Bank Of N.t. Butterfield & Son Limited (the) Voting · NYSE:NTB
Bank Of N.t. Butterfield & Son Limited (the) Voting — Bank of N.T. Butterfield & Son Limited (The) — Q4 2025 Earnings Presentation
26 slides from Bank Of N.t. Butterfield & Son Limited (the) Voting's earnings presentation, Feb 10, 2026
Slide 1: Fourth Quarter and Year-End 2025 Earnings Presentation
Fourth Quarter and Year-End 2025 The Bank of N.T. Butterfield & Son Limited Earnings Presentation February 10, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Forward-Looking Statements: Certain of the statements made in this release are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements with respect to our beliefs, plans, obje
Slide 3: Agenda and Overview
Agenda and Overview Presenters Agenda Butterfield Overview Michael Collins • Overview • Leading Bank in Attractive Markets Chairman and Chief Executive Officer • Full Year 2025 Highlights • Strong Capital Generation and Return Michael Schrum • Fourth Quarter 2025 Financials • Resilient, Capital Effi
Slide 4: Financials
Financials 4
Slide 5: Full Year 2025 Highlights
Full Year 2025 Highlights • Net income of $231.9 million, or $5.47 per share (In US$ millions) vs 2024 • Core net income** of $237.5 million, or $5.60 per share 2025 $ % • Return on average common equity of 21.7%; core return on Net Interest Income $ 364.1 $ 12.9 average tangible common equity** of
Slide 6: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights (In US$ millions) vs. Q3 2025 vs. Q4 2024 Q4 2025 $ % $ % • Net income and core net income** of $63.8 million or $1.54 Net Interest Income $ 92.6 $ (0.1) $ 4.0 per share Non-Interest Income 66.3 5.1 3.0 • Return on average common equity of 22.7%; core return on Provisi
Slide 7: Income Statement: Net Interest Income
Income Statement Net Interest Income Net Interest Margin & Yields Net Interest Income before Provision for Credit Losses -Trend (In US$ millions) Q4 2025 vs Q3 2025 (In US$ millions) $92.7 $92.6 Avg. Balance Yield Avg. Balance Yield $88.6 Cash, S/T Inv. & Repos $ 3,588.7 3.44 % $ 114.0 (0.20)% Inves
Slide 8: Income Statement: Non-Interest Income
Income Statement Non-Interest Income Non-Interest Income Trend (In US$ millions) (In US$ millions) Q4 2025 vs. Q3 2025 $66.3 $63.2 $61.2 Asset management $ 10.4 $ 0.5 Banking 19.7 1.9 Foreign exchange revenue 13.7 0.5 Trust 17.6 1.3 Custody and other 4.0 0.9 Other 0.8 — Total Non-Interest Income $ 6
Slide 9: Income Statement: Non-Interest Expenses
Income Statement Non-Interest Expenses Core Non-Interest Expense* Trend Core Non-Interest Expenses* vs. Q3 2025 (In US$ millions) (In US$ millions) Q4 2025 $ % $90.6 $93.1 Salaries & Benefits** $ 46.7 $ 0.8 1.8 % $88.5 Technology & Comm. 16.7 0.6 3.8 % Professional & O/S Services 6.4 1.4 28.6 % Prop
Slide 10: Balance Sheet
Balance Sheet Total Assets vs Q4 2024 (In US$ millions) Q4 2025 Q4 2024 % (In US$ billions) Cash and cash equivalents $ 1,709 $ 1,998 (15)% $14.2 $14.1 $14.1 Reverse Repos & S/T Investments 1,853 1,785 4% Investments 5,688 5,513 3% Loans (net) 4,382 4,474 (2)% Other Assets 462 462 —% $5.5 $5.7 $5.7
Slide 11: Asset Quality
Asset Quality Non-Accrual Loans Investment Portfolio (In US$ millions) Loan Distribution Rating Distribution $91.7 $91.3 AAA 0.2% $76.7 Consumer Res Mtg 4.4% 70.6% Comm’l R/E 12.8% Other Comm’l 5.9% AA 99.8% Government 6.3% $4.4 $5.7 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 billion billion • 71% of t
Slide 12: Interest Rate Sensitivity
Interest Rate Sensitivity Average Balance - Balance Sheet Interest Rate Sensitivity Average Balances 6.6% (US$Mil) Weighted Average 3.3% 2.7% Life 1.3% Q4 2025 vs. Q3 2025 Duration vs. Q3 2025 Cash & Reverse Repos & S/T (1.7)% Invest. $ 3,588.7 $ 114.0 0.1 — N/A AFS 2,657.1 227.0 2.9 (0.2) 3.4 (5.3)
Slide 13: Capital Requirements and Dividend Return
Capital Requirements and Dividend Return Regulatory Capital - Total Capital Ratio* Leverage Capital 12.4% 0.5% 27.8% 8.6% 1.1% 11.9% 7.5% 15.4% 13.5% Butterfield - Current US Peer Median** Butterfield Current BMA Minimum US Peer Median*** TCE/TA TCE/TA Ex Cash Combined Payout Ratio 43% 78% 109% 97%
Slide 14: Appendix
Appendix 14
Slide 15: Deposit Composition by Segment
Deposit Composition by Segment Group (US$ Billions) Bermuda (US$ Billions) $12.7 $12.6 $12.8 $12.7 $12.7 $4.8 $4.5 $4.5 $4.8 $4.5 35% 31% 31% 31% 31% 20% 20% 19% 21% 26% 45% 44% 46% 44% 40% 44% 49% 49% 49% 48% 33% 35% 36% 35% 35% 21% 20% 20% 20% 21% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1
Slide 16: Loans
Loans Residential Mortgage Loans (US$ Billions) Commercial Loans (US$ Billions) $3.6 $3.6 $3.3 $3.1 $3.1 $1.4 $1.4 $1.3 $1.3 $1.1 50% 49% 49% 50% 54% 48% 46% 48% 46% 51% 21% 23% 22% 21% 19% 18% 21% 22% 22% 25% 7% 9% 10% 29% 29% 29% 28% 27% 9% 6% 26% 24% 21% 23% 18% 2021 2022 2023 2024 2025 2021 2022
Slide 17: Balance Sheet Movements
Balance Sheet Movements Deposit Movements (US$ millions) Deposit Composition by Currency (US$ billions) FX $12.7 $12.7 $12.7 Volume Translation 7% 6% 6% 21% 23% 23% Change vs Q3 -25 +5 $-20 2025 72% 71% 71% Change vs Q4 -360 +310 $-50 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 USD / USD Pegged GBP
Slide 18: Balance Sheet Asset Mix
Balance Sheet Asset Mix Liquidity: Cash & Cash Equivalents** to Total Assets Loan-to-Deposit Ratio 71% 71% 71% 70% 35% 36% 36% 35% 35% 27% 26% 26% 25% 25% 5% 5% 5% 4% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 NTB US Peer Median* NTB US Peer Median* • Butterfield
Slide 19: Balance Sheet Trends
Balance Sheet Trends (in millions of US Dollars, unless otherwise indicated) 2025 2024 2023 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Assets Cash and cash equivalents $ 1,709 $ 1,501 $ 1,450 $ 2,097 $ 1,998 $ 2,067 $ 2,390 $ 1,746 $ 1,647 Reverse Repos & S/T Investments 1,853 1,987 2,247 1,498 1,785 1,750 1,289 1,
Slide 20: Average Balance Sheet Trends
Average Balance Sheet Trends (in millions of US Dollars, unless otherwise indicated) Q4 2025 Q3 2025 Q4 2024 Average Interest Average rate Average Interest Average rate Average Interest Average rate Assets balance ($) ($) (%) balance ($) ($) (%) balance ($) ($) (%) Cash and cash equivalents, reverse
Slide 21: Income Statement Trends
Income Statement Trends (in millions of US Dollars, unless otherwise indicated) 2025 2024 2023 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Net Interest Income $ 92.6 $ 92.7 $ 89.4 $ 89.3 $ 88.6 $ 88.1 $ 87.4 $ 87.1 $ 86.9 Non-Interest Income 66.3 61.2 57.0 58.4 63.2 56.0 55.6 55.1 60.0 Prov. for Credit (Losses) Reco
Slide 22: Non-Interest Income & Expense Trends
Non-Interest Income & Expense Trends (in millions of US Dollars, unless otherwise indicated) 2025 2024 2023 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Non-Interest Income Asset Management $ 10.4 $ 9.9 $ 9.4 $ 9.5 $ 9.1 $ 9.5 $ 8.9 $ 8.8 $ 8.3 Banking 19.7 17.8 14.7 15.1 21.2 14.4 13.8 14.3 18.6 FX Revenue 13.7 13.2
Slide 23: Core Non-Interest Expense Trends
Core Non-Interest Expense* Trends (in millions of US Dollars, unless otherwise indicated) 2025 2024 2023 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Salaries & Benefits* $ 46.7 $ 45.8 $ 46.4 $ 44.1 $ 44.7 $ 44.7 $ 44.7 $ 42.5 $ 46.2 Technology & Comm. 16.7 16.0 16.3 16.0 16.6 16.5 16.9 16.1 17.2 Professional & O/S S
Slide 24: Non-GAAP Reconciliation
Non-GAAP Reconciliation (in millions of US Dollars, unless otherwise indicated) 2025 2024 Q4 Q3 Q2 Q1 Q4 Net income A $ 63.8 $ 61.1 $ 53.3 $ 53.8 $ 59.6 Non-core (gains), losses and expenses Non-core expenses Early retirement program, voluntary separation, redundancies and other non-core compensatio
Slide 25: Non-GAAP Reconciliation (continued)
Non-GAAP Reconciliation (continued) (in millions of US Dollars, unless otherwise indicated) 2025 2024 Q4 Q3 Q2 Q1 Q4 Tangible equity to tangible assets Shareholders' equity K $ 1,141.9 $ 1,106.0 $ 1,069.1 $ 1,057.8 $ 1,020.8 Less: goodwill and intangible assets (86.8) (88.8) (92.2) (89.7) (89.6) Tan
Slide 26: Peer Group
Peer Group Our peer group includes the following banks, noted by their ticker symbols: • First Hawaiian, Inc. (FHB) • Trustmark Corporation (TRMK) • Bank of Hawaii Corporation (BOH) • International Bancshares Corporation (IBOC) • East West Bancorp, Inc. (EWBC) • Community Financial System, Inc. (CBU
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