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Boston Private Financial Holdings, Inc. Reports Third Quarter 2018 Results
Third Quarter 2018 Highlights include:

GAAP net income was $18.0 million or $0.20 per diluted share, and operating net income was $22.5 million or $0.25 per diluted share
Operating return on average common equity was 12.1%
Operating return on average tangible common equity was 14.2%
Average total deposits were $6.7 billion, a 5% increase year-over-year
Average total loans were $6.7 billion, a 6% increase year-over-year
Total assets under management/advisory (“AUM”) were $22.4 billion and total net flows were positive $342 million
Restructuring expense of $5.8 million expected to result in $11 million of annual expense reduction in 2019
Boston, MA - October 17, 2018 - Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported third quarter 2018 GAAP Net income attributable to the Company of $18.0 million, compared to $6.4 million for the second quarter of 2018 and $19.8 million for the third quarter of 2017. Third quarter 2018 Diluted earnings per share were $0.20, compared to $0.03 in the second quarter of 2018 and $0.22 in the third quarter of 2017.
Summary Financial Results - Reported
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% Change
($ in millions, except for per share data)
 
3Q18

 
2Q18

 
3Q17

 
Linked
Quarter
 
Year over
Year
Net income attributable to the Company
 
$18.0
 
$6.4
 
$19.8
 
nm

 
(9
)%
Diluted earnings per share
 
$0.20
 
$0.03
 
$0.22
 
nm

 
(9
)%
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP Financial Measures:
 
 
 
 
 
 
 
 
 
 
Pre-tax, pre-provision income
 
$23.4
 
$25.3
 
$27.5
 
(7
)%
 
(15
)%
Return on average common equity ("ROACE")
 
9.7
%
 
3.0
%
 
9.9
%
 
 
 
 
Return on average tangible common equity ("ROATCE")
 
11.4
%
 
3.9
%
 
13.2
%
 
 
 
 
nm = not meaningful
 
 
 
 
 
 
 
 
 
 
Net income attributable to the Company, Diluted earnings per share, ROACE, and ROATCE for the third quarter of 2018 improved primarily due to a $12.7 million income tax expense during second quarter results associated with the divestiture of Anchor Capital Advisors, LLC ("Anchor"), partially offset by a $5.8 million restructuring expense during third quarter results.
In addition to presenting the Company’s results in conformity with GAAP, the Company uses certain non-GAAP financial measures to provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial sector. For additional information on non-GAAP financial measures, see page 7. A full reconciliation of GAAP to non-GAAP results can be found in the footnotes beginning on page 18.

1

The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Wednesday, October 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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