N.T. Butterfield board approves $100M ordinary share repurchase program

The Bank of N.T. Butterfield (NTB) & Son Limited announced that its Board of Directors has approved a $100M ordinary share repurchase program pursuant to which the Bank is authorized to purchase up to 2.7M of its ordinary shares through December 31, 2025. Michael Collins, Chairman and Chief Executive Officer said: “I am pleased to announce a new share repurchase program for 2025. Our capital management priorities continue to focus on supporting a quarterly cash dividend, funding organic growth, and positioning the Bank for potential acquisitions. Subject to market conditions, our new share repurchase authorization provides us with an additional method to effectively deploy capital in 2025.” The new Share Repurchase Program will come into effect on January 1, 2025 with the termination of the current 2.1 million share repurchase program that was announced on July 22, 2024.