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Earnings increased 32% year-over-year: Full year 2013 GAAP Net Income Attributable to the Company increased to $70.5 million, or $0.68 per share, versus net income of $53.3 million, or $0.61 per share, for the full year of 2012.
Deposit and loan growth: Deposits increased 3% linked quarter and 5% year-over-year to $5.1 billion driven by growth in money market accounts. Total Loans increased 4% linked quarter and 6% year-over-year to $5.1 billion.
Core fees represent 42% of a growing revenue base: Fees from Wealth Management businesses increased 10% to $30.4 million on a linked quarter basis. Full year 2013 fees from Wealth Management businesses increased 12% to $112.7 million. Net Interest Income grew 3% in the fourth quarter, contributing to 7% overall revenue growth quarter-to-quarter.
Total Operating Expenses decreased: Full year 2013 Total Operating Expenses decreased 5% to $221.4 million.
Provision credit: The Company recorded a provision credit of $2.0 million in the quarter due to recoveries of $2.3 million and a 9% linked quarter reduction in Classified Loans. For the full year of 2013, the Company recorded a provision credit of $10.0 million.
Dividend increase announced: The Board of Directors today approved a cash dividend of $0.08 per share, up from $0.07 per share last quarter.
The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Wednesday, January 15, 2014 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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