Bank of N.T. Butterfield & Son Q1 Core EPS Above Consensus

Bank of N.T. Butterfield & Son (NTB), a provider of community, commercial and private banking services, reported Thursday Q1 core earnings ahead of Wall Street’s consensus estimate and agreed to buy the Channel Islands-based banking business of ABN AMRO for GBP161 million ($208 million).

Core earnings in the quarter totaled $0.95 per share, up from $0.81 per share in the prior-year period and came in higher than the $0.88 per share Street estimate provided by Capital IQ.

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Revenue was $131.4 million, up from $119.7 million reported for the same period last year but came in shy of the $132.1 million Street estimate.

As of Dec. 31, 2018, ABN Amro Channel Islands had GBP2.9 billion in deposits and GBP3.5 billion in assets under management, the company said in a statement.

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The deal is expected to close in Q3, with business integration to continue into 2020. The purchase is anticipated to be marginally accretive to the company’s earnings in the first year, and 3% to 5% accretive to earnings post-integration.