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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. The company offers retail and corporate checking, savings, and term deposits. It also provides lending products and services, including residential mortgage lending, automobile lending, credit cards, consumer financing, overdraft facilities to retail customers, commercial real estate lending, and commercial and industrial loans. In addition, the company offers cash and liquidity management, foreign exchange, custody administration, and settlement services. Further, it provides personal and business deposit services, residential and commercial mortgages, small and medium-sized enterprise and corporate loans, credit and debit cards, merchant acquiring, and mobile and internet banking services; and treasury services, wealth management, and fiduciary services. Additionally, the company offers discretionary investment management, managed portfolio services, money market, and mutual fund offerings, as well as advisory and self-directed brokerage options. It operates through offices in the Cayman Islands, Guernsey, Jersey, the United Kingdom, The Bahamas, Hong Kong, Switzerland, Singapore, Mauritius, and Canada, as well as Bermuda. The Bank of N.T. Butterfield & Son Limited was founded in 1784 and is headquartered in Hamilton, Bermuda.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $607M | - | $232M | $255M | 20.3% | 4.3% | 7.2% |
| 2024 | $582M | - | $216M | $244M | 21.2% | -0.2% | -4.1% |
| 2023 | $583M | - | $225M | $246M | 22.5% | 5.7% | 5.4% |
| 2022 | $552M | - | $214M | $192M | 24.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 551.62 | 583.22 | 581.98 | 606.81 |
| Operating Revenue | - | 551.62 | 583.22 | 581.98 | 606.81 |
| Selling General And Administration | - | 176.75 | 188.10 | 183.75 | 192.34 |
| Interest Income | - | 398.38 | 545.63 | 585.72 | 557.11 |
| Interest Expense | - | 54.80 | 178.67 | 234.51 | 193.03 |
| Net Interest Income | - | 343.58 | 366.96 | 351.20 | 364.08 |
| Other Non Operating Income Expenses | -1.15 | - | - | - | - |
| Pretax Income | - | 217.70 | 226.26 | 220.85 | 237.97 |
| Tax Provision | - | 3.68 | 0.77 | 4.53 | 6.02 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.01 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 214.02 | 225.49 | 216.32 | 231.94 |
| Net Income From Continuing And Discontinued Operation | - | 214.02 | 225.49 | 216.32 | 231.94 |
| Net Income From Continuing Operation Net Minority Interest | - | 214.02 | 225.49 | 216.32 | 231.94 |
| Net Income | - | 214.02 | 225.49 | 216.32 | 231.94 |
| Net Income Common Stockholders | - | 214.02 | 225.49 | 216.32 | 231.94 |
| Net Income Including Noncontrolling Interests | - | 214.02 | 225.49 | 216.32 | 231.94 |
| Normalized Income | - | 213.58 | 225.53 | 216.27 | 231.94 |
| Diluted NI Availto Com Stockholders | - | 214.02 | 225.49 | 216.32 | 231.94 |
| Basic Average Shares | - | 49.54 | 48.81 | 45.06 | 41.34 |
| Diluted Average Shares | - | 49.86 | 49.28 | 45.90 | 42.42 |
| Reconciled Depreciation | - | 40.18 | 36.21 | 42.16 | 36.82 |
| Total Unusual Items | - | 0.45 | -0.04 | 0.05 | 0 |
| Total Unusual Items Excluding Goodwill | - | 0.45 | -0.04 | 0.05 | 0 |
| Special Income Charges | -1.10 | -1.10 | - | - | - |
| Other Special Charges | 1.10 | 1.10 | - | - | - |
| Gain On Sale Of Security | - | 0 | 0.03 | 0 | 0 |
| Depreciation Amortization Depletion Income Statement | - | 5.68 | 5.73 | 8.01 | 8 |
| Depreciation And Amortization In Income Statement | - | 5.68 | 5.73 | 8.01 | 8 |
| General And Administrative Expense | - | 170.39 | 181.64 | 177.22 | 185.54 |
| Other Gand A | 63.84 | 4.40 | - | - | - |
| Salaries And Wages | - | 166.19 | 177.94 | 174.02 | 182.64 |
| Insurance And Claims | - | 4.20 | 3.70 | 3.20 | 2.90 |
| Selling And Marketing Expense | - | 6.36 | 6.46 | 6.53 | 6.80 |
| Amortization | - | 5.68 | 5.73 | 8.01 | 8 |
| Amortization Of Intangibles Income Statement | - | 5.68 | 5.73 | 8.01 | 8 |
| Occupancy And Equipment | - | 31.44 | 31.37 | 34.08 | 34.13 |
| Professional Expense And Contract Services Expense | - | 19.64 | 21.06 | 22.69 | 21.90 |
| Other Non Interest Expense | - | 98.10 | 106.03 | 110.56 | 112.34 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| The Bank of N.T. Butterfield & Son Limitedthis co. | NTB | $2.3B | 9.83↓ discount | 2.00 | 20.3% | - |
| First Merchants Corporation | FRME | $2.5B | 11.18 | 1.04 | 9.3% | - |
| First Busey Corporation | BUSE | $2.3B | 17.16 | 0.94 | 5.5% | - |
| Enterprise Financial Services Corp | EFSC | $2.2B | 11.09 | 1.14 | 10.2% | - |
| Stock Yards Bancorp, Inc. |
| 2021 | - | - | - | - | - | - | - |
| SYBT |
| $2.1B |
| 15.11 |
| 1.97 |
| 13.0% |
| - |
| Columbia Financial, Inc. | CLBK | $2.1B | 40.70 | 1.82 | 4.5% | - |
| Banco Latinoamericano de Comercio Exterior, S. A. | BLX | $2.1B | 9.17 | 1.24 | 13.5% | - |
| Northwest Bancshares, Inc. | NWBI | $2.1B | 16.45 | 1.10 | 6.7% | - |
| LendingClub Corporation | LC | $2.0B | 14.94 | 1.35 | 9.0% | - |
| Peer Median | - | 15.02 | 1.19 | 9.1% | - | |