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Bermuda-based bank providing offshore retail, private and corporate banking, plus trust services in Bermuda, Cayman and Guernsey.
Bermuda-based bank providing offshore retail, private and corporate banking, plus trust services in Bermuda, Cayman and Guernsey.
Funded largely by customer deposits that cost little to hold, then lends and invests the cash, so earnings rise and fall with interest rates; fees from trust, custody, payments and foreign exchange add a significant share. Bermuda and the Cayman Islands carry the business, with Guernsey and Jersey as wealth-management hubs.
Moat: narrow (regulatory licence, brand). Longstanding licensed offshore banking franchise with deep local relationships in small island markets.
Headquarters: Hamilton, Bermuda · Founded: 1858 · Employees: 1,315
Size Bank of N.T. Butterfield & Son Limited (The) (NTB) is a United States Financials company (Regional Banks) with a market value of $2.15B, the 1748th largest of 3,117 United States companies the cockpit tracks. Shares closed at $54.74 on 6 Nov 2026.
Performance Over six months the shares fell 2.8%, against +6.4% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue fell 0.3% over the last twelve months (peer median +2.9%); the operating margin is 37.9% (peer median 35.3%).
Valuation It trades at 1.94× book value against a peer median of 1.21× (5th most expensive of 21).
Price implies The share price implies a return on equity of about 12.0%; Bank of N.T. Butterfield & Son Limited (The) delivers 21.1%, so the price asks less than the business earns today.
Short interest Short interest is 2.0% of the free float (15 Oct 2026).
Next results Next results expected around 15 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $803M | $800M | $816M | $762M | $606M |
| Revenue growth | — | -2% | +7% | +26% | — |
| Net income | $234M | $232M | $216M | $225M | $214M |
| Free cash flow | $224M | $255M | $244M | $273M | $192M |
| Capital expenditure | $23.5M | $24.8M | $21.5M | $54.3M | $26.9M |
| Total debt | $38.6M | $38.7M | $227M | $132M | $205M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NTB | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.4% | 0.0% | 4th lowest of 21 |
| 6-month return | -2.8% | +6.4% | 5th lowest of 21 |
| Return on equity | 21.1% | 9.7% | 4th highest of 21 |
| Price / book | 1.94× | 1.21× | 5th most expensive of 21 |
| Trailing P/E | 9.6× | 12.1× | 8th cheapest of 21 |
| ROE the price implies | 12.0% | 10.2% | 7th most demanding of 20 |
| ROE delivered | 21.1% | 9.8% | 4th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Bank of N.T. Butterfield & Son Limited (The) NTB | United States | $2.15B | -3% | 0% | 21% | 1.94× | 12.0% | 21.1% |
| Western Union WU | United States | $2.15B | -24% | -2% | 44% | 2.35× | 14.3% | 44.0% |
| 1st Source SRCE | United States | $2.09B | +18% | +4% | 14% | 1.59× | 10.5% | 13.9% |
| Enterprise Financial Services EFSC | United States | $2.21B | +4% | +2% | 10% | 1.20× | 10.2% | 9.6% |
| Hilltop HTH | United States | $2.07B | -4% | -2% | 7% | 0.98× | 9.1% | 6.6% |
| Bank of Zhengzhou 6196.HK | Hong Kong | $2.06B | -14% | -3% | 3% | 0.15× | 3.5% | n/a |
| First Commonwealth Financial FCF | United States | $2.03B | +13% | +4% | 11% | 1.37× | 10.4% | 11.4% |
| Juroku Financial Group,Inc 7380.T | Japan | $2.30B | 0% | +16% | 6% | 0.70× | 6.3% | 6.1% |
| City Union Bank CUB.NS | India | $2.31B | +8% | +22% | 14% | 1.94× | 29.8% | 14.1% |
| First Busey BUSE | United States | $2.33B | +8% | +17% | 10% | 1.03× | 8.8% | 9.8% |
| Bancorp TBBK | United States | $1.97B | -15% | -7% | 33% | 2.96× | 26.3% | 33.0% |
| Banco di Desio e della Brianza BDB.MI | Italy | $2.37B | +80% | +2% | 9% | 1.41× | 12.0% | 9.0% |
| San-in Godo Bank 8381.T | Japan | $1.95B | +5% | +27% | 8% | 0.91× | 5.9% | 8.1% |
| Merchants Bancorp MBIN | United States | $2.38B | +12% | 0% | 14% | 1.23× | 12.6% | 13.6% |
| Wuxi Rural Commercial Bank 600908.SS | China | $1.94B | +3% | -5% | 10% | 0.54× | 2.8% | 10.1% |
| Dah Sing Banking 2356.HK | Hong Kong | $2.45B | +5% | -8% | 8% | 0.53× | 5.5% | 7.5% |
| Stock Yards Bancorp SYBT | United States | $2.46B | +10% | +10% | 32% | 2.17× | n/a | 32.4% |
| German American Bancorp GABC | United States | $1.88B | +15% | +12% | 13% | 1.63× | 11.0% | 12.8% |
| Qingdao Rural Commercial Bank 002958.SZ | China | $2.47B | -2% | -9% | 8% | 0.41× | 2.5% | 7.9% |
| North Pacific Bank 8524.T | Japan | $2.50B | +8% | +25% | 7% | 1.02× | 8.1% | 7.1% |
| Dime Commercial Bancshares DCOM | United States | $1.85B | +13% | +14% | 9% | 1.39× | 12.4% | 9.4% |