The Bank of N.T. Butterfield & Son Limited reported its financial results for the second quarter of 2025. The bank's net income for the quarter was $53.3 million, or $1.25 per diluted common share, slightly down from $53.8 million, or $1.23 per diluted common share, in the previous quarter and up from $50.6 million, or $1.09 per diluted common share, in the second quarter of 2024. Core net income was $53.7 million, or $1.26 per diluted common share, compared to $56.7 million, or $1.30 per diluted common share, in the previous quarter and $51.4 million, or $1.11 per diluted common share, in the same period last year. The decrease in net income compared to the prior quarter was primarily attributed to a decline in foreign exchange revenue and an increase in the allowance for credit losses, though these were partially offset by reductions in non-interest expenses. Non-interest income fell to $57.0 million, down from $58.4 million in the previous quarter but up from $55.6 million in the second quarter of 2024. This decrease was mainly due to lower foreign exchange volumes and administrative fees, although partially offset by higher trust revenue. Net interest income for the second quarter was $89.4 million, showing a marginal increase from $89.3 million in the previous quarter and up from $87.4 million in the same quarter last year. The increase was largely due to a lower cost of deposits following central bank rate cuts, and a higher yield on investments, despite lower yields on loans and treasury assets.