Exhibit 99.1
BOSTON PRIVATE BANK AND TRUST COMPANY
2011 First Half Financial Highlights:
| |
| • | Net Income was $15.4 million, up 27% compared to the same period last year. |
| |
| • | Total balance sheet assets grew 3% to $5.8 billion. |
| |
| • | Assets under management ended the second quarter at $3.7 billion, up 10%. |
| |
| • | Savings and Money Market deposits grew significantly with balances up 16%, and the residential loan portfolio grew 10%. |
Statement of Financial Condition
Boston Private Bank & Trust Company
CONDENSED BALANCE SHEETS
(Unaudited)
|
| | | | | | | |
| | June 30, |
| ($ In Thousands) | 2011 | | 2010 |
| Assets | | | |
| Cash & Short-Term Investments | $ | 458,917 |
| | $ | 224,106 |
|
| Investment Securities | 790,481 |
| | 731,207 |
|
| Loans Held for Sale | 4,625 |
| | 28,449 |
|
| Commercial & Construction Loans | 2,319,002 |
| | 2,587,384 |
|
| Mortgage Loans | 1,767,671 |
| | 1,601,714 |
|
| Home Equity & Other Loans | 321,243 |
| | 295,146 |
|
| Total Loans | 4,407,916 |
| | 4,484,244 |
|
| Less: Allowance for Loan Losses | 98,742 |
| | 79,073 |
|
| Net Loans | 4,309,174 |
| | 4,405,171 |
|
| Other Assets | 262,384 |
| | 257,083 |
|
| Total Assets | $ | 5,825,581 |
| | $ | 5,646,016 |
|
| | | | |
| Liabilities & Shareholder’s Equity | | | |
| Demand Deposits | $ | 1,038,718 |
| | $ | 910,867 |
|
| NOW Accounts | 357,752 |
| | 345,719 |
|
| Savings & Money Market | 2,238,570 |
| | 1,933,874 |
|
| Certificates of Deposit | 1,020,510 |
| | 1,302,039 |
|
| Total Deposits | 4,655,550 |
| | 4,492,499 |
|
| Borrowings | 646,143 |
| | 645,895 |
|
| Other Liabilities | 41,991 |
| | 34,675 |
|
| Total Liabilities | 5,343,684 |
| | 5,173,069 |
|
| Shareholder’s Equity | 481,897 |
| | 472,947 |
|
| Total Liabilities & Shareholder’s Equity | $ | 5,825,581 |
| | $ | 5,646,016 |
|
Boston Private Bank & Trust Company
CONDENSED STATEMENTS OF INCOME
(Unaudited)
|
| | | | | | | |
| | For the Six Months Ended June 30, |
| ($ In Thousands) | 2011 | | 2010 |
| Interest Income | $ | 116,142 |
| | $ | 125,981 |
|
| Interest Expense | 22,792 |
| | 32,095 |
|
| Net Interest Income | 93,350 |
| | 93,886 |
|
| Provision for Loan Losses | 11,160 |
| | 22,577 |
|
| Net Interest Income after Provision | 82,190 |
| | 71,309 |
|
| Investment Management Fees | 11,991 |
| | 11,653 |
|
| Banking Fees and Other Income | 6,502 |
| | 4,386 |
|
| Operating Expenses | 78,992 |
| | 71,380 |
|
| Income Before Income Taxes | 21,691 |
| | 15,968 |
|
| Income Taxes | 6,292 |
| | 3,884 |
|
| Net Income | $ | 15,399 |
| | $ | 12,084 |
|
Boston Private Bank & Trust Company
SELECTED FINANCIAL DATA
(Unaudited)
|
| | | | | | | |
| | At and for the Six Months Ended June 30, |
| ($ In Thousands) | 2011 | | 2010 |
| Assets Under Management | $ | 3,739,000 |
| | $ | 3,405,000 |
|
| Return on Average Equity | 6.51 | % | | 5.08 | % |
| Net Interest Margin (FTE) | 3.37 | % | | 3.40 | % |
| Allowance for Loan Losses/Total Loans | 2.24 | % | | 1.76 | % |
| Tier I Leverage Capital Ratio | 7.92 | % | | 7.90 | % |
On May 27, 2011, Charter Private Bank, Borel Private Bank, and First Private Bank merged into Boston Private Bank & Trust Company. All financial statements and data above are presented on a consolidated basis for all periods presented. Certain transactions that took place in 2010 between the then-separate banks have been eliminated as if they had been operating as one consolidated bank.
Boston Private Bank & Trust Company
www.bostonprivatebank.com
Member FDIC
Equal Housing Lender
