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NTB

The Bank of N.T. Butterfield & Son Limited

NTB

The Bank of N.T. Butterfield & Son Limited • NYSE
$46.44 ▼ -0.15% (-0.07)
Market Cap $1.96 B
52w High $46.92
52w Low $34.77
Dividend Yield 1.88%
P/E 8.83
Volume 56.47K
Outstanding Shares 42.13M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 ▼ $0 ▼ $61.1M ▲ 0% ▼ $1.47 ▲ $0 ▼
Q2-2025 $198M ▼ $91.751M ▼ $53.325M ▼ 26.932% ▼ $1.28 ▲ $62.158M ▼
Q1-2025 $198.467M ▼ $93.218M ▲ $53.764M ▼ 27.09% ▼ $1.26 ▼ $67.512M ▼
Q4-2024 $209.204M ▲ $91.034M ▲ $59.578M ▲ 28.478% ▲ $1.37 ▲ $69.29M ▲
Q3-2024 $205.959M $88.766M $52.716M 25.595% $1.18 $67.942M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $4.8B ▲ $14.185B ▲ $13.116B ▲ $1.069B ▲
Q1-2025 $4.094B ▼ $14.02B ▼ $12.962B ▼ $1.058B ▲
Q4-2024 $4.667B ▼ $14.231B ▼ $13.211B ▼ $1.021B ▼
Q3-2024 $4.8B ▲ $14.373B ▲ $13.309B ▲ $1.064B ▲
Q2-2024 $2.939B $13.939B $12.94B $999M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $53.325M ▼ $100.735M ▲ $-591.822M ▼ $-191.972M ▲ $-638.367M ▼ $93.736M ▲
Q1-2025 $53.764M ▼ $62.82M ▲ $410.536M ▲ $-391.637M ▼ $97.565M ▲ $55.418M ▲
Q4-2024 $59.578M ▲ $36.434M ▼ $-184.77M ▲ $217.279M ▲ $-18.979M ▲ $28.294M ▼
Q3-2024 $52.716M ▲ $112.74M ▲ $-531.069M ▼ $23.125M ▼ $-308.92M ▼ $106.126M ▲
Q2-2024 $50.591M $87.995M $189.048M $362.979M $642.198M $83.316M

Five-Year Company Overview

Income Statement

Income Statement Earnings have trended steadily upward over the past five years, with a clear step-up in revenue and profit in the most recent year. Profitability looks solid: the bank is keeping a healthy share of its revenue as operating profit and net income, and earnings per share have climbed consistently since 2020. This points to a combination of stable business volume, disciplined cost control, and a good handle on credit and risk. Overall, the income statement shows a mature, profitable bank with improving earnings power rather than a volatile growth story.

Balance Sheet

Balance Sheet The balance sheet looks conservative and steady. Total assets have moved within a relatively narrow band over the period, suggesting a stable franchise rather than rapid expansion. Cash levels remain strong for a bank of this size, even though they are a bit lower than a few years ago. Debt is modest compared with total assets, and equity has been slowly building, indicating retained profits and a comfortable capital cushion. In simple terms, the bank appears well-capitalized, with low reliance on borrowing and a balance sheet that reflects prudence over aggressiveness.

Cash Flow

Cash Flow Cash generation from the core business has been consistently positive and has gradually improved. The bank spends modestly on capital investments, keeping these outlays well below the cash it generates from operations. As a result, free cash flow is solid and has grown over time. This pattern suggests a business that doesn’t need heavy reinvestment to maintain or slightly expand operations, leaving room for ongoing dividends or other capital returns, while still preserving financial flexibility.

Competitive Edge

Competitive Edge NTB operates from a position of strength in its core offshore markets, especially Bermuda and the Cayman Islands, where it enjoys a long history and a quasi-duopoly structure. Its brand, local relationships, and regulatory expertise create meaningful barriers to entry for newcomers. The mix of community banking, trust services, and high-touch wealth management gives the bank a diversified revenue base within these niche markets. The flip side is concentration risk: NTB remains heavily tied to a small set of jurisdictions and to the health of the offshore wealth and corporate services ecosystem, rather than being broadly global like the largest banks.

Innovation and R&D

Innovation and R&D Innovation at NTB is deliberate and incremental rather than disruptive. The bank has refreshed its online and mobile platforms to meet modern expectations and offers digital tools for both retail and corporate clients, but there is little evidence of aggressive investment in advanced technologies such as artificial intelligence or data-driven personalization. Its main differentiators still lie in human-centered services—dedicated private bankers, bespoke trust work, and exclusive partnerships in areas like art and health services. This approach supports its premium positioning but carries some risk of falling behind the fastest-moving digital competitors if client expectations continue to shift toward more advanced online experiences.

Summary

Overall, NTB looks like a conservative, well-established offshore bank built on stability, strong relationships, and a protected niche rather than rapid expansion or technological disruption. Financially, it shows steady revenue growth, solid profitability, and reliable cash generation, backed by a cautious balance sheet and modest leverage. Its entrenched position in key offshore markets and focus on high-touch wealth and trust services underpin a durable competitive moat. Key watch points include its geographic and business concentration, evolving regulatory scrutiny of offshore centers, and the pace at which it enhances its digital capabilities to keep its affluent and international clients satisfied.

NEWS

October 28, 2025 · 4:30 PM UTC

Butterfield Reports Third Quarter 2025 Results

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October 13, 2025 · 4:30 PM UTC

Butterfield to Announce Third Quarter 2025 Financial Results on October 28, 2025 and Host Earnings Conference Call on October 29, 2025

Read more