Second Quarter 2020 Highlights include:
- Net loss of $(3.3) million, or $(0.04) per diluted share
- Return on average common equity (non-GAAP) of (1.6)%
- Return on average tangible common equity (non-GAAP) of
(1.4)%
- Average total deposits of $7.3 billion, a 10% increase
year-over-year
- Average total loans of $7.3 billion, a 4% increase
year-over-year
- Total assets under management/advisory (“AUM”) of $16.0
billion, a 2% decrease year-over-year
- Total net flows of negative $40 million, with net inflows of
$60 million in the Wealth Management and Trust segment
- Total provision for credit losses of $25.4 million reflecting
the deterioration of the macroeconomic outlook as a result of the
COVID-19 pandemic
- Funded $380 million of loans from the Small Business
Administration's Paycheck Protection Program ("PPP"), resulting in
$284 million of average loan balances during the quarter
- Board of Directors declared a cash dividend of $0.06 per common
share
Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the
“Company” or “BPFH”) today reported second quarter 2020 Net loss
attributable to the Company of $(3.3) million, compared to Net
income attributable to the Company of $0.8 million for the first
quarter of 2020 and $19.4 million for the second quarter of 2019.
Second quarter 2020 Diluted loss per share were $(0.04), compared
to Diluted earnings per share of $0.01 in the first quarter of 2020
and $0.22 in the second quarter of 2019.
"I am proud of the way our employees continue to prioritize the
health and financial well-being of our clients as we all navigated
the challenging environment during the second quarter," said
Anthony DeChellis, CEO of Boston Private. "This quarter's financial
reflects continued reserve build related to the uncertain
macroeconomic environment as a result of the pandemic. Our pre-tax,
pre-provision income increased linked quarter, while our Wealth
Management & Trust segment delivered net inflows for the second
straight quarter.
"Our board declared a dividend of $0.06 per common share,
compared to $0.12 in the prior quarter. This prudent action
reflects our Company's conservative approach to liquidity and
capital management as we adjust our dividend policy to reflect our
current strategy."
Summary Financial Results -
Reported
% Change
($ in millions, except for per share
data)
2Q20
1Q20
2Q19
LQ
Y/Y
Net income/(loss)
$(3.3)
$0.8
$19.4
nm
nm
Diluted earnings/(loss) per share
$(0.04)
$0.01
$0.22
nm
nm
Non-GAAP Financial
Measures:
Pre-tax, pre-provision income
$20.1
$17.9
$26.2
13%
(23)%
Return on average common equity
("ROACE")
(1.6)%
0.4%
9.8%
Return on average tangible common equity
("ROATCE")
(1.4)%
0.7%
11.1%
nm = not meaningful
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 $25.4 million in the second quarter
of 2020. Pre-tax, pre-provision income increased 13% linked quarter
primarily driven by higher other income and net interest income,
partially offset by higher noninterest expense.
Net Interest Income and Margin
% Change
($ in millions)
2Q20
1Q20
2Q19
LQ
Y/Y
Net interest income
$58.9
$57.3
$57.5
3
%
3
%
Net interest margin
2.75%
2.76%
2.78%
Net interest income for the second quarter of 2020 was $58.9
million, a 3% increase linked quarter and a 3% increase
year-over-year. The linked quarter increase was primarily driven by
lower funding costs, PPP-related income and prepayment penalties,
partially offset by lower interest income.
Net interest margin decreased 1 basis point on a linked quarter
basis to 2.75%. Total cost of funds declined 33 basis points to
0.50% driven by lower deposit costs, while yields on interest
earning assets declined 32 basis points to 3.22%.
Noninterest Income
% Change
($ in millions)
2Q20
1Q20
2Q19
LQ
Y/Y
Wealth management and trust fees
$17.3
$18.4
$18.9
(6)%
(9)%
Investment management fees
1.8
1.9
2.5
(8)%
(28)%
Private banking fees 1
2.6
2.6
2.9
—%
(11)%
Total core fees and income
$21.6
$22.9
$24.3
(5)%
(11)%
Total other income
1.0
(1.4)
0.1
nm
nm
Total noninterest income
$22.7
$21.5
$24.4
5 %
(7)%
1 Private banking fees includes Other
banking fee income and Gain/(loss) on sale of loans, net
Total core fees and income for the second quarter of 2020 was
$21.6 million, a 5% decrease linked quarter. The linked quarter
decrease was primarily driven by lower Wealth management and trust
fees, which declined as a result of lower equity market values at
the end of the first quarter of 2020.
Assets Under Management /
Advisory
% Change
($ in millions)
2Q20
1Q20
2Q19
LQ
Y/Y
Wealth Management and Trust
$14,889
$13,497
$14,649
10
%
2
%
Other 2
1,067
1,016
1,550
5
%
(31)
%
Total assets under management /
advisory
$15,956
$14,513
$16,199
10
%
(2)
%
2 Includes results from Dalton, Greiner,
Hartman, Maher & Co, LLC ("DGHM")
Total assets under management / advisory were $16.0 billion at
the end of the second quarter of 2020, a 10% increase linked
quarter. The linked quarter increase was primarily driven by the
impact of favorable market action during the second quarter.
Total net flows were negative $40 million during the second
quarter of 2020. The Wealth Management and Trust segment had net
inflows of $60 million.
Noninterest Expense
% Change
($ in millions)
2Q20
1Q20
2Q19
LQ
Y/Y
Salaries and employee benefits
$33.9
$35.1
$32.7
(3)%
4%
Occupancy and equipment
7.6
7.6
7.9
(1)%
(4)%
Information systems
7.1
6.7
5.1
6%
38%
Professional services
3.4
3.6
3.3
(4)%
4%
Marketing and business development
2.3
1.9
1.9
22%
20%
Amortization of intangibles
0.7
0.7
0.7
(2)%
4%
FDIC insurance
0.8
—
0.6
nm
31%
Other
5.6
5.2
3.5
7%
62%
Total noninterest expense
$61.5
$60.9
$55.7
1 %
10 %
Memo: Excluding Off-Balance Sheet
Provision
Provision expense for unfunded loan
commitments
$2.8
$1.8
—
55%
nm
Total noninterest expense
(non-GAAP)
$58.6
$59.1
$55.7
(1)%
5 %
Total noninterest expense for the second quarter of 2020 was
$61.5 million, which includes $2.8 million of provision expense
related to unfunded loan commitments recognized in Other
expense.
Excluding the provision expense for unfunded loan commitments,
total noninterest expense (non-GAAP) for the second quarter of 2020
was $58.6 million, a decrease of 1% linked quarter and an increase
of 5% year-over-year. The linked quarter decrease was driven
primarily by lower salaries and benefits expense, while the
year-over-year increase was driven primarily by higher Information
systems expense from technology initiatives placed in service.
Income Tax Expense
The Company's effective tax rate for the second quarter of 2020
was negative as a result of moderate positive income tax expense
despite a pre-tax loss.
Loans - QTD Averages &
Yields
% Change
($ in millions)
2Q20
1Q20
2Q19
LQ
Y/Y
Commercial and industrial
$1,037
$1,149
$1,092
(10)%
(5)%
Paycheck Protection Program ("PPP")
284
—
—
nm
nm
Commercial real estate
2,659
2,582
2,507
3%
6%
Construction and land
233
233
203
—%
15%
Residential
2,863
2,851
3,009
—%
(5)%
Home equity
88
86
91
3%
(3)%
Other consumer
124
132
125
(6)%
—%
Total loans
$7,289
$7,034
$7,026
4 %
4 %
Total loans, excluding PPP
(non-GAAP)
$7,005
$7,034
$7,026
— %
— %
Total loan yields
3.42
%
3.75
%
4.07
%
(0.33)%
(0.65)%
- Average total loans in the second quarter of 2020 increased 4%
year-over-year reflecting the addition of $283.6 million of PPP
loans in the second quarter of 2020.
- Average total loans, excluding PPP (non-GAAP) in the second
quarter of 2020 were flat linked quarter and year-over-year.
- Linked quarter, Commercial and industrial loans declined 10%
primarily driven by the payoff of large loans and lower line
usage.
- Linked quarter, Commercial real estate loans increased 3%
primarily driven by increased loan balances attributable to the
debt service reserve program. Excluding the debt service reserve
program, Commercial real estate loans were flat for the
quarter.
Deposits - QTD Averages &
Costs
% Change
($ in millions)
2Q20
1Q20
2Q19
LQ
Y/Y
Non-interest bearing deposits
2,214
2,046
1,927
8
%
15
%
Interest bearing deposits
5,036
5,061
4,664
—
%
8
%
Total deposits
$7,250
$7,107
$6,590
2
%
10
%
Cost of total deposits
0.41
%
0.72
%
0.88
%
(0.31)
%
(0.47)
%
Cost of total interest-bearing
deposits
0.59
%
1.02
%
1.25
%
(0.43)
%
(0.66)
%
- Average total deposits in the second quarter of 2020 increased
2% linked quarter and 10% year-over-year.
- Linked quarter, average total deposits increased primarily
driven by a higher average non-interest bearing deposits of
commercial clients.
- Year-over-year, average non-interest bearing deposits increased
15% primarily driven by higher commercial client balances.
- Year-over-year, average interest bearing deposits increased 8%,
primarily driven by higher commercial client money market balances
and wealth sweep deposits, partially offset by lower brokered CD
balances.
Provision and Asset Quality
($ in millions)
2Q20
1Q20
4Q19
3Q19
2Q19
Provision and
Allowance
Provision/(credit) for loan losses
$22.6
$17.0
$(3.7)
$0.2
$1.4
Provision for unfunded loan
commitments
2.8
1.8
—
—
—
Total Provision for credit
losses
$25.4
$18.8
$(3.7)
$0.2
$1.4
Allowance for loan losses as a % of Total
loans
1.22%
0.97%
1.03%
1.07%
1.06%
Asset
Quality
Total net loans (charged-off)/
recovered
(1.5)
(0.3)
0.3
0.1
(0.1)
Total nonaccrual loans
25.6
24.3
16.1
17.6
17.2
Nonaccrual loans as a % of Total loans
0.35%
0.35%
0.23%
0.25%
0.24%
Special Mention Loans (Criticized
Loans)
$191.9
$92.6
$52.0
$58.1
$70.7
Classified Loans
114.2
112.3
74.0
80.8
71.0
Total criticized and classified
loans
$306.1
$204.9
$126.1
$139.0
$141.7
Total Provision for credit losses of $25.4 million during the
second quarter of 2020 was primarily driven by the deterioration of
the macroeconomic outlook as a result of the COVID-19 pandemic and
increased weightings of more severe scenarios in the CECL model.
The allowance for loan losses as a percentage of total loans
excluding PPP loans was 1.28% as of June 30, 2020.
Total criticized and classified loans as of June 30, 2020 was
$306.1 million, an increase of $101.2 million, or 49%, linked
quarter and $164.4 million, or 116%, year-over-year. The increase
in criticized and classified loans during the second quarter of
2020 was primarily driven by the downgrade of commercial real
estate loans to the special mention category, which represents
loans where the borrower is affected by unfavorable economic
conditions or has adverse operating trends but has not yet reached
the point of jeopardizing loan repayment.
Capital
2Q20
1Q20
4Q19
3Q19
2Q19
Tangible common equity/ Tangible assets
(non-GAAP)
8.3%
8.8%
8.6%
8.6%
8.4%
Tangible book value per share
(non-GAAP)
$9.25
$9.31
$9.02
$8.90
$8.71
Regulatory Capital
Ratios: 3
Tier 1 common equity
11.1%
11.2%
11.4%
11.2%
11.2%
Tier 1 risk-based capital
12.6%
12.7%
13.0%
12.8%
12.7%
Total risk-based capital
13.9%
13.8%
14.1%
13.9%
13.9%
Tier 1 leverage capital
9.2%
9.7%
9.8%
9.7%
9.6%
3 Current quarter information is presented
based on estimated data.
The Company's regulatory capital ratios remained generally flat
linked quarter. The declines in Tangible common equity/Tangible
assets (non-GAAP) and the Tier 1 leverage ratio are primarily
driven by asset growth, which was associated with PPP loans.
Dividend Payments
Concurrent with the release of second quarter 2020 earnings, the
Board of Directors of the Company declared a cash dividend payable
to common shareholders of $0.06 per share. The record date for this
dividend is August 7, 2020, and the payment date is August 21,
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; tangible common equity / tangible assets,
total noninterest expense excluding intangibles; total noninterest
expense excluding provision for off-balance sheet commitments; and
the efficiency ratio excluding amortization of intangibles; net
income/(loss) attributable to the Company excluding notable items;
net income/(loss) attributable to the common shareholders, treasury
stock method, excluding notable items; diluted earnings/(loss) per
share excluding notable items; average total loans, excluding
PPP.
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 16 of the attached financial statements.
Conference Call
Management will hold a conference call at 8:00 a.m. Eastern Time
on Wednesday, July 29, 2020, to discuss the financial results,
business highlights and outlook. To access the call:
Dial In #: (888) 317-6003 Elite Entry Number: 3768361
Replay Information: Available from
July 29, 2020 at 12:00 p.m. Eastern Time until August 5, 2020 Dial
In #: (877) 344-7529 Conference Number: 10146449
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.
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 in 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 employment levels, general business and
economic conditions on a national basis and in the local markets in
which the Company operates; changes in customer behavior; the
possibility that future credits losses are higher than currently
expected due to changes in economic assumptions, customer behavior
or adverse economic developments; 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 by 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)
2Q20
1Q20
4Q19
3Q19
2Q19
ASSETS:
Cash and cash equivalents
$
179,027
$
61,714
$
292,479
$
78,010
$
65,756
Investment securities
available-for-sale
1,002,970
993,166
978,284
935,538
966,731
Investment securities held-to-maturity
42,495
45,395
48,212
51,379
54,482
Equity securities at fair value
24,492
23,080
18,810
21,780
19,092
Stock in Federal Home Loan Bank and
Federal Reserve Bank
42,407
45,273
39,078
47,756
64,453
Loans held for sale
9,786
7,671
7,386
6,658
3,640
Loans
7,332,954
7,043,338
6,976,704
7,067,151
7,080,260
Less: Allowance for loan losses
89,324
68,211
71,982
75,359
75,067
Loans, net of allowance for loan
losses
7,243,630
6,975,127
6,904,722
6,991,792
7,005,193
Premises and equipment, net
43,805
43,544
44,527
42,658
40,244
Goodwill
57,607
57,607
57,607
57,607
57,607
Intangible assets, net
8,935
9,637
10,352
10,622
10,884
Accrued interest receivable
24,918
24,054
24,175
24,851
26,411
Deferred income taxes, net
9,116
5,630
11,383
15,704
17,183
Right-of-use assets
94,143
98,896
102,075
107,045
110,880
Other assets
375,575
355,532
291,411
299,544
270,317
TOTAL ASSETS
$
9,158,906
$
8,746,326
$
8,830,501
$
8,690,944
$
8,712,873
LIABILITIES:
Deposits
$
7,427,397
$
6,835,572
$
7,241,476
$
6,658,242
$
6,437,963
Securities sold under agreements to
repurchase
46,623
45,319
53,398
48,860
62,372
Federal funds purchased
—
145,000
—
230,000
135,000
Federal Home Loan Bank borrowings
426,313
491,254
350,829
570,904
920,068
Junior subordinated debentures
106,363
106,363
106,363
106,363
106,363
Lease liabilities
108,234
113,574
117,214
122,799
126,740
Other liabilities
218,771
180,452
140,820
143,607
124,370
TOTAL LIABILITIES
8,333,701
7,917,534
8,010,100
7,880,775
7,912,876
REDEEMABLE NONCONTROLLING INTERESTS
(“RNCI”)
—
—
1,383
1,481
1,786
SHAREHOLDERS' EQUITY:
Common stock, $1.00 par value; authorized:
170,000,000 shares
82,058
81,800
83,266
83,242
83,774
Additional paid-in capital
594,463
593,167
600,708
599,877
603,869
Retained earnings
118,647
131,761
127,469
116,210
106,443
Accumulated other comprehensive income
30,037
22,064
7,575
9,359
4,125
TOTAL SHAREHOLDERS' EQUITY
825,205
828,792
819,018
808,688
798,211
TOTAL LIABILITIES, RNCI, AND
SHAREHOLDERS' EQUITY
$
9,158,906
$
8,746,326
$
8,830,501
$
8,690,944
$
8,712,873
BOSTON PRIVATE FINANCIAL HOLDINGS,
INC.
Consolidated Income Statements
Unaudited ($ in thousands, except share
and per share data)
2Q20
1Q20
4Q19
3Q19
2Q19
REVENUE:
Interest income
$
68,819
$
73,082
$
75,291
$
77,604
$
78,728
Interest expense
9,881
15,825
19,166
21,451
21,268
Net interest income
58,938
57,257
56,125
56,153
57,460
Provision/(credit) for loan losses 4
22,604
16,962
(3,668)
167
1,363
Net interest income after
provision/(credit) for loan losses
36,334
40,295
59,793
55,986
56,097
Wealth management and trust fees 5
17,261
18,371
18,720
19,067
18,912
Investment management fees
1,770
1,925
2,554
2,496
2,455
Private banking fee income
2,395
2,490
2,924
2,658
2,867
Gain on sale of loans, net
204
100
557
934
58
Total core fees and income
21,630
22,886
24,755
25,155
24,292
Total other income
1,032
(1,365)
2,038
(29)
88
TOTAL REVENUE 6
81,600
78,778
82,918
81,279
81,840
NONINTEREST EXPENSE:
Salaries and employee benefits
33,937
35,096
34,186
31,684
32,706
Occupancy and equipment
7,560
7,646
7,578
8,260
7,852
Information systems
7,113
6,725
6,476
5,169
5,137
Professional services
3,446
3,601
3,920
4,435
3,313
Marketing and business development
2,313
1,890
2,017
1,403
1,934
Amortization of intangibles
702
715
676
671
672
FDIC insurance
767
—
(19)
59
585
Other 4
5,615
5,235
3,623
3,856
3,460
TOTAL NONINTEREST EXPENSE
61,453
60,908
58,457
55,537
55,659
INCOME/(LOSS) BEFORE INCOME
TAXES
(2,457)
908
28,129
25,575
24,818
Income tax expense
841
102
6,788
5,517
5,369
Net income/(loss) before attribution to
noncontrolling interests
(3,298)
806
21,341
20,058
19,449
Less: Net income attributable to
noncontrolling interests
—
6
97
96
69
NET INCOME/(LOSS) ATTRIBUTABLE TO THE
COMPANY
$
(3,298)
$
800
$
21,244
$
19,962
$
19,380
Adjustments, treasury stock method 7
—
414
98
304
(816)
NET INCOME/(LOSS) ATTRIBUTABLE TO
COMMON SHAREHOLDERS
$
(3,298)
$
1,214
$
21,342
$
20,266
$
18,564
COMMON SHARE DATA:
Weighted average basic shares
outstanding
81,929,752
83,005,064
83,238,982
83,631,403
83,565,780
Weighted average diluted shares
outstanding 8
81,929,752
83,318,041
83,637,786
83,956,708
84,048,972
Diluted earnings/(loss) per share
$
(0.04)
$
0.01
$
0.26
$
0.24
$
0.22
4 In the first and second quarter of 2020, there was a $17.0
million and $22.6 million provision expense for loan losses,
respectively. Additionally, in the first and second quarter of
2020, there was a $1.8 million and $2.8 million provision expense
related to the off-balance sheet commitments included in Other
expense, respectively.
5 Wealth management and trust fees consists of revenue from
Boston Private Wealth LLC ("BPW"), KLS Professional Advisors Group,
LLC ("KLS") through the effective date of its merger with BPW, and
the trust operations of Boston Private Bank & Trust
Company.
6 Total revenue is the sum of Net interest income, Total core
fees and income, and Total other income/(loss).
7 Adjustments to Net income/(loss) attributable to the Company
to arrive at Net income/(loss) attributable to common shareholders,
treasury stock method, as presented in these tables, include
decrease/(increase) in Noncontrolling interests redemption
value.
8 For a description of the Company's policies regarding Diluted
earnings per share, please refer to Part II. Item 8. “Financial
Statements and Supplementary Data - Note 16: Earnings Per Share” in
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2019.
BOSTON PRIVATE FINANCIAL HOLDINGS,
INC.
Consolidated Income Statements
Unaudited ($ in thousands, except share
and per share data)
Six months ended June
30,
2020
2019
REVENUE:
Interest income
$
141,901
$
155,552
Interest expense
25,706
39,754
Net interest income
116,195
115,798
Provision/(credit) for loan losses 4
39,566
(63)
Net interest income after
provision/(credit) for loan losses
76,629
115,861
Wealth management and trust fees 5
35,632
37,970
Investment management fees
3,695
5,105
Private banking fee income
4,885
5,366
Gain on sale of loans, net
304
131
Total core fees and income
44,516
48,572
Total other income
(333)
1,056
TOTAL REVENUE 6
160,378
165,426
NONINTEREST EXPENSE:
Salaries and employee benefits
69,033
68,432
Occupancy and equipment
15,206
16,200
Information systems
13,838
10,997
Professional services
7,047
6,873
Marketing and business development
4,203
3,019
Amortization of intangibles
1,417
1,344
FDIC insurance
767
1,245
Restructuring
—
1,646
Other 4
10,850
6,456
TOTAL NONINTEREST EXPENSE
122,361
116,212
INCOME/(LOSS) BEFORE INCOME
TAXES
(1,549)
49,277
Income tax expense
943
10,286
Net income/(loss) before attribution to
noncontrolling interests
(2,492)
38,991
Less: Net income attributable to
noncontrolling interests
6
169
NET INCOME/(LOSS) ATTRIBUTABLE TO THE
COMPANY
$
(2,498)
$
38,822
Adjustments, treasury stock method 7
414
741
NET INCOME/(LOSS) ATTRIBUTABLE TO
COMMON SHAREHOLDERS
$
(2,084)
$
39,563
COMMON SHARE DATA
Weighted average basic shares
outstanding
82,464,438
83,426,213
Weighted average diluted shares
outstanding 8
82,464,438
84,036,050
Diluted earnings/(loss) per share
$
(0.03)
$
0.47
4 In the first and second quarter of 2020, there was a $17.0
million and $22.6 million provision expense for loan losses,
respectively. Additionally, in the first and second quarter of
2020, there was a $1.8 million and $2.8 million provision expense
related to the off-balance sheet commitments included in Other
expense, respectively.
5 Wealth management and trust fees consists of revenue from
Boston Private Wealth LLC ("BPW"), KLS Professional Advisors Group,
LLC ("KLS") through the effective date of its merger with BPW, and
the trust operations of Boston Private Bank & Trust
Company.
6 Total revenue is the sum of Net interest income, Total core
fees and income, and Total other income/(loss).
7 Adjustments to Net income/(loss) attributable to the Company
to arrive at Net income/(loss) attributable to common shareholders,
treasury stock method, as presented in these tables, include
decrease/(increase) in Noncontrolling interests redemption
value.
8 For a description of the Company's policies regarding Diluted
earnings per share, please refer to Part II. Item 8. “Financial
Statements and Supplementary Data - Note 16: Earnings Per Share” in
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2019.
BOSTON PRIVATE FINANCIAL HOLDINGS,
INC.
Consolidated Financial
Highlights
Unaudited ($ in thousands, except share
and per share data)
2Q20
1Q20
4Q19
3Q19
2Q19
KEY STATISTICS:
Return on average assets (non-GAAP) 9
(0.15)
%
0.04
%
0.96
%
0.91
%
0.90
%
ROACE (non-GAAP) 9
(1.58)
%
0.39
%
10.29
%
9.80
%
9.83
%
ROATCE (non-GAAP) 9
(1.43)
%
0.72
%
11.51
%
10.99
%
11.06
%
Efficiency ratio (non-GAAP) 9
74.4
%
76.4
%
69.7
%
67.5
%
67.2
%
Noninterest income to total revenue
27.8
%
27.3
%
32.3
%
30.9
%
29.8
%
Net interest margin
2.75
%
2.76
%
2.70
%
2.72
%
2.78
%
Average loan to average deposit ratio
100.5
%
99.0
%
101.6
%
105.9
%
106.6
%
Cost of total deposits
0.41
%
0.72
%
0.86
%
0.92
%
0.88
%
Cost of interest-bearing deposits
0.59
%
1.02
%
1.20
%
1.31
%
1.25
%
Cost of total funding
0.50
%
0.83
%
0.99
%
1.12
%
1.11
%
Allowance for loan loss / Total loans
1.22
%
0.97
%
1.03
%
1.07
%
1.06
%
Nonperforming loans / Total loans
0.35
%
0.35
%
0.23
%
0.25
%
0.24
%
Net (charge-offs)/recoveries / Total loans
9
(0.08)
%
(0.02)
%
0.02
%
0.01
%
(0.01)
%
CAPITAL HIGHLIGHTS:
Tier 1 common equity 3
$
731,316
$
742,044
$
745,926
$
732,980
$
726,872
Tier 1 capital 3
$
831,338
$
842,066
$
846,337
$
833,431
$
827,299
Total capital 3
$
913,936
$
914,572
$
919,573
$
910,076
$
903,675
Risk-weighted assets ("RWA") 3
$
6,593,981
$
6,627,339
$
6,530,804
$
6,533,884
$
6,491,184
Average assets for leverage 3
$
9,009,565
$
8,691,254
$
8,659,944
$
8,588,358
$
8,617,803
Tier 1 common equity ratio 3
11.09
%
11.20
%
11.42
%
11.22
%
11.20
%
Tier 1 risk-based capital ratio 3
12.61
%
12.71
%
12.96
%
12.76
%
12.74
%
Total risk-based capital ratio 3
13.86
%
13.80
%
14.08
%
13.93
%
13.92
%
Tier 1 leverage capital ratio 3
9.23
%
9.69
%
9.77
%
9.70
%
9.60
%
Total equity / Total assets
9.01
%
9.48
%
9.27
%
9.30
%
9.16
%
Tangible common equity / Tangible assets
(non-GAAP)
8.34
%
8.77
%
8.57
%
8.59
%
8.44
%
End of period market price per share
$
6.88
$
7.15
$
12.03
$
11.66
$
12.07
End of period shares outstanding
82,058,483
81,800,486
83,265,674
83,241,952
83,774,335
Book value per common share
$
10.06
$
10.13
$
9.84
$
9.71
$
9.53
Tangible book value per share
(non-GAAP)
$
9.25
$
9.31
$
9.02
$
8.90
$
8.71
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
$
—
3 Current quarter information is presented based on estimated
data.
9 Annualized.
BOSTON PRIVATE FINANCIAL HOLDINGS,
INC.
Consolidated AUM and Balance Sheet -
End of Period Balances
Unaudited ($ in thousands)
2Q20
1Q20
4Q19
3Q19
2Q19
ASSETS UNDER MANAGEMENT AND ADVISORY
("AUM"):
Wealth Management and Trust
$
14,889,000
$
13,497,000
$
15,224,000
$
14,695,000
$
14,649,000
Other 2
1,067,000
1,016,000
1,544,000
1,533,000
1,550,000
TOTAL AUM
$
15,956,000
$
14,513,000
$
16,768,000
$
16,228,000
$
16,199,000
AUM Rollforward:
Beginning balance
$
14,513,000
$
16,768,000
$
16,228,000
$
16,199,000
$
16,122,000
Net flows
(40,000)
150,000
(209,000)
(137,000)
(269,000)
Market
1,483,000
(2,405,000)
749,000
166,000
346,000
Ending balance
$
15,956,000
$
14,513,000
$
16,768,000
$
16,228,000
$
16,199,000
AUM Net Flows:
Wealth Management and Trust
$
60,000
$
176,000
$
(114,000)
$
(100,000)
$
(233,000)
Other 2
(100,000)
(26,000)
(95,000)
(37,000)
(36,000)
TOTAL NET FLOWS
$
(40,000)
$
150,000
$
(209,000)
$
(137,000)
$
(269,000)
DEPOSITS:
Demand deposits (non-interest bearing)
$
2,293,864
$
2,020,440
$
1,971,013
$
1,947,363
$
1,854,091
Savings and NOW
758,656
653,006
646,199
666,107
631,166
Money market
3,753,228
3,468,701
3,969,330
3,366,623
3,228,608
Certificates of deposit
621,649
693,425
654,934
678,149
724,098
TOTAL DEPOSITS
$
7,427,397
$
6,835,572
$
7,241,476
$
6,658,242
$
6,437,963
LOANS:
Commercial and industrial
$
565,748
$
670,744
$
694,034
$
695,029
$
656,186
Paycheck Protection Program
370,034
—
—
—
—
Commercial tax exempt
419,264
445,319
447,927
448,488
450,307
Commercial real estate
2,676,708
2,626,299
2,551,274
2,533,346
2,530,556
Construction and land
240,211
238,293
225,983
209,741
200,378
Residential
2,859,627
2,841,926
2,839,155
2,964,042
3,025,758
Home equity
84,588
89,350
83,657
84,432
89,930
Consumer
116,774
131,407
134,674
132,073
127,145
TOTAL LOANS
$
7,332,954
$
7,043,338
$
6,976,704
$
7,067,151
$
7,080,260
2 Includes results from Dalton, Greiner, Hartman, Maher &
Co, LLC ("DGHM")
BOSTON PRIVATE FINANCIAL HOLDINGS,
INC.
Asset Quality
Unaudited ($ in thousands)
2Q20
1Q20
4Q19
3Q19
2Q19
CHARGE-OFFS:
Loan charge-offs
$
(1,546)
$
(528)
$
(285)
$
(185)
$
(195)
Loan recoveries
55
180
576
310
85
NET (CHARGE-OFFS)/RECOVERIES
$
(1,491)
$
(348)
$
291
$
125
$
(110)
Net charge-offs to average loans
(annualized)
(0.08)
%
(0.02)
%
0.02
%
0.01
%
(0.01)
%
Net (Charge-offs)/Recoveries by Loan
Type:
Commercial and industrial
$
(337)
$
(473)
$
118
$
95
$
(155)
Commercial real estate
—
—
183
27
30
Home equity
(1,157)
132
4
6
—
Consumer
3
(7)
(14)
(3)
15
NET (CHARGE-OFFS)/RECOVERIES
$
(1,491)
$
(348)
$
291
$
125
$
(110)
LOAN QUALITY DATA:
Special mention loans
$
191,882
$
92,623
$
52,026
$
58,133
$
70,677
Accruing classified loans 10
88,586
87,948
57,922
63,278
53,883
Nonaccrual loans
25,604
24,314
16,103
17,565
17,155
Total classified
114,190
112,262
74,025
80,843
71,038
Criticized and classified loans
$
306,072
$
204,885
$
126,051
$
138,976
$
141,715
Loans 30-89 days past due and accruing
11
$
5,535
$
14,852
$
25,945
$
4,179
$
2,434
10 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.
11 At June 30, 2020 and at June 30, 2019, the Company had one
loan totaling less than $0.1 million and one loan totaling $0.9
million that was more than 90 days past due but still on accrual
status, respectively. Both loans originated in the New England
region. The Company had no other loans outstanding more than 90
days past due but still on accrual status in comparative
periods.
BOSTON PRIVATE FINANCIAL HOLDINGS,
INC.
Average Balances, Yields, and
Rates
Unaudited ($ in thousands)
Average Balance
Interest
Income/Expense
Average Yield/Rate
2Q20
1Q20
2Q19
2Q20
1Q20
2Q19
2Q20
1Q20
2Q19
INTEREST-EARNING
ASSETS
Cash and
investments:
Taxable investment securities
$
198,337
$
201,174
$
227,029
$
859
$
868
$
1,121
1.73
%
1.73
%
1.98
%
Non-taxable investment securities
316,513
315,681
304,309
2,005
1,998
1,901
2.53
%
2.53
%
2.50
%
Mortgage-backed securities
505,669
520,629
508,033
2,566
2,787
2,706
2.03
%
2.14
%
2.13
%
Short-term investments and other
186,895
147,482
130,363
582
1,071
1,057
1.23
%
2.89
%
3.23
%
Total cash and investments
1,207,414
1,184,966
1,169,734
6,012
6,724
6,785
1.99
%
2.27
%
2.32
%
Loans: 12
Commercial and industrial
1,037,285
1,148,986
1,091,903
9,708
10,724
11,170
3.70
%
3.69
%
4.05
%
Paycheck Protection Program
283,619
—
—
1,573
—
—
2.19
%
—
%
—
%
Commercial real estate
2,659,074
2,582,305
2,506,637
24,602
27,482
29,953
3.66
%
4.21
%
4.73
%
Construction and land
233,305
233,324
202,609
2,251
2,572
2,559
3.82
%
4.36
%
5.00
%
Residential
2,862,708
2,850,833
3,008,753
23,079
23,468
25,735
3.22
%
3.29
%
3.42
%
Home equity
88,307
86,048
91,384
650
952
1,146
2.96
%
4.45
%
5.03
%
Other consumer
124,346
132,237
124,778
944
1,160
1,380
3.05
%
3.53
%
4.43
%
Total loans
7,288,644
7,033,733
7,026,064
62,807
66,358
71,943
3.42
%
3.75
%
4.07
%
Total earning assets
8,496,058
8,218,699
8,195,798
68,819
73,082
78,728
3.22
%
3.54
%
3.82
%
LESS: Allowance for loan losses
68,473
51,730
73,856
Cash and due from banks
39,959
49,571
45,705
Other assets
641,657
562,851
511,859
TOTAL AVERAGE ASSETS
$
9,109,201
$
8,779,391
$
8,679,506
INTEREST-BEARING
LIABILITIES
Interest-bearing
deposits: 13
Savings and NOW
$
680,758
$
638,926
$
684,507
$
187
$
232
$
276
0.11
%
0.15
%
0.16
%
Money market
3,684,147
3,753,045
3,226,569
4,848
9,657
10,476
0.53
%
1.03
%
1.30
%
Certificates of deposit
671,470
668,818
752,500
2,300
2,907
3,763
1.38
%
1.75
%
2.01
%
Total interest-bearing deposits
13
5,036,375
5,060,789
4,663,576
7,335
12,796
14,515
0.59
%
1.02
%
1.25
%
Junior subordinated debentures
106,363
106,363
106,363
764
917
1,080
2.84
%
3.41
%
4.02
%
FHLB borrowings and other
610,856
455,813
952,645
1,782
2,112
5,673
1.15
%
1.83
%
2.36
%
Total interest-bearing liabilities
13
5,753,594
5,622,965
5,722,584
9,881
15,825
21,268
0.69
%
1.13
%
1.48
%
Non-interest bearing demand deposits
13
2,213,829
2,046,102
1,926,591
Payables and other liabilities
306,896
270,371
238,544
Total average liabilities
8,274,319
7,939,438
7,887,719
Redeemable noncontrolling interests
—
1,018
943
Average shareholders’ equity
834,882
838,935
790,844
TOTAL AVERAGE LIABILITIES, RNCI, AND
SHAREHOLDERS’ EQUITY
$
9,109,201
$
8,779,391
$
8,679,506
Net interest income
$
58,938
$
57,257
$
57,460
Interest rate spread
2.53
%
2.41
%
2.34
%
Net interest margin
2.75
%
2.76
%
2.78
%
Average total deposits 13
$
7,250,204
$
7,106,891
$
6,590,167
0.41
%
0.72
%
0.88
%
Average total deposits and borrowings
13
$
7,967,423
$
7,669,067
$
7,649,175
0.50
%
0.83
%
1.11
%
12 Average loans includes Loans held for sale and Nonaccrual
loans
13 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.
Average Balances, Yields, and
Rates
Unaudited ($ in thousands)
Average Balance
Interest
Income/Expense
Average Yield/Rate
Six Months Ended
Six Months Ended
Six Months Ended
INTEREST-EARNING
ASSETS
6/30/20
6/30/19
6/30/20
6/30/19
6/30/20
6/30/19
Cash and
investments:
Taxable investment securities
$
199,755
$
235,218
$
1,727
$
2,306
1.73
%
1.92
%
Non-taxable investment securities
316,097
305,581
4,003
3,802
2.53
%
2.49
%
Mortgage-backed securities
513,149
514,872
5,353
5,603
2.09
%
2.18
%
Short-term investments and other
167,188
105,610
1,653
1,965
1.96
%
3.61
%
Total cash and investments
1,196,189
1,161,281
12,736
13,676
2.13
%
2.34
%
Loans: 12
Commercial and industrial
1,091,648
1,081,092
20,432
22,150
3.69
%
4.08
%
Paycheck Protection Program
143,297
—
1,573
—
2.23
%
—
%
Commercial real estate
2,620,689
2,452,824
52,084
58,104
3.93
%
4.71
%
Construction and land
233,315
206,956
4,823
5,200
4.09
%
5.00
%
Residential
2,856,771
2,990,948
46,547
51,280
3.26
%
3.43
%
Home equity
87,178
91,017
1,602
2,267
3.69
%
5.02
%
Other consumer
128,292
129,332
2,104
2,875
3.29
%
4.48
%
Total loans
7,161,190
6,952,169
129,165
141,876
3.58
%
4.07
%
Total earning assets
8,357,379
8,113,450
141,901
155,552
3.38
%
3.82
%
LESS: Allowance for loan losses
60,102
74,692
Cash and due from banks
44,831
46,010
Other assets
602,319
502,068
TOTAL AVERAGE ASSETS
$
8,944,427
$
8,586,836
INTEREST-BEARING
LIABILITIES
Interest-bearing
deposits: 13
Savings and NOW
$
659,842
$
679,716
$
419
$
572
0.13
%
0.17
%
Money market
3,717,664
3,283,891
14,505
20,549
0.78
%
1.26
%
Certificates of deposit
670,144
764,094
5,207
7,452
1.56
%
1.97
%
Total interest-bearing deposits
13
5,047,650
4,727,701
20,131
28,573
0.80
%
1.22
%
Junior subordinated debentures
106,363
106,363
1,681
2,201
3.17
%
4.17
%
FHLB borrowings and other
533,334
785,245
3,894
8,980
1.44
%
2.27
%
Total interest-bearing liabilities
13
5,687,347
5,619,309
25,706
39,754
0.90
%
1.42
%
Non-interest bearing demand deposits
13
2,129,758
1,950,088
Payables and other liabilities
288,846
236,894
Total average liabilities
8,105,951
7,806,291
Redeemable noncontrolling interests
573
1,619
Average shareholders’ equity
837,903
778,926
TOTAL AVERAGE LIABILITIES, RNCI, AND
SHAREHOLDERS’ EQUITY
$
8,944,427
$
8,586,836
Net interest income
$
116,195
$
115,798
Interest rate spread
2.48
%
2.40
%
Net interest margin
2.76
%
2.84
%
Average total deposits 13
$
7,177,408
$
6,677,789
0.56
%
0.86
%
Average total deposits and borrowings
13
$
7,817,105
$
7,569,397
0.66
%
1.06
%
12 Average loans includes Loans held for sale and Nonaccrual
loans
13 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)
2Q20
1Q20
4Q19
3Q19
2Q19
New England
$
3,781,603
$
3,724,959
$
3,776,747
$
3,868,690
$
3,957,221
Northern California
1,741,255
1,618,668
1,532,786
1,559,569
1,538,441
Southern California
1,810,096
1,699,711
1,667,171
1,638,892
1,584,598
Total loans
$
7,332,954
$
7,043,338
$
6,976,704
$
7,067,151
$
7,080,260
Loans
(charged-off)/recovered, net:
New England
$
7
$
15
$
414
$
275
$
31
Northern California
3
122
(10)
6
20
Southern California
(1,501)
(485)
(113)
(156)
(161)
Total net loans
(charged-off)/recovered
$
(1,491)
$
(348)
$
291
$
125
$
(110)
Special mention
loans:
New England
$
83,026
$
61,741
$
21,691
$
19,828
$
35,235
Northern California
75,609
5,947
5,227
4,821
10,360
Southern California
33,247
24,935
25,108
33,484
25,082
Total special mention loans
$
191,882
$
92,623
$
52,026
$
58,133
$
70,677
Accruing classified
loans:
New England
$
53,124
$
50,483
$
20,428
$
21,830
$
13,012
Northern California
21,712
24,843
24,946
23,938
25,957
Southern California
13,750
12,622
12,548
17,510
14,914
Total accruing classified loans
$
88,586
$
87,948
$
57,922
$
63,278
$
53,883
Nonaccruing
loans:
New England
$
11,630
$
11,965
$
9,764
$
8,999
$
8,837
Northern California
9,459
6,575
319
2,395
2,644
Southern California
4,515
5,774
6,020
6,171
5,674
Total nonaccruing loans
$
25,604
$
24,314
$
16,103
$
17,565
$
17,155
14 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, except share
and per share data)
2Q20
1Q20
4Q19
3Q19
2Q19
ROACE AND ROATCE:
Net income/(loss) attributable to the
Company (GAAP) (A)
$
(3,298)
$
800
$
21,244
$
19,962
$
19,380
ADD: Amortization of intangibles, net of
tax
555
565
534
530
531
Tangible common net income/(loss)
(non-GAAP) (B)
$
(2,743)
$
1,365
$
21,778
$
20,492
$
19,911
Total average shareholders’ equity (C)
$
834,882
$
838,935
$
818,816
$
807,890
$
790,844
LESS: Average goodwill and intangibles,
net
(66,877)
(67,586)
(68,031)
(68,359)
(68,889)
Average tangible common equity (non-GAAP)
(D)
$
768,005
$
771,349
$
750,785
$
739,531
$
721,955
ROACE (annualized) (A/C)
(1.58)
%
0.39
%
10.29
%
9.80
%
9.83
%
ROATCE (annualized) (B/D)
(1.43)
%
0.72
%
11.51
%
10.99
%
11.06
%
PRE-TAX, PRE-PROVISION INCOME:
Income/(loss) before income taxes
(GAAP)
$
(2,457)
$
908
$
28,129
$
25,575
$
24,818
ADD BACK: Provision/(credit) for loan
losses
22,604
16,962
(3,668)
167
1,363
Pre-tax, pre-provision income
(non-GAAP)
$
20,147
$
17,870
$
24,461
$
25,742
$
26,181
TANGIBLE COMMON EQUITY:
Total shareholders’ equity (GAAP)
$
825,205
$
828,792
$
819,018
$
808,688
$
798,211
LESS: Goodwill and intangibles, net
(66,542)
(67,244)
(67,959)
(68,229)
(68,491)
Tangible common equity (non-GAAP) (A)
$
758,663
$
761,548
$
751,059
$
740,459
$
729,720
Total assets (GAAP)
$
9,158,906
$
8,746,326
$
8,830,501
$
8,690,944
$
8,712,873
LESS: Goodwill and intangibles, net
(66,542)
(67,244)
(67,959)
(68,229)
(68,491)
Tangible assets (non-GAAP) (B)
$
9,092,364
$
8,679,082
$
8,762,542
$
8,622,715
$
8,644,382
End of period shares outstanding (C)
82,058,483
81,800,486
83,265,674
83,241,952
83,774,335
Tangible common equity/ Tangible assets
(non-GAAP) (A/B)
8.34
%
8.77
%
8.57
%
8.59
%
8.44
%
Tangible book value per share (non-GAAP)
(A/C)
$9.25
$9.31
$9.02
$8.90
$8.71
BOSTON PRIVATE FINANCIAL HOLDINGS,
INC.
Reconciliations of Non-GAAP Financial
Measures
Unaudited ($ in thousands, except share
and per share data)
2Q20
1Q20
4Q19
3Q19
2Q19
RETURN ON AVERAGE ASSETS:
Net income/(loss) (GAAP) (A)
$
(3,298)
$
800
$
21,244
$
19,962
$
19,380
Average assets (non-GAAP) (B)
9,109,201
8,779,391
8,738,750
8,665,352
8,679,506
Return on average assets (annualized)
(non-GAAP) (A/B)
(0.15)
%
0.04
%
0.96
%
0.91
%
0.90
%
EFFICIENCY RATIO:
Total noninterest expense (GAAP) (A)
$
61,453
$
60,908
$
58,457
$
55,537
$
55,659
LESS: Amortization of intangibles
702
715
676
671
672
Total noninterest expense (non-GAAP)
(B)
$
60,751
$
60,193
$
57,781
$
54,866
$
54,987
Net interest income (GAAP)
$
58,938
$
57,257
$
56,125
$
56,153
$
57,460
Total core fees and income (GAAP)
21,630
22,886
24,755
25,155
24,292
Total other income/(loss) (GAAP)
1,032
(1,365)
2,038
(29)
88
Total revenue (GAAP) (C)
$
81,600
$
78,778
$
82,918
$
81,279
$
81,840
Efficiency ratio (GAAP) (A/C)
75.3
%
77.3
%
70.5
%
68.3
%
68.0
%
Efficiency ratio, excluding amortization
of intangibles (non-GAAP) (B/C)
74.4
%
76.4
%
69.7
%
67.5
%
67.2
%
NET INCOME/(LOSS) ATTRIBUTABLE TO THE
COMPANY:
Net income/(loss) attributable to the
Company (GAAP)
$
(3,298)
$
800
$
21,244
$
19,962
$
19,380
LESS: Gain on fair value of contingent
considerations receivable 15
—
—
1,109
—
—
Tax effect at statutory rate
—
—
322
—
—
Net income/(loss) attributable to the
Company (non-GAAP)
$
(3,298)
$
800
$
20,457
$
19,962
$
19,380
NET INCOME/(LOSS) ATTRIBUTABLE TO
COMMON SHAREHOLDERS:
Net income/(loss) attributable to common
shareholders (GAAP)
$
(3,298)
$
1,214
$
21,342
$
20,266
$
18,564
LESS: Gain on fair value of contingent
considerations receivable 15
—
—
1,109
—
—
Tax effect at statutory rate
—
—
322
—
—
Net income/(loss) attributable to the
common shareholders, treasury stock method, excluding notable items
(non-GAAP)
$
(3,298)
$
1,214
$
20,555
$
20,266
$
18,564
Weighted average diluted shares
outstanding
81,929,752
83,318,041
83,637,786
83,956,708
84,048,972
Diluted earnings/(loss) per share
(GAAP)
$
(0.04)
$
0.01
$
0.26
$
0.24
$
0.22
Diluted earnings/(loss) per share,
excluding notable items (non-GAAP)
$
(0.04)
$
0.01
$
0.25
$
0.24
$
0.22
Average common equity (non-GAAP)
$
834,882
$
838,935
$
818,816
$
807,890
$
790,844
Average tangible common equity
(non-GAAP)
$
768,005
$
771,349
$
750,785
$
739,531
$
721,955
ROACE, excluding notable items
(non-GAAP)
(1.58)
%
0.39
%
9.91
%
9.80
%
9.83
%
ROATCE, excluding notable items
(non-GAAP)
(1.43)
%
0.72
%
11.09
%
10.99
%
11.06
%
Pre-tax, pre-provision income
(non-GAAP)
$
20,147
$
17,870
$
24,461
$
25,742
$
26,181
LESS: Gain on fair value of contingent
considerations receivable 15
—
—
1,109
—
—
Pre-tax, pre-provision income, excluding
notable items (non-GAAP)
$
20,147
$
17,870
$
23,352
$
25,742
$
26,181
15 In the fourth quarter of 2019, there was a $1.1 million gain
related to the revaluation of a receivable from the divestiture of
former affiliate, Bingham, Osborn & Scarborough, LLC
("BOS").
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200728005885/en/
Adam Bromley (617) 912-4386 abromley@bostonprivate.com
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