Net interest margin has held in a narrow 0.6% to 0.7% band while fee income swung from $66.3M in 2025Q4 to $23.2M in 2026Q1, and the efficiency ratio ranged from 58.5% to 92.3%, indicating that reported profitability is highly sensitive to revenue timing and provision swings.
The Bank of N.T. Butterfield & Son Limited (NTB) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Net Interest Income | 378.66M | 364.1M | 351.2M | 366.96M | 343.58M | 299.81M | 317.6M | 345.7M | 342.99M | 289.74M | 258.48M | 239.27M | 238.49M | 0 | 0 |
| NII Growth % | 20.64% | 3.67% | -4.29% | 6.8% | 14.6% | -5.6% | -8.13% | 0.79% | 18.38% | 12.1% | 8.03% | 0.33% | - | - | - |
| Net Interest Margin % | 2.65% | 2.58% | 2.47% | 2.74% | 2.4% | 1.96% | 2.15% | 2.48% | 3.18% | 2.69% | 2.33% | 2.33% | 2.42% | 0% | 0% |
| Interest Income | 545.06M | 557.11M | 585.72M | 545.63M | 398.38M | 324.9M | 352.01M | 345.7M | 343M | 289.7M | 258.5M | 262.58M | 265.1M | 0 | 0 |
| Interest Expense | 166.37M | 193.03M | 234.51M | 178.67M | 54.8M | 25.09M | 34.41M | 59.38M | 24.6M | 15.88M | 16.45M | 23.32M | 26.61M | 0 | 0 |
| Loan Loss Provision | -77.3M | 217K | 1.66M | 4.45M | 2.4M | -3.13M | -34.41M | -59.38M | -24.6M | -15.88M | -16.05M | -22.98M | -26.16M | 0 | 0 |
| Non-Interest Income | 177.56M | 242.73M | 230.78M | 216.26M | 208.04M | 196.65M | 150.06M | 186.43M | 167.8M | 159.1M | 148.5M | 111.52M | 124.78M | 341.7M | 331.92M |
| Non-Interest Income % | 31.92% | 40% | 39.65% | 37.08% | 37.71% | 39.61% | 32.09% | 35.03% | 32.85% | 35.45% | 36.49% | 31.79% | 34.35% | 100% | 100% |
| Total Net Revenue | 556.22M | 606.83M | 581.98M | 583.22M | 551.62M | 496.46M | 467.66M | 532.13M | 510.79M | 448.84M | 406.98M | 350.79M | 363.27M | 341.7M | 331.92M |
| Revenue Growth % | -7.37% | 4.27% | -0.21% | 5.73% | 11.11% | 6.16% | -12.12% | 4.18% | 13.8% | 10.29% | 16.02% | -3.43% | 6.31% | 2.94% | - |
| Non-Interest Expense | 392.54M | 368.83M | 359.47M | 352.51M | 331.52M | 333.8M | 502.07M | 532.13M | 224.87M | 214.27M | 202.92M | 196.24M | 191.13M | 262.64M | 308.07M |
| Efficiency Ratio | 70.57% | 60.78% | 61.77% | 60.44% | 60.1% | 67.24% | 107.36% | 100% | 44.02% | 47.74% | 49.86% | 55.94% | 52.62% | 76.87% | 92.81% |
| Operating Income | 240.81M | 238M | 220.85M | 226.26M | 217.7M | 165.79M | 0 | 0 | 221.07M | 153.3K | 115.9K | 102.33M | 134.6M | 82.41M | 62.07M |
| Operating Margin % | 43.29% | 39.22% | 37.95% | 38.79% | 39.47% | 33.39% | 0% | 0% | 43.28% | 0.03% | 0.03% | 29.17% | 37.05% | 24.12% | 18.7% |
| Operating Income Growth % | - | 7.77% | -2.39% | 3.93% | 31.31% | - | - | -100% | - | 32.27% | -99.89% | -23.98% | 63.34% | 32.78% | - |
| Pretax Income | 241.13M | 238M | 220.85M | 226.26M | 217.7M | 165.79M | 149.59M | 175.7M | 196.5M | 154.3M | 116.7M | 79.02M | 107.99M | 79.05M | 23.85M |
| Pretax Margin % | 43.35% | 39.22% | 37.95% | 38.79% | 39.47% | 33.39% | 31.99% | 33.02% | 38.47% | 34.38% | 28.67% | 22.52% | 29.73% | 23.13% | 7.19% |
| Income Tax | 6.85M | 6M | 4.53M | 767K | 3.68M | 3.12M | 2.38M | -1.37M | 1.3M | 1.1M | 700K | 1.28M | -169K | 891K | 5.89M |
| Effective Tax Rate % | 2.84% | 2.52% | 2.05% | 0.34% | 1.69% | 1.88% | 1.59% | -0.78% | 0.66% | 0.71% | 0.6% | 1.61% | -0.16% | 1.13% | 24.69% |
| Net Income | 234.29M | 231.9M | 216.32M | 225.49M | 214.02M | 162.67M | 147.22M | 177.07M | 195.2M | 153.3M | 115.9M | 77.74M | 108.16M | 58.41M | -1.01M |
| Net Margin % | 42.12% | 38.21% | 37.17% | 38.66% | 38.8% | 32.77% | 31.48% | 33.28% | 38.22% | 34.15% | 28.48% | 22.16% | 29.77% | 17.1% | -0.3% |
| Net Income Growth % | 2.86% | 7.2% | -4.07% | 5.36% | 31.57% | 10.5% | -16.86% | -9.29% | 27.33% | 32.27% | 49.09% | -28.13% | 85.16% | 5906.56% | - |
| Net Income (Continuing) | 234.28M | 232M | 216.32M | 225.49M | 214.02M | 162.67M | 147.22M | 177.07M | 195.18M | 153.25M | 115.94M | 77.74M | 108.16M | 78.16M | 17.96M |
| EPS (Diluted) | 5.78 | 5.47 | 4.71 | 4.58 | 4.29 | 3.26 | 2.90 | 3.30 | 3.50 | 2.76 | 1.18 | 1.29 | 1.93 | 1.06 | -0.02 |
| EPS Growth % | 7.91% | 16.14% | 2.84% | 6.76% | 31.6% | 12.41% | -12.12% | -5.71% | 26.81% | 133.9% | -8.53% | -33.16% | 82.08% | 5956.35% | - |
| EPS (Basic) | - | 5.61 | 4.80 | 4.62 | 4.32 | 3.28 | 2.91 | 3.33 | 3.55 | 2.82 | 1.20 | 1.31 | 1.96 | 1.06 | -0.04 |
| Diluted Shares Outstanding | 40.52M | 42.42M | 45.06M | 49.28M | 49.86M | 49.88M | 50.85M | 53.66M | 55.74M | 55.45M | 49.61M | 47.37M | 47.37M | 55.36M | 55.64M |
Quick answers to the most common questions about buying NTB stock.
For fiscal year 2025, The Bank of N.T. Butterfield & Son Limited (NTB) reported total revenue of $606.8M. This represents a 82.8% increase compared to $331.9M in 2012.
The Bank of N.T. Butterfield & Son Limited (NTB) is profitable, generating $231.9M in net income for the fiscal year ending 2025 with a net profit margin of 38.2%.
The Bank of N.T. Butterfield & Son Limited (NTB) reported an operating income of $238.0M, resulting in an operating profit margin of 39.2%. This margin reflects the operational efficiency of the business before interest and taxes.
The Bank of N.T. Butterfield & Son Limited (NTB) generated $606.7M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Provision volatility masking core earnings
NII Growth Plateauing After Rate Tailwind
Based on NTB's reported figures, net interest income rose from $87.4M in 2024Q2 to $97.2M in 2026Q3, a gain of roughly 11%, though quarterly NII growth slowed to 4.8% year over year, suggesting the rate-driven expansion is maturing.
The steady climb in NII suggests the rate-driven expansion has been absorbing much of the earnings tailwind, since the pegged currencies track USD policy rates. Sequential NII gains are narrowing, which may indicate deposit repricing or a plateau in asset yields that investors should monitor. Further upside likely depends on loan growth given the historically low loan-to-deposit ratio rather than rate levels alone.
NIM Holding Near 0.6-0.7% Band
NTB's reported net interest margin has held in a narrow 0.6% to 0.7% range across the ten quarters shown, with the most recent two quarters at 0.7%, which points to stable spread economics despite ongoing rate uncertainty.
A flat margin alongside rising NII implies balance sheet growth is carrying earnings more than spread expansion. The stability is consistent with a low-cost, sticky deposit base, though the reported margin figures are rounded and limit precision on small quarterly shifts. Investors should watch whether asset repricing offsets any upward pressure on deposit costs if local competition intensifies.
Provision Swings Drive Earnings Variability
Based on the reported income statement, NTB recorded provision releases of $39.4M in 2026Q2 and $38.0M in 2026Q1, against near-zero provision levels in prior quarters, marking the largest credit-cost swings in the ten-quarter series.
Large reserve releases materially inflate reported operating income in those quarters, so headline earnings in 2026H1 likely overstate underlying core profitability. The pattern warrants further investigation into the drivers of the releases, including whether they reflect CECL model updates or genuine improvement in mortgage and commercial credit quality. Normalizing provisions would bring the efficiency ratios of 77% and 92% in those quarters into clearer focus.
Fee Income Mix Shifts Sharply Quarter to Quarter
As reported in financial statements, NTB's non-interest income swung from $66.3M in 2025Q4 to $23.2M in 2026Q1, with fee share of revenue moving between roughly 20% and 42%, which points to a volatile and possibly non-recurring component.
The sharp drop in non-interest income in 2026 may reflect the absence of gains or trust fee timing rather than a structural decline, but the reported data does not isolate the cause. Because wealth and trust fees are generally recurring while other items are not, the fee mix is harder to read as a durable earnings base. Analysts should separate recurring trust fees from one-off items before extrapolating current revenue levels.
Efficiency Ratio Tied to Revenue Timing
Per the reported figures, NTB's efficiency ratio ranged from 58.5% in 2025Q4 to 92.3% in 2026Q2, with the high readings coinciding with weak non-interest income rather than a clear rise in operating expense.
The wide efficiency range suggests operating leverage in this model is driven more by fee volatility than by cost growth, given the high fixed-cost base in personnel and compliance. Quarters with depressed non-interest income push the ratio sharply higher, implying limited cost flexibility. Sustained efficiency near the 60% level would suggest the franchise is absorbing its fixed costs effectively, but the current data does not confirm this trend.
Provision Releases Flatter Recent Earnings
Based on the reported figures, NTB's 2026H1 operating income was supported by roughly $77M of combined provision releases, which, if non-recurring, would materially reduce the earnings base investors are currently capitalizing.
If the $39.4M and $38.0M releases reflect reserve reversals rather than sustained credit improvement, the reported profitability in those quarters overstates the franchise's core earning power. The fall in non-interest income alongside these releases also means the revenue base was thinner than headline figures imply. Investors should test whether NII growth of 4.8% year over year can carry earnings once provisions normalize to a more typical run-rate.