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The Bank of N.T. Butterfield & Son Limited reported second quarter 2026 net income of $46.9 million, or $1.16 per diluted share, down from $62.6 million in the prior quarter. Core net income, which excludes non-core items such as acquisition costs, was $63.9 million, or $1.58 per diluted share, slightly above $63.2 million in the first quarter and $53.7 million a year earlier. Reported return on average common equity was 16.6%, while core return on average tangible common equity was 25.0%.
Net interest income rose to $95.6 million from $93.3 million, with a net interest margin of 2.74%. Non-interest income increased to $63.4 million, helped by higher trust revenue from the completed acquisition of R&H Guernsey. Non-interest expenses climbed to $109.8 million, driven by $16.9 million of non-core, deal-related costs primarily tied to the pending acquisition of CIBC Caribbean and integration of R&H Guernsey; core non-interest expenses were $90.5 million.
Total assets were $14.3 billion and deposits $12.9 billion at June 30, 2026. The total regulatory capital ratio was a high 27.5%, and tangible book value per share was $26.19, modestly lower due to new goodwill and intangibles. Butterfield declared a quarterly dividend of $0.50 per share and repurchased 0.3 million shares for $16.1 million before pausing buybacks after signing the agreement to acquire CIBC Caribbean, a transaction management expects will roughly double the bank’s size, subject to approvals.
Bank of N.T. Butterfield & Son Ltd Chief Executive Officer Michael W. Collins reported open-market sales of ordinary shares. Across three transactions on June 12, June 15, and June 16, he sold a total of 60,621 shares at prices around $58 per share. After these sales, Collins directly owns 60,622 ordinary shares, indicating he reduced roughly half of his reported direct stake while retaining a substantial remaining holding.
Bank of N.T. Butterfield & Son Ltd director Mark T. Lynch reported an open-market purchase of 10,000 ordinary shares on May 29, 2026 at an average price of $56.494 per share. Following this transaction, he directly holds 234,794 ordinary shares of the company.
Hidalgo Tara reported acquisition or exercise transactions in this Form 4 filing.
Bank of N.T. Butterfield & Son Ltd Chief Risk Officer Tara Hidalgo received new share-based awards as part of her compensation. She was granted 379 restricted stock units under the ELTIP and 51 restricted stock units under the EDIP, each representing one ordinary share upon vesting.
After these grants, Hidalgo holds 43,083 ELTIP units and 5,775 EDIP units directly. The units vest on 12-Feb-2027, 10-Feb-2028, and 9-Feb-2029, subject to continued service, and will either vest and settle in shares or be forfeited. These are awards, not open-market share purchases or sales.
Lee Michael Sean reported acquisition or exercise transactions in this Form 4 filing.
Bank of N.T. Butterfield & Son Ltd executive Lee Michael Sean, Head of Human Resources, reported compensation-related equity awards. He received 47 restricted stock units (RSUs) under the ELTIP and 49 RSUs under the EDIP, each representing a right to one ordinary share upon vesting.
The RSUs carry a grant price of $0.00 and are contingent on continued service, with vesting dates extending through February 2029. Following these awards, his reported direct RSU holdings in these plans total 5,393 units under ELTIP and 5,617 units under EDIP, which will either vest and settle or be forfeited.
Schrum Michael reported acquisition or exercise transactions in this Form 4 filing.
Bank of N.T. Butterfield & Son Ltd Chief Financial Officer Michael Schrum received two equity awards in the form of restricted stock units. He was granted 1,378 units under an ELTIP plan and 2,155 units under an EDIP plan, each representing a contingent right to receive one ordinary share upon vesting.
The awards were granted at no cash cost and increase his direct equity-based exposure to the company. The restricted stock units do not expire; they will either vest and settle in shares or be forfeited or cancelled before their scheduled vesting dates, which span future years and are subject to continued service.