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Earnings transcript
Read the complete earnings call transcript.
NTB
The Bank of N.T. Butterfield & Son Limited
$58
-0.16
(-0.28%)
| Exchange: | NYSE |
| Market Cap: | 2.297B |
| Shares Outstanding: | 27.217M |
Delayed data
About The Company
| Sector: | Financial Services | |||||
| Industry: | Banks – Diversified | |||||
| CEO: | Michael Weld Collins | |||||
| Full Time Employees: | 1295 | |||||
| Address: |
| |||||
| Website: | https://www.butterfieldgroup.com |
The Bank of N.T. Butterfield & Son Limited, founded in 1858 and headquartered in Hamilton, Bermuda, delivers a broad spectrum of banking and financial services. It caters to individuals and small to medium-sized businesses, offering community, commercial, and private banking solutions. The bank provides a variety of deposit options, including retail and corporate checking, savings, and term accounts, available with or without interest, along with certificates of deposit. Its lending portfolio is extensive, covering residential mortgages, vehicle and consumer financing, credit cards, overdraft facilities, and commercial loans for real estate and other business endeavors. Beyond traditional banking, Butterfield offers investment products, cash and liquidity management, foreign exchange, custody administration, and settlement services. It also extends its offerings to include personal, property, and auto insurance, letters of credit, payroll processing, money market access, advisory services, brokerage, trust and estate management, and company administration. Customers benefit from modern banking conveniences such as debit cards, ATMs, personal and business deposit services, merchant acquiring, and comprehensive mobile and internet banking platforms. The company boasts a significant international presence, operating through various offices in key locations like the Cayman Islands, Guernsey, Jersey, the United Kingdom, The Bahamas, Switzerland, Singapore, Mauritius, and Canada, supplemented by branches in Bermuda and the Cayman Islands.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 761,888 | 816,497 | 799,841 |
| Gross Profit | 578,766 | 580,321 | 606,700 |
| EBITDA | 262,471 | 263,005 | 266,786 |
| Operating Income | 226,259 | 220,847 | 238,000 |
| Net Income | 225,492 | 216,316 | 231,900 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 13,374,020 | 14,231,396 | 14,095,000 |
| Total Liabilities | 12,370,423 | 13,210,584 | 12,953,000 |
| Total Stockholders Equity | 1,003,597 | 1,020,812 | 1,142,000 |
| Total Debt | 98,490 | 98,725 | 0 |
| Cash and Cash Equivalents | 1,646,648 | 1,998,112 | 1,709,000 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 300,290 | 265,432 | 0 |
| Capital Expenditure | -54,273 | -21,530 | 0 |
| Free Cash Flow | 246,017 | 243,902 | 0 |
| Net Income | 225,492 | 216,316 | 231,900 |
| Net Change in Cash | -444,286 | 416,282 | -2,088,542 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 1,266,115.977 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 1,512,624.194 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 1,427,810 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 475,164.552 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 567,677.377 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 535,847.198 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 292,627.566 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 369,643.996 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 331,135.781 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 336,631.399 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 402,172.319 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 379,622.156 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 8.090 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 8.710 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 6.900 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 1 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 1 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Solid Financial Performance: NTB reported strong key financial results in its Q2 2025 earnings call, with revenue and net income showing consistent growth as per income statement data. Positive trends in operating cash flow and free cash flow from cash flow statements indicate robust operational efficiency.
- High Capital Levels: The earnings call highlighted NTB's strong capital position, providing a buffer against economic uncertainties and enabling potential dividend sustainability or reinvestment, as supported by retained earnings data in the balance sheet.
- Favorable Valuation Metrics: Current price-to-earnings (P/E) ratio TTM and forward P/E estimates suggest NTB is reasonably valued compared to the industry average P/E ratio TTM, indicating potential attractiveness to value investors.
- Sector Stability: NTB operates in a stable sector and industry, as evidenced by consistent sector performance metrics over 1-year and 5-year periods, providing a reliable operational backdrop.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates NTB intrinsic value between $55.47 – $79.64 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
[intrinsic_calculator]
Common questions about NTB valuation
Is The Bank of N.T. Butterfield & Son Limited (NTB) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for The Bank of N.T. Butterfield & Son Limited (NTB) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is NTB a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether NTB trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is NTB’s P/E ratio?
You can see NTB’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for NTB?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is NTB a good long-term investment?
Whether NTB fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
NTB
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Daily snapshot
-0.28
Trading Metrics:
| Open: | 58.66 | Previous Close: | 58.16 | |
| Day Low: | 57.97 | Day High: | 59.27 | |
| Year Low: | 40.59 | Year High: | 59.27 | |
| Price Avg 50: | 55.62 | Price Avg 200: | 49.79 | |
| Volume: | 192526 | Average Volume: | 178361 |
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Login — it's freeNTB full analysis
Welcome to MARKETSNAP’s SWOT analysis for The Bank of N.T. Butterfield & Son Limited, or NTB as it’s known on the ticker. If you’re not familiar with this name, let me give you the quick rundown. This is a Bermuda-based bank with a strong foothold in wealth management, trust services, and banking across the Caribbean and other international markets. Operating in the financial services sector, specifically within the banking industry, they’ve carved out a niche in catering to high-net-worth individuals…
