# Bank of N.T. Butterfield & Son (NTB.US)

Canonical: https://gigainvestors.com/s/NTB

Analysis as of: 2026-10-16T07:30:42.068Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $58.28 per share; close as of 2026-10-15.

Estimated value: low $79.65 per share, central $99.56 per share, high $132.75 per share. Buy at or below the central value $99.56 per share. Valuation as of 2026-10-16T07:30:42.068Z; scenarios are not confidence intervals.

Expected annual return: 12.8% at the stated quote. About 12.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.24×

Chart: Net income; fiscal year observations.

- FY2016: $58M

- FY2017: $153M

- FY2018: $195M

- FY2019: $177M

- FY2020: $147M

- FY2021: $163M

- FY2022: $214M

- FY2023: $225M

- FY2024: $216M

- FY2025: $232M

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 21.2%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 16.6%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 9.0%

- FY2017: 20.1%

- FY2018: 24.2%

- FY2019: 20.4%

- FY2020: 16.6%

- FY2021: 18.2%

- FY2022: 27.1%

- FY2023: 24.9%

- FY2024: 23.2%

- FY2025: 22.0%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 14.8%

- Book return interval: 10 years

- Starting book value per share: $14.76

- Ending book value per share: $24.87

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: -17.2%

- FY2017: 26.1%

- FY2018: 17.3%

- FY2019: 23.7%

- FY2020: 20.6%

- FY2021: 10.1%

- FY2022: -1.6%

- FY2023: 26.8%

- FY2024: 20.0%

- FY2025: 31.6%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -1.1%

- Diluted shares, 5-year annual growth: -3.2%

- Share growth excluding flagged crisis recapitalisations: -1.1%

- Five-year share growth excluding flagged crisis recapitalisations: -3.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 3.07×

- Book value created per share: $10.11

- Earnings retained per share after dividends and buybacks: $3.29

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 115

- FY2017: 117

- FY2018: 117

- FY2019: 112

- FY2020: 105

- FY2021: 105

- FY2022: 105

- FY2023: 104

- FY2024: 97

- FY2025: 90

### accounting: pass

- Financial accounting warning count: 0

- Deposits, annualized growth: 3.3%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 2

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 3.2% a year forever · net income +7.2%

Story as of 2026-10-16T09:59:16.853Z; price observation 2026-10-15.

The price assumes profits grow 3.2% a year forever

### Net income · FY2025

net income +7.2%; source https://www.sec.gov/Archives/edgar/data/1653242/000165324226000006/ntb-20251231.htm; observed 2026-02-18.

- FY2016: $58M 

- FY2017: $153M 

- FY2018: $195M 

- FY2019: $177M 

- FY2020: $147M 

- FY2021: $163M 

- FY2022: $214M 

- FY2023: $225M 

- FY2024: $216M 

- FY2025: $232M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in diversified banking; annual sales are USD 606.8 million.

- Source: https://www.sec.gov/Archives/edgar/data/1653242/000165324226000006/ntb-20251231.htm#000165324226000006 (filed 2026-02-18); FY2025: revenue 606792000.

### Why customers stay

It earns 21.2% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 10-year return on tangible equity observations [[2016,0.08996795775787532],[2017,0.20104265328236384],[2018,0.24168370271953601],[2019,0.20418223329182233],[2020,0.16557439921541195],[2021,0.18248863849259636],[2022,0.27075887632915635],[2023,0.24924780864163415],[2024,0.23229736158496053],[2025,0.2198389845448669]]; median 0.2120106089183446. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 146.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2016,33975000],[2017,69731000],[2018,83704000],[2019,93636000],[2020,88932000],[2021,87285000],[2022,87343000],[2023,86186000],[2024,79581000],[2025,77723000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1653242/000165324226000006/ntb-20251231.htm (filed 2026-02-18); FY2025: cash repurchases 146686000 USD.

### Are managers owners

Insiders own 1.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); NTB.US SharesStats.PercentInsiders = 1.383 percentage points; cache date 2026-10-15.

### What the price says

The price assumes profits grow 3.2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Price 58.28; FX 1; original perpetual distributable cash 3.9824842031183763; discount 0.1; growth 0.03166636576667166. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $25.30 per share

- 2016-11: $28.80 per share

- 2016-12: $31.44 per share

- 2017-01: $32.89 per share

- 2017-02: $32.60 per share

- 2017-03: $31.91 per share

- 2017-04: $33.25 per share

- 2017-05: $32.98 per share

- 2017-06: $34.10 per share

- 2017-07: $34.09 per share

- 2017-08: $32.88 per share

- 2017-09: $36.64 per share

- 2017-10: $37.35 per share

- 2017-11: $39.78 per share

- 2017-12: $36.29 per share

- 2018-01: $40.19 per share

- 2018-02: $45.61 per share

- 2018-03: $44.88 per share

- 2018-04: $47.45 per share

- 2018-05: $47.75 per share

- 2018-06: $45.72 per share

- 2018-07: $49.46 per share

- 2018-08: $52.84 per share

- 2018-09: $51.86 per share

- 2018-10: $40.29 per share

- 2018-11: $39.68 per share

- 2018-12: $31.35 per share

- 2019-01: $35.05 per share

- 2019-02: $40.74 per share

- 2019-03: $35.88 per share

- 2019-04: $40.02 per share

- 2019-05: $33.02 per share

- 2019-06: $33.96 per share

- 2019-07: $31.43 per share

- 2019-08: $27.56 per share

- 2019-09: $29.64 per share

- 2019-10: $32.95 per share

- 2019-11: $34.55 per share

- 2019-12: $37.02 per share

- 2020-01: $33.22 per share

- 2020-02: $27.68 per share

- 2020-03: $17.03 per share

- 2020-04: $22.01 per share

- 2020-05: $24.43 per share

- 2020-06: $24.39 per share

- 2020-07: $26.03 per share

- 2020-08: $25.20 per share

- 2020-09: $22.28 per share

- 2020-10: $26.46 per share

- 2020-11: $31.66 per share

- 2020-12: $31.16 per share

- 2021-01: $30.41 per share

- 2021-02: $36.49 per share

- 2021-03: $38.22 per share

- 2021-04: $39.22 per share

- 2021-05: $38.14 per share

- 2021-06: $35.45 per share

- 2021-07: $33.14 per share

- 2021-08: $33.31 per share

- 2021-09: $35.51 per share

- 2021-10: $35.90 per share

- 2021-11: $36.83 per share

- 2021-12: $38.11 per share

- 2022-01: $36.65 per share

- 2022-02: $38.40 per share

- 2022-03: $35.88 per share

- 2022-04: $32.03 per share

- 2022-05: $31.58 per share

- 2022-06: $31.19 per share

- 2022-07: $33.89 per share

- 2022-08: $32.62 per share

- 2022-09: $32.46 per share

- 2022-10: $34.54 per share

- 2022-11: $34.80 per share

- 2022-12: $29.81 per share

- 2023-01: $31.96 per share

- 2023-02: $36.15 per share

- 2023-03: $27.00 per share

- 2023-04: $25.73 per share

- 2023-05: $25.07 per share

- 2023-06: $27.36 per share

- 2023-07: $32.13 per share

- 2023-08: $29.12 per share

- 2023-09: $27.08 per share

- 2023-10: $25.26 per share

- 2023-11: $27.73 per share

- 2023-12: $32.01 per share

- 2024-01: $30.33 per share

- 2024-02: $29.89 per share

- 2024-03: $31.99 per share

- 2024-04: $34.00 per share

- 2024-05: $34.07 per share

- 2024-06: $35.12 per share

- 2024-07: $38.34 per share

- 2024-08: $38.25 per share

- 2024-09: $36.88 per share

- 2024-10: $36.57 per share

- 2024-11: $37.93 per share

- 2024-12: $36.55 per share

- 2025-01: $36.69 per share

- 2025-02: $38.80 per share

- 2025-03: $38.92 per share

- 2025-04: $40.18 per share

- 2025-05: $42.16 per share

- 2025-06: $44.28 per share

- 2025-07: $45.51 per share

- 2025-08: $45.12 per share

- 2025-09: $42.92 per share

- 2025-10: $46.26 per share

- 2025-11: $46.44 per share

- 2025-12: $49.82 per share

- 2026-01: $51.80 per share

- 2026-02: $50.75 per share

- 2026-03: $52.48 per share

- 2026-04: $55.45 per share

- 2026-05: $56.46 per share

- 2026-06: $59.50 per share

- 2026-07: $61.29 per share

- 2026-08: $58.88 per share

- 2026-09: $57.86 per share

- 2026-10: $58.28 per share

## Annual estimated value (USD per share)

- FY2016: low $1.33 per share, central $1.50 per share, high $1.71 per share

- FY2017: low $3.58 per share, central $4.11 per share, high $4.82 per share

- FY2018: low $10.25 per share, central $12.43 per share, high $15.81 per share

- FY2019: low $20.81 per share, central $26.01 per share, high $34.68 per share

- FY2020: low $32.53 per share, central $40.66 per share, high $54.21 per share

- FY2021: low $28.00 per share, central $30.81 per share, high $34.23 per share

- FY2022: low $38.23 per share, central $47.78 per share, high $63.71 per share

- FY2023: low $48.39 per share, central $60.49 per share, high $80.66 per share

- FY2024: low $57.88 per share, central $72.35 per share, high $96.47 per share

- FY2025: low $75.61 per share, central $94.52 per share, high $126.02 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1653242/000165324226000006/ntb-20251231.htm); period 2025-12-31, filed 2026-02-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Christopher Davis](https://gigainvestors.com/DAV): 1,012,140 NTB shares; USD 60,222,000 reported position value; 0.26% of portfolio; reduce; quarter 2026 Q2.

# NTB — Bank of N.T. Butterfield & Son Ltd

Held by 1 investor · USD 60,222,000 total · 2026 Q2 · reported price USD 59.50 (split-adjusted).
Page: https://gigainvestors.com/s/NTB

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Christopher Davis (https://gigainvestors.com/DAV) | USD 60,222,000 | 0.3% | reduce -5.68% |

## Total held by quarter

- 2019 Q4: USD 122,368,092 · 1 holder · USD 37.02
- 2020 Q1: USD 56,687,897 · 1 holder · USD 17.03
- 2020 Q2: USD 87,764,635 · 1 holder · USD 24.39
- 2020 Q3: USD 83,145,863 · 1 holder · USD 22.28
- 2020 Q4: USD 125,340,414 · 1 holder · USD 31.16
- 2021 Q1: USD 155,316,525 · 1 holder · USD 38.22
- 2021 Q2: USD 147,422,689 · 1 holder · USD 35.45
- 2021 Q3: USD 140,884,682 · 1 holder · USD 35.51
- 2021 Q4: USD 147,986,465 · 1 holder · USD 38.11
- 2022 Q1: USD 132,717,608 · 1 holder · USD 35.88
- 2022 Q2: USD 110,060,371 · 1 holder · USD 31.19
- 2022 Q3: USD 111,241,264 · 1 holder · USD 32.46
- 2022 Q4: USD 97,500,879 · 1 holder · USD 29.81
- 2023 Q1: USD 88,040,601 · 1 holder · USD 27.00
- 2023 Q2: USD 88,155,370 · 1 holder · USD 27.36
- 2023 Q3: USD 86,782,870 · 1 holder · USD 27.08
- 2023 Q4: USD 55,264,561 · 1 holder · USD 32.01
- 2024 Q1: USD 34,727,064 · 1 holder · USD 31.99
- 2024 Q2: USD 37,941,541 · 1 holder · USD 35.12
- 2024 Q3: USD 39,487,859 · 1 holder · USD 36.88
- 2024 Q4: USD 39,343,297 · 1 holder · USD 36.55
- 2025 Q1: USD 41,583,724 · 1 holder · USD 38.92
- 2025 Q2: USD 47,037,050 · 1 holder · USD 44.28
- 2025 Q3: USD 45,443,396 · 1 holder · USD 42.92
- 2025 Q4: USD 52,495,832 · 1 holder · USD 49.82
- 2026 Q1: USD 56,317,810 · 1 holder · USD 52.48
- 2026 Q2: USD 60,222,000 · 1 holder · USD 59.50