BOSTON PRIVATE FINANCIAL HOLDINGS INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - 8-K - BOSTON PRIVATE FINANCIAL HOLDINGS INC	bpfh-20200429.htm

Boston Private Reports First Quarter 2020 Results

First Quarter 2020 Highlights include:

•Net income of $0.8 million, or $0.01 per diluted share

•Return on average common equity (non-GAAP) of 0.4%

•Return on average tangible common equity (non-GAAP) of 0.7%

•Average total deposits of $7.1 billion, a 5% increase year-over-year

•Average total loans of $7.0 billion, a 2% increase year-over-year

•Total assets under management/advisory (“AUM”) of $14.5 billion, a 10% decrease year-over-year

•Total net flows of $150 million, $176 million of which was attributable to the Wealth Management and Trust segment

•On January 1, 2020, the Company adopted the Current Expected Credit Loss ("CECL") accounting standard

•Provision for credit losses of $18.8 million ($0.16 per share after tax impact), which includes $17.0 million of provision for loan loss expense and $1.8 million of Other expense for unfunded loan commitments, reflecting the impact of the COVID-19 pandemic

•$12.8 million of shares repurchased, completing the remaining availability under the existing program

Boston, MA - April 29, 2020 - Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported first quarter 2020 Net income attributable to the Company of $0.8 million, compared to $21.2 million for the fourth quarter of 2019 and $19.4 million for the first quarter of 2019. First quarter 2020 Diluted earnings per share were $0.01, compared to $0.26 in the fourth quarter of 2019 and $0.25 in the first quarter of 2019.

“I am extremely proud of the commitment and dedication shown by the Boston Private employees throughout the COVID-19 pandemic,” said Anthony DeChellis, CEO of Boston Private. “Many of our employees have worked around the clock in difficult circumstances to deliver much needed capital and advice to our clients as we navigate this crisis together.

“This quarter’s results reflect the implementation of CECL and a reserve build related to the uncertain outlook of the pandemic’s impact on our economy. Before the reserve build, our Company demonstrated net interest income growth and expense discipline, while generating positive net flows in our Wealth Management & Trust business.”


Summary Financial Results - Reported
							% Change
($ in millions, except for per share data)	1Q20		4Q19		1Q19		LQ		Y/Y
Net income	$0.8		$21.2		$19.4		(96)	%	(96)	%
Diluted earnings per share	$0.01		$0.26		$0.25		(96)	%	(96)	%

Non-GAAP Financial Measures:
Pre-tax, pre-provision income	$17.9		$24.5		$23.0		(27)	%	(22)	%
Return on average common equity ("ROACE")	0.4	%	10.3	%	10.3	%
Return on average tangible common equity ("ROATCE")	0.7	%	11.5	%	11.6	%

The Company's reported financial results decreased linked quarter and year-over-year primarily as a result of the total provision for credit losses of $18.8 million in the first quarter of 2020. $1.8 million of the provision for credit loss expense related to unfunded commitments was recognized as noninterest expense, which negatively impacted first quarter 2020 Pre-tax, pre-provision income.

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 measures, see page 5. A reconciliation of GAAP to non-GAAP results can be found beginning on page 15.


Summary Financial Results - Operating Basis (non-GAAP)
							% Change
($ in millions, except for per share data)	1Q20		4Q19¹		1Q19²		LQ		Y/Y
Net income	$0.8		$20.5		$20.7		(96)	%	(96)	%
Diluted earnings per share	$0.01		$0.25		$0.27		(96)	%	(96)	%

Pre-tax, pre-provision income	$17.9		$23.4		$24.7		(23)	%	(28)	%
Return on average common equity	0.4	%	9.9	%	11.0	%
Return on average tangible common equity	0.7	%	11.1	%	12.4	%
¹4Q19 results adjusted to exclude the net after-tax impact of $1.1 million gain related to the revaluation of a receivable from the divestiture of Bingham, Osborn & Scarborough, LLC ("BOS") ²1Q19 results adjusted to exclude the net after-tax impact of $1.6 million restructuring expense


Net Interest Income and Margin
							% Change
($ in millions)	1Q20		4Q19		1Q19		LQ		Y/Y
Net interest income	$57.3		$56.1		$58.3		2	%	(2)	%
Less: Interest recovered on previous nonaccrual loans	—		—		0.3		(71)	%	(97)	%
Core net interest income (non-GAAP)	$57.3		$56.1		$58.1		2	%	(1)	%






Net interest margin	2.76	%	2.70	%	2.90	%
Core net interest margin (non-GAAP)	2.76	%	2.70	%	2.89	%

Net interest income for the first quarter of 2020 was $57.3 million, a 2% increase linked quarter and a 2% decrease year-over-year. The linked quarter increase was driven by lower funding costs, partially offset by lower interest on earning assets.

The Company’s Net interest margin increased 6 basis points on a linked quarter basis to 2.76% driven by higher net interest income while interest-earning assets remained generally flat. The Company's total cost of funds declined 16 basis points from 0.99% to 0.83% as a result of lower deposit costs and higher average deposit balances that replaced higher cost borrowings.


Noninterest Income
				% Change
($ in millions)	1Q20	4Q19	1Q19	LQ		Y/Y
Wealth management and trust fees	$18.4	$18.7	$19.1	(2)	%	(4)	%
Investment management fees	1.9	2.6	2.7	(25)	%	(27)	%




Private banking fees ³	2.6	3.5	2.6	(26)	%	1	%
Total core fees and income	$22.9	$24.8	$24.3	(8)	%	(6)	%
Total other income	(1.4)	2.0	1.0	nm		nm
Total noninterest income	$21.5	$26.8	$25.2	(20)	%	(15)	%

Memo: Excluding Notable Items


Wealth management and trust fees	$18.4	$18.7	$19.1	(2)	%	(4)	%
Investment management fees	1.9	2.6	2.7	(25)	%	(27)	%

Private banking fees ³	2.6	3.5	2.6	(26)	%	1	%
Total core fees and income	$22.9	$24.8	$24.3	(8)	%	(6)	%
Total other income (non-GAAP) ⁴	(1.4)	0.9	1.0	nm		nm
Total noninterest income (non-GAAP) ⁴	$21.5	$25.7	$25.2	(16)	%	(15)	%
nm = not meaningful
³ Private banking fees includes Other banking fee income and Gain/(loss) on sale of loans, net ⁴ Excludes $1.1 million gain related to revaluation of a receivable from the divestiture of BOS in 4Q19

Total core fees and income for the first quarter of 2020 was $22.9 million, an 8% decrease linked quarter. The linked quarter decrease was primarily driven by lower Investment management fees and lower revenue associated with the gain on sale of loans, which was elevated during the fourth quarter of 2019 as a result of a residential loan sale.

Total other income of $(1.4) million during the first quarter of 2020 was negative as a result of market-related valuation adjustments on derivatives and securities related to the Company's Deferred Compensation Plan.


Assets Under Management / Advisory
				% Change
($ in millions)	1Q20	4Q19	1Q19	LQ		Y/Y
Wealth Management and Trust	$13,497	$15,224	$14,564	(11)	%	(7)	%


Other ⁶	1,016	1,544	1,558	(34)	%	(35)	%


Total assets under management / advisory	$14,513	$16,768	$16,122	(13)	%	(10)	%
⁶ Includes results from Dalton, Greiner, Hartman, Maher & Co, LLC ("DGHM")

Total assets under management / advisory were $14.5 billion at the end of the first quarter of 2020, a 13% decrease linked quarter and 10% decrease year-over-year. The linked quarter and year-over-year decreases were primarily driven by lower equity market values.

Total net flows were $150.0 million during the first quarter of 2020, $176.0 million of which was attributable to the Wealth Management and Trust segment.


Noninterest Expense
				% Change
($ in millions)	1Q20	4Q19	1Q19	LQ		Y/Y
Salaries and employee benefits	$35.1	$34.2	$35.7	3	%	(2)	%
Occupancy and equipment	7.6	7.6	8.3	1	%	(8)	%
Information systems	6.7	6.5	5.9	4	%	15	%
Professional services	3.6	3.9	3.6	(8)	%	1	%
Marketing and business development	1.9	2.0	1.1	(6)	%	74	%
Amortization of intangibles	0.7	0.7	0.7	6	%	6	%

FDIC insurance	—	—	0.7	(100)	%	(100)	%
Restructuring	—	—	1.6	—	%	(100)	%
Other	5.2	3.6	3.0	44	%	75	%
Total noninterest expense	$60.9	$58.5	$60.6	4	%	1	%

Memo: Excluding Notable Items



Restructuring²	—	—	1.6	nm		(100)	%

Total noninterest expense (non-GAAP)	$60.9	$58.5	$58.9	4	%	3	%
²1Q19 results adjusted to exclude the net after-tax impact of $1.6 million restructuring expense

Total noninterest expense for the first quarter of 2020 was $60.9 million, which includes $1.8 million of provision expense related to unfunded loan commitments recognized in Other expense. Total noninterest expense increased 4% linked quarter primarily driven by the $1.8 million provision expense and seasonal compensation expense.

Total noninterest expense (non-GAAP) increased 3% year-over-year primarily driven by the $1.8 million provision expense and higher Information systems expense from new initiatives.

Income Tax Expense

The Company's effective tax rate for the first quarter of 2020 was 11.2%. This rate is lower than prior quarters of 2019 primarily because net tax benefits had a more significant impact on the effective tax rate as a result of lower levels of pre-tax income in 2020 as compared to 2019.


Loans and Deposits - QTD Averages
							% Change
($ in millions)	1Q20		4Q19		1Q19		LQ		Y/Y
Commercial and industrial	$1,149		$1,142		$1,070		1	%	7	%
Commercial real estate	2,582		2,562		2,398		1	%	8	%
Construction and land	233		217		211		8	%	10	%
Residential	2,851		2,935		2,973		(3)	%	(4)	%
Home equity	86		85		91		2	%	(5)	%
Other consumer	132		132		134		—	%	(1)	%
Total loans	$7,034		$7,073		$6,877		(1)	%	2	%

Non-interest bearing deposits	2,046		2,002		1,975		2	%	4	%
Interest bearing deposits	5,061		4,957		4,792		2	%	6	%
Total deposits	$7,107		$6,959		$6,767		2	%	5	%

Non-interest bearing deposits as a % of Total deposits	29	%	29	%	29	%

The average loan to average deposit ratio declined linked quarter from 101.6% to 99.0% as a result of first quarter 2020 deposit inflows and a linked quarter decline in loans, primarily driven by a residential loan sale late in the fourth quarter of 2019.

Average total loans in the first quarter of 2020 increased 2% year-over-year, primarily driven by growth in commercial real estate and commercial and industrial loans, partially offset by a decline in residential loans.

Average total deposits in the first quarter of 2020 increased 5% year-over-year, primarily driven by an increase in money market accounts and non-interest bearing deposits, partially offset by a decline in brokered certificates of deposits.

The cost of total deposits was 0.72%, a decrease of 14 basis points linked quarter and 12 basis points year-over-year.


Provision and Asset Quality

($ in millions)	1Q20		4Q19		3Q19		2Q19		1Q19
Provision/(credit) for loan losses	$17.0		$(3.7)		$0.2		$1.4		$(1.4)
Total net loans (charged-off)/ recovered	(0.3)		0.3		0.1		(0.1)		(0.1)
Total nonaccrual loans	24.3		16.1		17.6		17.2		12.0
Total criticized and classified loans	204.9		126.0		139.0		141.7		141.3
Total loans 30-89 days past due and accruing	14.9		25.9		4.2		2.4		17.7

Ratios:
Allowance for loan losses as a % of Total loans	0.97	%	1.03	%	1.07	%	1.06	%	1.07	%
Nonaccrual loans as a % of Total loans	0.35	%	0.23	%	0.25	%	0.24	%	0.17	%

On January 1, 2020, the Company adopted the Current Expected Credit Loss accounting standard ("CECL"). Under this standard, the allowance for credit losses reflects expected credit losses over the life of loans and incorporates macroeconomic forecasts as well as historical loss rates. The adoption of CECL resulted in a net decrease in reserves of $19.0 million.

During the first quarter of 2020, the Company recognized a total provision for credit losses and unfunded loan commitments expense of $18.8 million, which includes a provision for loan loss expense of $17.0 million and $1.8 million for unfunded loan commitments, which is recognized as Other expense within Noninterest expense. The provision expense calculated under the CECL methodology was driven by the changes in economic projections late in the first quarter of 2020 to reflect the impact of the COVID-19 pandemic. This quarter's Provision for loan loss expense of $17.0 million compares to a provision credit of $3.7 million in the fourth quarter of 2019 and $1.4 million in the first quarter of 2019, both from the prior accounting basis.

Total net loans charged-off for the quarter was $0.3 million, compared to net loans recovered of $0.3 million in the fourth quarter of 2019 and net loans charged-off of $0.1 million in the first quarter of 2019.

Total nonaccrual loans as of March 31, 2020 was $24.3 million, or 35 basis points of Total loans, compared to $16.1 million, or 23 basis points of Total loans, as of December 31, 2019, and $12.0 million, or 17 basis points of Total loans, as of March 31, 2019.

Total criticized and classified loans as of March 31, 2020 was $204.9 million, an increase of $78.8 million, or 63%, linked quarter and $63.6 million, or 45%, year-over-year.


Capital

($ in millions, except for share and per share data)	1Q20		4Q19		3Q19		2Q19		1Q19
Tangible common equity/ Tangible assets (non-GAAP)	8.8	%	8.6	%	8.6	%	8.4	%	8.3	%
Tangible book value per share (non-GAAP)	$9.31		$9.02		$8.90		$8.71		$8.47

Regulatory Capital Ratios: ⁷
Tier 1 common equity	11.2	%	11.4	%	11.2	%	11.2	%	11.4	%
Total risk-based capital	13.8	%	14.1	%	13.9	%	13.9	%	14.2	%
Tier 1 risk-based capital	12.7	%	13.0	%	12.8	%	12.7	%	13.0	%
Tier 1 leverage capital	9.7	%	9.8	%	9.7	%	9.6	%	9.7	%

Common Equity Repurchase Program:
Total shares of common stock repurchased	1,565,060		—		678,165		—		—
Average price paid per share of common stock	$8.18		—		$10.61		—		—
Aggregate repurchases of common stock	$12.8		—		$7.2		—		—
⁷ Current quarter information is presented based on estimated data.

During the first quarter of 2020, the Company completed the remainder of the $20.0 million share repurchase program by repurchasing $12.8 million of common stock. The Company repurchased 1,565,060 shares of common stock at an average cost of $8.18 per share during the quarter.

Tangible book value per share (non-GAAP) as of March 31, 2020 increased 3% linked quarter and 10% year-over-year to $9.31. The linked quarter and year-over year increases in Tangible book value per share were primarily driven by increased Accumulated other comprehensive income, increased Retained earnings, and the impact of the share repurchase program on total shares outstanding.

Dividend Payments

Concurrent with the release of first quarter 2020 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 May 8, 2020, and the payment date is May 22, 2020.

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: return on average common equity; return on average tangible common equity; pre-tax, pre-provision income; 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; tangible common equity / tangible assets, total noninterest expense excluding intangibles and restructuring, if any; the efficiency ratio excluding amortization and intangibles, and restructuring, if any; 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.

A detailed reconciliation table of the Company’s GAAP to non-GAAP measures is included in the tables of this release and beginning on page 15 of the attached financial statements.

Conference Call

Management will hold a conference call at 8:00 a.m. Eastern Time on Thursday, April 30, 2020, to discuss the financial results, business highlights and outlook. To access the call:

Dial In #: (888) 317-6003

Elite Entry Number: 6465914

Replay Information:

Available from April 30, 2020 at 12:00 p.m. Eastern Time until May 7, 2020

Dial In #: (877) 344-7529

Conference Number: 10142181

The call will be simultaneously webcast and may be accessed on www.bostonprivate.com.

About Boston Private

Boston Private is a leading provider of integrated wealth management, trust and banking services to individuals, families, businesses and nonprofits.

For more than 30 years, Boston Private has delivered comprehensive advice coupled with deep technical expertise to help clients simplify their lives and achieve their goals. The firm offers the capabilities of a large institution with the superior service of a boutique firm to clients across the United States. The Company has total assets of greater than $8 billion, and manages over $14 billion of client assets.

Boston Private is the corporate brand of Boston Private Financial Holdings, Inc. (NASDAQ: BPFH).

For more information, visit 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 interest rate trends and future liquidity; expectations as to changes in assets, deposits and results of operations; the impact of the COVID-19 pandemic; future operations; market position and financial position; and prospects, plans and objectives of management. 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, the negative impacts and disruptions of the COVID-19 pandemic and measures taken to contain its spread on our employees, customers, business operations, credit quality, financial position, liquidity and results of operations; the length and extent of the economic contraction as a result of the COVID-19 pandemic; continued deterioration in general business and economic conditions on a national basis and in the local markets in which the Company operates; changes in customer behavior due to changing business and economic conditions or legislative or regulatory initiatives; continued turbulence in the capital and debt markets; changes in interest rates; increases in loan defaults and charge-off rates; decreases in the value of securities and other assets; changes in loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; competitive pressures from other financial institutions; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters and future pandemics; changes in regulation; reputational risk relating to the Company’s participation in the Paycheck Protection Program and other pandemic-related legislative and regulatory initiatives and programs; risks 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 statements are made.

###

CONTACT:

Adam Bromley

(617) 912-4386

abromley@bostonprivate.com


BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Consolidated Balance Sheets
Unaudited ($ in thousands, except share and per share data)
	1Q20		4Q19		3Q19		2Q19		1Q19
ASSETS:
Cash and cash equivalents	$	61,714	$	292,479	$	78,010	$	65,756	$	96,211
Investment securities available-for-sale	993,166		978,284		935,538		966,731		981,951
Investment securities held-to-maturity	45,395		48,212		51,379		54,482		67,548
Equity securities at fair value	23,080		18,810		21,780		19,092		7,491
Stock in Federal Home Loan Bank and Federal Reserve Bank	45,273		39,078		47,756		64,453		47,053
Loans held for sale	7,671		7,386		6,658		3,640		280
Loans	7,043,338		6,976,704		7,067,151		7,080,260		6,926,968
Less: Allowance for loan losses	68,211		71,982		75,359		75,067		73,814
Loans, net of allowance for loan losses	6,975,127		6,904,722		6,991,792		7,005,193		6,853,154

Premises and equipment, net	43,544		44,527		42,658		40,244		42,938
Goodwill	57,607		57,607		57,607		57,607		57,607
Intangible assets, net	9,637		10,352		10,622		10,884		11,555

Accrued interest receivable	24,054		24,175		24,851		26,411		25,935
Deferred income taxes, net	5,630		11,383		15,704		17,183		22,844
Right-of-use assets	98,896		102,075		107,045		110,880		104,644
Other assets	355,532		291,411		299,544		270,317		252,932

TOTAL ASSETS	$	8,746,326	$	8,830,501	$	8,690,944	$	8,712,873	$	8,572,143

LIABILITIES:
Deposits	$	6,835,572	$	7,241,476	$	6,658,242	$	6,437,963	$	6,779,845

Securities sold under agreements to repurchase	45,319		53,398		48,860		62,372		58,329
Federal funds purchased	145,000		—		230,000		135,000		—
Federal Home Loan Bank borrowings	491,254		350,829		570,904		920,068		615,070
Junior subordinated debentures	106,363		106,363		106,363		106,363		106,363
Lease liabilities	113,574		117,214		122,799		126,740		120,162
Other liabilities	180,452		140,820		143,607		124,370		112,893
TOTAL LIABILITIES	7,917,534		8,010,100		7,880,775		7,912,876		7,792,662

REDEEMABLE NONCONTROLLING INTERESTS (“RNCI”)	—		1,383		1,481		1,786		662
SHAREHOLDERS' EQUITY:

Common stock, $1.00 par value; authorized: 170,000,000 shares	81,800		83,266		83,242		83,774		83,774
Additional paid-in capital	593,167		600,708		599,877		603,869		604,288
Retained earnings	131,761		127,469		116,210		106,443		97,155
Accumulated other comprehensive income/(loss)	22,064		7,575		9,359		4,125		(6,398)
TOTAL SHAREHOLDERS' EQUITY	828,792		819,018		808,688		798,211		778,819


TOTAL LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY	$	8,746,326	$	8,830,501	$	8,690,944	$	8,712,873	$	8,572,143


BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Consolidated Income Statements
Unaudited ($ in thousands, except share and per share data)
	1Q20		4Q19		3Q19		2Q19		1Q19
REVENUE:






Interest income	$	73,082	$	75,291	$	77,604	$	78,728	$	76,824






Interest expense	15,825		19,166		21,451		21,268		18,486
Net interest income	57,257		56,125		56,153		57,460		58,338
Provision/(credit) for loan losses ⁸	16,962		(3,668)		167		1,363		(1,426)
Net interest income after provision/(credit) for loan losses	40,295		59,793		55,986		56,097		59,764

Wealth management and trust fees ⁹	18,371		18,720		19,067		18,912		19,058
Investment management fees	1,925		2,554		2,496		2,455		2,650


Private banking fee income	2,490		2,924		2,658		2,867		2,499
Gain on sale of loans, net	100		557		934		58		73
Total core fees and income	22,886		24,755		25,155		24,292		24,280





Total other income	(1,365)		2,038		(29)		88		968
TOTAL REVENUE ¹⁰	78,778		82,918		81,279		81,840		83,586

NONINTEREST EXPENSE:
Salaries and employee benefits	35,096		34,186		31,684		32,706		35,726
Occupancy and equipment	7,646		7,578		8,260		7,852		8,348
Information systems	6,725		6,476		5,169		5,137		5,860
Professional services	3,601		3,920		4,435		3,313		3,560
Marketing and business development	1,890		2,017		1,403		1,934		1,085
Amortization of intangibles	715		676		671		672		672

FDIC insurance	—		(19)		59		585		660
Restructuring	—		—		—		—		1,646
Other ⁸	5,235		3,623		3,856		3,460		2,996
TOTAL NONINTEREST EXPENSE	60,908		58,457		55,537		55,659		60,553

INCOME BEFORE INCOME TAXES	908		28,129		25,575		24,818		24,459
Provision for income taxes	102		6,788		5,517		5,369		4,917
Net income before attribution to noncontrolling interests	806		21,341		20,058		19,449		19,542


Less: Net income attributable to noncontrolling interests	6		97		96		69		100
NET INCOME ATTRIBUTABLE TO THE COMPANY	$	800	$	21,244	$	19,962	$	19,380	$	19,442

Adjustments, treasury stock method ¹¹	414		98		304		(816)		1,557
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	1,214	$	21,342	$	20,266	$	18,564	$	20,999

COMMON SHARE DATA:
Weighted average basic shares outstanding	83,005,064		83,238,982		83,631,403		83,565,780		83,285,095
Weighted average diluted shares outstanding ¹²	83,318,041		83,637,786		83,956,708		84,048,972		84,010,450

Diluted earnings per share	$	0.01	$	0.26	$	0.24	$	0.22	$	0.25

⁸ In the first quarter of 2020, there was a $17.0 million provision expense for loan losses. Additionally, there was a $1.8 million provision expense related to the off-balance sheet commitments included in Other expenses. ⁹ Wealth management and trust fees consists of revenue from Boston Private Wealth LLC ("BPW"), KLS Professional Advisors Group, LLC ("KLS") through the effective date of its merger with BPW, and the trust operations of Boston Private Bank & Trust Company. ¹⁰ Total revenue is the sum of Net interest income, Total core fees and income, and Total other income. ¹¹ Adjustments to Net income attributable to the Company to arrive at Net income attributable to common shareholders, treasury stock method, as presented in these tables, include decrease/(increase) in Noncontrolling interests redemption value. ¹² For a description of the Company's policies regarding Diluted earnings per share, please refer to Part II. Item 8. “Financial Statements and Supplementary Data - Note 16: Earnings Per Share” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.


BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Consolidated Financial Highlights
Unaudited ($ in thousands, except share and per share data)
	1Q20			4Q19			3Q19			2Q19			1Q19
KEY STATISTICS:
Return on average assets (non-GAAP) ¹²	0.04		%	0.96		%	0.91		%	0.90		%	0.93		%
ROACE (non-GAAP)¹²	0.39		%	10.29		%	9.80		%	9.83		%	10.29		%
ROATCE (non-GAAP) ¹²	0.72		%	11.51		%	10.99		%	11.06		%	11.63		%
Efficiency ratio (non-GAAP)¹²	76.4		%	69.7		%	67.5		%	67.2		%	69.7		%
Noninterest income to total revenue	27.3		%	32.3		%	30.9		%	29.8		%	30.2		%

Net interest margin	2.76		%	2.70		%	2.72		%	2.78		%	2.90		%
Average loan to average deposit ratio	99.0		%	101.6		%	105.9		%	106.6		%	101.6		%
Cost of total deposits	0.72		%	0.86		%	0.92		%	0.88		%	0.84		%
Cost of interest-bearing deposits	1.02		%	1.20		%	1.31		%	1.25		%	1.19		%
Cost of total funding	0.83		%	0.99		%	1.12		%	1.11		%	1.00		%

Allowance for loan loss / Total loans	0.97		%	1.03		%	1.07		%	1.06		%	1.07		%
Nonperforming loans / Total loans	0.35		%	0.23		%	0.25		%	0.24		%	0.17		%
Net (charge-offs)/recoveries / Total loans ¹²	(0.02)		%	0.02		%	0.01		%	(0.01)		%	—		%



CAPITAL HIGHLIGHTS:
Tier 1 common equity ⁷	$	742,044		$	745,926		$	732,980		$	726,872		$	717,138
Tier 1 capital ⁷	$	842,066		$	846,337		$	833,431		$	827,299		$	817,600
Total capital ⁷	$	914,572		$	919,573		$	910,076		$	903,675		$	892,764

Risk-weighted assets ("RWA") ⁷	$	6,627,338		$	6,530,804		$	6,533,884		$	6,491,184		$	6,304,444
Average assets for leverage ⁷	$	8,691,254		$	8,659,944		$	8,588,358		$	8,617,803		$	8,447,143

Tier 1 common equity ratio ⁷	11.20		%	11.42		%	11.22		%	11.20		%	11.38		%
Tier 1 risk-based capital ratio ⁷	12.71		%	12.96		%	12.76		%	12.74		%	12.97		%
Total risk-based capital ratio ⁷	13.80		%	14.08		%	13.93		%	13.92		%	14.16		%
Tier 1 leverage capital ratio ⁷	9.69		%	9.77		%	9.70		%	9.60		%	9.68		%

Total equity / Total assets	9.48		%	9.27		%	9.30		%	9.16		%	9.09		%
Tangible common equity / Tangible assets (non-GAAP)	8.77		%	8.57		%	8.59		%	8.44		%	8.35		%

End of period market price per share	$	7.15		$	12.03		$	11.66		$	12.07		$	10.96
End of period shares outstanding	81,800,486			83,265,674			83,241,952			83,774,335			83,773,650
Book value per common share	$	10.13		$	9.84		$	9.71		$	9.53		$	9.30
Tangible book value per share (non-GAAP)	$	9.31		$	9.02		$	8.90		$	8.71		$	8.47

Common Equity Repurchase Program:
Total shares of common stock repurchased	1,565,060			—			678,165			—			—
Average price paid per share of common stock	$	8.18		$	—		$	10.61		$	—		$	—
Aggregate repurchases of common stock ($ in millions)	$	12.8		$	—		$	7.2		$	—		$	—

⁷ Current quarter capital highlights are presented based on estimated data. ¹² Annualized.


BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Consolidated AUM and Balance Sheet - End of Period Balances
Unaudited ($ in thousands)
	1Q20		4Q19		3Q19		2Q19		1Q19
ASSETS UNDER MANAGEMENT AND ADVISORY ("AUM"):

Wealth Management and Trust	$	13,497,000	$	15,224,000	$	14,695,000	$	14,649,000	$	14,564,000
Other	1,016,000		1,544,000		1,533,000		1,550,000		1,558,000



TOTAL AUM	$	14,513,000	$	16,768,000	$	16,228,000	$	16,199,000	$	16,122,000






AUM Rollforward:
Beginning balance	$	16,768,000	$	16,228,000	$	16,199,000	$	16,122,000	$	15,921,000
Net flows	150,000		(209,000)		(137,000)		(269,000)		(963,000)
Market	(2,405,000)		749,000		166,000		346,000		1,164,000
Ending balance	$	14,513,000	$	16,768,000	$	16,228,000	$	16,199,000	$	16,122,000

AUM Net Flows:
Wealth Management and Trust	$	176,000	$	(114,000)	$	(100,000)	$	(233,000)	$	(580,000)


Other	(26,000)		(95,000)		(37,000)		(36,000)		(383,000)
TOTAL NET FLOWS	$	150,000	$	(209,000)	$	(137,000)	$	(269,000)	$	(963,000)

DEPOSITS:

Demand deposits (non-interest bearing)	$	2,020,440	$	1,971,013	$	1,947,363	$	1,854,091	$	2,016,838
Savings and NOW	653,006		646,199		666,107		631,166		673,954



Money market	3,468,701		3,969,330		3,366,623		3,228,608		3,302,244
Certificates of deposit	693,425		654,934		678,149		724,098		786,809
TOTAL DEPOSITS	$	6,835,572	$	7,241,476	$	6,658,242	$	6,437,963	$	6,779,845

LOANS:
Commercial and industrial	$	670,744	$	694,034	$	695,029	$	656,186	$	615,370
Commercial tax exempt	445,319		447,927		448,488		450,307		449,492
Commercial real estate	2,626,299		2,551,274		2,533,346		2,530,556		2,439,048
Construction and land	238,293		225,983		209,741		200,378		210,618
Residential	2,841,926		2,839,155		2,964,042		3,025,758		2,993,132
Home equity	89,350		83,657		84,432		89,930		88,620
Consumer	131,407		134,674		132,073		127,145		130,688
TOTAL LOANS	$	7,043,338	$	6,976,704	$	7,067,151	$	7,080,260	$	6,926,968


BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Asset Quality
Unaudited ($ in thousands)
	1Q20			4Q19			3Q19			2Q19			1Q19
CHARGE-OFFS:
Loan charge-offs	$	(528)		$	(285)		$	(185)		$	(195)		$	(564)
Loan recoveries	180			576			310			85			492
NET (CHARGE-OFFS)/RECOVERIES	$	(348)		$	291		$	125		$	(110)		$	(72)
Net charge-offs to average loans (annualized)	(0.02)		%	0.02		%	0.01		%	(0.01)		%	—		%

Net (Charge-offs)/Recoveries by Loan Type:

Commercial and industrial	$	(473)		$	118		$	95		$	(155)		$	188
Commercial tax exempt	—			—			—			—			—
Commercial real estate	—			183			27			30			189
Construction and land	—			—			—			—			—
Residential	—			—			—			—			100
Home equity	132			4			6			—			(562)
Consumer	(7)			(14)			(3)			15			13
NET (CHARGE-OFFS)/RECOVERIES	$	(348)		$	291		$	125		$	(110)		$	(72)

LOAN QUALITY DATA:




Special mention loans	$	92,623		$	52,026		$	58,133		$	70,677		$	86,787





Accruing classified loans ¹³	87,948			57,922			63,278			53,883			42,521




Nonaccrual loans	24,314			16,103			17,565			17,155			12,019









Total classified	112,262			74,025			80,843			71,038			54,540
Criticized and classified loans	$	204,885		$	126,051		$	138,976		$	141,715		$	141,327

Loans 30-89 days past due and accruing ¹⁴	$	14,852		$	25,945		$	4,179		$	2,434		$	17,715

¹³Accruing classified loans include loans that are classified as substandard but are still accruing interest income. Boston Private Bank & Trust Company may classify a loan as substandard where known information about possible credit problems of the related borrowers causes management to have doubts as to the ability of such borrowers to comply with the present repayment terms and which may result in disclosure of such loans as nonaccrual at some time in the future. ¹⁴At June 30, 2019, the Company had one loan totaling $0.9 million that was more than 90 days past due but still on accrual status. This loan originated in the New England region. The Company had no other loans outstanding more than 90 days past due but still on accrual status in comparative periods.


BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Average Balances, Yields, and Rates
Unaudited ($ in thousands)
	Average Balance										Interest Income/Expense								Average Yield/Rate
	1Q20		4Q19		1Q19		1Q20		4Q19		1Q19		1Q20		4Q19		1Q19
INTEREST-EARNING ASSETS
Cash and investments:
Taxable investment securities	$	201,174	$	201,535	$	244,230	$	868	$	869	$	1,185	1.73	%	1.72	%	1.94	%
Non-taxable investment securities	315,681		311,705		306,868		1,998		1,976		1,901		2.53	%	2.54	%	2.48	%
Mortgage-backed securities	520,629		489,927		521,788		2,787		2,568		2,897		2.14	%	2.10	%	2.22	%
Short-term investments and other	147,482		130,519		79,603		1,071		1,210		908		2.89	%	3.65	%	4.58	%
Total cash and investments	1,184,966		1,133,686		1,152,489		6,724		6,623		6,891		2.27	%	2.33	%	2.39	%
Loans: ¹⁵
Commercial and industrial	1,148,986		1,142,015		1,070,161		10,724		11,276		10,979		3.69	%	3.86	%	4.10	%
Commercial real estate	2,582,305		2,562,380		2,398,413		27,482		28,285		28,151		4.21	%	4.32	%	4.69	%
Construction and land	233,324		216,754		211,351		2,572		2,588		2,641		4.36	%	4.67	%	5.00	%
Residential	2,850,833		2,934,786		2,972,945		23,468		24,275		25,545		3.29	%	3.31	%	3.44	%
Home equity	86,048		84,632		90,646		952		965		1,121		4.45	%	4.53	%	5.02	%
Other consumer	132,237		132,143		133,937		1,160		1,279		1,496		3.53	%	3.84	%	4.53	%
Total loans	7,033,733		7,072,710		6,877,453		66,358		68,668		69,933		3.75	%	3.83	%	4.07	%
Total earning assets	8,218,699		8,206,396		8,029,942		73,082		75,291		76,824		3.54	%	3.62	%	3.83	%

LESS: Allowance for loan losses	51,730		75,283		75,537
Cash and due from banks	49,571		48,287		46,172
Other assets	562,851		559,350		493,148
TOTAL AVERAGE ASSETS	$	8,779,391	$	8,738,750	$	8,493,725

INTEREST-BEARING LIABILITIES
Interest-bearing deposits: ¹⁶


Savings and NOW	$	638,926	$	644,502	$	674,872	$	232	$	252	$	296	0.15	%	0.16	%	0.18	%
Money market	3,753,045		3,632,258		3,341,397		9,657		11,449		10,072		1.03	%	1.25	%	1.22	%
Certificates of deposit	668,818		680,466		775,817		2,907		3,322		3,690		1.75	%	1.94	%	1.93	%
Total interest-bearing deposits ¹⁶	5,060,789		4,957,226		4,792,086		12,796		15,023		14,058		1.02	%	1.20	%	1.19	%
Junior subordinated debentures	106,363		106,363		106,363		917		966		1,121		3.41	%	3.56	%	4.22	%
FHLB borrowings and other	455,813		591,682		615,985		2,112		3,177		3,307		1.83	%	2.10	%	2.15	%
Total interest-bearing liabilities ¹⁶	5,622,965		5,655,271		5,514,434		15,825		19,166		18,486		1.13	%	1.34	%	1.36	%

Non-interest bearing demand deposits ¹⁶	2,046,102		2,001,714		1,974,526
Payables and other liabilities	270,371		261,503		236,426
Total average liabilities	7,939,438		7,918,488		7,725,386
Redeemable noncontrolling interests	1,018		1,446		2,056
Average shareholders’ equity	838,935		818,816		766,283
TOTAL AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS’ EQUITY	$	8,779,391	$	8,738,750	$	8,493,725


Net interest income							$	57,257	$	56,125	$	58,338

Interest rate spread													2.41	%	2.28	%	2.47	%


Net interest margin													2.76	%	2.70	%	2.90	%

Average total deposits ¹⁶	$	7,106,891	$	6,958,940	$	6,766,612							0.72	%	0.86	%	0.84	%
Average total deposits and borrowings ¹⁶	$	7,669,067	$	7,656,985	$	7,488,960							0.83	%	0.99	%	1.00	%

¹⁵Average loans includes Loans held for sale and Nonaccrual loans ¹⁶Average total deposits is the sum of Average total interest-bearing deposits and Average non-interest bearing demand deposits. Average total deposits and borrowings is the sum of Average total interest-bearing liabilities and Average non-interest bearing demand deposits.


BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Regional Loan Data
Unaudited ($ in thousands)
	1Q20		4Q19		3Q19		2Q19		1Q19





























































New England	$	3,724,959	$	3,776,747	$	3,868,690	$	3,957,221	$	3,901,644

Northern California	1,618,668		1,532,786		1,559,569		1,538,441		1,499,626
Southern California	1,699,711		1,667,171		1,638,892		1,584,598		1,525,698
Total loans	$	7,043,338	$	6,976,704	$	7,067,151	$	7,080,260	$	6,926,968

Loans (charged-off)/recovered, net:
New England	$	15	$	414	$	275	$	31	$	222
Northern California	122		(10)		6		20		18
Southern California	(485)		(113)		(156)		(161)		(312)
Total net loans (charged-off)/recovered	$	(348)	$	291	$	125	$	(110)	$	(72)

Special mention loans:
New England	$	61,741	$	21,691	$	19,828	$	35,235	$	34,675
Northern California	5,947		5,227		4,821		10,360		23,486
Southern California	24,935		25,108		33,484		25,082		28,626
Total special mention loans	$	92,623	$	52,026	$	58,133	$	70,677	$	86,787

Accruing classified loans:
New England	$	50,483	$	20,428	$	21,830	$	13,012	$	15,830
Northern California	24,843		24,946		23,938		25,957		20,801
Southern California	12,622		12,548		17,510		14,914		5,890
Total accruing classified loans	$	87,948	$	57,922	$	63,278	$	53,883	$	42,521

Nonaccruing loans:
New England	$	11,965	$	9,764	$	8,999	$	8,837	$	6,161
Northern California	6,575		319		2,395		2,644		2,480
Southern California	5,774		6,020		6,171		5,674		3,378
Total nonaccruing loans	$	24,314	$	16,103	$	17,565	$	17,155	$	12,019

¹⁷The concentration of the Private Banking loan data and credit quality is primarily based on the location of the lenders' regional offices.


BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Reconciliations of Non-GAAP Financial Measures
Unaudited ($ in thousands)

	1Q20			4Q19			3Q19			2Q19			1Q19
ROACE AND ROATCE:
Net income attributable to the Company (GAAP) (A)	$	800		$	21,244		$	19,962		$	19,380		$	19,442
ADD: Amortization of intangibles, net of tax	565			534			530			531			531
Tangible common net income (non-GAAP) (B)	$	1,365		$	21,778		$	20,492		$	19,911		$	19,973

Total average shareholders’ equity (C)	$	838,935		$	818,816		$	807,890		$	790,844		$	766,283
LESS: Average goodwill and intangibles, net	(67,586)			(68,031)			(68,359)			(68,889)			(69,498)
Average tangible common equity (non-GAAP) (D)	$	771,349		$	750,785		$	739,531		$	721,955		$	696,785

ROACE (annualized) (A/C)	0.39		%	10.29		%	9.80		%	9.83		%	10.29		%
ROATCE (annualized) (B/D)	0.72		%	11.51		%	10.99		%	11.06		%	11.63		%


PRE-TAX, PRE-PROVISION INCOME:
Income before income taxes (GAAP)	$	908		$	28,129		$	25,575		$	24,818		$	24,459
ADD BACK: Provision/ (credit) for loan losses	16,962			(3,668)			167			1,363			(1,426)
Pre-tax, pre-provision income (non-GAAP)	$	17,870		$	24,461		$	25,742		$	26,181		$	23,033


CORE NET INTEREST INCOME AND MARGIN:
Net interest income (GAAP)	$	57,257		$	56,125		$	56,153		$	57,460		$	58,338
LESS: Interest recovered on previous nonaccrual loans	7			24			180			—			258
Net interest income, excluding interest recovered while loans on nonaccrual status ("Core net interest income") (non-GAAP)	$	57,250		$	56,101		$	55,973		$	57,460		$	58,080
Net interest margin, excluding interest recovered while loans on nonaccrual status ("Core net interest margin") (non-GAAP)	2.76		%	2.70		%	2.71		%	2.78		%	2.89		%


TANGIBLE COMMON EQUITY:
Total shareholders’ equity (GAAP)	$	828,792		$	819,018		$	808,688		$	798,211		$	778,819
LESS: Goodwill and intangibles, net	(67,244)			(67,959)			(68,229)			(68,491)			(69,162)
Tangible common equity (non-GAAP) (A)	$	761,548		$	751,059		$	740,459		$	729,720		$	709,657

Total assets (GAAP)	$	8,746,326		$	8,830,501		$	8,690,944		$	8,712,873		$	8,572,143
LESS: Goodwill and intangibles, net	(67,244)			(67,959)			(68,229)			(68,491)			(69,162)
Tangible assets (non-GAAP) (B)	$	8,679,082		$	8,762,542		$	8,622,715		$	8,644,382		$	8,502,981

End of period shares outstanding (C)	81,800,486			83,265,674			83,241,952			83,774,335			83,773,650


Tangible common equity/ Tangible assets (non-GAAP) (A/B)	8.77		%	8.57		%	8.59		%	8.44		%	8.35		%
Tangible book value per share (non-GAAP) (A/C)	$9.31			$9.02			$8.90			$8.71			$8.47


BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Reconciliations of Non-GAAP Financial Measures
Unaudited ($ in thousands)
	1Q20			4Q19			3Q19			2Q19			1Q19
RETURN ON AVERAGE ASSETS:
Net income (GAAP) (A)	$	800		$	21,244		$	19,962		$	19,380		$	19,442
Average assets (non-GAAP) (B)	8,779,391			8,738,750			8,665,352			8,679,506			8,493,725
Return on average assets (annualized) (non-GAAP) (A/B)	0.04		%	0.96		%	0.91		%	0.90		%	0.93		%


EFFICIENCY RATIO:
Total noninterest expense (GAAP) (A)	$	60,908		$	58,457		$	55,537		$	55,659		$	60,553
LESS: Amortization of intangibles	715			676			671			672			672
LESS: Restructuring	—			—			—			—			1,646
Total noninterest expense (non-GAAP) (B)	$	60,193		$	57,781		$	54,866		$	54,987		$	58,235

Net interest income (GAAP)	$	57,257		$	56,125		$	56,153		$	57,460		$	58,338
Total core fees and income (GAAP)	22,886			24,755			25,155			24,292			24,280

Total other income (GAAP)	(1,365)			2,038			(29)			88			968
Total revenue (GAAP) (C)	$	78,778		$	82,918		$	81,279		$	81,840		$	83,586

Efficiency ratio (GAAP) (A/C)	77.3		%	70.5		%	68.3		%	68.0		%	72.4		%
Efficiency ratio, excluding amortization of intangibles and restructuring, if any (non-GAAP) (B/C)	76.4		%	69.7		%	67.5		%	67.2		%	69.7		%


OTHER INCOME/(LOSS): (GAAP)

Gain/(loss) on OREO, net	—			—			—			—			91

Other	(1,365)			2,038			(29)			88			877
Total other income/(loss) (GAAP)	$	(1,365)		$	2,038		$	(29)		$	88		$	968


BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Reconciliations of Non-GAAP measures: Operating Adjustments
Unaudited ($ in thousands, except share and per share data)
	1Q20			4Q19			3Q19			2Q19			1Q19
NET INCOME ATTRIBUTABLE TO THE COMPANY:
Net income attributable to the Company (GAAP)	$	800		$	21,244		$	19,962		$	19,380		$	19,442
LESS: Gain on fair value of contingent considerations receivable ¹⁸	—			1,109			—			—			—




ADD: Restructuring	—			—			—			—			1,646

Tax effect at statutory rate	—			322			—			—			(346)
Net income attributable to the Company (non-GAAP)	$	800		$	20,457		$	19,962		$	19,380		$	20,742

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS:
Net Income Attributable to Common Shareholders (GAAP)	$	1,214		$	21,342		$	20,266		$	18,564		$	20,999

LESS: Gain on fair value of contingent considerations receivable ¹⁸	—			1,109			—			—			—




ADD: Restructuring	—			—			—			—			1,646

Tax effect at statutory rate	—			322			—			—			(346)
Net income attributable to the common shareholders, treasury stock method, excluding notable items (non-GAAP)	$	1,214		$	20,555		$	20,266		$	18,564		$	22,299

Weighted average diluted shares outstanding	83,318,041			83,637,786			83,956,708			84,048,972			84,010,450

Diluted earnings per share (GAAP)	$	0.01		$	0.26		$	0.24		$	0.22		$	0.25
Diluted earnings per share, excluding notable items (non-GAAP)	$	0.01		$	0.25		$	0.24		$	0.22		$	0.27

Average common equity (non-GAAP)	$	838,935		$	818,816		$	807,890		$	790,844		$	766,283
Average tangible common equity (non-GAAP)	$	771,349		$	750,785		$	739,531		$	721,955		$	696,785



ROACE, excluding notable items (non-GAAP)	0.39		%	9.91		%	9.80		%	9.83		%	10.98		%
ROATCE, excluding notable items (non-GAAP)	0.72		%	11.09		%	10.99		%	11.06		%	12.38		%

Pre-tax, pre-provision income (non-GAAP)	$	17,870		$	24,461		$	25,742		$	26,181		$	23,033
LESS: Gain on fair value of contingent considerations receivable ¹⁸	—			1,109			—			—			—




ADD: Restructuring	—			—			—			—			1,646
Pre-tax, pre-provision income, excluding notable items (non-GAAP)	$	17,870		$	23,352		$	25,742		$	26,181		$	24,679

¹⁸In the fourth quarter of 2019, there was a $1.1 million gain related to the revaluation of the fair value of the estimated future cash flows related to the BOS contingent consideration receivable.

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BOSTON PRIVATE FINANCIAL HOLDINGS INC Reports