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Butterfield Bank Submits Notice Of Share Repurchase Programme
Hamilton, Bermuda: 10th January 2006 - The Bermuda Stock Exchange (BSX) has been advised by the Bank of Butterfield (NTB.BH) that it has the present intention to repurchase over the 12 month period commencing 1st January 2006, up to 2,000,000 of its ordinary shares of par value $1 each pursuant to its share repurchase programme authorised by shareholders on 29th October, 1997. As at 31st December 2005, 2,000,000 shares represented 7.4% of total issued shares of the Bank. This intention is subject to appropriate market conditions and repurchases will only be made in the best interest of the Bank. The Directors consider that share repurchase is an excellent means of enhancing shareholder value while increasing earnings per share.
Shares repurchased and cancelled in the 12 months to 31st December, 2005 totaled 32,890 shares at an average price of $41.46 an aggregate cost of $1,365,448.
In addition, and separate to the above, the Bank's Stock Option Trust purchased in the 12 months to 31st December, 2005 totaled 285,854 shares at an average price of $44.10 an aggregate cost of $12,621,318 which were intended to be used to satisfy the Bank's obligation with respect of the Stock Option Plan.