Bank of N.T. Butterfield & Son Ltd 6-K, filed Feb 9, 2026
Bank of N.T. Butterfield & Son Ltd (NTB)
6-K
2026-02-09
For: 2025-12-31
View Original
Added on
April 10, 2026
About this 6-K
Bank of N.T. Butterfield & Son Ltd filed this 6-K on February 9, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February, 2026
Commission File Number: 001-37877
The Bank of N.T. Butterfield & Son Limited
(Translation of registrant’s name into English)
65 Front Street
Hamilton, HM 12
Bermuda
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ý Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
DOCUMENTS INCLUDED AS PART OF THIS FORM 6-K
Attached hereto (i) as Exhibit 99.1 is the earnings release, (ii) as Exhibit 99.2 is the earnings call presentation, all for The Bank of N.T. Butterfield & Son Limited for the three months and year ended December 31, 2025.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: February 9, 2026 | THE BANK OF N.T. BUTTERFIELD & SON LIMITED | |||||||
| By: | /s/ Michael Schrum | |||||||
| Name: | Michael Schrum | |||||||
| Title: | President and Group Chief Financial Officer | |||||||
| 2 | ||
EXHIBIT INDEX
| Exhibit | Description | |||||||
Earnings release - Fourth quarter and year-end 2025 results | ||||||||
Earnings call presentation - Fourth quarter and year-end 2025 results | ||||||||
| 3 | ||
Butterfield Reports Fourth Quarter and Full Year 2025 Results
Fourth quarter 2025 highlights:
•Net income and core net income1 of $63.8 million, or $1.54 per share
•Return on average common equity of 22.7% and core return on average tangible common equity1 of 24.6%
•Net interest margin of 2.69%, cost of deposits of 1.37%
•Quarterly cash dividend of $0.50 per share for the quarter ended December 31, 2025
•Repurchases of 0.6 million shares at a total cost of $29.6 million
•New share repurchase authorization for up to 3.0 million common shares
Full year 2025 highlights:
•Net income of $231.9 million, or $5.47 per share, and core net income1 of $237.5 million, or $5.60 per share
•Return on average common equity of 21.7%, and core return on average tangible common equity1 of 24.2%
•Net interest margin of 2.69%, cost of deposits of 1.50%
•Active capital management with aggregate annual dividends of $1.88 per share in addition to repurchases of 3.5 million shares at a total cost of $146.7 million
•Meroe Park appointed as Independent Director
Hamilton, Bermuda - February 9, 2026: The Bank of N.T. Butterfield & Son Limited ("Butterfield" or the "Bank") (BSX: NTB.BH; NYSE: NTB) today announced financial results for the quarter ended December 31, 2025.
Net income for the year ended December 31, 2025 was $231.9 million, or $5.47 per diluted common share, compared to $216.3 million, or $4.71 per diluted common share, for the year ended December 31, 2024. Core net income1 for the year ended December 31, 2025 was $237.5 million, or $5.60 per diluted common share, compared to $218.9 million, or $4.77 per diluted common share, for the year ended December 31, 2024.
The return on average common equity for the year ended December 31, 2025 was 21.7% compared to 21.4% for the year ended December 31, 2024. The core return on average tangible common equity1 for the year ended December 31, 2025 was 24.2%, compared to 24.0% for the year ended December 31, 2024. The efficiency ratio for the year ended December 31, 2025 was 59.4% compared with 60.4% for the year ended December 31, 2024. The core efficiency ratio1 for the year ended December 31, 2025 was 58.5% compared with 60.0% for the year ended December 31, 2024.
Michael Collins, Butterfield's Chairman and Chief Executive Officer, commented, “Throughout 2025 Butterfield delivered strong financial results supported by disciplined strategic execution. We achieved year-on-year net
(1) See table "Reconciliation of US GAAP Results to Core Earnings" below for reconciliation of US GAAP results to non-GAAP measures. 1
income growth, with core net income per diluted share increasing 17.4% compared to 2024. Our relationship-focused banking and private trust businesses increased non-interest income, while net interest income benefited from lower deposit costs and higher yielding asset redeployment. Butterfield remained focused on expense management, while completing a number of value-added projects that have advanced our technology platform.
"Capital management remains integral to Butterfield’s strategy, with an increase in the quarterly dividend as well as share repurchases driving a combined payout ratio approaching 100% of net income for 2025. In addition, we remain focused on growth through private trust and bank acquisitions in order to achieve scale in island markets that we understand.
“On behalf of my fellow Directors, I am pleased to welcome Meroe Park back to Butterfield. Meroe brings over three decades of distinguished public service experience, including Deputy Secretary and Chief Operating Officer of the Smithsonian Institution and Executive Director and Chief Operating Officer at the Central Intelligence Agency, where she operated at the intersection of governance, operations, and public accountability. Meroe’s ability to navigate complexity and lead in demanding professional environments with diverse stakeholders, combined with her background in human resources, operations, technology, and cyber security will add meaningful depth to our Board deliberations.”
Net income for the fourth quarter of 2025 was $63.8 million, or $1.54 per diluted common share, compared to net income of $61.1 million, or $1.46 per diluted common share, for the previous quarter and $59.6 million, or $1.34 per diluted common share, for the fourth quarter of 2024. Core net income1 for the fourth quarter of 2025 was $63.8 million, or $1.54 per diluted common share, compared to $63.3 million, or $1.51 per diluted common share, for the previous quarter and $59.6 million, or $1.34 per diluted common share, for the fourth quarter of 2024.
The return on average common equity for the fourth quarter of 2025 was 22.7% compared to 22.5% for the previous quarter and 22.9% for the fourth quarter of 2024. The core return on average tangible common equity1 for the fourth quarter of 2025 was 24.6%, compared to 25.5% for the previous quarter and 25.2% for the fourth quarter of 2024. The efficiency ratio for the fourth quarter of 2025 was 57.2%, compared to 57.7% for the previous quarter and 58.2% for the fourth quarter of 2024. The core efficiency ratio1 for the fourth quarter of 2025 was 57.2% compared with 56.2% in the previous quarter and 58.2% for the fourth quarter of 2024.
Net income and core net income1 were up in the fourth quarter of 2025 versus the prior quarter, primarily due to higher non-interest income and lower provision for credit losses, which were partially offset by higher non-interest expenses.
Net interest income (“NII”) for the fourth quarter of 2025 was $92.6 million, relatively flat compared to $92.7 million in the previous quarter and $4.0 million higher compared to $88.6 million in the fourth quarter of 2024. NII was higher during the fourth quarter of 2025 compared to the fourth quarter of 2024 due to a lower cost of deposits as central banks have reduced market interest rates and investment yields have increased as assets were deployed into higher yielding available-for-sale investment securities, which were partially offset by lower loan and treasury yields.
Net interest margin (“NIM”) for the fourth quarter of 2025 was 2.69%, a decrease of 4 basis points from the previous quarter at 2.73% and compares favorably to 2.61% in the fourth quarter of 2024. NIM in the fourth quarter of 2025 decreased compared to the prior quarter due to lower treasury and loan yields as central banks cut market interest rates. NIM in the fourth quarter of 2025 increased compared to the fourth quarter of 2024 due to lower cost of deposits, which were partially offset by lower treasury and loan yields.
Non-interest income for the fourth quarter of 2025 was $66.3 million, an increase of $5.1 million from $61.2 million in the previous quarter and $3.0 million higher than $63.2 million in the fourth quarter of 2024. The increase in the fourth quarter of 2025 compared to the prior quarter was due to higher banking revenue due to seasonality, higher third party credit card volume incentives and higher trust revenue from new clients and fee increases. Non-interest income in the fourth quarter of 2025 was higher than the fourth quarter of 2024 due to higher trust revenue from new clients and fee increases and increased asset management fees from higher valuation, partially offset by lower banking revenue.
Non-interest expenses were $93.1 million in the fourth quarter of 2025, compared to $90.8 million in the previous quarter and $90.6 million in the fourth quarter of 2024. Core non-interest expenses1 of $93.1 million in the fourth quarter of 2025 were higher compared to the $88.5 million incurred in the previous quarter and the $90.6 million in the fourth quarter of 2024. Core non-interest expenses1 in the fourth quarter of 2025 were higher compared to the prior quarter due to increased professional and outside services costs, salaries and benefits, technology and communications, marketing and other non-interest expenses. Core non-interest expenses1 in the fourth quarter of
(1) See table "Reconciliation of US GAAP Results to Core Earnings" below for reconciliation of US GAAP results to non-GAAP measures. 2
2025 were higher compared to the fourth quarter of 2024 due to salaries and benefits and professional and outside services cost.
Period end deposit balances remained relatively flat at $12.7 billion compared to December 31, 2024. Average deposits were $12.8 billion in the quarter ended December 31, 2025, which is slightly higher than the $12.6 billion in the prior quarter.
Tangible book value per share1 at the end of the fourth quarter of 2025 was $26.41 per share, higher than $25.06 per share at the end of the prior quarter and an increase over the $21.70 at December 31, 2024. The tangible book value per share1 continues to improve due to OCI burndown and retained earnings, net of dividends.
The Board declared a quarterly cash dividend rate of $0.50 per common share to be paid on March 9, 2026 to shareholders of record on February 23, 2026. During the fourth quarter of 2025, Butterfield repurchased 0.6 million common shares under the Bank's existing share repurchase program. On December 8, 2025, the Board approved a new share repurchase program to replace its expiring program, authorizing the purchase of up to 3.0 million common shares through to December 31, 2026. The new share repurchase authorization took effect on January 1, 2026.
Effective January 1, 2025, the Bank has adopted the Basel Committee on Banking Supervision's ("BCBS") revised standardized approach for credit risk framework as required by the Bermuda Monetary Authority ("BMA"). Comparatives were prepared under the prior credit risk framework. The current total regulatory capital ratio as at December 31, 2025 was 27.8%, compared to 25.8% as at December 31, 2024. Both of these ratios remain conservatively above the minimum regulatory requirements applicable to the Bank.
About Meroe Park:
Meroe Park has served for the last six years as Deputy Secretary and Chief Operating Officer of the Smithsonian Institution, the largest museum and research complex in the world. At the Smithsonian, Ms. Park oversees the organization’s day-to-day operations, strategic planning and enterprise-wide initiatives across its museums, research centers and programs. Prior to the Smithsonian, Ms. Park had a distinguished career at the Central Intelligence Agency (CIA), serving 27 years in a series of increasingly senior leadership roles. She was Executive Director and Chief Operating Officer (the agency’s highest-ranking civil service position) and briefly served as Acting Director. During her tenure at the CIA she was twice awarded the Presidential Rank Award and was recognized with the CIA’s Distinguished Intelligence Medal for her leadership. Ms. Park is currently on the Board of Directors of Georgetown University and has also served as Executive Vice President of the Partnership for Public Service. She also previously served as a Non-Executive Director of Butterfield from 2017-2020. She holds a Bachelor of Science degree from Georgetown University’s School of Foreign Service.
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ANALYSIS AND DISCUSSION OF FOURTH QUARTER AND YEAR-END RESULTS
| Income statement | Three months ended (Unaudited) | Year ended | ||||||||||||||||||||||||||||||
| (in $ millions) | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||
| Non-interest income | 66.3 | 61.2 | 63.2 | 242.9 | 230.0 | |||||||||||||||||||||||||||
| Net interest income before provision for credit losses | 92.6 | 92.7 | 88.6 | 364.1 | 351.2 | |||||||||||||||||||||||||||
| Total net revenue before provision for credit losses and other gains (losses) | 158.9 | 153.9 | 151.9 | 607.0 | 581.2 | |||||||||||||||||||||||||||
| Provision for credit (losses) recoveries | 0.2 | (0.6) | (0.3) | (0.2) | (1.7) | |||||||||||||||||||||||||||
| Total other gains (losses) | — | (0.1) | 0.1 | — | 0.4 | |||||||||||||||||||||||||||
| Total net revenue | 159.1 | 153.3 | 151.7 | 606.8 | 579.9 | |||||||||||||||||||||||||||
| Non-interest expenses | (93.1) | (90.8) | (90.6) | (368.8) | (359.1) | |||||||||||||||||||||||||||
| Total net income before taxes | 66.0 | 62.5 | 61.1 | 238.0 | 220.8 | |||||||||||||||||||||||||||
| Income tax benefit (expense) | (2.2) | (1.4) | (1.5) | (6.0) | (4.5) | |||||||||||||||||||||||||||
| Net income | 63.8 | 61.1 | 59.6 | 231.9 | 216.3 | |||||||||||||||||||||||||||
| Net earnings per share | ||||||||||||||||||||||||||||||||
Basic | 1.58 | 1.50 | 1.37 | 5.61 | 4.80 | |||||||||||||||||||||||||||
Diluted | 1.54 | 1.46 | 1.34 | 5.47 | 4.71 | |||||||||||||||||||||||||||
Per diluted share impact of other non-core items 1 | — | 0.05 | — | 0.13 | 0.06 | |||||||||||||||||||||||||||
Core earnings per share on a fully diluted basis 1 | 1.54 | 1.51 | 1.34 | 5.60 | 4.77 | |||||||||||||||||||||||||||
Adjusted weighted average number of participating shares on a fully diluted basis (in thousands of shares) | 41,439 | 41,944 | 44,601 | 42,416 | 45,899 | |||||||||||||||||||||||||||
| Key financial ratios | ||||||||||||||||||||||||||||||||
| Return on common equity | 22.7 | % | 22.5 | % | 22.9 | % | 21.7 | % | 21.4 | % | ||||||||||||||||||||||
Core return on average tangible common equity 1 | 24.6 | % | 25.5 | % | 25.2 | % | 24.2 | % | 24.0 | % | ||||||||||||||||||||||
Return on average assets | 1.8 | % | 1.7 | % | 1.7 | % | 1.6 | % | 1.6 | % | ||||||||||||||||||||||
| Net interest margin | 2.69 | % | 2.73 | % | 2.61 | % | 2.69 | % | 2.64 | % | ||||||||||||||||||||||
Core efficiency ratio 1 | 57.2 | % | 56.2 | % | 58.2 | % | 58.5 | % | 60.0 | % | ||||||||||||||||||||||
(1)See table "Reconciliation of US GAAP Results to Core Earnings" below for reconciliation of US GAAP results to non-GAAP measures.
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| Balance Sheet | As at | ||||||||||||||||
| (in $ millions) | December 31, 2025 | December 31, 2024 | |||||||||||||||
| Cash and cash equivalents | 1,709 | 1,998 | |||||||||||||||
| Securities purchased under agreements to resell | 1,096 | 1,205 | |||||||||||||||
| Short-term investments | 757 | 580 | |||||||||||||||
| Investments in securities | 5,688 | 5,513 | |||||||||||||||
| Loans, net of allowance for credit losses | 4,382 | 4,474 | |||||||||||||||
| Premises, equipment and computer software, net | 159 | 154 | |||||||||||||||
| Goodwill and intangibles, net | 87 | 90 | |||||||||||||||
| Accrued interest and other assets | 217 | 218 | |||||||||||||||
| Total assets | 14,095 | 14,231 | |||||||||||||||
| Total deposits | 12,698 | 12,746 | |||||||||||||||
| Long-term debt | — | 99 | |||||||||||||||
| Securities sold under agreements to repurchase | — | 93 | |||||||||||||||
| Accrued interest and other liabilities | 255 | 273 | |||||||||||||||
| Total liabilities | 12,953 | 13,211 | |||||||||||||||
| Common shareholders’ equity | 1,142 | 1,021 | |||||||||||||||
| Total shareholders' equity | 1,142 | 1,021 | |||||||||||||||
| Total liabilities and shareholders' equity | 14,095 | 14,231 | |||||||||||||||
| Key Balance Sheet Ratios: | December 31, 2025 | December 31, 2024 | |||||||||||||||
Common equity tier 1 capital ratio 2 | 27.6 | % | 23.5 | % | |||||||||||||
Tier 1 capital ratio 2 | 27.6 | % | 23.5 | % | |||||||||||||
Total capital ratio 2 | 27.8 | % | 25.8 | % | |||||||||||||
Leverage ratio | 7.6 | % | 7.3 | % | |||||||||||||
| Risk-Weighted Assets (in $ millions) | 3,991 | 4,539 | |||||||||||||||
| Risk-Weighted Assets / total assets | 28.3 | % | 31.9 | % | |||||||||||||
| Tangible common equity ratio | 7.5 | % | 6.6 | % | |||||||||||||
| Book value per common share (in $) | 28.58 | 23.78 | |||||||||||||||
| Tangible book value per share (in $) | 26.41 | 21.70 | |||||||||||||||
| Non-accrual loans/gross loans | 2.1 | % | 1.7 | % | |||||||||||||
| Non-performing assets/total assets | 0.8 | % | 1.1 | % | |||||||||||||
| Allowance for credit losses/total loans | 0.6 | % | 0.6 | % | |||||||||||||
(2) Effective January 1, 2025, the Bank has adopted the BCBS's revised standardized approach for credit risk framework as required by the BMA. Comparatives were prepared under the prior credit risk framework.
QUARTER ENDED DECEMBER 31, 2025 COMPARED WITH THE QUARTER ENDED SEPTEMBER 30, 2025
Net Income
Net income for the quarter ended December 31, 2025 was $63.8 million, up from $61.1 million in the prior quarter.
The change in net income during the quarter ended December 31, 2025 compared to the previous quarter is attributable to the following:
•$5.1 million increase in non-interest income driven by (i) $1.9 million increase in banking fees due to seasonal increases in card volumes and incentives programs; and (ii) $1.3 million increase in trust income from new clients and fee increases; (iii) $0.5 million increase in foreign exchange revenue driven by volume; and (iv) $0.5 million increase in asset management income from increased asset valuations;
•$0.7 million decrease in allowance for credit losses due to net charge-offs in the prior quarter;
•$2.3 million increase in non-interest expenses mainly due to (i) $1.4 million increase in professional and outside services for project work; (ii) $0.6 million increase in technology and communication costs driven by corporate travel expenses; (iii) $0.6 million increase in other non-interest expenses due to increased charitable donations; and (iv) $0.6 million increase in marketing expenses from event costs and sponsorship; partially offset by (v) $1.5 million decrease in salaries and other employee benefits due to senior management departures costs recognized in the prior quarter; and
5
•$0.7 million increase in income tax expenses mainly due to higher net income in the Channel Islands and UK segment.
Non-Core Items1
There were no non-core items for the fourth quarter of 2025.
Management does not believe that comparative period expenses, gains or losses identified as non-core are indicative of the results of operations of the Bank in the ordinary course of business.
(1)See table "Reconciliation of US GAAP Results to Core Earnings" below for reconciliation of US GAAP results to non-GAAP measures.
YEAR ENDED DECEMBER 31, 2025 COMPARED WITH THE YEAR ENDED DECEMBER 31, 2024
Net Income
Net income for the year ended December 31, 2025 was $231.9 million, up $15.6 million from $216.3 million in the prior year.
The $15.6 million change in net income in the year ended December 31, 2025 was due principally to the following:
•$12.9 million increase in non-interest income driven by (i) $4.5 million increase in trust income earned from increased fees and new clients; (ii) $3.7 million increase in banking fees due to increased card services, wire fees and volume incentives; (iii) $2.9 million increase in asset management fees due to increases in asset valuations; and (iv) $1.3 million increase in foreign exchange revenue due to higher volumes;
•$12.9 million increase in net interest income before provision for credit losses primarily due to lower costs of deposit from central bank market interest rate cuts and higher investment yields as assets were deployed into higher yielding available-for-sale investment securities, which were partially offset by lower loan and treasury yields;
•$1.4 million decrease in provision for credit losses due to net releases during the year;
•$9.7 million increase in non-interest expenses, driven by higher staff-related costs from senior management departures, inflationary increases, group-wide voluntary early retirement and redundancy programs and higher incentive accruals. These were partially offset by lower technology and communications cost due to lower IT software maintenance expenses; and lower professional and outside services costs;
•$1.5 million increase in income tax expenses due to higher net income in the Channel Islands and UK segment.
Non-Core Items1
Non-core items resulted in expenses, net of gains, of $5.6 million in the year ended December 31, 2025 compared to expenses, net of gains, of $2.6 million in the prior year. Non-core items for the year relate mainly to costs recognized related to the group-wide voluntary early retirement and redundancy programs and costs associated with senior executive departures.
Management does not believe that comparative period expenses, gains or losses identified as non-core are indicative of the results of operations of the Bank in the ordinary course of business.
(1)See table "Reconciliation of US GAAP Results to Core Earnings" below for reconciliation of US GAAP results to non-GAAP measures.
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BALANCE SHEET COMMENTARY AT DECEMBER 31, 2025 COMPARED WITH DECEMBER 31, 2024
Total Assets
Total assets of the Bank were $14.1 billion at December 31, 2025, a decrease of $0.1 billion from December 31, 2024. The Bank maintained a highly liquid position at December 31, 2025, with $9.3 billion of cash, bank deposits, reverse repurchase agreements and liquid investments representing 65.6% of total assets, compared with 65.3% at December 31, 2024.
Loans Receivable
The loan portfolio totaled $4.4 billion at December 31, 2025, relatively flat compared to the December 31, 2024 balance.
The allowance for credit losses at December 31, 2025 totaled $25.4 million, a slight decrease compared to $25.7 million at December 31, 2024.
The loan portfolio represented 31.1% of total assets at December 31, 2025 (December 31, 2024: 31.4%), while loans as a percentage of total deposits was 34.5% at December 31, 2025 (December 31, 2024: 35.1%). Both ratios remain relatively flat at December 31, 2025 compared to December 31, 2024.
As at December 31, 2025, the Bank had gross non-accrual loans of $91.3 million, representing 2.1% of total gross loans, an increase of $14.7 million from $76.7 million, or 1.7% of total loans, at December 31, 2024. The increase in non-accrual loans was driven by a residential mortgage facility in the Channel Islands and UK segment and partially offset by the settlement of a commercial real estate loan facility in Bermuda.
Investment in Securities
The investment portfolio was $5.7 billion at December 31, 2025, which was $0.2 billion higher than the December 31, 2024 balances. The increase is due to the deployment of assets into the available-for-sale investment portfolio.
The investment portfolio is made up of high-quality assets with 100% invested in A-or-better-rated securities. The investment book yield was 2.72% during the quarter ended December 31, 2025 compared with 2.67% during the previous quarter. Total net unrealized losses on the available-for-sale portfolio is lower at $89.4 million, an improvement of $73.9 million compared with total net unrealized losses of $163.3 million at December 31, 2024.
Deposits
Average total deposit balances were $12.8 billion for the quarter ended December 31, 2025, while period end balances as at December 31, 2025 were $12.7 billion, both relatively flat compared to December 31, 2024 balances.
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Average Balance Sheet2
| For the three months ended | |||||||||||||||||||||||||||||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||
| (in $ millions) | Average balance ($) | Interest ($) | Average rate (%) | Average balance ($) | Interest ($) | Average rate (%) | Average balance ($) | Interest ($) | Average rate (%) | ||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||
| Cash and cash equivalents and short-term investments | 3,588.7 | 31.1 | 3.44 | 3,474.7 | 31.9 | 3.64 | 3,441.1 | 36.9 | 4.25 | ||||||||||||||||||||||||||
| Investment in securities | 5,686.1 | 39.0 | 2.72 | 5,526.0 | 37.2 | 2.67 | 5,457.3 | 34.5 | 2.51 | ||||||||||||||||||||||||||
| Available-for-sale | 2,657.1 | 21.9 | 3.27 | 2,430.1 | 19.8 | 3.24 | 2,173.0 | 15.8 | 2.89 | ||||||||||||||||||||||||||
| Held-to-maturity | 3,029.0 | 17.1 | 2.24 | 3,095.9 | 17.4 | 2.23 | 3,284.3 | 18.6 | 2.25 | ||||||||||||||||||||||||||
| Loans | 4,396.3 | 66.6 | 6.01 | 4,470.9 | 70.3 | 6.24 | 4,573.2 | 74.1 | 6.43 | ||||||||||||||||||||||||||
| Commercial | 1,188.6 | 18.3 | 6.11 | 1,226.6 | 20.3 | 6.57 | 1,321.9 | 21.2 | 6.36 | ||||||||||||||||||||||||||
| Consumer | 3,207.7 | 48.3 | 5.98 | 3,244.3 | 50.0 | 6.11 | 3,251.3 | 52.9 | 6.45 | ||||||||||||||||||||||||||
| Interest earning assets | 13,671.1 | 136.8 | 3.97 | 13,471.6 | 139.4 | 4.11 | 13,471.6 | 145.5 | 4.28 | ||||||||||||||||||||||||||
| Other assets | 444.9 | 445.4 | 429.8 | ||||||||||||||||||||||||||||||||
| Total assets | 14,116.0 | 13,917.0 | 13,901.4 | ||||||||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||
| Deposits - interest bearing | 10,125.1 | (44.1) | (1.73) | 10,017.1 | (46.7) | (1.85) | 9,943.7 | (54.4) | (2.17) | ||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 1.2 | — | (4.53) | — | — | — | 97.8 | (1.1) | (4.27) | ||||||||||||||||||||||||||
| Long-term debt | — | — | — | — | — | — | 98.7 | (1.4) | (5.51) | ||||||||||||||||||||||||||
| Interest bearing liabilities | 10,126.3 | (44.2) | (1.73) | 10,017.1 | (46.7) | (1.85) | 10,140.2 | (56.8) | (2.22) | ||||||||||||||||||||||||||
| Non-interest bearing current accounts | 2,645.9 | 2,616.7 | 2,509.5 | ||||||||||||||||||||||||||||||||
| Other liabilities | 238.2 | 231.2 | 245.3 | ||||||||||||||||||||||||||||||||
| Total liabilities | 13,010.3 | 12,865.0 | 12,895.0 | ||||||||||||||||||||||||||||||||
| Shareholders’ equity | 1,105.6 | 1,052.0 | 1,006.4 | ||||||||||||||||||||||||||||||||
| Total liabilities and shareholders’ equity | 14,116.0 | 13,917.0 | 13,901.4 | ||||||||||||||||||||||||||||||||
| Non-interest bearing funds net of non-interest earning assets (free balance) | 3,544.8 | 3,454.5 | 3,331.5 | ||||||||||||||||||||||||||||||||
| Net interest margin | 92.6 | 2.69 | 92.7 | 2.73 | 88.6 | 2.61 | |||||||||||||||||||||||||||||
(2) Averages are based upon a daily averages for the periods indicated.
Assets Under Administration and Assets Under Management
Total assets under administration for the trust and custody businesses were $134.7 billion and $32.3 billion, respectively, at December 31, 2025, while assets under management were $6.9 billion at December 31, 2025. This compares with $131.3 billion, $30.5 billion and $6.0 billion, respectively, at December 31, 2024.
7
Reconciliation of US GAAP Results to Core Earnings
The table below shows the reconciliation of net income in accordance with US GAAP to core earnings, a non-GAAP measure, which excludes certain significant items that are included in our US GAAP results of operations. We focus on core net income, which we calculate by adjusting net income to exclude certain income or expense items that are not representative of our business operations, or “non-core”. Core net income includes revenue, gains, losses and expense items incurred in the normal course of business. We believe that expressing earnings and certain other financial measures excluding these non-core items provides a meaningful base for period-to-period comparisons, which management believes will assist investors in analyzing the operating results of the Bank and predicting future performance. We believe that presentation of these non-GAAP financial measures will permit investors to assess the performance of the Bank on the same basis as management.
| Core Earnings | Three months ended | Year ended | |||||||||||||||||||||||||||
| (in $ millions except per share amounts) | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||
| Net income | 63.8 | 61.1 | 59.6 | 231.9 | 216.3 | ||||||||||||||||||||||||
| Non-core items | |||||||||||||||||||||||||||||
| Non-core expenses | |||||||||||||||||||||||||||||
| Early retirement program, voluntary separation, redundancies and other non-core compensation costs | — | 2.2 | — | 5.5 | 1.5 | ||||||||||||||||||||||||
| Tax compliance review costs | — | — | — | — | 0.3 | ||||||||||||||||||||||||
Restructuring charges and related professional service fees | — | — | — | — | 0.8 | ||||||||||||||||||||||||
| Total non-core expenses | — | 2.2 | — | 5.6 | 2.6 | ||||||||||||||||||||||||
| Total non-core items | — | 2.2 | — | 5.6 | 2.6 | ||||||||||||||||||||||||
| Core net income | 63.8 | 63.3 | 59.6 | 237.5 | 218.9 | ||||||||||||||||||||||||
| Average common equity | 1,117.3 | 1,076.2 | 1,030.0 | 1,071.3 | 1,006.2 | ||||||||||||||||||||||||
| Less: average goodwill and intangible assets | (87.2) | (90.0) | (92.9) | (89.2) | (95.1) | ||||||||||||||||||||||||
| Average tangible common equity | 1,030.1 | 986.2 | 937.2 | 982.1 | 911.1 | ||||||||||||||||||||||||
| Core earnings per share fully diluted | 1.54 | 1.51 | 1.34 | 5.60 | 4.77 | ||||||||||||||||||||||||
| Return on common equity | 22.7 | % | 22.5 | % | 22.9 | % | 21.7 | % | 21.4 | % | |||||||||||||||||||
| Core return on average tangible common equity | 24.6 | % | 25.5 | % | 25.2 | % | 24.2 | % | 24.0 | % | |||||||||||||||||||
| Shareholders' equity | 1,141.9 | 1,106.0 | 1,020.8 | 1,141.9 | 1,020.8 | ||||||||||||||||||||||||
| Less: goodwill and intangible assets | (86.8) | (88.8) | (89.6) | (86.8) | (89.6) | ||||||||||||||||||||||||
| Tangible common equity | 1,055.1 | 1,017.1 | 931.2 | 1,055.1 | 931.2 | ||||||||||||||||||||||||
| Basic participating shares outstanding (in millions) | 39.9 | 40.6 | 42.9 | 39.9 | 42.9 | ||||||||||||||||||||||||
| Tangible book value per common share | 26.41 | 25.06 | 21.70 | 26.41 | 21.70 | ||||||||||||||||||||||||
| Non-interest expenses | 93.1 | 90.8 | 90.6 | 368.8 | 359.1 | ||||||||||||||||||||||||
| Less: non-core expenses | — | (2.2) | — | (5.6) | (2.6) | ||||||||||||||||||||||||
| Less: amortization of intangibles | (2.2) | (2.0) | (2.2) | (8.0) | (8.0) | ||||||||||||||||||||||||
| Core non-interest expenses before amortization of intangibles | 90.9 | 86.6 | 88.4 | 355.3 | 348.5 | ||||||||||||||||||||||||
| Core revenue before other gains and losses and provision for credit losses | 158.9 | 153.9 | 151.9 | 607.0 | 581.2 | ||||||||||||||||||||||||
| Core efficiency ratio | 57.2 | % | 56.2 | % | 58.2 | % | 58.5 | % | 60.0 | % | |||||||||||||||||||
8
Conference Call Information:
Butterfield will host a conference call to discuss the Bank’s results on Tuesday February 10, 2026 at 10:00 a.m. Eastern Time. Callers may access the conference call by dialing +1 (844) 855-9501 (toll-free) or +1 (412) 858-4603 (international) ten minutes prior to the start of the call and referencing the Conference ID: Butterfield Group. A live webcast of the conference call, including a slide presentation, will be available in the investor relations section of Butterfield’s website at www.butterfieldgroup.com. A replay of the call will be archived on the Butterfield website for 12 months.
About Non-GAAP Financial Measures:
Certain statements in this release involve the use of non-GAAP financial measures. We believe such measures provide useful information to investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with US GAAP; however, our non-GAAP financial measures have a number of limitations. As such, investors should not view these disclosures as a substitute for results determined in accordance with US GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies use. See "Reconciliation of US GAAP Results to Core Earnings" for additional information.
Forward-Looking Statements:
Certain of the statements made in this release are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions estimates, intentions, and future performance, including, without limitation, our intention to make share repurchases, our growth and our fee/income ratio and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. These risks and uncertainties may cause the actual results, performance, capital, ownership or achievements of Butterfield to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements due to a variety of factors, including worldwide economic conditions (including economic growth and general business conditions) and fluctuations of interest rates, inflation, a decline in Bermuda’s sovereign credit rating, any sudden liquidity crisis, the successful completion and integration of acquisitions or the realization of the anticipated benefits of such acquisitions in the expected time-frames or at all, success in business retention and obtaining new business, potential impacts of climate change, the success of our updated systems and platforms and other factors. Forward-looking statements can be identified by words such as "anticipate," "assume," "believe," "estimate," "expect," "indicate," "intend," "may," "plan," "point to," "predict," "project," "seek," "target," "potential," "will," "would," "could," "should," "continue," "contemplate" and other similar expressions, although not all forward-looking statements contain these identifying words. All statements other than statements of historical fact are statements that could be forward-looking statements.
All forward-looking statements in this disclosure are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our SEC reports and filings, including under the caption "Risk Factors" in our most recent Form 20-F. Such reports are available upon request from Butterfield, or from the Securities and Exchange Commission ("SEC"), including through the SEC’s website at https://www.sec.gov. Any forward-looking statements made by Butterfield are current views as at the date they are made. Except as otherwise required by law, Butterfield assumes no obligation and does not undertake to review, update, revise or correct any of the forward-looking statements included in this disclosure, whether as a result of new information, future events or other developments. You are cautioned not to place undue reliance on the forward-looking statements made by Butterfield in this disclosure. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, and should only be viewed as historical data. BF-All
Presentation of Financial Information:
Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them.
About Butterfield:
Butterfield is a full-service bank and wealth manager headquartered in Hamilton, Bermuda, providing services to clients from Bermuda, the Cayman Islands, Guernsey and Jersey, where our principal banking operations are located, and The Bahamas, Switzerland, Singapore and the United Kingdom, where we offer specialized financial services. Banking services comprise deposit, cash management and lending solutions for individual, business and institutional clients. Wealth management services are composed of trust, private banking, asset management and custody. In Bermuda, the Cayman Islands and Guernsey, we offer both banking and wealth management. In The Bahamas, Singapore and Switzerland, we offer select wealth management services. In the UK, we offer residential property lending. In Jersey, we offer select banking and wealth management services. Butterfield is publicly traded on the New York Stock Exchange (symbol: NTB) and the Bermuda Stock Exchange (symbol: NTB.BH). Further details on the Butterfield Group can be obtained from our website at: www.butterfieldgroup.com.
Investor Relations Contact: Media Relations Contact:
Noah Fields Nicky Stevens
Investor Relations Group Strategic Marketing & Communications
The Bank of N.T. Butterfield & Son Limited The Bank of N.T. Butterfield & Son Limited
Phone: (441) 299 3816 Phone: (441) 299 1624
E-mail: noah.fields@butterfieldgroup.com E-mail: nicky.stevens@butterfieldgroup.com
9
Fourth Quarter and Year-End 2025 The Bank of N.T. Butterfield & Son Limited Earnings Presentation February 10, 2026
2 Forward-Looking Statements Forward-Looking Statements: Certain of the statements made in this release are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions estimates, intentions, and future performance, including, without limitation, our intention to make share repurchases, our growth and our fee/income ratio and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. These risks and uncertainties may cause the actual results, performance, capital, ownership or achievements of Butterfield to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements due to a variety of factors, including worldwide economic conditions (including economic growth and general business conditions) and fluctuations of interest rates, inflation, a decline in Bermuda’s sovereign credit rating, any sudden liquidity crisis, the successful completion and integration of acquisitions or the realization of the anticipated benefits of such acquisitions in the expected time-frames or at all, success in business retention and obtaining new business, potential impacts of climate change, the success of our updated systems and platforms and other factors. Forward-looking statements can be identified by words such as "anticipate," "assume," "believe," "estimate," "expect," "indicate," "intend," "may," "plan," "point to," "predict," "project," "seek," "target," "potential," "will," "would," "could," "should," "continue," "contemplate" and other similar expressions, although not all forward-looking statements contain these identifying words. All statements other than statements of historical fact are statements that could be forward-looking statements. All forward-looking statements in this disclosure are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our SEC reports and filings, including under the caption "Risk Factors" in our most recent Form 20-F. Such reports are available upon request from Butterfield, or from the Securities and Exchange Commission ("SEC"), including through the SEC’s website at https://www.sec.gov. Any forward-looking statements made by Butterfield are current views as at the date they are made. Except as otherwise required by law, Butterfield assumes no obligation and does not undertake to review, update, revise or correct any of the forward-looking statements included in this disclosure, whether as a result of new information, future events or other developments. You are cautioned not to place undue reliance on the forward-looking statements made by Butterfield in this disclosure. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, and should only be viewed as historical data. About Non-GAAP Financial Measures: This presentation contains non-GAAP financial measures including “core” net income and other financial measures presented on a “core” basis. We believe such measures provide useful information to investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however, our non-GAAP financial measures have a number of limitations. As such, investors should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies use. Reconciliations of these non-GAAP measures to corresponding GAAP financial measures are provided in the Appendix of this presentation. Presentation of Financial Information: Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them.
3 Agenda and Overview Ten International Locations Butterfield Overview Michael Collins Chairman and Chief Executive Officer Michael Schrum President and Group Chief Financial Officer Bri Hidalgo Group Chief Risk Officer • Leading Bank in Attractive Markets • Strong Capital Generation and Return • Resilient, Capital Efficient, Diversified Fee Revenue Model • Efficient, Conservative Balance Sheet • Experienced Leadership Team • Overview • Full Year 2025 Highlights • Fourth Quarter 2025 Financials • Q&A Presenters Agenda • Leading market positions in Bermuda & Cayman • Expanding retail offerings in The Channel Islands • Well-secured lending in all markets • Award winning banking and wealth management offerings Sustainability Awards
4 Financials
5 Full Year 2025 Highlights Net Income (In US$ millions) Return on Equity (In US$ millions) vs 2024 2025 $ % Net Interest Income $ 364.1 $ 12.9 Non-Interest Income 242.9 12.9 Provision for Credit Losses (0.2) 1.4 Non-Interest Expenses* (374.9) (11.2) Other Gains (Losses) — (0.4) Net Income $ 231.9 $ 15.6 7.2 % Non-Core Items** 5.6 3.0 Core Net Income** $ 237.5 $ 18.6 8.5 % • Net income of $231.9 million, or $5.47 per share • Core net income** of $237.5 million, or $5.60 per share • Return on average common equity of 21.7%; core return on average tangible common equity** of 24.2% • Net Interest Margin of 2.69%, cost of deposits of 1.50% • Tangible book value per share** of $26.41, an increase of $4.71 per share or 21.7% from the end of 2024 • Active capital management with aggregate annual dividends of $1.88 per share in addition to share repurchases of 3.5 million shares for a total of $146.7 million • Meroe Park appointed as Independent Director * Includes income taxes ** See the Appendix for a reconciliation of non-GAAP measures $162.7 $214.0 $225.5 $216.3 $231.9 $163.6 $215.7 $231.5 $218.9 $237.5 Net income Core Net Income** 2021 2022 2023 2024 2025 16.8% 25.7% 24.2% 21.4% 21.7% 18.7% 28.6% 27.0% 24.0% 24.2% Return on Equity Core Return on Average Tangible Common Equity** 2021 2022 2023 2024 2025
6 Fourth Quarter 2025 Highlights Net Income (In US$ millions) Return on Equity (In US$ millions) vs. Q3 2025 vs. Q4 2024 Q4 2025 $ % $ % Net Interest Income $ 92.6 $ (0.1) $ 4.0 Non-Interest Income 66.3 5.1 3.0 Provision for Credit Losses 0.2 0.7 0.4 Non-Interest Expenses* (95.3) (3.1) (3.1) Other Gains (Losses) — — (0.1) Net Income $ 63.8 $ 2.7 4.5 % $ 4.2 7.1 % Non-Core Items** — 2.2 — Core Net Income** $ 63.8 $ 0.5 0.8 % $ 4.2 7.1 % • Net income and core net income** of $63.8 million or $1.54 per share • Return on average common equity of 22.7%; core return on average tangible common equity** of 24.6% • Net Interest Margin of 2.69%, cost of deposits of 1.37% • Quarterly cash dividend of $0.50 per common share • Repurchases of 0.6 million shares at a total cost of $29.6 million • New share repurchase authorization for up to 3.0 million common shares * Includes income taxes ** See the Appendix for a reconciliation of non-GAAP measures $59.6 $53.8 $53.3 $61.1 $63.8 $59.6 $56.7 $53.7 $63.3 $63.8 Net income Core Net Income** Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 22.9% 20.9% 20.3% 22.5% 22.7% 25.2% 24.2% 22.3% 25.5% 24.6% Return on Equity Core Return on Average Tangible Common Equity** Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
7 Net Interest Income before Provision for Credit Losses -Trend (In US$ millions) $88.6 $92.7 $92.6 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net Interest Margin & Yields Income Statement Net Interest Income • Net interest income (“NII”) remained relatively flat compared to the prior quarter • Net interest margin (“NIM”) was lower at 2.69% compared to 2.73% in the prior quarter, primarily due to lower treasury and loan yields as central banks cut market interest rates • Average investment volumes continue to increase as assets were deployed into higher yielding available-for-sale investment securities • Average loan volumes continued to decrease as amortizations and paydowns outpaced originations (In US$ millions) Q4 2025 vs Q3 2025 Avg. Balance Yield Avg. Balance Yield Cash, S/T Inv. & Repos $ 3,588.7 3.44 % $ 114.0 (0.20) % Investments 5,686.1 2.72 % 160.0 0.05 % Loans (net) 4,396.3 6.01 % (74.6) (0.23) % Interest Earning Assets 13,671.1 3.97 % 199.4 (0.14) % Interest Bearing Liabilities 10,126.3 (1.73) % 109.1 0.12 % Net Interest Margin 2.69 % (0.04) %
8 Non-Interest Income Trend (In US$ millions)(In US$ millions) Q4 2025 vs. Q3 2025 Asset management $ 10.4 $ 0.5 Banking 19.7 1.9 Foreign exchange revenue 13.7 0.5 Trust 17.6 1.3 Custody and other 4.0 0.9 Other 0.8 — Total Non-Interest Income $ 66.3 $ 5.1 $63.2 $61.2 $66.3 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 • Total non-interest income increased $5.1 million versus the prior quarter, primarily due to: ◦ higher banking fees due to seasonal increases in card volumes and third party incentive programs; ◦ higher trust income from new clients and fee increases; ◦ volume-driven increase in foreign exchange fees; and ◦ higher asset management revenue driven by increased asset valuations • The fee income ratio was 41.7% in the fourth quarter of 2025 which compares favorably to historical peer* averages Income Statement Non-Interest Income * Includes US banks identified by management as a peer group. Please see the Appendix for a list of these banks.
9 Core Non-Interest Expense* Trend (In US$ millions) Core Non-Interest Expenses* vs. Q3 2025 (In US$ millions) Q4 2025 $ % Salaries & Benefits** $ 46.7 $ 0.8 1.8 % Technology & Comm. 16.7 0.6 3.8 % Professional & O/S Services 6.4 1.4 28.6 % Property 8.4 0.2 2.8 % Indirect Taxes 5.4 0.1 1.3 % Marketing 1.9 0.6 40.1 % Intangible Amortization 2.2 0.2 9.5 % Other 5.4 0.6 12.7 % Total Core Non-Interest Expenses* $ 93.1 $ 4.5 5.1 % Non-Core Expenses* — (2.2) >100% Non-Interest Expenses $ 93.1 $ 2.3 2.6 % $90.6 $88.5 $93.1 58.2% 56.2% 57.2% Core Efficiency Ratio* Core Non-Interest Expenses* Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 • Core non-interest expenses* increased compared to the prior quarter with the following underlying movements: ◦ higher professional and outside services fees; ◦ higher salaries and benefits due to higher staff incentive accrual in-line with positive operating results; and ◦ higher marketing expenses from event costs and sponsorship • Core efficiency ratio* of 57.2% increased compared to the prior quarter and was favorable to the Bank’s through-cycle core efficiency ratio target of 60% * See the Appendix for a reconciliation of non-GAAP measures ** Includes Non-Service Employee Benefits Expense Income Statement Non-Interest Expenses
10 Balance Sheet Total Assets (In US$ billions) • Period end deposit balances remained relatively flat compared to the prior year end at $12.7 billion • Average deposit balances increased to $12.8 billion in Q4 2025 from $12.5 billion at the prior year end • Butterfield’s balance sheet remained low in risk density (risk weighted assets/total assets) at 28.3% vs Q4 2024 (In US$ millions) Q4 2025 Q4 2024 % Cash and cash equivalents $ 1,709 $ 1,998 (15) % Reverse Repos & S/T Investments 1,853 1,785 4 % Investments 5,688 5,513 3 % Loans (net) 4,382 4,474 (2) % Other Assets 462 462 — % Total Assets $ 14,095 $ 14,231 (1) % Int. Bearing Deposits $ 9,997 $ 10,058 (1) % Non-Int. Bearing Deposits 2,701 2,688 1 % Other Liabilities 255 465 (45) % Shareholders’ Equity 1,142 1,021 12 % Total Liab. & Equity $ 14,095 $ 14,231 (1) % $14.2 $14.1 $14.1 $5.5 $5.7 $5.7 $4.5 $4.5 $4.4 Total assets Investments Loans Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $12.7 $12.7 $12.7 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Total Deposits (In US$ billions)
11 Asset Quality Non-Accrual Loans (In US$ millions) $76.7 $91.7 $91.3 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Res Mtg 70.6% Consumer 4.4% Comm’l R/E 12.8% Other Comm’l 5.9% Government 6.3% Loan Distribution 0.04% 0.01% 0.00% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 0.00% 0.05% 0.10% 0.15% 0.20% Net Charge-Off Ratio $4.4 billion $5.7 billion Investment Portfolio Rating Distribution • 71% of the total loan portfolio consists of full-recourse residential mortgages of which 79% have loans-to-values below 70% • Non-accrual loans were relatively flat for the quarter at 2.1% • Allowance for credit losses at $25.4 million represented an ACL/Total loans ratio of 0.6%, consistent with the prior quarter • The net charge-off ratio remained at a negligible level as a % of total gross loans AAA 0.2% AA 99.8%
12 Interest Rate Sensitivity Interest Rate SensitivityAverage Balance - Balance Sheet Average Balances (US$Mil) Weighted Average Life Q4 2025 vs. Q3 2025 Duration vs. Q3 2025 Cash & Reverse Repos & S/T Invest. $ 3,588.7 $ 114.0 0.1 — N/A AFS 2,657.1 227.0 2.9 (0.2) 3.4 HTM** 3,029.0 (66.9) 7.0 (0.1) 8.0 Total $ 9,274.8 $ 274.1 (5.3)% 3.3% 6.6% (1.7)% 1.3% 2.7% NTB US Peer Median * -100bps +100bps +200bps • Total investment portfolio duration decreased to 4.9 years in line with the fixed portfolio maturing down, partially offset by forward rates rising • Interest rate sensitivity has increased against the prior quarter driven by updates to deposit beta assumptions • Net unrealized losses on AFS securities improved to $89.4 million as at December 31, 2025 compared with net unrealized losses of $101.5 million as at the end of the third quarter of 2025 • Based on implied forward rates, the AFS OCI expected to further improve by 28% in the next 12 months * Includes US banks identified by management as a peer group. Please see the Appendix for a list of these banks. Q3 2025 comparative data is used as Q4 2025 peer information was not widely available at time of publication. ** The HTM portfolio is comprised of securities with negative convexity which typically exhibit lower prepayment speeds when assuming higher future rates.
13 Capital Requirements and Dividend Return Leverage Capital • Regulatory capital levels remain conservatively above minimum requirements • Quarterly dividend rate of $0.50 per common share • TCE/TA ratio*** of 7.5%, conservatively above the targeted range of 6.0% to 6.5% • Tangible book value per share*** increased by 5.4% compared to the prior quarter at $26.41 • New Basel 4 rules effective on January 1, 2025 resulted in lower risk weighted assets and improved the regulatory capital ratio by 1.9% Regulatory Capital - Total Capital Ratio* 27.8% 13.5% 15.4% Butterfield Current BMA Minimum US Peer Median*** ** Includes US banks identified by management as a peer group. Please see the Appendix for a list of these banks. Q3 2025 comparative data is used as Q4 2025 peer information was not widely available at time of publication. *** See the Appendix for a reconciliation of non-GAAP measures 8.6% 12.4% 7.5% 11.9% 1.1% 0.5% TCE/TA TCE/TA Ex Cash Butterfield - Current US Peer Median** $87.3 $86.2 $79.9 $77.7 $3.9 $88.6 $155.3 $146.7 Combined Payout Ratio Share Repurchases Cash Dividend 2022 2023 2024 2025 Combined Payout Ratio * Effective January 1, 2025, the Bank has adopted the BCBS’s revised standardized approach for credit risk framework as required by the BMA. 43% 78% 109% 97%
14 Appendix
15 Group (US$ Billions) Bermuda (US$ Billions) Deposit Composition by Segment Cayman (US$ Billions) Channel Islands (US$ Billions) 21% 20% 20% 20% 21% 44% 49% 49% 49% 48% 35% 31% 31% 31% 31% $12.7 $12.6 $12.8 $12.7 $12.7 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 27% 25% 24% 24% 27% 44% 47% 50% 50% 46% 30% 28% 26% 26% 27% $4.0 $3.9 $4.0 $3.8 $4.1 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 33% 35% 36% 35% 35% 40% 45% 44% 46% 44% 26% 20% 20% 19% 21% $4.8 $4.5 $4.5 $4.8 $4.5 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 1% 1% 1% 1% 1% 48% 54% 52% 49% 53% 51% 45% 48% 50% 46% $4.0 $4.2 $4.3 $4.2 $4.2 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
16 29% 29% 29% 28% 27% 21% 23% 22% 21% 19% 50% 49% 49% 50% 54% $3.6 $3.6 $3.3 $3.1 $3.1 Bermuda Cayman UK and Channel Islands 2021 2022 2023 2024 2025 26% 24% 21% 23% 18% 7% 9% 9% 10% 6% 18% 21% 22% 22% 25% 48% 46% 48% 46% 51% $1.4 $1.4 $1.3 $1.3 $1.1 Commercial and Industrial Commercial Overdrafts Government Commercial Real Estate 2021 2022 2023 2024 2025 Residential Mortgage Loans (US$ Billions) Commercial Loans (US$ Billions) Loans 39% 37% 37% 34% 33% 20% 24% 25% 24% 24% 41% 39% 38% 42% 43% $5.2 $5.1 $4.7 $4.5 $4.4 Bermuda Cayman UK and Channel Islands 2021 2022 2023 2024 2025 Loan Portfolio Composition by Originating Segment (US$ Billions) 19% 43% 51% 47% 45% 81% 57% 49% 53% 55% $5.2 $5.1 $4.7 $4.5 $4.4 Fixed Floating 2021 2022 2023 2024 2025 Fixed vs. Floating Rate Loans (US$ Billions)
17 Balance Sheet Movements Deposit Composition by Currency (US$ billions)Deposit Movements (US$ millions) $-20 $-50 Change vs Q3 2025 Change vs Q4 2024 Loan Movements (US$ millions) Loan Composition by Currency (US$ billions) -25 +5 $-85 $-90 Change vs Q3 2025 Change vs Q4 2024 Volume FX Translation 72% 71% 71% 21% 23% 23% 7% 6% 6% $12.7 $12.7 $12.7 USD / USD Pegged GBP Other Total deposits Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 61% 58% 58% 39% 42% 42% 1% —% —% $4.5 $4.5 $4.4 USD / USD Pegged GBP Other Total loans Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 -90 +5 -360 +310 -220 +130
18 Loan-to-Deposit Ratio Balance Sheet Asset Mix Liquidity: Cash & Cash Equivalents** to Total Assets 35% 36% 36% 35% 35% 71% 71% 71% 70% NTB US Peer Median* Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 27% 26% 26% 25% 25% 4% 5% 5% 5% NTB US Peer Median* Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 • Butterfield takes a conservative approach to managing the liquidity and funding risk profile of its balance sheet. This involves the retention of a significant liquidity holding of cash or cash equivalent balances, comprised of interbank deposits and short-dated sovereign Canadian, UK and US Treasury Bills, as well as maintaining significant liquidity facilities with correspondent banks • Butterfield also maintains capital, liquidity and funding buffers conservatively in excess of regulatory requirements * Includes US banks identified by management as a peer group. Please see the Appendix for a list of these banks. Q4 2025 peer information was not widely available at time of publication and therefore not included. ** Includes securities purchased under agreements to resell and short-term investments.
19 (in millions of US Dollars, unless otherwise indicated) 2025 2024 2023 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Assets Cash and cash equivalents $ 1,709 $ 1,501 $ 1,450 $ 2,097 $ 1,998 $ 2,067 $ 2,390 $ 1,746 $ 1,647 Reverse Repos & S/T Investments 1,853 1,987 2,247 1,498 1,785 1,750 1,289 1,480 1,225 Investments 5,688 5,675 5,458 5,448 5,513 5,468 5,168 5,168 5,292 Loans, Net 4,382 4,468 4,578 4,518 4,474 4,648 4,585 4,644 4,746 Other Assets 462 456 453 458 462 441 506 490 464 Total Assets $ 14,095 $ 14,086 $ 14,185 $ 14,020 $ 14,231 $ 14,373 $ 13,939 $ 13,528 $ 13,374 Liabilities and Equity Total Deposits $ 12,698 $ 12,721 $ 12,838 $ 12,608 $ 12,746 $ 12,738 $ 12,548 $ 12,131 $ 11,987 Long-Term Debt — — — 99 99 99 99 99 98 Other Liabilities 255 259 278 256 366 472 293 304 285 Total Liabilities $ 12,953 $ 12,980 $ 13,116 $ 12,962 $ 13,211 $ 13,309 $ 12,940 $ 12,533 $ 12,370 Common Equity $ 1,142 $ 1,106 $ 1,069 $ 1,058 $ 1,021 $ 1,064 $ 999 $ 995 $ 1,004 Total Equity $ 1,142 $ 1,106 $ 1,069 $ 1,058 $ 1,021 $ 1,064 $ 999 $ 995 $ 1,004 Total Liabilities and Equity $ 14,095 $ 14,086 $ 14,185 $ 14,020 $ 14,231 $ 14,373 $ 13,939 $ 13,528 $ 13,374 Key Metrics CET 1 Ratio 27.6 % 26.9 % 26.0 % 25.2 % 23.5 % 22.1 % 22.5 % 22.6 % 23.0 % Total Tier 1 Capital Ratio 27.6 % 26.9 % 26.0 % 25.2 % 23.5 % 22.1 % 22.5 % 22.6 % 23.0 % Total Capital Ratio 27.8 % 27.0 % 26.2 % 27.7 % 25.8 % 24.3 % 24.8 % 24.9 % 25.4 % Leverage ratio 7.6 % 7.5 % 7.3 % 7.4 % 7.3 % 7.1 % 7.3 % 7.5 % 7.6 % Risk-Weighted Assets (in $ millions) 3,991 4,014 4,063 4,207 4,539 4,776 4,668 4,648 4,541 Risk-Weighted Assets / total assets 28.3 % 28.5 % 28.6 % 30.0 % 31.9 % 33.2 % 33.5 % 34.4 % 34.0 % Tangible common equity ratio 7.5 % 7.3 % 6.9 % 6.9 % 6.6 % 6.8 % 6.5 % 6.7 % 6.8 % Book value per common share (in $) 28.58 27.25 26.01 25.07 23.78 24.09 22.12 21.53 21.39 Tangible book value per share (in $) 26.41 25.06 23.77 22.94 21.70 21.90 20.03 19.45 19.29 Non-accrual loans/gross loans 2.1 % 2.0 % 2.0 % 2.3 % 1.7 % 1.9 % 1.5 % 1.3 % 1.3 % Non-performing assets/total assets 0.8 % 1.0 % 0.8 % 1.1 % 1.1 % 1.5 % 1.1 % 1.2 % 1.0 % Allowance for credit losses/total loans 0.6 % 0.6 % 0.6 % 0.6 % 0.6 % 0.6 % 0.5 % 0.5 % 0.5 % Balance Sheet Trends * Effective January 1, 2025, the Bank has adopted the BCBS's revised standardized approach for credit risk framework as required by the BMA. Comparatives were prepared under the prior credit risk framework.
20 (in millions of US Dollars, unless otherwise indicated) Q4 2025 Q3 2025 Q4 2024 Assets Average balance ($) Interest ($) Average rate (%) Average balance ($) Interest ($) Average rate (%) Average balance ($) Interest ($) Average rate (%) Cash and cash equivalents, reverse repurchase agreements and short-term investments $ 3,588.7 $ 31.1 3.44 % $ 3,474.7 $ 31.9 3.64 % $ 3,441.1 $ 36.9 4.25 % Investment in securities 5,686.1 39.0 2.72 % 5,526.0 37.2 2.67 % 5,457.3 34.5 2.51 % AFS 2,657.1 21.9 3.27 % 2,430.1 19.8 3.24 % 2,173.0 15.8 2.89 % HTM 3,029.0 17.1 2.24 % 3,095.9 17.4 2.23 % 3,284.3 18.6 2.25 % Loans 4,396.3 66.6 6.01 % 4,470.9 70.3 6.24 % 4,573.2 74.1 6.43 % Commercial 1,188.6 18.3 6.11 % 1,226.6 20.3 6.57 % 1,321.9 21.2 6.36 % Consumer 3,207.7 48.3 5.98 % 3,244.3 50.0 6.11 % 3,251.3 52.9 6.45 % Total interest earning assets 13,671.1 136.8 3.97 % 13,471.6 139.4 4.11 % 13,471.6 145.5 4.28 % Other assets 444.9 445.4 429.8 Total assets $ 14,116.0 $ 13,917.0 $ 13,901.4 Liabilities Deposits - interest bearing $ 10,125.1 $ (44.1) (1.73) % $ 10,017.1 $ (46.7) (1.85) % $ 9,943.7 $ (54.4) (2.17) % Securities sold under agreement to repurchase 1.2 — (4.53) % — — — % 97.8 (1.1) (4.27) % Long-term debt — — — % — — — % 98.7 (1.4) (5.51) % Interest bearing liabilities 10,126.3 (44.2) (1.73) % 10,017.1 (46.7) (1.85) % 10,140.2 (56.8) (2.22) % Non-interest bearing customer deposits 2,645.9 2,616.7 2,509.5 Other liabilities 238.2 231.2 245.3 Total liabilities $ 13,010.3 $ 12,865.0 $ 12,895.0 Shareholders’ equity 1,105.6 1,052.0 1,006.4 Total liabilities and shareholders’ equity $ 14,116.0 $ 13,917.0 $ 13,901.4 Non-interest bearing funds net of non- interest earning assets (free balance) $ 3,544.8 $ 3,454.5 $ 3,331.5 Net interest margin $ 92.6 2.69 % $ 92.7 2.73 % $ 88.6 2.61 % Average Balance Sheet Trends
21 (in millions of US Dollars, unless otherwise indicated) 2025 2024 2023 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Net Interest Income $ 92.6 $ 92.7 $ 89.4 $ 89.3 $ 88.6 $ 88.1 $ 87.4 $ 87.1 $ 86.9 Non-Interest Income 66.3 61.2 57.0 58.4 63.2 56.0 55.6 55.1 60.0 Prov. for Credit (Losses) Recovery 0.2 (0.6) (0.2) 0.4 (0.3) (1.3) (0.5) 0.4 (1.7) Non-Interest Expenses* 95.3 92.2 93.0 94.4 92.2 90.0 92.1 89.4 91.4 Other Gains (Losses) — (0.1) 0.1 — 0.1 (0.1) 0.1 0.2 (0.3) Net Income $ 63.8 $ 61.1 $ 53.3 $ 53.8 $ 59.6 $ 52.7 $ 50.6 $ 53.4 $ 53.5 Non-Core Items** $ — $ 2.2 $ 0.4 $ 2.9 $ — $ 0.1 $ 0.8 $ 1.6 $ 1.8 Core Net Income** $ 63.8 $ 63.3 $ 53.7 $ 56.7 $ 59.6 $ 52.8 $ 51.4 $ 55.0 $ 55.3 Key Metrics Loan Yield 6.01 % 6.24 % 6.31 % 6.32 % 6.43 % 6.64 % 6.65 % 6.58 % 6.68 % Securities Yield 2.72 2.67 2.67 2.68 2.51 2.39 2.30 2.23 2.16 Cost of Deposits 1.37 1.47 1.56 1.60 1.73 1.91 1.89 1.78 1.72 Net Interest Margin 2.69 2.73 2.64 2.70 2.61 2.61 2.64 2.68 2.73 Core Efficiency Ratio** 57.2 56.2 61.1 59.8 58.2 60.2 61.8 59.8 60.5 Core ROATCE** 24.6 25.5 22.3 24.2 25.2 22.5 23.3 24.5 25.4 Fee Income Ratio 41.7 39.9 39.0 39.4 41.7 39.2 39.0 38.6 41.3 Fully Diluted Share Count (in millions of common shares) 41.4 41.9 42.7 43.6 44.6 45.6 46.3 47.2 48.1 * Includes income taxes ** See the reconciliation of non-GAAP measures on pages 24-25 Income Statement Trends
22 (in millions of US Dollars, unless otherwise indicated) 2025 2024 2023 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Non-Interest Income Asset Management $ 10.4 $ 9.9 $ 9.4 $ 9.5 $ 9.1 $ 9.5 $ 8.9 $ 8.8 $ 8.3 Banking 19.7 17.8 14.7 15.1 21.2 14.4 13.8 14.3 18.6 FX Revenue 13.7 13.2 12.0 13.7 13.2 12.2 12.6 13.2 12.8 Trust 17.6 16.2 16.4 15.6 15.1 15.8 15.4 15.0 16.0 Custody & Other Admin. 4.0 3.1 3.2 3.5 3.6 3.5 3.4 3.3 3.3 Other 0.8 0.8 1.4 1.0 0.9 0.7 1.6 0.4 1.0 Total Non-Interest Income $ 66.3 $ 61.2 $ 57.0 $ 58.4 $ 63.2 $ 56.0 $ 55.6 $ 55.1 $ 60.0 Non-Interest Expense Salaries & Benefits* $ 46.7 $ 47.9 $ 46.7 $ 46.9 $ 44.7 $ 44.7 $ 44.8 $ 43.8 $ 45.9 Technology & Comm. 16.7 16.0 16.3 16.0 16.6 16.5 16.9 16.1 17.2 Professional & O/S Services 6.4 5.0 5.2 5.4 5.7 4.8 6.7 5.5 7.0 Property 8.4 8.2 8.8 8.7 8.6 8.6 8.2 8.7 8.7 Indirect Taxes 5.4 5.5 5.8 6.5 5.3 5.5 5.6 6.3 5.0 Marketing 1.9 1.4 1.7 1.8 2.4 1.3 1.6 1.3 1.7 Intangible Amortization 2.2 2.0 2.0 1.9 2.2 1.9 1.9 1.9 1.4 Other 5.4 4.8 5.3 6.0 5.2 5.6 5.5 4.9 5.2 Total Non-Interest Expense $ 93.1 $ 90.8 $ 91.8 $ 93.2 $ 90.6 $ 88.8 $ 91.1 $ 88.5 $ 92.2 Income Taxes 2.2 1.4 1.2 1.2 1.5 1.2 0.9 0.9 (0.8) Total Expense incld. Taxes $ 95.3 $ 92.2 $ 93.0 $ 94.4 $ 92.2 $ 90.0 $ 92.1 $ 89.4 $ 91.4 *Includes non-service employee benefits Non-Interest Income & Expense Trends
23 (in millions of US Dollars, unless otherwise indicated) 2025 2024 2023 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Salaries & Benefits* $ 46.7 $ 45.8 $ 46.4 $ 44.1 $ 44.7 $ 44.7 $ 44.7 $ 42.5 $ 46.2 Technology & Comm. 16.7 16.0 16.3 16.0 16.6 16.5 16.9 16.1 17.2 Professional & O/S Services 6.4 4.9 5.1 5.4 5.7 4.7 6.1 5.2 4.9 Property 8.4 8.2 8.8 8.7 8.6 8.6 8.2 8.7 8.7 Indirect Taxes 5.4 5.4 5.8 6.3 5.3 5.5 5.5 6.3 5.0 Marketing 1.9 1.4 1.7 1.8 2.4 1.3 1.6 1.3 1.7 Intangible Amortization 2.2 2.0 2.0 1.9 2.2 1.9 1.9 1.9 1.4 Other 5.4 4.8 5.3 6.0 5.2 5.6 5.5 4.9 5.2 Total Core Non-Interest Expense** $ 93.1 $ 88.5 $ 91.4 $ 90.3 $ 90.6 $ 88.6 $ 90.3 $ 86.9 $ 90.4 Income Taxes 2.2 1.4 1.2 1.2 1.5 1.2 0.9 0.9 (0.8) Total Core Expense incld. Taxes** $ 95.3 $ 89.9 $ 92.6 $ 91.5 $ 92.1 $ 89.8 $ 91.2 $ 87.8 $ 89.6 * Includes non-service employee benefits ** See the reconciliation of non-GAAP measures on pages 24-25 Core Non-Interest Expense* Trends
24 (in millions of US Dollars, unless otherwise indicated) 2025 2024 Q4 Q3 Q2 Q1 Q4 Net income A $ 63.8 $ 61.1 $ 53.3 $ 53.8 $ 59.6 Non-core (gains), losses and expenses Non-core expenses Early retirement program, voluntary separation, redundancies and other non-core compensation costs — 2.2 0.4 2.9 — Total non-core expenses C $ — $ 2.2 $ 0.4 $ 2.9 $ — Total non-core (gains), losses and expenses D=B+C — 2.2 0.4 2.9 — Core net income to common shareholders E=A+D $ 63.8 $ 63.3 $ 53.7 $ 56.7 $ 59.6 Average shareholders' equity 1,117.3 1,076.2 1,055.0 1,041.3 1,030.0 Average common equity F 1,117.3 1,076.2 1,055.0 1,041.3 1,030.0 Less: average goodwill and intangible assets (87.2) (90.0) (91.2) (89.2) (92.9) Average tangible common equity G 1,030.1 986.2 963.8 952.1 937.2 Return on equity A/F 22.7 % 22.5 % 20.3 % 20.9 % 22.9 % Core return on average tangible common equity E/G 24.6 % 25.5 % 22.3 % 24.2 % 25.2 % Core earnings per common share fully diluted Adjusted weighted average number of diluted common shares (in thousands) H 41.4 41.9 42.7 43.6 44.6 Earnings per common share fully diluted A/H 1.54 1.46 1.25 1.23 1.34 Non-core items per share D/H — 0.05 0.01 0.07 — Core earnings per common share fully diluted E/H 1.54 1.51 1.26 1.30 1.34 Core return on average tangible assets Total average assets I $ 14,173.2 $ 14,016.6 $ 14,111.5 $ 13,993.7 $ 13,970.1 Less: average goodwill and intangible assets (87.2) (90.0) (91.2) (89.2) (92.9) Average tangible assets J $ 14,085.9 $ 13,926.6 $ 14,020.3 $ 13,904.5 $ 13,877.2 Return on average assets A/I 1.8 % 1.7 % 1.5 % 1.6 % 1.7 % Core return on average tangible assets E/J 1.8 % 1.8 % 1.5 % 1.7 % 1.7 % Non-GAAP Reconciliation
25 (in millions of US Dollars, unless otherwise indicated) 2025 2024 Q4 Q3 Q2 Q1 Q4 Tangible equity to tangible assets Shareholders' equity K $ 1,141.9 $ 1,106.0 $ 1,069.1 $ 1,057.8 $ 1,020.8 Less: goodwill and intangible assets (86.8) (88.8) (92.2) (89.7) (89.6) Tangible common equity L 1,055.1 1,017.1 977.0 968.1 931.2 Total assets M 14,094.9 14,086.4 14,185.0 14,019.8 14,231.4 Less: goodwill and intangible assets (86.8) (88.8) (92.2) (89.7) (89.6) Tangible assets N $ 14,008.1 $ 13,997.5 $ 14,092.8 $ 13,930.1 $ 14,141.8 Tangible common equity to tangible assets L/N 7.5 % 7.3 % 6.9 % 6.9 % 6.6 % Tangible book value per share Basic participating shares outstanding (in millions) O 39.9 40.6 41.1 42.2 42.9 Tangible book value per common share L/O 26.41 25.06 23.77 22.94 21.70 Efficiency ratio Non-interest expenses $ 93.1 $ 90.8 $ 91.8 $ 93.2 $ 90.6 Less: Amortization of intangibles (2.2) (2.0) (2.0) (1.9) (2.2) Non-interest expenses before amortization of intangibles P 90.9 88.8 89.8 91.3 88.4 Non-interest income 66.3 61.2 57.0 58.4 63.2 Net interest income before provision for credit losses 92.6 92.7 89.4 89.3 88.6 Net revenue before provision for credit losses and other gains/losses Q $ 158.9 $ 153.9 $ 146.4 $ 147.8 $ 151.9 Efficiency ratio P/Q 57.2 % 57.7 % 61.3 % 61.8 % 58.2 % Core efficiency ratio Non-interest expenses $ 93.1 $ 90.8 $ 91.8 $ 93.2 $ 90.6 Less: non-core expenses (C) — (2.2) (0.4) (2.9) — Less: amortization of intangibles (2.2) (2.0) (2.0) (1.9) (2.2) Core non-interest expenses before amortization of intangibles R 90.9 86.6 89.4 88.4 88.4 Net revenue before provision for credit losses and other gains/losses Q 158.9 153.9 146.4 147.8 151.9 Core efficiency ratio R/Q 57.2 % 56.2 % 61.1 % 59.8 % 58.2 % Non-GAAP Reconciliation (continued)
26 Our peer group includes the following banks, noted by their ticker symbols: Peer Group • First Hawaiian, Inc. (FHB) • Bank of Hawaii Corporation (BOH) • East West Bancorp, Inc. (EWBC) • Cullen/Frost Bankers, Inc. (CFR) • Associated Banc-Corp (ASB) • Wintrust Financial Corporation (WTFC) • Commerce Bancshares, Inc. (CBSH) • Trustmark Corporation (TRMK) • International Bancshares Corporation (IBOC) • Community Financial System, Inc. (CBU) • First Financial Bankshares, Inc. (FFIN) • Westamerica Bancorporation (WABC) • UMB Financial Corporation (UMBF)