The Bank of N.T. Butterfield & Son Limited (NTB)
Filed: 21 Sep 16, 12:00am
Exhibit 99.3
The Bank of N.T. Butterfield & Son Limited’s Return on Common Shareholders’ Equity was 16.1% and 13.7% for the six months ended June 30, 2016 and June 30, 2015, respectively; and 16.7% and 12.9% for the three months ended June 30, 2016 and June 20, 2015, respectively.
A reconciliation to GAAP measures of the Core Return on Average Tangible Common Equity is below:
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| For the three |
| For the six |
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| months |
| months |
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Non-GAAP Reconciliation |
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| ended June 30, |
| ended June 30, |
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(in millions of US dollars except per share data) |
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| 2016 |
| 2015 |
| 2016 |
| 2015 |
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Net income |
| A |
| 29.8 |
| 23.3 |
| 56.5 |
| 51.3 |
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Non-core items |
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Total non-core (gains) losses |
| B |
| — |
| 3.0 |
| 0.9 |
| 1.7 |
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Total non-core expenses |
| C |
| 2.3 |
| 1.5 |
| 10.7 |
| 3.9 |
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Total non-core items |
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| 2.3 |
| 4.5 |
| 11.6 |
| 5.6 |
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Core net income |
| D=A+B+C |
| 32.1 |
| 27.8 |
| 68.1 |
| 56.9 |
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Dividends and guarantee fee of preference shares |
| E |
| (4.1 | ) | (4.1 | ) | (8.2 | ) | (8.2 | ) |
Core net income attributable to common shareholders |
| F |
| 28.0 |
| 23.7 |
| 59.9 |
| 48.7 |
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Average tangible common equity |
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Average shareholders’ equity |
| G |
| 799.5 |
| 779.7 |
| 785.8 |
| 817.8 |
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Less: average goodwill and intangible assets |
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| (66.4 | ) | (56.0 | ) | (54.1 | ) | (56.0 | ) |
Average tangible total equity |
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| 733.0 |
| 723.7 |
| 731.7 |
| 761.8 |
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Less: average preference shareholders’ equity |
| H |
| (182.9 | ) | (182.9 | ) | (182.9 | ) | (182.9 | ) |
Average tangible common equity |
| I |
| 550.2 |
| 540.8 |
| 548.8 |
| 578.9 |
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Return on equity (1) |
| (A+E)/(G+H) |
| 16.7 | % | 12.9 | % | 16.1 | % | 13.7 | % |
Core return on average tangible common equity (1) |
| F/I |
| 20.1 | % | 17.6 | % | 21.9 | % | 17.0 | % |
(1)Annualized for periods less than one year.