NTB FY 2024 Earnings Report — The Bank of N.T. Butterfield & Son Limited Revenue & Financial Results | Market Cap Arena

The Bank of N.T. Butterfield & Son LimitedNTB

FY 2024 Earnings

Reported February 19, 2025

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2024	Prior Q	FY 2023	QoQ Change	YoY Change
Revenue	$816M	—	$762M	—	7.2%
Op. Income	$221M	—	$226M	—	-2.4%
Gross Margin	71.1%	—	76.0%	—	-4.9pp
Net Margin	26.5%	—	29.6%	—	-3.1pp
EPS (Diluted)	$4.71	—	$4.58	—	2.8%
Free Cash Flow	$244M	—	$246M	—	-0.9%

Revenue Flow

Item	Amount
REVENUE	$816M
Cost of Revenue	$236M
GROSS PROFIT	$580M
R&D Expenses	$0
Selling & Marketing	$7M
General & Administrative	$177M
SG&A Expenses	$184M
Other Expenses	$176M
Operating Expenses	$359M
Cost & Expenses	$596M
OPERATING INCOME	$221M
Interest Income	$586M
Interest Expense	$235M
Other Income/Expenses	$0
INCOME BEFORE TAX	$221M
Income Tax Expense	$5M
Net Income from Continuing Ops	$216M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$216M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$216M
D&A	$42M
EBIT	$221M
EBITDA	$263M
EPS	$5
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$816M
Cost of Revenue	$236M
GROSS PROFIT	$580M
R&D Expenses	$0
Selling & Marketing	$7M
General & Administrative	$177M
SG&A Expenses	$184M
Other Expenses	$176M
Operating Expenses	$359M
Cost & Expenses	$596M
OPERATING INCOME	$221M
Interest Income	$586M
Interest Expense	$235M
Other Income/Expenses	$0
INCOME BEFORE TAX	$221M
Income Tax Expense	$5M
Net Income from Continuing Ops	$216M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$216M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$216M
D&A	$42M
EBIT	$221M
EBITDA	$263M
EPS	$5
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$216M
Depreciation & Amortization	$42M
Stock-Based Compensation	$21M
Deferred Income Tax	$0
Other Non-Cash Items	$2M
Change in Working Capital	-$16M
OPERATING CASH FLOW	$265M
Capital Expenditure	-$22M
Acquisitions (Net)	$0
Purchases of Investments	-$2.8B
Sales/Maturities of Investments	$3.0B
Other Investing Activities	-$804M
NET CASH FROM INVESTING	-$581M
Net Debt Issuance	$97M
Common Stock Repurchased	-$155M
Common Dividends Paid	-$80M
Other Financing Activities	$873M
NET CASH FROM FINANCING	$736M
FREE CASH FLOW	$244M
Net Change in Cash	$416M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.0B
Short-Term Investments	$2.7B
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$4.7B
PP&E (Net)	$189M
Goodwill	$24M
Intangible Assets	$66M
Long-Term Investments	$7.7B
Tax Assets	$0
Other Non-Current Assets	$1.6B
TOTAL NON-CURRENT ASSETS	$9.6B
TOTAL ASSETS	$14.2B
Account Payables	$0
Short-Term Debt	$98M
Deferred Revenue	$0
Other Current Liabilities	$12.7B
TOTAL CURRENT LIABILITIES	$12.8B
Long-Term Debt	$99M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$273M
TOTAL NON-CURRENT LIABILITIES	$372M
TOTAL LIABILITIES	$13.2B
Common Stock	$435.0K
Additional Paid-In Capital	$916M
Retained Earnings	$422M
Treasury Stock	-$23M
Accum. Other Comp. Income	-$295M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.0B
Minority Interest	$0
TOTAL EQUITY	$1.0B
TOTAL LIABILITIES & EQUITY	$14.2B
Total Debt	$227M
Net Debt	-$1.9B