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8-K - BPBTC 06-2011 SOFC - BOSTON PRIVATE FINANCIAL HOLDINGS INCa2011q2ytdbpbtcsofc8-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