Boston Private Financial Holdings, Inc. Reports Fourth Quarter and Full Year 2018 Results
Business Wire 30-Jan-2019 4:15 PM
Fourth Quarter 2018 Highlights include:
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GAAP Net income was $33.3 million, or $0.42 per diluted share, and
operating net income was $19.6 million or $0.26 per diluted share
-
Return on average common equity was 17.9%; operating return on average
common equity was 10.5%
-
Return on average tangible common equity was 20.5%; operating return
on average tangible common equity was 12.2%
-
Average total deposits were $6.9 billion, a 7% increase year-over-year
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Average total loans were $6.8 billion, a 6% increase year-over-year
-
Total assets under management/advisory ("AUM") were $15.9 billion and
total net flows were negative $143 million
Notable Items impacting Fourth Quarter 2018 results ("Notable Items"):
-
$18.1 million gain on sale and $3.2 million tax expense related to the
divestiture of Bingham, Osborn & Scarborough, LLC ("BOS")
-
$1.6 million net restructuring expense related to personnel and
technology efficiencies
Full Year 2018 Highlights include:
-
GAAP Net income was $80.4 million, or $0.92 per diluted share, and
operating net income was $84.2 million or $0.97 per diluted share
-
Returned $62.4 million of capital to common shareholders through
dividends and share repurchases
-
Tangible book value per share increased 15% year-over-year to $8.18
and Tier 1 common equity ratio increased to 11.4%
Boston Private Financial Holdings, Inc. (NASDAQ:BPFH) (the "Company" or
"BPFH") today reported fourth quarter 2018 GAAP Net income/ (loss)
attributable to the Company of $33.3 million, compared to $18.0 million
for the third quarter of 2018 and ($18.3) million for the fourth quarter
of 2017. Fourth quarter 2018 Diluted earnings/ (loss) per share were
$0.42, compared to $0.20 in the third quarter of 2018 and ($0.24) in the
fourth quarter of 2017.
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Summary Financial Results - Reported
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% Change
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($ in millions, except for per share data)
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4Q18
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3Q18
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4Q17
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LQ
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Y/Y
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Net income/ (loss)
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$33.3
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$18.0
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$(18.3)
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85%
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nm
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Diluted earnings/ (loss) per share
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$0.42
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$0.20
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$(0.24)
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nm
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nm
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Non-GAAP Financial Measures:
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Pre-tax, pre-provision income
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$42.3
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$23.4
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$2.5
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81%
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nm
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Return on average common equity ("ROACE")
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17.9%
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9.7%
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(9.9)%
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Return on average tangible common equity ("ROATCE")
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20.5%
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11.4%
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(11.9)%
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nm = not meaningful
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The Company's reported financial results increased linked quarter
primarily as a result of the gain on sale related to the divestiture of
BOS. Additional factors driving the year-over-year increase include
impairment of goodwill related to the divestiture of Anchor Capital
Advisors, LLC ("Anchor") and income tax expense related to the Tax Cuts
and Jobs Act, each during the fourth quarter of 2017.
In addition to presenting the Company's results in conformity with
GAAP, the Company uses certain non-GAAP financial measures to provide
information for investors to effectively analyze financial trends of
ongoing business activities, and to enhance comparability with peers
across the financial sector. For additional information on
non-GAAP financial measures, see page 7. A full reconciliation of
GAAP to non-GAAP results can be found in the footnotes beginning on page
18.
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Summary Financial Results - Operating Basis (non-GAAP)
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% Change
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($ in millions, except for per share data)
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4Q181
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3Q182
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4Q173
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LQ
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Y/Y
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Net income
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$19.6
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$22.5
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$20.6
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(13)%
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(5)%
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Diluted earnings per share
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$0.26
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$0.25
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$0.22
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4%
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20%
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Pre-tax, pre-provision income
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$25.8
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$29.2
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$29.0
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(12)%
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(11)%
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Return on average common equity
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10.5%
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12.1%
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10.2%
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Return on average tangible common equity
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12.2%
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14.2%
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13.4%
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1 4Q18 results adjusted to exclude the net after-tax
impact of $18.1 million gain on sale and $3.2 million tax expense
related to the divestiture of Bingham, Osborn, & Scarborough, LLC
and $1.6 million restructuring expense
2 3Q18 results adjusted to exclude the net after-tax
impact of $5.8 million restructuring expense
3 4Q17 results adjusted to exclude the net after-tax
impact of $1.3 million loss on sale, $0.4 million legal expense,
and $24.9 million goodwill impairment expense related to the
divestiture of Anchor and $12.9 million tax expense related to the
Tax Cuts and Jobs Act
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"Our Fourth Quarter and Full Year 2018 financial results reflect the
successful divestiture of two affiliates," said Anthony DeChellis, CEO
of Boston Private. "These transactions enabled the return of capital to
shareholders during 2018 in the form of the completion of our $20
million share repurchase program."
"At the same time, we have additional capital to be used for the
expansion of our Wealth Management, Trust, and Commercial and Private
Banking businesses. My review of Boston Private's market positioning is
well underway, and I look forward to sharing details about our vision to
improve the Company's scale, efficiency, and productivity early in the
second quarter of 2019."
Divested Affiliates
The Company completed the sale of Anchor and BOS (together, "Divested
Affiliates") during 2018. Financial results from Divested Affiliates
remain consolidated in the Company's financial results through the
closing dates of the divestitures. The Anchor divestiture announcement
date was December 20, 2017, resulting in impairment of goodwill during
fourth quarter 2017 results, and the closing date was April 13, 2018.
The BOS announcement date was October 17, 2018, and the closing date was
December 3, 2018.
For presentation purposes, Divested Affiliates' AUM are excluded from
AUM amounts, but are included in the calculation of Core fees and
income. The discussion below includes non-GAAP measures that exclude the
contributions from these affiliates in order to enhance comparability of
trends in the core business.
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Net Interest Income and Margin (non-GAAP, except for Net Interest
Income)
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% Change
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($ in millions)
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4Q18
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3Q18
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4Q17
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LQ
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Y/Y
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Net interest income
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$60.0
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$59.6
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$57.3
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1
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%
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5
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%
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Less: Interest recovered on previous nonaccrual loans
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1.0
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1.0
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0.4
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—
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%
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nm
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Core net interest income, non-FTE basis
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59.0
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58.7
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56.8
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1
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%
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4
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%
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Add: FTE adjustment
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0.6
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0.6
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2.9
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—
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%
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(79
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)%
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Core net interest income, FTE basis
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59.6
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59.2
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59.7
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1
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%
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—
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%
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Net interest margin (FTE basis)
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2.96
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%
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2.93
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%
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3.04
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%
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Core net interest margin (FTE basis)
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2.92
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%
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2.88
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%
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3.02
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%
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Core net interest margin (non-FTE basis)
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2.90
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%
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2.85
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%
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2.87
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%
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FTE = Fully Taxable Equivalent
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Net interest income for the fourth quarter of 2018 was $60.0 million, an
increase of 1% linked quarter and 5% year-over-year. The year-over-year
increase was primarily driven by higher yields on interest-earning
assets and higher asset volumes, partially offset by higher funding
costs. Core net interest income, non-FTE basis, which excludes interest
recovered on previous nonaccrual loans, increased 1% linked quarter and
4% year-over-year.
The Company's Core net interest margin (FTE basis) increased 4 basis
points on a linked quarter basis to 2.92%, primarily driven by linked
quarter deposit inflows that funded repayment of borrowings, the
positive impact of higher asset yields, and lower levels of cash and
investments as a percentage of interest-earning assets. The
year-over-year decline was primarily driven by a lower tax benefit on
tax-exempt income as a result of the Tax Cuts and Jobs Act.
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Noninterest Income
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% Change
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($ in millions)
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4Q18
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3Q18
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4Q17
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LQ
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Y/Y
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Investment management fees
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$2.8
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|
$3.2
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$12.3
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(13
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)%
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(77
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)%
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Wealth advisory fees
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|
12.1
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|
14.0
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|
13.5
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(13
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)%
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|
|
(10
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)%
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|
Wealth management and trust fees
|
|
|
11.7
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|
|
11.5
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|
11.8
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1
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%
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|
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(1
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)%
|
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Private banking fees4
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|
2.1
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|
2.8
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2.6
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(27
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)%
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(21
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)%
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Total core fees and income
|
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|
$28.7
|
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|
|
$31.6
|
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|
$40.2
|
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(9
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)%
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|
(29
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)%
|
|
Total other income
|
|
|
17.2
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|
|
0.7
|
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|
(1.0
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)
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nm
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|
nm
|
|
Total noninterest income
|
|
|
$45.8
|
|
|
|
$32.3
|
|
|
$39.2
|
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42
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%
|
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|
17
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%
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Memo: Excluding Notable Items and Divested Affiliates
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Investment management fees (non-GAAP) 5
|
|
|
2.8
|
|
|
|
3.2
|
|
|
3.9
|
|
|
|
(13
|
)%
|
|
|
(27
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)%
|
|
Wealth advisory fees (non-GAAP) 6
|
|
|
8.3
|
|
|
|
8.1
|
|
|
7.8
|
|
|
|
2
|
%
|
|
|
6
|
%
|
|
Total core fees and income (non-GAAP) 5 6
|
|
|
$24.9
|
|
|
|
$25.7
|
|
|
$26.0
|
|
|
|
(3
|
)%
|
|
|
(4
|
)%
|
|
Total other income (non-GAAP) 7
|
|
|
(1.0
|
)
|
|
|
0.7
|
|
|
0.3
|
|
|
|
nm
|
|
|
nm
|
|
Total noninterest income (non-GAAP) 5 6
|
|
|
$23.9
|
|
|
|
$26.4
|
|
|
$26.3
|
|
|
|
(10
|
)%
|
|
|
(9
|
)%
|
|
4 Private banking fees includes Other banking fee income
and Gain/ (loss) on sale of loans, net
5 Excludes Anchor revenue of $8.4 million in 4Q17
6 Excludes BOS revenue of $3.9 million in 4Q18, $5.9
million in 3Q18, and $5.8 million in 4Q17
7 Excludes$18.1 million gain on sale in 4Q18 and $1.3
million loss on sale in 4Q17
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Total core fees and income for the fourth quarter of 2018 was $28.7
million, a decline of 9% linked quarter and 29% year-over-year primarily
driven by the divestitures of Anchor and BOS. Notable Items impacting
Total other income include an $18.1 million gain on sale related to BOS
in the fourth quarter of 2018 and a $1.3 million loss on sale related to
Anchor in the fourth quarter of 2017.
Excluding Notable Items and Divested Affiliates, Total core fees and
income decreased 4% year-over-year primarily driven by the absence of
Investment management performance fees in the fourth quarter of 2018,
partially offset by increased Wealth advisory fees. Performance fees in
the fourth quarter of 2017 were $0.9 million.
During the fourth quarter of 2018, the securities in a rabbi trust,
related to the Company's Deferred Compensation Plan, declined in value,
which was recorded as $0.8 million of negative revenue in Total other
income (Noninterest Income). This had a net zero impact to overall
earnings because it had an equal and offsetting reduction in Salaries
and employee benefits expense (Operating Expenses).
|
|
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|
|
|
|
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|
Assets Under Management / Advisory
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change
|
|
|
($ in millions)
|
|
|
4Q18
|
|
|
3Q18
|
|
|
4Q17
|
|
|
LQ
|
|
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Y/Y
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|
Wealth Management and Trust
|
|
|
$7,602
|
|
|
|
$8,335
|
|
|
$7,865
|
|
|
(9
|
)%
|
|
|
(3
|
)%
|
|
Affiliate Partners 8
|
|
|
8,319
|
|
|
|
9,388
|
|
|
8,920
|
|
|
(11
|
)%
|
|
|
(7
|
)%
|
|
Total assets under management / advisory 9
|
|
|
$15,921
|
|
|
|
$17,723
|
|
|
$16,785
|
|
|
(10
|
)%
|
|
|
(5
|
)%
|
|
Total net flows 9
|
|
|
$(143
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)
|
|
|
$260
|
|
|
$70
|
|
|
|
|
|
|
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8 Segment includes Dalton, Greiner, Hartman,
Maher & Co., LLC and KLS Professional Advisors Group, LLC ("KLS")
9 Excludes Anchor and BOS
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Total assets under management / advisory, were $15.9 billion at the end
of the fourth quarter of 2018, a decrease of 10% linked quarter and 5%
year-over-year. The linked quarter decrease was primarily driven by
negative market action and negative net flows, while the year-over-year
decrease was primarily driven by negative market action, partially
offset by positive net flows.
Net flows in the Wealth Management & Trust segment during the fourth
quarter of 2018 were negative $79 million driven by elevated current
client outflows, partially offset by $194 million of new business and
low client attrition.
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|
|
|
|
|
|
|
|
|
|
|
Operating Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change
|
|
($ in millions)
|
|
|
4Q18
|
|
|
3Q18
|
|
|
4Q17
|
|
|
LQ
|
|
|
Y/Y
|
|
Salaries and employee benefits
|
|
|
$36.0
|
|
|
$38.9
|
|
|
$44.6
|
|
|
(8)%
|
|
|
(19)%
|
|
Occupancy and equipment
|
|
|
8.0
|
|
|
8.2
|
|
|
7.8
|
|
|
(2)%
|
|
|
3%
|
|
Professional services
|
|
|
4.2
|
|
|
2.9
|
|
|
4.0
|
|
|
47%
|
|
|
5%
|
|
Marketing and business development
|
|
|
2.3
|
|
|
1.7
|
|
|
1.9
|
|
|
33%
|
|
|
19%
|
|
Information systems
|
|
|
6.3
|
|
|
6.2
|
|
|
5.6
|
|
|
1%
|
|
|
12%
|
|
Amortization of intangibles
|
|
|
0.7
|
|
|
0.8
|
|
|
1.3
|
|
|
(9)%
|
|
|
(49)%
|
|
Impairment of goodwill
|
|
|
—
|
|
|
—
|
|
|
24.9
|
|
|
nm
|
|
|
nm
|
|
FDIC insurance
|
|
|
0.7
|
|
|
0.7
|
|
|
0.7
|
|
|
10%
|
|
|
9%
|
|
Restructuring
|
|
|
2.1
|
|
|
5.8
|
|
|
—
|
|
|
(64)%
|
|
|
nm
|
|
Other
|
|
|
3.3
|
|
|
3.4
|
|
|
3.1
|
|
|
(4)%
|
|
|
5%
|
|
Total operating expense
|
|
|
$63.6
|
|
|
$68.6
|
|
|
$94.0
|
|
|
(7)%
|
|
|
(32)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Excluding Notable Items and Divested Affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notable items related to Anchor Divestiture 10
|
|
|
—
|
|
|
—
|
|
|
25.3
|
|
|
nm
|
|
|
nm
|
|
Information systems 11
|
|
|
(0.4)
|
|
|
—
|
|
|
—
|
|
|
nm
|
|
|
nm
|
|
Restructuring
|
|
|
2.1
|
|
|
5.8
|
|
|
—
|
|
|
(64)%
|
|
|
nm
|
|
Divested Affiliates operating expense
|
|
|
2.8
|
|
|
4.0
|
|
|
10.0
|
|
|
(30)%
|
|
|
(72)%
|
|
Total operating expense (non-GAAP)
|
|
|
$59.1
|
|
|
$58.8
|
|
|
$58.7
|
|
|
1%
|
|
|
1%
|
|
10 Includes $24.9 million of Impairment of goodwill and
$0.4 million of legal expense
11 $0.4 million of Information services expense was
reclassified to Restructuring expense in conjunction with the
Company's formal restructuring plan announced in 4Q18
|
Total operating expense decreased 7% linked quarter primarily driven by
lower restructuring expense, while decreasing 32% year-over-year,
primarily driven by impairment of goodwill related to the divestiture of
Anchor during the fourth quarter of 2017.
Excluding Notable Items and Divested Affiliates, Total operating expense
for the fourth quarter of 2018 was $59.1 million, up 1% linked quarter
and year-over-year. Year-over-year, compensation declined as a result of
efficiency initiatives and the previously mentioned $0.8 million expense
reversal related to the liability for the Company's Deferred
Compensation Plan, partially offset by information technology
investments.
Income Tax Expense
The Company's Income tax expense for the fourth quarter of 2018 includes
$3.2 million of expense related to the divestiture of BOS. Excluding
Notable Items, the Company's effective tax rate for the fourth quarter
of 2018 was 22.7%.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and Deposits - QTD Averages
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change
|
|
|
($ in millions)
|
|
|
4Q18
|
|
|
3Q18
|
|
|
4Q17
|
|
|
LQ
|
|
|
Y/Y
|
|
Commercial and industrial
|
|
|
$1,027
|
|
|
|
$999
|
|
|
|
$962
|
|
|
|
3
|
%
|
|
|
7
|
%
|
|
Commercial real estate
|
|
|
2,402
|
|
|
|
2,475
|
|
|
|
2,370
|
|
|
|
(3
|
)%
|
|
|
1
|
%
|
|
Construction and land
|
|
|
209
|
|
|
|
179
|
|
|
|
131
|
|
|
|
17
|
%
|
|
|
60
|
%
|
|
Residential
|
|
|
2,907
|
|
|
|
2,837
|
|
|
|
2,650
|
|
|
|
2
|
%
|
|
|
10
|
%
|
|
Home equity
|
|
|
94
|
|
|
|
94
|
|
|
|
105
|
|
|
|
—
|
%
|
|
|
(11
|
)%
|
|
Other consumer
|
|
|
141
|
|
|
|
163
|
|
|
|
178
|
|
|
|
(14
|
)%
|
|
|
(21
|
)%
|
|
Total loans
|
|
|
$6,781
|
|
|
|
$6,747
|
|
|
|
$6,396
|
|
|
|
—
|
%
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits
|
|
|
2,092
|
|
|
|
2,064
|
|
|
|
1,895
|
|
|
|
1
|
%
|
|
|
10
|
%
|
|
Interest bearing deposits
|
|
|
4,826
|
|
|
|
4,668
|
|
|
|
4,550
|
|
|
|
3
|
%
|
|
|
6
|
%
|
|
Total deposits
|
|
|
$6,918
|
|
|
|
$6,732
|
|
|
|
$6,445
|
|
|
|
3
|
%
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits as a % of Total deposits
|
|
|
30
|
%
|
|
|
31
|
%
|
|
|
29
|
%
|
|
|
|
|
|
|
Average total loans in the fourth quarter of 2018 increased 6%
year-over-year primarily driven by increases in Residential loans in all
geographic markets. Construction and land loans increased year-over-year
and linked quarter primarily as a result of funding tax-exempt
industrial revenue bonds associated with affordable housing projects.
Average total deposits increased 7% year-over-year, primarily driven by
growth in money market accounts, demand deposit accounts and
certificates of deposits, partially offset by net declines in savings
and NOW accounts. The cost of total deposits, including DDA, was 0.77%,
an increase of 9 basis points linked quarter and 40 basis points
year-over-year.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision and Asset Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
4Q18
|
|
|
3Q18
|
|
|
2Q18
|
|
|
1Q18
|
|
|
4Q17
|
|
Provision/ (credit) for loan loss
|
|
|
$0.1
|
|
|
$(0.9)
|
|
|
$0.5
|
|
|
$(1.8)
|
|
|
$(0.9)
|
|
Total criticized loans
|
|
|
146.6
|
|
|
134.7
|
|
|
114.4
|
|
|
124.1
|
|
|
154.8
|
|
Total nonaccrual loans
|
|
|
14.1
|
|
|
12.1
|
|
|
15.7
|
|
|
16.4
|
|
|
14.3
|
|
Total loans 30-89 days past due and accruing
|
|
|
22.3
|
|
|
11.6
|
|
|
5.0
|
|
|
20.4
|
|
|
25.0
|
|
Total net loans (charged-off)/ recovered
|
|
|
1.7
|
|
|
1.0
|
|
|
0.1
|
|
|
—
|
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a % of Total loans
|
|
|
1.09%
|
|
|
1.09%
|
|
|
1.09%
|
|
|
1.10%
|
|
|
1.15%
|
|
Nonaccrual loans as a % of Total loans
|
|
|
0.20%
|
|
|
0.18%
|
|
|
0.23%
|
|
|
0.25%
|
|
|
0.22%
|
The Company recorded a provision expense of $0.1 million for the fourth
quarter of 2018, compared to credits of $0.9 million for the third
quarter of 2018 and the fourth quarter of 2017. The provision expense in
the fourth quarter of 2018 was primarily driven by loan growth and an
increase in criticized loans, offset by net loan recoveries.
Total criticized loans as of December 31, 2018 was $146.6 million, an
increase of 9% linked quarter and a decrease of 5% year-over-year. The
$12.0 million linked quarter increase was driven by the downgrade of
certain C&I and commercial real estate relationships in New England.
Total nonaccrual loans as of December 31, 2018 was $14.1 million, or 20
basis points of total loans, compared to $12.1 million, or 18 basis
points as of September 30, 2018, and $14.3 million, or 22 basis points
as of December 31, 2017.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q18
|
|
|
3Q18
|
|
|
2Q18
|
|
|
1Q18
|
|
|
4Q17
|
|
Tangible common equity/ Tangible assets 12
|
|
|
8.1%
|
|
|
7.8%
|
|
|
7.5%
|
|
|
7.4%
|
|
|
7.3%
|
|
Tangible book value per share 12
|
|
|
$8.18
|
|
|
$7.67
|
|
|
$7.62
|
|
|
$7.17
|
|
|
$7.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory Capital Ratios: 13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 common equity
|
|
|
11.4%
|
|
|
11.1%
|
|
|
10.9%
|
|
|
10.4%
|
|
|
10.3%
|
|
Total risk-based capital
|
|
|
14.3%
|
|
|
14.1%
|
|
|
13.8%
|
|
|
14.2%
|
|
|
14.1%
|
|
Tier 1 risk-based capital
|
|
|
13.0%
|
|
|
12.8%
|
|
|
12.6%
|
|
|
12.9%
|
|
|
12.9%
|
|
Tier 1 leverage capital
|
|
|
9.5%
|
|
|
9.2%
|
|
|
9.2%
|
|
|
9.4%
|
|
|
9.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Equity Repurchase Program:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shares of common stock repurchased
|
|
|
1,505,521
|
|
|
137,144
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Average price paid per share of common stock
|
|
|
$12.02
|
|
|
$13.89
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Aggregate repurchases of common equity ($ in millions)
|
|
|
$18.1
|
|
|
$1.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
12 See footnote 6 for a GAAP to non-GAAP reconciliation.13
Current quarter information is presented based on estimated data.
|
Tangible book value per share as of December 31, 2018 increased 7%
linked quarter and 15% year-over-year to $8.18. The increase of Tangible
book value per share from December 31, 2017 to December 31, 2018 was
primarily driven by the divestitures of Anchor and BOS and increased
retained earnings, partially offset by common share repurchases and
lower Accumulated Other Comprehensive Income.
EPS Calculation
For calculation of income for EPS, fourth quarter 2018 Net income
attributable to the common shareholders benefited by $2.7 million, or
$0.03 per share, related to the changes in value of Redeemable
noncontrolling interests ("RNCI").
Dividend PaymentsConcurrent with the
release of fourth quarter 2018 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 February 8, 2019, and
the payment date is February 22, 2019.
Non-GAAP Financial MeasuresThe
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 tangible book value per share;
the TCE/TA ratio; return on average common equity; return on average
tangible common equity; pre-tax, pre-provision income; total operating
expense excluding intangibles, goodwill impairment, and restructuring,
if any; the efficiency ratio (FTE basis); the efficiency ratio (FTE
basis) excluding amortization of intangibles, goodwill impairment, and
restructuring, if any; net interest income and net interest margin
excluding interest recovered on previous nonaccrual loans, also referred
to as core net interest margin; net income attributable to the Company
excluding notable items; net income attributable to the common
shareholders, treasury stock method, excluding notable items (non-GAAP);
diluted earnings per share excluding notable items; operating basis
total revenue; operating basis total operating expenses; operating basis
pre-tax, pre-provision income; operating basis income before income
taxes; operating basis income tax expense; operating basis net income/
(loss) attributable to the Company; operating basis net income/ (loss)
attributable to the Common Shareholders; operating basis weighted
average diluted shares outstanding; operating basis diluted total
earnings/ (loss) per share; operating basis return on average common
equity; operating basis return on average tangible common equity; and
operating basis effective tax rate.
A detailed reconciliation table of the Company's GAAP to non-GAAP
measures is included in the footnotes of the attached financial
statements.
Conference Call
Management will hold a conference call at 8:00 a.m. Eastern Time on
Thursday, January 31, 2019, to discuss the financial results, business
highlights and outlook. To access the call:
Dial In #: (888) 317-6003Elite Entry Number: 7238859
Replay Information:Available from January 31, 2019 at 12:00 p.m
Eastern Time until February 7, 2019Dial In #: (877) 344-7529Conference
Number: 10127383
The call will be simultaneously webcast and may be accessed on www.bostonprivate.com
Boston Private Financial Holdings, Inc.Boston
Private Financial Holdings, Inc. is a national financial services
organization that owns Wealth Management, Trust, and Commercial and
Private Banking affiliates with offices in Boston, New York, Los
Angeles, San Francisco, San Jose, and Florida. The Company has total
assets of greater than $8 billion, and manages over $15 billion of
client assets.
The Company's affiliates serve the high net worth marketplace with high
quality products and services of unique appeal to private clients. The
Company also provides strategic oversight and access to resources, both
financial and intellectual, to support affiliate management, marketing,
compliance and legal activities. (NASDAQ:BPFH)
For more information about BPFH, visit the Company's website at www.bostonprivate.com.
Forward-Looking StatementsCertain
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 future interest rate trends and
liquidity, prospects for growth in assets, and prospects for overall
results over the long term. 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, adverse conditions in the capital
and debt markets and the impact of such conditions on the Company's
private banking, investment management, wealth advisory, and trust
activities; changes in interest rates; competitive pressures from other
financial institutions; the effects of weakness in general economic
conditions on a national basis or in the local markets in which the
Company operates; changes in loan defaults and charge-off rates; changes
in the value of securities and other assets, adequacy of loan loss
reserves, or decreases in deposit levels necessitating increased
borrowing to fund loans and investments; operational risks including,
but not limited to, cybersecurity, fraud and natural disasters; changes
in government regulation; the risk 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 statement is made.
Note to Editors:Boston Private
Financial Holdings, Inc. is not to be confused with Boston Private Bank
& Trust Company. Boston Private Bank & Trust Company is a wholly-owned
subsidiary of BPFH. The information reported in this press release is
related to the performance and results of BPFH.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boston Private Financial Holdings, Inc.
Selected Financial Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018
|
|
|
September 30, 2018
|
|
|
June 30, 2018
|
|
|
March 31, 2018
|
|
|
December 31, 2017
|
|
|
|
|
|
(In thousands, except share and per share data)
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
127,259
|
|
|
|
$
|
92,634
|
|
|
|
$
|
364,539
|
|
|
|
$
|
77,085
|
|
|
|
$
|
120,541
|
|
|
Investment securities available-for-sale
|
|
|
|
|
1,008,293
|
|
|
|
|
1,063,340
|
|
|
|
|
1,076,967
|
|
|
|
|
1,118,497
|
|
|
|
|
1,170,328
|
|
|
Investment securities held-to-maturity
|
|
|
|
|
70,438
|
|
|
|
|
75,468
|
|
|
|
|
78,955
|
|
|
|
|
70,809
|
|
|
|
|
74,576
|
|
|
Stock in Federal Home Loan Bank and Federal Reserve Bank
|
|
|
|
|
49,263
|
|
|
|
|
48,727
|
|
|
|
|
70,127
|
|
|
|
|
54,455
|
|
|
|
|
59,973
|
|
|
Loans held for sale
|
|
|
|
|
2,812
|
|
|
|
|
3,344
|
|
|
|
|
4,622
|
|
|
|
|
3,918
|
|
|
|
|
4,697
|
|
|
Total loans
|
|
|
|
|
6,893,158
|
|
|
|
|
6,720,420
|
|
|
|
|
6,767,123
|
|
|
|
|
6,602,327
|
|
|
|
|
6,505,028
|
|
|
Less: Allowance for loan losses
|
|
|
|
|
75,312
|
|
|
|
|
73,500
|
|
|
|
|
73,464
|
|
|
|
|
72,898
|
|
|
|
|
74,742
|
|
|
Net loans
|
|
|
|
|
6,817,846
|
|
|
|
|
6,646,920
|
|
|
|
|
6,693,659
|
|
|
|
|
6,529,429
|
|
|
|
|
6,430,286
|
|
|
Other real estate owned ("OREO")
|
|
|
|
|
401
|
|
|
|
|
108
|
|
|
|
|
108
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Premises and equipment, net
|
|
|
|
|
45,412
|
|
|
|
|
47,399
|
|
|
|
|
46,421
|
|
|
|
|
43,627
|
|
|
|
|
37,640
|
|
|
Goodwill (1)
|
|
|
|
|
57,607
|
|
|
|
|
75,598
|
|
|
|
|
75,598
|
|
|
|
|
75,598
|
|
|
|
|
75,598
|
|
|
Intangible assets, net (1)
|
|
|
|
|
12,227
|
|
|
|
|
13,834
|
|
|
|
|
14,584
|
|
|
|
|
15,334
|
|
|
|
|
16,083
|
|
|
Fees receivable
|
|
|
|
|
5,101
|
|
|
|
|
10,445
|
|
|
|
|
10,405
|
|
|
|
|
10,640
|
|
|
|
|
11,154
|
|
|
Accrued interest receivable
|
|
|
|
|
24,366
|
|
|
|
|
24,641
|
|
|
|
|
23,732
|
|
|
|
|
22,614
|
|
|
|
|
22,322
|
|
|
Deferred income taxes, net
|
|
|
|
|
26,638
|
|
|
|
|
27,833
|
|
|
|
|
26,316
|
|
|
|
|
32,058
|
|
|
|
|
29,031
|
|
|
Other assets (1)
|
|
|
|
|
246,962
|
|
|
|
|
245,549
|
|
|
|
|
230,170
|
|
|
|
|
264,295
|
|
|
|
|
259,515
|
|
|
Total assets
|
|
|
|
$
|
8,494,625
|
|
|
|
$
|
8,375,840
|
|
|
|
$
|
8,716,203
|
|
|
|
$
|
8,318,359
|
|
|
|
$
|
8,311,744
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
$
|
6,781,170
|
|
|
|
$
|
6,768,723
|
|
|
|
$
|
6,620,179
|
|
|
|
$
|
6,584,322
|
|
|
|
$
|
6,510,246
|
|
|
Securities sold under agreements to repurchase
|
|
|
|
|
36,928
|
|
|
|
|
39,453
|
|
|
|
|
58,824
|
|
|
|
|
85,257
|
|
|
|
|
32,169
|
|
|
Federal funds purchased
|
|
|
|
|
250,000
|
|
|
|
|
120,000
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
30,000
|
|
|
Federal Home Loan Bank borrowings
|
|
|
|
|
420,144
|
|
|
|
|
441,836
|
|
|
|
|
1,056,938
|
|
|
|
|
611,588
|
|
|
|
|
693,681
|
|
|
Junior subordinated debentures
|
|
|
|
|
106,363
|
|
|
|
|
106,363
|
|
|
|
|
106,363
|
|
|
|
|
106,363
|
|
|
|
|
106,363
|
|
|
Other liabilities (1)
|
|
|
|
|
143,540
|
|
|
|
|
149,770
|
|
|
|
|
129,175
|
|
|
|
|
125,004
|
|
|
|
|
135,880
|
|
|
Total liabilities
|
|
|
|
|
7,738,145
|
|
|
|
|
7,626,145
|
|
|
|
|
7,971,479
|
|
|
|
|
7,512,534
|
|
|
|
|
7,508,339
|
|
|
Redeemable noncontrolling interests ("RNCI")
|
|
|
|
|
2,526
|
|
|
|
|
11,686
|
|
|
|
|
10,747
|
|
|
|
|
16,322
|
|
|
|
|
17,461
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $1.00 par value; authorized: 2,000,000 shares
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
47,753
|
|
|
|
|
47,753
|
|
|
Common stock, $1.00 par value; authorized: 170,000,000 shares
|
|
|
|
|
83,656
|
|
|
|
|
84,603
|
|
|
|
|
84,479
|
|
|
|
|
84,194
|
|
|
|
|
84,208
|
|
|
Additional paid-in capital
|
|
|
|
|
600,196
|
|
|
|
|
614,157
|
|
|
|
|
613,918
|
|
|
|
|
612,526
|
|
|
|
|
607,929
|
|
|
Retained earnings
|
|
|
|
|
87,821
|
|
|
|
|
64,618
|
|
|
|
|
56,912
|
|
|
|
|
61,518
|
|
|
|
|
49,526
|
|
|
Accumulated other comprehensive income/ (loss)
|
|
|
|
|
(17,719
|
)
|
|
|
|
(27,578
|
)
|
|
|
|
(23,328
|
)
|
|
|
|
(21,313
|
)
|
|
|
|
(8,658
|
)
|
|
Total Company's shareholders' equity
|
|
|
|
|
753,954
|
|
|
|
|
735,800
|
|
|
|
|
731,981
|
|
|
|
|
784,678
|
|
|
|
|
780,758
|
|
|
Noncontrolling interests
|
|
|
|
|
—
|
|
|
|
|
2,209
|
|
|
|
|
1,996
|
|
|
|
|
4,825
|
|
|
|
|
5,186
|
|
|
Total shareholders' equity
|
|
|
|
|
753,954
|
|
|
|
|
738,009
|
|
|
|
|
733,977
|
|
|
|
|
789,503
|
|
|
|
|
785,944
|
|
|
Total liabilities, redeemable noncontrolling interests and
shareholders' equity
|
|
|
|
$
|
8,494,625
|
|
|
|
$
|
8,375,840
|
|
|
|
$
|
8,716,203
|
|
|
|
$
|
8,318,359
|
|
|
|
$
|
8,311,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boston Private Financial Holdings, Inc.
Selected Financial Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
December 31, 2018
|
|
|
September 30, 2018
|
|
|
June 30, 2018
|
|
|
March 31, 2018
|
|
|
December 31, 2017
|
|
Interest and dividend income:
|
|
|
|
(In thousands, except share and per share data)
|
|
Loans
|
|
|
|
$
|
69,294
|
|
|
|
$
|
68,254
|
|
|
|
$
|
64,048
|
|
|
|
$
|
60,929
|
|
|
|
$
|
59,496
|
|
|
Taxable investment securities
|
|
|
|
|
1,486
|
|
|
|
|
1,510
|
|
|
|
|
1,501
|
|
|
|
|
1,510
|
|
|
|
|
1,562
|
|
|
Non-taxable investment securities
|
|
|
|
|
1,833
|
|
|
|
|
1,779
|
|
|
|
|
1,752
|
|
|
|
|
1,730
|
|
|
|
|
1,697
|
|
|
Mortgage-backed securities
|
|
|
|
|
2,923
|
|
|
|
|
2,941
|
|
|
|
|
3,049
|
|
|
|
|
3,178
|
|
|
|
|
3,125
|
|
|
Short-term investments and other
|
|
|
|
|
1,356
|
|
|
|
|
1,617
|
|
|
|
|
1,205
|
|
|
|
|
1,009
|
|
|
|
|
978
|
|
|
Total interest and dividend income
|
|
|
|
|
76,892
|
|
|
|
|
76,101
|
|
|
|
|
71,555
|
|
|
|
|
68,356
|
|
|
|
|
66,858
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
13,470
|
|
|
|
|
11,487
|
|
|
|
|
8,365
|
|
|
|
|
6,524
|
|
|
|
|
6,048
|
|
|
Federal Home Loan Bank borrowings
|
|
|
|
|
2,119
|
|
|
|
|
3,877
|
|
|
|
|
4,447
|
|
|
|
|
3,344
|
|
|
|
|
2,626
|
|
|
Junior subordinated debentures
|
|
|
|
|
1,043
|
|
|
|
|
1,028
|
|
|
|
|
1,008
|
|
|
|
|
846
|
|
|
|
|
771
|
|
|
Repurchase agreements and other short-term borrowings
|
|
|
|
|
263
|
|
|
|
|
68
|
|
|
|
|
190
|
|
|
|
|
259
|
|
|
|
|
141
|
|
|
Total interest expense
|
|
|
|
|
16,895
|
|
|
|
|
16,460
|
|
|
|
|
14,010
|
|
|
|
|
10,973
|
|
|
|
|
9,586
|
|
|
Net interest income
|
|
|
|
|
59,997
|
|
|
|
|
59,641
|
|
|
|
|
57,545
|
|
|
|
|
57,383
|
|
|
|
|
57,272
|
|
|
Provision/ (credit) for loan losses
|
|
|
|
|
93
|
|
|
|
|
(949
|
)
|
|
|
|
453
|
|
|
|
|
(1,795
|
)
|
|
|
|
(942
|
)
|
|
Net interest income after provision/ (credit) for loan losses
|
|
|
|
|
59,904
|
|
|
|
|
60,590
|
|
|
|
|
57,092
|
|
|
|
|
59,178
|
|
|
|
|
58,214
|
|
|
Fees and other income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment management fees
|
|
|
|
|
2,831
|
|
|
|
|
3,245
|
|
|
|
|
4,227
|
|
|
|
|
11,425
|
|
|
|
|
12,321
|
|
|
Wealth advisory fees
|
|
|
|
|
12,111
|
|
|
|
|
13,995
|
|
|
|
|
13,693
|
|
|
|
|
13,512
|
|
|
|
|
13,496
|
|
|
Wealth management and trust fees
|
|
|
|
|
11,677
|
|
|
|
|
11,510
|
|
|
|
|
11,169
|
|
|
|
|
12,151
|
|
|
|
|
11,756
|
|
|
Other banking fee income
|
|
|
|
|
2,033
|
|
|
|
|
2,775
|
|
|
|
|
2,745
|
|
|
|
|
2,273
|
|
|
|
|
2,531
|
|
|
Gain on sale of loans, net
|
|
|
|
|
39
|
|
|
|
|
67
|
|
|
|
|
63
|
|
|
|
|
74
|
|
|
|
|
85
|
|
|
Total core fees and income
|
|
|
|
|
28,691
|
|
|
|
|
31,592
|
|
|
|
|
31,897
|
|
|
|
|
39,435
|
|
|
|
|
40,189
|
|
|
Gain/ (loss) on sale of investments, net
|
|
|
|
|
(596
|
)
|
|
|
|
—
|
|
|
|
|
7
|
|
|
|
|
(24
|
)
|
|
|
|
(110
|
)
|
|
Gain/ (loss) on sale of affiliates
|
|
|
|
|
18,142
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(1,264
|
)
|
|
Other
|
|
|
|
|
(392
|
)
|
|
|
|
722
|
|
|
|
|
191
|
|
|
|
|
332
|
|
|
|
|
360
|
|
|
Total other income
|
|
|
|
|
17,154
|
|
|
|
|
722
|
|
|
|
|
198
|
|
|
|
|
308
|
|
|
|
|
(1,014
|
)
|
|
Total revenue (2)
|
|
|
|
|
105,842
|
|
|
|
|
91,955
|
|
|
|
|
89,640
|
|
|
|
|
97,126
|
|
|
|
|
96,447
|
|
|
Operating expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
|
|
36,007
|
|
|
|
|
38,944
|
|
|
|
|
39,433
|
|
|
|
|
47,084
|
|
|
|
|
44,612
|
|
|
Occupancy and equipment
|
|
|
|
|
7,975
|
|
|
|
|
8,164
|
|
|
|
|
8,229
|
|
|
|
|
7,748
|
|
|
|
|
7,753
|
|
|
Professional services
|
|
|
|
|
4,229
|
|
|
|
|
2,877
|
|
|
|
|
2,872
|
|
|
|
|
3,177
|
|
|
|
|
4,035
|
|
|
Marketing and business development
|
|
|
|
|
2,275
|
|
|
|
|
1,710
|
|
|
|
|
2,070
|
|
|
|
|
1,593
|
|
|
|
|
1,919
|
|
|
Information systems
|
|
|
|
|
6,296
|
|
|
|
|
6,233
|
|
|
|
|
6,770
|
|
|
|
|
5,886
|
|
|
|
|
5,635
|
|
|
Amortization of intangibles
|
|
|
|
|
680
|
|
|
|
|
750
|
|
|
|
|
749
|
|
|
|
|
750
|
|
|
|
|
1,323
|
|
|
Impairment of goodwill
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
24,901
|
|
|
FDIC insurance
|
|
|
|
|
739
|
|
|
|
|
674
|
|
|
|
|
708
|
|
|
|
|
744
|
|
|
|
|
677
|
|
|
Restructuring
|
|
|
|
|
2,065
|
|
|
|
|
5,763
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Other
|
|
|
|
|
3,291
|
|
|
|
|
3,442
|
|
|
|
|
3,553
|
|
|
|
|
3,875
|
|
|
|
|
3,134
|
|
|
Total operating expense
|
|
|
|
|
63,557
|
|
|
|
|
68,557
|
|
|
|
|
64,384
|
|
|
|
|
70,857
|
|
|
|
|
93,989
|
|
|
Income before income taxes
|
|
|
|
|
42,192
|
|
|
|
|
24,347
|
|
|
|
|
24,803
|
|
|
|
|
28,064
|
|
|
|
|
3,400
|
|
|
Income tax expense
|
|
|
|
|
8,651
|
|
|
|
|
5,461
|
|
|
|
|
17,399
|
|
|
|
|
6,026
|
|
|
|
|
21,391
|
|
|
Net income/ (loss) from continuing operations
|
|
|
|
|
33,541
|
|
|
|
|
18,886
|
|
|
|
|
7,404
|
|
|
|
|
22,038
|
|
|
|
|
(17,991
|
)
|
|
Net income/ (loss) from discontinued operations (3)
|
|
|
|
|
306
|
|
|
|
|
—
|
|
|
|
|
(2
|
)
|
|
|
|
1,698
|
|
|
|
|
989
|
|
|
Net income/ (loss) before attribution to noncontrolling interests
|
|
|
|
|
33,847
|
|
|
|
|
18,886
|
|
|
|
|
7,402
|
|
|
|
|
23,736
|
|
|
|
|
(17,002
|
)
|
|
Less: Net income attributable to noncontrolling interests
|
|
|
|
|
545
|
|
|
|
|
924
|
|
|
|
|
968
|
|
|
|
|
1,050
|
|
|
|
|
1,278
|
|
|
Net income/ (loss) attributable to the Company
|
|
|
|
$
|
33,302
|
|
|
|
$
|
17,962
|
|
|
|
$
|
6,434
|
|
|
|
$
|
22,686
|
|
|
|
$
|
(18,280
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boston Private Financial Holdings, Inc.
Selected Financial Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
|
December 31, 2018
|
|
|
|
December 31, 2017
|
|
Interest and dividend income:
|
|
|
|
(In thousands, except shareand per share data)
|
|
Loans
|
|
|
|
$
|
262,525
|
|
|
|
|
$
|
228,964
|
|
|
Taxable investment securities
|
|
|
|
6,007
|
|
|
|
|
6,393
|
|
|
Non-taxable investment securities
|
|
|
|
7,094
|
|
|
|
|
6,622
|
|
|
Mortgage-backed securities
|
|
|
|
12,091
|
|
|
|
|
13,391
|
|
|
Short-term investments and other
|
|
|
|
5,187
|
|
|
|
|
3,325
|
|
|
Total interest and dividend income
|
|
|
|
292,904
|
|
|
|
|
258,695
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
39,846
|
|
|
|
|
20,884
|
|
|
Federal Home Loan Bank borrowings
|
|
|
|
13,787
|
|
|
|
|
9,883
|
|
|
Junior subordinated debentures
|
|
|
|
3,925
|
|
|
|
|
2,919
|
|
|
Repurchase agreements and other short-term borrowings
|
|
|
|
780
|
|
|
|
|
323
|
|
|
Total interest expense
|
|
|
|
58,338
|
|
|
|
|
34,009
|
|
|
Net interest income
|
|
|
|
234,566
|
|
|
|
|
224,686
|
|
|
Provision/ (credit) for loan losses
|
|
|
|
(2,198
|
)
|
|
|
|
(7,669
|
)
|
|
Net interest income after provision/ (credit) for loan losses
|
|
|
|
236,764
|
|
|
|
|
232,355
|
|
|
Fees and other income:
|
|
|
|
|
|
|
|
|
|
Investment management fees
|
|
|
|
21,728
|
|
|
|
|
45,515
|
|
|
Wealth advisory fees
|
|
|
|
53,311
|
|
|
|
|
52,559
|
|
|
Wealth management and trust fees
|
|
|
|
46,507
|
|
|
|
|
45,362
|
|
|
Other banking fee income
|
|
|
|
9,826
|
|
|
|
|
8,915
|
|
|
Gain on sale of loans, net
|
|
|
|
243
|
|
|
|
|
451
|
|
|
Total core fees and income
|
|
|
|
131,615
|
|
|
|
|
152,802
|
|
|
Gain/ (loss) on sale of investments, net
|
|
|
|
(613
|
)
|
|
|
|
376
|
|
|
Gain/ (loss) on OREO, net
|
|
|
|
—
|
|
|
|
|
(46
|
)
|
|
Gain/ (loss) on sale of affiliates
|
|
|
|
18,142
|
|
|
|
|
(1,264
|
)
|
|
Other
|
|
|
|
853
|
|
|
|
|
2,098
|
|
|
Total other income
|
|
|
|
18,382
|
|
|
|
|
1,164
|
|
|
Total revenue (2)
|
|
|
|
384,563
|
|
|
|
|
378,652
|
|
|
Operating expense:
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
|
161,468
|
|
|
|
|
178,501
|
|
|
Occupancy and equipment
|
|
|
|
32,116
|
|
|
|
|
30,165
|
|
|
Professional services
|
|
|
|
13,155
|
|
|
|
|
13,763
|
|
|
Marketing and business development
|
|
|
|
7,648
|
|
|
|
|
7,766
|
|
|
Information systems
|
|
|
|
25,185
|
|
|
|
|
21,796
|
|
|
Amortization of intangibles
|
|
|
|
2,929
|
|
|
|
|
5,601
|
|
|
Impairment of goodwill
|
|
|
|
—
|
|
|
|
|
24,901
|
|
|
FDIC insurance
|
|
|
|
2,865
|
|
|
|
|
2,969
|
|
|
Restructuring
|
|
|
|
7,828
|
|
|
|
|
—
|
|
|
Other
|
|
|
|
14,161
|
|
|
|
|
14,474
|
|
|
Total operating expense
|
|
|
|
267,355
|
|
|
|
|
299,936
|
|
|
Income before income taxes
|
|
|
|
119,406
|
|
|
|
|
86,385
|
|
|
Income tax expense
|
|
|
|
37,537
|
|
|
|
|
46,196
|
|
|
Net income from continuing operations
|
|
|
|
81,869
|
|
|
|
|
40,189
|
|
|
Net income from discontinued operations (3)
|
|
|
|
2,002
|
|
|
|
|
4,870
|
|
|
Net income before attribution to noncontrolling interests
|
|
|
|
83,871
|
|
|
|
|
45,059
|
|
|
Less: Net income attributable to noncontrolling interests
|
|
|
|
3,487
|
|
|
|
|
4,468
|
|
|
Net income attributable to the Company
|
|
|
|
$
|
80,384
|
|
|
|
|
$
|
40,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boston Private Financial Holdings, Inc.
Selected Financial Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
PER SHARE DATA:
|
|
|
|
December 31, 2018
|
|
|
September 30, 2018
|
|
|
June 30, 2018
|
|
|
|
March 31, 2018
|
|
|
December 31, 2017
|
|
|
|
|
|
(In thousands, except share and per share data)
|
|
Calculation of income for EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/ (loss) attributable to the Company
|
|
|
|
$
|
33,302
|
|
|
|
$
|
17,962
|
|
|
|
$
|
6,434
|
|
|
|
|
$
|
22,686
|
|
|
|
$
|
(18,280
|
)
|
|
Adjustments to Net income/ (loss) attributable to the Company to
arrive at Net income/ (loss) attributable to common shareholders,
treasury stock method (4)
|
|
|
|
2,694
|
|
|
|
(829
|
)
|
|
|
(3,524
|
)
|
|
|
|
(23
|
)
|
|
|
(1,998
|
)
|
|
Net income/ (loss) attributable to the common shareholders,
treasury stock method
|
|
|
|
$
|
35,996
|
|
|
|
$
|
17,133
|
|
|
|
$
|
2,910
|
|
|
|
|
$
|
22,663
|
|
|
|
$
|
(20,278
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period common shares outstanding
|
|
|
|
83,655,651
|
|
|
|
84,602,519
|
|
|
|
84,478,858
|
|
|
|
|
84,194,267
|
|
|
|
84,208,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average basic shares outstanding
|
|
|
|
83,750,785
|
|
|
|
84,017,284
|
|
|
|
83,509,115
|
|
|
|
|
83,097,758
|
|
|
|
82,904,776
|
|
|
Weighted average diluted shares outstanding (5)
|
|
|
|
84,863,779
|
|
|
|
85,498,568
|
|
|
|
85,413,575
|
|
|
|
|
85,271,650
|
|
|
|
82,904,776
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted total earnings/ (loss) per share
|
|
|
|
$
|
0.42
|
|
|
|
$
|
0.20
|
|
|
|
$
|
0.03
|
|
|
|
|
$
|
0.27
|
|
|
|
$
|
(0.24
|
)
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
PER SHARE DATA:
|
|
|
December 31, 2018
|
|
|
December 31, 2017
|
|
|
|
|
(In thousands, except share
and per share data)
|
|
Calculation of income for EPS:
|
|
|
|
|
|
|
|
Net income attributable to the Company
|
|
|
$
|
80,384
|
|
|
|
$
|
40,591
|
|
|
Adjustments to Net income attributable to the Company to arrive at
Net income attributable to common shareholders, treasury stock
method (4)
|
|
|
(1,682
|
)
|
|
|
(4,887
|
)
|
|
Net income attributable to the common shareholders, treasury
stock method
|
|
|
$
|
78,702
|
|
|
|
$
|
35,704
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
Weighted average basic shares outstanding
|
|
|
83,596,685
|
|
|
|
82,430,633
|
|
|
Weighted average diluted shares outstanding (5)
|
|
|
85,331,314
|
|
|
|
84,802,565
|
|
|
|
|
|
|
|
|
|
|
Diluted total earnings per share
|
|
|
$
|
0.92
|
|
|
|
$
|
0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boston Private Financial Holdings, Inc.
Selected Financial Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share data)
|
|
|
|
December 31, 2018
|
|
|
September 30, 2018
|
|
|
June 30, 2018
|
|
|
March 31, 2018
|
|
|
December 31, 2017
|
|
FINANCIAL DATA:
|
|
|
|
|
|
|
|
|
Book value per common share
|
|
|
|
$
|
9.01
|
|
|
|
$
|
8.72
|
|
|
|
$
|
8.69
|
|
|
|
$
|
8.81
|
|
|
|
$
|
8.77
|
|
|
Tangible book value per share (6)
|
|
|
|
$
|
8.18
|
|
|
|
$
|
7.67
|
|
|
|
$
|
7.62
|
|
|
|
$
|
7.17
|
|
|
|
$
|
7.12
|
|
|
Market price per share
|
|
|
|
$
|
10.57
|
|
|
|
$
|
13.65
|
|
|
|
$
|
15.90
|
|
|
|
$
|
15.05
|
|
|
|
$
|
15.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS UNDER MANAGEMENT AND ADVISORY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth Management and Trust
|
|
|
|
$
|
7,602,000
|
|
|
|
$
|
8,335,000
|
|
|
|
$
|
7,789,000
|
|
|
|
$
|
7,831,000
|
|
|
|
$
|
7,865,000
|
|
|
Affiliate Partners, excluding Anchor and BOS
|
|
|
|
$
|
8,319,000
|
|
|
|
$
|
9,388,000
|
|
|
|
$
|
9,072,000
|
|
|
|
$
|
8,878,000
|
|
|
|
$
|
8,920,000
|
|
|
Total assets under management and advisory, excluding Anchor and BOS
(7)
|
|
|
|
$
|
15,921,000
|
|
|
|
$
|
17,723,000
|
|
|
|
$
|
16,861,000
|
|
|
|
$
|
16,709,000
|
|
|
|
$
|
16,785,000
|
|
|
Assets under management and advisory at Anchor through March 31, 2018
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
$
|
9,042,000
|
|
|
|
$
|
9,277,000
|
|
|
Assets under management and advisory at BOS through September 30,
2018
|
|
|
|
$
|
—
|
|
|
|
$
|
4,714,000
|
|
|
|
$
|
4,525,000
|
|
|
|
$
|
4,488,000
|
|
|
|
$
|
4,434,000
|
|
|
Less: Inter-company relationship
|
|
|
|
$
|
—
|
|
|
|
$
|
(7,000
|
)
|
|
|
$
|
(7,000
|
)
|
|
|
$
|
(11,000
|
)
|
|
|
$
|
(11,000
|
)
|
|
Total assets under management and advisory, including Anchor and BOS
through December 31, 2018
|
|
|
|
$
|
15,921,000
|
|
|
|
$
|
22,430,000
|
|
|
|
$
|
21,379,000
|
|
|
|
$
|
30,228,000
|
|
|
|
$
|
30,485,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity/ Total assets
|
|
|
|
|
8.88
|
%
|
|
|
|
8.81
|
%
|
|
|
|
8.42
|
%
|
|
|
|
9.49
|
%
|
|
|
|
9.46
|
%
|
|
Tangible common equity/ Tangible assets (6)
|
|
|
|
|
8.12
|
%
|
|
|
|
7.83
|
%
|
|
|
|
7.46
|
%
|
|
|
|
7.38
|
%
|
|
|
|
7.33
|
%
|
|
Tier 1 common equity/ Risk weighted assets (6)
|
|
|
|
|
11.40
|
%
|
|
|
|
11.14
|
%
|
|
|
|
10.90
|
%
|
|
|
|
10.39
|
%
|
|
|
|
10.32
|
%
|
|
Allowance for loan losses/ Total loans
|
|
|
|
|
1.09
|
%
|
|
|
|
1.09
|
%
|
|
|
|
1.09
|
%
|
|
|
|
1.10
|
%
|
|
|
|
1.15
|
%
|
|
Allowance for loan losses/ Nonaccrual loans
|
|
|
|
|
536
|
%
|
|
|
|
608
|
%
|
|
|
|
469
|
%
|
|
|
|
445
|
%
|
|
|
|
523
|
%
|
|
Return on average assets - three months ended (annualized)
|
|
|
|
|
1.56
|
%
|
|
|
|
0.84
|
%
|
|
|
|
0.31
|
%
|
|
|
|
1.11
|
%
|
|
|
|
(0.88
|
)%
|
|
Return on average common equity - three months ended (annualized) (8)
|
|
|
|
|
17.87
|
%
|
|
|
|
9.67
|
%
|
|
|
|
3.03
|
%
|
|
|
|
12.02
|
%
|
|
|
|
(9.92
|
)%
|
|
Return on average tangible common equity - three months ended
(annualized) (8)
|
|
|
|
|
20.46
|
%
|
|
|
|
11.37
|
%
|
|
|
|
3.90
|
%
|
|
|
|
15.20
|
%
|
|
|
|
(11.94
|
)%
|
|
Efficiency ratio - three months ended (9)
|
|
|
|
|
57.14
|
%
|
|
|
|
67.04
|
%
|
|
|
|
70.29
|
%
|
|
|
|
71.46
|
%
|
|
|
|
68.23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSIT DETAIL:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits (non-interest bearing)
|
|
|
|
$
|
1,951,274
|
|
|
|
$
|
2,001,275
|
|
|
|
$
|
2,089,373
|
|
|
|
$
|
1,932,732
|
|
|
|
$
|
2,025,690
|
|
|
NOW
|
|
|
|
|
626,685
|
|
|
|
|
568,148
|
|
|
|
|
635,841
|
|
|
|
|
689,526
|
|
|
|
|
645,361
|
|
|
Savings
|
|
|
|
|
73,834
|
|
|
|
|
72,967
|
|
|
|
|
73,675
|
|
|
|
|
73,580
|
|
|
|
|
70,935
|
|
|
Money market
|
|
|
|
|
3,338,892
|
|
|
|
|
3,363,062
|
|
|
|
|
3,128,211
|
|
|
|
|
3,177,692
|
|
|
|
|
3,121,811
|
|
|
Certificates of deposit
|
|
|
|
|
790,485
|
|
|
|
|
763,271
|
|
|
|
|
693,079
|
|
|
|
|
710,792
|
|
|
|
|
646,449
|
|
|
Total deposits
|
|
|
|
$
|
6,781,170
|
|
|
|
$
|
6,768,723
|
|
|
|
$
|
6,620,179
|
|
|
|
$
|
6,584,322
|
|
|
|
$
|
6,510,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boston Private Financial Holdings, Inc.
Selected Financial Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance
|
|
|
|
Interest Income/Expense
|
|
|
|
Average Yield/Rate
|
|
(In thousands)
|
|
|
|
Three Months Ended
|
|
|
|
Three Months Ended
|
|
|
|
Three Months Ended
|
|
AVERAGE BALANCE SHEET:
|
|
|
|
|
12/31/18
|
|
|
|
09/30/18
|
|
|
|
12/31/17
|
|
|
|
|
12/31/18
|
|
|
|
09/30/18
|
|
|
|
12/31/17
|
|
|
|
12/31/18
|
|
|
|
09/30/18
|
|
|
|
12/31/17
|
|
|
AVERAGE ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities
|
|
|
|
$
|
317,230
|
|
|
$
|
324,583
|
|
|
$
|
345,743
|
|
|
|
$
|
1,486
|
|
|
$
|
1,510
|
|
|
$
|
1,562
|
|
|
|
1.87
|
%
|
|
|
1.86
|
%
|
|
|
1.81
|
%
|
|
Non-taxable investment securities (10)
|
|
|
|
|
301,242
|
|
|
|
297,710
|
|
|
|
298,851
|
|
|
|
|
2,321
|
|
|
|
2,256
|
|
|
|
2,611
|
|
|
|
3.08
|
%
|
|
|
3.03
|
%
|
|
|
3.50
|
%
|
|
Mortgage-backed securities
|
|
|
|
|
536,264
|
|
|
|
552,820
|
|
|
|
608,508
|
|
|
|
|
2,923
|
|
|
|
2,941
|
|
|
|
3,125
|
|
|
|
2.18
|
%
|
|
|
2.13
|
%
|
|
|
2.05
|
%
|
|
Short-term investments and other
|
|
|
|
|
134,182
|
|
|
|
204,814
|
|
|
|
172,656
|
|
|
|
|
1,356
|
|
|
|
1,617
|
|
|
|
978
|
|
|
|
3.98
|
%
|
|
|
3.11
|
%
|
|
|
2.23
|
%
|
|
Total cash and investments
|
|
|
|
|
1,288,918
|
|
|
|
1,379,927
|
|
|
|
1,425,758
|
|
|
|
|
8,086
|
|
|
|
8,324
|
|
|
|
8,276
|
|
|
|
2.50
|
%
|
|
|
2.41
|
%
|
|
|
2.32
|
%
|
|
Loans (11):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial (10)
|
|
|
|
|
1,027,128
|
|
|
|
998,817
|
|
|
|
962,159
|
|
|
|
|
10,472
|
|
|
|
9,940
|
|
|
|
9,603
|
|
|
|
3.99
|
%
|
|
|
3.89
|
%
|
|
|
3.91
|
%
|
|
Commercial real estate (10)
|
|
|
|
|
2,402,304
|
|
|
|
2,475,143
|
|
|
|
2,369,526
|
|
|
|
|
29,078
|
|
|
|
29,547
|
|
|
|
26,473
|
|
|
|
4.74
|
%
|
|
|
4.67
|
%
|
|
|
4.37
|
%
|
|
Construction and land (10)
|
|
|
|
|
209,475
|
|
|
|
179,248
|
|
|
|
131,107
|
|
|
|
|
2,590
|
|
|
|
2,196
|
|
|
|
1,568
|
|
|
|
4.84
|
%
|
|
|
4.80
|
%
|
|
|
4.68
|
%
|
|
Residential
|
|
|
|
|
2,907,446
|
|
|
|
2,836,593
|
|
|
|
2,650,014
|
|
|
|
|
24,630
|
|
|
|
23,907
|
|
|
|
21,248
|
|
|
|
3.39
|
%
|
|
|
3.37
|
%
|
|
|
3.21
|
%
|
|
Home equity
|
|
|
|
|
93,656
|
|
|
|
94,050
|
|
|
|
105,044
|
|
|
|
|
1,148
|
|
|
|
1,089
|
|
|
|
1,074
|
|
|
|
4.86
|
%
|
|
|
4.59
|
%
|
|
|
4.06
|
%
|
|
Other consumer
|
|
|
|
|
140,591
|
|
|
|
163,224
|
|
|
|
177,951
|
|
|
|
|
1,481
|
|
|
|
1,689
|
|
|
|
1,489
|
|
|
|
4.18
|
%
|
|
|
4.11
|
%
|
|
|
3.32
|
%
|
|
Total loans
|
|
|
|
|
6,780,600
|
|
|
|
6,747,075
|
|
|
|
6,395,801
|
|
|
|
|
69,399
|
|
|
|
68,368
|
|
|
|
61,455
|
|
|
|
4.04
|
%
|
|
|
4.00
|
%
|
|
|
3.79
|
%
|
|
Total earning assets
|
|
|
|
|
8,069,518
|
|
|
|
8,127,002
|
|
|
|
7,821,559
|
|
|
|
|
77,485
|
|
|
|
76,692
|
|
|
|
69,731
|
|
|
|
3.79
|
%
|
|
|
3.73
|
%
|
|
|
3.52
|
%
|
|
LESS: Allowance for loan losses
|
|
|
|
|
75,006
|
|
|
|
73,861
|
|
|
|
75,608
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks (non-interest bearing)
|
|
|
|
|
53,633
|
|
|
|
46,056
|
|
|
|
43,648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
|
|
397,153
|
|
|
|
392,757
|
|
|
|
452,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL AVERAGE ASSETS
|
|
|
|
$
|
8,445,298
|
|
|
$
|
8,491,954
|
|
|
$
|
8,242,343
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits (12):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and NOW
|
|
|
|
$
|
649,937
|
|
|
$
|
693,419
|
|
|
$
|
687,172
|
|
|
|
$
|
377
|
|
|
$
|
301
|
|
|
$
|
148
|
|
|
|
0.23
|
%
|
|
|
0.17
|
%
|
|
|
0.09
|
%
|
|
Money market
|
|
|
|
|
3,392,039
|
|
|
|
3,244,628
|
|
|
|
3,177,687
|
|
|
|
|
9,502
|
|
|
|
8,110
|
|
|
|
3,998
|
|
|
|
1.11
|
%
|
|
|
0.99
|
%
|
|
|
0.50
|
%
|
|
Certificates of deposit
|
|
|
|
|
784,184
|
|
|
|
730,117
|
|
|
|
685,136
|
|
|
|
|
3,591
|
|
|
|
3,076
|
|
|
|
1,902
|
|
|
|
1.82
|
%
|
|
|
1.67
|
%
|
|
|
1.10
|
%
|
|
Total interest-bearing deposits (12)
|
|
|
|
|
4,826,160
|
|
|
|
4,668,164
|
|
|
|
4,549,995
|
|
|
|
|
13,470
|
|
|
|
11,487
|
|
|
|
6,048
|
|
|
|
1.11
|
%
|
|
|
0.98
|
%
|
|
|
0.53
|
%
|
|
Junior subordinated debentures
|
|
|
|
|
106,363
|
|
|
|
106,363
|
|
|
|
106,363
|
|
|
|
|
1,043
|
|
|
|
1,028
|
|
|
|
771
|
|
|
|
3.84
|
%
|
|
|
3.78
|
%
|
|
|
2.84
|
%
|
|
FHLB borrowings and other
|
|
|
|
|
515,734
|
|
|
|
768,015
|
|
|
|
728,374
|
|
|
|
|
2,382
|
|
|
|
3,945
|
|
|
|
2,767
|
|
|
|
1.81
|
%
|
|
|
2.01
|
%
|
|
|
1.49
|
%
|
|
Total interest-bearing liabilities (12)
|
|
|
|
|
5,448,257
|
|
|
|
5,542,542
|
|
|
|
5,384,732
|
|
|
|
|
16,895
|
|
|
|
16,460
|
|
|
|
9,586
|
|
|
|
1.23
|
%
|
|
|
1.17
|
%
|
|
|
0.70
|
%
|
|
Non-interest bearing demand
deposits (12)
|
|
|
|
|
2,092,070
|
|
|
|
2,063,642
|
|
|
|
1,894,924
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables and other liabilities
|
|
|
|
|
154,612
|
|
|
|
135,508
|
|
|
|
128,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average liabilities
|
|
|
|
|
7,694,939
|
|
|
|
7,741,692
|
|
|
|
7,407,731
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable noncontrolling interests
|
|
|
|
|
11,046
|
|
|
|
13,074
|
|
|
|
21,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders' equity
|
|
|
|
|
739,313
|
|
|
|
737,188
|
|
|
|
813,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY
|
|
|
|
$
|
8,445,298
|
|
|
$
|
8,491,954
|
|
|
$
|
8,242,343
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income - on a fully taxable equivalent basis (FTE)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
60,590
|
|
|
$
|
60,232
|
|
|
$
|
60,145
|
|
|
|
|
|
|
|
|
|
|
|
LESS: FTE adjustment (10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
593
|
|
|
|
591
|
|
|
|
2,873
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (GAAP basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
59,997
|
|
|
$
|
59,641
|
|
|
$
|
57,272
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.56
|
%
|
|
|
2.56
|
%
|
|
|
2.82
|
%
|
|
Bank only net interest margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.02
|
%
|
|
|
2.98
|
%
|
|
|
3.08
|
%
|
|
Net interest margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.96
|
%
|
|
|
2.93
|
%
|
|
|
3.04
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total deposits (12)
|
|
|
|
|
6,918,230
|
|
|
|
6,731,806
|
|
|
|
6,444,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.77
|
%
|
|
|
0.68
|
%
|
|
|
0.37
|
%
|
|
Average total deposits and borrowings (12)
|
|
|
|
|
7,540,327
|
|
|
|
7,606,184
|
|
|
|
7,279,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.89
|
%
|
|
|
0.86
|
%
|
|
|
0.52
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boston Private Financial Holdings, Inc.
Selected Financial Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance
|
|
|
|
Interest Income/Expense
|
|
|
|
Average Yield/Rate
|
|
(In thousands)
|
|
|
|
Year Ended
|
|
|
|
Year Ended
|
|
|
|
Year Ended
|
|
AVERAGE BALANCE SHEET:
|
|
|
|
|
12/31/18
|
|
|
|
12/31/17
|
|
|
|
|
12/31/18
|
|
|
|
12/31/17
|
|
|
|
12/31/18
|
|
|
|
12/31/17
|
|
|
AVERAGE ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities
|
|
|
|
$
|
325,159
|
|
|
$
|
363,760
|
|
|
|
$
|
6,007
|
|
|
$
|
6,393
|
|
|
|
1.85
|
%
|
|
|
1.76
|
%
|
|
Non-taxable investment securities (10)
|
|
|
|
|
298,450
|
|
|
|
296,117
|
|
|
|
|
8,984
|
|
|
|
10,187
|
|
|
|
3.01
|
%
|
|
|
3.44
|
%
|
|
Mortgage-backed securities
|
|
|
|
|
561,929
|
|
|
|
641,157
|
|
|
|
|
12,091
|
|
|
|
13,391
|
|
|
|
2.15
|
%
|
|
|
2.09
|
%
|
|
Short-term investments and other
|
|
|
|
|
164,712
|
|
|
|
170,017
|
|
|
|
|
5,187
|
|
|
|
3,325
|
|
|
|
3.15
|
%
|
|
|
1.96
|
%
|
|
Total cash and investments
|
|
|
|
|
1,350,250
|
|
|
|
1,471,051
|
|
|
|
|
32,269
|
|
|
|
33,296
|
|
|
|
2.39
|
%
|
|
|
2.26
|
%
|
|
Loans (11):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial (10)
|
|
|
|
|
983,699
|
|
|
|
981,822
|
|
|
|
|
38,607
|
|
|
|
38,680
|
|
|
|
3.92
|
%
|
|
|
3.94
|
%
|
|
Commercial real estate (10)
|
|
|
|
|
2,449,039
|
|
|
|
2,358,658
|
|
|
|
|
112,516
|
|
|
|
102,030
|
|
|
|
4.59
|
%
|
|
|
4.33
|
%
|
|
Construction and land (10)
|
|
|
|
|
181,315
|
|
|
|
119,530
|
|
|
|
|
8,791
|
|
|
|
5,604
|
|
|
|
4.85
|
%
|
|
|
4.69
|
%
|
|
Residential
|
|
|
|
|
2,806,046
|
|
|
|
2,533,437
|
|
|
|
|
92,893
|
|
|
|
80,236
|
|
|
|
3.31
|
%
|
|
|
3.17
|
%
|
|
Home equity
|
|
|
|
|
94,823
|
|
|
|
109,815
|
|
|
|
|
4,320
|
|
|
|
4,376
|
|
|
|
4.56
|
%
|
|
|
3.99
|
%
|
|
Other consumer
|
|
|
|
|
167,139
|
|
|
|
188,122
|
|
|
|
|
6,561
|
|
|
|
5,989
|
|
|
|
3.92
|
%
|
|
|
3.18
|
%
|
|
Total loans
|
|
|
|
|
6,682,061
|
|
|
|
6,291,384
|
|
|
|
|
263,688
|
|
|
|
236,915
|
|
|
|
3.95
|
%
|
|
|
3.77
|
%
|
|
Total earning assets
|
|
|
|
|
8,032,311
|
|
|
|
7,762,435
|
|
|
|
|
295,957
|
|
|
|
270,211
|
|
|
|
3.68
|
%
|
|
|
3.48
|
%
|
|
LESS: Allowance for loan losses
|
|
|
|
|
74,174
|
|
|
|
77,365
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks (non-interest bearing)
|
|
|
|
|
49,282
|
|
|
|
42,420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
|
|
402,821
|
|
|
|
440,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL AVERAGE ASSETS
|
|
|
|
$
|
8,410,240
|
|
|
$
|
8,167,758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits (12):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings and NOW
|
|
|
|
$
|
694,674
|
|
|
$
|
688,453
|
|
|
|
$
|
1,197
|
|
|
$
|
669
|
|
|
|
0.17
|
%
|
|
|
0.10
|
%
|
|
Money market
|
|
|
|
|
3,202,616
|
|
|
|
3,156,305
|
|
|
|
|
27,469
|
|
|
|
13,799
|
|
|
|
0.86
|
%
|
|
|
0.44
|
%
|
|
Certificates of deposit
|
|
|
|
|
714,827
|
|
|
|
653,486
|
|
|
|
|
11,180
|
|
|
|
6,416
|
|
|
|
1.56
|
%
|
|
|
0.98
|
%
|
|
Total interest-bearing deposits (12)
|
|
|
|
|
4,612,117
|
|
|
|
4,498,244
|
|
|
|
|
39,846
|
|
|
|
20,884
|
|
|
|
0.86
|
%
|
|
|
0.46
|
%
|
|
Junior subordinated debentures
|
|
|
|
|
106,363
|
|
|
|
106,363
|
|
|
|
|
3,925
|
|
|
|
2,919
|
|
|
|
3.69
|
%
|
|
|
2.71
|
%
|
|
FHLB borrowings and other
|
|
|
|
|
795,050
|
|
|
|
723,672
|
|
|
|
|
14,567
|
|
|
|
10,206
|
|
|
|
1.83
|
%
|
|
|
1.41
|
%
|
|
Total interest-bearing liabilities (12)
|
|
|
|
|
5,513,530
|
|
|
|
5,328,279
|
|
|
|
|
58,338
|
|
|
|
34,009
|
|
|
|
1.06
|
%
|
|
|
0.64
|
%
|
|
Non-interest bearing demand deposits (12)
|
|
|
|
|
1,984,660
|
|
|
|
1,901,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables and other liabilities
|
|
|
|
|
137,323
|
|
|
|
118,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average liabilities
|
|
|
|
|
7,635,513
|
|
|
|
7,348,693
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable noncontrolling interests
|
|
|
|
|
14,859
|
|
|
|
21,309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders' equity
|
|
|
|
|
759,868
|
|
|
|
797,756
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY
|
|
|
|
$
|
8,410,240
|
|
|
$
|
8,167,758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income -on a fully taxable equivalent basis (FTE)
|
|
|
|
|
|
|
|
|
|
|
$
|
237,619
|
|
|
$
|
236,202
|
|
|
|
|
|
|
|
|
LESS: FTE adjustment (10)
|
|
|
|
|
|
|
|
|
|
|
|
3,053
|
|
|
|
11,515
|
|
|
|
|
|
|
|
|
Net interest income (GAAP basis)
|
|
|
|
|
|
|
|
|
|
|
$
|
234,566
|
|
|
$
|
224,687
|
|
|
|
|
|
|
|
|
Interest rate spread
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.62
|
%
|
|
|
2.84
|
%
|
|
Bank only net interest margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.98
|
%
|
|
|
3.09
|
%
|
|
Net interest margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.96
|
%
|
|
|
3.04
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total deposits (12)
|
|
|
|
|
6,596,777
|
|
|
|
6,399,754
|
|
|
|
|
|
|
|
|
|
|
0.60
|
%
|
|
|
0.33
|
%
|
|
Average total deposits and borrowings (12)
|
|
|
|
|
7,498,190
|
|
|
|
7,229,789
|
|
|
|
|
|
|
|
|
|
|
0.78
|
%
|
|
|
0.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boston Private Financial Holdings, Inc.
Selected Financial Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
|
December 31, 2018
|
|
|
September 30, 2018
|
|
|
June 30, 2018
|
|
|
March 31, 2018
|
|
|
December 31, 2017
|
|
LOAN DATA (13):
|
|
|
|
|
|
|
|
|
|
|
|
|
Other commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New England
|
|
|
|
$
|
503,201
|
|
|
|
$
|
460,409
|
|
|
|
$
|
481,081
|
|
|
|
$
|
444,419
|
|
|
|
$
|
438,322
|
|
San Francisco Bay Area
|
|
|
|
43,702
|
|
|
|
41,256
|
|
|
|
35,220
|
|
|
|
23,491
|
|
|
|
23,311
|
|
Southern California
|
|
|
|
76,134
|
|
|
|
81,549
|
|
|
|
66,892
|
|
|
|
63,183
|
|
|
|
59,359
|
|
Total other commercial and industrial loans
|
|
|
|
$
|
623,037
|
|
|
|
$
|
583,214
|
|
|
|
$
|
583,193
|
|
|
|
$
|
531,093
|
|
|
|
$
|
520,992
|
|
Commercial tax-exempt loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New England
|
|
|
|
$
|
344,079
|
|
|
|
$
|
330,753
|
|
|
|
$
|
332,572
|
|
|
|
$
|
313,955
|
|
|
|
$
|
305,792
|
|
San Francisco Bay Area
|
|
|
|
96,387
|
|
|
|
96,775
|
|
|
|
94,959
|
|
|
|
95,380
|
|
|
|
101,340
|
|
Southern California
|
|
|
|
11,205
|
|
|
|
11,279
|
|
|
|
11,351
|
|
|
|
11,422
|
|
|
|
11,566
|
|
Total commercial tax-exempt loans
|
|
|
|
$
|
451,671
|
|
|
|
$
|
438,807
|
|
|
|
$
|
438,882
|
|
|
|
$
|
420,757
|
|
|
|
$
|
418,698
|
|
Total commercial and industrial loans
|
|
|
|
$
|
1,074,708
|
|
|
|
$
|
1,022,021
|
|
|
|
$
|
1,022,075
|
|
|
|
$
|
951,850
|
|
|
|
$
|
939,690
|
|
Commercial real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New England
|
|
|
|
$
|
1,022,061
|
|
|
|
$
|
1,043,494
|
|
|
|
$
|
1,069,942
|
|
|
|
$
|
1,046,178
|
|
|
|
$
|
1,002,092
|
|
San Francisco Bay Area
|
|
|
|
714,449
|
|
|
|
724,243
|
|
|
|
739,769
|
|
|
|
721,871
|
|
|
|
725,454
|
|
Southern California
|
|
|
|
659,182
|
|
|
|
631,343
|
|
|
|
694,810
|
|
|
|
696,954
|
|
|
|
712,674
|
|
Total commercial real estate loans
|
|
|
|
$
|
2,395,692
|
|
|
|
$
|
2,399,080
|
|
|
|
$
|
2,504,521
|
|
|
|
$
|
2,465,003
|
|
|
|
$
|
2,440,220
|
|
Construction and land loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New England
|
|
|
|
$
|
153,929
|
|
|
|
$
|
114,411
|
|
|
|
$
|
88,068
|
|
|
|
$
|
79,563
|
|
|
|
$
|
86,874
|
|
San Francisco Bay Area
|
|
|
|
41,516
|
|
|
|
40,755
|
|
|
|
37,783
|
|
|
|
34,050
|
|
|
|
27,891
|
|
Southern California
|
|
|
|
44,861
|
|
|
|
42,358
|
|
|
|
46,173
|
|
|
|
51,627
|
|
|
|
50,225
|
|
Total construction and land loans
|
|
|
|
$
|
240,306
|
|
|
|
$
|
197,524
|
|
|
|
$
|
172,024
|
|
|
|
$
|
165,240
|
|
|
|
$
|
164,990
|
|
Residential loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New England
|
|
|
|
$
|
1,689,318
|
|
|
|
$
|
1,650,989
|
|
|
|
$
|
1,643,039
|
|
|
|
$
|
1,619,856
|
|
|
|
$
|
1,598,072
|
|
San Francisco Bay Area
|
|
|
|
559,578
|
|
|
|
554,502
|
|
|
|
533,394
|
|
|
|
511,903
|
|
|
|
512,189
|
|
Southern California
|
|
|
|
700,077
|
|
|
|
657,388
|
|
|
|
631,773
|
|
|
|
605,610
|
|
|
|
572,272
|
|
Total residential loans
|
|
|
|
$
|
2,948,973
|
|
|
|
$
|
2,862,879
|
|
|
|
$
|
2,808,206
|
|
|
|
$
|
2,737,369
|
|
|
|
$
|
2,682,533
|
|
Home equity loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New England
|
|
|
|
$
|
57,617
|
|
|
|
$
|
61,291
|
|
|
|
$
|
61,125
|
|
|
|
$
|
65,434
|
|
|
|
$
|
67,435
|
|
San Francisco Bay Area
|
|
|
|
19,722
|
|
|
|
19,769
|
|
|
|
17,366
|
|
|
|
19,314
|
|
|
|
22,462
|
|
Southern California
|
|
|
|
13,082
|
|
|
|
12,330
|
|
|
|
13,310
|
|
|
|
9,583
|
|
|
|
10,061
|
|
Total home equity loans
|
|
|
|
$
|
90,421
|
|
|
|
$
|
93,390
|
|
|
|
$
|
91,801
|
|
|
|
$
|
94,331
|
|
|
|
$
|
99,958
|
|
Other consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New England
|
|
|
|
$
|
120,402
|
|
|
|
$
|
121,685
|
|
|
|
$
|
145,726
|
|
|
|
$
|
166,413
|
|
|
|
$
|
149,022
|
|
San Francisco Bay Area
|
|
|
|
12,663
|
|
|
|
14,228
|
|
|
|
14,659
|
|
|
|
13,569
|
|
|
|
14,707
|
|
Southern California
|
|
|
|
9,993
|
|
|
|
9,613
|
|
|
|
8,111
|
|
|
|
8,552
|
|
|
|
13,908
|
|
Total other consumer loans
|
|
|
|
$
|
143,058
|
|
|
|
$
|
145,526
|
|
|
|
$
|
168,496
|
|
|
|
$
|
188,534
|
|
|
|
$
|
177,637
|
|
Total loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New England
|
|
|
|
$
|
3,890,607
|
|
|
|
$
|
3,783,032
|
|
|
|
$
|
3,821,553
|
|
|
|
$
|
3,735,818
|
|
|
|
$
|
3,647,609
|
|
San Francisco Bay Area
|
|
|
|
1,488,017
|
|
|
|
1,491,528
|
|
|
|
1,473,150
|
|
|
|
1,419,578
|
|
|
|
1,427,354
|
|
Southern California
|
|
|
|
1,514,534
|
|
|
|
1,445,860
|
|
|
|
1,472,420
|
|
|
|
1,446,931
|
|
|
|
1,430,065
|
|
Total loans
|
|
|
|
$
|
6,893,158
|
|
|
|
$
|
6,720,420
|
|
|
|
$
|
6,767,123
|
|
|
|
$
|
6,602,327
|
|
|
|
$
|
6,505,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boston Private Financial Holdings, Inc.
Selected Financial Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
|
December 31, 2018
|
|
|
September 30, 2018
|
|
|
|
June 30, 2018
|
|
|
|
March 31, 2018
|
|
|
|
December 31, 2017
|
|
CREDIT QUALITY (13):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special mention loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New England
|
|
|
|
$
|
31,147
|
|
|
|
$
|
|
20,382
|
|
|
|
|
$
|
18,515
|
|
|
|
|
$
|
33,282
|
|
|
|
|
$
|
45,640
|
|
|
San Francisco Bay Area
|
|
|
|
18,585
|
|
|
|
18,359
|
|
|
|
|
19,255
|
|
|
|
|
14,117
|
|
|
|
|
23,400
|
|
|
Southern California
|
|
|
|
28,796
|
|
|
|
28,665
|
|
|
|
|
15,678
|
|
|
|
|
15,689
|
|
|
|
|
18,134
|
|
|
Total special mention loans
|
|
|
|
$
|
78,528
|
|
|
|
$
|
|
67,406
|
|
|
|
|
$
|
53,448
|
|
|
|
|
$
|
63,088
|
|
|
|
|
$
|
87,174
|
|
|
Accruing classified loans (14):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New England
|
|
|
|
$
|
10,392
|
|
|
|
$
|
|
10,083
|
|
|
|
|
$
|
11,493
|
|
|
|
|
$
|
8,767
|
|
|
|
|
$
|
10,911
|
|
|
San Francisco Bay Area
|
|
|
|
24,584
|
|
|
|
24,252
|
|
|
|
|
12,766
|
|
|
|
|
14,970
|
|
|
|
|
11,615
|
|
|
Southern California
|
|
|
|
19,119
|
|
|
|
21,045
|
|
|
|
|
21,194
|
|
|
|
|
21,436
|
|
|
|
|
30,826
|
|
|
Total accruing substandard loans
|
|
|
|
$
|
54,095
|
|
|
|
$
|
|
55,380
|
|
|
|
|
$
|
45,453
|
|
|
|
|
$
|
45,173
|
|
|
|
|
$
|
53,352
|
|
|
Nonaccruing loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New England
|
|
|
|
$
|
6,728
|
|
|
|
$
|
|
5,131
|
|
|
|
|
$
|
7,282
|
|
|
|
|
$
|
8,056
|
|
|
|
|
$
|
6,061
|
|
|
San Francisco Bay Area
|
|
|
|
2,488
|
|
|
|
1,169
|
|
|
|
|
1,319
|
|
|
|
|
1,442
|
|
|
|
|
1,473
|
|
|
Southern California
|
|
|
|
4,841
|
|
|
|
5,797
|
|
|
|
|
7,050
|
|
|
|
|
6,882
|
|
|
|
|
6,761
|
|
|
Total nonaccruing loans
|
|
|
|
$
|
14,057
|
|
|
|
$
|
|
12,097
|
|
|
|
|
$
|
15,651
|
|
|
|
|
$
|
16,380
|
|
|
|
|
$
|
14,295
|
|
|
Loans 30-89 days past due and accruing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New England
|
|
|
|
$
|
15,961
|
|
|
|
$
|
|
9,193
|
|
|
|
|
$
|
4,653
|
|
|
|
|
$
|
10,571
|
|
|
|
|
$
|
19,725
|
|
|
San Francisco Bay Area
|
|
|
|
2,246
|
|
|
|
1,651
|
|
|
|
|
—
|
|
|
|
|
2,251
|
|
|
|
|
1,911
|
|
|
Southern California
|
|
|
|
4,092
|
|
|
|
763
|
|
|
|
|
324
|
|
|
|
|
7,554
|
|
|
|
|
3,412
|
|
|
Total loans 30-89 days past due and accruing
|
|
|
|
$
|
22,299
|
|
|
|
$
|
|
11,607
|
|
|
|
|
$
|
4,977
|
|
|
|
|
$
|
20,376
|
|
|
|
|
$
|
25,048
|
|
|
Loans (charged-off)/ recovered, net for the three months ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New England
|
|
|
|
$
|
(100
|
)
|
|
|
$
|
|
232
|
|
|
|
|
$
|
(73
|
)
|
|
|
|
$
|
(285
|
)
|
|
|
|
$
|
1,020
|
|
|
San Francisco Bay Area
|
|
|
|
1,804
|
|
|
|
706
|
|
|
|
|
91
|
|
|
|
|
67
|
|
|
|
|
64
|
|
|
Southern California
|
|
|
|
15
|
|
|
|
47
|
|
|
|
|
95
|
|
|
|
|
169
|
|
|
|
|
(273
|
)
|
|
Total net loans (charged-off)/ recovered
|
|
|
|
$
|
1,719
|
|
|
|
$
|
|
985
|
|
|
|
|
$
|
113
|
|
|
|
|
$
|
(49
|
)
|
|
|
|
$
|
811
|
|
|
Loans (charged-off)/ recovered, net for the year ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New England
|
|
|
|
$
|
(226
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,839
|
|
|
San Francisco Bay Area
|
|
|
|
2,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,161
|
|
|
Southern California
|
|
|
|
326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(666
|
)
|
|
Total Net Loans (Charged-off)/ Recovered
|
|
|
|
$
|
2,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,334
|
|
|
|
|
|
|
|
|
|
|
Boston Private Financial Holdings, Inc.
|
|
|
|
|
Selected Financial Data (Unaudited)
|
|
|
|
|
FOOTNOTES:
|
|
(1)
|
|
|
On December 20, 2017, Boston Private Financial Holdings, Inc. (the
"Company") announced an agreement, effective December 19, 2017, to
sell all of its current equity interest in Anchor Capital Advisors
LLC, an indirect, majority-owned subsidiary of the Company
("Anchor"), to the management team of Anchor for an upfront cash
payment and a non-voting, revenue share participation interest in
Anchor. On April 13, 2018, the Company completed the sale of its
ownership interest in Anchor. Anchor's results remain consolidated
in the Company's results during current and prior periods through
the closing date. For presentation purposes, Anchor's AUM are
excluded from current and prior period AUM amounts, but are included
in the calculation of Core Fees and Income. The Company classified
the assets and liabilities of Anchor as held for sale at March 31,
2018 and December 31, 2017, which are included with Other assets and
Other liabilities, respectively, on the Company's consolidated
balance sheet. For regulatory purposes, the goodwill and intangible
assets of Anchor will be included in consolidated calculations.
|
|
|
|
|
|
|
On December 3, 2018, the Company completed the closing of the sale
of all of its equity interest in Bingham, Osborn & Scarborough, LLC
("BOS") to the management team of BOS for an upfront cash payment
and a non-voting, limited-duration revenue share participation in
BOS. For presentation purposes, BOS' AUM are excluded from current
and prior period AUM amounts, but are included in the calculation of
Core Fees and Income. For regulatory purposes, the goodwill and
intangible assets of BOS will be included in consolidated
calculations.
|
|
|
|
|
|
|
See footnotes 6 and 8, below.
|
|
|
|
|
|
|
(2)
|
|
|
Total revenue is the sum of Net interest income, Total core fees and
income, and Total other income.
|
|
|
|
(3)
|
|
|
Net income from discontinued operations consists of contingent
payments net of expenses related to our divested affiliate,
Westfield Capital Management Company, LLC. The Company received its
final contingent payment in the first quarter of 2018 related to
this affiliate and a tax benefit related to deferred taxes in the
fourth quarter of 2018 when annual tax returns were filed.
|
|
|
|
(4)
|
|
|
Adjustments to Net income attributable to the Company to arrive at
Net income attributable to the common shareholders, treasury stock
method, as presented in these tables, include decrease/ (increase)
in Noncontrolling interests redemption value and dividends paid on
preferred stock, if any, including deemed dividends on redemption of
the 6.95% Non-Cumulative Perpetual Preferred Stock, Series D ("the
Series D preferred stock"). On June 15, 2018, the Company redeemed
all $50 million of the outstanding Series D preferred stock.
|
|
|
|
(5)
|
|
|
When the Company has positive Net income from continuing operations
attributable to the common shareholders, the Company adds additional
shares to basic Weighted average shares outstanding to arrive at
Weighted average diluted shares outstanding for the Diluted earnings
per share calculation. These additional shares reflect the assumed
exercise, conversion, or contingent issuance of dilutive securities.
If the additional shares would result in anti-dilution they would be
excluded from the diluted earnings per share calculation. The
potential dilutive shares relate to: unexercised stock options,
unvested restricted stock and unexercised stock warrants. See 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, 2017 for additional information.
|
|
|
|
(6)
|
|
|
The Company uses certain non-GAAP financial measures, such as:
Tangible book value per share and the Tangible common equity ("TCE")
to Tangible assets ("TA") ratio to provide information for investors
to effectively analyze financial trends of ongoing business
activities, and to enhance comparability with peers across the
financial sector.
|
|
|
|
|
|
|
|
|
|
Reconciliations from the Company's GAAP Total equity to Total assets
ratio to the Non-GAAP TCE to TA ratio, and from GAAP Book value to
Non-GAAP Tangible book value are presented below:
|
|
|
|
|
|
|
The Company calculates Tangible assets by adjusting Total assets to
exclude Goodwill and intangible assets.
|
|
|
|
|
|
|
The Company calculates Tangible common equity by adjusting Total
equity to exclude non-convertible Series D preferred stock and
exclude Goodwill and intangible assets, net. On June 15, 2018, the
Company redeemed all $50 million of the outstanding Series D
preferred stock.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boston Private Financial Holdings, Inc.
Selected Financial Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except share and per share data)
|
|
|
|
December 31, 2018
|
|
|
|
September 30, 2018
|
|
|
|
June 30, 2018
|
|
|
|
March 31, 2018
|
|
|
|
December 31, 2017
|
|
|
|
Total balance sheet assets
|
|
|
|
$
|
8,494,625
|
|
|
|
|
$
|
8,375,840
|
|
|
|
|
$
|
8,716,203
|
|
|
|
|
$
|
8,318,359
|
|
|
|
|
$
|
8,311,744
|
|
|
|
|
LESS: Goodwill and intangible assets, net *
|
|
|
|
|
(69,834
|
)
|
|
|
|
|
(89,432
|
)
|
|
|
|
|
(90,182
|
)
|
|
|
|
|
(138,026
|
)
|
|
|
|
|
(138,775
|
)
|
|
|
|
Tangible assets (non-GAAP)
|
|
|
|
$
|
8,424,791
|
|
|
|
|
$
|
8,286,408
|
|
|
|
|
$
|
8,626,021
|
|
|
|
|
$
|
8,180,333
|
|
|
|
|
$
|
8,172,969
|
|
|
|
|
Total shareholders' equity
|
|
|
|
$
|
753,954
|
|
|
|
|
$
|
738,009
|
|
|
|
|
$
|
733,977
|
|
|
|
|
$
|
789,503
|
|
|
|
|
$
|
785,944
|
|
|
|
|
LESS: Series D preferred stock (non-convertible)
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
(47,753
|
)
|
|
|
|
|
(47,753
|
)
|
|
|
|
LESS: Goodwill and intangible assets, net *
|
|
|
|
|
(69,834
|
)
|
|
|
|
|
(89,432
|
)
|
|
|
|
|
(90,182
|
)
|
|
|
|
|
(138,026
|
)
|
|
|
|
|
(138,775
|
)
|
|
|
|
Total adjusting items
|
|
|
|
|
(69,834
|
)
|
|
|
|
|
(89,432
|
)
|
|
|
|
|
(90,182
|
)
|
|
|
|
|
(185,779
|
)
|
|
|
|
|
(186,528
|
)
|
|
|
|
Tangible common equity (non-GAAP)
|
|
|
|
$
|
684,120
|
|
|
|
|
$
|
648,577
|
|
|
|
|
$
|
643,795
|
|
|
|
|
$
|
603,724
|
|
|
|
|
$
|
599,416
|
|
|
|
|
Total equity/ Total assets
|
|
|
|
|
8.88
|
%
|
|
|
|
|
8.81
|
%
|
|
|
|
|
8.42
|
%
|
|
|
|
|
9.49
|
%
|
|
|
|
|
9.46
|
%
|
|
|
|
Tangible common equity/ Tangible assets (non-GAAP)
|
|
|
|
|
8.12
|
%
|
|
|
|
|
7.83
|
%
|
|
|
|
|
7.46
|
%
|
|
|
|
|
7.38
|
%
|
|
|
|
|
7.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total risk weighted assets **
|
|
|
|
$
|
6,161,679
|
|
|
|
|
$
|
6,057,002
|
|
|
|
|
$
|
6,104,586
|
|
|
|
|
$
|
5,974,866
|
|
|
|
|
$
|
5,892,286
|
|
|
|
|
Tier 1 common equity **
|
|
|
|
$
|
702,728
|
|
|
|
|
$
|
674,641
|
|
|
|
|
$
|
665,628
|
|
|
|
|
$
|
621,084
|
|
|
|
|
$
|
607,800
|
|
|
|
|
Tier 1 common equity/ Risk weighted assets **
|
|
|
|
|
11.40
|
%
|
|
|
|
|
11.14
|
%
|
|
|
|
|
10.90
|
%
|
|
|
|
|
10.39
|
%
|
|
|
|
|
10.32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period shares outstanding
|
|
|
|
|
83,655,651
|
|
|
|
|
|
84,602,519
|
|
|
|
|
|
84,478,858
|
|
|
|
|
|
84,194,267
|
|
|
|
|
|
84,208,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share
|
|
|
|
$
|
9.01
|
|
|
|
|
$
|
8.72
|
|
|
|
|
$
|
8.69
|
|
|
|
|
$
|
8.81
|
|
|
|
|
$
|
8.77
|
|
|
|
|
Tangible book value per share (non-GAAP)
|
|
|
|
$
|
8.18
|
|
|
|
|
$
|
7.67
|
|
|
|
|
$
|
7.62
|
|
|
|
|
$
|
7.17
|
|
|
|
|
$
|
7.12
|
|
|
|
|
|
|
|
|
* Includes goodwill and intangible assets at an affiliate held for
sale at March 31, 2018 and December 31, 2017.
|
|
|
|
** Risk weighted assets and Tier 1 common equity for December 31,
2018 are presented based on estimated data.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7)
|
|
Assets under management and advisory have been reduced to exclude
those assets managed or advised by Anchor and BOS for periods when
Anchor and BOS were owned by the Company.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8)
|
|
The Company uses certain non-GAAP financial measures, such as:
Return on average common equity and Return on average tangible
common equity to provide information for investors to effectively
analyze financial trends of ongoing business activities, and to
enhance comparability with peers across the financial sector.
|
|
|
|
|
|
|
|
Reconciliations from the Company's GAAP Return on average equity
ratio to the non-GAAP Return on average common equity ratio, and
the non-GAAP Return on average tangible common equity ratio are
presented below:
|
|
|
|
|
|
|
|
The Company annualizes income data based on the number of days in
the period presented and a 365 day year. The Company calculates
Average common equity by adjusting Average equity to exclude
Average preferred equity. The Company calculates Average tangible
common equity by adjusting Average equity to exclude Average
goodwill and intangible assets, net and Average preferred equity.
|
|
|
|
Boston Private Financial Holdings, Inc.
Selected Financial Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
(In thousands)
|
|
|
|
December 31, 2018
|
|
|
|
September 30, 2018
|
|
|
|
June 30, 2018
|
|
|
|
March 31, 2018
|
|
|
|
December 31, 2017
|
|
|
|
Total average shareholders' equity
|
|
|
|
$
|
739,313
|
|
|
|
|
$
|
737,188
|
|
|
|
|
$
|
775,949
|
|
|
|
|
$
|
784,025
|
|
|
|
|
$
|
813,518
|
|
|
|
|
LESS: Average Series D preferred stock (non-convertible)
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
(39,881
|
)
|
|
|
|
|
(47,753
|
)
|
|
|
|
|
(47,753
|
)
|
|
|
|
Average common equity (non-GAAP)
|
|
|
|
|
739,313
|
|
|
|
|
|
737,188
|
|
|
|
|
|
736,068
|
|
|
|
|
|
736,272
|
|
|
|
|
|
765,765
|
|
|
|
|
LESS: Average goodwill and intangible assets, net *
|
|
|
|
|
(83,153
|
)
|
|
|
|
|
(89,830
|
)
|
|
|
|
|
(102,533
|
)
|
|
|
|
|
(138,451
|
)
|
|
|
|
|
(157,978
|
)
|
|
|
|
Average tangible common equity (non-GAAP)
|
|
|
|
$
|
656,160
|
|
|
|
|
$
|
647,358
|
|
|
|
|
$
|
633,535
|
|
|
|
|
$
|
597,821
|
|
|
|
|
$
|
607,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/ (loss) attributable to the Company
|
|
|
|
$
|
33,302
|
|
|
|
|
$
|
17,962
|
|
|
|
|
$
|
6,434
|
|
|
|
|
$
|
22,686
|
|
|
|
|
$
|
(18,280
|
)
|
|
|
|
LESS: Dividends on Series D preferred stock
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
(869
|
)
|
|
|
|
|
(869
|
)
|
|
|
|
|
(869
|
)
|
|
|
|
Common net income/ (loss) (non-GAAP)
|
|
|
|
|
33,302
|
|
|
|
|
|
17,962
|
|
|
|
|
|
5,565
|
|
|
|
|
|
21,817
|
|
|
|
|
|
(19,149
|
)
|
|
|
|
ADD: Amortization of intangibles, net of tax (35% in 2017, 21% in
2018)
|
|
|
|
|
537
|
|
|
|
|
|
593
|
|
|
|
|
|
592
|
|
|
|
|
|
593
|
|
|
|
|
|
860
|
|
|
|
|
Tangible common net income/ (loss) (non-GAAP)
|
|
|
|
$
|
33,839
|
|
|
|
|
$
|
18,555
|
|
|
|
|
$
|
6,157
|
|
|
|
|
$
|
22,410
|
|
|
|
|
$
|
(18,289
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity - (annualized)
|
|
|
|
|
17.87
|
%
|
|
|
|
|
9.67
|
%
|
|
|
|
|
3.33
|
%
|
|
|
|
|
11.73
|
%
|
|
|
|
|
(8.91
|
)%
|
|
|
|
Return on average common equity - (annualized) (non-GAAP)
|
|
|
|
|
17.87
|
%
|
|
|
|
|
9.67
|
%
|
|
|
|
|
3.03
|
%
|
|
|
|
|
12.02
|
%
|
|
|
|
|
(9.92
|
)%
|
|
|
|
Return on average tangible common equity - (annualized) (non-GAAP)
|
|
|
|
|
20.46
|
%
|
|
|
|
|
11.37
|
%
|
|
|
|
|
3.90
|
%
|
|
|
|
|
15.20
|
%
|
|
|
|
|
(11.94
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
(In thousands)
|
|
|
December 31, 2018
|
|
|
|
December 31, 2017
|
|
|
|
Total average shareholders' equity
|
|
|
$
|
759,868
|
|
|
|
|
$
|
797,756
|
|
|
|
|
LESS: Average Series D preferred stock (non-convertible)
|
|
|
|
(21,718
|
)
|
|
|
|
|
(47,753
|
)
|
|
|
|
Average common equity (non-GAAP)
|
|
|
|
738,150
|
|
|
|
|
|
750,003
|
|
|
|
|
LESS: Average goodwill and intangible assets, net *
|
|
|
|
(88,631
|
)
|
|
|
|
|
(164,530
|
)
|
|
|
|
Average tangible common equity (non-GAAP)
|
|
|
$
|
649,519
|
|
|
|
|
$
|
585,473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to the Company
|
|
|
$
|
80,384
|
|
|
|
|
$
|
40,591
|
|
|
|
|
LESS: Dividends on Series D preferred stock
|
|
|
|
(1,738
|
)
|
|
|
|
|
(3,475
|
)
|
|
|
|
Common net income (non-GAAP)
|
|
|
|
78,646
|
|
|
|
|
|
37,116
|
|
|
|
|
ADD: Amortization of intangibles, net of tax (35% in 2017, 21% in
2018)
|
|
|
|
2,314
|
|
|
|
|
|
3,641
|
|
|
|
|
Tangible common net income (non-GAAP)
|
|
|
$
|
80,960
|
|
|
|
|
$
|
40,757
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity
|
|
|
|
10.58
|
%
|
|
|
|
|
5.09
|
%
|
|
|
|
Return on average common equity (non-GAAP)
|
|
|
|
10.65
|
%
|
|
|
|
|
4.95
|
%
|
|
|
|
Return on average tangible common equity (non-GAAP)
|
|
|
|
12.46
|
%
|
|
|
|
|
6.96
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Includes goodwill and intangible assets at an affiliate held for
sale at March 31, 2018 and December 31, 2017.
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)
|
|
The Company uses certain non-GAAP financial measures, such as:
Pre-tax, pre-provision income, Total operating expenses excluding
amortization of intangibles, goodwill impairment, and
restructuring expense, if any, and the Efficiency ratio to provide
information for investors to effectively analyze financial trends
of ongoing business activities, and to enhance comparability with
peers across the financial sector.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations from the Company's GAAP Income from continuing
operations before income taxes to non-GAAP Pre-tax, pre-provision
income; from GAAP Total operating expense to non-GAAP Total
operating expense excluding amortization of intangibles, goodwill
impairment, and restructuring, if any; and from GAAP Efficiency
ratio to Non-GAAP Efficiency ratio (FTE basis), excluding
amortization of intangibles, goodwill impairment, and
restructuring, if any, are presented below:
|
|
|
|
|
|
|
|
|
|
|
|
Boston Private Financial Holdings, Inc.
Selected Financial Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
(In thousands)
|
|
|
|
December 31, 2018
|
|
|
|
September 30, 2018
|
|
|
|
June 30, 2018
|
|
|
|
March 31, 2018
|
|
|
|
December 31, 2017
|
|
|
|
Income before income taxes (GAAP)
|
|
|
|
$
|
42,192
|
|
|
|
|
$
|
24,347
|
|
|
|
|
$
|
24,803
|
|
|
|
|
$
|
28,064
|
|
|
|
|
$
|
3,400
|
|
|
|
|
ADD BACK: Provision/ (credit) for loan losses
|
|
|
|
|
93
|
|
|
|
|
|
(949
|
)
|
|
|
|
|
453
|
|
|
|
|
|
(1,795
|
)
|
|
|
|
|
(942
|
)
|
|
|
|
Pre-tax, pre-provision income (non-GAAP)
|
|
|
|
$
|
42,285
|
|
|
|
|
$
|
23,398
|
|
|
|
|
$
|
25,256
|
|
|
|
|
$
|
26,269
|
|
|
|
|
$
|
2,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expense (GAAP)
|
|
|
|
$
|
63,557
|
|
|
|
|
$
|
68,557
|
|
|
|
|
$
|
64,384
|
|
|
|
|
$
|
70,857
|
|
|
|
|
$
|
93,989
|
|
|
|
|
Less: Amortization of intangibles
|
|
|
|
|
680
|
|
|
|
|
|
750
|
|
|
|
|
|
749
|
|
|
|
|
|
750
|
|
|
|
|
|
1,323
|
|
|
|
|
Less: Goodwill impairment
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
24,901
|
|
|
|
|
Less: Restructuring
|
|
|
|
|
2,065
|
|
|
|
|
|
5,763
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
Total operating expense (excluding amortization of intangibles,
restructuring, and goodwill impairment) (non-GAAP)
|
|
|
|
$
|
60,812
|
|
|
|
|
$
|
62,044
|
|
|
|
|
$
|
63,635
|
|
|
|
|
$
|
70,107
|
|
|
|
|
$
|
67,765
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
$
|
59,997
|
|
|
|
|
$
|
59,641
|
|
|
|
|
$
|
57,545
|
|
|
|
|
$
|
57,383
|
|
|
|
|
$
|
57,272
|
|
|
|
|
Total core fees and income
|
|
|
|
|
28,691
|
|
|
|
|
|
31,592
|
|
|
|
|
|
31,897
|
|
|
|
|
|
39,435
|
|
|
|
|
|
40,189
|
|
|
|
|
Gain/ (loss) on sale of affiliates
|
|
|
|
|
18,142
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
(1,264
|
)
|
|
|
|
Total other income
|
|
|
|
|
(988
|
)
|
|
|
|
|
722
|
|
|
|
|
|
198
|
|
|
|
|
|
308
|
|
|
|
|
|
250
|
|
|
|
|
Total revenue
|
|
|
|
|
105,842
|
|
|
|
|
|
91,955
|
|
|
|
|
|
89,640
|
|
|
|
|
|
97,126
|
|
|
|
|
|
96,447
|
|
|
|
|
FTE income
|
|
|
|
|
593
|
|
|
|
|
|
591
|
|
|
|
|
|
895
|
|
|
|
|
|
974
|
|
|
|
|
|
2,873
|
|
|
|
|
Total revenue (FTE basis)
|
|
|
|
$
|
106,435
|
|
|
|
|
$
|
92,546
|
|
|
|
|
$
|
90,535
|
|
|
|
|
$
|
98,100
|
|
|
|
|
$
|
99,320
|
|
|
|
|
Efficiency ratio (GAAP)
|
|
|
|
|
60.05
|
%
|
|
|
|
|
74.55
|
%
|
|
|
|
|
71.83
|
%
|
|
|
|
|
72.95
|
%
|
|
|
|
|
97.45
|
%
|
|
|
|
Efficiency ratio, FTE Basis excluding amortization of intangibles,
restructuring, and goodwill impairment (non-GAAP)
|
|
|
|
|
57.14
|
%
|
|
|
|
|
67.04
|
%
|
|
|
|
|
70.29
|
%
|
|
|
|
|
71.46
|
%
|
|
|
|
|
68.23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
(In thousands)
|
|
|
December 31, 2018
|
|
|
|
December 31, 2017
|
|
|
|
Income before income taxes (GAAP)
|
|
|
$
|
119,406
|
|
|
|
|
$
|
86,385
|
|
|
|
|
ADD BACK: Provision/ (credit) for loan losses
|
|
|
|
(2,198
|
)
|
|
|
|
|
(7,669
|
)
|
|
|
|
Pre-tax, pre-provision income (non-GAAP)
|
|
|
$
|
117,208
|
|
|
|
|
$
|
78,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expense (GAAP)
|
|
|
$
|
267,355
|
|
|
|
|
$
|
299,936
|
|
|
|
|
Less: Amortization of intangibles
|
|
|
|
2,929
|
|
|
|
|
|
5,601
|
|
|
|
|
Less: Goodwill impairment
|
|
|
|
—
|
|
|
|
|
|
24,901
|
|
|
|
|
Less: Restructuring
|
|
|
|
7,828
|
|
|
|
|
|
—
|
|
|
|
|
Total operating expense (excluding amortization of intangibles,
restructuring, and goodwill impairment) (non-GAAP)
|
|
|
$
|
256,598
|
|
|
|
|
$
|
269,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
$
|
234,566
|
|
|
|
|
$
|
224,686
|
|
|
|
|
Total core fees and income
|
|
|
|
131,615
|
|
|
|
|
|
152,802
|
|
|
|
|
Gain/ (loss) on sale of affiliates
|
|
|
|
18,142
|
|
|
|
|
|
(1,264
|
)
|
|
|
|
Total other income
|
|
|
|
240
|
|
|
|
|
|
2,428
|
|
|
|
|
Total revenue
|
|
|
|
384,563
|
|
|
|
|
|
378,652
|
|
|
|
|
FTE income
|
|
|
|
3,053
|
|
|
|
|
|
11,515
|
|
|
|
|
Total revenue (FTE basis)
|
|
|
$
|
387,616
|
|
|
|
|
$
|
390,167
|
|
|
|
|
Efficiency ratio (GAAP)
|
|
|
|
69.52
|
%
|
|
|
|
|
79.21
|
%
|
|
|
|
Efficiency ratio, FTE Basis excluding amortization of intangibles,
restructuring, and goodwill impairment (non-GAAP)
|
|
|
|
66.20
|
%
|
|
|
|
|
69.06
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
(10)
|
|
Interest income on Non-taxable investments and loans are presented
on an FTE basis using the federal statutory rate of 35% in 2017
and 21% in 2018 for each respective period presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
(11)
|
|
Average loans includes Loans held for sale and Nonaccrual loans.
|
|
|
|
Boston Private Financial Holdings, Inc.
Selected Financial Data (Unaudited)
|
|
|
|
|
|
(12)
|
|
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.
|
|
|
|
|
|
|
|
|
|
(13)
|
|
The concentration of the Private Banking loan data and credit
quality is primarily based on the location of the lender's
regional offices.
|
|
|
|
|
|
|
|
|
|
(14)
|
|
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.
|
|
|
|
|
|
|
|
|
|
(15)
|
|
The Company uses certain non-GAAP financial measures, such as: Net
interest income excluding interest recovered on previous
nonaccrual loans and Net interest margin excluding interest
recovered on previous nonaccrual loans, also referred to as Core
net interest margin, to provide information for investors to
effectively analyze financial trends of ongoing business
activities, and to enhance comparability with peers across the
financial sector.
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations from the Company's GAAP Net interest income to
non-GAAP Net interest income excluding interest recovered on
previous nonaccrual loans; and from GAAP Net interest margin to
non-GAAP Net interest margin excluding interest recovered on
previous nonaccrual loans, are presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
(In thousands)
|
|
|
|
December 31, 2018
|
|
|
|
September 30, 2018
|
|
|
|
June 30, 2018
|
|
|
|
March 31, 2018
|
|
|
|
December 31, 2017
|
|
|
|
Net interest income (GAAP basis)
|
|
|
|
$
|
59,997
|
|
|
|
|
$
|
59,641
|
|
|
|
|
$
|
57,545
|
|
|
|
|
$
|
57,383
|
|
|
|
|
$
|
57,272
|
|
|
|
|
LESS: Interest recovered while loans on nonaccrual status
|
|
|
|
|
986
|
|
|
|
|
|
986
|
|
|
|
|
|
—
|
|
|
|
|
|
80
|
|
|
|
|
|
429
|
|
|
|
|
Net interest income, excluding interest recovered while loans on
nonaccrual status (non-GAAP) - also referred to as Core net interest
income (non-GAAP)
|
|
|
|
|
59,011
|
|
|
|
|
|
58,655
|
|
|
|
|
|
57,545
|
|
|
|
|
|
57,303
|
|
|
|
|
|
56,843
|
|
|
|
|
ADD: FTE income
|
|
|
|
|
593
|
|
|
|
|
|
591
|
|
|
|
|
|
895
|
|
|
|
|
|
974
|
|
|
|
|
|
2,873
|
|
|
|
|
Net interest income, FTE basis, excluding interest recovered while
loans on nonaccrual status(non-GAAP) - also referred to as Core net
interest income, FTE basis (non-GAAP)
|
|
|
|
|
59,604
|
|
|
|
|
|
59,246
|
|
|
|
|
|
58,440
|
|
|
|
|
|
58,277
|
|
|
|
|
|
59,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (FTE basis)
|
|
|
|
|
2.96
|
%
|
|
|
|
|
2.93
|
%
|
|
|
|
|
2.89
|
%
|
|
|
|
|
2.95
|
%
|
|
|
|
|
3.04
|
%
|
|
|
|
Net interest margin, FTE basis, excluding interest recovered while
loans on nonaccrual status (non-GAAP) - also referred to as Core net
interest margin (FTE basis)
|
|
|
|
|
2.92
|
%
|
|
|
|
|
2.88
|
%
|
|
|
|
|
2.89
|
%
|
|
|
|
|
2.94
|
%
|
|
|
|
|
3.02
|
%
|
|
|
|
Net interest margin, non-FTE basis, excluding interest recovered
while loans on nonaccrual status (non-GAAP) - also referred to as
Core net interest margin (non-FTE basis) (non-GAAP)
|
|
|
|
|
2.90
|
%
|
|
|
|
|
2.85
|
%
|
|
|
|
|
2.85
|
%
|
|
|
|
|
2.90
|
%
|
|
|
|
|
2.87
|
%
|
|
|
|
|
|
|
|
Boston Private Financial Holdings, Inc.
Selected Financial Data (Unaudited)
|
|
|
|
|
|
|
|
|
(16)
|
|
The Company uses certain non-GAAP financial measures, such as: Net
income attributable to the Company excluding notable items and
Diluted earnings per share excluding notable items to provide
information for investors to effectively analyze financial trends
of ongoing business activities, and to enhance comparability with
peers across the financial sector.
|
|
|
|
|
|
|
|
|
|
|
Reconciliations from the Company's GAAP Net income attributable to
the Company to non-GAAP Net income attributable to the Company
excluding notable items and from GAAP Diluted earnings per share
to non-GAAP Diluted earnings per share excluding notable items are
presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
(In thousands, except share and per share data)
|
|
|
December 31, 2018
|
|
|
|
September 30, 2018
|
|
|
|
June 30, 2018
|
|
|
|
March 31, 2018
|
|
|
|
December 31, 2017
|
|
|
|
Net income/ (loss) attributable to the Company (GAAP)
|
|
|
$
|
33,302
|
|
|
|
|
$
|
17,962
|
|
|
|
|
$
|
6,434
|
|
|
|
|
$
|
22,686
|
|
|
|
|
$
|
(18,280
|
)
|
|
|
|
LESS: Gain/ (loss) on sale of affiliates
|
|
|
|
18,142
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
(1,264
|
)
|
|
|
|
ADD BACK: Anchor divestiture legal expense
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
400
|
|
|
|
|
ADD BACK: Impairment of goodwill
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
24,901
|
|
|
|
|
ADD BACK: Information services *
|
|
|
|
(441
|
)
|
|
|
|
|
—
|
|
|
|
|
|
441
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
ADD BACK: Restructuring
|
|
|
|
2,065
|
|
|
|
|
|
5,763
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
ADD BACK: Tax adjustments **
|
|
|
|
3,170
|
|
|
|
|
|
—
|
|
|
|
|
|
12,706
|
|
|
|
|
|
—
|
|
|
|
|
|
12,880
|
|
|
|
|
Tax effect at statutory rate (35% in '17, 21% in '18) ***
|
|
|
|
(341
|
)
|
|
|
|
|
(1,210
|
)
|
|
|
|
|
(93
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(582
|
)
|
|
|
|
Net income attributable to the Company
excluding notable items (non-GAAP)
|
|
|
$
|
19,613
|
|
|
|
|
$
|
22,515
|
|
|
|
|
$
|
19,488
|
|
|
|
|
$
|
22,686
|
|
|
|
|
$
|
20,583
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/ (loss) attributable to the common shareholders, treasury
stock method (GAAP)
|
|
|
$
|
35,996
|
|
|
|
|
$
|
17,133
|
|
|
|
|
$
|
2,910
|
|
|
|
|
$
|
22,663
|
|
|
|
|
$
|
(20,278
|
)
|
|
|
|
ADD BACK: Deemed dividend due to redemption of Series D preferred
stock
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
2,247
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
LESS: Gain/ (loss) on sale of affiliates
|
|
|
|
18,142
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
(1,264
|
)
|
|
|
|
ADD BACK: Anchor divestiture legal expense
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
400
|
|
|
|
|
ADD BACK: Impairment of goodwill
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
24,901
|
|
|
|
|
ADD BACK: Information services *
|
|
|
|
(441
|
)
|
|
|
|
|
—
|
|
|
|
|
|
441
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
ADD BACK: Restructuring
|
|
|
|
2,065
|
|
|
|
|
|
5,763
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
ADD BACK: Tax adjustments **
|
|
|
|
3,170
|
|
|
|
|
|
—
|
|
|
|
|
|
12,706
|
|
|
|
|
|
—
|
|
|
|
|
|
12,880
|
|
|
|
|
Tax effect at statutory rate (35% in '17, 21% in '18) ***
|
|
|
|
(341
|
)
|
|
|
|
|
(1,210
|
)
|
|
|
|
|
(93
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(582
|
)
|
|
|
|
Net income attributable to the common shareholders, treasury stock
method, excluding notable items (non-GAAP)
|
|
|
$
|
22,307
|
|
|
|
|
$
|
21,686
|
|
|
|
|
$
|
18,211
|
|
|
|
|
$
|
22,663
|
|
|
|
|
$
|
18,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding (GAAP)
|
|
|
|
84,863,779
|
|
|
|
|
|
85,498,568
|
|
|
|
|
|
85,413,575
|
|
|
|
|
|
85,271,650
|
|
|
|
|
|
82,904,776
|
|
|
|
|
Weighted average diluted shares outstanding, excluding notable items
(non-GAAP) ****
|
|
|
|
84,863,779
|
|
|
|
|
|
85,498,568
|
|
|
|
|
|
85,413,575
|
|
|
|
|
|
85,271,650
|
|
|
|
|
|
85,196,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted total earnings/ (loss) per share (GAAP)
|
|
|
$
|
0.42
|
|
|
|
|
$
|
0.20
|
|
|
|
|
$
|
0.03
|
|
|
|
|
$
|
0.27
|
|
|
|
|
$
|
(0.24
|
)
|
|
|
|
Diluted total earnings per share, excluding notable items (non-GAAP)
|
|
|
$
|
0.26
|
|
|
|
|
$
|
0.25
|
|
|
|
|
$
|
0.21
|
|
|
|
|
$
|
0.27
|
|
|
|
|
$
|
0.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common equity (non-GAAP)
|
|
|
$
|
739,313
|
|
|
|
|
$
|
737,188
|
|
|
|
|
$
|
736,068
|
|
|
|
|
$
|
736,272
|
|
|
|
|
$
|
765,765
|
|
|
|
|
Average tangible common equity (non-GAAP)
|
|
|
$
|
656,160
|
|
|
|
|
$
|
647,358
|
|
|
|
|
$
|
633,535
|
|
|
|
|
$
|
597,821
|
|
|
|
|
$
|
607,787
|
|
|
|
|
Return on average common equity - (annualized), excluding notable
items (non-GAAP)
|
|
|
|
10.52
|
%
|
|
|
|
|
12.12
|
%
|
|
|
|
|
10.15
|
%
|
|
|
|
|
12.02
|
%
|
|
|
|
|
10.21
|
%
|
|
|
|
Return on average tangible common equity - (annualized), excluding
notable items (non-GAAP)
|
|
|
|
12.18
|
%
|
|
|
|
|
14.16
|
%
|
|
|
|
|
12.16
|
%
|
|
|
|
|
15.20
|
%
|
|
|
|
|
13.43
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision income (non-GAAP)
|
|
|
$
|
42,285
|
|
|
|
|
$
|
23,398
|
|
|
|
|
$
|
25,256
|
|
|
|
|
$
|
26,269
|
|
|
|
|
$
|
2,458
|
|
|
|
|
LESS: Gain/ (loss) on sale of affiliates
|
|
|
|
18,142
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
(1,264
|
)
|
|
|
|
ADD BACK: Anchor divestiture legal expense
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
400
|
|
|
|
|
ADD BACK: Impairment of goodwill
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
24,901
|
|
|
|
|
ADD BACK: Information services *
|
|
|
|
(441
|
)
|
|
|
|
|
—
|
|
|
|
|
|
441
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
ADD BACK: Restructuring
|
|
|
|
2,065
|
|
|
|
|
|
5,763
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
Pre-tax, pre-provision income, excluding notable items (non-GAAP)
|
|
|
$
|
25,767
|
|
|
|
|
$
|
29,161
|
|
|
|
|
$
|
25,697
|
|
|
|
|
$
|
26,269
|
|
|
|
|
$
|
29,023
|
|
|
|
|
|
|
|
|
Boston Private Financial Holdings, Inc.
Selected Financial Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
In the fourth quarter of 2018, $0.4 million of Information
services expense was reclassified to Restructuring expense in
conjunction with the Company's formal restructuring plan announced
in the fourth quarter of 2018.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
**
|
|
Additional tax expense in the fourth quarter of 2017 relates to
the revaluation of the Company's deferred tax asset ("DTA"),
deferred tax liability ("DTL") and Low Income Housing Tax Credit
("LIHTC") investments as a result of the Tax Cuts and Jobs Act,
while additional expense in the second quarter of 2018 relates to
the tax impact of the April 2018 completion of the sale of Anchor
and additional expense in the fourth quarter of 2018 relates to
the completion of the sale of BOS.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
***
|
|
Due to the nature of the goodwill related to Anchor, no tax effect
is applied to the goodwill impairment in the fourth quarter of
2017.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
****
|
|
For the fourth quarter of 2017, Weighted average diluted shares
outstanding include the dilutive effects when the excluded notable
items move net income/ (loss) attributable to the common
shareholders from a net loss to a net income position.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17)
|
|
The Company uses certain operating basis financial measures, which
are non-GAAP financial measures to provide information for
investors to effectively analyze trends of ongoing business
activities and to enhance comparability with peers across the
financial sector.
|
|
|
|
Reconciliations from the Company's GAAP financial measures to
non-GAAP operating basis financial measures are presented below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Year Ended
|
|
|
|
|
|
|
|
December 31, 2018
|
|
|
|
December 31, 2018
|
|
|
|
(In thousands, except share and per share data)
|
|
|
|
GAAP or
Reported
Value
|
|
|
|
Notable
Items
|
|
|
|
Operating
Basis
(Non-GAAP)
|
|
|
|
GAAP or
Reported
Value
|
|
|
|
Notable
Items
|
|
|
|
Operating
Basis
(Non-GAAP)
|
|
|
|
Total revenue
|
|
|
|
$
|
105,842
|
|
|
|
|
$
|
(18,142
|
)
|
|
|
|
$
|
87,700
|
|
|
|
|
$
|
384,563
|
|
|
|
|
$
|
(18,142
|
)
|
|
|
|
$
|
366,421
|
|
|
|
|
Total operating expense
|
|
|
|
|
63,557
|
|
|
|
|
|
(1,624
|
)
|
|
|
|
|
61,933
|
|
|
|
|
|
267,355
|
|
|
|
|
|
(7,828
|
)
|
|
|
|
|
259,527
|
|
|
|
|
Pre-tax, pre-provision income
|
|
|
|
|
42,285
|
|
|
|
|
|
(16,518
|
)
|
|
|
|
|
25,767
|
|
|
|
|
|
117,208
|
|
|
|
|
|
(10,314
|
)
|
|
|
|
|
106,894
|
|
|
|
|
Income before income taxes
|
|
|
|
|
42,192
|
|
|
|
|
|
(16,518
|
)
|
|
|
|
|
25,674
|
|
|
|
|
|
119,406
|
|
|
|
|
|
(10,314
|
)
|
|
|
|
|
109,092
|
|
|
|
|
Income tax expense
|
|
|
|
|
8,651
|
|
|
|
|
|
(2,829
|
)
|
|
|
|
|
5,822
|
|
|
|
|
|
37,537
|
|
|
|
|
|
(14,232
|
)
|
|
|
|
|
23,305
|
|
|
|
|
Net income/ (loss) attributable to the Company
|
|
|
|
|
33,302
|
|
|
|
|
|
(13,689
|
)
|
|
|
|
|
19,613
|
|
|
|
|
|
80,384
|
|
|
|
|
|
3,918
|
|
|
|
|
|
84,302
|
|
|
|
|
Net income/ (loss) attributable to the Common Shareholders
|
|
|
|
|
35,996
|
|
|
|
|
|
(13,689
|
)
|
|
|
|
|
22,307
|
|
|
|
|
|
78,702
|
|
|
|
|
|
3,918
|
|
|
|
|
|
82,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding
|
|
|
|
|
84,863,779
|
|
|
|
|
|
84,863,779
|
|
|
|
|
|
84,863,779
|
|
|
|
|
|
85,331,314
|
|
|
|
|
|
85,331,314
|
|
|
|
|
|
85,331,314
|
|
|
|
|
Diluted total Earnings/ (Loss) Per Share
|
|
|
|
$
|
0.42
|
|
|
|
|
$
|
(0.16
|
)
|
|
|
|
$
|
0.26
|
|
|
|
|
$
|
0.92
|
|
|
|
|
$
|
0.05
|
|
|
|
|
$
|
0.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Equity
|
|
|
|
|
739,313
|
|
|
|
|
|
|
|
|
|
739,313
|
|
|
|
|
|
738,150
|
|
|
|
|
|
|
|
|
|
738,150
|
|
|
|
|
Return on Average Common Equity
|
|
|
|
|
17.87
|
%
|
|
|
|
|
|
|
|
|
10.52
|
%
|
|
|
|
|
10.65
|
%
|
|
|
|
|
|
|
|
|
11.19
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Tangible Common Equity
|
|
|
|
|
656,160
|
|
|
|
|
|
|
|
|
|
656,160
|
|
|
|
|
|
649,519
|
|
|
|
|
|
|
|
|
|
649,519
|
|
|
|
|
Return on Average Tangible Common Equity
|
|
|
|
|
20.46
|
%
|
|
|
|
|
|
|
|
|
12.18
|
%
|
|
|
|
|
12.46
|
%
|
|
|
|
|
|
|
|
|
13.07
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax Rate on Continuing Operations
|
|
|
|
|
20.5
|
%
|
|
|
|
|
|
|
|
|
22.7
|
%
|
|
|
|
|
31.4
|
%
|
|
|
|
|
|
|
|
|
21.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nm not meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190130005760/en/
