Company Overview of The Bank of NT Butterfield & Son Limited
The Bank of N.T. Butterfield & Son Limited, a community bank, provides various specialized financial services. The company operates in six segments: Bermuda, Cayman, Guernsey, Switzerland, The Bahamas, and United Kingdom. It offers current and chequing accounts, savings accounts, and fixed term deposits; personal loans, mortgages, home equity loans, and overdraft protection services; debit and credit cards; and Internet and automated teller machines banking services. The company also provides investment solutions and services, such as investment products, brokerage, and portfolio management services; home and contents, motor car and motorcycle, yacht and pleasure craft, creditor life insuran...
65 Front Street
Hamilton, HM 12
Founded in 1858
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 Announces Executive Changes
Aug 3 15
The Bank of N.T. Butterfield & Son Limited announced the appointment of Michael Schrum as Group Chief Financial Officer with effect from September 21, 2015. Mr. Schrum joins Butterfield from HSBC Bank Bermuda Limited, where he was CFO. He has more than 20 years of financial services experience in London, New York and Bermuda, mainly in banking, insurance and tax. Mr. Schrum replaces John Maragliano who relocated to Canada at the end of July after more than 13 years with Butterfield.
The Bank of N.T. Butterfield & Son Limited Announces Management Changes, Effective September 1, 2015
Jul 28 15
The Bank of N.T. Butterfield & Son Limited announced the following changes to its board and senior management. Brendan McDonagh, currently Chairman & Chief Executive Officer, has been appointed Executive Chairman. In this role, he will continue to lead the company. Michael Collins, currently Senior Executive Vice President, Bermuda, has been promoted to Chief Executive Officer by the Board of the company. He will join the Board as an Executive Director. Conor O’Dea, currently Senior Executive Vice President, International, has been promoted to President & Chief Operating Officer in addition to his current responsibilities. All appointments will be effective September 1, 2015 and are subject, where applicable, to regulatory approval. Mr. McDonagh joined the company in 2012 as a Director and Executive Chairman. In August 2012, he was appointed to the role of Chairman & Chief Executive Officer. He is a career banker with extensive international experience in consumer finance, retail and commercial banking and wealth management. He is a former Chief Executive Officer of HSBC North America Holdings and Group Managing Director, HSBC Holdings plc. In his role as Senior Executive Vice President, Mr. Collins has overall responsibility for all of company's client businesses in Bermuda, including Corporate, Private and Retail Banking. He also manages the Operations, Custody and Marketing functions in Bermuda and Cayman. Mr. Collins has 25 years experience in financial services, having held progressively senior positions, at Morgan Guaranty Trust Company in New York and later Bank of Bermuda and HSBC in Bermuda. Before joining the company in 2009, Mr. Collins was Chief Operating Officer at HSBC Bank Bermuda. Mr. O’Dea joined the company in 1989 and was named Managing Director, Butterfield Bank (Cayman) Limited in 1997. In mid-2009, he was also given oversight responsibility for company's operations in The Bahamas and Barbados. In 2011, his role was expanded to include oversight of all of company's banking operations internationally.
The Bank of NT Butterfield & Son Limited Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
Jul 27 15
The Bank of NT Butterfield & Son Limited announced earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company announced core earnings for the second quarter ended June 30, 2015 of $27.8 million, an improvement of $1.8 million compared to $26.0 million earned in the same quarter a year ago. The core cash return on average tangible common equity for the second quarter improved to 18.4% in 2015, compared to 15.0% in the second quarter of 2014. The company reported net earnings attributable to common shareholders was $22.3 million or $0.04 per share on a fully diluted basis compared to $23.4 million or $0.04 per share on a fully diluted basis in the same quarter a year ago, down $1.1 million. The $1.8 million core earnings improvement is made up mainly of the following: A $0.2 million increase in net interest income driven principally by higher interest income on deposits with banks of $0.3 million, and lower interest expense on deposits of $0.4 million, offset by lower levels of interest income on loans of $0.5 million; A $1.1 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; A $1.3 million reduction in core expenses as a result of lower property maintenance costs, lower electrical costs and lower IT outsourcing costs; and, An offsetting $0.5 million decrease in non-interest income as a result of reduced banking fees and lower rental income. Net interest income before provision for credit losses was $69.3 million compared to $69.1 million, total net revenues of $91.7 million compared to $100.2 million for the last year.
For the six months, the company reported net interest income before provision for credit losses of $118.1 million compared to $117.4 million, total net revenues of $184.4 million compared to $187.9 million, net earnings attributable to common shareholders was $46.1 million or $0.09 per share on a fully diluted basis compared to $42.5 million or $0.08 per share on a fully diluted basis in the same quarter a year ago.
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