Michael Schrum, Chief Financial Officer of Bank of N.T. Butterfield & Son Ltd (NYSE:NTB), filed a Form 4 on August 11, 2026, disclosing the acquisition of 73,208 ordinary shares on August 9, 2026, resulting from the settlement of Restricted Stock Units under the company's EDIP program.

Key Highlights

  • Transaction date: August 9, 2026, with 73,208 ordinary shares acquired (code: A) by Michael Schrum, Chief Financial Officer.
  • Source of shares: 73,208 Restricted Stock Units (EDIP) were converted via transaction code M on August 9, 2026, with each unit representing a contingent right to receive one ordinary share upon vesting.
  • Beneficial ownership after transaction: Schrum directly holds 275,247 ordinary shares following the reported transaction.
  • Remaining RSU balance: 171,611 Restricted Stock Units - EDIP remain beneficially owned directly following the transaction.
  • Vesting schedule: Remaining RSUs vest on August 10, 2027; February 12, 2027; August 9, 2027; February 10, 2028; February 9, 2029; and February 9, 2030, subject to continued service through each vesting date.
  • Filing signed: By Tara Hidalgo, by power of attorney for Michael Schrum, on August 11, 2026.

Butterfield CFO RSU Settlement and Ownership Position Details

According to the Form 4 filing, Michael Schrum, identified as Chief Financial Officer of Bank of N.T. Butterfield & Son Ltd (NYSE:NTB), reported a change in beneficial ownership stemming from the settlement of Restricted Stock Units under the company's EDIP program. On August 9, 2026, 73,208 RSUs were converted (transaction code M) into an equivalent number of ordinary shares, which were then recorded as acquired (transaction code A). The filing notes that each restricted stock unit represents "a contingent right to receive one share of common stock upon vesting/settlement."

Following the reported transaction, the filing discloses that Schrum directly holds 275,247 ordinary shares. In addition, 171,611 Restricted Stock Units - EDIP remain outstanding and directly owned. According to the filing, the remaining RSUs vest on August 10, 2027; February 12, 2027; August 9, 2027; February 10, 2028; February 9, 2029; and February 9, 2030, each subject to continued service through the applicable vesting date. The filing further states that these RSUs "do not expire; they either vest and settle or are forfeited/cancelled prior to the applicable vesting date."

No price is listed for the share acquisition in Table I, consistent with the settlement nature of the transaction. The filing was signed by Tara Hidalgo under power of attorney for Michael Schrum and submitted on August 11, 2026. The issuer's foreign trading symbol is listed in the filing as NTB.BH.

What Was Disclosed

The filing reported the August 9, 2026 settlement of 73,208 EDIP Restricted Stock Units into ordinary shares for Bank of N.T. Butterfield CFO Michael Schrum, bringing his direct ordinary share holdings to 275,247, with 171,611 RSUs remaining.