Second Quarter 2019 Highlights include:
- GAAP Net income was $19.4 million, or $0.22 per diluted share
- Return on average common equity was 9.8%
- Return on average tangible common equity was 11.1%
- Average total loans were $7.0 billion, a 5% increase year-over-year
- Average total deposits were $6.6 billion, a 4% increase year-over-year
- Total assets under management/advisory (“AUM”) were $16.2 billion, a decrease of 4% year-over-year
- Total net flows were negative $269 million, of which $127 million were attributable to the Wealth Management & Trust segment and $142 million were attributable to Affiliate Partners
BOSTON–(BUSINESS WIRE)–Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported second quarter 2019 GAAP Net income attributable to the Company of $19.4 million, compared to $19.4 million for the first quarter of 2019 and $6.4 million for the second quarter of 2018. Second quarter 2019 GAAP Diluted earnings per share were $0.22, compared to $0.25 in the first quarter of 2019 and $0.03 in the second quarter of 2018.
|
Summary Financial Results – Reported |
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% Change |
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($ in millions, except for per share data) |
|
2Q19 |
|
1Q19 |
|
2Q18 |
|
LQ |
|
Y/Y |
||
|
Net income |
|
$19.4 |
|
$19.4 |
|
$6.4 |
|
— |
% |
|
nm |
|
|
Diluted earnings per share |
|
$0.22 |
|
$0.25 |
|
$0.03 |
|
(12 |
)% |
|
nm |
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Non-GAAP Financial Measures: |
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Pre-tax, pre-provision income |
|
$26.2 |
|
$23.0 |
|
$25.3 |
|
14 |
% |
|
4 |
% |
|
Return on average common equity (“ROACE”) |
|
9.8% |
|
10.3% |
|
3.0% |
|
|
|
|
||
|
Return on average tangible common equity (“ROATCE”) |
|
11.1% |
|
11.6% |
|
3.9% |
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||
|
nm = not meaningful |
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The Company’s reported financial results increased year-over-year primarily as a result of a $12.7 million income tax expense related to the divestiture of Anchor Capital Advisors LLC in the second quarter of 2018.
In addition to presenting the Company’s results in conformity with GAAP, the Company uses certain non-GAAP financial measures to provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial sector. For additional information on non-GAAP financial measures, see page 7. A full reconciliation of GAAP to non-GAAP results can be found in the footnotes beginning on page 17.
|
Summary Financial Results – Operating Basis (non-GAAP) |
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% Change |
||||
|
($ in millions, except for per share data) |
|
2Q19 |
|
1Q191 |
|
2Q182 |
|
LQ |
|
Y/Y |
||
|
Net income |
|
$19.4 |
|
$20.7 |
|
$19.5 |
|
(7 |
)% |
|
(1 |
)% |
|
Diluted earnings per share |
|
$0.22 |
|
$0.27 |
|
$0.21 |
|
(17 |
)% |
|
4 |
% |
|
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|
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||
|
Pre-tax, pre-provision income |
|
$26.2 |
|
$24.7 |
|
$25.7 |
|
6 |
% |
|
2 |
% |
|
Return on average common equity |
|
9.8% |
|
11.0% |
|
10.1% |
|
|
|
|
||
|
Return on average tangible common equity |
|
11.1% |
|
12.4% |
|
12.2% |
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1 1Q19 results adjusted to exclude the net after-tax impact of $1.6 million restructuring expense
2 2Q18 results adjusted to exclude $12.7 million income tax expense related to the divestiture of Anchor and net after-tax impact of $0.4 million information services expense related to efficiency initiatives
“During the first half of 2019, we have been focused on beginning the process of implementing our strategic vision for growth,” said Anthony DeChellis, CEO of Boston Private. “Our second quarter results reflect improvement in pre-tax, pre-provision profitability measures as we exercise expense discipline and realize the benefits from efficiency initiatives. Looking ahead, we will continue to improve our efficiency as we transition our company to achieve the growth objectives we discussed during our Investor Day.”
Divested Affiliates
The Company completed the sale of Anchor Capital Advisors LLC (“Anchor”) and Bingham, Osborn & Scarborough LLC (“BOS”) (together, “the Divested Affiliates”) during 2018. Financial results from the Divested Affiliates remain consolidated in the Company’s financial results through the closing dates of the divestitures. The Anchor divestiture closing date was April 13, 2018, and the BOS divestiture closing date was December 3, 2018.
For presentation purposes, the Divested Affiliates’ AUM are excluded from AUM amounts, but are included in the calculation of Core fees and income. The discussion below includes non-GAAP measures that exclude the contributions from these affiliates in order to enhance comparability of trends in the core business.
|
Net Interest Income and Margin |
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% Change |
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|
($ in millions) |
|
2Q19 |
|
1Q19 |
|
2Q18 |
|
LQ |
|
Y/Y |
|||||
|
Net interest income |
|
$57.5 |
|
|
$58.3 |
|
|
$57.5 |
|
|
(2 |
)% |
|
— |
% |
|
Less: Interest recovered on previous nonaccrual loans |
|
— |
|
|
0.3 |
|
|
— |
|
|
nm |
|
nm |
||
|
Core net interest income (non-GAAP) |
|
$57.5 |
|
|
$58.1 |
|
|
$57.5 |
|
|
(1 |
)% |
|
— |
% |
|
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Net interest margin |
|
2.78 |
% |
|
2.90 |
% |
|
2.85 |
% |
|
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||
|
Core net interest margin (non-GAAP) |
|
2.78 |
% |
|
2.89 |
% |
|
2.85 |
% |
|
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|
||
Net interest income for the second quarter of 2019 was $57.5 million, a decrease of 2% linked quarter while remaining flat year-over-year. Core net interest income, which excludes interest recovered on previous nonaccrual loans, decreased 1% linked quarter and while remaining flat year-over-year. The linked quarter decrease was primarily driven by higher funding costs and higher borrowing volumes, partially offset by higher average interest-earning asset volumes.
The Company’s Core net interest margin, which excludes interest recovered on previous nonaccrual loans, decreased 11 basis points on a linked quarter basis to 2.78%, primarily driven by higher funding costs and higher borrowing volumes, while interest earning asset yields remained stable.
|
Noninterest Income |
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% Change |
||||
|
($ in millions) |
|
2Q19 |
|
1Q19 |
|
2Q18 |
|
LQ |
|
Y/Y |
||
|
Investment management fees |
|
$2.5 |
|
$2.7 |
|
$4.2 |
|
(7 |
)% |
|
(42 |
)% |
|
Wealth advisory fees |
|
8.1 |
|
8.2 |
|
13.7 |
|
— % |
|
(41 |
)% |
|
|
Wealth management and trust fees |
|
10.8 |
|
10.9 |
|
11.2 |
|
(1 |
)% |
|
(4 |
)% |
|
Private banking fees 3 |
|
2.9 |
|
2.6 |
|
2.8 |
|
14 |
% |
|
4 |
% |
|
Total core fees and income |
|
$24.3 |
|
$24.3 |
|
$31.9 |
|
— % |
|
(24 |
)% |
|
|
Total other income |
|
0.1 |
|
1.0 |
|
0.2 |
|
(91 |
)% |
|
(56 |
)% |
|
Total noninterest income |
|
$24.4 |
|
$25.2 |
|
$32.1 |
|
(3 |
)% |
|
(24 |
)% |
|
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|
Memo: Excluding Divested Affiliates |
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|
Investment management fees (non-GAAP) 4 |
|
2.5 |
|
2.7 |
|
3.1 |
|
(7 |
)% |
|
(20 |
)% |
|
Wealth advisory fees (non-GAAP) 5 |
|
8.1 |
|
8.2 |
|
8.0 |
|
— % |
|
2 |
% |
|
|
Wealth management and trust fees |
|
10.8 |
|
10.9 |
|
11.2 |
|
(1 |
)% |
|
(4 |
)% |
|
Private banking fees3 |
|
2.9 |
|
2.6 |
|
2.8 |
|
14 |
% |
|
4 |
% |
|
Total core fees and income (non-GAAP) 4 5 |
|
$24.3 |
|
$24.3 |
|
$25.0 |
|
— % |
|
(3 |
)% |
|
|
Total other income (non-GAAP) |
|
0.1 |
|
1.0 |
|
0.2 |
|
(91 |
)% |
|
(48 |
)% |
|
Total noninterest income (non-GAAP) 4 5 |
|
$24.4 |
|
$25.2 |
|
$25.2 |
|
(3 |
)% |
|
(3 |
)% |
3 Private banking fees includes Other banking fee income and Gain/ (loss) on sale of loans, net
4 Excludes Anchor revenue of $1.2 million in 2Q18
5 Excludes BOS revenue of $5.8 million in 2Q18
Total core fees and income for the second quarter of 2019 was $24.3 million, flat linked quarter and a decline of 24% year-over-year. The year-over-year decline was primarily driven by the divestitures of Anchor and BOS.
Excluding Divested Affiliates, Total core fees and income decreased 3% year-over-year, primarily driven by lower Investment management fees and Wealth management and trust fees.
|
Assets Under Management / Advisory |
|
|
|
|
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|
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|
% Change |
||||
|
($ in millions) |
|
2Q19 |
|
1Q19 |
|
2Q18 |
|
LQ |
|
Y/Y |
||
|
Wealth Management and Trust |
|
$7,595 |
|
$7,593 |
|
$7,789 |
|
— |
% |
|
(2 |
)% |
|
Affiliate Partners 6 |
|
8,604 |
|
8,529 |
|
9,072 |
|
1 |
% |
|
(5 |
)% |
|
Total assets under management / advisory 7 |
|
$16,199 |
|
$16,122 |
|
$16,861 |
|
— |
% |
|
(4 |
)% |
|
Total net flows 7 |
|
$(269) |
|
$(963) |
|
$(97) |
|
|
|
|
||
6 Segment includes Dalton, Greiner, Hartman, Maher & Co., LLC (“DGHM”) and KLS Professional Advisors Group, LLC (“KLS”)
7 Excludes Divested Affiliates
Total assets under management / advisory were $16.2 billion at the end of the second quarter of 2019, flat linked quarter and a decrease of 4% year-over-year. The linked quarter comparison was impacted by positive market action offset by negative net flows, while the year-over-year decrease was primarily driven by negative net flows in excess of positive market action.
Net flows during the second quarter of 2019 in the Wealth Management and Trust segment were negative $127 million, while net flows in the Affiliate Partners segment were negative $142 million.
|
Operating Expense |
|
|
|
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|
% Change |
||
|
($ in millions) |
|
2Q19 |
|
1Q19 |
|
2Q18 |
|
LQ |
|
Y/Y |
|
Salaries and employee benefits |
|
$32.7 |
|
$35.7 |
|
$39.4 |
|
(8)% |
|
(17)% |
|
Occupancy and equipment |
|
7.9 |
|
8.3 |
|
8.2 |
|
(6)% |
|
(5)% |
|
Professional services |
|
3.3 |
|
3.6 |
|
2.9 |
|
(7)% |
|
15% |
|
Marketing and business development |
|
1.9 |
|
1.1 |
|
2.1 |
|
78% |
|
(7)% |
|
Information systems |
|
5.1 |
|
5.9 |
|
6.8 |
|
(12)% |
|
(24)% |
|
Amortization of intangibles |
|
0.7 |
|
0.7 |
|
0.7 |
|
—% |
|
(10)% |
|
FDIC insurance |
|
0.6 |
|
0.7 |
|
0.7 |
|
(11)% |
|
(17)% |
|
Restructuring |
|
— |
|
1.6 |
|
— |
|
nm |
|
nm |
|
Other |
|
3.5 |
|
3.0 |
|
3.6 |
|
15% |
|
(3)% |
|
Total operating expense |
|
$55.7 |
|
$60.6 |
|
$64.4 |
|
(8)% |
|
(14)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Excluding Notable Items8 and Divested Affiliates |
|
|
|
|
|
|
|
|
|
|
|
Information systems 9 |
|
— |
|
— |
|
0.4 |
|
nm |
|
nm |
|
Restructuring |
|
— |
|
1.6 |
|
— |
|
nm |
|
nm |
|
Divested Affiliates operating expense |
|
— |
|
— |
|
4.7 |
|
nm |
|
nm |
|
Total operating expense (non-GAAP) |
|
$55.7 |
|
$59.0 |
|
$59.2 |
|
(6)% |
|
(6)% |
8 “Notable Items” include adjustments made to GAAP results in prior periods
9 $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 8% linked quarter, primarily driven by lower salaries and employee benefits expense, restructuring expense, information systems expense, and occupancy and equipment expense, partially offset by higher marketing and business development expense. Salaries and employee benefits expense declined linked quarter primarily as a result of seasonal payroll tax expense incurred during the first quarter of 2019. Restructuring expense incurred during the first quarter of 2019 was related to executive departures. Information systems expense declined linked quarter primarily as a result of savings attributable to information technology infrastructure consolidation. The year-over-year decline in Total operating expense of 14% was primarily driven by expenses associated with Divested Affiliates that are included in the second quarter of 2018 results.
Excluding Notable Items and Divested Affiliates, Total operating expense for the second quarter of 2019 was $55.7 million, down 6% linked quarter and 6% year-over-year. The year-over-year decline was primarily attributable to efficiency initiatives primarily impacting compensation and technology.
Income Tax Expense
The Company’s effective tax rate for the second quarter of 2019 was 21.6%.
|
Loans and Deposits – QTD Averages |
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|
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||||||
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|
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|
|
|
% Change |
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|
($ in millions) |
|
2Q19 |
|
1Q19 |
2Q18 |
|
LQ |
|
Y/Y |
||||||
|
Commercial and industrial |
|
$1,092 |
|
$1,070 |
$974 |
|
2 |
% |
|
12 |
% |
||||
|
Commercial real estate |
|
2,507 |
|
2,398 |
2,478 |
|
5 |
% |
|
1 |
% |
||||
|
Construction and land |
|
203 |
|
211 |
167 |
|
(4 |
)% |
|
22 |
% |
||||
|
Residential |
|
3,009 |
|
2,973 |
2,775 |
|
1 |
% |
|
8 |
% |
||||
|
Home equity |
|
91 |
|
91 |
94 |
|
1 |
% |
|
(3 |
)% |
||||
|
Other consumer |
|
125 |
|
134 |
180 |
|
(7 |
)% |
|
(31 |
)% |
||||
|
Total loans |
|
$7,026 |
|
$6,877 |
$6,668 |
|
2 |
% |
|
5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Non-interest bearing deposits |
|
1,927 |
|
1,975 |
1,908 |
|
(2 |
)% |
|
1 |
% |
||||
|
Interest bearing deposits |
|
4,664 |
|
4,792 |
4,441 |
|
(3 |
)% |
|
5 |
% |
||||
|
Total deposits |
|
$6,590 |
|
$6,767 |
$6,349 |
|
(3 |
)% |
|
4 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Non-interest bearing deposits as a % of Total deposits |
|
29 |
% |
|
29 |
% |
30 |
% |
|
|
|
|
|||
Average total loans in the second quarter of 2019 increased 5% year-over-year, primarily driven by increases in Residential loans and Commercial and industrial loans.
Average total deposits increased 4% year-over-year, primarily driven by growth in money market accounts, certificates of deposits, and demand deposit accounts, partially offset by declines in savings and NOW accounts. Deposits declined 3% linked quarter
The cost of total deposits was 0.88%, an increase of 4 basis points linked quarter and 35 basis points year-over-year.
|
Provision and Asset Quality |
|
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|
|||||
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|
|
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|
|||||
|
($ in millions) |
|
2Q19 |
|
1Q19 |
|
4Q18 |
|
3Q18 |
|
2Q18 |
|||||
|
Provision/ (credit) for loan loss |
|
$1.4 |
|
$(1.4) |
|
$0.1 |
|
$(0.9) |
|
$0.5 |
|||||
|
Total criticized loans |
|
141.7 |
|
141.3 |
|
146.6 |
|
134.7 |
|
114.4 |
|||||
|
Total nonaccrual loans |
|
17.2 |
|
12.0 |
|
14.1 |
|
12.1 |
|
15.7 |
|||||
|
Total loans 30-89 days past due and accruing |
|
2.4 |
|
17.7 |
|
22.3 |
|
11.6 |
|
5.0 |
|||||
|
Total net loans (charged-off)/ recovered |
|
(0.1) |
|
(0.1) |
|
1.7 |
|
1.0 |
|
0.1 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Ratios: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Allowance for loan losses as a % of Total loans |
|
1.06 |
% |
|
1.07 |
% |
|
1.09 |
% |
|
1.09 |
% |
|
1.09 |
% |
|
Nonaccrual loans as a % of Total loans |
|
0.24 |
% |
|
0.17 |
% |
|
0.20 |
% |
|
0.18 |
% |
|
0.23 |
% |
The Company recorded a provision expense of $1.4 million for the second quarter of 2019, compared to a provision credit of $1.4 million for the first quarter of 2019 and an expense of $0.5 million in the second quarter of 2018. The provision expense in the second quarter of 2019 was primarily driven by loan growth.
Total criticized loans as of June 30, 2019 was $141.7 million, flat linked quarter and an increase of 24% year-over-year. Total nonaccrual loans as of June 30, 2019 was $17.2 million, or 24 basis points of total loans, compared to $12.0 million, or 17 basis points of total loans as of March 31, 2019, and $15.7 million, or 23 basis points of total loans as of June 30, 2018.
|
Capital |
|
|
|
|
|
|
|
|
|
|
|
($ in millions, except for per share data) |
|
2Q19 |
|
1Q19 |
|
4Q18 |
|
3Q18 |
|
2Q18 |
|
Tangible common equity/ Tangible assets 10 |
|
8.4% |
|
8.3% |
|
8.1% |
|
7.8% |
|
7.5% |
|
Tangible book value per share 10 |
|
$8.71 |
|
$8.47 |
|
$8.18 |
|
$7.67 |
|
$7.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory Capital Ratios: 11 |
|
|
|
|
|
|
|
|
|
|
|
Tier 1 common equity |
|
11.2% |
|
11.4% |
|
11.4% |
|
11.1% |
|
10.9% |
|
Total risk-based capital |
|
13.9% |
|
14.2% |
|
14.3% |
|
14.1% |
|
13.8% |
|
Tier 1 risk-based capital |
|
12.7% |
|
13.0% |
|
13.0% |
|
12.8% |
|
12.6% |
|
Tier 1 leverage capital |
|
9.6% |
|
9.7% |
|
9.5% |
|
9.2% |
|
9.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
— |
10 See footnote 6 for a GAAP to non-GAAP reconciliation.
11 Current quarter information is presented based on estimated data.
Tangible book value per share as of June 30, 2019 increased 3% linked quarter and 14% year-over-year to $8.71. The linked quarter increase in Tangible book value per share was primarily driven by increased retained earnings and higher Accumulated other comprehensive income related to unrealized securities gains, while the year-over-year increase was primarily driven by the divestiture of BOS, higher Accumulated other comprehensive income and increased retained earnings, partially offset by common share repurchases.
EPS Calculation
For calculation of income for EPS, second quarter 2019 Net income attributable to the common shareholders was negatively impacted by $0.8 million, or $0.01 per share, related to the changes in value of Redeemable noncontrolling interests (“RNCI”).
Dividend Payments
Concurrent with the release of second quarter 2019 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 August 9, 2019, and the payment date is August 23, 2019.
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: 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, and restructuring, if any; the efficiency ratio; the efficiency ratio excluding amortization of intangibles, 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 income, and core net interest margin, respectively; net income attributable to the Company excluding notable items; net income attributable to the common shareholders, treasury stock method, excluding notable items; diluted earnings per share excluding notable items; operating basis total revenue; operating basis total operating expenses.
A detailed reconciliation table of the Company’s GAAP to non-GAAP measures is included in the footnotes of the attached financial schedules.
Conference Call
Management will hold a conference call at 8:00 a.m. Eastern Time on Thursday, July 25, 2019, to discuss the financial results, business highlights and outlook. To access the call:
Dial In #: (888) 317-6003
Elite Entry Number: 5871776
Replay Information:
Available from July 25, 2019 at 12:00 p.m. Eastern Time until August 1, 2019
Dial In #: (877) 344-7529
Conference Number: 10132971
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 $16 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 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 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 commercial and 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.
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
||||||||||
|
|
(In thousands, except share and per share data) |
||||||||||||||||||
|
Assets: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and cash equivalents |
$ |
65,756 |
|
|
$ |
96,211 |
|
|
$ |
127,259 |
|
|
$ |
92,634 |
|
|
$ |
364,539 |
|
|
Investment securities available-for-sale |
966,731 |
|
|
981,951 |
|
|
994,065 |
|
|
1,056,261 |
|
|
1,069,025 |
|
|||||
|
Investment securities held-to-maturity |
54,482 |
|
|
67,548 |
|
|
70,438 |
|
|
75,468 |
|
|
78,955 |
|
|||||
|
Equity securities at fair value |
19,092 |
|
|
7,491 |
|
|
14,228 |
|
|
7,079 |
|
|
7,942 |
|
|||||
|
Stock in Federal Home Loan Bank and Federal Reserve Bank |
64,453 |
|
|
47,053 |
|
|
49,263 |
|
|
48,727 |
|
|
70,127 |
|
|||||
|
Loans held for sale |
3,640 |
|
|
280 |
|
|
2,812 |
|
|
3,344 |
|
|
4,622 |
|
|||||
|
Total loans |
7,080,260 |
|
|
6,926,968 |
|
|
6,893,158 |
|
|
6,720,420 |
|
|
6,767,123 |
|
|||||
|
Less: Allowance for loan losses |
75,067 |
|
|
73,814 |
|
|
75,312 |
|
|
73,500 |
|
|
73,464 |
|
|||||
|
Net loans |
7,005,193 |
|
|
6,853,154 |
|
|
6,817,846 |
|
|
6,646,920 |
|
|
6,693,659 |
|
|||||
|
Other real estate owned (“OREO”) |
— |
|
|
— |
|
|
401 |
|
|
108 |
|
|
108 |
|
|||||
|
Premises and equipment, net |
40,244 |
|
|
42,938 |
|
|
45,412 |
|
|
47,399 |
|
|
46,421 |
|
|||||
|
Goodwill (1) |
57,607 |
|
|
57,607 |
|
|
57,607 |
|
|
75,598 |
|
|
75,598 |
|
|||||
|
Intangible assets, net |
10,884 |
|
|
11,555 |
|
|
12,227 |
|
|
13,834 |
|
|
14,584 |
|
|||||
|
Fees receivable |
3,611 |
|
|
3,982 |
|
|
5,101 |
|
|
10,445 |
|
|
10,405 |
|
|||||
|
Accrued interest receivable |
26,411 |
|
|
25,935 |
|
|
24,366 |
|
|
24,641 |
|
|
23,732 |
|
|||||
|
Deferred income taxes, net |
17,183 |
|
|
22,844 |
|
|
26,638 |
|
|
27,833 |
|
|
26,316 |
|
|||||
|
Right-of-use assets |
110,880 |
|
|
104,644 |
|
|
— |
|
|
— |
|
|
— |
|
|||||
|
Other assets |
266,706 |
|
|
248,950 |
|
|
246,962 |
|
|
245,549 |
|
|
230,170 |
|
|||||
|
Total assets |
$ |
8,712,873 |
|
|
$ |
8,572,143 |
|
|
$ |
8,494,625 |
|
|
$ |
8,375,840 |
|
|
$ |
8,716,203 |
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Deposits |
$ |
6,437,963 |
|
|
$ |
6,779,845 |
|
|
$ |
6,781,170 |
|
|
$ |
6,768,723 |
|
|
$ |
6,620,179 |
|
|
Securities sold under agreements to repurchase |
62,372 |
|
|
58,329 |
|
|
36,928 |
|
|
39,453 |
|
|
58,824 |
|
|||||
|
Federal funds purchased |
135,000 |
|
|
— |
|
|
250,000 |
|
|
120,000 |
|
|
— |
|
|||||
|
Federal Home Loan Bank borrowings |
920,068 |
|
|
615,070 |
|
|
420,144 |
|
|
441,836 |
|
|
1,056,938 |
|
|||||
|
Junior subordinated debentures |
106,363 |
|
|
106,363 |
|
|
106,363 |
|
|
106,363 |
|
|
106,363 |
|
|||||
|
Lease liabilities |
126,740 |
|
|
120,162 |
|
|
— |
|
|
— |
|
|
— |
|
|||||
|
Other liabilities |
124,370 |
|
|
112,893 |
|
|
143,540 |
|
|
149,770 |
|
|
129,175 |
|
|||||
|
Total liabilities |
7,912,876 |
|
|
7,792,662 |
|
|
7,738,145 |
|
|
7,626,145 |
|
|
7,971,479 |
|
|||||
|
Redeemable noncontrolling interests (“RNCI”) |
1,786 |
|
|
662 |
|
|
2,526 |
|
|
11,686 |
|
|
10,747 |
|
|||||
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Common stock, $1.00 par value; authorized: 170,000,000 shares |
83,774 |
|
|
83,774 |
|
|
83,656 |
|
|
84,603 |
|
|
84,479 |
|
|||||
|
Additional paid-in capital |
603,869 |
|
|
604,288 |
|
|
600,196 |
|
|
614,157 |
|
|
613,918 |
|
|||||
|
Retained earnings |
106,443 |
|
|
97,155 |
|
|
87,821 |
|
|
64,618 |
|
|
56,912 |
|
|||||
|
Accumulated other comprehensive income/ (loss) |
4,125 |
|
|
(6,398 |
) |
|
(17,719 |
) |
|
(27,578 |
) |
|
(23,328 |
) |
|||||
|
Total Company’s shareholders’ equity |
798,211 |
|
|
778,819 |
|
|
753,954 |
|
|
735,800 |
|
|
731,981 |
|
|||||
|
Noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
2,209 |
|
|
1,996 |
|
|||||
|
Total shareholders’ equity |
798,211 |
|
|
778,819 |
|
|
753,954 |
|
|
738,009 |
|
|
733,977 |
|
|||||
|
Total liabilities, RNCI and shareholders’ equity |
$ |
8,712,873 |
|
|
$ |
8,572,143 |
|
|
$ |
8,494,625 |
|
|
$ |
8,375,840 |
|
|
$ |
8,716,203 |
|
Contacts
Adam Bromley
(617) 912-4386
[email protected]
