Welcome to our dedicated page for Bank of N.T. Butterfield & Son news (Ticker: NTB), a resource for investors and traders seeking the latest updates and insights on Bank of N.T. Butterfield & Son stock.
The Bank of N.T. Butterfield & Son Limited issues recurring updates on its banking and wealth management operations across Bermuda, the Cayman Islands, Guernsey, Jersey, The Bahamas, Switzerland, Singapore and the United Kingdom. Its banking services include deposits, cash management and lending for individual, business and institutional clients, while wealth management includes trust, private banking, asset management and custody.
Butterfield news commonly covers quarterly and annual results, net interest income, deposit costs, banking and foreign exchange fees, dividends, share repurchase authorizations and governance changes. Updates also describe capital management priorities and business performance across the bank’s principal banking and specialized financial services markets.
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The Bank of N.T. Butterfield & Son Limited (NTB) reported a net income of $62.2 million ($1.24 per share) for Q1 2023, down from $63.1 million ($1.26 per share) in Q4 2022, and up from $44.4 million ($0.89 per share) in Q1 2022. Key metrics include a return on average common equity of 28.0% and a net interest margin of 2.88%. The board declared a dividend of $0.44 per share, payable on May 22, 2023. The bank successfully completed the first closing of its acquisition of Credit Suisse trust assets, enhancing its position in Singapore. However, net interest income increased to $97.4 million, while non-interest income fell to $50.2 million. Total deposits decreased by 4.6% to $12.3 billion due to client fund activations. The bank's capital ratios remained strong, with a total regulatory capital ratio of 26.2%. Overall, the results reflect a solid start to 2023 despite some declines in income metrics.
The Bank of N.T. Butterfield & Son Limited (NYSE: NTB) has entered a non-prosecution agreement (NPA) with the U.S. government to avoid prosecution over tax evasion allegations. This agreement requires the bank to cooperate with IRS investigations and hand over 386 client files of U.S. taxpayers who may have violated tax laws. Butterfield will pay $5.6 million, primarily covering fees for its services that enabled tax evasion. U.S. client accounts at Butterfield hold approximately $433 million in assets. The agreement's three-year term mandates ongoing compliance, with potential consequences for non-cooperation.
The Bank of N.T. Butterfield & Son Limited (NYSE: NTB) is set to release its first quarter 2023 financial results on April 24, 2023, after the close of the New York Stock Exchange. The earnings conference call will occur on April 25, 2023, at 10:00 a.m. ET. Investors can participate via toll-free dial-in numbers or listen to a live audio webcast available on Butterfield's investor relations page. An audio replay will be accessible for 12 months post-event. Butterfield is a full-service bank and wealth management institution headquartered in Hamilton, Bermuda, offering a range of banking and wealth management services across various global locations.
The Bank of N.T. Butterfield & Son Limited (NTB) reported strong financial results for Q4 and FY 2022, with a net income of $63.1 million ($1.26/share) for Q4 and $214 million ($4.29/share) for the full year. The returns on average common equity were 31.6% for Q4 and 25.7% for the year, reflecting a significant improvement compared to 2021. The net interest margin reached 2.79% in Q4, boosted by rising interest rates. The Board declared a quarterly dividend of $0.44 per share and authorized a $3 million share repurchase program. Total assets decreased to $14.3 billion, down by $1 billion from 2021, and total deposits were $13 billion, a decline from $13.9 billion the previous year.