Company Overview of The Bank of NT Butterfield & Son Limited
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
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 Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
Oct 28 14
The Bank of NT Butterfield & Son Limited announced earnings results for the third quarter and nine months ended September 30, 2014. For the period, the company reported net income of BMD 22.8 million or BMD 0.03 per share on a fully diluted basis compared to BMD 21.6 million or BMD 0.03 per share on a fully diluted basis in the same quarter a year ago. Core earnings were BMD 27.1 million, an improvement of BMD 2.6 million or 10.6% over the third quarter of 2013, which drove an improvement in the core cash return on average tangible common equity ratio to 15.4%, compared to 14.3% in the third quarter of 2013. Core earnings included certain one-time items totaling BMD 2.6 million, which are not expected to recur. Core cash earnings per share were BMD 0.04. Core return on average assets of 1.2%, up from 1.1%. The BMD 2.6 million core earnings improvement reflects a BMD 1.9 million increase in net interest income, of which BMD 1.6 million is from recovered loan income from a former non-performing loan. Net interest income before provisions for credit losses was increased by BMD 1.9 million to BMD 60.6 million in the third quarter of 2014, compared to BMD 58.7 million during the third quarter of 2013.
For the nine months, earnings were BMD 76.2 million or BMD 0.11 per share on a fully diluted basis, up BMD 16.2 million (27.0%) from BMD 60.0 million for the period ended 30 September 2013. Net income was increased by BMD 5.7 million to BMD 73.5 million, compared to a year-to-date net income of BMD 67.8 million for the nine-month period ended 30 September 2013. The dank core earnings were for the quarter and the year to date showed solid growth driven by revenue growth and ongoing cost management.
The Bank of NT Butterfield & Son Limited Declares Interim Dividend on Common Share and Quarterly Dividend on Preference Share, Payable on November 28, and December 15, 2014 Respectively
Oct 28 14
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 December 2014 to preference shareholders of record on 1 December 2014. The Board also declared an interim dividend of $0.01 per common and contingent value convertible preference share to be paid on 28 November 2014 to shareholders of record on 14 November 2014.
Butterfield Announces Board Changes
Sep 23 14
The Bank of N.T. Butterfield & Son Limited announced that Shawn Beber has joined its Board as a non-executive Director. Mr. Beber was nominated for appointment to the Board by Canadian Imperial Bank of Commerce (“CIBC”) to replace Victor Dodig, as one of its two representatives on Butterfield’s 10-member Board. Mr. Dodig resigned from the Board on 10 September 2014 in advance of his appointment to the post of President and Chief Executive Officer of CIBC. Mr. Beber was elected to the Butterfield Board on 15 September 2014.
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