Bank of N.T. Butterfield & Son Reports Strong Q2 Earnings and Updates on CIBC Acquisition
Bank of N.T. Butterfield & Son reported strong second-quarter earnings for 2026, with net income reaching $46.9 million and core net income at $63.9 million. Core EPS was $1.58, supported by growth in interest-earning assets and stable margins. The company also approved a quarterly dividend of $0.50 per share. Total assets increased to $14.3 billion as deposits rose to $12.9 billion. While net charge-offs remained near zero, non-accrual loans climbed to 2.2% due primarily to residential real estate exposures in the Channel Islands and U.K. The CIBC Caribbean acquisition is expected to close by mid-2027 pending regulatory approvals. Butterfield paused share repurchases as it evaluates financing needs related to integration of new acquisitions, including R&H Guernsey. Non-interest income rose due to trust revenue from the recent acquisition but was partially offset by lower foreign-exchange and banking fees.
Tickers: $NTB