Bank of N.T. Butterfield & Son Ltd
For the period ended Sep 30, 2026. Filed Oct 27, 2026.
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Sep 30, 2026 · Filed Oct 27, 2026
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Contents
EX-99.2 · Common Share Repurchase Program
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,
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 - employeebenefits 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 - employeebenefits 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) | ||
| Net Change of AOCIL Components · Three months ended · Nine months ended | |||||
|---|---|---|---|---|---|
| Line item in the consolidatedstatements 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
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