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Boston Private Financial Holdings, Inc. Reports Fourth Quarter and Full Year 2018 Results

Fourth Quarter 2018 Highlights include:

GAAP Net income was $33.3 million, or $0.42 per diluted share, and operating net income was $19.6 million or $0.26 per diluted share
Return on average common equity was 17.9%; operating return on average common equity was 10.5%
Return on average tangible common equity was 20.5%; operating return on average tangible common equity was 12.2%
Average total deposits were $6.9 billion, a 7% increase year-over-year
Average total loans were $6.8 billion, a 6% increase year-over-year
Total assets under management/advisory (“AUM”) were $15.9 billion and total net flows were negative $143 million

Notable Items impacting Fourth Quarter 2018 results ("Notable Items"):

$18.1 million gain on sale and $3.2 million tax expense related to the divestiture of Bingham, Osborn & Scarborough, LLC ("BOS")
$1.6 million net restructuring expense related to personnel and technology efficiencies

Full Year 2018 Highlights include:

GAAP Net income was $80.4 million, or $0.92 per diluted share, and operating net income was $84.2 million or $0.97 per diluted share
Returned $62.4 million of capital to common shareholders through dividends and share repurchases
Tangible book value per share increased 15% year-over-year to $8.18 and Tier 1 common equity ratio increased to 11.4%
Boston, MA - January 30, 2019 - Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported fourth quarter 2018 GAAP Net income/ (loss) attributable to the Company of $33.3 million, compared to $18.0 million for the third quarter of 2018 and ($18.3) million for the fourth quarter of 2017. Fourth quarter 2018 Diluted earnings/ (loss) per share were $0.42, compared to $0.20 in the third quarter of 2018 and ($0.24) in the fourth quarter of 2017.
Summary Financial Results - Reported
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% Change
($ in millions, except for per share data)
 
4Q18

 
3Q18

 
4Q17

 
LQ
 
Y/Y
Net income/ (loss)
 
$33.3
 
$18.0
 
$(18.3)
 
85
%
 
nm
Diluted earnings/ (loss) per share
 
$0.42
 
$0.20
 
$(0.24)
 
nm

 
nm
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP Financial Measures:
 
 
 
 
 
 
 
 
 
 
Pre-tax, pre-provision income
 
$42.3
 
$23.4
 
$2.5
 
81
%
 
nm
Return on average common equity ("ROACE")
 
17.9
%
 
9.7
%
 
(9.9
)%
 
 
 
 
Return on average tangible common equity ("ROATCE")
 
20.5
%
 
11.4
%
 
(11.9
)%
 
 
 
 
nm = not meaningful
 
 
 
 
 
 
 
 
 
 
The Company's reported financial results increased linked quarter primarily as a result of the gain on sale related to the divestiture of BOS. Additional factors driving the year-over-year increase include impairment of goodwill related to the divestiture of Anchor Capital Advisors, LLC ("Anchor") and income tax expense related to the Tax Cuts and Jobs Act, each during the fourth quarter of 2017.

1

The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Wednesday, January 30, 2019 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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