FPA Queens Road Small Cap Value Fund noted in its Q2 2026 investor letter that it has accumulated shares in Bank of N.T. Butterfield & Son (NYSE:NTB) due to its attractive deposit and wealth management franchise in the Caribbean, trading at less than 10 times earnings. The fund believes that NTB's announced acquisition of CIBC's Caribbean franchise on May 28, at 1.1 times book value and 9 times earnings, will roughly double its business size and further solidify its market position, despite introducing some operational and balance sheet risks.