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Bank of N.T. Butterfield & Son

NTB on NYSE. Commercial banks, nec. Market value $2.4bn.

Watch this stockFree. We tell you when something changes.

This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Nothing stood out in the numbers we check.

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to December 2025
21.4%five-year median

Yearly profit per dollar of owners' money: 21 cents. Above 10 is good.

Price to book
annual report to December 2025
2.1×

What you pay for each dollar of net assets: $2.06.

Earnings yield
annual report to December 2025
9.9%

Profit per $100 you pay: $9.87.

Quality score: 81 of 100. Price score: 73 of 100. Our list needs 70 on quality and 60 on price.

$58.81 a share, 45% above its 1-year low

Over the past year the price has ranged from $40.59 to $64.17.

Dividend: 3.3% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
$500m$549m$579m$580m$607m
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.05bn0.05bn0.05bn0.04bn0.04bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsSlow, 4.2% a year
  • Buying back its own sharesYes, 20% fewer since 2021

Dates

Next results (estimated)
n/a
Last annual report (10-K)
18 February 2026
Next quarterly (estimated, 10-Q)
n/a

Who owns it

5 long-term investors we follow own it, unchanged from 5 last quarter. 251 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

No one has reported a stake above 5% since December 2024.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $564,900 of shares on the open market. 9 sold $23m.

  • McWatt Michael
    Managing Director, Cayman
    Sold
    Date
    26 August 2026
    Shares
    9,000
    Price
    $58.41
    Value
    $525,729
  • Collins Michael W
    Chief Executive Officer
    Sold
    Date
    19 August 2026
    Shares
    61,178
    Price
    $59.67
    Value
    $4m
  • Collins Michael W
    Chief Executive Officer
    Sold
    Date
    18 August 2026
    Shares
    70,859
    Price
    $61.79
    Value
    $4m
  • Pearce Jane
    Managing Director, Trust
    Sold
    Date
    18 August 2026
    Shares
    16,368
    Price
    $61.78
    Value
    $1m
  • Collins Michael W
    Chief Executive Officer
    Sold
    Date
    17 August 2026
    Shares
    75,000
    Price
    $62.98
    Value
    $5m
  • Neff Michael Walter
    Chief Operating Officer
    Sold
    Date
    14 August 2026
    Shares
    5,500
    Price
    $63.66
    Value
    $350,126
  • McWatt Michael
    Managing Director, Cayman
    Sold
    Date
    5 August 2026
    Shares
    12,000
    Price
    $61.78
    Value
    $741,319
  • Wright John R
    Director
    Sold
    Date
    4 August 2026
    Shares
    5,000
    Price
    $59.50
    Value
    $297,500
  • Saunders Richard
    Managing Director, CIUK
    Sold
    Date
    31 July 2026
    Shares
    18,118
    Price
    $61.33
    Value
    $1m
  • Hidalgo Tara
    Chief Risk Officer
    Sold
    Date
    30 July 2026
    Shares
    18,587
    Price
    $61.27
    Value
    $1m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

Bank of N.T. Butterfield & Son doesn’t file a US annual report (10-K), so we haven’t checked it.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.