Bermuda's Butterfield Q1 revenue and EPS beat estimates

Bank of NT Butterfield & Son

28/04/2026 21:45

Overview

Bermuda bank and wealth manager's Q1 revenue and adjusted EPS beat analyst expectations

Net income declined from prior quarter due to lower non-interest income and higher credit loss provision

Company closed Rawlinson & Hunter Guernsey acquisition and repurchased 0.8 mln shares for $42.4 mln

Outlook

Company did not provide specific financial guidance for upcoming quarters or the full year

Result Drivers

NET INTEREST INCOME - Higher net interest income driven by lower deposit costs after central bank rate cuts, partially offset by lower loan and treasury yields

NON-INTEREST INCOME - Decline in non-interest income from prior quarter due to lower banking fees after strong seasonality and reduced trust revenue, partly offset by higher foreign exchange fees

OPERATING COSTS - Lower non-interest expenses due to reduced professional services, technology, and property costs, partially offset by higher payroll taxes

Company press release: ID:nBw2ygWmBa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$154.50 mln
$150.09 mln (3 Analysts)
Q1 Adjusted EPS
Beat
$1.55
$1.40 (3 Analysts)
Q1 Adjusted Net Income
$63.20 mln
Q1 Net Income
$62.60 mln
Q1 Net Interest Income
$93.30 mln
Q1 Credit Loss Allowance
-$26.30 mln
Q1 Dividend
$0.50
Q1 Pretax Profit
$64 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the banks peer group is "hold"

Wall Street's median 12-month price target for Bank of NT Butterfield & Son Ltd is $57.00, about 2.1% above its April 27 closing price of $55.83

The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)