Intrinsic value of Bank of Butterfield - NTB

Previous Close

$46.73

  Intrinsic Value

$11.49

stock screener

  Rating & Target

str. sell

-75%

Previous close

$46.73

 
Intrinsic value

$11.49

 
Up/down potential

-75%

 
Rating

str. sell

We calculate the intrinsic value of NTB stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.90
  12.11
  11.40
  10.76
  10.18
  9.66
  9.20
  8.78
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
Revenue, $m
  514
  576
  642
  711
  783
  859
  938
  1,020
  1,106
  1,195
  1,287
  1,384
  1,484
  1,588
  1,696
  1,808
  1,925
  2,047
  2,173
  2,305
  2,442
  2,586
  2,735
  2,891
  3,054
  3,224
  3,401
  3,587
  3,781
  3,984
Variable operating expenses, $m
  142
  160
  178
  197
  217
  238
  260
  283
  306
  331
  357
  383
  411
  440
  470
  501
  533
  567
  602
  638
  677
  716
  758
  801
  846
  893
  942
  994
  1,047
  1,104
Fixed operating expenses, $m
  182
  186
  190
  194
  198
  203
  207
  212
  217
  221
  226
  231
  236
  241
  247
  252
  258
  263
  269
  275
  281
  287
  294
  300
  307
  313
  320
  327
  335
  342
Total operating expenses, $m
  324
  346
  368
  391
  415
  441
  467
  495
  523
  552
  583
  614
  647
  681
  717
  753
  791
  830
  871
  913
  958
  1,003
  1,052
  1,101
  1,153
  1,206
  1,262
  1,321
  1,382
  1,446
Operating income, $m
  189
  230
  274
  320
  368
  418
  471
  526
  583
  642
  705
  769
  836
  906
  979
  1,055
  1,134
  1,216
  1,302
  1,391
  1,485
  1,582
  1,684
  1,790
  1,901
  2,017
  2,139
  2,266
  2,399
  2,539
EBITDA, $m
  1,426
  1,616
  1,818
  2,029
  2,252
  2,484
  2,727
  2,980
  3,243
  3,517
  3,802
  4,099
  4,407
  4,727
  5,060
  5,406
  5,766
  6,141
  6,531
  6,938
  7,362
  7,804
  8,265
  8,747
  9,249
  9,775
  10,324
  10,898
  11,498
  12,127
Interest expense (income), $m
  16
  488
  476
  537
  603
  671
  743
  818
  896
  978
  1,063
  1,151
  1,243
  1,339
  1,438
  1,541
  1,648
  1,760
  1,876
  1,996
  2,122
  2,252
  2,389
  2,531
  2,679
  2,834
  2,995
  3,164
  3,340
  3,524
  3,717
Earnings before tax, $m
  -299
  -245
  -264
  -283
  -303
  -325
  -347
  -371
  -395
  -420
  -447
  -474
  -502
  -531
  -562
  -593
  -626
  -659
  -694
  -730
  -768
  -807
  -847
  -889
  -932
  -978
  -1,025
  -1,074
  -1,125
  -1,178
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -299
  -245
  -264
  -283
  -303
  -325
  -347
  -371
  -395
  -420
  -447
  -474
  -502
  -531
  -562
  -593
  -626
  -659
  -694
  -730
  -768
  -807
  -847
  -889
  -932
  -978
  -1,025
  -1,074
  -1,125
  -1,178

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  10,484
  11,753
  13,093
  14,502
  15,978
  17,523
  19,134
  20,814
  22,563
  24,381
  26,272
  28,237
  30,279
  32,401
  34,606
  36,899
  39,285
  41,766
  44,350
  47,041
  49,845
  52,768
  55,817
  58,998
  62,320
  65,789
  69,415
  73,204
  77,167
  81,313
Adjusted assets (=assets-cash), $m
  10,484
  11,753
  13,093
  14,502
  15,978
  17,523
  19,134
  20,814
  22,563
  24,381
  26,272
  28,237
  30,279
  32,401
  34,606
  36,899
  39,285
  41,766
  44,350
  47,041
  49,845
  52,768
  55,817
  58,998
  62,320
  65,789
  69,415
  73,204
  77,167
  81,313
Revenue / Adjusted assets
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
Average production assets, $m
  12,362
  13,859
  15,438
  17,099
  18,841
  20,661
  22,562
  24,543
  26,604
  28,749
  30,978
  33,295
  35,703
  38,205
  40,805
  43,509
  46,322
  49,248
  52,295
  55,467
  58,774
  62,220
  65,815
  69,567
  73,484
  77,575
  81,849
  86,318
  90,990
  95,879
Working capital, $m
  -11,180
  -12,534
  -13,963
  -15,465
  -17,040
  -18,687
  -20,406
  -22,197
  -24,062
  -26,001
  -28,017
  -30,113
  -32,290
  -34,553
  -36,905
  -39,351
  -41,894
  -44,541
  -47,296
  -50,166
  -53,156
  -56,273
  -59,525
  -62,918
  -66,460
  -70,160
  -74,026
  -78,068
  -82,294
  -86,715
Total debt, $m
  8,811
  9,953
  11,159
  12,427
  13,756
  15,146
  16,596
  18,108
  19,682
  21,319
  23,020
  24,789
  26,626
  28,536
  30,521
  32,585
  34,731
  36,965
  39,290
  41,712
  44,235
  46,866
  49,610
  52,474
  55,463
  58,586
  61,848
  65,259
  68,826
  72,557
Total liabilities, $m
  9,435
  10,578
  11,784
  13,051
  14,380
  15,770
  17,221
  18,733
  20,306
  21,943
  23,645
  25,413
  27,251
  29,161
  31,146
  33,209
  35,356
  37,590
  39,915
  42,337
  44,860
  47,491
  50,235
  53,098
  56,088
  59,210
  62,473
  65,884
  69,450
  73,181
Total equity, $m
  1,048
  1,175
  1,309
  1,450
  1,598
  1,752
  1,913
  2,081
  2,256
  2,438
  2,627
  2,824
  3,028
  3,240
  3,461
  3,690
  3,928
  4,177
  4,435
  4,704
  4,984
  5,277
  5,582
  5,900
  6,232
  6,579
  6,941
  7,320
  7,717
  8,131
Total liabilities and equity, $m
  10,483
  11,753
  13,093
  14,501
  15,978
  17,522
  19,134
  20,814
  22,562
  24,381
  26,272
  28,237
  30,279
  32,401
  34,607
  36,899
  39,284
  41,767
  44,350
  47,041
  49,844
  52,768
  55,817
  58,998
  62,320
  65,789
  69,414
  73,204
  77,167
  81,312
Debt-to-equity ratio
  8.400
  8.470
  8.520
  8.570
  8.610
  8.640
  8.670
  8.700
  8.720
  8.740
  8.760
  8.780
  8.790
  8.810
  8.820
  8.830
  8.840
  8.850
  8.860
  8.870
  8.870
  8.880
  8.890
  8.890
  8.900
  8.910
  8.910
  8.910
  8.920
  8.920
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -299
  -245
  -264
  -283
  -303
  -325
  -347
  -371
  -395
  -420
  -447
  -474
  -502
  -531
  -562
  -593
  -626
  -659
  -694
  -730
  -768
  -807
  -847
  -889
  -932
  -978
  -1,025
  -1,074
  -1,125
  -1,178
Depreciation, amort., depletion, $m
  1,236
  1,386
  1,544
  1,710
  1,884
  2,066
  2,256
  2,454
  2,660
  2,875
  3,098
  3,330
  3,570
  3,820
  4,081
  4,351
  4,632
  4,925
  5,229
  5,547
  5,877
  6,222
  6,582
  6,957
  7,348
  7,757
  8,185
  8,632
  9,099
  9,588
Funds from operations, $m
  937
  1,141
  1,280
  1,427
  1,581
  1,741
  1,909
  2,084
  2,265
  2,455
  2,651
  2,856
  3,068
  3,289
  3,519
  3,758
  4,007
  4,266
  4,535
  4,817
  5,110
  5,415
  5,735
  6,068
  6,416
  6,780
  7,160
  7,558
  7,974
  8,410
Change in working capital, $m
  -1,277
  -1,354
  -1,429
  -1,502
  -1,575
  -1,647
  -1,719
  -1,791
  -1,865
  -1,940
  -2,016
  -2,095
  -2,178
  -2,263
  -2,352
  -2,446
  -2,544
  -2,647
  -2,755
  -2,870
  -2,990
  -3,117
  -3,251
  -3,393
  -3,542
  -3,700
  -3,866
  -4,041
  -4,226
  -4,421
Cash from operations, $m
  2,215
  2,494
  2,709
  2,929
  3,155
  3,388
  3,628
  3,875
  4,130
  4,394
  4,667
  4,951
  5,246
  5,552
  5,871
  6,203
  6,550
  6,912
  7,291
  7,686
  8,100
  8,533
  8,986
  9,461
  9,958
  10,480
  11,026
  11,599
  12,200
  12,831
Maintenance CAPEX, $m
  -1,094
  -1,236
  -1,386
  -1,544
  -1,710
  -1,884
  -2,066
  -2,256
  -2,454
  -2,660
  -2,875
  -3,098
  -3,330
  -3,570
  -3,820
  -4,081
  -4,351
  -4,632
  -4,925
  -5,229
  -5,547
  -5,877
  -6,222
  -6,582
  -6,957
  -7,348
  -7,757
  -8,185
  -8,632
  -9,099
New CAPEX, $m
  -1,420
  -1,497
  -1,580
  -1,661
  -1,741
  -1,821
  -1,901
  -1,981
  -2,062
  -2,144
  -2,229
  -2,317
  -2,408
  -2,502
  -2,601
  -2,704
  -2,812
  -2,926
  -3,046
  -3,173
  -3,306
  -3,447
  -3,595
  -3,752
  -3,917
  -4,091
  -4,275
  -4,468
  -4,673
  -4,888
Cash from investing activities, $m
  -2,514
  -2,733
  -2,966
  -3,205
  -3,451
  -3,705
  -3,967
  -4,237
  -4,516
  -4,804
  -5,104
  -5,415
  -5,738
  -6,072
  -6,421
  -6,785
  -7,163
  -7,558
  -7,971
  -8,402
  -8,853
  -9,324
  -9,817
  -10,334
  -10,874
  -11,439
  -12,032
  -12,653
  -13,305
  -13,987
Free cash flow, $m
  -299
  -239
  -257
  -276
  -296
  -317
  -339
  -362
  -386
  -411
  -437
  -464
  -491
  -520
  -550
  -581
  -613
  -646
  -681
  -716
  -753
  -791
  -831
  -872
  -915
  -960
  -1,006
  -1,054
  -1,104
  -1,156
Issuance/(repayment) of debt, $m
  -230
  1,143
  1,206
  1,268
  1,329
  1,390
  1,451
  1,512
  1,574
  1,637
  1,702
  1,768
  1,838
  1,910
  1,985
  2,064
  2,147
  2,234
  2,325
  2,422
  2,523
  2,631
  2,744
  2,863
  2,990
  3,122
  3,263
  3,411
  3,567
  3,731
Issuance/(repurchase) of shares, $m
  1,680
  372
  398
  424
  451
  479
  508
  539
  570
  602
  636
  670
  706
  744
  782
  822
  864
  907
  952
  999
  1,048
  1,099
  1,152
  1,207
  1,265
  1,325
  1,387
  1,453
  1,521
  1,592
Cash from financing (excl. dividends), $m  
  1,450
  1,515
  1,604
  1,692
  1,780
  1,869
  1,959
  2,051
  2,144
  2,239
  2,338
  2,438
  2,544
  2,654
  2,767
  2,886
  3,011
  3,141
  3,277
  3,421
  3,571
  3,730
  3,896
  4,070
  4,255
  4,447
  4,650
  4,864
  5,088
  5,323
Total cash flow (excl. dividends), $m
  1,151
  1,276
  1,347
  1,416
  1,484
  1,552
  1,620
  1,688
  1,758
  1,828
  1,901
  1,975
  2,053
  2,133
  2,217
  2,305
  2,398
  2,495
  2,597
  2,705
  2,818
  2,938
  3,065
  3,198
  3,339
  3,488
  3,644
  3,809
  3,984
  4,167
Retained Cash Flow (-), $m
  -1,680
  -372
  -398
  -424
  -451
  -479
  -508
  -539
  -570
  -602
  -636
  -670
  -706
  -744
  -782
  -822
  -864
  -907
  -952
  -999
  -1,048
  -1,099
  -1,152
  -1,207
  -1,265
  -1,325
  -1,387
  -1,453
  -1,521
  -1,592
Prev. year cash balance distribution, $m
  333
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  8
  9
  10
  12
  13
  14
  15
  17
  18
  20
  22
  23
  25
  27
  29
  31
  33
  35
  37
  39
  41
  44
  47
  49
  52
  55
  58
  61
  65
  68
Cash available for distribution, $m
  -197
  904
  949
  992
  1,033
  1,073
  1,112
  1,150
  1,188
  1,226
  1,265
  1,305
  1,346
  1,389
  1,435
  1,483
  1,534
  1,587
  1,645
  1,706
  1,770
  1,839
  1,913
  1,991
  2,074
  2,163
  2,257
  2,357
  2,462
  2,575
Discount rate, %
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
  32.85
  34.49
  36.21
  38.02
  39.93
  41.92
  44.02
  46.22
  48.53
  50.96
  53.50
  56.18
  58.99
  61.94
  65.03
PV of cash for distribution, $m
  -170
  665
  586
  507
  429
  356
  290
  231
  180
  137
  102
  74
  52
  36
  24
  16
  10
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  36.9
  27.6
  20.8
  15.9
  12.2
  9.5
  7.4
  5.8
  4.6
  3.6
  2.9
  2.3
  1.9
  1.5
  1.2
  1.0
  0.8
  0.6
  0.5
  0.4
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1

The Bank of N.T. Butterfield & Son Limited (the Bank) provides banking services and wealth management services. The Bank's geographic segments include Bermuda, the Cayman Islands and Guernsey, where its banking operations are located, and The Bahamas, Switzerland, and the United Kingdom, where it offers specialized financial services. It offers banking services, including retail and corporate banking, and wealth management, which consists of trust, private banking, and asset management. In Bermuda and Cayman Islands segments, it offers both banking and wealth management. In Guernsey, Bahamas, and Switzerland segments, it offers wealth management. In the United Kingdom segment, it offers residential property lending. The Bank provides foreign exchange services in the normal course of business in all jurisdictions. Its wealth management platform has three lines of business: trust, private banking, and asset management.

FINANCIAL RATIOS  of  Bank of Butterfield (NTB)

Valuation Ratios
P/E Ratio 21.5
Price to Sales 0
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 14
Price to Free Cash Flow 14.8
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 900%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 16.5%
Total Debt to Equity 16.5%
Interest Coverage 8
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. 1.7%
Return On Total Capital 13.7%
Ret/ On T. Cap. - 3 Yr. Avg. 14.9%
Return On Equity 15.9%
Return On Equity - 3 Yr. Avg. 17%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0.9%
Eff/ Tax Rate - 3 Yr. Avg. 0.7%
Payout Ratio 29.3%

NTB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NTB stock intrinsic value calculation we used $455 million for the last fiscal year's total revenue generated by Bank of Butterfield. The default revenue input number comes from 2017 income statement of Bank of Butterfield. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NTB stock valuation model: a) initial revenue growth rate of 12.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 15.8%, whose default value for NTB is calculated based on our internal credit rating of Bank of Butterfield, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Bank of Butterfield.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NTB stock the variable cost ratio is equal to 27.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $178 million in the base year in the intrinsic value calculation for NTB stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Bank of Butterfield.

Corporate tax rate of 27% is the nominal tax rate for Bank of Butterfield. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NTB stock is equal to 1.8%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NTB are equal to 2406.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Bank of Butterfield operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NTB is equal to -2176.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Bank of Butterfield - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 53 million for Bank of Butterfield is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Bank of Butterfield at the current share price and the inputted number of shares is $2.5 billion.

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COMPANY NEWS

▶ Bank Stocks Break Out On 3% Benchmark Yield; Oil Stocks Also At New Highs   [Apr-24-18 01:04PM  Investor's Business Daily]
▶ Butterfield Reports First Quarter 2018 Results   [Apr-23-18 04:30PM  Business Wire]
▶ Results of Butterfield AGM Vote   [Apr-19-18 04:30PM  Business Wire]
▶ Butterfield Publishes Annual Report on Form 20-F   [Feb-26-18 06:23PM  Business Wire]
▶ Value-Adding Growth Stocks To Buy Now   [Feb-10-18 11:02AM  Simply Wall St.]
▶ Pamela Thomas-Graham Joins Butterfield Board   [Dec-04-17 04:15PM  Business Wire]
▶ Butterfield Announces Senior Management Restructure   [Oct-18-17 04:15PM  Business Wire]
▶ Butterfield to Announce Q3 Earnings on 25 October 2017   [Oct-10-17 09:28AM  Business Wire]
▶ Meroe Park Joins Butterfield Board   [Oct-06-17 04:43PM  Business Wire]
▶ Butterfield to Announce Q2 Earnings on 25 July 2017   [Jul-05-17 04:15PM  Business Wire]
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