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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.
The Bank of N.T. Butterfield & Son Limited (NTB) reported a net income of $62.2 million ($1.24 per share) for Q1 2023, down from $63.1 million ($1.26 per share) in Q4 2022, and up from $44.4 million ($0.89 per share) in Q1 2022. Key metrics include a return on average common equity of 28.0% and a net interest margin of 2.88%. The board declared a dividend of $0.44 per share, payable on May 22, 2023. The bank successfully completed the first closing of its acquisition of Credit Suisse trust assets, enhancing its position in Singapore. However, net interest income increased to $97.4 million, while non-interest income fell to $50.2 million. Total deposits decreased by 4.6% to $12.3 billion due to client fund activations. The bank's capital ratios remained strong, with a total regulatory capital ratio of 26.2%. Overall, the results reflect a solid start to 2023 despite some declines in income metrics.
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