📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

The Bank of N.T. Butterfield & Son Limited provides a range of community, commercial, and private banking services to individuals and small to medium-sized businesses.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

See full financials →

📊 Quick Scorecard

Loading…

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management used language like 'I am encouraged by our strong second quarter results,' 'high-quality financial results,' and 'sustainable profitability,' while providing specific metrics such as core EPS of $1.26 and ROATCE of 22.3%.

Q3 2025

Confident Specific

Management uses positive language ('strong quarter', 'pleased') and provides specific metrics (core ROATCE 25.5%, NIM up 9 bps to 2.73%, core EPS $1.51).

Q4 2025

Confident Specific

Management repeatedly used specific numbers and milestones ('core net income per share growing 17.4% to $5.60', 'core return on average tangible common equity of 24.2%', 'total combined payout ratio of 97%') and provided clear forward guidance on expenses ($90-$92 million). Language was direct and forward-looking, with phrases like 'disciplined execution' and 'strong financial results'.

Q1 2026 latest

Confident Specific

Management uses precise figures (net income $62.6M, core EPS $1.55, NIM 2.75%, 24.1% ROTCE) and gives specific outlook (NIM 'broadly stable with slight positive bias', costs $90-92M without deal). They lead with 'strong start to the year' and emphasize disciplined execution, but also acknowledge headwinds like lower Treasury yields and deposit competition.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is slightly stronger after this call. Q1 results showed a solid NIM expansion, cost control, and continued capital return. The successful closing of the Rawlinson & Hunter acquisition adds scale in trust, a capital-light fee business, and should gradually lift the fee income ratio. However, credit quality warrants watching: the uptick in non-performing London mortgages, though well-collateralized, could persist if market liquidity remains thin. Loan growth is not a near-term driver, but deposit stability and asset repricing provide margin support. Next quarter, focus on R&H integration costs, fee income accretion, and whether London NPLs normalize. The disciplined M&A pipeline and high shareholder yield remain key attractions.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Butterfield Q1 2026 net income $62.6M, core EPS $1.55, NIM 2.75%.

Revenue & Profitability

Q1 2026 net income was $62.6 million and core net income was $63.2 million. Core earnings per share were $1.55, and core return on average tangible common equity was 24.1%. Net interest margin increased six basis points to 2.75%, driven by lower deposit costs and higher investment yields.

Outlook

Management sees robust demand across core businesses. For Bermuda, real GDP growth is estimated at 3% in 2025, while Cayman growth is expected to moderate to around 2% in 2026. A higher-for-longer rate environment is viewed as constructive, and net interest margin is expected to be broadly stable with a slight positive bias for the remainder of the year.

Growth Drivers

Key growth levers include targeted acquisitions, such as the closed acquisition of Rawlinson & Hunter Guernsey, which adds about GBP 8-10 million in annual fee income. Organic loan growth is occurring in Jersey and Cayman residential mortgages. The private trust business is expanding, with assets under administration reaching $146 billion.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Core non-interest expenses decreased in Q1 due to lower professional and technology costs, partially offset by higher payroll taxes from annual share-based compensation vesting. Core expenses are expected to be in the $90-92 million per quarter range without the new acquisition. The efficiency ratio target is 60% through the cycle.

Key Risks

Risks flagged include elevated non-performing loans in the prime central London mortgage book due to temporary liquidity issues, though these are well-secured with low loan-to-value ratios. Other risks include potential deposit outflows, foreign exchange translation from a weakening pound sterling, and changes in central bank interest rate policies affecting net interest margin.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

🔍

🔎 See cross-company document search → ?

📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-28

Q2 2026 saw strong earnings growth, stable margins, and robust asset quality, with core net income of $63.9M and a 25% core ROATCE. The CIBC Caribbean acquisition is on track, expanding scale and market reach, while capital build and integration efforts remain a priority.

Q1 2026 Q1 2026 2026-04-29

Q1 2026 saw strong earnings, stable margins, and robust demand across core businesses. The Rawlinson & Hunter Guernsey acquisition closed, boosting trust assets and fee income, while disciplined cost and capital management continued.

Q4 2025 Q4 2025 2026-02-10

Core net income per share rose 17.4% year-over-year, with strong non-interest income growth and disciplined expense management. Shareholder returns were boosted by increased dividends and share repurchases, while trust and FX businesses outperformed, aided by successful M&A integration.

Q3 2025 Q3 2025 2025-10-29

Strong Q3 results driven by higher net interest and non-interest income, improved efficiency, and disciplined capital management. Asset quality remains robust, with stable margins and positive outlook for fee income and expense control.

Q2 2025 Q2 2025 2025-07-29

Strong Q2 2025 results featured robust net income, stable margins, and increased capital returns. Growth in trust and retail banking offset seasonal fee declines, while capital strategy shifted toward higher dividends and disciplined M&A.

📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

🎯

Discover Our Proven Investment Framework Learn how we analyze and rank stocks using advanced quantitative models, multi-dimensional scoring systems, and dynamic discriminatory ranking techniques that have guided successful investment decisions across market cycles.

📊 Explore The Finmagine™ Methodology

A comprehensive, bias-free framework for analyzing and ranking stocks by Financial Strength, Growth Potential, Competitive Edge, Management Quality, and Value.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Not SEC-Registered:
Finmagine is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) or any state securities authority. Nothing on this platform constitutes investment advice as defined under the Investment Advisers Act of 1940.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
This analysis may contain forward-looking statements, forecasts, or projections that are inherently subject to risks, uncertainties, and assumptions. Actual results may differ materially from those expressed or implied. Finmagine does not undertake any obligation to update such statements in the future.

Limitation of Liability:
The content is provided "as is" without any warranties, express or implied. Finmagine expressly disclaims any liability for errors, omissions, or any losses incurred as a result of reliance on the information provided. Readers assume full responsibility for their investment decisions.