Please note this event is being recorded. I would now like to turn the call over to Noah Fields, Butterfield's Head of Investor Relations. Please go ahead. Thank you. Good morning, everyone, and thank you for joining us. Today, we will be reviewing Butterfield's Q1 2026 financial results. On the call, I am joined by Michael Collins, Butterfield's Chairman and Chief Executive Officer, Michael Schrum, President and Chief Financial Officer, and Jody Feldman, Managing Director of Bermuda. Following their prepared remarks, we will open the call up for a question and answer session. Yesterday afternoon, we issued a press release announcing our Q1 2026 results. The press release and financial statements, along with a slide presentation that we will refer to during our remarks on this call, are available on the investor relations section of our website at www.butterfieldgroup.com. Before I turn the call over to Michael Collins, I would like to remind everyone that today's discussion will refer to certain non-GAAP measures, which we believe are important in evaluating the company's performance. For a reconciliation of these measures to US GAAP, please refer to the earnings press release and slide presentation. Today's call and associated materials may also contain certain forward-looking statements which are subject to risks, uncertainties, and other factors that may cause actual results to differ materially from those contemplated by these statements. Additional information regarding these risks can be found in our SEC filings. I will now turn the call over to Michael Collins. Thank you, Noah, and thanks to everyone joining the call today. The Q1 of 2026 represents a strong start to the year with solid financial performance and continued execution of our disciplined growth strategy. We were pleased to announce the agreement to acquire Rawlinson & Hunter in Guernsey, reinforcing our commitment to build scale in key markets. Demand across our core businesses of banking, wealth management, and trust remained robust, reflecting the strength of our client relationships and the resilience of our franchise. Net interest income benefited from lower costs while deposit volumes remained stable across all jurisdictions. At the same time, we improved non-interest expenses, demonstrating our ability to manage costs effectively in a low rate, more volatile environment. I'm also pleased to report that following our announcement in February, the acquisition of Rawlinson & Hunter Guernsey has now closed. This is a strategically important transaction that enhances the scale and capability of our private trust business in Guernsey and further strengthens our position as a leading international provider of trust services with group assets under administration of $146 billion. Looking ahead, acquisitions remain a key driver of our growth. We will continue to pursue high-quality opportunities in island banking and trust that align with our strategy and deliver long-term value for our stakeholders. Butterfield is a leading offshore bank and wealth manager with strong leading market positions in Bermuda and the Cayman Islands and an expanding retail presence in the Channel Islands. Across markets, we deliver a broad range of services, including trust, private banking, asset management, and custody, which are designed around the needs of our clients. We also support international private trust clients in the Bahamas, Switzerland, and Singapore, and originate high-net-worth residential mortgages for prime London properties through our London office. I will now turn to the Q1 highlights on page five. Butterfield reported net income of $62.6 million and core net income of $63.2 million. We reported core earnings per share of $1.55, with a core return on average tangible common equity of 24.1% in the Q1. The net interest margin was 2.75% in the Q1, an increase of six basis points from the prior quarter, with the cost of deposits falling 13 basis points to 124 basis points from the prior quarter. We again are announcing a quarterly cash dividend of $0.50 per share. During the Q1, we continued to repurchase shares with a total of 800,000 shares at a cost of $42.4 million. We continue our active capital management and plan to continue to return excess capital that we do not require to support the business and growth initiatives. I will now turn the call over to Jody for an update on Bermuda and Cayman markets and businesses. Thank you, Michael. Starting with Bermuda, the economic outlook remains constructive, underpinned by steady growth in a thriving international business sector anchored by reinsurance. Real GDP growth is estimated at 3% for 2025, reflecting continued economic momentum. Bermuda's fiscal position has improved markedly, with the government projecting a record surplus of $472 million for the 2027 fiscal year, largely driven by revenues from the new corporate income tax. While economic growth is positive, Bermuda continues to navigate structural challenges, including a high cost of living and doing business, an aging population, and limited availability of affordable housing. These factors remain important considerations as the island plans for sustainable long-term growth. The hospitality sector is benefiting from renewed investment with $182 million of capital spend planned for infrastructure and tourism revitalization. The partial reopening of the Fairmont Southampton in late 2026, followed by a full reopening in 2027, is expected to bring hotel room inventory above pre-pandemic levels. We are also encouraged by plans for the redevelopment of Elbow Beach Resort, which is expected to commence later this year. Finally, Bermuda continues to reinforce its global profile as a premier destination for international sporting events, including the PGA Tour Butterfield Bermuda Championship, the Newport Bermuda Race, and SailGP. Events not only support tourism and international visibility, but also reinforce Bermuda's position as a high-quality jurisdiction for business visitors and residents alike. Now turning to the Cayman Islands, GDP forecasts suggest that growth is expected to moderate in 2026 to around 2% for the year, which is a steadier and more stable pace of development following the past few years of 4%-6% GDP growth. Unlike Bermuda, Cayman has seen significant population increases, which are forecasted to grow to the low 90,000s over the next couple of years. Tourism and financial services continue to grow. January and February saw record stay over arrivals consisting primarily of U.S. tourists. Financial services in Cayman continue to grow, with reinsurance a growing industry and the international fund services business remaining a cornerstone. The Cayman government continues to be fiscally disciplined, with 2026, 2027 budget expectations of a modest surplus, suggesting Cayman is entering a slower growth phase following rapid expansion. I will now turn the call over to Michael Schrum for more detail on the quarter. Michael. Thank you, Jody, and good morning. On slide six, we provide a summary of net interest income and net interest margin. In the Q1, we reported net interest income before provision for credit losses of $93.3 million, an increase of $700,000 from the prior quarter. Net interest margin increased six basis points to 2.75% compared to 2.69% in the prior quarter. This increase is largely due to lower deposit costs and increased investment yields, partially offset by lower Treasury and loan yields as central banks cut market interest rates, as well as a lower day count in the Q1 of 2026. We expect for them to be broadly stable with a slight positive bias for the remainder of this year. Average investment volumes increased as assets were deployed into higher yielding Available-for-Sale investment securities, helping to increase the average investment yield by six basis points to 2.78%. Average loan balances were stable compared to the prior quarter. Net loan volumes actually increased during the quarter in Jersey and Cayman. The impact of foreign exchange translation from the weakening of the pound sterling against the U.S. dollar masked this uptick. During the quarter, the bank continued to pursue its conservative strategy of reinvesting the pay downs and investment maturities into a mix of U.S. agency MBS securities and medium-term U.S. Treasuries. Slide seven provides a summary of non-interest income, which totaled $62.6 million, a decrease of $3.7 million over last quarter. This was due to expected decrease in seasonally higher comparative Q4 banking fees. Fees were also down due to lower time-based and special fees compared to the prior quarter. Foreign exchange fees increased slightly due to higher volumes in the quarter. The fee income ratio decreased overall to 40.6% compared to 41.7% in the prior quarter and continuing to compare favorably to historical peer averages. On slide eight, we present core non-interest expenses. Core non-interest expenses decreased compared to the prior quarter due to lower costs associated with professional and outside services fees for project work, lower technology and communications expenses, which were offset by higher payroll taxes related to the annual vesting of share-based compensation in the Q1. Slide nine shows Butterfield's balance sheet remains liquid and conservatively positioned. Period and deposit balances were slightly elevated compared to the prior quarters. Butterfield's low-risk density of 28.7% continues to reflect the regulatory capital efficiency of the balance sheet. On slide 10, we show that Butterfield's asset quality remains strong. The investment portfolio is low risk, consisting entirely of double A or higher-rated US Treasuries and government-guaranteed agency securities. Credit performance was stable this quarter with negligible net charge-offs, non-accrual at 2%, and allowance for credit losses at 0.6% of total loans. Our loan book is anchored by high-quality residential mortgages with 71% full recourse loans, with nearly 80% at loan-to-value below 70%. We continue to apply conservative underwriting across Bermuda, the Cayman Islands, and our U.K. and Channel Islands businesses. On slide 11, we present the average cash and securities balances with a summary of net interest rate sensitivity. Net unrealized losses in the AFS portfolio included in OCI were $99.7 million at the end of the Q1, an increase of $10.3 million over the prior quarter. Interest rate sensitivity has increased slightly against the prior quarter, driven by changes in asset composition with an increase in short-duration assets. We continue to expect improvement in OCI with additional burn down over the next 12 to 24 months, 20% and 47% respectively. Slide 12 summarizes regulatory and leverage capital levels. The board of directors has once again approved a quarterly dividend of $0.50 per share. TCE to TA continues to be conservatively above our targeted range of 6% to 6.5%. Finally, tangible book value continued to increase and closed the quarter at $26.56 per share, an increase of 0.6% from the prior quarter end. I will now turn the call back to Michael Collins for closing remarks. Thank you, Michael. Butterfield's geographic footprint includes some of the world's key global financial jurisdictions, which position us well for sustained expansion, supported by both targeted acquisitions and internally driven growth initiatives. We continue to seek overlap and complementary bank and private trust acquisitions that best utilize our management team's extensive experience and furthers our ambition as a leading independent bank and wealth management group operating across strategic financial centers and island economies with favorable profiles and potential for growth. Our capital-light fee-driven businesses continue to offer distinctive solutions tailored to evolving client needs, reinforcing our strong competitive position. Looking ahead, we are committed to further improving operational effectiveness while maintaining disciplined cost management. Butterfield's capital management remains central to our approach. Strong earnings generation enables us to strike an appropriate balance by delivering consistent shareholder returns through dividends, investing in organic growth, pursuing strategic and value-enhancing acquisitions, and executing share repurchases as appropriate. Our balance sheet remains strong with a conservative liquidity profile that is closely aligned with our operating model and regulatory oversight. The bank is well-positioned to deliver service and value to all stakeholders. Thank you. With that, we would be happy to take your questions. Operator. We will now begin the question-and-answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw the question, please press star then two. We will pause momentarily while we assemble our roster. Our first question comes from Evan Kwiatkowski with Raymond James. Please go ahead. Hey, this is Evan on for David Feaster. Morning, everybody. Morning. I just wanted to start off on the deal. I know it's early innings still, but just curious how things are progressing and what you're hearing from both the team and customers broadly. Maybe on the financial impacts, I'm just curious what your updated fee income growth expectations are and then any additional one-time costs that are expected from the transaction. Thanks. Sure. Hi, it's Michael Collins. It's. The client base is very similar to ours, we've been in the private trust business for 70 years and this was a founder-owned trust company that we've looked at for years in Guernsey. We know it quite well. The client base, I think, will be very comfortable with our approach. Very similar to their approach. You know, we don't sort of compete in terms of trying to sell asset management into our private trust relationships. You know, clients appreciate that. It's 50 really highly qualified staff in Guernsey, 71 client groups and about $9 billion of assets under trusteeship. That takes us up to about $146 billion assets under administration or trusteeship. It's not huge. As we've said in the past, we're very disciplined in terms of how we price these acquisitions. It's sort of, you know, eight times up to sort of $50 million in terms of private trust acquisitions, eight times EBITDA, sort of 12%-15% IRR or higher. It has to be at least two-thirds private trust. We know the business well. It's incremental in terms of fee income. It helps quite a bit, but it gets us 70 new client groups, which are very high quality. We're very happy with it. It's closed. We're working on integration. It should be seamless, very low risk. Yeah. Evan, it's Michael Schrum. You know, just on the question in terms of updated fee projections, we're sort of expecting this to add about GBP 8 million-10 million annual, annualized. Obviously we'll start to put that into the next quarter. Obviously with that comes, you know, both the integration cost and also the cost line will obviously increase due to onboarding of the new colleagues as well. I mean, I think it's a really good book of business, and the people we've met have been very pleased with the model that we run, which is the independent trust model. You know, this gives our new colleagues a genuine sort of career path, and the clients really do like Butterfield. It's a well-known brand in Guernsey. I think, again, this will be, they'll be comforted by the credit rating of the bank and obviously the balance sheets that sits behind their new fiduciary provider. We just closed it. We're just in the process of looking at obviously the integration and potential synergies, et cetera. We'll come back, once we finalize the PPA work, next quarter and give some more detail on how it's going. That's really helpful. Thank you. Then next, I thought I would touch on the NIM. I noticed you called out that you managed the duration of the portfolio to be a bit shorter, increasing rate sensitivity. I'm just curious how you view the NIM trajectory from here, given current central bank expectations. Yeah, no, great question. Obviously, you know, maybe better than it was a month ago. I think we view the flat higher for longer rate environment as constructive for the balance sheet. You know, I think I said last quarter, NIMs should be broadly flat. We have some tailwinds and headwinds in that. Actually, I think the exit NIM for March month was, you know, at the 270 level. It was a little bit, you know, a little bit lower, but again, plus minus five basis points, depending on the deposit composition. What's really driving that is this quarter was really the lowering of deposit costs overtaking essentially the downward trajectory in treasury and short cash repricing. I think, you know, for the remainder of the year, we sort of remain cautiously, you know, optimistic that we can fight those headwinds with the asset repricing model that's in there, both on the loan and the investment, the investment securities. At the moment, the average investment security yields for the quarter was 3.96%. That provides, you know, when you have $1 billion or close to $1 billion resetting over the next year, you know, with a tailwind of 1%, that should be a positive bias. Certainly, like I said, central banks are, I think, weighing their options at the moment. You know, anytime we see a higher for longer environment around us, that's gonna be better for us 'cause we get the whole asset repricing coming through. That's helpful color. Thank you. And then lastly from me, you already kind of alluded to it, but, you know, just keeping in mind your through cycle, efficiency ratio target of 60%, curious if is it fair to see core expenses tick back into that $90 million-$92 million range per quarter for the rest of the year? Or just any, you know, updated expectations there, especially with the deal, and then maybe any seasonality trends would also be helpful. Yeah. No, great question. It's Michael Schrum again. I mean, the Q1 is always a little bit seasonally low. There tends to be a lot of sort of expense drive up to the end of the year. I mean, you know, it's not enough really to call it out. You know, in terms of the deal, I think, yeah, 90-92 without the additional new colleagues that we're onboarding and system conversion, et cetera. It's a little bit of non-core cost this quarter related to the drafting of the SPA and that type of thing. We're sort of expecting obviously for this to be accretive overall. If you think about the fees that are getting added to the top line, we would expect for that to sort of generate, you know, that sort of cost drive as well and the cost increase from salaries. As we onboard the new folks there, they're gonna be brought onto our platforms. You know, it's a little bit early to talk about forward guidance on the cost, but without the deal, I would say $90-$92 is a good number. Perfect. Thank you for taking my questions. I'll step back. Our next question comes from Emily Lee with KBW. Please go ahead. Hi, everyone. This is Emily Lee stepping in for [inaudible]. Thanks for taking my question, and congrats on the quarter. Sure. Thanks. Just on credit, NPLs and provision took step up this quarter. I was wondering if you could provide any color on the drivers there and what we should expect on both metrics going forward. Yeah, I mean, we're starting from a very low base. Sorry, it's Michael Schrum again. I would say when you look at note six of the financials, you'll see some past due migration. Really it's something that we've seen in sort of the, we've seen a few of these cases over the last couple of years. These are really related primarily to residential mortgages in our prime central London loan book. They went into, they drop into the sort of short-term past due account this quarter. You know, just as a reminder, these are three to five year mortgages underwritten at 60, 65 LTV. So really well secured, and there's a lot of equity in these loans. We continue therefore to believe that they will resolve themselves over the medium term as liquidity in the London prime and super prime markets is sort of relatively thin at the moment. There's been a number of policy changes in that market, and, you know, we are patient lenders, as you know. We continue to work with borrowers facing sort of temporary liquidity issues. I think bottom line, it's a little bit elevated right now, but we expect for that to normalize either through refinancing or through repayment when the property is sold. These are sort of similar to what we've seen before in terms of prime central London mortgages. Got it. Thank you. Then, how is the current loan pipeline looking, and what are you hearing from borrowers on demand front? You know, are there any particular industries or jurisdictions that are seeing strength or that you're leaning into over others right now? Yeah, I mean, maybe I'll start off and Jody Feldman, who's closer to the clients can give it a little bit more color on that. Essentially, you know, it's been the market's all different. I think prime, super prime in London is facing some uncertainty around you know, governmental policy changes, including, you know, the non-dom regime changes that are facing in some additional property taxes that need to kinda filter through the market in terms of either valuation changes. There's a lot of buyers on the side at the moment. In that market, on the flip side, we're seeing the sort of Middle Eastern situation. There's a lot of people moving back and renting, so that's kind of a temporary fix, if you will, for that. Particularly from Dubai, people are moving back into central London now. You know, Cayman actually is looking pretty good. We obviously want residential mortgages because our model is a return on risk-weighted asset model. So 35% risk weight and now potentially even lower at LTV bands under the Basel IV endgame. So we strongly prefer residential mortgages. You know, the Cayman loan book actually is looking decent. So as you know, we have in Bermuda and Cayman fully amortizing mortgages underwritten at 80, max 80 LTV with the appropriate exception underwriting in place. For the first time in a couple of years, actually, the Cayman residential mortgage book, originations overtook those amortization, you know, rundown as we improve the LTV profile overall. Jody, you wanna talk about Bermuda? Thanks, Michael. Let me just highlight, obviously, we're not a loan growth story, but as Michael pointed out, some, you know, good pipeline, particularly here in Cayman with some of the high-end resi towers that are popping up, and we're participating pretty prominently in a lot of those, which is great to see. On Bermuda, obviously some pretty acute supply-demand imbalances in housing. We do have a, you know, good position within the retail and private banking lending space, particularly in Bermuda. Constrained a little bit on the corporate side of Bermuda just to lack of pretty significant projects coming online. Overall, we're seeing, you know, some decent pipeline in all of the markets combined, but a little bit subdued in Bermuda, but some good pockets of opportunity in Cayman. It's very helpful. Thank you. If I could just squeeze in one more. You mentioned expectations for asset repricing to kinda help fight those pressures on the NIM. How are incremental loan yields looking right now? Sorry, I didn't catch the last bit. How is incremental- loan yield looking. Revenue? Loan yields. Loan yields. Yeah, I mean, the, you know, there's a couple of dynamics in there. You know, as you know, in Bermuda, we underwrite 80 LTV. We have a lot of fixed rate loans that are coming up actually this year, both in Bermuda and Cayman, which are sort of temporarily or you would probably call them ARMs. They're resetting back to their original floating rate, which obviously is still elevated. There's some significant tailwinds from that asset repricing. I would say new loans in Bermuda are typically around the seven mark. You know, Cayman is a little bit more competitive around new originations. There's a number of other participants who are pretty aggressive on price competition in this market. Around kind of six-ish. Channel Islands maybe, around five. Again, these are sterling be, Bank of England, fixed and floating, rate loans that are three to five year. You know, if you average that out over new originations, probably ends up somewhere in the six range, which is reasonable for that risk rating. And, you know, the pipeline really is beyond what we can control. We can be a participant in the market. Great. That's all for me. Thanks so much. Again, if you have a question, please press star then one. Our next question comes from Robert Rutschow with Wells Fargo. Please go ahead. Hey, good morning. Thanks for taking my question. A question on deposits. Could you give us an update on the outlook for deposits? Any concerns that we should think about in terms of outflows? Do you expect to get any inflows from the R&H deal? Yeah. It's Michael Schrum again. Maybe I'll just talk about the R&H deal. Initially, these clients are trust clients, and obviously, occasionally, we can provide banking services to those clients as well. Actually, a few of them were already banking clients of ours, because obviously they were an independent trust company. It's always something that we would like to do for administrative ease, you know, ins and outs, and we sort of can see and understand the client a bit better that way. Obviously, we're not competing on asset management, you know, for those clients. There could be a little bit of trickle in, but I wouldn't expect it to be a major uplift to deposit balances overall. You know, we've, for a while, been monitoring a couple of these sort of lumpier deposits, which are typically from our trust business in. In Bermuda and private client business in Bermuda, and some corporate deposits. We were expecting some further outflows and for the balance sheet to kind of normalize at around a $12 billion. You know, now we're getting notified of some new income and deposits, so it could be a bit longer, and some of the composition of the deposit base will probably end up changing a little bit over time. I think at the moment it's, you know, $12 billion-$12.5 billion is probably a decent number for now. We'll obviously see it when we see it, but some of those corporate deposits are held up in court proceedings and, you know, appeals processes and that type of thing. Generally constructive actually, I think. Okay, great. If I could follow up with a, maybe a broader question. As you think about the acquisition opportunities, how many, you know, competitors might be out there that you would be able or willing to buy? Is there any increase in competitive pressures that might encourage someone to sell, you know, like technology requirements or anything else that might, you know, spur a little more activity than we've seen, you know, say, for the past five years? Yeah. There's sort of three types of offshore trust entities, so to speak. The first is the private trust companies that we're interested in. And the first type is sort of founder-owned, which is what R&H Guernsey was. Part of a affiliated network, Rawlinson & Hunter, but, you know, founder-owned, really good book of business. Usually pretty small. As we talked about, it's not huge, but a great book of business. You have the sort of big bank-owned trust companies, whether it's an HSBC or an RBC. Those are a lot bigger. We still think that a lot of big banks are motivated to sell offshore trust companies just from regulatory pressure. You know, let's be honest, scale-wise, it's just sometimes not worth having something like that. We still think that there could be opportunities there. The third kind is sort of the big private equity-owned fee businesses offshore, which do basically like third-party trust, company administration, and fund administration. We've looked at those. We're sort of hesitant to go into those sorts of businesses because we're really focused on private trust. Fund administration is very different. It needs a lot of technology. Company administration is tough because you have AML issues sometimes. We're very focused on private trust. And also, if you're sort of the third buyer from private equity, it's probably not the best price. We sort of tend to stay away from that. You know, there's a lot of opportunities, founder-owned and also big sort of onshore bank-owned offshore trust com panies. We just have to be patient and stick to our guns. We're not gonna really pay above eight or nine times EBITDA, and, you know, it's got to be decent IRR. We're 40% fee income ratio. You know, our goal is to get that higher and become more of a fee company. Every one of these acquisitions adds, you know, a couple percent onto that fee income ratio. We just need to be patient, find the right books, and be very disciplined about pricing. Great. Thank you for taking my question. Thanks. This concludes our question and answer session. I would like to turn the call back over to Noah Fields for any closing remarks. Thank you, Bailey. Thanks to everyone for dialing in today. We look forward to speaking with you again next quarter. Have a great day. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.