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Boston Private Reports Second Quarter 2020 Results

Second Quarter 2020 Highlights include:

Net loss of $(3.3) million, or $(0.04) per diluted share
Return on average common equity (non-GAAP) of (1.6)%
Return on average tangible common equity (non-GAAP) of (1.4)%
Average total deposits of $7.3 billion, a 10% increase year-over-year
Average total loans of $7.3 billion, a 4% increase year-over-year
Total assets under management/advisory (“AUM”) of $16.0 billion, a 2% decrease year-over-year
Total net flows of negative $40 million, with net inflows of $60 million in the Wealth Management and Trust segment
Total provision for credit losses of $25.4 million reflecting the deterioration of the macroeconomic outlook as a result of the COVID-19 pandemic
Funded $380 million of loans from the Small Business Administration's Paycheck Protection Program ("PPP"), resulting in $284 million of average loan balances during the quarter
Board of Directors declared a cash dividend of $0.06 per common share

Boston, MA - July 28, 2020
- Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported second quarter 2020 Net loss attributable to the Company of $(3.3) million, compared to Net income attributable to the Company of $0.8 million for the first quarter of 2020 and $19.4 million for the second quarter of 2019. Second quarter 2020 Diluted loss per share were $(0.04), compared to Diluted earnings per share of $0.01 in the first quarter of 2020 and $0.22 in the second quarter of 2019.
"I am proud of the way our employees continue to prioritize the health and financial well-being of our clients as we all navigated the challenging environment during the second quarter," said Anthony DeChellis, CEO of Boston Private. "This quarter's financial reflects continued reserve build related to the uncertain macroeconomic environment as a result of the pandemic. Our pre-tax, pre-provision income increased linked quarter, while our Wealth Management & Trust segment delivered net inflows for the second straight quarter.
"Our board declared a dividend of $0.06 per common share, compared to $0.12 in the prior quarter. This prudent action reflects our Company's conservative approach to liquidity and capital management as we adjust our dividend policy to reflect our current strategy."
Summary Financial Results - Reported
% Change
($ in millions, except for per share data)2Q201Q202Q19LQY/Y
Net income/(loss)$(3.3)$0.8$19.4nmnm
Diluted earnings/(loss) per share$(0.04)$0.01$0.22nmnm
Non-GAAP Financial Measures:
Pre-tax, pre-provision income$20.1$17.9$26.213 %(23)%
Return on average common equity ("ROACE")(1.6)%0.4 %9.8 %
Return on average tangible common equity ("ROATCE")(1.4)%0.7 %11.1 %
nm = not meaningful
The Company's reported financial results decreased linked quarter and year-over-year primarily as a result of the total provision for credit losses of $25.4 million in the second quarter of 2020. Pre-tax, pre-provision income increased 13% linked quarter primarily driven by higher other income and net interest income, partially offset by higher noninterest expense.
1

The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Tuesday, July 28, 2020 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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