Butterfield Bank reports Q3 profit and CIBC Caribbean acquisition progress

Butterfield Bank reported a third-quarter net income of $61 million during its earnings call on October 28, 2026. The Bermudian-based bank maintained its quarterly dividend of 50 cents per share.

The bank confirmed that its $1.8 billion acquisition of CIBC Caribbean remains on track to close in the first half of 2027. CIBC Caribbean shareholders have approved the transaction, and regulatory applications have been submitted. Once completed, the combined entity is expected to hold approximately $29 billion in assets and $25 billion in deposits, with an annual run-rate of more than $400 million in earnings.

Management noted that the acquisition aims to scale regional presence across the Atlantic and English-speaking Caribbean rather than focusing on immediate cost reductions. Butterfield plans to issue debt to finance the purchase. Additionally, the bank expects approximately $500 million in private trust and corporate liquidation deposits to exit shortly, which will bring total deposits back to a target range of $12 billion to $12.5 billion.