Butterfield – a bank that operatees in Bermuda, Cayman, Guernsey and Jersey – has revealed its second quarter financial results.
With a net income of $46.9m – or $1.16 per diluted common share – there is a fall from 2025’s second quarter which stood at $53.3m.
However, the bank’s core net income for the second quarter is $63.9m or $1.58 per share.
The discrepancy arises from expenses and fees primarily related to their deal to acquire CIBC Caribbean and the integration of Rawlinson & Hunter Guernsey.
These costs amounted to $16.9m as the bank prepares to close the CIBC deal in the first half of 2027.
Michael Collins, Chairman and CEO at Butterfield, said: “Our second quarter results reflect the continued strength of our core banking franchise.”
Mr Collins explained that the increase in core net income came from “higher net interest income and the initial contribution of trust fees from our acquisition of Rawlinson & Hunter Guernsey”.
He added: “During the quarter, we announced the acquisition of CIBC Caribbean, a compelling opportunity that we expect will double our size and strengthen Butterfield’s position as a leading independent financial services provider across the Caribbean and international finance centers.”
Elsewhere, non-interest income reached $63.4m – an increase of $0.7m compared to last year, a spokesperson said.
This can be accounted for by the lower cost of deposits following interest rates falling and increased investment yields.
Mr Collins said: “I am pleased with the strong underlying core performance of our business.
“We remain focused on serving our clients, maintaining our disciplined approach to risk management and capital allocation, and executing on the opportunities before us.
“The combination of resilient core earnings, a strong balance sheet, and the addition of the
R&H Guernsey business positions us well to create long-term value for our shareholders.”
