Boston Private Financial Holdings, Inc. Reports Fourth Quarter and Year End 2014 Results; Raises Dividend to $0.09 Per Share
Fourth Quarter and Full Year Highlights:
Acquisition of Banyan Partners, LLC: The acquisition of Banyan Partners, a leading wealth management firm with over $4 billion of AUM, closed on October 2, 2014, bringing the Company's total AUM to just under $30 billion.
Deposit and Loan growth: Average Total Deposits increased 10% year-over-year and 5% linked quarter to $5.5 billion, while Average Total Loans increased 5% year-over-year to $5.2 billion. On a linked quarter basis, Average Total Loans were up 1%. The average Loan-to-Deposit ratio was 95% at the end of the fourth quarter, down from 98% in the third quarter of 2014 and 100% in the fourth quarter of 2013.
Core Fees and Income growth: Core Fees and Income increased 21% year-over-year and 18% linked quarter to $39.6 million. In the fourth quarter of 2014, the acquisition of Banyan Partners contributed $6.1 million to Private Banking Wealth Management and Trust Fees.
Core Fees and Income Rise to 47% of Total Revenue: In the fourth quarter of 2014, Core Fees and Income increased to 47% of total revenue, up from 43% in the third quarter of 2014 and 42% in the fourth quarter of 2013.
Dividend Increase: The Board of Directors today approved a quarterly cash dividend to common stock shareholders of $0.09 per share, up from $0.08 per share. This marks the fourth cash dividend increase in the past 8 quarters.
Boston, MA - January 21, 2015 - Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported fourth quarter 2014 GAAP Net Income Attributable to the Company of $12.2 million, compared to $18.3 million for the third quarter of 2014 and $17.7 million for the fourth quarter of 2013. Fourth quarter 2014 diluted earnings per share were $0.13, a $0.09 decrease from the third quarter of 2014 and a $0.07 decrease from the fourth quarter of 2013. Included in the fourth quarter of 2014 is $1.4 million of one-time pre-tax costs associated with the Banyan acquisition and an $800 thousand pre-tax expense for liability restructuring. Excluding the one-time costs, fourth quarter 2014 diluted earnings per share were $0.15.
For the full year of 2014, BPFH reported GAAP Net Income Attributable to the Company of $68.8 million, compared to $70.5 million for the full year of 2013. BPFH reported diluted earnings per share of $0.79 per share compared to $0.68 per share for the full years of 2014 and 2013, respectively.
“2014 was a pivotal year for Boston Private,” said Clayton G. Deutsch, CEO and President. "In October, we completed the acquisition of Banyan Partners, which accelerated the evolution of our Private Bank Wealth Management offering closer to our desired model. The Private Banking strategy continues to gain momentum on the West Coast, helping to drive strong deposit growth. As we enter 2015, Boston Private remains focused on expanding and deepening our private client base across all markets.”

1

The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Wednesday, January 21, 2015 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.

View differences made from one year to another to evaluate Boston Private Financial Holdings Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Boston Private Financial Holdings Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account