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May 22, 2015 10:56 PM ET

Banks

Company Overview of The Bank of NT Butterfield & Son Limited

Company Overview

The Bank of N.T. Butterfield & Son Limited provides retail, private, and corporate banking services. The company operates in six segments: Bermuda, Cayman, Guernsey, Switzerland, The Bahamas, and United Kingdom. It offers current and savings accounts, and fixed term deposits; personal loans, mortgages, home equity loans, and overdraft protection services; commercial credit products, such as mortgages, commercial loans, foreign exchange facilities, overdraft facilities, and letters of credit; debit and credit cards; and investment solutions and services. The company also provides home and contents, motor car and motorcycle, yacht and pleasure craft, creditor life insurance, and credit card ba...

65 Front Street

Hamilton,  HM 12

Bermuda

Founded in 1858

Phone:

441-299-3826

Fax:

441-292-4365

Key Executives for The Bank of NT Butterfield & Son Limited

The Bank of NT Butterfield & Son Limited does not have any Key Executives recorded.

The Bank of NT Butterfield & Son Limited Key Developments

The Bank of NT Butterfield & Son Limited Declares Quarterly Dividend on 8% Non-Cumulative Perpetual Voting Preference Shares and Interim Dividend on Common Shares, Payable on 15 June 2015 and Payable on 27 May 2015, Respectively; Reports Earnings Results for the First Quarter Ended March 31, 2015

The Bank of NT Butterfield & Son Limited declared quarterly dividends of $20 per share on the Bank’s 8% non-cumulative perpetual voting preference shares, to be paid on 15 June 2015 to preference shareholders of record on 1 June 2015. The board of also declared an interim dividend of $0.01 per common share to be paid on 27 May 2015 to shareholders of record on 15 May 2015. The company reported earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported core earnings of $29.0 million, an improvement of $5.8 million compared to $23.2 million earned in the same quarter a year ago. The core cash return on average tangible common equity for the first quarter improved to 16.7% in 2015, compared to 12.9% in the first quarter of 2014. Reported net income for the first quarter was $26.8 million or $0.04 per share on a fully diluted basis compared to $23.2 million or $0.03 per share on a fully diluted basis in the same quarter a year ago, up $3.6 million. Total net revenue was $92.5 million, up $4.8 million, or 5.6%. The $5.8 million core earnings improvement is made up mainly of: A $2.5 million increase in non-interest income, which is attributable primarily to higher trust revenue of $2.3 million and a $0.2 million increase in income earned from affiliates; A $0.4 million increase in net interest income, driven principally by higher balances in the investment portfolio ($0.3 million), higher interest income on short-term investments ($0.5 million), and lower interest expense on deposits ($0.2 million), offset by lower levels of interest income on loans ($0.7 million); A $3.3 million reduction in provisions for credit losses as a result of the improvement in non-accrual loans and improved recoveries. The improvement in the credit quality of the loan book is beginning to result in lower provisioning levels; Core losses increased by $0.5 million driven by a realised loss on a sale of a residential mortgage-backed security due to a ratings downgrade, and net losses on the Other Real Estate Owned property book.

The Bank of N.T. Butterfield & Son Limited Reports Earnings Results for the Year Ended December 31, 2014

The Bank of N.T. Butterfield & Son Limited reported earnings results for the year ended December 31, 2014. The company reported core earnings for 2014 of $106.4 million, an improvement of $29.8 million over the $76.6 million earned in 2013. The core cash return on average tangible common equity improved to 15.1% in 2014, compared to 10.3% in 2013. Core cash return on average tangible assets of 1.2%, up from 0.9%. Reported net income for the year ended 31 December 2014 was $98.3 million or $0.15 per share on a fully diluted basis) compared to $78.2 million or $0.11 per share on a fully diluted basis) in 2013, up $20.1 million year over year. After including noncore items outside the course of normal business of $8.1 million in 2014 and ($1.6) million in 2013, total net income for 2014 was $98.3 million, an increase of $20.1 million compared to 2013 net income of $78.2 million. The $29.8 million core earnings improvement reflects a $14.7 million increase in net interest income, driven principally by higher yields earned on the investment portfolio ($6.9 million), lower subordinated debt costs ($3.6 million), and higher levels of interest income on loans ($4.9 million).  Net interest income increased by $14.7 million to $238.5 million in 2014, compared to $223.8 million at the end of 2013. Total interest income increased by $11.9 million to $265.1 million, a result of $6.9 million higher revenues on investments, due to a 6 basis point increase in investment yields and $222.5 million increase in average balances. Higher loan interest income of $4.9 million—due primarily to $2.6 million attributable to oneoff interest received and a $52.1 million increase in average balances with stable yields—also contributed to the increase in total interest income.

The Bank of NT Butterfield & Son Limited Declares Dividend on Common Share and Preference Share Payable on 16 March 2015 and 27 March 2015

The Board of The Bank of NT Butterfield & Son Limited declared quarterly dividends of $20 per share on the Bank’s 8% non­cumulative perpetual voting preference shares, to be paid on 16 March 2015 to preference shareholders of record on 1 March 2015. The Board also declared a fourth interim dividend of $0.01 per common and contingent value convertible preference share and a special dividend of $0.01 per common and contingent value convertible preference share to be paid on 27 March 2015 to shareholders of record on 13 March 2015.

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Recent Private Companies Transactions

Type
Date
Target
Buyback
April 27, 2015
--
Buyback
February 26, 2015
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