Butterfield Bank Share Repurchase Program
In a filing with the Bermuda Stock Exchange, the Bank of N.T. Butterfield & Son Limited announced that its Board of Directors has approved a $90 million ordinary share repurchase program pursuant to which the Bank is authorized to purchase up to 3.5 million of its ordinary shares through December 31, 2024
Michael Collins, Chairman and Chief Executive Officer said: “I am pleased that the Board of Directors has approved a new Share Repurchase Program as the Bank continues to produce significant capital by generating strong risk adjusted returns. Since listing on the New York Stock Exchange in 2016, Butterfield has continued to provide shareholder return through dividends and share repurchases.”
The filing stated, “The timing and amount of any share repurchases will be determined by Bank management based on its evaluation of market conditions and other factors that include, but are not limited to, Butterfield’s share price and the availability of alternative accretive uses of capital. Repurchases under the new Share Repurchase Program may be made in the open market or through privately negotiated transactions, including under US Securities & Exchange Commission Rule 10b5-1, and will be made in accordance with applicable laws and regulations.
“The Share Repurchase Program will come into effect on December 15, 2023 with the termination of the current 3.0 million share repurchase program that was announced on February 13, 2023.”
