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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 |
Third Quarter Highlights:
Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported third quarter 2016 GAAP Net Income Attributable to the Company of $19.6 million, compared to $16.4 million for the second quarter of 2016 and $13.5 million for the third quarter of 2015. Third quarter 2016 diluted earnings per share were $0.22, compared to $0.18 in the second quarter of 2016 and $0.16 in the third quarter of 2015.
“We are pleased with the Company’s performance during the third quarter,” said Clayton G. Deutsch, CEO. “The Company achieved earnings growth through a combination of increased revenue coupled with expense discipline, while remaining focused on asset quality and risk management. Our core Private Banking performance continues to be strong in 2016. All of our businesses remain committed to delivering exceptional client experiences, which we believe will drive attractive long-term performance.”
Core Fees and Income/Assets Under Management
Core Fees and Income increased 1% linked quarter to $37.9 million. Year-over-year, Core Fees and Income are down 4% due primarily to lower levels of AUM during the previous year offset by higher Other Banking Fee Income.
AUM increased to $27.5 billion in the third quarter, up 1% from $27.3 billion in the second quarter of 2016 and flat year-over-year, reflecting positive market action partly offset by negative net flows. The Company experienced negative net flows of $336 million during the third quarter, compared to negative $199 million and negative $751 million in the second quarter of 2016 and third quarter of 2015, respectively. During the third quarter, net flows by segment were negative $120 million for Wealth Management & Trust, negative $111 million for Investment Management, and negative $105 million for Wealth Advisory.
Net Interest Income
Net Interest Income for the third quarter was $49.9 million, up 1% from $49.2 million for the second quarter of 2016. On a year-over-year basis, Net Interest Income increased 7% from $46.5 million. The current quarter includes $0.3 million of interest recovered on previous nonaccrual loans while the second quarter of 2016 and third quarter of 2015 included interest recoveries of $0.6 million and $0.3 million, respectively. Excluding interest recovered on previous nonaccrual loans, Net Interest Income on an FTE basis increased 2% linked quarter and 6% year-over-year.
Net Interest Margin was 2.88% for the third quarter, down three basis points from 2.91% for the second quarter of 2016. Net Interest Margin was up four basis points from 2.84% for the third quarter of 2015. Excluding interest recovered on previous nonaccrual loans, Net Interest Margin was 2.86%, a decrease of 2 basis points linked quarter and an increase of 4 basis points year-over-year.
Total Operating Expenses
Total Operating Expenses for the third quarter of 2016 were $61.7 million, down 5% from $64.7 million for the second quarter of 2016. On a year-over-year basis, Total Operating Expenses declined less than 1% from $61.9 million, primarily due to decreases in legal and consulting fees, other expenses, and occupancy expenses.
Provision and Asset Quality
The Company recorded a provision credit of $0.1 million for the third quarter of 2016, compared to a provision credit of $2.5 million for the second quarter of 2016 and a provision expense of $2.6 million for the third quarter of 2015. The provision credit in the third quarter of 2016 was due to net recoveries and a decrease in loss factors which were partially offset by an increase in Criticized Loans and loan growth.
Criticized Loans increased 5% linked quarter and decreased 1% year-over-year to $158.8 million. Nonaccrual Loans (“Nonaccruals”) decreased 14% to $16.5 million on a linked quarter basis. On a year-over-year basis, Non-accruals decreased 46% from $30.7 million. As a percentage of Total Loans, Nonaccruals were 28 basis points at September 30, 2016, down 5 basis points from June 30, 2016, and down 27 basis points from September 30, 2015.
Additional credit metrics are listed below:
(In millions) September 30, 2016 June 30, 2016 March 31, 2016 December 31, 2015 September 30, 2015 Total Criticized Loans $ 158.8 $ 150.7 $ 166.9 $ 154.1 $ 160.9 Total Loans 30-89 Days Past Due and Accruing (12) $ 4.6 $ 7.6 $ 8.3 $ 13.1 $ 7.0
Total Net Loans (Charged-off)/Recovered
$ 2.1 $ 1.9 $ 1.1 $ 0.9 $ (1.6 )Allowance for Loan Losses/Total Loans
1.32 % 1.32 % 1.35 % 1.37 % 1.41 %Capital Ratios
Capital ratios are listed below:
September 30, 2016 June 30, 2016 March 31, 2016 December 31, 2015 September 30, 2015 BPFH Ratios: Total Risk-Based Capital * 14.0 % 14.0 % 14.0 % 13.9 % 13.8 % Tier I Risk-Based Capital * 12.7 % 12.7 % 12.7 % 12.6 % 12.6 % Tier I Leverage Capital * 9.5 % 9.6 % 9.5 % 9.5 % 9.6 % TCE/TA (4) 7.4 % 7.4 % 7.3 % 7.0 % 7.2 %
Tier I Common Equity/Risk Weighted Assets *
10.0 % 10.0 % 9.9 % 9.8 % 9.7 %*September 30, 2016 information is presented based on estimated data.
Dividend PaymentsConcurrent with the release of third 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 November 4, 2016, and the payment date is November 18, 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 November 15, 2016, and the payment date is December 15, 2016.
Non-GAAP Financial MeasuresThe 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 CallManagement will hold a conference call at 8 a.m. Eastern Time on Friday, October 21, 2016, to discuss the financial results, business highlights and outlook. To access the call:
Dial In #: (888) 317-6003Elite Entry Number: 2067019
Replay Information:Available from October 21, 2016 at 12 noon until October 28, 2016Dial In #: (877) 344-7529Conference Number: 10094056
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 total assets 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 StatementsCertain 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)9/30/16
6/30/16
3/31/16
12/31/15
9/30/15
Assets: Cash and cash equivalents $ 67,631 $ 126,167 $ 113,946 $ 238,694 $ 43,640 Investment securities available for sale 1,249,578 1,191,523 1,151,529 1,084,510 1,023,255 Investment securities held to maturity 98,881 105,297 111,337 116,352 121,679 Stock in Federal Home Loan Banks 36,084 44,374 34,202 35,181 35,518 Loans held for sale 5,316 4,677 5,383 8,072 7,685 Total loans 5,869,498 5,751,497 5,658,181 5,719,212 5,607,472 Less: Allowance for loan losses 77,669 75,753 76,427 78,500 79,246 Net loans 5,791,829 5,675,744 5,581,754 5,640,712 5,528,226 Other real estate owned (“OREO”) 1,800 2,042 98 776 776 Premises and equipment, net 32,089 31,752 31,575 31,036 30,841 Goodwill 152,082 152,082 152,082 152,082 152,082 Intangible assets, net 28,267 29,836 31,422 33,007 34,806 Fees receivable 11,185 11,129 11,041 11,258 11,308 Accrued interest receivable 18,062 18,061 17,590 17,950 17,039 Deferred income taxes, net 39,319 36,942 43,164 51,699 45,438 Other assets 149,427 149,975 128,540 121,179 128,235 Total assets $ 7,681,550 $ 7,579,601 $ 7,413,663 $ 7,542,508 $ 7,180,528 Liabilities: Deposits $ 5,812,243 $ 5,536,092 $ 5,786,860 $ 6,040,437 $ 5,647,859 Deposits Held For Sale 105,788 110,558 — — — Securities sold under agreements to repurchase 77,466 43,304 63,182 58,215 35,698 Federal funds purchased 125,000 180,000 40,000 — 60,000 Federal Home Loan Bank borrowings 522,681 678,012 523,952 461,324 461,899 Junior subordinated debentures 106,363 106,363 106,363 106,363 106,363 Other liabilities 134,322 135,289 114,223 111,468 109,695 Total liabilities 6,883,863 6,789,618 6,634,580 6,777,807 6,421,514 Redeemable Noncontrolling Interests 16,199 15,843 16,938 18,088 18,257 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 83,195 83,380 83,024 83,411 83,645 Additional paid-in capital 597,209 597,989 599,825 600,670 598,968 Retained earnings 39,415 28,985 21,740 12,886 5,960 Accumulated other comprehensive income/ (loss) 10,134 12,654 6,687 (1,500 ) 1,287 Total Company’s shareholders’ equity 777,706 770,761 759,029 743,220 737,613 Noncontrolling interests 3,782 3,379 3,116 3,393 3,144 Total shareholders’ equity 781,488 774,140 762,145 746,613 740,757 Total liabilities, redeemable noncontrolling interests and shareholders’ equity $ 7,681,550 $ 7,579,601 $ 7,413,663 $ 7,542,508 $ 7,180,528 Boston Private Financial Holdings, Inc.Selected Financial Data(Unaudited) Three Months Ended (In thousands, except share and per share data)9/30/16
6/30/16
3/31/16
12/31/15
9/30/15
Interest and dividend income: Loans $ 50,074 $ 49,731 $ 50,046 $ 49,463 $ 48,058 Taxable investment securities 1,537 1,507 1,594 1,239 1,094 Non-taxable investment securities 1,444 1,400 1,390 1,348 1,264 Mortgage-backed securities 3,079 2,982 3,065 2,863 2,681 Federal funds sold and other 469 405 507 449 425 Total interest and dividend income 56,603 56,025 56,602 55,362 53,522 Interest expense: Deposits 4,163 4,075 4,182 4,281 4,007 Federal Home Loan Bank borrowings 1,929 2,139 1,953 1,960 2,051 Junior subordinated debentures 591 584 578 973 979 Repurchase agreements and other short-term borrowings 49 58 10 8 12 Total interest expense 6,732 6,856 6,723 7,222 7,049 Net interest income 49,871 49,169 49,879 48,140 46,473 Provision/ (credit) for loan losses (138 ) (2,535 ) (3,133 ) (1,655 ) 2,600 Net interest income after provision/ (credit) for loan losses 50,009 51,704 53,012 49,795 43,873 Fees and other income: Investment management fees 10,717 10,627 10,658 10,889 11,360 Wealth advisory fees 12,750 12,551 12,712 12,569 12,515 Wealth management and trust fees 10,826 11,208 10,916 11,782 12,424 Other banking fee income 3,447 2,982 3,233 1,719 2,780 Gain on sale of loans, net 156 197 209 178 364Total core fees and income
37,896 37,565 37,728 37,137 39,443 Gain/ (loss) on sale of investments, net 273 245 1 215 5 Gain/ (loss) on OREO, net 137 — 280 — 35 Other 1,706 (1,015 ) 13 366 (37 )Total other income
2,116 (770 ) 294 581 3 Operating expense: Salaries and employee benefits 40,924 40,614 42,560 39,520 37,938 Occupancy and equipment 9,521 9,928 9,587 9,989 9,064 Professional services 2,290 3,015 3,515 3,778 2,848 Marketing and business development 1,623 1,811 2,170 4,001 2,008 Contract services and data processing 1,865 1,737 1,679 1,505 1,600 Amortization of intangibles 1,568 1,586 1,586 1,799 1,655 FDIC insurance 722 1,015 1,020 1,089 916 Restructuring — 905 1,112 2,000 1,504 Other 3,157 4,120 3,480 3,726 4,396 Total operating expense 61,670 64,731 66,709 67,407 61,929 Income before income taxes 28,351 23,768 24,325 20,106 21,390 Income tax expense 8,652 7,626 7,438 5,638 8,182 Net income from continuing operations 19,699 16,142 16,887 14,468 13,208 Net income from discontinued operations (1) 1,047 1,245 2,065 1,455 1,316 Net income before attribution to noncontrolling interests 20,746 17,387 18,952 15,923 14,524 Less: Net income attributable to noncontrolling interests 1,110 989 911 921 994 Net income attributable to the Company $ 19,636 $ 16,398 $ 18,041 $ 15,002 $ 13,530 Boston Private Financial Holdings, Inc.Selected Financial Data(Unaudited) Nine Months Ended (In thousands, except share and per share data)9/30/16
9/30/15
Interest and dividend income: Loans $ 149,851 $ 142,721 Taxable investment securities 4,638 3,164 Non-taxable investment securities 4,234 3,410 Mortgage-backed securities 9,126 8,070 Federal funds sold and other 1,381 941 Total interest and dividend income 169,230 158,306 Interest expense: Deposits 12,420 11,721 Federal Home Loan Bank borrowings 6,021 5,999 Junior subordinated debentures 1,753 2,902 Repurchase agreements and other short-term borrowings 117 54 Total interest expense 20,311 20,676 Net interest income 148,919 137,630 Provision/ (credit) for loan losses (5,806 ) 100 Net interest income after provision/ (credit) for loan losses 154,725 137,530 Fees and other income: Investment management fees 32,002 34,805 Wealth advisory fees 38,013 37,868 Wealth management and trust fees 32,950 39,527 Other banking fee income 9,662 6,721 Gain on sale of loans, net 562 1,029 Total core fees and income 113,189 119,950 Gain/ (loss) on sale of investments, net 519 21 Gain/ (loss) on OREO, net 417 124 Other 704 3,356 Total other income 1,640 3,501 Operating expense: Salaries and employee benefits 124,098 119,881 Occupancy and equipment 29,036 27,194 Professional services 8,820 9,083 Marketing and business development 5,604 5,062 Contract services and data processing 5,281 4,532 Amortization of intangibles 4,740 4,912 FDIC insurance 2,757 2,890 Restructuring 2,017 1,724 Other 10,757 12,496 Total operating expense 193,110 187,774 Income before income taxes 76,444 73,207 Income tax expense 23,716 24,754 Net income from continuing operations 52,728 48,453 Net income from discontinued operations (1) 4,357 4,956 Net income before attribution to noncontrolling interests 57,085 53,409 Less: Net income attributable to noncontrolling interests 3,010 3,486 Net income attributable to the Company $ 54,075 $ 49,923 Boston Private Financial Holdings, Inc.Selected Financial Data(Unaudited) (In thousands, except share and per share data) Three Months Ended PER SHARE DATA:9/30/16
6/30/16
3/31/16
12/31/15
9/30/15
Calculation of Income for EPS: Net income attributable to the Company $ 19,636 $ 16,398 $ 18,041 $ 15,002 $ 13,530 Adjustments to Net Income Attributable to the Company to arrive at Net Income Attributable to Common Shareholders, treasury stock method(2) (1,006 ) (970 ) (289 ) (1,182 ) 159 Net Income Attributable to the Common Shareholders, treasury stock method $ 18,630 $ 15,428 $ 17,752 $ 13,820 $ 13,689 End of Period Common Shares Outstanding83,194,714
83,380,426
83,023,755 83,410,96183,645,364
Weighted Average Shares Outstanding: Weighted average basic shares outstanding 81,301,499 81,236,809 81,301,499 81,134,931 81,103,938 Weighted average diluted shares outstanding (3) 83,562,283 83,519,939 83,279,866 83,579,050 83,438,413 Diluted Total Earnings per Share $ 0.22 $ 0.18 $ 0.21 $ 0.17 $ 0.16 (In thousands, except share and per share data) Nine Months Ended PER SHARE DATA:9/30/16
9/30/15
Calculation of Income for EPS: Net income attributable to the Company $ 54,075 $ 49,923 Adjustments to Net Income Attributable to the Company to arrive at Net Income Attributable to Common Shareholders, treasury stock method (2) (2,265 ) (1,829 ) Net Income Attributable to the Common Shareholders, treasury stock method $ 51,810 $ 48,094 Weighted Average Shares Outstanding: Weighted average basic shares outstanding 81,280,014 80,801,113 Weighted average diluted shares outstanding (3) 83,430,480 83,229,029 Diluted Total Earnings per Share $ 0.62 $ 0.58 Boston Private Financial Holdings, Inc.Selected Financial Data(Unaudited) (In thousands, except per share data) FINANCIAL DATA:9/30/16
6/30/16
3/31/16
12/31/15
9/30/15
Book Value Per Common Share $ 8.82 $ 8.71 $ 8.60 $ 8.38 $ 8.29 Tangible Book Value Per Share (4) $ 6.65 $ 6.53 $ 6.39 $ 6.16 $ 6.05 Market Price Per Share $ 12.83 $ 11.78 $ 11.45 $ 11.34 $ 11.70 ASSETS UNDER MANAGEMENT AND ADVISORY: Wealth Management and Trust $ 7,334,000 $ 7,313,000 7,137,000 7,976,000 $ 8,060,000 Investment Managers 10,176,000 10,006,000 9,838,000 9,952,000 9,830,000 Wealth Advisory 10,028,000 9,974,000 9,857,000 9,688,000 9,537,000 Less: Inter-company Relationship (11,000 ) (17,000 ) (21,000 ) (21,000 ) (21,000 ) Total Assets Under Management and Advisory $ 27,527,000 $ 27,276,000 26,811,000 27,595,000 $ 27,406,000 BPFH FINANCIAL RATIOS: Total Equity/ Total Assets 10.17 % 10.21 % 10.28 % 9.90 % 10.32 % Tangible Common Equity/ Tangible Assets (4) 7.38 % 7.36 % 7.34 % 6.98 % 7.24 % Tier I Common Equity/ Risk Weighted Assets (4) 10.02 % 9.95 % 9.92 % 9.80 % 9.73 % Allowance for Loan Losses/ Total Loans 1.32 % 1.32 % 1.35 % 1.37 % 1.41 % Allowance for Loan Losses/ Nonaccrual Loans 471 % 395 % 314 % 295 % 258 % Return on Average Assets - Three Months Ended (Annualized) 1.03 % 0.88 % 0.99 % 0.81 % 0.74 % Return on Average Common Equity - Three Months Ended (Annualized) (5) 10.20 % 8.68 % 9.84 % 8.06 % 7.32 % Return on Average Tangible Common Equity - Three Months Ended (Annualized) (5) 14.30 % 12.43 % 14.11 % 11.92 % 10.93 % Efficiency Ratio - Three Months Ended (6) 65.04 % 70.41 % 70.87 % 71.59 % 66.18 % DEPOSIT DETAIL: Demand deposits (noninterest-bearing) $ 1,770,631 $ 1,636,273 $ 1,609,669 $ 1,689,604 $ 1,555,609 NOW 556,096 547,777 565,394 588,337 489,104 Savings 74,866 70,553 76,019 72,336 74,516 Money market 2,879,952 2,771,080 2,959,328 3,105,172 2,938,427 Certificates of deposit 530,698 510,409 576,450 584,988 590,203 Total Deposits $ 5,812,243 $ 5,536,092 $ 5,786,860 $ 6,040,437 $ 5,647,859 Boston Private Financial Holdings, Inc.Selected Financial Data(Unaudited) (In thousands) Average BalanceThree Months Ended Interest Income/ExpenseThree Months Ended Average Yield/RateThree Months Ended AVERAGE BALANCE SHEET:9/30/16
6/30/16
9/30/15
9/30/16
6/30/16
9/30/15
9/30/16
6/30/16
9/30/15
AVERAGE ASSETS Interest-Earning Assets: Cash and Investments: Taxable investment securities $ 372,852 $ 372,413 $ 340,170 $ 1,537 $ 1,507 $ 1,094 1.65 % 1.62 % 1.29 % Non-taxable investment securities (8) 271,864 261,678 249,854 2,221 2,153 1,945 3.27 % 3.29 % 3.12 % Mortgage-backed securities 629,748 588,419 526,408 3,079 2,982 2,681 1.96 % 2.03 % 2.04 % Federal funds sold and other 152,892 124,790 213,372 469 405 425 1.20 % 1.29 % 0.78 % Total Cash and Investments 1,427,356 1,347,300 1,329,804 7,306 7,047 6,145 2.05 % 2.09 % 1.85 % Loans (9): Commercial and Industrial (8) 1,065,787 1,084,821 1,023,717 10,626 10,813 10,424 3.90 % 3.94 % 3.98 % Commercial Real Estate 1,976,327 1,910,968 1,854,337 19,860 19,559 19,328 3.93 % 4.05 % 4.08 % Construction and Land 117,183 150,927 165,685 1,263 1,456 1,443 4.22 % 3.82 % 3.41 % Residential 2,300,392 2,256,296 2,208,004 17,812 17,441 17,083 3.10 % 3.09 % 3.09 % Home Equity 122,505 123,687 116,201 1,105 1,073 999 3.59 % 3.49 % 3.41 % Other Consumer 182,315 177,805 170,901 1,154 1,073 983 2.52 % 2.43 % 2.28 % Total Loans 5,764,509 5,704,504 5,538,845 51,820 51,415 50,260 3.55 % 3.58 % 3.58 % Total Earning Assets 7,191,865 7,051,804 6,868,649 59,126 58,462 56,405 3.25 % 3.30 % 3.24 % LESS: Allowance for Loan Losses 76,424 77,345 78,263 Cash and due From Banks (Non-Interest Bearing) 39,301 40,253 38,631 Other Assets 445,517 427,013 404,945 TOTAL AVERAGE ASSETS $ 7,600,259 $ 7,441,725 $ 7,233,962 AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY Interest-Bearing Liabilities: Interest-Bearing Deposits (9): NOW $ 551,085 $ 554,565 $ 509,265 $ 120 $ 104 $ 81 0.09 % 0.08 % 0.06 % Savings 76,999 75,431 71,776 25 23 22 0.13 % 0.12 % 0.12 % Money Market 2,922,687 2,897,151 2,944,893 2,877 2,836 2,731 0.39 % 0.39 % 0.37 % Certificates of Deposit 560,546 559,271 593,466 1,141 1,112 1,173 0.81 % 0.80 % 0.78 % Total Interest-Bearing Deposits (13) 4,111,317 4,086,418 4,119,400 4,163 4,075 4,007 0.40 % 0.40 % 0.39 % Junior Subordinated Debentures 106,363 106,363 106,363 591 584 979 2.17 % 2.17 % 3.60 % FHLB Borrowings and Other 624,528 719,655 526,697 1,978 2,197 2,063 1.24 % 1.21 % 1.53 % Total Interest-Bearing Liabilities 4,842,208 4,912,436 4,752,460 6,732 6,856 7,049 0.55 % 0.56 % 0.59 % Noninterest Bearing Demand Deposits (9) (13) 1,824,548 1,628,057 1,623,524 Payables and Other Liabilities 135,901 116,444 102,076 Total Average Liabilities 6,802,657 6,656,937 6,478,060 Redeemable Noncontrolling Interests 19,504 19,725 22,020 Average Shareholders' Equity 778,098 765,063 733,882 TOTAL AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY $ 7,600,259 $ 7,441,725 $ 7,233,962 Net Interest Income - on a Fully Taxable Equivalent Basis (FTE) $ 52,394 $ 51,606 $ 49,356 LESS: FTE Adjustment (8) 2,523 2,437 2,883 Net Interest Income (GAAP Basis) $ 49,871 $ 49,169 $ 46,473 Interest Rate Spread 2.70 % 2.74 % 2.65 % Bank only Net Interest Margin 2.92 % 2.95 % 2.91 % Net Interest Margin 2.88 % 2.91 % 2.84 % Boston Private Financial Holdings, Inc.Selected Financial Data(Unaudited) (In thousands)Average BalanceNine Months Ended
Interest Income/ExpenseNine Months Ended
Average Yield/RateNine Months Ended AVERAGE BALANCE SHEET:9/30/16
9/30/15
9/30/16
9/30/15
9/30/16
9/30/15
AVERAGE ASSETS Interest-Earning Assets: Cash and Investments: Taxable investment securities $ 373,273 $ 334,473 $ 4,638 $ 3,164 1.66 % 1.27 % Non-taxable investment securities (8) 265,280 240,902 6,512 5,246 3.27 % 2.90 % Mortgage-backed securities 594,461 527,081 9,126 8,070 2.05 % 2.04 % Federal funds sold and other 160,114 150,611 1,381 941 1.14 % 0.90 % Total Cash and Investments 1,393,128 1,253,067 21,657 17,421 2.07 % 1.86 % Loans (9): Commercial and Industrial (8) 1,072,051 982,228 32,358 32,014 3.97 % 4.30 % Commercial Real Estate 1,915,839 1,793,923 59,216 56,789 4.06 % 4.17 % Construction and Land 147,548 147,914 4,367 3,772 3.89 % 3.36 % Residential 2,262,262 2,170,086 52,555 50,375 3.10 % 3.10 % Home Equity 121,849 117,394 3,260 3,070 3.57 % 3.50 % Other Consumer 172,578 167,672 3,193 2,903 2.47 % 2.32 % Total Loans 5,692,127 5,379,217 154,949 148,923 3.60 % 3.67 % Total Earning Assets 7,085,255 6,632,284 176,606 166,344 3.30 % 3.33 % LESS: Allowance for Loan Losses 78,008 77,751 Cash and due From Banks (Non-Interest Bearing) 39,869 39,547 Other Assets 432,005 409,265 TOTAL AVERAGE ASSETS $ 7,479,121 $ 7,003,345 AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY Interest-Bearing Liabilities: Interest-Bearing Deposits (9): NOW $ 549,429 $ 517,983 $ 311 $ 236 0.08 % 0.06 % Savings 75,958 71,902 71 58 0.13 % 0.11 % Money Market 2,958,051 2,837,614 8,615 7,877 0.39 % 0.37 % Certificates of Deposit 566,022 598,456 3,423 3,550 0.81 % 0.79 % Total Interest-Bearing Deposits (13) 4,149,460 4,025,955 12,420 11,721 0.40 % 0.39 % Junior Subordinated Debentures 106,363 106,363 1,753 2,902 2.17 % 3.60 % FHLB Borrowings and Other 623,030 524,704 6,138 6,053 1.29 % 1.52 % Total Interest-Bearing Liabilities 4,878,853 4,657,022 20,311 20,676 0.55 % 0.59 % Noninterest Bearing Demand Deposits (9) (13) 1,691,872 1,498,105 Payables and Other Liabilities 121,601 101,222 Total Average Liabilities 6,692,326 6,256,349 Redeemable Noncontrolling Interests 20,225 22,157 Average Shareholders' Equity 766,570 724,839 TOTAL AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY $ 7,479,121 $ 7,003,345 Net Interest Income - on a Fully Taxable Equivalent Basis (FTE) $ 156,295 $ 145,668 LESS: FTE Adjustment (8) 7,376 8,038 Net Interest Income (GAAP Basis) $ 148,919 $ 137,630 Interest Rate Spread 2.75 % 2.74 % Bank only Net Interest Margin 2.96 % 2.98 % Net Interest Margin 2.92 % 2.91 % Boston Private Financial Holdings, Inc.Selected Financial Data(Unaudited) (In thousands) LOAN DATA (10):9/30/16
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3/31/16
12/31/15
9/30/15
Commercial and Industrial Loans: New England $ 856,372 $ 814,839 $ 849,615 $ 894,277 $ 827,301 San Francisco Bay Area 129,302 116,224 118,385 122,754 125,093 Southern California 113,496 111,854 101,971 94,524 84,428 Total Commercial and Industrial Loans $ 1,099,170 $ 1,042,917 $ 1,069,971 $ 1,111,555 $ 1,036,822 Commercial Real Estate Loans: New England $ 856,005 $ 797,450 $ 816,324 $ 799,109 $ 766,253 San Francisco Bay Area 611,224 633,735 611,461 622,123 625,145 Southern California 587,341 546,127 497,734 492,902 512,250 Total Commercial Real Estate Loans $ 2,054,570 $ 1,977,312 $ 1,925,519 $ 1,914,134 $ 1,903,648 Construction and Land Loans: New England $ 56,268 $ 90,408 $ 106,258 $ 106,048 $ 111,280 San Francisco Bay Area 26,400 36,808 35,281 52,876 35,627 Southern California 16,028 15,333 25,135 24,510 23,504 Total Construction and Land Loans $ 98,696 $ 142,549 $ 166,674 $ 183,434 $ 170,411 Residential Loans: New England $ 1,409,385 $ 1,385,102 $ 1,361,547 $ 1,368,192 $ 1,356,057 San Francisco Bay Area 476,986 470,694 463,645 462,327 462,630 Southern California 429,719 424,320 391,683 399,021 393,199 Total Residential Loans $ 2,316,090 $ 2,280,116 $ 2,216,875 $ 2,229,540 $ 2,211,886 Home Equity Loans: New England $ 90,592 $ 91,728 $ 84,693 $ 83,712 $ 81,796 San Francisco Bay Area 23,826 26,714 26,134 28,966 27,076 Southern California 6,851 7,044 7,980 7,150 5,915 Total Home Equity Loans $ 121,269 $ 125,486 $ 118,807 $ 119,828 $ 114,787 Other Consumer Loans: New England $ 167,140 $ 166,998 $ 145,450 $ 152,984 $ 161,186 San Francisco Bay Area 6,764 8,299 8,347 4,530 5,782 Southern California 5,799 7,820 6,538 3,207 2,950 Total Other Consumer Loans $ 179,703 $ 183,117 $ 160,335 $ 160,721 $ 169,918 Total Loans: New England $ 3,435,762 $ 3,346,525 $ 3,363,887 $ 3,404,322 $ 3,303,873 San Francisco Bay Area 1,274,502 1,292,474 1,263,253 1,293,576 1,281,353 Southern California 1,159,234 1,112,498 1,031,041 1,021,314 1,022,246 Total Loans $ 5,869,498 $ 5,751,497 $ 5,658,181 $ 5,719,212 $ 5,607,472 Boston Private Financial Holdings, Inc.Selected Financial Data(Unaudited) (In thousands) CREDIT QUALITY (10):9/30/16
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9/30/15
Special Mention Loans: New England $ 25,248 $ 27,903 $ 38,927 $ 40,121 $ 46,924 San Francisco Bay Area 22,786 24,381 23,288 15,764 11,087 Southern California 6,278 15,044 24,710 13,326 12,718 Total Special Mention Loans $ 54,312 $ 67,328 $ 86,925 $ 69,211 $ 70,729 Accruing Substandard Loans (11): New England $ 19,748 $ 17,447 $ 19,157 $ 22,026 $ 16,996 San Francisco Bay Area 19,157 19,750 20,235 19,990 20,108 Southern California 49,148 27,027 16,299 16,398 22,405 Total Accruing Substandard Loans $ 88,053 $ 64,224 $ 55,691 $ 58,414 $ 59,509 Nonaccruing Loans: New England $ 11,020 $ 13,028 $ 17,988 $ 19,572 $ 22,815 San Francisco Bay Area 3,543 4,196 4,369 4,977 5,096 Southern California 1,928 1,964 1,999 2,022 2,816 Total Nonaccruing Loans $ 16,491 $ 19,188 $ 24,356 $ 26,571 $ 30,727 Other Real Estate Owned: New England $ 1,800 $ 2,042 $ 98 $ 191 $ 191 San Francisco Bay Area — — — 585 585 Southern California — — — — — Total Other Real Estate Owned $ 1,800 $ 2,042 $ 98 $ 776 $ 776 Loans 30-89 Days Past Due and Accruing (12): New England $ 2,735 $ 5,213 $ 4,723 $ 7,118 $ 6,733 San Francisco Bay Area 1,018 70 986 2,806 14 Southern California 836 2,343 2,598 3,170 227 Total Loans 30-89 Days Past Due and Accruing $ 4,589 $ 7,626 $ 8,307 $ 13,094 $ 6,974 Loans (Charged-off)/ Recovered, Net for the Three Months Ended: New England $ 1,704 $ 1,276 $ (2,146 ) $ 120 $ (1,618 ) San Francisco Bay Area 318 537 3,454 703 (57 ) Southern California 32 48 (248 ) 86 70 Total Net Loans (Charged-off)/ Recovered $ 2,054 $ 1,861 $ 1,060 $ 909 $ (1,605 ) Loans (Charged-off)/ Recovered, Net for the Nine Months Ended: New England $ 834 $ (622 ) San Francisco Bay Area 4,309 3,514 Southern California (168 ) 416 Total Net Loans (Charged-off)/ Recovered $ 4,975 $ 3,308 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)
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12/31/15
9/30/15
Total Balance Sheet Assets $ 7,681,550 $ 7,579,601 $ 7,413,663 $ 7,542,508 $ 7,180,528 LESS: Goodwill and Intangible Assets, net (180,349 ) (181,918 ) (183,504 ) (185,089 ) (186,888 ) Tangible Assets (non-GAAP) $ 7,501,201 $ 7,397,683 $ 7,230,159 $ 7,357,419 $ 6,993,640 Total Shareholders' Equity $ 781,488 $ 774,140 $ 762,145 $ 746,613 $ 740,757 LESS: Series D Preferred Stock (non-convertible) (47,753 ) (47,753 ) (47,753 ) (47,753 ) (47,753 ) LESS: Goodwill and Intangible Assets, net (180,349 ) (181,918 ) (183,504 ) (185,089 ) (186,888 ) Total adjusting items (228,102 ) (229,671 ) (231,257 ) (232,842 ) (234,641 ) Tangible Common Equity (non-GAAP) $ 553,386 $ 544,469 $ 530,888 $ 513,771 $ 506,116 Total Equity/Total Assets 10.17 % 10.21 % 10.28 % 9.90 % 10.32 % Tangible Common Equity/Tangible Assets (non-GAAP) 7.38 % 7.36 % 7.34 % 6.98 % 7.24 % Total Risk Weighted Assets * $ 5,535,061 $ 5,464,529 $ 5,412,514 $ 5,449,239 $ 5,397,148 Tier I Common Equity * $ 554,369 $ 543,801 $ 536,925 $ 534,241 $ 525,004 Tier I Common Equity/ Risk Weighted Assets 10.02 % 9.95 % 9.92 % 9.80 % 9.73 % End of Period Shares Outstanding 83,194,714 83,380,426 83,023,755 83,410,961 83,645,364 Book Value Per Common Share $ 8.82 $ 8.71 $ 8.60 $ 8.38 $ 8.29 Tangible Book Value Per Share (non-GAAP) $ 6.65 $ 6.53 $ 6.39 $ 6.16 $ 6.05 * Risk Weighted Assets and Tier I Common Equity for September 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)9/30/16
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3/31/16
12/31/15
9/30/15
Total average shareholders' equity $ 778,098 $ 765,063 $ 755,400 $ 743,150 $ 733,882 LESS: Average Series D preferred stock (non-convertible) (47,753 ) (47,753 ) (47,753 ) (47,753 ) (47,753 ) Average common equity (non-GAAP) 730,345 717,310 707,647 695,397 686,129 LESS: Average goodwill and intangible assets, net (181,191 ) (182,787 ) (184,415 ) (185,983 ) (187,728 ) Average Tangible Common Equity (non-GAAP) $ 549,154 $ 534,523 $ 523,232 $ 509,414 $ 498,401 Net income attributable to the Company $ 19,636 $ 16,398 $ 18,041 $ 15,002 $ 13,530 LESS: Dividends on Series D preferred stock (868 ) (869 ) (869 ) (869 ) (869 ) Common net income (non-GAAP) 18,768 15,529 17,172 14,133 12,661 ADD: Amortization of intangibles, net of tax (35%) 1,020 1,031 1,031 1,169 1,076 Tangible common net income (non-GAAP) $ 19,788 $ 16,560 $ 18,203 $ 15,302 $ 13,737 Return on Average Equity - (Annualized) 10.01 % 8.60 % 9.69 % 8.01 % 7.31 % Return on Average Common Equity - (Annualized) (non-GAAP) 10.20 % 8.68 % 9.84 % 8.06 % 7.32 % Return on Average Tangible Common Equity - (Annualized) (non-GAAP) 14.30 % 12.43 % 14.11 % 11.92 % 10.93 % Nine months ended (In thousands)9/30/16
9/30/15
Total average shareholders' equity $ 766,570 $ 724,839 LESS: Average Series D preferred stock (non-convertible) (47,753 ) (47,753 ) Average common equity (non-GAAP) 718,817 677,086 LESS: Average goodwill and intangible assets, net (182,794 ) (189,391 ) Average Tangible Common Equity (non-GAAP) $ 536,023 $ 487,695 Net income attributable to the Company $ 54,075 $ 49,923 LESS: Dividends on Series D preferred stock (2,606 ) (2,606 ) Common net income (non-GAAP) 51,469 47,317 ADD: Amortization of intangibles, net of tax (35%) 3,081 3,193 Tangible common net income (non-GAAP) $ 54,550 $ 50,510 Return on Average Equity - (Annualized) 9.43 % 9.21 % Return on Average Common Equity - (Annualized) (non-GAAP) 9.57 % 9.34 % Return on Average Tangible Common Equity - (Annualized) (non-GAAP) 13.61 % 13.85 % (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)9/30/16
6/30/16
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12/31/15
9/30/15
Income before income taxes (GAAP) $ 28,351 $ 23,768 $ 24,325 $ 20,106 $ 21,390 ADD BACK: Provision/ (credit) for loan losses (138 ) (2,535 ) (3,133 ) (1,655 ) 2,600 Pre-tax, pre-provision earnings (non-GAAP) $ 28,213 $ 21,233 $ 21,192 $ 18,451 $ 23,990 Total operating expense (GAAP) $ 61,670 $ 64,731 $ 66,709 $ 67,407 $ 61,929 Less: Amortization of intangibles 1,568 1,586 1,586 1,799 1,655 Less: Restructuring — 905 1,112 2,000 1,504 Total operating expense (excluding amortization of intangibles and restructuring) (non-GAAP) $ 60,102 $ 62,240 $ 64,011 $ 63,608 $ 58,770 Total operating expense (excluding restructuring) (non-GAAP) 61,670 63,826 65,597 65,407 60,425 Net interest income $ 49,871 $ 49,169 $ 49,879 $ 48,140 $ 46,473 Total core fees and income 37,896 37,565 37,728 37,137 39,443 Total other income 2,116 (770 ) 294 581 3 FTE income 2,523 2,437 2,416 2,997 2,883 Total revenue (FTE basis) $ 92,406 $ 88,401 $ 90,317 $ 88,855 $ 88,802 Efficiency Ratio, before deduction of intangible amortization (GAAP) 68.61 % 75.30 % 75.89 % 78.51 % 72.08 % Efficiency Ratio, FTE Basis excluding restructuring (non-GAAP) 65.04 % 70.41 % 70.87 % 71.59 % 66.18 % Nine months ended (In thousands)9/30/16
9/30/15
Income before income taxes (GAAP) $ 76,444 $ 73,207 ADD BACK: Provision/ (credit) for loan losses (5,806 ) 100 Pre-tax, pre-provision earnings (non-GAAP) $ 70,638 $ 73,307 Total operating expense (GAAP) $ 193,110 $ 187,774 Less: Amortization of intangibles 4,740 4,912 Less: Restructuring 2,017 1,724 Total operating expense (excluding amortization of intangibles and restructuring) (non-GAAP) $ 186,353 $ 181,138 Total operating expense (excluding restructuring) (non-GAAP) 191,093 186,050 Net interest income $ 148,919 $ 137,630 Total core fees and income 113,189 119,950 Total other income 1,640 3,501 FTE income 7,376 8,038 Total revenue (FTE basis) $ 271,124 $ 269,119 Efficiency Ratio, before deduction of intangible amortization (GAAP) 73.22 % 71.92 % Efficiency Ratio, FTE Basis excluding restructuring (non-GAAP) 68.73 % 67.31 % (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)9/30/16
6/30/16
3/31/16
12/31/15
9/30/15
Net interest income (GAAP basis) $ 49,871 $ 49,169 $ 49,879 $ 48,140 $ 46,473 ADD: FTE income 2,523 2,437 2,416 2,997 2,883 Net interest income, FTE basis 52,394 51,606 52,295 51,137 49,356 LESS: Interest recovered on previously nonaccrual loans 343 565 1,089 255 298 Net interest income, FTE basis, excluding interest recovered on previously nonaccrual loans (non-GAAP) 52,051 51,041 51,206 50,882 49,058 Net Interest Margin (FTE basis) 2.88 % 2.91 % 2.96 % 2.88 % 2.84 % Net Interest Margin, FTE basis, excluding interest recovered on previously nonaccrual loans (non-GAAP) 2.86 % 2.88 % 2.90 % 2.86 % 2.82 % (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 September 30, 2016, March 31, 2016, and December 31, 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/20161020006400/en/
Adam BromleyVice President, Corporate Finance and Director of Investor RelationsBoston Private Financial Holdings, Inc.(617) 912-4386abromley@bostonprivate.com
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