What smart money is saying about The Bank of N.T. Butterfield & Son
1 fund in our archive has pitched The Bank of N.T. Butterfield & Son — most recently FPA Queens Road Small Cap Value Fund in June 2026.
The Bank of N.T. Butterfield & Son Limited provides a range of community, commercial, and private banking services to individuals and small to medium-sized businesses. The company offers retail and corporate checking, savings, and term deposits. It also provides lending products and services, including residential mortgage lending, automobile lending, credit cards, consumer financing, overdraft facilities to retail customers, commercial real estate lending, and commercial and industrial loans. In addition, the company offers cash and liquidity management, foreign exchange, custody administration, and settlement services. Further, it provides personal and business deposit services, residential and commercial mortgages, small and medium-sized enterprise and corporate loans, credit and debit cards, merchant acquiring, and mobile and internet banking services; and treasury services, wealth management, and fiduciary services. Additionally, the company offers discretionary investment management, managed portfolio services, money market, and mutual fund offerings, as well as advisory and self-directed brokerage options. It operates through offices in the Cayman Islands, Guernsey, Jersey, the United Kingdom, The Bahamas, Hong Kong, Switzerland, Singapore, Mauritius, and Canada, as well as Bermuda. The Bank of N.T. Butterfield & Son Limited was founded in 1784 and is headquartered in Hamilton, Bermuda.
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Position history
Between Q2 2025 and Q2 2026, 1 fund letter reported a position in The Bank of N.T. Butterfield & Son, with no move described.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 0 | 0 | 0 | 1 |
| Q2 2025 | 1 | 0 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 1 position
- June 2025
“In financials, results were driven by Danske Bank (Denmark), which returned 53% in the first half of 2025, Metro Bank (U.K.) which returned 54%, AIA Group (Hong Kong) which returned 26%, and Bank of Butterfield (Bermuda) which returned 24%. Danske Bank posted good results in the first half of 2025 (1H25) with continued modest growth, strong cost discipline and low charge-offs. The bank is overcapitalized—it has an 18.7% Tier 1 capital ratio compared to a requirement of 14.6% and a company target of 16%—so we are expecting strong shareholder returns. We anticipate a 10–12% shareholder return annually for several years through a 7–8% dividend yield combined with the repurchase of 3% of the shares. The Danish krone’s 12% appreciation relative to the U.S. dollar in 1H25 also benefited our portfolio. Danske Bank’s valuation remains attractive, in our view, at 8x 2026 owner earnings. Metro Bank returned to profitability in 1Q25 after several years of struggling with stubborn costs and capital shortfalls. Metro should have rapidly improving returns going forward as it has sold off low-yielding mortgage loan assets and is deploying capital into higher margin specialist lending. The bank has also structurally reduced its cost base by cutting a quarter of its work force. Metro remains attractive at 7x 2026 owner earnings. AIA Group saw a 13% growth in new business in 1Q25 that was broad-based across its pan-Asian footprint. Margins also continue to improve driven by a mix shift to more protection-focused policies. Capital return has been consistent with AIA as it reduced outstanding share count by 5% last year while paying a dividend of 2.3%. We expect 9–11% earnings per share (EPS) growth annually over the medium term. Valuation remains attractive at under 12x 2026 owner earnings or 1.3x trailing embedded value. Bank of Butterfield reported strong results through 1H25.”
The Bank of N.T. Butterfield & Son
Fund coverage · 1 thesis
- FPA Queens Road Small Cap Value FundJune 2026
The Bank of N.T. Butterfield & Son is a Caribbean banking franchise with attractive ROE, a value-accretive acquisition, and a well-run operating profile.
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