BANK OF N.T. BUTTERFIELD & SON LTD (NTB) Tops Q3 EPS by 8c

BANK OF N.T. BUTTERFIELD & SON LTD (NYSE: NTB) reported Q3 EPS of $0.73, $0.08 better than the analyst estimate of $0.65.

Michael Collins, Butterfield's Chairman and Chief Executive Officer commented, "During the third quarter of 2020, the Bank performed well as we focused on managing our credit exposures and reducing costs to help offset the revenue impact from lower volumes and interest rates during the pandemic. We have enhanced our risk management and compliance capabilities through previously announced executive and board appointments, while decreasing the expense base through a cost reduction program, which included voluntary separation and redundancy initiatives.

“The cost reduction program increased non-core exit costs this quarter but is expected to lower expenses in 2021 and beyond. In addition, we will continue to provide operational support roles in Butterfield’s service center in Canada for non-client facing positions.

"In recognition of the challenges created by the health crisis, we have been pleased to offer payment relief to qualifying mortgage clients in Bermuda and Cayman for up to six months. These programs have come to an end, but we will continue to provide customers with individual assistance going forward. We are closely monitoring our loan book and proactively communicating with clients to assess their capacity to resume normal payments. We remain confident that our proven business model will continue to produce first quartile absolute and risk-adjusted returns throughout the pandemic and broader interest rate cycle.”

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

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