The following is a summary of the The Bank of N.T. Butterfield & Son Limited (NTB) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Butterfield reported strong financial results for Q2 2024, with a net income of $50.6 million and a core net income of $51.4 million.

• They experienced a core earnings per share of $1.11 and a core return on average tangible common equity of 23.3%.

• Net interest margin decreased slightly to 2.64%, amidst modest deposit cost increases.

Business Progress:

• Continued growth in Bermuda and the Cayman Islands driven by their leading bank and trust businesses, alongside the expansion of affluent products in the Channel Islands.

• Implemented specialized financial services in the Bahamas, Switzerland, Singapore, and the U.K., particularly in high-end Central London mortgage lending.

• Launched a new share repurchase program for up to 2.1 million shares, highlighting confidence in stable performance and effective capital management.

• Onboarded Stephen E. Cummings to their board as an independent director, enhancing governance and financial expertise.

Opportunities:

• Growing trust business, particularly in Singapore and other regions, offering a promising future with the onboarding of clients from Credit Suisse acquisition.

• Planned long-term organic growth in line with the blended GDP rates of their jurisdictions, expected at 2% to 4%.

Risks:

• Projected future declines in deposit levels to between $11.5 billion to $12 billion.

• Potential for elevated non-accrual rates in resi mortgages, although current performance remains stable.

More details: Bank of N.T Butterfield & Son IR

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