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

NTB Income Statement

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

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	309.74	317.36	249.39	221.54	230.66	234.03
Interest Income on Investments	270.09	228.27	148.99	103.35	121.35	171.05
Total Interest Income	579.83	545.63	398.38	324.9	352.01	405.08
Interest Paid on Deposits	223.8	170.5	45.18	15.49	25.12	51.49
Interest Paid on Borrowings	6.53	8.17	9.62	9.6	9.29	7.89
Total Interest Expense	230.33	178.67	54.8	25.09	34.41	59.38
Net Interest Income	349.51	366.96	343.58	299.81	317.6	345.7
Net Interest Income Growth (YoY)	-6.70%	6.80%	14.60%	-5.60%	-8.13%	0.79%
Trust Income	111.25	103.56	95.67	97.96	93.72	92.81
Gain (Loss) on Sale of Assets	-	-	-	-	-	0.22
Gain (Loss) on Sale of Investments	-	0.03	-0.01	0.75	1.88	2.55
Gain (Loss) on Sale of Equity Investments	-0.2	-0.2	-	0.1	1.3	0.3
Other Non-Interest Income	115.67	112.75	112	98	88.28	90.87
Total Non-Interest Income	226.71	216.09	208.11	196.75	185.08	186.74
Non-Interest Income Growth (YoY)	6.98%	3.83%	5.78%	6.30%	-0.89%	11.27%
Revenues Before Loan Losses	576.21	583.05	551.69	496.55	502.68	532.44
Provision for Loan Losses	3.11	4.45	2.4	-3.13	8.49	-0.18
Revenue	573.1	578.6	549.3	499.68	494.19	532.63
Revenue Growth (YoY)	-1.56%	5.33%	9.93%	1.11%	-7.22%	2.86%
Salaries and Employee Benefits	149.84	155.12	151.89	148.55	153.06	155.59
Occupancy Expenses	34.2	31.37	31.44	30.86	29.39	24.18
Amortization of Goodwill & Intangibles	7.2	5.73	5.68	6.01	5.82	5.45
Selling, General & Administrative	118.24	110.3	99.81	104.96	106.11	110.85
Other Non-Interest Expense	43.52	42.22	41.77	42.01	42.22	39.35
Total Non-Interest Expense	352.99	344.74	330.6	332.39	336.59	335.42
EBT Excluding Unusual Items	220.11	233.86	218.7	167.29	157.6	197.2
Other Unusual Items	-	-	-1	-	-	-
Pretax Income	212.51	226.26	217.7	165.79	149.6	175.7
Income Tax Expense	2.23	0.77	3.68	3.12	2.38	-1.37
Net Income	210.28	225.49	214.02	162.67	147.22	177.08
Net Income to Common	210.28	225.49	214.02	162.67	147.22	177.08
Net Income Growth	-10.54%	5.36%	31.57%	10.50%	-16.86%	-9.28%
Basic Shares Outstanding	46	49	50	50	51	53
Diluted Shares Outstanding	47	49	50	50	51	54
Shares Change (YoY)	-6.01%	-1.17%	-0.03%	-1.92%	-5.23%	-3.74%
EPS (Basic)	4.57	4.62	4.32	3.28	2.91	3.33
EPS (Diluted)	4.50	4.58	4.29	3.26	2.90	3.30
EPS Growth	-4.68%	6.76%	31.60%	12.41%	-12.12%	-5.71%
Dividend Per Share	1.760	1.760	1.760	1.760	1.760	1.760
Dividend Growth	0%	0%	0%	0%	0%	11.39%
Effective Tax Rate	1.05%	0.34%	1.69%	1.88%	1.59%	-

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