Boston Private Financial Holdings, Inc. Reports Fourth Quarter and Year End 2013 Results;
Raises Dividend to $0.08 Per Share
Fourth Quarter and Full Year Highlights:
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.
Boston, MA - January 15, 2014 - Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the "Company" or "BPFH") today reported fourth quarter 2013 GAAP Net Income Attributable to the Company of $17.7 million, compared to $18.3 million in the third quarter of 2013. BPFH reported fourth quarter diluted earnings per share of $0.20 compared to $0.22 in the third quarter of 2013.
For the full year of 2013, BPFH reported GAAP Net Income Attributable to the Company of $70.5 million, compared to $53.3 million for the full year of 2012. BPFH reported diluted earnings per share of $0.68 compared to $0.61 for the full year of 2012.
"Our Company delivered on the full year targets we articulated for shareholders throughout 2013: low-to-mid single digit loan and deposit growth, double digit growth in Wealth Management revenue, expense discipline and efficient capital management," said Clayton G. Deutsch, CEO and President of the Company. "This performance strengthened our margins and significantly improved our Return on Equity over the prior year. We see momentum in our businesses, believe we have a strong balance sheet and capital base, and have decided to raise the dividend to enhance shareholder return."
Core Fees Increased 10% Linked Quarter, 12% in 2013
Core Fees and Income (Investment Management and Trust Fees, Private Banking Investment Management and Trust Fees, Wealth Advisory Fees, Other Banking Fee Income and Gain on Sale of Loans) for the fourth quarter increased 10% to $32.8 million from $29.8 million in the third quarter of 2013. The increase was driven by fee growth in all three of the Company's Wealth Management businesses. For the full year of 2013, Core Fees and Income increased 12% to $122.7 million.

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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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