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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Boston Private Financial Holdings Inc | NASDAQ:BPFH | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.75 | 7.79 | 14.97 | 0 | 01:00:00 |
Second Quarter Highlights:
Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported second quarter 2016 GAAP Net Income Attributable to the Company of $16.4 million, compared to $18.0 million for the first quarter of 2016. Second quarter 2016 diluted earnings per share were $0.18, compared to $0.21 in the first quarter of 2016 and $0.20 in the second quarter of 2015.
"We are pleased with the Company's overall performance amid a turbulent macro environment," said Clayton G. Deutsch, CEO. "Our Private Bank continues to deliver steady performance, while our fee-based businesses demonstrated resiliency confronting market pressure. We are excited about the geographic balance of new business as we maintain our focus on improving our client offering and increasing client introductions to position the Company favorably for the long-term."
Core Fees and Income
Core Fees and Income were flat linked quarter at $37.6 million. Year-over-year, Core Fees and Income are down 7% due primarily to lower levels of AUM offset by higher Other Banking Fee Income.
AUM increased to $27.3 billion in the second quarter, up 2% from $26.8 billion in the first quarter of 2016, reflecting positive market action partly offset by negative net flows. AUM decreased 8% year-over-year due to negative net flows partly offset by positive market action. The Company experienced negative net flows of $199 million during the second quarter, compared to negative $761 million and negative $193 million in the first quarter of 2016 and second quarter of 2015, respectively. Net flows attributable to Boston Private Wealth for the second quarter were negative $39 million compared to negative $422 million in the first quarter of 2016 and negative $243 million in the second quarter of 2015.
Net Interest Income
Net Interest Income for the second quarter was $49.2 million, down 1% from $49.9 million for the first quarter of 2016. On a year-over-year basis, Net Interest Income increased 9% from $45.1 million. The current quarter includes $0.6 million of interest recovered on previous nonaccrual loans while the first quarter of 2016 and second quarter of 2015 includes interest recoveries of $1.1 million and $0.1 million, respectively. Excluding interest recovered on previous nonaccrual loans, Net Interest Income on an FTE basis was flat, while it increased 7% year-over-year.
Net Interest Margin was 2.91% for the second quarter, down five basis points from 2.96% for the first quarter of 2016. Net Interest Margin was up one basis point from 2.90% for the second quarter of 2015. Excluding interest recovered on previous nonaccrual loans, Net Interest Margin was down 2 basis points linked quarter and year-over-year to 2.88%.
Total Operating Expenses
Total Operating Expenses for the second quarter of 2016 were $64.7 million, down 3% from $66.7 million for the first quarter of 2016. On a year-over-year basis, Total Operating Expenses increased 4% from $62.4 million, primarily due to higher occupancy and restructuring expense. Restructuring Expense in the second quarter of 2016 was $0.9 million while the first quarter of 2016 and the second quarter of 2015 included Restructuring Expense of $1.1 million and $0.2 million, respectively.
Provision and Asset Quality
The Company recorded a provision credit of $2.5 million for the second quarter of 2016, compared to a provision credit of $3.1 million for the first quarter of 2016 and no provision for the second quarter of 2015. The provision credit was driven by net recoveries of $1.9 million and a decline in Criticized Loans.
Criticized Loans decreased 10% linked quarter and year-over-year to $150.7 million. Nonaccrual Loans (“Nonaccruals”) decreased 21% to $19.2 million on a linked quarter basis. On a year-over-year basis, Nonaccruals decreased 36% from $29.9 million. As a percentage of Total Loans, Nonaccruals were 33 basis points at June 30, 2016, down 10 basis points from March 31, 2016, and down 21 basis points from June 30, 2015.
Additional credit metrics are listed below:
(In millions) June 30, 2016 March 31, 2016 December 31, 2015 September 30, 2015 June 30, 2015 Total Criticized Loans $ 150.7 $ 166.9 $ 154.1 $ 160.9 $ 167.3Total Loans 30-89 Days Past Due and Accruing (12)
$ 7.6 $ 8.3 $ 13.1 $ 7.0 $ 4.3 Total Net Loans (Charged-off)/ Recovered $ 1.9 $ 1.1 $ 0.9 $ (1.6 ) $ 1.0Allowance for Loan Losses/ Total Loans
1.32 % 1.35 % 1.37 % 1.41 % 1.43 %Capital Ratios
Capital ratios are listed below:
June 30, 2016 March 31, 2016 December 31, 2015 September 30, 2015 June 30, 2015 BPFH Ratios: Total Risk-Based Capital * 14.0 % 14.0 % 13.9 % 13.8 % 13.9 % Tier I Risk-Based Capital * 12.7 % 12.7 % 12.6 % 12.6 % 12.7 % Tier I Leverage Capital * 9.6 % 9.5 % 9.5 % 9.6 % 9.9 % TCE/TA (4) 7.4 % 7.3 % 7.0 % 7.2 % 7.2 %Tier I Common Equity/ Risk Weighted Assets *
10.0 % 9.9 % 9.8 % 9.7 % 9.8 %*June 30, 2016 information is presented based on estimated data.
Dividend Payments
Concurrent with the release of second quarter 2016 earnings, the Board of Directors of the Company declared a cash dividend to common shareholders of $0.10 per share. The record date for this dividend is August 5, 2016, and the payment date is August 19, 2016.
The Board of Directors of the Company also declared a cash dividend to holders of the Non-Cumulative Perpetual Preferred Stock, Series D of $17.375 per share, which will result in a dividend of $0.434375 per depositary share. The record date for this dividend is August 15, 2016, and the payment date is September 15, 2016.
Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures, such as tangible book value per share; the TCE/TA ratio; return on average common equity; return on average tangible common equity; pre-tax, pre-provision earnings; total operating expense excluding restructuring; the efficiency ratio (FTE basis); and Net Interest Income and Net Interest Margin excluding interest recovered on previous nonaccrual loans; to provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial sector. A detailed reconciliation table of the Company's GAAP to the non-GAAP measures is attached.
Conference Call
Management will hold a conference call at 8 a.m. Eastern Time on Thursday, July 21, 2016, to discuss the financial results, business highlights and outlook. To access the call:
Dial In #: (888) 317-6003
Elite Entry Number: 8680929
Replay Information:Available from July 21, 2016 at 12 noon until July 28, 2016Dial In #: (877) 344-7529Conference Number: 10089337
The call will be simultaneously webcast and may be accessed on www.bostonprivate.com.
Boston Private Financial Holdings, Inc.
Boston Private Financial Holdings, Inc. is a national financial services organization that owns Wealth Management and Private Banking affiliates with offices in Boston, New York, Los Angeles, San Francisco, San Jose, Florida, Wisconsin, Texas and the Washington D.C. area. The Company has a Private Banking balance sheet of greater than $7 billion, and manages approximately $27 billion of client assets.
The Company positions its affiliates to serve the high net worth marketplace with high quality products and services of unique appeal to private clients. The Company also provides strategic oversight and access to resources, both financial and intellectual, to support affiliate management, marketing, compliance and legal activities. (NASDAQ: BPFH)
For more information about BPFH, visit the Company's website at 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 future interest rate trends and liquidity, prospects for growth in assets, and prospects for overall results over the long term. 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, adverse conditions in the capital and debt markets and the impact of such conditions on the Company's private banking, investment management and wealth advisory activities; changes in interest rates; competitive pressures from other financial institutions; the effects of weakness in general economic conditions on a national basis or in the local markets in which the Company operates; changes in loan defaults and charge-off rates; changes in the value of securities and other assets, adequacy of loan loss reserves, or decreases in deposit levels necessitating increased borrowing to fund loans and investments; changes in government regulation; the risk 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 statement is made.
Note to Editors:
Boston Private Financial Holdings, Inc. is not to be confused with Boston Private Bank & Trust Company. Boston Private Bank & Trust Company is a wholly-owned subsidiary of BPFH. The information reported in this press release is related to the performance and results of BPFH.
Boston Private Financial Holdings, Inc. Selected Financial Data (Unaudited) (In thousands, except share and per share data) 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 Assets: Cash and cash equivalents $ 126,167 $ 113,946 $ 238,694 $ 43,640 $ 63,099 Investment securities available for sale 1,191,523 1,151,529 1,084,510 1,023,255 992,007 Investment securities held to maturity 105,297 111,337 116,352 121,679 128,258 Stock in Federal Home Loan Banks 44,374 34,202 35,181 35,518 35,668 Loans held for sale 4,677 5,383 8,072 7,685 19,512 Total loans 5,751,497 5,658,181 5,719,212 5,607,472 5,463,250 Less: Allowance for loan losses 75,753 76,427 78,500 79,246 78,251 Net loans 5,675,744 5,581,754 5,640,712 5,528,226 5,384,999 Other real estate owned (“OREO”) 2,042 98 776 776 929 Premises and equipment, net 31,752 31,575 31,036 30,841 31,337 Goodwill 152,082 152,082 152,082 152,082 152,082 Intangible assets, net 29,836 31,422 33,007 34,806 36,461 Fees receivable 11,129 11,041 11,258 11,308 12,486 Accrued interest receivable 18,061 17,590 17,950 17,039 16,383 Deferred income taxes, net 36,942 43,164 51,699 45,438 47,388 Other assets 149,975 128,540 121,179 128,235 125,330 Total assets $ 7,579,601 $ 7,413,663 $ 7,542,508 $ 7,180,528 $ 7,045,939 Liabilities: Deposits $ 5,536,092 $ 5,786,860 $ 6,040,437 $ 5,647,859 $ 5,429,028 Deposits Held For Sale 110,558 — — — — Securities sold under agreements to repurchase 43,304 63,182 58,215 35,698 26,660 Federal funds purchased 180,000 40,000 — 60,000 100,000 Federal Home Loan Bank borrowings 678,012 523,952 461,324 461,899 541,529 Junior subordinated debentures 106,363 106,363 106,363 106,363 106,363 Other liabilities 135,289 114,223 111,468 109,695 95,074 Total liabilities 6,789,618 6,634,580 6,777,807 6,421,514 6,298,654 Redeemable Noncontrolling Interests 15,843 16,938 18,088 18,257 19,200 Shareholders’ Equity: Preferred stock, $1.00 par value; authorized: 2,000,000 shares 47,753 47,753 47,753 47,753 47,753 Common stock, $1.00 par value; authorized: 170,000,000 shares 83,380 83,024 83,411 83,645 83,540 Additional paid-in capital 597,989 599,825 600,670 598,968 597,424 Retained earnings/ (accumulated deficit) 28,985 21,740 12,886 5,960 (1,003 ) Accumulated other comprehensive income/ (loss) 12,654 6,687 (1,500 ) 1,287 (2,525 ) Total Company’s shareholders’ equity 770,761 759,029 743,220 737,613 725,189 Noncontrolling interests 3,379 3,116 3,393 3,144 2,896 Total shareholders’ equity 774,140 762,145 746,613 740,757 728,085 Total liabilities, redeemable noncontrolling interests and shareholders’ equity $ 7,579,601 $ 7,413,663 $ 7,542,508 $ 7,180,528 $ 7,045,939 Boston Private Financial Holdings, Inc. Selected Financial Data (Unaudited) Three Months Ended (In thousands, except share and per share data) 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 Interest and dividend income: Loans $ 49,731 $ 50,046 $ 49,463 $ 48,058 $ 46,663 Taxable investment securities 1,507 1,594 1,239 1,094 1,075 Non-taxable investment securities 1,400 1,390 1,348 1,264 1,125 Mortgage-backed securities 2,982 3,065 2,863 2,681 2,775 Federal funds sold and other 405 507 449 425 282 Total interest and dividend income 56,025 56,602 55,362 53,522 51,920 Interest expense: Deposits 4,075 4,182 4,281 4,007 3,822 Federal Home Loan Bank borrowings2,139
1,953 1,960 2,051 2,017 Junior subordinated debentures 584 578 973 979 967 Repurchase agreements and other short-term borrowings58
10 8 12 29 Total interest expense 6,856 6,723 7,222 7,049 6,835 Net interest income 49,169 49,879 48,140 46,473 45,085 Provision/ (credit) for loan losses (2,535 ) (3,133 ) (1,655 ) 2,600 — Net interest income after provision/ (credit) for loan losses 51,704 53,012 49,795 43,873 45,085 Fees and other income: Investment management fees 10,627 10,658 10,889 11,360 11,731 Wealth advisory fees 12,551 12,712 12,569 12,515 12,678 Wealth management and trust fees 11,208 10,916 11,782 12,424 13,545 Other banking fee income 2,982 3,233 1,719 2,780 2,031 Gain on sale of loans, net 197 209 178 364 362 Total core fees and income 37,565 37,728 37,137 39,443 40,347 Gain/ (loss) on sale of investments, net 245 1 215 5 8 Gain/ (loss) on OREO, net — 280 — 35 — Other (1,015 ) 13 366 (37 ) 2,305 Total other income (770 ) 294 581 3 2,313 Operating expense: Salaries and employee benefits 40,614 42,560 39,520 37,938 39,816 Occupancy and equipment 9,928 9,587 9,989 9,064 9,095 Professional services 3,015 3,515 3,778 2,848 3,214 Marketing and business development 1,811 2,170 4,001 2,008 1,706 Contract services and data processing 1,737 1,679 1,505 1,600 1,495 Amortization of intangibles 1,586 1,586 1,799 1,655 1,655 FDIC insurance 1,015 1,020 1,089 916 963 Restructuring 905 1,112 2,000 1,504 220 Other 4,120 3,480 3,726 4,396 4,254 Total operating expense 64,731 66,709 67,407 61,929 62,418 Income before income taxes 23,768 24,325 20,106 21,390 25,327 Income tax expense 7,626 7,438 5,638 8,182 8,000 Net income from continuing operations 16,142 16,887 14,468 13,208 17,327 Net income from discontinued operations (1) 1,245 2,065 1,455 1,316 1,546 Net income before attribution to noncontrolling interests 17,387 18,952 15,923 14,524 18,873 Less: Net income attributable to noncontrolling interests 989 911 921 994 1,263 Net income attributable to the Company $ 16,398 $ 18,041 $ 15,002 $ 13,530 $ 17,610 Boston Private Financial Holdings, Inc. Selected Financial Data (Unaudited) Six Months Ended (In thousands, except share and per share data) 6/30/2016 6/30/2015 Interest and dividend income: Loans $ 99,777 $ 94,663 Taxable investment securities 3,101 2,070 Non-taxable investment securities 2,790 2,146 Mortgage-backed securities 6,047 5,389 Federal funds sold and other 912 516 Total interest and dividend income 112,627 104,784 Interest expense: Deposits 8,257 7,714 Federal Home Loan Bank borrowings4,092
3,948 Junior subordinated debentures 1,162 1,923 Repurchase agreements and other short-term borrowings68
42 Total interest expense 13,579 13,627 Net interest income 99,048 91,157 Provision/ (credit) for loan losses (5,668 ) (2,500 ) Net interest income after provision/ (credit) for loan losses 104,716 93,657 Fees and other income: Investment management fees 21,285 23,445 Wealth advisory fees 25,263 25,353 Wealth management and trust fees 22,124 27,103 Other banking fee income 6,215 3,941 Gain on sale of loans, net 406 665 Total core fees and income 75,293 80,507 Gain/ (loss) on sale of investments, net 246 16 Gain/ (loss) on OREO, net 280 89 Other (1,002 ) 3,393 Total other income (476 ) 3,498 Operating expense: Salaries and employee benefits 83,174 81,943 Occupancy and equipment 19,515 18,130 Professional services 6,530 6,235 Marketing and business development 3,981 3,054 Contract services and data processing 3,416 2,932 Amortization of intangibles 3,172 3,257 FDIC insurance 2,035 1,974 Restructuring 2,017 220 Other 7,600 8,100 Total operating expense 131,440 125,845 Income before income taxes 48,093 51,817 Income tax expense 15,064 16,572 Net income from continuing operations 33,029 35,245 Net income from discontinued operations (1) 3,310 3,640 Net income before attribution to noncontrolling interests 36,339 38,885 Less: Net income attributable to noncontrolling interests 1,900 2,492 Net income attributable to the Company $ 34,439 $ 36,393 Boston Private Financial Holdings, Inc. Selected Financial Data (Unaudited) (In thousands, except share and per share data) Three Months Ended PER SHARE DATA: 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 Calculation of Income for EPS: Net income attributable to the Company $ 16,398 $ 18,041 $ 15,002 $ 13,530 $ 17,610Adjustments to Net Income Attributable to the Company to arrive at Net Income Attributable to Common Shareholders, treasury stock method (2)
(970 ) (289 ) (1,182 ) 159 (1,026 )Net Income Attributable to the Common Shareholders, treasury stock method
$ 15,428 $ 17,752 $ 13,820 $ 13,689 $ 16,584 End of Period Common Shares Outstanding83,380,426
83,023,755
83,410,961 83,645,36483,539,785
Weighted Average Shares Outstanding: Weighted average basic shares outstanding 81,236,809 81,301,499 81,134,931 81,103,938 80,778,562 Weighted average diluted shares outstanding (3) 83,519,939 83,279,866 83,579,050 83,438,413 83,260,383 Diluted Total Earnings per Share $ 0.18 $ 0.21 $ 0.17 $ 0.16 $ 0.20 (In thousands, except share and per share data) Six Months Ended PER SHARE DATA: June 30,2016
June 30,2015
Calculation of Income for EPS: Net income attributable to the Company $ 34,439 $ 36,393Adjustments to Net Income Attributable to the Company to arrive at Net Income Attributable to Common Shareholders, treasury stock method (2)
(1,259 ) (1,989 )Net Income Attributable to the Common Shareholders, treasury stock method
$ 33,180 $ 34,404 Weighted Average Shares Outstanding: Weighted average basic shares outstanding 81,269,154 80,647,191 Weighted average diluted shares outstanding (3) 83,391,057 83,111,228 Diluted Total Earnings per Share $ 0.40 $ 0.41 Boston Private Financial Holdings, Inc. Selected Financial Data (Unaudited) (In thousands, except per share data) FINANCIAL DATA: 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015Book Value Per Common Share
$ 8.71 $ 8.60 $ 8.38 $ 8.29 $ 8.14 Tangible Book Value Per Share (4) $ 6.53 $ 6.39 $ 6.16 $ 6.05 $ 5.89 Market Price Per Share $ 11.78 $ 11.45 $ 11.34 $ 11.70 $ 13.41 ASSETS UNDER MANAGEMENT AND ADVISORY: Wealth Management and Trust $ 7,313,000 $ 7,137,000 7,976,000 8,060,000 $ 9,028,000 Investment Managers 10,006,000 9,838,000 9,952,000 9,830,000 10,695,000 Wealth Advisory 9,974,000 9,857,000 9,688,000 9,537,000 9,941,000 Less: Inter-company Relationship (17,000 ) (21,000 ) (21,000 ) (21,000 ) (22,000 ) Total Assets Under Management and Advisory $ 27,276,000 $ 26,811,000 27,595,000 27,406,000 $ 29,642,000 BPFH FINANCIAL RATIOS: Total Equity/ Total Assets 10.21 % 10.28 % 9.90 % 10.32 % 10.33 % Tangible Common Equity/ Tangible Assets (4) 7.36 % 7.34 % 6.98 % 7.24 % 7.17 % Tier I Common Equity/ Risk Weighted Assets (4) 9.95 % 9.92 % 9.80 % 9.73 % 9.77 % Allowance for Loan Losses/ Total Loans 1.32 % 1.35 % 1.37 % 1.41 % 1.43 % Allowance for Loan Losses/ Nonaccrual Loans 395 % 314 % 295 % 258 % 262 % Return on Average Assets - Three Months Ended (Annualized) 0.88 % 0.99 % 0.81 % 0.74 % 1.02 % Return on Average Common Equity - Three Months Ended (Annualized) (5) 8.68 % 9.84 % 8.06 % 7.32 % 9.91 % Return on Average Tangible Common Equity - Three Months Ended (Annualized) (5) 12.43 % 14.11 % 11.92 % 10.93 % 14.63 % Efficiency Ratio - Three Months Ended (6) 70.41 % 70.87 % 71.59 % 66.18 % 66.99 % DEPOSIT DETAIL: Demand deposits (noninterest-bearing) $ 1,636,273 $ 1,609,669 $ 1,689,604 $ 1,555,609 $ 1,486,251 NOW 547,777 565,394 588,337 489,104 509,625 Savings 70,553 76,019 72,336 74,516 71,626 Money market 2,771,080 2,959,328 3,105,172 2,938,427 2,772,572 Certificates of deposit 510,409 576,450 584,988 590,203 588,954 Total Deposits $ 5,536,092 $ 5,786,860 $ 6,040,437 $ 5,647,859 $ 5,429,028 Boston Private Financial Holdings, Inc. Selected Financial Data (Unaudited) Average Balance Interest Income/Expense Average Yield/Rate (In thousands) Three Months Ended Three Months Ended Three Months Ended AVERAGE BALANCE SHEET: 06/30/16 03/31/16 06/30/15 06/30/16 03/31/16 06/30/15 06/30/16 03/31/16 06/30/15 AVERAGE ASSETS Interest-Earning Assets: Cash and Investments: Taxable investment securities $ 372,413 $ 392,579 $ 342,259 $ 1,507 $ 1,594 $ 1,075 1.62 % 1.63 % 1.26 % Non-taxable investment securities (8) 261,678 262,227 242,387 2,153 2,138 1,731 3.29 % 3.26 % 2.86 % Mortgage-backed securities 588,419 564,826 538,688 2,982 3,065 2,775 2.03 % 2.17 % 2.06 % Federal funds sold and other 124,790 185,253 90,616 405 507 282 1.29 % 1.08 % 1.23 % Total Cash and Investments 1,347,300 1,404,885 1,213,950 7,047 7,304 5,863 2.09 % 2.08 % 1.93 % Loans (9): Commercial and Industrial (8) 1,084,821 1,065,614 988,536 10,813 10,920 10,438 3.94 % 4.05 % 4.18 % Commercial Real Estate 1,910,968 1,859,557 1,740,606 19,559 19,797 18,323 4.05 % 4.21 % 4.16 % Construction and Land 150,927 174,867 145,405 1,456 1,648 1,252 3.82 % 3.73 % 3.41 % Residential 2,256,296 2,229,680 2,160,987 17,441 17,302 16,637 3.09 % 3.10 % 3.08 % Home Equity 123,687 119,349 120,303 1,073 1,082 1,058 3.49 % 3.65 % 3.53 % Other Consumer 177,805 157,508 169,726 1,073 965 980 2.43 % 2.47 % 2.32 % Total Loans 5,704,504 5,606,575 5,325,563 51,415 51,714 48,688 3.58 % 3.66 % 3.63 % Total Earning Assets 7,051,804 7,011,460 6,539,513 58,462 59,018 54,551 3.30 % 3.35 % 3.32 % LESS: Allowance for Loan Losses 77,345 80,273 77,938 Cash and due From Banks (Non-Interest Bearing) 40,253 39,943 41,596 Other Assets 427,013 420,909 410,296 TOTAL AVERAGE ASSETS $ 7,441,725 $ 7,392,039 $ 6,913,467 AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY Interest-Bearing Liabilities: Interest-Bearing Deposits (9): NOW $ 554,565 $ 542,617 $ 517,281 $ 104 $ 87 $ 77 0.08 % 0.06 % 0.06 % Savings 75,431 75,433 71,842 23 23 10 0.12 % 0.12 % 0.06 % Money Market 2,897,151 3,055,242 2,754,817 2,836 2,902 2,551 0.39 % 0.38 % 0.37 % Certificates of Deposit 559,271 578,310 597,617 1,112 1,170 1,184 0.80 % 0.81 % 0.79 % Total Interest-Bearing Deposits (13) 4,086,418 4,251,602 3,941,557 4,075 4,182 3,822 0.40 % 0.40 % 0.39 % Junior Subordinated Debentures 106,363 106,363 106,363 584 578 967 2.17 % 2.15 % 3.60 % FHLB Borrowings and Other 719,655 524,892 576,403 2,197 1,963 2,046 1.21 % 1.48 % 1.40 % Total Interest-Bearing Liabilities 4,912,436 4,882,857 4,624,323 6,856 6,723 6,835 0.56 % 0.55 % 0.59 % Noninterest Bearing Demand Deposits (9) (13) 1,628,057 1,621,666 1,443,228 Payables and Other Liabilities 116,444 110,959 97,641 Total Average Liabilities 6,656,937 6,615,482 6,165,192 Redeemable Noncontrolling Interests 19,725 21,157 22,760 Average Shareholders' Equity 765,063 755,400 725,515 TOTAL AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY $ 7,441,725 $ 7,392,039 $ 6,913,467 Net Interest Income - on a Fully Taxable Equivalent Basis (FTE) $ 51,606 $ 52,295 $ 47,716 LESS: FTE Adjustment (8) 2,437 2,416 2,631 Net Interest Income (GAAP Basis) $ 49,169 $ 49,879 $ 45,085 Interest Rate Spread 2.74 % 2.80 % 2.73 % Bank only Net Interest Margin 2.95 % 3.01 % 2.97 % Net Interest Margin 2.91 % 2.96 % 2.90 % Boston Private Financial Holdings, Inc. Selected Financial Data (Unaudited) Average Balance Interest Income/Expense Average Yield/Rate (In thousands) Six Months Ended Six Months Ended Six Months Ended AVERAGE BALANCE SHEET: 6/30/2016 6/30/2015 6/30/2016 6/30/2015 6/30/2016 6/30/2015 AVERAGE ASSETS Interest-Earning Assets: Cash and Investments: Taxable investment securities $ 373,486 $ 331,565 $ 3,101 $ 2,070 1.66 % 1.25 % Non-taxable investment securities (8) 261,952 236,352 4,291 3,301 3.28 % 2.79 % Mortgage-backed securities 576,623 527,423 6,047 5,389 2.10 % 2.04 % Federal funds sold and other 163,965 118,749 912 516 0.80 % 0.93 % Total Cash and Investments 1,376,026 1,214,089 14,351 11,276 2.05 % 1.87 % Loans (9): Commercial and Industrial (8) 1,075,217 961,139 21,732 21,590 4.00 % 3.64 % Commercial Real Estate 1,885,263 1,763,216 39,356 37,461 4.13 % 4.23 % Construction and Land 162,897 138,882 3,104 2,328 3.77 % 3.33 % Residential 2,242,988 2,150,813 34,743 33,292 3.10 % 3.10 % Home Equity 121,518 118,001 2,155 2,071 3.57 % 3.54 % Other Consumer 167,657 166,030 2,039 1,921 2.45 % 2.33 % Total Loans 5,655,540 5,298,081 103,129 98,663 3.62 % 3.71 % Total Earning Assets 7,031,566 6,512,170 117,480 109,939 3.31 % 3.37 % LESS: Allowance for Loan Losses 78,809 77,491 Cash and due From Banks (Non-Interest Bearing) 40,136 39,894 Other Assets 424,402 411,724 TOTAL AVERAGE ASSETS $ 7,417,295 $ 6,886,297 AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY Interest-Bearing Liabilities: Interest-Bearing Deposits (9): NOW $ 548,591 $ 522,414 $ 191 $ 154 0.07 % 0.06 % Savings 75,432 71,966 47 37 0.12 % 0.10 % Money Market 2,976,057 2,783,569 5,737 5,146 0.39 % 0.37 % Certificates of Deposit 568,791 600,992 2,282 2,377 0.81 % 0.80 % Total Interest-Bearing Deposits (13) 4,168,871 3,978,941 8,257 7,714 0.40 % 0.39 % Junior Subordinated Debentures 106,363 106,363 1,162 1,923 2.16 % 3.60 % FHLB Borrowings and Other 622,273 523,691 4,160 3,990 1.32 % 1.52 % Total Interest-Bearing Liabilities 4,897,507 4,608,995 13,579 13,627 0.55 % 0.59 % Noninterest Bearing Demand Deposits (9) (13) 1,624,928 1,434,460 Payables and Other Liabilities 113,747 100,529 Total Average Liabilities 6,636,182 6,143,984 Redeemable Noncontrolling Interests 20,497 22,205 Average Shareholders' Equity 760,616 720,108 TOTAL AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY $ 7,417,295 $ 6,886,297 Net Interest Income - on a Fully Taxable Equivalent Basis (FTE) $ 103,901 $ 96,312 LESS: FTE Adjustment (8) 4,853 5,155 Net Interest Income (GAAP Basis) $ 99,048 $ 91,157 Interest Rate Spread 2.76 % 2.78 % Bank only Net Interest Margin 2.98 % 3.02 % Net Interest Margin 2.93 % 2.95 % Boston Private Financial Holdings, Inc. Selected Financial Data (Unaudited) (In thousands) LOAN DATA (10): 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 Commercial and Industrial Loans: New England $ 814,839 $ 849,615 $ 894,277 $ 827,301 $ 793,897 San Francisco Bay Area 116,224 118,385 122,754 125,093 121,477 Southern California 111,854 101,971 94,524 84,428 87,038 Total Commercial and Industrial Loans $ 1,042,917 $ 1,069,971 $ 1,111,555 $ 1,036,822 $ 1,002,412 Commercial Real Estate Loans: New England $ 797,450 $ 816,324 $ 799,109 $ 766,253 $ 728,820 San Francisco Bay Area 633,735 611,461 622,123 625,145 629,258 Southern California 546,127 497,734 492,902 512,250 469,337 Total Commercial Real Estate Loans $ 1,977,312 $ 1,925,519 $ 1,914,134 $ 1,903,648 $ 1,827,415 Construction and Land Loans: New England $ 90,408 $ 106,258 $ 106,048 $ 111,280 $ 102,068 San Francisco Bay Area 36,808 35,281 52,876 35,627 45,221 Southern California 15,333 25,135 24,510 23,504 13,637 Total Construction and Land Loans $ 142,549 $ 166,674 $ 183,434 $ 170,411 $ 160,926 Residential Loans: New England $ 1,385,102 $ 1,361,547 $ 1,368,192 $ 1,356,057 $ 1,316,705 San Francisco Bay Area 470,694 463,645 462,327 462,630 466,155 Southern California 424,320 391,683 399,021 393,199 392,648 Total Residential Loans $ 2,280,116 $ 2,216,875 $ 2,229,540 $ 2,211,886 $ 2,175,508 Home Equity Loans: New England $ 91,728 $ 84,693 $ 83,712 $ 81,796 $ 85,057 San Francisco Bay Area 26,714 26,134 28,966 27,076 30,013 Southern California 7,044 7,980 7,150 5,915 5,395 Total Home Equity Loans $ 125,486 $ 118,807 $ 119,828 $ 114,787 $ 120,465 Other Consumer Loans: New England $ 166,998 $ 145,450 $ 152,984 $ 161,186 $ 164,522 San Francisco Bay Area 8,299 8,347 4,530 5,782 6,793 Southern California 7,820 6,538 3,207 2,950 5,209 Total Other Consumer Loans $ 183,117 $ 160,335 $ 160,721 $ 169,918 $ 176,524 Total Loans: New England $ 3,346,525 $ 3,363,887 $ 3,404,322 $ 3,303,873 $ 3,191,069 San Francisco Bay Area 1,292,474 1,263,253 1,293,576 1,281,353 1,298,917 Southern California 1,112,498 1,031,041 1,021,314 1,022,246 973,264 Total Loans $ 5,751,497 $ 5,658,181 $ 5,719,212 $ 5,607,472 $ 5,463,250 Boston Private Financial Holdings, Inc. Selected Financial Data (Unaudited) (In thousands) CREDIT QUALITY (10): 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 Special Mention Loans: New England $ 27,903 $ 38,927 $ 40,121 $ 46,924 $ 53,626 San Francisco Bay Area 24,381 23,288 15,764 11,087 17,150 Southern California 15,044 24,710 13,326 12,718 5,659 Total Special Mention Loans $ 67,328 $ 86,925 $ 69,211 $ 70,729 $ 76,435 Accruing Substandard Loans (11): New England $ 17,447 $ 19,157 $ 22,026 $ 16,996 $ 16,666 San Francisco Bay Area 19,750 20,235 19,990 20,108 20,396 Southern California 27,027 16,299 16,398 22,405 24,554 Total Accruing Substandard Loans $ 64,224 $ 55,691 $ 58,414 $ 59,509 $ 61,616 Nonaccruing Loans: New England $ 13,028 $ 17,988 $ 19,572 $ 22,815 $ 17,943 San Francisco Bay Area 4,196 4,369 4,977 5,096 9,163 Southern California 1,964 1,999 2,022 2,816 2,785 Total Nonaccruing Loans $ 19,188 $ 24,356 $ 26,571 $ 30,727 $ 29,891 Other Real Estate Owned: New England $ 2,042 $ 98 $ 191 $ 191 $ 344 San Francisco Bay Area — — 585 585 585 Southern California — — — — — Total Other Real Estate Owned $ 2,042 $ 98 $ 776 $ 776 $ 929 Loans 30-89 Days Past Due and Accruing (12): New England $ 5,213 $ 4,723 $ 7,118 $ 6,733 $ 3,873 San Francisco Bay Area 70 986 2,806 14 110 Southern California 2,343 2,598 3,170 227 356 Total Loans 30-89 Days Past Due and Accruing $ 7,626 $ 8,307 $ 13,094 $ 6,974 $ 4,339 Loans (Charged-off)/ Recovered, Net for the Three Months Ended: New England $1,276
$ (2,146 ) $ 120 $ (1,618 ) $ 106 San Francisco Bay Area 537 3,454 703 (57 ) 833 Southern California 48 (248 ) 86 70 49 Total Net Loans (Charged-off)/ Recovered $1,861
$ 1,060 $ 909 $ (1,605 ) $ 988 Loans (Charged-off)/ Recovered, Net for the Six Months Ended: New England $(870
) $ 996 San Francisco Bay Area 3,991 3,571 Southern California (200 ) 346 Total Net Loans (Charged-off)/ Recovered $2,921
$ 4,913 Boston Private Financial Holdings, Inc. Selected Financial Data (Unaudited) FOOTNOTES: (1) Net income from discontinued operations consists of contingent payments or expenses related to our divested affiliates, including Westfield Capital Management Company, LLC. (2) Adjustments to net income attributable to the Company to arrive at net income attributable to the common shareholders, as presented in these tables, include decrease/ (increase) in noncontrolling interests redemption value and dividends paid on preferred stock. (3) When the Company has positive net income from continuing operations attributable to the common shareholders, the Company adds additional shares to basic weighted average shares outstanding to arrive at diluted weighted average shares outstanding for the diluted earnings per share calculation. These additional shares reflect the assumed exercise, conversion, or contingent issuance of dilutive securities. If the additional shares would result in anti-dilution they would be excluded from the diluted earnings per share calculation. The potential dilutive shares relate to: unexercised stock options, unvested restricted stock, and unexercised stock warrants. See 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, 2015 for additional information. (4) The Company uses certain non-GAAP financial measures, such as: Tangible Book Value Per Share and the Tangible Common Equity ("TCE") to Tangible Assets ("TA") ratio to provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial sector. Reconciliations from the Company's GAAP Total Equity to Total Assets ratio to the Non-GAAP TCE to TA ratio, and from GAAP Book Value to Non-GAAP Tangible Book Value are presented below: The Company calculates Tangible Assets by adjusting Total Assets to exclude Goodwill and Intangible Assets. The Company calculates Tangible Common Equity by adjusting Total Equity to exclude non-convertible Series D Preferred stock and exclude Goodwill and Intangible Assets, net. (In thousands, except per share data) 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 Total Balance Sheet Assets $ 7,579,601 $ 7,413,663 $ 7,542,508 $ 7,180,528 $ 7,045,939 LESS: Goodwill and Intangible Assets, net (181,918 ) (183,504 ) (185,089 ) (186,888 ) (188,543 ) Tangible Assets (non-GAAP) $ 7,397,683 $ 7,230,159 $ 7,357,419 $ 6,993,640 $ 6,857,396 Total Shareholders' Equity $ 774,140 $ 762,145 $ 746,613 $ 740,757 $ 728,085 LESS: Series D Preferred Stock (non-convertible) (47,753 ) (47,753 ) (47,753 ) (47,753 ) (47,753 ) LESS: Goodwill and Intangible Assets, net (181,918 ) (183,504 ) (185,089 ) (186,888 ) (188,543 ) Total adjusting items (229,671 ) (231,257 ) (232,842 ) (234,641 ) (236,296 ) Tangible Common Equity (non-GAAP) $ 544,469 $ 530,888 $ 513,771 $ 506,116 $ 491,789 Total Equity/Total Assets 10.21 % 10.28 % 9.90 % 10.32 % 10.33 % Tangible Common Equity/Tangible Assets (non-GAAP) 7.36 % 7.34 % 6.98 % 7.24 % 7.17 % Total Risk Weighted Assets * $ 5,464,531 $ 5,412,514 $ 5,449,239 $ 5,397,148 $ 5,278,052 Tier I Common Equity * $ 543,802 $ 536,925 $ 534,241 $ 525,004 $ 515,546 Tier I Common Equity/ Risk Weighted Assets 9.95 % 9.92 % 9.80 % 9.73 % 9.77 % End of Period Shares Outstanding 83,380,426 83,023,755 83,410,961 83,645,364 83,539,785 Book Value Per Common Share $ 8.71 $ 8.60 $ 8.38 $ 8.29 $ 8.14 Tangible Book Value Per Share (non-GAAP) $ 6.53 $ 6.39 $ 6.16 $ 6.05 $ 5.89 * Risk Weighted Assets and Tier I Common Equity for June 30, 2016 are presented based on estimated data. (5) The Company uses certain non-GAAP financial measures, such as: Return on Average Common Equity and Return on Average Tangible Common Equity to provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial sector. Reconciliations from the Company's GAAP Return on Average Equity ratio to the Non-GAAP Return on Average Common Equity ratio, and the Non-GAAP Return on Average Tangible Common Equity ratio are presented below: The Company annualizes income data based on the number of days in the period presented and a 365 day year. The Company calculates Average Common Equity by adjusting Average Equity to exclude Average Preferred Equity. The Company calculates Average Tangible Common Equity by adjusting Average Equity to exclude Average Goodwill and Intangible Assets, net and Average Preferred Equity. Three Months Ended (In thousands) 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 Total average shareholders' equity $ 765,063 $ 755,400 $ 743,150 $ 733,882 $ 725,515 LESS: Average Series D preferred stock (non-convertible) (47,753 ) (47,753 ) (47,753 ) (47,753 ) (47,753 ) Average common equity (non-GAAP) 717,310 707,647 695,397 686,129 677,762 LESS: Average goodwill and intangible assets, net (182,787 ) (184,415 ) (185,983 ) (187,728 ) (189,420 ) Average Tangible Common Equity (non-GAAP) $ 534,523 $ 523,232 $ 509,414 $ 498,401 $ 488,342 Net income attributable to the Company $ 16,398 $ 18,041 $ 15,002 $ 13,530 $ 17,610 LESS: Dividends on Series D preferred stock (869 ) (869 ) (869 ) (869 ) (869 ) Common net income (non-GAAP) 15,529 17,172 14,133 12,661 16,741 ADD: Amortization of intangibles, net of tax (35%) 1,031 1,031 1,169 1,076 1,076 Tangible common net income (non-GAAP) $ 16,560 $ 18,203 $ 15,302 $ 13,737 $ 17,817 Return on Average Equity - (Annualized) 8.60 % 9.69 % 8.01 % 7.31 % 9.74 % Return on Average Common Equity - (Annualized) (non-GAAP) 8.68 % 9.84 % 8.06 % 7.32 % 9.91 % Return on Average Tangible Common Equity - (Annualized) (non-GAAP) 12.43 % 14.11 % 11.92 % 10.93 % 14.63 % Six months ended (In thousands) 6/30/2016 6/30/2015 Total average shareholders' equity $ 760,616 $ 720,108 LESS: Average Series D preferred stock (non-convertible) (47,753 ) (47,753 ) Average common equity (non-GAAP) 712,863 672,355 LESS: Average goodwill and intangible assets, net (183,601 ) (190,233 ) Average Tangible Common Equity (non-GAAP) $ 529,262 $ 482,122 Net income attributable to the Company $ 34,439 $ 36,393 LESS: Dividends on Series D preferred stock (1,738 ) (1,738 ) Common net income (non-GAAP) 32,701 34,655 ADD: Amortization of intangibles, net of tax (35%) 2,062 2,117 Tangible common net income (non-GAAP) $ 34,763 $ 36,772 Return on Average Equity - (Annualized) 9.13 % 10.19 % Return on Average Common Equity - (Annualized) (non-GAAP) 9.25 % 10.39 % Return on Average Tangible Common Equity - (Annualized) (non-GAAP) 13.25 % 15.38 % (6) The Company uses certain non-GAAP financial measures, such as: pre-tax, pre-provision earnings, total operating expenses excluding restructuring expense, and the efficiency ratio to provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial sector. Reconciliations from the Company's GAAP income from continuing operations before income taxes to non-GAAP pre-tax, pre-provision earnings; from GAAP total operating expense to non-GAAP total operating expense excluding restructuring; and from GAAP efficiency ratio to Non-GAAP efficiency ratio (FTE basis), excluding restructuring, are presented below: Three Months Ended (In thousands) 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 Income before income taxes (GAAP) $ 23,768 $ 24,325 $ 20,106 $ 21,390 $ 25,327 ADD BACK: Provision/ (credit) for loan losses (2,535 ) (3,133 ) (1,655 ) 2,600 — Pre-tax, pre-provision earnings (non-GAAP) $ 21,233 $ 21,192 $ 18,451 $ 23,990 $ 25,327 Total operating expense (GAAP) $ 64,731 $ 66,709 $ 67,407 $ 61,929 $ 62,418 Less: Amortization of intangibles 1,586 1,586 1,799 1,655 1,655 Less: Restructuring 905 1,112 2,000 1,504 220 Total operating expense (excluding amortization of intangibles and restructuring) (non-GAAP) $ 62,240 $ 64,011 $ 63,608 $ 58,770 $ 60,543 Total operating expense (excluding restructuring) (non-GAAP) 63,826 65,597 65,407 60,425 62,198 Net interest income $ 49,169 $ 49,879 $ 48,140 $ 46,473 $ 45,085 Total core fees and income 37,565 37,728 37,137 39,443 40,347 Total other income (770 ) 294 581 3 2,313 FTE income 2,437 2,416 2,997 2,883 2,631 Total revenue (FTE basis) $ 88,401 $ 90,317 $ 88,855 $ 88,802 $ 90,376 Efficiency Ratio, before deduction of intangible amortization (GAAP) 75.30 % 75.89 % 78.51 % 72.08 % 71.14 % Efficiency Ratio, FTE Basis excluding restructuring (non-GAAP) 70.41 % 70.87 % 71.59 % 66.18 % 66.99 % Six months ended (In thousands) 6/30/2016 6/30/2015 Income before income taxes (GAAP) $ 48,093 $ 51,817 ADD BACK: Provision/ (credit) for loan losses (5,668 ) (2,500 ) Pre-tax, pre-provision earnings (non-GAAP) $ 42,425 $ 49,317 Total operating expense (GAAP) $ 131,440 $ 125,845 Less: Amortization of intangibles 3,172 3,257 Less: Restructuring 2,017 220 Total operating expense (excluding amortization of intangibles and restructuring) (non-GAAP) $ 126,251 $ 122,368 Total operating expense (excluding restructuring) (non-GAAP) 129,423 125,625 Net interest income $ 99,048 $ 91,157 Total core fees and income 75,293 80,507 Total other income (476 ) 3,498 FTE income 4,853 5,155 Total revenue (FTE basis) $ 178,718 $ 180,317 Efficiency Ratio, before deduction of intangible amortization (GAAP) 75.60 % 71.84 % Efficiency Ratio, FTE Basis excluding restructuring (non-GAAP) 70.64 % 67.86 % (7) The Company uses certain non-GAAP financial measures, such as: net interest income excluding interest recovered on previous nonaccrual loans and net interest margin excluding interest recovered on previous nonaccrual loans to provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial sector. Reconciliations from the Company's GAAP net interest income to non-GAAP net interest income excluding interest recovered on previous nonaccrual loans; and from GAAP net interest margin to non-GAAP net interest margin excluding interest recovered on previous nonaccrual loans, are presented below: Three Months Ended (In thousands) 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 Net interest income (GAAP basis) $ 49,169 $ 49,879 $ 48,140 $ 46,473 $ 45,085 ADD: FTE income 2,437 2,416 2,997 2,883 2,631 Net interest income, FTE basis 51,606 52,295 51,137 49,356 47,716 LESS: Interest recovered on previously nonaccrual loans 565 1,089 255 298 69 Net interest income, FTE basis, excluding interest recovered on previously nonaccrual loans (non-GAAP) 51,041 51,206 50,882 49,058 47,647 Net Interest Margin (FTE basis) 2.91 % 2.96 % 2.88 % 2.84 % 2.90 % Net Interest Margin, FTE basis, excluding interest recovered on previously nonaccrual loans (non-GAAP) 2.88 % 2.90 % 2.86 % 2.82 % 2.90 % (8) Interest Income on Non-taxable Investments and Loans are presented on an FTE basis using the federal statutory rate of 35% for each period presented. (9) Average Loans includes Loans Held for Sale and Nonaccrual Loans. Average Deposits includes Deposits Held for Sale. (10) The concentration of the Private Banking loan data and credit quality is primarily based on the location of the lender's regional offices. (11) Accruing substandard 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. (12) In addition to loans 30-89 days past due and accruing, at June 30, 2016, the Company had one loan totaling $0.1 million that was more than 90 days past due but still on accrual status. This loan originated in the San Francisco Bay Area region. At March 31, 2016, December 31, 2015, and June 30, 2015, the Company had no loans outstanding more than 90 days past due but still on accrual status. At September 30, 2015, the Company had one loan totaling $0.1 million that was more than 90 days past due but still on accrual status. This loan originated in the New England region. (13) Average Total Deposits is the sum of Average Total Interest-Bearing Deposits and Average Noninterest Bearing Demand Deposits.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160720006028/en/
Adam BromleyVice President Corporate Finance and Director of Investor RelationsBoston Private Financial Holdings, Inc.(617) 912-4386abromley@bostonprivate.com
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