Investor Relations

Press Release

Boston Private Reports Third Quarter 2020 Results

Company Release - 10/21/2020 4:15 PM ET

Third Quarter 2020 Highlights include:

  • GAAP Net income of $22.7 million, or $0.28 per diluted share, and operating net income of $22.0 million, or $0.27 per diluted share
  • Return on average common equity (non-GAAP) of 10.7%; operating return on average common equity of 10.4%
  • Return on average tangible common equity (non-GAAP) of 11.9%; operating return on average tangible common equity of 11.6%
  • Average total deposits of $7.7 billion, a 16% increase year-over-year
  • Average total loans of $7.3 billion, a 3% increase year-over-year
  • Total assets under management/advisory (“AUM”) of $16.3 billion, flat year-over-year
  • Total net flows of negative $407 million driven by net flows of negative $395 million at Dalton, Greiner, Hartman, Maher & Co, LLC ("DGHM")
  • Total net provision credit of $2.8 million
  • Notable Item: $0.9 million gain related to the revaluation of a receivable from the divestiture of Bingham, Osborn & Scarborough, LLC ("BOS")

BOSTON--(BUSINESS WIRE)-- Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported third quarter 2020 Net income attributable to the Company of $22.7 million, compared to Net loss attributable to the Company of $(3.3) million for the second quarter of 2020 and Net income attributable to the Company of $20.0 million for the third quarter of 2019. Third quarter 2020 Diluted earnings per share were $0.28, compared to Diluted loss per share of $(0.04) in the second quarter of 2020 and Diluted earnings per share of $0.24 in the third quarter of 2019.

"We are proud of the dedication and commitment shown by the Boston Private employees guiding our clients through this challenging environment," said Anthony DeChellis, CEO of Boston Private. "This quarter's financial results include a provision credit and continued strong new business in our Wealth Management & Trust business. We strengthened our capital and liquidity position to provide flexibility as we navigate the uncertain environment. We remain committed to our strategic objectives and believe that we are well positioned for long-term success."

Summary Financial Results

 

 

 

 

 

 

 

 

% Change

($ in millions, except for per share data)

 

3Q20

 

2Q20

 

3Q19

 

LQ

 

Y/Y

Net income/(loss) - GAAP

 

$22.7

 

$(3.3)

 

$20.0

 

nm

 

14%

Net income/(loss) - Operating

 

22.0

 

(3.3)

 

20.0

 

nm

 

10%

Diluted earnings/(loss) per share - GAAP

 

$0.28

 

$(0.04)

 

$0.24

 

nm

 

17%

Diluted earnings/(loss) per share - Operating

 

$0.27

 

$(0.04)

 

$0.24

 

nm

 

13%