Boston Private Financial Holdings Reports Second
Quarter 2010 Results
July 28, 2010 04:30 PM Eastern Daylight Time
BOSTON--(EON: Enhanced Online News)--Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the
“Company”) today reported second quarter 2010 GAAP net income attributable to the Company of $1.1 million,
compared to $5.1 million in the first quarter of 2010. After accounting for non-cash equity adjustments and preferred
dividends, the Company reported a second quarter 2010 GAAP loss per share of ($0.07) compared to earnings per
share of $0.02 in the first quarter of 2010.
During the quarter, the Company redeemed the remaining $104 million of its TARP Capital Purchase Program
funds, resulting in a one-time non-cash equity adjustment of $5.0 million, or $0.07 per share. Going forward the
redemption will result in annualized savings of $5.2 million, or $0.08 per share, due to the elimination of the
associated preferred dividends.
Chairman and Chief Executive Officer Timothy L. Vaill said, “During this quarter, we saw continued improvement in
our core business, with increases in loans, higher net interest income, and higher fee income from our wealth advisory
and investment management segments, as well as positive AUM net flows.
“Credit quality at our banks in Southern California and the Pacific Northwest continued to improve, and we saw
another quarter of quality results from our Boston bank. However, as a result of recent adverse developments
relating to several large loan relationships in our Northern California commercial real estate portfolio, we took
proactive steps to add to our provision for loan losses. Net income decreased this quarter primarily due to the higher
provision for loan losses.”
Key Financials (Note: All comparisons relate only to continuing operations except where noted).
l Revenue for the second quarter was $70.7 million, a decrease of $1.1 million, or 2%, from $71.7 million on a
linked quarter basis. Revenues were up 7% from $66.2 million compar