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Bank of N.T. Butterfield posts Q4'17 net income of $40.3M, hikes dividend

Bermuda-based Bank of N.T. Butterfield & Son Ltd. reported net earnings attributable to common shareholders of $40.3 million in the fourth quarter of 2017, or 72 cents per share, compared to a net loss of $9.9 million, or a loss of 19 cents per share, in the fourth quarter of 2016.

Net interest margin for the fourth quarter of 2017 was 2.87%, up from 2.81% in the previous quarter and 2.45% in the 2016 fourth quarter.

The company's board declared a quarterly dividend of 38 cents per share, an 18.8% increase over the previous quarter. It will be paid March 9 to shareholders of record on Feb. 26.

The board also approved a new share repurchase program, pursuant to which the bank is authorized to purchase up to one million common shares in the next year. The program will become effective on April 1, subject to all regulatory approvals.

Chairman and CEO Michael Collins said that the bank expects to close its acquisition of Deutsche Bank AG's Global Trust Solutions business early in the second quarter, and that more than 90% of the staff have accepted employment agreements with Butterfield.

The bank is also buying Deutsche Bank's banking and custody business in the Cayman Islands, Jersey and Guernsey. The bank expects the acquisition to increase deposit base by about 20% once integrated.