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Boston Private Financial Holdings, Inc. Reports First Quarter 2019 Results


First Quarter 2019 Highlights include:

GAAP Net income was $19.4 million, or $0.25 per diluted share, and Operating Net income was $20.7 million or $0.27 per diluted share
Return on average common equity was 10.3%; Operating Return on average common equity was 11.0%
Return on average tangible common equity was 11.6%; Operating Return on average tangible common equity was 12.4%
Average total deposits were $6.8 billion, a 6% increase year-over-year
Average total loans were $6.9 billion, a 5% increase year-over-year
Total assets under management/advisory (“AUM”) were $16.1 billion, a decrease of 4% year-over-year
Total net flows were negative $963 million, of which $508 million were attributable to the Wealth Management & Trust segment and $455 million were attributable to Affiliate Partners

Notable Items impacting First Quarter 2019 results ("Notable Items"):

$1.6 million restructuring expense related to executive departures
Boston, MA - April 17, 2019 - Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported first quarter 2019 GAAP Net income attributable to the Company of $19.4 million, compared to $33.3 million for the fourth quarter of 2018 and $22.7 million for the first quarter of 2018. First quarter 2019 GAAP Diluted earnings per share were $0.25, compared to $0.42 in the fourth quarter of 2018 and $0.27 in the first quarter of 2018.
Summary Financial Results - Reported
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% Change
($ in millions, except for per share data)
 
1Q19

 
4Q18

 
1Q18

 
LQ
 
Y/Y
Net income
 
$19.4
 
$33.3
 
$22.7
 
(42
)%
 
(14
)%
Diluted earnings per share
 
$0.25
 
$0.42
 
$0.27
 
(40
)%
 
(7
)%
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP Financial Measures:
 
 
 
 
 
 
 
 
 
 
Pre-tax, pre-provision income
 
$23.0
 
$42.3
 
$26.3
 
(46
)%
 
(12
)%
Return on average common equity ("ROACE")
 
10.3
%
 
17.9
%
 
12.0
%
 
 
 
 
Return on average tangible common equity ("ROATCE")
 
11.6
%
 
20.5
%
 
15.2
%
 
 
 
 
nm = not meaningful
 
 
 
 
 
 
 
 
 
 
The Company's reported financial results decreased linked quarter primarily as a result of the gain on sale related to the divestiture of Bingham, Osborn & Scarborough ("BOS") in the fourth quarter of 2018.
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 15.

1

The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Wednesday, April 17, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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