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Boston Private Reports Fourth Quarter and Full Year 2019 Results

Fourth Quarter 2019 Highlights include:

GAAP Net income was $21.2 million, or $0.26 per diluted share, and operating net income was $20.5 million, or $0.25 per diluted share
Return on average common equity (non-GAAP) was 10.3%; operating return on average common equity was 9.9%
Return on average tangible common equity (non-GAAP) was 11.5%; operating return on average tangible common equity was 11.1%
Average total deposits were $7.0 billion, a 1% increase year-over-year
Average total loans were $7.1 billion, a 4% increase year-over-year
Total assets under management/advisory (“AUM”) were $16.8 billion, a 5% increase year-over-year
Total net flows were negative $209 million, of which negative $114 million were attributable to the Wealth Management and Trust segment

Notable Items impacting Fourth Quarter 2019 Results ("Notable Items"):

$1.1 million gain related to the revaluation of a receivable from the divestiture of Bingham, Osborn & Scarborough, LLC ("BOS")

Full Year 2019 Highlights include:

GAAP Net income was $80.0 million, or $0.97 per diluted share, and operating net income was $80.5 million, or $0.97 per diluted share
Returned $47.6 million of capital to common shareholders through dividends and share repurchases
Tangible book value per share increased 10% year-over-year to $9.02

Boston, MA - January 22, 2020
- Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported fourth quarter 2019 Net income attributable to the Company of $21.2 million, compared to $20.0 million for the third quarter of 2019 and $33.3 million for the fourth quarter of 2018. Fourth quarter 2019 Diluted earnings per share were $0.26, compared to $0.24 in the third quarter of 2019 and $0.42 in the fourth quarter of 2018.

"Our fourth quarter results reflect linked quarter net income growth as continued strength in asset quality drove a provision credit," said Anthony DeChellis, CEO of Boston Private. "During the quarter, we increased our client advisor count, while achieving key technology milestones. As we move into 2020 and execute on our growth initiatives, investing in talent and technology will remain the key priorities to achieving our strategic objectives."

Summary Financial Results - Reported
% Change
($ in millions, except for per share data)4Q193Q194Q18LQY/Y
Net income$21.2$20.0$33.3%(36)%
Diluted earnings per share$0.26$0.24$0.42%(38)%
Non-GAAP Financial Measures:
Pre-tax, pre-provision income$24.5$25.7$42.3(5)%(42)%
Return on average common equity ("ROACE")10.3 %9.8 %17.9 %
Return on average tangible common equity ("ROATCE")11.5 %11.0 %20.5 %

The Company's reported financial results decreased year-over-year primarily as a result of a gain on sale related to the divestiture of BOS in the fourth quarter of 2018.
1

The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Wednesday, January 22, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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