$Bank of N.T Butterfield & Son (NTB.US)$ 🎯 2024.3.14 Curren...

New data: In 23Q4, revenue shrank by 2.4%, mainly due to a decrease in net interest income. Combined with an increase in non-interest expenses, profit before tax shrank by 17.4% and after tax by 15.2%.

In 2023, revenue increased 5.33%, and net profit increased 5.4%.

The balance sheet shows that customer deposits have been declining for the past two years, falling nearly 2 billion from $13.87 billion in 2021 to $11.987 billion. This is not a good sign. The asset side is basically long-term loans and investments. Cash and short-term investments are only 4.7 billion. Liquidity is poor, and it is easy to cause crowding out problems.

Currently, the price-earnings ratio is 6.55 and the dividend rate is 5.9%. The valuation is not very high. Keep watching.