Exhibit 99.1
2012 FIRST HALF FINANCIAL HIGHLIGHTS
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Net Income was $22.8 million, up 48% compared to the same period last year. |
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Total deposits grew slightly with balances up 1% to $4.7 billion, and the Bank’s total loan portfolio ended at $5.1 billion, a significant
increase of 15%. |
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Total balance sheet assets grew 4% to $6.1 billion. |
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Assets under management ended the second quarter at $3.7 billion, down 2% as compared to the same time last year. |
STATEMENT OF FINANCIAL CONDITION
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| Boston Private Bank & Trust Company
CONDENSED BALANCE SHEET |
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| (Unaudited) |
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June 30, |
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| ($ In Thousands) |
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2012 |
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2011 |
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| Assets |
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| Cash & Short-Term Investments |
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$ |
98,311 |
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$ |
458,917 |
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| Investment Securities |
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724,792 |
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790,481 |
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| Loans Held for Sale |
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12,336 |
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4,625 |
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| Commercial & Construction Loans |
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2,806,065 |
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2,319,002 |
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| Mortgage Loans |
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1,991,687 |
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1,767,671 |
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| Home Equity & Other Loans |
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292,679 |
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321,243 |
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| Total Loans |
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5,090,431 |
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4,407,916 |
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| Less: Allowance for Loan Losses |
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99,054 |
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98,742 |
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| Net Loans |
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4,991,377 |
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4,309,174 |
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| Other Assets |
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239,629 |
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262,384 |
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| Total Assets |
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$ |
6,066,445 |
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$ |
5,825,581 |
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| Liabilities & Shareholder’s Equity |
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| Demand Deposits |
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$ |
1,140,826 |
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$ |
1,038,718 |
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| NOW Accounts |
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424,281 |
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357,752 |
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| Savings & Money Market |
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2,267,963 |
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2,238,570 |
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| Certificates of Deposit |
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869,582 |
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1,020,510 |
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| Total Deposits |
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4,702,652 |
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4,655,550 |
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| Borrowings |
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802,591 |
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646,143 |
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| Other Liabilities |
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41,705 |
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41,991 |
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| Total Liabilities |
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5,546,948 |
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5,343,684 |
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| Shareholder’s Equity |
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519,497 |
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481,897 |
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| Total Liabilities & Shareholder’s Equity |
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$ |
6,066,445 |
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$ |
5,825,581 |
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Boston Private Bank & Trust Company
CONDENSED STATEMENTS OF INCOME
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| (Unaudited) |
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For the Six Months Ended June 30, |
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| ($ In Thousands) |
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2012 |
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2011 |
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| Interest Income |
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$ |
112,660 |
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$ |
116,142 |
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| Interest Expense |
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18,005 |
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22,792 |
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| Net Interest Income |
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94,655 |
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93,350 |
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| Provision for Loan Losses |
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5,700 |
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11,160 |
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| Net Interest Income after Provision |
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88,955 |
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82,190 |
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| Investment Management Fees |
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11,670 |
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11,991 |
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| Banking Fees and Other Income |
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4,626 |
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6,502 |
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| Operating Expenses |
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71,246 |
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78,992 |
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| Income Before Income Taxes |
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34,005 |
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21,691 |
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| Income Taxes |
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11,178 |
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6,292 |
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| Net Income |
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$ |
22,827 |
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$ |
15,399 |
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Boston Private Bank & Trust Company
SELECTED FINANCIAL DATA
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| (Unaudited) |
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At and for the Six Months Ended June 30, |
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| ($ In Thousands) |
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2012 |
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2011 |
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| Assets Under Management |
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$ |
3,680,000 |
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$ |
3,739,000 |
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| Return on Average Equity |
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8.91 |
% |
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6.51 |
% |
| Net Interest Margin (FTE) |
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3.43 |
% |
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3.37 |
% |
| Allowance for Loan Losses/Total Loans |
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1.95 |
% |
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2.24 |
% |
| Tier I Leverage Capital Ratio |
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8.40 |
% |
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7.92 |
% |
On May 27, 2011, Charter
Private Bank, Borel Private Bank, and First Private Bank merged into Boston Private Bank & Trust Company. All financial statements and data above are presented on a consolidated basis for all periods presented.
BOARD OF DIRECTORS
Herbert S. Alexander
Managing Partner
Alexander, Aronson, Finning & Company
John H. Clymer
Senior Counsel
Nixon Peabody LLP
Eugene S. Colangelo
Chairman of the Board
Julio Enterprises
Chairman of the Board
Boston Private
Bank & Trust Company
Clayton G. Deutsch
CEO & President
Boston Private Financial Holdings, Inc.
Charles T. Grigsby
President
Mass. Growth Capital Corp.
Susan
P. Haney
Private Investor
V. Charles Jackson
CEO, Southern California
Boston Private
Bank & Trust Company
E. Christopher Palmer
President & Managing Shareholder
Palmer and Corbett, PC
James K. Schmidt
Private Investor
Brian G. Shapiro
Managing Partner
The Shapiro Group
William J. Shea
Executive
Chairman
Lucid, Inc.
Chairman of the Board
DeMoulas Markets
Mark D. Thompson
CEO &
President
Boston Private Bank & Trust Company
POLICY GROUP
Mark D. Thompson
CEO & President
James C. Brown
Executive Vice President Chief Lending Officer
Robert C. Buffum, Jr.
Senior Vice President
Chief Credit
Officer
Gary L. Garber
Senior Vice President
Chief
Information Officer
James C. Garvey
CEO, San Francisco Bay Area
James D. Henderson
Executive Vice President
V. Charles
Jackson
CEO, Southern California
W. Timothy MacDonald
Senior Vice President
Chief Risk
Officer
Pilar Pueyo
Senior Vice President Director of Human Resources
Anne L. Randall
Executive Vice President
Chief Financial & Administrative Officer
George G. Schwartz
Executive Vice President
Chief Operating Officer & Treasurer
Martin Steele
CEO, Pacific
Northwest
John J. Sullivan
Executive Vice President
NEW ENGLAND OFFICES
Headquarters/Boston Office
Ten Post Office Square
Boston, MA 02109
Phone: (617) 912-1900
Back Bay Office
500 Boylston Street
Boston, MA 02116
Phone: (617) 912-4500
Beverly Office
57 Enon Street, Route 1A
Beverly, MA 01915
Phone: (978) 922-8000
Brookline Office
1295A Beacon Street
Brookline, MA 02446
Phone: (617) 739-0002
Hingham Office
7 Central Street
Hingham, MA 02043
Phone: (781)
740-2405
Jamaica Plain Loan
Center
401c Centre Street
Jamaica Plain,
MA 02130
Phone: (617) 524-6050
Kendall Square Office
One Cambridge Center
Cambridge, MA 02142
Phone: (617)
646-4800
Lexington Office
1666 Massachusetts
Avenue Lexington,
MA 02420
Phone: (617) 912-3600
Newton Centre Office
1223 Centre Street
Newton, MA 02459
Phone: (617) 646-4850
Prudential Center Office
800 Boylston Street
Boston, MA 02199
Phone: (617) 912-7300
Seaport Office
157 Seaport
Boulevard
Boston, MA 02210
Phone:
(617) 646-4880
Wellesley Office
336 Washington Street
Wellesley, MA 02481
Phone: (781) 707-7700
PACIFIC NORTHWEST OFFICES
Bellevue Office
10885 N.E. 4th Street,
Suite 100
Bellevue, WA 98004
Phone: (425) 586-5000
Redmond Office
7536 164th
Avenue NE
Redmond, WA 98052
Phone:
(425) 882-3535
Seattle Office
601
Union Square, Suite 3030
Seattle, WA 98101
Phone: (206) 774-5400
SOUTHERN CALIFORNIA
OFFICES
Burbank Office
333 N. Glenoaks Boulevard
Burbank, CA 91502
Phone: (818) 842-9191
Encino Office
16000 Ventura Boulevard
Encino, CA
91436
Phone: (818) 501-1700
Granada Hills Office
10820 Zelzah Avenue
Granada Hills, CA 91344
Phone:
(818) 832-3800
Santa Monica Office
520 Broadway
Santa Monica, CA 90401
Phone: (310) 899-2620
Westlake Village Office
2835 Townsgate Road
Westlake Village, CA 91361
Phone: (805) 230-2778
SAN
FRANCISCO BAY AREA OFFICES
Burlingame Office
1440 Chapin Avenue
Burlingame, CA 94010
Phone: (650) 375-6000
Los Altos
Office
345 S. San Antonio Road
Los
Altos, CA 94022
Phone: (650) 917-4600
Palo Alto Office
245 Lytton Avenue
Palo Alto, CA 94301
Phone: (650) 463-8700
San Francisco Office
433 California Street
San Francisco, CA 94104
Phone:
(415) 402-5900
San Mateo Office
160 Bovet Road
San Mateo, CA 94402
Phone: (650) 378-3700
