BANK OF N.T. BUTTERFIELD & SON LTD (NTB) Reports In-Line Q3 EPS

BANK OF N.T. BUTTERFIELD & SON LTD (NYSE: NTB) reported Q3 EPS of $0.91, in-line with the analyst estimate of $0.91. Revenue for the quarter came in at $133.1 million versus the consensus estimate of $136.89 million.

• Net income of $42.4 million, or $0.79 per share and core net income1 of $48.8 million, or $0.91 per share;
• Return on average common equity of 17.8% and core return on average tangible common equity1 of 22.5%;
• Completed acquisition of ABN AMRO (Channel Islands) Limited;
• Board declares a dividend for the quarter ended September 30, 2019 of $0.44 per share.

Commenting on the third quarter, Michael Collins, Butterfield's Chairman and Chief Executive Officer said, "Butterfield reported strong third quarter earnings while also making excellent progress combining the acquired ABN AMRO (Channel Islands) business with our existing Guernsey bank. The third quarter results demonstrate the value of our stable and growing non-interest income, the initial benefits of a larger balance sheet with net interest income growth following the acquisition, and our continued emphasis on improving operating efficiencies.

"We have been working to integrate ABN AMRO (Channel Islands) since the early close of the deal on July 15, 2019. Client relationships and employee retention have been broadly stable throughout this period, while customer and staffing integration are progressing well. The expected decline in euro and sterling balances has begun as we apply a client value lens to the relationships. We have experienced the anticipated staff turnover and expect cost savings to match the levels contemplated when the deal was first announced in April. This is an important acquisition for Butterfield and we are pleased with the integration to date and the anticipated benefits. We continue to view this deal very favorably and believe that Butterfield’s increased presence in the Channel Islands enhances our position as a leading bank and trust company in those core markets with increased scale and improved organic growth prospects."

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

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