Breaking News

EPS includes income tax expense of 15c per share attributable to the divestiture of Anchor Capital Advisors. Reports operating return on average common equity of 10.0%. Tangible book value per share as of June 30 increased 9% year-over-year to $7.62.Total assets under management were $21.4B and total net flows were negative $76M. The company said, "This quarter's reported results were heavily influenced by a $12.7 million tax charge related to the divestiture of Anchor Capital in April of 2018. Despite this charge, the Anchor divestiture created economic value for BPFH in the form of an ongoing cash flow stream and capital flexibility. Additionally, we utilized the proceeds to help fund the redemption of $50 million of preferred shares in order to benefit common shareholders in future periods. Looking through to core operating results, our three wealth affiliates turned in solid revenue growth with acceptable margins. Our Boston Private Wealth business generated record levels of new business during the quarter, which should benefit forward revenue and earnings. Boston Private Bank increased loan balances 2% linked quarter and 7% year-over-year. This was offset by intensifying deposit competition. Consolidated expenses, excluding Anchor, came down 2% linked quarter and the year-over-year increase was below our target range of 4% to 5% expense growth per year."

The company recorded a provision credit of $1.8M for the first quarter, compared to a credit of $0.9M for the fourth quarter of 2017 and a credit of $0.2M for the first quarter of 2017. The provision credit in the first quarter of 2018 was primarily driven by a decline in total criticized loans and improved loss rates, partially offset by loan growth. Tangible book value per share as of March 31, 2018 increased 7% year-over-year to $7.17.