Butterfield Bank Net Income: $11.8 Million
The Bank of N.T. Butterfield & Son Limited today [July 26] reported second quarter net income of $11.8 million, compared to net income of $8.4 million in the first quarter of 2011 and net income of $0.2 million in the second quarter of 2010.
Brad Kopp, Butterfield’s President & Chief Executive Officer, said, “We are pleased that Butterfield has delivered a profit for a second consecutive quarter in what continues to be a challenging operating environment.”
“Against a backdrop of economic slowdown in key Butterfield markets and continued low interest rates, the Bank’s profitability and year-on-year increases in net interest income are good indicators that we are doing the right things to maintain customer loyalty and effectively manage our balance sheet. We continue the difficult work of reducing our cost base.”
Mr. Kopp continued, “Our deposits are stable and our loan portfolio continues to perform well, considering the economic situation. At this time, we have seen no significant increases in delinquencies and the residential mortgage book is holding up.”
Brad Rowse, Chief Financial Officer, commented on the quarterly results: “During the second quarter, we continued to realise the benefits of investing our excess liquidity in higher-yielding, low-risk securities including select US government agencies.”
“Combined with small adjustments to deposit rates during the quarter, addressing prevailing overseas rates and competitive factors locally, our investment strategy delivered an increase in our net interest margin. This drove an increase in net interest income before credit provisions of more than 23% over the same period last year.”
The full 7-page report is below, click ‘Fullscreen’ on bottom for greater clarity:
I am patiently waiting for a dividend payment.
I am patiently waiting for the shares to get back to $5.59 so I can sell EVERY single unit of this horrid investment.
I have seen Mr. Thompson, Mr. Brooks and Mr Ferrett in Town on more than one occassion in the past 5 months, they all look relaxed, affluent and still very important, to themselves of course, as they go about their business, paying bills in person as not even they believe in ButterfieldDirect, sad.
Glad my previous $35.00+ share purchases also went to good use.
You also forgot to mention that they probably still enjoy free lifetime post retirement medical benefits, vested stock options and cash separation payments. Isn’t this grand? Be reckless with other people’s money (or incompetent) and be rewarded!
The thing that galls me is that they are all foreigners, and some of them had no formal qualifications for the jobs they had. Plenty of Bermudians toiled there for years Bank and left with mere pennies compared to what this trio likely left with.
Does the Board disclose the payment and bonus schedule of the Management team during the dividend suspension? I would like to know how my non- dividend is being disbursed.
Dividend, oh please… You need to wait to pay out that Kopp guy first…..he is here living the high life at the expense of good hard working bermudians…..this guy is out for himself….
Wimps in PLP! This shold have been allowed to fail to create some correction in the market, there would not have been a systemic failure. Why give tyem all a golden parachute? No Bermudian Senior Banker got any big payout.
Maybe they can start taking better care of their staff( especially all the ones that really work hard)