The following is a summary of the The Bank of N.T. Butterfield & Son Limited (NTB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Butterfield reported Q1 2024 net income of $53.4 million and core net income of $55 million, core earnings per share at $1.17.

• The bank registered a core return on average tangible common equity of 24.5% for the quarter.

• The net interest margin was at 2.68%.

• 1.2 million shares were repurchased at an average price of $30.40 per share.

• Net interest income before provision for credit losses increased slightly to $87.1 million.

• Non-interest income decreased by 8.1% from the previous quarter, totaling $55.1 million.

• Total core non-interest expenses decreased by 3.8% to $86.9 million.

Business Progress:

• Butterfield has welcomed new General Counsel and Group Chief Legal Officer, Simon Des-Etages.

• The bank is expanding its business in areas like the Bahamas, Switzerland, Singapore, and the UK.

• The company is exploring growth opportunities through acquisitions and is focused on disciplined expense management, and net interest earnings.

• The bank completed its core banking system upgrade to a cloud infrastructure.

• The acquisition of Credit Suisse's trust business has begun generating value due to the smooth transition of client relationships and employees.

• The bank is considering acquisition opportunities, particularly in the private trust business.

• The company sees strong growth opportunities in its Cayman market, specifically in lending and M&A opportunities.

More details: Bank of N.T Butterfield & Son IR

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