Bank Of N.t. Butterfield & Son Limited (the) VotingNYSE: NTB

Butterfield Q4 2025 Earnings

· Issued by Bank Of N.t. Butterfield & Son Limited (the) Voting
Fourth Quarter and Year-End 2025 The Bank of N.T. Butterfield & Son Limited

Earnings Presentation February 10, 2026



Agenda and Overview

Presenters

Agenda

Butterfield Overview

Michael Collins

Chairman and Chief Executive Officer

Michael Schrum

President and Group Chief Financial Officer

Bri Hidalgo

Group Chief Risk Officer

  • Overview

  • Full Year 2025 Highlights

  • Fourth Quarter 2025 Financials

  • Q&A

  • Leading Bank in Attractive Markets

  • Strong Capital Generation and Return

  • Resilient, Capital Efficient, Diversified Fee Revenue Model

  • Efficient, Conservative Balance Sheet

  • Experienced Leadership Team



    Sustainability

    Ten International Locations



    • Leading market positions in Bermuda & Cayman

    • Expanding retail offerings in The Channel Islands

    • Well-secured lending in all markets

    • Award winning banking and wealth management offerings

      Awards



      3



      Financials



      Full Year 2025 Highlights

      (In US$ millions)

      vs 2024

      2025

      $ %

      Net Interest Income

      $ 364.1

      $ 12.9

      Non-Interest Income

      242.9

      12.9

      Provision for Credit Losses

      (0.2)

      1.4

      Non-Interest Expenses*

      (374.9)

      (11.2)

      Other Gains (Losses)

      -

      (0.4)

      Net Income

      $ 231.9

      $ 15.6

      7.2 %

      Non-Core Items**

      5.6

      3.0

      Core Net Income**

      $ 237.5

      $ 18.6

      8.5 %

  • Net income of $231.9 million, or $5.47 per share

  • Core net income** of $237.5 million, or $5.60 per share

  • Return on average common equity of 21.7%; core return on average tangible common equity** of 24.2%

  • Net Interest Margin of 2.69%, cost of deposits of 1.50%

  • Tangible book value per share** of $26.41, an increase of

    $4.71 per share or 21.7% from the end of 2024

  • Active capital management with aggregate annual dividends of $1.88 per share in addition to share repurchases of 3.5 million shares for a total of $146.7 million

  • Meroe Park appointed as Independent Director

    Return on Equity

    25.7%

    24.2%

    24.0%

    24.2%

    21.4% 21.7%

    16.8% 18.7%

    28.6% 27.0%

    Net Income

    (In US$ millions)

    2021 2022 2023 2024 2025

    Return on Equity

    Core Return on Average Tangible Common Equity**

    $214.0 $215.7

    $225.5 $231.5

    $216.3 $218.9

    $231.9 $237.5

    $162.7 $163.6

    2021 2022 2023 2024 2025

    Net income Core Net Income**

    * Includes income taxes

    5 ** See the Appendix for a reconciliation of non-GAAP measures



    Fourth Quarter 2025 Highlights

    (In US$ millions)

    vs. Q3 2025

    vs. Q4 2024

    Q4 2025

    $ %

    $ %

    Net Interest Income

    $ 92.6

    $ (0.1)

    $ 4.0

    Non-Interest Income

    66.3

    5.1

    3.0

    Provision for Credit Losses

    0.2

    0.7

    0.4

    Non-Interest Expenses*

    (95.3)

    (3.1)

    (3.1)

    Other Gains (Losses)

    -

    -

    (0.1)

    Net Income

    $ 63.8

    $ 2.7

    4.5 % $

    4.2

    7.1 %

    Non-Core Items**

    -

    2.2 -

    Core Net Income**

    $ 63.8

    $ 0.5

    0.8 % $

    4.2

    7.1 %

  • Net income and core net income** of $63.8 million or $1.54 per share

  • Return on average common equity of 22.7%; core return on average tangible common equity** of 24.6%

  • Net Interest Margin of 2.69%, cost of deposits of 1.37%

  • Quarterly cash dividend of $0.50 per common share

  • Repurchases of 0.6 million shares at a total cost of $29.6 million

  • New share repurchase authorization for up to 3.0 million common shares

Return on Equity

22.9%

20.9%

22.7%

22.3% 22.5%

20.3%

25.2% 24.2%

25.5% 24.6%

Net Income

$59.6 $59.6

$61.1

$63.3

$63.8 $63.8

$53.8

$56.7

$53.3 $53.7

(In US$ millions)

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

Return on Equity

Core Return on Average Tangible Common Equity**

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

Net income Core Net Income**

* Includes income taxes

6 ** See the Appendix for a reconciliation of non-GAAP measures



Income Statement

Net Interest Income

$88.6

$92.6

(In US$ millions)

$92.7

(In US$ millions)

Q4 2025 vs Q3 2025

Avg. Balance Yield

Avg. Balance Yield

Net Interest Margin & Yields

Net Interest Income before Provision for Credit Losses -Trend

Interest Bearing

Liabilities

10,126.3

(1.73)%

109.1

0.12 %

Net Interest Margin

2.69 %

(0.04)%

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Cash, S/T Inv. & Repos

$ 3,588.7

3.44 %

$ 114.0

(0.20)%

Investments

5,686.1

2.72 %

160.0

0.05 %

Loans (net)

4,396.3

6.01 %

(74.6)

(0.23)%

Interest Earning Assets

13,671.1

3.97 %

199.4

(0.14)%

  • Net interest income ("NII") remained relatively flat compared to the prior quarter

  • Net interest margin ("NIM") was lower at 2.69% compared to 2.73% in the prior quarter, primarily due to lower treasury and loan yields as central banks cut market interest rates

  • Average investment volumes continue to increase as assets were deployed into higher yielding available-for-sale investment securities

  • Average loan volumes continued to decrease as amortizations and paydowns outpaced originations

7



Income Statement

Non-Interest Income

(In US$ millions)

Q4 2025 vs. Q3 2025

$63.2

Non-Interest Income Trend (In US$ millions)

$61.2

$66.3

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 $ 66.3 $ 5.1

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

  • Total non-interest income increased $5.1 million versus the prior quarter, primarily due to:

    • higher banking fees due to seasonal increases in card volumes and third party incentive programs;

    • higher trust income from new clients and fee increases;

    • volume-driven increase in foreign exchange fees; and

    • higher asset management revenue driven by increased asset valuations

  • The fee income ratio was 41.7% in the fourth quarter of 2025 which compares favorably to historical peer* averages

    * Includes US banks identified by management as a peer group. Please see the Appendix for a list of these banks.

    8



    Income Statement

    Non-Interest Expenses

    Core Non-Interest Expenses* vs. Q3 2025

    (In US$ millions) Q4 2025 $ %

    Salaries & Benefits**

    $ 46.7

    $ 0.8

    1.8 %

    Technology & Comm.

    16.7

    0.6

    3.8 %

    Professional & O/S Services

    6.4

    1.4

    28.6 %

    Property

    8.4

    0.2

    2.8 %

    Indirect Taxes

    5.4

    0.1

    1.3 %

    Marketing

    1.9

    0.6

    40.1 %

    Intangible Amortization

    2.2

    0.2

    9.5 %

    Other

    5.4

    0.6

    12.7 %

    Total Core Non-Interest Expenses*

    $ 93.1

    $ 4.5

    5.1 %

    Non-Core Expenses*

    -

    (2.2)

    >100%

    Non-Interest Expenses

    $ 93.1

    $ 2.3

    2.6 %

    Core Non-Interest Expense* Trend (In US$ millions)

    $90.6 $88.5 $93.1

    58.2%

    56.2%

    57.2%

    Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

    Core Efficiency Ratio*

    Core Non-Interest Expenses*

  • Core non-interest expenses* increased compared to the prior quarter with the following underlying movements:

    • higher professional and outside services fees;

    • higher salaries and benefits due to higher staff incentive accrual in-line with positive operating results; and

    • higher marketing expenses from event costs and sponsorship

  • Core efficiency ratio* of 57.2% increased compared to the prior quarter and was favorable to the Bank's through-cycle core efficiency ratio target of 60%

* See the Appendix for a reconciliation of non-GAAP measures

** Includes Non-Service Employee Benefits Expense

9



Balance Sheet

(In US$ millions)

Q4 2025

Q4 2024

%

(In US$ billions)

Cash and cash equivalents

Reverse Repos & S/T Investments

$ 1,709 $

1,853

1,998

1,785

(15)%

4 %

$14.2

Investments

5,688

5,513

3 %

Loans (net)

4,382

4,474

(2)%

Other Assets

462

462

- %

vs Q4 2024

Total Assets

$14.1 $14.1

Total Assets

$ 14,095

$ 14,231

(1)%

$5.5

$5.7

$5.7

Int. Bearing Deposits

$ 9,997

$ 10,058

(1)%

$4.5

$4.5

$4.4

Non-Int. Bearing Deposits

2,701

2,688

1 %

Other Liabilities

255

465

(45)%

Shareholders' Equity

1,142

1,021

12 %

Total Liab. & Equity $ 14,095 $ 14,231 (1)%

Total Deposits

(In US$ billions)

$12.7 $12.7 $12.7

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

10

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

Total assets Investments Loans

  • Period end deposit balances remained relatively flat compared to the prior year end at $12.7 billion

  • Average deposit balances increased to $12.8 billion in Q4 2025 from $12.5 billion at the prior year end

  • Butterfield's balance sheet remained low in risk density (risk weighted assets/total assets) at 28.3%



    Asset Quality

    Res Mtg 70.6%

    Loan Distribution

    Consumer 4.4%

    Comm'l R/E 12.8%

    Investment Portfolio Rating Distribution

    AAA 0.2%

    $76.7

    Non-Accrual Loans (In US$ millions)

    $91.7 $91.3

    Government 6.3%

    $4.4

    billion

    Other Comm'l 5.9%

    AA 99.8%

    $5.7

    billion

    Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

    0.20%

    0.15%

    0.10%

    0.05%

    0.00%

    0.04%

    Net Charge-Off Ratio

    0.01%

    0.00%

  • 71% of the total loan portfolio consists of full-recourse residential mortgages of which 79% have loans-to-values below 70%

  • Non-accrual loans were relatively flat for the quarter at 2.1%

  • Allowance for credit losses at $25.4 million represented an ACL/Total loans ratio of 0.6%, consistent with the prior quarter

  • The net charge-off ratio remained at a negligible level as a % of total gross loans

    Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

    11





    Interest Rate Sensitivity

    Average Balance - Balance Sheet

    Interest Rate Sensitivity

    Weighted

    Average Balances

    (US$Mil) Average

    3.3%

    6.6%

    2.7%

    Invest.

    $ 3,588.7

    $ 114.0

    0.1

    - N/A

    AFS

    2,657.1

    227.0

    2.9

    (0.2) 3.4

    (5.3)%

    Cash & Reverse Repos & S/T

    Q4 2025 vs. Q3 2025 Duration vs. Q3 2025

    Life

    (1.7)%

    1.3%

    HTM** 3,029.0 (66.9) 7.0 (0.1) 8.0

    -100bps

    +100bps

    +200bps

    NTB US Peer Median *

    • Total investment portfolio duration decreased to 4.9 years in line with the fixed portfolio maturing down, partially offset by forward rates rising

    • Interest rate sensitivity has increased against the prior quarter driven by updates to deposit beta assumptions

    • Net unrealized losses on AFS securities improved to $89.4 million as at December 31, 2025 compared with net unrealized losses of $101.5 million as at the end of the third quarter of 2025

    • Based on implied forward rates, the AFS OCI expected to further improve by 28% in the next 12 months

* Includes US banks identified by management as a peer group. Please see the Appendix for a list of these banks. Q3 2025 comparative data is used as Q4 2025 peer information was not widely available at time of publication.

** The HTM portfolio is comprised of securities with negative convexity which typically exhibit lower prepayment speeds when assuming higher future rates.

12

Capital Requirements and Dividend Return

Regulatory Capital - Total Capital Ratio*

27.8%

8.6%

Leverage Capital

12.4%

11.9%

0.5%

7.5%

1.1%

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

$3.9

$79.9

$77.7

$86.2

$87.3

$88.6

$146.7

$155.3

43% 78% 109% 97%

2022 2023 2024 2025

  • Regulatory capital levels remain conservatively above minimum requirements

  • Quarterly dividend rate of $0.50 per common share

  • TCE/TA ratio*** of 7.5%, conservatively above the targeted range of 6.0% to 6.5%

  • Tangible book value per share*** increased by 5.4% compared to the prior quarter at $26.41

  • New Basel 4 rules effective on January 1, 2025 resulted in lower risk weighted assets and improved the regulatory capital ratio by 1.9%

Combined Payout Ratio

Share Repurchases Cash Dividend

* Effective January 1, 2025, the Bank has adopted the BCBS's revised standardized approach for credit risk framework as required by the BMA.

13

** Includes US banks identified by management as a peer group. Please see the Appendix for a list of these banks. Q3 2025 comparative data is used as Q4 2025 peer information was not widely available at time of publication.

*** See the Appendix for a reconciliation of non-GAAP measures



Appendix





Deposit Composition by Segment

Group (US$ Billions) Bermuda (US$ Billions)

$12.7 $12.6 $12.8 $12.7 $12.7

21%

20%

20%

20%

21%

44%

48%

49%

49%

49%

31%

31%

31%

31%

35%

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

$4.8 $4.5 $4.5 $4.8 $4.5

35%

35%

36%

33%

35%

40%

44%

46%

44%

45%

21%

19%

20%

20%

26%

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

Cayman (US$ Billions) Channel Islands (US$ Billions)

$4.0 $3.9 $4.0 $3.8 $4.1

30%

28%

26%

26%

27%

44%

47%

50%

50%

46%

27%

25%

24%

24%

27%

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

$4.0 $4.2 $4.3 $4.2 $4.2

48%

1%

1%

1%

53%

49%

1%

1%

52%

54%

46%

50%

48%

45%

51%

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

15



Loans

Residential Mortgage Loans (US$ Billions) Commercial Loans (US$ Billions)

50%

49%

49%

50%

54%

21%

23%

22%

21%

19%

29%

29%

29%

28%

27%

$3.6 $3.6 $3.3 $3.1 $3.1

25%

6%

18%

23%

21%

24%

26%

9%

10%

9%

7%

22%

18%

22%

21%

51%

46%

48%

46%

48%

$1.3

$1.4

$1.4 $1.3

$1.1

2021 2022 2023 2024 2025

Bermuda

Cayman UK and Channel Islands

2021 2022 2023 2024 2025

Commercial and Industrial Commercial Overdrafts Government Commercial Real Estate

55%

53%

49%

57%

43%

42%

Loan Portfolio Composition by Originating Segment (US$ Billions)

Fixed vs. Floating Rate Loans (US$ Billions)

$5.2

$5.1

$4.7

$4.5

$4.4

$5.2

$5.1

$4.7

$4.5

$4.4

20%

41%

19%

81%

37%

37%

25%

24%

38%

39%

45%

43%

47%

51%

33%

34%

39%

24%

24%

2021 2022 2023 2024 2025

Bermuda

Cayman UK and Channel Islands

2021 2022 2023 2024 2025

Fixed Floating

16



Balance Sheet Movements

Deposit Movements (US$ millions)

Deposit Composition by Currency (US$ billions)

7%

6% 6%

71%

71%

72%

23%

23%

21%

+5

-25

FX

Translation

Volume

$12.7 $12.7 $12.7

Change vs Q3

2025

$-20

Change vs Q4

2024

$-50

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

+310

-360

USD / USD Pegged

GBP

Other Total deposits

Loan Movements (US$ millions) Loan Composition by Currency (US$ billions)

-%

-%

42%

42%

58%

58%

61%

1%

39%

-90

+5

$4.5 $4.5 $4.4

Change vs Q3

2025

$-85

Change vs Q4

2024

$-90

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

-220

+130

USD / USD Pegged

GBP

Other Total loans

17



Balance Sheet Asset Mix

36%

36%

35%

35%

35%

NTB US Peer Median* NTB US Peer Median*

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

70%

71%

71%

71%

Liquidity: Cash & Cash Equivalents** to Total Assets Loan-to-Deposit Ratio

27%

26%

26%

25%

4%

5%

5%

5%

25%

  • Butterfield takes a conservative approach to managing the liquidity and funding risk profile of its balance sheet. This involves the retention of a significant liquidity holding of cash or cash equivalent balances, comprised of interbank deposits and short-dated sovereign Canadian, UK and US Treasury Bills, as well as maintaining significant liquidity facilities with correspondent banks

  • Butterfield also maintains capital, liquidity and funding buffers conservatively in excess of regulatory requirements

* Includes US banks identified by management as a peer group. Please see the Appendix for a list of these banks. Q4 2025 peer information was not widely available at time of publication and therefore not included.

** Includes securities purchased under agreements to resell and short-term investments.

18



Balance Sheet Trends

Q2

Q1

Q4

Q

1,450

$ 2,097

$ 1,998

$ 2,067

2,247

1,498

1,785

1,750

5,458

5,448

5,513

5,468

4,578

4,518

4,474

4,648

453

458

462

441

14,185

$ 14,020

$ 14,231

$ 14,373

12,838

$ 12,608

$ 12,746

$ 12,738

-

99

99

99

278

256

366

472

13,116

$ 12,962

$ 13,211

$ 13,309

1,069

$ 1,058

$ 1,021

$ 1,064

1,069

$ 1,058

$ 1,021

$ 1,064

14,185

$ 14,020

$ 14,231

$ 14,373

Q4

Q

Assets

Cash and cash equivalents

$ 1,709

$ 1,501

Reverse Repos & S/T Investments

1,853

1,987

Investments

5,688

5,675

Loans, Net

4,382

4,468

Other Assets

462

456

Total Assets

$ 14,095

$ 14,086

Liabilities and Equity

Total Deposits

$ 12,698

$ 12,721

Long-Term Debt

Other Liabilities

-

255

-

259

Total Liabilities

$ 12,953

$ 12,980

Common Equity

$ 1,142

$ 1,106

Total Equity

$ 1,142

$ 1,106

(in millions of US Dollars, unless otherwise indicated) 2025 2024 2023

3 3 Q2

Q1

Q4

$ $ 2,390

$ 1,746

$ 1,647

1,289

1,480

1,225

5,168

5,168

5,292

4,585

4,644

4,746

506

490

464

$ $ 13,939

$ 13,528

$ 13,374

$ $ 12,548

$ 12,131

$ 11,987

99

99

98

293

304

285

$ $ 12,940

$ 12,533

$ 12,370

$ $ 999

$ 995

$ 1,004

$ $ 999

$ 995

$ 1,004

Total Liabilities and Equity $ 14,095 $ 14,086 $ $ 13,939

$ 13,528

$ 13,374

Key Metrics

CET 1 Ratio

27.6 %

26.9 %

26.0 %

25.2 %

23.5 %

22.1 %

22.5 %

22.6 %

23.0 %

Total Tier 1 Capital Ratio

27.6 %

26.9 %

26.0 %

25.2 %

23.5 %

22.1 %

22.5 %

22.6 %

23.0 %

Total Capital Ratio

27.8 %

27.0 %

26.2 %

27.7 %

25.8 %

24.3 %

24.8 %

24.9 %

25.4 %

Leverage ratio

7.6 %

7.5 %

7.3 %

7.4 %

7.3 %

7.1 %

7.3 %

7.5 %

7.6 %

Risk-Weighted Assets (in $ millions)

3,991

4,014

4,063

4,207

4,539

4,776

4,668

4,648

4,541

Risk-Weighted Assets / total assets

28.3 %

28.5 %

28.6 %

30.0 %

31.9 %

33.2 %

33.5 %

34.4 %

34.0 %

Tangible common equity ratio

7.5 %

7.3 %

6.9 %

6.9 %

6.6 %

6.8 %

6.5 %

6.7 %

6.8 %

Book value per common share (in $)

28.58

27.25

26.01

25.07

23.78

24.09

22.12

21.53

21.39

Tangible book value per share (in $)

26.41

25.06

23.77

22.94

21.70

21.90

20.03

19.45

19.29

Non-accrual loans/gross loans

2.1 %

2.0 %

2.0 %

2.3 %

1.7 %

1.9 %

1.5 %

1.3 %

1.3 %

Non-performing assets/total assets

0.8 %

1.0 %

0.8 %

1.1 %

1.1 %

1.5 %

1.1 %

1.2 %

1.0 %

Allowance for credit losses/total loans

0.6 %

0.6 %

0.6 %

0.6 %

0.6 %

0.6 %

0.5 %

0.5 %

0.5 %

* Effective January 1, 2025, the Bank has adopted the BCBS's revised standardized approach for credit risk framework as required by the BMA. Comparatives were prepared under the prior credit risk framework.

19



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

investments

$ 3,588.7

$ 31.1

3.44 %

$ 3,474.7

$ 31.9

3.64 %

$ 3,441.1

$ 36.9

4.25 %

Investment in securities

5,686.1

39.0

2.72 %

5,526.0

37.2

2.67 %

5,457.3

34.5

2.51 %

AFS

2,657.1

21.9

3.27 %

2,430.1

19.8

3.24 %

2,173.0

15.8

2.89 %

HTM

3,029.0

17.1

2.24 %

3,095.9

17.4

2.23 %

3,284.3

18.6

2.25 %

Loans

4,396.3

66.6

6.01 %

4,470.9

70.3

6.24 %

4,573.2

74.1

6.43 %

Commercial

1,188.6

18.3

6.11 %

1,226.6

20.3

6.57 %

1,321.9

21.2

6.36 %

Consumer

3,207.7

48.3

5.98 %

3,244.3

50.0

6.11 %

3,251.3

52.9

6.45 %

Total interest earning assets

13,671.1

136.8

3.97 %

13,471.6

139.4

4.11 %

13,471.6

145.5

4.28 %

Other assets

444.9

445.4

429.8

Total assets

$ 14,116.0

$ 13,917.0

$ 13,901.4

Liabilities

Deposits - interest bearing

$ 10,125.1

$ (44.1)

(1.73)%

$ 10,017.1

$ (46.7)

(1.85)%

$ 9,943.7

$ (54.4)

(2.17)%

Securities sold under agreement to

repurchase

1.2

-

(4.53)%

-

-

- %

97.8

(1.1)

(4.27)%

Long-term debt

-

-

- %

-

-

- %

98.7

(1.4)

(5.51)%

Interest bearing liabilities

10,126.3

(44.2)

(1.73)%

10,017.1

(46.7)

(1.85)%

10,140.2

(56.8)

(2.22)%

Non-interest bearing customer deposits

2,645.9

2,616.7

2,509.5

Other liabilities

238.2

231.2

245.3

Total liabilities

$ 13,010.3

$ 12,865.0

$ 12,895.0

Shareholders' equity

1,105.6

1,052.0

1,006.4

Total liabilities and shareholders' equity

$ 14,116.0

$ 13,917.0

$ 13,901.4

repurchase agreements and short-term

Non-interest bearing funds net of non-

interest earning assets (free balance) $ 3,544.8 $ 3,454.5 $ 3,331.5

Net interest margin $ 92.6 2.69 %

$ 92.7 2.73 %

$ 88.6 2.61 %

20



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