Quarterly ResultJul 27, 2026, 04:38 PM
Butterfield Q2 Core Net Income $63.9M, EPS $1.58; CIBC Caribbean Acquisition Progresses
AI Summary
Butterfield reported Q2 2026 net income of $46.9 million ($1.16 per share) and core net income of $63.9 million ($1.58 per share), with core net income improving from the prior quarter. The company closed the acquisition of R&H Guernsey and made progress on the agreement to acquire CIBC Caribbean, expected to close in the first half of 2027, which is anticipated to double its size. Net interest margin remained stable at 2.74%, and the Board declared a quarterly cash dividend of $0.50 per share.
Key Highlights
- Core net income rose to $63.9 million, or $1.58 per share.
- Reported net income was $46.9 million, or $1.16 per share.
- Closed the acquisition of R&H Guernsey, with integration underway.
- Agreed to acquire CIBC Caribbean, expected to close in H1 2027.
- Net interest margin (NIM) was 2.74%, with cost of deposits at 1.25%.
- Declared a quarterly cash dividend of $0.50 per share.
- Repurchased 0.3 million shares for $16.1 million.
- Total assets increased to $14.3 billion; total deposits to $12.9 billion.
Price Impact
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