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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 (NYSE: NTB) has entered a non-prosecution agreement (NPA) with the U.S. government to avoid prosecution over tax evasion allegations. This agreement requires the bank to cooperate with IRS investigations and hand over 386 client files of U.S. taxpayers who may have violated tax laws. Butterfield will pay $5.6 million, primarily covering fees for its services that enabled tax evasion. U.S. client accounts at Butterfield hold approximately $433 million in assets. The agreement's three-year term mandates ongoing compliance, with potential consequences for non-cooperation.
The Bank of N.T. Butterfield & Son Limited (NYSE: NTB) is set to release its first quarter 2023 financial results on April 24, 2023, after the close of the New York Stock Exchange. The earnings conference call will occur on April 25, 2023, at 10:00 a.m. ET. Investors can participate via toll-free dial-in numbers or listen to a live audio webcast available on Butterfield's investor relations page. An audio replay will be accessible for 12 months post-event. Butterfield is a full-service bank and wealth management institution headquartered in Hamilton, Bermuda, offering a range of banking and wealth management services across various global locations.
The Bank of N.T. Butterfield & Son Limited (NTB) reported strong financial results for Q4 and FY 2022, with a net income of $63.1 million ($1.26/share) for Q4 and $214 million ($4.29/share) for the full year. The returns on average common equity were 31.6% for Q4 and 25.7% for the year, reflecting a significant improvement compared to 2021. The net interest margin reached 2.79% in Q4, boosted by rising interest rates. The Board declared a quarterly dividend of $0.44 per share and authorized a $3 million share repurchase program. Total assets decreased to $14.3 billion, down by $1 billion from 2021, and total deposits were $13 billion, a decline from $13.9 billion the previous year.
The Bank of N.T. Butterfield & Son Limited (NYSE: NTB) will announce its fourth quarter and full year 2022 financial results after the market closes on February 13, 2023. An earnings conference call is set for February 14, 2023, at 10:00 a.m. Eastern Time. Investors can join via a toll-free number or through a live audio webcast available on the company's investor relations page. The audio replay will be accessible for 12 months following the call. Butterfield offers a range of banking and wealth management services across several jurisdictions, aiming to provide personalized financial solutions.
The Bank of N.T. Butterfield & Son Limited (NYSE: NTB) announced the appointment of Ingrid Pierce as an Independent Director, increasing the Board's total members to ten. With extensive experience as a leading investment fund lawyer, Ms. Pierce brings valuable expertise in international law and banking. Her Cayman Islands residency is expected to enhance the Bank's profitability and growth, given the region's economic significance to Butterfield. This strategic appointment is aimed at strengthening the Bank's governance and risk management, particularly through her role on the Risk Policy & Compliance Committee.
The Bank of N.T. Butterfield & Son Limited (NTB) reported Q3 2022 net income of $57.4 million ($1.15/share), a significant rise from $49.1 million in Q2 2022 and $39.8 million in Q3 2021. Core net income reached $57.6 million ($1.16/share), driven by a robust net interest income of $91.2 million, fueled by rising interest rates. The bank declared a quarterly dividend of $0.44/share. The acquisition of Credit Suisse's trust business enhances Butterfield’s position in private client trusts. However, deposit levels fell to $12.5 billion, down from $13.9 billion in 2021, partly due to reduced pandemic-related deposits.
The Bank of N.T. Butterfield & Son Limited (NYSE: NTB) will release its third quarter 2022 financial results on October 31, 2022, after market close. An earnings conference call is scheduled for November 1, 2022, at 10:00 a.m. Eastern Time. Investors can join the call through dial-in options or a live audio webcast available on Butterfield’s investor relations page. The replay will be accessible for 12 months starting from the conference date. Butterfield operates primarily in Bermuda, the Cayman Islands, and Guernsey, offering banking and wealth management services.
The Bank of N.T. Butterfield & Son Limited (NTB) reported strong financial results for Q2 2022, with net income rising to $49.1 million ($0.99 per share), up from $44.4 million in the previous quarter. Core net income also increased to $50.2 million ($1.01 per share). The return on average common equity stood at 24.5% and core return on tangible common equity at 27.8%. Net interest margin improved to 2.26%, reflecting higher yields. A dividend of $0.44 per share was declared, payable on August 22, 2022. Overall, the bank demonstrated resilience and steady growth despite deposit normalization.
The Bank of N.T. Butterfield & Son Limited (NYSE: NTB) announced the retirement of Michael Covell from its Board of Directors effective July 25, 2022. Covell, who joined the board in 2018, contributed significantly to discussions regarding private wealth and trust. His departure reduces the Board to nine Directors. CEO Michael Collins expressed gratitude for Covell's insights and contributions during his tenure.
Butterfield, headquartered in Hamilton, Bermuda, provides a range of banking and wealth management services across multiple jurisdictions.
The Bank of N.T. Butterfield & Son Limited (NYSE: NTB) has received an unsolicited mini-tender offer from New York Stock and Bond LLC for up to 50,000 ordinary shares at $21.00 each, representing a 34% discount from the market price on July 14, 2022. Butterfield advises shareholders against accepting the offer, emphasizing that it is below market value. The SEC has raised concerns about mini-tender offers, highlighting risks for investors who may tender shares without considering the market price.
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