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The Bank of N.T. Butterfield & Son Limited (Butterfield) has published its financial results for the quarter ended March 31, 2024 with net income for the first quarter of 2024 being $53.4 million, or $1.13 per diluted common share.
That compares to net income of $53.5 million, or $1.11 per diluted common share, for the previous quarter and $62.2 million, or $1.24 per diluted common share, for the first quarter of 2023.
Core net income for the first quarter of 2024 was $55.0 million, or $1.17 per diluted common share, compared to $55.3 million, or $1.15 per diluted common share, for the previous quarter and $62.2 million, or $1.24 per diluted common share, for the first quarter of 2023.
The return on average common equity for the first quarter of 2024 was 21.5% compared to 22.5% for the previous quarter and 28.0% for the first quarter of 2023. The core return on average tangible common equity1 for the first quarter of 2024 was 24.5%, compared to 25.4% for the previous quarter and 30.5% for the first quarter of 2023. The efficiency ratio for the first quarter of 2024 was 60.9%, compared to 61.7% for the previous quarter and 56.0% for the first quarter of 2023. The core efficiency ratio1 for the first quarter of 2024 was 59.8% compared with 60.5% in the previous quarter and 56.0% for the first quarter of 2023.
Michael Collins, Butterfield's Chairman and Chief Executive Officer, commented: “The Bank’s first quarter results are a great start to the year and continue to demonstrate the strong profitability of Butterfield’s capital efficient non-interest earnings, well-structured balance sheet and thoughtful capital management. Since listing on the NYSE in 2016, the Bank has consistently maintained operating returns on tangible equity in the range of 16% to 28%, and we expect these levels of profitability to continue across typical economic cycles. We are on track to deliver top quartile returns relative to US regional banks. The Bank remains highly liquid with strong capital levels and has a loan portfolio that is primarily comprised of well collateralized residential mortgages with limited commercial and hospitality real estate exposure in Bermuda and the Cayman Islands."
Pictured: Michael Collins.
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