Mr. Johnston pointed out that at today's price, the Bank's common shares are one of the best investments the Bank could make. "This programme offers us a chance not only to repurchase some of our shares at extremely attractive prices, but it also enables us to enhance shareholder value," he said.
The timing of the programme and the amount of the shares repurchased will be directed by overall financial and market conditions. "This action by the Board reflects its confidence, along with that of Management, in the future of the Bank. Such a programme will increase earnings per share and enhance the Bank's future financial flexibility, while maintaining a strong equity base".
The Bank of N.T. Butterfield & Son Limited, established in 1858 in Hamilton, Bermuda, has $4.6 billion in assets and over $30 billion of assets under administration. The Bank serves institutional and individual clients with a full range of banking, treasury, credit, investment, trust and custody services through its headquarters and four branches in Bermuda, as well as offices in Grand Cayman, Guernsey, Hong Kong and the United Kingdom. Bank of Butterfield common stock trades on both the Bermuda and Cayman Stock Exchanges.