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Boston Private Financial Holdings, Inc. Reports Fourth Quarter And Full Year 2012 Results; Announces Dividend Increase And Share Repurchase Program

Stocks in this article: BPFH

Net Interest Margin was 3.19% in the fourth quarter, up 8 basis points from 3.11% in the third quarter. On a year-over-year basis, Net Interest Margin increased 2 basis points from 3.17%. For the full year of 2012, Net Interest Margin decreased 3 basis points to 3.22%.

Total Assets Under Management/Advisory (“AUM”) increased to $20.4 billion, up 2% from $20.1 billion in the third quarter of 2012. AUM increased 13% from $18.1 billion in the fourth quarter of 2011. The Company experienced fourth quarter 2012 AUM net inflows of $298 million, as compared to AUM net inflows of $223 million in the third quarter of 2012. AUM net outflows for the fourth quarter of 2011 were ($142) million. AUM net inflows for the full year of 2012 were $621 million, as compared to AUM net outflows of ($492) million in 2011.

Total Expenses Increase in Q4 Due to Non-Cash Benefit Charges and Liabilities Restructuring

Total Expenses (including restructuring costs of $1.6 million) in the fourth quarter of 2012 were $62.7 million, up 8% from $58.2 million (including third quarter restructuring costs of $3.6 million) on a linked quarter basis. For the full year of 2012, Total Expenses (including restructuring costs of $5.9 million) were $231.9 million, down 1% from Total Expenses (including restructuring costs of $8.1 million) of $233.9 million for the full year of 2011.

“Total Expenses in the quarter were impacted by unusual items totaling $7.6 million, including non-cash benefit charges of $2.0 million, seasonal marketing costs of $1.1 million, liability restructuring costs of $2.0 million, severance costs of $1.6 million and variable compensation costs of $900 thousand,” said David J. Kaye, Chief Financial Officer. “It is important to note that the costs associated with the restructuring of expenses and liabilities will benefit the Company in 2013.”

Q4 Provision Credit Due Primarily to Sale of Pacific Northwest Offices

Provision for Loan Losses in the fourth quarter was a credit of ($5.0) million, compared to a provision credit of ($4.0) million in the third quarter of 2012. The ($5.0) million provision credit was primarily driven by the agreement to sell the Pacific Northwest offices, which the Company announced in December. For the full year of 2012, there was a provision credit of ($3.3) million, as compared to a Provision for Loan Losses of $13.2 million in 2011.

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