Butterfield Bank swung to a profit of $11.2 million during the third quarter of 2011 as the bank posted its third consecutive quarter of profitability.That compared to a net loss of $18.6 million for the same period last year.The bank's year-to-date net income was $31.4 million versus a net loss of $194.8 million for the period ended September 30, 2010.Cash earnings totalled $35.6 million compared to a loss of $190.5 million for the prior year.Bradford Kopp, Butterfield Bank's president and CEO, said: “The continuing progress across major profit drivers in our business: net interest margin, expense control and credit quality drives our results this quarter and underscores the progress the bank has made in turning its operations around in the wake of its recapitalisation.“We have now delivered three straight quarters of profitability and our ongoing initiatives give us comfort that both revenues and expenses will improve in the quarters to come”He continued: “Credit quality has trended positively and we have significantly reduced exposures to continental Europe, with no direct sovereign debt and exposure to the banking sector limited to deposits or government-guaranteed notes. In addition to reduced risk, our balance sheet now boasts capital and liquidity ratios that are amongst the highest in the industry.”