BANK OF N.T. BUTTERFIELD & SON LTD (NTB) Tops Q2 EPS by 5c, Revenues Beat

BANK OF N.T. BUTTERFIELD & SON LTD (NYSE: NTB) reported Q2 EPS of $0.93, $0.05 better than the analyst estimate of $0.88. Revenue for the quarter came in at $128.3 million versus the consensus estimate of $125.72 million.

• Net income of $49.7 million, or $0.89 per share;
• Core net income1 of $51.7 million, or $0.93 per share;
• Return on average common equity of 23.9%; core return on average tangible common equity1 of 27.6%;
• Net interest margin of 3.20%;
• Board declares a dividend for the quarter ended June 30, 2018 of $0.38 per common share.

Commenting on the results, Michael Collins, Butterfield's Chairman and Chief Executive Officer said: “The Bank continues to benefit from its well positioned balance sheet, capital efficient non-interest income and strategic asset deployment through its loan and investment portfolios. The Deutsche Bank trust and banking acquisitions are progressing nicely and add to our track record of executing well on acquisitions and managing operational risks. The costs related to the integration and closing of the Deutsche Bank deals have developed as we expected. I remain confident in our ability to maximize shareholder value through our businesses in core geographies, while continuing to seek out accretive acquisitions in the trust and banking segments. I am particularly pleased that we reported a core cost to income ratio of 59.0% this quarter, which is now in line with our longer-term expectations for the Bank. This underlines our commitment to a strong focus on cost discipline as the Bank continues to grow and achieve its full potential.”

For earnings history and earnings-related data on BANK OF N.T. BUTTERFIELD & SON LTD (NTB) click here.

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