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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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 551.62 | 583.22 | 581.98 | 606.81 |
| Pretax Income | 217.70 | 226.26 | 220.85 | 237.97 |
| Tax Provision | 3.68 | 0.77 | 4.53 | 6.02 |
| Net Income | 214.02 | 225.49 | 216.32 | 231.94 |
| Net Income Common Stockholders | 214.02 | 225.49 | 216.32 | 231.94 |
| Interest Expense | 54.80 | 178.67 | 234.51 | 193.03 |
| Interest Income | 398.38 | 545.63 | 585.72 | 557.11 |
| Selling General And Administration | 176.75 | 188.09 | 183.75 | 192.34 |
| Normalized Income | 213.58 | 225.53 | 216.27 | 231.94 |
| Basic EPS | 4.32 | 4.62 | 4.80 | 5.61 |
| Diluted EPS | 4.29 | 4.58 | 4.71 | 5.47 |
| Tax Effect Of Unusual Items | 0.01 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.02 | 0 | 0.02 | 0.03 |
| Total Unusual Items | 0.45 | -0.04 | 0.05 | 0 |
| Total Unusual Items Excluding Goodwill | 0.45 | -0.04 | 0.05 | 0 |
| Net Income From Continuing Operation Net Minority Interest | 214.02 | 225.49 | 216.32 | 231.94 |
| Reconciled Depreciation | 40.18 | 36.21 | 42.16 | 36.82 |
| Net Interest Income | 343.58 | 366.96 | 351.20 | 364.08 |
| Net Income From Continuing And Discontinued Operation | 214.02 | 225.49 | 216.32 | 231.94 |
| Diluted Average Shares | 49.86 | 49.28 | 45.90 | 42.42 |
| Basic Average Shares | 49.54 | 48.81 | 45.06 | 41.34 |
| Diluted NI Availto Com Stockholders | 214.02 | 225.49 | 216.32 | 231.94 |
| Net Income Including Noncontrolling Interests | 214.02 | 225.49 | 216.32 | 231.94 |
| Net Income Continuous Operations | 214.02 | 225.49 | 216.32 | 231.94 |
| Other Non Operating Income Expenses | 0 | 0 | 0 | 0 |
| Special Income Charges | -1.10 | 0 | 0 | 0 |
| Other Special Charges | 1.10 | 0 | 0 | 0 |
| Gain On Sale Of Security | -0.01 | 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 |
| Amortization | 5.68 | 5.73 | 8.01 | 8 |
| Amortization Of Intangibles Income Statement | 5.68 | 5.73 | 8.01 | 8 |
| Selling And Marketing Expense | 6.36 | 6.46 | 6.53 | 6.80 |
| General And Administrative Expense | 170.39 | 181.64 | 177.22 | 185.53 |
| Other Gand A | 4.40 | 0 | 0 | 0 |
| Insurance And Claims | 4.20 | 3.70 | 3.20 | 2.90 |
| Salaries And Wages | 166.19 | 177.94 | 174.02 | 182.63 |
| Operating Revenue | 551.62 | 583.22 | 581.98 | 606.81 |
| 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 | $2.2B | 9.46↓ discount | 1.91 | 20.3% | - |
| The Baldwin Insurance Group, Inc. | BWIN | $2.3B | - | 2.79 | -3.1% | 20.43 |
| First Busey Corporation | BUSE | $2.2B | 10.60 | 0.91 | 5.5% | - |
| Slide Insurance Holdings, Inc. | SLDE | $2.1B | 5.06 | 2.05 | 39.9% | 1.96 |
| Enterprise Financial Services Corp |
| EFSC |
| $2.1B |
| 10.86 |
| 1.08 |
| 9.9% |
| - |
| Pathward Financial, Inc. | CASH | $2.1B | 10.10 | 2.19 | 21.7% | - |
| Kemper Corporation | KMPR | $2.0B | 13.47 | 0.72 | 5.3% | - |
| OFG Bancorp | OFG | $2.0B | 9.38 | 1.38 | 14.8% | - |
| Skyward Specialty Insurance Group, Inc. | SKWD | $2.0B | 11.00 | 1.80 | 16.8% | 6.94 |
| Peer Median | - | 10.60 | 1.59 | 12.3% | 6.94 | |