Announcement • May 01
The Bank of N.T. Butterfield & Son Limited announces Quarterly dividend, payable on May 27, 2026 The Bank of N.T. Butterfield & Son Limited announced Quarterly dividend of USD 0.5000 per share payable on May 27, 2026, ex-date on May 13, 2026 and record date on May 13, 2026. Announcement • Apr 16
The Bank of N.T. Butterfield & Son Limited to Report Q1, 2026 Results on Apr 28, 2026 The Bank of N.T. Butterfield & Son Limited announced that they will report Q1, 2026 results After-Market on Apr 28, 2026 Announcement • Feb 20
The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) entered into an agreement to acquire R & H Trust Co (Guernsey) Ltd. The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) entered into an agreement to acquire Rawlinson & Hunter Ltd on February 19, 2026.
The transaction is subject to approval by regulatory board / committee. The transaction, which is expected to close in the first half of 2026 Announcement • Jan 27
The Bank of N.T. Butterfield & Son Limited to Report Q4, 2025 Results on Feb 09, 2026 The Bank of N.T. Butterfield & Son Limited announced that they will report Q4, 2025 results at 4:00 PM, Eastern Standard Time on Feb 09, 2026 Announcement • Dec 09
The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) announces an Equity Buyback for 3,000,000 shares, for $140 million. The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) announces a share repurchase program. Under the program, the company will repurchase up to 3,000,000 ordinary shares for $140 million. The program will be valid till December 31, 2026. Announcement • Oct 29
The Bank of N.T. Butterfield & Son Limited Declares a Cash Dividend for the Third Quarter Ended September 30, 2025, Payable on November 25, 2025 The Bank of N.T. Butterfield & Son Limited declared a quarterly cash dividend for the third quarter ended September 30, 2025 at the rate of $0.50 per common share to be paid on November 25, 2025 to shareholders of record on November 11, 2025. Announcement • Oct 14
The Bank of N.T. Butterfield & Son Limited to Report Q3, 2025 Results on Oct 28, 2025 The Bank of N.T. Butterfield & Son Limited announced that they will report Q3, 2025 results on Oct 28, 2025 Announcement • Jul 15
The Bank of N.T. Butterfield & Son Limited to Report Q2, 2025 Results on Jul 28, 2025 The Bank of N.T. Butterfield & Son Limited announced that they will report Q2, 2025 results at 4:00 PM, Eastern Standard Time on Jul 28, 2025 Announcement • Apr 24
the Bank of N.T. Butterfield & Son Limited Declares Quarterly Dividend, Payable on May 21, 2025 The Bank of N.T. Butterfield & Son Limited declared a quarterly dividend of $0.44 per common share to be paid on May 21, 2025 to shareholders of record on May 7, 2025. Announcement • Apr 10
The Bank of N.T. Butterfield & Son Limited to Report Q1, 2025 Results on Apr 23, 2025 The Bank of N.T. Butterfield & Son Limited announced that they will report Q1, 2025 results After-Market on Apr 23, 2025 Announcement • Mar 14
The Bank of N.T. Butterfield & Son Limited, Annual General Meeting, May 08, 2025 The Bank of N.T. Butterfield & Son Limited, Annual General Meeting, May 08, 2025. Announcement • Feb 11
The Bank of N.T. Butterfield & Son Limited Declares Quarterly Dividend for the Quarter Ended December 31, 2024, Payable on March 10, 2025 The Board of The Bank of N.T. Butterfield & Son Limited declared a quarterly dividend of $0.44 per common share for the quarter ended December 31, 2024, to be paid on March 10, 2025 to shareholders of record on February 24, 2025. Announcement • Jan 28
The Bank of N.T. Butterfield & Son Limited to Report Q4, 2024 Results on Feb 10, 2025 The Bank of N.T. Butterfield & Son Limited announced that they will report Q4, 2024 results After-Market on Feb 10, 2025 Announcement • Dec 10
The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) announces an Equity Buyback for 2,700,000 shares, for $100 million. The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) announces a share repurchase program. Under the program, the company will repurchase up to 2,700,000 ordinary shares, for $100 million. The program will be valid till December 31, 2025. Declared Dividend • Oct 28
Dividend of US$0.44 announced Shareholders will receive a dividend of US$0.44. Ex-date: 4th November 2024 Payment date: 19th November 2024 Dividend yield will be 3.6%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (39% payout ratio) and is expected to be well covered in 3 years' time (40% forecast payout ratio). The dividend has increased by an average of 20% per year over the past 8 years and payments have been stable during that time. EPS is expected to decline by 1.2% over the next 2 years. However, it would need to fall by 57% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Oct 23
Third quarter 2024 earnings released: EPS: US$1.18 (vs US$1.00 in 3Q 2023) Third quarter 2024 results: EPS: US$1.18 (up from US$1.00 in 3Q 2023). Revenue: US$142.7m (flat on 3Q 2023). Net income: US$52.7m (up 8.1% from 3Q 2023). Profit margin: 37% (up from 34% in 3Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 6.4% growth forecast for the Banks industry in North America. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Oct 23
The Bank of N.T. Butterfield & Son Limited Declares Quarterly Dividend, Payable on November 19, 2024 The board of The Bank of N.T. Butterfield & Son Limited declared a quarterly dividend of $0.44 per common share to be paid on November 19, 2024 to shareholders of record on November 5, 2024. Announcement • Oct 08
The Bank of N.T. Butterfield & Son Limited to Report Q3, 2024 Results on Oct 22, 2024 The Bank of N.T. Butterfield & Son Limited announced that they will report Q3, 2024 results After-Market on Oct 22, 2024 Announcement • Sep 04
the Bank of N.T. Butterfield & Son Limited Announces Senior Management Appointments The Bank of N.T. Butterfield & Son Limited announced the appointment of Andrew Burns to Chief Risk Officer, Cayman Islands. Sean Lee has been appointed Group Head of Human Resources and joins the Executive Committee. These appointments will take effect from 1 October 2024. Alexander Twerdahl has joined Butterfield to lead Strategy and Corporate Development for the Group with immediate effect. Mr. Burns, who has served as Group Head of Human Resources since 2020 and previously as Group Head of Internal Audit since 2016, takes responsibility for risk management in the Cayman Islands, subject to Government and regulatory approvals. He remains a member of the Executive Committee having joined in 2017. Mr. Lee, who is returning home to Bermuda, assumes the role of Group Head of Human Resources. Mr. Burns has more than 18 years of leadership experience in the financial services sector, having begun his career with PricewaterhouseCoopers’ financial services group in Australia. He first joined Butterfield in Bermuda working in the fund services sector before transferring to the Internal Audit team in 2007, and has held progressively senior management roles. Mr. Burns holds a Bachelor of Commerce from the University of Melbourne, Australia. Mr. Lee is an experienced leader having spent nearly 20 years’ working in financial services with a focus on retail banking. Previously, he worked as the Executive Vice President and Head of Retail Banking at Butterfield based in the Cayman Islands and, prior to that, was Head of Business Banking at HSBC Bank Bermuda Ltd. Before joining the banking industry, Mr. Lee served in the US Navy for more than 20 years. He holds an MBA from Baker University and an undergraduate degree from Connecticut College. Mr. Twerdahl is a highly experienced financial analyst. He joins Butterfield from Piper Sandler in New York, where he worked for more than 18 years. Most recently, he was Managing Director and Senior Research Analyst of the Financial Services Group, covering publicly traded financial institutions, including US regional and community banks and specialty finance companies. He holds an undergraduate degree in Physics and Mathematics from Hamilton College, NY. Reported Earnings • Jul 23
Second quarter 2024 earnings released: EPS: US$1.11 (vs US$1.23 in 2Q 2023) Second quarter 2024 results: EPS: US$1.11 (down from US$1.23 in 2Q 2023). Revenue: US$142.7m (down 1.7% from 2Q 2023). Net income: US$50.6m (down 17% from 2Q 2023). Profit margin: 36% (down from 42% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 5.7% growth forecast for the Banks industry in North America. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jul 23
The Bank of N.T. Butterfield & Son Limited Declares Quarterly Dividend, Payable on August 19, 2024 The Bank of N.T. Butterfield & Son Limited's Board again declared a quarterly dividend of $0.44 per common share to be paid on August 19, 2024 to shareholders of record on August 5, 2024. Announcement • Jul 09
The Bank of N.T. Butterfield & Son Limited to Report Q2, 2024 Results on Jul 22, 2024 The Bank of N.T. Butterfield & Son Limited announced that they will report Q2, 2024 results After-Market on Jul 22, 2024 Board Change • May 08
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Ingrid Pierce was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Apr 29
Dividend of US$0.44 announced Shareholders will receive a dividend of US$0.44. Ex-date: 6th May 2024 Payment date: 21st May 2024 Dividend yield will be 2.7%, which is lower than the industry average of 4.8%. Sustainability & Growth The dividend has increased by an average of 20% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 9.3% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 24
First quarter 2024 earnings released: EPS: US$1.15 (vs US$1.25 in 1Q 2023) First quarter 2024 results: EPS: US$1.15 (down from US$1.25 in 1Q 2023). Revenue: US$142.8m (down 2.8% from 1Q 2023). Net income: US$53.4m (down 14% from 1Q 2023). Profit margin: 37% (down from 42% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 5.7% growth forecast for the Banks industry in North America. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Apr 24
The Bank of N.T. Butterfield & Son Limited Declares Quarterly Dividend, Payable on May 21, 2024 The Board of The Bank of N.T. Butterfield & Son Limited declared a quarterly dividend of $0.44 per common share to be paid on May 21, 2024 to shareholders of record on May 7, 2024. Board Change • Apr 04
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Ingrid Pierce was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 22
The Bank of N.T. Butterfield & Son Limited to Report Q1, 2024 Results on Apr 23, 2024 The Bank of N.T. Butterfield & Son Limited announced that they will report Q1, 2024 results After-Market on Apr 23, 2024 Announcement • Mar 16
The Bank of N.T. Butterfield & Son Limited Announces Executive Changes The Bank of N.T. Butterfield & Son Limited announced the appointment of Simon Des-Etages to General Counsel and Group Chief Legal Officer effective March 18, 2024. Mr. Des-Etages succeeds Shaun Morris, who has served in the role for the last twelve years and made the decision to retire. Mr. Des-Etages has more than 30 years’ legal experience working in London, New York, Bermuda and the Cayman Islands, primarily within the banking industry. He started his career in private practice as a solicitor in the London offices of Slaughter and May, followed by Baker and MacKenzie, before he joined American Express to support the securities, treasury and trade finance teams. Mr. Des-Etages then moved to Merrill Lynch, where he spent eight years working as a senior counsel in the Global Private Client Group. Most recently, he worked as the Global Head of Legal for HSBC’s Global Private Banking and Wealth Management business having held progressively senior roles within the bank since joining in 2004. He holds a Master of Laws (LLM) from University College London and a Bachelor of Laws from the University of Essex, UK. Board Change • Mar 15
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Ingrid Pierce was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 14
The Bank of N.T. Butterfield & Son Limited, Annual General Meeting, May 08, 2024 The Bank of N.T. Butterfield & Son Limited, Annual General Meeting, May 08, 2024, at 10:00 Atlantic Daylight. Agenda: To appoint PricewaterhouseCoopers Ltd. as the independent auditor of the Bank for the year ending December 31, 2024, and to authorize the Board of Directors of the Bank, acting through the Audit Committee, to set their remuneration; to elect each of the following individuals as a Director, to hold office until the close of the 2025 Annual General Meeting, or until his or her successor is duly elected or appointed: Michael Collins Alastair Barbour Sonia Baxendale Mark Lynch Ingrid Pierce Jana Schreuder Michael Schrum John Wright; to generally and unconditionally authorize the Board of Directors to dispose of or transfer all or any treasury shares, and to allot, issue or grant; and to consider other matters. Announcement • Feb 13
N.T. Butterfield & Son Limited Declares Quarterly Dividend , to Be Paid on March 11, 2024 The Board of The Bank of N.T. Butterfield & Son Limited declared a quarterly dividend of $0.44 per common share to be paid on March 11, 2024 to shareholders of record on February 26, 2024. Reported Earnings • Feb 13
Full year 2023 earnings released: EPS: US$4.69 (vs US$4.32 in FY 2022) Full year 2023 results: EPS: US$4.69 (up from US$4.32 in FY 2022). Revenue: US$578.6m (up 5.3% from FY 2022). Net income: US$225.5m (up 5.4% from FY 2022). Profit margin: 39% (in line with FY 2022). Revenue is expected to decline by 1.1% p.a. on average during the next 2 years, while revenues in the Banks industry in North America are expected to grow by 5.8%. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Jan 30
The Bank of N.T. Butterfield & Son Limited to Report Q4, 2023 Results on Feb 12, 2024 The Bank of N.T. Butterfield & Son Limited announced that they will report Q4, 2023 results After-Market on Feb 12, 2024 Announcement • Jan 16
The Bank of N.T. Butterfield & Son Limited Announces Executive Appointments The Bank of N.T. Butterfield & Son Limited announced the promotion of Michael Neff to Group Chief Operating Officer. Jody Feldman has been promoted to Managing Director of Bermuda and joins the Executive Committee. Kevin Dallas, already the Group Head of Marketing & Communications, will take on additional responsibility as Butterfield’s Group Chief Experience Officer. Mr. Neff, who has served as Managing Director of Bermuda and International Wealth since 2018 having joined Butterfield in 2011 as Group Head of Asset Management, takes responsibility for operations and technology across the Group. Mr. Feldman, who has served as Head of Corporate Banking in Bermuda since 2020, assumes the role of Managing Director of Bermuda with responsibility for Butterfield’s Bermuda business. Mr. Neff has over 30 years’ experience in financial services, having held senior roles in wealth management, client services, and business development functions. He began his career at Chemical Bank’s Private Banking Group. Mr. Neff led the implementation of the global wealth management client relationship model at Citibank’s Private Bank before leaving the firm to establish AnswerSpace Inc., a financial planning technology consultancy in 1998. He later founded Monetaire Inc., a leading provider of financial planning and advice software that was acquired by the RiskMetrics Group in 2004. At RiskMetrics, he initially served as Global Head of Wealth Management rising to become Co-Head of the firm’s Global Financial Risk Management business. Mr. Neff holds a Bachelor of Arts from Middlebury College and a Master of Business Administration from Columbia Business School. Mr. Feldman has spent two decades working in the financial services sector in London, New York and Bermuda. Prior to returning to Bermuda to join Butterfield, Mr. Feldman was the Managing Director and Head of Financial Institutions (North America) for the Corporate Banking team at Deutsche Bank in New York. He also served as Co-Head of the Insurance Council, focusing on increasing sales and trading revenues with insurance companies by leveraging relationships across the banking and markets teams. Mr. Feldman started his career at HSBC where he spent 15 years working with financial institution clients. He holds the Chartered Financial Analyst designation and is a graduate of Lafayette College in Easton, Pennsylvania. Mr. Dallas has extensive experience in marketing strategy and customer-led growth, and has led the marketing and communications functions at Butterfield since 2020. A graduate of Brown University, Kevin was a strategy consultant, Partner at Bain & Company, and Chief Product & Marketing Officer at Worldpay plc in London before returning home to Bermuda to lead the Bermuda Tourism Authority from 2017 to 2020. Board Change • Jan 12
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Ingrid Pierce was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 29
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Ingrid Pierce was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 07
The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) announces an Equity Buyback for 3,500,000 shares, for $90 million. The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) announces a share repurchase program. Under the program, the company will repurchase up to 3,500,000 common shares, for $90 million. The program will be valid till December 31, 2024. Board Change • Dec 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Ingrid Pierce was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to BD$28.00, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Banks industry in North America. Total loss to shareholders of 3.4% over the past three years. Reported Earnings • Oct 25
Third quarter 2023 earnings released: EPS: US$0.99 (vs US$1.16 in 3Q 2022) Third quarter 2023 results: EPS: US$0.99 (down from US$1.16 in 3Q 2022). Revenue: US$141.7m (flat on 3Q 2022). Net income: US$48.7m (down 15% from 3Q 2022). Profit margin: 34% (down from 41% in 3Q 2022). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Banks industry in North America. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Oct 11
The Bank of N.T. Butterfield & Son Limited to Report Q3, 2023 Results on Oct 24, 2023 The Bank of N.T. Butterfield & Son Limited announced that they will report Q3, 2023 results After-Market on Oct 24, 2023 Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: US$1.23 (vs US$0.99 in 2Q 2022) Second quarter 2023 results: EPS: US$1.23 (up from US$0.99 in 2Q 2022). Revenue: US$145.1m (up 8.9% from 2Q 2022). Net income: US$61.0m (up 24% from 2Q 2022). Profit margin: 42% (up from 37% in 2Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 4.8% growth forecast for the Banks industry in North America. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Aug 01
The Bank of N.T. Butterfield & Son Limited Declares Quarterly Dividend, Payable on August 28, 2023 The Board of The Bank of N.T. Butterfield & Son Limited declared a quarterly dividend of $0.44 per common share to be paid on August 28, 2023 to shareholders of record on August 14, 2023. Announcement • Jul 18
The Bank of N.T. Butterfield & Son Limited to Report Q2, 2023 Results on Jul 31, 2023 The Bank of N.T. Butterfield & Son Limited announced that they will report Q2, 2023 results After-Market on Jul 31, 2023 Announcement • May 27
The Bank of N.T. Butterfield & Son Limited Announces Resignation of James Burr as Director The Bank of N.T. Butterfield & Son Limited announced that effective 24 May 2023, Mr. James Burr is no longer a director of the board of directors of the company, as he did not stand for re-election at the Bank’s Annual General Meeting held 24 May 2023. Reported Earnings • Apr 27
First quarter 2023 earnings released: EPS: US$1.25 (vs US$0.90 in 1Q 2022) First quarter 2023 results: EPS: US$1.25 (up from US$0.90 in 1Q 2022). Revenue: US$147.0m (up 16% from 1Q 2022). Net income: US$62.2m (up 40% from 1Q 2022). Profit margin: 42% (up from 35% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.1% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Banks industry in North America. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to BD$35.00, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Banks industry in North America. Total returns to shareholders of 130% over the past three years. Reported Earnings • Feb 14
Full year 2022 earnings released: EPS: US$4.31 (vs US$3.28 in FY 2021) Full year 2022 results: EPS: US$4.31 (up from US$3.28 in FY 2021). Revenue: US$549.3m (up 9.9% from FY 2021). Net income: US$214.0m (up 32% from FY 2021). Profit margin: 39% (up from 33% in FY 2021). Revenue is forecast to grow 4.4% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Banks industry in North America. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Feb 14
The Bank of N.T. Butterfield & Son Limited Declares Dividend for the Quarter Ended December 31, 2022, Payable on March 14, 2023 The Bank of N.T. Butterfield & Son Limited announced Board declared dividend for the quarter ended December 31, 2022 of $0.44 per common share to be paid on March 14, 2023 to shareholders of record on February 27, 2023. Announcement • Jan 25
The Bank of N.T. Butterfield & Son Limited to Report Q4, 2022 Results on Feb 13, 2023 The Bank of N.T. Butterfield & Son Limited announced that they will report Q4, 2022 results After-Market on Feb 13, 2023 Announcement • Jan 12
The Bank of N.T. Butterfield & Son Limited Appoints Ingrid Pierce as Independent Director The Bank of N.T. Butterfield & Son Limited announced that Ingrid Pierce, Global Managing Partner of Walkers has joined the Bank's Board as an Independent Director, bringing the total number of Directors to ten. Prior to joining Walkers in 2002, Pierce practiced as a Barrister in London, specializing in commercial and chancery work. Announcement • Dec 06
The Bank of N.T. Butterfield & Son Limited Appoints Ingrid Pierce as Independent Director The Bank of N.T. Butterfield & Son Limited announced that Ingrid Pierce, Global Managing Partner of Walkers, has joined the Bank’s Board as an Independent Director, bringing the total number of Directors to ten. Ms. Pierce is amongst the world’s leading investment fund lawyers, acting for major institutions, asset managers, (re)insurers, trustees and other fiduciaries. Prior to joining Walkers in 2002, Ms. Pierce practiced as a Barrister in London, specializing in commercial and chancery work. Ms. Pierce is currently based in the Cayman Islands. Ms. Pierce is a frequent speaker at industry events and a guest commentator on various media platforms including Bloomberg, CNBC and Fox Business. She is also a Member of the Board of Directors of Lex Mundi, the world's leading network of independent law firms. Ms. Pierce will be a member of Butterfield’s Risk Policy & Compliance Committee. Reported Earnings • Nov 02
Third quarter 2022 earnings released: EPS: US$1.16 (vs US$0.80 in 3Q 2021) Third quarter 2022 results: EPS: US$1.16 (up from US$0.80 in 3Q 2021). Revenue: US$140.4m (up 12% from 3Q 2021). Net income: US$57.4m (up 44% from 3Q 2021). Profit margin: 41% (up from 32% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Banks industry in North America. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Announcement • Nov 01
The Bank of N.T. Butterfield & Son Limited Declares Quarterly Dividend, Payable on November 28, 2022 The Board of The Bank of N.T. Butterfield & Son Limited declared a quarterly dividend of $0.44 per common share to be paid on November 28, 2022 to shareholders of record on November 14, 2022. Announcement • Oct 13
The Bank of N.T. Butterfield & Son Limited to Report Q3, 2022 Results on Oct 31, 2022 The Bank of N.T. Butterfield & Son Limited announced that they will report Q3, 2022 results After-Market on Oct 31, 2022 Announcement • Jul 27
The Bank of N.T. Butterfield & Son Limited Declares Quarterly Dividend, Payable on August 22, 2022 The Bank of N.T. Butterfield & Son Limited declared a quarterly dividend of $0.44 per common share to be paid on August 22, 2022 to shareholders of record on August 8, 2022. Announcement • Jul 26
The Bank of N.T. Butterfield & Son Limited Announces the Retirement of Michael Covell from the Board of Directors The Bank of N.T. Butterfield & Son Limited announced that Michael Covell has retired from the Board of Directors effective July 25, 2022. Mr. Covell joined Butterfield’s Board in 2018. Mr. Covell is an experienced non-executive Chairman and Director. He is currently Chairman of the Acolin Group; Chairman of the Ascot Lloyd Group; Chairman of Le Masurier; Chairman of Sackville Capital. Following the departure of Mr. Covell, Butterfield’s Board will consist of nine Directors. Announcement • Jul 12
The Bank of N.T. Butterfield & Son Limited to Report Q2, 2022 Results on Jul 25, 2022 The Bank of N.T. Butterfield & Son Limited announced that they will report Q2, 2022 results After-Market on Jul 25, 2022 Announcement • May 05
The Bank of N.T. Butterfield & Son Limited Declares Quarterly Dividend, Payable on May 31, 2022 The Board of The Bank of N.T. Butterfield & Son Limited declared a quarterly dividend of $0.44 per common share to be paid on May 31, 2022 to shareholders of record on May 16, 2022. Reported Earnings • May 03
First quarter 2022 earnings released: EPS: US$0.90 (vs US$0.84 in 1Q 2021) First quarter 2022 results: EPS: US$0.90 (up from US$0.84 in 1Q 2021). Revenue: US$127.3m (up 3.3% from 1Q 2021). Net income: US$44.4m (up 6.6% from 1Q 2021). Profit margin: 35% (in line with 1Q 2021). Over the next year, revenue is forecast to grow 6.0%, compared to a 9.8% growth forecast for the industry in North America. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 6% per year. Announcement • Apr 23
The Bank of N.T. Butterfield & Son Limited, Annual General Meeting, May 25, 2022 The Bank of N.T. Butterfield & Son Limited, Annual General Meeting, May 25, 2022, at 10:00 Atlantic Daylight. Agenda: To appoint PricewaterhouseCoopers Ltd. as the independent auditor of the Bank for the year ending December 31, 2022, and to authorize the Board of Directors of the Bank, acting through the Audit Committee, to set their remuneration; to elect individuals as a Director, to hold office until the close of the 2023 Annual General Meeting, or until his or her successor is duly elected or appointed; to amend the Bank's Bye laws in order to update the provisions for service of documents to shareholders by replacing the existing Bye law 25 with a new Bye law 25.; and to consider other matters. Announcement • Apr 14
The Bank of N.T. Butterfield & Son Limited to Report Q1, 2022 Results on May 02, 2022 The Bank of N.T. Butterfield & Son Limited announced that they will report Q1, 2022 results After-Market on May 02, 2022 Reported Earnings • Feb 15
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$3.29 (up from US$2.92 in FY 2020). Revenue: US$499.6m (up 1.1% from FY 2020). Net income: US$162.7m (up 11% from FY 2020). Profit margin: 33% (up from 30% in FY 2020). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to stay flat compared to a 4.5% growth forecast for the banks industry in North America. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Feb 15
The Bank of N.T. Butterfield & Son Limited Declares Quarterly Dividend, Payable on March 14, 2022 The Board of Directors of The Bank of N.T. Butterfield & Son Limited declared a quarterly dividend of $0.44 per common share to be paid on March 14, 2022 to shareholders of record on February 28, 2022. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS US$0.80 (vs US$0.61 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$125.0m (up 2.1% from 3Q 2020). Net income: US$39.8m (up 30% from 3Q 2020). Profit margin: 32% (up from 25% in 3Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Board Change • Aug 26
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Sonia Baxendale was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 04
Upcoming dividend of US$0.44 per share Eligible shareholders must have bought the stock before 09 August 2021. Payment date: 24 August 2021. Trailing yield: 5.3%. Within top quartile of dividend payers (3.7%). Higher than average of industry peers (2.7%). Board Change • Aug 04
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Sonia Baxendale was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 02
First quarter 2021 earnings released: EPS US$0.84 (vs US$0.78 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: US$123.3m (down 4.7% from 1Q 2020). Net income: US$41.6m (up 3.3% from 1Q 2020). Profit margin: 34% (up from 31% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 7% per year. Announcement • Apr 29
The Bank of N.T. Butterfield & Son Limited Declares Quarterly Dividend, Payable on May 26, 2021 The board of The Bank of N.T. Butterfield & Son Limited declared a quarterly dividend of $0.44 per common share to be paid on May 26, 2021 to shareholders of record on May 12, 2021. Reported Earnings • Feb 12
Full year 2020 earnings released: EPS US$2.91 (vs US$3.33 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$494.2m (down 7.2% from FY 2019). Net income: US$147.2m (down 17% from FY 2019). Profit margin: 30% (down from 33% in FY 2019). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 2.42% (down from 2.86% in FY 2019). Cost-to-income ratio: 66.0% (up from 62.2% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 6% per year. Analyst Estimate Surprise Post Earnings • Feb 12
Revenue beats expectations Revenue exceeded analyst estimates by 0.008%. Over the next year, revenue is forecast to stay flat compared to a 16% growth forecast for the Banks industry in North America. Announcement • Jan 20
The Bank of N.T. Butterfield & Son Limited to Report Q4, 2020 Results on Feb 10, 2021 The Bank of N.T. Butterfield & Son Limited announced that they will report Q4, 2020 results After-Market on Feb 10, 2021 Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$28.00, the stock is trading at a trailing P/E ratio of 10.8x, down from the previous P/E ratio of 12.9x. This compares to an average P/E of 12x in the Banks industry in North America. Total return to shareholders over the past three years is a loss of 13%. Announcement • Nov 25
The Bank of N.T. Butterfield & Son Limited Announces Executive Changes The Bank of N.T. Butterfield & Son Limited announced that Sonia Baxendale has joined the Board as an Independent Director. Ms. Baxendale serves on the boards of Foresters Financial, Laurentian Bank of Canada, and RSA Insurance Group, and is the Chair of the Board of SickKids Foundation and a member of the Board of Trustees for Toronto’s Hospital for Sick Children. Ms. axendale’s appointment coincides with the departure of Leslie Godridge, who is stepping down from the Board to pursue other opportunities. Ms. Baxendale is currently the President and CEO of the Global Risk Institute. Valuation Update With 7 Day Price Move • Nov 20
Market bids up stock over the past week After last week's 28% share price gain to US$33.51, the stock is trading at a trailing P/E ratio of 11.4x, up from the previous P/E ratio of 8.9x. This compares to an average P/E of 11x in the Banks industry in North America. Total returns to shareholders over the past three years are 5.7%. Analyst Estimate Surprise Post Earnings • Oct 30
Third-quarter earnings released: Revenue beats expectations Third-quarter revenue exceeded analyst estimates by 1.5% at US$122.2m. Revenue is expected to shrink by 2.4% over the next year, compared to a 17% growth forecast for the Banks industry in North America. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of US$149.0m, down 19% from the prior year. Total revenue was US$504.7m over the last 12 months, down 5.0% from the prior year. Announcement • Oct 10
The Bank of N.T. Butterfield & Son Limited to Report Q3, 2020 Results on Oct 28, 2020 The Bank of N.T. Butterfield & Son Limited announced that they will report Q3, 2020 results at 5:00 PM, SA Western Standard Time on Oct 28, 2020