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Boston Private Financial Holdings Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 7, 2010 02:18PM

Boston Private Financial Holdings Inc. (BPFH) filed Quarterly Report for the period ended 2010-03-31. Boston Private Financial Holdings Inc. has a market cap of $480.9 million; its shares were traded at around $6.99 with and P/S ratio of 1.6. The dividend yield of Boston Private Financial Holdings Inc. stocks is 0.6%.

BPFH is in the portfolios of Chuck Royce of Royce& Associates, Kenneth Fisher of Fisher Asset Management, LLC, Arnold Schneider of Schneider Capital Management.

Highlight of Business Operations:

Substandard-rated loans may be either accruing or non-accruing based on the various credit factors of each individual loan. At March 31, 2010, the Company had accruing classified loans of $62.8 million, an increase of $10.3 million, or 19%, compared to $52.5 million at December 31, 2009. The largest absolute change was in the New England region which increased $6.3 million from $14.5 million at December 31, 2009 to $20.8 million at March 31, 2010. Over the same period, the Southern California region increased $6.0 million, while the Pacific Northwest region decreased $1.5 million, and the Northern California region decreased $0.5 million.

When management determines that it is probable that the Bank will not collect all principal and interest on a loan, usually commercial loans, in accordance with the original loan terms, as well as all troubled debt restructured loans (TDRs), the loan is designated as impaired. Impaired loans are generally included within the balance of non-accrual loans. Impaired loans totaled $82.5 million as of March 31, 2010, as compared to $83.2 million at December 31, 2009. At March 31, 2010, $19.9 million of the impaired loans had $4.2 million in specific allocations to the general reserve. The remaining $62.6 million of impaired loans did not have specific allocations due primarily to the adequacy of the collateral or prior charge-offs taken. At December 31, 2009, $20.7 million of impaired loans had $5.0 million in specific allocations to the general reserve and the remaining $62.5 million of impaired loans did not have specific allocations.

Management is responsible for establishing and monitoring liquidity targets as well as strategies to meet these targets. At March 31, 2010, consolidated cash and cash equivalents and securities available for sale, less securities pledged, amounted to $0.8 billion, or 14% of total assets, as compared to $1.0 billion, or 16% of total assets at December 31, 2009. In addition, the Company has access to available borrowings through the FHLB totaling $819.8 million as of March 31, 2010 as compared to $789.3 million as of December 31, 2009. Combined, this liquidity totals $1.7 billion, or 27% of assets and 37% of total deposits as of March 31, 2010 compared to $1.8 billion, or 29% of assets and 41% of total deposits as of December 31, 2009.

Total Company’s stockholders’ equity at March 31, 2010 was $610.2 million, compared to $651.2 million at December 31, 2009, a decrease of $41.0 million, or 6%. The decrease in the Company’s stockholders’ equity was primarily the result of the repurchase of $50.0 million of the Company’s Series C Preferred stock in January 2010, partially offset by net income and stock issued for deferred acquisition payments.

Net Income/ (Loss). The Company recorded net income from continuing operations for the three months ended March 31, 2010 of $5.8 million, compared to $4.3 million for the same period in 2009. Net income attributable to the Company, which includes income from both continuing and discontinued operations, for the three months ended March 31, 2010 was $5.1 million, compared to $2.9 million for the same period in 2009.

Earnings per share from continuing operations for the three months ended March 31, 2010 was $0.02 per share, compared to a loss of $0.08 per share for the same period in 2009. Earnings per share attributable to the common shareholders, which includes both continuing and discontinued operations, for the three months ended March 31, 2010 was $0.02 per share, compared to a loss of $0.09 per share for the same period in 2009. Income from continuing operations in both 2010 and 2009 was offset by charges that reduce income available to common shareholders. Charges that reduce income available to common shareholders include preferred dividends paid and charges that are accounted for as preferred dividends such as the accretion of discounts and beneficial conversion features on preferred stock and the amounts related to the change in redemption value of noncontrolling interests. These charges decreased $4.9 million to $3.5 million in the first quarter of 2010 from $8.4 million for the same period in 2009, primarily due to the acquisition of the remaining 19% interest in KLS, which affected the change in redemption value of noncontrolling interests, and accretion of the beneficial conversion feature of the Series B Preferred, which was fully accreted as of December 31, 2009. See Part I. Item 1. “Notes to Unaudited Consolidated Financial Statements - Note 2: Earnings Per Share” for further detail on these charges to income available to common shareholders.

Read the The complete Report



Stocks Discussed: BPFH,
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