Bank of Butterfield: First Quarter Net Income Increases

The Bank of N.T. Butterfield & Son Limited reported net income of $26.1 million for its first quarter ending 31 March 2004. This represents an increase in net income for the period of 59.1% over that achieved at the same stage last year. Earnings per share for the quarter, at 127 cents per share, increased by 47 cents, or 58.8%, compared to the same period last year and rose 30 cents, or 30.9%, on the preceding quarter.

Alan Thompson, President & Chief Executive Officer said, "We remain pleased with the Bank's performance and the significant progress made across all areas of our core businesses over the past year as we continue to implement our business model."

Bank of Butterfield entered The Bahamas in 2003, acquiring Thorand Bank & Trust and Leopold Joseph (Bahamas) Limited. Graham Brooks, Executive Vice President, International & Trust, Bank of Butterfield, said, "Both businesses have high quality clients and, when merged (Bank of Butterfield (Bahamas) Ltd.), will form a solid foundation for growth in The Bahamas." During the first quarter, total income from Bahamas-based operations was up $1.0 million to $1.4 million on the preceding quarter, reflecting the acquisition of Deerfield Fund Services Limited, now renamed Butterfield Fund Services (Bahamas) Limited, in February this year.

Net income achieved from the Bahamian businesses was $0.3 million for the quarter.

Bank of Butterfield offers a full range of Community Banking services in Bermuda, Barbados and the Cayman Islands, encompassing Retail and Corporate Banking and Treasury activities. As a specialist offshore financial services group the Bank also provides Private Banking, Wealth Management & Fiduciary Services and Investment & Pension Fund Administration Services from its headquarters in Bermuda and its subsidiary offices in the Cayman Islands, Guernsey, The Bahamas and the United Kingdom.