Butterfield dropped 50 cents in light trading.

The bank, which gained 50 cents on Wednesday, closed at $11.50 on volume of 1,604 shares.

The loss offset a gain by the Bank of Bermuda, up 12.5 cents to $19 on volume of 1,340 shares. The Index fell 11.49 points to 1046.20 on volume of 16,562 shares worth $90,157.

In other trading, Bermuda Commercial Bank rights were unchanged at $3.25 on volume of 13,074, Hemisphere Group preference shares rose 50 cents to $6 on volume of $400, and Belco shares held at $20 on volume of just 144 shares.

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