Bank Of N.t. Butterfield & Son Limited (the) Voting · NYSE:NTB
Bank Of N.t. Butterfield & Son Limited (the) Voting — The Bank of N.T. Butterfield & Son — Q3 2025 Earnings Presentation
25 slides from Bank Of N.t. Butterfield & Son Limited (the) Voting's earnings presentation, Oct 29, 2025
Slide 1: Third Quarter 2025 Earnings Presentation
Third Quarter 2025 The Bank of N.T. Butterfield & Son Limited Earnings Presentation October 29, 2025
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 • Third Quarter 2025 Financials • Strong Capital Generation and Return Michael Schrum • Q&A • Resilient, Capital Efficient, Diversified Fee
Slide 4: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights (In US$ millions) vs. Q2 2025 vs. Q3 2024 Q3 2025 $ % $ % Net Interest Income $ 92.7 $ 3.3 $ 4.7 • Net income of $61.1 million or $1.46 per share Non-Interest Income 61.2 4.2 5.1 • Core net income**of $63.3 million, or $1.51 per share Provision for Credit Losses (0.6) (
Slide 5: Financials
Financials
Slide 6: Income Statement: Net Interest Income
Income Statement Net Interest Income Net Interest Margin & Yields Net Interest Income before Provision for Credit Losses -Trend (In US$ millions) Q3 2025 vs Q2 2025 (In US$ millions) $92.7 Avg. Balance Yield Avg. Balance Yield $88.1 $89.4 Cash, S/T Inv. & Repos $ 3,474.7 3.64 % $ (159.6) (0.07)% Inv
Slide 7: Income Statement: Non-Interest Income
Income Statement Non-Interest Income Non-Interest Income Trend (In US$ millions) (In US$ millions) Q3 2025 vs. Q2 2025 $61.2 Asset management $ 9.9 $ 0.5 $56.0 $57.0 Banking 17.8 3.1 Foreign exchange revenue 13.2 1.3 Trust 16.2 (0.1) Custody and other 3.1 — Other 0.8 (0.6) Total Non-Interest Income
Slide 8: Income Statement: Non-Interest Expenses
Income Statement Non-Interest Expenses Core Non-Interest Expense* Trend Core Non-Interest Expenses* vs. Q2 2025 (In US$ millions) (In US$ millions) Q3 2025 $ % $88.6 $91.4 $88.5 Salaries & Benefits** $ 45.8 $ (0.6) (1.3)% Technology & Comm. 16.0 (0.3) (1.5)% Professional & O/S Services 4.9 (0.2) (3.
Slide 9: Balance Sheet
Balance Sheet Total Assets vs Q4 2024 (In US$ millions) Q3 2025 Q4 2024 % (In US$ billions) Cash and cash equivalents $ 1,501 $ 1,998 (25)% $14.4 $14.2 $14.1 Reverse Repos & S/T Investments 1,987 1,785 11 % Investments 5,675 5,513 3% Loans (net) 4,468 4,474 —% Other Assets 456 462 (1)% $5.5 $5.5 $5.
Slide 10: Asset Quality
Asset Quality Non-Accrual Loans Investment Portfolio (In US$ millions) Loan Distribution Rating Distribution $89.6 $93.3 $91.7 AAA 0.3% Consumer 4.2% Res Mtg 70.1% Comm’l R/E 12.7% Other Comm’l 6.3% AA 99.8% Government 6.7% $4.5 $5.7 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 billion billion 0.20% • 70
Slide 11: Interest Rate Sensitivity
Interest Rate Sensitivity Average Balance - Balance Sheet Interest Rate Sensitivity Average Balances (US$Mil) Weighted Average 5.1% Life Q3 2025 vs. Q2 2025 Duration vs. Q2 2025 2.5% 2.9% 1.6% Cash & Reverse Repos & S/T Invest. $ 3,474.7 $ (159.6) 0.1 — N/A AFS 2,430.1 137.5 3.0 (0.1) 3.6 (1.5)% HTM
Slide 12: Capital Requirements and Dividend Return
Capital Requirements and Dividend Return Regulatory Capital - Total Capital Ratio* Leverage Capital 12.2% 0.7% 27.0% 8.1% 0.8% 11.6% 7.3% 15.5% 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% 104
Slide 13: Appendix
Appendix
Slide 14: Deposit Composition by Segment
Deposit Composition by Segment Group (US$ Billions) Bermuda (US$ Billions) $12.7 $12.7 $12.6 $12.8 $12.7 $4.6 $4.8 $4.5 $4.5 $4.8 34% 35% 31% 31% 31% 19% 20% 20% 19% 26% 46% 45% 44% 46% 40% 47% 44% 49% 49% 49% 34% 33% 35% 36% 35% 19% 21% 20% 20% 20% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4
Slide 15: Loans
Loans Residential Mortgage Loans (US$ Billions) Commercial Loans (US$ Billions) $3.6 $3.6 $3.3 $3.1 $3.2 $1.4 $1.4 $1.3 $1.3 $1.2 50% 49% 49% 50% 54% 48% 46% 48% 46% 49% 21% 23% 22% 21% 19% 18% 21% 22% 22% 26% 7% 9% 10% 29% 29% 29% 28% 27% 9% 6% 26% 24% 21% 23% 19% 2021 2022 2023 2024 Q3 2025 2021 2
Slide 16: Balance Sheet Movements
Balance Sheet Movements Deposit Movements (US$ millions) Deposit Composition by Currency (US$ billions) FX $12.7 $12.8 $12.7 Volume Translation 8% 6% 6% 21% 24% 23% Change vs Q2 -55 -65 $-120 2025 72% 70% 71% Change vs Q4 -325 +300 $-25 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 USD / USD Pegged G
Slide 17: Balance Sheet Asset Mix
Balance Sheet Asset Mix Liquidity: Cash & Cash Equivalents** to Total Assets Loan-to-Deposit Ratio 70% 71% 71% 71% 37% 36% 36% 35% 35% 27% 27% 26% 26% 25% 5% 5% 5% 4% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 NTB US Peer Median* NTB US Peer Median* • Butterfield
Slide 18: Balance Sheet Trends
Balance Sheet Trends (in millions of US Dollars, unless otherwise indicated) 2025 2024 2023 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Assets Cash and cash equivalents $ 1,501 $ 1,450 $ 2,097 $ 1,998 $ 2,067 $ 2,390 $ 1,746 $ 1,647 $ 1,750 Reverse Repos & S/T Investments 1,987 2,247 1,498 1,785 1,750 1,289 1,480 1,
Slide 19: Average Balance Sheet Trends
Average Balance Sheet Trends (in millions of US Dollars, unless otherwise indicated) Q3 2025 Q2 2025 Q3 2024 Average Interest Average rate Average Interest Average rate Average Interest Average rate Assets balance ($) ($) (%) balance ($) ($) (%) balance ($) ($) (%) Cash and cash equivalents, reverse
Slide 20: Income Statement Trends
Income Statement Trends (in millions of US Dollars, unless otherwise indicated) 2025 2024 2023 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Net Interest Income $ 92.7 $ 89.4 $ 89.3 $ 88.6 $ 88.1 $ 87.4 $ 87.1 $ 86.9 $ 90.2 Non-Interest Income 61.2 57.0 58.4 63.2 56.0 55.6 55.1 60.0 52.0 Prov. for Credit (Losses) Reco
Slide 21: Non-Interest Income & Expense Trends
Non-Interest Income & Expense Trends (in millions of US Dollars, unless otherwise indicated) 2025 2024 2023 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Non-Interest Income Asset Management $ 9.9 $ 9.4 $ 9.5 $ 9.1 $ 9.5 $ 8.9 $ 8.8 $ 8.3 $ 8.0 Banking 17.8 14.7 15.1 21.2 14.4 13.8 14.3 18.6 14.1 FX Revenue 13.2 12.0
Slide 22: Core Non-Interest Expense Trends
Core Non-Interest Expense* Trends (in millions of US Dollars, unless otherwise indicated) 2025 2024 2023 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Salaries & Benefits* $ 45.8 $ 46.4 $ 44.1 $ 44.7 $ 44.7 $ 44.7 $ 42.5 $ 46.2 $ 43.4 Technology & Comm. 16.0 16.3 16.0 16.6 16.5 16.9 16.1 17.2 16.0 Professional & O/S S
Slide 23: Non-GAAP Reconciliation
Non-GAAP Reconciliation (in millions of US Dollars, unless otherwise indicated) 2025 2024 Q3 Q2 Q1 Q4 Q3 Net income A $ 61.1 $ 53.3 $ 53.8 $ 59.6 $ 52.7 Non-core (gains), losses and expenses Non-core expenses Early retirement program, voluntary separation, redundancies and other non-core compensatio
Slide 24: Non-GAAP Reconciliation (continued)
Non-GAAP Reconciliation (continued) (in millions of US Dollars, unless otherwise indicated) 2025 2024 Q3 Q2 Q1 Q4 Q3 Tangible equity to tangible assets Shareholders' equity K $ 1,106.0 $ 1,069.1 $ 1,057.8 $ 1,020.8 $ 1,064.2 Less: goodwill and intangible assets (88.8) (92.2) (89.7) (89.6) (96.7) Tan
Slide 25: 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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