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Butterfield Reports Third Quarter Profit
 
·         Third quarter core earnings of $24.5 million, up $13.0 million year on year
·         Core cash return on tangible common equity of 14.34%
·         Net income of $21.6 million after non-core items totalling $2.9 million
·         Board declares third interim dividend of $0.01 per Common share 
·         Strong capital position with a total capital ratio of 22.55%


Hamilton, Bermuda─30 October 2013: The Bank of N.T. Butterfield & Son Limited (“Butterfield” or the “Bank”) today announced core earnings for the third quarter ended 30 September 2013 of $24.5 million ($0.04 per Share on a fully diluted basis), an improvement of $13.0 million over the $11.5 million earned in the same quarter a year ago. Net income for the quarter was $21.6 million, including non-core net items of $2.9 million, up $2.8 million compared to net income of $18.8 million in the third quarter of 2012. The core cash return on average tangible common equity improved to 14.34% in the third quarter of 2013 compared to 5.01% in the third quarter of 2012, reflecting measures taken to achieve strategic goals, particularly expense and capital management initiatives.

Year-to-date core earnings for the nine months ended 30 September 2013 were $60.0 million ($0.09 per Share on a fully diluted basis), up 58% from $37.9 million for the nine-month period ended 30 September 2012, due primarily to improved non-interest expenses. Year-to-date net income increased by $18.0 million for the nine months ended 30 September 2013 to $67.8 million, compared to a year-to-date net income of $49.8 million for the nine-month period ended 30 September 2012.

Brendan McDonagh, Butterfield’s Chairman & Chief Executive Officer, said, “Butterfield continues to improve its profitability by focusing our strategy on delivering efficient wealth management and community banking services to our customers. We are pleased that this strategy has delivered another quarter of double-digit cash return on tangible common equity at 14.34%, almost three times the 5% achieved a year ago. Our deposit base is stable, and we continue to identify new quality lending opportunities in our markets. However, we continue to remain cautious on the global economic outlook.”

Financial highlights of the third quarter ended 30 September 2013 (with comparisons to the third quarter of 2012):

 

·         Core earnings of $24.5 million, up $13.0 million
·         Net interest margin at 2.72%, up from 2.59%
·         Core non-interest expenses improved by $7.3 million or 11%
·         Core cash return on average tangible common equity of 14.34%, up from 5.01%
·         Core return on average assets of 1.07%, up from 0.53%
·         Core efficiency ratio of 67.77%, improved from 80.37%
 

John Maragliano, Butterfield’s Interim Chief Financial Officer, said, “This was a solid quarter for Butterfield, which saw expense reductions and improving net interest income fuel the improvement in the core efficiency ratio—to levels more comparable with our peers— at 68% from 80% a year ago. Core operating expense reductions of over $7 million, year over year, has been achieved largely through leveraging technology and organisational realignments to reflect changing business volumes and customer behaviours. Complementing the cost reductions are continued increases in net interest income, up 13% year over year, driven by improving yields in our investment portfolio achieved through disciplined asset and liability management practices. The thirteen basis point improvement in our net interest margin to 2.72% was enhanced further by the repayment of $53 million of subordinated debt capital in the second quarter of 2013.”

Mr. McDonagh added, “Effective expense management and continued growth in profits enables us to deliver acceptable returns to our shareholders and allows us to grow capital organically. Butterfield—with a total capital ratio of 22.55%—enjoys a strong capital position, which permits us to focus on enhancing shareholders’ returns through the payment of dividends and ongoing Share buy-backs. The Board has, once again, declared a $0.01 interim Common dividend.”

During the second quarter of 2013, the Bank implemented a new programme for the purchase of up to 10 million Common Shares and implemented a new Preference Share Buy-back Programme to replace the previous Programme (under which the Bank was authorised to purchase for cancellation up to 8,000 Preference Shares), authorising the purchase and cancellation of up to 15,000 Preference Shares in total.

Under the Bank’s Share Buy-back Programmes, the total Shares acquired or purchased for cancellation during the quarter ended 30 September 2013 amounted to 0.7 million Common Shares to be held as Treasury Shares at an average cost of $1.39 per Share (total cost of $1.0 million), and 514 Preference Shares purchased for cancellation at a cost of $0.6 million.

The Board declared quarterly dividends of $20 per Share on the Bank’s 8% Non-Cumulative Perpetual Voting Preference Shares, to be paid on 16 December 2013 to Preference Shareholders of record on 1 December 2013.

The Board also declared a third interim Common dividend of $0.01 per Common and Contingent Value Convertible Preference Share to be paid on 22 November 2013 to Shareholders of record on 8 November 2013.

 

ANALYSIS AND DISCUSSION OF THE THIRD QUARTER RESULTS
 
Balance Sheet
 
         As at
(in $ millions)
 
30 September
 2013
    31 December
2012
Cash and cash equivalents
 
2,126.5
             1,542.5
Investments and short-term investments
 
2,659.6
             2,957.9
Loans, net of allowance for credit losses
 
4,083.6
             3,956.0
Premises, equipment and computer software
 
240.3
                243.3
Other assets
 
123.2
                133.3
Total assets
 
9,233.2
            8,833.0
Total deposits
 
7,985.2
             7,393.2
Subordinated capital
 
207.0
                260.0
Other liabilities
 
235.1
                322.6
Total Liabilities
 
8,427.3
            7,975.8
Liquidation preference of Preference Shares
 
184.0
                195.6
Common equity
 
621.9
                661.6
Shareholders' equity
 
805.9
                857.2
 

 
 
 
 
 
 
       As at
 
Key Balance Sheet Ratios:
 
 
 
         30 September
2013
31
December
2012
 
Tangible book value per Share
 
 
 
$1.10
$1.16
 
Tier 1 capital ratio
 
 
 
18.54%
18.53%
 
Total capital ratio
 
 
 
22.55%
24.18%
 
Tangible common equity ratio
 
 
 
6.54%
7.26%
 
Tangible total equity ratio
 
 
 
8.53%
9.48%
 
Non-accrual loans/gross loans
 
 
 
2.61%
2.83%
 
Non-performing assets/total assets
 
 
 
1.58%
1.37%
 
 
 
 
 
 
 
 
 
Income Statement
 
            Three Months    ended
            30 September
                     Nine Months                                       .                    ended 
               30 September
 
(in $ millions)
 
2013
2012
2013
2012
 
Non-interest income
 
31.0
32.2
91.9
97.2
 
Net interest income before provision for credit losses
 
58.7
52.0
165.9
159.2
 
Total net revenue before provision for credit losses  and other gains (losses)
 
89.7
84.2
257.8
256.4
 
Provision for credit losses
 
(3.7)
(2.9)
(11.5)
(11.3)
 
Total other gains (losses)
 
1.1
(0.9)
14.1
4.5
 
Total net revenue
 
87.1
80.4
260.4
249.6
 
Total operating expenses
 
65.3
68.9
192.0
206.9
 
Total net income before taxes
 
21.8
11.5
68.4
42.7
 
Income tax expense
 
(0.2)
-
(0.6)
(0.5)
 
Net income from continuing operations
 
21.6
11.5
67.8
42.2
 
 
-
7.3
-
7.6
 
Net income
 
21.6
18.8
67.8
49.8
 
Dividends and guarantee fee of Preference Shares
 
(4.2)
(4.5)
(12.9)
(13.5)
 
Premium paid on Preference Shares buy-back
 
(0.1)
-
(2.7)
-
 
Net earnings attributable to Common Shareholders
 
17.3
14.3
52.2
36.3
 
 
 
 
 
 
 
 
Net earnings per Share
 
 
 
 
 
 
- Basic
 
$0.03
$0.03
$0.10
$0.07
 
- Diluted
 
$0.03
$0.03
$0.09
$0.07
 
 
 
 
 
 
 
 
Adjusted weighted average number of participating shares on a fully diluted basis (1) (thousands)
 
553,419
558,940
553,530
558,005
 
Key Financial Ratios
 
 
 
 
 
 
Core return on average assets
 
1.07%
0.53%
0.89%
0.59%
 
Core cash return on average tangible common equity
 
14.34%
5.01%
10.82%
6.00%
 
Net interest margin (2)
 
2.72%
2.59%
2.62%
2.67%
 
Core efficiency ratio
 
67.77%
80.37%
71.14%
79.24%
 
 
(1) Includes both Common and Contingent Value Convertible Preferred equity. 
 
(2) During the second quarter of 2013, the Bank enhanced its net interest margin calculation by changing its balance sheet averages from monthly averages to daily averages. Prior periods have been restated for this change in methodology.

 
Transactions that are viewed by Management not to be in the normal course of day-to-day business and which are unusual in nature are excluded from core earnings as they obscure or distort the analysis of trends.  The table below shows the reconciliation of net income in accordance with US GAAP to core earnings.
Reconciliation of US GAAP Results to Core Earnings
Income Statement
 
Three Months ended 30 September
Nine Months ended
30 September
(in $ millions)
 
2013
2012
2013
2012
 
Net income
21.6
                            18.8
67.8
49.8
 
 
 
 
 
Non-core items:
 
 
 
 
Net income from discontinued operations
-
(7.3)
-
(7.6)
 
Additional consideration from previously disposed of entities
(0.8)
-
(0.8)
(4.3)
Realised gain on legal settlement
-
-
(13.1)
-
Early retirement programme and redundancies
3.7
-
6.1
-
Total non-core items
2.9
(7.3)
(7.8)
(11.9)
Core earnings
24.5
11.5
60.0
37.9
Preference dividend and guarantee fee
(4.2)
(4.5)
(12.9)
(13.5)
Amortisation of intangible assets
0.8
1.2
2.5
3.8
Core cash earnings to common (1)
21.1
8.2
49.6
28.2
Core cash earnings per Share fully diluted
$0.04
$0.01
$0.09
$0.05
(1) Premium paid on Preference Shares buy-back was not adjusted as Management views the transaction as non-core.
 
COMMENTARY ON STATEMENT OF OPERATIONS FOR THE QUARTER ENDED 30 SEPTEMBER 2013 COMPARED WITH THE QUARTER ENDED 30 SEPTEMBER 2012
Net Income
Core earnings for the quarter ended 30 September 2013 were $24.5 million, up $13.0 million from
$11.5 million in the third quarter of 2012.  Total net income for the third quarter, including net non-core items of $2.9 million (2012: $7.3 million), was $21.6
million compared to net income of $18.8 million in the third quarter of 2012. 
Total net revenue before credit provisions and net other gains was $89.7 million in the third quarter of 2013, up $5.5 million from $84.2 million in the third quarter of 2012, reflecting a $1.2 million decrease in non-interest income offset by higher net interest income, up $6.7 million from the prior year.
Provisions for credit losses were $3.7 million in the third quarter of 2013, an increase of $0.8 million from $2.9 million in the same quarter the prior year, reflecting increased specific provisions required on impaired loans after netting the release of specific provisions for residential mortgages returned to accrual status during this quarter. The prior-year quarter included a large provision on a legacy commercial loan facility in our United Kingdom operation.
Total other gains of $1.1 million in the quarter are up $2.0 million, from a reported loss of $0.9 million in the third quarter of 2012, due primarily to a combination of performance in trading and private equity investments and additional consideration received from previously disposed of entities.
Core operating expenses improved by $7.1 million (10%) from $68.9 million in the third quarter of 2012 to $61.8 million in the third quarter of 2013, but when including non-core expenses, the improvement was $3.4 million or 5%. Net salaries and benefits costs were $33.3 million in the third quarter of 2013, down $1.5 million, inclusive of $3.4 million of early retirement and redundancy costs.  Excluding the non-core expenses, salaries and benefits costs were down $4.9 million (14%).  Other notable expense reductions, totalling $2.5 million from cost management initiatives, were mainly comprised of a $1.1 million decrease in technology and communications expense, a $0.4 million decrease in property costs, a $0.6 million decrease in professional and outside services expense and a $0.4 million reduction in amortisation of intangible assets. The total expense reduction of $2.5 million was offset by an increase in other expenses of $0.1 million and income tax expenses of $0.2 million.
Net Interest Income
Net interest income before provision for credit losses increased by $6.7 million to $58.7 million in the third quarter of 2013, compared to $52.0 million at the end of the third quarter of 2012. 
·         Total interest income increased by $5.3 million to $65.4 million, a result of $3.7 million higher revenues on investments, due to a 53 basis point increase in investment yields and a $1.5 million increase in loan revenue resulting from increased average loan balances of $0.2 billion quarter over quarter;
·         Total interest expense declined by $1.4 million, primarily from lower subordinated debt interest expense as a result of the redemption of the 2008 issuance - Series A, $53 million, 7.59% subordinated debt, effective 27 May 2013;
·         Average interest earning assets were $8.5 billion and yielded 3.06% in the third quarter of 2013, up $0.6 billion year-on-year, driven primarily by an increase in average customer deposits.
Non-Interest Income
Total non-interest income was down $1.2 million to $31.0 million in the third quarter of 2013, compared to $32.2 million in the third quarter of 2012; the net decrease was primarily attributed to:
·         Asset management revenue decreased by $0.9 million from $5.1 million in the third quarter of 2012 to $4.2 million in the third quarter of 2013, primarily from falling USD LIBOR, which impacted fees earned on the Butterfield Money Market Fund (“BMMF”);
·         Banking services revenue of $7.8 million was down $1.9 million from $9.7 million a year ago, due primarily to loan prepayment penalty fees received in the prior quarter;
·         Foreign exchange revenue for the quarter at $7.3 million was up $1.5 million from $5.8 million in the third quarter of 2012, due primarily to increased foreign exchange volumes;
·         Trust revenue of $7.5 million for the quarter was up $0.4 million compared to the third quarter of 2012, due primarily to the timing of income recognition, together with new business written and growth in time-spent fees.
Non-Interest Expense
Non-interest expenses decreased by $3.6 million, or 5%, to $65.3 million in the third quarter of 2013 from $68.9 million in the third quarter of 2012, primarily as a result of the following:
·         Net salaries and employee benefits decreased by $1.5 million, year-on-year, to $33.3 million in the third quarter of 2013. Excluding the $3.4 million of early retirement and redundancy payments in the third quarter of 2013, salary and employee benefits were $29.9 million, down $4.9 million compared to the $34.8 million in the third quarter of 2012.  The reduction was mainly driven by headcount reduction of 96, year-on-year, resulting in a $2.0 million decrease in salary, overtime and temporary employee costs, a $1.4 million reduction in staff benefits, mainly attributable to decreasing pension and medical expenses, and a reduction of $1.4 million in staff incentive expense. Headcount at the end of the third quarter of 2013 was 1,142 (excluding six temporary students hired as part of the Bank’s student programme) compared to 1,238 a year ago on a
full-time equivalency basis;
·         Technology and communications expenses decreased by $1.1 million to $13.4 million from expense control measures and IT infrastructure rationalisation initiatives;
·         Property costs declined by $0.4 million from $6.8 million in the third quarter of 2012 to $6.4 million in the third quarter of 2013, due primarily to lower depreciation expense resulting from the
write-down of certain properties in the prior year;
·         Professional and outside services costs at $3.1 million were $0.6 million lower than the prior year, primarily due to cost initiatives.
·         Amortisation of intangible assets decreased by $0.4, million primarily due to the write-down of intangible assets in the prior year.
 
COMMENTARY ON BALANCE SHEET AT 30 SEPTEMBER 2013 COMPARED WITH 31 DECEMBER 2012
Total Assets
Loans Receivable
The loan portfolio totalled $4.1 billion at the end of the third quarter of 2013, up $128 million from year end.  Commercial loans grew $38 million and commercial mortgages increased by $34 million. Consumer loans were relatively flat from 31 December 2012, whilst the residential mortgage book increased by
$60 million, primarily in our European operations.
Allowance for credit losses at 30 September 2013 totalled $56.3 million, an increase of $0.4 million from year end. The movement in the allowance was mainly the result of additional provisions of $15.7 million taken year to date (before recoveries of $4.2 million) net of $15.3 million in charge-offs and foreign exchange movements.
The loan portfolio represented 44% of total assets at 30 September 2013 (31 December 2012: 45%), whilst loans as a percentage of customer deposits decreased from approximately 54% at year-end 2012 to 52% at the end of the third quarter of 2013.
As at 30 September 2013, the Bank had gross non-accrual loans of $108.2 million representing 2.61% of total gross loans, reflecting an improvement from the $113.4 million, or 2.83%, of total loans at year-end 2012. Net non-accrual loans, were $82.4 million, equivalent to 2.02% of net loans, after specific provisions of $25.8 million, reflecting an increased specific provision coverage ratio of 23.84%, up from 23.58% at 31 December 2012.
Non-performing loans, which include non-accrual loans and accruing loans past due by 90 days or more, totalled $139.3 million as at 30 September 2013, down $2.4 million from the year-end.  The decrease was primarily the result of $10.3 million charge offs on commercial mortgages not considered recoverable net of an increase of $9.0 million in non-performing residential mortgages.
Investments
The investment portfolio was $2.6 billion as at 30 September 2013, compared to $2.9 billion as at 31 December 2012.  A net decrease in Certificates of Deposit of $0.5 billion was partially reinvested
($0.2 billion) in US government and federal agency securities, which totalled $1.7 billion, or 65% of the total investment portfolio.   The investment book was made up of high quality assets with 98% invested in A or better rated securities.  The average duration of the investment portfolio was nine years compared to seven years at year end. The extension of duration contributed to the improvement in the investment yield, up year-on-year by 53 basis points to 2.41% in the third quarter of 2013. Total net unrealised losses of the total investment portfolio were $24.4 million, compared to an unrealised gain of $48.8 million at year end. The $73.2 million movement in unrealised losses for the year to date related primarily to the impact of changes in interest rates on the longer duration assets.
Deposits
Average customer deposits increased by $0.3 billion to $7.5 billion in 2013, compared to $7.2 billion at year-end 2012. On a quarter-end basis, customer deposits were up $0.6 billion from year end at
$7.3
billion.

REVIEW OF RESULTS OF MAJOR OPERATIONS
Bermuda
Net income before gains and losses was $10.1 million in the third quarter of 2013, up $3.2 million from $6.9 million in the third quarter of 2012. Excluding the $3.5 million of redundancy costs in the current quarter, core net income before gains and losses was up $6.7 million, year-on-year, due principally to cost management initiatives and higher income from our investment portfolio.  Gains and losses of
$0.9 million in the current quarter were $1.8 million favourable compared to the third quarter of 2012, due to reduced valuation allowances required on foreclosed properties.
Net interest income before provisions for credit losses increased by $3.9 million to $35.3 million in the third quarter of 2013 due to an increase of $3.2 million in investment and deposit income and $1.5 million in lower subordinate debt expense offset by reduced loan revenue, down $0.8 million on lower quarterly average loan volumes. 
Provisions for credit losses were $2.2 million, up $0.6 million from the third quarter of 2012, largely due to increased impairment of non-performing hospitality loans.
Non-interest income of $15.6 million in the third quarter of 2013 was down $2.4 million, or 13%, reflecting lower revenues of $3.4 million from banking, asset management and trust fees, which were partially offset by increased foreign exchange revenues of $1.0 million.
Total non-interest expenses declined by $2.3 million to $38.6 million in the third quarter of 2013, compared to $40.9 million in the third quarter of 2012 due to reduced headcount and expense savings, principally from technology and other expense management initiatives.
Total assets as at 30 September 2013 were $5.0 billion, up $0.4 billion from year-end primarily in cash deposits held with banks. Customer deposits ended the quarter at $3.9 billion, up $0.6 billion from year end, and loan balances decreased by $0.1 billion from year end to $2.2 billion.
Client assets under administration for the trust and custody businesses were $31.0 billion and
$28.5 billion, respectively, whilst assets under management decreased by $0.3 billion to $2.8 billion from year-end 2012.
Cayman Islands
Net income before gains and losses in the third quarter of 2013 of $7.3 million, was up $2.8 million from $4.5 million in the prior year.  The increase was primarily due to an improvement in loan and investment income, banking fees, foreign exchange and trust revenues, coupled with a reduction in salaries and technology expenses. Net income for the current quarter was $7.7 million, an increase of $3.2 million from $4.5 million in the prior-year quarter. 
Net interest income before loan loss provisions was $14.0 million in the third quarter of 2013, an improvement of $2.7 million compared to the same quarter a year ago.  The increase was driven primarily by an improvement in loan income of $2.3 million, due to $135 million in participated loans transferred from the parent company in exchange for available-for-sale securities in the current quarter. Investment income was up $0.7 million, resulting from slowing prepayment speeds and the purchase of investments with higher yields. Deposit liability costs were $0.1 million lower following the maturity of the step-up deposit product in the prior year.
Provisions for credit losses were $1.3 million compared to a recovery of $0.2 million in the prior year; the increase of $1.5 million resulted primarily from a general provision increase relating to the current quarter, participation loan transfers and a specific provision on one commercial loan.
Non-interest income was $7.7 million, up $0.8 million from $6.9 million in the prior year. The increase was due primarily to higher banking fees, foreign exchange revenues and trust income, partially offset by lower asset management revenues.
Non-interest expenses decreased $0.8 million, year over year, to $13.1 million. The decline in costs was $0.8 million in salaries and benefits, a result of reduced headcount, and technology costs of $0.2 million, due to lower technology outsourcing costs offset by increased government license and work permit fees of $0.2 million.
Total assets at 30 September 2013 were $2.3 billion, up $0.2 billion from year-end 2012, reflecting higher client deposit levels. Net loans to third parties increased by $0.2 billion from year-end 2012 to end at
$0.9 billion, mainly from participated loans transferred during the current quarter. The available-for-sale investments at $0.5 billion at the end of third quarter 2013 were down $0.1 billion, year over year.
Client assets under administration for the trust and custody businesses were $1.5 billion and $1.3 billion, respectively, whilst assets under management were $0.6 billion at the quarter end.
Guernsey
Guernsey posted net income before gains and losses of $1.8 million in the third quarter of 2013, compared to net income of $2.3 million in the third quarter of 2012, a decrease of $0.5 million
(£0.3 million), of which the majority was due to higher interest expense impacting net interest income.
Net interest income before provision for credit losses declined by $0.3 million to $5.0 million in the third quarter of 2013, compared to $5.3 million last year, and is largely attributable to higher interest expenses.  Higher average loan balances of $43 million has increased loan interest income by $0.4 million, whilst  lower US agency investment yields have decreased investment interest income by $0.4 million.   Interest expense has increased, year-on-year, by $0.4 million from the offering of higher rate products to clients in an effort to attract new deposit growth.
Provisions for credit losses were $0.1 million compared to nil in the third quarter of 2012. 
Non-interest income decreased $0.1 million to $4.7 million, mainly due to lower asset management, trust, and custody income of $0.3 million which were offset, in part, by improved banking fees and foreign exchange revenues.
Total non-interest expenses, at $7.7 million, were in line with the third quarter of 2012. A decline in salaries and benefits costs of $0.3 million was offset by increased technology, property and other expenses.
Total assets at 30 September 2013 of $1.4 billion were down $0.1 billion from year-end 2012, attributable primarily to a decline in corporate client deposit levels.
Client assets under administration for the trust, custody and administered banking businesses were
$10.6 billion, $7.8 billion and $1.6 billion, respectively, reflecting solid growth in the trust business lines but the effect of a loss of mandates in the custody business.  Client assets under management were
$0.4 billion, lower than the prior year of $0.6 billion as a result of matured mandates.
United Kingdom
The United Kingdom recorded net income of $1.1 million in the third quarter of 2013, up $1.8 million as compared to a loss of $0.7 million in the third quarter of 2012. Excluding the $0.2 million of redundancy costs in the current quarter, core net income was $1.3 million. Total revenue before gains and losses increased by $2.0 million to $5.9 million. Total expenses increased $0.1 million from $4.7 million in the third quarter of 2012 to $4.8 million in the third quarter of 2013.
Net interest income before credit provisions of $4.3 million was up $0.5 million from $3.8 million at the end of the third quarter of 2012.  The increase was due to the introduction of a re-pricing strategy on customer deposit products and additional loan interest income collected on past due loans.
Provisions for loans losses recorded in the third quarter of 2013 were immaterial as compared to
$1.4 million in loan losses, related to a legacy commercial loan facility in the third quarter of 2012.
Total assets at $837 million (£517 million) for the current quarter were down $88 million (£53 million) from year-end 2012 of $925 million (£570 million). Loan balances were largely flat at $547 million
(£338 million) from year-end 2012, whereas deposit balances at year-end 2012 of $792 million
(£486 million) fell by $88 million (£53 million) to $704 million (£435 million), largely due to a strategy adopted to focus on high net worth private clients.
Assets under management of $268 million (£166 million) were up $31 million (£20 million) from
$237 million (£146 million) at year-end. Custody client assets under administration at the end of the third quarter of 2013 amounted to $1.5 billion (£0.9 billion).

 
Notes:
 
(1) The results of Butterfield Bank (Barbados) Limited are presented as discontinued operations, and prior-period amounts have been adjusted accordingly. Revenues, non-interest expenses, income taxes, earnings before income taxes, net interest margin, return on tangible common equity, tangible equity and headcount throughout this News Release are from continuing operations (i.e., before discontinued operations) unless otherwise stated. Net income, earnings per Share, return on equity, and return on assets, throughout this news release are after discontinued operations unless otherwise stated.

 

 

 

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