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The Bank of N.T. Butterfield & Son Limited (NTB) is a prominent full-service community bank and a provider of specialized international financial services. Established in 1858 as Bermuda’s first bank, Butterfield continues to play a pivotal role in the local economy. With its headquarters and largest operations based in Bermuda, Butterfield offers an extensive range of banking and wealth management services to its clients.
The Butterfield Group operates through three primary geographic segments: Bermuda, the Cayman Islands, the Channel Islands, and the United Kingdom. The bank’s core business encompasses retail and corporate banking, along with treasury activities within Bermuda and the Cayman Islands. These services are tailored to meet both individual and corporate financial needs.
In the realm of wealth management, Butterfield provides private banking, asset management, and personal trust services. These offerings are managed from its headquarters in Bermuda and subsidiary offices across the Bahamas, the Cayman Islands, Guernsey, Switzerland, and the United Kingdom. For corporate and institutional clients, Butterfield delivers comprehensive asset management and corporate trust services from its offices in Bermuda, the Bahamas, the Cayman Islands, and Guernsey.
As a publicly traded corporation, Butterfield’s shares are listed on the New York Stock Exchange under the symbol NTB. The majority of its revenue is derived from its operations in Bermuda and the Cayman Islands.
Recent achievements include a series of strategic partnerships and projects aimed at expanding its service offerings and enhancing client experience. Butterfield is committed to maintaining a strong financial condition, ensuring sustainable growth and value for its shareholders.
Butterfield (NYSE: NTB) reported Q4 2024 net income of $59.6 million ($1.34 per share), up from $52.7 million in Q3 2024. Full-year 2024 net income was $216.3 million ($4.71 per share), compared to $225.5 million in 2023.
Key Q4 2024 metrics include a return on equity of 22.9%, net interest margin of 2.61%, and efficiency ratio of 58.2%. The bank maintained strong capital ratios with a total regulatory capital ratio of 25.8%.
Notable developments include:
- Quarterly dividend of $0.44 per share
- Repurchase of 1.3 million shares at average price of $37.42
- New share repurchase authorization for up to 2.7 million shares
- Period-end deposits increased 6.3% to $12.7 billion compared to December 2023
- Tangible book value per share reached $21.70
The Bank of N.T. Butterfield (NYSE: NTB | BSX: NTB.BH) has announced it will release its fourth quarter and full year 2024 financial results after the New York Stock Exchange closes on Monday, February 10, 2025.
The company will host an earnings conference call on Tuesday, February 11, 2025, at 10:00 a.m. Eastern Time. Investors can access the call through toll-free US number +1 (844) 855 9501 or international number +1 (412) 858 4603. A live audio webcast will be available on Butterfield's investor relations website, and an audio replay will be accessible for 12 months following the call.
Butterfield (NYSE: NTB) has announced a new $100 million share repurchase program authorized to purchase up to 2.7 million ordinary shares through December 31, 2025. The program will commence on January 1, 2025, replacing the current 2.1 million share repurchase program announced in July 2024.
The Bank's capital management priorities include maintaining quarterly cash dividends, funding organic growth, and positioning for potential acquisitions. Share repurchases will be executed based on market conditions, share price, and alternative capital investment opportunities, through open market or private transactions, including under SEC Rule 10b5-1.
Butterfield reported strong Q3 2024 results with net income of $52.7 million, or $1.16 per share. Key highlights include:
- Return on average common equity of 20.3%
- Net interest margin of 2.61%
- Efficiency ratio improved to 60.3%
- Repurchased 1.0 million shares at average price of $37.00
- Declared quarterly dividend of $0.44 per share
Net interest income increased slightly vs Q2 due to higher average investable asset volume. Non-interest income rose on higher card volume and asset management fees. Expenses decreased on lower professional services costs. Period-end deposits grew 6.3% year-to-date to $12.7 billion. The bank maintained a strong capital position with a total regulatory capital ratio of 24.3%.
Butterfield Bank (NYSE: NTB) has announced key senior management appointments effective October 1, 2024. Andrew Burns will become Chief Risk Officer for the Cayman Islands, while Sean Lee takes over as Group Head of Human Resources and joins the Executive Committee. Additionally, Alexander Twerdahl has been appointed to lead Strategy and Corporate Development for the Group, effective immediately.
These strategic moves aim to strengthen Butterfield's leadership team and support its long-term strategy. Burns brings 18 years of financial services experience, Lee has nearly 20 years in retail banking, and Twerdahl offers extensive expertise as a financial analyst, having worked at Piper Sandler for over 18 years.
Butterfield (NYSE: NTB) reported Q2 2024 financial results with net income of $50.6 million ($1.09 per share) and core net income of $51.4 million ($1.11 per share). The bank achieved a return on average common equity of 20.7% and a net interest margin of 2.64%. Key highlights include:
- Declared quarterly dividend of $0.44 per share
- Approved new share repurchase authorization for up to 2.1 million common shares
- Appointed Stephen E. Cummings as Independent Director
- Period-end deposit balances increased 4.7% to $12.5 billion
- Tangible book value per share improved by 3.0% to $20.03
The bank maintained a strong capital position with a total regulatory capital ratio of 24.8% under Basel III.
The Bank of N.T. Butterfield & Son (NYSE: NTB | BSX: NTB.BH) will release its second-quarter 2024 financial results on July 22, 2024, following the New York Stock Exchange's closing. The company will host an earnings conference call on July 23, 2024, at 10:00 a.m. Eastern Time. Interested parties can dial in toll-free from the US at +1 (844) 855 9501, internationally at +1 (412) 858 4603, using the Conference ID: Butterfield Group. Additionally, a live webcast will be available on Butterfield's investor relations webpage. An audio replay of the conference call will remain accessible for 12 months starting July 23, 2024.
The Bank of N.T. Butterfield & Son released the voting results of its 2024 Annual General Meeting, where all proposed agenda items were approved, including the re-election of eight Directors.
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