Investor Relations

As Reported Financials

As Reported Financials

Source Document Currency Code (in thousands) 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD 2017 Q3 YTD 9/30/2017 USD
Source Document Currency Code 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD 2017 Q3 YTD 9/30/2017 USD

Interest and dividend income

Loans 191,594 191,658 192,184 201,349 169,468
Taxable investment securities 2,056 3,162 4,403 6,230 4,831
Non-taxable investment securities 3,113 3,738 4,758 5,754 4,925
Mortgage-backed securities 5,441 6,925 10,933 12,416 10,266
Federal funds sold and other 970 1,359 1,390 1,890 2,347
Total interest and dividend income 203,174 206,842 213,668 227,639 191,837

Interest expense

Deposits 13,395 14,102 16,002 16,571 14,836
Federal Home Loan Bank borrowings 10,963 9,108 7,959 8,008 7,257
Junior subordinated debentures 4,408 3,872 3,875 2,427 2,148
Repurchase agreements and other short-term borrowings 390 59 62 195 182
Total interest expense 29,156 27,141 27,898 27,201 24,423
Net interest income 174,018 179,701 185,770 200,438 167,414
Provision/ (credit) for loan losses (10,000) (6,400) (1,555) (6,935) (6,727)
Net interest income after provision/ (credit) for loan losses 184,018 186,101 187,325 207,373 174,141

Fees and other income

Investment management fees 43,816 47,123 45,694 44,410 33,194
Wealth advisory fees 42,352 48,082 50,437 50,581 39,063
Wealth management and trust fees 26,547 34,582 51,309 43,980 33,606
Other banking fee income 7,463 7,033 8,440 12,050 6,384
Gain on sale of loans, net 2,519 2,158 1,207 667 366
Gain on repurchase of debt 620 NA NA NA NA
Gain/ (loss) on sale of investments, net 49 (7) 236 521 486
Gain/ (loss) on OREO, net (13) 957 124 306 (46)
Gain on sale of offices 10,574 0 0 2,862 NA
Other 2,414 870 3,722 3,410 1,738
Total fees and other income 136,341 140,798 161,169 158,787 114,791

Operating expense

Salaries and employee benefits 140,761 146,648 159,401 163,767 134,486
Occupancy and equipment 29,822 31,041 37,183 39,075 32,711
Professional services 12,109 12,473 12,861 11,576 9,728
Marketing and business development 7,094 7,989 9,063 7,626 5,847
Contract services and data processing 5,827 5,816 6,037 7,024 4,829
Amortization of intangibles 4,327 4,836 6,711 6,282 4,278
Impairment of goodwill NA 0 0 9,528 NA
FDIC insurance 3,700 3,459 3,979 3,484 2,292
Restructuring 0 739 3,724 2,017 0
Other 17,065 14,128 16,222 14,574 11,776
Total operating expense 220,705 227,129 255,181 264,953 205,947
Income before income taxes 99,654 99,770 93,313 101,207 82,985
Income tax expense 32,963 32,365 30,392 30,963 24,805
Net income from continuing operations 66,691 67,405 62,921 70,244 58,180
Net income from discontinued operations 7,792 6,160 6,411 5,541 3,881
Net income before attribution to noncontrolling interests 74,483 73,565 69,332 75,785 62,061
Less - Net income attributable to noncontrolling interests 3,948 4,750 4,407 4,157 3,190
Net income attributable to the Company 70,535 68,815 64,925 71,628 58,871
Adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders (16,636) (4,000) (3,011) (4,063) (2,889)
Net income attributable to common shareholders for earnings per share calculation 53,899 64,815 61,914 67,565 55,982

Basic earnings per share attributable to common shareholders

From continuing operations 0.60 0.74 0.69 0.76 0.63
From discontinued operations 0.10 0.08 0.08 0.07 0.05
Total attributable to common shareholders 0.70 0.82 0.77 0.83 0.68
Weighted average basic common shares outstanding 77,373,817 78,921,480 80,885,253 81,264,273 82,270,849

Diluted earnings per share attributable to common shareholders

From continuing operations 0.59 0.72 0.66 0.74 0.61
From discontinued operations 0.09 0.08 0.08 0.07 0.05
Total attributable to common shareholders 0.68 0.80 0.74 0.81 0.66
Weighted average diluted common shares outstanding 78,753,524 81,308,144 83,393,090 83,209,126 84,741,172

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income attributable to the Company 70,535 68,815 64,925 71,628 58,871

Other comprehensive income/ (loss), net of tax

Unrealized gain/ (loss) on securities available-for-sale (7,141) 3,736 (1,349) (11,358) 7,588
Reclassification adjustment for net realized (gain)/ loss included in net income Unrealized gain/ (loss) on securities available-for-sale (1,204) 4 (139) (331) (293)
Net unrealized gain/ (loss) on securities available-for-sale (7,169) 3,740 (1,488) (11,689) 7,295
Unrealized gain/ (loss) on cash flow hedges 2 (2,009) (1,554) (461) (140)
Reclassification adjustment for net realized (gain)/ loss included in net income Unrealized gain/ (loss) on cash flow hedges 28 1,849 2,354 979 558
Net unrealized gain/ (loss) on cash flow hedges 1,206 (160) 800 518 418
Net unrealized gain/ (loss) on other (358) (80) (115) 123 12
Other comprehensive income/ (loss), net of tax (6,321) 3,500 (803) (11,048) 7,725
Total comprehensive income attributable to the Company, net 64,214 72,315 64,122 60,580 66,596
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.

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