Bank of Butterfield announces quarter profits of $8.4 million

The first quarter of 2010 included an other-than-temporary impairment loss of $60.5 million and realised losses on securities of $113.8 million.

Challenging

Brad Kopp, Butterfield’s president and CEO, said: “We are pleased to report a first quarter profit following a difficult transitional year.

During the first quarter of 2011, Butterfield announced an agreement to sell its equity interest in fund administrator Butterfield Fulcrum. 

A statement said there was an 18.1 per cent drop in expenses for Butterfield over the previous year.

The bank declared $4 million of dividends on its eight per cent Non-Cumulative Perpetual Limited Voting Preference Shares to be paid on June 15 to preference shareholders. No common share dividend was declared.