- \n
- Net income of $62.6 million, or $1.53 per share<\/b><\/li>\n
- Core net income1 <\/sup>of $63.2 million, or $1.55 per share<\/b><\/li>\n
- Return on average common equity of 22.1% and core return on average tangible common equity1<\/sup> of 24.1%<\/b><\/li>\n
- Net interest margin of 2.75%, cost of deposits of 1.24%<\/b><\/li>\n
- Quarterly cash dividend of $0.50 per share for the quarter ended March 31, 2026<\/b><\/li>\n
- Repurchases of 0.8 million shares at a total cost of $42.4 million<\/b><\/li>\n
- Closed previously announced acquisition of Rawlinson & Hunter Guernsey on April 15, 2026<\/b><\/li>\n<\/ul>\n
HAMILTON, Bermuda–(BUSINESS WIRE<\/a>)–
\nThe Bank of N.T. Butterfield & Son Limited (“Butterfield” or the “Bank”) (BSX: NTB.BH; NYSE: NTB) today announced financial results for the quarter ended March 31, 2026.<\/p>\n\nNet income for the first quarter of 2026 was $62.6 million, or $1.53 per diluted common share, compared to net income of $63.8 million, or $1.54 per diluted common share, for the previous quarter and $53.8 million, or $1.23 per diluted common share, for the first quarter of 2025. Core net income1<\/sup> for the first quarter of 2026 was $63.2 million, or $1.55 per diluted common share, compared to $63.8 million, or $1.54 per diluted common share, for the previous quarter and $56.7 million, or $1.30 per diluted common share, for the first quarter of 2025.<\/p>\n
\nThe return on average common equity for the first quarter of 2026 was 22.1% compared to 22.7% for the previous quarter and 20.9% for the first quarter of 2025. The core return on average tangible common equity1<\/sup> for the first quarter of 2026 was 24.1%, compared to 24.6% for the previous quarter and 24.2% for the first quarter of 2025. The efficiency ratio for the first quarter of 2026 was 56.8%, compared to 57.2% for the previous quarter and 61.8% for the first quarter of 2025. The core efficiency ratio1<\/sup> for the first quarter of 2026 was 56.4% compared with 57.2% in the previous quarter and 59.8% for the first quarter of 2025.<\/p>\n
\nMichael Collins, Butterfield’s Chairman and Chief Executive Officer, commented, \u201cThe first quarter of 2026 was a solid start to the year, with strong financial performance, as well as continuing our M&A driven growth with the acquisition of Rawlinson & Hunter in Guernsey. During the first quarter, we saw sustained demand for our services across banking, wealth management and trust. Net interest income benefited from lower deposit costs, as well as stable deposit volumes in all of our jurisdictions. The reduction in non-interest expenses demonstrates our operational efficiency, particularly during periods of falling interest rates and market volatility.<\/p>\n
\n\u201cFollowing our announcement of the Rawlinson & Hunter Guernsey acquisition in February, the integration planning has proceeded well and I am pleased to report that the transaction has now successfully closed. We expect our growing private trust business to benefit from its increased scale in Guernsey and further position Butterfield as a leader in the international private trust world with total assets under administration of $146 billion. Acquisitions remain core to Butterfield\u2019s growth strategy, and we continue to target island banks and trust businesses that we believe will add long-term value for shareholders.\u201d<\/p>\n
\nNet income and core net income1<\/sup> were down in the first quarter of 2026 versus the seasonally high prior quarter, primarily due to lower non-interest income from banking services and higher provision for credit losses, which were partially offset by lower non-interest expenses.<\/p>\n
\nNet interest income (\u201cNII\u201d) for the first quarter of 2026 was $93.3 million, higher compared to $92.6 million in the previous quarter and $4.0 million higher compared to $89.3 million in the first quarter of 2025. NII was higher during the first quarter of 2026 compared to the prior quarter due to a lower cost of deposits following the reduction of market interest rates by central banks and partially offset by lower loan and treasury yields, coupled with lower day count. NII was higher during the first quarter of 2026 compared to the first quarter of 2025 due to a lower cost of deposits due to the aforementioned reduction in market interest rates, increased investment yields with assets deployed into higher yielding available-for-sale investment securities and the redemption of subordinated debt in the second quarter of 2025, and which was partially offset by lower loan and treasury yields.<\/p>\n
\nNet interest margin (\u201cNIM\u201d) for the first quarter of 2026 was 2.75%, an increase of 6 basis points from the previous quarter at 2.69% and compared favorably to 2.70% in the first quarter of 2025. NIM in the first quarter of 2026 increased compared to the prior quarter and the first quarter of 2025 due to a lower cost of deposits and higher investment yields, partially offset by lower treasury and loan yields as central banks decreased market interest rates.<\/p>\n
\nNon-interest income for the first quarter of 2026 was $62.6 million, a decrease of $3.6 million from $66.3 million in the previous quarter and $4.2 million higher than the $58.4 million in the first quarter of 2025. The decrease in the first quarter of 2026 compared to the prior quarter was due to lower banking revenue due to strong fourth quarter seasonality. Non-interest income in the first quarter of 2026 was higher than the first quarter of 2025 due to higher trust revenue from new clients and fee increases and higher banking revenue due to increased credit card volumes.<\/p>\n
\nNon-interest expenses were $90.5 million in the first quarter of 2026, compared to $93.1 million in the previous quarter and $93.2 million in the first quarter of 2025. Core non-interest expenses1<\/sup> of $89.9 million in the first quarter of 2026 were lower compared to the $93.1 million incurred in the previous quarter and the $90.3 million in the first quarter of 2025. Core non-interest expenses1<\/sup> in the first quarter of 2026 were lower compared to the prior quarter due to decreased professional and outside services and technology and communications costs. Core non-interest expenses1<\/sup> in the first quarter of 2026 were lower compared to the first quarter of 2025 due to decreased property, technology and communications and professional and outside services costs, partially offset by higher salaries and benefits.<\/p>\n
\nPeriod end deposit balances were higher at $12.9 billion compared to December 31, 2025. Average deposits were $12.8 billion in the quarter ended March 31, 2026, which is relatively flat compared to the prior quarter.<\/p>\n
\nTangible book value per share1<\/sup> at the end of the first quarter of 2026 was $26.56 per share, slightly higher than $26.41 per share at the end of the prior quarter. The tangible book value per share1<\/sup> continues to improve due to OCI burndown and retained earnings, net of dividends.<\/p>\n
\nThe Board declared a quarterly cash dividend of $0.50 per common share to be paid on May 27, 2026 to shareholders of record on May 13, 2026. During the first quarter of 2026, Butterfield also repurchased 0.8 million common shares under the Bank’s existing share repurchase program.<\/p>\n
\nThe current total regulatory capital ratio as at March 31, 2026 was 26.9%, compared to 27.8% as at December 31, 2025. Both of these ratios remain conservatively above the minimum regulatory requirements applicable to the Bank.<\/p>\n
ANALYSIS AND DISCUSSION OF FIRST QUARTER RESULTS<\/b><\/p>\n
\n
\n \n Income statement<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n Three months ended (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (in $ millions)<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n March 31, 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n December 31, 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n March 31, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-interest income<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n62.6<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n66.3<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n58.4<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet interest income before provision for credit losses<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n93.3<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n92.6<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n89.3<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Total net revenue before provision for credit losses and other gains (losses)<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n155.9<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n158.9<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n147.8<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProvision for credit (losses) recoveries<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(1.4<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.2<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.4<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Total net revenue<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n154.5<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n159.1<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n148.2<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-interest expenses<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(90.5<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(93.1<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(93.2<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Total net income before taxes<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n64.0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n66.0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n54.9<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax benefit (expense)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(1.4<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(2.2<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(1.2<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Net income<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n62.6<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n63.8<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n53.8<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Net earnings per share<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBasic<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1.57<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1.58<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1.26<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1.53<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1.54<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1.23<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPer diluted share impact of other non-core items 1<\/sup><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.02<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.07<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Core earnings per share on a fully diluted basis 1<\/sup><\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 1.55<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 1.54<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 1.30<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted weighted average number of participating shares on a fully diluted basis(in thousands of shares)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n40,881<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n41,439<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n43,592<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Key financial ratios<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nReturn on common equity<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n22.1<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n22.7<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n20.9<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCore return on average tangible common equity 1<\/sup><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n24.1<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n24.6<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n24.2<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nReturn on average assets<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1.6<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet interest margin<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2.75<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2.69<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2.70<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCore efficiency ratio 1<\/sup><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n56.4<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n57.2<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n59.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n (1)<\/sup> See table “Reconciliation of US GAAP Results to Core Earnings” below for reconciliation of US GAAP results to non-GAAP measures.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n Balance Sheet<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n As at<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (in $ millions)<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n March 31, 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n December 31, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,942<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,709<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSecurities purchased under agreements to resell<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,018<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,096<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShort-term investments<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n912<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n757<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInvestments in securities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5,676<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5,688<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLoans, net of allowance for credit losses<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4,394<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4,382<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPremises, equipment and computer software, net<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n161<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n159<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGoodwill and intangibles, net<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n84<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n87<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccrued interest and other assets<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n238<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n217<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Total assets<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n14,425<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n14,095<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal deposits<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n12,882<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n12,698<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSecurities sold under agreements to repurchase<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n132<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccrued interest and other liabilities<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n274<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n255<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Total liabilities<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n13,289<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n12,953<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCommon shareholders\u2019 equity<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,136<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,142<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Total shareholders’ equity<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,136<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,142<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Total liabilities and shareholders’ equity<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n14,425<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n14,095<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Key Balance Sheet Ratios:<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n March 31, 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n December 31, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nCommon equity tier 1 capital ratio<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n26.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n27.6<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTier 1 capital ratio<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n26.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n27.6<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal capital ratio<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n26.9<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n27.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLeverage ratio<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n7.5<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n7.6<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRisk-Weighted Assets (in $ millions)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4,139<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,991<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRisk-Weighted Assets \/ total assets<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n28.7<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n28.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTangible common equity ratio<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n7.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n7.5<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBook value per common share (in $)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n28.68<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n28.58<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTangible book value per share (in $)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n26.56<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n26.41<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-accrual loans\/gross loans<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2.0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2.1<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-performing assets\/total assets<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1.2<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAllowance for credit losses\/total loans<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.6<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.6<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
QUARTER ENDED MARCH 31, 2026 COMPARED WITH THE QUARTER ENDED DECEMBER 31, 2025<\/b><\/p>\n
Net Income<\/b><\/p>\n
\nNet income for the quarter ended March 31, 2026 was $62.6 million, down from $63.8 million in the prior quarter.<\/p>\n
\nThe change in net income during the quarter ended March 31, 2026 compared to the previous quarter is attributable to the following:<\/p>\n
- \n
- \n$3.6 million decrease in non-interest income driven by (i) $3.5 million decrease in banking fees due to prior period seasonality and (ii) $0.9 million decrease in trust revenue driven by reduced time-based and special fees, partially offset by (iii) $0.9 million increase in foreign exchange fees driven by volume;<\/p>\n<\/li>\n
- \n$1.6 million increase in allowance for credit losses due to an increased provision on a legacy Bermuda commercial facility and partially offset by the release of a provision on a residential mortgage facility in the Channel Islands and UK segment;<\/p>\n<\/li>\n
- \n$2.6 million decrease in non-interest expenses mainly due to (i) $0.8 million decrease in professional and outside services for project work; (ii) $1.2 million decrease in technology and communication costs; (iii) $0.8 million decrease in property cost expenses and (iv) $0.6 million decrease in non-employee benefit costs, partially offset by (v) $1.5 million increase in payroll taxes related to the annual vesting of share compensation; and<\/p>\n<\/li>\n
- \n$0.8 million decrease in income tax expenses mainly due to lower taxable income in the Channel Islands and UK segment.<\/p>\n<\/li>\n<\/ul>\n
Non-Core Items1<\/sup><\/b><\/p>\n
\nNon-core items resulted in expenses, net of gains, of $0.6 million for the first quarter of 2026. Non-core items for the quarter are comprised principally of acquisition-related expenses.<\/p>\n
\nManagement does not believe that comparative period expenses, gains or losses identified as non-core are indicative of the results of operations of the Bank in the ordinary course of business.<\/p>\n
\n
\n \n (1)<\/sup> See table “Reconciliation of US GAAP Results to Core Earnings” below for reconciliation of US GAAP results to non-GAAP measures.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
BALANCE SHEET COMMENTARY AT MARCH 31, 2026 COMPARED WITH DECEMBER 31, 2025<\/b><\/p>\n
Total Assets<\/b><\/p>\n
\nTotal assets of the Bank were $14.4 billion at March 31, 2026, an increase of $0.3 billion from December 31, 2025. The Bank maintained a highly liquid position at March 31, 2026, with $9.5 billion of cash, bank deposits, reverse repurchase agreements and liquid investments representing 66.2% of total assets, compared with 65.6% at December 31, 2025.<\/p>\n
Loans Receivable<\/b><\/p>\n
\nThe loan portfolio totaled $4.4 billion at March 31, 2026, relatively flat compared to December 31, 2025.<\/p>\n
\nThe allowance for credit losses at March 31, 2026 totaled $26.3 million, an increase compared to $25.4 million at December 31, 2025.<\/p>\n
\nThe loan portfolio represented 30.5% of total assets at March 31, 2026 (December 31, 2025: 31.1%), while loans as a percentage of total deposits was 34.1% at March 31, 2026 (December 31, 2025: 34.5%). Both ratios remain relatively stable at March 31, 2026 compared to December 31, 2025.<\/p>\n
\nAs at March 31, 2026, the Bank had gross non-accrual loans of $90.2 million, representing 2.0% of total gross loans, a decrease of $1.2 million from $91.3 million, or 2.1% of total loans, at December 31, 2025. The decrease in non-accrual loans was driven by a few residential mortgage facilities migrating back to accrual status.<\/p>\n
Investment in Securities<\/b><\/p>\n
\nThe investment portfolio was $5.7 billion at March 31, 2026, which remains relatively stable compared to December 31, 2025 balances.<\/p>\n
\nThe investment portfolio is made up of high-quality assets with 100% invested in A-or-better-rated securities. The investment book yield was 2.78% during the quarter ended March 31, 2026 compared with 2.72% during the previous quarter. Total net unrealized losses on the available-for-sale portfolio increased to $99.7 million, compared with total net unrealized losses of $89.4 million at December 31, 2025, as a result of rising long-term US dollar interest rates.<\/p>\n
Deposits<\/b><\/p>\n
\nAverage total deposit balances were $12.8 billion for the quarter ended March 31, 2026, which is relatively flat compared to December 31, 2025. Period end balances as at March 31, 2026 were $12.9 billion, higher compared to $12.7 billion in December 31, 2025.<\/p>\n
Average Balance Sheet2<\/sup><\/b><\/p>\n
\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \nFor the three months ended<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \nMarch 31, 2026<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \nDecember 31, 2025<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \nMarch 31, 2025<\/p>\n<\/td>\n<\/tr>\n
\n \n \n(in $ millions)<\/p>\n<\/td>\n
\n \nAverage<\/p>\n
\nbalance<\/p>\n
\n($)<\/p>\n<\/td>\n
\n \nInterest<\/p>\n
\n($)<\/p>\n<\/td>\n
\n \nAverage<\/p>\n
\nrate<\/p>\n
\n(%)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \nAverage<\/p>\n
\nbalance<\/p>\n
\n($)<\/p>\n<\/td>\n
\n \nInterest<\/p>\n
\n($)<\/p>\n<\/td>\n
\n \nAverage<\/p>\n
\nrate<\/p>\n
\n(%)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \nAverage<\/p>\n
\nbalance<\/p>\n
\n($)<\/p>\n<\/td>\n
\n \nInterest<\/p>\n
\n($)<\/p>\n<\/td>\n
\n \nAverage<\/p>\n
\nrate<\/p>\n
\n(%)<\/p>\n<\/td>\n<\/tr>\n
\n \n Assets<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents and short-term investments<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0 3,646.1<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 30.1<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3.35<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0 3,588.7<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 31.1<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3.44<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0 3,519.3<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 34.5<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3.98<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInvestment in securities<\/p>\n<\/td>\n
\n \n5,714.1<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n39.2<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2.78<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5,686.1<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n39.0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2.72<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5,462.6<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n36.1<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2.68<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAvailable-for-sale<\/p>\n<\/td>\n
\n 2,742.0<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 22.3<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 3.31<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2,657.1<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 21.9<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 3.27<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2,247.5<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 17.8<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 3.21<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nHeld-to-maturity<\/p>\n<\/td>\n
\n 2,972.1<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 16.8<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2.30<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 3,029.0<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 17.1<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2.24<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 3,215.1<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 18.3<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2.31<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLoans<\/p>\n<\/td>\n
\n \n4,399.8<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n63.4<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5.84<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4,396.3<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n66.6<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n6.01<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4,455.3<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n69.4<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n6.32<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCommercial<\/p>\n<\/td>\n
\n 1,171.2<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 16.6<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 5.75<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 1,188.6<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 18.3<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 6.11<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 1,320.3<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 20.6<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 6.32<\/i><\/p>\n<\/td>\n
<\/tr>\n \n \n \nConsumer<\/p>\n<\/td>\n
\n 3,228.6<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 46.8<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 5.88<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 3,207.7<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 48.3<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 5.98<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 3,135.0<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 48.8<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 6.32<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Interest earning assets<\/b><\/p>\n<\/td>\n
\n 13,760.0<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 132.7<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 3.91<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 13,671.1<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 136.8<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 3.97<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 13,437.3<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 140.0<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 4.23<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther assets<\/p>\n<\/td>\n
\n \n455.9<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n444.9<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n430.7<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Total assets<\/b><\/p>\n<\/td>\n
\n 14,215.8<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 14,116.0<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 13,868.0<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Liabilities<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeposits – interest bearing<\/p>\n<\/td>\n
\n \n10,143.9<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(39.3<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n(1.57<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n10,125.1<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(44.1<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n(1.73<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n9,853.4<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(49.1<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n(2.02<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSecurities sold under agreements to repurchase<\/p>\n<\/td>\n
\n \n6.6<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(0.1<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n(3.99<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1.2<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(4.53<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n16.3<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(0.2<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n(4.42<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLong-term debt<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n98.7<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(1.4<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n(5.63<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Interest bearing liabilities<\/b><\/p>\n<\/td>\n
\n 10,150.5<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (39.4<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n (1.57<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 10,126.3<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (44.2<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n (1.73<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 9,968.5<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (50.7<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n (2.06<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-interest bearing current accounts<\/p>\n<\/td>\n
\n \n2,684.5<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,645.9<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,622.4<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther liabilities<\/p>\n<\/td>\n
\n \n249.5<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n238.2<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n263.6<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Total liabilities<\/b><\/p>\n<\/td>\n
\n 13,084.5<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 13,010.3<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 12,854.4<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShareholders\u2019 equity<\/p>\n<\/td>\n
\n \n1,131.4<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,105.6<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,013.5<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Total liabilities and shareholders\u2019 equity<\/b><\/p>\n<\/td>\n
\n 14,215.8<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 14,116.0<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 13,868.0<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-interest bearing funds net of non-interest earning assets (free balance)<\/p>\n<\/td>\n
\n \n3,609.5<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,544.8<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,468.8<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Net interest margin<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 93.3<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2.75<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 92.6<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2.69<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 89.3<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2.70<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n (2)<\/sup> Averages are based upon daily averages for the periods indicated.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
Assets Under Administration and Assets Under Management<\/b><\/p>\n
\nTotal assets under administration for the trust and custody businesses were $137.4 billion and $31.8 billion, respectively, at March 31, 2026, while assets under management were $6.8 billion at March 31, 2026. This compares with $134.7 billion, $32.3 billion and $6.9 billion, respectively, at December 31, 2025.<\/p>\n
Reconciliation of US GAAP Results to Core Earnings<\/b><\/p>\n
\nThe table below shows the reconciliation of net income in accordance with US GAAP to core earnings, a non-GAAP measure, which excludes certain significant items that are included in our US GAAP results of operations. We focus on core net income, which we calculate by adjusting net income to exclude certain income or expense items that are not representative of our business operations, or \u201cnon-core\u201d. Core net income includes revenue, gains, losses and expense items incurred in the normal course of business. We believe that expressing earnings and certain other financial measures excluding these non-core items provides a meaningful base for period-to-period comparisons, which management believes will assist investors in analyzing the operating results of the Bank and predicting future performance. We believe that presentation of these non-GAAP financial measures will permit investors to assess the performance of the Bank on the same basis as management.<\/p>\n
- Core net income1 <\/sup>of $63.2 million, or $1.55 per share<\/b><\/li>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20260428798884\/en\/1248942\/3\/Butterfield_Logo_1line_2color.jpg\"){kind=logo}
<\/td>\n<\/tr>\n