Recent Developments
Butterfield’s third-quarter operational performance and profitability continued to be strong. The Bank’s success is the result of its clientfocused products and services, a solid balance sheet, a focus on efficiency, capital management and an experienced management team. In addition, the Bank’s island-based deposit funding and diversified revenue streams continue to be resilient. Economic conditions in Bermuda, the Cayman Islands, and the Channel Islands remain favorable, with strong demand and contributions from both international business and tourism. As it enters a period of easing financial conditions, the Bank expects to see better affordability for borrowing customers and a general pick-up in business activity. The Bank remains well positioned to profitably grow and meet the needs of all stakeholders, while supporting value for shareholders.
Tangible book value per share improved by $1.87 or 9.3% this quarter to $21.90 per share.
The Bank maintained its balanced capital return policy. The Board again declared a quarterly dividend of $0.44 per common share to be paid on November 19, 2024 to shareholders of record on November 5, 2024. During the third quarter of 2024, Butterfield repurchased 1.0 million common shares under the Bank’s existing share repurchase program.
Capital Ratios
COMMON EQUITY TIER 1
31 Dec 2023 23.0%
TOTAL CAPITAL RATIO
31 Dec 2023 25.4%
Credit Ratings
Short-Term K1
Long-Term Senior A+
Short-Term P2
Long-Term Senior A3
Short-Term A2
Long-Term Senior BBB+