Boston Private Financial Holdings, Inc. Reports Third Quarter 2011 Results

Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported third quarter 2011 GAAP Net Income Attributable to the Common Stockholders of $11.5 million, compared to GAAP Net Income Attributable to the Common Stockholders of $14.3 million in the second quarter of 2011. BPFH reported third quarter diluted earnings per share of $0.14 compared to diluted earnings per share of $0.17 in the second quarter of 2011.

“In the third quarter we continued to see improvement in the overall health of our Company,” said CEO and President Clayton G. Deutsch. “These results show continued evidence that our program to return the Company to sustainable and acceptable profitability is unfolding as planned. Since my arrival last August, we asserted a restructuring plan that returned the Company to profitability in the second quarter of 2011, and our third quarter results show ongoing progress. We continue to focus on improving our credit quality, accumulating capital, and carefully managing growth, while reducing risk and improving the core performance of our Wealth Management and Private Banking businesses.”

“In a difficult environment, we witnessed loan growth across our commercial and residential lending businesses, relatively stable Net Interest Income and stable fee-based revenues,” said Mr. Deutsch. “We reduced Operating Expenses and closely managed credit which resulted in a year-over-year reduction in the Provision for Loan Losses. We continue to believe that our NIM defense is strong and that our Wealth Management and Private Banking model has the intrinsics to outperform core banking in a prolonged low interest rate environment.”

Diversified Revenue Stream Holds Steady

Net Interest Income in the third quarter was $45.1 million, down 2% from $46.0 million in the second quarter 2011 and down 3% from $46.4 million in the third quarter of 2010. Fees and Other Income decreased to $31.4 million, down 3% from $32.3 million in the second quarter of 2011 and up 15% from $27.3 million in the third quarter of 2010.

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