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8-K - BPBTC 06-2011 SOFC - BOSTON PRIVATE FINANCIAL HOLDINGS INC | a2011q2ytdbpbtcsofc8-k.htm |
Exhibit 99.1
BOSTON PRIVATE BANK AND TRUST COMPANY
2011 First Half Financial Highlights:
• | Net Income was $15.4 million, up 27% compared to the same period last year. |
• | Total balance sheet assets grew 3% to $5.8 billion. |
• | Assets under management ended the second quarter at $3.7 billion, up 10%. |
• | Savings and Money Market deposits grew significantly with balances up 16%, and the residential loan portfolio grew 10%. |
Statement of Financial Condition
Boston Private Bank & Trust Company
CONDENSED BALANCE SHEETS
(Unaudited)
June 30, | |||||||
($ In Thousands) | 2011 | 2010 | |||||
Assets | |||||||
Cash & Short-Term Investments | $ | 458,917 | $ | 224,106 | |||
Investment Securities | 790,481 | 731,207 | |||||
Loans Held for Sale | 4,625 | 28,449 | |||||
Commercial & Construction Loans | 2,319,002 | 2,587,384 | |||||
Mortgage Loans | 1,767,671 | 1,601,714 | |||||
Home Equity & Other Loans | 321,243 | 295,146 | |||||
Total Loans | 4,407,916 | 4,484,244 | |||||
Less: Allowance for Loan Losses | 98,742 | 79,073 | |||||
Net Loans | 4,309,174 | 4,405,171 | |||||
Other Assets | 262,384 | 257,083 | |||||
Total Assets | $ | 5,825,581 | $ | 5,646,016 | |||
Liabilities & Shareholder’s Equity | |||||||
Demand Deposits | $ | 1,038,718 | $ | 910,867 | |||
NOW Accounts | 357,752 | 345,719 | |||||
Savings & Money Market | 2,238,570 | 1,933,874 | |||||
Certificates of Deposit | 1,020,510 | 1,302,039 | |||||
Total Deposits | 4,655,550 | 4,492,499 | |||||
Borrowings | 646,143 | 645,895 | |||||
Other Liabilities | 41,991 | 34,675 | |||||
Total Liabilities | 5,343,684 | 5,173,069 | |||||
Shareholder’s Equity | 481,897 | 472,947 | |||||
Total Liabilities & Shareholder’s Equity | $ | 5,825,581 | $ | 5,646,016 |
Boston Private Bank & Trust Company
CONDENSED STATEMENTS OF INCOME
(Unaudited)
For the Six Months Ended June 30, | |||||||
($ In Thousands) | 2011 | 2010 | |||||
Interest Income | $ | 116,142 | $ | 125,981 | |||
Interest Expense | 22,792 | 32,095 | |||||
Net Interest Income | 93,350 | 93,886 | |||||
Provision for Loan Losses | 11,160 | 22,577 | |||||
Net Interest Income after Provision | 82,190 | 71,309 | |||||
Investment Management Fees | 11,991 | 11,653 | |||||
Banking Fees and Other Income | 6,502 | 4,386 | |||||
Operating Expenses | 78,992 | 71,380 | |||||
Income Before Income Taxes | 21,691 | 15,968 | |||||
Income Taxes | 6,292 | 3,884 | |||||
Net Income | $ | 15,399 | $ | 12,084 |
Boston Private Bank & Trust Company
SELECTED FINANCIAL DATA
(Unaudited)
At and for the Six Months Ended June 30, | |||||||
($ In Thousands) | 2011 | 2010 | |||||
Assets Under Management | $ | 3,739,000 | $ | 3,405,000 | |||
Return on Average Equity | 6.51 | % | 5.08 | % | |||
Net Interest Margin (FTE) | 3.37 | % | 3.40 | % | |||
Allowance for Loan Losses/Total Loans | 2.24 | % | 1.76 | % | |||
Tier I Leverage Capital Ratio | 7.92 | % | 7.90 | % |
On May 27, 2011, Charter Private Bank, Borel Private Bank, and First Private Bank merged into Boston Private Bank & Trust Company. All financial statements and data above are presented on a consolidated basis for all periods presented. Certain transactions that took place in 2010 between the then-separate banks have been eliminated as if they had been operating as one consolidated bank.
Boston Private Bank & Trust Company
www.bostonprivatebank.com
Member FDIC
Equal Housing Lender