The board of directors of Butterfield Bank has approved a $90 million ordinary share repurchase programme that authorises the bank to purchase up to 3.5 million of its ordinary shares through December 31, 2024.

Michael Collins, the chairman and chief executive officer, said: “I am pleased that the board of directors has approved a new share repurchase programme 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.”

A Butterfield spokesman said: “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.”

The bank said repurchases under the new programme may be made in the open market or through privately negotiated transactions.

Butterfield said the programme comes into effect on December 15 with the termination of the current three million share repurchase programme that was announced on February 13.