The board of directors of Butterfield Bank has approved a $100 million ordinary share repurchase programme that authorises the bank to purchase up to 2.7 million of its ordinary shares through the end of next year.

Michael Collins, chairman and chief executive, said: “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 authorisation provides us with an additional method to effectively deploy capital in 2025.”

Repurchases under the programme may be made in the open market or through privately negotiated transactions.

The programme will come into effect on January 1 with the termination of the current 2.1 million share repurchase programme that was announced in July.