September 22, 2020

Fitch affirms Butterfield’s ratings

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The Bank of N.T. Butterfield & Son Limited (“Butterfield” or the “Bank”) announced that, in a statement dated 8 May 2012, credit rating agency Fitch has affirmed Butterfield’s long-term issuer default rating (“IDR”) at A- and its short-term IDR at F1.  The Rating Outlook remains Stable.

Brad Kopp, Butterfield’s President & Chief Executive Officer, said, “We are pleased that Fitch has affirmed our short-term and long-term ratings, which reflect our strong capital position, revenue diversity and return to sustainable profitability.  Their statement views favourably our strategic focus on growth through the alignment of resources to core businesses.”

Fitch’s statement noted that Butterfield’s strategy “should result in (Butterfield) reducing concentration risks, enhancements to interest and fee-based revenue streams from other jurisdictions and cost-saves.”  The statement also noted that Butterfield’s recent investments in information technology “should provide operating efficiencies and cost savings in future periods.”

Butterfield reported net income of $40.5 million in 2011 and $14.7 million for the first three months of 2012 (up 75% versus Q1 2011). At 31 March 2012, Butterfield’s total capital ratio was 22.7%, its tier 1 capital ratio was 17.3% and its tangible common equity ratio stood at 6.9%.

The Bank of N.T. Butterfield & Son Limited (“Butterfield”) is Bermuda’s first and largest independent bank, and a specialist provider of international financial services. The Butterfield Group offers a full range of community banking services in Bermuda, Barbados and the Cayman Islands, encompassing retail and corporate banking and treasury activities. Butterfield also provides private banking, asset management and personal trust services from its headquarters in Bermuda and subsidiary offices in the Cayman Islands, Guernsey and the United Kingdom. In Switzerland and The Bahamas, Butterfield provides personal trust and company services.  Butterfield is a publicly traded corporation with shares listed on the Bermuda and Cayman Islands stock exchanges.

Butterfield’s share price is published daily in The Royal Gazette (www.theroyalgazette.com) and is also available on Bloomberg Financial Markets (symbol: NTB BH) and the Bermuda Stock Exchange website (www.bsx.com).

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