Exhibit 99.1
Boston Private Financial Holdings, Inc.
Selected Financial Data (Unaudited)
|
| | | | | | | | | | | | | | | | | | | |
| March 31, 2012 | | December 31, 2011 | | September 30, 2011 | | June 30, 2011 | | March 31, 2011 |
| (In thousands, except share and per share data) |
Assets: | | | | | | | | | |
Cash and cash equivalents | $ | 131,136 |
| | $ | 203,354 |
| | $ | 329,585 |
| | $ | 472,035 |
| | $ | 362,729 |
|
Investment securities available for sale | 825,614 |
| | 844,496 |
| | 846,267 |
| | 791,085 |
| | 785,341 |
|
Loans held for sale | 3,727 |
| | 12,069 |
| | 13,275 |
| | 4,625 |
| | 2,833 |
|
Total loans | 4,849,048 |
| | 4,651,228 |
| | 4,488,719 |
| | 4,410,440 |
| | 4,457,899 |
|
Less: Allowance for loan losses | 97,902 |
| | 96,114 |
| | 98,759 |
| | 98,742 |
| | 100,282 |
|
Net loans | 4,751,146 |
| | 4,555,114 |
| | 4,389,960 |
| | 4,311,698 |
| | 4,357,617 |
|
Other real estate owned (“OREO”) | 3,886 |
| | 5,103 |
| | 9,161 |
| | 14,485 |
| | 11,497 |
|
Stock in Federal Home Loan Banks | 42,639 |
| | 43,714 |
| | 44,248 |
| | 44,785 |
| | 45,325 |
|
Premises and equipment, net | 29,432 |
| | 29,224 |
| | 28,707 |
| | 27,168 |
| | 26,256 |
|
Goodwill | 110,180 |
| | 110,180 |
| | 110,180 |
| | 110,180 |
| | 110,180 |
|
Intangible assets, net | 27,479 |
| | 28,569 |
| | 29,690 |
| | 30,814 |
| | 32,211 |
|
Fees receivable | 9,042 |
| | 8,147 |
| | 7,998 |
| | 8,481 |
| | 8,322 |
|
Accrued interest receivable | 16,968 |
| | 16,875 |
| | 16,504 |
| | 16,881 |
| | 17,154 |
|
Deferred income taxes, net | 66,105 |
| | 66,782 |
| | 75,569 |
| | 77,182 |
| | 81,542 |
|
Other assets | 120,318 |
| | 115,069 |
| | 112,628 |
| | 118,091 |
| | 132,144 |
|
Assets of discontinued operations | 10,890 |
| | 10,676 |
| | 10,549 |
| | 10,268 |
| | 10,170 |
|
Total assets | $ | 6,148,562 |
| | $ | 6,049,372 |
| | $ | 6,024,321 |
| | $ | 6,037,778 |
| | $ | 5,983,321 |
|
Liabilities: | | | | | | | | | |
Deposits | $ | 4,602,451 |
| | $ | 4,530,411 |
| | $ | 4,534,076 |
| | $ | 4,551,319 |
| | $ | 4,540,190 |
|
Securities sold under agreements to repurchase | 108,551 |
| | 130,791 |
| | 108,294 |
| | 122,448 |
| | 127,278 |
|
Federal Home Loan Bank borrowings | 582,551 |
| | 521,827 |
| | 527,481 |
| | 523,695 |
| | 494,814 |
|
Junior subordinated debentures | 178,645 |
| | 182,053 |
| | 188,645 |
| | 188,645 |
| | 193,645 |
|
Other liabilities | 91,827 |
| | 94,811 |
| | 90,664 |
| | 90,042 |
| | 83,450 |
|
Liabilities of discontinued operations | 1,392 |
| | 1,663 |
| | 1,622 |
| | 1,449 |
| | 1,492 |
|
Total liabilities | 5,565,417 |
| | 5,461,556 |
| | 5,450,782 |
| | 5,477,598 |
| | 5,440,869 |
|
Redeemable Noncontrolling Interests | 21,604 |
| | 21,691 |
| | 21,885 |
| | 21,210 |
| | 20,341 |
|
Shareholders’ Equity: | | | | | | | | | |
Preferred stock, $1.00 par value; authorized: 2,000,000 shares; | | | | | | | | | |
Series B, issued and outstanding (contingently convertible): 401 shares at all dates presented; liquidation value: $100,000 per share | 58,089 |
| | 58,089 |
| | 58,089 |
| | 58,089 |
| | 58,089 |
|
Common stock, $1.00 par value; authorized: 170,000,000 shares; issued and outstanding: 78,151,609 shares at March 31, 2012; 78,023,317 shares at December 31, 2011; 78,004,135 shares at September 30, 2011; 77,942,074 shares at June 30, 2011; and 77,012,314 shares at March 31, 2011 | 78,152 |
| | 78,023 |
| | 78,004 |
| | 77,942 |
| | 77,012 |
|
Additional paid-in capital | 642,276 |
| | 656,436 |
| | 655,165 |
| | 654,297 |
| | 655,338 |
|
Accumulated deficit | (220,512 | ) | | (230,017 | ) | | (243,079 | ) | | (254,758 | ) | | (269,303 | ) |
Accumulated other comprehensive income | 3,536 |
| | 3,594 |
| | 3,475 |
| | 3,400 |
| | 975 |
|
Total shareholders’ equity | 561,541 |
| | 566,125 |
| | 551,654 |
| | 538,970 |
| | 522,111 |
|
Total liabilities, redeemable noncontrolling interests and shareholders’ equity | $ | 6,148,562 |
| | $ | 6,049,372 |
| | $ | 6,024,321 |
| | $ | 6,037,778 |
| | $ | 5,983,321 |
|
Boston Private Financial Holdings, Inc.
Selected Financial Data (Unaudited)
|
| | | | | | | | | | | | | | | | | | | |
| Three Months Ended |
(In thousands, except share and per share data) | March 31, 2012 | | December 31, 2011 | | September 30, 2011 | | June 30, 2011 | | March 31, 2011 |
Interest and dividend income: | | | | | | | | | |
Loans | $ | 51,946 |
| | $ | 51,857 |
| | $ | 53,043 |
| | $ | 54,577 |
| | $ | 52,571 |
|
Taxable investment securities | 1,256 |
| | 1,332 |
| | 1,456 |
| | 1,393 |
| | 1,380 |
|
Non-taxable investment securities | 848 |
| | 846 |
| | 905 |
| | 928 |
| | 1,089 |
|
Mortgage-backed securities | 1,603 |
| | 1,775 |
| | 1,873 |
| | 1,841 |
| | 1,807 |
|
Federal funds sold and other | 149 |
| | 226 |
| | 242 |
| | 281 |
| | 319 |
|
Total interest and dividend income | 55,802 |
| | 56,036 |
| | 57,519 |
| | 59,020 |
| | 57,166 |
|
Interest expense: | | | | | | | | | |
Deposits | 4,903 |
| | 5,608 |
| | 5,921 |
| | 6,301 |
| | 6,650 |
|
Federal Home Loan Bank borrowings | 3,945 |
| | 4,059 |
| | 4,203 |
| | 4,261 |
| | 4,391 |
|
Junior subordinated debentures | 1,752 |
| | 1,786 |
| | 1,851 |
| | 1,905 |
| | 1,893 |
|
Repurchase agreements and other short-term borrowings | 434 |
| | 434 |
| | 485 |
| | 519 |
| | 521 |
|
Total interest expense | 11,034 |
| | 11,887 |
| | 12,460 |
| | 12,986 |
| | 13,455 |
|
Net interest income | 44,768 |
| | 44,149 |
| | 45,059 |
| | 46,034 |
| | 43,711 |
|
Provision/ (credit) for loan losses | 4,000 |
| | (2,500 | ) | | 4,500 |
| | (2,190 | ) | | 13,350 |
|
Net interest income/(loss) after provision/ (credit) for loan losses | 40,768 |
| | 46,649 |
| | 40,559 |
| | 48,224 |
| | 30,361 |
|
Fees and other income: | | | | | | | | | |
Investment management and trust fees | 15,238 |
| | 14,774 |
| | 16,161 |
| | 16,337 |
| | 16,083 |
|
Wealth advisory fees | 9,236 |
| | 8,881 |
| | 8,623 |
| | 8,616 |
| | 8,433 |
|
Other banking fee income | 1,017 |
| | 1,179 |
| | 1,339 |
| | 1,287 |
| | 1,234 |
|
Gain on repurchase of debt | 879 |
| | 2,392 |
| | — |
| | 1,838 |
| | — |
|
Gain on sale of investments, net | 13 |
| | 109 |
| | 103 |
| | 167 |
| | 419 |
|
Gain on sale of loans, net | 421 |
| | 593 |
| | 386 |
| | 1,125 |
| | 385 |
|
Gain/(loss) on OREO, net | (41 | ) | | 1,261 |
| | 3,156 |
| | 844 |
| | 110 |
|
Other | 691 |
| | 420 |
| | (44 | ) | | 438 |
| | 1,792 |
|
Total fees and other income | 27,454 |
| | 29,609 |
| | 29,724 |
| | 30,652 |
| | 28,456 |
|
Operating expense: | | | | | | | | | |
Salaries and employee benefits | 36,912 |
| | 38,665 |
| | 33,796 |
| | 34,775 |
| | 35,636 |
|
Occupancy and equipment | 7,265 |
| | 7,570 |
| | 7,519 |
| | 7,332 |
| | 7,228 |
|
Professional services | 2,939 |
| | 2,748 |
| | 3,634 |
| | 5,284 |
| | 5,143 |
|
Marketing and business development | 1,329 |
| | 2,032 |
| | 1,473 |
| | 1,863 |
| | 1,434 |
|
Contract services and data processing | 1,188 |
| | 1,141 |
| | 1,150 |
| | 1,219 |
| | 1,134 |
|
Amortization of intangibles | 1,090 |
| | 1,121 |
| | 1,124 |
| | 1,397 |
| | 1,159 |
|
FDIC insurance | 849 |
| | 1,253 |
| | 1,356 |
| | 1,294 |
| | 2,236 |
|
Restructuring expense | 135 |
| | 653 |
| | 1,116 |
| | 4,304 |
| | 1,982 |
|
Other | 3,920 |
| | 2,783 |
| | 3,748 |
| | 3,442 |
| | 4,109 |
|
Total operating expense | 55,627 |
| | 57,966 |
| | 54,916 |
| | 60,910 |
| | 60,061 |
|
Income/(loss) before income taxes | 12,595 |
| | 18,292 |
| | 15,367 |
| | 17,966 |
| | (1,244 | ) |
Income tax expense/(benefit) | 3,851 |
| | 5,722 |
| | 4,542 |
| | 4,197 |
| | (179 | ) |
Net income/(loss) from continuing operations | 8,744 |
| | 12,570 |
| | 10,825 |
| | 13,769 |
| | (1,065 | ) |
Net income/(loss) from discontinued operations | 1,554 |
| | 1,374 |
| | 1,594 |
| | 1,553 |
| | 1,663 |
|
Net income/(loss) before attribution to noncontrolling interests | 10,298 |
| | 13,944 |
| | 12,419 |
| | 15,322 |
| | 598 |
|
Less: Net income/ (loss) attributable to noncontrolling interests | 793 |
| | 882 |
| | 740 |
| | 777 |
| | 747 |
|
Net income/(loss) attributable to the Company | $ | 9,505 |
| | $ | 13,062 |
| | $ | 11,679 |
| | $ | 14,545 |
| | $ | (149 | ) |