September 30, 2014 2:38 PM ET

Banks

Company Overview of The Bank of NT Butterfield & Son Limited

Company Overview

The Bank of N.T. Butterfield & Son Limited provides retail, private, and corporate banking services. The company operates in six segments: Bermuda, Cayman, Guernsey, Switzerland, The Bahamas, and United Kingdom. It offers current and savings accounts, and fixed term deposits; personal loans, mortgages, home equity loans, and overdraft protection services; commercial credit products, such as mortgages, commercial loans, foreign exchange facilities, overdraft facilities, and letters of credit; debit and credit cards; and investment solutions and services. The company also provides home and contents, motor car and motorcycle, yacht and pleasure craft, creditor life insurance, and credit card ba...

65 Front Street

Hamilton,  HM 12

Bermuda

Founded in 1858

1,132 Employees

Phone:

441-299-3826

Fax:

441-292-4365

Key Executives for The Bank of NT Butterfield & Son Limited

The Bank of NT Butterfield & Son Limited does not have any Key Executives recorded.

The Bank of NT Butterfield & Son Limited Key Developments

Butterfield Announces Board Changes

The Bank of N.T. Butterfield & Son Limited announced that Shawn Beber has joined its Board as a non-executive Director. Mr. Beber was nominated for appointment to the Board by Canadian Imperial Bank of Commerce (“CIBC”) to replace Victor Dodig, as one of its two representatives on Butterfield’s 10-member Board. Mr. Dodig resigned from the Board on 10 September 2014 in advance of his appointment to the post of President and Chief Executive Officer of CIBC. Mr. Beber was elected to the Butterfield Board on 15 September 2014.

The Bank of NT Butterfield & Son Limited Reports Earning Results for the Second Quarter and Six Months Ended June 30, 2014

The Bank of NT Butterfield & Son Limited reported earning results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net income of $27.5 million ($0.04 per share on a fully diluted basis) compared to $32.9 million ($0.05 per share on a fully diluted basis) in the same quarter a year ago. Core earnings for the second quarter were $26.0 million, an improvement of $5.8 million or 28.7% over the second quarter of 2013, which drove an improvement in the core cash return on average tangible common equity ratio to 15.0% compared to 11.0% in the second quarter of 2013. Core cash earnings per share of $0.04, up from $0.03. Core cash return on tangible common equity improves to 15.0%, up from 11.0%. The company tear-to-date core earnings for the six months ended 30 June 2014 were $49.1 million ($0.07 per share on a fully diluted basis), up $13.6 million (38.3%) from $35.5 million for the six-month period ended 30 June 2013. Year-to-date net income increased by $4.5 million for the six months ended 30 June 2014 to $50.7 million, compared to a year-to-date net income of $46.2 million for the six-month period ended 30 June 2013.

The Bank of NT Butterfield & Son Limited Announces Earnings Results for the First Quarter Ended March 31, 2014

The Bank of NT Butterfield & Son Limited announced earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net income of $23.2 million or $0.03 per share on a fully diluted basis compared to $13.3 million or $0.02 per share on a fully diluted basis in 2013. The increase in net income was driven largely by an $8.0 million increase in net revenues before provisions for credit losses and other gains from $82.0 million in the first quarter of 2013 to $90.0 million in the first quarter of 2014. The $8.0 million improvement reflects a $6.3 million increase in net interest income driven principally by higher yields earned on the investment portfolio ($3.2 million), lower subordinated debt costs ($1.7 million), and higher levels of interest income on loans ($1.7 million). Core earnings for the first quarter were $23.2 million, an improvement of $7.9 million or 51.6% over the first quarter 2013. Core cash earnings per share were $0.04, up from $0.02 in 2013. Net interest income before provision for credit losses increased by $6.3 million to $58.4 million in the first quarter of 2014, compared to $52.1 million during the first quarter of 2013. Total interest income increased by $4.9 million to $65.0 million, a result of $3.2 million higher investment revenues due to a 51 basis point increase in yields. Both net income and core earnings are showing meaningful year-over-year improvement due to a combination of increased business volumes, cost containment and the continued focus on prudent asset and liability management strategies that targets a stable net interest margin throughout the interest rate cycle. These activities are driving revenue growth. The core cash return on average tangible common equity ratio improved to 12.9% in the first quarter of 2014 compared to 7.5% in the first quarter of 2013. Core cash return on average assets was 1.0%, up from 0.7% last year.

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Recent Private Companies Transactions

Type
Date
Target
Buyback
April 28, 2014
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