Butterfield Q3 earnings total $61M; dividend $0.50

Butterfield expects the CIBC Caribbean acquisition to close in the first half of 2027, and declared a $0.50 quarterly cash dividend.

Rhea-AI Filing Summary

Bank of N.T. Butterfield & Son Limited (NTB) reported third-quarter 2026 net income of $61.0 million, or $1.50 per diluted share, compared with $61.1 million a year earlier; core net income was $64.2 million, or $1.58 per diluted share. Total net revenue was $162.0 million versus $153.3 million, net interest income was $97.2 million and net interest margin was 2.76%. The Board declared a quarterly cash dividend of $0.50 per common share, payable November 25, 2026 to shareholders of record November 10, 2026.

Butterfield expects its acquisition of CIBC Caribbean from CIBC to close in the first half of 2027; shareholders voted in favor of issuing Butterfield shares for the transaction at the September 18, 2026 annual meeting. Non-accrual loans were $119.6 million, or 2.7% of gross loans, at September 30, 2026, compared with $91.3 million, or 2.1%, at December 31, 2025. Butterfield attributed the increase to two well-secured residential mortgage facilities in the Channel Islands & UK segment and said they had no expected loss content. Net unrealized losses on available-for-sale securities were $187.3 million, versus $89.4 million at December 31, 2025, as long-term U.S. dollar interest rates rose.

1 point · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

How the balance works

Positive

• Moderate pointThird-quarter total net revenue increased to $162.0 million from $153.3 million.

Negative

• Moderate pointNine-month cash provided by operating activities decreased to $183.0 million from $215.5 million.

Filing Explained

Third-quarter net income was positive, but total comprehensive income was a loss.

The third-quarter Form 6-K reports Butterfield had 39,554,431 common shares outstanding at September 30, 2026, below 39,948,264 at December 31, 2025; its nine-month equity statement records 1,116,631 shares retired and 722,798 issued.

No common shares were repurchased during the third quarter; the release says the repurchase program was paused after the May 28, 2026 acquisition announcement.

The financial statements report third-quarter total comprehensive loss of $17,180 thousand despite net income of $60,986 thousand, alongside $80,635 thousand of unrealized losses on available-for-sale investments.

Key Figures

Net income: $61.0 million Core net income: $64.2 million Total net revenue: $162.0 million +5 more

8 metrics

Net income $61.0 million Third quarter of 2026; $61.1 million in the third quarter of 2025

Core net income $64.2 million Third quarter of 2026

Total net revenue $162.0 million Third quarter of 2026; $153.3 million in the third quarter of 2025

Net interest margin 2.76% Third quarter of 2026

Quarterly cash dividend $0.50 per common share Declared for the quarter ended September 30, 2026

Total regulatory capital ratio 29.6% As at September 30, 2026; 27.8% as at December 31, 2025

Non-accrual loans 2.7% of total gross loans As at September 30, 2026; 2.1% as at December 31, 2025

Cash provided by operating activities $183.0 million Nine months ended September 30, 2026; $215.5 million in the same period of 2025

Key Terms

Core net income, Net interest margin, non-accrual loans, available-for-sale, +1 more

5 terms

Core net income financial

"Core net income was $64.2 million"

Core net income is the company’s profit after taxes from its ordinary, ongoing business activities, excluding one-time gains, losses or unusual items. Think of it like a household’s regular salary minus one-off windfalls or repairs — it shows the steady earnings the business can be expected to produce. Investors use it to judge the company’s underlying performance and to compare profitability across periods without distortion from rare events.

Net interest margin financial

"Net interest margin (“NIM”) for the third quarter of 2026 was 2.76%"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

non-accrual loans financial

"gross non-accrual loans of $119.6 million"

A non-accrual loan is a loan a lender has decided is unlikely to produce the scheduled interest payments, so the lender stops counting future interest as income and may record the loan at a reduced value. Think of it like renting out a house where the tenant has stopped paying: you stop counting future rent as earnings because it’s uncertain you’ll get it. For investors, a rise in non-accrual loans signals worsening credit quality, lower reported income and higher potential losses that can weaken a bank’s capital and share price.

available-for-sale financial

"available-for-sale (“AFS”) investments are carried at fair value"

A classification for bonds, stocks or other investments that a company plans to keep but might sell before they reach full term. Think of it like items a shop keeps on a shelf for potential sale: their market value can go up or down while the company holds them, and those unrealized gains or losses are shown separately from operating profit until they are sold. Investors watch this because large swings can change a company’s reported net worth and signal how much flexibility it has to raise cash quickly.

held-to-maturity financial

"held-to-maturity ('HTM') investments are carried at amortized cost"

A held-to-maturity asset is a debt investment a company plans and is able to keep until the loan or bond reaches its scheduled end, when the principal is repaid. For investors, this classification matters because the holder treats the investment like a locked-in loan—avoiding short-term price swings in financial statements and signaling a steady income expectation, similar to lending money to a friend with a fixed repayment date.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did NTB earn in the third quarter of 2026?

NTB reported net income of $61.0 million, or $1.50 per diluted share, for the third quarter of 2026, versus $61.1 million, or $1.46 per diluted share, in the third quarter of 2025. Core net income was $64.2 million, or $1.58 per diluted share.

When is NTB's CIBC Caribbean acquisition expected to close?

Butterfield expects the acquisition of CIBC Caribbean from CIBC to close in the first half of 2027. Shareholders voted in favor of issuing Butterfield shares in connection with the transaction at the annual meeting on September 18, 2026.

What dividend did NTB declare, and when will it be paid?

The Board declared a quarterly cash dividend of $0.50 per common share, payable November 25, 2026 to shareholders of record November 10, 2026.

Why did NTB's non-accrual loans increase?

Butterfield attributed the increase to two well-secured residential mortgage facilities in the Channel Islands & UK segment, partly offset by repayment of a separate facility in that segment. The company said the facilities remain well secured with no expected loss content.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/27/2026 - 04:31 PM EDT Accepted by SEC EDGAR 10/27/2026 - 04:30 PM EDT Learn about SEC filing dates

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 October, 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 financial statements, and (iii) as Exhibit 99.3 is the earnings call presentation, all for The Bank of N.T. Butterfield & Son Limited for the three months ended September 30, 2026.

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:  October 27, 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
99.1						Earnings release - Third quarter 2026 results
99.2						Financial Statements - Third quarter 2026 results
99.3						Earnings call presentation - Third quarter 2026 results

3

Butterfield Reports Third Quarter 2026 Results

Third quarter 2026 highlights:

•Net income of $61.0 million, or $1.50 per share

•Core net income1 of $64.2 million, or $1.58 per share

•Return on average common equity of 21.3% and core return on average tangible common equity1 of 25.0%

•Net interest margin of 2.76%, cost of deposits of 1.27%

•Quarterly cash dividend of $0.50 per share for the quarter ended September 30, 2026

•Advancing CIBC Caribbean acquisition; closing expected in H1 2027

Hamilton, Bermuda - October 27, 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 September 30, 2026.

Net income for the third quarter of 2026 was $61.0 million, or $1.50 per diluted common share, compared to net income of $46.9 million, or $1.16 per diluted common share, for the previous quarter and $61.1 million, or $1.46 per diluted common share, for the third quarter of 2025. Core net income1 for the third quarter of 2026 was $64.2 million, or $1.58 per diluted common share, compared to $63.9 million, or $1.58 per diluted common share, for the previous quarter and $63.3 million, or $1.51 per diluted common share, for the third quarter of 2025.

The return on average common equity for the third quarter of 2026 was 21.3% compared to 16.6% for the previous quarter and 22.5% for the third quarter of 2025. The core return on average tangible common equity1 for the third quarter of 2026 was 25.0%, compared to 25.0% for the previous quarter and 25.5% for the third quarter of 2025. The efficiency ratio for the third quarter of 2026 was 59.8%, compared to 67.6% for the previous quarter and 57.7% for the third quarter of 2025. The core efficiency ratio1 for the third quarter of 2026 was 57.8% compared with 57.0% in the previous quarter and 56.2% for the third quarter of 2025.

Michael Collins, Butterfield's Chairman and Chief Executive Officer, commented, “Our third quarter earnings were solid, underpinned by stronger net interest and non-interest income along with reduced credit loss provisions. These results underscore the strength and resilience of Butterfield’s diversified business model and our dedication to meeting the evolving needs of our retail, corporate, and high net worth clients. We continue to prioritize disciplined capital and risk management, outstanding client service, and the creation of sustainable long-term value.

“During the third quarter, we made meaningful progress toward closing the previously announced acquisition of CIBC Caribbean. At our annual meeting on September 18, our shareholders showed their support for the transaction by strongly voting in favor of the issuance of Butterfield shares in connection with the transaction. We continue to expect closing in the first half of 2027.

"Regulatory engagement and integration planning are progressing as expected, and we remain confident in our ability to successfully execute the transaction and realize its long-term strategic and financial benefits. Following the

(1)    See table "Reconciliation of US GAAP Results to Core Earnings" below for reconciliation of US GAAP results to non-GAAP measures.         1

closing, Butterfield will be the leading independent bank across the Atlantic and English-speaking Caribbean with expanded capabilities to provide enhanced personal, corporate, and wealth management services."

The reported net income for the third quarter of 2026 included $3.2 million of non-core, deal-related expenses, primarily associated with the acquisition of CIBC Caribbean and, to a lesser extent, integration-related costs for the R&H Guernsey business. Core net income¹ increased $0.3 million in the third quarter of 2026 compared to the prior quarter.

NII for the third quarter of 2026 was $97.2 million, an increase compared to $95.6 million in the previous quarter and $4.4 million higher than $92.7 million in the third quarter of 2025. NII increased during the third quarter of 2026 compared to the prior quarter and the third quarter of 2025 due to the ongoing reinvestment of securities at higher yields and improved treasury returns, partially offset by loan yield compression and modestly higher deposit costs.

Net interest margin (“NIM”) for the third quarter of 2026 was 2.76%, an increase of 2 basis points from the previous quarter and 3 basis points higher compared to 2.73% in the third quarter of 2025. The increase in NIM during the third quarter of 2026 compared to the prior quarter and the third quarter of 2025, resulted from higher yields on reinvestments and treasury securities, partially offset by loan yield compression and modestly higher deposit costs.

Non-interest income for the third quarter of 2026 was $64.8 million, an increase of $1.4 million from $63.4 million in the previous quarter and $3.6 million higher than the $61.2 million in the third quarter of 2025. The increase in the third quarter of 2026 compared to the prior quarter resulted from higher banking service revenue driven by increased card volumes and a non-recurring contractual incentive. Non-interest income in the third quarter of 2026 was higher than the third quarter of 2025 due to higher trust revenue from the new R&H Guernsey business and updated fee agreements, offset by lower time-based fees.

Non-interest expenses were $99.3 million in the third quarter of 2026, compared to $109.8 million in the previous quarter and $90.8 million in the third quarter of 2025. Core non-interest expenses1 of $96.2 million in the third quarter of 2026 were higher compared to the $92.9 million incurred in the previous quarter and the $88.5 million in the third quarter of 2025. Core non-interest expenses1 in the third quarter of 2026 increased compared with the prior quarter and third quarter of 2025, primarily driven by higher salaries and benefits and other expenses.

Period end deposit balances increased to $12.9 billion from $12.7 billion at December 31, 2025. Average deposits were $13.1 billion in the quarter ended September 30, 2026, relatively flat from the prior quarter.

The Board declared a quarterly cash dividend of $0.50 per common share to be paid on November 25, 2026 to shareholders of record on November 10, 2026. No common shares were bought back under the Bank's share repurchase program during the third quarter of 2026, as the program was paused following the May 28, 2026 announcement of Butterfield's planned acquisition of CIBC Caribbean from CIBC.

The current total regulatory capital ratio as at September 30, 2026 was 29.6%, compared to 27.8% as at December 31, 2025. Both of these ratios remain conservatively above the minimum regulatory requirements applicable to the Bank.

2

ANALYSIS AND DISCUSSION OF THIRD QUARTER RESULTS

Income statement						Three months ended (Unaudited)
(in $ millions)						September 30, 2026						June 30, 2026						September 30, 2025
Non-interest income						64.8						63.4						61.2
Net interest income before provision for credit losses						97.2						95.6						92.7
Total net revenue before provision for credit losses and other gains (losses)						161.9						159.0						153.9
Provision for credit (losses) recoveries						(0.2)						(1.6)						(0.6)
Total other gains (losses)						0.3						1.0						(0.1)
Total net revenue						162.0						158.3						153.3
Non-interest expenses						(99.3)						(109.8)						(90.8)
Total net income before taxes						62.6						48.5						62.5
Income tax benefit (expense)						(1.7)						(1.6)						(1.4)
Net income						61.0						46.9						61.1
Net earnings per share
Basic						1.55						1.19						1.50
Diluted						1.50						1.16						1.46
Per diluted share impact of other non-core items 1						0.08						0.42						0.05
Core earnings per share on a fully diluted basis 1						1.58						1.58						1.51
Adjusted weighted average number of participating shares on a fully diluted basis (in thousands of shares)						40,523						40,447						41,944
Key financial ratios
Return on common equity						21.3		%				16.6		%				22.5		%
Core return on average tangible common equity 1						25.0		%				25.0		%				25.5		%
Return on average assets						1.7		%				1.3		%				1.7		%
Net interest margin						2.76		%				2.74		%				2.73		%
Core efficiency ratio 1						57.8		%				57.0		%				56.2		%

(1)See table "Reconciliation of US GAAP Results to Core Earnings" below for reconciliation of US GAAP results to non-GAAP measures.

3

Balance Sheet						As at
(in $ millions)						September 30, 2026						December 31, 2025
Cash and cash equivalents						1,266						1,709
Securities purchased under agreements to resell						1,596						1,096
Short-term investments						913						757
Investments in securities						5,583						5,688
Loans, net of allowance for credit losses						4,376						4,382
Premises, equipment and computer software, net						161						159
Goodwill and intangibles, net						116						87
Accrued interest and other assets						259						217
Total assets						14,270						14,095
Total deposits						12,898						12,698
Accrued interest and other liabilities						254						255
Total liabilities						13,152						12,953
Common shareholders’ equity						1,118						1,142
Total shareholders' equity						1,118						1,142
Total liabilities and shareholders' equity						14,270						14,095
Key Balance Sheet Ratios:						September 30, 2026						December 31, 2025
Common equity tier 1 capital ratio						29.4		%				27.6		%
Tier 1 capital ratio						29.4		%				27.6		%
Total capital ratio						29.6		%				27.8		%
Leverage ratio						7.8		%				7.6		%
Risk-Weighted Assets (in $ millions)						3,890						3,991
Risk-Weighted Assets / total assets						27.3		%				28.3		%
Tangible common equity ratio1						7.1		%				7.5		%
Book value per common share (in $)						28.26						28.58
Tangible book value per share (in $)						25.32						26.41
Non-accrual loans/gross loans						2.7		%				2.1		%
Non-performing assets/total assets						1.1		%				0.8		%
Allowance for credit losses/total loans						0.6		%				0.6		%

(1)See table "Reconciliation of US GAAP Results to Core Earnings" below for reconciliation of US GAAP results to non-GAAP measures.

QUARTER ENDED SEPTEMBER 30, 2026 COMPARED WITH THE QUARTER ENDED JUNE 30, 2026

Net Income

Net income for the quarter ended September 30, 2026 was $61.0 million, up from $46.9 million in the prior quarter.

The change in net income during the quarter ended September 30, 2026 compared to the previous quarter is attributable to the following:

•$1.6 million increase in net interest income driven by the continued reinvestment of the securities portfolio at higher yields and improved treasury returns, partially offset by ongoing loan yield compression and modestly higher deposit costs;

•$0.7 million decrease in total gains (losses) reflecting the absence of the prior quarter's gain on the sale of previously fully reserved collateral in the Channel Islands;

•$1.4 million increase in non-interest income, driven by (i) $0.6 million increase in foreign exchange fees resulting from higher transaction volumes; and (ii) $0.8 million increase in banking fees due to higher card volumes and non-recurring contractual incentive; and

•$10.5 million decrease in non-interest expenses, primarily due to lower non-core business acquisition-related costs of $3.2 million, compared with $16.9 million in the previous quarter, partially offset by (i) $1.5 million increase in salaries and benefits related to staff departure costs; and (ii) $0.5 million increase in other expenses.

4

Non-Core Items1

Non-core items resulted in expenses, net of gains, of $3.2 million for the third quarter of 2026. Non-core items for the quarter are comprised principally of acquisition-related expenses.

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.

BALANCE SHEET COMMENTARY AT SEPTEMBER 30, 2026 COMPARED WITH DECEMBER 31, 2025

Total Assets

Total assets of the Bank were $14.3 billion at September 30, 2026, an increase of $0.2 billion from December 31, 2025. The Bank maintained a highly liquid position at September 30, 2026, with $9.4 billion of cash, bank deposits, reverse repurchase agreements and liquid investments representing 65.6% of total assets, comparable with 65.6% at December 31, 2025.

Loans Receivable

The loan portfolio totaled $4.4 billion at September 30, 2026, relatively flat compared to December 31, 2025.

The allowance for credit losses at September 30, 2026 totaled $27.0 million, an increase of $1.6 million compared to $25.4 million at December 31, 2025. The increase was driven by a net increase in provisioned non-accrual loans.

The loan portfolio represented 30.7% of total assets at September 30, 2026 (December 31, 2025: 31.1%), while loans as a percentage of total deposits was 33.9% at September 30, 2026 (December 31, 2025: 34.5%). Both ratios remain relatively stable at September 30, 2026 compared to December 31, 2025.

As at September 30, 2026, the Bank had gross non-accrual loans of $119.6 million, representing 2.7% of total gross loans, an increase of $28.3 million from $91.3 million, or 2.1% of total loans, at December 31, 2025. The increase in non-accrual loans was driven by two well-secured residential mortgage facilities in the Channel Islands & UK segment, with the impact partially offset by the repayment of a separate facility within the same segment. The facilities remain well secured with no expected loss content.

Investment in Securities

The investment portfolio was $5.6 billion at September 30, 2026, and remained broadly stable compared with December 31, 2025 balances.

The investment portfolio is made up of high-quality assets with 100% invested in AA-or-better-rated securities. The investment book yield was 2.87% during the quarter ended September 30, 2026 compared with 2.78% during the previous quarter. Total net unrealized losses on the available-for-sale portfolio increased to $187.3 million, compared with total net unrealized losses of $89.4 million at December 31, 2025, as a result of rising long-term US dollar interest rates.

Deposits

Average total deposit balances were $13.1 billion for the quarter ended September 30, 2026, compared with $12.6 billion in the quarter ended December 31, 2025. Period end balances as at September 30, 2026 were $12.9 billion, higher compared to $12.7 billion in December 31, 2025.

5

Average Balance Sheet2

			For the three months ended
			September 30, 2026												June 30, 2026												September 30, 2025
(in $ millions)			Average balance ($)			Interest ($)			Average rate (%)						Average balance ($)			Interest ($)			Average rate (%)						Average balance ($)			Interest ($)			Average rate (%)
Assets
Cash and cash equivalents, reverse repurchase agreements and short-term investments			3,822.4			32.6			3.39						3,856.6			32.0			3.32						3,474.7			31.9			3.64
Investment in securities			5,714.5			41.4			2.87						5,716.1			39.7			2.78						5,526.0			37.2			2.67
Available-for-sale			2,865.0			25.5			3.52						2,801.3			23.3			3.33						2,430.1			19.8			3.24
Held-to-maturity			2,849.5			15.9			2.22						2,914.8			16.4			2.26						3,095.9			17.4			2.23
Loans			4,440.3			65.0			5.81						4,413.2			65.0			5.90						4,470.9			70.3			6.24
Commercial			1,154.4			17.1			5.89						1,166.3			17.4			5.98						1,226.6			20.3			6.57
Consumer			3,285.9			47.9			5.78						3,246.9			47.6			5.88						3,244.3			50.0			6.11
Interest earning assets			13,977.2			139.0			3.95						13,985.9			136.6			3.92						13,471.6			139.4			4.11
Other assets			519.6												525.2												445.4
Total assets			14,496.8												14,511.2												13,917.0
Liabilities
Deposits - interest bearing			10,468.3			(41.8)			(1.59)						10,450.0			(40.7)			(1.56)						10,017.1			(46.7)			(1.85)
Securities sold under agreements to repurchase			3.1			—			(3.89)						25.7			(0.2)			(3.78)						—			—			—
Interest bearing liabilities			10,471.4			(41.9)			(1.59)						10,475.8			(41.0)			(1.57)						10,017.1			(46.7)			(1.85)
Non-interest bearing current accounts			2,635.3												2,649.6												2,616.7
Other liabilities			241.1												245.1												231.2
Total liabilities			13,347.8												13,370.4												12,865.0
Shareholders’ equity			1,149.0												1,140.7												1,052.0
Total liabilities and shareholders’ equity			14,496.8												14,511.2												13,917.0
Non-interest bearing funds net of    non-interest earning assets    (free balance)			3,505.8												3,510.2												3,454.5
Net interest margin						97.2			2.76									95.6			2.74									92.7			2.73

(2) Averages are based upon daily averages for the periods indicated.

Assets Under Administration and Assets Under Management

Total assets under administration for the trust and custody businesses were $155.2 billion and $30.9 billion, respectively, at September 30, 2026, while assets under management were $6.8 billion at September 30, 2026. This compares with $134.7 billion, $32.3 billion and $6.9 billion, respectively, at December 31, 2025.

6

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 also present certain other non-GAAP financial measures, including tangible common equity and related tangible equity measures. We believe that these non-GAAP financial measures provide 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
(in $ millions except per share amounts)			September 30, 2026						June 30, 2026						September 30, 2025
Net income			61.0						46.9						61.1
Non-core items
Non-core expenses
Early retirement program, voluntary separation, redundancies and other non-core compensation costs			—						—						2.2
Business acquisition costs			3.2						16.9						—
Total non-core expenses			3.2						16.9						2.2
Total non-core items			3.2						16.9						2.2
Core net income			64.2						63.9						63.3
Average common equity			1,137.2						1,135.5						1,076.2
Less: average goodwill and intangible assets			(118.3)						(111.8)						(90.0)
Average tangible common equity			1,019.0						1,023.7						986.2
Core earnings per share fully diluted			1.58						1.58						1.51
Return on common equity			21.3		%				16.6		%				22.5		%
Core return on average tangible common equity			25.0		%				25.0		%				25.5		%
Shareholders' equity			1,117.8						1,148.7						1,106.0
Less: goodwill and intangible assets			(116.2)						(118.6)						(88.8)
Tangible common equity			1,001.6						1,030.1						1,017.1
Total assets			14,269.8						14,346.5						14,086.4
Less: goodwill and intangible assets			(116.2)						(118.6)						(88.8)
Tangible assets			14,153.6						14,227.9						13,997.5
Tangible common equity to tangible assets			7.1		%				7.2		%				7.3		%
Basic participating shares outstanding (in millions)			39.6						39.3						40.6
Tangible book value per common share			25.32						26.19						25.06
Non-interest expenses			99.3						109.8						90.8
Less: non-core expenses			(3.2)						(16.9)						(2.2)
Less: amortization of intangibles			(2.6)						(2.4)						(2.0)
Core non-interest expenses before amortization of intangibles			93.6						90.5						86.6
Core revenue before other gains and losses and provision for credit losses			161.9						159.0						153.9
Core efficiency ratio			57.8		%				57.0		%				56.2		%

7

Conference Call Information:

Butterfield will host a conference call to discuss the Bank’s results on Wednesday, October 28, 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:

This release contains non-GAAP financial measures, including core net income and other financial measures presented on a core basis and tangible common equity and related tangible equity 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, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and include statements with respect to, among other things, our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, including, without limitation, statements regarding the proposed acquisition of CIBC Caribbean by Bank of N.T. Butterfield & Son Limited (“Butterfield”); the expected timing, structure, terms and completion of the proposed transaction; the expected form and mix of consideration, including the issuance of Butterfield ordinary shares; any acquisition of shares from minority shareholders of CIBC Caribbean or related compulsory acquisition, squeeze-out or similar process; the expected ownership, governance, management, capital, regulatory and operating profile of Butterfield following the proposed transaction; the expected financing of the proposed transaction, including the amount, terms and timing of the proposed subordinated debt financing; and the anticipated benefits of the proposed transaction, including expected scale, diversification, cost savings, synergies, earnings accretion, tangible book value per share accretion, capital generation, regulatory capital ratios, risk-weighted assets, liquidity, deposit mix, market position and other financial and operating impacts.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond Butterfield’s control, which may cause the actual results, performance, capital, ownership, financial condition or achievements of Butterfield to be materially different from future results, performance, capital, ownership, financial condition or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among others: Butterfield’s ability to successfully complete the proposed acquisition of CIBC Caribbean on the anticipated terms or timeline or at all; Butterfield’s ability to realize the anticipated benefits of the proposed transaction in the expected timeframes or at all, including cost savings, synergies, balance sheet and capital optimization initiatives, earnings accretion, and tangible book value per share accretion; Butterfield’s ability to successfully integrate CIBC Caribbean’s businesses, operations, systems, controls, compliance programs, risk management framework, personnel and culture into those of Butterfield; the risk that such integration may be more difficult, time-consuming or costly than expected; the failure of any of the conditions to the proposed transaction to be satisfied or waived; the failure to obtain required shareholder, regulatory, governmental, securities exchange, exchange-control or other approvals, or delays in obtaining such approvals; the risk that such approvals may result in the imposition of conditions, restrictions or requirements that could materially adversely affect Butterfield, CIBC Caribbean or the expected benefits of the proposed transaction, or that any proposed conditions, restrictions or requirements, or other actions of regulatory or governmental bodies or securities exchanges could delay or prevent the closing of the proposed transactions; the risk that any minority shareholder offer, compulsory acquisition, squeeze-out or similar process is delayed, not completed or completed on different terms than expected; revenues following the proposed transaction being lower than expected; operating costs, customer loss and business disruption, including difficulties in maintaining relationships with employees, customers, clients, depositors, vendors, suppliers, regulators and other business partners, being greater than expected; risks associated with the disruption of management’s attention from Butterfield’s ongoing business operations due to the proposed transaction; reputational risks and potential adverse reactions to the announcement, pendency or completion of the proposed transaction; the outcome of any legal, regulatory or shareholder proceedings, inquiries or investigations that may be instituted or arise in connection with the proposed transaction; the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected transaction, integration, restructuring, financing, litigation, regulatory, tax, accounting or other costs; dilution caused by the issuance of additional Butterfield ordinary shares in connection with the proposed transaction; changes in Butterfield’s share price, interest rates, foreign exchange rates, capital markets or other market conditions that may affect the transaction financing or expected financial impacts of the proposed transaction; the risk that any subordinated debt or other transaction financing is not obtained on the expected terms, timing or at all; and the risk that assumptions underlying pro forma financial information, purchase accounting, credit marks, fair value marks, integration costs, cost savings, synergies, capital ratios, earnings accretion, tangible book value per share accretion, return metrics and other financial impacts prove to be inaccurate.

Other factors that may impact Butterfield’s future results, performance, financial condition or achievements include worldwide and regional economic conditions, including economic growth and general business conditions in Bermuda, the Cayman Islands, Barbados, The Bahamas, Turks and Caicos, Trinidad and Tobago, the broader Atlantic, Caribbean and other markets in which Butterfield or CIBC Caribbean operates; fluctuations in interest rates, inflation, monetary policy, foreign exchange rates, capital markets, tourism, real estate markets and sovereign credit ratings, including a decline in Bermuda’s sovereign credit rating; any sudden liquidity crisis; changes in customer behavior, including customer borrowing, repayment, investment and deposit practices; unfavorable developments concerning asset quality, credit quality, loan losses, non-performing loans, collateral values, loan concentrations, sovereign exposures, residential mortgage risk weighting, reserves, funding costs, liquidity and deposit flows; competitive product and pricing pressures; security risks, including cybersecurity, data privacy, fraud, financial crime, anti-money laundering and sanctions risks; the impact, extent and timing of technological changes, systems conversions and operational resilience initiatives; risks relating to the success of Butterfield’s updated systems and platforms; capital management activities; changes in laws, regulations, accounting standards, tax laws, regulatory capital or liquidity requirements and supervisory expectations; potential impacts of climate change, hurricanes and other natural disasters; compliance with regulatory requirements; 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 release are expressly qualified in their entirety by this cautionary notice, including, without limitation, the risks and uncertainties described in our reports and filings, including under the caption "Risk Factors" in our most recent Form 20-F and in any subsequent reports furnished or filed with the Securities and Exchange Commission ("SEC"). Such reports are available upon request from Butterfield, or from the SEC including through the SEC’s website at https://www.sec.gov. Any forward-looking statements made by Butterfield are based only on information currently available and speaks only as of the date on which it is made. Except as otherwise required by law, Butterfield

8

assumes no obligation and does not undertake to review, update, revise or correct any of the forward-looking statements included in this release, 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 release. 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.

Presentation of Financial Information:

Certain monetary amounts, percentages and other figures included in this release 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. Our principal banking operations are located in Bermuda, the Cayman Islands, Guernsey and Jersey, providing deposit, cash management and lending solutions for individual, business and institutional clients. We provide a full range of wealth management services, comprising trust, private banking, asset management and custody, in Bermuda, the Cayman Islands and Guernsey, trust services in The Bahamas, Singapore and Switzerland, and residential property lending in the UK. Butterfield is publicly traded on the New York Stock Exchange (symbol: NTB) and the Bermuda Stock Exchange (symbol: NTB.BH). Further details are available at www.butterfieldgroup.com. BF-All

Investor Relations Contact: Media Relations Contact:

Noah Fields Emily Edwards

Investor Relations Group Communications Manager

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: emily.edwards@butterfieldgroup.com

9

INDEX TO FINANCIAL STATEMENTS

Unaudited Consolidated Financial Statements			Page
Consolidated Balance Sheets (unaudited) as of September 30, 2026 and December 31, 2025			2
Consolidated Statements of Operations (unaudited) for the Three and Nine Months Ended September 30, 2026 and 2025			3
Consolidated Statements of Comprehensive Income (unaudited) for the Three and Nine Months Ended September 30, 2026 and 2025			4
Consolidated Statements of Changes in Shareholders’ Equity (unaudited) for the Three and Nine Months Ended September 30, 2026 and 2025			5
Consolidated Statements of Cash Flows (unaudited) for the Nine Months Ended September 30, 2026 and 2025			6
Notes to the Consolidated Financial Statements (unaudited)			7

1

The Bank of N.T. Butterfield & Son Limited

Consolidated Balance Sheets (unaudited)

(In thousands of US dollars, except share and per share data)

			As at
			September 30, 2026			December 31, 2025
Assets
Cash and demand deposits with banks - Non-interest bearing			121,607			105,440
Demand deposits with banks - Interest bearing			184,915			171,201
Cash equivalents - Interest bearing			959,644			1,432,295
Cash and cash equivalents			1,266,166			1,708,936
Securities purchased under agreements to resell			1,595,890			1,096,238
Short-term investments			912,938			756,543
Investment in securities
Available-for-sale at fair value (amortized cost: $2,960,443 (2025: $2,785,608))			2,773,102			2,696,253
Held-to-maturity (fair value: $2,218,734 (2025: $2,566,470))			2,810,368			2,992,052
Total investment in securities			5,583,470			5,688,305
Loans
Loans			4,402,542			4,407,787
Allowance for credit losses			(26,989)			(25,376)
Loans, net of allowance for credit losses			4,375,553			4,382,411
Premises, equipment and computer software, net			160,646			158,504
Goodwill			27,301			25,385
Other intangible assets, net			88,905			61,412
Equity method investments			6,659			6,755
Accrued interest and other assets			252,246			210,405
Total assets			14,269,774			14,094,894
Liabilities
Deposits
Non-interest bearing			2,374,804			2,701,145
Interest bearing			10,523,154			9,996,923
Total deposits			12,897,958			12,698,068
Employee benefit plans			84,241			84,466
Accrued interest and other liabilities			169,789			170,509
Total other liabilities			254,030			254,975
Total liabilities			13,151,988			12,953,043
Commitments, contingencies and guarantees (Note 10)
Shareholders' equity
Common share capital (BMD 0.01 par; authorized voting ordinary shares 2,000,000,000 and    non-voting ordinary shares 6,000,000,000) issued and outstanding: 39,554,431 (2025: 39,948,264)			396			399
Additional paid-in capital			844,947			851,223
Retained earnings			570,656			494,384
Accumulated other comprehensive income (loss)			(298,213)			(204,155)
Total shareholders’ equity			1,117,786			1,141,851
Total liabilities and shareholders’ equity			14,269,774			14,094,894

The accompanying notes are an integral part of these consolidated financial statements.

2

The Bank of N.T. Butterfield & Son Limited

Consolidated Statements of Operations (unaudited)

(In thousands of US dollars, except per share data)

			Three months ended						Nine months ended
			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Non-interest income
Asset management			10,287			9,914			31,068			28,842
Banking			16,690			17,830			48,851			47,631
Foreign exchange revenue			13,860			13,224			41,734			38,857
Trust			19,462			16,236			55,300			48,235
Custody and other administration services			3,748			3,141			11,198			9,802
Other non-interest income			703			836			2,597			3,263
Total non-interest income			64,750			61,181			190,748			176,630
Interest income
Interest and fees on loans			65,000			70,267			193,348			210,748
Investments (none of the investment securities are intrinsically tax-exempt)
Available-for-sale			25,451			19,839			71,078			55,928
Held-to-maturity			15,935			17,387			49,155			53,600
Cash and cash equivalents, securities purchased under agreements to resell and short-term investments			32,640			31,911			94,699			100,052
Total interest income			139,026			139,404			408,280			420,328
Interest expense
Deposits			41,828			46,681			121,882			144,987
Long-term debt			—			—			—			3,681
Securities sold under agreements to repurchase			31			2			339			207
Total interest expense			41,859			46,683			122,221			148,875
Net interest income before provision for credit losses			97,167			92,721			286,059			271,453
Provision for credit (losses) recoveries			(241)			(564)			(3,308)			(394)
Net interest income after provision for credit losses			96,926			92,157			282,751			271,059
Net other gains (losses)			318			(61)			1,312			33
Total other gains (losses)			318			(61)			1,312			33
Total net revenue			161,994			153,277			474,811			447,722
Non-interest expense
Salaries and other employee benefits			48,729			46,604			140,975			137,573
Technology and communications			17,000			16,043			48,639			48,346
Professional and outside services			8,325			4,951			35,618			15,547
Property			8,100			8,199			23,781			25,706
Indirect taxes			5,617			5,512			17,977			17,855
Non-service employee benefits expense			1,049			1,292			3,148			3,920
Marketing			1,805			1,388			5,544			4,858
Amortization of intangible assets			2,562			1,970			6,911			5,844
Other expenses			6,160			4,809			17,105			16,088
Total non-interest expense			99,347			90,768			299,698			275,737
Net income before income taxes			62,647			62,509			175,113			171,985
Income tax benefit (expense)			(1,661)			(1,447)			(4,592)			(3,834)
Net income			60,986			61,062			170,521			168,151
Earnings per common share
Basic earnings per share			1.55			1.50			4.31			4.04
Diluted earnings per share			1.50			1.46			4.20			3.93

The accompanying notes are an integral part of these consolidated financial statements.

3

The Bank of N.T. Butterfield & Son Limited

Consolidated Statements of Comprehensive Income (unaudited)

(In thousands of US dollars)

			Three months ended						Nine months ended
			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Net income			60,986			61,062			170,521			168,151
Other comprehensive income (loss), net of taxes
Unrealized net gains (losses) on translation of net investment in foreign operations			(56)			(422)			(3,424)			5,838
Net changes on investments transferred to held-to-maturity			2,030			2,137			5,734			5,896
Unrealized net gains (losses) on available-for-sale investments			(80,635)			18,485			(98,003)			61,847
Employee benefit plans adjustments			495			736			1,635			1,240
Other comprehensive income (loss), net of taxes			(78,166)			20,936			(94,058)			74,821
Total comprehensive income (loss)			(17,180)			81,998			76,463			242,972

The accompanying notes are an integral part of these consolidated financial statements.

4

The Bank of N.T. Butterfield & Son Limited

Consolidated Statements of Changes in Shareholders' Equity (unaudited)

			Three months ended												Nine months ended
			September 30, 2026						September 30, 2025						September 30, 2026						September 30, 2025
			Number of shares			In thousands of US dollars			Number of shares			In thousands of US dollars			Number of shares			In thousands of US dollars			Number of shares			In thousands of US dollars
Common share capital issued and outstanding
Balance at beginning of period			39,326,687			393			41,724,081			417			39,948,264			399			43,537,979			435
Retirement of shares			—			—			(669,951)			(7)			(1,116,631)			(11)			(2,880,140)			(29)
Issuance of common shares			227,744			3			147,043			2			722,798			8			543,334			6
Balance at end of period			39,554,431			396			41,201,173			412			39,554,431			396			41,201,173			412
Additional paid-in capital
Balance at beginning of period						838,886						881,196						851,223						916,394
Share-based compensation						5,598						5,573						16,986						16,355
Share-based settlements						464						48						500						526
Retirement of shares						—						(14,149)						(23,755)						(60,603)
Issuance of common shares, net of underwriting discounts and commissions						(1)						(1)						(7)						(5)
Balance at end of period						844,947						872,667						844,947						872,667
Retained earnings
Balance at beginning of period						529,443						454,524						494,384						422,461
Net Income for the period						60,986						61,062						170,521						168,151
Common share cash dividends declared and paid, $0.50 and 1.50 per share (2025: $0.50 and $1.38 per share)						(19,773)						(20,453)						(59,465)						(57,577)
Retirement of shares						—						(14,547)						(34,784)						(52,449)
Balance at end of period						570,656						480,586						570,656						480,586
Treasury common shares
Balance at beginning of period			—			—			619,212			(25,468)			—			—			619,212			(23,063)
Purchase of treasury common shares			—			—			669,951			(30,350)			1,116,631			(58,550)			2,880,140			(117,133)
Retirement of shares			—			—			(669,951)			28,703			(1,116,631)			58,550			(2,880,140)			113,081
Balance at end of period			—			—			619,212			(27,115)			—			—			619,212			(27,115)
Accumulated other comprehensive income (loss)
Balance at beginning of period						(220,047)						(241,530)						(204,155)						(295,415)
Other comprehensive income (loss), net of taxes						(78,166)						20,936						(94,058)						74,821
Balance at end of period						(298,213)						(220,594)						(298,213)						(220,594)
Total shareholders' equity						1,117,786						1,105,956						1,117,786						1,105,956

The accompanying notes are an integral part of these consolidated financial statements.

5

The Bank of N.T. Butterfield & Son Limited

Consolidated Statements of Cash Flows (unaudited)

(In thousands of US dollars)

			Nine months ended
			September 30, 2026			September 30, 2025
Cash flows from operating activities
Net income			170,521			168,151
Adjustments to reconcile net income to operating cash flows
Depreciation, accretion and amortization			28,743			29,432
Provision for credit losses (recoveries)			3,308			394
Share-based payments and settlements			17,486			16,882
(Increase) decrease in carrying value of equity method investments			41			(190)
Dividends received from equity method investments			55			60
Changes in operating assets and liabilities
(Increase) decrease in accrued interest receivable and other assets			(31,863)			28,782
Increase (decrease) in employee benefit plans, accrued interest payable and other liabilities			(5,335)			(28,019)
Cash provided by (used in) operating activities			182,956			215,492
Cash flows from investing activities
(Increase) decrease in securities purchased under agreements to resell having original maturities of 3 months of less			(1,098,082)			436,761
Securities purchased under agreements to resell having original maturities of more than 3 months: purchases			(1,294,175)			(1,273,639)
Securities purchased under agreements to resell having original maturities of more than 3 months: proceeds from maturities			1,864,744			939,709
Short-term investments other than restricted cash: proceeds from maturities and sales			898,580			1,109,455
Short-term investments other than restricted cash: purchases			(1,099,537)			(1,338,460)
Available-for-sale investments: proceeds from maturities and pay downs			614,374			240,093
Available-for-sale investments: purchases			(790,408)			(527,821)
Held-to-maturity investments: proceeds from maturities and pay downs			182,317			187,215
Net (increase) decrease in loans			(25,909)			138,785
Additions to premises, equipment and computer software			(18,255)			(19,516)
Cash disbursed for business acquisition, net of cash acquired			(41,140)			—
Cash provided by (used in) investing activities			(807,491)			(107,418)
Cash flows from financing activities
Net increase (decrease) in deposits			281,699			(297,278)
Net increase (decrease) in securities sold under agreements to repurchase having original maturities of 3 months of less			(1,938)			(90,032)
Repayment of long-term debt			—			(100,000)
Common shares repurchased			(58,550)			(117,132)
Cash dividends paid on common shares			(59,465)			(57,577)
Cash provided by (used in) financing activities			161,746			(662,019)
Net effect of exchange rates on cash, cash equivalents and restricted cash			450			53,025
Net increase (decrease) in cash, cash equivalents and restricted cash			(462,339)			(500,920)
Cash, cash equivalents and restricted cash: beginning of period			1,776,683			2,088,542
Cash, cash equivalents and restricted cash: end of period			1,314,344			1,587,622
Components of cash, cash equivalents and restricted cash at end of period
Cash and cash equivalents			1,266,166			1,501,368
Restricted cash included in short-term investments on the consolidated balance sheets			48,178			86,254
Total cash, cash equivalents and restricted cash at end of period			1,314,344			1,587,622
Supplemental disclosure of non-cash items
Initial recognition of right-of-use assets and operating lease liabilities			1,587			4,580

The accompanying notes are an integral part of these consolidated financial statements.

6

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited)

(In thousands of US dollars, unless otherwise stated)

Note 1: Nature of business

The Bank of N.T. Butterfield & Son Limited (“Butterfield”, the “Bank” or the “Company”) is incorporated under the laws of Bermuda and has a banking license under the Banks and Deposit Companies Act, 1999 (“the Act”). Butterfield is regulated by the Bermuda Monetary Authority (“BMA”), which operates in accordance with Basel principles.

Butterfield is a full service bank and wealth manager headquartered in Hamilton, Bermuda. The Bank operates its business through three geographic segments: Bermuda, Cayman, and the Channel Islands and the UK, where its principal banking operations are located and where it offers specialized financial services. Butterfield offers banking services, comprised of retail and corporate banking, and wealth management, which consists of trust, private banking, and asset management. In the Bermuda, Cayman, and Channel Islands and the UK segments, Butterfield offers both banking and wealth management services. Butterfield also has operations in the jurisdictions of The Bahamas, Canada, Mauritius, Singapore and Switzerland, which are included in our Other segment.

The Bank's common shares trade on the New York Stock Exchange ("NYSE") under the symbol "NTB" and on the Bermuda Stock Exchange ("BSX") under the symbol "NTB.BH".

Note 2: Significant accounting policies

The accompanying unaudited interim consolidated financial statements of the Bank have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and should be read in conjunction with the Bank’s audited financial statements for the year ended December 31, 2025.

In the opinion of Management, these unaudited interim consolidated financial statements reflect all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair statement of the Bank’s financial position and results of operations as at the end of and for the periods presented. The Bank’s results for interim periods are not necessarily indicative of results for the full year. Certain prior year figures have been reclassified to agree to current period presentation.

The preparation of financial statements in conformity with GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period, and actual results could differ from those estimates. Management believes that the most critical accounting estimates upon which the financial condition depends, and which involve the most complex or subjective decisions or assessments, are as follows:

•Allowance for credit losses

•Fair value of financial instruments

•Impairment of goodwill and intangibles

•Employee benefit plans

Acquired Loans

Effective January 1, 2026, the Bank elected to early adopt ASU No. 2025-08. This standard introduces a single accounting framework for certain acquired loans, requiring entities to recognize an allowance for credit losses at acquisition which is added to the purchase price (the gross-up approach). In accordance with the transition provisions, the Bank will apply the amendments prospectively to all qualifying purchased seasoned loans acquired on or after the adoption date. The adoption of this guidance simplifies acquisition accounting by removing the 'Day 1 double count' of credit losses for these portfolios.

New Accounting Pronouncements

There were no accounting developments issued during the nine months ended September 30, 2026 or accounting standards pending adoption which impacted the Bank.

Note 3: Cash and cash equivalents

			September 30, 2026			December 31, 2025
Non-interest bearing
Cash and demand deposits with banks			121,607			105,440
Interest bearing
Demand deposits with banks			184,915			171,201
Cash equivalents			959,644			1,432,295
Sub-total - Interest bearing			1,144,559			1,603,496
Total cash and cash equivalents			1,266,166			1,708,936

7

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Note 4: Short-term investments

			September 30, 2026			December 31, 2025
Unrestricted
Maturing within three months			223,662			321,566
Maturing between three to six months			292,494			223,239
Maturing between six to twelve months			348,604			143,991
Total unrestricted short-term investments			864,760			688,796
Affected by drawing restrictions related to minimum reserve and derivative margin requirements
Interest earning demand and term deposits			48,178			67,747
Total restricted short-term investments			48,178			67,747
Total short-term investments			912,938			756,543

Note 5: Investment in securities

Amortized Cost, Carrying Amount and Fair Value

On the consolidated balance sheets, available-for-sale ("AFS") investments are carried at fair value and held-to-maturity ('HTM') investments are carried at amortized cost.

			September 30, 2026												December 31, 2025
			Amortized  cost			Gross  unrealized  gains			Gross  unrealized  losses			Fair value			Amortized  cost			Gross  unrealized  gains			Gross  unrealized  losses			Fair value
Available-for-sale
US government and federal agencies			2,947,252			80			(185,922)			2,761,410			2,770,749			12,549			(100,827)			2,682,471
Residential mortgage-backed securities			13,191			—			(1,499)			11,692			14,859			—			(1,077)			13,782
Total available-for-sale			2,960,443			80			(187,421)			2,773,102			2,785,608			12,549			(101,904)			2,696,253
Held-to-maturity¹
US government and federal agencies			2,810,368			—			(591,634)			2,218,734			2,992,052			857			(426,439)			2,566,470
Total held-to-maturity			2,810,368			—			(591,634)			2,218,734			2,992,052			857			(426,439)			2,566,470

¹For the nine months ended September 30, 2026 and September 30, 2025, impairments recognized in other comprehensive income for HTM investments were Nil.

Investments with Unrealized Loss Positions

The Bank does not believe that the AFS debt securities that were in an unrealized loss position as of September 30, 2026, comprising 225 securities representing 97.7% of the AFS portfolios' carrying value (December 31, 2025: 156 and 52.1%), represent credit losses. Total gross unrealized AFS losses were 6.9% of the fair value of the affected securities (December 31, 2025: 7.3%).

The Bank’s HTM debt securities are comprised of US government and federal agencies securities and have a zero credit loss assumption under the Current Expected Credit Loss ("CECL") model. HTM debt securities that were in an unrealized loss position as of September 30, 2026, were comprised of 219 securities representing 100.0% of the HTM portfolios’ carrying value (December 31, 2025: 218 and 98.8%). Total gross unrealized HTM losses were 26.7% of the fair value of affected securities (December 31, 2025: 16.9%).

Management does not intend to sell and it is likely that management will not be required to sell the securities prior to the anticipated recovery of the cost of these securities. Unrealized losses were attributable primarily to changes in market interest rates, relative to when the investment securities were purchased, and not due to a decrease in the credit quality of the investment securities. The issuers continue to make timely principal and interest payments on the securities. The following describes the processes for identifying credit impairment in security types with the most significant unrealized losses as shown in the preceding tables.

Management believes that all the US government and federal agencies securities do not have any credit losses, given the explicit and implicit guarantees provided by the US federal government.

Investments in Residential mortgage-backed securities relate to 13 US prime securities (December 31, 2025: 13) which are rated AAA and may possess structural features of securitization, such as subordination, excess spread, over collateralization or other forms of credit enhancement. No credit losses were recognized on these securities as the weighted average credit support and the weighted average loan-to-value ratios range from 15.6% - 50.1% and 40.7% - 51.1%, respectively. Current credit support is significantly greater than any delinquencies experienced on the underlying mortgages.

In the following tables, debt securities with unrealized losses that are not deemed to be credit impaired and for which an allowance for credit losses has not been recorded are categorized as being in a loss position for "less than 12 months" or "12 months or more" based on the point in time that the fair value most recently declined below the amortized

cost basis.

8

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

			Less than 12 months						12 months or more
September 30, 2026			Fair value			Gross  unrealized  losses			Fair value			Gross unrealized losses			Total  fair value			Total gross unrealized losses
Available-for-sale securities with unrealized losses
US government and federal agencies			1,889,930			(58,639)			806,459			(127,283)			2,696,389			(185,922)
Residential mortgage-backed securities			—			—			11,693			(1,499)			11,693			(1,499)
Total available-for-sale securities with unrealized losses			1,889,930			(58,639)			818,152			(128,782)			2,708,082			(187,421)
Held-to-maturity securities with unrealized losses
US government and federal agencies			31,987			(1,647)			2,186,747			(589,987)			2,218,734			(591,634)
			Less than 12 months						12 months or more
December 31, 2025			Fair value			Gross  unrealized  losses			Fair value			Gross unrealized losses			Total fair value			Total gross unrealized losses
Available-for-sale securities with unrealized losses
US government and federal agencies			94,588			(120)			1,296,411			(100,707)			1,390,999			(100,827)
Residential mortgage-backed securities			—			—			13,782			(1,077)			13,782			(1,077)
Total available-for-sale securities with unrealized losses			94,588			(120)			1,310,193			(101,784)			1,404,781			(101,904)
Held-to-maturity securities with unrealized losses
US government and federal agencies			—			—			2,530,638			(426,439)			2,530,638			(426,439)

Investment Maturities

The following table presents the remaining term to contractual maturity of the Bank’s securities. The actual maturities may differ as certain securities offer prepayment options to the borrowers.

						Remaining term to maturity
September 30, 2026						Within 1 year			1 to 5  years			5 to 10  years			Over 10 years			No specific or single  maturity			Carrying  amount
Available-for-sale
US government and federal agencies						353,458			1,065,259			—			—			1,342,693			2,761,410
Residential mortgage-backed securities						—			—			—			—			11,692			11,692
Total available-for-sale						353,458			1,065,259			—			—			1,354,385			2,773,102
Held-to-maturity
US government and federal agencies						—			—			—			—			2,810,368			2,810,368

Pledged Investments

The Bank pledges certain US government and federal agencies investment securities to further secure the Bank's issued customer deposit products. The secured party does not have the right to sell or repledge the collateral.

			September 30, 2026						December 31, 2025
Pledged investments - secured customer deposit product			Amortized  cost			Fair  value			Amortized  cost			Fair  value
Available-for-sale			16,416			14,888			19,184			18,331
Held-to-maturity			107,027			89,616			96,811			87,154

The Bank also pledges certain non-US governments debt investment securities to secure the Bank's repurchase agreements. Where the secured party has the right to sell or

repledge the collateral, the Bank discloses such pledged financial assets separately in the accompanying consolidated balance sheets.

Taxability of Interest Income

None of the investments' interest income have received a specific preferential income tax treatment in any of the jurisdictions in which the Bank owns investments.

9

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Note 6: Loans

The principal means of securing residential mortgages, personal, credit card and business loans are entitlements over assets and guarantees. Mortgage loans are generally repayable over periods of up to thirty years and personal and business loans are generally repayable over terms not exceeding five years. Government loans are repayable over a variety of terms which are individually negotiated. Amounts owing on credit cards are revolving and typically a minimum amount is due within 30 days from billing. The credit card portfolio is managed as a single portfolio and includes consumer and business cards. The effective yield on total loans as at September 30, 2026 is 5.73% (December 31, 2025: 5.81%). The interest receivable on total loans as at September 30, 2026 is $10.6 million (December 31, 2025: $11.1 million). The interest receivable is included in Accrued interest and other assets on the consolidated balance sheets and is excluded from all loan amounts disclosed in this note.

Loans' Credit Quality

The four credit quality classifications set out in the following tables are defined below and describe the credit quality of the Bank's lending portfolio. These classifications each encompass a range of more granular internal credit rating grades. Loans' internal credit ratings are assigned by the Bank's customer relationship managers as well as members of the Bank's jurisdictional and Group Credit Committees. The borrowers' financial condition is documented at loan origination and maintained periodically thereafter at a frequency which can be up to monthly for certain loans. The loans' performing status, as well as current economic trends, are continuously monitored. The Bank's jurisdictional and Group Credit Committees meet on a monthly basis. The Group Credit Committee is also responsible for approving the allowance for expected credit losses and other impairment charges.

A pass loan shall mean a loan that is expected to be repaid as agreed. A loan is classified as pass where the Bank is not expected to face repayment difficulties because the present and projected cash flows are sufficient to repay the debt and the repayment schedule as established by the agreement is being followed. Loans in this category are reviewed by the Bank’s management on at least an annual basis.

A special mention loan shall mean a loan under close monitoring by the Bank’s management on at least a quarterly basis. Loans in this category are currently still performing, but are potentially weak and present an undue credit risk exposure, but not to the point of justifying a classification of substandard.

A substandard loan shall mean a loan whose evident unreliability makes repayment doubtful and there is a threat of loss to the Bank unless the unreliability is averted. Loans in this category are under close monitoring by the Bank’s management on at least a quarterly basis.

A non-accrual loan shall mean either management is of the opinion full payment of principal or interest is in doubt or that the principal or interest is 90 days past due unless it is a residential mortgage loan which is well secured and collection efforts are reasonably expected to result in amounts due. Loans in this category are under close monitoring by the Bank’s management on at least a quarterly basis.

10

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

The amortized cost of loans by credit quality classification and allowance for expected credit losses by class of loans is as follows:

September 30, 2026									Pass			Special mention			Substandard			Non-accrual			Total amortized cost			Allowance for expected credit losses			Total net loans
Commercial loans
Government									276,492			—			—			—			276,492			(102)			276,390
Commercial and industrial									166,562			—			622			16,955			184,139			(17,376)			166,763
Commercial overdrafts									66,866			—			166			169			67,201			(37)			67,164
Total commercial loans									509,920			—			788			17,124			527,832			(17,515)			510,317
Commercial real estate loans
Commercial mortgage									430,660			1,947			1,858			2,750			437,215			(985)			436,230
Construction									70,920			—			—			—			70,920			—			70,920
Total commercial real estate loans									501,580			1,947			1,858			2,750			508,135			(985)			507,150
Consumer loans
Automobile financing									19,872			—			—			219			20,091			(34)			20,057
Credit card									101,258			—			738			—			101,996			(2,211)			99,785
Overdrafts									27,109			—			—			48			27,157			(227)			26,930
Other consumer1									48,358			—			794			829			49,981			(886)			49,095
Total consumer loans									196,597			—			1,532			1,096			199,225			(3,358)			195,867
Residential mortgage loans									2,932,925			7,854			127,931			98,640			3,167,350			(5,131)			3,162,219
Total									4,141,022			9,801			132,109			119,610			4,402,542			(26,989)			4,375,553

1 Other consumer loans’ amortized cost includes $6 million of cash and portfolio secured lending and $36 million of lending secured by buildings in construction or other collateral.

December 31, 2025									Pass			Special mention			Substandard			Non-accrual			Total amortized cost			Allowance for expected credit losses			Total net loans
Commercial loans
Government									276,815			—			—			—			276,815			(257)			276,558
Commercial and industrial									176,753			—			667			17,130			194,550			(12,030)			182,520
Commercial overdrafts									62,819			610			105			195			63,729			(70)			63,659
Total commercial loans									516,387			610			772			17,325			535,094			(12,357)			522,737
Commercial real estate loans
Commercial mortgage									481,978			184			2,062			3,434			487,658			(1,098)			486,560
Construction									77,573			—			—			—			77,573			—			77,573
Total commercial real estate loans									559,551			184			2,062			3,434			565,231			(1,098)			564,133
Consumer loans
Automobile financing									18,993			—			3			174			19,170			(27)			19,143
Credit card									98,398			—			680			—			99,078			(2,184)			96,894
Overdrafts									35,022			—			32			5			35,059			(350)			34,709
Other consumer1									40,605			—			812			829			42,246			(854)			41,392
Total consumer loans									193,018			—			1,527			1,008			195,553			(3,415)			192,138
Residential mortgage loans									2,916,341			3,769			122,239			69,560			3,111,909			(8,506)			3,103,403
Total									4,185,297			4,563			126,600			91,327			4,407,787			(25,376)			4,382,411

1 Other consumer loans’ amortized cost includes $6 million of cash and portfolio secured lending and $27 million of lending secured by buildings in construction or other collateral.

11

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Based on the most recent analysis performed, the amortized cost of loans by year of origination and credit quality classification is as follows:

September 30, 2026			Pass			Special  mention			Substandard			Non-accrual			Total amortized cost
Loans by origination year
2026			563,314			—			1,462			—			564,776
2025			486,599			2,640			—			41			489,280
2024			376,380			—			2,515			22,949			401,844
2023			202,061			—			9,430			32			211,523
2022			652,945			1,276			4,314			29			658,564
Prior			1,662,877			5,885			113,484			96,342			1,878,588
Overdrafts and credit cards			196,846			—			904			217			197,967
Total amortized cost			4,141,022			9,801			132,109			119,610			4,402,542

December 31, 2025			Pass			Special  mention			Substandard			Non-accrual			Total amortized cost
Loans by origination year
2025			514,608			—			—			—			514,608
2024			470,244			—			247			181			470,672
2023			283,923			—			1,039			54			285,016
2022			722,368			805			6,250			25			729,448
2021			350,808			—			—			257			351,065
Prior			1,643,350			3,148			118,246			90,610			1,855,354
Overdrafts and credit cards			199,996			610			818			200			201,624
Total amortized cost			4,185,297			4,563			126,600			91,327			4,407,787

Age Analysis of Past Due Loans (Including Non-Accrual Loans)

The following tables summarize the past due status of the loans. The aging of past due amounts are determined based on the contractual delinquency status of payments under the loan and this aging may be affected by the timing of the last business day at period end. Loans less than 30 days past due are included in current loans.

September 30, 2026			30 - 59 days			60 - 89 days			90 days or more			Total past  due loans			Total current			Total amortized cost
Commercial loans
Government			—			—			—			—			276,492			276,492
Commercial and industrial			—			607			16,955			17,562			166,577			184,139
Commercial overdrafts			—			—			169			169			67,032			67,201
Total commercial loans			—			607			17,124			17,731			510,101			527,832
Commercial real estate loans
Commercial mortgage			1,029			1,096			2,351			4,476			432,739			437,215
Construction			—			—			—			—			70,920			70,920
Total commercial real estate loans			1,029			1,096			2,351			4,476			503,659			508,135
Consumer loans
Automobile financing			31			87			193			311			19,780			20,091
Credit card			529			339			529			1,397			100,599			101,996
Overdrafts			10			—			48			58			27,099			27,157
Other consumer			104			712			676			1,492			48,489			49,981
Total consumer loans			674			1,138			1,446			3,258			195,967			199,225
Residential mortgage loans			18,251			13,764			132,871			164,886			3,002,464			3,167,350
Total amortized cost			19,954			16,605			153,792			190,351			4,212,191			4,402,542

12

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

December 31, 2025			30 - 59 days			60 - 89 days			90 days or more			Total past  due loans			Total current			Total amortized cost
Commercial loans
Government			—			—			—			—			276,815			276,815
Commercial and industrial			—			—			17,130			17,130			177,420			194,550
Commercial overdrafts			—			—			300			300			63,429			63,729
Total commercial loans			—			—			17,430			17,430			517,664			535,094
Commercial real estate loans
Commercial mortgage			328			174			3,434			3,936			483,722			487,658
Construction			—			—			—			—			77,573			77,573
Total commercial real estate loans			328			174			3,434			3,936			561,295			565,231
Consumer loans
Automobile financing			99			14			160			273			18,897			19,170
Credit card			596			515			466			1,577			97,501			99,078
Overdrafts			—			—			37			37			35,022			35,059
Other consumer			270			17			675			962			41,284			42,246
Total consumer loans			965			546			1,338			2,849			192,704			195,553
Residential mortgage loans			13,863			33,158			90,727			137,748			2,974,161			3,111,909
Total amortized cost			15,156			33,878			112,929			161,963			4,245,824			4,407,787

Changes in Allowances For Credit Losses

The allowance for expected credit losses increased during the nine months ended September 30, 2026 compared to December 31, 2025 reflecting an additional specific provision on a legacy non-accrual Bermuda commercial facility. This was partially offset by the release of a provision related to a residential mortgage facility in the Channel Islands and UK segment upon partial repayment. As disclosed in Note 2 of the December 31, 2025 Audited Consolidated Financial Statements, the Bank continuously collects and maintains attributes related to financial instruments within the scope of CECL, including current conditions, and reasonable and supportable assumptions about future economic conditions.

			Nine months ended September 30, 2026
			Commercial			Commercial  real estate			Consumer			Residential  mortgage			Total
Balance at the beginning of period			12,357			1,098			3,415			8,506			25,376
Provision increase (decrease)			6,336			(113)			422			(3,337)			3,308
Recoveries of previous charge-offs			—			—			1,321			132			1,453
Charge-offs, by origination year
2026			—			—			—			—			—
2025			—			—			—			—			—
2024			—			—			(52)			—			(52)
2023			—			—			(38)			—			(38)
2022			—			—			(33)			—			(33)
Prior			(1,157)			—			(77)			(167)			(1,401)
Overdrafts and credit cards			(12)			—			(1,597)			—			(1,609)
Other			(9)			—			(3)			(3)			(15)
Allowances for expected credit losses at end of period			17,515			985			3,358			5,131			26,989

13

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

			Nine months ended September 30, 2025
			Commercial			Commercial  real estate			Consumer			Residential  mortgage			Total
Balance at the beginning of period			11,684			3,267			3,254			7,504			25,709
Provision increase (decrease)			1,250			(2,119)			61			1,170			362
Recoveries of previous charge-offs			—			—			1,407			114			1,521
Charge-offs, by origination year
2025			—			—			—			—			—
2024			—			—			(7)			—			(7)
2023			—			—			—			(30)			(30)
2022			—			—			(2)			—			(2)
2021			—			—			(15)			—			(15)
Prior			(504)			(84)			(23)			(93)			(704)
Overdrafts and credit cards			(17)			—			(1,232)			—			(1,249)
Other			15			—			10			59			84
Allowances for expected credit losses at end of period			12,428			1,064			3,453			8,724			25,669

Collateral-dependent loans

Management identified that the repayment of certain commercial and consumer mortgage loans is expected to be provided substantially through the operation or the sale of the collateral pledged to the Bank ("collateral-dependent loans"). The Bank believes that for the vast majority of loans identified as collateral-dependent, the sale of the collateral will be sufficient to fully reimburse the loan's carrying amount.

Non-Performing Loans

During the nine months ended September 30, 2026, no interest was recognized on non-accrual loans. No credit deteriorated loans were purchased during the period.

			September 30, 2026												December 31, 2025
			Non-accrual loans with an allowance			Non-accrual loans without an allowance			Past  due 90 days or more and accruing			Total non- performing  loans			Non-accrual loans with an allowance			Non-accrual loans without an allowance			Past  due 90 days or more and accruing			Total non- performing  loans
Commercial loans
Commercial and industrial			16,955			—			—			16,955			17,130			—			—			17,130
Commercial overdrafts			169			—			—			169			195			—			105			300
Total commercial loans			17,124			—			—			17,124			17,325			—			105			17,430
Commercial real estate loans
Commercial mortgage			1,844			906			—			2,750			2,891			543			—			3,434
Total commercial real estate loans			1,844			906			—			2,750			2,891			543			—			3,434
Consumer loans
Automobile financing			71			148			—			219			99			75			—			174
Credit cards			—			—			529			529			—			—			466			466
Overdrafts			48			—			—			48			5			—			32			37
Other consumer			466			363			—			829			494			335			—			829
Total consumer loans			585			511			529			1,625			598			410			498			1,506
Residential mortgage loans			25,583			73,057			40,347			138,987			49,357			20,203			27,418			96,978
Total non-performing loans			45,136			74,474			40,876			160,486			70,171			21,156			28,021			119,348

14

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

The following table summarizes the amortized cost basis of loan modifications as at September 30, 2026 and September 30, 2025 made to borrowers experiencing financial difficulty during the nine-months ended September 30, 2026 and September 30, 2025.

									Amortized cost basis															Weighted average financial effects
September 30, 2026									Term extension and interest rate  reduction			Payments delay in # of months			Term extension			Interest rate  reduction			In % of the class of loans			Months of  payment delay			Months of term extension			Interest rate  reduction
Other consumer									—			44			—			—			0.1		%	3			0			—		%
Residential mortgage loans									3,502			—			18,874			1,623			0.8		%	0			15			3.7		%

									Amortized cost basis															Weighted average financial effects
September 30, 2025									Term extension and interest rate  reduction			Payments delay in # of months			Term extension			Interest rate  reduction			In % of the class of loans			Months of  payment delay			Months of term extension			Interest rate  reduction
Residential mortgage loans									2,196			—			30,763			5,061			1.2		%	0			6			3.1		%

Age analysis and subsequent default of modified loans.

As at September 30, 2026 and September 30, 2025, all loans for which a concession was granted during the preceding 12 months are current, except for the following:

Residential mortgage loans:

–$0.4 million (September 30, 2025: $5.4 million) of residential mortgage loans for which a term extension and reduction in interest rate was granted are 30 to 59 days past due;

–$6.9 million (September 30, 2025: Nil) of residential mortgages loans for which a term extension was granted are 60 to 89 days past due; and

–$1.2 million (September 30, 2025: $0.1 million) of residential mortgage loans for which a term extension and reduction in interest rate was granted and are 90 days or more past due.

Note 7: Credit risk concentrations

Concentrations of credit risk in the lending and off-balance sheet credit-related arrangements portfolios arise when a number of customers are engaged in similar business activities, are in the same geographic region, or when they have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions. The Bank regularly monitors various segments of its credit risk portfolio to assess potential concentrations of risks and to obtain collateral when deemed necessary. In the Bank's commercial portfolio, risk concentrations are evaluated primarily by industry and by geographic region of loan origination. In the consumer portfolio, concentrations are evaluated primarily by products. Credit exposures include loans, guarantees and acceptances, letters of credit and commitments for undrawn lines of credit. Unconditionally cancellable credit cards and overdraft lines of credit are excluded from the tables below.

The following table summarizes the credit exposure of the Bank by geographic region. The exposure amounts disclosed below do not include accrued interest and are gross of allowances for credit losses and gross of collateral held.

15

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

			September 30, 2026												December 31, 2025
Geographic region			Cash and cash equivalents, resell agreements and  short-term  investments			Loans			Off-balance  sheet			Total credit  exposure			Cash and cash equivalents, resell agreements and  short-term  investments			Loans			Off-balance  sheet			Total credit  exposure
Belgium			4,850			—			—			4,850			3,568			—			—			3,568
Bermuda			53,798			1,368,443			244,641			1,666,882			41,849			1,471,971			317,243			1,831,063
Canada			1,599,023			—			—			1,599,023			1,276,109			—			—			1,276,109
Cayman Islands			43,411			1,045,066			225,230			1,313,707			37,633			1,029,012			198,769			1,265,414
France			515,363			—			—			515,363			117,550			—			—			117,550
Germany			1,247			—			—			1,247			6,121			—			—			6,121
Guernsey			3,429			539,367			105,684			648,480			1			541,110			99,753			640,864
Ireland			14,698			—			—			14,698			26,027			—			—			26,027
Japan			85,305			—			—			85,305			102,407			—			—			102,407
Jersey			—			398,673			94,927			493,600			—			306,190			65,666			371,856
Mauritius			930			—			—			930			686			—			—			686
Norway			2,813			—			—			2,813			90,585			—			—			90,585
Switzerland			20,089			—			—			20,089			9,642			—			—			9,642
The Bahamas			110			1,177			—			1,287			186			2,895			—			3,081
United Kingdom			1,059,691			1,049,816			66,313			2,175,820			1,357,142			1,056,609			143,314			2,557,065
United States			366,807			—			—			366,807			490,782			—			—			490,782
Other			3,430			—			—			3,430			1,429			—			—			1,429
Total gross exposure			3,774,994			4,402,542			736,795			8,914,331			3,561,717			4,407,787			824,745			8,794,249

Note 8: Deposits

						September 30, 2026			December 31, 2025
Non-interest bearing demand deposits						2,374,804			2,701,145
Interest bearing demand deposits						6,519,924			6,055,342
Interest bearing term deposits						4,003,230			3,941,581
Total deposits						12,897,958			12,698,068

						September 30, 2026
As of September 30, 2026, the remaining maturities of interest-bearing term deposits in each of the 12-month periods ending September 30 were as follows:
2027						3,953,621
2028						23,141
2029						13,833
2030						7,078
2031						5,557
Total term deposits						4,003,230

¹The weighted-average interest rate on interest-bearing demand deposits as at September 30, 2026 is 0.77% (December 31, 2025: 0.74%).

Uninsured term deposits totaled $3.9 billion as at September 30, 2026 (December 31, 2025: $3.9 billion)

By Type and Segment			September 30, 2026									December 31, 2025
			Payable on demand			Payable on a fixed date			Total			Payable on demand			Payable on a fixed date			Total
Bermuda			3,546,695			1,099,321			4,646,016			3,529,577			951,658			4,481,235
Cayman			2,917,594			948,163			3,865,757			2,980,600			1,085,168			4,065,768
Channel Islands and the UK			2,430,439			1,955,746			4,386,185			2,246,310			1,904,755			4,151,065
Total deposits			8,894,728			4,003,230			12,897,958			8,756,487			3,941,581			12,698,068

16

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Note 9: Employee benefit plans

The Bank maintains trusteed pension plans including non-contributory defined benefit plans and a number of defined contribution plans, and provides post-retirement medical benefits to its qualifying retirees. The defined benefit provisions under the pension plans are generally based upon years of service and average salary during the relevant years of employment. The defined benefit and post-retirement medical plans are not open to new participants and are non-contributory and the funding required is provided by the Bank, based upon the advice of independent actuaries. The defined benefit pension plans are in the Bermuda, Guernsey and UK jurisdictions, and the defined benefit post-retirement medical plan is in Bermuda. The Bank has a residual obligation on top of its defined contribution plan in Mauritius.

The Bank included an estimate of the 2026 Bank contribution and estimated benefit payments for the next ten years under the pension and post-retirement plans in its audited financial statements for the year ended December 31, 2025. During the nine months ended September 30, 2026, there have been no material revisions to these estimates.

						Three months ended						Nine months ended
			Line item in the consolidated statements of operations			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Defined benefit pension expense (income)
Interest cost			Non-service employee benefits expense			1,212			1,313			3,637			3,912
Expected return on plan assets			Non-service employee benefits expense			(1,673)			(1,700)			(5,020)			(5,028)
Amortization of net actuarial (gains) losses			Non-service employee benefits expense			509			586			1,528			1,756
Amortization of prior service (credit) cost			Non-service employee benefits expense			20			20			62			61
Total defined benefit pension expense (income)						68			219			207			701
Post-retirement medical benefit expense (income)
Service cost			Salaries and other employee benefits			2			10			8			32
Interest cost			Non-service employee benefits expense			1,009			1,092			3,026			3,277
Amortization of net actuarial (gains) losses			Non-service employee benefits expense			(159)			131			(478)			393
Amortization of prior service (credit) cost			Non-service employee benefits expense			131			(151)			393			(452)
Total post-retirement medical benefit expense (income)						983			1,082			2,949			3,250

Note 10: Credit related arrangements, repurchase agreements and commitments

Commitments

The Bank enters into contractual commitments to extend credit, normally with fixed expiration dates or termination clauses, at specified rates and for specific purposes. Substantially all of the Bank's commitments to extend credit are contingent upon customers maintaining specific credit standards at the time of loan funding. Management assesses the credit risk associated with certain commitments to extend credit in determining the level of the allowance for expected credit losses.

The Bank has a facility with one of its custodians, whereby the Bank may offer up to $200 million of standby letters of credit to its customers on a fully secured basis. Under the standard terms of the facility, the custodian has the right to set-off against securities held of 110% of the utilized facility. At September 30, 2026, $120.6 million (December 31, 2025: $125.0 million) of standby letters of credit were issued under this facility.

Outstanding unfunded commitments to extend credit			September 30, 2026			December 31, 2025
Commitments to extend credit			510,665			577,370
Documentary and commercial letters of credit			1,142			859
Total unfunded commitments to extend credit			511,807			578,229
Allowance for credit losses			(130)			(131)

Credit-Related Arrangements

Standby letters of credit and letters of guarantee are issued at the request of a Bank customer in order to secure the customer’s payment or performance obligations to a third party. These guarantees represent an irrevocable obligation of the Bank to pay the third party beneficiary upon presentation of the guarantee and satisfaction of the documentary requirements stipulated therein, without investigation as to the validity of the beneficiary’s claim against the customer. Generally, the term of the standby letters of credit does not exceed one year, while the term of the letters of guarantee does not exceed four years. The types and amounts of collateral security held by the Bank for these standby letters of credit and letters of guarantee are generally represented by deposits with the Bank or a charge over assets held in mutual funds.

The Bank considers the fees collected in connection with the issuance of standby letters of credit and letters of guarantee to be representative of the fair value of its obligation undertaken in issuing the guarantee. In accordance with applicable accounting standards related to guarantees, the Bank defers fees collected in connection with the issuance of standby letters of credit and letters of guarantee. The fees are then recognized in income proportionately over the life of the credit agreements. The following table presents the outstanding financial guarantees. Collateral is shown at estimated market value less selling cost. Where the collateral is cash, it is shown gross including accrued income.

17

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

			September 30, 2026									December 31, 2025
Outstanding financial guarantees			Gross			Collateral			Net			Gross			Collateral			Net
Standby letters of credit			223,927			207,477			16,450			245,398			223,245			22,153
Letters of guarantee			1,061			1,026			35			1,118			1,081			37
Total			224,988			208,503			16,485			246,516			224,326			22,190

Repurchase agreements

The Bank utilizes repurchase agreements and resell agreements (reverse repurchase agreements) to manage liquidity. These agreements are carried at the amounts at which the securities will be subsequently sold or repurchased. The risks of these transactions include changes in the fair value of the securities posted or received as collateral and other credit related events. The Bank manages these risks by ensuring that the collateral involved is appropriate and by monitoring the value of the securities posted or received as collateral on a daily basis.

As at September 30, 2026, the Bank had 20 open positions (December 31, 2025: 13) in resell agreements with a remaining maturity of less than 365 days involving pools of mortgages issued by Non-US government debt securities. The carrying value of these resell agreements is $1.6 billion (December 31, 2025: $1.1 billion) and are included in securities purchased under agreements to resell on the consolidated balance sheets.

Legal Proceedings

There are actions and legal proceedings pending against the Bank and its subsidiaries which arose in the normal course of its business. Management, after reviewing all actions and proceedings pending against or involving the Bank and its subsidiaries, considers that the resolution of these matters would in the aggregate not be material to the consolidated financial position of the Bank.

Note 11: Leases

The Bank enters into operating lease agreements either as the lessee or the lessor, mostly for office and parking spaces as well as for small office equipment. The terms of the existing leases, including renewal options that are reasonably certain to be exercised, extend up to the year 2039. Certain lease payments will be adjusted during the related lease's term based on movements in the relevant consumer price index.

			Three months ended						Nine months ended
			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Lease costs
Operating lease costs			1,667			1,576			4,804			5,361
Short-term lease costs			490			421			1,224			1,028
Total net lease cost			2,157			1,997			6,028			6,389
Operating lease income			382			97			1,180			295
Other information for the period
Right-of-use assets related to new operating lease liabilities			250			3,814			1,587			4,580
Operating cash flows from operating leases			1,393			1,280			4,074			4,254
Other information at end of period									September 30, 2026			December 31, 2025
Operating leases right-of-use assets (included in other assets on the balance sheets)									38,001			38,079
Operating lease liabilities (included in other liabilities on the balance sheets)									38,609			38,725
Weighted average remaining lease term for operating leases (in years)									10.89			11.53
Weighted average discount rate for operating leases									5.88		%	5.90		%

18

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

The following table summarizes the maturity analysis of the Bank's commitments for long-term leases as at December 31, 2025:
Year ending December 31												Operating Leases
2026												5,248
2027												5,408
2028												5,332
2029												4,691
2030												4,195
2031 & thereafter												17,106
Total commitments												41,980
Less: effect of discounting cash flows to their present value												(3,255)
Operating lease liabilities												38,725

Note 12: Segmented information

The Bank is managed by the Chairman & CEO, its Chief Operating Decision Maker ("CODM"), on a geographic basis. The Bank presents four reportable segments, three geographical and one other: Bermuda, Cayman, Channel Islands and the UK, and Other. The Other segment is composed of several non-reportable operating segments that have been aggregated in accordance with GAAP. The Bermuda, Cayman, and Channel Islands and UK segments have a managing director who reports to the Chairman & CEO. Within the Other segment, each operating segment has a managing director that reports to the Group Head of Trust or Chief Operating Officer who ultimately reports to The Chairman & CEO. The Chairman & CEO and the segment managing director have final authority over resource allocation decisions and performance assessment.

The geographic segments reflect this management structure and the manner in which financial information is currently evaluated by the Chairman & CEO in assessing operating

performance. Segment results are determined based on the Bank's management reporting system, which assigns balance sheet and statement of operations items to each of

the geographic segments. The process is designed around the Bank's organizational and management structure and, accordingly, the results derived are not necessarily

comparable with similar information published by other financial institutions. A description of each reportable segment and table of financial results is presented below.

Accounting policies of the reportable segments are the same as those described in Note 2 of the Bank's audited financial statements for the year ended December 31, 2025. Transactions between segments are accounted for on an accrual basis and are all eliminated upon consolidation. The Bank generally does not allocate assets, revenues and expenses among its business segments, with the exception of certain corporate overhead expenses and loan participation revenue and expenses. Loan participation revenue and expenses are allocated pro-rata based upon the percentage of the total loan funded by each jurisdiction participating in the loan. Other expenses are comprised of marketing, non-service employee benefits and other non-interest expenses.

The Bermuda segment provides a comprehensive range of retail, commercial and private banking services. Retail services are offered to individuals and small to medium-sized businesses through three branch locations and through internet banking, mobile banking, automated teller machines and debit cards. Retail services include deposit services,

consumer and mortgage lending, credit cards and personal insurance products. Commercial banking includes commercial lending and mortgages, cash management, payroll

services, remote banking and letters of credit. Treasury services include money market and foreign exchange activities. Bermuda’s wealth management offering consists of

Butterfield Asset Management Limited, which provides investment management, advisory and brokerage services and Butterfield Trust (Bermuda) Limited, which provides trust,

estate, company management and custody services. Bermuda is also the location of the Bank's head offices and accordingly, retains the unallocated corporate overhead

expenses.

The Cayman segment provides a comprehensive range of retail, commercial and private banking services. Retail services are offered to individuals and small to medium-sized businesses through three branch locations and through internet banking, mobile banking, ATMs and debit cards. Retail services include deposit services, consumer and

mortgage lending, credit cards and property/auto insurance. Commercial banking includes commercial lending and mortgages, cash management, payroll services, remote

banking and letters of credit. Treasury services include money market and foreign exchange activities. Cayman’s wealth management offering comprises investment

management, advisory and brokerage services and Butterfield Trust (Cayman) Limited, which provides trust, estate and company management.

The Channel Islands and the UK segment includes the jurisdictions of Guernsey and Jersey (Channel Islands), and the UK. In the Channel Islands, a broad range of services

are provided to individuals, private clients, trusts, financial institutions and funds including deposit services, mortgage lending, credit cards, private and corporate banking, treasury services, internet banking, wealth management and fiduciary services. The UK jurisdiction provides mortgage services for high-value residential properties.

The Other segment includes the jurisdictions of The Bahamas, Canada, Mauritius, Singapore and Switzerland. These operating segments individually and collectively do not

meet the quantitative threshold for segmented reporting and are therefore aggregated as non-reportable operating segments.

Total Assets by Segment			September 30, 2026			December 31, 2025
Bermuda			5,357,623			5,111,127
Cayman			4,114,941			4,425,113
Channel Islands and the UK			4,888,164			4,599,096
Other			74,398			70,731
Total assets before inter-segment eliminations			14,435,126			14,206,067
Less: inter-segment eliminations			(165,352)			(111,173)
Total			14,269,774			14,094,894

19

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Three months ended September 30, 2026			Bermuda			Cayman			Channel Islands and the UK			Other			Total before eliminations			Inter-segment eliminations			Total
Interest income
Interest income			56,168			37,222			45,597			39			139,026			—			139,026
Interest income - Inter-segment			179			692			—			—			871			(871)			—
Interest income Total			56,347			37,914			45,597			39			139,897			(871)			139,026
Interest expense
Interest expense			9,725			7,081			25,053			—			41,859			—			41,859
Interest expense - Inter-segment			593			—			278			—			871			(871)			—
Interest expense Total			10,318			7,081			25,331			—			42,730			(871)			41,859
Net interest income
Net interest income			46,443			30,141			20,544			39			97,167			—			97,167
Net interest income - Inter-segment			(414)			692			(278)			—			—			—			—
Net interest income Total			46,029			30,833			20,266			39			97,167			—			97,167
Non-interest income			26,627			19,040			13,294			12,907			71,868			(7,118)			64,750
Allowance for credit losses			(198)			(48)			5			—			(241)			—			(241)
Net revenue before gains and losses			72,458			49,825			33,565			12,946			168,794			(7,118)			161,676
Gains and losses			—			—			318			—			318			—			318
Total net revenue			72,458			49,825			33,883			12,946			169,112			(7,118)			161,994
Expenses
Salaries and other employee benefits			19,188			7,443			14,088			8,010			48,729			—			48,729
Technology and communications			8,720			3,152			2,721			385			14,978			—			14,978
Non-income taxes			4,197			503			591			326			5,617			—			5,617
Professional and outside services			6,219			626			1,153			327			8,325			—			8,325
Property			2,117			762			1,278			734			4,891			—			4,891
Amortization of intangible assets			358			275			1,495			434			2,562			—			2,562
Depreciation			3,300			1,156			659			116			5,231			—			5,231
Income tax benefit (expense)			—			—			1,299			362			1,661			—			1,661
Other expenses			11,747			3,804			(639)			1,220			16,132			(7,118)			9,014
Expenses Total			55,846			17,721			22,645			11,914			108,126			(7,118)			101,008
Net income			16,612			32,104			11,238			1,032			60,986			—			60,986

20

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Three months ended September 30, 2025			Bermuda			Cayman			Channel Islands and the UK			Other			Total before eliminations			Inter-segment eliminations			Total
Interest income
Interest income			54,160			38,635			46,573			36			139,404			—			139,404
Interest income - Inter-segment			—			760			—			—			760			(760)			—
Interest income Total			54,160			39,395			46,573			36			140,164			(760)			139,404
Interest expense
Interest expense			9,295			9,328			28,060			—			46,683			—			46,683
Interest expense - Inter-segment			757			—			3			—			760			(760)			—
Interest expense Total			10,052			9,328			28,063			—			47,443			(760)			46,683
Net interest income
Net interest income			44,865			29,307			18,513			36			92,721			—			92,721
Net interest income - Inter-segment			(757)			760			(3)			—			—			—			—
Net interest income Total			44,108			30,067			18,510			36			92,721			—			92,721
Non-interest income			26,034			19,072			10,825			11,746			67,677			(6,496)			61,181
Allowance for credit losses			(472)			51			(143)			—			(564)			—			(564)
Net revenue before gains and losses			69,670			49,190			29,192			11,782			159,834			(6,496)			153,338
Gains and losses			1			—			(62)			—			(61)			—			(61)
Total net revenue			69,671			49,190			29,130			11,782			159,773			(6,496)			153,277
Expenses
Salaries and other employee benefits			20,844			6,898			11,562			7,300			46,604			—			46,604
Technology and communications			7,866			3,216			2,384			342			13,808			—			13,808
Non-income taxes			4,250			244			696			322			5,512			—			5,512
Professional and outside services			3,123			484			1,060			284			4,951			—			4,951
Property			2,270			726			1,494			659			5,149			—			5,149
Amortization of intangible assets			358			275			906			431			1,970			—			1,970
Depreciation			3,378			1,143			648			116			5,285			—			5,285
Income tax benefit (expense)			—			—			1,082			365			1,447			—			1,447
Other expenses			10,360			3,227			(517)			915			13,985			(6,496)			7,489
Expenses Total			52,449			16,213			19,315			10,734			98,711			(6,496)			92,215
Net income			17,222			32,977			9,815			1,048			61,062			—			61,062

21

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Nine months ended September 30, 2026			Bermuda			Cayman			Channel Islands and the UK			Other			Total before eliminations			Inter-segment eliminations			Total
Interest income
Interest income			160,804			112,022			135,359			95			408,280			—			408,280
Interest income - Inter-segment			328			2,557			—			—			2,885			(2,885)			—
Interest income Total			161,132			114,579			135,359			95			411,165			(2,885)			408,280
Interest expense
Interest expense			26,760			21,576			73,885			—			122,221			—			122,221
Interest expense - Inter-segment			1,980			—			905			—			2,885			(2,885)			—
Interest expense Total			28,740			21,576			74,790			—			125,106			(2,885)			122,221
Net interest income
Net interest income			134,044			90,446			61,474			95			286,059			—			286,059
Net interest income - Inter-segment			(1,652)			2,557			(905)			—			—			—			—
Net interest income Total			132,392			93,003			60,569			95			286,059			—			286,059
Non-interest income			79,037			57,047			37,347			38,515			211,946			(21,198)			190,748
Allowance for credit losses			(5,365)			43			2,014			—			(3,308)			—			(3,308)
Net revenue before gains and losses			206,064			150,093			99,930			38,610			494,697			(21,198)			473,499
Gains and losses			3			—			1,309			—			1,312			—			1,312
Total net revenue			206,067			150,093			101,239			38,610			496,009			(21,198)			474,811
Expenses
Salaries and other employee benefits			56,470			21,266			39,658			23,581			140,975			—			140,975
Technology and communications			24,322			9,382			7,647			1,154			42,505			—			42,505
Non-income taxes			13,438			1,463			1,869			1,207			17,977			—			17,977
Professional and outside services			29,617			1,689			3,325			987			35,618			—			35,618
Property			5,564			2,180			4,337			2,136			14,217			—			14,217
Amortization of intangible assets			1,072			826			3,707			1,306			6,911			—			6,911
Depreciation			9,969			3,406			1,977			346			15,698			—			15,698
Income tax benefit (expense)			—			—			3,575			1,017			4,592			—			4,592
Other expenses			33,512			11,251			(1,272)			3,504			46,995			(21,198)			25,797
Expenses Total			173,964			51,463			64,823			35,238			325,488			(21,198)			304,290
Net income			32,103			98,630			36,416			3,372			170,521			—			170,521

22

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Nine months ended September 30, 2025			Bermuda			Cayman			Channel Islands and the UK			Other			Total before eliminations			Inter-segment eliminations			Total
Interest income
Interest income			161,877			118,583			139,759			109			420,328			—			420,328
Interest income - Inter-segment			278			2,521			35			—			2,834			(2,834)			—
Interest income Total			162,155			121,104			139,794			109			423,162			(2,834)			420,328
Interest expense
Interest expense			32,845			30,109			85,921			—			148,875			—			148,875
Interest expense - Inter-segment			2,543			—			291			—			2,834			(2,834)			—
Interest expense Total			35,388			30,109			86,212			—			151,709			(2,834)			148,875
Net interest income
Net interest income			129,032			88,474			53,838			109			271,453			—			271,453
Net interest income - Inter-segment			(2,265)			2,521			(256)			—			—			—			—
Net interest income Total			126,767			90,995			53,582			109			271,453			—			271,453
Non-interest income			73,264			56,065			32,312			33,839			195,480			(18,850)			176,630
Allowance for credit losses			2,481			(106)			(2,769)			—			(394)			—			(394)
Net revenue before gains and losses			202,512			146,954			83,125			33,948			466,539			(18,850)			447,689
Gains and losses			24			—			9			—			33			—			33
Total net revenue			202,536			146,954			83,134			33,948			466,572			(18,850)			447,722
Expenses
Salaries and other employee benefits			59,474			21,905			34,402			21,792			137,573			—			137,573
Technology and communications			23,672			10,223			6,758			1,037			41,690			—			41,690
Non-income taxes			13,557			1,236			1,938			1,124			17,855			—			17,855
Professional and outside services			9,862			1,456			3,474			755			15,547			—			15,547
Property			6,909			2,256			5,221			1,922			16,308			—			16,308
Amortization of intangible assets			1,072			826			2,673			1,273			5,844			—			5,844
Depreciation			10,233			3,367			2,084			370			16,054			—			16,054
Income tax benefit (expense)			—			—			2,944			890			3,834			—			3,834
Other expenses			31,208			10,409			(504)			2,603			43,716			(18,850)			24,866
Expenses Total			155,987			51,678			58,990			31,766			298,421			(18,850)			279,571
Net income			46,549			95,276			24,144			2,182			168,151			—			168,151

Note 13: Derivative instruments and risk management

The Bank uses derivatives for risk management purposes and to meet the needs of its customers. The Bank’s derivative contracts principally involve over-the-counter ("OTC") transactions that are negotiated privately between the Bank and the counterparty to the contract and include interest rate contracts and foreign exchange contracts.

The Bank may pursue opportunities to reduce its exposure to credit losses on derivatives by entering into International Swaps and Derivatives Associations ("ISDAs") agreements. Depending on the nature of the derivative transaction, bilateral collateral arrangements may be used, as well. When the Bank is engaged in more than one outstanding derivative transaction with the same counterparty, and also has a legally enforceable master netting agreement with that counterparty, the net marked-to-market exposure represents the netting of the positive and negative exposures with that counterparty. When there is a net negative exposure, the Bank regards its credit exposure to the counterparty as being zero. The net marked-to-market position with a particular counterparty represents a reasonable measure of credit risk when there is a legally enforceable master netting agreement between the Bank and that counterparty.

Certain of these agreements contain credit risk-related contingent features in which the counterparty has the option to accelerate cash settlement of the Bank's net derivative liabilities with the counterparty in the event the Bank's credit rating falls below specified levels or the liabilities reach certain levels.

23

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

All derivative financial instruments, whether designated as hedges or not, are recorded on the consolidated balance sheets at fair value within other assets or other liabilities. These amounts include the effect of netting. The accounting for changes in the fair value of a derivative in the consolidated statements of operations depends on whether the contract has been designated as a hedge and qualifies for hedge accounting.

Notional Amounts

The notional amounts are not recorded as assets or liabilities on the consolidated balance sheets as they represent the face amount of the contract to which a rate or price is applied to determine the amount of cash flows to be exchanged. Notional amounts represent the volume of outstanding transactions and do not represent the potential gain or loss associated with market risk or credit risk of such instruments. Credit risk is limited to the positive fair value of the derivative instrument, which is significantly less than the notional amount.

Fair Value

Derivative instruments, in the absence of any compensating up-front cash payments, generally have no market value at inception. They obtain value, positive or negative, as relevant interest rates, exchange rates, equity or commodity prices or indices change. The potential for derivatives to increase or decrease in value as a result of the foregoing factors is generally referred to as market risk. Market risk is managed within clearly defined parameters as prescribed by senior management of the Bank. The fair value is defined as the profit or loss associated with replacing the derivative contracts at prevailing market prices.

Risk Management Derivatives

The Bank enters into interest derivative contracts as part of its overall interest rate risk management strategy to minimize significant unplanned fluctuations in earnings that are caused by interest rate volatility. The Bank’s goal is to manage interest rate sensitivity by modifying the repricing or maturity characteristics of certain consolidated balance sheet assets and liabilities so that movements in interest rates do not adversely affect the net interest margin. Derivative instruments that are used as part of the Bank’s risk management strategy include interest rate swap contracts that have indices related to the pricing of specific consolidated balance sheet assets and liabilities. Interest rate swaps generally involve the exchange of fixed and variable-rate interest payments between two parties, based on a common notional principal amount and maturity date. The Bank uses foreign currency derivative instruments to hedge its exposure to foreign currency risk. Certain hedging relationships are formally designated and qualify for hedge accounting as fair value or net investment hedges. Risk management derivatives comprise fair value hedges, net investment hedges and derivatives not formally designated as hedges as described below.

Fair value hedges include designated currency swaps that are used to minimize the Bank's exposure to variability in the fair value of AFS investments due to movements in foreign exchange rates. The effective portion of changes in the fair value of the hedged items attributable to foreign exchange rates is recognized in current year earnings consistent with the related change in fair value of the hedging instrument. For fair value hedges, hedging effectiveness of the hedged item and the hedging instrument are assessed and managed at inception and on an ongoing basis using a partial-term method.

Net investment hedges include designated currency swaps and qualifying non-derivative instruments and are used to minimize the Bank’s exposure to variability in the foreign

currency translation of net investments in foreign operations. The effective portion of changes in the fair value of the hedging instrument is recognized in Accumulated other comprehensive income (loss) ("AOCIL") consistent with the related translation gains and losses of the hedged net investment. For net investment hedges, all critical terms of the hedged item and the hedging instrument are matched at inception and on an ongoing basis to minimize the risk of hedge ineffectiveness.

For derivatives designated as net investment hedges, the Bank follows the method based on changes in spot exchange rates. Accordingly:

- The change in the fair value of the derivative instrument that is reported in AOCIL (i.e., the effective portion) is determined by the changes in spot exchange rates.

- The change in the fair value of the derivative instrument attributable to changes in the difference between the forward rate and spot rate are excluded from the measure

of the hedge ineffectiveness and that difference is reported directly in the consolidated statements of operations under foreign exchange revenue.

Amounts recorded in AOCIL are reclassified to earnings only upon the sale or substantial liquidation of an investment in a foreign subsidiary.

For foreign-currency-denominated financial instruments that are designated as hedges of net investments in foreign operations, the translation gain or loss that is recorded in AOCIL is based on the spot exchange rate between the reporting currency of the Bank and the functional currency of the respective subsidiary. See Note 19: Accumulated other comprehensive income (loss) for details on the amount recognized into AOCIL during the current period from translation gain or loss.

Derivatives not formally designated as hedges are entered into to manage the foreign exchange risk of the Bank's exposure. Changes in the fair value of derivative instruments not formally designated as hedges are recognized in foreign exchange revenue.

Client service derivatives

The Bank enters into foreign exchange contracts primarily to meet the foreign exchange needs of its customers. Foreign exchange contracts are agreements to exchange specific amounts of currencies at a future date at a specified rate of exchange. Changes in the fair value of client services derivative instruments are recognized in foreign exchange revenue.

The following table shows the aggregate notional amounts of derivative contracts outstanding listed by type and respective gross positive or negative fair values and classified by those used for risk management (sub-classified as hedging and those that do not qualify for hedge accounting), client services and credit derivatives. Fair value of derivatives is recorded in the consolidated balance sheets in other assets and other liabilities. Gross positive fair values are recorded in other assets and gross negative fair values are recorded in other liabilities, subject to netting when master netting agreements are in place.

24

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

September 30, 2026			Derivative instrument			Number of contracts			Notional  amounts			Gross  positive fair value			Gross  negative fair value			Net  fair value
Risk management derivatives
Net investment hedges			Currency swaps			2			77,790			447			(23)			424
Fair value hedges			Currency swaps			2			119,984			—			(1,256)			(1,256)
Derivatives not formally designated as hedging instruments			Currency swaps			72			1,714,131			32,260			(4,257)			28,003
Subtotal risk management derivatives									1,911,905			32,707			(5,536)			27,171
Client services derivatives			Spot and forward foreign exchange			73			141,582			848			(710)			138
Total derivative instruments									2,053,487			33,555			(6,246)			27,309
December 31, 2025			Derivative instrument			Number of contracts			Notional  amounts			Gross  positive fair value			Gross  negative fair value			Net  fair value
Risk management derivatives
Net investment hedges			Currency swaps			3			124,435			—			(923)			(923)
Fair value hedges			Currency swaps			2			127,685			339			(157)			182
Derivatives not formally designated as hedging instruments			Currency swaps			59			1,434,912			4,891			(8,551)			(3,660)
Subtotal risk management derivatives									1,687,032			5,230			(9,631)			(4,401)
Client services derivatives			Spot and forward foreign exchange			70			189,594			984			(786)			198
Total derivative instruments									1,876,626			6,214			(10,417)			(4,203)

The nominal amount of derivatives designated as fair value hedging instruments equals the amortized cost of the AFS securities that are designated as being hedged for changes in foreign exchange rates.

In addition to the above, as at September 30, 2026 foreign denominated deposits of £247.1 million (December 31, 2025: £211.2 million); SGD0.1 million (December 31, 2025: SGD0.1 million) and Nil (December 31, 2025: CHF0.4 million) were designated as a hedge of foreign exchange risk associated with the net investment in foreign operations.

The Bank manages derivative exposure by monitoring the credit risk associated with each counterparty using counterparty specific credit risk limits, using master netting arrangements where appropriate and obtaining collateral. The Bank elected to offset in the consolidated balance sheets certain gross derivative assets and liabilities subject to netting agreements.

The Bank also elected not to offset certain derivative assets or liabilities and all collateral received or paid that the Bank or the counterparties could legally offset in the event of default. In the tables below, these positions are deducted from the net fair value presented in the consolidated balance sheets in order to present the net exposures. The collateral values presented in the following table are limited to the related net derivative asset or liability balance and, accordingly, do not include excess collateral received or paid.

			Gross fair  value  recognized			Less: offset  applied  under master  netting  agreements			Net fair value presented in the  consolidated  balance sheets			Less: positions not offset in the consolidated balance sheets
September 30, 2026												Gross fair value of derivatives			Cash collateral  received / paid			Net exposures
Derivative assets
Spot and forward foreign exchange and currency swaps			33,555			(5,630)			27,925			—			(244)			27,681
Derivative liabilities
Spot and forward foreign exchange and currency swaps			6,246			(5,630)			616			—			(60)			556
Net positive fair value									27,309
			Gross fair  value  recognized			Less: offset  applied  under master  netting  agreements			Net fair value presented in the  consolidated  balance sheets			Less: positions not offset in the consolidated balance sheets
December 31, 2025												Gross fair value of derivatives			Cash collateral  received / paid			Net exposures
Derivative assets
Spot and forward foreign exchange and currency swaps			6,214			(5,150)			1,064			—			(326)			738
Derivative liabilities
Spot and forward foreign exchange and currency swaps			10,417			(5,150)			5,267			—			(3,356)			1,911
Net negative fair value									(4,203)

25

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

The following tables show the location and amount of gains (losses) recorded in either the consolidated statements of operations or consolidated statements of comprehensive income on derivative instruments outstanding.

						Three months ended						Nine months ended
Derivative instrument			Consolidated statements of operations line item			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Spot and forward foreign exchange			Foreign exchange revenue			59			79			(60)			80
Currency swaps, not designated as hedge			Foreign exchange revenue			(3,832)			30,350			31,664			(29,013)
Currency swaps - fair value hedges			Foreign exchange revenue			(58)			(4,223)			(1,439)			5,311
Total net gains (losses) recognized in net income						(3,831)			26,206			30,165			(23,622)
						Three months ended						Nine months ended
Derivative instrument			Consolidated statements of comprehensive income line item			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Currency swaps - net investment hedge			Unrealized net gains (losses) on translation of net investment in foreign operations			68			251			1,347			(1,389)
Total net gains (losses) recognized in comprehensive income						68			251			1,347			(1,389)

Note 14: Fair value measurements

The following table presents the financial assets and liabilities that are measured at fair value on a recurring basis. Management classifies these items based on the type of inputs used in their respective fair value determination as described in Note 2 of the Bank's audited financial statements for the year ended December 31, 2025.

Management reviews the price of each security monthly, comparing market values to expectations and to the prior month’s price. Management's expectations are based upon knowledge of prevailing market conditions and developments relating to specific issuers and/or asset classes held in the investment portfolio. Where there are unusual or significant price movements, or where a certain asset class has performed out-of-line with expectations, the matter is reviewed by management.

Financial instruments in Level 1 include US Government Treasury notes.

Financial instruments in Level 2 include government debt securities, mortgage-backed securities, forward foreign exchange contracts and securities sold under agreements to repurchase.

There were no Level 3 investments as at September 30, 2026 and December 31, 2025.

There were no transfers between Level 1 and Level 2 or Level 2 and Level 3 during the nine months ended September 30, 2026 and the year ended December 31, 2025.

			September 30, 2026									December 31, 2025
			Fair value						Total carrying amount / fair value			Fair value						Total carrying amount / fair value
			Level 1			Level 2									Level 1						Level 2
Items that are recognized at fair value on a recurring basis:
Available-for-sale investments
US government and federal agencies			1,418,717			1,342,693						2,761,410			1,342,083			1,340,388						2,682,471
Residential mortgage-backed securities			—			11,692						11,692			—			13,782						13,782
Total available-for-sale			1,418,717			1,354,385						2,773,102			1,342,083			1,354,170						2,696,253
Other assets - Derivatives			—			27,925						27,925			—			1,064						1,064
Financial liabilities
Other liabilities - Derivatives			—			616						616			—			5,267						5,267

26

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Items Other Than Those Recognized at Fair Value on a Recurring Basis:
						September 30, 2026									December 31, 2025
			Level			Carrying amount			Fair  value			Appreciation / (depreciation)			Carrying amount			Fair  value			Appreciation / (depreciation)
Financial assets
Cash and cash equivalents			Level 1			1,266,166			1,266,166			—			1,708,936			1,708,936			—
Securities purchased under agreements to resell			Level 2			1,595,890			1,595,890			—			1,096,238			1,096,238			—
Short-term investments			Level 1			912,938			912,938			—			756,543			756,543			—
Investments held-to-maturity			Level 2			2,810,368			2,218,734			(591,634)			2,992,052			2,566,470			(425,582)
Loans, net of allowance for credit losses			Level 2			4,375,553			4,340,348			(35,205)			4,382,411			4,367,439			(14,972)
Financial liabilities
Term deposits			Level 2			4,003,230			4,005,982			(2,752)			3,941,581			3,944,728			(3,147)

Note 15: Long-term debt

On June 11, 2020, the Bank issued US $100 million of Subordinated Lower Tier II capital notes. The notes were issued at par and due on June 15, 2030. The issuance was by way of a registered offering with US institutional investors. The notes were listed on the BSX in the specialist debt securities category. The proceeds of the issue were used, among others, to repay the entire amount of the US $45 million outstanding subordinated notes Series 2005-B which matured on July 2, 2020. The notes issued paid a fixed coupon of 5.25% until June 15, 2025 when they became redeemable in whole at the option of the Bank. The notes were priced at a spread of 4.43% over the 10-year US Treasury yield. The Bank incurred $2.3 million of costs directly related to the issuance of these capital notes which were capitalized directly against the carrying value of these notes on the balance sheet and amortized over the life of the notes. These notes were redeemed at face value in June 2025 at which time, unamortized issuance costs were fully recognized in the Consolidated Statements of Operations as part of the expense.

No interest was capitalized during the nine months ended September 30, 2026, and the year ended December 31, 2025.

Note 16: Earnings per share

Earnings per share have been calculated using the weighted average number of common shares outstanding during the period after deduction of the shares held as treasury stock. The dilutive effect of share-based compensation plans was calculated using the treasury stock method, whereby the proceeds received from the exercise of share-based awards are assumed to be used to repurchase outstanding shares, using the average market price of the Bank’s shares for the period. Numbers of shares are expressed in thousands.

During the nine months ended September 30, 2026, the average number of outstanding awards of unvested common shares was 1.8 million (September 30, 2025: 1.8 million). Only awards for which the sum of 1) the expense that will be recognized in the future (i.e., the unrecognized expense) and 2) its exercise price, if any, was lower than the average market price of the Bank‘s common shares were considered dilutive and, therefore, included in the computation of diluted earnings per share.

An award's unrecognized expense is also considered to be the proceeds the employees would need to pay to purchase accelerated vesting of the awards. For the purposes of calculating dilution, such proceeds are assumed to be used by the Bank to buy back common shares at the average market price. The weighted-average number of outstanding awards, net of the assumed weighted-average number of common shares bought back, is included in the number of diluted participating shares.

			Three months ended						Nine months ended
			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Net income			60,986			61,062			170,521			168,151
Basic Earnings Per Share
Weighted average number of common shares issued			39,439			41,435			39,567			42,290
Weighted average number of common shares held as treasury stock			—			(619)			—			(619)
Weighted average number of common shares (in thousands)			39,439			40,816			39,567			41,671
Basic Earnings Per Share			1.55			1.50			4.31			4.04
Diluted Earnings Per Share
Weighted average number of common shares			39,439			40,816			39,567			41,671
Net dilution impact related to awards of unvested common shares			1,084			1,128			1,078			1,066
Weighted average number of diluted common shares (in thousands)			40,523			41,944			40,645			42,737
Diluted Earnings Per Share			1.50			1.46			4.20			3.93

27

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Note 17: Share-based payments

The common shares transferred to employees under all share-based payments are either taken from the Bank's common treasury shares or from newly issued shares. All share-based payments are settled by the ultimate parent company which, pursuant to Bermuda law, is not taxed on income. There are no income tax benefits in relation to the issue of such shares as a form of compensation.

In May 2020, the Board of Directors approved the 2020 Omnibus Plan (the "2020 Plan"). Under the 2020 Plan, 3.0 million shares are initially available for grant to employees in the form of stock options or unvested share awards. In February 2025, the Board of Directors approved the Amended and Restated 2020 Omnibus Share Incentive Plan with 5.0 million additional shares available for grant to employees in the form of stock options or unvested share awards. Both types of awards are detailed below.

Stock Option Awards

Under the 2020 Plan, options can be awarded to Bank employees and executive management, based on predetermined vesting conditions that entitle the holder to purchase one common share at a subscription price no less than the price of the most recently traded common share when granted and have a maximum term of 10 years.

There were no stock options outstanding as at September 30, 2026 and December 31, 2025.

Unvested Share Awards

Recipients of unvested share awards are entitled to the related common shares at no cost, at the time the award vests. Recipients of unvested shares may be entitled to receive additional unvested shares having a value equal to the cash dividends that would have been paid had the unvested shares been issued and vested. Such additional unvested shares granted as dividend equivalents are subject to the same vesting schedule and conditions as the underlying unvested shares.

Unvested shares subject only to the time vesting condition generally vest upon retirement, death, disability or upon termination, by the Bank, of the holder’s employment unless if in connection with the holder’s misconduct. Unvested shares subject to both time vesting and performance vesting conditions remain outstanding and unvested upon retirement and will vest only if the performance conditions are met. Unvested shares can also vest in limited circumstances and if specifically approved by the Board, as stipulated in the holder’s employment contract. In all other circumstances, unvested shares are generally forfeited when employment ends.

The grant date weighted average fair value (which equals the actual trading price prevailing on grant date) of unvested share awards granted in the nine months ended September 30, 2026 was $52.54 per share (December 31, 2025: $37.50 per share). The Bank expects to settle these awards by issuing new shares.

Employee Deferred Incentive Program

Under the Bank’s EDIP, shares are awarded to Bank employees and executive management based on the time vesting condition, which states that the shares will vest equally over a three-year period from the effective grant date.

Employee Long-Term Incentive Share Program

Under the Bank’s ELTIP, performance shares as well as time-vesting shares were awarded to employees and executive management. The performance shares will generally vest upon the achievement of certain performance targets in the three-year period from the effective grant date. The time-vesting shares will generally vest over the three-year period from the effective grant date.

Employee Share Purchase Plan

The Bank's ESPP was approved in July 2021 and registered in November 2021. The first offering period started in May 2022. Under the Bank's ESPP, eligible employees may elect to contribute up to 15% of their regular compensation toward the purchase of the Bank's shares at a 10% discount from market price on the closing date of each offering period. The ESPP specifies two consecutive six month offering periods per year. In the case of termination of employment or voluntary partial or full withdrawal from the plan, the related current offering period ESPP contributions are refunded to the employee and thus cannot be used to purchase shares under the ESPP. During the nine months ended September 30, 2026, 5,128 shares (December 31, 2025: 13,022 shares) were issued under the ESPP.

Changes in Outstanding ELTIP and EDIP awards (in thousands of shares transferable upon vesting)
			Nine months ended
			September 30, 2026						September 30, 2025
			EDIP			ELTIP			EDIP			ELTIP
Outstanding at beginning of period			500			1,236			628			1,151
Granted			446			240			130			348
Vested (fair value in 2026: $39.8 million, 2025: $22.1 million )			(339)			(376)			(263)			(268)
Forfeitures (resignations, retirements, redundancies)			—			(3)			—			(2)
Outstanding at end of period			607			1,097			495			1,229

Share-based Compensation Cost Recognized in the Financial Statements
			Nine months ended
			September 30, 2026			September 30, 2025
EDIP and ELTIP			17,004			16,275
ESPP (employee contributions and value of discount from market price)			285			292
Share-based Compensation Cost Recognized in Net Income			17,289			16,567
Deduct: Fair value of awards withheld for employees' payroll tax purposes			(303)			(211)
Share-based Compensation Cost Recognized in Additional Paid-in Capital			16,986			16,356

28

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Unrecognized Share-based Compensation Cost
			September 30, 2026						December 31, 2025
			Unrecognized cost			Weighted average years over which it is expected to be recognized			Unrecognized cost			Weighted average years over which it is expected to be recognized
EDIP			23,341			4.83			6,573			1.52
ELTIP
Time vesting shares			—			0.00			8			0.12
Performance vesting shares			16,530			1.78			15,053			1.65
Total unrecognized expense			39,871						21,634

Note 18: Share repurchase programs

From time to time, the Bank may seek to repurchase and retire equity securities of the Bank, through cash purchase, privately negotiated transactions, or otherwise. Such transactions, if any, depend on prevailing market conditions, liquidity and capital requirements, contractual restrictions, and other factors.

Common Share Repurchase Program

On December 9, 2024, the Board approved a new common share repurchase program, authorizing the purchase of up to 2.7 million common shares through to December 31,

2025.

On July 28, 2025, the Board approved a new common share repurchase program, authorizing the purchase of up to 1.5 million common shares through to December 31, 2025.

On December 8, 2025, the Board approved a new common share repurchase program, authorizing the purchase of up to 3.0 million common shares through to December 31, 2026. The program has been paused subsequent to the CIBC Caribbean acquisition announcement in May 2026.

The table below presents information about common stock repurchases:

			Three months ended						Nine Months Ended
Common share repurchases			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Acquired number of shares (to the nearest 1)			—			669,951			1,116,631			2,880,140
Average cost per common share			—			45.30			52.43			40.67
Total cost (in US dollars)			—			30,349,601			58,550,005			117,132,449

Note 19: Accumulated other comprehensive income (loss)

			Unrealized net gains (losses)  on translation of  net investment in  foreign  operations			Unrealized net  gains (losses)  on HTM  investments			Unrealized net  gains (losses)  on AFS  investments			Employee benefit plans adjustments
Nine months ended September 30, 2026												Pension			Post-retirement  healthcare			Subtotal -  employee benefits plans			Total AOCIL
Balance at beginning of period			(19,772)			(66,024)			(88,287)			(47,117)			17,045			(30,072)			(204,155)
Other comprehensive income (loss), net of taxes			(3,424)			5,734			(98,003)			1,720			(85)			1,635			(94,058)
Balance at end of period			(23,196)			(60,290)			(186,290)			(45,397)			16,960			(28,437)			(298,213)
			Unrealized net gains (losses)  on translation of  net investment in  foreign  operations			Unrealized net  gains (losses)  on HTM  investments			Unrealized net  gains (losses)  on AFS  investments			Employee benefit plans adjustments
Nine months ended September 30, 2025												Pension			Post- retirement  healthcare			Subtotal -  employee benefits plans			Total AOCIL
Balance at beginning of period			(26,191)			(73,919)			(162,275)			(49,282)			16,252			(33,030)			(295,415)
Other comprehensive income (loss), net of taxes			5,838			5,896			61,847			1,299			(59)			1,240			74,821
Balance at end of period			(20,353)			(68,023)			(100,428)			(47,983)			16,193			(31,790)			(220,594)

29

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

Net Change of AOCIL Components						Three months ended						Nine months ended
			Line item in the consolidated statements of operations, if any			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Net unrealized gains (losses) on translation of net investment in foreign operations adjustments
Foreign currency translation adjustments			N/A			430			(8,533)			(9,879)			32,268
Gains (losses) on net investment hedge			N/A			(486)			8,111			6,455			(26,430)
Net change						(56)			(422)			(3,424)			5,838
Held-to-maturity investment adjustments
Amortization of net gains (losses) to net income			Interest income on investments			2,030			2,137			5,734			5,896
Net change						2,030			2,137			5,734			5,896
Available-for-sale investment adjustments
Gross unrealized gains (losses)			N/A			(80,640)			17,956			(98,318)			64,093
Foreign currency translation adjustments of related balances			N/A			5			529			315			(2,246)
Net change						(80,635)			18,485			(98,003)			61,847
Employee benefit plans adjustments
Defined benefit pension plan
Amortization of net actuarial (gains) losses			Non-service employee benefits expense			509			586			1,528			1,756
Amortization of prior service (credit) cost			Non-service employee benefits expense			20			20			62			61
Foreign currency translation adjustments of related balances			N/A			(6)			150			130			(518)
Net change						523			756			1,720			1,299
Post-retirement healthcare plan
Amortization of net actuarial (gains) losses			Non-service employee benefits expense			(159)			131			(478)			393
Amortization of prior service (credit) cost			Non-service employee benefits expense			131			(151)			393			(452)
Net change						(28)			(20)			(85)			(59)
Other comprehensive income (loss), net of taxes						(78,166)			20,936			(94,058)			74,821

Note 20: Capital structure

Authorized Capital

The par value of each issued common share and each authorized but unissued common share is BM$0.01 and the authorized share capital of the Bank comprises 2,000,000,000 common shares of par value BM$0.01 each, 6,000,000,000 non‑voting ordinary shares of par value BM$0.01 each, 110,200,001 preference shares of par value US$0.01 each and 50,000,000 preference shares of par value £0.01 each.

Dividends Declared

During the nine months ended September 30, 2026, the Bank declared and paid cash dividends of $1.50 (September 30, 2025: $1.38) for each common share as of the related record dates.

The Bank is required to comply with Section 54 of the Companies Act 1981 issued by the Government of Bermuda (the “Companies Act”) each time a dividend is declared or paid by the Bank and also obtain a letter of no objection from the BMA pursuant to the Banks and Deposit Companies Act 1999 for any dividends declared. The Bank has complied with Section 54 and has obtained the BMA's letter of no objection for all dividends declared during the periods presented.

Regulatory Capital

Effective January 1, 2025, the Bank adopted the Basel Committee on Banking Supervision's revised standardized approach for credit risk framework as required by the BMA.

30

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

The Bank’s regulatory capital is determined in accordance with current Basel guidelines as issued by the BMA. The Bank is fully compliant with all regulatory capital requirements to which it is subject, and it maintains capital ratios in excess of regulatory minimums as at September 30, 2026 and December 31, 2025. The following table sets forth the Bank's capital adequacy in accordance with the relevant Basel framework:

			September 30, 2026						December 31, 2025
			Actual			Regulatory minimum			Actual			Regulatory minimum
Capital
CET 1 capital			1,145,485			N/A			1,102,302			N/A
Tier 1 capital			1,145,485			N/A			1,102,302			N/A
Tier 2 capital			5,913			N/A			6,189			N/A
Total capital			1,151,399			N/A			1,108,492			N/A
Risk Weighted Assets			3,889,701			N/A			3,991,389			N/A
Leverage Ratio Exposure Measure			14,658,776			N/A			14,520,704			N/A
Capital Ratios (%)
CET 1 capital			29.4		%	10.0		%	27.6		%	10.0		%
Tier 1 capital			29.4		%	11.5		%	27.6		%	11.5		%
Total capital			29.6		%	13.5		%	27.8		%	13.5		%
Leverage ratio			7.8		%	5.0		%	7.6		%	5.0		%

Note 21: Business combinations

Rawlinson & Hunter Guernsey Limited Acquisition

On February 19, 2026, the Bank announced that it had entered into an agreement to acquire Rawlinson & Hunter Limited (“R&H Guernsey”), the independently owned Guernsey member firm of the Rawlinson & Hunter International Network (“R&H”).

On April 15, 2026, the transaction completed as planned and the aggregate purchase price of $42.8 million (£31.7 million) was paid in cash. During 2026 and 2027, it is expected that R&H Guernsey's business and employees will be integrated with the existing Butterfield operations in Guernsey and operate under the Butterfield name, Butterfield Fidicuary Administrators (Guernsey) Limited.

The fair value of the net assets acquired and allocation of purchase price is summarized as follows:

						As at April 15, 2026
Total consideration transferred						42,761
Assets acquired
Cash and cash equivalents						1,622
Intangible assets - Customer relationships						35,349
Other assets						5,428
Total assets acquired						42,399
Liabilities assumed
Other liabilities						(1,946)
Total liabilities assumed						(1,946)
Excess purchase price - Goodwill						2,308

The acquired customer relationships intangible assets have an estimated finite useful life of 15 years.

The Bank incurred legal and professional transaction expenses related to this acquisition amounting to $1.2 million, all of which has been expensed and presented in the Consolidated Statements of Operations during the nine months ended September 30, 2026.

For the period beginning on April 15, 2026 (i.e. acquisition date) to September 30, 2026, the amount of revenues and net income relating to the acquired R&H Guernsey operations that were not inextricably merged into the Bank’s operations were $5.0 million and a net income of $0.4 million, respectively.

The following selected unaudited pro forma financial information has been provided to present a summary of the combined results of the Bank and the acquired R&H Guernsey operations, assuming the transaction had been effective on January 1, 2025. The unaudited pro forma data is for informational purposes only and does not necessarily represent results that would have occurred if the transaction had taken place on the basis assumed above. The pro forma financial information has been prepared based on the actual results realized by R&H Guernsey from January 1, 2025 to September 30, 2025 and from January 1, 2026 to September 30, 2026.

31

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

						Nine months ended
Unaudited pro forma financial information						September 30, 2026						September 30, 2025
Total net revenue						478,724						457,004
Total non-interest operating (expense)						(305,352)						(283,502)
Pro forma net income post business combination						173,372						173,502

CIBC Caribbean Acquisition

On May 28, 2026, the Bank announced that it has entered into an agreement to acquire Canadian Imperial Bank of Commerce's ("CIBC") 91.7% interest in CIBC Caribbean Bank Limited (“CIBC Caribbean”). The combined entity would have approximately $29 billion in assets.

The total consideration to be paid for 100% of CIBC Caribbean's shares (i.e. shares held by CIBC and shares held by minority shareholders on the acquisition date, if any) will be comprised of $1,091 million in cash and $703 million in Butterfield shares valued by reference to Butterfield’s 10-day NYSE volume-weighted average price of $55.66 as of May 27, 2026, for an aggregate purchase price of $1,794 million, or $1.14 per CIBC Caribbean share.

In connection with the transaction, Butterfield has obtained commitments for $700 million of Tier 2 capital-qualifying subordinated debt financing which is expected to be raised prior to closing.

The transaction is expected to close in the first half of 2027, subject to receipt of Butterfield shareholder and regulatory approvals and the satisfaction of customary closing conditions. Following the transaction, Butterfield’s ordinary shares will continue to be listed on the NYSE and the BSX, and Butterfield intends to undertake additional secondary share listings on the Barbados Stock Exchange, the Bahamas International Securities Exchange, and the Trinidad & Tobago Stock Exchange, subject to local listing and regulatory requirements.

Following completion of the transaction, CIBC will own an approximately 22% stake in the combined entity. Under the terms of Butterfield and CIBC’s shareholder agreement, CIBC will then initially have the right to appoint two directors to Butterfield’s Board. The shareholder agreement will also provide for certain lockup restrictions with respect to CIBC’s stake in Butterfield, and include customary standstill obligations and registration rights.

Note 22: Related party transactions

Financing Transactions

Certain directors and executives of the Bank, companies in which they are principal owners and/or members of the board, and trusts in which they are involved, have deposits with the Bank, have loans and/or are guarantors for loans with the Bank. Loans to directors were made in the ordinary course of business at normal credit terms, including interest rate and collateral requirements. Loans to executives may be eligible for preferential rates. All of these loans were considered performing loans as at September 30, 2026 and December 31, 2025. Loan balances with directors and executives of the Bank, companies in which they are principal owners and/or members of the board, and trusts in which they are involved were as follows:

Balance at December 31, 2024			19,637
Net loans issued (repaid) during the year			(256)
Effect of changes in the composition of related parties			(15,163)
Balance at December 31, 2025			4,218
Net loans issued (repaid) during period			3,121
Balance at September 30, 2026			7,339

Consolidated balance sheets			September 30, 2026			December 31, 2025
Deposits			24,993			92,182

			Three months ended						Nine months ended
Consolidated statements of operations			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Interest and fees on loans			24			190			82			777
Total non-interest expense			104			81			247			295
Other non-interest income			14			43			114			196

Certain affiliates of the Bank have loans and deposits with the Bank which were made and are maintained in the ordinary course of business on normal commercial terms. Balances with these parties were as follows:

Consolidated balance sheets			September 30, 2026			December 31, 2025
Loans			8,194			8,884
Deposits			545			545
Accrued interest and other liabilities			312			175

32

The Bank of N.T. Butterfield & Son Limited

Notes to the Consolidated Financial Statements (unaudited) (continued)

(In thousands of US dollars, unless otherwise stated)

			Three months ended						Nine months ended
Consolidated statements of operations			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Interest and fees on loans			163			176			495			533
Total non-interest expense			471			987			1,455			1,426
Other non-interest income			64			63			192			188

Investments

As at September 30, 2026, several Butterfield mutual funds which are managed by a wholly owned subsidiary of the Bank, had loan balances and deposit balances held with the Bank. The Bank also earned asset management revenue and custody and other administration services revenue from funds managed by a wholly-owned subsidiary of the Bank and from directors and executives, companies in which they are principal owners and/or members of the board and trusts in which they are involved, as well as other income from other related parties.

Consolidated balance sheets			September 30, 2026			December 31, 2025
Loans			336			—
Deposits			26,981			9,365
Accrued interest and other assets			634			461

			Three months ended						Nine months ended
Consolidated statements of operations			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Asset management			3,469			3,080			10,317			8,853
Custody and other administration services			546			389			1,466			1,115
Other non-interest income			198			167			561			467
Interest and fees on loans			82			—			620			—

Note 23: Subsequent events

On October 27, 2026, the Board of Directors declared an interim dividend of $0.50 per common share to be paid on November 25, 2026 to shareholders of record on November 10, 2026.

33

Third Quarter 2026 The Bank of N.T. Butterfield & Son Limited Earnings Presentation October 28, 2026

2 Important Notice and Disclaimer Forward-Looking Statements: Certain of the statements made in this presentation are forward-looking statements within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and include statements with respect to, among other things, our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, including, without limitation, statements regarding the proposed acquisition of CIBC Caribbean by Bank of N.T. Butterfield & Son Limited (“Butterfield”); the expected timing, structure, terms and completion of the proposed transaction; the expected form and mix of consideration, including the issuance of Butterfield ordinary shares; any acquisition of shares from minority shareholders of CIBC Caribbean or related compulsory acquisition, squeeze-out or similar process; the expected ownership, governance, management, capital, regulatory and operating profile of Butterfield following the proposed transaction; the expected financing of the proposed transaction, including the amount, terms and timing of the proposed subordinated debt financing; the anticipated benefits of the proposed transaction, including expected scale, diversification, cost savings, synergies, earnings accretion, tangible book value per share accretion, capital generation, regulatory capital ratios, risk-weighted assets, liquidity, deposit mix, market position and other financial and operating impacts; and other forecasts, targets, projections and estimates included in this presentation. Forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond Butterfield’s control, which may cause the actual results, performance, capital, ownership, financial condition or achievements of Butterfield to be materially different from future results, performance, capital, ownership, financial condition or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among others: Butterfield’s ability to successfully complete the proposed acquisition of CIBC Caribbean on the anticipated terms or timeline or at all; Butterfield’s ability to realize the anticipated benefits of the proposed transaction in the expected timeframes or at all, including cost savings, synergies, balance sheet and capital optimization initiatives, earnings accretion, and tangible book value per share accretion; Butterfield’s ability to successfully integrate CIBC Caribbean’s businesses, operations, systems, controls, compliance programs, risk management framework, personnel and culture into those of Butterfield; the risk that such integration may be more difficult, time-consuming or costly than expected; the failure of any of the conditions to the proposed transaction to be satisfied or waived; the failure to obtain required shareholder, regulatory, governmental, securities exchange, exchange-control or other approvals, or delays in obtaining such approvals; the risk that such approvals may result in the imposition of conditions, restrictions or requirements that could materially adversely affect Butterfield, CIBC Caribbean or the expected benefits of the proposed transaction or that any proposed conditions, restrictions or requirements or other actions of regulatory or governmental bodies or securities exchanges could delay or prevent the closing of the proposed transaction; the risk that any minority shareholder offer, compulsory acquisition, squeeze-out or similar process is delayed, not completed or completed on different terms than expected; revenues following the proposed transaction being lower than expected; operating costs, customer loss and business disruption, including difficulties in maintaining relationships with employees, customers, clients, depositors, vendors, suppliers, regulators and other business partners, being greater than expected; risks associated with the disruption of management’s attention from Butterfield’s ongoing business operations due to the proposed transaction; reputational risks and potential adverse reactions to the announcement, pendency or completion of the proposed transaction; the outcome of any legal, regulatory or shareholder proceedings, inquiries or investigations that may be instituted or arise in connection with the proposed transaction; the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected transaction, integration, restructuring, financing, litigation, regulatory, tax, accounting or other costs; dilution caused by the issuance of additional Butterfield ordinary shares in connection with the proposed transaction; changes in Butterfield’s share price, interest rates, foreign exchange rates, capital markets or other market conditions that may affect the transaction financing or expected financial impacts of the proposed transaction; the risk that any subordinated debt or other transaction financing is not obtained on the expected terms, timing or at all; and the risk that assumptions underlying pro forma financial information, purchase accounting, credit marks, fair value marks, integration costs, cost savings, synergies, capital ratios, earnings accretion, tangible book value per share accretion, return metrics and other financial impacts prove to be inaccurate. Other factors that may impact Butterfield’s future results, performance, financial condition or achievements include worldwide and regional economic conditions, including economic growth and general business conditions in Bermuda, the Cayman Islands, Barbados, The Bahamas, Turks and Caicos, Trinidad and Tobago, the broader Atlantic, Caribbean and other markets in which Butterfield or CIBC Caribbean operates; fluctuations in interest rates, inflation, monetary policy, foreign exchange rates, capital markets, tourism, real estate markets and sovereign credit ratings, including a decline in Bermuda’s sovereign credit rating; any sudden liquidity crisis; changes in customer behavior, including customer borrowing, repayment, investment and deposit practices; unfavorable developments concerning asset quality, credit quality, loan losses, non- performing loans, collateral values, loan concentrations, sovereign exposures, residential mortgage risk weighting, reserves, funding costs, liquidity and deposit flows; competitive product and pricing pressures; security risks, including cybersecurity, data privacy, fraud, financial crime, anti-money laundering and sanctions risks; the impact, extent and timing of technological changes, systems conversions and operational resilience initiatives; risks relating to the success of Butterfield’s updated systems and platforms; capital management activities; changes in laws, regulations, accounting standards, tax laws, regulatory capital or liquidity requirements and supervisory expectations; potential impacts of climate change, hurricanes and other natural disasters; compliance with regulatory requirements; 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 presentation are expressly qualified in their entirety by this cautionary notice, including, without limitation, the risks and uncertainties described in our reports and filings filed with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in our most recent Form 20-F and in any subsequent reports furnished or filed with the SEC. Such reports are available upon request from Butterfield, or from the SEC, including through the SEC’s website at https://www.sec.gov. Any forward-looking statements made by Butterfield are based only on information currently available and speaks only as of the date on which it is 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 presentation, 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 presentation. 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.

3 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, tangible common equity and related measures including tangible common equity to tangible assets ratio, and run rate earnings. 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 the historical non-GAAP measures to corresponding GAAP financial measures are provided in the Appendix of this presentation. To the extent this presentation includes forecasts using non-GAAP financial measures, including run rate earnings, Butterfield is unable to provide reconciliations to the most directly comparable GAAP financial measures without unreasonable efforts because certain information necessary to prepare such reconciliations depends on future events and cannot be reasonably estimated. Such unavailable information may include purchase accounting adjustments, integration costs and other items that may significantly affect reported GAAP results. Presentation of Financial Information This presentation includes certain combined historical financial information relating to the proposed acquisition of CIBC Caribbean, including total assets and total deposits. This presentation also includes certain combined forecast financial information relating to the proposed transaction, including tangible common equity and run rate earnings. The combined financial information has been prepared solely for illustrative purposes to assist investors in understanding certain anticipated effects of the proposed transaction and is based on assumptions and estimates that Butterfield believes are reasonable. The combined financial information does not purport to reflect what Butterfield’s financial position or results of operations would have been had the proposed transaction occurred on the dates assumed, nor is it necessarily indicative of Butterfield’s future financial position or results of operations following completion of the proposed transaction. The combined forecast financial information, including tangible common equity and run rate earnings, reflects management’s current expectations and assumptions regarding the proposed transaction and its anticipated benefits. Such forecasts are inherently uncertain and actual results may differ materially from those reflected in the forecast financial information. The combined financial information included in this presentation does not purport to comply with Article 11 of Regulation S-X and should not be viewed as a substitute for pro forma financial information prepared in accordance with Article 11 of Regulation S-X. Certain monetary amounts, percentages and other figures included in this presentation 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, 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. Important Notice and Disclaimer

4 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 • Third Quarter 2026 Financials • CIBC Caribbean Update • 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

5 Financials

6 Third Quarter 2026 Highlights Net Income (In US$ millions) Return on Equity (In US$ millions) vs. Q2 2026 vs. Q3 2025 Q3 2026 $ % $ % Net Interest Income $ 97.2 $ 1.6 $ 4.4 Non-Interest Income 64.8 1.4 3.6 Provision for Credit Losses (0.2) 1.4 0.3 Non-Interest Expenses* (101.0) 10.4 (8.8) Other Gains (Losses) 0.3 (0.7) 0.4 Net Income $ 61.0 $ 14.1 30.0 % $ (0.1) (0.1) % Non-Core Items** 3.2 (13.7) 1.0 Core Net Income** $ 64.2 $ 0.3 0.5 % $ 0.9 1.4 % • Net income of $61.0 million, or $1.50 per share • Core net income** of $64.2 million, or $1.58 per share • Return on average common equity of 21.3%; core return on average tangible common equity** of 25.0% • Net interest margin of 2.76%, cost of deposits of 1.27% • Quarterly cash dividend of $0.50 per common share • Advancing CIBC Caribbean acquisition; closing expected in H1 2027 * Includes income taxes ** See the Appendix for a reconciliation of non-GAAP measures $61.1 $63.8 $62.6 $46.9 $61.0$63.3 $63.8 $63.2 $63.9 $64.2 Net income Core Net Income** Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 22.5% 22.7% 22.1% 16.6% 21.3% 25.5% 24.6% 24.1% 25.0% 25.0% Return on Equity Core Return on Average Tangible Common Equity** Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026

7 Net Interest Income before Provision for Credit Losses - Trend (In US$ millions) $92.7 $95.6 $97.2 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net Interest Margin & Yields Income Statement Net Interest Income • Net interest income (“NII”) and net interest margin (“NIM”) improved compared to the prior quarter, with increases driven by higher reinvestment yields and improved treasury returns, partially offset by loan yield compression and modest deposit cost increases • Average investment volumes were relatively flat compared to the prior quarter • Average loan volumes were slightly higher compared to the prior quarter (In US$ millions) Q3 2026 vs. Q2 2026 Avg. Balance Yield Avg. Balance Yield Cash, S/T Inv. & Repos $ 3,822.4 3.39 % $ (34.2) 0.07 % Investments 5,714.5 2.87 % (1.6) 0.09 % Loans (net) 4,440.3 5.81 % 27.0 (0.09) % Interest Earning Assets 13,977.2 3.95 % (8.8) 0.03 % Interest Bearing Liabilities 10,471.4 (1.59) % (4.4) (0.02) % Net Interest Margin 2.76 % 0.02 %

8 Non-Interest Income Trend (In US$ millions)(In US$ millions) Q3 2026 vs. Q2 2026 Asset management $ 10.3 $ (0.1) Banking 16.7 0.8 Foreign exchange revenue 13.9 0.6 Trust 19.5 0.3 Custody and other 3.7 — Other 0.7 (0.2) Total Non-Interest Income $ 64.8 $ 1.4 $61.2 $63.4 $64.8 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 • Total non-interest income increased by $1.4 million versus the prior quarter, primarily due to: ◦ higher banking revenue from increased card volumes and a non-recurring contractual incentive; and ◦ increased foreign exchange revenue, reflecting higher volumes • The fee income ratio was 40.0% in the third quarter of 2026, which compares favorably to historical peer* averages Income Statement Non-Interest Income * Compiled from publicly available disclosure of US banks identified by management as a peer group. Please see the Appendix for a list of these banks.

9 Core Non-Interest Expenses* Trend (In US$ millions) Core Non-Interest Expenses* vs. Q2 2026 (In US$ millions) Q3 2026 $ % Salaries & Benefits** $ 49.8 $ 1.5 3.1 % Technology & Comm. 16.4 0.2 1.1 % Professional & O/S Services 6.0 0.8 14.7 % Property 8.1 0.1 1.1 % Indirect Taxes 5.6 0.2 3.8 % Marketing 1.8 (0.2) (9.1) % Intangible Amortization 2.6 0.2 8.2 % Other 5.9 0.5 8.8 % Total Core Non-Interest Expenses* $ 96.2 $ 3.3 3.5 % Non-Core Expenses* 3.2 (13.7) (81.0) % Non-Interest Expenses $ 99.3 $ (10.5) (9.6) % $88.5 $92.9 $96.2 56.2% 57.0% 57.8% Core Efficiency Ratio* Core Non-Interest Expenses* Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 • Core non-interest expenses*, which exclude acquisition-related non-core costs, increased 3.5% sequentially, including approximately $0.6 million related to the newly acquired R&H Guernsey business, reflecting a full quarter of operating expenses compared to a partial quarter in Q2 • Core non-interest expenses* increased compared to the prior quarter with the following underlying movements: ◦ higher salaries and benefits due to staff departure costs; and ◦ increased other non-interest expenses • Core efficiency ratio* of 57.8% 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 increased to $12.9 billion from $12.7 billion at the prior year end • Average deposit balances increased to $13.1 billion in Q3 2026 compared to $12.6 billion at the prior year end • Butterfield’s balance sheet remained low in risk density (risk weighted assets/total assets) at 27.3% vs Q4 2025 (In US$ millions) Q3 2026 Q4 2025 % Cash and cash equivalents $ 1,266 $ 1,709 (26) % Reverse Repos & S/T Investments 2,509 1,853 35 % Investments 5,583 5,688 (2) % Loans (net) 4,376 4,382 — % Other Assets 536 462 16 % Total Assets $ 14,270 $ 14,095 1 % Int. Bearing Deposits $ 10,523 $ 9,997 5 % Non-Int. Bearing Deposits 2,375 2,701 (12) % Other Liabilities 254 255 — % Shareholders’ Equity 1,118 1,142 (2) % Total Liab. & Equity $ 14,270 $ 14,095 1 % $14.1 $14.3 $14.3 $5.7 $5.7 $5.6 $4.5 $4.4 $4.4 Total assets Investments Loans Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $12.7 $12.9 $12.9 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Total Deposits (In US$ billions)

11 Asset Quality Non-Accrual Loans (In US$ millions) $91.7 $96.0 $119.6 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Res Mtg 71.9% Consumer 4.5% Comm’l R/E 11.6% Other Comm’l 5.7% Government 6.3% Loan Distribution 0.01% 0.00% 0.02% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0.00% 0.05% 0.10% 0.15% 0.20% Net Charge-Off Ratio $4.4 billion $5.6 billion Investment Portfolio Rating Distribution • 71.9% of the total loan portfolio consists of full-recourse residential mortgages of which 78% have loan-to-value ratios below 70% • Non-accrual loans increased to 2.7% of gross loans, up from 2.2% in the prior quarter, driven by residential real estate facilities in the Channel Islands and UK segment. Facilities remain well secured with no expected loss content • Allowance for credit losses at $27.0 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 Q3 2026 vs. Q2 2026 Duration vs. Q2 2026 Cash & Reverse Repos & S/T Invest. $ 3,822.4 $ (34.2) 0.3 0.1 N/A AFS 2,865.0 63.7 3.1 0.2 3.7 HTM** 2,849.5 (65.3) 7.1 0.4 8.5 Total $ 9,536.9 $ (35.8) (3.2)% 2.6% 5.3% (1.3)% 1.3% 2.4% NTB US Peer Median * -100bps +100bps +200bps • Total investment portfolio duration increased to 4.9 years reflecting an extension of the anticipated prepayments on our fixed rate investments and a steeper USD Treasury yield curve • Interest rate sensitivity has decreased compared with the prior quarter, due to lower, high pricing beta Treasury interbank placements that are used to manage short-term deposits at period end • Net unrealized losses on AFS securities increased to $187.3 million as at September 30, 2026, compared with net unrealized losses of $106.7 million as at the end of the second quarter of 2026 • Based on implied forward rates, the AFS OCI is expected to improve by 21% in the next 12 months and 42% in the next 24 months * Compiled from publicly available disclosures of US banks identified by management as a peer group. Please see the Appendix for a list of these banks. Q2 2026 comparative data is used as Q3 2026 peer information was not publicly 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 7.1%, conservatively above the targeted range of 6.0% to 6.5% Regulatory Capital - Total Capital Ratio 29.6% 13.5% 15.5% Butterfield Current BMA Minimum US Peer Median** *** See the Appendix for a reconciliation of non-GAAP measures 7.8% 8.9% 7.1% 8.4% 0.7% 0.5% TCE/TA TCE/TA Ex Cash Butterfield Current US Peer Median** $86.2 $79.9 $77.7 $59.5 $88.6 $155.3 $146.7 $58.6 Combined Payout Ratio Share Repurchases Cash Dividend 2023 2024 2025 Q3 2026 Combined Payout Ratio * * Q3 2026 is based on year to date cash dividends, share repurchases and net income ** Includes US banks identified by management as a peer group. Please see the Appendix for a list of these banks. Q2 2026 comparative data is used as Q3 2026 peer information was not publicly available at time of publication. 78% 109% 97% 69%

14 CIBC Caribbean Update

15 Update on the Acquisition of CIBC Caribbean • The transaction remains on track with key approvals, financing activities and integration planning progressing as expected • Butterfield received shareholder approval at the AGM for the issuance of Butterfield shares in connection with the transaction • Employee, community, government, and stakeholder engagement is ongoing ◦ Regulatory licensing applications have been submitted ◦ Employee town halls have been conducted across several markets • Integration teams have been established and are actively planning integration activities • Preparation for planned debt issuance underway

16 May 28, 2026 16 Creating a Leading Independent Banking Platform Step Change in Scale(2) Source: Company disclosure. Note(s): Map not to scale. CIBC Caribbean financial statements are prepared in accordance with IFRS. Information for peer banks, including CIBC Caribbean, is based on those banks’ public disclosures. Note(s): (1) As provided by The Banker. (2) Assuming completion of the transaction. (3) Combined consolidated FY2025 deposits as a % of Category A retail bank deposits as of Oct 31, 2025. (4) Butterfield’s FY2025 Bermuda deposits as a % of FY2025 total deposits of Butterfield Bermuda, HSBC Bermuda, Clarien Bank, and Bermuda Commercial Bank. (5) Current CIBC Caribbean HQ. (6) Business support centers. (7) Representative office. (8) Combined figures calculated as the sum of Butterfield’s and CIBC Caribbean’s period-end balances as at March 31, 2026 and January 31, 2026, respectively, excluding the impact of purchase accounting; not prepared in accordance with Article 11 of Regulation S-X. Refer to “Important Notice and Disclaimer-Presentation of Financial Information” for further details. (9) Based on Butterfield’s expectations of what combined earnings will be for the year ended December 31, 2028, assuming fully phased-in synergies and excluding integration costs and the impact of purchase accounting. This is a non-GAAP combined forecast financial measure. Refer to “Important Notice and Disclaimer-About Non-GAAP Financial Measures” and “Important Notice and Disclaimer-Presentation of Financial Information” for further details. (10) Forecast as at the anticipated transaction close date of March 31, 2027. This is a non-GAAP combined forecast financial measure. Refer to “Important Notice and Disclaimer-About Non-GAAP Financial Measures” and “Important Notice and Disclaimer-Presentation of Financial Information” for further details. (11) Includes select independent banks and regional subsidiaries of global banks operating in the English-speaking Atlantic and Caribbean. Leading Bank in Attractive Markets Select Atlantic and Caribbean Banks by Total Assets (US$bn)(11) $29bn Total Assets(8) $25bn Total Deposits(8) Leading Bank in International Financial Centers and Attractive Caribbean Markets #1 Bermuda Bank(1) #1 Cayman Islands Bank(1) 50%+ Deposit Market Share(2,3) 30% Deposit Market Share(4) $1.7bn TCE(10) $400mm+ Run Rate Earnings(9) P ro F o rm a + R ep u bl ic F in an ci al N C B Ja m ai ca Sc ot ia ba n k C ar ib be an H SB C B er m u d a R B C C ar ib be an F ir st C it iz en s (T ri n id ad ) The Bahamas Turks and Caicos Cayman Islands Jamaica British Virgin Islands St. Kitts Antigua St. Lucia Barbados Trinidad and Tobago Bermuda Legend CIBC Caribbean Existing Footprint Butterfield Existing Footprint Butterfield Current and Pro Forma Group HQ Pro Forma Regional HQ(5) Other International Canada⁽6⁾ Guernsey Jersey Mauritius⁽6⁾ Singapore Switzerland UK C a ri b b e a nHong Kong (7) (8)

17 Appendix

18 Group (US$ Billions) Bermuda (US$ Billions) Deposit Composition by Segment Cayman (US$ Billions) Channel Islands (US$ Billions) 20% 21% 18% 49% 49% 51% 31% 30% 31% $12.7 $12.9 $12.9 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 35% 36% 30% 46% 43% 46% 19% 21% 24% $4.8 $4.8 $4.6 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 24% 26% 24% 50% 50% 51% 26% 24% 25% $3.8 $3.8 $3.9 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 1% 1% 1% 49% 54% 55% 50% 45% 44% $4.2 $4.3 $4.4 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026

19 Residential Mortgage Loans (US$ Billions) Commercial Loans (US$ Billions) Loans Loan Portfolio Composition by Originating Segment (US$ Billions) Fixed vs. Floating Rate Loans (US$ Billions) 29% 29% 28% 27% 25% 23% 22% 21% 19% 20% 49% 49% 50% 54% 55% $3.6 $3.1 $3.2 Bermuda Cayman UK and Channel Islands Total Residential 2022 2023 2024 2025 Q3 2026 37% 37% 34% 33% 31% 24% 25% 24% 24% 24% 39% 38% 42% 43% 45% $5.1 $4.4 $4.4 Bermuda Cayman UK and Channel Islands Total Loans 2022 2023 2024 2025 Q3 2026 43% 51% 47% 45% 42% 57% 49% 53% 55% 58% $5.1 $4.4 $4.4 Fixed Floating Total Loans 2022 2023 2024 2025 Q3 2026 24% 21% 23% 18% 18% 9% 9% 10% 6% 6% 21% 22% 22% 25% 27% 46% 48% 46% 51% 49% $1.4 $1.1 $1.0 Commercial and Industrial Commercial Overdrafts Government Commercial Real Estate Total Commercial Loans 2022 2023 2024 2025 Q3 2026

20 Balance Sheet Movements Deposit Composition by Currency (US$ billions)Deposit Movements (US$ millions) $-15 $+200 Change vs Q2 2026 Change vs Q4 2025 Loan Movements (US$ millions) Loan Composition by Currency (US$ billions) -15 - $-30 $-5 Change vs Q2 2026 Change vs Q4 2025 Volume FX Translation 71% 71% 71% 23% 22% 23% 6% 6% 6% $12.7 $12.9 $12.9 USD / USD Pegged GBP Other Total deposits Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 58% 57% 56% 42% 42% 44% —% 1% —% $4.5 $4.4 $4.4 USD / USD Pegged GBP Other Total loans Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 -30 - +265 -65 +25 -30

21 (in millions of US Dollars, unless otherwise indicated) 2026 2025 2024 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Assets Cash and cash equivalents $ 1,266 $ 1,441 $ 1,942 $ 1,709 $ 1,501 $ 1,450 $ 2,097 $ 1,998 $ 2,067 Reverse Repos & S/T Investments 2,509 2,291 1,930 1,853 1,987 2,247 1,498 1,785 1,750 Investments 5,583 5,666 5,676 5,688 5,675 5,458 5,448 5,513 5,468 Loans, Net 4,376 4,403 4,394 4,382 4,468 4,578 4,518 4,474 4,648 Other Assets 536 546 483 462 456 453 458 462 441 Total Assets $ 14,270 $ 14,346 $ 14,425 $ 14,095 $ 14,086 $ 14,185 $ 14,020 $ 14,231 $ 14,373 Liabilities and Equity Total Deposits $ 12,898 $ 12,911 $ 12,882 $ 12,698 $ 12,721 $ 12,838 $ 12,608 $ 12,746 $ 12,738 Long-Term Debt — — — — — — 99 99 99 Other Liabilities 254 287 407 255 259 278 256 366 472 Total Liabilities $ 13,152 $ 13,198 $ 13,289 $ 12,953 $ 12,980 $ 13,116 $ 12,962 $ 13,211 $ 13,309 Common Equity $ 1,118 $ 1,149 $ 1,136 $ 1,142 $ 1,106 $ 1,069 $ 1,058 $ 1,021 $ 1,064 Total Equity $ 1,118 $ 1,149 $ 1,136 $ 1,142 $ 1,106 $ 1,069 $ 1,058 $ 1,021 $ 1,064 Total Liabilities and Equity $ 14,270 $ 14,346 $ 14,425 $ 14,095 $ 14,086 $ 14,185 $ 14,020 $ 14,231 $ 14,373 Key Metrics Common equity tier 1 capital ratio 29.4 % 27.4 % 26.8 % 27.6 % 26.9 % 26.0 % 25.2 % 23.5 % 22.1 % Tier 1 capital ratio 29.4 % 27.4 % 26.8 % 27.6 % 26.9 % 26.0 % 25.2 % 23.5 % 22.1 % Total capital ratio 29.6 % 27.5 % 26.9 % 27.8 % 27.0 % 26.2 % 27.7 % 25.8 % 24.3 % Leverage ratio 7.8 % 7.4 % 7.5 % 7.6 % 7.5 % 7.3 % 7.4 % 7.3 % 7.1 % Risk-weighted assets (in $ millions) 3,890 3,996 4,139 3,991 4,014 4,063 4,207 4,539 4,776 Risk-weighted assets / total assets 27.3 % 27.9 % 28.7 % 28.3 % 28.5 % 28.6 % 30.0 % 31.9 % 33.2 % Tangible common equity ratio 7.1 % 7.2 % 7.3 % 7.5 % 7.3 % 6.9 % 6.9 % 6.6 % 6.8 % Book value per common share (in $) 28.26 29.21 28.68 28.58 27.25 26.01 25.07 23.78 24.09 Tangible book value per share (in $) 25.32 26.19 26.56 26.41 25.06 23.77 22.94 21.70 21.90 Non-accrual loans/gross loans 2.7 % 2.2 % 2.0 % 2.1 % 2.0 % 2.0 % 2.3 % 1.7 % 1.9 % Non-performing assets/total assets 1.1 % 1.0 % 1.2 % 0.8 % 1.0 % 0.8 % 1.1 % 1.1 % 1.5 % Allowance for credit losses/total loans 0.6 % 0.6 % 0.6 % 0.6 % 0.6 % 0.6 % 0.6 % 0.6 % 0.6 % 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.

22 (in millions of US Dollars, unless otherwise  indicated) Q3 2026 Q2 2026 Q3 2025 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 $ 3,822.4 $ 32.6 3.39 % $ 3,856.6 $ 32.0 3.32 % $ 3,474.7 $ 31.9 3.64 % Investment in securities 5,714.5 41.4 2.87 % 5,716.1 39.7 2.78 % 5,526.0 37.2 2.67 % AFS   2,865.0    25.5   3.52 %   2,801.3    23.3   3.33 %   2,430.1    19.8   3.24 % HTM   2,849.5    15.9   2.22 %   2,914.8    16.4   2.26 %   3,095.9    17.4   2.23 % Loans 4,440.3 65.0 5.81 % 4,413.2 65.0 5.90 % 4,470.9 70.3 6.24 % Commercial   1,154.4    17.1   5.89 %   1,166.3    17.4   5.98 %   1,226.6    20.3   6.57 % Consumer   3,285.9    47.9   5.78 %   3,246.9    47.6   5.88 %   3,244.3    50.0   6.11 % Total interest earning assets 13,977.2 139.0 3.95 % 13,985.9 136.6 3.92 % 13,471.6 139.4 4.11 % Other assets 519.6 525.2 445.4 Total assets $ 14,496.8 $ 14,511.2 $ 13,917.0 Liabilities Deposits - interest bearing $ 10,468.3 $ (41.8) (1.59) % $ 10,450.0 $ (40.7) (1.56) % $ 10,017.1 $ (46.7) (1.85) % Securities sold under agreement to repurchase 3.1 — (3.89) % 25.7 (0.2) (3.78) % — — — % Interest bearing liabilities 10,471.4 (41.9) (1.59) % 10,475.8 (41.0) (1.57) % 10,017.1 (46.7) (1.85) % Non-interest bearing customer deposits 2,635.3 2,649.6 2,616.7 Other liabilities 241.1 245.1 231.2 Total liabilities $ 13,347.8 $ 13,370.4 $ 12,865.0 Shareholders’ equity 1,149.0 1,140.7 1,052.0 Total liabilities and shareholders’ equity $ 14,496.8 $ 14,511.2 $ 13,917.0 Non-interest bearing funds net of non- interest earning assets (free balance) $ 3,505.8 $ 3,510.2 $ 3,454.5 Net interest margin $ 97.2 2.76 % $ 95.6 2.74 % $ 92.7 2.73 % Average Balance Sheet Trends

23 (in millions of US Dollars, unless otherwise  indicated) 2026 2025 2024 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Net Interest Income $ 97.2 $ 95.6 $ 93.3 $ 92.6 $ 92.7 $ 89.4 $ 89.3 $ 88.6 $ 88.1 Non-Interest Income 64.8 63.4 62.6 66.3 61.2 57.0 58.4 63.2 56.0 Prov. for Credit (Losses) Recovery (0.2) (1.6) (1.4) 0.2 (0.6) (0.2) 0.4 (0.3) (1.3) Non-Interest Expenses* 101.0 111.4 91.9 95.3 92.2 93.0 94.4 92.2 90.0 Other Gains (Losses) 0.3 1.0 — — (0.1) 0.1 — 0.1 (0.1) Net Income $ 61.0 $ 46.9 $ 62.6 $ 63.8 $ 61.1 $ 53.3 $ 53.8 $ 59.6 $ 52.7 Non-Core Items** $ 3.2 $ 16.9 $ 0.6 $ — $ 2.2 $ 0.4 $ 2.9 $ — $ 0.1 Core Net Income** $ 64.2 $ 63.9 $ 63.2 $ 63.8 $ 63.3 $ 53.7 $ 56.7 $ 59.6 $ 52.8 Key Metrics Loan Yield 5.81 % 5.90 % 5.84 % 6.01 % 6.24 % 6.31 % 6.32 % 6.43 % 6.64 % Securities Yield 2.87 2.78 2.78 2.72 2.67 2.67 2.68 2.51 2.39 Cost of Deposits 1.27 1.25 1.24 1.37 1.47 1.56 1.60 1.73 1.91 Net Interest Margin 2.76 2.74 2.75 2.69 2.73 2.64 2.70 2.61 2.61 Core Efficiency Ratio** 57.8 57.0 56.4 57.2 56.2 61.1 59.8 58.2 60.2 Core ROATCE** 25.0 25.0 24.1 24.6 25.5 22.3 24.2 25.2 22.5 Fee Income Ratio 40.0 40.3 40.6 41.7 39.9 39.0 39.4 41.7 39.2 Fully Diluted Share Count (in millions of common shares) 40.5 40.4 40.9 41.4 41.9 42.7 43.6 44.6 45.6 * Includes income taxes ** See the reconciliation of non-GAAP measures on pages 26-27 Income Statement Trends

24 (in millions of US Dollars, unless  otherwise indicated) 2026 2025 2024 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Non-Interest Income Asset Management $ 10.3 $ 10.3 $ 10.4 $ 10.4 $ 9.9 $ 9.4 $ 9.5 $ 9.1 $ 9.5 Banking 16.7 15.9 16.3 19.7 17.8 14.7 15.1 21.2 14.4 FX Revenue 13.9 13.3 14.6 13.7 13.2 12.0 13.7 13.2 12.2 Trust 19.5 19.2 16.7 17.6 16.2 16.4 15.6 15.1 15.8 Custody & Other Admin. 3.7 3.7 3.7 4.0 3.1 3.2 3.5 3.6 3.5 Other 0.7 0.9 1.0 0.8 0.8 1.4 1.0 0.9 0.7 Total Non-Interest Income $ 64.8 $ 63.4 $ 62.6 $ 66.3 $ 61.2 $ 57.0 $ 58.4 $ 63.2 $ 56.0 Non-Interest Expenses Salaries & Benefits* $ 49.8 $ 48.3 $ 46.1 $ 46.7 $ 47.9 $ 46.7 $ 46.9 $ 44.7 $ 44.7 Technology & Comm. 17.0 16.2 15.4 16.7 16.0 16.3 16.0 16.6 16.5 Professional & O/S Services 8.3 21.8 5.5 6.4 5.0 5.2 5.4 5.7 4.8 Property 8.1 8.0 7.7 8.4 8.2 8.8 8.7 8.6 8.6 Indirect Taxes 5.6 5.4 6.9 5.4 5.5 5.8 6.5 5.3 5.5 Marketing 1.8 2.0 1.8 1.9 1.4 1.7 1.8 2.4 1.3 Intangible Amortization 2.6 2.4 2.0 2.2 2.0 2.0 1.9 2.2 1.9 Other 6.2 5.8 5.1 5.4 4.8 5.3 6.0 5.2 5.6 Total Non-Interest Expense $ 99.3 $ 109.8 $ 90.5 $ 93.1 $ 90.8 $ 91.8 $ 93.2 $ 90.6 $ 88.8 Income Taxes 1.7 1.6 1.4 2.2 1.4 1.2 1.2 1.5 1.2 Total Expense incld. Taxes $ 101.0 $ 111.4 $ 91.9 $ 95.3 $ 92.2 $ 93.0 $ 94.4 $ 92.2 $ 90.0 *Includes non-service employee benefits Non-Interest Income & Expense Trends

25 (in millions of US Dollars, unless otherwise  indicated) 2026 2025 2024 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Salaries & Benefits* $ 49.8 $ 48.3 $ 46.1 $ 46.7 $ 45.8 $ 46.4 $ 44.1 $ 44.7 $ 44.7 Technology & Comm. 16.4 16.2 15.4 16.7 16.0 16.3 16.0 16.6 16.5 Professional & O/S Services 6.0 5.2 5.0 6.4 4.9 5.1 5.4 5.7 4.7 Property 8.1 8.0 7.7 8.4 8.2 8.8 8.7 8.6 8.6 Indirect Taxes 5.6 5.4 6.9 5.4 5.4 5.8 6.3 5.3 5.5 Marketing 1.8 2.0 1.8 1.9 1.4 1.7 1.8 2.4 1.3 Intangible Amortization 2.6 2.4 2.0 2.2 2.0 2.0 1.9 2.2 1.9 Other 5.9 5.4 5.1 5.4 4.8 5.3 6.0 5.2 5.6 Total Core Non-Interest Expense** $ 96.2 $ 92.9 $ 89.9 $ 93.1 $ 88.5 $ 91.4 $ 90.3 $ 90.6 $ 88.6 Income Taxes 1.7 1.6 1.4 2.2 1.4 1.2 1.2 1.5 1.2 Total Core Expense incld. Taxes** $ 97.9 $ 94.5 $ 91.3 $ 95.3 $ 89.9 $ 92.6 $ 91.5 $ 92.1 $ 89.8 * Includes non-service employee benefits ** See the reconciliation of non-GAAP measures on pages 26-27 Core Non-Interest Expense** Trends

26 (in millions of US Dollars, unless otherwise indicated) 2026 2025 Q3 Q2 Q1 Q4 Q3 Net income A $ 61.0 $ 46.9 $ 62.6 $ 63.8 $ 61.1 Non-core (gains), losses and expenses Total non-core (gains) losses B $ — $ — $ — $ — $ — Non-core expenses Early retirement program, voluntary separation, redundancies and other non-core compensation costs — — — — 2.2 Business acquisition costs 3.2 16.9 0.6 — — Total non-core expenses C $ 3.2 $ 16.9 $ 0.6 $ — $ 2.2 Total non-core (gains), losses and expenses D=B+C 3.2 16.9 0.6 — 2.2 Core net income to common shareholders E=A+D $ 64.2 $ 63.9 $ 63.2 $ 63.8 $ 63.3 Average shareholders' equity 1,137.2 1,135.5 1,148.0 1,117.3 1,076.2 Average common equity F 1,137.2 1,135.5 1,148.0 1,117.3 1,076.2 Less: average goodwill and intangible assets (118.3) (111.8) (86.0) (87.2) (90.0) Average tangible common equity G 1,019.0 1,023.7 1,062.0 1,030.1 986.2 Return on equity A/F 21.3 % 16.6 % 22.1 % 22.7 % 22.5 % Core return on average tangible common equity E/G 25.0 % 25.0 % 24.1 % 24.6 % 25.5 % Core earnings per common share fully diluted Adjusted weighted average number of diluted common shares (in millions) H 40.5 40.4 40.9 41.4 41.9 Earnings per common share fully diluted A/H 1.50 1.16 1.53 1.54 1.46 Non-core items per share D/H 0.08 0.42 0.02 — 0.05 Core earnings per common share fully diluted E/H 1.58 1.58 1.55 1.54 1.51 Core return on average tangible assets Total average assets I $ 14,416.9 $ 14,454.7 $ 14,272.0 $ 14,173.2 $ 14,016.6 Less: average goodwill and intangible assets (118.3) (111.8) (86.0) (87.2) (90.0) Average tangible assets J $ 14,298.7 $ 14,342.9 $ 14,186.1 $ 14,085.9 $ 13,926.6 Return on average assets A/I 1.7 % 1.3 % 1.8 % 1.8 % 1.7 % Core return on average tangible assets E/J 1.8 % 1.8 % 1.8 % 1.8 % 1.8 % Non-GAAP Reconciliation

27 (in millions of US Dollars, unless otherwise indicated) 2026 2025 Q3 Q2 Q1 Q4 Q3 Tangible equity to tangible assets Shareholders' equity K $ 1,117.8 $ 1,148.7 $ 1,136.1 $ 1,141.9 $ 1,106.0 Less: goodwill and intangible assets (116.2) (118.6) (83.9) (86.8) (88.8) Tangible common equity L 1,001.6 1,030.1 1,052.2 1,055.1 1,017.1 Total assets M 14,269.8 14,346.5 14,424.8 14,094.9 14,086.4 Less: goodwill and intangible assets (116.2) (118.6) (83.9) (86.8) (88.8) Tangible assets N $ 14,153.6 $ 14,227.9 $ 14,340.8 $ 14,008.1 $ 13,997.5 Less: cash and cash equivalents (1,266.2) (1,440.5) (1,941.9) (1,708.9) (1,501.4) Tangible assets, excluding cash O 12,887.4 12,787.4 12,398.9 12,299.2 12,496.1 Tangible common equity to tangible assets L/N 7.1 % 7.2 % 7.3 % 7.5 % 7.3 % Tangible common equity to tangible assets, excluding cash L/O 7.8 % 8.1 % 8.5 % 8.6 % 8.1 % Tangible book value per share Basic participating shares outstanding (in millions) P 39.6 39.3 39.6 39.9 40.6 Tangible book value per common share L/P 25.32 26.19 26.56 26.41 25.06 Efficiency ratio Non-interest expenses $ 99.3 $ 109.8 $ 90.5 $ 93.1 $ 90.8 Less: Amortization of intangibles (2.6) (2.4) (2.0) (2.2) (2.0) Non-interest expenses before amortization of intangibles Q 96.8 107.5 88.5 90.9 88.8 Non-interest income 64.8 63.4 62.6 66.3 61.2 Net interest income before provision for credit losses 97.2 95.6 93.3 92.6 92.7 Net revenue before provision for credit losses and other gains/losses R $ 161.9 $ 159.0 $ 155.9 $ 158.9 $ 153.9 Efficiency ratio Q/R 59.8 % 67.6 % 56.8 % 57.2 % 57.7 % Core efficiency ratio Non-interest expenses $ 99.3 $ 109.8 $ 90.5 $ 93.1 $ 90.8 Less: non-core expenses (C) (3.2) (16.9) (0.6) — (2.2) Less: amortization of intangibles (2.6) (2.4) (2.0) (2.2) (2.0) Core non-interest expenses before amortization of intangibles S 93.6 90.5 88.0 90.9 86.6 Net revenue before provision for credit losses and other gains/losses R 161.9 159.0 155.9 158.9 153.9 Core efficiency ratio S/R 57.8 % 57.0 % 56.4 % 57.2 % 56.2 % Non-GAAP Reconciliation (continued)

28 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)

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