The Bank of N.T. Butterfield & Son Limited (NTB)

NTB Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	304.11	317.36	249.39	221.54	230.66
Interest Income on Investments	281.61	228.27	148.99	103.35	121.35
Total Interest Income	585.72	545.63	398.38	324.9	352.01
Interest Paid on Deposits	227	170.5	45.18	15.49	25.12
Interest Paid on Borrowings	7.51	8.17	9.62	9.6	9.29
Total Interest Expense	234.51	178.67	54.8	25.09	34.41
Net Interest Income	351.2	366.96	343.58	299.81	317.6
Net Interest Income Growth (YoY)	-4.29%	6.80%	14.60%	-5.60%	-8.13%
Trust Income	111.47	103.56	95.67	97.96	93.72
Gain (Loss) on Sale of Investments	-	0.03	-0.01	0.75	1.88
Gain (Loss) on Sale of Equity Investments	-0.3	-0.2	-	0.1	1.3
Other Non-Interest Income	119.17	112.75	112	98	88.28
Total Non-Interest Income	230.39	216.09	208.11	196.75	185.08
Non-Interest Income Growth (YoY)	6.62%	3.83%	5.78%	6.30%	-0.89%
Revenues Before Loan Losses	581.6	583.05	551.69	496.55	502.68
Provision for Loan Losses	1.66	4.45	2.4	-3.13	8.49
Revenue	579.93	578.6	549.3	499.68	494.19
Revenue Growth (YoY)	0.23%	5.33%	9.93%	1.11%	-7.22%
Salaries and Employee Benefits	155.45	155.12	152.89	148.55	153.06
Occupancy Expenses	34.08	31.37	31.44	30.86	29.39
Amortization of Goodwill & Intangibles	8.01	5.73	5.68	6.01	5.82
Selling, General & Administrative	116.28	110.3	99.81	104.96	106.11
Other Non-Interest Expense	43.77	42.22	41.77	42.01	42.22
Total Non-Interest Expense	357.59	344.74	331.6	332.39	336.59
EBT Excluding Unusual Items	222.35	233.86	217.7	167.29	157.6
Other Unusual Items	-1.5	-	-	-	-
Pretax Income	220.85	226.26	217.7	165.79	149.6
Income Tax Expense	4.53	0.77	3.68	3.12	2.38
Net Income	216.32	225.49	214.02	162.67	147.22
Net Income to Common	216.32	225.49	214.02	162.67	147.22
Net Income Growth	-4.07%	5.36%	31.57%	10.50%	-16.86%
Basic Shares Outstanding	45	49	50	50	51
Diluted Shares Outstanding	46	49	50	50	51
Shares Change (YoY)	-6.86%	-1.17%	-0.03%	-1.92%	-5.23%
EPS (Basic)	4.80	4.62	4.32	3.28	2.91
EPS (Diluted)	4.71	4.58	4.29	3.26	2.90
EPS Growth	2.84%	6.76%	31.60%	12.41%	-12.12%
Dividend Per Share	1.760	1.760	1.760	1.760	1.760
Effective Tax Rate	2.05%	0.34%	1.69%	1.88%	1.59%

Source: S&P Capital IQ. Banks template. Financial Sources.