Boston Private Financial (BPFH) Misses Q1 EPS by 9c

Boston Private Financial (NASDAQ: BPFH) reported Q1 EPS of $0.08, $0.09 worse than the analyst estimate of $0.17.

• Net income of $0.8 million, or $0.01 per diluted share
• Return on average common equity (non-GAAP) of 0.4%
• Return on average tangible common equity (non-GAAP) of 0.7%
• Average total deposits of $7.1 billion, a 5% increase year-over-year
• Average total loans of $7.0 billion, a 2% increase year-over-year
• Total assets under management/advisory (“AUM”) of $14.5 billion, a 10% decrease year-over-year
• Total net flows of $150 million, $176 million of which was attributable to the Wealth Management and Trust segment
• On January 1, 2020, the Company adopted the Current Expected Credit Loss ("CECL") accounting standard
• Provision for credit losses of $18.8 million ($0.16 per share after tax impact), which includes $17.0 million of provision for loan loss expense and $1.8 million of Other expense for unfunded loan commitments, reflecting the impact of the COVID-19 pandemic
• $12.8 million of shares repurchased, completing the remaining availability under the existing program

For earnings history and earnings-related data on Boston Private Financial (BPFH) click here.

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