Yesterday, The Bank of N.T. Butterfield & Son Limited (“Butterfield Bank”) announced 2007 first quarter results, reporting net income of $35.7 million. This was a record for the Group, and up 7.8% year on year. Pre-tax net income was $37.3 million, up 11.0% on a year ago. Diluted earnings per share were $1.22, up 7 cents year on year.

Alan Thompson, President & Chief Executive Officer said, *“It is pleasing to note the continued growth in our earnings achieved year on year, coupled with the significant growth in assets under administration and assets under management.”*

**The Bahamas**

For its Bahamas operations, the Group achieved net income of $0.6 million on total revenues of $2.7 million; up 17.0% and 29.7% respectively, reflecting strong growth in net interest income and fees from trust and custody; up 70.5% and 15.7% respectively. Client assets under administration increased by 20.2% year on year to $4.7 billion.

The Butterfield Bank Group is a full service community bank and a provider of specialised offshore financial services. Headquartered in Bermuda, the Group has additional operations located in The Bahamas, Barbados, the Cayman Islands, Guernsey, Switzerland and the United Kingdom.

Butterfield provides a full range of community banking services for institutional and individual customers in Barbados, Bermuda and the Cayman Islands, encompassing retail and corporate banking and treasury activities. As a specialist offshore financial services group, its also provides private banking, wealth management and fiduciary services, and institutional and pension fund administration in The Bahamas, Bermuda, the Cayman Islands, Guernsey, Switzerland and the United Kingdom.

Its institutional operations in The Bahamas include administered banks & trust companies and investment fund administration; while its private banking & wealth management operations here focus on fiduciary, banking, lending, and investment & custody services.