Exhibit 99.1
Boston Private Financial Holdings, Inc.
Selected Financial Data (Unaudited)
|
| | | | | | | | | | | | | | | | | | | |
| | Three Months Ended |
| PER SHARE DATA: | June 30,
2018 | | March 31,
2018 | | December 31,
2017 | | September 30,
2017 | | June 30,
2017 |
| | (In thousands, except share and per share data) |
| Calculation of income for EPS: | | | | | | | | | |
| Net income/ (loss) attributable to the Company | $ | 6,434 |
| | $ | 22,686 |
| | $ | (18,280 | ) | | $ | 19,803 |
| | $ | 23,406 |
|
| Adjustments to Net income/ (loss) attributable to the Company to arrive at Net income/ (loss) attributable to common shareholders, treasury stock method (4) | (3,524 | ) | | (23 | ) | | (1,998 | ) | | (1,146 | ) | | (577 | ) |
| Net income/ (loss) attributable to the common shareholders, treasury stock method | $ | 2,910 |
| | $ | 22,663 |
| | $ | (20,278 | ) | | $ | 18,657 |
| | $ | 22,829 |
|
| | | | | | | | | | |
| End of period common shares outstanding | 84,478,858 |
| | 84,194,267 |
| | 84,208,538 |
| | 84,082,250 |
| | 84,015,141 |
|
| | | | | | | | | | |
| Weighted average shares outstanding: | | | | | | | | | |
| Weighted average basic shares outstanding | 83,509,115 |
| | 83,097,758 |
| | 82,904,776 |
| | 82,556,225 |
| | 82,298,493 |
|
| Weighted average diluted shares outstanding (5) | 85,413,575 |
| | 85,271,650 |
| | 82,904,776 |
| | 84,888,311 |
| | 84,741,680 |
|
| | | | | | | | | | |
| Diluted total earnings/ (loss) per share | $ | 0.03 |
| | $ | 0.27 |
| | $ | (0.24 | ) | | $ | 0.22 |
| | $ | 0.27 |
|
|
| | | | | | | |
| | Six Months Ended |
| PER SHARE DATA: | June 30,
2018 | | June 30,
2017 |
| | (In thousands, except share and per share data) |
| Calculation of income for EPS: | | | |
| Net income/ (loss) attributable to the Company | $ | 29,120 |
| | $ | 39,068 |
|
| Adjustments to Net income/ (loss) attributable to the Company to arrive at Net income/ (loss) attributable to common shareholders, treasury stock method (4) | (3,547 | ) | | (1,743 | ) |
| Net income/ (loss) attributable to the common shareholders, treasury stock method | $ | 25,573 |
| | $ | 37,325 |
|
| | | | |
| Weighted average shares outstanding: | | | |
| Weighted average basic shares outstanding | 83,304,573 |
| | 82,125,795 |
|
| Weighted average diluted shares outstanding (5) | 85,221,974 |
| | 84,658,309 |
|
| | | | |
| Diluted total earnings/ (loss) per share | $ | 0.30 |
| | $ | 0.44 |
|
| | | | |
Boston Private Financial Holdings, Inc.
Selected Financial Data
(Unaudited)
FOOTNOTES:
| |
| (4) | Adjustments to Net income attributable to the Company to arrive at Net income attributable to the common shareholders, as presented in these tables, include decrease/ (increase) in Noncontrolling interests redemption value and dividends paid on preferred stock, including deemed dividends on redemption of the 6.95% Non-Cumulative Perpetual Preferred Stock, Series D (“the Series D preferred stock”). |
| |
| (16) | The Company uses certain non-GAAP financial measures, such as: Net income attributable to the Company excluding notable items and Diluted earnings per share excluding notable items to provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial sector. |
Reconciliations from the Company’s GAAP Net income attributable to the Company to non-GAAP Net income attributable to the Company excluding notable items and from GAAP Diluted earnings per share to non-GAAP Diluted earnings per share excluding notable items are presented below:
|
| | | | | | | | | | | | | | | | | | | |
| | Three Months Ended |
| (In thousands, except share and per share data) | June 30,
2018 | | March 31,
2018 | | December 31,
2017 | | September 30,
2017 | | June 30,
2017 |
| Net income/ (loss) attributable to the Company (GAAP) | $ | 6,434 |
| | $ | 22,686 |
| | $ | (18,280 | ) | | $ | 19,803 |
| | $ | 23,406 |
|
| LESS: Gain/ (loss) on sale of affiliates or offices | — |
| | — |
| | (1,264 | ) | | — |
| | — |
|
| ADD BACK: Anchor divestiture legal expense | — |
| | — |
| | 400 |
| | — |
| | — |
|
| ADD BACK: Impairment of goodwill | — |
| | — |
| | 24,901 |
| | — |
| | — |
|
| ADD BACK: Tax adjustments * | 12,706 |
| | — |
| | 12,880 |
| | — |
| | — |
|
Tax effect at statutory rate (35% in 2017, 21% in 2018) ** | — |
| | — |
| | (582 | ) | | — |
| | — |
|
Net income attributable to the Company excluding notable items (non-GAAP) | $ | 19,140 |
| | $ | 22,686 |
| | $ | 20,583 |
| | $ | 19,803 |
| | $ | 23,406 |
|
| | | | | | | | | | |
| Net income/ (loss) attributable to the common shareholders, treasury stock method (GAAP) | $ | 2,910 |
| | $ | 22,663 |
| | $ | (20,278 | ) | | $ | 18,657 |
| | $ | 22,829 |
|
| ADD BACK: Deemed dividend due to redemption of Series D Preferred | 2,247 |
| | — |
| | — |
| | — |
| | — |
|
| LESS: Gain/ (loss) on sale of affiliates or offices | — |
| | — |
| | (1,264 | ) | | — |
| | — |
|
| ADD BACK: Anchor divestiture legal expense | — |
| | — |
| | 400 |
| | — |
| | — |
|
| ADD BACK: Impairment of goodwill | — |
| | — |
| | 24,901 |
| | — |
| | — |
|
| ADD BACK: Tax adjustments * | 12,706 |
| | — |
| | 12,880 |
| | — |
| | — |
|
Tax effect at statutory rate
(35% in 2017, 21% in 2018) ** | — |
| | — |
| | (582 | ) | | — |
| | — |
|
| Net income attributable to the common shareholders, treasury stock method, excluding notable items (non-GAAP) | $ | 17,863 |
| | $ | 22,663 |
| | $ | 18,585 |
| | $ | 18,657 |
| | $ | 22,829 |
|
| | | | | | | | | | |
| Weighted average diluted shares outstanding (GAAP) | 85,413,575 |
| | 85,271,650 |
| | 82,904,776 |
| | 84,888,311 |
| | 84,741,680 |
|
| Weighted average diluted shares outstanding, excluding notable items (non-GAAP) *** | 85,413,575 |
| | 85,271,650 |
| | 85,196,760 |
| | 84,888,311 |
| | 84,741,680 |
|
| | | | | | | | | | |
| Diluted total earnings/ (loss) per share (GAAP) | $ | 0.03 |
| | $ | 0.27 |
| | $ | (0.24 | ) | | $ | 0.22 |
| | $ | 0.27 |
|
| Diluted total earnings per share, excluding notable items (non-GAAP) | $ | 0.21 |
| | $ | 0.27 |
| | $ | 0.22 |
| | $ | 0.22 |
| | $ | 0.27 |
|
| | | | | | | | | | |
| Average common equity (non-GAAP) | $ | 736,068 |
| | $ | 736,272 |
| | $ | 765,765 |
| | $ | 760,843 |
| | $ | 745,773 |
|
| Average tangible common equity (non-GAAP) | $ | 633,535 |
| | $ | 597,821 |
| | $ | 607,787 |
| | $ | 595,077 |
| | $ | 578,569 |
|
| Return on average common equity - (annualized), excluding notable items (non-GAAP) | 9.96 | % | | 12.02 | % | | 10.21 | % | | 9.87 | % | | 12.12 | % |
| Return on average tangible common equity - (annualized), excluding notable items (non-GAAP) | 11.94 | % | | 15.20 | % | | 13.43 | % | | 13.24 | % | | 16.27 | % |
| | | | | | | | | | |
| Pre-tax, pre-provision income (non-GAAP) | $ | 25,256 |
| | $ | 26,269 |
| | $ | 2,458 |
| | $ | 27,548 |
| | $ | 27,342 |
|
| LESS: Gain/ (loss) on sale of affiliates or offices | — |
| | — |
| | (1,264 | ) | | — |
| | — |
|
| ADD BACK: Anchor divestiture legal expense | — |
| | — |
| | 400 |
| | — |
| | — |
|
| ADD BACK: Impairment of goodwill | — |
| | — |
| | 24,901 |
| | — |
| | — |
|
| Pre-tax, pre-provision income, excluding notable items (non-GAAP) | $ | 25,256 |
| | $ | 26,269 |
| | $ | 29,023 |
| | $ | 27,548 |
| | $ | 27,342 |
|
* Additional tax expense in the second quarter of 2018 relates to the tax impact of the April 2018 completion of the sale of Anchor.
** Due to the nature of the goodwill related to Anchor, no tax effect is applied to the goodwill impairment in the fourth quarter of 2017.
| |
| *** | For the fourth quarter of 2017, Weighted average diluted shares outstanding include the dilutive effects when the excluded notable items move net income/ (loss) attributable to the common shareholders from a net loss to a net income position. |
