BPFH
$7.75
Boston Pvt Finl Hld
$.45
6.16%
Earnings Details
3rd Quarter September 2020
Wednesday, October 21, 2020 4:15:00 PM
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Summary

Boston Pvt Finl Hld (BPFH) Recent Earnings

Boston Pvt Finl Hld (BPFH) reported 3rd Quarter September 2020 earnings of $0.27 per share on revenue of $88.5 million. The consensus earnings estimate was $0.16 per share on revenue of $83.3 million. Revenue fell 13.9% compared to the same quarter a year ago.

Boston Private Financial Holdings Inc is a wealth management company that offers various wealth management services to high net worth individuals, families, businesses and select institution.

Results
Reported Earnings
$0.27
Earnings Whisper
-
Consensus Estimate
$0.16
Reported Revenue
$88.5 Mil
Revenue Estimate
$83.3 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Boston Private Reports Third Quarter 2020 Results

Third Quarter 2020 Highlights include:

  • GAAP Net income of $22.7 million, or $0.28 per diluted share, and operating net income of $22.0 million, or $0.27 per diluted share
  • Return on average common equity (non-GAAP) of 10.7%; operating return on average common equity of 10.4%
  • Return on average tangible common equity (non-GAAP) of 11.9%; operating return on average tangible common equity of 11.6%
  • Average total deposits of $7.7 billion, a 16% increase year-over-year
  • Average total loans of $7.3 billion, a 3% increase year-over-year
  • Total assets under management/advisory (“AUM”) of $16.3 billion, flat year-over-year
  • Total net flows of negative $407 million driven by net flows of negative $395 million at Dalton, Greiner, Hartman, Maher & Co, LLC ("DGHM")
  • Total net provision credit of $2.8 million
  • Notable Item: $0.9 million gain related to the revaluation of a receivable from the divestiture of Bingham, Osborn & Scarborough, LLC ("BOS")

BOSTON--(BUSINESS WIRE)--Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported third quarter 2020 Net income attributable to the Company of $22.7 million, compared to Net loss attributable to the Company of $(3.3) million for the second quarter of 2020 and Net income attributable to the Company of $20.0 million for the third quarter of 2019. Third quarter 2020 Diluted earnings per share were $0.28, compared to Diluted loss per share of $(0.04) in the second quarter of 2020 and Diluted earnings per share of $0.24 in the third quarter of 2019.

"We are proud of the dedication and commitment shown by the Boston Private employees guiding our clients through this challenging environment," said Anthony DeChellis, CEO of Boston Private. "This quarter's financial results include a provision credit and continued strong new business in our Wealth Management & Trust business. We strengthened our capital and liquidity position to provide flexibility as we navigate the uncertain environment. We remain committed to our strategic objectives and believe that we are well positioned for long-term success."

Summary Financial Results

 

 

 

 

 

 

 

 

% Change

($ in millions, except for per share data)

 

3Q20

 

2Q20

 

3Q19

 

LQ

 

Y/Y

Net income/(loss) - GAAP

 

$22.7

 

$(3.3)

 

$20.0

 

nm

 

14%

Net income/(loss) - Operating

 

22.0

 

(3.3)

 

20.0

 

nm

 

10%

Diluted earnings/(loss) per share - GAAP

 

$0.28

 

$(0.04)

 

$0.24

 

nm

 

17%

Diluted earnings/(loss) per share - Operating

 

$0.27

 

$(0.04)

 

$0.24

 

nm

 

13%

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Financial Measures:

 

 

 

 

 

 

 

 

 

 

Pre-tax, pre-provision income

 

$19.9

 

$20.1

 

$25.7

 

(1)%

 

(23)%

Return on average common equity ("ROACE")

 

10.7%

 

(1.6)%

 

9.8

%

 

 

 

 

Return on average tangible common equity ("ROATCE")

 

11.9%

 

(1.4)%

 

11.0

%

 

 

 

 

nm = not meaningful

 

 

 

 

 

 

 

 

 

 

The Company's financial results improved linked quarter primarily driven by a lower loan loss provision, which changed from a $25.4 million provision expense during the second quarter of 2020 to a $2.8 million provision credit during the third quarter of 2020. The company’s operating results exclude the after-tax effect of a $0.9 million gain related to the revaluation of a receivable from the divestiture of BOS.

Net Interest Income and Margin

 

 

 

 

 

 

 

 

% Change

($ in millions)

 

3Q20

 

2Q20

 

3Q19

 

LQ

 

Y/Y

Net interest income

 

$57.8

 

$58.9

 

$56.2

 

(2)%

 

3%

Net interest margin

 

2.61%

 

2.75%

 

2.72%

 

 

 

 

Net interest income for the third quarter of 2020 was $57.8 million, a 2% decrease linked quarter and a 3% increase year-over-year. The linked quarter decrease was primarily driven by lower loan volumes, lower interest-earning asset yields, and prepayment penalties in the second quarter of 2020, partially offset by lower funding costs.

Net interest margin decreased 14 basis points on a linked quarter basis to 2.61%. The decline was primarily driven by lower asset yields, prepayment penalties in the second quarter of 2020 and excess cash balances, partially offset by lower funding costs.

Noninterest Income

 

 

 

 

 

 

 

 

% Change

($ in millions)

 

3Q20

 

2Q20

 

3Q19

 

LQ

 

Y/Y

Wealth management and trust fees

 

$18.2

 

$17.3

 

$19.1

 

6

%

 

(4)

%

Investment management fees

 

1.4

 

1.8

 

2.5

 

(21)

%

 

(44)

%

Private banking fees 1

 

2.3

 

2.6

 

3.6

 

(11)

%

 

(35)

%

Total core fees and income

 

$22.0

 

$21.6

 

$25.2

 

2

%

 

(13)

%

Total other income

 

1.1

 

1.0

 

 

5

%

 

nm

 

Total noninterest income

 

$23.0

 

$22.7

 

$25.1

 

2

%

 

(8)

%

nm = not meaningful

 

 

 

 

 

 

 

 

 

 

1 Private banking fees includes Other banking fee income and Gain/(loss) on sale of loans, net

Total core fees and income for the third quarter of 2020 was $22.0 million, a 2% increase linked quarter. The linked quarter increase was primarily driven by higher Wealth management and trust fees, partially offset by lower Investment management fees. Total other income for the third quarter of 2020 includes a $0.9 million gain related to the revaluation of a receivable from the divestiture of BOS.

Assets Under Management / Advisory

 

 

 

 

 

 

 

 

% Change

($ in millions)

 

3Q20

 

2Q20

 

3Q19

 

LQ

 

Y/Y

Wealth Management and Trust

 

$15,581

 

$14,889

 

$14,695

 

5

%

 

6

%

Other 3

 

672

 

1,067

 

1,533

 

(37)

%

 

(56)

%

Total assets under management / advisory

 

$16,253

 

$15,956

 

$16,228

 

2

%

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net flows

 

 

 

 

 

 

 

 

 

 

Wealth Management and Trust

 

$(12)

 

$60

 

$(100)

 

 

 

 

Other 3

 

(395)

 

(100)

 

(37)

 

 

 

 

Total net flows

 

$(407)

 

$(40)

 

$(137)

 

 

 

 

3 Includes results from DGHM

 

Total assets under management / advisory were $16.3 billion at the end of the third quarter of 2020, a 2% increase linked quarter. The linked quarter increase was primarily driven by the impact of favorable market action, partially offset by outflows at DGHM.

Total net flows were negative $407 million during the third quarter of 2020, driven by net outflows of $395 million at DGHM. The Wealth Management and Trust segment had net flows of negative $12 million during the third quarter of 2020. Negative flows in the Wealth Management and Trust segment were primarily the result of client assets that transferred from fixed income products into bank deposit products and tax payments made during the quarter. Overall client attrition was low, while new business at Wealth Management & Trust improved linked quarter to $299 million for the third quarter of 2020 compared to $251 million for the second quarter of 2020.

Noninterest Expense

 

 

 

 

 

 

 

 

% Change

($ in millions)

 

3Q20

 

2Q20

 

3Q19

 

LQ

 

Y/Y

Salaries and employee benefits

 

$34.7

 

$33.9

 

$31.7

 

2

%

 

9

%

Occupancy and equipment

 

8.2

 

7.6

 

8.3

 

8

%

 

(1)

%

Information systems

 

7.1

 

7.1

 

5.2

 

%

 

37

%

Professional services

 

4.0

 

3.4

 

4.4

 

17

%

 

(9)

%

Marketing and business development

 

0.9

 

2.3

 

1.4

 

(60)

%

 

(33)

%

Amortization of intangibles

 

0.7

 

0.7

 

0.7

 

2

%

 

6

%

FDIC insurance

 

1.0

 

0.8

 

0.1

 

nm

 

nm

Other

 

4.4

 

5.6

 

3.9

 

(22)

%

 

14

%

Total noninterest expense

 

$60.9

 

$61.5

 

$55.5

 

(1)

%

 

10

%

 

 

 

 

 

 

 

 

 

 

 

Memo: Excluding Off-Balance Sheet Provision

 

 

 

 

 

 

 

 

 

 

Reserve for unfunded loan commitments

 

$1.8

 

$2.8

 

 

(38)

%

 

nm

Total noninterest expense (non-GAAP)

 

$59.2

 

$58.6

 

$55.5

 

1

%

 

7

%

Total noninterest expense for the third quarter of 2020 was $60.9 million, which includes $1.8 million of reserve for unfunded loan commitments recognized in Other expense.

Excluding the reserve for unfunded loan commitments, total noninterest expense (non-GAAP) for the third quarter of 2020 was $59.2 million, an increase of 1% linked quarter and an increase of 7% year-over-year. The linked quarter increase was driven primarily by higher compensation expense, while the year-over-year increase was driven primarily by higher compensation expense and higher Information systems expense from technology initiatives placed in service.

Income Tax Expense

The Company's effective tax rate for the third quarter of 2020 was 7.4% as a result of lower pre-tax income during 2020.

Loans - QTD Averages & Yields

 

 

 

 

 

 

 

 

% Change

($ in millions)

 

3Q20

 

2Q20

 

3Q19

 

LQ

 

Y/Y

Commercial and industrial

 

$1,033

 

$1,037

 

$1,102

 

%

 

(6)

%

Paycheck Protection Program ("PPP")

 

373

 

284

 

 

32

%

 

nm

Commercial real estate

 

2,653

 

2,659

 

2,518

 

%

 

5

%

Construction and land

 

218

 

233

 

196

 

(6)

%

 

11

%

Residential

 

2,810

 

2,863

 

3,016

 

(2)

%

 

(7)

%

Home equity

 

84

 

88

 

89

 

(5)

%

 

(5)

%

Other consumer

 

112

 

124

 

128

 

(10)

%

 

(13)

%

Total loans

 

$7,283

 

$7,289

 

$7,049

 

%

 

3

%

Total loans, excluding PPP (non-GAAP)

 

$6,910

 

$7,005

 

$7,049

 

(1)

%

 

(2)

%

 

 

 

 

 

 

 

 

 

 

 

Total loan yields

 

3.23%

 

3.42%

 

3.98%

 

 

 

 

 

Average total loans, excluding PPP (non-GAAP) in the third quarter of 2020 decreased 1% linked quarter and year-over-year.

  • Within Commercial and industrial loans, lower revolving line of credit usage was partially offset by Commercial tax-exempt loan growth of 3%
  • Nearly all of the PPP loans remain outstanding
  • The linked quarter decline in Residential loans was driven by the sale of $72 million of Residential loans

Deposits - QTD Averages & Costs

 

 

 

 

 

 

 

 

% Change

($ in millions)

 

3Q20

 

2Q20

 

3Q19

 

LQ

 

Y/Y

Non-interest bearing deposits

 

2,321

 

2,214

 

1,953

 

5

%

 

19

%

Interest bearing deposits

 

5,378

 

5,036

 

4,705

 

7

%

 

14

%

Total deposits

 

$7,700

 

$7,250

 

$6,658

 

6

%

 

16

%

 

 

 

 

 

 

 

 

 

 

 

Cost of total deposits

 

0.33%

 

0.41%

 

0.92%

 

 

 

 

Cost of total interest-bearing deposits

 

0.48%

 

0.59%

 

1.31%

 

 

 

 

Average total deposits in the third quarter of 2020 increased 6% linked quarter and 16% year-over-year to $7.7 billion. The linked quarter increase was driven by a combination of existing and new client balances, client asset flows from the Wealth Management & Trust segment into deposit products, and an increase in wealth sweep deposits.

Provision and Asset Quality

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

3Q20

 

2Q20

 

1Q20

 

4Q19

 

3Q19

Provision and Allowance

 

 

 

 

 

 

 

 

 

 

Provision/(credit) for loan losses

 

$(4.6)

 

$22.6

 

$17.0

 

$(3.7)

 

$0.2

Reserve for unfunded loan commitments

 

1.8

 

2.8

 

1.8

 

 

Total Provision for credit losses

 

$(2.8)

 

$25.4

 

$18.8

 

$(3.7)

 

$0.2

Allowance for loan losses as a % of Total loans

 

1.17%

 

1.22%

 

0.97%

 

1.03%

 

1.07%

 

 

 

 

 

 

 

 

 

 

 

Asset Quality

 

 

 

 

 

 

 

 

 

 

Total net loans (charged-off)/ recovered

 

(0.2)

 

(1.5)

 

(0.3)

 

0.3

 

0.1

Total nonaccrual loans

 

41.3

 

25.6

 

24.3

 

16.1

 

17.6

Nonaccrual loans as a % of Total loans

 

0.57%

 

0.35%

 

0.35%

 

0.23%

 

0.25%

 

 

 

 

 

 

 

 

 

 

 

Special mention loans (criticized loans)

 

$199.5

 

$191.9

 

$92.6

 

$52.0

 

$58.1

Classified loans

 

123.1

 

114.2

 

112.3

 

74.0

 

80.8

Total criticized and classified loans

 

$322.6

 

$306.1

 

$204.9

 

$126.1

 

$139.0

The Company recorded a provision credit of $2.8 million during the third quarter of 2020. The provision release was primarily driven by an improved economic forecast related to the current expected credit losses methodology and resulted in lower reserves on residential mortgages and construction and land loans. The allowance for loan losses as a percentage of total loans, excluding PPP loans (non-GAAP), was 1.23% in the third quarter of 2020, compared to 1.28% in the second quarter of 2020.

Total nonaccrual loans as of September 30, 2020 was $41.3 million, an increase of $15.7 million, or 61%, linked quarter primarily driven by the downgrade of a commercial & industrial relationship in Northern California.

Total criticized and classified loans as of September 30, 2020 was $322.6 million, an increase of $16.5 million, or 5%, linked quarter primarily driven by the downgrade of $71 million of loans, partially offset by $54 million of payoffs, paydowns and upgrades. Of the $71 million in downgrades in the third quarter of 2020, $62 million were Commercial real estate loans across 16 relationships, primarily with hospitality and retail clients.

As of September 30, 2020:

  • Residential loans on deferral totaled approximately $100 million, or 3.6% of total residential loans, compared to a peak of approximately $220 million in the second quarter of 2020
  • Commercial & industrial loans on deferral totaled approximately $50 million, or 4.7% of total Commercial & industrial loans, compared to a peak of approximately $125 million in the second quarter of 2020
  • The majority of Commercial real estate clients that qualified for and accepted the debt service reserve program remain in the program, representing a total loan balance of approximately $78 million

Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

3Q20

 

2Q20

 

1Q20

 

4Q19

 

3Q19

Tangible common equity/ Tangible assets (non-GAAP)

 

8.3%

 

8.3%

 

8.8%

 

8.6%

 

8.6%

Tangible book value per share (non-GAAP)

 

$9.48

 

$9.25

 

$9.31

 

$9.02

 

$8.90

 

 

 

 

 

 

 

 

 

 

 

Regulatory Capital Ratios: 3

 

 

 

 

 

 

 

 

 

 

Tier 1 common equity

 

11.3%

 

11.1%

 

11.2%

 

11.4%

 

11.2%

Tier 1 risk-based capital

 

12.8%

 

12.6%

 

12.7%

 

13.0%

 

12.8%

Total risk-based capital

 

14.1%

 

13.9%

 

13.8%

 

14.1%

 

13.9%

Tier 1 leverage capital

 

9.2%

 

9.2%

 

9.7%

 

9.8%

 

9.7%

3 Current quarter information is presented based on estimated data.

The Company's tangible book value per share increased to $9.48 in the third quarter of 2020, a 7% increase year-over-year. Risk-weighted regulatory capital ratios increased slightly linked quarter.

Dividend Payments

Concurrent with the release of third quarter 2020 earnings, the Board of Directors of the Company declared a cash dividend payable to common shareholders of $0.06 per share. The record date for this dividend is November 6, 2020, and the payment date is November 20, 2020.

Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures to provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial sector.

These non-GAAP financial measures include: return on average common equity; return on average tangible common equity; pre-tax, pre-provision income; tangible common equity / tangible assets; the efficiency ratio excluding amortization of intangibles; net income/(loss) attributable to the Company excluding notable items; net income/(loss) attributable to the common shareholders, treasury stock method, excluding notable items; diluted earnings/(loss) per share excluding notable items; and average total loans, excluding PPP.

A detailed reconciliation table of the Company’s GAAP to non-GAAP measures is included in the tables of this release and beginning on page 16 of the attached financial statements.

Conference Call

Management will hold a conference call at 8:00 a.m. Eastern Time on Thursday, October 22, 2020, to discuss the financial results, business highlights and outlook. To access the call:

Dial In #: (888) 317-6003
Elite Entry Number: 0457772

Replay Information:

Available from October 22, 2020 at 12 noon Eastern Time until October 29, 2020
Dial In #: (877) 344-7529
Conference Number: 10149141

The call will be simultaneously webcast and may be accessed on www.bostonprivate.com.

About Boston Private

Boston Private is a leading provider of integrated wealth management, trust and banking services to individuals, families, businesses and nonprofits.

For more than 30 years, Boston Private has delivered comprehensive advice coupled with deep technical expertise to help clients simplify their lives and achieve their goals. The firm offers the capabilities of a large institution with the superior service of a boutique firm to clients across the United States.

Boston Private is the corporate brand of Boston Private Financial Holdings, Inc. (NASDAQ: BPFH).

For more information, visit www.bostonprivate.com.

Forward-Looking Statements

Certain statements in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties. These statements include, among others, statements regarding our strategy; evaluations of interest rate trends and future liquidity; expectations as to changes in assets, deposits and results of operations; the impact of the COVID-19 pandemic; future operations; market position and financial position; and prospects, plans and objectives of management. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond the Company’s control. Forward-looking statements are based on the current assumptions and beliefs of management and are only expectations of future results. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among other factors, the negative impacts and disruptions of the COVID-19 pandemic and measures taken to contain its spread on our employees, customers, business operations, credit quality, financial position, liquidity and results of operations; the length and extent of the economic contraction as a result of the COVID-19 pandemic; continued deterioration in employment levels, general business and economic conditions on a national basis and in the local markets in which the Company operates; changes in customer behavior; the possibility that future credits losses are higher than currently expected due to changes in economic assumptions, customer behavior or adverse economic developments; turbulence in the capital and debt markets; changes in interest rates; increases in loan defaults and charge-off rates; decreases in the value of securities and other assets; changes in loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; competitive pressures from other financial institutions; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters and future pandemics; changes in regulation; reputational risk relating to the Company’s participation in the Paycheck Protection Program and other pandemic-related legislative and regulatory initiatives and programs; risks that goodwill and intangibles recorded in the Company’s financial statements will become impaired; the risk that the Company’s deferred tax asset may not be realized; risks related to the identification and implementation of acquisitions, dispositions and restructurings; changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Company’s Annual Report on Form 10-K and updated by the Company’s Quarterly Reports on Form 10-Q and other filings submitted to the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

Consolidated Balance Sheets

Unaudited ($ in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

3Q20

 

2Q20

 

1Q20

 

4Q19

 

3Q19

ASSETS:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

546,263

 

$

179,027

 

$

61,714

 

$

292,479

 

$

78,010

Investment securities available-for-sale

1,011,327

 

1,002,970

 

993,166

 

978,284

 

935,538

Investment securities held-to-maturity

38,600

 

42,495

 

45,395

 

48,212

 

51,379

Equity securities at fair value

32,818

 

24,492

 

23,080

 

18,810

 

21,780

Stock in Federal Home Loan Bank and Federal Reserve Bank

36,618

 

42,407

 

45,273

 

39,078

 

47,756

Loans held for sale

15,074

 

9,786

 

7,671

 

7,386

 

6,658

Loans

7,222,569

 

7,332,954

 

7,043,338

 

6,976,704

 

7,067,151

Less: Allowance for loan losses

84,551

 

89,324

 

68,211

 

71,982

 

75,359

Loans, net of allowance for loan losses

7,138,018

 

7,243,630

 

6,975,127

 

6,904,722

 

6,991,792

Premises and equipment, net

42,907

 

43,805

 

43,544

 

44,527

 

42,658

Goodwill

57,607

 

57,607

 

57,607

 

57,607

 

57,607

Intangible assets, net

8,898

 

8,935

 

9,637

 

10,352

 

10,622

Accrued interest receivable

25,935

 

24,918

 

24,054

 

24,175

 

24,851

Deferred income taxes, net

8,250

 

9,116

 

5,630

 

11,383

 

15,704

Right-of-use assets

94,879

 

94,143

 

98,896

 

102,075

 

107,045

Other assets

374,111

 

375,575

 

355,532

 

291,411

 

299,544

TOTAL ASSETS

$

9,431,305

 

$

9,158,906

 

$

8,746,326

 

$

8,830,501

 

$

8,690,944

 

 

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

 

Deposits

$

7,827,719

 

$

7,427,397

 

$

6,835,572

 

$

7,241,476

 

$

6,658,242

Securities sold under agreements to repurchase

42,544

 

46,623

 

45,319

 

53,398

 

48,860

Federal funds purchased

 

 

145,000

 

 

230,000

Federal Home Loan Bank borrowings

296,236

 

426,313

 

491,254

 

350,829

 

570,904

Junior subordinated debentures

106,363

 

106,363

 

106,363

 

106,363

 

106,363

Lease liabilities

108,932

 

108,234

 

113,574

 

117,214

 

122,799

Other liabilities

203,342

 

218,771

 

180,452

 

140,820

 

143,607

TOTAL LIABILITIES

8,585,136

 

8,333,701

 

7,917,534

 

8,010,100

 

7,880,775

 

 

 

 

 

 

 

 

 

 

REDEEMABLE NONCONTROLLING INTERESTS (“RNCI”)

 

 

 

1,383

 

1,481

SHAREHOLDERS' EQUITY:

 

 

 

 

 

 

 

 

 

Common stock, $1.00 par value; authorized: 170,000,000 shares

82,255

 

82,058

 

81,800

 

83,266

 

83,242

Additional paid-in capital

597,113

 

594,463

 

593,167

 

600,708

 

599,877

Retained earnings

136,394

 

118,647

 

131,761

 

127,469

 

116,210

Accumulated other comprehensive income

30,407

 

30,037

 

22,064

 

7,575

 

9,359

TOTAL SHAREHOLDERS' EQUITY

846,169

 

825,205

 

828,792

 

819,018

 

808,688

TOTAL LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY

$

9,431,305

 

$

9,158,906

 

$

8,746,326

 

$

8,830,501

 

$

8,690,944

 

 

 

 

 

 

 

 

 

 

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

Consolidated Income Statements

Unaudited ($ in thousands, except share and per share data)

 

 

3Q20

 

2Q20

 

1Q20

 

4Q19

 

3Q19

REVENUE:

 

Interest income

$

65,453

 

 

$

68,819

 

 

$

73,082

 

 

$

75,291

 

 

$

77,604

 

Interest expense

7,629

 

 

9,881

 

 

15,825

 

 

19,166

 

 

21,451

 

Net interest income

57,824

 

 

58,938

 

 

57,257

 

 

56,125

 

 

56,153

 

Provision/(credit) for loan losses 4

(4,569

)

 

22,604

 

 

16,962

 

 

(3,668

)

 

167

 

Net interest income after provision/(credit) for loan losses

62,393

 

 

36,334

 

 

40,295

 

 

59,793

 

 

55,986

 

 

 

 

 

 

 

 

 

 

 

Wealth management and trust fees 5

18,240

 

 

17,261

 

 

18,371

 

 

18,720

 

 

19,067

 

Investment management fees

1,393

 

 

1,770

 

 

1,925

 

 

2,554

 

 

2,496

 

Private banking fee income

1,320

 

 

2,395

 

 

2,490

 

 

2,924

 

 

2,658

 

Gain on sale of loans, net

1,006

 

 

204

 

 

100

 

 

557

 

 

934

 

Total core fees and income

21,959

 

 

21,630

 

 

22,886

 

 

24,755

 

 

25,155

 

Total other income

1,086

 

 

1,032

 

 

(1,365

)

 

2,038

 

 

(29

)

TOTAL REVENUE 6

80,869

 

 

81,600

 

 

78,778

 

 

82,918

 

 

81,279

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

34,671

 

 

33,937

 

 

35,096

 

 

34,186

 

 

31,684

 

Occupancy and equipment

8,150

 

 

7,560

 

 

7,646

 

 

7,578

 

 

8,260

 

Information systems

7,096

 

 

7,113

 

 

6,725

 

 

6,476

 

 

5,169

 

Professional services

4,025

 

 

3,446

 

 

3,601

 

 

3,920

 

 

4,435

 

Marketing and business development

935

 

 

2,313

 

 

1,890

 

 

2,017

 

 

1,403

 

Amortization of intangibles

714

 

 

702

 

 

715

 

 

676

 

 

671

 

FDIC insurance

960

 

 

767

 

 

 

 

(19

)

 

59

 

Other 4

4,386

 

 

5,615

 

 

5,235

 

 

3,623

 

 

3,856

 

TOTAL NONINTEREST EXPENSE

60,937

 

 

61,453

 

 

60,908

 

 

58,457

 

 

55,537

 

 

 

 

 

 

 

 

 

 

 

INCOME/(LOSS) BEFORE INCOME TAXES

24,501

 

 

(2,457

)

 

908

 

 

28,129

 

 

25,575

 

Income tax expense

1,821

 

 

841

 

 

102

 

 

6,788

 

 

5,517

 

Net income/(loss) before attribution to noncontrolling interests

22,680

 

 

(3,298

)

 

806

 

 

21,341

 

 

20,058

 

Less: Net income attributable to noncontrolling interests

 

 

 

 

6

 

 

97

 

 

96

 

NET INCOME/(LOSS) ATTRIBUTABLE TO THE COMPANY

$

22,680

 

 

$

(3,298

)

 

$

800

 

 

$

21,244

 

 

$

19,962

 

 

 

 

 

 

 

 

 

 

 

Adjustments, treasury stock method 7

 

 

 

 

414

 

 

98

 

 

304

 

NET INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS

$

22,680

 

 

$

(3,298

)

 

$

1,214

 

 

$

21,342

 

 

$

20,266

 

 

 

 

 

 

 

 

 

 

 

COMMON SHARE DATA:

 

 

 

 

 

 

 

 

 

Weighted average basic shares outstanding

82,221,705

 

 

81,929,752

 

 

83,005,064

 

 

83,238,982

 

 

83,631,403

 

Weighted average diluted shares outstanding 8

82,362,338

 

 

81,929,752

 

 

83,318,041

 

 

83,637,786

 

 

83,956,708

 

Diluted earnings/(loss) per share

$

0.28

 

 

$

(0.04

)

 

$

0.01

 

 

$

0.26

 

 

$

0.24

 

 

 

 

 

 

 

 

 

 

 

4 Total Provision for credit losses includes the Provision/(credit) for loan losses and the Reserve for unfunded loan commitments within Other expense.

 

5 Wealth management and trust fees consists of revenue from Boston Private Wealth LLC ("BPW"), KLS Professional Advisors Group, LLC ("KLS") through the effective date of its merger with BPW, and the trust operations of Boston Private Bank & Trust Company.

 

6 Total revenue is the sum of Net interest income, Total core fees and income, and Total other income.

 

7 Adjustments to Net income/(loss) attributable to the Company to arrive at Net income/(loss) attributable to common shareholders, treasury stock method, as presented in these tables, include decrease/(increase) in Noncontrolling interests redemption value.

 

8 For a description of the Company's policies regarding Diluted earnings per share, please refer to Part II. Item 8. “Financial Statements and Supplementary Data - Note 16: Earnings Per Share” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

Consolidated Income Statements

Unaudited ($ in thousands, except share and per share data)

 

 

 

 

 

 

Nine months ended September 30,

 

 

2020

 

2019

REVENUE:

 

 

Interest income

 

$

207,354

 

 

$

233,156

 

Interest expense

 

33,335

 

 

61,205

 

Net interest income

 

174,019

 

 

171,951

 

Provision/(credit) for loan losses 4

 

34,997

 

 

104

 

Net interest income after provision/(credit) for loan losses

 

139,022

 

 

171,847

 

 

 

 

 

 

Wealth management and trust fees 5

 

53,872

 

 

57,037

 

Investment management fees

 

5,088

 

 

7,601

 

Private banking fee income

 

6,205

 

 

8,024

 

Gain on sale of loans, net

 

1,310

 

 

1,065

 

Total core fees and income

 

66,475

 

 

73,727

 

Total other income

 

753

 

 

1,027

 

TOTAL REVENUE 6

 

241,247

 

 

246,705

 

 

 

 

 

 

NONINTEREST EXPENSE:

 

 

 

 

Salaries and employee benefits

 

103,704

 

 

100,116

 

Occupancy and equipment

 

23,356

 

 

24,460

 

Information systems

 

20,934

 

 

16,166

 

Professional services

 

11,072

 

 

11,308

 

Marketing and business development

 

5,138

 

 

4,422

 

Amortization of intangibles

 

2,131

 

 

2,015

 

FDIC insurance

 

1,727

 

 

1,304

 

Restructuring

 

 

 

1,646

 

Other 4

 

15,236

 

 

10,312

 

TOTAL NONINTEREST EXPENSE

 

183,298

 

 

171,749

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

 

22,952

 

 

74,852

 

Income tax expense

 

2,764

 

 

15,803

 

Net income before attribution to noncontrolling interests

 

20,188

 

 

59,049

 

Less: Net income attributable to noncontrolling interests

 

6

 

 

265

 

NET INCOME ATTRIBUTABLE TO THE COMPANY

 

$

20,182

 

 

$

58,784

 

 

 

 

 

 

Adjustments, treasury stock method 7

 

414

 

 

1,045

 

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS

 

$

20,596

 

 

$

59,829

 

 

 

 

 

 

COMMON SHARE DATA

 

 

 

 

Weighted average basic shares outstanding

 

82,382,050

 

 

83,495,361

 

Weighted average diluted shares outstanding 8

 

82,746,866

 

 

84,003,281

 

Diluted earnings per share

 

$

0.25

 

 

$

0.71

 

 

 

 

 

 

4 Total Provision for credit losses includes the Provision/(credit) for loan losses and the Reserve for unfunded loan commitments within Other expense.

 

5 Wealth management and trust fees consists of revenue from Boston Private Wealth LLC ("BPW"), KLS Professional Advisors Group, LLC ("KLS") through the effective date of its merger with BPW, and the trust operations of Boston Private Bank & Trust Company.

 

6 Total revenue is the sum of Net interest income, Total core fees and income, and Total other income.

 

7 Adjustments to Net income attributable to the Company to arrive at Net income attributable to common shareholders, treasury stock method, as presented in these tables, include decrease/(increase) in Noncontrolling interests redemption value.

 

8 For a description of the Company's policies regarding Diluted earnings per share, please refer to Part II. Item 8. “Financial Statements and Supplementary Data - Note 16: Earnings Per Share” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

 

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

Consolidated Financial Highlights

Unaudited ($ in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

3Q20

 

2Q20

 

1Q20

 

4Q19

 

3Q19

KEY STATISTICS:

 

 

 

 

 

 

 

 

 

Return on average assets (non-GAAP) 9

 

0.96

%

 

 

(0.15

)%

 

 

0.04

%

 

 

0.96

%

 

 

0.91

%

ROACE (non-GAAP) 9

 

10.68

%

 

 

(1.58

)%

 

 

0.39

%

 

 

10.29

%

 

 

9.80

%

ROATCE (non-GAAP) 9

 

11.88

%

 

 

(1.43

)%

 

 

0.72

%

 

 

11.51

%

 

 

10.99

%

Efficiency ratio (non-GAAP) 9

 

74.5

%

 

 

74.4

%

 

 

76.4

%

 

 

69.7

%

 

 

67.5

%

Noninterest income to total revenue

 

28.5

%

 

 

27.8

%

 

 

27.3

%

 

 

32.3

%

 

 

30.9

%

 

 

 

 

 

 

 

 

 

 

Net interest margin

 

2.61

%

 

 

2.75

%

 

 

2.76

%

 

 

2.70

%

 

 

2.72

%

Average loan to average deposit ratio

 

94.6

%

 

 

100.5

%

 

 

99.0

%

 

 

101.6

%

 

 

105.9

%

Cost of total deposits

 

0.33

%

 

 

0.41

%

 

 

0.72

%

 

 

0.86

%

 

 

0.92

%

Cost of interest-bearing deposits

 

0.48

%

 

 

0.59

%

 

 

1.02

%

 

 

1.20

%

 

 

1.31

%

Cost of total funding

 

0.37

%

 

 

0.50

%

 

 

0.83

%

 

 

0.99

%

 

 

1.12

%

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses / Total loans

 

1.17

%

 

 

1.22

%

 

 

0.97

%

 

 

1.03

%

 

 

1.07

%

Nonperforming loans / Total loans

 

0.57

%

 

 

0.35

%

 

 

0.35

%

 

 

0.23

%

 

 

0.25

%

Net (charge-offs)/recoveries / Total loans 9

 

(0.01

)%

 

 

(0.08

)%

 

 

(0.02

)%

 

 

0.02

%

 

 

0.01

%

 

 

 

 

 

 

 

 

 

 

CAPITAL HIGHLIGHTS:

 

 

 

 

 

 

 

 

 

Tier 1 common equity 3

$

752,492

 

 

$

731,316

 

 

$

742,044

 

 

$

745,926

 

 

$

732,980

 

Tier 1 capital 3

$

852,514

 

 

$

831,338

 

 

$

842,066

 

 

$

846,337

 

 

$

833,431

 

Total capital 3

$

935,824

 

 

$

913,936

 

 

$

914,572

 

 

$

919,573

 

 

$

910,076

 

 

 

 

 

 

 

 

 

 

 

Risk-weighted assets ("RWA") 3

$

6,654,690

 

 

$

6,593,957

 

 

$

6,627,339

 

 

$

6,530,804

 

 

$

6,533,884

 

Average assets for leverage 3

$

9,237,940

 

 

$

9,009,565

 

 

$

8,691,254

 

 

$

8,659,944

 

 

$

8,588,358

 

 

 

 

 

 

 

 

 

 

 

Tier 1 common equity ratio 3

 

11.31

%

 

 

11.09

%

 

 

11.20

%

 

 

11.42

%

 

 

11.22

%

Tier 1 risk-based capital ratio 3

 

12.81

%

 

 

12.61

%

 

 

12.71

%

 

 

12.96

%

 

 

12.76

%

Total risk-based capital ratio 3

 

14.06

%

 

 

13.86

%

 

 

13.80

%

 

 

14.08

%

 

 

13.93

%

Tier 1 leverage capital ratio 3

 

9.23

%

 

 

9.23

%

 

 

9.69

%

 

 

9.77

%

 

 

9.70

%

 

 

 

 

 

 

 

 

 

 

Total equity / Total assets

 

8.97

%

 

 

9.01

%

 

 

9.48

%

 

 

9.27

%

 

 

9.30

%

Tangible common equity / Tangible assets (non-GAAP)

 

8.33

%

 

 

8.34

%

 

 

8.77

%

 

 

8.57

%

 

 

8.59

%

 

 

 

 

 

 

 

 

 

 

End of period market price per share

$

5.52

 

 

$

6.88

 

 

$

7.15

 

 

$

12.03

 

 

$

11.66

 

End of period shares outstanding

 

82,254,594

 

 

 

82,058,483

 

 

 

81,800,486

 

 

 

83,265,674

 

 

 

83,241,952

 

Book value per common share

$

10.29

 

 

$

10.06

 

 

$

10.13

 

 

$

9.84

 

 

$

9.71

 

Tangible book value per share (non-GAAP)

$

9.48

 

 

$

9.25

 

 

$

9.31

 

 

$

9.02

 

 

$

8.90

 

 

 

 

 

 

 

 

 

 

 

Common Equity Repurchase Program:

 

 

 

 

 

 

 

 

 

Total shares of common stock repurchased

 

 

 

 

 

 

 

1,565,060

 

 

 

 

 

 

678,165

 

Average price paid per share of common stock

$

 

 

$

 

 

$

8.18

 

 

$

 

 

$

10.61

 

Aggregate repurchases of common stock ($ in millions)

$

 

 

$

 

 

$

12.8

 

 

$

 

 

$

7.2

 

 

 

 

 

 

 

 

 

 

 

3 Current quarter information is presented based on estimated data.

9 Annualized.

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

Consolidated AUM and Balance Sheet - End of Period Balances

Unaudited ($ in thousands)

 

 

 

 

 

 

 

 

 

 

3Q20

 

2Q20

 

1Q20

 

4Q19

 

3Q19

ASSETS UNDER MANAGEMENT AND ADVISORY ("AUM"):

 

 

 

 

 

 

 

 

 

 

Wealth Management and Trust

$

15,581,000

 

 

$

14,889,000

 

 

$

13,497,000

 

 

$

15,224,000

 

 

$

14,695,000

 

Other 2

672,000

 

 

1,067,000

 

 

1,016,000

 

 

1,544,000

 

 

1,533,000

 

TOTAL AUM

$

16,253,000

 

 

$

15,956,000

 

 

$

14,513,000

 

 

$

16,768,000

 

 

$

16,228,000

 

 

 

 

 

 

 

 

 

 

 

AUM Rollforward:

 

 

 

 

 

 

 

 

 

Beginning balance

$

15,956,000

 

 

$

14,513,000

 

 

$

16,768,000

 

 

$

16,228,000

 

 

$

16,199,000

 

Net flows

(407,000

)

 

(40,000

)

 

150,000

 

 

(209,000

)

 

(137,000

)

Market returns

704,000

 

 

1,483,000

 

 

(2,405,000

)

 

749,000

 

 

166,000

 

Ending balance

$

16,253,000

 

 

$

15,956,000

 

 

$

14,513,000

 

 

$

16,768,000

 

 

$

16,228,000

 

 

 

 

 

 

 

 

 

 

 

AUM Net Flows:

 

 

 

 

 

 

 

 

 

Wealth Management and Trust

$

(12,000

)

 

$

60,000

 

 

$

176,000

 

 

$

(114,000

)

 

$

(100,000

)

Other 2

(395,000

)

 

(100,000

)

 

(26,000

)

 

(95,000

)

 

(37,000

)

TOTAL NET FLOWS

$

(407,000

)

 

$

(40,000

)

 

$

150,000

 

 

$

(209,000

)

 

$

(137,000

)

 

 

 

 

 

 

 

 

 

 

DEPOSITS:

 

 

 

 

 

 

 

 

 

Demand deposits (non-interest bearing)

$

2,346,126

 

 

$

2,293,864

 

 

$

2,020,440

 

 

$

1,971,013

 

 

$

1,947,363

 

Savings and NOW

756,797

 

 

758,656

 

 

653,006

 

 

646,199

 

 

666,107

 

Money market

4,187,657

 

 

3,753,228

 

 

3,468,701

 

 

3,969,330

 

 

3,366,623

 

Certificates of deposit

537,139

 

 

621,649

 

 

693,425

 

 

654,934

 

 

678,149

 

TOTAL DEPOSITS

$

7,827,719

 

 

$

7,427,397

 

 

$

6,835,572

 

 

$

7,241,476

 

 

$

6,658,242

 

 

 

 

 

 

 

 

 

 

 

LOANS:

 

 

 

 

 

 

 

 

 

Commercial and industrial

$

583,145

 

 

$

565,748

 

 

$

670,744

 

 

$

694,034

 

 

$

695,029

 

Paycheck Protection Program

371,496

 

 

370,034

 

 

 

 

 

 

 

Commercial tax-exempt

472,342

 

 

419,264

 

 

445,319

 

 

447,927

 

 

448,488

 

Commercial real estate

2,659,890

 

 

2,676,708

 

 

2,626,299

 

 

2,551,274

 

 

2,533,346

 

Construction and land

211,697

 

 

240,211

 

 

238,293

 

 

225,983

 

 

209,741

 

Residential

2,729,164

 

 

2,859,627

 

 

2,841,926

 

 

2,839,155

 

 

2,964,042

 

Home equity

81,797

 

 

84,588

 

 

89,350

 

 

83,657

 

 

84,432

 

Consumer

113,038

 

 

116,774

 

 

131,407

 

 

134,674

 

 

132,073

 

TOTAL LOANS

$

7,222,569

 

 

$

7,332,954

 

 

$

7,043,338

 

 

$

6,976,704

 

 

$

7,067,151

 

 

 

 

 

 

 

 

 

 

 

2 Includes results from Dalton, Greiner, Hartman, Maher & Co, LLC ("DGHM")

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

Provision and Asset Quality

Unaudited ($ in thousands)

 

 

 

 

 

 

 

 

 

 

3Q20

 

2Q20

 

1Q20

 

4Q19

 

3Q19

PROVISION:

 

 

 

 

 

 

 

 

 

Provision/(credit) for loan losses

$

(4,569

)

 

$

22,604

 

 

$

16,962

 

 

$

(3,668

)

 

$

167

 

Reserve for unfunded loan commitments 4

1,750

 

 

2,829

 

 

1,827

 

 

(23

)

 

(23

)

Total Provision/(credit) for credit losses

$

(2,819

)

 

$

25,433

 

 

$

18,789

 

 

$

(3,691

)

 

$

144

 

 

 

 

 

 

 

 

 

 

 

CHARGE-OFFS:

 

 

 

 

 

 

 

 

 

Loan charge-offs

$

(245

)

 

$

(1,546

)

 

$

(528

)

 

$

(285

)

 

$

(185

)

Loan recoveries

41

 

 

55

 

 

180

 

 

576

 

 

310

 

NET (CHARGE-OFFS)/RECOVERIES

$

(204

)

 

$

(1,491

)

 

$

(348

)

 

$

291

 

 

$

125

 

Net charge-offs to average loans (annualized)

(0.01

)%

 

(0.08

)%

 

(0.02

)%

 

0.02

%

 

0.01

%

 

 

 

 

 

 

 

 

 

 

Net (Charge-offs)/Recoveries by Loan Type:

 

 

 

 

 

 

 

 

 

Commercial and industrial

$

(136

)

 

$

(337

)

 

$

(473

)

 

$

118

 

 

$

95

 

Commercial real estate

 

 

 

 

 

 

183

 

 

27

 

Home equity

 

 

(1,157

)

 

132

 

 

4

 

 

6

 

Consumer

(68

)

 

3

 

 

(7

)

 

(14

)

 

(3

)

NET (CHARGE-OFFS)/RECOVERIES

$

(204

)

 

$

(1,491

)

 

$

(348

)

 

$

291

 

 

$

125

 

 

 

 

 

 

 

 

 

 

 

LOAN QUALITY DATA:

 

 

 

 

 

 

 

 

 

Special mention loans

$

199,509

 

 

$

191,882

 

 

$

92,623

 

 

$

52,026

 

 

$

58,133

 

 

 

 

 

 

 

 

 

 

 

Accruing classified loans 10

81,827

 

 

88,586

 

 

87,948

 

 

57,922

 

 

63,278

 

Nonaccrual loans

41,263

 

 

25,604

 

 

24,314

 

 

16,103

 

 

17,565

 

Total classified

123,090

 

 

114,190

 

 

112,262

 

 

74,025

 

 

80,843

 

Criticized and classified loans

$

322,599

 

 

$

306,072

 

 

$

204,885

 

 

$

126,051

 

 

$

138,976

 

 

 

 

 

 

 

 

 

 

 

Loans 30-89 days past due and accruing 11

$

5,635

 

 

$

5,535

 

 

$

14,852

 

 

$

25,945

 

 

$

4,179

 

 

 

 

 

 

 

 

 

 

 

4 Total Provision for credit losses includes the Provision/(credit) for loan losses and the Reserve for unfunded loan commitments within Other expense.

 

10 Accruing classified loans include loans that are classified as substandard but are still accruing interest income. Boston Private Bank & Trust Company may classify a loan as substandard where known information about possible credit problems of the related borrowers causes management to have doubts as to the ability of such borrowers to comply with the present repayment terms and which may result in disclosure of such loans as nonaccrual at some time in the future.

 

11 At June 30, 2020, the Company had one loan totaling less than $0.1 million that was more than 90 days past due but still on accrual status. This loan originated in the New England region. The Company had no other loans outstanding more than 90 days past due but still on accrual status in comparative periods.

 

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

Average Balances, Yields, and Rates

Unaudited ($ in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Average Balance

 

Interest Income/Expense

 

Average Yield/Rate

 

3Q20

2Q20

3Q19

 

3Q20

2Q20

3Q19

 

3Q20

2Q20

3Q19

INTEREST-EARNING ASSETS

 

 

 

 

 

 

 

 

 

 

 

Cash and investments:

 

 

 

 

 

 

 

 

 

 

 

Taxable investment securities

$

201,515

 

$

198,337

 

$

198,655

 

 

$

853

 

$

859

 

$

938

 

 

1.69

%

1.73

%

1.95

%

Non-taxable investment securities

313,130

 

316,513

 

305,108

 

 

1,974

 

2,005

 

1,924

 

 

2.52

%

2.53

%

2.52

%

Mortgage-backed securities

515,813

 

505,669

 

492,514

 

 

2,354

 

2,566

 

2,622

 

 

1.83

%

2.03

%

2.13

%

Short-term investments and other

432,117

 

186,895

 

101,958

 

 

654

 

582

 

1,084

 

 

0.59

%

1.23

%

4.06

%

Total cash and investments

1,462,575

 

1,207,414

 

1,098,235

 

 

5,835

 

6,012

 

6,568

 

 

1.59

%

1.99

%

2.39

%

Loans: 12

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

1,032,816

 

1,037,285

 

1,101,672

 

 

8,314

 

9,708

 

11,523

 

 

3.15

%

3.70

%

4.09

%

Paycheck Protection Program

373,047

 

283,619

 

 

 

2,390

 

1,573

 

 

 

2.51

%

2.19

%

%

Commercial real estate

2,652,770

 

2,659,074

 

2,518,048

 

 

23,546

 

24,602

 

29,118

 

 

3.47

%

3.66

%

4.52

%

Construction and land

218,211

 

233,305

 

195,843

 

 

2,109

 

2,251

 

2,410

 

 

3.78

%

3.82

%

4.82

%

Residential

2,809,871

 

2,862,708

 

3,016,265

 

 

22,089

 

23,079

 

25,567

 

 

3.14

%

3.22

%

3.39

%

Home equity

84,226

 

88,307

 

89,068

 

 

623

 

650

 

1,121

 

 

2.94

%

2.96

%

4.99

%

Other consumer

111,657

 

124,346

 

127,987

 

 

547

 

944

 

1,297

 

 

1.95

%

3.05

%

4.02

%

Total loans

7,282,598

 

7,288,644

 

7,048,883

 

 

59,618

 

62,807

 

71,036

 

 

3.23

%

3.42

%

3.98

%

Total earning assets

8,745,173

 

8,496,058

 

8,147,118

 

 

65,453

 

68,819

 

77,604

 

 

2.96

%

3.22

%

3.76

%

 

 

 

 

 

 

 

 

 

 

 

 

LESS: Allowance for loan losses

89,370

 

68,473

 

75,199

 

 

 

 

 

 

 

 

 

Cash and due from banks

34,761

 

39,959

 

49,065

 

 

 

 

 

 

 

 

 

Other assets

655,999

 

641,657

 

544,368

 

 

 

 

 

 

 

 

 

TOTAL AVERAGE ASSETS

$

9,346,563

 

$

9,109,201

 

$

8,665,352

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST-BEARING LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits: 13

 

 

 

 

 

 

 

 

 

 

 

Savings and NOW

$

722,742

 

$

680,758

 

$

615,730

 

 

$

197

 

$

187

 

$

275

 

 

0.11

%

0.11

%

0.18

%

Money market

4,070,026

 

3,684,147

 

3,378,006

 

 

4,790

 

4,848

 

11,523

 

 

0.47

%

0.53

%

1.35

%

Certificates of deposit

585,729

 

671,470

 

711,299

 

 

1,447

 

2,300

 

3,689

 

 

0.98

%

1.38

%

2.06

%

Total interest-bearing deposits 13

5,378,497

 

5,036,375

 

4,705,035

 

 

6,434

 

7,335

 

15,487

 

 

0.48

%

0.59

%

1.31

%

Junior subordinated debentures

106,363

 

106,363

 

106,363

 

 

508

 

764

 

1,022

 

 

1.87

%

2.84

%

3.76

%

FHLB borrowings and other

388,412

 

610,856

 

833,535

 

 

687

 

1,782

 

4,942

 

 

0.69

%

1.15

%

2.32

%

Total interest-bearing liabilities 13

5,873,272

 

5,753,594

 

5,644,933

 

 

7,629

 

9,881

 

21,451

 

 

0.52

%

0.69

%

1.50

%

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest bearing demand deposits 13

2,321,223

 

2,213,829

 

1,953,214

 

 

 

 

 

 

 

 

 

Payables and other liabilities

309,462

 

306,896

 

258,371

 

 

 

 

 

 

 

 

 

Total average liabilities

8,503,957

 

8,274,319

 

7,856,518

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

944

 

 

 

 

 

 

 

 

 

Average shareholders’ equity

842,606

 

834,882

 

807,890

 

 

 

 

 

 

 

 

 

TOTAL AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS’ EQUITY

$

9,346,563

 

$

9,109,201

 

$

8,665,352

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

57,824

 

$

58,938

 

$

56,153

 

 

 

 

 

Interest rate spread

 

 

 

 

 

 

 

 

2.44

%

2.53

%

2.26

%

Net interest margin

 

 

 

 

 

 

 

 

2.61

%

2.75

%

2.72

%

 

 

 

 

 

 

 

 

 

 

 

 

Average total deposits 13

$

7,699,720

 

$

7,250,204

 

$

6,658,249

 

 

 

 

 

 

0.33

%

0.41

%

0.92

%

Average total deposits and borrowings 13

$

8,194,495

 

$

7,967,423

 

$

7,598,147

 

 

 

 

 

 

0.37

%

0.50

%

1.12

%

 

 

 

 

 

 

 

 

 

 

 

 

12 Average loans includes Loans held for sale and Nonaccrual loans

 

13 Average total deposits is the sum of Average total interest-bearing deposits and Average non-interest bearing demand deposits. Average total deposits and borrowings is the sum of Average total interest-bearing liabilities and Average non-interest bearing demand deposits.

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

Average Balances, Yields, and Rates

Unaudited ($ in thousands)

 

 

 

 

 

 

 

 

 

Average Balance

 

Interest Income/Expense

 

Average Yield/Rate

 

Nine Months Ended

 

Nine Months Ended

 

Nine Months Ended

INTEREST-EARNING ASSETS

9/30/20

9/30/19

 

9/30/20

9/30/19

 

9/30/20

9/30/19

Cash and investments:

 

 

 

 

 

 

 

 

Taxable investment securities

$

200,346

 

$

223,072

 

 

$

2,580

 

$

3,244

 

 

1.72

%

1.94

%

Non-taxable investment securities

315,101

 

305,422

 

 

5,977

 

5,726

 

 

2.53

%

2.50

%

Mortgage-backed securities

514,043

 

507,338

 

 

7,707

 

8,225

 

 

2.00

%

2.16

%

Short-term investments and other

256,143

 

104,225

 

 

2,307

 

3,049

 

 

1.19

%

3.78

%

Total cash and investments

1,285,633

 

1,140,057

 

 

18,571

 

20,244

 

 

1.92

%

2.36

%

Loans: 12

 

 

 

 

 

 

 

 

Commercial and industrial

1,074,159

 

1,088,027

 

 

28,746

 

33,673

 

 

3.51

%

4.08

%

Paycheck Protection Program

218,175

 

 

 

3,963

 

 

 

2.41

%

%

Commercial real estate

2,631,461

 

2,474,804

 

 

75,630

 

87,222

 

 

3.78

%

4.65

%

Construction and land

228,243

 

203,211

 

 

6,932

 

7,610

 

 

3.99

%

4.94

%

Residential

2,841,023

 

2,999,480

 

 

68,636

 

76,847

 

 

3.22

%

3.42

%

Home equity

86,186

 

90,361

 

 

2,225

 

3,388

 

 

3.44

%

5.01

%

Other consumer

122,706

 

128,879

 

 

2,651

 

4,172

 

 

2.88

%

4.33

%

Total loans

7,201,953

 

6,984,762

 

 

188,783

 

212,912

 

 

3.46

%

4.04

%

Total earning assets

8,487,586

 

8,124,819

 

 

207,354

 

233,156

 

 

3.23

%

3.80

%

 

 

 

 

 

 

 

 

 

LESS: Allowance for loan losses

69,929

 

74,863

 

 

 

 

 

 

 

Cash and due from banks

41,461

 

46,906

 

 

 

 

 

 

 

Other assets

620,313

 

516,642

 

 

 

 

 

 

 

TOTAL AVERAGE ASSETS

$

9,079,431

 

$

8,613,504

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST-BEARING LIABILITIES

 

 

 

 

 

 

 

 

Interest-bearing deposits: 13

 

 

 

 

 

 

 

 

Savings and NOW

$

680,962

 

$

658,154

 

 

$

616

 

$

847

 

 

0.12

%

0.17

%

Money market

3,835,219

 

3,317,117

 

 

19,295

 

32,072

 

 

0.67

%

1.29

%

Certificates of deposit

641,800

 

746,453

 

 

6,654

 

11,141

 

 

1.38

%

2.00

%

Total interest-bearing deposits 13

5,157,981

 

4,721,724

 

 

26,565

 

44,060

 

 

0.69

%

1.25

%

Junior subordinated debentures

106,363

 

106,363

 

 

2,189

 

3,223

 

 

2.74

%

4.05

%

FHLB borrowings and other

484,674

 

801,519

 

 

4,581

 

13,922

 

 

1.24

%

2.29

%

Total interest-bearing liabilities 13

5,749,018

 

5,629,606

 

 

33,335

 

61,205

 

 

0.77

%

1.45

%

 

 

 

 

 

 

 

 

 

Non-interest bearing demand deposits 13

2,194,237

 

1,949,948

 

 

 

 

 

 

 

Payables and other liabilities

295,327

 

243,370

 

 

 

 

 

 

 

Total average liabilities

8,238,582

 

7,822,924

 

 

 

 

 

 

 

Redeemable noncontrolling interests

400

 

1,642

 

 

 

 

 

 

 

Average shareholders’ equity

840,449

 

788,938

 

 

 

 

 

 

 

TOTAL AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS’ EQUITY

$

9,079,431

 

$

8,613,504

 

 

 

 

 

 

 

Net interest income

 

 

 

$

174,019

 

$

171,951

 

 

 

 

Interest rate spread

 

 

 

 

 

 

2.46

%

2.35

%

Net interest margin

 

 

 

 

 

 

2.71

%

2.80

%

 

 

 

 

 

 

 

 

 

Average total deposits 13

$

7,352,218

 

$

6,671,672

 

 

 

 

 

0.48

%

0.88

%

Average total deposits and borrowings 13

$

7,943,255

 

$

7,579,554

 

 

 

 

 

0.56

%

1.08

%

12 Average loans includes Loans held for sale and Nonaccrual loans

 

13 Average total deposits is the sum of Average total interest-bearing deposits and Average non-interest bearing demand deposits. Average total deposits and borrowings is the sum of Average total interest-bearing liabilities and Average non-interest bearing demand deposits.

 

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

Regional Loan Data

Unaudited ($ in thousands)

 

 

 

 

 

 

 

 

 

3Q20

 

2Q20

 

1Q20

 

4Q19

 

3Q19

New England

$

3,669,746

 

 

$

3,781,603

 

 

$

3,724,959

 

 

$

3,776,747

 

 

$

3,868,690

 

Northern California

1,763,556

 

 

1,741,255

 

 

1,618,668

 

 

1,532,786

 

 

1,559,569

 

Southern California

1,789,267

 

 

1,810,096

 

 

1,699,711

 

 

1,667,171

 

 

1,638,892

 

Total loans

$

7,222,569

 

 

$

7,332,954

 

 

$

7,043,338

 

 

$

6,976,704

 

 

$

7,067,151

 

 

 

 

 

 

 

 

 

 

 

Loans (charged-off)/recovered, net:

 

 

 

 

 

 

 

 

 

New England

$

(111

)

 

$

7

 

 

$

15

 

 

$

414

 

 

$

275

 

Northern California

 

 

3

 

 

122

 

 

(10

)

 

6

 

Southern California

(93

)

 

(1,501

)

 

(485

)

 

(113

)

 

(156

)

Total net loans (charged-off)/recovered

$

(204

)

 

$

(1,491

)

 

$

(348

)

 

$

291

 

 

$

125

 

 

 

 

 

 

 

 

 

 

 

Special mention loans:

 

 

 

 

 

 

 

 

 

New England

$

103,060

 

 

$

83,026

 

 

$

61,741

 

 

$

21,691

 

 

$

19,828

 

Northern California

63,192

 

 

75,609

 

 

5,947

 

 

5,227

 

 

4,821

 

Southern California

33,257

 

 

33,247

 

 

24,935

 

 

25,108

 

 

33,484

 

Total special mention loans

$

199,509

 

 

$

191,882

 

 

$

92,623

 

 

$

52,026

 

 

$

58,133

 

 

 

 

 

 

 

 

 

 

 

Accruing classified loans:

 

 

 

 

 

 

 

 

 

New England

$

74,682

 

 

$

53,124

 

 

$

50,483

 

 

$

20,428

 

 

$

21,830

 

Northern California

4,589

 

 

21,712

 

 

24,843

 

 

24,946

 

 

23,938

 

Southern California

2,556

 

 

13,750

 

 

12,622

 

 

12,548

 

 

17,510

 

Total accruing classified loans

$

81,827

 

 

$

88,586

 

 

$

87,948

 

 

$

57,922

 

 

$

63,278

 

 

 

 

 

 

 

 

 

 

 

Nonaccruing loans:

 

 

 

 

 

 

 

 

 

New England

$

11,807

 

 

$

11,630

 

 

$

11,965

 

 

$

9,764

 

 

$

8,999

 

Northern California

25,133

 

 

9,459

 

 

6,575

 

 

319

 

 

2,395

 

Southern California

4,323

 

 

4,515

 

 

5,774

 

 

6,020

 

 

6,171

 

Total nonaccruing loans

$

41,263

 

 

$

25,604

 

 

$

24,314

 

 

$

16,103

 

 

$

17,565

 

 

 

 

 

 

 

 

 

 

 

14 The concentration of the Private Banking loan data and credit quality is primarily based on the location of the lenders' regional offices.

 

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

Reconciliations of Non-GAAP Financial Measures

Unaudited ($ in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

3Q20

 

2Q20

 

1Q20

 

4Q19

 

3Q19

ROACE AND ROATCE:

 

 

 

 

 

 

 

 

 

Net income/(loss) attributable to the Company (GAAP) (A)

$

22,680

 

 

$

(3,298

)

 

$

800

 

 

$

21,244

 

 

$

19,962

 

ADD: Amortization of intangibles, net of tax

 

564

 

 

 

555

 

 

 

565

 

 

 

534

 

 

 

530

 

Tangible common net income/(loss) (non-GAAP) (B)

$

23,244

 

 

$

(2,743

)

 

$

1,365

 

 

$

21,778

 

 

$

20,492

 

 

 

 

 

 

 

 

 

 

 

Total average shareholders’ equity (C)

$

842,606

 

 

$

834,882

 

 

$

838,935

 

 

$

818,816

 

 

$

807,890

 

LESS: Average goodwill and intangibles, net

 

(66,246

)

 

 

(66,877

)

 

 

(67,586

)

 

 

(68,031

)

 

 

(68,359

)

Average tangible common equity (non-GAAP) (D)

$

776,360

 

 

$

768,005

 

 

$

771,349

 

 

$

750,785

 

 

$

739,531

 

 

 

 

 

 

 

 

 

 

 

ROACE (annualized) (A/C)

 

10.68

%

 

 

(1.58

)%

 

 

0.39

%

 

 

10.29

%

 

 

9.80

%

ROATCE (annualized) (B/D)

 

11.88

%

 

 

(1.43

)%

 

 

0.72

%

 

 

11.51

%

 

 

10.99

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PRE-TAX, PRE-PROVISION INCOME:

 

 

 

 

 

 

 

 

 

Income/(loss) before income taxes (GAAP)

$

24,501

 

 

$

(2,457

)

 

$

908

 

 

$

28,129

 

 

$

25,575

 

ADD BACK: Provision/(credit) for loan losses

 

(4,569

)

 

 

22,604

 

 

 

16,962

 

 

 

(3,668

)

 

 

167

 

Pre-tax, pre-provision income (non-GAAP)

$

19,932

 

 

$

20,147

 

 

$

17,870

 

 

$

24,461

 

 

$

25,742

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TANGIBLE COMMON EQUITY:

 

 

 

 

 

 

 

 

 

Total shareholders’ equity (GAAP)

$

846,169

 

 

$

825,205

 

 

$

828,792

 

 

$

819,018

 

 

$

808,688

 

LESS: Goodwill and intangibles, net

 

(66,505

)

 

 

(66,542

)

 

 

(67,244

)

 

 

(67,959

)

 

 

(68,229

)

Tangible common equity (non-GAAP) (A)

$

779,664

 

 

$

758,663

 

 

$

761,548

 

 

$

751,059

 

 

$

740,459

 

 

 

 

 

 

 

 

 

 

 

Total assets (GAAP)

$

9,431,305

 

 

$

9,158,906

 

 

$

8,746,326

 

 

$

8,830,501

 

 

$

8,690,944

 

LESS: Goodwill and intangibles, net

 

(66,505

)

 

 

(66,542

)

 

 

(67,244

)

 

 

(67,959

)

 

 

(68,229

)

Tangible assets (non-GAAP) (B)

$

9,364,800

 

 

$

9,092,364

 

 

$

8,679,082

 

 

$

8,762,542

 

 

$

8,622,715

 

 

 

 

 

 

 

 

 

 

 

End of period shares outstanding (C)

 

82,254,594

 

 

 

82,058,483

 

 

 

81,800,486

 

 

 

83,265,674

 

 

 

83,241,952

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity/ Tangible assets (non-GAAP) (A/B)

 

8.33

%

 

 

8.34

%

 

 

8.77

%

 

 

8.57

%

 

 

8.59

%

Tangible book value per share (non-GAAP) (A/C)

$

9.48

 

 

$

9.25

 

 

$

9.31

 

 

$

9.02

 

 

$

8.90

 

 

 

 

 

 

 

 

 

 

 

AVERAGE LOANS:

 

 

 

 

 

 

 

 

 

Total loans

$

7,282,598

 

 

$

7,288,644

 

 

$

7,033,733

 

 

$

7,072,710

 

 

$

7,048,883

 

LESS: PPP

 

373,047

 

 

 

283,619

 

 

 

 

 

 

 

 

 

 

Total loans, excluding PPP (non-GAAP)

$

6,909,551

 

 

$

7,005,025

 

 

$

7,033,733

 

 

$

7,072,710

 

 

$

7,048,883

 

 

 

 

 

 

 

 

 

 

 

Total loan yields, excluding PPP (non-GAAP)

 

3.27

%

 

 

3.47

%

 

 

3.75

%

 

 

3.83

%

 

 

3.98

%

 

 

 

 

 

 

 

 

 

 

 

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

Reconciliations of Non-GAAP Financial Measures

Unaudited ($ in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

3Q20

 

2Q20

 

1Q20

 

4Q19

 

3Q19

RETURN ON AVERAGE ASSETS:

 

 

 

 

 

 

 

 

 

Net income/(loss) (GAAP) (A)

$

22,680

 

 

$

(3,298

)

 

$

800

 

 

$

21,244

 

 

$

19,962

 

Average assets (non-GAAP) (B)

 

9,346,563

 

 

 

9,109,201

 

 

 

8,779,391

 

 

 

8,738,750

 

 

 

8,665,352

 

Return on average assets (annualized) (non-GAAP) (A/B)

 

0.96

%

 

 

(0.15

)%

 

 

0.04

%

 

 

0.96

%

 

 

0.91

%

 

 

 

 

 

 

 

 

 

 

EFFICIENCY RATIO:

 

 

 

 

 

 

 

 

 

Total noninterest expense (GAAP) (A)

$

60,937

 

 

$

61,453

 

 

$

60,908

 

 

$

58,457

 

 

$

55,537

 

LESS: Amortization of intangibles

 

714

 

 

 

702

 

 

 

715

 

 

 

676

 

 

 

671

 

Total noninterest expense (non-GAAP) (B)

$

60,223

 

 

$

60,751

 

 

$

60,193

 

 

$

57,781

 

 

$

54,866

 

 

 

 

 

 

 

 

 

 

 

Net interest income (GAAP)

$

57,824

 

 

$

58,938

 

 

$

57,257

 

 

$

56,125

 

 

$

56,153

 

Total core fees and income (GAAP)

 

21,959

 

 

 

21,630

 

 

 

22,886

 

 

 

24,755

 

 

 

25,155

 

Total other income (GAAP)

 

1,086

 

 

 

1,032

 

 

 

(1,365

)

 

 

2,038

 

 

 

(29

)

Total revenue (GAAP) (C)

$

80,869

 

 

$

81,600

 

 

$

78,778

 

 

$

82,918

 

 

$

81,279

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio (GAAP) (A/C)

 

75.4

%

 

 

75.3

%

 

 

77.3

%

 

 

70.5

%

 

 

68.3

%

Efficiency ratio, excluding amortization of intangibles (non-GAAP) (B/C)

 

74.5

%

 

 

74.4

%

 

 

76.4

%

 

 

69.7

%

 

 

67.5

%

 

 

 

 

 

 

 

 

 

 

NET INCOME/(LOSS) ATTRIBUTABLE TO THE COMPANY:

 

 

 

 

 

 

 

 

 

Net income/(loss) attributable to the Company (GAAP)

$

22,680

 

 

$

(3,298

)

 

$

800

 

 

$

21,244

 

 

$

19,962

 

LESS: Gain on fair value of contingent considerations receivable 15

 

891

 

 

 

 

 

 

 

 

 

1,109

 

 

 

 

Tax effect at statutory rate

 

258

 

 

 

 

 

 

 

 

 

322

 

 

 

 

Net income/(loss) attributable to the Company (non-GAAP)

$

22,047

 

 

$

(3,298

)

 

$

800

 

 

$

20,457

 

 

$

19,962

 

 

 

 

 

 

 

 

 

 

 

NET INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS:

 

 

 

 

 

 

 

 

 

Net income/(loss) attributable to common shareholders (GAAP)

$

22,680

 

 

$

(3,298

)

 

$

1,214

 

 

$

21,342

 

 

$

20,266

 

LESS: Gain on fair value of contingent considerations receivable 15

 

891

 

 

 

 

 

 

 

 

 

1,109

 

 

 

 

Tax effect at statutory rate

 

258

 

 

 

 

 

 

 

 

 

322

 

 

 

 

Net income/(loss) attributable to the common shareholders, treasury stock method, excluding notable items (non-GAAP)

$

22,047

 

 

$

(3,298

)

 

$

1,214

 

 

$

20,555

 

 

$

20,266

 

 

 

 

 

 

 

 

 

 

 

Weighted average diluted shares outstanding

 

82,362,338

 

 

 

81,929,752

 

 

 

83,318,041

 

 

 

83,637,786

 

 

 

83,956,708

 

Diluted earnings/(loss) per share (GAAP)

$

0.28

 

 

$

(0.04

)

 

$

0.01

 

 

$

0.26

 

 

$

0.24

 

Diluted earnings/(loss) per share, excluding notable items (non-GAAP)

$

0.27

 

 

$

(0.04

)

 

$

0.01

 

 

$

0.25

 

 

$

0.24

 

 

 

 

 

 

 

 

 

 

 

Average common equity (non-GAAP)

$

842,606

 

 

$

834,882

 

 

$

838,935

 

 

$

818,816

 

 

$

807,890

 

Average tangible common equity (non-GAAP)

$

776,360

 

 

$

768,005

 

 

$

771,349

 

 

$

750,785

 

 

$

739,531

 

ROACE, excluding notable items (non-GAAP)

 

10.38

%

 

 

(1.58

)%

 

 

0.39

%

 

 

9.91

%

 

 

9.80

%

ROATCE, excluding notable items (non-GAAP)

 

11.55

%

 

 

(1.43

)%

 

 

0.72

%

 

 

11.09

%

 

 

10.99

%

 

 

 

 

 

 

 

 

 

 

Pre-tax, pre-provision income (non-GAAP)

$

19,932

 

 

$

20,147

 

 

$

17,870

 

 

$

24,461

 

 

$

25,742

 

LESS: Gain on fair value of contingent considerations receivable 15

 

891

 

 

 

 

 

 

 

 

 

1,109

 

 

 

 

Pre-tax, pre-provision income, excluding notable items (non-GAAP)

$

19,041

 

 

$

20,147

 

 

$

17,870

 

 

$

23,352

 

 

$

25,742

 

 

 

 

 

 

 

 

 

 

 

15 In the third quarter of 2020 and fourth quarter of 2019, there was a gain of $0.9 million and $1.1 million, respectively, related to the revaluation of a receivable from the divestiture of former affiliate, Bingham, Osborn & Scarborough, LLC ("BOS").

 

Adam Bromley
(617) 912-4386
abromley@bostonprivate.com

Source: Boston Private Financial Holdings, Inc.