The Bank of N.T. Butterfield & Son Limited
- Open
- 59.74
- Day high
- 60.84
- Day low
- 59.22
- Prev close
- 59.50
- Volume
- 57K
- Mkt cap
- $2.4B
- P/E (TTM)
- 10.3
- EPS (TTM)
- $5.93
- P/B
- 2.1
- P/S
- 3.2
- Yield
- 3.29%
- Per share
- $2.00
- ▼Insiders net selling -$1.8M over the last 3 months (1 open-market buy, 2 sales)
- 🏛Institutions accumulating (13F)
The Bank of N.T. Butterfield & Son Limited (NTB) is a Financial Services company listed on NYSE. The stock is up 31% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 2 sales (SEC Form 4).
The Bank of N.T. Butterfield & Son Limited (NTB) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NTB earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $1.40 | $1.55 | +10.7% | $155M | +2.9% |
| Oct 28, 2025 | $1.30 | $1.51 | +16.2% | $153M | -0.1% |
| Apr 23, 2025 | $1.03 | $1.30 | +26.2% | $148M | +4.8% |
| Oct 22, 2024 | $1.14 | $1.16 | +1.8% | $206M | +43.6% |
| Jul 22, 2024 | $1.05 | $1.09 | +3.8% | $143M | +0.4% |
| Feb 12, 2024 | $1.11 | $1.11 | +0.0% | $147M | +3.7% |
| Feb 13, 2023 | $1.15 | $1.26 | +9.6% | $150M | +4.8% |
| Oct 31, 2022 | $1.11 | $1.15 | +3.6% | $141M | +0.1% |
| Jul 25, 2022 | $0.93 | $0.99 | +6.5% | $134M | +2.3% |
| May 2, 2022 | $0.79 | $0.89 | +12.7% | $127M | +1.8% |
| Feb 14, 2022 | $0.81 | $0.84 | +3.7% | $126M | +0.7% |
| Apr 28, 2021 | $0.77 | $0.83 | +7.8% | $122M | +6.2% |
NTB insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 16, 2026 | Collins Michael Wofficer: Chief Executive Officer | Sell | 20,000 | $58.75 |
| Jun 16, 2026 | Collins Michael Wofficer: Chief Executive Officer | Sell | 20,621 | $58.77 |
| Jun 2, 2026 | Lynch Mark Tdirector | Buy | 10,000 | $56.49 |
| May 29, 2026 | Lee Michael Seanofficer: Head of Human Resources | Grant | 47 | — |
| May 29, 2026 | Schrum Michaelofficer: Chief Financial Officer | Grant | 2,155 | — |
| May 29, 2026 | Schrum Michaelofficer: Chief Financial Officer | Grant | 1,378 | — |
| May 29, 2026 | Pearce Janeofficer: Managing Director, Trust | Grant | 50 | — |
| May 29, 2026 | Pearce Janeofficer: Managing Director, Trust | Grant | 342 | — |
| May 29, 2026 | McWatt Michaelofficer: Managing Director, Cayman | Grant | 63 | — |
| May 29, 2026 | McWatt Michaelofficer: Managing Director, Cayman | Grant | 511 | — |
| May 29, 2026 | Burns Andrew Ronaldofficer: Chief Risk Officer, Cayman | Grant | 52 | — |
| May 29, 2026 | Burns Andrew Ronaldofficer: Chief Risk Officer, Cayman | Grant | 412 | — |
| May 29, 2026 | Feldman Jody Terenceofficer: Managing Director, Bermuda | Grant | 47 | — |
| May 29, 2026 | Hidalgo Taraofficer: Chief Risk Officer | Grant | 51 | — |
| May 29, 2026 | CUMMINGS STEPHEN Edirector | Grant | 49 | — |
Source: NTB SEC Form 4 filings, latest Jun 16, 2026. For informational purposes only — not investment advice.
See the full NTB insider & 13F page →The Bank of N.T. Butterfield & Son Limited company profile
Overview
The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) is a Bermuda-based financial institution founded in 1858 that has evolved into a specialized provider of banking and private trust services across multiple offshore financial centers. The bank went public in 2016 and operates primarily in jurisdictions known for their favorable regulatory environments and wealth management capabilities, including Bermuda, the Cayman Islands, Channel Islands (Guernsey and Jersey), Singapore, Switzerland, and the Bahamas. With over 165 years of history, Butterfield has positioned itself as a market leader in community banking and private trust services in its core markets, serving both individual and institutional clients seeking sophisticated financial services in stable, English common law jurisdictions.
Business
Butterfield operates as a diversified offshore bank specializing in community banking, commercial banking, and private trust services across multiple international financial centers. The bank's business is structured around several key service areas that cater to different client segments and geographic markets. The community and commercial banking segment forms the foundation of Butterfield's operations, providing traditional banking services including checking and savings accounts, certificates of deposit, residential mortgages, commercial real estate lending, and consumer financing. This segment focuses primarily on local markets in Bermuda and the Cayman Islands, where the bank maintains physical branch networks and serves as a primary banking provider for residents and businesses. The private trust and wealth management division represents a significant growth area and differentiator for the bank. This segment provides trust administration, estate planning, fiduciary services, company management, and investment advisory services to high-net-worth individuals and families. The trust business has been significantly expanded through strategic acquisitions, most notably the 2023 acquisition of Credit Suisse's private trust assets, which added approximately $24 billion in assets under administration and 560 new trust clients. The bank also operates specialized financial services in markets like Singapore, Switzerland, and the UK, focusing on cross-border banking solutions, foreign exchange services, custody administration, and cash management for international clients. Additionally, Butterfield provides ancillary services including insurance products, merchant acquiring services, and digital banking platforms. Revenue distribution shows the bank generates income from both traditional banking activities and fee-based services, with fee income representing approximately 40% of total revenue, indicating a balanced business model that reduces reliance on pure interest rate spreads.
Revenue model
Butterfield generates revenue through a dual-stream model combining traditional banking income with fee-based services. The primary revenue source is net interest income, earned from the spread between interest charged on loans and interest paid on deposits. The bank's loan portfolio includes residential mortgages (particularly in Bermuda and prime Central London), commercial real estate loans, and consumer financing, with conservative underwriting standards typically requiring 60-65% loan-to-value ratios. The second major revenue stream comes from fee-based services, which account for approximately 40% of total revenue and provide more stable, recurring income. These fees are generated from trust administration services, wealth management, custody services, foreign exchange transactions, cash management solutions, and various banking service charges. The trust business, significantly enhanced by the Credit Suisse acquisition, generates annual fees based on assets under administration and complexity of services provided. Customer segments include local residents and businesses in Bermuda and the Cayman Islands for traditional banking services, while the trust and wealth management services primarily serve high-net-worth individuals, families, and institutional clients seeking offshore financial solutions. The bank's specialized positioning in stable, English common law jurisdictions attracts clients looking for regulatory certainty and sophisticated financial services. Several factors influence the bank's profitability margins. Interest rate environments significantly impact net interest margins, with rising rates generally benefiting the bank's asset-sensitive balance sheet, though deposit cost competition can compress margins. Regulatory changes in key jurisdictions can affect both costs and competitive positioning. Economic conditions in core markets like Bermuda and the Cayman Islands influence loan demand and credit quality. Currency fluctuations affect results since the bank operates across multiple currencies. Competition from larger international banks and fintech companies can pressure both lending margins and fee income, while geopolitical stability in offshore financial centers affects client confidence and asset flows.
Competitive moat
Butterfield's competitive moat is moderately strong and primarily derived from its established market position in specialized offshore financial centers. The bank benefits from regulatory barriers to entry in its core jurisdictions, where banking licenses are limited and regulatory requirements are stringent. In Bermuda and the Cayman Islands, Butterfield holds market-leading positions built over decades, creating significant customer switching costs due to the complexity of relocating banking relationships in these specialized markets. The bank's trust and fiduciary expertise represents another defensive element, as these services require deep regulatory knowledge, established relationships with local authorities, and sophisticated operational capabilities that take years to develop. The recent Credit Suisse acquisition strengthened this moat by adding scale and expertise, particularly in the Singapore market. However, the moat faces several vulnerabilities. Larger international banks with greater resources can potentially enter these markets and compete aggressively for high-value clients. Regulatory changes in key jurisdictions could alter competitive dynamics or reduce the attractiveness of offshore banking. Digital disruption poses a threat as fintech companies develop solutions that could commoditize certain banking services. Additionally, geopolitical pressures on offshore financial centers could impact the bank's core value proposition. The bank's geographic concentration in small island economies also creates vulnerability to economic shocks or natural disasters. While the English common law framework and political stability of its operating jurisdictions provide some protection, the bank lacks the diversification that larger, more geographically spread institutions possess. The moat is sufficient to maintain market position in the near term but requires continuous investment in technology, compliance, and client service to remain defensible against well-capitalized competitors.
Risks & safety
Butterfield demonstrates strong financial stability with conservative balance sheet management and robust capital levels, though some metrics warrant monitoring. **Liquidity and Solvency:** - Cash and short-term investments of $2.1 billion represent strong liquidity buffer - Debt-to-equity ratio of 9.7% indicates minimal leverage - Regulatory capital ratios remain well above minimum requirements - Conservative loan-to-deposit ratio around 40% provides significant liquidity cushion **Valuation Metrics:** - Price-to-earnings ratio of 7.7x suggests reasonable valuation - Price-to-book ratio of 1.56x appears fair for a specialized bank - Core return on tangible common equity of 24% indicates strong profitability - Dividend yield supported by 37% payout ratio provides income cushion **Other Considerations:** - Geographic concentration in small island economies creates some systemic risk - Exposure to interest rate cycles affects net interest margin volatility - Regulatory changes in offshore banking could impact business model - Strong free cash flow generation of $243 million annually supports financial flexibility
Recent development
Over the past few years, Butterfield has executed several strategic initiatives to strengthen its market position and diversify revenue streams. The most significant development was the acquisition of Credit Suisse's private trust assets in 2023, which added $24 billion in assets under administration, 560 new trust clients, and approximately $9 million in annual trust fees. This acquisition significantly expanded the bank's presence in Singapore and enhanced its capabilities in serving ultra-high-net-worth clients. The bank has pursued operational efficiency improvements through workforce restructuring, reducing its global workforce by 9% while implementing a Canadian service center to manage back-office operations. These changes are expected to generate $13 million in annual cost savings while maintaining service quality. Additionally, Butterfield completed a core banking system upgrade to modernize its technology infrastructure and improve client experience. Geographic expansion efforts have focused on organic growth in existing markets rather than entering new jurisdictions. The bank has successfully expanded its retail presence in the Channel Islands, adding 10,000 new local clients and introducing mortgage and credit card products. In Singapore, integration of the Credit Suisse trust business has proceeded smoothly, with strong client retention and new business development. The bank has maintained an active capital management strategy, returning significant capital to shareholders through both dividends and share repurchases. Over the recent period, Butterfield repurchased approximately 4.5 million shares while maintaining quarterly dividends of $0.44 per share. The bank continues to evaluate potential acquisitions in the trust and private banking sectors, particularly in its existing jurisdictions where it can leverage established regulatory relationships and operational expertise.
NTB company profile · for informational purposes only — not investment advice.
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