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what it is
Butterfield is a Caribbean and Bermuda bank that takes deposits, makes loans, and sells wealth and trust services.
how it gets paid
Last year Bank N.T. Butterfld made $607M in revenue. Lending was the main engine at $220M, or 36% of sales.
why it's growing
Revenue grew 4.6% last year. $4.71 matters most because EPS is the denominator for the whole cheap-stock argument.
what just happened
The clean takeaway: quarterly EPS ended 2024 at $1.34, the highest quarterly print of the year.
At a glance
n/a balance sheet
85/100 earnings predictability — you can trust these numbers
9.5x trailing p/e — the market's not buying it — or you found a deal
4.0% dividend yield — cash in your pocket every quarter
$4.71 fy2024 eps est
xvary composite: 98/100 — above average
What they do
Butterfield is a Caribbean and Bermuda bank that takes deposits, makes loans, and sells wealth and trust services.
This bank wins by being where the money already is. Butterfield has operated since 1858 and serves Bermuda, Cayman, Guernsey, Jersey, and the Bahamas, where trust, custody, and private banking relationships tend to stick. You do not move your family trust or operating cash lightly, and that stickiness helps support a 4.0% dividend yield and a risk score of 1.
How they make money
$607M
annual revenue · their business grew +4.6% last year
Lending
$220M
Deposit and cash management
$170M
Wealth, trust, and custody
$120M
Foreign exchange and settlement
$55M
Insurance and advisory
$42M
The products that matter
lending and deposit banking
Traditional Banking
$406M · 67% of revenue mix
it generated $406M in net interest income last year, with average investment yield at 2.72%. this is still the main earnings engine.
rate sensitive
trust, private banking, and asset management
Wealth Management
$201M · 33% of revenue mix
this fee business brought in $201M of revenue inside a bank that produced $237.5M of core net income. it matters because fees cushion the lending cycle.
fee income
Key numbers
9.5x
trailing p/e
P/E → price-to-earnings → how much you pay for each dollar of profit. At 9.5x, you are not paying a luxury price.
4.0%
dividend yield
Dividend yield → annual cash payout divided by stock price → you get paid while the market decides what this bank is worth.
$4.71
2024 eps
EPS → profit per share → this is the number the valuation rests on, and it was up from $4.58 in 2023.
$99M
long-term debt
Long-term debt is just 5% of capital, which means the balance sheet is not leaning on borrowed money to look better.
Financial health
n/a
strength
- balance sheet grade n/a
- risk rank 1 — safer than 95% of stocks
- price stability 65 / 100
- long-term debt $99M (5% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for NTB right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The clean takeaway: quarterly EPS ended 2024 at $1.34, the highest quarterly print of the year.
Full-year EPS came in at $4.71 versus $4.58 in 2023, while annual revenue reached $607M, up 4.6% vs. prior year. Deadpan version: a small island bank just kept stacking earnings while trading at 9.5x trailing earnings.
$607M
ttm revenue
$1.34
q4 eps
4.6%
revenue growth
the number that mattered
$4.71 matters most because EPS is the denominator for the whole cheap-stock argument, and the stock trades at 9.5x trailing earnings off that profit base.
source: company earnings report, 2026
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What could go wrong
the #1 risk is offshore jurisdiction concentration in bermuda and the cayman islands.
med
Geographic concentration
All $607M of revenue comes from a small set of offshore markets. That concentration helps NTB hold local relevance. It also means one regulatory shock or local downturn hits the whole business at once.
This risk touches 100% of revenue.
med
Net interest income reset
Net interest income was $406M, or 67% of revenue. If deposit costs rise faster than asset yields, the main earnings engine slows and the cheap multiple stops looking generous.
This risk sits on top of two-thirds of the revenue mix.
med
Capital return dependency
The annual report says holders of common shares may not receive dividends. That matters because the story investors are paying for is a 4.0% yield plus buybacks, not hypergrowth.
If profit slips, the first thing under pressure is the payout formula.
Put the three together and you get the real picture: all $607M of revenue is concentrated by geography, 67% of it depends on net interest income, and your income thesis relies on that cash still showing up.
source: institutional data · regulatory filings · risk analysis
Pay attention to
capital return
2026 buyback pace
Management approved a new 3.0M-share repurchase plan for 2026 after buying back 3.5M shares in 2025. If the pace fades, the shareholder-return story cools with it.
calendar
Next reports for fee-income proof
The acquisition announced on Feb 19, 2026 needs to show up in reported wealth and trust revenue. Until then, it is narrative without the evidence beat.
mix shift
Non-interest income holding one-third of revenue
Fee income was $201M against $406M of net interest income. If that fee share grows, NTB gets less tied to pure spread banking.
risk
Any regulatory noise in core offshore markets
Because the footprint is so concentrated, you do not need a global banking crisis to change the story. A local rule change in Bermuda or the Cayman Islands is enough.
Analyst rankings
earnings predictability
85 / 100
in human-speak, analysts see a bank that usually does what it says it will do.
12-month price target
$55.00
five analysts see modest upside from $50. this is not a moonshot target. it is a steady-bank target.
source: institutional data
Institutional activity
institutional ownership data for NTB is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$50
current price
n/a
target midpoint · n/a from current
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