BANK OF N.T. BUTTERFIELD & SON LTD (NTB) Tops Q1 EPS by 7c, Revenues Beat; Agrees to Acquire ABN AMRO Ltd. from ABN AMRO Group

BANK OF N.T. BUTTERFIELD & SON LTD (NYSE: NTB) reported Q1 EPS of $0.95, $0.07 better than the analyst estimate of $0.88. Revenue for the quarter came in at $133.1 million versus the consensus estimate of $132.43 million.

• Net income of $52.1 million, or $0.96 per share;
• Core net income1 of $51.7 million, or $0.95 per share;
• Return on average common equity of 23.7%; core return on average tangible common equity1 of 25.6%;
• Board declares a dividend for the quarter ended March 31, 2019 of $0.44 per share;
• Completed integration and onboarding of clients and employees in Channel Islands from Deutsche Bank acquisition;
• Announced agreement today to acquire ABN AMRO (Channel Islands) Limited from the ABN AMRO Group.

“Today, we are also pleased to announce an agreement to acquire ABN AMRO (Channel Islands) Limited from the ABN AMRO Group. This significant acquisition is a Channel Islands banking business similar to our existing banks in Guernsey, Jersey, Cayman and Bermuda. Acquiring ABN AMRO (Channel Islands) is a unique opportunity for Butterfield to grow accretively and gain market share in the Channel Islands. Butterfield\'s 161 year history in English Common Law jurisdictions, as well as our six acquisitions since 2014, have cemented our position as a leading offshore bank and trust company. In addition, this transaction diversifies our balance sheet and risk profile, from a geographic perspective, in a high quality market in which we have decades of experience."

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

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