Toronto police say they're confident there is "no further risk to public safety" after a suspicious package found attached to a bicycle late Saturday afternoon at the Island Airport’s Ferry Terminal. 

In a follow-up news release issued late Sunday morning, police said they believe what happened Saturday evening is an "isolatied incident" and thanked the public for their patience.

"Investigations involving a potentially explosive device are time consuming, as informed decisions must be made for the safety of the public and to protect critical infrastructure," they said.

Shortly before 4 p.m. Saturday, Toronto police responded to a call for a suspicious package at Billy Bishop Airport. The emergency disposal unit was called in.

"Initial tests led EDU officers to believe it may be an explosive device," police said.

As a result, Billy Bishop Airport, the ferry terminal, and two condos at 34 Little Norway and 681 Queens Quay were evacuated. A third residential building at 650 Queens Quay was also partially cleared. 

The evacuation caused all operations of Billy Bishop to be suspended. All departing and arriving flights were either cancelled or diverted.

A number of roads in and around the airport were also shut down as police investigated.

Shortly before 11 p.m., Toronto police said a "controlled explosion" was being conducted in the area and residents could expect to hear a "loud bang."

In a tweet posted shortly before midnight, Billy Bishop Airport said the device has been disarmed and Toronto police have concluded their investigation and release the site. 

Police announced a short time later that the area was safe. Nearby roads re-opened and residents were advised that they could return home.

Billy Bishop Airport reopened to the public on Sunday at 6:45 a.m. All flights and operations have now resumed, the airport said in a tweet. Travellers are being advised to check with their airline as some flights may be impacted by the closure. 

Two persons of interest were taken into custody Saturday night, but were later released, police said.  No charges have been laid.

No further details have been provided about the contents of suspicious package. 

With files from Bryann Aguilar.