BANK OF N.T. BUTTERFIELD & SON LTD (NTB) Misses Q3 EPS by 7c, Slight Beat on Revenues

BANK OF N.T. BUTTERFIELD & SON LTD (NYSE: NTB) reported Q3 EPS of $0.88, $0.07 worse than the analyst estimate of $0.95. Revenue for the quarter came in at $133 million versus the consensus estimate of $132.42 million.

• Net income of $50.4 million, or $0.90 per share;
• Core net income1 of $49.1 million, or $0.88 per share;
• Return on average common equity of 23.2%; core return on average tangible common equity1 of 24.9%;
• Net interest margin of 3.37%;
• Board declares a dividend for the quarter ended September 30, 2018 of $0.38 per common share;
• James Burr appointed Lead Independent Director following retirement of David Zwiener.

Commenting on the results, Michael Collins, Butterfield’s Chairman and Chief Executive Officer, said: “During the third quarter, we continued to generate strong results from our core businesses, capital efficient non-interest income and higher loan balances. Expense management is a priority for us, particularly as we integrate the previously announced acquisitions. Our strategy continues to generate industry leading returns with an attractive risk profile. We remain focused on pursuing additional growth through accretive acquisitions of trust businesses and banking in existing jurisdictions.”

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

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