The Bank of Butterfield today reported third quarter net income of $20.2 million, an increase of $2.8 million, or 15.9 percent, over the third quarter a year ago and up $0.4 million, or 1.8%, on the previous quarter.

Earnings per share for the third quarter was 99 cents, up 16 cents on the third quarter of 2002 and up two cents on the previous quarter.

The Board has declared a quarterly dividend of 35 cents per share payable on November 14, 2003 to shareholders of record on November 4, 2003. Taking into account the 'one for ten' stock dividend shareholders received in August, 2003 this represents a ten percent increase in the quarterly dividend, the bank said.

See tomorrow's Royal Gazette for a full report