The Bank of Butterfield has announced financial results for the quarter ended March 31, 2025.
Net income for the first quarter of 2025 was $53.8 million, or $1.23 per diluted common share, compared to net income of $59.6 million, or $1.34 per diluted common share, for the previous quarter and $53.4 million, or $1.13 per diluted common share, for the first quarter of 2024. Core net income1 for the first quarter of 2025 was $56.7 million, or $1.30 per diluted common share, compared to $59.6 million, or $1.34 per diluted common share, for the previous quarter and $55.0 million, or $1.17 per diluted common share, for the first quarter of 2024.
The return on average common equity for the first quarter of 2025 was 20.9% compared to 22.9% for the previous quarter and 21.5% for the first quarter of 2024. The core return on average tangible common equity for the first quarter of 2025 was 24.2%, compared to 25.2% for the previous quarter and 24.5% for the first quarter of 2024. The efficiency ratio for the first quarter of 2025 was 61.8%, compared to 58.2% for the previous quarter and 60.9% for the first quarter of 2024. The core efficiency ratio1 for the first quarter of 2025 was 59.8% compared with 58.2% in the previous quarter and 59.8% for the first quarter of 2024.
Michael Collins (pictured), Butterfield’s Chairman and Chief Executive Officer, commented: “Our strong performance in the first quarter of 2025 continued to demonstrate the resilience of our balance sheet with an expanding net interest margin, higher net interest income, stable core efficiency and effective capital management.
“We remain committed to managing Butterfield for the long-term benefit of our clients and communities, while creating value for shareholders across more pronounced economic and interest rate cycles.”
