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| 8-K - BOSTON PRIVATE FINANCIAL HOLDINGS INC | a201205dtc8-k.htm |
Exhibit 99.1
Boston Private Financial Holdings, Inc.
Selected Financial Data (Unaudited)
March 31, 2012 | December 31, 2011 | September 30, 2011 | June 30, 2011 | March 31, 2011 | |||||||||||||||
(In thousands, except share and per share data) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 131,136 | $ | 203,354 | $ | 329,585 | $ | 472,035 | $ | 362,729 | |||||||||
Investment securities available for sale | 825,614 | 844,496 | 846,267 | 791,085 | 785,341 | ||||||||||||||
Loans held for sale | 3,727 | 12,069 | 13,275 | 4,625 | 2,833 | ||||||||||||||
Total loans | 4,849,048 | 4,651,228 | 4,488,719 | 4,410,440 | 4,457,899 | ||||||||||||||
Less: Allowance for loan losses | 97,902 | 96,114 | 98,759 | 98,742 | 100,282 | ||||||||||||||
Net loans | 4,751,146 | 4,555,114 | 4,389,960 | 4,311,698 | 4,357,617 | ||||||||||||||
Other real estate owned (“OREO”) | 3,886 | 5,103 | 9,161 | 14,485 | 11,497 | ||||||||||||||
Stock in Federal Home Loan Banks | 42,639 | 43,714 | 44,248 | 44,785 | 45,325 | ||||||||||||||
Premises and equipment, net | 29,432 | 29,224 | 28,707 | 27,168 | 26,256 | ||||||||||||||
Goodwill | 110,180 | 110,180 | 110,180 | 110,180 | 110,180 | ||||||||||||||
Intangible assets, net | 27,479 | 28,569 | 29,690 | 30,814 | 32,211 | ||||||||||||||
Fees receivable | 9,042 | 8,147 | 7,998 | 8,481 | 8,322 | ||||||||||||||
Accrued interest receivable | 16,968 | 16,875 | 16,504 | 16,881 | 17,154 | ||||||||||||||
Deferred income taxes, net | 66,105 | 66,782 | 75,569 | 77,182 | 81,542 | ||||||||||||||
Other assets | 120,318 | 115,069 | 112,628 | 118,091 | 132,144 | ||||||||||||||
Assets of discontinued operations | 10,890 | 10,676 | 10,549 | 10,268 | 10,170 | ||||||||||||||
Total assets | $ | 6,148,562 | $ | 6,049,372 | $ | 6,024,321 | $ | 6,037,778 | $ | 5,983,321 | |||||||||
Liabilities: | |||||||||||||||||||
Deposits | $ | 4,602,451 | $ | 4,530,411 | $ | 4,534,076 | $ | 4,551,319 | $ | 4,540,190 | |||||||||
Securities sold under agreements to repurchase | 108,551 | 130,791 | 108,294 | 122,448 | 127,278 | ||||||||||||||
Federal Home Loan Bank borrowings | 582,551 | 521,827 | 527,481 | 523,695 | 494,814 | ||||||||||||||
Junior subordinated debentures | 178,645 | 182,053 | 188,645 | 188,645 | 193,645 | ||||||||||||||
Other liabilities | 91,827 | 94,811 | 90,664 | 90,042 | 83,450 | ||||||||||||||
Liabilities of discontinued operations | 1,392 | 1,663 | 1,622 | 1,449 | 1,492 | ||||||||||||||
Total liabilities | 5,565,417 | 5,461,556 | 5,450,782 | 5,477,598 | 5,440,869 | ||||||||||||||
Redeemable Noncontrolling Interests | 21,604 | 21,691 | 21,885 | 21,210 | 20,341 | ||||||||||||||
Shareholders’ Equity: | |||||||||||||||||||
Preferred stock, $1.00 par value; authorized: 2,000,000 shares; | |||||||||||||||||||
Series B, issued and outstanding (contingently convertible): 401 shares at all dates presented; liquidation value: $100,000 per share | 58,089 | 58,089 | 58,089 | 58,089 | 58,089 | ||||||||||||||
Common stock, $1.00 par value; authorized: 170,000,000 shares; issued and outstanding: 78,151,609 shares at March 31, 2012; 78,023,317 shares at December 31, 2011; 78,004,135 shares at September 30, 2011; 77,942,074 shares at June 30, 2011; and 77,012,314 shares at March 31, 2011 | 78,152 | 78,023 | 78,004 | 77,942 | 77,012 | ||||||||||||||
Additional paid-in capital | 642,276 | 656,436 | 655,165 | 654,297 | 655,338 | ||||||||||||||
Accumulated deficit | (220,512 | ) | (230,017 | ) | (243,079 | ) | (254,758 | ) | (269,303 | ) | |||||||||
Accumulated other comprehensive income | 3,536 | 3,594 | 3,475 | 3,400 | 975 | ||||||||||||||
Total shareholders’ equity | 561,541 | 566,125 | 551,654 | 538,970 | 522,111 | ||||||||||||||
Total liabilities, redeemable noncontrolling interests and shareholders’ equity | $ | 6,148,562 | $ | 6,049,372 | $ | 6,024,321 | $ | 6,037,778 | $ | 5,983,321 | |||||||||
Boston Private Financial Holdings, Inc.
Selected Financial Data (Unaudited)
Three Months Ended | |||||||||||||||||||
(In thousands, except share and per share data) | March 31, 2012 | December 31, 2011 | September 30, 2011 | June 30, 2011 | March 31, 2011 | ||||||||||||||
Interest and dividend income: | |||||||||||||||||||
Loans | $ | 51,946 | $ | 51,857 | $ | 53,043 | $ | 54,577 | $ | 52,571 | |||||||||
Taxable investment securities | 1,256 | 1,332 | 1,456 | 1,393 | 1,380 | ||||||||||||||
Non-taxable investment securities | 848 | 846 | 905 | 928 | 1,089 | ||||||||||||||
Mortgage-backed securities | 1,603 | 1,775 | 1,873 | 1,841 | 1,807 | ||||||||||||||
Federal funds sold and other | 149 | 226 | 242 | 281 | 319 | ||||||||||||||
Total interest and dividend income | 55,802 | 56,036 | 57,519 | 59,020 | 57,166 | ||||||||||||||
Interest expense: | |||||||||||||||||||
Deposits | 4,903 | 5,608 | 5,921 | 6,301 | 6,650 | ||||||||||||||
Federal Home Loan Bank borrowings | 3,945 | 4,059 | 4,203 | 4,261 | 4,391 | ||||||||||||||
Junior subordinated debentures | 1,752 | 1,786 | 1,851 | 1,905 | 1,893 | ||||||||||||||
Repurchase agreements and other short-term borrowings | 434 | 434 | 485 | 519 | 521 | ||||||||||||||
Total interest expense | 11,034 | 11,887 | 12,460 | 12,986 | 13,455 | ||||||||||||||
Net interest income | 44,768 | 44,149 | 45,059 | 46,034 | 43,711 | ||||||||||||||
Provision/ (credit) for loan losses | 4,000 | (2,500 | ) | 4,500 | (2,190 | ) | 13,350 | ||||||||||||
Net interest income/(loss) after provision/ (credit) for loan losses | 40,768 | 46,649 | 40,559 | 48,224 | 30,361 | ||||||||||||||
Fees and other income: | |||||||||||||||||||
Investment management and trust fees | 15,238 | 14,774 | 16,161 | 16,337 | 16,083 | ||||||||||||||
Wealth advisory fees | 9,236 | 8,881 | 8,623 | 8,616 | 8,433 | ||||||||||||||
Other banking fee income | 1,017 | 1,179 | 1,339 | 1,287 | 1,234 | ||||||||||||||
Gain on repurchase of debt | 879 | 2,392 | — | 1,838 | — | ||||||||||||||
Gain on sale of investments, net | 13 | 109 | 103 | 167 | 419 | ||||||||||||||
Gain on sale of loans, net | 421 | 593 | 386 | 1,125 | 385 | ||||||||||||||
Gain/(loss) on OREO, net | (41 | ) | 1,261 | 3,156 | 844 | 110 | |||||||||||||
Other | 691 | 420 | (44 | ) | 438 | 1,792 | |||||||||||||
Total fees and other income | 27,454 | 29,609 | 29,724 | 30,652 | 28,456 | ||||||||||||||
Operating expense: | |||||||||||||||||||
Salaries and employee benefits | 36,912 | 38,665 | 33,796 | 34,775 | 35,636 | ||||||||||||||
Occupancy and equipment | 7,265 | 7,570 | 7,519 | 7,332 | 7,228 | ||||||||||||||
Professional services | 2,939 | 2,748 | 3,634 | 5,284 | 5,143 | ||||||||||||||
Marketing and business development | 1,329 | 2,032 | 1,473 | 1,863 | 1,434 | ||||||||||||||
Contract services and data processing | 1,188 | 1,141 | 1,150 | 1,219 | 1,134 | ||||||||||||||
Amortization of intangibles | 1,090 | 1,121 | 1,124 | 1,397 | 1,159 | ||||||||||||||
FDIC insurance | 849 | 1,253 | 1,356 | 1,294 | 2,236 | ||||||||||||||
Restructuring expense | 135 | 653 | 1,116 | 4,304 | 1,982 | ||||||||||||||
Other | 3,920 | 2,783 | 3,748 | 3,442 | 4,109 | ||||||||||||||
Total operating expense | 55,627 | 57,966 | 54,916 | 60,910 | 60,061 | ||||||||||||||
Income/(loss) before income taxes | 12,595 | 18,292 | 15,367 | 17,966 | (1,244 | ) | |||||||||||||
Income tax expense/(benefit) | 3,851 | 5,722 | 4,542 | 4,197 | (179 | ) | |||||||||||||
Net income/(loss) from continuing operations | 8,744 | 12,570 | 10,825 | 13,769 | (1,065 | ) | |||||||||||||
Net income/(loss) from discontinued operations | 1,554 | 1,374 | 1,594 | 1,553 | 1,663 | ||||||||||||||
Net income/(loss) before attribution to noncontrolling interests | 10,298 | 13,944 | 12,419 | 15,322 | 598 | ||||||||||||||
Less: Net income/ (loss) attributable to noncontrolling interests | 793 | 882 | 740 | 777 | 747 | ||||||||||||||
Net income/(loss) attributable to the Company | $ | 9,505 | $ | 13,062 | $ | 11,679 | $ | 14,545 | $ | (149 | ) | ||||||||