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) — Q1 2026 Earnings Presentation
25 slides from Bank Of N.t. Butterfield & Son Limited (the) Voting's earnings presentation, Apr 29, 2026
Slide 1: First Quarter 2026 Earnings Presentation
First Quarter 2026 The Bank of N.T. Butterfield & Son Limited Earnings Presentation April 29, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Forward-Looking Statements: Certain of the statements made in this presentation 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,
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 • First Quarter 2026 Financials • Strong Capital Generation and Return Michael Schrum • Q&A • Resilient, Capital Efficient, Diversified Fee
Slide 4: Financials
Financials 4
Slide 5: First Quarter 2026 Highlights
First Quarter 2026 Highlights (In US$ millions) vs. Q4 2025 vs. Q1 2025 Q1 2026 $ % $ % • Net income of $62.6 million, or $1.53 per share Net Interest Income $ 93.3 $ 0.7 $ 4.0 • Core net income** of $63.2 million, or $1.55 per share Non-Interest Income 62.6 (3.6) 4.2 • Return on average common equi
Slide 6: Income Statement: Net Interest Income
Income Statement Net Interest Income Net Interest Margin & Yields Net Interest Income before Provision for Credit Losses -Trend (In US$ millions) Q1 2026 vs. Q4 2025 (In US$ millions) $92.6 $93.3 Avg. Balance Yield Avg. Balance Yield $89.3 Cash, S/T Inv. & Repos $ 3,646.1 3.35 % $ 57.4 (0.09)% Inves
Slide 7: Income Statement: Non-Interest Income
Income Statement Non-Interest Income Non-Interest Income Trend (In US$ millions) (In US$ millions) Q1 2026 vs. Q4 2025 $66.3 $62.6 Asset management $ 10.4 $ — $58.4 Banking 16.3 (3.5) Foreign exchange revenue 14.6 0.9 Trust 16.7 (0.9) Custody and other 3.7 (0.3) Other 1.0 0.2 Total Non-Interest Inco
Slide 8: Income Statement: Non-Interest Expenses
Income Statement Non-Interest Expenses Core Non-Interest Expense* Trend Core Non-Interest Expenses* vs. Q4 2025 (In US$ millions) (In US$ millions) Q1 2026 $ % $90.3 $93.1 $89.9 Salaries & Benefits** $ 46.1 $ (0.6) (1.3)% Technology & Comm. 15.4 (1.2) (7.4)% Professional & O/S Services 5.0 (1.4) (21
Slide 9: Balance Sheet
Balance Sheet Total Assets vs Q4 2025 (In US$ millions) Q1 2026 Q4 2025 % (In US$ billions) Cash and cash equivalents $ 1,942 $ 1,709 14 % $14.4 $14.0 $14.1 Reverse Repos & S/T Investments 1,930 1,853 4% Investments 5,676 5,688 —% Loans (net) 4,394 4,382 —% Other Assets 483 462 5% $5.4 $5.7 $5.7 Tot
Slide 10: Asset Quality
Asset Quality Non-Accrual Loans Investment Portfolio $103.8 (In US$ millions) Loan Distribution Rating Distribution $91.3 $90.2 AAA 0.2% Consumer Res Mtg 4.4% 70.7% Comm’l R/E 13.0% Other Comm’l 5.2% AA 99.8% Government 6.6% $4.4 billion $5.7 billion Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 • 71% of
Slide 11: Interest Rate Sensitivity
Interest Rate Sensitivity Average Balance - Balance Sheet Interest Rate Sensitivity 8.0% Average Balances (US$Mil) Weighted 4.0% Average 3.4% Life 1.8% Q1 2026 vs. Q4 2025 Duration vs. Q4 2025 Cash & Reverse Repos & S/T Invest. $ 3,646.1 $ 57.4 0.2 0.1 N/A (2.1)% AFS 2,742.0 84.9 2.9 — 3.4 (5.2)% HT
Slide 12: Capital Requirements and Dividend Return
Capital Requirements and Dividend Return Regulatory Capital - Total Capital Ratio Leverage Capital 12.8% 26.9% 0.5% 8.5% 1.2% 12.3% 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 * • Regulatory capi
Slide 13: Appendix
Appendix 13
Slide 14: Deposit Composition by Segment
Deposit Composition by Segment Group (US$ Billions) Bermuda (US$ Billions) $12.6 $12.7 $12.9 $4.6 $4.5 $4.5 31% 31% 30% 20% 21% 22% 45% 44% 45% 49% 48% 50% 35% 35% 33% 20% 21% 21% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Cayman (US$ Billions) Channel Islands (U
Slide 15: Loans
Loans Residential Mortgage Loans (US$ Billions) Commercial Loans (US$ Billions) $3.6 $3.1 $3.1 $1.4 $1.1 $1.1 49% 54% 54% 46% 51% 52% 23% 21% 19% 20% 25% 27% 9% 6% 5% 29% 27% 26% 24% 18% 16% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Bermuda Cayman Commercial and
Slide 16: Balance Sheet Movements
Balance Sheet Movements Deposit Movements (US$ millions) Deposit Composition by Currency (US$ billions) FX $12.6 $12.7 $12.9 Volume Translation 8% 6% 6% 21% 23% 22% Change vs Q4 71% 71% 72% $+180 +240 -60 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 USD / USD Pegged GBP Other Total deposits Loan Mov
Slide 17: Balance Sheet Asset Mix
Balance Sheet Asset Mix Liquidity: Cash & Cash Equivalents** to Total Assets Loan-to-Deposit Ratio 71% 71% 70% 70% 26% 27% 26% 25% 25% 36% 36% 35% 35% 34% 5% 5% 6% 5% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 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) 2026 2025 2024 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Assets Cash and cash equivalents $ 1,942 $ 1,709 $ 1,501 $ 1,450 $ 2,097 $ 1,998 $ 2,067 $ 2,390 $ 1,746 Reverse Repos & S/T Investments 1,930 1,853 1,987 2,247 1,498 1,785 1,750 1,
Slide 19: Average Balance Sheet Trends
Average Balance Sheet Trends (in millions of US Dollars, unless otherwise indicated) Q1 2026 Q4 2025 Q1 2025 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) 2026 2025 2024 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net Interest Income $ 93.3 $ 92.6 $ 92.7 $ 89.4 $ 89.3 $ 88.6 $ 88.1 $ 87.4 $ 87.1 Non-Interest Income 62.6 66.3 61.2 57.0 58.4 63.2 56.0 55.6 55.1 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) 2026 2025 2024 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Non-Interest Income Asset Management $ 10.4 $ 10.4 $ 9.9 $ 9.4 $ 9.5 $ 9.1 $ 9.5 $ 8.9 $ 8.8 Banking 16.3 19.7 17.8 14.7 15.1 21.2 14.4 13.8 14.3 FX Revenue 14.6 13.
Slide 22: Core Non-Interest Expense Trends
Core Non-Interest Expense** Trends (in millions of US Dollars, unless otherwise indicated) 2026 2025 2024 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Salaries & Benefits* $ 46.1 $ 46.7 $ 45.8 $ 46.4 $ 44.1 $ 44.7 $ 44.7 $ 44.7 $ 42.5 Technology & Comm. 15.4 16.7 16.0 16.3 16.0 16.6 16.5 16.9 16.1 Professional & O/S
Slide 23: Non-GAAP Reconciliation
Non-GAAP Reconciliation (in millions of US Dollars, unless otherwise indicated) 2026 2025 Q1 Q4 Q3 Q2 Q1 Net income A $ 62.6 $ 63.8 $ 61.1 $ 53.3 $ 53.8 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) 2026 2025 Q1 Q4 Q3 Q2 Q1 Tangible equity to tangible assets Shareholders' equity K $ 1,136.1 $ 1,141.9 $ 1,106.0 $ 1,069.1 $ 1,057.8 Less: goodwill and intangible assets (83.9) (86.8) (88.8) (92.2) (89.7) 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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