NYSE : NTB
The Bank of N.T. Butterfield & Son Limited — Financial statements
Financials · Banks - Diversified · Bermuda
Last price 56.15 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.22B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest Income on Loans | 259.96M | 277.36M | 304.11M | 317.36M | 249.39M | 221.54M |
| Interest Income on Investments | 285.10M | 279.75M | 281.61M | 228.27M | 148.99M | 103.35M |
| Total Interest Income | 545.06M | 557.11M | 585.72M | 545.63M | 398.38M | 324.90M |
| Interest Paid on Deposits | 166.02M | 189.13M | 227.00M | 170.50M | 45.18M | 15.49M |
| Interest Paid on Borrowings | 352.00K | 3.90M | 7.51M | 8.17M | 9.62M | 9.60M |
| Total Interest Expense | 166.37M | 193.03M | 234.51M | 178.67M | 54.80M | 25.09M |
| Net Interest Income | 378.69M | 364.08M | 351.20M | 366.96M | 343.58M | 299.81M |
| Trust Income | 129.59M | 118.90M | 111.47M | 103.56M | 95.67M | 97.96M |
| Gain (Loss) on Sale of Investments | 29.00K | -5.00K | 746.00K | |||
| Gain (Loss) on Sale of Equity Investments | 200.00K | 200.00K | -300.00K | -200.00K | 100.00K | |
| Other Non-Interest Income | 128.54M | 123.83M | 119.17M | 112.75M | 112.00M | 98.00M |
| Total Non-Interest Income | 258.32M | 242.93M | 230.39M | 216.09M | 208.11M | 196.75M |
| Revenues Before Loan Losses | 637.01M | 607.01M | 581.60M | 583.05M | 551.69M | 496.55M |
| Provision for Loan Losses | 3.13M | 217.00K | 1.66M | 4.45M | 2.40M | -3.13M |
| Revenue | 633.88M | 606.79M | 579.93M | 578.60M | 549.30M | 499.68M |
| Salaries and Employee Benefits | 164.45M | 160.34M | 155.45M | 155.12M | 151.89M | 148.55M |
| Occupancy Expenses | 32.21M | 34.13M | 34.08M | 31.37M | 31.44M | 30.86M |
| Amortization of Goodwill & Intangibles | 9.07M | 8.00M | 8.01M | 5.73M | 5.68M | 6.01M |
| Selling, General & Administrative | 137.73M | 115.95M | 116.28M | 110.30M | 99.81M | 104.95M |
| Other Non-Interest Expense | 45.94M | 44.80M | 43.77M | 42.22M | 41.77M | 42.01M |
| Total Non-Interest Expense | 389.39M | 363.23M | 357.59M | 344.74M | 330.60M | 332.39M |
| EBT Excluding Unusual Items | 244.49M | 243.57M | 222.35M | 233.86M | 218.70M | 167.29M |
| Other Unusual Items | -5.60M | -5.60M | -1.50M | -1.00M | ||
| Pretax Income | 241.09M | 237.97M | 220.85M | 226.26M | 217.70M | 165.79M |
| Income Tax Expense | 6.78M | 6.02M | 4.53M | 767.00K | 3.68M | 3.12M |
| Net Income | 234.31M | 231.94M | 216.32M | 225.49M | 214.02M | 162.67M |
| Net Income to Common | 234.31M | 231.94M | 216.32M | 225.49M | 214.02M | 162.67M |
| Basic Shares Outstanding | 39.74M | 41.32M | 45.08M | 48.80M | 49.59M | 49.53M |
| Diluted Shares Outstanding | 40.85M | 42.42M | 45.90M | 49.28M | 49.86M | 49.88M |
| EPS (Basic) | 5.90 | 5.61 | 4.80 | 4.62 | 4.32 | 3.28 |
| EPS (Diluted) | 5.75 | 5.47 | 4.71 | 4.58 | 4.29 | 3.26 |
| Dividend Per Share | 2.00 | 1.88 | 1.76 | 1.76 | 1.76 | 1.76 |
| Effective Tax Rate | 2.81% | 2.53% | 2.05% | 0.34% | 1.69% | 1.88% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.49B | 2.03B | 2.41B | 2.29B | 2.49B | 3.00B |
| Investment Securities | 7.69B | 7.03B | 6.57B | 5.72B | 6.23B | 6.64B |
| Trading Asset Securities | 27.93M | 1.06M | 35.48M | 2.34M | 6.51M | 8.12M |
| Mortgage-Backed Securities | 11.69M | 13.78M | 15.36M | 17.13M | 19.00M | 27.34M |
| Total Investments | 7.73B | 7.04B | 6.62B | 5.74B | 6.25B | 6.68B |
| Gross Loans | 4.40B | 4.41B | 4.50B | 4.77B | 5.12B | 5.27B |
| Allowance for Loan Losses | -26.99M | -25.38M | -25.71M | -25.76M | -24.96M | -28.07M |
| Net Loans | 4.38B | 4.38B | 4.47B | 4.75B | 5.10B | 5.24B |
| Property, Plant & Equipment | 198.65M | 191.98M | 187.19M | 186.08M | 165.97M | 171.38M |
| Goodwill | 27.30M | 25.39M | 23.62M | 24.11M | 22.89M | 25.36M |
| Other Intangible Assets | 88.91M | 66.02M | 67.93M | 76.53M | 65.28M | 67.58M |
| Accrued Interest Receivable | 10.60M | 11.10M | 8.00M | 23.10M | 16.60M | 7.60M |
| Restricted Cash | 48.18M | 67.75M | 90.43M | 25.61M | 15.76M | 23.66M |
| Long-Term Deferred Tax Assets | 997.00K | 2.55M | 3.20M | 1.93M | 2.67M | |
| Other Real Estate Owned & Foreclosed | 450.00K | 800.00K | 691.00K | |||
| Other Long-Term Assets | 297.63M | 274.31M | 340.27M | 263.86M | 177.78M | 120.31M |
| Total Assets | 14.27B | 14.09B | 14.23B | 13.37B | 14.31B | 15.34B |
| Interest Bearing Deposits | 10.52B | 10.00B | 10.06B | 5.69B | 6.91B | 8.17B |
| Institutional Deposits | 3.64B | 3.04B | 2.88B | |||
| Non-Interest Bearing Deposits | 2.37B | 2.70B | 2.69B | 2.66B | 3.04B | 2.82B |
| Total Deposits | 12.90B | 12.70B | 12.75B | 11.99B | 12.99B | 13.87B |
| Short-Term Borrowings | 616.00K | 5.27M | 94.60M | 13.97M | 6.25M | 3.42M |
| Current Portion of Leases | 5.25M | |||||
| Accrued Interest Payable | 131.17M | 126.52M | 152.16M | 149.55M | 146.65M | 147.16M |
| Long-Term Debt | 98.72M | 98.49M | 172.29M | 171.88M | ||
| Long-Term Leases | 38.00M | 33.48M | 35.60M | 33.01M | 32.97M | 38.79M |
| Pension & Post-Retirement Benefits | 84.24M | 84.47M | 83.59M | 88.69M | 92.02M | 126.23M |
| Total Liabilities | 13.15B | 12.95B | 13.21B | 12.37B | 13.44B | 14.36B |
| Common Stock | 396.00K | 399.00K | 435.00K | 475.00K | 503.00K | 499.00K |
| Additional Paid-In Capital | 844.95M | 851.22M | 916.39M | 988.90M | 1.03B | 1.02B |
| Retained Earnings | 570.66M | 494.38M | 422.46M | 342.52M | 229.73M | 104.33M |
| Treasury Stock | -23.06M | -18.10M | -20.60M | -20.06M | ||
| Comprehensive Income & Other | -298.21M | -204.16M | -295.42M | -310.20M | -377.45M | -124.92M |
| Total Common Equity | 1.12B | 1.14B | 1.02B | 1.00B | 864.82M | 977.49M |
| Shareholders' Equity | 1.12B | 1.14B | 1.02B | 1.00B | 864.82M | 977.49M |
| Total Liabilities & Equity | 14.27B | 14.09B | 14.23B | 13.37B | 14.31B | 15.34B |
| Total Debt | 38.62M | 43.99M | 228.93M | 145.47M | 211.51M | 214.09M |
| Net Cash (Debt) | 3.08B | 3.08B | 3.43B | 2.33B | 2.35B | 2.89B |
| Net Cash Per Share | 75.28 | 72.70 | 74.62 | 47.28 | 47.06 | 57.91 |
| Filing Date Shares Outstanding | 39.55M | 39.95M | 42.92M | 46.91M | 49.66M | 49.29M |
| Total Common Shares Outstanding | 39.55M | 39.95M | 42.92M | 46.91M | 49.66M | 49.29M |
| Book Value Per Share | 28.26 | 28.58 | 23.78 | 21.39 | 17.42 | 19.83 |
| Tangible Book Value | 1.00B | 1.05B | 929.27M | 902.96M | 776.64M | 884.56M |
| Tangible Book Value Per Share | 25.32 | 26.30 | 21.65 | 19.25 | 15.64 | 17.95 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 234.31M | 231.94M | 216.32M | 225.49M | 214.02M | 162.67M |
| Depreciation & Amortization | 36.13M | 36.82M | 42.16M | 36.21M | 40.18M | 69.46M |
| Gain (Loss) on Sale of Assets | -50.00K | 40.00K | -448.00K | 53.00K | ||
| Gain (Loss) on Sale of Investments | 10.00K | -221.00K | 334.00K | 415.00K | -34.00K | 7.21M |
| Provision for Credit Losses | 3.13M | 217.00K | 1.66M | 4.45M | 2.40M | -3.13M |
| Accrued Interest Receivable | -45.36M | 15.28M | -10.01M | 4.62M | -54.02M | 13.29M |
| Change in Other Net Operating Assets | -4.10M | -26.79M | -6.11M | 1.90M | -65.00K | -13.80M |
| Other Operating Activities | 55.00K | 60.00K | 135.00K | 6.34M | 169.00K | 442.00K |
| Operating Cash Flow | 247.03M | 279.56M | 265.43M | 300.29M | 219.27M | 251.35M |
| Capital Expenditures | -23.49M | -24.75M | -21.05M | -26.93M | -26.88M | -15.72M |
| Cash Acquisitions | -41.14M | |||||
| Investment in Securities | -595.35M | -99.85M | -797.05M | 278.13M | 407.18M | -1.80B |
| Purchase / Sale of Intangibles | -481.00K | -27.34M | ||||
| Net Decrease (Increase) in Loans Originated / Sold - Investing | 62.26M | 226.96M | 236.97M | 457.30M | -90.19M | -99.01M |
| Investing Cash Flow | -597.71M | 102.36M | -581.02M | 681.80M | 292.02M | -1.91B |
| Short-Term Debt Issued | 97.33M | |||||
| Total Debt Issued | 97.33M | |||||
| Short-Term Debt Repaid | -90.03M | |||||
| Long-Term Debt Repaid | -100.00M | -75.00M | ||||
| Total Debt Repaid | -1.94M | -190.03M | -75.00M | |||
| Net Debt Issued (Repaid) | -1.94M | -190.03M | 97.33M | -75.00M | ||
| Repurchase of Common Stock | -88.10M | -146.69M | -155.31M | -88.59M | -3.90M | -19.75M |
| Common Dividends Paid | -79.61M | -77.72M | -79.58M | -86.19M | -87.34M | -87.28M |
| Total Dividends Paid | -79.61M | -77.72M | -79.58M | -86.19M | -87.34M | -87.28M |
| Net Increase (Decrease) in Deposit Accounts | 247.78M | -331.20M | 873.12M | -1.20B | -415.57M | 642.82M |
| Financing Cash Flow | 78.13M | -745.64M | 735.56M | -1.45B | -506.81M | 535.78M |
| Foreign Exchange Rate Adjustments | -717.00K | 51.86M | -3.69M | 21.55M | -91.44M | 7.54M |
| Net Cash Flow | -273.28M | -311.86M | 416.28M | -444.29M | -86.95M | -1.11B |
| Free Cash Flow | 223.53M | 254.81M | 244.38M | 273.36M | 192.40M | 235.62M |
| Free Cash Flow Margin | 35.26% | 41.99% | 42.14% | 47.24% | 35.03% | 47.16% |
| Free Cash Flow Per Share | 5.47 | 6.01 | 5.32 | 5.55 | 3.86 | 4.72 |
| Cash Interest Paid | 203.16M | 203.16M | 235.51M | 162.39M | 48.64M | 24.46M |
| Cash Income Tax Paid | 4.01M | 4.01M | 2.23M | 1.93M | 4.82M | 463.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.22B | 2.02B | 1.61B | 1.54B | 1.48B | 1.89B |
| Last Close Price | 56.15 | 48.52 | 34.05 | 28.32 | 24.78 | 30.03 |
| PE Ratio | 9.77 | 8.72 | 7.46 | 6.82 | 6.91 | 11.59 |
| PS Ratio | 3.50 | 3.33 | 2.78 | 2.66 | 2.69 | 3.77 |
| PB Ratio | 1.99 | 1.77 | 1.58 | 1.53 | 1.71 | 1.93 |
| P/FCF Ratio | 9.94 | 7.93 | 6.61 | 5.63 | 7.69 | 8.00 |
| P/OCF Ratio | 8.99 | 7.23 | 6.08 | 5.12 | 6.75 | 7.50 |
| Debt / Equity Ratio | 0.04 | 0.04 | 0.22 | 0.14 | 0.24 | 0.22 |
| Debt / FCF Ratio | 0.17 | 0.17 | 0.94 | 0.53 | 1.10 | 0.91 |
| Net Debt / Equity Ratio | -2.75 | -2.70 | -3.35 | -2.32 | -2.71 | -2.96 |
| Net Debt / FCF Ratio | -13.76 | -12.10 | -14.02 | -8.52 | -12.20 | -12.26 |
| Return on Equity (ROE) | 21.07% | 21.45% | 21.37% | 24.14% | 23.23% | 16.60% |
| Return on Assets (ROA) | 1.65% | 1.64% | 1.57% | 1.63% | 1.44% | 1.08% |
| Earnings Yield | 10.24% | 11.47% | 13.40% | 14.65% | 14.46% | 8.62% |
| FCF Yield | 10.06% | 12.60% | 15.14% | 17.77% | 13.00% | 12.49% |
| Dividend Yield | 3.56% | 3.72% | 4.68% | 5.37% | 5.91% | 4.60% |
| Payout Ratio | 34.80% | 33.51% | 36.79% | 38.22% | 40.81% | 53.66% |
| Buyback Yield / Dilution | 5.44% | 7.59% | 6.86% | 1.17% | 0.03% | 1.92% |
| Total Shareholder Return | 9.00% | 11.30% | 11.53% | 6.54% | 5.94% | 6.52% |