Butterfield Bank Group NTB - BH
Ø After two years of losses, Butterfield Bank (“NTB”) reported net income of $0.03 per share in 2011, with all quarterly periods registering small profits during the year.
Ø In 2009 and 2010, NTB underwent a painful process of de-risking the balance sheet by writing down troubled loans and investments and through a dilutive capital raise.
ØSuch actions have started to yield positive results for the bank, as shown by the modest net income in 2011 and by the much improved capital ratios at the end of the year.
ØWith a healthier balance sheet, the bank has now started to focus on reducing its operating costs.
Ø However, it is our belief that revenue growth is likely to face pressure due to the weak economic backdrop, and that low interest rates are likely to suppress net interest margins below historic averages for the foreseeable future.
Ø For these reasons, we continue to rate NTB shares “Hold” with a price target of $1.40.
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Downloadable Research Reports
| Date | Report Title | Availability |
|---|---|---|
| 3/12/2012 | NTB 2011 Results | View PDF Report |
| 8/10/2011 | 2Q 2011 Earnings Update | View PDF Report |
| 5/4/2011 | FYE 2010 Earnings Report | View PDF Report |
| 11/9/2010 | 3Q 2010 Earnings Update | View PDF Report |
| 5/11/2010 | 2010 Blue Book Report | View PDF Report |
| 5/3/2010 | 1Q 2010 Earnings Update | View PDF Report |
| 3/04/2010 | 1Q 2010 - Capital Injection Details | View PDF Report |
| 2/25/2010 | 4Q 2009 Preliminary Update | View PDF Report |
| 5/14/2009 | 1Q 2009 Earnings Update | View PDF Report |
| 3/06/2009 | FYE 2009 Earnings Report | View PDF Report |
| 12/1/2008 | 2008 Blue Book Report | View PDF Report |
| 6/15/2008 | H1 2008 Earnings Update | View PDF Report |
| 10/15/2007 | 2007 Blue Book Report | View PDF Report |
