Boston Private Financial : Reports Second Quarter 2020 Results

July 28, 2020 at 04:18 pm EDT

Second Quarter 2020 Highlights include: Net loss of $(3.3) million, or $(0.04) per diluted share Return on average common equity (non-GAAP) of (1.6)% Return on average tangible common equity (non-GAAP) of (1.4)% Average total deposits of $7.3 billion, a 10% increase year-over-year Average total loans of $7.3 billion, a 4% increase year-over-year Total assets under management/advisory (“AUM”) of $16.0 billion, a 2% decrease year-over-year Total net flows of negative $40 million, with net inflows of $60 million in the Wealth Management and Trust segment Total provision for credit losses of $25.4 million reflecting the deterioration of the macroeconomic outlook as a result of the COVID-19 pandemic Funded $380 million of loans from the Small Business Administration's Paycheck Protection Program ("PPP"), resulting in $284 million of average loan balances during the quarter Board of Directors declared a cash dividend of $0.06 per common share

Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported second quarter 2020 Net loss attributable to the Company of $(3.3) million, compared to Net income attributable to the Company of $0.8 million for the first quarter of 2020 and $19.4 million for the second quarter of 2019. Second quarter 2020 Diluted loss per share were $(0.04), compared to Diluted earnings per share of $0.01 in the first quarter of 2020 and $0.22 in the second quarter of 2019.

"I am proud of the way our employees continue to prioritize the health and financial well-being of our clients as we all navigated the challenging environment during the second quarter," said Anthony DeChellis, CEO of Boston Private. "This quarter's financial reflects continued reserve build related to the uncertain macroeconomic environment as a result of the pandemic. Our pre-tax, pre-provision income increased linked quarter, while our Wealth Management & Trust segment delivered net inflows for the second straight quarter.

"Our board declared a dividend of $0.06 per common share, compared to $0.12 in the prior quarter. This prudent action reflects our Company's conservative approach to liquidity and capital management as we adjust our dividend policy to reflect our current strategy."

Summary Financial Results - Reported
				% Change
($ in millions, except for per share data)	2Q20	1Q20	2Q19	LQ	Y/Y
Net income/(loss)	$(3.3)	$0.8	$19.4	nm	nm
Diluted earnings/(loss) per share	$(0.04)	$0.01	$0.22	nm	nm

Non-GAAP Financial Measures:
Pre-tax, pre-provision income	$20.1	$17.9	$26.2	13%	(23)%
Return on average common equity ("ROACE")	(1.6)%	0.4%	9.8%
Return on average tangible common equity ("ROATCE")	(1.4)%	0.7%	11.1%
nm = not meaningful

The Company's reported financial results decreased linked quarter and year-over-year primarily as a result of the total provision for credit losses of $25.4 million in the second quarter of 2020. Pre-tax, pre-provision income increased 13% linked quarter primarily driven by higher other income and net interest income, partially offset by higher noninterest expense.

Net Interest Income and Margin
				% Change
($ in millions)	2Q20	1Q20	2Q19	LQ		Y/Y
Net interest income	$58.9	$57.3	$57.5	3	%	3	%
Net interest margin	2.75%	2.76%	2.78%

Net interest income for the second quarter of 2020 was $58.9 million, a 3% increase linked quarter and a 3% increase year-over-year. The linked quarter increase was primarily driven by lower funding costs, PPP-related income and prepayment penalties, partially offset by lower interest income.

Net interest margin decreased 1 basis point on a linked quarter basis to 2.75%. Total cost of funds declined 33 basis points to 0.50% driven by lower deposit costs, while yields on interest earning assets declined 32 basis points to 3.22%.

Noninterest Income
				% Change
($ in millions)	2Q20	1Q20	2Q19	LQ	Y/Y
Wealth management and trust fees	$17.3	$18.4	$18.9	(6)%	(9)%
Investment management fees	1.8	1.9	2.5	(8)%	(28)%
Private banking fees ¹	2.6	2.6	2.9	—%	(11)%
Total core fees and income	$21.6	$22.9	$24.3	(5)%	(11)%
Total other income	1.0	(1.4)	0.1	nm	nm
Total noninterest income	$22.7	$21.5	$24.4	5 %	(7)%
¹ Private banking fees includes Other banking fee income and Gain/(loss) on sale of loans, net

Total core fees and income for the second quarter of 2020 was $21.6 million, a 5% decrease linked quarter. The linked quarter decrease was primarily driven by lower Wealth management and trust fees, which declined as a result of lower equity market values at the end of the first quarter of 2020.

Assets Under Management / Advisory
				% Change
($ in millions)	2Q20	1Q20	2Q19	LQ		Y/Y
Wealth Management and Trust	$14,889	$13,497	$14,649	10	%	2	%
Other ²	1,067	1,016	1,550	5	%	(31)	%
Total assets under management / advisory	$15,956	$14,513	$16,199	10	%	(2)	%
² Includes results from Dalton, Greiner, Hartman, Maher & Co, LLC ("DGHM")

Total assets under management / advisory were $16.0 billion at the end of the second quarter of 2020, a 10% increase linked quarter. The linked quarter increase was primarily driven by the impact of favorable market action during the second quarter.

Total net flows were negative $40 million during the second quarter of 2020. The Wealth Management and Trust segment had net inflows of $60 million.

Noninterest Expense
				% Change
($ in millions)	2Q20	1Q20	2Q19	LQ	Y/Y
Salaries and employee benefits	$33.9	$35.1	$32.7	(3)%	4%
Occupancy and equipment	7.6	7.6	7.9	(1)%	(4)%
Information systems	7.1	6.7	5.1	6%	38%
Professional services	3.4	3.6	3.3	(4)%	4%
Marketing and business development	2.3	1.9	1.9	22%	20%
Amortization of intangibles	0.7	0.7	0.7	(2)%	4%
FDIC insurance	0.8	—	0.6	nm	31%
Other	5.6	5.2	3.5	7%	62%
Total noninterest expense	$61.5	$60.9	$55.7	1 %	10 %

Memo: Excluding Off-Balance Sheet Provision
Provision expense for unfunded loan commitments	$2.8	$1.8	—	55%	nm
Total noninterest expense (non-GAAP)	$58.6	$59.1	$55.7	(1)%	5 %

Total noninterest expense for the second quarter of 2020 was $61.5 million, which includes $2.8 million of provision expense related to unfunded loan commitments recognized in Other expense.

Excluding the provision expense for unfunded loan commitments, total noninterest expense (non-GAAP) for the second quarter of 2020 was $58.6 million, a decrease of 1% linked quarter and an increase of 5% year-over-year. The linked quarter decrease was driven primarily by lower salaries and benefits expense, while the year-over-year increase was driven primarily by higher Information systems expense from technology initiatives placed in service.

Income Tax Expense

The Company's effective tax rate for the second quarter of 2020 was negative as a result of moderate positive income tax expense despite a pre-tax loss.

Loans - QTD Averages & Yields
							% Change
($ in millions)	2Q20		1Q20		2Q19		LQ	Y/Y
Commercial and industrial	$1,037		$1,149		$1,092		(10)%	(5)%
Paycheck Protection Program ("PPP")	284		—		—		nm	nm
Commercial real estate	2,659		2,582		2,507		3%	6%
Construction and land	233		233		203		—%	15%
Residential	2,863		2,851		3,009		—%	(5)%
Home equity	88		86		91		3%	(3)%
Other consumer	124		132		125		(6)%	—%
Total loans	$7,289		$7,034		$7,026		4 %	4 %
Total loans, excluding PPP (non-GAAP)	$7,005		$7,034		$7,026		— %	— %

Total loan yields	3.42	%	3.75	%	4.07	%	(0.33)%	(0.65)%

Average total loans in the second quarter of 2020 increased 4% year-over-year reflecting the addition of $283.6 million of PPP loans in the second quarter of 2020.
Average total loans, excluding PPP (non-GAAP) in the second quarter of 2020 were flat linked quarter and year-over-year.
Linked quarter, Commercial and industrial loans declined 10% primarily driven by the payoff of large loans and lower line usage.
Linked quarter, Commercial real estate loans increased 3% primarily driven by increased loan balances attributable to the debt service reserve program. Excluding the debt service reserve program, Commercial real estate loans were flat for the quarter.

Deposits - QTD Averages & Costs
							% Change
($ in millions)	2Q20		1Q20		2Q19		LQ		Y/Y
Non-interest bearing deposits	2,214		2,046		1,927		8	%	15	%
Interest bearing deposits	5,036		5,061		4,664		—	%	8	%
Total deposits	$7,250		$7,107		$6,590		2	%	10	%

Cost of total deposits	0.41	%	0.72	%	0.88	%	(0.31)	%	(0.47)	%
Cost of total interest-bearing deposits	0.59	%	1.02	%	1.25	%	(0.43)	%	(0.66)	%

Average total deposits in the second quarter of 2020 increased 2% linked quarter and 10% year-over-year.
Linked quarter, average total deposits increased primarily driven by a higher average non-interest bearing deposits of commercial clients.
Year-over-year, average non-interest bearing deposits increased 15% primarily driven by higher commercial client balances.
Year-over-year, average interest bearing deposits increased 8%, primarily driven by higher commercial client money market balances and wealth sweep deposits, partially offset by lower brokered CD balances.

Provision and Asset Quality

($ in millions)	2Q20	1Q20	4Q19	3Q19	2Q19
Provision and Allowance
Provision/(credit) for loan losses	$22.6	$17.0	$(3.7)	$0.2	$1.4
Provision for unfunded loan commitments	2.8	1.8	—	—	—
Total Provision for credit losses	$25.4	$18.8	$(3.7)	$0.2	$1.4
Allowance for loan losses as a % of Total loans	1.22%	0.97%	1.03%	1.07%	1.06%

Asset Quality
Total net loans (charged-off)/ recovered	(1.5)	(0.3)	0.3	0.1	(0.1)
Total nonaccrual loans	25.6	24.3	16.1	17.6	17.2
Nonaccrual loans as a % of Total loans	0.35%	0.35%	0.23%	0.25%	0.24%

Special Mention Loans (Criticized Loans)	$191.9	$92.6	$52.0	$58.1	$70.7
Classified Loans	114.2	112.3	74.0	80.8	71.0
Total criticized and classified loans	$306.1	$204.9	$126.1	$139.0	$141.7

Total Provision for credit losses of $25.4 million during the second quarter of 2020 was primarily driven by the deterioration of the macroeconomic outlook as a result of the COVID-19 pandemic and increased weightings of more severe scenarios in the CECL model. The allowance for loan losses as a percentage of total loans excluding PPP loans was 1.28% as of June 30, 2020.

Total criticized and classified loans as of June 30, 2020 was $306.1 million, an increase of $101.2 million, or 49%, linked quarter and $164.4 million, or 116%, year-over-year. The increase in criticized and classified loans during the second quarter of 2020 was primarily driven by the downgrade of commercial real estate loans to the special mention category, which represents loans where the borrower is affected by unfavorable economic conditions or has adverse operating trends but has not yet reached the point of jeopardizing loan repayment.

Capital

	2Q20	1Q20	4Q19	3Q19	2Q19
Tangible common equity/ Tangible assets (non-GAAP)	8.3%	8.8%	8.6%	8.6%	8.4%
Tangible book value per share (non-GAAP)	$9.25	$9.31	$9.02	$8.90	$8.71

Regulatory Capital Ratios: ³
Tier 1 common equity	11.1%	11.2%	11.4%	11.2%	11.2%
Tier 1 risk-based capital	12.6%	12.7%	13.0%	12.8%	12.7%
Total risk-based capital	13.9%	13.8%	14.1%	13.9%	13.9%
Tier 1 leverage capital	9.2%	9.7%	9.8%	9.7%	9.6%
³ Current quarter information is presented based on estimated data.

The Company's regulatory capital ratios remained generally flat linked quarter. The declines in Tangible common equity/Tangible assets (non-GAAP) and the Tier 1 leverage ratio are primarily driven by asset growth, which was associated with PPP loans.

Dividend Payments

Concurrent with the release of second quarter 2020 earnings, the Board of Directors of the Company declared a cash dividend payable to common shareholders of $0.06 per share. The record date for this dividend is August 7, 2020, and the payment date is August 21, 2020.

Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures to provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial sector.

These non-GAAP financial measures include: return on average common equity; return on average tangible common equity; pre-tax, pre-provision income; tangible common equity / tangible assets, total noninterest expense excluding intangibles; total noninterest expense excluding provision for off-balance sheet commitments; and the efficiency ratio excluding amortization of intangibles; net income/(loss) attributable to the Company excluding notable items; net income/(loss) attributable to the common shareholders, treasury stock method, excluding notable items; diluted earnings/(loss) per share excluding notable items; average total loans, excluding PPP.

A detailed reconciliation table of the Company’s GAAP to non-GAAP measures is included in the tables of this release and beginning on page 16 of the attached financial statements.

Conference Call

Management will hold a conference call at 8:00 a.m. Eastern Time on Wednesday, July 29, 2020, to discuss the financial results, business highlights and outlook. To access the call:

Dial In #: (888) 317-6003
Elite Entry Number: 3768361

Replay Information:
Available from July 29, 2020 at 12:00 p.m. Eastern Time until August 5, 2020
Dial In #: (877) 344-7529
Conference Number: 10146449

The call will be simultaneously webcast and may be accessed on www.bostonprivate.com.

About Boston Private

Boston Private is a leading provider of integrated wealth management, trust and banking services to individuals, families, businesses and nonprofits.

For more than 30 years, Boston Private has delivered comprehensive advice coupled with deep technical expertise to help clients simplify their lives and achieve their goals. The firm offers the capabilities of a large institution with the superior service of a boutique firm to clients across the United States.

Boston Private is the corporate brand of Boston Private Financial Holdings, Inc. (NASDAQ: BPFH).

For more information, visit www.bostonprivate.com.

Forward-Looking Statements

Certain statements in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties. These statements include, among others, statements regarding our strategy; evaluations of interest rate trends and future liquidity; expectations as to changes in assets, deposits and results of operations; the impact of the COVID-19 pandemic; future operations; market position and financial position; and prospects, plans and objectives of management. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond the Company’s control. Forward-looking statements are based on the current assumptions and beliefs of management and are only expectations of future results. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among other factors, the negative impacts and disruptions of the COVID-19 pandemic and measures taken to contain its spread on our employees, customers, business operations, credit quality, financial position, liquidity and results of operations; the length and extent of the economic contraction as a result of the COVID-19 pandemic; continued deterioration in employment levels, general business and economic conditions on a national basis and in the local markets in which the Company operates; changes in customer behavior; the possibility that future credits losses are higher than currently expected due to changes in economic assumptions, customer behavior or adverse economic developments; turbulence in the capital and debt markets; changes in interest rates; increases in loan defaults and charge-off rates; decreases in the value of securities and other assets; changes in loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; competitive pressures from other financial institutions; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters and future pandemics; changes in regulation; reputational risk relating to the Company’s participation in the Paycheck Protection Program and other pandemic-related legislative and regulatory initiatives and programs; risks that goodwill and intangibles recorded in the Company’s financial statements will become impaired; the risk that the Company’s deferred tax asset may not be realized; risks related to the identification and implementation of acquisitions, dispositions and restructurings; changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Company’s Annual Report on Form 10-K and updated by the Company’s Quarterly Reports on Form 10-Q and other filings submitted to the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Consolidated Balance Sheets
Unaudited ($ in thousands, except share and per share data)
	2Q20		1Q20		4Q19		3Q19		2Q19
ASSETS:
Cash and cash equivalents	$	179,027	$	61,714	$	292,479	$	78,010	$	65,756
Investment securities available-for-sale	1,002,970		993,166		978,284		935,538		966,731
Investment securities held-to-maturity	42,495		45,395		48,212		51,379		54,482
Equity securities at fair value	24,492		23,080		18,810		21,780		19,092
Stock in Federal Home Loan Bank and Federal Reserve Bank	42,407		45,273		39,078		47,756		64,453
Loans held for sale	9,786		7,671		7,386		6,658		3,640
Loans	7,332,954		7,043,338		6,976,704		7,067,151		7,080,260
Less: Allowance for loan losses	89,324		68,211		71,982		75,359		75,067
Loans, net of allowance for loan losses	7,243,630		6,975,127		6,904,722		6,991,792		7,005,193
Premises and equipment, net	43,805		43,544		44,527		42,658		40,244
Goodwill	57,607		57,607		57,607		57,607		57,607
Intangible assets, net	8,935		9,637		10,352		10,622		10,884
Accrued interest receivable	24,918		24,054		24,175		24,851		26,411
Deferred income taxes, net	9,116		5,630		11,383		15,704		17,183
Right-of-use assets	94,143		98,896		102,075		107,045		110,880
Other assets	375,575		355,532		291,411		299,544		270,317
TOTAL ASSETS	$	9,158,906	$	8,746,326	$	8,830,501	$	8,690,944	$	8,712,873

LIABILITIES:
Deposits	$	7,427,397	$	6,835,572	$	7,241,476	$	6,658,242	$	6,437,963
Securities sold under agreements to repurchase	46,623		45,319		53,398		48,860		62,372
Federal funds purchased	—		145,000		—		230,000		135,000
Federal Home Loan Bank borrowings	426,313		491,254		350,829		570,904		920,068
Junior subordinated debentures	106,363		106,363		106,363		106,363		106,363
Lease liabilities	108,234		113,574		117,214		122,799		126,740
Other liabilities	218,771		180,452		140,820		143,607		124,370
TOTAL LIABILITIES	8,333,701		7,917,534		8,010,100		7,880,775		7,912,876

REDEEMABLE NONCONTROLLING INTERESTS (“RNCI”)	—		—		1,383		1,481		1,786
SHAREHOLDERS' EQUITY:
Common stock, $1.00 par value; authorized: 170,000,000 shares	82,058		81,800		83,266		83,242		83,774
Additional paid-in capital	594,463		593,167		600,708		599,877		603,869
Retained earnings	118,647		131,761		127,469		116,210		106,443
Accumulated other comprehensive income	30,037		22,064		7,575		9,359		4,125
TOTAL SHAREHOLDERS' EQUITY	825,205		828,792		819,018		808,688		798,211
TOTAL LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY	$	9,158,906	$	8,746,326	$	8,830,501	$	8,690,944	$	8,712,873

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Consolidated Income Statements
Unaudited ($ in thousands, except share and per share data)
	2Q20		1Q20		4Q19		3Q19		2Q19
REVENUE:
Interest income	$	68,819	$	73,082	$	75,291	$	77,604	$	78,728
Interest expense	9,881		15,825		19,166		21,451		21,268
Net interest income	58,938		57,257		56,125		56,153		57,460
Provision/(credit) for loan losses ⁴	22,604		16,962		(3,668)		167		1,363
Net interest income after provision/(credit) for loan losses	36,334		40,295		59,793		55,986		56,097

Wealth management and trust fees ⁵	17,261		18,371		18,720		19,067		18,912
Investment management fees	1,770		1,925		2,554		2,496		2,455
Private banking fee income	2,395		2,490		2,924		2,658		2,867
Gain on sale of loans, net	204		100		557		934		58
Total core fees and income	21,630		22,886		24,755		25,155		24,292
Total other income	1,032		(1,365)		2,038		(29)		88
TOTAL REVENUE ⁶	81,600		78,778		82,918		81,279		81,840

NONINTEREST EXPENSE:
Salaries and employee benefits	33,937		35,096		34,186		31,684		32,706
Occupancy and equipment	7,560		7,646		7,578		8,260		7,852
Information systems	7,113		6,725		6,476		5,169		5,137
Professional services	3,446		3,601		3,920		4,435		3,313
Marketing and business development	2,313		1,890		2,017		1,403		1,934
Amortization of intangibles	702		715		676		671		672
FDIC insurance	767		—		(19)		59		585
Other ⁴	5,615		5,235		3,623		3,856		3,460
TOTAL NONINTEREST EXPENSE	61,453		60,908		58,457		55,537		55,659

INCOME/(LOSS) BEFORE INCOME TAXES	(2,457)		908		28,129		25,575		24,818
Income tax expense	841		102		6,788		5,517		5,369
Net income/(loss) before attribution to noncontrolling interests	(3,298)		806		21,341		20,058		19,449
Less: Net income attributable to noncontrolling interests	—		6		97		96		69
NET INCOME/(LOSS) ATTRIBUTABLE TO THE COMPANY	$	(3,298)	$	800	$	21,244	$	19,962	$	19,380

Adjustments, treasury stock method ⁷	—		414		98		304		(816)
NET INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(3,298)	$	1,214	$	21,342	$	20,266	$	18,564

COMMON SHARE DATA:
Weighted average basic shares outstanding	81,929,752		83,005,064		83,238,982		83,631,403		83,565,780
Weighted average diluted shares outstanding ⁸	81,929,752		83,318,041		83,637,786		83,956,708		84,048,972
Diluted earnings/(loss) per share	$	(0.04)	$	0.01	$	0.26	$	0.24	$	0.22

⁴ In the first and second quarter of 2020, there was a $17.0 million and $22.6 million provision expense for loan losses, respectively. Additionally, in the first and second quarter of 2020, there was a $1.8 million and $2.8 million provision expense related to the off-balance sheet commitments included in Other expense, respectively.

⁵ Wealth management and trust fees consists of revenue from Boston Private Wealth LLC ("BPW"), KLS Professional Advisors Group, LLC ("KLS") through the effective date of its merger with BPW, and the trust operations of Boston Private Bank & Trust Company.

⁶ Total revenue is the sum of Net interest income, Total core fees and income, and Total other income/(loss).

⁷ Adjustments to Net income/(loss) attributable to the Company to arrive at Net income/(loss) attributable to common shareholders, treasury stock method, as presented in these tables, include decrease/(increase) in Noncontrolling interests redemption value.

⁸ For a description of the Company's policies regarding Diluted earnings per share, please refer to Part II. Item 8. “Financial Statements and Supplementary Data - Note 16: Earnings Per Share” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Consolidated Income Statements
Unaudited ($ in thousands, except share and per share data)
	Six months ended June 30,
	2020		2019
REVENUE:
Interest income	$	141,901	$	155,552
Interest expense	25,706		39,754
Net interest income	116,195		115,798
Provision/(credit) for loan losses ⁴	39,566		(63)
Net interest income after provision/(credit) for loan losses	76,629		115,861

Wealth management and trust fees ⁵	35,632		37,970
Investment management fees	3,695		5,105
Private banking fee income	4,885		5,366
Gain on sale of loans, net	304		131
Total core fees and income	44,516		48,572
Total other income	(333)		1,056
TOTAL REVENUE ⁶	160,378		165,426

NONINTEREST EXPENSE:
Salaries and employee benefits	69,033		68,432
Occupancy and equipment	15,206		16,200
Information systems	13,838		10,997
Professional services	7,047		6,873
Marketing and business development	4,203		3,019
Amortization of intangibles	1,417		1,344
FDIC insurance	767		1,245
Restructuring	—		1,646
Other ⁴	10,850		6,456
TOTAL NONINTEREST EXPENSE	122,361		116,212

INCOME/(LOSS) BEFORE INCOME TAXES	(1,549)		49,277
Income tax expense	943		10,286
Net income/(loss) before attribution to noncontrolling interests	(2,492)		38,991
Less: Net income attributable to noncontrolling interests	6		169
NET INCOME/(LOSS) ATTRIBUTABLE TO THE COMPANY	$	(2,498)	$	38,822

Adjustments, treasury stock method ⁷	414		741
NET INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(2,084)	$	39,563

COMMON SHARE DATA
Weighted average basic shares outstanding	82,464,438		83,426,213
Weighted average diluted shares outstanding ⁸	82,464,438		84,036,050
Diluted earnings/(loss) per share	$	(0.03)	$	0.47

⁶ Total revenue is the sum of Net interest income, Total core fees and income, and Total other income/(loss).

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Consolidated Financial Highlights
Unaudited ($ in thousands, except share and per share data)
	2Q20			1Q20			4Q19			3Q19			2Q19
KEY STATISTICS:
Return on average assets (non-GAAP) ⁹	(0.15)		%	0.04		%	0.96		%	0.91		%	0.90		%
ROACE (non-GAAP)⁹	(1.58)		%	0.39		%	10.29		%	9.80		%	9.83		%
ROATCE (non-GAAP) ⁹	(1.43)		%	0.72		%	11.51		%	10.99		%	11.06		%
Efficiency ratio (non-GAAP)⁹	74.4		%	76.4		%	69.7		%	67.5		%	67.2		%
Noninterest income to total revenue	27.8		%	27.3		%	32.3		%	30.9		%	29.8		%

Net interest margin	2.75		%	2.76		%	2.70		%	2.72		%	2.78		%
Average loan to average deposit ratio	100.5		%	99.0		%	101.6		%	105.9		%	106.6		%
Cost of total deposits	0.41		%	0.72		%	0.86		%	0.92		%	0.88		%
Cost of interest-bearing deposits	0.59		%	1.02		%	1.20		%	1.31		%	1.25		%
Cost of total funding	0.50		%	0.83		%	0.99		%	1.12		%	1.11		%

Allowance for loan loss / Total loans	1.22		%	0.97		%	1.03		%	1.07		%	1.06		%
Nonperforming loans / Total loans	0.35		%	0.35		%	0.23		%	0.25		%	0.24		%
Net (charge-offs)/recoveries / Total loans ⁹	(0.08)		%	(0.02)		%	0.02		%	0.01		%	(0.01)		%

CAPITAL HIGHLIGHTS:
Tier 1 common equity ³	$	731,316		$	742,044		$	745,926		$	732,980		$	726,872
Tier 1 capital ³	$	831,338		$	842,066		$	846,337		$	833,431		$	827,299
Total capital ³	$	913,936		$	914,572		$	919,573		$	910,076		$	903,675

Risk-weighted assets ("RWA") ³	$	6,593,981		$	6,627,339		$	6,530,804		$	6,533,884		$	6,491,184
Average assets for leverage ³	$	9,009,565		$	8,691,254		$	8,659,944		$	8,588,358		$	8,617,803

Tier 1 common equity ratio ³	11.09		%	11.20		%	11.42		%	11.22		%	11.20		%
Tier 1 risk-based capital ratio ³	12.61		%	12.71		%	12.96		%	12.76		%	12.74		%
Total risk-based capital ratio ³	13.86		%	13.80		%	14.08		%	13.93		%	13.92		%
Tier 1 leverage capital ratio ³	9.23		%	9.69		%	9.77		%	9.70		%	9.60		%

Total equity / Total assets	9.01		%	9.48		%	9.27		%	9.30		%	9.16		%
Tangible common equity / Tangible assets (non-GAAP)	8.34		%	8.77		%	8.57		%	8.59		%	8.44		%

End of period market price per share	$	6.88		$	7.15		$	12.03		$	11.66		$	12.07
End of period shares outstanding	82,058,483			81,800,486			83,265,674			83,241,952			83,774,335
Book value per common share	$	10.06		$	10.13		$	9.84		$	9.71		$	9.53
Tangible book value per share (non-GAAP)	$	9.25		$	9.31		$	9.02		$	8.90		$	8.71

Common Equity Repurchase Program:
Total shares of common stock repurchased	—			1,565,060			—			678,165			—
Average price paid per share of common stock	$	—		$	8.18		$	—		$	10.61		$	—
Aggregate repurchases of common stock ($ in millions)	$	—		$	12.8		$	—		$	7.2		$	—

³ Current quarter information is presented based on estimated data.

⁹ Annualized.

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Consolidated AUM and Balance Sheet - End of Period Balances
Unaudited ($ in thousands)
	2Q20		1Q20		4Q19		3Q19		2Q19
ASSETS UNDER MANAGEMENT AND ADVISORY ("AUM"):
Wealth Management and Trust	$	14,889,000	$	13,497,000	$	15,224,000	$	14,695,000	$	14,649,000
Other ²	1,067,000		1,016,000		1,544,000		1,533,000		1,550,000
TOTAL AUM	$	15,956,000	$	14,513,000	$	16,768,000	$	16,228,000	$	16,199,000

AUM Rollforward:
Beginning balance	$	14,513,000	$	16,768,000	$	16,228,000	$	16,199,000	$	16,122,000
Net flows	(40,000)		150,000		(209,000)		(137,000)		(269,000)
Market	1,483,000		(2,405,000)		749,000		166,000		346,000
Ending balance	$	15,956,000	$	14,513,000	$	16,768,000	$	16,228,000	$	16,199,000

AUM Net Flows:
Wealth Management and Trust	$	60,000	$	176,000	$	(114,000)	$	(100,000)	$	(233,000)
Other ²	(100,000)		(26,000)		(95,000)		(37,000)		(36,000)
TOTAL NET FLOWS	$	(40,000)	$	150,000	$	(209,000)	$	(137,000)	$	(269,000)

DEPOSITS:
Demand deposits (non-interest bearing)	$	2,293,864	$	2,020,440	$	1,971,013	$	1,947,363	$	1,854,091
Savings and NOW	758,656		653,006		646,199		666,107		631,166
Money market	3,753,228		3,468,701		3,969,330		3,366,623		3,228,608
Certificates of deposit	621,649		693,425		654,934		678,149		724,098
TOTAL DEPOSITS	$	7,427,397	$	6,835,572	$	7,241,476	$	6,658,242	$	6,437,963

LOANS:
Commercial and industrial	$	565,748	$	670,744	$	694,034	$	695,029	$	656,186
Paycheck Protection Program	370,034		—		—		—		—
Commercial tax exempt	419,264		445,319		447,927		448,488		450,307
Commercial real estate	2,676,708		2,626,299		2,551,274		2,533,346		2,530,556
Construction and land	240,211		238,293		225,983		209,741		200,378
Residential	2,859,627		2,841,926		2,839,155		2,964,042		3,025,758
Home equity	84,588		89,350		83,657		84,432		89,930
Consumer	116,774		131,407		134,674		132,073		127,145
TOTAL LOANS	$	7,332,954	$	7,043,338	$	6,976,704	$	7,067,151	$	7,080,260

² Includes results from Dalton, Greiner, Hartman, Maher & Co, LLC ("DGHM")

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Asset Quality
Unaudited ($ in thousands)
	2Q20			1Q20			4Q19			3Q19			2Q19
CHARGE-OFFS:
Loan charge-offs	$	(1,546)		$	(528)		$	(285)		$	(185)		$	(195)
Loan recoveries	55			180			576			310			85
NET (CHARGE-OFFS)/RECOVERIES	$	(1,491)		$	(348)		$	291		$	125		$	(110)
Net charge-offs to average loans (annualized)	(0.08)		%	(0.02)		%	0.02		%	0.01		%	(0.01)		%

Net (Charge-offs)/Recoveries by Loan Type:
Commercial and industrial	$	(337)		$	(473)		$	118		$	95		$	(155)
Commercial real estate	—			—			183			27			30
Home equity	(1,157)			132			4			6			—
Consumer	3			(7)			(14)			(3)			15
NET (CHARGE-OFFS)/RECOVERIES	$	(1,491)		$	(348)		$	291		$	125		$	(110)

LOAN QUALITY DATA:
Special mention loans	$	191,882		$	92,623		$	52,026		$	58,133		$	70,677

Accruing classified loans ¹⁰	88,586			87,948			57,922			63,278			53,883
Nonaccrual loans	25,604			24,314			16,103			17,565			17,155
Total classified	114,190			112,262			74,025			80,843			71,038
Criticized and classified loans	$	306,072		$	204,885		$	126,051		$	138,976		$	141,715

Loans 30-89 days past due and accruing ¹¹	$	5,535		$	14,852		$	25,945		$	4,179		$	2,434

¹⁰Accruing classified loans include loans that are classified as substandard but are still accruing interest income. Boston Private Bank & Trust Company may classify a loan as substandard where known information about possible credit problems of the related borrowers causes management to have doubts as to the ability of such borrowers to comply with the present repayment terms and which may result in disclosure of such loans as nonaccrual at some time in the future.

¹¹At June 30, 2020 and at June 30, 2019, the Company had one loan totaling less than $0.1 million and one loan totaling $0.9 million that was more than 90 days past due but still on accrual status, respectively. Both loans originated in the New England region. The Company had no other loans outstanding more than 90 days past due but still on accrual status in comparative periods.

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Average Balances, Yields, and Rates
Unaudited ($ in thousands)
	Average Balance						Interest Income/Expense						Average Yield/Rate
	2Q20		1Q20		2Q19		2Q20		1Q20		2Q19		2Q20		1Q20		2Q19
INTEREST-EARNING ASSETS
Cash and investments:
Taxable investment securities	$	198,337	$	201,174	$	227,029	$	859	$	868	$	1,121	1.73	%	1.73	%	1.98	%
Non-taxable investment securities	316,513		315,681		304,309		2,005		1,998		1,901		2.53	%	2.53	%	2.50	%
Mortgage-backed securities	505,669		520,629		508,033		2,566		2,787		2,706		2.03	%	2.14	%	2.13	%
Short-term investments and other	186,895		147,482		130,363		582		1,071		1,057		1.23	%	2.89	%	3.23	%
Total cash and investments	1,207,414		1,184,966		1,169,734		6,012		6,724		6,785		1.99	%	2.27	%	2.32	%
Loans:¹²
Commercial and industrial	1,037,285		1,148,986		1,091,903		9,708		10,724		11,170		3.70	%	3.69	%	4.05	%
Paycheck Protection Program	283,619		—		—		1,573		—		—		2.19	%	—	%	—	%
Commercial real estate	2,659,074		2,582,305		2,506,637		24,602		27,482		29,953		3.66	%	4.21	%	4.73	%
Construction and land	233,305		233,324		202,609		2,251		2,572		2,559		3.82	%	4.36	%	5.00	%
Residential	2,862,708		2,850,833		3,008,753		23,079		23,468		25,735		3.22	%	3.29	%	3.42	%
Home equity	88,307		86,048		91,384		650		952		1,146		2.96	%	4.45	%	5.03	%
Other consumer	124,346		132,237		124,778		944		1,160		1,380		3.05	%	3.53	%	4.43	%
Total loans	7,288,644		7,033,733		7,026,064		62,807		66,358		71,943		3.42	%	3.75	%	4.07	%
Total earning assets	8,496,058		8,218,699		8,195,798		68,819		73,082		78,728		3.22	%	3.54	%	3.82	%

LESS: Allowance for loan losses	68,473		51,730		73,856
Cash and due from banks	39,959		49,571		45,705
Other assets	641,657		562,851		511,859
TOTAL AVERAGE ASSETS	$	9,109,201	$	8,779,391	$	8,679,506

INTEREST-BEARING LIABILITIES
Interest-bearing deposits:¹³
Savings and NOW	$	680,758	$	638,926	$	684,507	$	187	$	232	$	276	0.11	%	0.15	%	0.16	%
Money market	3,684,147		3,753,045		3,226,569		4,848		9,657		10,476		0.53	%	1.03	%	1.30	%
Certificates of deposit	671,470		668,818		752,500		2,300		2,907		3,763		1.38	%	1.75	%	2.01	%
Total interest-bearing deposits ¹³	5,036,375		5,060,789		4,663,576		7,335		12,796		14,515		0.59	%	1.02	%	1.25	%
Junior subordinated debentures	106,363		106,363		106,363		764		917		1,080		2.84	%	3.41	%	4.02	%
FHLB borrowings and other	610,856		455,813		952,645		1,782		2,112		5,673		1.15	%	1.83	%	2.36	%
Total interest-bearing liabilities ¹³	5,753,594		5,622,965		5,722,584		9,881		15,825		21,268		0.69	%	1.13	%	1.48	%

Non-interest bearing demand deposits ¹³	2,213,829		2,046,102		1,926,591
Payables and other liabilities	306,896		270,371		238,544
Total average liabilities	8,274,319		7,939,438		7,887,719
Redeemable noncontrolling interests	—		1,018		943
Average shareholders’ equity	834,882		838,935		790,844
TOTAL AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS’ EQUITY	$	9,109,201	$	8,779,391	$	8,679,506
Net interest income							$	58,938	$	57,257	$	57,460
Interest rate spread													2.53	%	2.41	%	2.34	%
Net interest margin													2.75	%	2.76	%	2.78	%

Average total deposits ¹³	$	7,250,204	$	7,106,891	$	6,590,167							0.41	%	0.72	%	0.88	%
Average total deposits and borrowings ¹³	$	7,967,423	$	7,669,067	$	7,649,175							0.50	%	0.83	%	1.11	%

¹²Average loans includes Loans held for sale and Nonaccrual loans

¹³Average total deposits is the sum of Average total interest-bearing deposits and Average non-interest bearing demand deposits. Average total deposits and borrowings is the sum of Average total interest-bearing liabilities and Average non-interest bearing demand deposits.

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Average Balances, Yields, and Rates
Unaudited ($ in thousands)
	Average Balance				Interest Income/Expense				Average Yield/Rate
	Six Months Ended				Six Months Ended				Six Months Ended
INTEREST-EARNING ASSETS	6/30/20		6/30/19		6/30/20		6/30/19		6/30/20		6/30/19
Cash and investments:
Taxable investment securities	$	199,755	$	235,218	$	1,727	$	2,306	1.73	%	1.92	%
Non-taxable investment securities	316,097		305,581		4,003		3,802		2.53	%	2.49	%
Mortgage-backed securities	513,149		514,872		5,353		5,603		2.09	%	2.18	%
Short-term investments and other	167,188		105,610		1,653		1,965		1.96	%	3.61	%
Total cash and investments	1,196,189		1,161,281		12,736		13,676		2.13	%	2.34	%
Loans:¹²
Commercial and industrial	1,091,648		1,081,092		20,432		22,150		3.69	%	4.08	%
Paycheck Protection Program	143,297		—		1,573		—		2.23	%	—	%
Commercial real estate	2,620,689		2,452,824		52,084		58,104		3.93	%	4.71	%
Construction and land	233,315		206,956		4,823		5,200		4.09	%	5.00	%
Residential	2,856,771		2,990,948		46,547		51,280		3.26	%	3.43	%
Home equity	87,178		91,017		1,602		2,267		3.69	%	5.02	%
Other consumer	128,292		129,332		2,104		2,875		3.29	%	4.48	%
Total loans	7,161,190		6,952,169		129,165		141,876		3.58	%	4.07	%
Total earning assets	8,357,379		8,113,450		141,901		155,552		3.38	%	3.82	%

LESS: Allowance for loan losses	60,102		74,692
Cash and due from banks	44,831		46,010
Other assets	602,319		502,068
TOTAL AVERAGE ASSETS	$	8,944,427	$	8,586,836

INTEREST-BEARING LIABILITIES
Interest-bearing deposits:¹³
Savings and NOW	$	659,842	$	679,716	$	419	$	572	0.13	%	0.17	%
Money market	3,717,664		3,283,891		14,505		20,549		0.78	%	1.26	%
Certificates of deposit	670,144		764,094		5,207		7,452		1.56	%	1.97	%
Total interest-bearing deposits ¹³	5,047,650		4,727,701		20,131		28,573		0.80	%	1.22	%
Junior subordinated debentures	106,363		106,363		1,681		2,201		3.17	%	4.17	%
FHLB borrowings and other	533,334		785,245		3,894		8,980		1.44	%	2.27	%
Total interest-bearing liabilities ¹³	5,687,347		5,619,309		25,706		39,754		0.90	%	1.42	%

Non-interest bearing demand deposits ¹³	2,129,758		1,950,088
Payables and other liabilities	288,846		236,894
Total average liabilities	8,105,951		7,806,291
Redeemable noncontrolling interests	573		1,619
Average shareholders’ equity	837,903		778,926
TOTAL AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS’ EQUITY	$	8,944,427	$	8,586,836
Net interest income					$	116,195	$	115,798
Interest rate spread									2.48	%	2.40	%
Net interest margin									2.76	%	2.84	%

Average total deposits ¹³	$	7,177,408	$	6,677,789					0.56	%	0.86	%
Average total deposits and borrowings ¹³	$	7,817,105	$	7,569,397					0.66	%	1.06	%

¹²Average loans includes Loans held for sale and Nonaccrual loans

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Regional Loan Data
Unaudited ($ in thousands)
	2Q20		1Q20		4Q19		3Q19		2Q19
New England	$	3,781,603	$	3,724,959	$	3,776,747	$	3,868,690	$	3,957,221
Northern California	1,741,255		1,618,668		1,532,786		1,559,569		1,538,441
Southern California	1,810,096		1,699,711		1,667,171		1,638,892		1,584,598
Total loans	$	7,332,954	$	7,043,338	$	6,976,704	$	7,067,151	$	7,080,260

Loans (charged-off)/recovered, net:
New England	$	7	$	15	$	414	$	275	$	31
Northern California	3		122		(10)		6		20
Southern California	(1,501)		(485)		(113)		(156)		(161)
Total net loans (charged-off)/recovered	$	(1,491)	$	(348)	$	291	$	125	$	(110)

Special mention loans:
New England	$	83,026	$	61,741	$	21,691	$	19,828	$	35,235
Northern California	75,609		5,947		5,227		4,821		10,360
Southern California	33,247		24,935		25,108		33,484		25,082
Total special mention loans	$	191,882	$	92,623	$	52,026	$	58,133	$	70,677

Accruing classified loans:
New England	$	53,124	$	50,483	$	20,428	$	21,830	$	13,012
Northern California	21,712		24,843		24,946		23,938		25,957
Southern California	13,750		12,622		12,548		17,510		14,914
Total accruing classified loans	$	88,586	$	87,948	$	57,922	$	63,278	$	53,883

Nonaccruing loans:
New England	$	11,630	$	11,965	$	9,764	$	8,999	$	8,837
Northern California	9,459		6,575		319		2,395		2,644
Southern California	4,515		5,774		6,020		6,171		5,674
Total nonaccruing loans	$	25,604	$	24,314	$	16,103	$	17,565	$	17,155

¹⁴The concentration of the Private Banking loan data and credit quality is primarily based on the location of the lenders' regional offices.

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Reconciliations of Non-GAAP Financial Measures
Unaudited ($ in thousands, except share and per share data)
	2Q20			1Q20			4Q19			3Q19			2Q19
ROACE AND ROATCE:
Net income/(loss) attributable to the Company (GAAP) (A)	$	(3,298)		$	800		$	21,244		$	19,962		$	19,380
ADD: Amortization of intangibles, net of tax	555			565			534			530			531
Tangible common net income/(loss) (non-GAAP) (B)	$	(2,743)		$	1,365		$	21,778		$	20,492		$	19,911

Total average shareholders’ equity (C)	$	834,882		$	838,935		$	818,816		$	807,890		$	790,844
LESS: Average goodwill and intangibles, net	(66,877)			(67,586)			(68,031)			(68,359)			(68,889)
Average tangible common equity (non-GAAP) (D)	$	768,005		$	771,349		$	750,785		$	739,531		$	721,955

ROACE (annualized) (A/C)	(1.58)		%	0.39		%	10.29		%	9.80		%	9.83		%
ROATCE (annualized) (B/D)	(1.43)		%	0.72		%	11.51		%	10.99		%	11.06		%


PRE-TAX, PRE-PROVISION INCOME:
Income/(loss) before income taxes (GAAP)	$	(2,457)		$	908		$	28,129		$	25,575		$	24,818
ADD BACK: Provision/(credit) for loan losses	22,604			16,962			(3,668)			167			1,363
Pre-tax, pre-provision income (non-GAAP)	$	20,147		$	17,870		$	24,461		$	25,742		$	26,181


TANGIBLE COMMON EQUITY:
Total shareholders’ equity (GAAP)	$	825,205		$	828,792		$	819,018		$	808,688		$	798,211
LESS: Goodwill and intangibles, net	(66,542)			(67,244)			(67,959)			(68,229)			(68,491)
Tangible common equity (non-GAAP) (A)	$	758,663		$	761,548		$	751,059		$	740,459		$	729,720

Total assets (GAAP)	$	9,158,906		$	8,746,326		$	8,830,501		$	8,690,944		$	8,712,873
LESS: Goodwill and intangibles, net	(66,542)			(67,244)			(67,959)			(68,229)			(68,491)
Tangible assets (non-GAAP) (B)	$	9,092,364		$	8,679,082		$	8,762,542		$	8,622,715		$	8,644,382

End of period shares outstanding (C)	82,058,483			81,800,486			83,265,674			83,241,952			83,774,335

Tangible common equity/ Tangible assets (non-GAAP) (A/B)	8.34		%	8.77		%	8.57		%	8.59		%	8.44		%
Tangible book value per share (non-GAAP) (A/C)	$9.25			$9.31			$9.02			$8.90			$8.71

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Reconciliations of Non-GAAP Financial Measures
Unaudited ($ in thousands, except share and per share data)
	2Q20			1Q20			4Q19			3Q19			2Q19
RETURN ON AVERAGE ASSETS:
Net income/(loss) (GAAP) (A)	$	(3,298)		$	800		$	21,244		$	19,962		$	19,380
Average assets (non-GAAP) (B)	9,109,201			8,779,391			8,738,750			8,665,352			8,679,506
Return on average assets (annualized) (non-GAAP) (A/B)	(0.15)		%	0.04		%	0.96		%	0.91		%	0.90		%

EFFICIENCY RATIO:
Total noninterest expense (GAAP) (A)	$	61,453		$	60,908		$	58,457		$	55,537		$	55,659
LESS: Amortization of intangibles	702			715			676			671			672
Total noninterest expense (non-GAAP) (B)	$	60,751		$	60,193		$	57,781		$	54,866		$	54,987

Net interest income (GAAP)	$	58,938		$	57,257		$	56,125		$	56,153		$	57,460
Total core fees and income (GAAP)	21,630			22,886			24,755			25,155			24,292
Total other income/(loss) (GAAP)	1,032			(1,365)			2,038			(29)			88
Total revenue (GAAP) (C)	$	81,600		$	78,778		$	82,918		$	81,279		$	81,840

Efficiency ratio (GAAP) (A/C)	75.3		%	77.3		%	70.5		%	68.3		%	68.0		%
Efficiency ratio, excluding amortization of intangibles (non-GAAP) (B/C)	74.4		%	76.4		%	69.7		%	67.5		%	67.2		%

NET INCOME/(LOSS) ATTRIBUTABLE TO THE COMPANY:
Net income/(loss) attributable to the Company (GAAP)	$	(3,298)		$	800		$	21,244		$	19,962		$	19,380
LESS: Gain on fair value of contingent considerations receivable ¹⁵	—			—			1,109			—			—
Tax effect at statutory rate	—			—			322			—			—
Net income/(loss) attributable to the Company (non-GAAP)	$	(3,298)		$	800		$	20,457		$	19,962		$	19,380

NET INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS:
Net income/(loss) attributable to common shareholders (GAAP)	$	(3,298)		$	1,214		$	21,342		$	20,266		$	18,564
LESS: Gain on fair value of contingent considerations receivable ¹⁵	—			—			1,109			—			—
Tax effect at statutory rate	—			—			322			—			—
Net income/(loss) attributable to the common shareholders, treasury stock method, excluding notable items (non-GAAP)	$	(3,298)		$	1,214		$	20,555		$	20,266		$	18,564

Weighted average diluted shares outstanding	81,929,752			83,318,041			83,637,786			83,956,708			84,048,972
Diluted earnings/(loss) per share (GAAP)	$	(0.04)		$	0.01		$	0.26		$	0.24		$	0.22
Diluted earnings/(loss) per share, excluding notable items (non-GAAP)	$	(0.04)		$	0.01		$	0.25		$	0.24		$	0.22

Average common equity (non-GAAP)	$	834,882		$	838,935		$	818,816		$	807,890		$	790,844
Average tangible common equity (non-GAAP)	$	768,005		$	771,349		$	750,785		$	739,531		$	721,955
ROACE, excluding notable items (non-GAAP)	(1.58)		%	0.39		%	9.91		%	9.80		%	9.83		%
ROATCE, excluding notable items (non-GAAP)	(1.43)		%	0.72		%	11.09		%	10.99		%	11.06		%

Pre-tax, pre-provision income (non-GAAP)	$	20,147		$	17,870		$	24,461		$	25,742		$	26,181
LESS: Gain on fair value of contingent considerations receivable ¹⁵	—			—			1,109			—			—
Pre-tax, pre-provision income, excluding notable items (non-GAAP)	$	20,147		$	17,870		$	23,352		$	25,742		$	26,181

¹⁵In the fourth quarter of 2019, there was a $1.1 million gain related to the revaluation of a receivable from the divestiture of former affiliate, Bingham, Osborn & Scarborough, LLC ("BOS").

View source version on businesswire.com: https://www.businesswire.com/news/home/20200728005885/en/

Boston Private Financial Holdings, Inc.(NasdaqGM:BPFH) dropped from S&P TMI Index	21-07-07	CI
Boston Private Financial Holdings, Inc.(NasdaqGM:BPFH) dropped from S&P 1000	21-07-07	CI
Boston Private Financial Holdings, Inc.(NasdaqGM:BPFH) dropped from S&P Global BMI Index	21-07-07	CI
Boston Private Financial Holdings, Inc.(NasdaqGM:BPFH) dropped from S&P Composite 1500	21-07-07	CI
Boston Private Financial Holdings, Inc.(NasdaqGM:BPFH) dropped from S&P 600	21-07-07	CI
Boston Private Financial Holdings, Inc.(NasdaqGM:BPFH) dropped from S&P 600 Financials	21-07-07	CI
Boston Private Financial Holdings, Inc.(NasdaqGM:BPFH) dropped from S&P Regional Banks Select Industry Index	21-07-07	CI
Cerence : Set to Join S&P MidCap 400; Adtalem to Join S&P SmallCap 600	21-07-01	MT
SVB Financial Group completed the acquisition of Boston Private Financial Holdings, Inc. from Holdco Opportunities Fund III, L.P. managed by Holdco Asset Management, LP and others.	21-06-30	CI
Boston Private Financial Holdings, Inc.(NasdaqGS:BPFH) dropped from NASDAQ Composite Index	21-06-30	CI
Boston Private Financial Holdings, Inc.(NasdaqGS:BPFH) added to Russell 2000 Dynamic Index	21-06-25	CI
Boston Private Financial : Federal Reserve approves merger of Boston Private Financial and SVB	21-06-10	RE
U.S. FEDERAL RESERVE APPROVES MERGER BETWEEN BOSTON PRIVATE FINANCIAL HOLDINGS INC AND SVB FINANCIAL GROUP	21-06-10	RE
Insider Trends: Boston Private Financial Holdings Sees 90 Days of Insider Buying Trend Reducing with Share Disposition	21-05-27	MT
Insider Trends: Insider at Boston Private Financial Holdings Converts/Exercises Derivative Security, Sells for Taxes and Self, Buying Trend Remains Intact	21-05-18	MT
Insider Trends: Boston Private Financial Holdings Insider Converts Option/Derivative Security Sells Portion to Pay Tax, Buy Trend Intact	21-05-18	MT
Insider Trends: Insider at Boston Private Financial Holdings Acquires Stock Via Conversion of Option/Derivative Security Sells Portion to Pay Tax, Buy Trend Intact	21-05-18	MT
Insider Trends: Boston Private Financial Holdings Insider Exercises Option/Derivative Security to Acquire Stock Sells Portion to Pay Tax, Buy Trend Intact	21-05-18	MT
Boston Private Provides Information to the Shareholders	21-05-06	CI
Boston Private Provides Information to the Shareholders	21-05-04	CI
Sector Update: Financial Stocks Struggle for Direction on Tuesday	21-05-04	MT
Sector Update: Financial Stocks Struggling for Direction This Afternoon	21-05-04	MT
Boston Private Financial : Shareholders Approve SVB Financial Deal	21-05-04	MT
SVB Financial : Again Rejects Calls to Increase Purchase Price for Boston Private Financial	21-04-30	MT
HoldCo Asset Issues Public Letter to SVB Financial	21-04-28	CI

	1st Jan change	Capi.
JULIUS BÄR GRUPPE AG	+2.29%	10.86B
BANCA GENERALI S.P.A.	+7.07%	4.41B
EFG INTERNATIONAL AG	-1.11%	3.49B
EDMOND DE ROTHSCHILD (SUISSE) S.A.	+3.33%	1.33B
TRUXTON CORPORATION	-1.54%	184M
BANCA PROFILO S.P.A.	+8.37%	157M
PROVEN GROUP LIMITED	-8.17%	92.7M

Boston Private Financial Holdings, Inc.

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BPFH

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Boston Private Financial : Reports Second Quarter 2020 Results

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