BUTTERFIELD ANNOUNCES LENDING RATE CUT AND COVID-19 PREPARATIONS IN BERMUDA

16 March 2020

Hamilton, Bermuda: 16 March 2020 –In a filing with the Bermuda Stock Exchange, The Bank of N.T. Butterfield & Son Limited (the “Bank”; Ticker: NTB.BH) announced lending rate cut and Covid-19 preparations in Bermuda. The filing stated:

As Bermuda continues to make preparations for the potential impact of COVID-19 locally, and following yesterday’s emergency 100 bps decrease in the US Federal Funds Rate, The Bank of N.T. Butterfield & Son Limited (“Butterfield” or the “Bank”) (NYSE: NTB | BSX: NTB.BH) today announced that it is decreasing interest rates on personal loans and mortgages.

The base rate for Bermuda dollar residential mortgages and consumer loans will decrease by 50 basis points to 4.75%. The rate decrease on personal loans is effective today. The rate decrease on Bermuda residential mortgages will become effective as soon as practically possible.

Michael Neff, Butterfield’s Managing Director in Bermuda, said “It is our intention, with this significant decrease in rates, to help ease the financial burden on personal banking and business customers whose income may be impacted by the potential decrease in local economic activity associated with the health crisis.

“The Bank is additionally reviewing the fee schedules and payment terms of select other products and may make changes to provide additional relief to customers during this challenging period, including providing extensions on repayment of credit card balances.

“We want our customers to know that we are here to support them, and those who may find themselves in financial difficulty should not hesitate to reach out to us to discuss their situations.

“Doing our part to help protect the health of our community and keep our economy functioning is our priority.”

Butterfield Group placed a moratorium on business travel (since 6 March) and has put in place rigid protocols for self-isolation by employees who are returning from personal trips to regions of concern. The Bank has also enhanced its cleaning regimen in Banking Centres and offices.

Butterfield continues to provide in-person banking services at its three Banking Centres in Bermuda from Monday through Friday, but in keeping with the Government’s direction to limit large gatherings of people, the Bank is encouraging customers to make use of electronic banking options (online and mobile banking, and ATM services.) Saturday Banking at Butterfield’s Reid Street Banking Centre will be discontinued until further notice.

The Bank is similarly encouraging customers to discuss lending solutions with its Consumer Credit department by telephone, rather than in person. For information regarding loan rates and payment terms, customers should call (441) 298 4799 or reach out to their relationship managers.

Across Butterfield Group internationally, and in Bermuda, the Bank will be implementing splits of teams across buildings and shifts, and directing employees to work from home where possible to improve social distancing and decrease the potential for transmission of the COVID-19 virus.

As the situation continues to evolve rapidly, Butterfield is reviewing and adjusting plans as needed so we can continue to serve the financial needs of the community.

-ENDS-

BUTTERFIELD and the Wyvern Logos are trade marks or registered trade marks of The Bank of N.T. Butterfield & Son Limited in Bermuda and other countries.

Forward-Looking Statements:

Certain of the statements made in this release are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target” and other similar words and expressions of the future. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Bank to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements due to a variety of factors, including worldwide economic conditions and fluctuations of interest rates, the successful completion and integration of acquisitions (including the recently closed acquisition of ABN AMRO (Channel Islands) Limited) or the realization of the anticipated benefits of such acquisitions in the expected time-frames or at all, success in business retention and obtaining new business and other factors. All statements other than statements of historical fact are statements that could be forward-looking statements.

All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our Securities and Exchange Commission (“SEC”) reports and filings. Such reports are available upon request from the Bank, or from the SEC, including through the SEC’s website at http://www.sec.gov. Except otherwise required by law, Butterfield assumes no obligation and does not undertake to review, update, revise or correct any of the forward-looking statements included herein, whether as a result of new information, future events or other developments. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

About Butterfield:

Butterfield is a full-service bank and wealth manager headquartered in Hamilton, Bermuda, providing services to clients from Bermuda, the Cayman Islands, Guernsey and Jersey, where our principal banking operations are located, and The Bahamas, Switzerland, Singapore and the United Kingdom, where we offer specialized financial services. Banking services comprise deposit, cash management and lending solutions for individual, business and institutional clients. Wealth management services are composed of trust, private banking, asset management and custody. In Bermuda, the Cayman Islands and Guernsey, we offer both banking and wealth management. In The Bahamas, Singapore and Switzerland, we offer select wealth management services. In the UK, we offer residential property lending. In Jersey, we offer select banking and wealth management services. Butterfield is publicly traded on the New York Stock Exchange (symbol: NTB) and the Bermuda Stock Exchange (symbol: NTB.BH). Further details on the Butterfield Group can be obtained from our website at: www.butterfieldgroup.com.

Media Relations Contact:

Mark Johnson

Vice President, Group Head of Communications

The Bank of N.T. Butterfield & Son Limited

Phone: (441) 299 1624

Mobile: (441) 524 1025

E-mail: mark.johnson@butterfieldgroup.com