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Boston Private Financial Holdings, Inc. Reports Fourth Quarter and Full Year 2017 Results; Raises Dividend to $0.12 Per Share
Fourth Quarter and Full Year Highlights:
Average Total Deposits increased 7% year-over-year to $6.4 billion, and Average Total Loans increased 7% year-over-year to $6.4 billion.
Total Assets Under Management/Advisory (“AUM”), excluding Anchor Capital Advisors LLC ("Anchor"), were $21.2 billion at the end of the fourth quarter, and Net Flows during the fourth quarter were $128 million.
Operating Return on Average Common Equity for the fourth quarter was 10.2% and Operating Return on Average Tangible Common Equity was 13.4%.
Full year Operating Return on Average Common Equity was 10.1% and Operating Return on Average Tangible Common Equity was 13.6%.
The Board of Directors approved a quarterly cash dividend of $0.12 per share of common stock, an increase from $0.11 per share in the prior quarter.
Notable Items impacting fourth quarter results:
$1.3 million loss on sale, $0.4 million of legal expense, and $24.9 goodwill impairment expense related to the Held for Sale classification and previously announced divestiture of Anchor
$12.9 million Income Tax Expense related to the Tax Cuts and Jobs Act
Boston, MA - January 17, 2018 - Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported fourth quarter 2017 GAAP Net loss attributable to the Company of $18.3 million, compared to Net Income of $19.8 million for the third quarter of 2017 and $17.6 million for the fourth quarter of 2016. Fourth quarter 2017 diluted earnings per share were ($0.24), compared to $0.22 in the third quarter of 2017, and $0.19 in the fourth quarter of 2016. For the full year of 2017, BPFH reported GAAP Net Income attributable to the Company of $40.6 million or $0.42 of diluted earnings per share.
This press release includes references to Operating metrics (non-GAAP) that exclude the impact of Notable Items listed above. A full reconciliation of these adjustments can be found in the footnotes.
Summary of fourth quarter and full year financial results (GAAP basis and Operating basis)
($ in millions, except for per share data)
Quarter ended
December 31, 2017
 
Year ended
December 31, 2017
 
GAAP or Reported
 
Operating
 
GAAP or Reported
 
Operating
Net income / (loss) attributable to the Company (18)
$(18.3)
 
$20.6
 
$40.6
 
$79.5
Diluted Total Earnings Per Share (5), (18)
$(0.24)
 
$0.22
 
$0.42
 
$0.88
 
 
 
 
 
 
 
 
Non-GAAP Financial Measures
Reported
 
Operating
 
Reported
 
Operating
Return on Average Common Equity (8), (18)
(9.9
)%
 
10.2
%
 
5.0
%
 
10.1
%
Return on Average Tangible Common Equity (8), (18)
(11.9
)%
 
13.4
%
 
7.0
%
 
13.6
%
"Our results this quarter include a combined impact of $38.9 million of charges resulting from our agreement to divest Anchor and the Tax Cuts and Jobs Act," said Clayton G. Deutsch, CEO. "Divesting Anchor will liberate

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The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Wednesday, January 17, 2018 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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