1,050 3,442 — 10,191 (10,191) — Interest expense Total 42,210 32,264 114,387 — 188,861 (10,191) 178,670 Net interest income Net interest income 184,435 127,829 54,613 83 366,960 — 366,960 Net interest income - Inter-segment (3,774) 5,858 (2,084) — — — — Net interest income Total 180,661 133,687 52,529 83 366,960 — 366,960 Non-interest income 89,948 66,891 39,074 35,801 231,714 (19,378) 212,336 Allowance for credit losses (4,755) 61 242 — (4,452) — (4,452) Net revenue before gains and losses 265,854 200,639 91,845 35,884 594,222 (19,378) 574,844 Gains and losses 4,011 (4) (253) (1) 3,753 — 3,753 Total net revenue 269,865 200,635 91,592 35,883 597,975 (19,378) 578,597 Expenses Salaries and other employee benefits 78,573 30,067 46,272 23,027 177,939 — 177,939 Technology and communications 29,232 12,556 8,670 1,476 51,934 — 51,934 Non-income taxes 16,769 1,817 1,821 1,050 21,457 — 21,457 Professional and outside services 14,006 1,815 4,301 934 21,056 — 21,056 Property 9,116 2,882 7,239 2,414 21,651 — 21,651 Amortisation of intangible assets 1,430 1,101 2,821 376 5,728 — 5,728 Depreciation 11,390 3,677 4,018 682 19,767 — 19,767 Income tax benefit (expense) — — 1,278 (511) 767 — 767 Other expenses 38,343 10,596 1,511 1,734 52,184 (19,378) 32,806 Expenses Total 198,859 64,511 77,931 31,182 372,483 (19,378) 353,105 Net income 71,006 136,124 13,661 4,701 225,492 — 225,492 2022 Bermuda Cayman Channel Islands and the UK Other Total before eliminations Inter-segment eliminations Total Year ended December 31 Interest income Interest income 180,663 118,898 98,797 25 398,383 — 398,383 Interest income - Inter-segment 1,734 2,641 3,630 — 8,005 (8,005) — Interest income Total 182,397 121,539 102,427 25 406,388 (8,005) 398,383 Interest expense Interest expense 15,333 5,597 33,869 — 54,799 — 54,799 Interest expense - Inter-segment 5,122 48 2,835 — 8,005 (8,005) — Interest expense Total 20,455 5,645 36,704 — 62,804 (8,005) 54,799 Net interest income Net interest income 165,330 113,301 64,928 25 343,584 — 343,584 Net interest income - Inter-segment (3,388) 2,593 795 — — — — Net interest income Total 161,942 115,894 65,723 25 343,584 — 343,584 Non-interest income 87,855 66,696 40,485 29,425 224,461 (17,874) 206,587 Allowance for credit losses (1,226) (573) (597) — (2,396) — (2,396) Net revenue before gains and losses 248,571 182,017 105,611 29,450 565,649 (17,874) 547,775 Gains and losses 23 (19) 1,503 15 1,522 — 1,522 Total net revenue 248,593 181,998 107,114 29,466 567,171 (17,874) 549,297 Expenses Salaries and other employee benefits 75,216 28,600 42,769 19,604 166,189 — 166,189 Technology and communications 26,145 10,680 8,932 859 46,616 — 46,616 Non-income taxes 17,195 2,080 1,780 927 21,982 — 21,982 Professional and outside services 12,222 1,709 4,455 1,254 19,640 — 19,640 Property 9,544 4,458 6,945 2,141 23,088 — 23,088 Amortisation of intangible assets 1,430 1,101 2,790 359 5,680 — 5,680 Depreciation 10,339 3,469 4,033 636 18,477 — 18,477 Income tax benefit (expense) — — 3,213 469 3,682 — 3,682 Other expenses 36,585 10,023 (962) 2,151 47,797 (17,874) 29,923 Expenses Total 188,676 62,120 73,955 28,400 353,151 (17,874) 335,277 Net income 59,917 119,878 33,159 1,066 214,020 — 214,020

Derivative instruments and ri_2

Derivative instruments and risk management (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of notional amounts and related fair value measurements of derivative instruments	The following table shows the aggregate notional amounts of derivative contracts outstanding listed by type and respective gross positive or negative fair values and classified by those used for risk management (sub-classified as hedging and those that do not qualify for hedge accounting), client services and credit derivatives. Fair value of derivatives is recorded in the consolidated balance sheets in other assets and other liabilities. Gross positive fair values are recorded in other assets and gross negative fair values are recorded in other liabilities, subject to netting when master netting agreements are in place. December 31, 2024 Derivative instrument Number of contracts Notional Gross Gross Net Risk management derivatives Net investment hedges Currency swaps 1 23,235 986 — 986 Fair value hedges Currency swaps 3 139,512 — (4,496) (4,496) Derivatives not formally designated as hedging instruments Currency swaps 54 2,008,630 44,038 (7,181) 36,857 Subtotal risk management derivatives 2,171,377 45,024 (11,677) 33,347 Client services derivatives Spot and forward foreign exchange 145 217,490 1,681 (1,589) 92 Total derivative instruments 2,388,867 46,705 (13,266) 33,439 December 31, 2023 Derivative instrument Number of contracts Notional Gross Gross Net 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)
Schedule of offsetting assets	The Bank also elected not to offset certain derivative assets or liabilities and all collateral received or paid that the Bank or the counterparties could legally offset in the event of default. In the tables below, these positions are deducted from the net fair value presented in the consolidated balance sheets in order to present the net exposures. The collateral values presented in the following table are limited to the related net derivative asset or liability balance and, accordingly, do not include excess collateral received or paid. Gross fair Less: offset applied under master netting agreements Net fair value Less: positions not offset in the consolidated balance sheets December 31, 2024 Gross fair value of derivatives Cash collateral received / paid Net exposures Derivative assets Spot and forward foreign exchange and currency swaps 46,705 (11,227) 35,478 — (250) 35,228 Derivative liabilities Spot and forward foreign exchange and currency swaps 13,266 (11,227) 2,039 — (682) 1,357 Net positive fair value 33,439 Gross fair Less: offset applied under master netting agreements Net fair value Less: positions not offset in the consolidated balance sheets December 31, 2023 Gross fair value of derivatives Cash collateral 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)
Schedule of offsetting liabilities	The Bank also elected not to offset certain derivative assets or liabilities and all collateral received or paid that the Bank or the counterparties could legally offset in the event of default. In the tables below, these positions are deducted from the net fair value presented in the consolidated balance sheets in order to present the net exposures. The collateral values presented in the following table are limited to the related net derivative asset or liability balance and, accordingly, do not include excess collateral received or paid. Gross fair Less: offset applied under master netting agreements Net fair value Less: positions not offset in the consolidated balance sheets December 31, 2024 Gross fair value of derivatives Cash collateral received / paid Net exposures Derivative assets Spot and forward foreign exchange and currency swaps 46,705 (11,227) 35,478 — (250) 35,228 Derivative liabilities Spot and forward foreign exchange and currency swaps 13,266 (11,227) 2,039 — (682) 1,357 Net positive fair value 33,439 Gross fair Less: offset applied under master netting agreements Net fair value Less: positions not offset in the consolidated balance sheets December 31, 2023 Gross fair value of derivatives Cash collateral 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)
Schedule of location and amount of gains (losses) recorded in either the consolidated statements of operations or consolidated statements of comprehensive income on derivative instruments outstanding	The following tables show the location and amount of gains (losses) recorded in either the consolidated statements of operations or consolidated statements of comprehensive income on derivative instruments outstanding. Year ended Derivative instrument Consolidated statements of operations line item December 31, 2024 December 31, 2023 December 31, 2022 Spot and forward foreign exchange Foreign exchange revenue (24) (47) 28 Currency swaps, not designated as hedge Foreign exchange revenue 53,714 (14,639) (7,188) Currency swaps - fair value hedges Foreign exchange revenue (9,857) 2,837 3,842 Total net gains (losses) recognized in net income 43,833 (11,849) (3,318) Derivative instrument Consolidated statements of comprehensive income line item December 31, 2024 December 31, 2023 December 31, 2022 Currency swaps - net investment hedge Unrealized net gains (losses) on translation of net investment in foreign operations 1,235 (35) (1,123) Total net gains (losses) recognized in comprehensive income 1,235 (35) (1,123)

Fair value measurements (Tables

Fair value measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial assets and liabilities measured at fair value	During the year ended December 31, 2024 and December 31, 2023, there were no transfers between Level 1 and Level 2 or Level 2 and Level 3. December 31, 2024 December 31, 2023 Fair value Total carrying Fair value Total carrying Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Items that are recognized at fair value on a recurring basis: Financial assets Available-for-sale investments US government and federal agencies 991,357 1,172,262 — 2,163,619 715,965 847,820 — 1,563,785 Non-US governments debt securities 93,468 — — 93,468 250,177 — — 250,177 Asset-backed securities - Student loans — 40 — 40 — 40 — 40 Residential mortgage-backed securities — 15,359 — 15,359 — 17,127 — 17,127 Total available-for-sale 1,084,825 1,187,661 — 2,272,486 966,142 864,987 — 1,831,129 Other assets - Derivatives — 35,478 — 35,478 — 2,342 — 2,342 Financial liabilities Other liabilities - Derivatives — 2,039 — 2,039 — 13,971 — 13,971
Schedule of level 3 reconciliation	The table below summarizes realized and unrealized gains and losses for Level 3 assets still held at the reporting date. December 31, 2024 December 31, 2023 December 31, 2022 Available- Available- Available- Carrying amount at beginning of year — — 13,174 Proceeds from sales, paydowns and maturities — — (7,631) Change in unrealized gains (losses) recognized in other comprehensive income — — 102 Realized and unrealized gains recognized in net income — — (19) Transfers in (out of) Level 3 out of (into) Level 2 - AFS — — (5,626) Carrying amount at end of year — — — Cumulative gain (loss) recognized in other comprehensive income — — (14)
Items other than those recognized at fair value on a recurring basis	Items Other Than Those Recognized at Fair Value on a Recurring Basis: December 31, 2024 December 31, 2023 Level Carrying Fair Appreciation / Carrying Fair Appreciation / Financial assets Cash and cash equivalents Level 1 1,998,112 1,998,112 — 1,646,648 1,646,648 — Securities purchased under agreements to resell Level 2 1,205,373 1,205,373 — 187,274 187,274 — Short-term investments Level 1 580,026 580,026 — 1,038,037 1,038,037 — Investments held-to-maturity Level 2 3,240,290 2,671,040 (569,250) 3,461,097 2,976,709 (484,388) Loans, net of allowance for credit losses Level 2 4,473,591 4,433,872 (39,719) 4,745,849 4,700,532 (45,317) Other real estate owned¹ Level 2 — — — 450 450 — Financial liabilities Term deposits Level 2 4,478,257 4,482,978 (4,721) 3,727,794 3,732,610 (4,816) Securities sold under agreements to repurchase Level 2 92,562 92,562 — — — — Long-term debt Level 2 98,725 98,361 364 98,490 96,145 2,345 ¹ The current carrying value of OREO is adjusted to fair value only when there is devaluation below carrying value.

Interest rate risk (Tables)

Interest rate risk (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of assets, liabilities and shareholders' equity and off-balance sheet instruments on the date of the earlier of contractual maturity, expected maturity or repricing date	The following tables set out the assets, liabilities and shareholders' equity on the date of the earlier of contractual maturity, expected maturity or repricing date. Use of these tables to derive information about the Bank’s interest rate risk position is limited by the fact that customers may choose to terminate their financial instruments at a date earlier than the contractual maturity or repricing date. Examples of this include fixed-rate mortgages, which are shown at contractual maturity but which may be subject to early prepayment, and certain term deposits, which are shown at contractual maturity but which may be withdrawn before their contractual maturity subject to prepayment penalties. Investments are shown based on remaining contractual maturities. The remaining contractual principal maturities for mortgage-backed securities (primarily US government agencies) do not consider prepayments. Remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature. December 31, 2024 Earlier of contractual maturity or repricing date (in $ millions) Within 3 3 to 6 6 to 12 1 to 5 After Non-interest Total Assets Cash and cash equivalents 1,905 — — — — 93 1,998 Securities purchased under agreements to resell 1,142 63 — — — — 1,205 Short-term investments 505 75 — — — — 580 Investments 93 6 22 1,097 4,294 — 5,512 Loans 2,398 104 229 1,407 283 53 4,474 Other assets — — — — — 462 462 Total assets 6,043 248 251 2,504 4,577 608 14,231 Liabilities and shareholders' equity Shareholders’ equity — — — — — 1,021 1,021 Demand deposits 5,580 — — — — 2,688 8,268 Term deposits 3,593 434 368 83 — — 4,478 Securities sold under agreements to repurchase 93 — — — — — 93 Other liabilities — — — — — 273 273 Long-term debt — 98 — — — — 98 Total liabilities and shareholders' equity 9,266 532 368 83 — 3,982 14,231 Interest rate sensitivity gap (3,223) (284) (117) 2,421 4,577 (3,374) — Cumulative interest rate sensitivity gap (3,223) (3,507) (3,624) (1,203) 3,374 — — December 31, 2023 Earlier of contractual maturity or repricing date (in $ millions) Within 3 3 to 6 6 to 12 1 to 5 After Non-interest 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 — —

Long-term debt (Tables)

Long-term debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of maturities of long-term debt	The following table presents the contractual maturity and interest payments for long-term debt issued by the Bank as at December 31, 2024. The interest payments are calculated until contractual maturity using the SOFR as outlined below. 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 to 5 After Bermuda 2020 issuance June 15, 2025 June 15, 2030 5.25 % 3 months US$ SOFR + 5.060% 100,000 7,480 38,757 4,828 Total 100,000 7,480 38,757 4,828 Unamortized debt issuance costs (1,275) Long-term debt less unamortized debt issuance costs 98,725

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of earnings per share	Year ended December 31, 2024 December 31, 2023 December 31, 2022 Net income 216,316 225,492 214,020 Basic Earnings Per Share Weighted average number of common shares issued 45,701 49,423 50,214 Weighted average number of common shares held as treasury stock (619) (619) (619) Weighted average number of common shares (in thousands) 45,082 48,804 49,595 Basic Earnings Per Share 4.80 4.62 4.32 Diluted Earnings Per Share Weighted average number of common shares 45,082 48,804 49,595 Net dilution impact related to awards of unvested common shares 817 473 265 Weighted average number of diluted common shares (in thousands) 45,899 49,277 49,860 Diluted Earnings Per Share 4.71 4.58 4.29

Share-based payments (Tables)

Share-based payments (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of changes in outstanding ELTIP and EDIP awards	Changes in Outstanding ELTIP and EDIP awards (in thousands of shares transferable upon vesting) Year ended December 31, 2024 December 31, 2023 December 31, 2022 EDIP ELTIP EDIP ELTIP EDIP ELTIP Outstanding at beginning of year 665 915 621 705 297 704 Granted 105 573 199 395 486 280 Vested (fair value in 2024: $14.2 million, 2023: $11.2 million; 2022: $17.3 million) (139) (333) (155) (185) (162) (279) Forfeitures and cancellations (3) (4) — — — — Outstanding at end of year 628 1,151 665 915 621 705
Schedule of share-based compensation cost recognized in net income	Share-based Compensation Cost Recognized in Net Income Year ended December 31, 2024 December 31, 2023 December 31, 2022 EDIP and EDIP and EDIP and Cost recognized in net income 19,971 19,676 16,215
Schedule of unrecognized compensation cost	Year ended Unrecognized Share-based Compensation Cost December 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 8,829 1.88 11,774 2.66 ELTIP Time vesting shares 66 1.12 118 2.12 Performance vesting shares 15,877 1.79 12,416 1.76 Total unrecognized expense 24,772 24,308

Share repurchase programs (Tabl

Share repurchase programs (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of share repurchase programs	Year ended December 31 Common share repurchases 2024 2023 2022 Acquired number of shares (to the nearest 1) 4,490,940 3,133,717 102,000 Average cost per common share 34.58 28.27 38.21 Total cost (in US dollars) 155,305,756 88,590,240 3,897,268

Accumulated other comprehensi_2

Accumulated other comprehensive income (loss) (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of AOCL components	Unrealized net gains (losses) Unrealized net Unrealized net Employee benefit plans adjustments Year ended December 31, 2024 Pension Post-retirement Subtotal - Total AOCIL Balance at beginning of year (25,478) (82,067) (162,910) (51,563) 11,820 (39,743) (310,198) Other comprehensive income (loss), net of taxes (713) 8,148 635 2,281 4,432 6,713 14,783 Balance at end of year (26,191) (73,919) (162,275) (49,282) 16,252 (33,030) (295,415) Unrealized net gains (losses) Unrealized net Unrealized net Employee benefit plans adjustments Year ended December 31, 2023 Pension Post- retirement Subtotal - Total AOCIL Balance at beginning of year (25,700) (91,212) (220,345) (47,905) 7,710 (40,195) (377,452) Other comprehensive income (loss), net of taxes 222 9,145 57,435 (3,658) 4,110 452 67,254 Balance at end of year (25,478) (82,067) (162,910) (51,563) 11,820 (39,743) (310,198) Unrealized net gains (losses) Unrealized net Unrealized net Employee benefit plans adjustments Year ended December 31, 2022 Pension Post- retirement Subtotal - Total AOCIL Balance at beginning of year (20,913) 91 (21,982) (56,400) (25,713) (82,113) (124,917) Transfer of AFS investments to HTM investments — (99,143) 99,143 — — — — Other comprehensive income (loss), net of taxes (4,787) 7,840 (297,506) 8,495 33,423 41,918 (252,535) Balance at end of year (25,700) (91,212) (220,345) (47,905) 7,710 (40,195) (377,452)
Schedule of net change in AOCL components	Net Change of AOCIL Components Year ended Line item in the consolidated statements of operations, if any December 31, 2024 December 31, 2023 December 31, 2022 Net unrealized gains (losses) on translation of net investment in foreign operations adjustments Foreign currency translation adjustments N/A (8,876) 19,420 (38,925) Gains (losses) on net investment hedge N/A 8,163 (19,198) 34,138 Net change (713) 222 (4,787) Held-to-maturity investment adjustments Net unamortized gains (losses) transferred from AFS N/A — — (99,143) Amortization of net gains (losses) to net income Interest income on investments 8,148 9,145 7,840 Net change 8,148 9,145 (91,303) Available-for-sale investment adjustments Gross unrealized gains (losses) N/A 355 60,199 (298,768) Net unrealized (gains) losses transferred to HTM N/A — — 99,143 Transfer of realized (gains) losses to net income Net realized gains (losses) on AFS investments — 14 19 Foreign currency translation adjustments of related balances N/A 280 (2,778) 1,243 Net change 635 57,435 (198,363) Employee benefit plans adjustments Defined benefit pension plan Net actuarial gain (loss) N/A (288) (5,762) 6,218 Net loss (gain) on settlement reclassified to net income Net other gains (losses) — — (907) Amortization of net actuarial (gains) losses Non-service employee benefits expense 2,358 2,284 2,218 Change in deferred taxes N/A — — — Amortization of prior service (credit) cost Non-service employee benefits expense 79 79 81 Foreign currency translation adjustments of related balances N/A 132 (259) 885 Net change 2,281 (3,658) 8,495 Post-retirement healthcare plan Net actuarial gain (loss) N/A 6,219 4,919 31,455 Amortization of net actuarial (gains) losses Non-service employee benefits expense 524 524 1,444 Amortization of prior service (credit) cost Non-service employee benefits expense (2,311) (1,333) 524 Net change 4,432 4,110 33,423 Other comprehensive income (loss), net of taxes 14,783 67,254 (252,535)

Capital structure (Tables)

Capital structure (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Compliance with Regulatory Capital Requirements	The following table sets forth the Bank's capital adequacy in accordance with the Basel III framework: December 31, 2024 December 31, 2023 Actual Regulatory minimum Actual Regulatory minimum Capital CET 1 capital 1,066,058 N/A 1,042,506 N/A Tier 1 capital 1,066,058 N/A 1,042,506 N/A Tier 2 capital 107,061 N/A 109,423 N/A Total capital 1,173,119 N/A 1,151,929 N/A Risk Weighted Assets 4,539,376 N/A 4,540,745 N/A Leverage Ratio Exposure Measure 14,679,662 N/A 13,777,771 N/A Capital Ratios (%) CET 1 capital 23.5 % 10.0 % 23.0 % 10.0 % Tier 1 capital 23.5 % 11.5 % 23.0 % 11.5 % Total capital 25.8 % 13.5 % 25.4 % 13.5 % Leverage ratio 7.3 % 5.0 % 7.6 % 5.0 %

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Income Taxes in Consolidated Statements of Operations	Year ended Income taxes in consolidated statements of operations December 31, 2024 December 31, 2023 December 31, 2022 Current tax expense 3,949 1,909 3,223 Deferred tax (recovery) expense 582 (1,142) 459 Total tax (benefit) expense 4,531 767 3,682
Schedule of Reconciliation between the Effective Income Tax Rate and the Statutory Income Tax Rate	Reconciliation between the Effective Income Tax Rate and the Statutory Income Tax Rate Year ended December 31, 2024 December 31, 2023 December 31, 2022 $ % $ % $ % Income tax expense in international offices taxed at different rates 4,440 2.0 2,814 1.2 4,349 2.0 Expenses not deductible for tax purposes 864 0.4 454 0.2 283 0.1 Prior year tax adjustments (196) (0.1) 45 — 83 — Effect of change in tax rate (117) (0.1) (76) — 125 0.1 Change in valuation allowance (566) (0.3) (2,192) (1.0) (1,364) (0.6) Other - net 106 — (278) (0.1) 206 0.1 Income tax (benefit) expense at effective tax rate 4,531 1.9 767 0.3 3,682 1.7
Schedule of Deferred Income Taxes	Deferred income taxes December 31, 2024 December 31, 2023 Deferred income tax asset Tax loss carried forward 3,783 5,058 Allowance for compensated absence 23 23 Deferred income tax asset before valuation allowance 3,806 5,081 Less: valuation allowance (721) (1,287) Deferred income tax asset after valuation allowance 3,085 3,794 Deferred income tax liability Fixed assets (531) (595) Total deferred income tax liability (531) (595) Net deferred income tax assets 2,554 3,199

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Loan balances with directors and executives of the Bank, companies in which they are principal owners and/or members of the board, and trusts in which they are involved were as follows: 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 year (1,081) Effect of changes in the composition of related parties 983 Balance at December 31, 2024 19,637 Consolidated balance sheets December 31, 2024 December 31, 2023 Deposits 92,182 100,364 Year ended December 31 Consolidated statement of operations 2024 2023 2022 Interest and fees on loans 1,244 1,149 900 Total non-interest expense 188 202 — Other non-interest income 269 230 — Certain affiliates of the Bank have loans and deposits with the Bank which were made and are maintained in the ordinary course of business on normal commercial terms. Balances with these parties were as follows: Consolidated balance sheets December 31, 2024 December 31, 2023 Loans 9,056 9,801 Deposits 811 288 Accrued interest and other liabilities 167 305 Year ended December 31 Consolidated statement of operations 2024 2023 2022 Interest and fees on loans 780 827 669 Total non-interest expense 1,562 1,573 1,720 Other non-interest income 252 242 242 Consolidated balance sheets December 31, 2024 December 31, 2023 Deposits 9,441 4,633 Year ended December 31 Consolidated statement of operations 2024 2023 2022 Asset management 11,003 9,461 7,379 Custody and other administration services 1,385 1,163 839 Interest expense - deposits — 489 —

Condensed financial statement_2

Condensed financial statements of the parent company only (Tables)	12 Months Ended
	Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]
Schedule of Condensed Balance Sheet	The Bank of N.T. Butterfield & Son Limited (parent company only) Condensed Balance Sheets (In thousands of US dollars) As at December 31, 2024 December 31, 2023 Assets Cash and demand deposits with banks - Non-interest-bearing 36,383 40,436 Demand deposits with banks - Interest-bearing 37,645 64,273 Cash equivalents - Interest-bearing 725,121 265,775 Cash and cash equivalents 799,149 370,484 Securities purchased under agreements to resell 90,674 187,274 Short-term investments 220,055 599,156 Investments (none of the investment securities are intrinsically tax-exempt) Available-for-sale (amortized cost: $1,391,401 (2023: 853,864)) 1,323,837 786,903 Held-to-maturity (fair value: $1,015,441 (2023: $1,148,103)) 1,210,265 1,309,659 Total investment in securities 2,534,102 2,096,562 Net assets of subsidiaries - Banks 588,843 597,724 Net assets of subsidiaries - Non-banks 63,169 52,265 Loans to third parties, net of allowance for credit losses 1,578,547 1,716,803 Loans to subsidiaries - Non-banks 31,847 34,541 Other assets, including accrued interest, premises, equipment and computer software, equity method investments, receivables from subsidiaries and other real estate owned 229,716 229,234 Total assets 6,136,102 5,884,043 Liabilities Deposits Non-interest bearing 1,600,902 1,610,269 Interest bearing 3,272,022 3,008,750 Total deposits 4,872,924 4,619,019 Employee benefit plans 83,578 88,682 Other liabilities, including accrued interest and payables to subsidiaries 60,063 74,255 Total other liabilities 143,641 162,937 Long-term debt 98,725 98,490 Total liabilities 5,115,290 4,880,446 Total shareholders’ equity 1,020,812 1,003,597 Total liabilities and shareholders’ equity 6,136,102 5,884,043
Schedule of Condensed Income Statement	The Bank of N.T. Butterfield & Son Limited (parent company only) Condensed Statements of Operations (In thousands of US dollars) Year ended December 31, 2024 December 31, 2023 December 31, 2022 Non-interest income Banking 28,480 26,242 26,116 Foreign exchange revenue 10,699 11,253 11,858 Custody and other administration services 7,256 6,830 6,869 Other non-interest income 829 1,345 1,269 Dividends from subsidiaries - Banks 154,111 100,000 72,268 Dividends from subsidiaries - Non-banks 20,521 22,973 21,318 Total non-interest income 221,896 168,643 139,698 Interest income Interest and fees on loans 121,204 129,626 118,829 Investments (none of the investment securities are intrinsically tax-exempt) 56,279 50,219 49,790 Cash and cash equivalents, securities purchased under agreements to resell and short-term investments 52,935 43,690 14,499 Total interest income 230,418 223,535 183,118 Interest expense Deposits 54,271 34,064 10,834 Long-term debt 5,485 8,091 9,601 Securities sold under agreements to repurchase 106 66 22 Total interest expense 59,862 42,221 20,457 Net interest income before provision for credit losses 170,556 181,314 162,661 Provision for credit (losses) recoveries (1,834) (4,755) (1,226) Net interest income after provision for credit losses 168,722 176,559 161,435 Net gains (losses) on equity securities — 46 14 Net gains (losses) on other real estate owned 50 (40) 9 Net other gains (losses) 35 4,005 — Total other gains (losses) 85 4,011 23 Total net revenue 390,703 349,213 301,156 Non-interest expense Salaries and other employee benefits 65,372 68,779 65,789 Technology and communications 34,073 32,241 29,551 Professional and outside services 33,488 32,959 29,744 Property 11,300 10,831 10,232 Indirect taxes 15,768 15,269 15,714 Non-service employee benefits expense 3,972 5,645 4,845 Marketing 3,606 3,194 3,629 Amortization of intangible assets 169 169 169 Other expenses 9,466 10,049 9,613 Total non-interest expense 177,214 179,136 169,286 Net income before equity in undistributed earnings of subsidiaries 213,489 170,077 131,870 Equity in undistributed earnings of subsidiaries 2,827 55,415 82,150 Net income 216,316 225,492 214,020 Other comprehensive income, net of tax 14,783 67,254 (252,535) Total comprehensive income 231,099 292,746 (38,515)
Schedule of Condensed Cash Flow Statement	The Bank of N.T. Butterfield & Son Limited (parent company only) Condensed Statements of Cash Flows (In thousands of US dollars) Year ended December 31, 2024 December 31, 2023 December 31, 2022 Cash flows from operating activities Net income 216,316 225,492 214,020 Adjustments to reconcile net income to operating cash flows Depreciation and amortization 16,628 14,792 14,922 Provision for credit losses (recoveries) 1,834 4,755 1,226 Share-based payments and settlements 21,003 20,812 17,077 Net change in equity securities at fair value — 236 (14) Net (gains) losses on other real estate owned (50) 40 (9) (Increase) decrease in carrying value of equity method investments 483 313 120 Dividends received from equity method investments — 5,096 12 Equity in undistributed earnings of subsidiaries (2,827) (55,415) (82,150) Changes in operating assets and liabilities (Increase) decrease in accrued interest receivable and other assets (2,549) 10,626 (25,888) Increase (decrease) in employee benefit plans, accrued interest payable and other liabilities (13,456) 10,955 15,386 Cash provided by (used in) operating activities 237,382 237,702 154,702 Cash flows from investing activities (Increase) decrease in securities purchased under agreements to resell 96,600 (127,403) 36,236 Short-term investments other than restricted cash: proceeds from maturities and sales 781,459 357,451 821,645 Short-term investments other than restricted cash: purchases (417,695) (869,466) (666,837) Available-for-sale investments: proceeds from maturities and pay downs 156,134 131,261 112,274 Available-for-sale investments: purchases (694,620) (41,426) (44,504) Held-to-maturity investments: proceeds from maturities and pay downs 99,962 112,348 158,665 Held-to-maturity investments: purchases — — (203,867) Net (increase) decrease in loans to third parties 136,147 117,772 125,215 Net (increase) decrease in loans to bank subsidiaries — — 13,534 Net (increase) decrease in loans to non-bank subsidiaries 2,693 23,515 3,845 Additions to premises, equipment and computer software (8,937) (13,267) (20,567) Proceeds from sale of other real estate owned 588 646 730 Injection of capital in subsidiary — (58,477) (6,083) Return of capital from a subsidiary (1,878) — — Cash provided by (used in) investing activities 150,453 (367,046) 330,286 The Bank of N.T. Butterfield & Son Limited (parent company only) Condensed Statements of Cash Flows (In thousands of US dollars) Year ended December 31, 2024 December 31, 2023 December 31, 2022 Cash flows from financing activities Net increase (decrease) in deposits 281,518 (147,941) (265,270) Repayment of long-term debt — (75,000) — Common shares repurchased (155,305) (88,590) (3,897) Cash dividends paid on common shares (79,581) (86,186) (87,343) Cash provided by (used in) financing activities 46,632 (397,717) (356,510) Net increase (decrease) in cash, cash equivalents and restricted cash 434,467 (527,061) 128,478 Cash, cash equivalents and restricted cash: beginning of year 383,832 910,893 782,415 Cash, cash equivalents and restricted cash: end of year 818,299 383,832 910,893 Components of cash, cash equivalents and restricted cash at end of year Cash and cash equivalents 799,149 370,484 904,371 Restricted cash included in short-term investments on the consolidated balance sheets 19,150 13,348 6,522 Total cash, cash equivalents and restricted cash at end of year 818,299 383,832 910,893 Supplemental disclosure of cash flow information Cash interest paid 58,864 39,412 18,680 Supplemental disclosure of non-cash items Transfer to (out of) other real estate owned 87 336 830 Transfer of available-for-sale investments to held-to-maturity investments — — 364,983

Nature of business (Details)

Nature of business (Details)	12 Months Ended
	Dec. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3

Significant accounting polici_3

Significant accounting policies (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)
Property, Plant and Equipment [Line Items]
Number of contractual days past due after which credit card consumer loans are generally written off	180 days
Outstanding balance threshold under which consumer loans are generally written off	$ 100,000
Number of contractual days past due after which consumer loans under $100,000 are generally written off	180 days
Buildings
Property, Plant and Equipment [Line Items]
Useful life	50 years
Equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Software and Software Development Costs | Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Software and Software Development Costs | Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Other Intangible Assets | Maximum
Property, Plant and Equipment [Line Items]
Other acquired intangible assets, useful life (not exceeding)	15 years

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Non-interest bearing
Cash and demand deposits with banks	$ 93,145	$ 91,826
Interest bearing
Demand deposits with banks	165,741	151,104
Cash equivalents	1,739,226	1,403,718
Sub-total - Interest bearing	1,904,967	1,554,822
Cash and cash equivalents	$ 1,998,112	$ 1,646,648

Short-term investments (Details

Short-term investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investment [Line Items]
Short-term investments	$ 580,026	$ 1,038,037
Unrestricted
Investment [Line Items]
Short-term investments	489,596	1,012,425
Affected by drawing restrictions related to minimum reserve and derivative margin requirements
Investment [Line Items]
Short-term investments	90,430	25,612
Affected by drawing restrictions related to minimum reserve and derivative margin requirements | Interest earning demand and term deposits
Investment [Line Items]
Short-term investments	90,430	25,612
Maturing within three months | Unrestricted
Investment [Line Items]
Short-term investments	415,072	639,133
Maturing between three to six months | Unrestricted
Investment [Line Items]
Short-term investments	74,524	321,850
Maturing between six to twelve months | Unrestricted
Investment [Line Items]
Short-term investments	$ 0	$ 51,442

Investment in securities - Amor

Investment in securities - Amortized Cost, Carrying Amount and Fair Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Available-for-sale
Amortized cost	$ 2,435,752,000	$ 1,995,050,000
Gross unrealized gains	1,451,000	1,382,000
Gross unrealized losses	(164,717,000)	(165,303,000)
Available-for-sale investments	2,272,486,000	1,831,129,000
Held-to-maturity
Amortized cost	3,240,290,000	3,461,097,000
Gross unrealized gains	0	0
Gross unrealized losses	(569,250,000)	(484,388,000)
Held-to-maturity, fair value	2,671,040,000	2,976,709,000
Impairments recognized in other comprehensive income for HTM investments	0	0
Non-credit impairments recognized in accumulated other comprehensive loss, held-to-maturity investments			$ 0
US government and federal agencies
Available-for-sale
Amortized cost	2,324,841,000	1,721,278,000
Gross unrealized gains	1,451,000	1,382,000
Gross unrealized losses	(162,673,000)	(158,875,000)
Available-for-sale investments	2,163,619,000	1,563,785,000
Held-to-maturity
Amortized cost	3,240,290,000	3,461,097,000
Gross unrealized gains	0	0
Gross unrealized losses	(569,250,000)	(484,388,000)
Held-to-maturity, fair value	2,671,040,000	2,976,709,000
Non-US governments debt securities
Available-for-sale
Amortized cost	93,803,000	254,532,000
Gross unrealized gains	0	0
Gross unrealized losses	(335,000)	(4,355,000)
Available-for-sale investments	93,468,000	250,177,000
Asset-backed securities - Student loans
Available-for-sale
Amortized cost	40,000	40,000
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Available-for-sale investments	40,000	40,000
Residential mortgage-backed securities
Available-for-sale
Amortized cost	17,068,000	19,200,000
Gross unrealized gains	0	0
Gross unrealized losses	(1,709,000)	(2,073,000)
Available-for-sale investments	$ 15,359,000	$ 17,127,000

Investment in securities - Narr

Investment in securities - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 security	Dec. 31, 2022 USD ($)	Dec. 31, 2023 security
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, unrealized loss position, number of positions	184		163
Debt securities, available-for-sale, securities in unrealized loss positions, percentage of portfolio fair value	87.70%		96.20%
Debt securities, available-for-sale, securities in unrealized loss positions, percentage of fair value of affected securities	8.30%		9.40%
Available-for-sale securities, transfers to held to maturity, unrealized losses | $		$ 99.1
US government and federal agencies
Debt Securities, Available-for-sale [Line Items]
Held-to-maturity, securities in unrealized loss positions, number of positions	220		219
Held-to-maturity, securities in unrealized loss positions, percentage of portfolio fair value	100%		100%
Held-to-maturity, securities in unrealized loss positions, percentage of fair value of affected securities	21.30%		16.30%
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, unrealized loss position, number of positions	13		13
Residential mortgage-backed securities | Minimum
Debt Securities, Available-for-sale [Line Items]
Percentage of weighted average credit support	16%
Percentage of loan to value ratio	44%
Residential mortgage-backed securities | Maximum
Debt Securities, Available-for-sale [Line Items]
Percentage of weighted average credit support	50%
Percentage of loan to value ratio	52%

Investment in securities - Cont

Investment in securities - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Available-for-sale securities with unrealized losses
Available-for-sale securities with unrealized losses, Less than 12 months, Fair value	$ 696,835	$ 7,855
Available-for-sale securities with unrealized losses, Less than 12 months, Gross unrealized losses	(7,922)	(137)
Available-for-sale securities with unrealized losses,12 months or more, Fair value	1,295,961	1,753,448
Available-for-sale securities with unrealized losses,12 months or more, Gross unrealized losses	(156,795)	(165,166)
Available-for-sale securities with unrealized losses, Total fair value	1,992,796	1,761,303
Available-for-sale securities with unrealized losses, Total gross unrealized losses	(164,717)	(165,303)
Held-to-maturity securities with unrealized losses, Less than 12 months, Fair Value	36,713	0
Held-to-maturity securities with unrealized losses, Less than 12 months, Gross unrealized losses	(476)	0
Held-to-maturity securities with unrealized losses, 12 months or more, Fair value	2,634,326	2,976,709
Held-to-maturity securities with unrealized losses, 12 months or more, Gross unrealized losses	(568,774)	(484,388)
Held-to-maturity securities with unrealized losses, Total fair value	2,671,039	2,976,709
Held-to-maturity securities with unrealized losses, Total gross unrealized losses	(569,250)	(484,388)
US government and federal agencies
Available-for-sale securities with unrealized losses
Available-for-sale securities with unrealized losses, Less than 12 months, Fair value	696,835	7,855
Available-for-sale securities with unrealized losses, Less than 12 months, Gross unrealized losses	(7,922)	(137)
Available-for-sale securities with unrealized losses,12 months or more, Fair value	1,187,094	1,486,104
Available-for-sale securities with unrealized losses,12 months or more, Gross unrealized losses	(154,751)	(158,738)
Available-for-sale securities with unrealized losses, Total fair value	1,883,929	1,493,959
Available-for-sale securities with unrealized losses, Total gross unrealized losses	(162,673)	(158,875)
Non-US governments debt securities
Available-for-sale securities with unrealized losses
Available-for-sale securities with unrealized losses, Less than 12 months, Fair value	0	0
Available-for-sale securities with unrealized losses, Less than 12 months, Gross unrealized losses	0	0
Available-for-sale securities with unrealized losses,12 months or more, Fair value	93,468	250,177
Available-for-sale securities with unrealized losses,12 months or more, Gross unrealized losses	(335)	(4,355)
Available-for-sale securities with unrealized losses, Total fair value	93,468	250,177
Available-for-sale securities with unrealized losses, Total gross unrealized losses	(335)	(4,355)
Asset-backed securities - Student loans
Available-for-sale securities with unrealized losses
Available-for-sale securities with unrealized losses, Less than 12 months, Fair value	0	0
Available-for-sale securities with unrealized losses, Less than 12 months, Gross unrealized losses	0	0
Available-for-sale securities with unrealized losses,12 months or more, Fair value	40	40
Available-for-sale securities with unrealized losses,12 months or more, Gross unrealized losses	0	0
Available-for-sale securities with unrealized losses, Total fair value	40	40
Available-for-sale securities with unrealized losses, Total gross unrealized losses	0	0
Residential mortgage-backed securities
Available-for-sale securities with unrealized losses
Available-for-sale securities with unrealized losses, Less than 12 months, Fair value	0	0
Available-for-sale securities with unrealized losses, Less than 12 months, Gross unrealized losses	0	0
Available-for-sale securities with unrealized losses,12 months or more, Fair value	15,359	17,127
Available-for-sale securities with unrealized losses,12 months or more, Gross unrealized losses	(1,709)	(2,073)
Available-for-sale securities with unrealized losses, Total fair value	15,359	17,127
Available-for-sale securities with unrealized losses, Total gross unrealized losses	$ (1,709)	$ (2,073)

Investment in securities - Inve

Investment in securities - Investment Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Available-for-sale
Within 3 months	$ 93,468
3 to 12 months	15,004
1 to 5 years	976,353
5 to 10 years	0
Over 10 years	0
No specific or single maturity	1,187,661
Carrying amount	2,272,486	$ 1,831,129
US government and federal agencies
Available-for-sale
Within 3 months	0
3 to 12 months	15,004
1 to 5 years	976,353
5 to 10 years	0
Over 10 years	0
No specific or single maturity	1,172,262
Carrying amount	2,163,619	1,563,785
Held-to-maturity
Within 3 months	0
3 to 12 months	0
1 to 5 years	0
5 to 10 years	0
Over 10 years	0
No specific or single maturity	3,240,290
Carrying amount	3,240,290
Non-US governments debt securities
Available-for-sale
Within 3 months	93,468
3 to 12 months	0
1 to 5 years	0
5 to 10 years	0
Over 10 years	0
No specific or single maturity	0
Carrying amount	93,468	250,177
Asset-backed securities - Student loans
Available-for-sale
Within 3 months	0
3 to 12 months	0
1 to 5 years	0
5 to 10 years	0
Over 10 years	0
No specific or single maturity	40
Carrying amount	40	40
Residential mortgage-backed securities
Available-for-sale
Within 3 months	0
3 to 12 months	0
1 to 5 years	0
5 to 10 years	0
Over 10 years	0
No specific or single maturity	15,359
Carrying amount	$ 15,359	$ 17,127

Investment in securities - Pled

Investment in securities - Pledged Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financial Instruments Owned and Pledged as Collateral [Line Items]
Available-for-sale, amortized cost	$ 2,435,752	$ 1,995,050
Available-for-sale, fair value	2,272,486	1,831,129
Held-to-maturity	3,240,290	3,461,097
Held-to-maturity, fair value	2,671,040	2,976,709
Asset Pledged as Collateral with Right
Financial Instruments Owned and Pledged as Collateral [Line Items]
Available-for-sale, amortized cost	22,888	27,459
Available-for-sale, fair value	21,062	25,785
Held-to-maturity	95,588	96,952
Held-to-maturity, fair value	$ 84,003	$ 88,399

Investment in securities - Sale

Investment in securities - Sale Proceeds and Realized Gains and Losses of AFS Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Sale proceeds	$ 0	$ 5,586	$ 7,631
Gross realized gains	0	0	0
Gross realized (losses)		(14)	(19)
Transfers of HTM	0	0	998,157
US government and federal agencies
Debt Securities, Available-for-sale [Line Items]
Sale proceeds	0	0	0
Gross realized gains	0	0	0
Gross realized (losses)		0	0
Transfers of HTM	0		998,157
Asset-backed securities - Student loans
Debt Securities, Available-for-sale [Line Items]
Sale proceeds	0	5,586	7,631
Gross realized gains	$ 0	0	0
Gross realized (losses)		$ (14)	$ (19)

Loans - Additional Information

Loans - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]
Effective yield	6.29%	6.46%
Accrued interest	$ 8,000,000	$ 23,100,000
Financing receivable, nonaccrual, interest income	0
Residential mortgage loans | 30 - 59 days | Interest rate reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Subsequent default, recorded investment	500,000	0
Residential mortgage loans | 60 - 89 days | Interest rate reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Subsequent default, recorded investment	0	300,000
Residential mortgage loans | 90 days or more | Interest rate reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Subsequent default, recorded investment	$ 0	$ 800,000

Loans - Loans' Credit Quality (

Loans - Loans' Credit Quality (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	$ 4,499,300	$ 4,771,608
Allowance for expected credit losses	(25,709)	(25,759)	$ (24,961)
Total net loans	4,473,591	4,745,849
Loans originated current year	497,320	446,889
Loans originated 1 year past	366,835	869,763
Loans originated 2 years past	761,040	522,315
Loans originated 3 years past	423,290	390,228
Loans originated 4 years past	310,747	535,946
Loans originated prior	1,889,030	1,746,578
Overdrafts and credit cards	251,038	259,889
Total amortized cost	4,499,300	4,771,608
Commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	613,820	671,844
Allowance for expected credit losses	(11,684)	(11,248)	(12,143)
Total net loans	602,136	660,596
Total amortized cost	613,820	671,844
Commercial loans | Overdrafts
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	117,455	118,794
Allowance for expected credit losses	(75)	(267)
Total net loans	117,380	118,527
Total amortized cost	117,455	118,794
Commercial loans | Government
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	266,303	274,854
Allowance for expected credit losses	(462)	(848)
Total net loans	265,841	274,006
Total amortized cost	266,303	274,854
Commercial loans | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	230,062	278,196
Allowance for expected credit losses	(11,147)	(10,133)
Total net loans	218,915	268,063
Total amortized cost	230,062	278,196
Commercial real estate loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	642,038	607,716
Allowance for expected credit losses	(3,267)	(1,441)	(884)
Total net loans	638,771	606,275
Total amortized cost	642,038	607,716
Commercial real estate loans | Commercial mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	593,554	596,735
Allowance for expected credit losses	(3,267)	(1,441)
Total net loans	590,287	595,294
Total amortized cost	593,554	596,735
Commercial real estate loans | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	48,484	10,981
Allowance for expected credit losses	0	0
Total net loans	48,484	10,981
Total amortized cost	48,484	10,981
Consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	192,750	191,733
Allowance for expected credit losses	(3,254)	(3,096)	(2,696)
Total net loans	189,496	188,637
Total amortized cost	192,750	191,733
Consumer loans | Overdrafts
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	37,148	42,715
Allowance for expected credit losses	(378)	(379)
Total net loans	36,770	42,336
Total amortized cost	37,148	42,715
Consumer loans | Automobile financing
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	18,180	18,962
Allowance for expected credit losses	(34)	(59)
Total net loans	18,146	18,903
Total amortized cost	18,180	18,962
Consumer loans | Credit card
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	90,677	85,634
Allowance for expected credit losses	(1,919)	(1,744)
Total net loans	88,758	83,890
Total amortized cost	90,677	85,634
Consumer loans | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	46,745	44,422
Allowance for expected credit losses	(923)	(914)
Total net loans	45,822	43,508
Total amortized cost	46,745	44,422
Consumer loans | Other consumer | Cash and Portfolio Secured Lending Collateral
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	10,000	8,000
Consumer loans | Other consumer | Buildings in Construction or Other Collateral
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	27,000	27,000
Residential mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	3,050,692	3,300,315
Allowance for expected credit losses	(7,504)	(9,974)	$ (9,238)
Total net loans	3,043,188	3,290,341
Total amortized cost	3,050,692	3,300,315
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	4,254,669	4,545,019
Loans originated current year	497,053	446,889
Loans originated 1 year past	366,278	868,598
Loans originated 2 years past	759,398	522,169
Loans originated 3 years past	422,496	364,225
Loans originated 4 years past	270,060	526,356
Loans originated prior	1,690,525	1,559,264
Overdrafts and credit cards	248,859	257,518
Total amortized cost	4,254,669	4,545,019
Pass | Commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	592,772	650,038
Pass | Commercial loans | Overdrafts
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	115,558	116,859
Pass | Commercial loans | Government
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	266,303	274,854
Pass | Commercial loans | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	210,911	258,325
Pass | Commercial real estate loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	621,359	601,257
Pass | Commercial real estate loans | Commercial mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	572,875	590,276
Pass | Commercial real estate loans | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	48,484	10,981
Pass | Consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	190,733	188,639
Pass | Consumer loans | Overdrafts
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	37,110	42,673
Pass | Consumer loans | Automobile financing
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	18,010	18,823
Pass | Consumer loans | Credit card
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	90,433	85,242
Pass | Consumer loans | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	45,180	41,901
Pass | Residential mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	2,849,805	3,105,085
Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	26,720	19,883
Loans originated current year	0	0
Loans originated 1 year past	0	141
Loans originated 2 years past	888	146
Loans originated 3 years past	781	457
Loans originated 4 years past	451	339
Loans originated prior	22,704	17,110
Overdrafts and credit cards	1,896	1,690
Total amortized cost	26,720	19,883
Special mention | Commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	2,243	2,315
Special mention | Commercial loans | Overdrafts
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	1,896	1,689
Special mention | Commercial loans | Government
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	0	0
Special mention | Commercial loans | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	347	626
Special mention | Commercial real estate loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	858	1,484
Special mention | Commercial real estate loans | Commercial mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	858	1,484
Special mention | Commercial real estate loans | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	0	0
Special mention | Consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	0	0
Special mention | Consumer loans | Overdrafts
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	0	0
Special mention | Consumer loans | Automobile financing
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	0	0
Special mention | Consumer loans | Credit card
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	0	0
Special mention | Consumer loans | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	0	0
Special mention | Residential mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	23,619	16,084
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	141,254	145,689
Loans originated current year	267	0
Loans originated 1 year past	506	0
Loans originated 2 years past	750	0
Loans originated 3 years past	0	25,534
Loans originated 4 years past	32,733	272
Loans originated prior	106,754	119,332
Overdrafts and credit cards	244	551
Total amortized cost	141,254	145,689
Substandard | Commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	778	1,012
Substandard | Commercial loans | Overdrafts
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	0	159
Substandard | Commercial loans | Government
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	0	0
Substandard | Commercial loans | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	778	853
Substandard | Commercial real estate loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	2,301	1,842
Substandard | Commercial real estate loans | Commercial mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	2,301	1,842
Substandard | Commercial real estate loans | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	0	0
Substandard | Consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	1,082	2,074
Substandard | Consumer loans | Overdrafts
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	0	0
Substandard | Consumer loans | Automobile financing
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	6	0
Substandard | Consumer loans | Credit card
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	244	392
Substandard | Consumer loans | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	832	1,682
Substandard | Residential mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	137,093	140,761
Non-accrual
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	76,657	61,017
Loans originated current year	0	0
Loans originated 1 year past	51	1,024
Loans originated 2 years past	4	0
Loans originated 3 years past	13	12
Loans originated 4 years past	7,503	8,979
Loans originated prior	69,047	50,872
Overdrafts and credit cards	39	130
Total amortized cost	76,657	61,017
Non-accrual | Commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	18,027	18,479
Non-accrual | Commercial loans | Overdrafts
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	1	87
Non-accrual | Commercial loans | Government
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	0	0
Non-accrual | Commercial loans | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	18,026	18,392
Non-accrual | Commercial real estate loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	17,520	3,133
Non-accrual | Commercial real estate loans | Commercial mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	17,520	3,133
Non-accrual | Commercial real estate loans | Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	0	0
Non-accrual | Consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	935	1,020
Non-accrual | Consumer loans | Overdrafts
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	38	42
Non-accrual | Consumer loans | Automobile financing
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	164	139
Non-accrual | Consumer loans | Credit card
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	0	0
Non-accrual | Consumer loans | Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	733	839
Non-accrual | Residential mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total amortized cost	$ 40,175	$ 38,385

Loans - Age Analysis of Past Du

Loans - Age Analysis of Past Due Loans (Including Non-Accrual Loans) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Total amortized cost	$ 4,499,300	$ 4,771,608
Total past due loans
Financing Receivable, Past Due [Line Items]
Total amortized cost	168,443	169,487
30 - 59 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	19,419	24,509
60 - 89 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	6,143	18,300
90 days or more
Financing Receivable, Past Due [Line Items]
Total amortized cost	142,881	126,678
Total current
Financing Receivable, Past Due [Line Items]
Total amortized cost	4,330,857	4,602,121
Commercial loans
Financing Receivable, Past Due [Line Items]
Total amortized cost	613,820	671,844
Commercial loans | Total past due loans
Financing Receivable, Past Due [Line Items]
Total amortized cost	17,445	18,479
Commercial loans | 30 - 59 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	217	0
Commercial loans | 60 - 89 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	0	0
Commercial loans | 90 days or more
Financing Receivable, Past Due [Line Items]
Total amortized cost	17,228	18,479
Commercial loans | Total current
Financing Receivable, Past Due [Line Items]
Total amortized cost	596,375	653,365
Commercial loans | Overdrafts
Financing Receivable, Past Due [Line Items]
Total amortized cost	117,455	118,794
Commercial loans | Overdrafts | Total past due loans
Financing Receivable, Past Due [Line Items]
Total amortized cost	1	87
Commercial loans | Overdrafts | 30 - 59 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	0	0
Commercial loans | Overdrafts | 60 - 89 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	0	0
Commercial loans | Overdrafts | 90 days or more
Financing Receivable, Past Due [Line Items]
Total amortized cost	1	87
Commercial loans | Overdrafts | Total current
Financing Receivable, Past Due [Line Items]
Total amortized cost	117,454	118,707
Commercial loans | Government
Financing Receivable, Past Due [Line Items]
Total amortized cost	266,303	274,854
Commercial loans | Government | Total past due loans
Financing Receivable, Past Due [Line Items]
Total amortized cost	0	0
Commercial loans | Government | 30 - 59 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	0	0
Commercial loans | Government | 60 - 89 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	0	0
Commercial loans | Government | 90 days or more
Financing Receivable, Past Due [Line Items]
Total amortized cost	0	0
Commercial loans | Government | Total current
Financing Receivable, Past Due [Line Items]
Total amortized cost	266,303	274,854
Commercial loans | Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total amortized cost	230,062	278,196
Commercial loans | Commercial and industrial | Total past due loans
Financing Receivable, Past Due [Line Items]
Total amortized cost	17,444	18,392
Commercial loans | Commercial and industrial | 30 - 59 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	217	0
Commercial loans | Commercial and industrial | 60 - 89 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	0	0
Commercial loans | Commercial and industrial | 90 days or more
Financing Receivable, Past Due [Line Items]
Total amortized cost	17,227	18,392
Commercial loans | Commercial and industrial | Total current
Financing Receivable, Past Due [Line Items]
Total amortized cost	212,618	259,804
Commercial real estate loans
Financing Receivable, Past Due [Line Items]
Total amortized cost	642,038	607,716
Commercial real estate loans | Total past due loans
Financing Receivable, Past Due [Line Items]
Total amortized cost	17,866	3,488
Commercial real estate loans | 30 - 59 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	346	0
Commercial real estate loans | 60 - 89 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	0	355
Commercial real estate loans | 90 days or more
Financing Receivable, Past Due [Line Items]
Total amortized cost	17,520	3,133
Commercial real estate loans | Total current
Financing Receivable, Past Due [Line Items]
Total amortized cost	624,172	604,228
Commercial real estate loans | Commercial mortgage
Financing Receivable, Past Due [Line Items]
Total amortized cost	593,554	596,735
Commercial real estate loans | Commercial mortgage | Total past due loans
Financing Receivable, Past Due [Line Items]
Total amortized cost	17,866	3,488
Commercial real estate loans | Commercial mortgage | 30 - 59 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	346	0
Commercial real estate loans | Commercial mortgage | 60 - 89 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	0	355
Commercial real estate loans | Commercial mortgage | 90 days or more
Financing Receivable, Past Due [Line Items]
Total amortized cost	17,520	3,133
Commercial real estate loans | Commercial mortgage | Total current
Financing Receivable, Past Due [Line Items]
Total amortized cost	575,688	593,247
Commercial real estate loans | Construction
Financing Receivable, Past Due [Line Items]
Total amortized cost	48,484	10,981
Commercial real estate loans | Construction | Total past due loans
Financing Receivable, Past Due [Line Items]
Total amortized cost	0	0
Commercial real estate loans | Construction | 30 - 59 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	0	0
Commercial real estate loans | Construction | 60 - 89 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	0	0
Commercial real estate loans | Construction | 90 days or more
Financing Receivable, Past Due [Line Items]
Total amortized cost	0	0
Commercial real estate loans | Construction | Total current
Financing Receivable, Past Due [Line Items]
Total amortized cost	48,484	10,981
Consumer loans
Financing Receivable, Past Due [Line Items]
Total amortized cost	192,750	191,733
Consumer loans | Total past due loans
Financing Receivable, Past Due [Line Items]
Total amortized cost	2,850	4,254
Consumer loans | 30 - 59 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	1,336	1,026
Consumer loans | 60 - 89 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	346	386
Consumer loans | 90 days or more
Financing Receivable, Past Due [Line Items]
Total amortized cost	1,168	2,842
Consumer loans | Total current
Financing Receivable, Past Due [Line Items]
Total amortized cost	189,900	187,479
Consumer loans | Overdrafts
Financing Receivable, Past Due [Line Items]
Total amortized cost	37,148	42,715
Consumer loans | Overdrafts | Total past due loans
Financing Receivable, Past Due [Line Items]
Total amortized cost	38	42
Consumer loans | Overdrafts | 30 - 59 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	0	0
Consumer loans | Overdrafts | 60 - 89 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	0	0
Consumer loans | Overdrafts | 90 days or more
Financing Receivable, Past Due [Line Items]
Total amortized cost	38	42
Consumer loans | Overdrafts | Total current
Financing Receivable, Past Due [Line Items]
Total amortized cost	37,110	42,673
Consumer loans | Automobile financing
Financing Receivable, Past Due [Line Items]
Total amortized cost	18,180	18,962
Consumer loans | Automobile financing | Total past due loans
Financing Receivable, Past Due [Line Items]
Total amortized cost	271	278
Consumer loans | Automobile financing | 30 - 59 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	83	124
Consumer loans | Automobile financing | 60 - 89 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	35	42
Consumer loans | Automobile financing | 90 days or more
Financing Receivable, Past Due [Line Items]
Total amortized cost	153	112
Consumer loans | Automobile financing | Total current
Financing Receivable, Past Due [Line Items]
Total amortized cost	17,909	18,684
Consumer loans | Credit card
Financing Receivable, Past Due [Line Items]
Total amortized cost	90,677	85,634
Consumer loans | Credit card | Total past due loans
Financing Receivable, Past Due [Line Items]
Total amortized cost	1,038	1,549
Consumer loans | Credit card | 30 - 59 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	514	902
Consumer loans | Credit card | 60 - 89 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	280	255
Consumer loans | Credit card | 90 days or more
Financing Receivable, Past Due [Line Items]
Total amortized cost	244	392
Consumer loans | Credit card | Total current
Financing Receivable, Past Due [Line Items]
Total amortized cost	89,639	84,085
Consumer loans | Other consumer
Financing Receivable, Past Due [Line Items]
Total amortized cost	46,745	44,422
Consumer loans | Other consumer | Total past due loans
Financing Receivable, Past Due [Line Items]
Total amortized cost	1,503	2,385
Consumer loans | Other consumer | 30 - 59 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	739	0
Consumer loans | Other consumer | 60 - 89 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	31	89
Consumer loans | Other consumer | 90 days or more
Financing Receivable, Past Due [Line Items]
Total amortized cost	733	2,296
Consumer loans | Other consumer | Total current
Financing Receivable, Past Due [Line Items]
Total amortized cost	45,242	42,037
Residential mortgage loans
Financing Receivable, Past Due [Line Items]
Total amortized cost	3,050,692	3,300,315
Residential mortgage loans | Total past due loans
Financing Receivable, Past Due [Line Items]
Total amortized cost	130,282	143,266
Residential mortgage loans | 30 - 59 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	17,520	23,483
Residential mortgage loans | 60 - 89 days
Financing Receivable, Past Due [Line Items]
Total amortized cost	5,797	17,559
Residential mortgage loans | 90 days or more
Financing Receivable, Past Due [Line Items]
Total amortized cost	106,965	102,224
Residential mortgage loans | Total current
Financing Receivable, Past Due [Line Items]
Total amortized cost	$ 2,920,410	$ 3,157,049

Loans - Changes in Allowances f

Loans - Changes in Allowances for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning of period	$ 25,759	$ 24,961
Provision increase (decrease)	1,874	4,425
Recoveries of previous charge-offs	1,381	1,657
Charge-offs originated current year	0	(4)
Charge-offs originated 1 year past	(20)	(52)
Charge-offs originated 2 year past	0	(31)
Charge-offs originated 3 year past	(180)	(33)
Charge-offs originated 4 year past	(185)	(2)
Prior	(1,088)	(3,732)
Overdrafts and credit cards	(1,825)	(1,602)
Other	(7)	172
Allowances for expected credit losses at end of year	25,709	25,759
Commercial loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning of period	11,248	12,143
Provision increase (decrease)	887	570
Recoveries of previous charge-offs	0	70
Charge-offs originated current year	0	0
Charge-offs originated 1 year past	0	0
Charge-offs originated 2 year past	0	0
Charge-offs originated 3 year past	0	0
Charge-offs originated 4 year past	0	0
Prior	(427)	(1,474)
Overdrafts and credit cards	(24)	(66)
Other	0	5
Allowances for expected credit losses at end of year	11,684	11,248
Commercial real estate loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning of period	1,441	884
Provision increase (decrease)	2,214	566
Recoveries of previous charge-offs	0	0
Charge-offs originated current year	0	0
Charge-offs originated 1 year past	0	0
Charge-offs originated 2 year past	0	0
Charge-offs originated 3 year past	(180)	0
Charge-offs originated 4 year past	(180)	0
Prior	(28)	(8)
Overdrafts and credit cards	0	0
Other	0	(1)
Allowances for expected credit losses at end of year	3,267	1,441
Consumer loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning of period	3,096	2,696
Provision increase (decrease)	933	1,223
Recoveries of previous charge-offs	1,154	975
Charge-offs originated current year	0	(4)
Charge-offs originated 1 year past	(20)	(52)
Charge-offs originated 2 year past	0	(31)
Charge-offs originated 3 year past	0	(33)
Charge-offs originated 4 year past	(5)	(2)
Prior	(100)	(122)
Overdrafts and credit cards	(1,801)	(1,536)
Other	(3)	(18)
Allowances for expected credit losses at end of year	3,254	3,096
Residential mortgage loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning of period	9,974	9,238
Provision increase (decrease)	(2,160)	2,066
Recoveries of previous charge-offs	227	612
Charge-offs originated current year	0
Charge-offs originated 1 year past	0	0
Charge-offs originated 2 year past	0	0
Charge-offs originated 3 year past	0	0
Charge-offs originated 4 year past	0	0
Prior	(533)	(2,128)
Overdrafts and credit cards	0	0
Other	(4)	186
Allowances for expected credit losses at end of year	$ 7,504	$ 9,974

Loans - Non-Performing Loans (D

Loans - Non-Performing Loans (Details) - Non-Performing Financial Instruments - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Non-accrual loans with an allowance	$ 57,903	$ 40,739
Non-accrual loans without an allowance	18,754	20,279
Past due 90 days or more and accruing	72,937	72,399
Total amortized cost	149,594	133,417
Commercial loans
Financing Receivable, Past Due [Line Items]
Non-accrual loans with an allowance	17,209	18,086
Non-accrual loans without an allowance	818	394
Past due 90 days or more and accruing	0	0
Total amortized cost	18,027	18,480
Commercial loans | Overdrafts
Financing Receivable, Past Due [Line Items]
Non-accrual loans with an allowance	0	0
Non-accrual loans without an allowance	1	88
Past due 90 days or more and accruing	0	0
Total amortized cost	1	88
Commercial loans | Commercial and industrial
Financing Receivable, Past Due [Line Items]
Non-accrual loans with an allowance	17,209	18,086
Non-accrual loans without an allowance	817	306
Past due 90 days or more and accruing	0	0
Total amortized cost	18,026	18,392
Commercial real estate loans
Financing Receivable, Past Due [Line Items]
Non-accrual loans with an allowance	17,410	1,958
Non-accrual loans without an allowance	110	1,175
Past due 90 days or more and accruing	0	0
Total amortized cost	17,520	3,133
Commercial real estate loans | Commercial mortgage
Financing Receivable, Past Due [Line Items]
Non-accrual loans with an allowance	17,410	1,958
Non-accrual loans without an allowance	110	1,175
Past due 90 days or more and accruing	0	0
Total amortized cost	17,520	3,133
Consumer loans
Financing Receivable, Past Due [Line Items]
Non-accrual loans with an allowance	654	636
Non-accrual loans without an allowance	281	384
Past due 90 days or more and accruing	244	2,074
Total amortized cost	1,179	3,094
Consumer loans | Overdrafts
Financing Receivable, Past Due [Line Items]
Non-accrual loans with an allowance	0	0
Non-accrual loans without an allowance	38	42
Past due 90 days or more and accruing	0	0
Total amortized cost	38	42
Consumer loans | Automobile financing
Financing Receivable, Past Due [Line Items]
Non-accrual loans with an allowance	126	124
Non-accrual loans without an allowance	38	15
Past due 90 days or more and accruing	0	0
Total amortized cost	164	139
Consumer loans | Credit card
Financing Receivable, Past Due [Line Items]
Non-accrual loans with an allowance	0	0
Non-accrual loans without an allowance	0	0
Past due 90 days or more and accruing	244	392
Total amortized cost	244	392
Consumer loans | Other consumer
Financing Receivable, Past Due [Line Items]
Non-accrual loans with an allowance	528	512
Non-accrual loans without an allowance	205	327
Past due 90 days or more and accruing	0	1,682
Total amortized cost	733	2,521
Residential mortgage loans
Financing Receivable, Past Due [Line Items]
Non-accrual loans with an allowance	22,630	20,059
Non-accrual loans without an allowance	17,545	18,326
Past due 90 days or more and accruing	72,693	70,325
Total amortized cost	$ 112,868	$ 108,710

Loans - Loan Modifications Made

Loans - Loan Modifications Made to Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Commercial mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
In % of the class of loans	0.10%	0.10%
Months of payment delay	0 months
Months of term extension	0 months	22 months
Interest rate reduction	3%	1.80%
Other consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
In % of the class of loans	1.80%
Months of payment delay	0 months
Months of term extension	34 months
Interest rate reduction	4%
Residential mortgage loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
In % of the class of loans	0.60%	0.40%
Months of payment delay	6 months
Months of term extension	31 months	35 months
Interest rate reduction	3.10%	3.30%
Term extension and interest rate reduction | Commercial mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized cost basis		$ 472
Term extension and interest rate reduction | Residential mortgage loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized cost basis	$ 3,823	2,938
Payments delay in # of months | Commercial mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized cost basis	0
Payments delay in # of months | Other consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized cost basis	0
Payments delay in # of months | Residential mortgage loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized cost basis	750
Term extension | Commercial mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized cost basis		0
Term extension | Other consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized cost basis	56
Term extension | Residential mortgage loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized cost basis	7,490	3,499
Interest rate reduction | Commercial mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized cost basis	636	0
Interest rate reduction | Other consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized cost basis	782
Interest rate reduction | Residential mortgage loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized cost basis	$ 5,230	$ 7,428

Credit risk concentrations (Det

Credit risk concentrations (Details) - Credit Availability Concentration Risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Total Credit Exposure
Concentration Risk [Line Items]
Total gross exposure	$ 8,997,688	$ 8,389,785
Total Credit Exposure | Belgium
Concentration Risk [Line Items]
Total gross exposure	2,478	2,815
Total Credit Exposure | Bermuda
Concentration Risk [Line Items]
Total gross exposure	1,854,898	2,001,462
Total Credit Exposure | Canada
Concentration Risk [Line Items]
Total gross exposure	1,417,882	1,198,290
Total Credit Exposure | Cayman Islands
Concentration Risk [Line Items]
Total gross exposure	1,327,634	1,415,416
Total Credit Exposure | France
Concentration Risk [Line Items]
Total gross exposure	207,687	0
Total Credit Exposure | Germany
Concentration Risk [Line Items]
Total gross exposure	1,178	1,637
Total Credit Exposure | Guernsey
Concentration Risk [Line Items]
Total gross exposure	656,974	810,337
Total Credit Exposure | Ireland
Concentration Risk [Line Items]
Total gross exposure	8,672	13,849
Total Credit Exposure | Japan
Concentration Risk [Line Items]
Total gross exposure	121,862	15,831
Total Credit Exposure | Jersey
Concentration Risk [Line Items]
Total gross exposure	292,181	199,161
Total Credit Exposure | Mauritius
Concentration Risk [Line Items]
Total gross exposure	1,055	994
Total Credit Exposure | Norway
Concentration Risk [Line Items]
Total gross exposure	100,148	94,698
Total Credit Exposure | Switzerland
Concentration Risk [Line Items]
Total gross exposure	3,377	1,952
Total Credit Exposure | The Bahamas
Concentration Risk [Line Items]
Total gross exposure	3,975	6,615
Total Credit Exposure | United Kingdom
Concentration Risk [Line Items]
Total gross exposure	2,396,718	1,731,263
Total Credit Exposure | United States
Concentration Risk [Line Items]
Total gross exposure	599,264	894,259
Total Credit Exposure | Other
Concentration Risk [Line Items]
Total gross exposure	1,705	1,206
Cash and cash equivalents, resell agreements and short-term investments
Concentration Risk [Line Items]
Total gross exposure	3,783,511	2,871,959
Cash and cash equivalents, resell agreements and short-term investments | Belgium
Concentration Risk [Line Items]
Total gross exposure	2,478	2,815
Cash and cash equivalents, resell agreements and short-term investments | Bermuda
Concentration Risk [Line Items]
Total gross exposure	37,227	39,843
Cash and cash equivalents, resell agreements and short-term investments | Canada
Concentration Risk [Line Items]
Total gross exposure	1,417,882	1,198,290
Cash and cash equivalents, resell agreements and short-term investments | Cayman Islands
Concentration Risk [Line Items]
Total gross exposure	40,675	46,870
Cash and cash equivalents, resell agreements and short-term investments | France
Concentration Risk [Line Items]
Total gross exposure	207,687	0
Cash and cash equivalents, resell agreements and short-term investments | Germany
Concentration Risk [Line Items]
Total gross exposure	1,178	1,637
Cash and cash equivalents, resell agreements and short-term investments | Guernsey
Concentration Risk [Line Items]
Total gross exposure	1	1
Cash and cash equivalents, resell agreements and short-term investments | Ireland
Concentration Risk [Line Items]
Total gross exposure	8,672	13,849
Cash and cash equivalents, resell agreements and short-term investments | Japan
Concentration Risk [Line Items]
Total gross exposure	121,862	15,831
Cash and cash equivalents, resell agreements and short-term investments | Jersey
Concentration Risk [Line Items]
Total gross exposure	0	0
Cash and cash equivalents, resell agreements and short-term investments | Mauritius
Concentration Risk [Line Items]
Total gross exposure	1,055	994
Cash and cash equivalents, resell agreements and short-term investments | Norway
Concentration Risk [Line Items]
Total gross exposure	100,148	94,698
Cash and cash equivalents, resell agreements and short-term investments | Switzerland
Concentration Risk [Line Items]
Total gross exposure	3,377	1,952
Cash and cash equivalents, resell agreements and short-term investments | The Bahamas
Concentration Risk [Line Items]
Total gross exposure	184	990
Cash and cash equivalents, resell agreements and short-term investments | United Kingdom
Concentration Risk [Line Items]
Total gross exposure	1,240,116	558,724
Cash and cash equivalents, resell agreements and short-term investments | United States
Concentration Risk [Line Items]
Total gross exposure	599,264	894,259
Cash and cash equivalents, resell agreements and short-term investments | Other
Concentration Risk [Line Items]
Total gross exposure	1,705	1,206
Loans
Concentration Risk [Line Items]
Total gross exposure	4,499,300	4,771,608
Loans | Belgium
Concentration Risk [Line Items]
Total gross exposure	0	0
Loans | Bermuda
Concentration Risk [Line Items]
Total gross exposure	1,631,461	1,772,429
Loans | Canada
Concentration Risk [Line Items]
Total gross exposure	0	0
Loans | Cayman Islands
Concentration Risk [Line Items]
Total gross exposure	1,068,142	1,171,213
Loans | France
Concentration Risk [Line Items]
Total gross exposure	0	0
Loans | Germany
Concentration Risk [Line Items]
Total gross exposure	0	0
Loans | Guernsey
Concentration Risk [Line Items]
Total gross exposure	552,994	630,157
Loans | Ireland
Concentration Risk [Line Items]
Total gross exposure	0	0
Loans | Japan
Concentration Risk [Line Items]
Total gross exposure	0	0
Loans | Jersey
Concentration Risk [Line Items]
Total gross exposure	223,964	181,647
Loans | Mauritius
Concentration Risk [Line Items]
Total gross exposure	0	0
Loans | Norway
Concentration Risk [Line Items]
Total gross exposure	0	0
Loans | Switzerland
Concentration Risk [Line Items]
Total gross exposure	0	0
Loans | The Bahamas
Concentration Risk [Line Items]
Total gross exposure	3,791	5,625
Loans | United Kingdom
Concentration Risk [Line Items]
Total gross exposure	1,018,948	1,010,537
Loans | United States
Concentration Risk [Line Items]
Total gross exposure	0	0
Loans | Other
Concentration Risk [Line Items]
Total gross exposure	0	0
Off-balance sheet
Concentration Risk [Line Items]
Total gross exposure	714,877	746,218
Off-balance sheet | Belgium
Concentration Risk [Line Items]
Total gross exposure	0	0
Off-balance sheet | Bermuda
Concentration Risk [Line Items]
Total gross exposure	186,210	189,190
Off-balance sheet | Canada
Concentration Risk [Line Items]
Total gross exposure	0	0
Off-balance sheet | Cayman Islands
Concentration Risk [Line Items]
Total gross exposure	218,817	197,333
Off-balance sheet | France
Concentration Risk [Line Items]
Total gross exposure	0	0
Off-balance sheet | Germany
Concentration Risk [Line Items]
Total gross exposure	0	0
Off-balance sheet | Guernsey
Concentration Risk [Line Items]
Total gross exposure	103,979	180,179
Off-balance sheet | Ireland
Concentration Risk [Line Items]
Total gross exposure	0	0
Off-balance sheet | Japan
Concentration Risk [Line Items]
Total gross exposure	0	0
Off-balance sheet | Jersey
Concentration Risk [Line Items]
Total gross exposure	68,217	17,514
Off-balance sheet | Mauritius
Concentration Risk [Line Items]
Total gross exposure	0	0
Off-balance sheet | Norway
Concentration Risk [Line Items]
Total gross exposure	0	0
Off-balance sheet | Switzerland
Concentration Risk [Line Items]
Total gross exposure	0	0
Off-balance sheet | The Bahamas
Concentration Risk [Line Items]
Total gross exposure	0	0
Off-balance sheet | United Kingdom
Concentration Risk [Line Items]
Total gross exposure	137,654	162,002
Off-balance sheet | United States
Concentration Risk [Line Items]
Total gross exposure	0	0
Off-balance sheet | Other
Concentration Risk [Line Items]
Total gross exposure	$ 0	$ 0

Premises, equipment and compu_3

Premises, equipment and computer software - Schedule of Premise, Equipment and Computer Software (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Cost	$ 342,499	$ 399,566
Accumulated depreciation	(188,717)	(245,204)
Net carrying value	153,782	154,362
Total depreciation charged to operating expenses	21,354	19,767	$ 18,477
Land
Property, Plant and Equipment [Line Items]
Cost	8,333	8,333
Accumulated depreciation	0	0
Net carrying value	8,333	8,333
Buildings
Property, Plant and Equipment [Line Items]
Cost	204,473	198,692
Accumulated depreciation	(91,401)	(88,670)
Net carrying value	113,072	110,022
Total depreciation charged to operating expenses	9,202	7,334	5,963
Equipment
Property, Plant and Equipment [Line Items]
Cost	27,128	26,583
Accumulated depreciation	(19,304)	(19,730)
Net carrying value	7,824	6,853
Total depreciation charged to operating expenses	2,384	2,389	2,390
Computer hardware and software in use
Property, Plant and Equipment [Line Items]
Cost	100,630	164,231
Accumulated depreciation	(78,012)	(136,804)
Net carrying value	22,618	27,427
Total depreciation charged to operating expenses	9,768	10,044	$ 10,124
Computer software in development
Property, Plant and Equipment [Line Items]
Cost	1,935	1,727
Accumulated depreciation	0	0
Net carrying value	$ 1,935	$ 1,727

Premises, equipment and compu_4

Premises, equipment and computer software - Narrative (Details) - Computer hardware and software in use $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Assets disposed of, carrying value removed	$ 54.8
Assets disposed of, accumulated depreciation removed	$ 54.8

Goodwill and other intangible_3

Goodwill and other intangible assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Balance at beginning of year	$ 24,107	$ 22,892	$ 25,356
Foreign exchange translation adjustment	(490)	1,215	(2,464)
Balance at end of year	23,617	24,107	22,892
Cayman
Goodwill [Roll Forward]
Balance at beginning of year	551	551	551
Foreign exchange translation adjustment	0	0	0
Balance at end of year	551	551	551
Channel Islands and the UK
Goodwill [Roll Forward]
Balance at beginning of year	21,415	20,272	22,738
Foreign exchange translation adjustment	(396)	1,143	(2,466)
Balance at end of year	21,019	21,415	20,272
Other
Goodwill [Roll Forward]
Balance at beginning of year	2,141	2,069	2,067
Foreign exchange translation adjustment	(94)	72	2
Balance at end of year	$ 2,047	$ 2,141	$ 2,069

Goodwill and other intangible_4

Goodwill and other intangible assets - Customer Relationship Intangible Assets (Details) - Customer Relationships - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Cost	$ 169,085	$ 168,602
Accumulated amortization	(103,093)	(93,802)
Net carrying amount	65,992	74,800
Bermuda
Finite-Lived Intangible Assets [Line Items]
Cost	29,785	29,785
Accumulated amortization	(20,727)	(19,297)
Net carrying amount	9,058	10,488
Cayman
Finite-Lived Intangible Assets [Line Items]
Cost	16,517	16,517
Accumulated amortization	(9,967)	(8,865)
Net carrying amount	6,550	7,652
Channel Islands and the UK
Finite-Lived Intangible Assets [Line Items]
Cost	97,860	97,760
Accumulated amortization	(67,760)	(63,746)
Net carrying amount	30,100	34,014
Other
Finite-Lived Intangible Assets [Line Items]
Cost	24,923	24,540
Accumulated amortization	(4,639)	(1,894)
Net carrying amount	$ 20,284	$ 22,646

Goodwill and other intangible_5

Goodwill and other intangible assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 8,006,000	$ 5,728,000	$ 5,680,000
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Assets acquired	0	$ 27,300,000
Acquired finite-lived intangible assets, useful life		15 years
Intangible assets written off	0	$ 0
Amortization expense	8,000,000	5,700,000	5,700,000
Foreign currency translation increase (decrease) in net carrying amount	(1,300,000)	$ 1,700,000	$ (3,600,000)
Estimated aggregate amortization expense, next twelve months	7,600,000
Estimated aggregate amortization expense, year two	7,600,000
Estimated aggregate amortization expense, year three	7,600,000
Estimated aggregate amortization expense, year four	7,600,000
Estimated aggregate amortization expense, year five	$ 7,600,000

Deposits - Contractual Maturiti

Deposits - Contractual Maturities (Details) $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Total demand deposits
Non-interest bearing	$ 2,687,877	$ 2,656,659
Interest bearing	5,579,775	5,602,255
Total demand deposits	8,267,652	8,258,914
Demand or less than $100k
Within 3 months	51,608	42,571
3 to 6 months	18,035	15,177
6 to 12 months	19,912	18,877
After 12 months	10,395	10,360
Total term deposits	99,950	86,985
Total deposits, less than $100k	8,367,602	8,345,899
Term - $100k or more
Within 3 months	3,540,636	2,633,800
3 to 6 months	416,374	474,034
6 to 12 months	348,301	459,325
After 12 months	72,996	73,650
Total term deposits	4,378,307	3,640,809
Term
Within 3 months	3,592,244	2,676,371
3 to 6 months	434,409	489,211
6 to 12 months	368,213	478,202
After 12 months	83,391	84,010
Total term deposits	4,478,257	3,727,794
Total deposits	$ 12,745,909	$ 11,986,708
Weighted average interest rate, demand deposits	0.0087	0.0081

Deposits - By Type and Segment

Deposits - By Type and Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deposit Liability [Line Items]
Payable on demand	$ 8,267,652	$ 8,258,914
Payable on a fixed date	4,478,257	3,727,794
Total deposits	12,745,909	11,986,708
Bermuda
Deposit Liability [Line Items]
Payable on demand	3,535,770	3,487,911
Payable on a fixed date	1,245,294	985,180
Total deposits	4,781,064	4,473,091
Cayman
Deposit Liability [Line Items]
Payable on demand	2,793,194	2,971,581
Payable on a fixed date	1,177,909	1,033,515
Total deposits	3,971,103	4,005,096
Channel Islands and the UK
Deposit Liability [Line Items]
Payable on demand	1,938,688	1,799,422
Payable on a fixed date	2,055,054	1,709,099
Total deposits	$ 3,993,742	$ 3,508,521

Employee benefit plans - Narrat

Employee benefit plans - Narrative (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2019	Dec. 31, 2014
Guernsey | Pension plans
Defined Benefit Plan Disclosure [Line Items]
Remaining life expectancy, inactive participants	39 years
Remaining life expectancy, active members	15 years
Postretirement Health Coverage 2010 Amendment | Bermuda | Post- retirement medical benefit plan
Defined Benefit Plan Disclosure [Line Items]
Remaining service period	3 years 1 month 6 days
Postretirement Health Coverage 2011 Amendment | Bermuda | Post- retirement medical benefit plan
Defined Benefit Plan Disclosure [Line Items]
Remaining service period	4 years 7 months 6 days
Postretirement Health Coverage 2014 Amendment | Bermuda | Post- retirement medical benefit plan
Defined Benefit Plan Disclosure [Line Items]
Remaining life expectancy		16 years	21 years

Employee benefit plans - Financ

Employee benefit plans - Financial Position of Defined Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Amounts recognized in the consolidated balance sheets consist of:
Accrued pension benefit cost included in employee benefit plans liability	$ (83,589)	$ (88,694)
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation at end of year	99,013	110,004	$ 106,748
Change in projected benefit obligation
Projected benefit obligation at beginning of year	110,004	106,748	157,478
Service cost	0	0	0
Interest cost	5,134	5,367	3,026
Benefits paid	(7,961)	(7,829)	(9,153)
Actuarial (gain) loss	(7,453)	3,368	(37,425)
Foreign exchange translation adjustment	(711)	2,350	(7,178)
Projected benefit obligation at end of year	99,013	110,004	106,748
Change in plan assets
Fair value of plan assets at beginning of year	136,653	137,294	179,025
Actual return on plan assets	(1,501)	3,725	(24,574)
Employer contribution	153	386	207
Benefits paid	(7,961)	(7,829)	(9,153)
Foreign exchange translation adjustment	(925)	3,077	(8,211)
Fair value of plan assets at end of year	126,419	136,653	137,294
Amounts recognized in the consolidated balance sheets consist of:
Prepaid benefit cost included in accrued interest and other assets	27,417	26,661	30,581
Accrued pension benefit cost included in employee benefit plans liability	(11)	(12)	(35)
Surplus (deficit) of plan assets over projected benefit obligation at measurement date	27,406	26,649	30,546
Post- retirement medical benefit plan
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation at end of year	83,578	88,682	91,983
Change in projected benefit obligation
Projected benefit obligation at beginning of year	88,682	91,983	125,968
Service cost	54	76	130
Interest cost	4,385	4,786	3,114
Benefits paid	(3,324)	(3,244)	(5,774)
Actuarial (gain) loss	(6,219)	(4,919)	(31,455)
Foreign exchange translation adjustment	0	0	0
Projected benefit obligation at end of year	83,578	88,682	91,983
Change in plan assets
Fair value of plan assets at beginning of year	0	0	0
Actual return on plan assets	0	0	0
Employer contribution	3,324	3,244	5,774
Benefits paid	(3,324)	(3,244)	(5,774)
Foreign exchange translation adjustment	0	0	0
Fair value of plan assets at end of year	0	0	0
Amounts recognized in the consolidated balance sheets consist of:
Prepaid benefit cost included in accrued interest and other assets	0	0	0
Accrued pension benefit cost included in employee benefit plans liability	(83,578)	(88,682)	(91,983)
Surplus (deficit) of plan assets over projected benefit obligation at measurement date	$ (83,578)	$ (88,682)	$ (91,983)

Employee benefit plans - Amount

Employee benefit plans - Amounts Recognized in AOCI, Benefit Expense (Income), and OCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Expense component
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Non-service employee benefits expense	Non-service employee benefits expense	Non-service employee benefits expense
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Non-service employee benefits expense	Non-service employee benefits expense	Non-service employee benefits expense
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Non-service employee benefits expense	Non-service employee benefits expense	Non-service employee benefits expense
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Non-service employee benefits expense	Non-service employee benefits expense	Non-service employee benefits expense
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Non-service employee benefits expense, Net other gains (losses)	Non-service employee benefits expense, Net other gains (losses)	Non-service employee benefits expense, Net other gains (losses)
Pension plans
Amounts recognized in accumulated other comprehensive income (loss) consist of:
Net actuarial gain (loss), excluding deferred taxes	$ (48,969)	$ (51,165)	$ (47,452)
Net prior service credit (cost)	(313)	(398)	(453)
Net amount recognized in accumulated other comprehensive income (loss)	(49,282)	(51,563)	(47,905)
Expense component
Service cost	0	0	0
Interest cost	5,134	5,367	3,026
Expected return on plan assets	(6,240)	(6,117)	(6,632)
Amortization of net actuarial (gains) losses	2,358	2,284	2,218
Amortization of prior service (credit) loss	79	79	81
(Gain) loss on settlement	0	0	(907)
Defined benefit (income) expense	1,331	1,613	(2,214)
Defined contribution expense	8,363	8,525	7,825
Total benefit (income) expense	9,694	10,138	5,611
Other changes recognized in other comprehensive income (loss)
Net gain (loss) arising during the year	(288)	(5,762)	6,218
Net loss (gain) on settlement reclassified to net income	0	0	(907)
Amortization of net actuarial (gains) losses	2,358	2,284	2,218
Amortization of prior service (credit) cost	79	79	81
Foreign exchange adjustment	132	(259)	885
Total changes recognized in other comprehensive income (loss)	2,281	(3,658)	8,495
Post- retirement medical benefit plan
Amounts recognized in accumulated other comprehensive income (loss) consist of:
Net actuarial gain (loss), excluding deferred taxes	22,022	18,114	14,528
Net prior service credit (cost)	(5,770)	(6,294)	(6,818)
Net amount recognized in accumulated other comprehensive income (loss)	16,252	11,820	7,710
Expense component
Service cost	54	76	130
Interest cost	4,385	4,786	3,114
Expected return on plan assets	0	0	0
Amortization of net actuarial (gains) losses	524	524	1,444
Amortization of prior service (credit) loss	(2,311)	(1,333)	524
(Gain) loss on settlement	0	0	0
Defined benefit (income) expense	2,652	4,053	5,212
Defined contribution expense	0	0	0
Total benefit (income) expense	2,652	4,053	5,212
Other changes recognized in other comprehensive income (loss)
Net gain (loss) arising during the year	6,219	4,919	31,455
Net loss (gain) on settlement reclassified to net income	0	0	0
Amortization of net actuarial (gains) losses	524	524	1,444
Amortization of prior service (credit) cost	(2,311)	(1,333)	524
Foreign exchange adjustment	0	0	0
Total changes recognized in other comprehensive income (loss)	$ 4,432	$ 4,110	$ 33,423

Employee benefit plans - Actuar

Employee benefit plans - Actuarial Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension plans
Actuarial assumptions used to determine annual benefit expense
Weighted average discount rate	4.85%	5.20%	2.30%
Weighted average rate of compensation increases	3.20%	3%	3%
Weighted average expected long-term rate of return on plan assets	5.80%	6.30%	4.45%
Actuarial assumptions used to determine benefit obligations at end of year
Weighted average discount rate	5.55%	4.85%	5.20%
Weighted average rate of compensation increases	3.20%	3%	3%
Post-retirement healthcare plan
Actuarial assumptions used to determine annual benefit expense
Weighted average discount rate	5.16%	5.37%	2.88%
Actuarial assumptions used to determine benefit obligations at end of year
Weighted average discount rate	5.67%	5.16%	5.37%
Post-retirement healthcare plan | Maximum
Actuarial assumptions used to determine annual benefit expense
Weighted average annual medical cost increase rate	6.80%	6.90%	7%
Actuarial assumptions used to determine benefit obligations at end of year
Weighted average annual medical cost increase rate	6.60%	6.80%	6.90%
Post-retirement healthcare plan | Minimum
Actuarial assumptions used to determine annual benefit expense
Weighted average annual medical cost increase rate	4.50%	4.50%	4.50%
Actuarial assumptions used to determine benefit obligations at end of year
Weighted average annual medical cost increase rate	4.50%	4.50%	4.50%

Employee benefit plans - Invest

Employee benefit plans - Investments Policies and Strategies (Details) - Pension plans	Dec. 31, 2024	Dec. 31, 2023
Weighted average actual and target asset allocations of the pension plans by asset category
Actual allocation	100%	100%
Target allocation	100%	100%
Debt securities (including debt mutual funds)
Weighted average actual and target asset allocations of the pension plans by asset category
Actual allocation	70%	70%
Target allocation	74%	74%
Equity securities (including equity mutual funds)
Weighted average actual and target asset allocations of the pension plans by asset category
Actual allocation	20%	20%
Target allocation	9%	9%
Other
Weighted average actual and target asset allocations of the pension plans by asset category
Actual allocation	10%	10%
Target allocation	17%	17%

Employee benefit plans - Fair V

Employee benefit plans - Fair Value Measurements of Pension Plans' Assets (Details) - Pension plans - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	$ 126,419	$ 136,653	$ 137,294	$ 179,025
Actual allocation	100%	100%
Level 1
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	$ 1,563	$ 1,336
Level 2
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	114,635	123,495
Level 3
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	10,221	11,822
US government and federal agencies
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	30,748	34,278
US government and federal agencies | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	0	0
US government and federal agencies | Level 2
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	30,748	34,278
US government and federal agencies | Level 3
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	0	0
Non-US governments debt securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	39,127	44,383
Non-US governments debt securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	0	0
Non-US governments debt securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	39,127	44,383
Non-US governments debt securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	0	0
Corporate debt securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	19,137	17,604
Corporate debt securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	0	0
Corporate debt securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	19,137	17,604
Corporate debt securities | Level 3
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	0	0
Equity securities (including equity mutual funds)
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	$ 25,856	$ 26,912
Actual allocation	20%	20%
Equity securities (including equity mutual funds) | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	$ 1,066	$ 926
Equity securities (including equity mutual funds) | Level 2
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	24,790	25,986
Equity securities (including equity mutual funds) | Level 3
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	0	0
Other
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	$ 11,551	$ 13,476
Actual allocation	10%	10%
Other | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	$ 497	$ 410
Other | Level 2
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	833	1,244
Other | Level 3
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plans' assets	$ 10,221	$ 11,822
Mutual Funds and Equity Securities Managed or Administered by Wholly-Owned Subsidiaries
Defined Benefit Plan Disclosure [Line Items]
Actual allocation	19.50%	19.10%
Parent Company Common Stock | Voting Common Stock
Defined Benefit Plan Disclosure [Line Items]
Actual allocation	0.80%	0.70%

Employee benefit plans - Estima

Employee benefit plans - Estimated Future Contributions (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Estimated Bank contributions for the full year ending December 31, 2025	$ 0
Estimated benefit payments by year:
2025	7,400
2026	7,300
2027	7,900
2028	7,400
2029	7,500
2030-2034	36,200
Post- retirement medical benefit plan
Defined Benefit Plan Disclosure [Line Items]
Estimated Bank contributions for the full year ending December 31, 2025	5,323
Estimated benefit payments by year:
2025	5,323
2026	5,544
2027	5,744
2028	5,905
2029	6,054
2030-2034	$ 31,721

Credit-related arrangements, _3

Credit-related arrangements, repurchase agreements and commitments - Commitments (Details)	Dec. 31, 2024 USD ($) custodian	Dec. 31, 2023 USD ($)
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Purchase obligation	$ 20,325,000	$ 32,100,000
Number of custodians | custodian	1
Commitments to extend credit	$ 475,289,000	496,577,000
Documentary and commercial letters of credit	1,576,000	1,824,000
Total unfunded commitments to extend credit	476,865,000	498,401,000
Allowance for credit losses	$ (90,000)	(302,000)
Custodian
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Right to set-off against securities held, percent of utilized facility	110%
Commitments to extend credit	$ 200,000,000
Custodian | Standby Letters of Credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Commitments to extend credit	$ 138,400,000	$ 120,000,000

Credit-related arrangements, _4

Credit-related arrangements, repurchase agreements and commitments - Contractual Obligation, Fiscal Year Maturity Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Sourcing
2025	$ 11,233
2026	9,092
2027	0
2028	0
2029	0
2030 & thereafter	0
Total commitments	20,325	$ 32,100
Other
2025	27,700
2026	18,122
2027	12,896
2028	7,549
2029	3,292
2030 & thereafter	19
Total commitments	69,578
Total
2025	38,933
2026	27,214
2027	12,896
2028	7,549
2029	3,292
2030 & thereafter	19
Total commitments	$ 89,903

Credit-related arrangements, _5

Credit-related arrangements, repurchase agreements and commitments - Credit-Related Arrangements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Offsetting Liabilities [Line Items]
Outstanding financial guarantees, gross	$ 238,012	$ 247,817
Outstanding financial guarantees, collateral	209,023	240,632
Outstanding financial guarantees, net	$ 28,989	7,185
Standby Letters of Credit
Offsetting Liabilities [Line Items]
Guarantor obligations, term period	1 year
Letters of Guarantee
Offsetting Liabilities [Line Items]
Guarantor obligations, term period	4 years
Standby letters of credit
Offsetting Liabilities [Line Items]
Outstanding financial guarantees, gross	$ 236,220	244,288
Outstanding financial guarantees, collateral	207,267	237,139
Outstanding financial guarantees, net	28,953	7,149
Letters of guarantee
Offsetting Liabilities [Line Items]
Outstanding financial guarantees, gross	1,792	3,529
Outstanding financial guarantees, collateral	1,756	3,493
Outstanding financial guarantees, net	$ 36	$ 36

Credit-related arrangements, _6

Credit-related arrangements, repurchase agreements and commitments - Repurchase Agreements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) position	Dec. 31, 2023 USD ($) position
Loss Contingencies [Line Items]
Securities purchased under agreements to resell	$ 1,205,373	$ 187,274
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises
Loss Contingencies [Line Items]
Resell agreements, number of open positions | position	15	5
Resell agreements, maturity period (less than)	120 days
Securities purchased under agreements to resell	$ 1,200,000	$ 187,300
Non-US governments debt securities
Loss Contingencies [Line Items]
Resell agreements, number of open positions | position	1	0
Resell agreements, maturity period (less than)	30 days
Carrying value of repurchase agreement	$ 92,600	$ 0

Credit-related arrangements, _7

Credit-related arrangements, repurchase agreements and commitments - Legal Proceedings (Details) $ in Millions	1 Months Ended	5 Months Ended
	Nov. 30, 2013 institution	Dec. 31, 2021 USD ($)
Settled Litigation
Loss Contingencies [Line Items]
Non-prosecution agreement, term		3 years
John Doe Summonses | Pending Litigation
Loss Contingencies [Line Items]
Number of defendants | institution	6
John Doe Summonses | Settled Litigation
Loss Contingencies [Line Items]
Loss contingency accrual, payments | $		$ 5.6

Leases - Lease Cost and Other I

Leases - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Lease costs
Operating lease costs	$ 7,685	$ 7,673
Short-term lease costs	1,645	2,490
Sublease income	(580)	(1,126)
Total net lease cost	$ 8,750	$ 9,037
OperatingLeaseIncomeComprehensiveIncomeExtensibleListNotDisclosedFla	Operating lease income	Operating lease income
Operating lease income	$ 1,362	$ 1,200
Right-of-use assets related to new operating lease liabilities	2,068	3,268
Operating cash flows from operating leases	$ 6,903	$ 7,808
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Accrued interest and other assets	Accrued interest and other assets
Operating leases right-of-use assets (included in other assets on the balance sheets)	$ 35,347	$ 33,445
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Operating lease liabilities (included in other liabilities on the balance sheets)	$ 35,604	$ 33,014
Weighted average remaining lease term for operating leases (in years)	11 years 10 months 13 days	9 years 6 months 7 days
Weighted average discount rate for operating leases	5.93%	5.60%

Leases - Schedule of Maturity (

Leases - Schedule of Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Year ending December 31
2025	$ 5,249
2026	4,910
2027	4,911
2028	4,909
2029	3,667
2030 & thereafter	16,746
Total commitments	40,392
Less: effect of discounting cash flows to their present value	(4,788)
Operating lease liabilities	$ 35,604	$ 33,014

Loan interest income (Details)

Loan interest income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
Contractual interest earned	$ 298,975	$ 312,256	$ 243,115
Amortization
Amortization of fair value hedge	(202)	(232)	(259)
Amortization of loan origination fees (net of amortized costs)	4,953	5,015	6,026
Amortization of fair value adjustment on purchased loans	386	322	508
Total loan interest income	304,112	317,361	249,390
Balance of unamortized fair value hedge included in loans as at year end	402	604	836
Balance of unamortized loan fees included in loans as at year end	$ 9,373	$ 10,822	$ 11,878

Segmented information - Narrati

Segmented information - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 branch segment
Segment Reporting Information [Line Items]
Number of reportable segments | segment	4
Operating Segments | Bermuda
Segment Reporting Information [Line Items]
Number of branch locations	3
Operating Segments | Cayman
Segment Reporting Information [Line Items]
Number of branch locations	3

Segmented information - Financi

Segmented information - Financial Information by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Assets	$ 14,231,396	$ 13,374,020
Interest income Total	585,717	545,630	$ 398,383
Total interest expense	234,514	178,670	54,799
Net interest income Total	351,203	366,960	343,584
Non-interest income	230,015	212,336	206,587
Provision for credit (losses) recoveries	(1,662)	(4,452)	(2,396)
Net revenue before gains and losses	579,556	574,844	547,775
Gains and losses	377	3,753	1,522
Total net revenue	579,933	578,597	549,297
Salaries and other employee benefits	174,024	177,939	166,189
Technology and communications	56,289	51,934	46,616
Non-income taxes	22,672	21,457	21,982
Professional and outside services	22,694	21,056	19,640
Property	22,494	21,651	23,088
Amortization of intangible assets	8,006	5,728	5,680
Depreciation	21,354	19,767	18,477
Income tax benefit (expense)	4,531	767	3,682
Other expenses	31,553	32,806	29,923
Expenses Total	363,617	353,105	335,277
Net income	216,316	225,492	214,020
Bermuda
Segment Reporting Information [Line Items]
Interest income Total	222,674	220,946	180,663
Total interest expense	53,559	36,511	15,333
Net interest income Total	169,115	184,435	165,330
Cayman
Segment Reporting Information [Line Items]
Interest income Total	159,109	159,043	118,898
Total interest expense	46,948	31,214	5,597
Net interest income Total	112,161	127,829	113,301
Channel Islands and the UK
Segment Reporting Information [Line Items]
Interest income Total	203,696	165,558	98,797
Total interest expense	134,007	110,945	33,869
Net interest income Total	69,689	54,613	64,928
Other
Segment Reporting Information [Line Items]
Interest income Total	238	83	25
Total interest expense	0	0	0
Net interest income Total	238	83	25
Operating Segments
Segment Reporting Information [Line Items]
Assets	14,365,413	13,791,201
Interest income Total	599,180	555,821	406,388
Total interest expense	247,977	188,861	62,804
Net interest income Total	351,203	366,960	343,584
Non-interest income	252,409	231,714	224,461
Provision for credit (losses) recoveries	(1,662)	(4,452)	(2,396)
Net revenue before gains and losses	601,950	594,222	565,649
Gains and losses	377	3,753	1,522
Total net revenue	602,327	597,975	567,171
Salaries and other employee benefits	174,024	177,939	166,189
Technology and communications	56,289	51,934	46,616
Non-income taxes	22,672	21,457	21,982
Professional and outside services	22,694	21,056	19,640
Property	22,494	21,651	23,088
Amortization of intangible assets	8,006	5,728	5,680
Depreciation	21,354	19,767	18,477
Income tax benefit (expense)	4,531	767	3,682
Other expenses	53,947	52,184	47,797
Expenses Total	386,011	372,483	353,151
Net income	216,316	225,492	214,020
Operating Segments | Bermuda
Segment Reporting Information [Line Items]
Assets	5,438,279	5,181,431
Interest income Total	229,814	222,871	182,397
Total interest expense	59,849	42,210	20,455
Net interest income Total	169,965	180,661	161,942
Non-interest income	93,733	89,948	87,855
Provision for credit (losses) recoveries	(1,834)	(4,755)	(1,226)
Net revenue before gains and losses	261,864	265,854	248,571
Gains and losses	88	4,011	23
Total net revenue	261,952	269,865	248,593
Salaries and other employee benefits	74,985	78,573	75,216
Technology and communications	30,866	29,232	26,145
Non-income taxes	17,231	16,769	17,195
Professional and outside services	14,033	14,006	12,222
Property	9,015	9,116	9,544
Amortization of intangible assets	1,429	1,430	1,430
Depreciation	13,174	11,390	10,339
Income tax benefit (expense)	0	0	0
Other expenses	37,885	38,343	36,585
Expenses Total	198,618	198,859	188,676
Net income	63,334	71,006	59,917
Operating Segments | Cayman
Segment Reporting Information [Line Items]
Assets	4,337,829	4,341,739
Interest income Total	164,384	165,951	121,539
Total interest expense	46,977	32,264	5,645
Net interest income Total	117,407	133,687	115,894
Non-interest income	71,949	66,891	66,696
Provision for credit (losses) recoveries	135	61	(573)
Net revenue before gains and losses	189,491	200,639	182,017
Gains and losses	0	(4)	(19)
Total net revenue	189,491	200,635	181,998
Salaries and other employee benefits	27,207	30,067	28,600
Technology and communications	14,196	12,556	10,680
Non-income taxes	1,965	1,817	2,080
Professional and outside services	2,135	1,815	1,709
Property	2,925	2,882	4,458
Amortization of intangible assets	1,101	1,101	1,101
Depreciation	4,517	3,677	3,469
Income tax benefit (expense)	0	0	0
Other expenses	13,002	10,596	10,023
Expenses Total	67,048	64,511	62,120
Net income	122,443	136,124	119,878
Operating Segments | Channel Islands and the UK
Segment Reporting Information [Line Items]
Assets	4,526,623	4,204,561
Interest income Total	204,744	166,916	102,427
Total interest expense	141,151	114,387	36,704
Net interest income Total	63,593	52,529	65,723
Non-interest income	44,366	39,074	40,485
Provision for credit (losses) recoveries	37	242	(597)
Net revenue before gains and losses	107,996	91,845	105,611
Gains and losses	289	(253)	1,503
Total net revenue	108,285	91,592	107,114
Salaries and other employee benefits	45,617	46,272	42,769
Technology and communications	9,823	8,670	8,932
Non-income taxes	2,225	1,821	1,780
Professional and outside services	5,581	4,301	4,455
Property	8,085	7,239	6,945
Amortization of intangible assets	3,456	2,821	2,790
Depreciation	3,078	4,018	4,033
Income tax benefit (expense)	3,337	1,278	3,213
Other expenses	(54)	1,511	(962)
Expenses Total	81,148	77,931	73,955
Net income	27,137	13,661	33,159
Operating Segments | Other
Segment Reporting Information [Line Items]
Assets	62,682	63,470
Interest income Total	238	83	25
Total interest expense	0	0	0
Net interest income Total	238	83	25
Non-interest income	42,361	35,801	29,425
Provision for credit (losses) recoveries	0	0	0
Net revenue before gains and losses	42,599	35,884	29,450
Gains and losses	0	(1)	15
Total net revenue	42,599	35,883	29,466
Salaries and other employee benefits	26,215	23,027	19,604
Technology and communications	1,404	1,476	859
Non-income taxes	1,251	1,050	927
Professional and outside services	945	934	1,254
Property	2,469	2,414	2,141
Amortization of intangible assets	2,020	376	359
Depreciation	585	682	636
Income tax benefit (expense)	1,194	(511)	469
Other expenses	3,114	1,734	2,151
Expenses Total	39,197	31,182	28,400
Net income	3,402	4,701	1,066
Inter-segment
Segment Reporting Information [Line Items]
Assets	(134,017)	(417,181)
Interest income Total	(13,463)	(10,191)	(8,005)
Total interest expense	(13,463)	(10,191)	(8,005)
Net interest income Total	0	0	0
Non-interest income	(22,394)	(19,378)	(17,874)
Provision for credit (losses) recoveries	0	0	0
Net revenue before gains and losses	(22,394)	(19,378)	(17,874)
Gains and losses	0	0	0
Total net revenue	(22,394)	(19,378)	(17,874)
Salaries and other employee benefits	0	0	0
Technology and communications	0	0	0
Non-income taxes	0	0	0
Professional and outside services	0	0	0
Property	0	0	0
Amortization of intangible assets	0	0	0
Depreciation	0	0	0
Income tax benefit (expense)	0	0	0
Other expenses	(22,394)	(19,378)	(17,874)
Expenses Total	(22,394)	(19,378)	(17,874)
Net income	0	0	0
Inter-segment | Bermuda
Segment Reporting Information [Line Items]
Interest income Total	(7,140)	(1,925)	(1,734)
Total interest expense	(6,290)	(5,699)	(5,122)
Net interest income Total	(850)	3,774	3,388
Inter-segment | Cayman
Segment Reporting Information [Line Items]
Interest income Total	(5,275)	(6,908)	(2,641)
Total interest expense	(29)	(1,050)	(48)
Net interest income Total	(5,246)	(5,858)	(2,593)
Inter-segment | Channel Islands and the UK
Segment Reporting Information [Line Items]
Interest income Total	(1,048)	(1,358)	(3,630)
Total interest expense	(7,144)	(3,442)	(2,835)
Net interest income Total	6,096	2,084	(795)
Inter-segment | Other
Segment Reporting Information [Line Items]
Interest income Total	0	0	0
Total interest expense	0	0	0
Net interest income Total	$ 0	$ 0	$ 0

Derivative instruments and ri_3

Derivative instruments and risk management - Schedule of Notional Amounts and Related Fair Value Measurements of Derivative Instruments (Details) $ in Thousands, € in Millions, SFr in Millions, $ in Millions	Dec. 31, 2024 USD ($) contract	Dec. 31, 2024 EUR (€) contract	Dec. 31, 2024 SGD ($) contract	Dec. 31, 2024 CHF (SFr) contract	Dec. 31, 2023 USD ($) contract	Dec. 31, 2023 EUR (€) contract	Dec. 31, 2023 SGD ($) contract	Dec. 31, 2023 CHF (SFr) contract
Derivatives, Fair Value [Line Items]
Notional  amounts	$ 2,388,867				$ 1,836,318
Gross positive fair value	46,705				12,490
Gross negative fair value	(13,266)				(24,119)
Net  fair value	$ 33,439				$ (11,629)
Currency swaps | Designated as Hedging Instrument | Net investment hedges
Derivatives, Fair Value [Line Items]
Number of contracts | contract	1	1	1	1	5	5	5	5
Notional  amounts	$ 23,235				$ 97,194
Gross positive fair value	986				18
Gross negative fair value	0				(267)
Net  fair value	$ 986				$ (249)
Currency swaps | Designated as Hedging Instrument | Fair value hedges
Derivatives, Fair Value [Line Items]
Number of contracts | contract	3	3	3	3	3	3	3	3
Notional  amounts	$ 139,512				$ 150,826
Gross positive fair value	0				5,361
Gross negative fair value	(4,496)				0
Net  fair value	$ (4,496)				$ 5,361
Currency swaps | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Number of contracts | contract	54	54	54	54	57	57	57	57
Notional  amounts	$ 2,008,630				$ 1,368,006
Gross positive fair value	44,038				5,350
Gross negative fair value	(7,181)				(22,206)
Net  fair value	36,857				(16,856)
Subtotal risk management derivatives
Derivatives, Fair Value [Line Items]
Notional  amounts	2,171,377				1,616,026
Gross positive fair value	45,024				10,729
Gross negative fair value	(11,677)				(22,473)
Net  fair value	$ 33,347				$ (11,744)
Spot and forward foreign exchange
Derivatives, Fair Value [Line Items]
Number of contracts | contract	145	145	145	145	99	99	99	99
Notional  amounts	$ 217,490				$ 220,292
Gross positive fair value	1,681				1,761
Gross negative fair value	(1,589)				(1,646)
Net  fair value	$ 92				$ 115
Foreign exchange contract | Designated as Hedging Instrument | Net investment hedges
Derivatives, Fair Value [Line Items]
Foreign deposits		€ 277.1	$ 1.5	SFr 0.4		€ 240.3	$ 0	SFr 0.4

Derivative instruments and ri_4

Derivative instruments and risk management - Offsetting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Derivative assets
Gross fair value recognized	$ 46,705	$ 12,490
Less: offset applied under master netting agreements	(11,227)	(10,148)
Net fair value presented in the consolidated balance sheets	35,478	2,342
Positions not offset in the consolidated balance sheets, gross fair value of derivatives	0	0
Positions not offset in the consolidated balance sheets, cash collateral received/paid	(250)	(368)
Net exposures	$ 35,228	$ 1,974
Derivative liabilities
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Spot and forward foreign exchange and currency swaps	Spot and forward foreign exchange and currency swaps
Gross fair value recognized	$ 13,266	$ 24,119
Less: offset applied under master netting agreements	(11,227)	(10,148)
Net fair value presented in the consolidated balance sheets	2,039	13,971
Positions not offset in the consolidated balance sheets, gross fair value of derivatives	0	0
Positions not offset in the consolidated balance sheets, cash collateral received/paid	(682)	(8,401)
Net exposures	1,357	5,570
Net  fair value	$ 33,439	$ (11,629)

Derivative instruments and ri_5

Derivative instruments and risk management - Location and Amount of Gains (Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains (losses) recognized in net income	$ 43,833	$ (11,849)	$ (3,318)
Total net gains (losses) recognized in comprehensive income	$ 1,235	$ (35)	$ (1,123)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Foreign exchange revenue	Foreign exchange revenue	Foreign exchange revenue
Spot and forward foreign exchange
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains (losses) recognized in net income	$ (24)	$ (47)	$ 28
Currency swaps | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains (losses) recognized in net income	53,714	(14,639)	(7,188)
Currency swaps | Designated as Hedging Instrument | Fair value hedges
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains (losses) recognized in net income	(9,857)	2,837	3,842
Currency swaps | Designated as Hedging Instrument | Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Total net gains (losses) recognized in comprehensive income	$ 1,235	$ (35)	$ (1,123)

Fair value measurements - Finan

Fair value measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financial assets
Available-for-sale investments	$ 2,272,486	$ 1,831,129
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Accrued interest and other assets	Accrued interest and other assets
Fair Value, Measurements, Recurring
Financial assets
Available-for-sale investments	$ 2,272,486	$ 1,831,129
Other assets - Derivatives	35,478	2,342
Financial liabilities
Other liabilities - Derivatives	2,039	13,971
Fair Value, Measurements, Recurring | Level 1
Financial assets
Available-for-sale investments	1,084,825	966,142
Other assets - Derivatives	0	0
Financial liabilities
Other liabilities - Derivatives	0	0
Fair Value, Measurements, Recurring | Level 2
Financial assets
Available-for-sale investments	1,187,661	864,987
Other assets - Derivatives	35,478	2,342
Financial liabilities
Other liabilities - Derivatives	2,039	13,971
Fair Value, Measurements, Recurring | Level 3
Financial assets
Available-for-sale investments	0	0
Other assets - Derivatives	0	0
Financial liabilities
Other liabilities - Derivatives	0	0
US government and federal agencies
Financial assets
Available-for-sale investments	2,163,619	1,563,785
US government and federal agencies | Fair Value, Measurements, Recurring
Financial assets
Available-for-sale investments	2,163,619	1,563,785
US government and federal agencies | Fair Value, Measurements, Recurring | Level 1
Financial assets
Available-for-sale investments	991,357	715,965
US government and federal agencies | Fair Value, Measurements, Recurring | Level 2
Financial assets
Available-for-sale investments	1,172,262	847,820
US government and federal agencies | Fair Value, Measurements, Recurring | Level 3
Financial assets
Available-for-sale investments	0	0
Non-US governments debt securities
Financial assets
Available-for-sale investments	93,468	250,177
Non-US governments debt securities | Fair Value, Measurements, Recurring
Financial assets
Available-for-sale investments	93,468	250,177
Non-US governments debt securities | Fair Value, Measurements, Recurring | Level 1
Financial assets
Available-for-sale investments	93,468	250,177
Non-US governments debt securities | Fair Value, Measurements, Recurring | Level 2
Financial assets
Available-for-sale investments	0	0
Non-US governments debt securities | Fair Value, Measurements, Recurring | Level 3
Financial assets
Available-for-sale investments	0	0
Asset-backed securities - Student loans
Financial assets
Available-for-sale investments	40	40
Asset-backed securities - Student loans | Fair Value, Measurements, Recurring
Financial assets
Available-for-sale investments	40	40
Asset-backed securities - Student loans | Fair Value, Measurements, Recurring | Level 1
Financial assets
Available-for-sale investments	0	0
Asset-backed securities - Student loans | Fair Value, Measurements, Recurring | Level 2
Financial assets
Available-for-sale investments	40	40
Asset-backed securities - Student loans | Fair Value, Measurements, Recurring | Level 3
Financial assets
Available-for-sale investments	0	0
Residential mortgage-backed securities
Financial assets
Available-for-sale investments	15,359	17,127
Residential mortgage-backed securities | Fair Value, Measurements, Recurring
Financial assets
Available-for-sale investments	15,359	17,127
Residential mortgage-backed securities | Fair Value, Measurements, Recurring | Level 1
Financial assets
Available-for-sale investments	0	0
Residential mortgage-backed securities | Fair Value, Measurements, Recurring | Level 2
Financial assets
Available-for-sale investments	15,359	17,127
Residential mortgage-backed securities | Fair Value, Measurements, Recurring | Level 3
Financial assets
Available-for-sale investments	$ 0	$ 0

Fair value measurements - Level

Fair value measurements - Level 3 Reconciliation (Details) - Unrealized net gains (losses) on AFS investments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Carrying amount at beginning of year	$ 0	$ 0	$ 13,174
Proceeds from sales, paydowns and maturities	0	0	(7,631)
Change in unrealized gains (losses) recognized in other comprehensive income	0	0	102
Realized and unrealized gains recognized in net income	0	0	(19)
Transfers in (out of) Level 3 out of (into) Level 2 - AFS	0	0	(5,626)
Carrying amount at end of year	0	0	0
Cumulative gain (loss) recognized in other comprehensive income	$ 0	$ 0	$ (14)

Fair value measurements - Items

Fair value measurements - Items Other Than Those Recognized at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financial assets
Short-term investments	$ 580,026	$ 1,038,037
Investments held-to-maturity	2,671,040	2,976,709
Other real estate owned, net	0	450
Carrying amount | Nonrecurring | Level 1
Financial assets
Cash and cash equivalents	1,998,112	1,646,648
Short-term investments	580,026	1,038,037
Carrying amount | Nonrecurring | Level 2
Financial assets
Securities purchased under agreements to resell	1,205,373	187,274
Investments held-to-maturity	3,240,290	3,461,097
Loans, net of allowance for credit losses	4,473,591	4,745,849
Other real estate owned, net	0	450
Financial liabilities
Term deposits	4,478,257	3,727,794
Securities sold under agreements to repurchase	92,562	0
Long-term debt	98,725	98,490
Fair value | Nonrecurring | Level 1
Financial assets
Cash and cash equivalents	1,998,112	1,646,648
Short-term investments	580,026	1,038,037
Fair value | Nonrecurring | Level 2
Financial assets
Securities purchased under agreements to resell	1,205,373	187,274
Investments held-to-maturity	2,671,040	2,976,709
Loans, net of allowance for credit losses	4,433,872	4,700,532
Other real estate owned, net	0	450
Financial liabilities
Term deposits	4,482,978	3,732,610
Securities sold under agreements to repurchase	92,562	0
Long-term debt	98,361	96,145
Appreciation / (depreciation) | Nonrecurring | Level 1
Financial assets
Cash and cash equivalents	0	0
Short-term investments	0	0
Appreciation / (depreciation) | Nonrecurring | Level 2
Financial assets
Securities purchased under agreements to resell	0	0
Investments held-to-maturity	(569,250)	(484,388)
Loans, net of allowance for credit losses	(39,719)	(45,317)
Other real estate owned, net	0	0
Financial liabilities
Term deposits	(4,721)	(4,816)
Securities sold under agreements to repurchase	0	0
Long-term debt	$ 364	$ 2,345

Interest rate risk (Details)

Interest rate risk (Details) - Fair Value, Concentration of Risk, Market Risk Management, Gap Analysis - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 1,998	$ 1,647
Securities purchased under agreements to resell	1,205	187
Short-term investments	580	1,038
Investments	5,512	5,292
Loans	4,474	4,746
Other assets	462	464
Total assets	14,231	13,374
Liabilities and shareholders' equity
Shareholders’ equity	1,021	1,004
Demand deposits	8,268	8,259
Term deposits	4,478	3,728
Securities sold under agreements to repurchase	93
Other liabilities	273	285
Long-term debt	98	98
Total liabilities and shareholders' equity	14,231	13,374
Interest rate sensitivity gap	0	0
Cumulative interest rate sensitivity gap	0	0
Interest Bearing Funds | Within 3 months
Assets
Cash and cash equivalents	1,905	1,555
Securities purchased under agreements to resell	1,142	187
Short-term investments	505	665
Investments	93	174
Loans	2,398	2,378
Other assets	0	0
Total assets	6,043	4,959
Liabilities and shareholders' equity
Shareholders’ equity	0	0
Demand deposits	5,580	5,602
Term deposits	3,593	2,676
Securities sold under agreements to repurchase	93
Other liabilities	0	0
Long-term debt	0	0
Total liabilities and shareholders' equity	9,266	8,278
Interest rate sensitivity gap	(3,223)	(3,319)
Cumulative interest rate sensitivity gap	(3,223)	(3,319)
Interest Bearing Funds | 3 to 6 months
Assets
Cash and cash equivalents	0	0
Securities purchased under agreements to resell	63	0
Short-term investments	75	322
Investments	6	52
Loans	104	114
Other assets	0	0
Total assets	248	488
Liabilities and shareholders' equity
Shareholders’ equity	0	0
Demand deposits	0	0
Term deposits	434	489
Securities sold under agreements to repurchase	0
Other liabilities	0	0
Long-term debt	98	0
Total liabilities and shareholders' equity	532	489
Interest rate sensitivity gap	(284)	(1)
Cumulative interest rate sensitivity gap	(3,507)	(3,320)
Interest Bearing Funds | 6 to 12 months
Assets
Cash and cash equivalents	0	0
Securities purchased under agreements to resell	0	0
Short-term investments	0	51
Investments	22	156
Loans	229	330
Other assets	0	0
Total assets	251	537
Liabilities and shareholders' equity
Shareholders’ equity	0	0
Demand deposits	0	0
Term deposits	368	479
Securities sold under agreements to repurchase	0
Other liabilities	0	0
Long-term debt	0	0
Total liabilities and shareholders' equity	368	479
Interest rate sensitivity gap	(117)	58
Cumulative interest rate sensitivity gap	(3,624)	(3,262)
Interest Bearing Funds | 1 to 5 years
Assets
Cash and cash equivalents	0	0
Securities purchased under agreements to resell	0	0
Short-term investments	0	0
Investments	1,097	765
Loans	1,407	1,548
Other assets	0	0
Total assets	2,504	2,313
Liabilities and shareholders' equity
Shareholders’ equity	0	0
Demand deposits	0	0
Term deposits	83	84
Securities sold under agreements to repurchase	0
Other liabilities	0	0
Long-term debt	0	98
Total liabilities and shareholders' equity	83	182
Interest rate sensitivity gap	2,421	2,131
Cumulative interest rate sensitivity gap	(1,203)	(1,131)
Interest Bearing Funds | After 5 years
Assets
Cash and cash equivalents	0	0
Securities purchased under agreements to resell	0	0
Short-term investments	0	0
Investments	4,294	4,145
Loans	283	338
Other assets	0	0
Total assets	4,577	4,483
Liabilities and shareholders' equity
Shareholders’ equity	0	0
Demand deposits	0	0
Term deposits	0	0
Securities sold under agreements to repurchase	0
Other liabilities	0	0
Long-term debt	0	0
Total liabilities and shareholders' equity	0	0
Interest rate sensitivity gap	4,577	4,483
Cumulative interest rate sensitivity gap	3,374	3,352
Non-interest bearing funds
Assets
Cash and cash equivalents	93	92
Securities purchased under agreements to resell	0	0
Short-term investments	0	0
Investments	0	0
Loans	53	38
Other assets	462	464
Total assets	608	594
Liabilities and shareholders' equity
Shareholders’ equity	1,021	1,004
Demand deposits	2,688	2,657
Term deposits	0	0
Securities sold under agreements to repurchase	0
Other liabilities	273	285
Long-term debt	0	0
Total liabilities and shareholders' equity	3,982	3,946
Interest rate sensitivity gap	(3,374)	(3,352)
Cumulative interest rate sensitivity gap	$ 0	$ 0

Long-term debt - Additional Inf

Long-term debt - Additional Information (Details) - USD ($)			12 Months Ended
	Jun. 11, 2020	May 24, 2018	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Interest costs capitalized			$ 0	$ 0	$ 0
Notes Due 2028 | Subordinated Lower Tier II Debt
Debt Instrument [Line Items]
Face amount		$ 75,000,000
Fixed interest rate		5.25%
Basis spread on variable rate		2.27%
Payments of debt issuance costs		$ 1,800,000
Series B Notes Due 2018 | Subordinated Lower Tier II Debt
Debt Instrument [Line Items]
Repayments of debt		$ 47,000,000
Notes Due 2030 | Subordinated Lower Tier II Debt
Debt Instrument [Line Items]
Face amount	$ 100,000,000
Fixed interest rate	5.25%		5.25%
Basis spread on variable rate	4.43%		5.06%
Payments of debt issuance costs	$ 2,300,000
Series B Notes Due 2020 | Subordinated Lower Tier II Debt
Debt Instrument [Line Items]
Repayments of debt	$ 45,000,000

Long-term debt - Contractual Ma

Long-term debt - Contractual Maturity (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 11, 2020	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt less unamortized debt issuance costs		$ 98,725	$ 98,490
Subordinated Lower Tier II Debt
Debt Instrument [Line Items]
Principal  Outstanding		100,000
Interest payments until contractual maturity, within 1 year		7,480
Interest payments until contractual maturity, 1 to 5 years		38,757
Interest payments until contractual maturity, after 5 years		4,828
Unamortized debt issuance costs		(1,275)
Long-term debt less unamortized debt issuance costs		$ 98,725
Subordinated Lower Tier II Debt | Notes Due 2030
Debt Instrument [Line Items]
Interest rate until date redeemable	5.25%	5.25%
Interest rate from earliest date redeemable to contractual maturity, basis spread on variable rate	4.43%	5.06%
Principal  Outstanding		$ 100,000
Interest payments until contractual maturity, within 1 year		7,480
Interest payments until contractual maturity, 1 to 5 years		38,757
Interest payments until contractual maturity, after 5 years		$ 4,828

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Options outstanding (in shares)	0	0	0
Average number of outstanding awards of unvested shares (in shares)	1,700	1,500	1,100
Net income, basic	$ 216,316	$ 225,492	$ 214,020
Net income, diluted	$ 216,316	$ 225,492	$ 214,020
Basic Earnings Per Share
Basic earnings per share (in dollars per share)	$ 4.80	$ 4.62	$ 4.32
Diluted Earnings Per Share
Diluted earnings per share (in dollars per share)	$ 4.71	$ 4.58	$ 4.29
Voting Common Stock
Basic Earnings Per Share
Weighted average number of common shares issued (in shares)	45,701	49,423	50,214
Weighted average number of common shares held as treasury stock (in shares)	(619)	(619)	(619)
Weighted average number of participating shares (in shares)	45,082	48,804	49,595
Basic earnings per share (in dollars per share)	$ 4.80	$ 4.62	$ 4.32
Diluted Earnings Per Share
Weighted average number of common shares (in shares)	45,082	48,804	49,595
Net dilution impact related to awards of unvested common shares (in shares)	817	473	265
Weighted average number of diluted common shares (in shares)	45,899	49,277	49,860
Diluted earnings per share (in dollars per share)	$ 4.71	$ 4.58	$ 4.29

Share-based payments - Addition

Share-based payments - Additional Information (Details)	12 Months Ended			125 Months Ended
	Dec. 31, 2024 USD ($) offering_period $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares	May 31, 2020 vesting_condition shares	Sep. 21, 2016 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit from compensation expense | $	$ 0
Stock compensation plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of stock options granted (in dollars per share) | $ / shares	$ 30.11	$ 32.89	$ 35.05
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Eligible contribution of regularly compensation	15%
Percentage of discount from market value	10%
Number of consecutive offering periods | offering_period	2
Share based payment award stock plan offering period	6 months
Granted (in shares)	16,762	26,551
2020 Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				3,000,000
2010 and 2020 Omnibus Plan | Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued upon exercise of each option (in shares)				1
Expiration period				10 years
Number of vesting conditions | vesting_condition				2
2010 Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested and exercisable at end of year (in shares)	0	0
2010 Omnibus Plan | Time vesting employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period				90 days
Percent of option award granted, time vested				50%
2010 Omnibus Plan | Time vesting employee stock option | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				25%
2010 Omnibus Plan | Time vesting employee stock option | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				25%
2010 Omnibus Plan | Time vesting employee stock option | Share-based Compensation Award, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				25%
2010 Omnibus Plan | Time vesting employee stock option | Share-based Compensation Award, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				25%
2010 Omnibus Plan | Performance vesting employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of option award granted, performance vesting				50%
Valuation event, percent of total common shares transferred				5%
Multiple of invested capital (more than)					200%
Original capital invested (in dollars per share) | $ / shares					$ 12.09
EDIP | Time vesting shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Granted (in shares)	105,000	199,000	486,000
Executive Long-Term Incentive Share Plan 2016, 2015, 2014, 2013 | Time vesting shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Executive Long-Term Incentive Share Plan 2016, 2015, 2014, 2013 | Performance vesting shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

Share-based payments - Changes

Share-based payments - Changes in Outstanding ELTIP and EDIP Awards (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
EDIP | Time vesting shares
Changes in Outstanding ELTIP and EDIP Awards
Outstanding at beginning of year (in shares)	665	621	297
Granted (in shares)	105	199	486
Vested (fair value in 2024: $0.0 million, 2023: $11.2 million; 2022: $17.3 million) (in shares)	(139)	(155)	(162)
Forfeitures and cancellations (in shares)	(3)	0	0
Outstanding at end of year (in shares)	628	665	621
ELTIP | Time vesting and performance vesting shares
Changes in Outstanding ELTIP and EDIP Awards
Outstanding at beginning of year (in shares)	915	705	704
Granted (in shares)	573	395	280
Vested (fair value in 2024: $0.0 million, 2023: $11.2 million; 2022: $17.3 million) (in shares)	(333)	(185)	(279)
Forfeitures and cancellations (in shares)	(4)	0	0
Outstanding at end of year (in shares)	1,151	915	705
EDIP and ELTIP
Changes in Outstanding ELTIP and EDIP Awards
Fair value of awards vested	$ 14.2	$ 11.2	$ 17.3

Share-based payments - Share-ba

Share-based payments - Share-based Compensation Cost Recognized in Net Income (Details) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
EDIP and ELTIP
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Cost recognized in net income	$ 19,971	$ 19,676	$ 16,215

Share-based payments - Unrecogn

Share-based payments - Unrecognized Share-based Compensation Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Share-based Compensation Cost
Total unrecognized expense	$ 24,772	$ 24,308
EDIP | Time vesting shares
Unrecognized Share-based Compensation Cost
Unrecognized cost	$ 8,829	$ 11,774
Weighted average years over which it is expected to be recognized	1 year 10 months 17 days	2 years 7 months 28 days
ELTIP | Time vesting shares
Unrecognized Share-based Compensation Cost
Unrecognized cost	$ 66	$ 118
Weighted average years over which it is expected to be recognized	1 year 1 month 13 days	2 years 1 month 13 days
ELTIP | Performance vesting shares
Unrecognized Share-based Compensation Cost
Unrecognized cost	$ 15,877	$ 12,416
Weighted average years over which it is expected to be recognized	1 year 9 months 14 days	1 year 9 months 3 days

Share repurchase programs (Deta

Share repurchase programs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 09, 2024	Jul. 22, 2024	Dec. 05, 2023	Feb. 13, 2023	Feb. 14, 2022	Feb. 10, 2021
Equity [Abstract]
Number of shares authorized to be repurchased (up to) (in shares)				2,700,000	2,100,000	3,500,000	3,000,000	2,000,000	2,000,000
Repurchased and retired during period (in shares)	4,490,940
Acquired number of shares (in shares)	4,490,940	3,133,717	102,000
Average cost per common share (in dollars per share)	$ 34.58	$ 28.27	$ 38.21
Total cost	$ 155,305,756	$ 88,590,240	$ 3,897,268

Accumulated other comprehensi_3

Accumulated other comprehensive income (loss) - AOCL Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of year	$ 1,003,597	$ 864,815
Transfer of AFS investments to HTM investments			$ 0
Other comprehensive income (loss), net of taxes	14,783	67,254	(252,535)
Balance at end of year	1,020,812	1,003,597	864,815
Total AOCIL
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of year	(310,198)	(377,452)	(124,917)
Balance at end of year	(295,415)	(310,198)	(377,452)
Unrealized net gains (losses) on translation of net investment in foreign operations
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of year	(25,478)	(25,700)	(20,913)
Transfer of AFS investments to HTM investments			0
Other comprehensive income (loss), net of taxes	(713)	222	(4,787)
Balance at end of year	(26,191)	(25,478)	(25,700)
Accumulated net investment gain (loss) | Unrealized net gains (losses) on HTM investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of year	(82,067)	(91,212)	91
Transfer of AFS investments to HTM investments	0	0	(99,143)
Other comprehensive income (loss), net of taxes	8,148	9,145	7,840
Balance at end of year	(73,919)	(82,067)	(91,212)
Accumulated net investment gain (loss) | Unrealized net gains (losses) on AFS investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of year	(162,910)	(220,345)	(21,982)
Transfer of AFS investments to HTM investments	0	0	99,143
Other comprehensive income (loss), net of taxes	635	57,435	(297,506)
Balance at end of year	(162,275)	(162,910)	(220,345)
Employee benefit plans adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of year	(39,743)	(40,195)	(82,113)
Transfer of AFS investments to HTM investments			0
Other comprehensive income (loss), net of taxes	6,713	452	41,918
Balance at end of year	(33,030)	(39,743)	(40,195)
Employee benefit plans adjustments | Defined benefit pension plan
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of year	(51,563)	(47,905)	(56,400)
Transfer of AFS investments to HTM investments			0
Other comprehensive income (loss), net of taxes	2,281	(3,658)	8,495
Balance at end of year	(49,282)	(51,563)	(47,905)
Employee benefit plans adjustments | Post-retirement healthcare plan
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of year	11,820	7,710	(25,713)
Transfer of AFS investments to HTM investments			0
Other comprehensive income (loss), net of taxes	4,432	4,110	33,423
Balance at end of year	$ 16,252	$ 11,820	$ 7,710

Accumulated other comprehensi_4

Accumulated other comprehensive income (loss) - Net Change of AOCL Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net changes on investments transferred to held-to-maturity			$ 0
Other comprehensive income (loss), net of taxes	$ 14,783	$ 67,254	(252,535)
Unrealized net gains (losses) on translation of net investment in foreign operations
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net changes on investments transferred to held-to-maturity			0
Other comprehensive income (loss), net of taxes	(713)	222	(4,787)
Unrealized net gains (losses) on translation of net investment in foreign operations | Defined benefit pension plan
Accumulated Other Comprehensive Income (Loss) [Line Items]
OCI, before reclassifications, net of tax	132	(259)	885
Unrealized net gains (losses) on translation of net investment in foreign operations | Available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
OCI, before reclassifications, net of tax	280	(2,778)	1,243
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
OCI, before reclassifications, net of tax	(8,876)	19,420	(38,925)
Gains (losses) on net investment hedge
Accumulated Other Comprehensive Income (Loss) [Line Items]
OCI, before reclassifications, net of tax	8,163	(19,198)	34,138
Accumulated net investment gain (loss) | Held-to-maturity securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net changes on investments transferred to held-to-maturity	0	0	(99,143)
Reclassifications, net of tax	8,148	9,145	7,840
Other comprehensive income (loss), net of taxes	8,148	9,145	(91,303)
Accumulated net investment gain (loss) | Available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
OCI, before reclassifications, net of tax	355	60,199	(298,768)
Net changes on investments transferred to held-to-maturity	0	0	99,143
Reclassifications, net of tax	0	14	19
Other comprehensive income (loss), net of taxes	635	57,435	(198,363)
Employee benefit plans adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net changes on investments transferred to held-to-maturity			0
Employee benefit plans adjustments | Defined benefit pension plan
Accumulated Other Comprehensive Income (Loss) [Line Items]
OCI, before reclassifications, net of tax	0	0	0
Net changes on investments transferred to held-to-maturity			0
Reclassifications, net of tax	0	0	(907)
Other comprehensive income (loss), net of taxes	2,281	(3,658)	8,495
Employee benefit plans adjustments | Post-retirement healthcare plan
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net changes on investments transferred to held-to-maturity			0
Other comprehensive income (loss), net of taxes	4,432	4,110	33,423
Net actuarial gain (loss) | Defined benefit pension plan
Accumulated Other Comprehensive Income (Loss) [Line Items]
OCI, before reclassifications, net of tax	(288)	(5,762)	6,218
Reclassifications, net of tax	2,358	2,284	2,218
Net actuarial gain (loss) | Post-retirement healthcare plan
Accumulated Other Comprehensive Income (Loss) [Line Items]
OCI, before reclassifications, net of tax	6,219	4,919	31,455
Reclassifications, net of tax	524	524	1,444
Prior service credit (cost) arising during the year | Defined benefit pension plan
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassifications, net of tax	79	79	81
Prior service credit (cost) arising during the year | Post-retirement healthcare plan
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassifications, net of tax	$ (2,311)	$ (1,333)	$ 524

Capital structure - Authorized

Capital structure - Authorized Capital (Details)	Dec. 31, 2024 $ / shares shares	Dec. 31, 2024 $ / shares shares	Dec. 31, 2024 £ / shares shares	Dec. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Common shares, par value (in BMD per share) | $ / shares	$ 0.01			$ 0.01
Preference shares, par value (in dollars per share or pounds per share) | (per share)	$ 0.01		£ 0.01
US dollars
Class of Stock [Line Items]
Preferred shares, authorized (in shares) | shares	110,200,001	110,200,001	110,200,001
United Kingdom pounds
Class of Stock [Line Items]
Preferred shares, authorized (in shares) | shares	50,000,000	50,000,000	50,000,000
Common Stock Issued and Common Stock Authorized but Unissued
Class of Stock [Line Items]
Common shares, par value (in BMD per share) | $ / shares		$ 0.01
Voting Common Stock
Class of Stock [Line Items]
Common shares, par value (in BMD per share) | $ / shares		$ 0.01
Common shares, authorized (in shares) | shares	2,000,000,000	2,000,000,000	2,000,000,000	2,000,000,000
Non-voting Common Stock
Class of Stock [Line Items]
Common shares, par value (in BMD per share) | $ / shares		$ 0.01
Common shares, authorized (in shares) | shares	6,000,000,000	6,000,000,000	6,000,000,000	6,000,000,000

Capital structure - Dividends (

Capital structure - Dividends (Details) - $ / shares		12 Months Ended
	Feb. 10, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common share cash dividends declared (in dollars per share)		$ 1.76	$ 1.76	$ 1.76
Common share cash dividends paid (in dollars per share)		$ 1.76	$ 1.76	$ 1.76
Subsequent Event
Class of Stock [Line Items]
Common share cash dividends declared (in dollars per share)	$ 0.44

Capital structure - Regulatory

Capital structure - Regulatory Capital (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Capital
CET 1 capital	$ 1,066,058	$ 1,042,506
Tier 1 capital	1,066,058	1,042,506
Tier 2 capital	107,061	109,423
Total capital	1,173,119	1,151,929
Risk Weighted Assets	4,539,376	4,540,745
Leverage Ratio Exposure Measure	$ 14,679,662	$ 13,777,771
Capital Ratios (%)
Common Equity Tier 1, Actual	23.50%	23%
Common Equity Tier 1, Regulatory minimum	10%	10%
Total Tier 1, Actual	0.235	0.230
Total Tier 1, Regulatory minimum	0.115	0.115
Total Capital, Actual	0.258	0.254
Total Capital, Regulatory minimum	0.135	0.135
Leverage ratio, Actual	0.073	0.076
Leverage ratio, Regulatory minimum	0.050	0.050

Income taxes - Income Taxes in

Income taxes - Income Taxes in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Current tax expense	$ 3,949	$ 1,909	$ 3,223
Deferred tax (recovery) expense	582	(1,142)	459
Total tax (benefit) expense	$ 4,531	$ 767	$ 3,682

Income taxes - Reconciliation b

Income taxes - Reconciliation between the Effective Income Tax Rate and the Statutory Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
$
Income tax expense in international offices taxed at different rates	$ 4,440	$ 2,814	$ 4,349
Expenses not deductible for tax purposes	864	454	283
Prior year tax adjustments	(196)	45	83
Effect of change in tax rate	(117)	(76)	125
Change in valuation allowance	(566)	(2,192)	(1,364)
Other - net	106	(278)	206
Total tax (benefit) expense	$ 4,531	$ 767	$ 3,682
%
Income tax expense in international offices taxed at different rates	2%	1.20%	2%
Expenses not deductible for tax purposes	0.40%	0.20%	0.10%
Prior year tax adjustments	(0.10%)	0%	0%
Effect of change in tax rate	(0.10%)	0%	0.10%
Change in valuation allowance	(0.30%)	(1.00%)	(0.60%)
Other - net	0%	(0.10%)	0.10%
Income tax (benefit) expense at effective tax rate	1.90%	0.30%	1.70%

Income taxes - Deferred Income

Income taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred income tax asset
Tax loss carried forward	$ 3,783	$ 5,058
Allowance for compensated absence	23	23
Deferred income tax asset before valuation allowance	3,806	5,081
Less: valuation allowance	(721)	(1,287)
Deferred income tax asset after valuation allowance	3,085	3,794
Deferred income tax liability
Fixed assets	(531)	(595)
Total deferred income tax liability	(531)	(595)
Net deferred income tax assets	$ 2,554	$ 3,199

Income taxes - Narrative (Detai

Income taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Uncertain tax positions	$ 0	$ 0	$ 0
Deferred tax assets, valuation allowance	721	1,287
Foreign Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Tax loss carried forward	16,900	22,800
Tax loss carried forward, no expiration date	16,200	21,100
United Kingdom
Operating Loss Carryforwards [Line Items]
Deferred tax assets, valuation allowance	$ 700	$ 1,300

Related party transactions - Fi

Related party transactions - Financing Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Loans and Leases Receivable, Related Parties [Roll Forward]
Beginning balance	$ 19,735	$ 20,393
Net loans issued (repaid) during the year	(1,081)	(658)
Effect of changes in the composition of related parties	983
Ending balance	19,637	19,735	$ 20,393
Deposits	12,745,909	11,986,708
Accrued interest and other liabilities	189,799	196,531
Interest and fees on loans	304,112	317,361	249,390
Total non-interest expense	359,086	352,338	331,595
Other non-interest income	3,612	3,831	5,971
Directors and Executives
Loans and Leases Receivable, Related Parties [Roll Forward]
Deposits	92,182	100,364
Interest and fees on loans	1,244	1,149	900
Total non-interest expense	188	202	0
Other non-interest income	269	230	0
Affiliates
Loans and Leases Receivable, Related Parties [Roll Forward]
Loans	9,056	9,801
Deposits	811	288
Accrued interest and other liabilities	167	305
Interest and fees on loans	780	827	669
Total non-interest expense	1,562	1,573	1,720
Other non-interest income	$ 252	$ 242	$ 242

Related party transactions - _2

Related party transactions - Financial Transactions With Related Parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Deposits	$ 12,745,909	$ 11,986,708
Asset management	36,329	32,468	$ 29,727
Custody and other administration services	13,815	13,319	13,626
Other non-interest income	3,612	3,831	5,971
Interest expense - deposits	227,001	170,504	45,176
Related Party
Related Party Transaction [Line Items]
Deposits	9,441	4,633
Asset management	11,003	9,461	7,379
Custody and other administration services	1,385	1,163	839
Interest expense - deposits	$ 0	$ 489	$ 0

Condensed financial statement_3

Condensed financial statements of the parent company only - Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and demand deposits with banks - Non-interest bearing	$ 93,145	$ 91,826
Demand deposits with banks - Interest bearing	165,741	151,104
Cash equivalents - Interest bearing	1,739,226	1,403,718
Cash and cash equivalents	1,998,112	1,646,648
Securities purchased under agreements to resell	1,205,373	187,274
Short-term investments	580,026	1,038,037
Investments (none of the investment securities are intrinsically tax-exempt)
Available-for-sale investments	2,272,486	1,831,129
Held-to-maturity	3,240,290	3,461,097
Total investment in securities	5,512,776	5,292,226
Loans	4,473,591	4,745,849
Other assets, including accrued interest, premises, equipment and computer software, equity method investments, receivables from subsidiaries and other real estate owned	211,533	203,204
Total assets	14,231,396	13,374,020
Deposits
Non-interest bearing	2,687,877	2,656,659
Interest bearing	10,058,032	9,330,049
Total deposits	12,745,909	11,986,708
Employee benefit plans	83,589	88,694
Other liabilities, including accrued interest and payables to subsidiaries	189,799	196,531
Total other liabilities	365,950	285,225
Long-term debt	98,725	98,490
Total liabilities	13,210,584	12,370,423
Shareholders' equity
Total shareholders’ equity	1,020,812	1,003,597	$ 864,815
Total liabilities and shareholders’ equity	14,231,396	13,374,020
Available-for-sale, amortized cost	2,435,752	1,995,050
Held-to-maturity, fair value	2,671,040	2,976,709
Bank of N.T. Butterfield & Son Ltd
Assets
Cash and demand deposits with banks - Non-interest bearing	36,383	40,436
Demand deposits with banks - Interest bearing	37,645	64,273
Cash equivalents - Interest bearing	725,121	265,775
Cash and cash equivalents	799,149	370,484
Securities purchased under agreements to resell	90,674	187,274
Short-term investments	220,055	599,156
Investments (none of the investment securities are intrinsically tax-exempt)
Available-for-sale investments	1,323,837	786,903
Held-to-maturity	1,210,265	1,309,659
Total investment in securities	2,534,102	2,096,562
Other assets, including accrued interest, premises, equipment and computer software, equity method investments, receivables from subsidiaries and other real estate owned	229,716	229,234
Total assets	6,136,102	5,884,043
Deposits
Non-interest bearing	1,600,902	1,610,269
Interest bearing	3,272,022	3,008,750
Total deposits	4,872,924	4,619,019
Employee benefit plans	83,578	88,682
Other liabilities, including accrued interest and payables to subsidiaries	60,063	74,255
Total other liabilities	143,641	162,937
Long-term debt	98,725	98,490
Total liabilities	5,115,290	4,880,446
Shareholders' equity
Total shareholders’ equity	1,020,812	1,003,597
Total liabilities and shareholders’ equity	6,136,102	5,884,043
Available-for-sale, amortized cost	1,391,401	853,864
Held-to-maturity, fair value	1,015,441	1,148,103
Bank of N.T. Butterfield & Son Ltd | Nonrelated Party
Investments (none of the investment securities are intrinsically tax-exempt)
Loans	1,578,547	1,716,803
Bank of N.T. Butterfield & Son Ltd | Related Party
Investments (none of the investment securities are intrinsically tax-exempt)
Loans	31,847	34,541
Bank of N.T. Butterfield & Son Ltd | Banks
Investments (none of the investment securities are intrinsically tax-exempt)
Net assets of subsidiaries	588,843	597,724
Bank of N.T. Butterfield & Son Ltd | Customers
Investments (none of the investment securities are intrinsically tax-exempt)
Net assets of subsidiaries	$ 63,169	$ 52,265

Condensed financial statement_4

Condensed financial statements of the parent company only - Condensed Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-interest income
Banking	$ 63,682	$ 58,818	$ 57,120
Foreign exchange revenue	51,248	46,132	47,831
Custody and other administration services	13,815	13,319	13,626
Other non-interest income	3,612	3,831	5,971
Total non-interest income	230,015	212,336	206,587
Interest income
Interest and fees on loans	304,112	317,361	249,390
Total interest income	585,717	545,630	398,383
Interest expense
Deposits	227,001	170,504	45,176
Long-term debt	5,485	8,091	9,601
Securities sold under agreements to repurchase	2,028	75	22
Total interest expense	234,514	178,670	54,799
Net interest income before provision for credit losses	351,203	366,960	343,584
Provision for credit (losses) recoveries	(1,662)	(4,452)	(2,396)
Net interest income after provision for credit losses	349,541	362,508	341,188
Net gains (losses) on equity securities	0	43	14
Net gains (losses) on other real estate owned	50	(40)	448
Net other gains (losses)	327	3,764	1,079
Total other gains (losses)	377	3,753	1,522
Total net revenue	579,933	578,597	549,297
Non-interest expense
Salaries and other employee benefits	174,024	177,939	166,189
Technology and communications	66,057	61,979	56,740
Professional and outside services	22,694	21,056	19,640
Property	34,081	31,374	31,442
Indirect taxes	22,672	21,457	21,982
Non-service employee benefits expense	3,929	5,590	3,775
Marketing	6,530	6,456	6,357
Amortization of intangible assets	8,006	5,728	5,680
Other expenses	21,093	20,759	19,790
Total non-interest expense	359,086	352,338	331,595
Net income	216,316	225,492	214,020
Other comprehensive income (loss), net of taxes	14,783	67,254	(252,535)
Total comprehensive income (loss)	231,099	292,746	(38,515)
Bank of N.T. Butterfield & Son Ltd
Non-interest income
Banking	28,480	26,242	26,116
Foreign exchange revenue	10,699	11,253	11,858
Custody and other administration services	7,256	6,830	6,869
Other non-interest income	829	1,345	1,269
Total non-interest income	221,896	168,643	139,698
Interest income
Interest and fees on loans	121,204	129,626	118,829
Investments (none of the investment securities are intrinsically tax-exempt)	56,279	50,219	49,790
Cash and cash equivalents, securities purchased under agreements to resell and short-term investments	52,935	43,690	14,499
Total interest income	230,418	223,535	183,118
Interest expense
Deposits	54,271	34,064	10,834
Long-term debt	5,485	8,091	9,601
Securities sold under agreements to repurchase	106	66	22
Total interest expense	59,862	42,221	20,457
Net interest income before provision for credit losses	170,556	181,314	162,661
Provision for credit (losses) recoveries	(1,834)	(4,755)	(1,226)
Net interest income after provision for credit losses	168,722	176,559	161,435
Net gains (losses) on equity securities	0	46	14
Net gains (losses) on other real estate owned	50	(40)	9
Net other gains (losses)	35	4,005	0
Total other gains (losses)	85	4,011	23
Total net revenue	390,703	349,213	301,156
Non-interest expense
Salaries and other employee benefits	65,372	68,779	65,789
Technology and communications	34,073	32,241	29,551
Professional and outside services	33,488	32,959	29,744
Property	11,300	10,831	10,232
Indirect taxes	15,768	15,269	15,714
Non-service employee benefits expense	3,972	5,645	4,845
Marketing	3,606	3,194	3,629
Amortization of intangible assets	169	169	169
Other expenses	9,466	10,049	9,613
Total non-interest expense	177,214	179,136	169,286
Net income before equity in undistributed earnings of subsidiaries	213,489	170,077	131,870
Equity in undistributed earnings of subsidiaries	2,827	55,415	82,150
Net income	216,316	225,492	214,020
Other comprehensive income (loss), net of taxes	14,783	67,254	(252,535)
Total comprehensive income (loss)	231,099	292,746	(38,515)
Bank of N.T. Butterfield & Son Ltd | Banks
Non-interest income
Dividends from subsidiaries	154,111	100,000	72,268
Bank of N.T. Butterfield & Son Ltd | Customers
Non-interest income
Dividends from subsidiaries	$ 20,521	$ 22,973	$ 21,318

Condensed financial statement_5

Condensed financial statements of the parent company only - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income	$ 216,316	$ 225,492	$ 214,020
Adjustments to reconcile net income to operating cash flows
Depreciation, accretion and amortization	42,158	36,212	40,177
Provision for credit (losses) recoveries	(1,662)	(4,452)	(2,396)
Share-based payments and settlements	21,002	20,812	17,077
Net (gains) losses on other real estate owned	(50)	40	(448)
(Increase) decrease in carrying value of equity method investments	334	165	(39)
Dividends received from equity method investments	135	5,256	169
Changes in operating assets and liabilities
Cash provided by (used in) operating activities	265,432	300,290	219,271
Cash flows from investing activities
Short-term investments other than restricted cash: proceeds from maturities and sales	2,232,366	1,960,286	2,745,132
Short-term investments other than restricted cash: purchases	(1,764,289)	(2,057,132)	(2,548,734)
Available-for-sale investments: proceeds from maturities and pay downs	507,014	292,049	230,718
Available-for-sale investments: purchases	(951,990)	(71,859)	(83,900)
Held-to-maturity investments: proceeds from maturities and pay downs	258,489	276,606	403,424
Held-to-maturity investments: purchases	(37,712)	0	(383,332)
Net (increase) decrease in loans to third parties	236,975	457,295	(90,185)
Additions to premises, equipment and computer software	(21,049)	(26,932)	(26,876)
Proceeds from sale of other real estate owned	588	646	1,909
Cash provided by (used in) investing activities	(581,020)	681,801	292,023
Cash flows from financing activities
Net increase (decrease) in deposits	873,120	(1,198,146)	(415,566)
Repayment of long-term debt	0	(75,000)	0
Common shares repurchased	(155,305)	(88,590)	(3,897)
Cash dividends paid on common shares	(79,581)	(86,186)	(87,343)
Cash provided by (used in) financing activities	735,560	(1,447,922)	(506,806)
Cash, cash equivalents and restricted cash: beginning of year	1,672,260	2,116,546	2,203,497
Cash, cash equivalents and restricted cash: end of year	2,088,542	1,672,260	2,116,546
Components of cash, cash equivalents and restricted cash at end of year
Cash and cash equivalents	1,998,112	1,646,648	2,100,787
Restricted cash included in short-term investments on the consolidated balance sheets	90,430	25,612	15,759
Total cash, cash equivalents and restricted cash at end of year	2,088,542	1,672,260	2,116,546
Supplemental disclosure of non-cash items
Transfer to (out of) other real estate owned	87	336	1,603
Transfer of available-for-sale investments to held-to-maturity investments	0	0	998,157
Bank of N.T. Butterfield & Son Ltd
Cash flows from operating activities
Net income	216,316	225,492	214,020
Adjustments to reconcile net income to operating cash flows
Depreciation, accretion and amortization	16,628	14,792	14,922
Provision for credit (losses) recoveries	(1,834)	(4,755)	(1,226)
Share-based payments and settlements	21,003	20,812	17,077
Net change in equity securities at fair value	0	236	(14)
Net (gains) losses on other real estate owned	(50)	40	(9)
(Increase) decrease in carrying value of equity method investments	483	313	120
Dividends received from equity method investments	0	5,096	12
Equity in undistributed earnings of subsidiaries	2,827	55,415	82,150
Changes in operating assets and liabilities
(Increase) decrease in accrued interest receivable and other assets	(2,549)	10,626	(25,888)
Increase (decrease) in employee benefit plans, accrued interest payable and other liabilities	(13,456)	10,955	15,386
Cash provided by (used in) operating activities	237,382	237,702	154,702
Cash flows from investing activities
(Increase) decrease in securities purchased under agreements to resell	96,600	(127,403)	36,236
Short-term investments other than restricted cash: proceeds from maturities and sales	781,459	357,451	821,645
Short-term investments other than restricted cash: purchases	(417,695)	(869,466)	(666,837)
Available-for-sale investments: proceeds from maturities and pay downs	156,134	131,261	112,274
Available-for-sale investments: purchases	(694,620)	(41,426)	(44,504)
Held-to-maturity investments: proceeds from maturities and pay downs	99,962	112,348	158,665
Held-to-maturity investments: purchases	0	0	(203,867)
Net (increase) decrease in loans to third parties	136,147	117,772	125,215
Additions to premises, equipment and computer software	(8,937)	(13,267)	(20,567)
Proceeds from sale of other real estate owned	588	646	730
Injection of capital in subsidiary	0	(58,477)	(6,083)
Return of capital from a subsidiary	(1,878)	0	0
Cash provided by (used in) investing activities	150,453	(367,046)	330,286
Cash flows from financing activities
Net increase (decrease) in deposits	281,518	(147,941)	(265,270)
Repayment of long-term debt	0	(75,000)	0
Common shares repurchased	(155,305)	(88,590)	(3,897)
Cash dividends paid on common shares	(79,581)	(86,186)	(87,343)
Cash provided by (used in) financing activities	46,632	(397,717)	(356,510)
Net increase (decrease) in cash, cash equivalents and restricted cash	434,467	(527,061)	128,478
Cash, cash equivalents and restricted cash: beginning of year	383,832	910,893	782,415
Cash, cash equivalents and restricted cash: end of year	818,299	383,832	910,893
Components of cash, cash equivalents and restricted cash at end of year
Cash and cash equivalents	799,149	370,484	904,371
Restricted cash included in short-term investments on the consolidated balance sheets	19,150	13,348	6,522
Total cash, cash equivalents and restricted cash at end of year	818,299	383,832	910,893
Supplemental disclosure of cash flow information
Cash interest paid	58,864	39,412	18,680
Supplemental disclosure of non-cash items
Transfer to (out of) other real estate owned	87	336	830
Transfer of available-for-sale investments to held-to-maturity investments	0	0	364,983
Bank of N.T. Butterfield & Son Ltd | Banks
Cash flows from investing activities
Net decrease in loans to subsidiaries	0	0	13,534
Bank of N.T. Butterfield & Son Ltd | Customers
Cash flows from investing activities
Net decrease in loans to subsidiaries	$ 2,693	$ 23,515	$ 3,845

Subsequent events (Details)

Subsequent events (Details) - $ / shares		12 Months Ended
	Feb. 10, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Common share cash dividends declared (in dollars per share)		$ 1.76	$ 1.76	$ 1.76
Subsequent Event
Subsequent Event [Line Items]
Common share cash dividends declared (in dollars per share)	$ 0.44