Bank of Montreal today reported lower first quarter earnings due to a $135 million restructuring charge to cover severance payments for 1,000 job cuts.

BMO said it made $585 million, or $1.13 a share, in the quarter, down from $606 million, or $1.17 a share, a year earlier.

The bank said said the restructuring charge to cover the 1,000 job cuts announced last month includes $117 million for severance and $18 million for other costs.

Excluding restructuring charges, the bank said it made $673 million, up $67 million year-over-year.

“I’m pleased to report that net income increased appreciably from a year ago, excluding the restructuring charge we announced at the end of January,” said Tony Comper, on his last day as president and chief executive officer of BMO. Comper is handing the reins to Bill Downe.

“P&C Canada and Private Client Group performed well with revenue growth n most product areas and P&C Canada generated increased market share in some of our key segments. Results this quarter provide a great foundation for the future and I’m focused on the opportunity to make this great company even better,” Downe added.

In conjunction with today’s earnings report, BMO increased its quarterly dividend by 3¢ a share to 68¢ a share.