N.T. Butterfield reports Q1 core EPS $1.17, consensus 97c

Reports Q1 net interest income $87.1M vs. $97.4M last year. Michael Collins, Butterfield’s Chairman and Chief Executive Officer, commented, “The Bank’s first quarter results are a great start to the year and continue to demonstrate the strong profitability of Butterfield’s capital efficient non-interest earnings, well-structured balance sheet and thoughtful capital management. Since listing on the NYSE in 2016, the Bank has consistently maintained operating returns on tangible equity in the range of 16% to 28%, and we expect these levels of profitability to continue across typical economic cycles. We are on track to deliver top quartile returns relative to US regional banks. The Bank remains highly liquid with strong capital levels and has a loan portfolio that is primarily comprised of well collateralized residential mortgages with limited commercial and hospitality real estate exposure in Bermuda and the Cayman Islands.”