Butterfield Announces Share Repurchase Program
December 05 2023 - 4:30PM
Business Wire
The Bank of N.T. Butterfield & Son Limited ("Butterfield" or
the "Bank") (BSX: NTB.BH; NYSE: NTB) today announced that its Board
of Directors has approved a $90 million ordinary share repurchase
program (“the 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 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.
Forward-Looking Statements: Certain of the statements
made in this release are forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements include statements with respect to
our beliefs, plans, objectives, goals, expectations, anticipations,
assumptions estimates, intentions, and future performance,
including, without limitation, our intention to make share
repurchases and our dividend payout target, and involve known and
unknown risks, uncertainties and other factors, which may be beyond
our control, and which may cause the actual results, performance,
capital, ownership or achievements of Butterfield to be materially
different from future results, performance or achievements
expressed or implied by such forward-looking statements due to a
variety of factors, including worldwide economic conditions
(including economic growth and general business conditions) and
fluctuations of interest rates, inflation, a decline in Bermuda’s
sovereign credit rating, the successful completion and integration
of acquisitions (including our progress on subsequent closings of
the acquisition of trust assets from Credit Suisse) or the
realization of the anticipated benefits of such acquisitions in the
expected time-frames or at all, success in business retention
(including the retention of relationships associated with our
Credit Suisse acquisition) and obtaining new business, the impact
of the COVID-19 pandemic, the success of our updated systems and
platforms and other factors. Forward-looking statements can be
identified by words such as "anticipate," "assume," "believe,"
"estimate," "expect," "indicate," "intend," "may," "plan," "point
to," "predict," "project," "seek," "target," "potential," "will,"
"would," "could," "should," "continue," "contemplate" and other
similar expressions, although not all forward-looking statements
contain these identifying words. All statements other than
statements of historical fact are statements that could be
forward-looking statements.
All forward-looking statements in this disclosure are expressly
qualified in their entirety by this cautionary notice, including,
without limitation, those risks and uncertainties described in our
SEC reports and filings, including under the caption "Risk Factors"
in our most recent Form 20-F. Such reports are available upon
request from Butterfield, or from the Securities and Exchange
Commission ("SEC"), including through the SEC’s website at
https://www.sec.gov. Any forward-looking statements made by
Butterfield are current views as at the date they are made. Except
as otherwise required by law, Butterfield assumes no obligation and
does not undertake to review, update, revise or correct any of the
forward-looking statements included in this disclosure, whether as
a result of new information, future events or other developments.
You are cautioned not to place undue reliance on the
forward-looking statements made by Butterfield in this disclosure.
Comparisons of results for current and any prior periods are not
intended to express any future trends or indications of future
performance, and should only be viewed as historical data.
About Butterfield: Butterfield is a full-service bank and
wealth manager headquartered in Hamilton, Bermuda, providing
services to clients from Bermuda, the Cayman Islands, Guernsey and
Jersey, where our principal banking operations are located, and The
Bahamas, Switzerland, Singapore and the United Kingdom, where we
offer specialized financial services. Banking services comprise
deposit, cash management and lending solutions for individual,
business and institutional clients. Wealth management services are
composed of trust, private banking, asset management and custody.
In Bermuda, the Cayman Islands and Guernsey, we offer both banking
and wealth management. In The Bahamas, Singapore and Switzerland,
we offer select wealth management services. In the UK, we offer
residential property lending. In Jersey, we offer select banking
and wealth management services. Butterfield is publicly traded on
the New York Stock Exchange (symbol: NTB) and the Bermuda Stock
Exchange (symbol: NTB.BH). Further details on the Butterfield Group
can be obtained from our website at: www.butterfieldgroup.com.
BF-All
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version on businesswire.com: https://www.businesswire.com/news/home/20231205755811/en/
Investor Relations Contact: Noah Fields Investor
Relations The Bank of N.T. Butterfield & Son Limited Phone :
(441) 299 3816 E-mail : noah.fields@butterfieldgroup.com
Media Relations Contact: Nicky Stevens Group Strategic
Marketing & Communications The Bank of N.T. Butterfield &
Son Limited Phone: (441) 299 1624 E-mail:
nicky.stevens@butterfieldgroup.com
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