BANK OF N.T. BUTTERFIELD & SON LTD (NTB) Tops Q4 EPS by 3c, Revenues Beat

BANK OF N.T. BUTTERFIELD & SON LTD (NYSE: NTB) reported Q4 EPS of $0.92, $0.03 better than the analyst estimate of $0.89. Revenue for the quarter came in at $134.6 million versus the consensus estimate of $131.6 million.

• Net income of $50.9 million, or $0.92 per share;
• Core net income1 of $51.1 million, or $0.92 per share;
• Return on average common equity of 23.4%; core return on average tangible common equity of 25.8%;
• Net interest margin of 3.38%;
• Board increases quarterly common share dividend by 16% to $0.44 per share; and
• Completed the previously announced one million common shares repurchase program and authorized a new repurchase program of up to 2.5 million common shares.

Commenting on the results, Michael Collins, Butterfield\'s Chairman and Chief Executive Officer, said: “2018 was an important year for Butterfield as we completed two strategic and accretive acquisitions and continued to grow our residential loan portfolio in central London, while producing industry leading returns. We also reported another solid set of financial results in the fourth quarter, which contributed to Butterfield\'s record profitability. Our strong risk-adjusted returns benefited from a profitable and highly rated investment portfolio, a conservatively underwritten loan book, diversified fee income and diligent management of expenses. We are well positioned for organic growth while continuing to seek out selective strategic acquisition opportunities in private trust and banking in existing markets. We are strongly capitalized and remain committed to an attractive investor return profile with an increased quarterly cash dividend, as well as a larger share repurchase program. As we enter 2019, Butterfield continues to focus on producing leading returns and shareholder value through our strong balance sheet, optimized capital management and a client-centered operating philosophy.”

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

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