Boston Private Financial Holdings Inc. (BPFH, Financial) filed Quarterly Report for the period ended 2009-03-31.
Boston Private Bancorp through its subsidiaries offers a full range of banking commercial and residential lending and trust and investment management services to its domestic and international clientele with a commitment to exceptional service. In the city of Boston Boston Private Bank & Trust Company offers a First Time Homebuyer program and ``soft second'' mortgage financing. Under its Accessible Banking program the Bank is an active provider of real estate financing for affordable housingeconomic development and small businesses. Boston Private Financial Holdings Inc. has a market cap of $410.7 million; its shares were traded at around $6.41 with and P/S ratio of 1.1. The dividend yield of Boston Private Financial Holdings Inc. stocks is 0.6%. Boston Private Financial Holdings Inc. had an annual average earning growth of 25.5% over the past 5 years.
Wealth Advisory fees for the first quarter of 2009 were $10.2 million, a decrease of $0.6 million, or 6%, compared to the same period in 2008. The Companys wealth advisory fee income was negatively affected by the challenging market conditions. Assets under advisory, managed by the Wealth Advisors, decreased $0.2 billion, or 2%, compared to the same period in 2008. The decrease was primarily attributable to market depreciation.
Gain on repurchase of debt for the first quarter of 2009 was $0.4 million, a decrease of $10.9 million compared to the same period in 2008. During the first quarter of 2009 the Company repurchased $48.9 million of its notes resulting in a net gain of $0.4 million, compared to the $107.5 million of debt repurchased in the first quarter 2008 and a resulting net gain of $11.3 million. The remaining outstanding balance of the Companys Notes at March 31, 2009 was $3.6 million. The Company does not anticipate recognizing any material gains from future repurchases because of the remaining balance is small and the notes recently trading at or close to par. As the Notes near the put/call date in July of 2009, they will tend to trade at or very close to par.
Amortization of intangibles for the first quarter of 2009 was $2.4 million, a decrease of $0.8 million, or 25%, compared to the same period in 2008. The decrease is primarily due to the intangible asset valuation adjustments made during 2008. Intangibles at March 31, 2009 decreased $41.3 million, or 39%, to $66 million, compared to $107.3 million at March 31, 2008. See Part I. Item 1. Notes to Unaudited Consolidated Financial Statements, Note 8: Goodwill and Intangible Assets for further detail.
FDIC insurance for the first quarter of 2009 was $1.9 million, an increase of $0.8 million, or 79%, compared to the same period in 2008. The increase is primarily as a result of higher assessment rates and increases in insurable deposits.
line with Treasury from $30 billion currently to $100 billion. This legislation was recently passed by the U.S. Senate. The Banks will accrue this special assessment in the quarter when the new rule is final, which is expected to be in the second quarter of 2009. The Company estimates that this special assessment would result in a pre tax expense to the Banks of approximately $5 to $10 million depending on the assessment rate and level of deposits at June 30, 2009.
Read the The complete ReportBPFH is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC, Kenneth Fisher of Fisher Asset Management, LLC, David Dreman of Dreman Value Management, John Keeley of Keeley Fund Management.
Boston Private Bancorp through its subsidiaries offers a full range of banking commercial and residential lending and trust and investment management services to its domestic and international clientele with a commitment to exceptional service. In the city of Boston Boston Private Bank & Trust Company offers a First Time Homebuyer program and ``soft second'' mortgage financing. Under its Accessible Banking program the Bank is an active provider of real estate financing for affordable housingeconomic development and small businesses. Boston Private Financial Holdings Inc. has a market cap of $410.7 million; its shares were traded at around $6.41 with and P/S ratio of 1.1. The dividend yield of Boston Private Financial Holdings Inc. stocks is 0.6%. Boston Private Financial Holdings Inc. had an annual average earning growth of 25.5% over the past 5 years.
Highlight of Business Operations:
Investment management and trust fees for the first quarter of 2009 were $28.1 million, a decrease of $10.9 million, or 28%, compared to the same period in 2008. The first quarter decrease is primarily attributed to the $7.1 billion, or 29% decrease in AUM compared to March 31, 2008. AUM as of March 31, 2009 for the Banks and Investment Managers were $17.7 billion. The decrease in AUM comprises $7.5 billion in market depreciation, slightly offset by net flows of $0.4 billion. Management fees for the Companys Banks and Investment Management affiliates are typically calculated based on a percentage of AUM. Approximately 72% of the Companys first quarter 2009 investment management and trust fees were calculated based on the March 31, 2009 market value of AUM; the remaining 28% of the Companys investment management and trust fees were calculated based on the December 31, 2008 market value of AUM.Wealth Advisory fees for the first quarter of 2009 were $10.2 million, a decrease of $0.6 million, or 6%, compared to the same period in 2008. The Companys wealth advisory fee income was negatively affected by the challenging market conditions. Assets under advisory, managed by the Wealth Advisors, decreased $0.2 billion, or 2%, compared to the same period in 2008. The decrease was primarily attributable to market depreciation.
Gain on repurchase of debt for the first quarter of 2009 was $0.4 million, a decrease of $10.9 million compared to the same period in 2008. During the first quarter of 2009 the Company repurchased $48.9 million of its notes resulting in a net gain of $0.4 million, compared to the $107.5 million of debt repurchased in the first quarter 2008 and a resulting net gain of $11.3 million. The remaining outstanding balance of the Companys Notes at March 31, 2009 was $3.6 million. The Company does not anticipate recognizing any material gains from future repurchases because of the remaining balance is small and the notes recently trading at or close to par. As the Notes near the put/call date in July of 2009, they will tend to trade at or very close to par.
Amortization of intangibles for the first quarter of 2009 was $2.4 million, a decrease of $0.8 million, or 25%, compared to the same period in 2008. The decrease is primarily due to the intangible asset valuation adjustments made during 2008. Intangibles at March 31, 2009 decreased $41.3 million, or 39%, to $66 million, compared to $107.3 million at March 31, 2008. See Part I. Item 1. Notes to Unaudited Consolidated Financial Statements, Note 8: Goodwill and Intangible Assets for further detail.
FDIC insurance for the first quarter of 2009 was $1.9 million, an increase of $0.8 million, or 79%, compared to the same period in 2008. The increase is primarily as a result of higher assessment rates and increases in insurable deposits.
line with Treasury from $30 billion currently to $100 billion. This legislation was recently passed by the U.S. Senate. The Banks will accrue this special assessment in the quarter when the new rule is final, which is expected to be in the second quarter of 2009. The Company estimates that this special assessment would result in a pre tax expense to the Banks of approximately $5 to $10 million depending on the assessment rate and level of deposits at June 30, 2009.
Read the The complete ReportBPFH is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC, Kenneth Fisher of Fisher Asset Management, LLC, David Dreman of Dreman Value Management, John Keeley of Keeley Fund Management.
