Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported second quarter 2012 GAAP Net Income Attributable to the Company of $14.2 million, compared to GAAP Net Income Attributable to the Company of $9.5 million in the first quarter of 2012. BPFH reported second quarter diluted earnings per share of $0.17 compared to diluted earnings per share of $0.11 in the first quarter of 2012.
On a year-over-year basis, GAAP Net Income Attributable to the Company decreased from $14.5 million in the second quarter of 2011. Earnings per share were flat on a year-over-year basis.
“While the yield environment remains challenging, our results show continued progress in our efforts to steadily build profitability,” said CEO and President Clayton G. Deutsch. “Our results reflect revenue growth, albeit below target growth rates due to the macro environment. We also continue to benefit from expense management initiatives, and a Provision for Loan Losses which reflects much improved credit quality. Our Return on Equity is now near 10%, and we continue to accumulate Tangible Common Equity.”
“We completed our restructuring program before the end of June, keeping our promise to bring all merger-related conversion and consolidation efforts to a close by the end of the first half of 2012. We are now shifting our attention to driving additional profitability gains across our Wealth Management and Private Banking businesses,” concluded Mr. Deutsch.Revenue Growth Driven By Increase in Spread-Based Revenues and Fees Net Interest Income in the second quarter was $46.6 million, up 4% from $44.8 million in the first quarter of 2012. Year-over-year, Net Interest Income increased 1% from $46.0 million. Fees and Other Income for the second quarter increased 2% to $28.0 million. On a year-over-year basis, Fees and Other Income decreased 9% from $30.7 million due primarily to fewer non-core gains in the second quarter of 2012 compared to the second quarter of 2011.
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