Butterfield Announces Share Repurchase Program
Hamilton, Bermuda—December 6, 2018: 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 new share repurchase program pursuant to which the Bank is authorized to purchase up to 2,500,000 ordinary shares of the Bank through February 29, 2020.
Michael Collins, Butterfield’s Chairman and Chief Executive Officer, said, “Deploying capital to repurchase shares provides the Bank an effective means of augmenting shareholder return. It reflects our belief that Butterfield shares offer good value in the market given our confidence in our continued ability to generate strong returns and realize our growth ambitions.”
The timing and amount of any share repurchases will be subject to a number of factors that include, but are not limited to, general market conditions, Butterfield’s share price, and the availability of alternative capital investments. Repurchases under the new share repurchase program will be made in the open market or through privately negotiated transactions, including under Rule 10b5-1 plans, and will be made in accordance with applicable laws and regulations.
This new share repurchase program follows the completion of the Bank’s prior share repurchase program, which commenced on April 1, 2018, pursuant to which the Bank repurchased the full authorized amount of 1 million ordinary shares of the Bank at an average price of $40.15 per ordinary share.
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. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target” and other similar words and expressions of the future. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, 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 the Bank 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, the successful integration of acquisitions, success in business retention and obtaining new business and other factors. All statements other than statements of historical fact are statements that could be forward-looking statements.
All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, and those risks and uncertainties described in our Securities and Exchange Commission (“SEC”) reports and filings. Such reports are available upon request from the Bank, or from the SEC, including through the SEC’s website at http://www.sec.gov. We have no obligation and do not undertake to review, update, revise or correct any of the forward-looking statements included herein, whether as a result of new information, future events or other developments.
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.