The Bank of N.T. Butterfield & Son has announced financial results for the quarter ended June 30, 2025.
Net income for the second quarter of 2025 was $53.3 million, or $1.25 per diluted common share, compared to net income of $53.8 million, or $1.23 per diluted common share, for the previous quarter and $50.6 million, or $1.09 per diluted common share, for the second quarter of 2024. Core net income for the second quarter of 2025 was $53.7 million, or $1.26 per diluted common share, compared to $56.7 million, or $1.30 per diluted common share, for the previous quarter and $51.4 million, or $1.11 per diluted common share, for the second quarter of 2024.
The return on average common equity for the second quarter of 2025 was 20.3% compared to 20.9% for the previous quarter and 20.7% for the second quarter of 2024. The core return on average tangible common equity for the second quarter of 2025 was 22.3%, compared to 24.2% for the previous quarter and 23.3% for the second quarter of 2024. The efficiency ratio for the second quarter of 2025 was 61.3%, compared to 61.8% for the previous quarter and 62.4% for the second quarter of 2024. The core efficiency ratio for the second quarter of 2025 was 61.1% compared with 59.8% in the previous quarter and 61.8% for the second quarter of 2024.
The Bank also announced the appointment of a new Independent Director, Andrew Henton, a UK and offshore financial services sector expert, with longstanding experience in the Channel Islands.
Michael Collins (pictured), Butterfield’s Chairman and Chief Executive Officer, commented: “This strong second quarter performance underscores the consistency of our high risk-adjusted returns, supported by disciplined risk management and high-quality client relationships. Butterfield’s proven business model and sustained through-cycle profitability gives our Board the confidence to increase the quarterly cash dividend rate by 14% and authorize a new share repurchase program. As we rebalance our capital return strategy, we continue to evaluate selective, fee-based acquisition opportunities.
“On behalf of the Board of Directors, I am pleased to welcome Andrew Henton to the Group Board, and thank him for his continuing contribution to Butterfield’s subsidiary banking business in the Channel Islands, where he also currently serves as a Director. Andrew brings significant experience in governance, private banking, private equity and investment banking. I look forward to working with Andrew and am confident that he will help to further Butterfield’s strategic growth and value creation.”
