First Quarter 2020 Highlights include:
- Net income of $0.8 million, or $0.01 per diluted share
- Return on average common equity (non-GAAP) of 0.4%
- Return on average tangible common equity (non-GAAP) of
0.7%
- Average total deposits of $7.1 billion, a 5% increase
year-over-year
- Average total loans of $7.0 billion, a 2% increase
year-over-year
- Total assets under management/advisory (“AUM”) of $14.5
billion, a 10% decrease year-over-year
- Total net flows of $150 million, $176 million of which was
attributable to the Wealth Management and Trust segment
- On January 1, 2020, the Company adopted the Current Expected
Credit Loss ("CECL") accounting standard
- Provision for credit losses of $18.8 million ($0.16 per share
after tax impact), which includes $17.0 million of provision for
loan loss expense and $1.8 million of Other expense for unfunded
loan commitments, reflecting the impact of the COVID-19
pandemic
- $12.8 million of shares repurchased, completing the remaining
availability under the existing program
Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the
“Company” or “BPFH”) today reported first quarter 2020 Net income
attributable to the Company of $0.8 million, compared to $21.2
million for the fourth quarter of 2019 and $19.4 million for the
first quarter of 2019. First quarter 2020 Diluted earnings per
share were $0.01, compared to $0.26 in the fourth quarter of 2019
and $0.25 in the first quarter of 2019.
“I am extremely proud of the commitment and dedication shown by
the Boston Private employees throughout the COVID-19 pandemic,”
said Anthony DeChellis, CEO of Boston Private. “Many of our
employees have worked around the clock in difficult circumstances
to deliver much needed capital and advice to our clients as we
navigate this crisis together.
“This quarter’s results reflect the implementation of CECL and a
reserve build related to the uncertain outlook of the pandemic’s
impact on our economy. Before the reserve build, our Company
demonstrated net interest income growth and expense discipline,
while generating positive net flows in our Wealth Management &
Trust business.”
Summary Financial Results -
Reported
% Change
($ in millions, except for per share
data)
1Q20
4Q19
1Q19
LQ
Y/Y
Net income
$0.8
$21.2
$19.4
(96)
%
(96)
%
Diluted earnings per share
$0.01
$0.26
$0.25
(96)
%
(96)
%
Non-GAAP Financial
Measures:
Pre-tax, pre-provision income
$17.9
$24.5
$23.0
(27)
%
(22)
%
Return on average common equity
("ROACE")
0.4
%
10.3
%
10.3
%
Return on average tangible common equity
("ROATCE")
0.7
%
11.5
%
11.6
%
The Company's reported financial results decreased linked
quarter and year-over-year primarily as a result of the total
provision for credit losses of $18.8 million in the first quarter
of 2020. $1.8 million of the provision for credit loss expense
related to unfunded commitments was recognized as noninterest
expense, which negatively impacted first quarter 2020 Pre-tax,
pre-provision income.
In addition to presenting the Company’s results in conformity
with GAAP, the Company uses certain non-GAAP financial measures to
provide information for investors to effectively analyze financial
trends of ongoing business activities, and to enhance comparability
with peers across the financial sector. For additional information
on non-GAAP measures, see page 5. A reconciliation of GAAP to
non-GAAP results can be found beginning on page 15.
Summary Financial Results - Operating
Basis (non-GAAP)
% Change
($ in millions, except for per share
data)
1Q20
4Q191
1Q192
LQ
Y/Y
Net income
$
0.8
$
20.5
$
20.7
(96
)%
(96
)%
Diluted earnings per share
$
0.01
$
0.25
$
0.27
(96
)%
(96
)%
Pre-tax, pre-provision income
$
17.9
$
23.4
$
24.7
(23
)%
(28
)%
Return on average common equity
0.4
%
9.9
%
11.0
%
Return on average tangible common
equity
0.7
%
11.1
%
12.4
%
14Q19 results adjusted to exclude the net
after-tax impact of $1.1 million gain related to the revaluation of
a receivable from the divestiture of Bingham, Osborn &
Scarborough, LLC ("BOS")
21Q19 results adjusted to exclude the net
after-tax impact of $1.6 million restructuring expense
Net Interest Income and Margin
% Change
($ in millions)
1Q20
4Q19
1Q19
LQ
Y/Y
Net interest income
$57.3
$56.1
$58.3
2
%
(2
)%
Less: Interest recovered on previous
nonaccrual loans
—
—
0.3
(71
)%
(97
)%
Core net interest income
(non-GAAP)
$57.3
$56.1
$58.1
2
%
(1
)%
Net interest margin
2.76
%
2.70
%
2.90
%
Core net interest margin (non-GAAP)
2.76
%
2.70
%
2.89
%
Net interest income for the first quarter of 2020 was $57.3
million, a 2% increase linked quarter and a 2% decrease
year-over-year. The linked quarter increase was driven by lower
funding costs, partially offset by lower interest on earning
assets.
The Company’s Net interest margin increased 6 basis points on a
linked quarter basis to 2.76% driven by higher net interest income
while interest-earning assets remained generally flat. The
Company's total cost of funds declined 16 basis points from 0.99%
to 0.83% as a result of lower deposit costs and higher average
deposit balances that replaced higher cost borrowings.
Noninterest Income
% Change
($ in millions)
1Q20
4Q19
1Q19
LQ
Y/Y
Wealth management and trust fees
$
18.4
$
18.7
$
19.1
(2
)%
(4
)%
Investment management fees
1.9
2.6
2.7
(25
)%
(27
)%
Private banking fees 3
2.6
3.5
2.6
(26
)%
1
%
Total core fees and income
$
22.9
$
24.8
$
24.3
(8
)%
(6
)%
Total other income
(1.4
)
2.0
1.0
nm
nm
Total noninterest income
$
21.5
$
26.8
$
25.2
(20
)%
(15
)%
Memo: Excluding Notable Items
Wealth management and trust fees
$
18.4
$
18.7
$
19.1
(2
)%
(4
)%
Investment management fees
1.9
2.6
2.7
(25
)%
(27
)%
Private banking fees 3
2.6
3.5
2.6
(26
)%
1
%
Total core fees and income
$
22.9
$
24.8
$
24.3
(8
)%
(6
)%
Total other income (non-GAAP) 4
(1.4
)
0.9
1.0
nm
nm
Total noninterest income (non-GAAP)
4
$
21.5
$
25.7
$
25.2
(16
)%
(15
)%
nm = not meaningful
3 Private banking fees includes Other
banking fee income and Gain/(loss) on sale of loans, net
4 Excludes $1.1 million gain related to
revaluation of a receivable from the divestiture of BOS in 4Q19
Total core fees and income for the first quarter of 2020 was
$22.9 million, an 8% decrease linked quarter. The linked quarter
decrease was primarily driven by lower Investment management fees
and lower revenue associated with the gain on sale of loans, which
was elevated during the fourth quarter of 2019 as a result of a
residential loan sale.
Total other income of $(1.4) million during the first quarter of
2020 was negative as a result of market-related valuation
adjustments on derivatives and securities related to the Company's
Deferred Compensation Plan.
Assets Under Management /
Advisory
% Change
($ in millions)
1Q20
4Q19
1Q19
LQ
Y/Y
Wealth Management and Trust
$
13,497
$
15,224
$
14,564
(11
)
%
(7
)
%
Other 6
1,016
1,544
1,558
(34
)
%
(35
)
%
Total assets under management /
advisory
$
14,513
$
16,768
$
16,122
(13
)
%
(10
)
%
6 Includes results from Dalton, Greiner,
Hartman, Maher & Co, LLC ("DGHM")
Total assets under management / advisory were $14.5 billion at
the end of the first quarter of 2020, a 13% decrease linked quarter
and 10% decrease year-over-year. The linked quarter and
year-over-year decreases were primarily driven by lower equity
market values.
Total net flows were $150.0 million during the first quarter of
2020, $176.0 million of which was attributable to the Wealth
Management and Trust segment.
Noninterest Expense
% Change
($ in millions)
1Q20
4Q19
1Q19
LQ
Y/Y
Salaries and employee benefits
$
35.1
$
34.2
$
35.7
3
%
(2
)%
Occupancy and equipment
7.6
7.6
8.3
1
%
(8
)%
Information systems
6.7
6.5
5.9
4
%
15
%
Professional services
3.6
3.9
3.6
(8
)%
1
%
Marketing and business development
1.9
2.0
1.1
(6
)%
74
%
Amortization of intangibles
0.7
0.7
0.7
6
%
6
%
FDIC insurance
—
—
0.7
(100
)%
(100
)%
Restructuring
—
—
1.6
—
%
(100
)%
Other
5.2
3.6
3.0
44
%
75
%
Total noninterest expense
$
60.9
$
58.5
$
60.6
4
%
1
%
Memo: Excluding Notable Items
Restructuring2
—
—
1.6
nm
(100
)%
Total noninterest expense
(non-GAAP)
$
60.9
$
58.5
$
58.9
4
%
3
%
21Q19 results adjusted to exclude the net
after-tax impact of $1.6 million restructuring expense
Total noninterest expense for the first quarter of 2020 was
$60.9 million, which includes $1.8 million of provision expense
related to unfunded loan commitments recognized in Other expense.
Total noninterest expense increased 4% linked quarter primarily
driven by the $1.8 million provision expense and seasonal
compensation expense.
Total noninterest expense (non-GAAP) increased 3% year-over-year
primarily driven by the $1.8 million provision expense and higher
Information systems expense from new initiatives.
Income Tax Expense
The Company's effective tax rate for the first quarter of 2020
was 11.2%. This rate is lower than prior quarters of 2019 primarily
because net tax benefits had a more significant impact on the
effective tax rate as a result of lower levels of pre-tax income in
2020 as compared to 2019.
Loans and Deposits - QTD
Averages
% Change
($ in millions)
1Q20
4Q19
1Q19
LQ
Y/Y
Commercial and industrial
$
1,149
$
1,142
$
1,070
1
%
7
%
Commercial real estate
2,582
2,562
2,398
1
%
8
%
Construction and land
233
217
211
8
%
10
%
Residential
2,851
2,935
2,973
(3
)%
(4
)%
Home equity
86
85
91
2
%
(5
)%
Other consumer
132
132
134
—
%
(1
)%
Total loans
$
7,034
$
7,073
$
6,877
(1
)%
2
%
Non-interest bearing deposits
2,046
2,002
1,975
2
%
4
%
Interest bearing deposits
5,061
4,957
4,792
2
%
6
%
Total deposits
$
7,107
$
6,959
$
6,767
2
%
5
%
Non-interest bearing deposits as a % of
Total deposits
29
%
29
%
29
%
The average loan to average deposit ratio declined linked
quarter from 101.6% to 99.0% as a result of first quarter 2020
deposit inflows and a linked quarter decline in loans, primarily
driven by a residential loan sale late in the fourth quarter of
2019.
Average total loans in the first quarter of 2020 increased 2%
year-over-year, primarily driven by growth in commercial real
estate and commercial and industrial loans, partially offset by a
decline in residential loans.
Average total deposits in the first quarter of 2020 increased 5%
year-over-year, primarily driven by an increase in money market
accounts and non-interest bearing deposits, partially offset by a
decline in brokered certificates of deposits.
The cost of total deposits was 0.72%, a decrease of 14 basis
points linked quarter and 12 basis points year-over-year.
Provision and Asset Quality
($ in millions)
1Q20
4Q19
3Q19
2Q19
1Q19
Provision/(credit) for loan losses
$
17.0
$
(3.7
)
$
0.2
$
1.4
$
(1.4
)
Total net loans (charged-off)/
recovered
(0.3
)
0.3
0.1
(0.1
)
(0.1
)
Total nonaccrual loans
24.3
16.1
17.6
17.2
12.0
Total criticized and classified loans
204.9
126.0
139.0
141.7
141.3
Total loans 30-89 days past due and
accruing
14.9
25.9
4.2
2.4
17.7
Ratios:
Allowance for loan losses as a % of Total
loans
0.97
%
1.03
%
1.07
%
1.06
%
1.07
%
Nonaccrual loans as a % of Total loans
0.35
%
0.23
%
0.25
%
0.24
%
0.17
%
On January 1, 2020, the Company adopted the Current Expected
Credit Loss accounting standard ("CECL"). Under this standard, the
allowance for credit losses reflects expected credit losses over
the life of loans and incorporates macroeconomic forecasts as well
as historical loss rates. The adoption of CECL resulted in a net
decrease in reserves of $19.0 million.
During the first quarter of 2020, the Company recognized a total
provision for credit losses and unfunded loan commitments expense
of $18.8 million, which includes a provision for loan loss expense
of $17.0 million and $1.8 million for unfunded loan commitments,
which is recognized as Other expense within Noninterest expense.
The provision expense calculated under the CECL methodology was
driven by the changes in economic projections late in the first
quarter of 2020 to reflect the impact of the COVID-19 pandemic.
This quarter's Provision for loan loss expense of $17.0 million
compares to a provision credit of $3.7 million in the fourth
quarter of 2019 and $1.4 million in the first quarter of 2019, both
from the prior accounting basis.
Total net loans charged-off for the quarter was $0.3 million,
compared to net loans recovered of $0.3 million in the fourth
quarter of 2019 and net loans charged-off of $0.1 million in the
first quarter of 2019.
Total nonaccrual loans as of March 31, 2020 was $24.3 million,
or 35 basis points of Total loans, compared to $16.1 million, or 23
basis points of Total loans, as of December 31, 2019, and $12.0
million, or 17 basis points of Total loans, as of March 31,
2019.
Total criticized and classified loans as of March 31, 2020 was
$204.9 million, an increase of $78.8 million, or 63%, linked
quarter and $63.6 million, or 45%, year-over-year.
Capital
($ in millions, except for share and per
share data)
1Q20
4Q19
3Q19
2Q19
1Q19
Tangible common equity/ Tangible assets
(non-GAAP)
8.8
%
8.6
%
8.6
%
8.4
%
8.3
%
Tangible book value per share
(non-GAAP)
$
9.31
$
9.02
$
8.90
$
8.71
$
8.47
Regulatory Capital
Ratios: 7
Tier 1 common equity
11.2
%
11.4
%
11.2
%
11.2
%
11.4
%
Total risk-based capital
13.8
%
14.1
%
13.9
%
13.9
%
14.2
%
Tier 1 risk-based capital
12.7
%
13.0
%
12.8
%
12.7
%
13.0
%
Tier 1 leverage capital
9.7
%
9.8
%
9.7
%
9.6
%
9.7
%
Common Equity
Repurchase Program:
Total shares of common stock
repurchased
1,565,060
—
678,165
—
—
Average price paid per share of common
stock
$
8.18
—
$
10.61
—
—
Aggregate repurchases of common stock
$
12.8
—
$
7.2
—
—
7 Current quarter information is presented
based on estimated data.
During the first quarter of 2020, the Company completed the
remainder of the $20.0 million share repurchase program by
repurchasing $12.8 million of common stock. The Company repurchased
1,565,060 shares of common stock at an average cost of $8.18 per
share during the quarter.
Tangible book value per share (non-GAAP) as of March 31, 2020
increased 3% linked quarter and 10% year-over-year to $9.31. The
linked quarter and year-over year increases in Tangible book value
per share were primarily driven by increased Accumulated other
comprehensive income, increased Retained earnings, and the impact
of the share repurchase program on total shares outstanding.
Dividend Payments
Concurrent with the release of first quarter 2020 earnings, the
Board of Directors of the Company declared a cash dividend payable
to common shareholders of $0.12 per share. The record date for this
dividend is May 8, 2020, and the payment date is May 22, 2020.
Non-GAAP Financial
Measures
The Company uses certain non-GAAP financial measures to provide
information for investors to effectively analyze financial trends
of ongoing business activities, and to enhance comparability with
peers across the financial sector.
These non-GAAP financial measures include: return on average
common equity; return on average tangible common equity; pre-tax,
pre-provision income; net interest income and net interest margin
excluding interest recovered on previous nonaccrual loans, also
referred to as core net interest income, and core net interest
margin, respectively; tangible common equity / tangible assets,
total noninterest expense excluding intangibles and restructuring,
if any; the efficiency ratio excluding amortization and
intangibles, and restructuring, if any; net income attributable to
the Company excluding notable items; net income attributable to the
common shareholders, treasury stock method, excluding notable
items; diluted earnings per share excluding notable items.
A detailed reconciliation table of the Company’s GAAP to
non-GAAP measures is included in the tables of this release and
beginning on page 15 of the attached financial statements.
Conference Call
Management will hold a conference call at 8:00 a.m. Eastern Time
on Thursday, April 30, 2020, to discuss the financial results,
business highlights and outlook. To access the call:
Dial In #: (888) 317-6003 Elite Entry Number: 6465914
Replay Information: Available from
April 30, 2020 at 12:00 p.m Eastern Time until May 7, 2020 Dial In
#: (877) 344-7529 Conference Number: 10142181
The call will be simultaneously webcast and may be accessed on
www.bostonprivate.com.
About Boston Private
Boston Private is a leading provider of integrated wealth
management, trust and banking services to individuals, families,
businesses and nonprofits.
For more than 30 years, Boston Private has delivered
comprehensive advice coupled with deep technical expertise to help
clients simplify their lives and achieve their goals. The firm
offers the capabilities of a large institution with the superior
service of a boutique firm to clients across the United States. The
Company has total assets of greater than $8 billion, and manages
over $14 billion of client assets.
Boston Private is the corporate brand of Boston Private
Financial Holdings, Inc. (NASDAQ: BPFH).
For more information, visit www.bostonprivate.com.
Forward-Looking
Statements
Certain statements in this press release that are not historical
facts may constitute forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and
are intended to be covered by the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements involve risks and uncertainties. These statements
include, among others, statements regarding our strategy;
evaluations of interest rate trends and future liquidity;
expectations as to changes and assets, deposits and results of
operations; the impact of the COVID-19 pandemic; future operations;
market position and financial position; and prospects, plans and
objectives of management. You should not place undue reliance on
our forward-looking statements. You should exercise caution in
interpreting and relying on forward-looking statements because they
are subject to significant risks, uncertainties and other factors
which are, in some cases, beyond the Company’s control.
Forward-looking statements are based on the current assumptions and
beliefs of management and are only expectations of future results.
The Company’s actual results could differ materially from those
projected in the forward-looking statements as a result of, among
other factors, the negative impacts and disruptions of the COVID-19
pandemic and measures taken to contain its spread on our employees,
customers, business operations, credit quality, financial position,
liquidity and results of operations; the length and extent of the
economic contraction as a result of the COVID-19 pandemic;
continued deterioration in general business and economic conditions
on a national basis and in the local markets in which the Company
operates; changes in customer behavior due to changing business and
economic conditions or legislative or regulatory initiatives;
continued turbulence in the capital and debt markets; changes in
interest rates; increases in loan defaults and charge-off rates;
decreases in the value of securities and other assets; changes in
loan loss reserves; decreases in deposit levels necessitating
increased borrowing to fund loans and investments; competitive
pressures from other financial institutions; operational risks
including, but not limited to, cybersecurity incidents, fraud,
natural disasters and future pandemics; changes in regulation;
reputational risk relating to the Company’s participation in the
Paycheck Protection Program and other pandemic-related legislative
and regulatory initiatives and programs; risks that goodwill and
intangibles recorded in the Company’s financial statements will
become impaired; the risk that the Company’s deferred tax asset may
not be realized; risks related to the identification and
implementation of acquisitions, dispositions and restructurings;
changes in assumptions used in making such forward-looking
statements; and the other risks and uncertainties detailed in the
Company’s Annual Report on Form 10-K and updated in the Company’s
Quarterly Reports on Form 10-Q and other filings submitted to the
Securities and Exchange Commission. Forward-looking statements
speak only as of the date on which they are made. The Company does
not undertake any obligation to update any forward-looking
statement to reflect circumstances or events that occur after the
date the forward-looking statements are made.
BOSTON PRIVATE FINANCIAL HOLDINGS,
INC.
Consolidated Balance Sheets
Unaudited ($ in thousands, except share
and per share data)
1Q20
4Q19
3Q19
2Q19
1Q19
ASSETS:
Cash and cash equivalents
$
61,714
$
292,479
$
78,010
$
65,756
$
96,211
Investment securities
available-for-sale
993,166
978,284
935,538
966,731
981,951
Investment securities held-to-maturity
45,395
48,212
51,379
54,482
67,548
Equity securities at fair value
23,080
18,810
21,780
19,092
7,491
Stock in Federal Home Loan Bank and
Federal Reserve Bank
45,273
39,078
47,756
64,453
47,053
Loans held for sale
7,671
7,386
6,658
3,640
280
Loans
7,043,338
6,976,704
7,067,151
7,080,260
6,926,968
Less: Allowance for loan losses
68,211
71,982
75,359
75,067
73,814
Loans, net of allowance for loan
losses
6,975,127
6,904,722
6,991,792
7,005,193
6,853,154
Premises and equipment, net
43,544
44,527
42,658
40,244
42,938
Goodwill
57,607
57,607
57,607
57,607
57,607
Intangible assets, net
9,637
10,352
10,622
10,884
11,555
Accrued interest receivable
24,054
24,175
24,851
26,411
25,935
Deferred income taxes, net
5,630
11,383
15,704
17,183
22,844
Right-of-use assets
98,896
102,075
107,045
110,880
104,644
Other assets
355,532
291,411
299,544
270,317
252,932
TOTAL ASSETS
$
8,746,326
$
8,830,501
$
8,690,944
$
8,712,873
$
8,572,143
LIABILITIES:
Deposits
$
6,835,572
$
7,241,476
$
6,658,242
$
6,437,963
$
6,779,845
Securities sold under agreements to
repurchase
45,319
53,398
48,860
62,372
58,329
Federal funds purchased
145,000
—
230,000
135,000
—
Federal Home Loan Bank borrowings
491,254
350,829
570,904
920,068
615,070
Junior subordinated debentures
106,363
106,363
106,363
106,363
106,363
Lease liabilities
113,574
117,214
122,799
126,740
120,162
Other liabilities
180,452
140,820
143,607
124,370
112,893
TOTAL LIABILITIES
7,917,534
8,010,100
7,880,775
7,912,876
7,792,662
REDEEMABLE
NONCONTROLLING INTERESTS (“RNCI”)
—
1,383
1,481
1,786
662
SHAREHOLDERS'
EQUITY:
Common stock, $1.00 par value; authorized:
170,000,000 shares
81,800
83,266
83,242
83,774
83,774
Additional paid-in capital
593,167
600,708
599,877
603,869
604,288
Retained earnings
131,761
127,469
116,210
106,443
97,155
Accumulated other comprehensive
income/(loss)
22,064
7,575
9,359
4,125
(6,398
)
TOTAL SHAREHOLDERS' EQUITY
828,792
819,018
808,688
798,211
778,819
TOTAL LIABILITIES, RNCI, AND
SHAREHOLDERS' EQUITY
$
8,746,326
$
8,830,501
$
8,690,944
$
8,712,873
$
8,572,143
BOSTON PRIVATE FINANCIAL HOLDINGS,
INC.
Consolidated Income Statements
Unaudited ($ in thousands, except share
and per share data)
1Q20
4Q19
3Q19
2Q19
1Q19
REVENUE:
Interest income
$
73,082
$
75,291
$
77,604
$
78,728
$
76,824
Interest expense
15,825
19,166
21,451
21,268
18,486
Net interest income
57,257
56,125
56,153
57,460
58,338
Provision/(credit) for loan losses 8
16,962
(3,668
)
167
1,363
(1,426
)
Net interest income after
provision/(credit) for loan losses
40,295
59,793
55,986
56,097
59,764
Wealth management and trust fees 9
18,371
18,720
19,067
18,912
19,058
Investment management fees
1,925
2,554
2,496
2,455
2,650
Private banking fee income
2,490
2,924
2,658
2,867
2,499
Gain on sale of loans, net
100
557
934
58
73
Total core fees and income
22,886
24,755
25,155
24,292
24,280
Total other income
(1,365
)
2,038
(29
)
88
968
TOTAL REVENUE 10
78,778
82,918
81,279
81,840
83,586
NONINTEREST
EXPENSE:
Salaries and employee benefits
35,096
34,186
31,684
32,706
35,726
Occupancy and equipment
7,646
7,578
8,260
7,852
8,348
Information systems
6,725
6,476
5,169
5,137
5,860
Professional services
3,601
3,920
4,435
3,313
3,560
Marketing and business development
1,890
2,017
1,403
1,934
1,085
Amortization of intangibles
715
676
671
672
672
FDIC insurance
—
(19
)
59
585
660
Restructuring
—
—
—
—
1,646
Other 8
5,235
3,623
3,856
3,460
2,996
TOTAL NONINTEREST EXPENSE
60,908
58,457
55,537
55,659
60,553
INCOME BEFORE INCOME TAXES
908
28,129
25,575
24,818
24,459
Provision for income taxes
102
6,788
5,517
5,369
4,917
Net income before attribution to
noncontrolling interests
806
21,341
20,058
19,449
19,542
Less: Net income attributable to
noncontrolling interests
6
97
96
69
100
NET INCOME ATTRIBUTABLE TO THE
COMPANY
$
800
$
21,244
$
19,962
$
19,380
$
19,442
Adjustments, treasury stock method 11
414
98
304
(816
)
1,557
NET INCOME ATTRIBUTABLE TO COMMON
SHAREHOLDERS
$
1,214
$
21,342
$
20,266
$
18,564
$
20,999
COMMON SHARE
DATA:
Weighted average basic shares
outstanding
83,005,064
83,238,982
83,631,403
83,565,780
83,285,095
Weighted average diluted shares
outstanding 12
83,318,041
83,637,786
83,956,708
84,048,972
84,010,450
Diluted earnings per share
$
0.01
$
0.26
$
0.24
$
0.22
$
0.25
8 In the first quarter of 2020, there was
a $17.0 million provision expense for loan losses. Additionally,
there was a $1.8 million provision expense related to the
off-balance sheet commitments included in Other expenses.
9 Wealth management and trust fees
consists of revenue from Boston Private Wealth LLC ("BPW"), KLS
Professional Advisors Group, LLC ("KLS") through the effective date
of its merger with BPW, and the trust operations of Boston Private
Bank & Trust Company.
10 Total revenue is the sum of Net
interest income, Total core fees and income, and Total other
income.
11 Adjustments to Net income attributable
to the Company to arrive at Net income attributable to common
shareholders, treasury stock method, as presented in these tables,
include decrease/(increase) in Noncontrolling interests redemption
value.
12 For a description of the Company's
policies regarding Diluted earnings per share, please refer to Part
II. Item 8. “Financial Statements and Supplementary Data - Note 16:
Earnings Per Share” in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2019.
BOSTON PRIVATE FINANCIAL HOLDINGS,
INC.
Consolidated Financial
Highlights
Unaudited ($ in thousands, except share
and per share data)
1Q20
4Q19
3Q19
2Q19
1Q19
KEY
STATISTICS:
Return on average assets (non-GAAP) 12
0.04
%
0.96
%
0.91
%
0.90
%
0.93
%
ROACE (non-GAAP) 12
0.39
%
10.29
%
9.80
%
9.83
%
10.29
%
ROATCE (non-GAAP) 12
0.72
%
11.51
%
10.99
%
11.06
%
11.63
%
Efficiency ratio (non-GAAP) 12
76.4
%
69.7
%
67.5
%
67.2
%
69.7
%
Noninterest income to total revenue
27.3
%
32.3
%
30.9
%
29.8
%
30.2
%
Net interest margin
2.76
%
2.70
%
2.72
%
2.78
%
2.90
%
Average loan to average deposit ratio
99.0
%
101.6
%
105.9
%
106.6
%
101.6
%
Cost of total deposits
0.72
%
0.86
%
0.92
%
0.88
%
0.84
%
Cost of interest-bearing deposits
1.02
%
1.20
%
1.31
%
1.25
%
1.19
%
Cost of total funding
0.83
%
0.99
%
1.12
%
1.11
%
1.00
%
Allowance for loan loss / Total loans
0.97
%
1.03
%
1.07
%
1.06
%
1.07
%
Nonperforming loans / Total loans
0.35
%
0.23
%
0.25
%
0.24
%
0.17
%
Net (charge-offs)/recoveries / Total loans
12
(0.02
)%
0.02
%
0.01
%
(0.01
)%
—
%
CAPITAL
HIGHLIGHTS:
Tier 1 common equity 7
$
742,044
$
745,926
$
732,980
$
726,872
$
717,138
Tier 1 capital 7
$
842,066
$
846,337
$
833,431
$
827,299
$
817,600
Total capital 7
$
914,572
$
919,573
$
910,076
$
903,675
$
892,764
Risk-weighted assets ("RWA") 7
$
6,627,338
$
6,530,804
$
6,533,884
$
6,491,184
$
6,304,444
Average assets for leverage 7
$
8,691,254
$
8,659,944
$
8,588,358
$
8,617,803
$
8,447,143
Tier 1 common equity ratio 7
11.20
%
11.42
%
11.22
%
11.20
%
11.38
%
Tier 1 risk-based capital ratio 7
12.71
%
12.96
%
12.76
%
12.74
%
12.97
%
Total risk-based capital ratio 7
13.80
%
14.08
%
13.93
%
13.92
%
14.16
%
Tier 1 leverage capital ratio 7
9.69
%
9.77
%
9.70
%
9.60
%
9.68
%
Total equity / Total assets
9.48
%
9.27
%
9.30
%
9.16
%
9.09
%
Tangible common equity / Tangible assets
(non-GAAP)
8.77
%
8.57
%
8.59
%
8.44
%
8.35
%
End of period market price per share
$
7.15
$
12.03
$
11.66
$
12.07
$
10.96
End of period shares outstanding
81,800,486
83,265,674
83,241,952
83,774,335
83,773,650
Book value per common share
$
10.13
$
9.84
$
9.71
$
9.53
$
9.30
Tangible book value per share
(non-GAAP)
$
9.31
$
9.02
$
8.90
$
8.71
$
8.47
Common Equity
Repurchase Program:
Total shares of common stock
repurchased
1,565,060
—
678,165
—
—
Average price paid per share of common
stock
$
8.18
$
—
$10.61
$
—
$
—
Aggregate repurchases of common stock ($
in millions)
$
12.8
$
—
$7.2
$
—
$
—
7 Current quarter capital
highlights are presented based on estimated data.
12 Annualized.
BOSTON PRIVATE FINANCIAL HOLDINGS,
INC.
Consolidated AUM and Balance Sheet -
End of Period Balances
Unaudited ($ in thousands)
1Q20
4Q19
3Q19
2Q19
1Q19
ASSETS UNDER
MANAGEMENT AND ADVISORY ("AUM"):
Wealth Management and Trust
$
13,497,000
$
15,224,000
$
14,695,000
$
14,649,000
$
14,564,000
Other
1,016,000
1,544,000
1,533,000
1,550,000
1,558,000
TOTAL AUM
$
14,513,000
$
16,768,000
$
16,228,000
$
16,199,000
$
16,122,000
AUM
Rollforward:
Beginning balance
$
16,768,000
$
16,228,000
$
16,199,000
$
16,122,000
$
15,921,000
Net flows
150,000
(209,000
)
(137,000
)
(269,000
)
(963,000
)
Market
(2,405,000
)
749,000
166,000
346,000
1,164,000
Ending balance
$
14,513,000
$
16,768,000
$
16,228,000
$
16,199,000
$
16,122,000
AUM Net
Flows:
Wealth Management and Trust
$
176,000
$
(114,000
)
$
(100,000
)
$
(233,000
)
$
(580,000
)
Other
(26,000
)
(95,000
)
(37,000
)
(36,000
)
(383,000
)
TOTAL NET FLOWS
$
150,000
$
(209,000
)
$
(137,000
)
$
(269,000
)
$
(963,000
)
DEPOSITS:
Demand deposits (non-interest bearing)
$
2,020,440
$
1,971,013
$
1,947,363
$
1,854,091
$
2,016,838
Savings and NOW
653,006
646,199
666,107
631,166
673,954
Money market
3,468,701
3,969,330
3,366,623
3,228,608
3,302,244
Certificates of deposit
693,425
654,934
678,149
724,098
786,809
TOTAL DEPOSITS
$
6,835,572
$
7,241,476
$
6,658,242
$
6,437,963
$
6,779,845
LOANS:
Commercial and industrial
$
670,744
$
694,034
$
695,029
$
656,186
$
615,370
Commercial tax exempt
445,319
447,927
448,488
450,307
449,492
Commercial real estate
2,626,299
2,551,274
2,533,346
2,530,556
2,439,048
Construction and land
238,293
225,983
209,741
200,378
210,618
Residential
2,841,926
2,839,155
2,964,042
3,025,758
2,993,132
Home equity
89,350
83,657
84,432
89,930
88,620
Consumer
131,407
134,674
132,073
127,145
130,688
TOTAL LOANS
$
7,043,338
$
6,976,704
$
7,067,151
$
7,080,260
$
6,926,968
BOSTON PRIVATE FINANCIAL HOLDINGS,
INC.
Asset Quality
Unaudited ($ in thousands)
1Q20
4Q19
3Q19
2Q19
1Q19
CHARGE-OFFS:
Loan charge-offs
$
(528
)
$
(285
)
$
(185
)
$
(195
)
$
(564
)
Loan recoveries
180
576
310
85
492
NET (CHARGE-OFFS)/RECOVERIES
$
(348
)
$
291
$
125
$
(110
)
$
(72
)
Net charge-offs to average loans
(annualized)
(0.02
)%
0.02
%
0.01
%
(0.01
)%
—
%
Net (Charge-offs)/Recoveries by Loan
Type:
Commercial and industrial
$
(473
)
$
118
$
95
$
(155
)
$
188
Commercial tax exempt
—
—
—
—
—
Commercial real estate
—
183
27
30
189
Construction and land
—
—
—
—
—
Residential
—
—
—
—
100
Home equity
132
4
6
—
(562
)
Consumer
(7
)
(14
)
(3
)
15
13
NET (CHARGE-OFFS)/RECOVERIES
$
(348
)
$
291
$
125
$
(110
)
$
(72
)
LOAN QUALITY DATA:
Special mention loans
$
92,623
$
52,026
$
58,133
$
70,677
$
86,787
Accruing classified loans 13
87,948
57,922
63,278
53,883
42,521
Nonaccrual loans
24,314
16,103
17,565
17,155
12,019
Total classified
112,262
74,025
80,843
71,038
54,540
Criticized and classified loans
$
204,885
$
126,051
$
138,976
$
141,715
$
141,327
Loans 30-89 days past due and accruing
14
$
14,852
$
25,945
$
4,179
$
2,434
$
17,715
13 Accruing classified loans include loans
that are classified as substandard but are still accruing interest
income. Boston Private Bank & Trust Company may classify a loan
as substandard where known information about possible credit
problems of the related borrowers causes management to have doubts
as to the ability of such borrowers to comply with the present
repayment terms and which may result in disclosure of such loans as
nonaccrual at some time in the future.
14 At June 30, 2019, the Company had one
loan totaling $0.9 million that was more than 90 days past due but
still on accrual status. This loan originated in the New England
region. The Company had no other loans outstanding more than 90
days past due but still on accrual status in comparative
periods.
BOSTON PRIVATE FINANCIAL HOLDINGS,
INC.
Average Balances, Yields, and
Rates
Unaudited ($ in thousands)
Average Balance
Interest
Income/Expense
Average Yield/Rate
1Q20
4Q19
1Q19
1Q20
4Q19
1Q19
1Q20
4Q19
1Q19
INTEREST-EARNING
ASSETS
Cash and
investments:
Taxable investment securities
$
201,174
$
201,535
$
244,230
$
868
$
869
$
1,185
1.73
%
1.72
%
1.94
%
Non-taxable investment securities
315,681
311,705
306,868
1,998
1,976
1,901
2.53
%
2.54
%
2.48
%
Mortgage-backed securities
520,629
489,927
521,788
2,787
2,568
2,897
2.14
%
2.10
%
2.22
%
Short-term investments and other
147,482
130,519
79,603
1,071
1,210
908
2.89
%
3.65
%
4.58
%
Total cash and investments
1,184,966
1,133,686
1,152,489
6,724
6,623
6,891
2.27
%
2.33
%
2.39
%
Loans: 15
Commercial and industrial
1,148,986
1,142,015
1,070,161
10,724
11,276
10,979
3.69
%
3.86
%
4.10
%
Commercial real estate
2,582,305
2,562,380
2,398,413
27,482
28,285
28,151
4.21
%
4.32
%
4.69
%
Construction and land
233,324
216,754
211,351
2,572
2,588
2,641
4.36
%
4.67
%
5.00
%
Residential
2,850,833
2,934,786
2,972,945
23,468
24,275
25,545
3.29
%
3.31
%
3.44
%
Home equity
86,048
84,632
90,646
952
965
1,121
4.45
%
4.53
%
5.02
%
Other consumer
132,237
132,143
133,937
1,160
1,279
1,496
3.53
%
3.84
%
4.53
%
Total loans
7,033,733
7,072,710
6,877,453
66,358
68,668
69,933
3.75
%
3.83
%
4.07
%
Total earning assets
8,218,699
8,206,396
8,029,942
73,082
75,291
76,824
3.54
%
3.62
%
3.83
%
LESS: Allowance for loan losses
51,730
75,283
75,537
Cash and due from banks
49,571
48,287
46,172
Other assets
562,851
559,350
493,148
TOTAL AVERAGE ASSETS
$
8,779,391
$
8,738,750
$
8,493,725
INTEREST-BEARING
LIABILITIES
Interest-bearing
deposits: 16
Savings and NOW
$
638,926
$
644,502
$
674,872
$
232
$
252
$
296
0.15
%
0.16
%
0.18
%
Money market
3,753,045
3,632,258
3,341,397
9,657
11,449
10,072
1.03
%
1.25
%
1.22
%
Certificates of deposit
668,818
680,466
775,817
2,907
3,322
3,690
1.75
%
1.94
%
1.93
%
Total interest-bearing deposits
16
5,060,789
4,957,226
4,792,086
12,796
15,023
14,058
1.02
%
1.20
%
1.19
%
Junior subordinated debentures
106,363
106,363
106,363
917
966
1,121
3.41
%
3.56
%
4.22
%
FHLB borrowings and other
455,813
591,682
615,985
2,112
3,177
3,307
1.83
%
2.10
%
2.15
%
Total interest-bearing liabilities
16
5,622,965
5,655,271
5,514,434
15,825
19,166
18,486
1.13
%
1.34
%
1.36
%
Non-interest bearing demand deposits
16
2,046,102
2,001,714
1,974,526
Payables and other liabilities
270,371
261,503
236,426
Total average liabilities
7,939,438
7,918,488
7,725,386
Redeemable noncontrolling interests
1,018
1,446
2,056
Average shareholders’ equity
838,935
818,816
766,283
TOTAL AVERAGE LIABILITIES, RNCI, AND
SHAREHOLDERS’ EQUITY
$
8,779,391
$
8,738,750
$
8,493,725
Net interest income
$
57,257
$
56,125
$
58,338
Interest rate spread
2.41
%
2.28
%
2.47
%
Net interest margin
2.76
%
2.70
%
2.90
%
Average total deposits 16
$
7,106,891
$
6,958,940
$
6,766,612
0.72
%
0.86
%
0.84
%
Average total deposits and borrowings
16
$
7,669,067
$
7,656,985
$
7,488,960
0.83
%
0.99
%
1.00
%
15 Average loans includes Loans held for
sale and Nonaccrual loans
16 Average total deposits is the sum of
Average total interest-bearing deposits and Average non-interest
bearing demand deposits. Average total deposits and borrowings is
the sum of Average total interest-bearing liabilities and Average
non-interest bearing demand deposits.
BOSTON PRIVATE FINANCIAL HOLDINGS,
INC.
Regional Loan Data
Unaudited ($ in thousands)
1Q20
4Q19
3Q19
2Q19
1Q19
New England
$
3,724,959
$
3,776,747
$
3,868,690
$
3,957,221
$
3,901,644
Northern California
1,618,668
1,532,786
1,559,569
1,538,441
1,499,626
Southern California
1,699,711
1,667,171
1,638,892
1,584,598
1,525,698
Total loans
$
7,043,338
$
6,976,704
$
7,067,151
$
7,080,260
$
6,926,968
Loans
(charged-off)/recovered, net:
New England
$
15
$
414
$
275
$
31
$
222
Northern California
122
(10
)
6
20
18
Southern California
(485
)
(113
)
(156
)
(161
)
(312
)
Total net loans
(charged-off)/recovered
$
(348
)
$
291
$
125
$
(110
)
$
(72
)
Special mention
loans:
New England
$
61,741
$
21,691
$
19,828
$
35,235
$
34,675
Northern California
5,947
5,227
4,821
10,360
23,486
Southern California
24,935
25,108
33,484
25,082
28,626
Total special mention loans
$
92,623
$
52,026
$
58,133
$
70,677
$
86,787
Accruing classified
loans:
New England
$
50,483
$
20,428
$
21,830
$
13,012
$
15,830
Northern California
24,843
24,946
23,938
25,957
20,801
Southern California
12,622
12,548
17,510
14,914
5,890
Total accruing classified loans
$
87,948
$
57,922
$
63,278
$
53,883
$
42,521
Nonaccruing
loans:
New England
$
11,965
$
9,764
$
8,999
$
8,837
$
6,161
Northern California
6,575
319
2,395
2,644
2,480
Southern California
5,774
6,020
6,171
5,674
3,378
Total nonaccruing loans
$
24,314
$
16,103
$
17,565
$
17,155
$
12,019
17 The concentration of the Private
Banking loan data and credit quality is primarily based on the
location of the lenders' regional offices.
BOSTON PRIVATE FINANCIAL HOLDINGS,
INC.
Reconciliations of Non-GAAP Financial
Measures
Unaudited ($ in thousands)
1Q20
4Q19
3Q19
2Q19
1Q19
ROACE AND
ROATCE:
Net income attributable to the Company
(GAAP) (A)
$
800
$
21,244
$
19,962
$
19,380
$
19,442
ADD: Amortization of intangibles, net of
tax
565
534
530
531
531
Tangible common net income (non-GAAP)
(B)
$
1,365
$
21,778
$
20,492
$
19,911
$
19,973
Total average shareholders’ equity (C)
$
838,935
$
818,816
$
807,890
$
790,844
$
766,283
LESS: Average goodwill and intangibles,
net
(67,586
)
(68,031
)
(68,359
)
(68,889
)
(69,498
)
Average tangible common equity (non-GAAP)
(D)
$
771,349
$
750,785
$
739,531
$
721,955
$
696,785
ROACE (annualized) (A/C)
0.39
%
10.29
%
9.80
%
9.83
%
10.29
%
ROATCE (annualized) (B/D)
0.72
%
11.51
%
10.99
%
11.06
%
11.63
%
PRE-TAX,
PRE-PROVISION INCOME:
Income before income taxes (GAAP)
$
908
$
28,129
$
25,575
$
24,818
$
24,459
ADD BACK: Provision/ (credit) for loan
losses
16,962
(3,668
)
167
1,363
(1,426
)
Pre-tax, pre-provision income
(non-GAAP)
$
17,870
$
24,461
$
25,742
$
26,181
$
23,033
CORE NET INTEREST
INCOME AND MARGIN:
Net interest income (GAAP)
$
57,257
$
56,125
$
56,153
$
57,460
$
58,338
LESS: Interest recovered on previous
nonaccrual loans
7
24
180
—
258
Net interest income, excluding interest
recovered while loans on nonaccrual status ("Core net interest
income") (non-GAAP)
$
57,250
$
56,101
$
55,973
$
57,460
$
58,080
Net interest margin, excluding interest
recovered while loans on nonaccrual status ("Core net interest
margin") (non-GAAP)
2.76
%
2.70
%
2.71
%
2.78
%
2.89
%
TANGIBLE COMMON
EQUITY:
Total shareholders’ equity (GAAP)
$
828,792
$
819,018
$
808,688
$
798,211
$
778,819
LESS: Goodwill and intangibles, net
(67,244
)
(67,959
)
(68,229
)
(68,491
)
(69,162
)
Tangible common equity (non-GAAP) (A)
$
761,548
$
751,059
$
740,459
$
729,720
$
709,657
Total assets (GAAP)
$
8,746,326
$
8,830,501
$
8,690,944
$
8,712,873
$
8,572,143
LESS: Goodwill and intangibles, net
(67,244
)
(67,959
)
(68,229
)
(68,491
)
(69,162
)
Tangible assets (non-GAAP) (B)
$
8,679,082
$
8,762,542
$
8,622,715
$
8,644,382
$
8,502,981
End of period shares outstanding (C)
81,800,486
83,265,674
83,241,952
83,774,335
83,773,650
Tangible common equity/ Tangible assets
(non-GAAP) (A/B)
8.77
%
8.57
%
8.59
%
8.44
%
8.35
%
Tangible book value per share (non-GAAP)
(A/C)
$
9.31
$
9.02
$
8.90
$
8.71
$
8.47
BOSTON PRIVATE FINANCIAL HOLDINGS,
INC.
Reconciliations of Non-GAAP Financial
Measures
Unaudited ($ in thousands)
1Q20
4Q19
3Q19
2Q19
1Q19
RETURN ON AVERAGE ASSETS:
Net income (GAAP) (A)
$
800
$
21,244
$
19,962
$
19,380
$
19,442
Average assets (non-GAAP) (B)
8,779,391
8,738,750
8,665,352
8,679,506
8,493,725
Return on average assets (annualized)
(non-GAAP) (A/B)
0.04
%
0.96
%
0.91
%
0.90
%
0.93
%
EFFICIENCY
RATIO:
Total noninterest expense (GAAP) (A)
$
60,908
$
58,457
$
55,537
$
55,659
$
60,553
LESS: Amortization of intangibles
715
676
671
672
672
LESS: Restructuring
—
—
—
—
1,646
Total noninterest expense (non-GAAP)
(B)
$
60,193
$
57,781
$
54,866
$
54,987
$
58,235
Net interest income (GAAP)
$
57,257
$
56,125
$
56,153
$
57,460
$
58,338
Total core fees and income (GAAP)
22,886
24,755
25,155
24,292
24,280
Total other income (GAAP)
(1,365
)
2,038
(29
)
88
968
Total revenue (GAAP) (C)
$
78,778
$
82,918
$
81,279
$
81,840
$
83,586
Efficiency ratio (GAAP) (A/C)
77.3
%
70.5
%
68.3
%
68.0
%
72.4
%
Efficiency ratio, excluding amortization
of intangibles and restructuring, if any (non-GAAP) (B/C)
76.4
%
69.7
%
67.5
%
67.2
%
69.7
%
OTHER INCOME/(LOSS): (GAAP)
Gain/(loss) on OREO, net
—
—
—
—
91
Other
(1,365
)
2,038
(29
)
88
877
Total other income/(loss) (GAAP)
$
(1,365
)
$
2,038
$
(29
)
$
88
$
968
BOSTON PRIVATE FINANCIAL HOLDINGS,
INC.
Reconciliations of Non-GAAP measures:
Operating Adjustments
Unaudited ($ in thousands, except share
and per share data)
1Q20
4Q19
3Q19
2Q19
1Q19
NET INCOME
ATTRIBUTABLE TO THE COMPANY:
Net income attributable to the Company
(GAAP)
$
800
$
21,244
$
19,962
$
19,380
$
19,442
LESS: Gain on fair value of contingent
considerations receivable 18
—
1,109
—
—
—
ADD: Restructuring
—
—
—
—
1,646
Tax effect at statutory rate
—
322
—
—
(346
)
Net income attributable to the Company
(non-GAAP)
$
800
$
20,457
$
19,962
$
19,380
$
20,742
NET INCOME
ATTRIBUTABLE TO COMMON SHAREHOLDERS:
Net Income Attributable to Common
Shareholders (GAAP)
$
1,214
$
21,342
$
20,266
$
18,564
$
20,999
LESS: Gain on fair value of contingent
considerations receivable 18
—
1,109
—
—
—
ADD: Restructuring
—
—
—
—
1,646
Tax effect at statutory rate
—
322
—
—
(346
)
Net income attributable to the common
shareholders, treasury stock method, excluding notable items
(non-GAAP)
$
1,214
$
20,555
$
20,266
$
18,564
$
22,299
Weighted average diluted shares
outstanding
83,318,041
83,637,786
83,956,708
84,048,972
84,010,450
Diluted earnings per share (GAAP)
$
0.01
$
0.26
$
0.24
$
0.22
$
0.25
Diluted earnings per share, excluding
notable items (non-GAAP)
$
0.01
$
0.25
$
0.24
$
0.22
$
0.27
Average common equity (non-GAAP)
$
838,935
$
818,816
$
807,890
$
790,844
$
766,283
Average tangible common equity
(non-GAAP)
$
771,349
$
750,785
$
739,531
$
721,955
$
696,785
ROACE, excluding notable items
(non-GAAP)
0.39
%
9.91
%
9.80
%
9.83
%
10.98
%
ROATCE, excluding notable items
(non-GAAP)
0.72
%
11.09
%
10.99
%
11.06
%
12.38
%
Pre-tax, pre-provision income
(non-GAAP)
$
17,870
$
24,461
$
25,742
$
26,181
$
23,033
LESS: Gain on fair value of contingent
considerations receivable 18
—
1,109
—
—
—
ADD: Restructuring
—
—
—
—
1,646
Pre-tax, pre-provision income, excluding
notable items (non-GAAP)
$
17,870
$
23,352
$
25,742
$
26,181
$
24,679
18 In the fourth quarter of 2019, there
was a $1.1 million gain related to the revaluation of the fair
value of the estimated future cash flows related to the BOS
contingent consideration receivable.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200429005852/en/
Adam Bromley (617) 912-4386 abromley@bostonprivate.com
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