NTB - Bank of N.T. Butterfield lends Cayman Islands government $150M

• The Bank of N.T. Butterfield & Son ( NYSE: NTB ) extended a ~$150 million loan to the government of the Cayman Islands during Q4 2022, the bank's president and group chief risk officer, said during the company's Q4 earnings call.
• That loan is part of the over $400M the government borrowed from a group of banks, that's intended to insulate the island government from rising interest costs, according to a media report. The 15-year loan has a 3.25% interest rate, The Royal Gazette reported .
• In Q4 2022, the bank posted better-than-expected earnings and revenue. See SA contributor Stephen Simpson's take on the N.T. Butterfield's ( NTB ) 2022 results.

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