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Bank of N.T. Butterfield & Son reports net interest margin compression in Q3

Hamilton, Bermuda-based Bank of N.T. Butterfield & Son Ltd. posted third-quarter net income attributable to common shareholders of $42.4 million, or 79 cents per share, compared with $50.4 million, or 90 cents per share, a year ago.

Total net revenue was $133.1 million in the third quarter, compared to $133.0 million a year ago.

Net interest income before provision for credit losses was $86.3 million for the third quarter, up from $85.2 million in the second quarter and down from $88.3 million a year ago.

Net interest margin for the recent quarter was 2.52%, down from 3.18% in the linked quarter and 3.37% in the year-ago quarter.

Loans, net of allowance for credit losses, were $4.67 billion at the end of the third quarter, up from $4.04 billion as of Dec. 31, 2018.

Total deposits of $12.66 billion were up from $9.45 billion as of 2018-end.