Butterfield Reports Second Quarter 2024 Results
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.
Butterfield (NYSE: NTB) ha riportato i risultati finanziari del secondo trimestre 2024 con un reddito netto di 50,6 milioni di dollari (1,09 dollari per azione) e un reddito netto core di 51,4 milioni di dollari (1,11 dollari per azione). La banca ha ottenuto un ritorno sul capitale azionario medio del 20,7% e un margine di interesse netto del 2,64%. I principali punti salienti includono:
- Dichiarato un dividendo trimestrale di 0,44 dollari per azione
- Approvato un nuovo programma di riacquisto di azioni per un massimo di 2,1 milioni di azioni ordinarie
- Nominato Stephen E. Cummings come Direttore Indipendente
- I saldi dei depositi a fine periodo sono aumentati del 4,7% a 12,5 miliardi di dollari
- Il valore contabile tangibile per azione è migliorato del 3,0% a 20,03 dollari
La banca ha mantenuto una solida posizione patrimoniale con un rapporto di capitale regolamentare totale del 24,8% secondo gli accordi di Basilea III.
Butterfield (NYSE: NTB) ha informado los resultados financieros del segundo trimestre de 2024 con un ingreso neto de 50,6 millones de dólares (1,09 dólares por acción) y un ingreso neto central de 51,4 millones de dólares (1,11 dólares por acción). El banco logró un retorno sobre el capital común promedio del 20,7% y un margen de interés neto del 2,64%. Los puntos destacados incluyen:
- Dividendos trimestrales declarados de 0,44 dólares por acción
- Se aprobó una nueva autorización de recompra de acciones de hasta 2,1 millones de acciones comunes
- Nombrado a Stephen E. Cummings como Director Independiente
- Los saldos de depósitos al final del período aumentaron un 4,7% a 12,5 mil millones de dólares
- El valor contable tangible por acción mejoró un 3,0% a 20,03 dólares
El banco mantuvo una sólida posición de capital con un ratio total de capital regulatorio del 24,8% bajo Basilea III.
Butterfield (NYSE: NTB)는 2024년 2분기 재무 결과를 보고했으며, 순이익은 5,060만 달러 (주당 1.09달러), 핵심 순이익은 5,140만 달러 (주당 1.11달러)였습니다. 이 은행은 평균 보통주 자기자본 수익률 20.7%과 순이자 마진 2.64%를 달성했습니다. 주요 하이라이트는 다음과 같습니다:
- 주당 0.44달러의 분기 배당금 선언
- 최대 210만 주의 보통주 매입을 위한 새로운 매입 권한 승인
- Stephen E. Cummings를 독립 이사로 임명
- 기간 말 예치금 잔액이 4.7% 증가하여 125억 달러에 도달
- 주당 tangible book value가 3.0% 향상되어 20.03달러가 되었습니다.
은행은 바젤 III 기준에 따라 24.8%의 총 규제 자본 비율로 강력한 자본 위치를 유지하고 있습니다.
Butterfield (NYSE: NTB) a annoncé les résultats financiers du deuxième trimestre 2024 avec un bénéfice net de 50,6 millions de dollars (1,09 dollar par action) et un bénéfice net courant de 51,4 millions de dollars (1,11 dollar par action). La banque a réalisé un rendement sur capital moyen des actions ordinaires de 20,7% et une marge d'intérêt nette de 2,64%. Les points saillants incluent :
- Dividende trimestriel déclaré de 0,44 dollar par action
- Autorisation d'un nouveau programme de rachat d'actions pouvant aller jusqu'à 2,1 millions d'actions ordinaires
- Nommer Stephen E. Cummings directeur indépendant
- Les soldes de dépôt à la fin de la période ont augmenté de 4,7% pour atteindre 12,5 milliards de dollars
- La valeur comptable tangible par action a augmenté de 3,0% pour atteindre 20,03 dollars
La banque a maintenu une solide position en capital avec un ratio total de capital réglementaire de 24,8% conformément à Bâle III.
Butterfield (NYSE: NTB) hat die Finanzergebnisse für das zweite Quartal 2024 veröffentlicht, mit einem Nettogewinn von 50,6 Millionen Dollar (1,09 Dollar pro Aktie) und einem Kernergebnis von 51,4 Millionen Dollar (1,11 Dollar pro Aktie). Die Bank erzielte eine Rendite auf das durchschnittliche Eigenkapital von 20,7% und eine Nettogewinnspanne von 2,64%. Zu den wichtigsten Highlights gehören:
- Ausgeschüttete Quartalsdividende von 0,44 Dollar pro Aktie
- Genehmigung eines neuen Aktienrückkaufprogramms von bis zu 2,1 Millionen Stammaktien
- Ernennung von Stephen E. Cummings zum unabhängigen Direktor
- Die Einlagenbestände am Periodenende erhöhten sich um 4,7% auf 12,5 Milliarden Dollar
- Der substantielle Buchwert pro Aktie verbesserte sich um 3,0% auf 20,03 Dollar
Die Bank hielt eine starke Kapitalposition mit einer Gesamtkapitalquote von 24,8% gemäß Basel III.
- Quarterly dividend of $0.44 per share declared
- New share repurchase authorization for up to 2.1 million common shares approved
- Period-end deposit balances increased 4.7% to $12.5 billion
- Tangible book value per share improved by 3.0% to $20.03
- Strong capital position with total regulatory capital ratio of 24.8%
- Net income decreased from $61.0 million in Q2 2023 to $50.6 million in Q2 2024
- Net interest margin decreased by 19 basis points year-over-year to 2.64%
- Efficiency ratio increased from 57.6% in Q2 2023 to 62.4% in Q2 2024
- Higher non-interest expenses due to inflationary pressures and increased technology spend
The second quarter results for Butterfield show a mixed performance. While the net income of
The new share repurchase program and consistent dividends underscore the bank's commitment to returning value to shareholders, a positive sign for investor confidence. However, the dip in net income and the increased costs warrant close monitoring in subsequent quarters to see if these trends stabilize or worsen.
From a market perspective, Butterfield’s results are a mixed bag. The increase in non-interest income to
Monitoring how the bank navigates these expense challenges and whether they translate into long-term efficiency gains will be crucial. The new Independent Director's appointment adds governance strength, but the primary focus should remain on operational performance and cost management to sustain investor confidence.
The implementation of new core banking software and increased technology spending are notable highlights in Butterfield's report. While these investments have contributed to higher non-interest expenses, they are essential for long-term modernization and efficiency. Such upgrades can lead to improved customer service, streamlined operations and potentially higher revenues from new digital services.
However, the immediate impact has been an uptick in costs. The key for Butterfield will be to demonstrate the tangible benefits of these tech investments in subsequent quarters. If the upgraded systems can lead to better margins and customer retention, the short-term pain might be justified. Investors should keep an eye on subsequent reports to see if these tech investments yield the expected efficiencies and revenue growth.
Financial highlights for the second quarter of 2024:
-
Net income of
, or$50.6 million per share, and core net income1 of$1.09 , or$51.4 million per share$1.11 -
Return on average common equity of
20.7% and core return on average tangible common equity1 of23.3% -
Net interest margin of
2.64% , cost of deposits of1.89% -
Board declares dividend for the quarter ended June 30, 2024 of
per share$0.44 - Approved new share repurchase authorization for up to 2.1 million common shares
- Stephen E. Cummings appointed Independent Director
Net income for the second quarter of 2024 was
The return on average common equity for the second quarter of 2024 was
The Bank also announced the appointment of a new Independent Director, Stephen E. Cummings, a highly qualified and experienced financial services industry expert.
Michael Collins, Chairman and Chief Executive Officer, commented, “During the second quarter of 2024, Butterfield continued to deliver strong returns with sustainable non-interest income, disciplined expense management, a stable balance sheet, and a conservative credit profile. Our capital management strategy produces consistent and attractive shareholder returns through quarterly cash dividends and active share repurchases, which now includes a new share repurchase authorization. Growth through M&A remains a priority but, in the absence of a near term acquisition, excess capital will be allocated to support organic growth, dividends, and share repurchases.
“I am excited that Stephen Cummings has joined our Board and that Butterfield continues to attract such high-quality directors. Stephen is an excellent addition as an Independent Director and will further strengthen our governance and financial expertise at the Board level. I welcome Stephen to Butterfield and look forward to working with him as we continue to create value for all of the Bank’s stakeholders.”
Net income was down in the second quarter of 2024 versus the prior quarter primarily due to higher non-interest expenses as a result of inflationary pressures, higher performance-based remuneration and benefits accruals and higher technology spend from the recently implemented core banking software.
Net interest income (“NII”) for the second quarter of 2024 was
Net interest margin (“NIM”) for the second quarter of 2024 was
Non-interest income for the second quarter of 2024 was
Non-interest expenses were
Period end deposit balances were
Tangible book value per share improved by
The Bank maintained its balanced capital return policy. The Board again declared a quarterly dividend of
The current total regulatory capital ratio as at June 30, 2024 was
About Stephen E. Cummings:
Mr. Cummings is currently the Secretary of Finance for the Commonwealth of
(1) |
See table "Reconciliation of US GAAP Results to Core Earnings" below for reconciliation of US GAAP results to non-GAAP measures. |
|
ANALYSIS AND DISCUSSION OF SECOND QUARTER RESULTS |
|||||||||
Income statement |
|
Three months ended (Unaudited) |
|||||||
(in $ millions) |
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|||
Non-interest income |
|
55.6 |
|
|
55.1 |
|
|
50.2 |
|
Net interest income before provision for credit losses |
|
87.4 |
|
|
87.1 |
|
|
92.5 |
|
Total net revenue before provision for credit losses and other gains (losses) |
|
143.1 |
|
|
142.2 |
|
|
142.6 |
|
Provision for credit (losses) recoveries |
|
(0.5 |
) |
|
0.4 |
|
|
(1.5 |
) |
Total other gains (losses) |
|
0.1 |
|
|
0.2 |
|
|
4.0 |
|
Total net revenue |
|
142.7 |
|
|
142.8 |
|
|
145.1 |
|
Non-interest expenses |
|
(91.1 |
) |
|
(88.5 |
) |
|
(83.5 |
) |
Total net income before taxes |
|
51.5 |
|
|
54.3 |
|
|
61.5 |
|
Income tax benefit (expense) |
|
(0.9 |
) |
|
(0.9 |
) |
|
(0.5 |
) |
Net income |
|
50.6 |
|
|
53.4 |
|
|
61.0 |
|
|
|
|
|
|
|
|
|||
Net earnings per share |
|
|
|
|
|
|
|||
Basic |
|
1.11 |
|
|
1.15 |
|
|
1.23 |
|
Diluted |
|
1.09 |
|
|
1.13 |
|
|
1.22 |
|
|
|
|
|
|
|
|
|||
Per diluted share impact of other non-core items 1 |
|
0.02 |
|
|
0.04 |
|
|
(0.08 |
) |
Core earnings per share on a fully diluted basis 1 |
|
1.11 |
|
|
1.17 |
|
|
1.14 |
|
|
|
|
|
|
|
|
|||
Adjusted weighted average number of participating shares on a fully diluted basis (in thousands of shares) |
|
46,298 |
|
|
47,167 |
|
|
49,890 |
|
|
|
|
|
|
|
|
|||
Key financial ratios |
|
|
|
|
|
|
|||
Return on common equity |
|
20.7 |
% |
|
21.5 |
% |
|
25.9 |
% |
Core return on average tangible common equity 1 |
|
23.3 |
% |
|
24.5 |
% |
|
26.3 |
% |
Return on average assets |
|
1.5 |
% |
|
1.6 |
% |
|
1.8 |
% |
Net interest margin |
|
2.64 |
% |
|
2.68 |
% |
|
2.83 |
% |
Core efficiency ratio 1 |
|
61.8 |
% |
|
59.8 |
% |
|
57.6 |
% |
(1) See table "Reconciliation of US GAAP Results to Core Earnings" below for reconciliation of US GAAP results to non-GAAP measures. |
|||||||||
Balance Sheet |
|
As at |
||||
(in $ millions) |
|
June 30, 2024 |
|
December 31, 2023 |
||
Cash and cash equivalents |
|
2,390 |
|
|
1,647 |
|
Securities purchased under agreements to resell |
|
657 |
|
|
187 |
|
Short-term investments |
|
632 |
|
|
1,038 |
|
Investments in securities |
|
5,168 |
|
|
5,292 |
|
Loans, net of allowance for credit losses |
|
4,585 |
|
|
4,746 |
|
Premises, equipment and computer software, net |
|
150 |
|
|
154 |
|
Goodwill and intangibles, net |
|
94 |
|
|
99 |
|
Accrued interest and other assets |
|
262 |
|
|
211 |
|
Total assets |
|
13,939 |
|
|
13,374 |
|
|
|
|
|
|
||
Total deposits |
|
12,548 |
|
|
11,987 |
|
Accrued interest and other liabilities |
|
293 |
|
|
285 |
|
Long-term debt |
|
99 |
|
|
98 |
|
Total liabilities |
|
12,940 |
|
|
12,370 |
|
Common shareholders’ equity |
|
999 |
|
|
1,004 |
|
Total shareholders' equity |
|
999 |
|
|
1,004 |
|
Total liabilities and shareholders' equity |
|
13,939 |
|
|
13,374 |
|
|
|
|
|
|
||
Key Balance Sheet Ratios: |
|
June 30, 2024 |
|
December 31, 2023 |
||
Common equity tier 1 capital ratio2 |
|
22.5 |
% |
|
23.0 |
% |
Tier 1 capital ratio2 |
|
22.5 |
% |
|
23.0 |
% |
Total capital ratio2 |
|
24.8 |
% |
|
25.4 |
% |
Leverage ratio2 |
|
7.3 |
% |
|
7.6 |
% |
Risk-Weighted Assets (in $ millions) |
|
4,668 |
|
|
4,541 |
|
Risk-Weighted Assets / total assets |
|
33.5 |
% |
|
34.0 |
% |
Tangible common equity ratio |
|
6.5 |
% |
|
6.8 |
% |
Book value per common share (in $) |
|
22.12 |
|
|
21.39 |
|
Tangible book value per share (in $) |
|
20.03 |
|
|
19.29 |
|
Non-accrual loans/gross loans |
|
1.5 |
% |
|
1.3 |
% |
Non-performing assets/total assets |
|
1.1 |
% |
|
1.0 |
% |
Allowance for credit losses/total loans |
|
0.5 |
% |
|
0.5 |
% |
(2) In accordance with regulatory capital guidance, the Bank has elected to make use of transitional arrangements which allow the deferral of the January 1, 2020 Current Expected Credit Loss ("CECL") impact of |
||||||
QUARTER ENDED JUNE 30, 2024 COMPARED WITH THE QUARTER ENDED MARCH 31, 2024
Net Income
Net income for the quarter ended June 30, 2024 was
Movements in net income during the quarter ended June 30, 2024 compared to the previous quarter are attributable to the following:
-
increase in non-interest income driven by (i)$0.6 million increase in other non-interest income due to an increase in equity pickup from a portfolio investment and an increase in long-held unclaimed customer check and draft balances being recognized in revenue and (ii)$1.1 million increase in trust income driven by additional special fees. This was partially offset by$0.4 million decrease in banking fees and$0.5 million decrease in foreign exchange revenue, both volume driven;$0.6 million -
increase in provision for credit losses driven by a commercial facility secured by real estate in$0.9 million Bermuda , partially offset by the continued reduction in the term to maturity on a long-term Cayman government facility and the normalization of a few previously delinquent accounts; and -
increase in non-interest expenses driven by (i)$2.6 million increase in professional and outside services due to outsourced consultancy and legal fees; (ii)$1.2 million increase in salaries and other employee benefits driven by performance-based incentive accruals and inflationary increases in staff health care costs; and (iii)$1.1 million increase in technology and communications from higher spend associated with the recently implemented core banking software; partially offset by a$0.7 million decrease in indirect taxes related to the annual vesting of share compensation occurring in the prior quarter.$0.7 million
Non-Core Items1
Non-core items resulted in expenses, net of gains, of
Management does not believe that comparative period expenses, gains or losses identified as non-core are indicative of the results of operations of the Bank in the ordinary course of business.
(1) |
See table "Reconciliation of US GAAP Results to Core Earnings" below for reconciliation of US GAAP results to non-GAAP measures. |
|
BALANCE SHEET COMMENTARY AT JUNE 30, 2024 COMPARED WITH DECEMBER 31, 2023
Total Assets
Total assets of the Bank were
Loans Receivable
The loan portfolio totaled
The allowance for credit losses at June 30, 2024 totaled
The loan portfolio represented
As at June 30, 2024, the Bank had gross non-accrual loans of
Other real estate owned (“OREO”) decreased by
Investment in Securities
The investment portfolio was
The investment portfolio is made up of high-quality assets with
Deposits
Average total deposit balances were
Average Balance Sheet2 |
|||||||||||||||||
|
For the three months ended |
||||||||||||||||
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
||||||||||||
(in $ millions) |
Average
|
Interest
|
Average
|
|
Average
|
Interest
|
Average
|
|
Average
|
Interest
|
Average
|
||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents and short-term investments |
3,468.8 |
41.4 |
|
4.78 |
|
|
3,138.3 |
36.8 |
|
4.71 |
|
|
2,488.2 |
25.2 |
|
4.06 |
|
Investment in securities |
5,172.6 |
29.6 |
|
2.30 |
|
|
5,204.2 |
28.9 |
|
2.23 |
|
|
5,614.7 |
28.9 |
|
2.07 |
|
Available-for-sale |
1,797.1 |
10.8 |
|
2.41 |
|
|
1,766.3 |
9.6 |
|
2.17 |
|
|
1,970.7 |
8.8 |
|
1.78 |
|
Held-to-maturity |
3,375.4 |
18.8 |
|
2.24 |
|
|
3,437.9 |
19.3 |
|
2.25 |
|
|
3,644.0 |
20.2 |
|
2.22 |
|
Loans |
4,622.7 |
76.6 |
|
6.65 |
|
|
4,689.5 |
77.0 |
|
6.58 |
|
|
4,984.1 |
79.8 |
|
6.42 |
|
Commercial |
1,342.8 |
21.7 |
|
6.50 |
|
|
1,381.4 |
23.7 |
|
6.88 |
|
|
1,396.7 |
23.0 |
|
6.59 |
|
Consumer |
3,279.9 |
54.8 |
|
6.71 |
|
|
3,308.1 |
53.3 |
|
6.46 |
|
|
3,587.4 |
56.8 |
|
6.35 |
|
Interest earning assets |
13,264.1 |
147.6 |
|
4.46 |
|
|
13,031.9 |
142.7 |
|
4.39 |
|
|
13,087.0 |
133.9 |
|
4.10 |
|
Other assets |
430.4 |
|
|
|
412.0 |
|
|
|
402.0 |
|
|
||||||
Total assets |
13,694.5 |
|
|
|
13,444.0 |
|
|
|
13,489.0 |
|
|
||||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
||||||
Deposits - interest bearing |
9,807.6 |
(58.7 |
) |
(2.40 |
) |
|
9,586.5 |
(54.2 |
) |
(2.27 |
) |
|
9,308.0 |
(38.5 |
) |
(1.66 |
) |
Securities sold under agreement to repurchase |
2.9 |
— |
|
(4.83 |
) |
|
4.6 |
(0.1 |
) |
(4.69 |
) |
|
0.4 |
— |
|
(5.45 |
) |
Long-term debt |
98.6 |
(1.4 |
) |
(5.58 |
) |
|
98.5 |
(1.4 |
) |
(5.58 |
) |
|
147.4 |
(2.9 |
) |
(8.02 |
) |
Interest bearing liabilities |
9,909.1 |
(60.1 |
) |
(2.43 |
) |
|
9,689.7 |
(55.6 |
) |
(2.30 |
) |
|
9,455.8 |
(41.4 |
) |
(1.76 |
) |
Non-interest bearing current accounts |
2,636.8 |
|
|
|
2,603.5 |
|
|
|
2,863.2 |
|
|
||||||
Other liabilities |
243.8 |
|
|
|
250.0 |
|
|
|
243.6 |
|
|
||||||
Total liabilities |
12,789.6 |
|
|
|
12,543.2 |
|
|
|
12,562.6 |
|
|
||||||
Shareholders’ equity |
904.9 |
|
|
|
900.8 |
|
|
|
926.4 |
|
|
||||||
Total liabilities and shareholders’ equity |
13,694.5 |
|
|
|
13,444.0 |
|
|
|
13,489.0 |
|
|
||||||
Non-interest bearing funds net of non-interest earning assets (free balance) |
3,355.0 |
|
|
|
3,342.3 |
|
|
|
3,631.2 |
|
|
||||||
Net interest margin |
|
87.4 |
|
2.64 |
|
|
|
87.1 |
|
2.68 |
|
|
|
92.5 |
|
2.83 |
|
(2) Averages are based upon a daily averages for the periods indicated. |
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Assets Under Administration and Assets Under Management
Total assets under administration for the trust and custody businesses were
Reconciliation of US GAAP Results to Core Earnings
The table below shows the reconciliation of net income in accordance with US GAAP to core earnings, a non-GAAP measure, which excludes certain significant items that are included in our US GAAP results of operations. We focus on core net income, which we calculate by adjusting net income to exclude certain income or expense items that are not representative of our business operations, or “non-core”. Core net income includes revenue, gains, losses and expense items incurred in the normal course of business. We believe that expressing earnings and certain other financial measures excluding these non-core items provides a meaningful base for period-to-period comparisons, which management believes will assist investors in analyzing the operating results of the Bank and predicting future performance. We believe that presentation of these non-GAAP financial measures will permit investors to assess the performance of the Bank on the same basis as management.
Core Earnings |
Three months ended |
|||||||
(in $ millions except per share amounts) |
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|||
Net income |
50.6 |
|
|
53.4 |
|
|
61.0 |
|
Non-core items |
|
|
|
|
|
|||
Non-core (gains) losses |
|
|
|
|
|
|||
Liquidation settlement from an investment previously written-off |
— |
|
|
— |
|
|
(4.0 |
) |
Total non-core (gains) losses |
— |
|
|
— |
|
|
(4.0 |
) |
Non-core expenses |
|
|
|
|
|
|||
Early retirement program, voluntary separation, redundancies and other non-core compensation costs |
0.2 |
|
|
1.3 |
|
|
— |
|
Restructuring charges and related professional service fees |
0.6 |
|
|
0.3 |
|
|
— |
|
Total non-core expenses |
0.8 |
|
|
1.6 |
|
|
— |
|
Total non-core items |
0.8 |
|
|
1.6 |
|
|
(4.0 |
) |
Core net income |
51.4 |
|
|
55.0 |
|
|
57.0 |
|
|
|
|
|
|
|
|||
Average common equity |
979.4 |
|
|
996.1 |
|
|
943.3 |
|
Less: average goodwill and intangible assets |
(95.3 |
) |
|
(97.4 |
) |
|
(74.0 |
) |
Average tangible common equity |
884.1 |
|
|
898.7 |
|
|
869.3 |
|
Core earnings per share fully diluted |
1.11 |
|
|
1.17 |
|
|
1.14 |
|
Return on common equity |
20.7 |
% |
|
21.5 |
% |
|
25.9 |
% |
Core return on average tangible common equity |
23.3 |
% |
|
24.5 |
% |
|
26.3 |
% |
|
|
|
|
|
|
|||
Shareholders' equity |
999.1 |
|
|
995.1 |
|
|
950.3 |
|
Less: goodwill and intangible assets |
(94.4 |
) |
|
(96.3 |
) |
|
(74.0 |
) |
Tangible common equity |
904.7 |
|
|
898.8 |
|
|
876.3 |
|
Basic participating shares outstanding (in millions) |
45.2 |
|
|
46.2 |
|
|
49.1 |
|
Tangible book value per common share |
20.03 |
|
|
19.45 |
|
|
17.83 |
|
|
|
|
|
|
|
|||
Non-interest expenses |
91.1 |
|
|
88.5 |
|
|
83.5 |
|
Less: non-core expenses |
(0.8 |
) |
|
(1.6 |
) |
|
— |
|
Less: amortization of intangibles |
(1.9 |
) |
|
(1.9 |
) |
|
(1.4 |
) |
Core non-interest expenses before amortization of intangibles |
88.4 |
|
|
85.0 |
|
|
82.1 |
|
Core revenue before other gains and losses and provision for credit losses |
143.1 |
|
|
142.2 |
|
|
142.6 |
|
Core efficiency ratio |
61.8 |
% |
|
59.8 |
% |
|
57.6 |
% |
Conference Call Information:
Butterfield will host a conference call to discuss the Bank’s results on Tuesday, July 23, 2024 at 10:00 a.m. Eastern Time. Callers may access the conference call by dialing +1 (844) 855-9501 (toll-free) or +1 (412) 858-4603 (international) ten minutes prior to the start of the call and referencing the Conference ID: Butterfield Group. A live webcast of the conference call, including a slide presentation, will be available in the investor relations section of Butterfield’s website at www.butterfieldgroup.com. A replay of the call will be archived on the Butterfield website for 12 months.
About Non-GAAP Financial Measures:
Certain statements in this release involve the use of non-GAAP financial measures. We believe such measures provide useful information to investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with US GAAP; however, our non-GAAP financial measures have a number of limitations. As such, investors should not view these disclosures as a substitute for results determined in accordance with US GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies use. See "Reconciliation of US GAAP Results to Core Earnings" for additional information.
Forward-Looking Statements:
Certain of the statements made in this release are forward-looking statements within the meaning of the
All forward-looking statements in this disclosure are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our SEC reports and filings, including under the caption "Risk Factors" in our most recent Form 20-F. Such reports are available upon request from Butterfield, or from the Securities and Exchange Commission ("SEC"), including through the SEC’s website at https://www.sec.gov. Any forward-looking statements made by Butterfield are current views as at the date they are made. Except as 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 in this disclosure, whether as a result of new information, future events or other developments. You are cautioned not to place undue reliance on the forward-looking statements made by Butterfield in this disclosure. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, and should only be viewed as historical data.
Presentation of Financial Information:
Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total
About Butterfield:
Butterfield is a full-service bank and wealth manager headquartered in
BF-All
View source version on businesswire.com: https://www.businesswire.com/news/home/20240722558635/en/
Investor Relations Contact:
Noah Fields
Investor Relations
The Bank of N.T. Butterfield & Son Limited
Phone: (441) 299 3816
E-mail: noah.fields@butterfieldgroup.com
Media Relations Contact:
Nicky Stevens
Group Strategic Marketing & Communications
The Bank of N.T. Butterfield & Son Limited
Phone: (441) 299 1624
E-mail: nicky.stevens@butterfieldgroup.com
Source: Bank of N.T. Butterfield & Son Limited
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