The Bank of N.T. Butterfield & Son Limited
NTBThe Bank of N.T. Butterfield & Son Limited is strength at full price. The numbers are improving — and a P/BV at the 88th percentile of its own range says the market knows.
The sharpest disagreement: the engine is strong, but at the 88th percentile of its own range you are paying full price for it.
The price is in a confirmed uptrend (68 weeks in) while the P/BV sits at the 88th percentile of its own 5-year range. Underneath, the last four quarters read improving — profit +20.0% year on year, with the the net margin at 40.0%. What settles it: whether the earnings grow into the multiple.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
The Bank of N.T. Butterfield & Son Limited trades at $59.9, in a confirmed uptrend and 68 weeks into that stage. That is +14.2% against its own 200-day average. It sits at 93% of a 52-week range of $41 to $61. On relative strength it has been ahead of the S&P 500 on a trailing-13-week view for 3 straight weeks.
Today the stock is in a confirmed uptrend — week 68 of stage 2. At $59.9 it trades +14.2% versus its 200-day average and sits at 93% of its 52-week range ($41–$61).
Against the market, two honest reads. Cumulative: over the last 9.8 years the stock moved +149% while the S&P 500 moved +243% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/BV sits at the 88th percentile of its own range.
Valuation For a bank we price the book, not the earnings: P/BV is what the market pays for each $1 of the bank's net worth. A bank below 1× book is priced below the value of what it owns, net of what it owes.
The Bank of N.T. Butterfield & Son Limited trades at 2.0× P/BV, at the pricey end of its own range (88th percentile). Its long-run median P/BV is 1.8×, measured across 5.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/BV of 2.0× is at the pricey end of its own range (88th percentile), against a long-run median of 1.8× measured over 5.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year book value grew while the price moved +35.0% — the price ran ahead of the book, pushing the multiple up its own range.
The price move, decomposed: over 5y, of the +12.6%/yr price move, ~+7.5%/yr came from book-value growth and ~+5.1 pp from the multiple (expanding). The split is the honest approximate (price return minus book-value growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the book-value line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Improving Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
The Bank of N.T. Butterfield & Son Limited reads as improving on its fundamental arc. Improving — profit growth bottomed 6 quarters ago at −13.0% and has held its recovery at +9.5%, ROE holding at 20.2%. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +5.2% | +3.5% | — | — |
| Profit | +4.5% | +3.1% | — | — |
| EPS | +16.1% | +8.4% | — | — |
| Stock price | +35.0% | +22.9% | +12.6% | — |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
42.1/100 — rank 12 of 18 in Banks - Diversified · 62% evidence confidence
The Bank of N.T. Butterfield & Son Limited scores 42.1 out of 100 against the 18 companies it is compared with in Banks - Diversified, ranking 12. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 15.3 + 13.7 + 7.9 + 5.2 = 42.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.
Revenue For a bank, revenue is everything the franchise earns — interest on the loan book plus fees from its businesses.
The Bank of N.T. Butterfield & Son Limited reported $0.1 B of income in the Mar 26 quarter, +0.0% year on year. Over 4 years it has compounded at 5.1% a year. The last full year, FY25, came in at $0.6 B. The last four reported quarters add to $0.6 B.
The Bank of N.T. Butterfield & Son Limited reported $0.1 B of income in the Mar 26 quarter, +0.0% year on year. Over 4 years it has compounded at 5.1% a year. The last full year, FY25, came in at $0.6 B. The last four reported quarters add to $0.6 B.
FY25 revenue came in at $0.6 B (+5.2% on the year), capping 4 years at 5.1% compound. The latest quarter (Mar 26) printed $0.1 B, +0.0% year on year.
Pace check: the last four quarters averaged +5.2% growth against the decade's 5.1% — the current year is running in line with its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +5.2% over the last 4 quarters against +3.4%/yr over the last 8 — stabilising; TTM profit +9.5% vs +4.7%/yr — accelerating.
→ Revenue grew — did the net margin hold as it scaled? Next: 40.0% this quarter (+6.7 pp YoY).
Net margin Net margin — what the bank keeps of every $100 of revenue after every cost, provision and tax. With big fee businesses in the mix, it is the cleanest margin we can read for this bank.
The Bank of N.T. Butterfield & Son Limited's net margin is 40.0% in the Mar 26 quarter, +6.7 percentage points against the same quarter a year ago. Across 5 fiscal years the net margin has ranged 32.0% to 39.7%. The current quarter is running above every full year in that window.
The Bank of N.T. Butterfield & Son Limited's net margin is 40.0% in the Mar 26 quarter, +6.7 percentage points against the same quarter a year ago. Across 5 fiscal years the net margin has ranged 32.0% to 39.7%. The current quarter is running above every full year in that window.
The latest quarter's net margin is 40.0%, +6.7 pp against the same quarter a year ago. Across 5 fiscal years the net margin has ranged 32.0%–39.7%.
Why: the numbers show the net margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.
→ The net margin held — did that reach the bottom line? Next: profit +20.0% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
The Bank of N.T. Butterfield & Son Limited earned $0.1 B of net profit in the Mar 26 quarter, +20.0% year on year. Full-year FY25 profit was $0.2 B. The 4-year compound rate is 9.5%. That is 40.0% of the quarter's revenue. The same quarter a year earlier earned $0.1 B.
The Bank of N.T. Butterfield & Son Limited earned $0.1 B of net profit in the Mar 26 quarter, +20.0% year on year. Full-year FY25 profit was $0.2 B. The 4-year compound rate is 9.5%. That is 40.0% of the quarter's revenue. The same quarter a year earlier earned $0.1 B.
Mar 26 profit was $0.1 B, +20.0% year on year. On the full year, FY25 printed $0.2 B (+4.5%), and the 4-year compound rate is 9.5%.
Why profit moved: revenue contributed +0.0% and the margin +6.7 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +10.0% vs revenue +5.2%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra dollar of revenue drops more to the bottom line.
→ Profit is up — how clean is the loan book behind it? Next: we hold no quarterly loan-book numbers — the section says so plainly.
Asset quality — the ladder Gross NPA is the slice of the loan book where repayments have stopped. Net NPA is what remains after the money already set aside against those loans. Falling is healing; rising is damage arriving.
Loan-book quality history is not available for The Bank of N.T. Butterfield & Son Limited, so this section names the gap rather than estimating a ratio. No gross or net non-performing-asset series is filed in a form this page can read, and none is inferred from the profit line.
We do not hold quarterly loan-book quality numbers for this bank, so this section states that plainly rather than working around it.
Why: loan-book quality is the engine room of a bank, and its drivers — slippages, recoveries, provisioning — sit below what we hold for this name; the sections around it carry the reads we can stand behind.
→ Behind the profits — is the book itself still growing? Next: revenue grew +5.2% in FY25.
The loan book We read the loan book through revenue — when the book and the businesses grow, revenue grows with them. It is a rough proxy, and we say so: rate moves and fee swings can shift it a few points in any one year.
The Bank of N.T. Butterfield & Son Limited's revenue grew +5.2% in FY25 to $0.6 B, so the book is growing. The latest quarter ran +0.0% year on year. The net margin on that income is 40.0%, +6.7 percentage points against a year ago.
FY25 revenue was $0.6 B, +5.2% on the year, and the latest quarter ran +0.0% year on year. The net margin on that revenue is 40.0% this quarter (+6.7 pp YoY) — growth with a widening margin on it.
The synthesis: a lender compounds when the book grows while the margin holds and the loan book stays clean — with quarterly loan-quality numbers missing here, revenue growth and margin are the two we watch.
→ Does all of this actually earn its keep on equity? Next: ROE is 21%.
Returns on equity and assets Two numbers rate a bank: ROE — what it earns on shareholder money — and ROA — what it earns on everything it deploys. ROE above ~13–15% earns its keep; below that, growth builds book slowly.
The Bank of N.T. Butterfield & Son Limited earns a return on equity of 20% in FY25. Its trough over the ladder below was 16% in FY21. On the asset side every $100 of the balance sheet earned about $1.64, which is the return before leverage is applied.
FY25 ROE came in at 20%, recovered from a FY21 trough of 16%. On assets, the latest reading is about 1.64% — every $100 the bank deploys earns roughly $1.64 a year. That clears the bar a bank must beat for its book value to compound.
Why ROE moved: profit compounded 9.5% a year over 4 years while the equity base grew more slowly — earnings recovering faster than book value builds is what lifts ROE off a trough.
→ Who owns this bank, and are they adding or leaving? Next: the register.
Dividend A dividend is cash paid out per share. Dividend per share is the declared amount for the period; the trailing twelve-month total is the four most recent quarters added together.
The Bank of N.T. Butterfield & Son Limited paid $1.94 per share over the last four reported quarters, up 13.6% on a year ago. The most recent declaration was $0.50 for Mar 26. Against the current price of $59.9 that is a trailing yield of 3.24%, measured on dividends already paid rather than on a forecast.
The Bank of N.T. Butterfield & Son Limited paid $1.94 per share over the last four reported quarters, up 13.6% on a year ago. The most recent declaration was $0.50 for Mar 26. Against the current price of $59.9 that is a trailing yield of 3.24%, measured on dividends already paid rather than on a forecast.
The Bank of N.T. Butterfield & Son Limited paid $1.94 per share across the last four reported quarters, most recently $0.50 for Mar 26. That is up 13.6% against the same quarter a year earlier. Against the current price of $59.9 the trailing twelve months work out to 3.24% — trailing dividends measured against today's price, not a forward estimate.
→ A payout is cash leaving the business. Next: what the balance sheet looks like behind it.
Debt
For a bank, borrowings are raw material, not a warning sign — solvency is read through the returns and the loan book. A manufacturer’s debt is a claim against its profits, so the debt-to-equity lens that works everywhere else misleads on a lender and is not applied here.
A manufacturer’s debt is a claim against its profits; a bank’s borrowings are its inventory — money taken in to be lent out. The debt lens that works everywhere else misleads here, so this page does not apply it. The solvency questions for a bank — is the loan book sound, is the equity earning — are read through the loan-book and returns sections above.
→ Who owns this, and are they adding or leaving? Next: the register.
Ownership There is no quarter-by-quarter holder register to read here, so we read the crowd through short interest — the slice of tradable shares currently sold short, positioned for a fall.
No ownership or positioning reading is held for The Bank of N.T. Butterfield & Son Limited, so this section names the gap rather than filling it. At typical trading volumes those positions would take about 3.0 days to buy back. There is no quarter-by-quarter holder register to read for this filer, so the crowd is read through short interest instead.
We hold no ownership or positioning reading for this stock, so this section says that plainly.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
The Bank of N.T. Butterfield & Son Limited: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre. The Z-score was built for manufacturers and is not applied to banks and lenders, so solvency here is read from the capital and asset-quality lines instead.
The safety line in one sentence: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre.
| Company | P/BV | Mkt cap | Revenue | EPS | ROE | Stage |
|---|---|---|---|---|---|---|
| The Bank of N.T. Butterfield & Son Limited this page | 2.0× | $2B | Improving | |||
| JPMorgan Chase & Co. | 2.7× | $950B | Turning around | |||
| Bank of America Corporation | 1.6× | $439B | Improving | |||
| HSBC Holdings plc | 1.8× | $353B | Turning around | |||
| Royal Bank of Canada | 2.8× | $292B | Consistent | |||
| Wells Fargo & Company | 1.6× | $263B | Mixed | |||
| Mitsubishi UFJ Financial Group, Inc. | 1.9× | $252B | Mixed | |||
| Citigroup Inc. | 1.2× | $222B | Mixed | |||
| The Toronto-Dominion Bank | 2.2× | $199B | Topping out | |||
| Banco Santander, S.A. | 1.5× | $199B | Improving | |||
| UBS Group AG | 1.7× | $161B | Improving | |||
| Sumitomo Mitsui Financial Group, Inc. | 1.4× | $161B | Turning around | |||
| Banco Bilbao Vizcaya Argentaria, S.A. | 2.1× | $147B | Mixed | |||
| Bank of Montreal | 2.0× | $127B | Mixed | |||
| The Bank of Nova Scotia | 1.7× | $109B | Mixed | |||
| Canadian Imperial Bank of Commerce | 2.2× | $108B | Consistent | |||
| The Bank of New York Mellon Corporation | 2.7× | $106B | Mixed | |||
| ING Groep N.V. | 1.6× | $95B | Improving | |||
| Barclays PLC | 0.9× | $91B | Mixed | |||
| Forbright, Inc. | 1.0× | $1B | — | — | — | — |
Frequently asked questions
What is The Bank of N.T. Butterfield & Son Limited's stock price today?
The Bank of N.T. Butterfield & Son Limited trades at $59.9, +35.0% over the past year. The company is valued at $2.0 B. The stock sits at 93% of its 52-week range of $41–$61, +14.2% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 68 weeks in. — as of 29 July 2026.
What were The Bank of N.T. Butterfield & Son Limited's latest quarterly results?
The Bank of N.T. Butterfield & Son Limited reported total income of $0.1 B and net profit of $0.1 B for the Mar 26 quarter. Income rose 0.0% and profit rose 20.0% year on year. Earnings per share were $1.53. — as of 29 July 2026.
What is The Bank of N.T. Butterfield & Son Limited's revenue?
The Bank of N.T. Butterfield & Son Limited reported revenue of $0.1 B in the Mar 26 quarter, +0.0% year on year. For the full FY25 fiscal year, revenue was $0.6 B (+5.2%). Over the last 4 years revenue compounded at 5.1% a year. — as of 29 July 2026.
What is The Bank of N.T. Butterfield & Son Limited's profit?
The Bank of N.T. Butterfield & Son Limited earned $0.1 B of net profit in the Mar 26 quarter, +20.0% year on year. Full-year FY25 profit was $0.2 B. The net margin ran 40.0% in the latest quarter. — as of 29 July 2026.
What is The Bank of N.T. Butterfield & Son Limited's market cap?
The Bank of N.T. Butterfield & Son Limited's market capitalisation is $2.0 B at a stock price of $59.9. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 29 July 2026.
What is The Bank of N.T. Butterfield & Son Limited's P/BV ratio?
The Bank of N.T. Butterfield & Son Limited trades at a P/BV of 2.0×, at the 88th percentile of its own 5-year range, against a long-run median of 1.8×. This is a comparison with the stock's own history, not a value call — as of 29 July 2026.
Does The Bank of N.T. Butterfield & Son Limited pay a dividend?
Yes — The Bank of N.T. Butterfield & Son Limited declared $0.50 per share for Mar 26, and $1.94 per share across the last four reported quarters. The latest quarter is up 13.6% on the same quarter a year earlier. — as of 29 July 2026.
What is The Bank of N.T. Butterfield & Son Limited's dividend per share?
The Bank of N.T. Butterfield & Son Limited's most recently declared dividend is $0.50 per share for Mar 26, giving $1.94 per share over the trailing twelve months. Each figure is the amount declared for that quarter as reported, added across four quarters for the trailing total. — as of 29 July 2026.
What is The Bank of N.T. Butterfield & Son Limited's dividend yield?
The Bank of N.T. Butterfield & Son Limited's trailing dividend yield is 3.24%: $1.94 declared per share across the last four reported quarters, against a share price of $59.9. — as of 29 July 2026.
Is The Bank of N.T. Butterfield & Son Limited overvalued?
On its own history, The Bank of N.T. Butterfield & Son Limited looks expensive against its own history: its P/BV of 2.0× sits at the 88th percentile of its 5-year range (long-run median 1.8×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 29 July 2026.
Is The Bank of N.T. Butterfield & Son Limited growing?
Yes — The Bank of N.T. Butterfield & Son Limited is growing: latest-quarter revenue +0.0% year on year, profit +20.0%, and the the net margin +6.7 pp at 40.0%. The 4-year compound rates are 5.1% (revenue) and 9.5% (profit). The earnings engine currently reads: improving — as of 29 July 2026.
How is The Bank of N.T. Butterfield & Son Limited performing?
The Bank of N.T. Butterfield & Son Limited is in a confirmed uptrend, 68 weeks in. Its latest quarter's income rose 0.0% and profit rose 20.0% year on year. Against the S&P 500 it has been ahead on a trailing-13-week view for 3 weeks. — as of 29 July 2026.
What stage is The Bank of N.T. Butterfield & Son Limited in?
Improving — profit growth bottomed 6 quarters ago at −13.0% and has held its recovery at +9.5%, ROE holding at 20.2%. The read comes from the last 12 quarters of growth (revenue growth +5.2% latest, profit growth +9.5% latest, eps growth +19.9% latest) plus the ROE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 29 July 2026.
Is The Bank of N.T. Butterfield & Son Limited in an uptrend?
Yes — the price is in a confirmed uptrend (week 68 of stage 2), trading +14.2% versus its 200-day average and at 93% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 29 July 2026.
Is The Bank of N.T. Butterfield & Son Limited beating the market?
On recent form, yes — The Bank of N.T. Butterfield & Son Limited has been ahead of the S&P 500 on a trailing-13-week view for 3 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 9.8 years the stock moved +149% against the S&P 500's +243% — behind the index over the full window. — as of 29 July 2026.
Will The Bank of N.T. Butterfield & Son Limited's stock price go up?
This page publishes no price forecast for The Bank of N.T. Butterfield & Son Limited. What it measures instead: the stock price is $59.9, the price is in a confirmed uptrend 68 weeks in. Its P/BV of 2.0× sits at the 88th percentile of its own 5-year range. — as of 29 July 2026.
Is The Bank of N.T. Butterfield & Son Limited's loan book healthy?
We do not hold quarterly loan-book quality numbers for The Bank of N.T. Butterfield & Son Limited, so this page says that plainly. The cleanest available reads are revenue growth (+5.2% in FY25) and the net margin on it (40.0%) — as of 29 July 2026.
Where is The Bank of N.T. Butterfield & Son Limited in its business cycle?
The Bank of N.T. Butterfield & Son Limited's FY25 net margin was 37.7%, against a 5-year band of 32.0%–39.7%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 40.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 29 July 2026.
What could break the The Bank of N.T. Butterfield & Son Limited story?
The sharpest disagreement: the engine is strong, but at the 88th percentile of its own range you are paying full price for it. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 29 July 2026.
Is The Bank of N.T. Butterfield & Son Limited a stock worth studying right now?
This is not investment advice. The machine read: The Bank of N.T. Butterfield & Son Limited is strength at full price. The numbers are improving — and a P/BV at the 88th percentile of its own range says the market knows. The sharpest open question: whether the earnings grow into the multiple. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 29 July 2026.