Massachusetts | 0-17089 | 04-2976299 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
• | Revenue for the fourth quarter was $76.4 million, an increase of $2.6 million, or 4%, from $73.7 million on a linked quarter basis. On a year to date basis, Revenue was up 2% to $292.5 million. |
◦ | Net Interest Income for the fourth quarter was $45 million, a decrease of $1.5 million, or 3%, from $46.4 million on a linked quarter basis. On a year to date basis, Net Interest Income was up 13% to $180.7 million. |
◦ | Fee Income (Investment Management, Wealth Advisory and Other Private Banking Fees) for the fourth quarter was $26.7 million, an increase of $1.2 million, or 5%, from $25.5 million on linked quarter basis. On a year to date basis, Fee Income was up 10%, to $103.5 million. |
• | Net Interest Margin for the fourth quarter was 3.18%, down 24 basis points from 3.42% on a linked quarter basis, primarily due to the expiration of an interest rate hedge in November, the impact of new non accrual loans in both the fourth quarter and late in the third quarter, as well as residential loans that repriced at lower rates. Net Interest Margin for the year was 3.30%, up 21 basis points from the prior year, primarily due to BPFH's banking subsidiaries' lower deposit rates, CDs maturing and repricing at lower rates or shifting to lower-cost money market accounts, and FHLB borrowings maturing and repricing at lower rates. |
• | Operating Expenses for the fourth quarter were $63.2 million, an increase of $2.2 million, or 4%, from $61 million on a linked quarter basis, primarily due to a legal settlement at the Company's Southern California bank. On a year to date basis, Operating Expenses were up 6% to $236.9 million, primarily due to the increase in Salaries and Benefit expenses as a result of certain separation and retirement expenses, increased fixed compensation, and increases in variable and equity compensation as a result of savings recognized in 2009. |
• | Total Balance Sheet Assets as of the end of the fourth quarter were $6.2 billion, an increase of $121.6 million, or 2%, from $6.0 billion as of the end of the third quarter and were up 2% from $6.0 billion as of the end of 2009. |
• | Provision for Loan Losses for the fourth quarter was $32.6 million, an increase of $0.5 million, or 2%, from $32.1 million on a linked quarter basis. On a year to date basis, Provision for Loan Losses was $87.2 million, up 94% from $45 million as of the end of 2009, primarily due to further degradation of criticized CRE loans in the portfolio of the Company's Northern California bank. |
• | Allowance for Loan Losses as a percentage of Total Loans as of the end of the fourth quarter was 2.20%, down 1 basis point from 2.21%, as of the end of the third quarter and up 61 basis points from 1.59% as of the end of 2009. The year-over-year increase is primarily due to increased levels of classified loans and continued loan charge-offs, particularly in Northern California, other qualitative risk factors, and growth in the loan portfolio, offset slightly by a change in the mix of loan types in the loan portfolio. |
(In thousands, except per share data) | December 31, 2010 | December 31, 2009 | September 30, 2010 | ||||||
FINANCIAL DATA: | |||||||||
Total Balance Sheet Assets (1) | $ | 6,152,901 | $ | 6,049,265 | $ | 6,031,266 | |||
Total Equity | 518,878 | 651,154 | 533,762 | ||||||
Cash and Investment Securities | 1,338,238 | 1,387,483 | 1,157,657 | ||||||
Commercial Loans | 2,356,233 | 2,213,020 | 2,386,378 | ||||||
Construction and Land Loans | 150,702 | 315,661 | 210,915 | ||||||
Residential Mortgage Loans | 1,673,934 | 1,494,703 | 1,634,958 | ||||||
Home Equity and Other Consumer Loans | 299,478 | 283,656 | 298,023 | ||||||
Total Loans | 4,480,347 | 4,307,040 | 4,530,274 | ||||||
Loans Held for Sale | 9,145 | 12,714 | 22,290 | ||||||
Other Real Estate Owned ("OREO") | 12,925 | 16,600 | 13,069 | ||||||
Deposits | 4,486,726 | 4,255,219 | 4,492,516 | ||||||
Borrowings | 1,027,925 | 992,034 | 886,741 | ||||||
Book Value Per Common Share | $ | 6.04 | $ | 6.51 | $ | 6.21 | |||
Market Price Per Share | $ | 6.55 | $ | 5.77 | $ | 6.54 | |||
ASSETS UNDER MANAGEMENT AND ADVISORY: | |||||||||
Private Banking | $ | 3,592,000 | $ | 3,479,000 | $ | 3,561,000 | |||
Investment Managers | 8,140,000 | 7,048,000 | 7,521,000 | ||||||
Wealth Advisory | 7,836,000 | 7,161,000 | 7,553,000 | ||||||
Less: Inter-company Relationship | (19,000 | ) | (18,000 | ) | (18,000 | ) | |||
Assets Under Management and Advisory | $ | 19,549,000 | $ | 17,670,000 | $ | 18,617,000 | |||
FINANCIAL RATIOS: | |||||||||
Total Equity/Total Assets | 8.43 | % | 10.76 | % | 8.85 | % | |||
Allowance for Loan Losses/Total Loans | 2.20 | % | 1.59 | % | 2.21 | % | |||
Allowance for Loan Losses/Non-Accrual Loans | 93 | % | 79 | % | 71 | % |
Three Months Ended | Twelve Months Ended | |||||||||||||||
Dec 31, | Dec 31, | Sept 30, | Dec 31, | Dec 31, | ||||||||||||
OPERATING RESULTS: | 2010 | 2009 | 2010 | 2010 | 2009 | |||||||||||
Net Interest Income | $ | 44,953 | $ | 41,057 | $ | 46,444 | $ | 180,725 | $ | 159,485 | ||||||
Investment Management and Trust Fees: | ||||||||||||||||
Private Banking | 5,744 | 5,482 | 5,599 | 22,826 | 20,810 | |||||||||||
Investment Managers | 9,682 | 9,029 | 8,712 | 36,941 | 33,189 | |||||||||||
Total Investment Management and Trust Fees | 15,426 | 14,511 | 14,311 | 59,767 | 53,999 | |||||||||||
Total Wealth Advisory Fees | 9,787 | 9,138 | 9,525 | 37,874 | 34,834 | |||||||||||
Other Private Banking Fees | 1,513 | 1,249 | 1,678 | 5,832 | 5,652 | |||||||||||
Total Fees | 26,726 | 24,898 | 25,514 | 103,473 | 94,485 | |||||||||||
Gain on Repurchase of Debt | — | 18,332 | — | — | 18,739 | |||||||||||
Gain/(Loss) on Sale of Loans and OREO, net | 3,385 | (2,120 | ) | 713 | 2,410 | 4,302 | ||||||||||
Other Revenue, Gains and (Losses), net (3) | 1,301 | 1,254 | 1,072 | 5,889 | 8,923 | |||||||||||
Total Fees and Other Income | 31,412 | 42,364 | 27,299 | 111,772 | 126,449 | |||||||||||
Total Revenue | 76,365 | 83,421 | 73,743 | 292,497 | 285,934 | |||||||||||
Provision for Loan Losses | 32,551 | 13,804 | 32,050 | 87,178 | 44,959 | |||||||||||
Salaries and Employee Benefits | 36,084 | 32,434 | 38,662 | 143,248 | 127,707 | |||||||||||
Occupancy and Equipment | 7,254 | 6,981 | 7,036 | 27,773 | 26,818 | |||||||||||
Professional Services | 5,470 | 5,479 | 4,857 | 19,495 | 19,841 | |||||||||||
FDIC Insurance | 2,113 | 2,012 | 2,137 | 8,603 | 9,746 | |||||||||||
Other Operating Expenses (4) | 12,256 | 10,833 | 8,287 | 37,736 | 38,846 | |||||||||||
Total Operating Expense | 63,177 | 57,739 | 60,979 | 236,855 | 222,958 | |||||||||||
Income/(Loss) from Continuing Operations, before Tax | (19,363 | ) | 11,878 | (19,286 | ) | (31,536 | ) | 18,017 | ||||||||
Income Tax Expense/(Benefit) | (8,172 | ) | 2 | (12,412 | ) | (19,451 | ) | 1,632 | ||||||||
Net Income/(Loss) from Continuing Operations | (11,191 | ) | 11,876 | (6,874 | ) | (12,085 | ) | 16,385 | ||||||||
Discontinued Operations, Net of Tax (1) | 1,917 | 31,501 | 267 | 3,729 | (7,505 | ) | ||||||||||
Net Income/(Loss) before Attribution to Noncontrolling Interest | (9,274 | ) | 43,377 | (6,607 | ) | (8,356 | ) | 8,880 | ||||||||
Less: Net Income Attributable to the Noncontrolling Interest | 684 | 1,169 | 629 | 2,614 | 3,649 | |||||||||||
Net Income/(Loss) Attributable to the Company | $ | (9,958 | ) | $ | 42,208 | $ | (7,236 | ) | $ | (10,970 | ) | $ | 5,231 |
Three Months Ended | Twelve Months Ended | |||||||||||||||
Dec 31, | Dec 31, | Sept 30, | Dec 31, | Dec 31, | ||||||||||||
PER SHARE DATA: | 2010 | 2009 | 2010 | 2010 | 2009 | |||||||||||
Calculation of Income/(Loss) for EPS: | ||||||||||||||||
Net Income/(Loss) from Continuing Operations | $ | (11,191 | ) | $ | 11,876 | $ | (6,874 | ) | $ | (12,085 | ) | $ | 16,385 | |||
Less: Net Income Attributable to Noncontrolling Interests | 684 | 1,169 | 629 | 2,614 | 3,649 | |||||||||||
Net Income/(Loss) from Continuing Operations Attributable to the Company | $ | (11,875 | ) | $ | 10,707 | $ | (7,503 | ) | $ | (14,699 | ) | $ | 12,736 | |||
Adjustments to Net Income/(Loss) Attributable to the Company to Arrive at Net Income/(Loss) Attributable to Common Shareholders (5) | (300 | ) | (13,873 | ) | 163 | (9,766 | ) | (40,231 | ) | |||||||
Net Income/(Loss) from Continuing Operations Attributable to the Common Shareholders | $ | (12,175 | ) | $ | (3,166 | ) | $ | (7,340 | ) | $ | (24,465 | ) | $ | (27,495 | ) | |
Net Income/(Loss) from Discontinued Operations | $ | 1,917 | $ | 31,501 | $ | 267 | $ | 3,729 | $ | (7,505 | ) | |||||
Net Income/(Loss) Attributable to the Common Shareholder | $ | (10,258 | ) | $ | 28,335 | $ | (7,073 | ) | $ | (20,736 | ) | $ | (35,000 | ) | ||
Calculation of Average Shares Outstanding: | ||||||||||||||||
Weighted Average Basic and Diluted Shares | 74,371 | 67,637 | 74,154 | 71,321 | 66,697 | |||||||||||
Earnings/(Loss) per Share - Basic and Diluted | ||||||||||||||||
Earnings/(Loss) per Share from Continuing Operations | $ | (0.16 | ) | $ | (0.05 | ) | $ | (0.10 | ) | $ | (0.34 | ) | $ | (0.41 | ) | |
Income/(Loss) per Share from Discontinued Operations | $ | 0.02 | $ | 0.47 | $ | — | $ | 0.05 | $ | (0.11 | ) | |||||
Earnings/(Loss) per Share | $ | (0.14 | ) | $ | 0.42 | $ | (0.10 | ) | $ | (0.29 | ) | $ | (0.52 | ) |
Average Balance | Interest Income/Expense | Average Yeild/Rate | ||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||
Dec 31, | Dec 31, | Sept 30, | Dec 31, | Dec 31, | Sept 30, | Dec 31, | Dec 31, | Sept 30, | ||||||||||||||||
AVERAGE BALANCE SHEET: | 2010 | 2009 | 2010 | 2010 | 2009 | 2010 | 2010 | 2009 | 2010 | |||||||||||||||
AVERAGE ASSETS | ||||||||||||||||||||||||
Earning Assets | ||||||||||||||||||||||||
Cash and Investments (6) | $ | 1,303,356 | $ | 1,412,415 | $ | 1,084,506 | $ | 5,518 | $ | 6,684 | $ | 5,689 | 1.69 | % | 1.89 | % | 2.10 | % | ||||||
Loans (7) | ||||||||||||||||||||||||
Commercial and Construction (6) | 2,568,964 | 2,637,992 | 2,587,847 | 34,920 | 37,395 | 36,481 | 5.35 | % | 5.62 | % | 5.56 | % | ||||||||||||
Residential Mortgage | 1,660,775 | 1,478,772 | 1,637,831 | 19,183 | 18,883 | 19,621 | 4.61 | % | 5.11 | % | 4.79 | % | ||||||||||||
Home Equity and Other Consumer | 300,273 | 214,088 | 295,395 | 3,064 | 2,500 | 3,116 | 4.02 | % | 4.59 | % | 4.16 | % | ||||||||||||
Total Earning Assets | 5,833,368 | 5,743,267 | 5,605,579 | 62,685 | 65,462 | 64,907 | 4.25 | % | 4.53 | % | 4.59 | % | ||||||||||||
Allowance for Loan Losses | (99,025 | ) | (73,613 | ) | (81,543 | ) | ||||||||||||||||||
Cash and due From Banks (Non-Interest Bearing) | 32,516 | 27,113 | 27,983 | |||||||||||||||||||||
Other Assets | 441,632 | 580,466 | 443,124 | |||||||||||||||||||||
TOTAL AVERAGE ASSETS | $ | 6,208,491 | $ | 6,277,233 | $ | 5,995,143 | ||||||||||||||||||
AVERAGE LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Savings and NOW | $ | 608,474 | $ | 492,295 | $ | 559,413 | 454 | $ | 728 | $ | 467 | 0.30 | % | 0.59 | % | 0.33 | % | |||||||
Money Market | 1,814,159 | 1,576,760 | 1,698,381 | 3,718 | 4,521 | 3,821 | 0.81 | % | 1.14 | % | 0.89 | % | ||||||||||||
Certificates of Deposits | 1,183,250 | 1,569,426 | 1,277,670 | 3,877 | 7,622 | 4,422 | 1.30 | % | 1.93 | % | 1.37 | % | ||||||||||||
Total Deposits | 3,605,883 | 3,638,481 | 3,535,464 | 8,049 | 12,871 | 8,710 | 0.89 | % | 1.40 | % | 0.98 | % | ||||||||||||
Junior Subordinated Debentures and Other Long-term Debt | 193,645 | 215,895 | 193,645 | 2,523 | 2,851 | 2,511 | 5.21 | % | 5.28 | % | 5.19 | % | ||||||||||||
FHLB Borrowings and Other | 685,208 | 721,999 | 614,459 | 5,293 | 6,916 | 5,392 | 3.02 | % | 3.75 | % | 3.43 | % | ||||||||||||
Total Interest-Bearing Liabilities | 4,484,736 | 4,576,375 | 4,343,568 | 15,865 | 22,638 | 16,613 | 1.40 | % | 1.96 | % | 1.51 | % | ||||||||||||
Non-interest Bearing Demand Deposits | 1,063,592 | 906,351 | 986,892 | |||||||||||||||||||||
Payables and Other Liabilities | 112,406 | 98,229 | 104,806 | |||||||||||||||||||||
Total Liabilities | 5,660,734 | 5,580,955 | 5,435,266 | |||||||||||||||||||||
Redeemable Non-Controlling Interest | 19,070 | 53,177 | 19,542 | |||||||||||||||||||||
Stockholders' Equity | 528,687 | 643,101 | 540,335 | |||||||||||||||||||||
TOTAL AVERAGE LIABILITIES & STOCKHOLDERS' EQUITY | $ | 6,208,491 | $ | 6,277,233 | $ | 5,995,143 | ||||||||||||||||||
Net Interest Income - on a Fully Taxable Equivalent Basis (FTE) | $ | 46,820 | $ | 42,824 | $ | 48,294 | ||||||||||||||||||
FTE Adjustment (6) | 1,867 | 1,767 | 1,850 | |||||||||||||||||||||
Net Interest Income (GAAP Basis) | $ | 44,953 | $ | 41,057 | $ | 46,444 | ||||||||||||||||||
Interest Rate Spread | 2.85 | % | 2.57 | % | 3.08 | % | ||||||||||||||||||
Net Interest Margin | 3.18 | % | 2.97 | % | 3.42 | % |
Average Balance | Interest Income/Expense | Average Yeild/Rate | ||||||||||||||
Twelve Months Ended | Twelve Months Ended | Twelve Months Ended | ||||||||||||||
Dec 31, | Dec 31, | Dec 31, | Dec 31, | Dec 31, | Dec 31, | |||||||||||
AVERAGE BALANCE SHEET: | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | ||||||||||
AVERAGE ASSETS | ||||||||||||||||
Earning Assets | ||||||||||||||||
Cash and Investments (6) | $ | 1,255,767 | $ | 1,127,045 | $ | 23,360 | $ | 30,530 | 1.86 | % | 2.71 | % | ||||
Loans (7) | ||||||||||||||||
Commercial and Construction (6) | 2,567,009 | 2,679,722 | 144,402 | 154,358 | 5.63 | % | 5.76 | % | ||||||||
Residential Mortgage | 1,595,056 | 1,377,159 | 76,940 | 72,214 | 4.82 | % | 5.24 | % | ||||||||
Home Equity and Other Consumer | 286,044 | 206,894 | 12,482 | 9,321 | 4.36 | % | 4.51 | % | ||||||||
Total Earning Assets | 5,703,876 | 5,390,820 | 257,184 | 266,423 | 4.51 | % | 4.94 | % | ||||||||
Allowance for Loan Losses | (81,393 | ) | (70,771 | ) | ||||||||||||
Cash and due From Banks (Non-Interest Bearing) | 30,375 | 25,677 | ||||||||||||||
Other Assets | 485,170 | 610,657 | ||||||||||||||
TOTAL AVERAGE ASSETS | $ | 6,138,028 | $ | 5,956,383 | ||||||||||||
AVERAGE LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||
Deposits: | ||||||||||||||||
Savings and NOW | $ | 555,244 | $ | 457,280 | $ | 2,029 | $ | 3,240 | 0.37 | % | 0.71 | % | ||||
Money Market | 1,701,772 | 1,315,082 | 15,223 | 19,518 | 0.89 | % | 1.48 | % | ||||||||
Certificates of Deposits | 1,316,818 | 1,525,844 | 19,518 | 36,114 | 1.48 | % | 2.37 | % | ||||||||
Total Deposits | 3,573,834 | 3,298,206 | 36,770 | 58,872 | 1.03 | % | 1.78 | % | ||||||||
Junior Subordinated Debentures and Other Long-term Debt | 193,645 | 240,419 | 10,028 | 12,324 | 5.18 | % | 5.13 | % | ||||||||
FHLB Borrowings and Other | 648,226 | 817,830 | 22,414 | 28,633 | 3.46 | % | 3.50 | % | ||||||||
Total Interest-Bearing Liabilities | 4,415,705 | 4,356,455 | 69,212 | 99,829 | 1.57 | % | 2.29 | % | ||||||||
Non-interest Bearing Demand Deposits | 1,025,431 | 846,916 | ||||||||||||||
Payables and Other Liabilities | 103,836 | 62,599 | ||||||||||||||
Total Liabilities | 5,544,972 | 5,265,970 | ||||||||||||||
Redeemable Non-Controlling Interest | 20,175 | 42,119 | ||||||||||||||
Stockholders' Equity | 572,881 | 648,294 | ||||||||||||||
TOTAL AVERAGE LIABILITIES & STOCKHOLDERS' EQUITY | $ | 6,138,028 | $ | 5,956,383 | ||||||||||||
Net Interest Income - on an FTE Basis | $ | 187,972 | $ | 166,594 | ||||||||||||
FTE Adjustment (6) | 7,247 | 7,109 | ||||||||||||||
Net Interest Income (GAAP Basis) | $ | 180,725 | $ | 159,485 | ||||||||||||
Interest Rate Spread | 2.94 | % | 2.65 | % | ||||||||||||
Net Interest Margin | 3.30 | % | 3.09 | % |
Three Months Ended | Twelve Months Ended | |||||||
Dec 31, | Dec 31, | Sept 30, | Dec 31, | Dec 31, | ||||
2010 | 2009 | 2010 | 2010 | 2009 | ||||
OPERATING RATIOS: | ||||||||
Return on Average Equity | (7.53%) | 26.25 | % | (5.36%) | (1.91%) | 0.81 | % | |
Return on Average Assets | (0.64%) | 2.69 | % | (0.48%) | (0.18%) | 0.09 | % |
LOAN DATA AND CREDIT QUALITY (8): | Dec 31, | Dec 31, | Sept 30, | ||||||
2010 | 2009 | 2010 | |||||||
Commercial Loans: | |||||||||
New England | $ | 1,125,669 | $ | 943,740 | $ | 1,082,877 | |||
Northern California | 859,073 | 927,074 | 935,994 | ||||||
Southern California | 234,926 | 231,684 | 233,383 | ||||||
Pacific Northwest | 136,745 | 111,039 | 134,337 | ||||||
Eliminations and other, net | (180 | ) | (517 | ) | (213 | ) | |||
Total Commercial Loans | $ | 2,356,233 | $ | 2,213,020 | $ | 2,386,378 | |||
Construction and Land Loans: | |||||||||
New England | $ | 80,021 | $ | 117,817 | $ | 97,585 | |||
Northern California | 55,284 | 161,839 | 97,791 | ||||||
Southern California | 1,840 | 7,719 | 1,869 | ||||||
Pacific Northwest | 13,557 | 28,286 | 13,670 | ||||||
Total Construction and Land Loans | $ | 150,702 | $ | 315,661 | $ | 210,915 | |||
Residential Mortgage Loans: | |||||||||
New England | $ | 1,181,399 | $ | 1,113,842 | $ | 1,154,671 | |||
Northern California | 293,622 | 219,394 | 277,321 | ||||||
Southern California | 153,102 | 124,212 | 159,321 | ||||||
Pacific Northwest | 45,811 | 37,255 | 43,645 | ||||||
Total Residential Mortgage Loans | $ | 1,673,934 | $ | 1,494,703 | $ | 1,634,958 | |||
Home Equity and Other Consumer Loans: | |||||||||
New England | $ | 199,454 | $ | 179,792 | $ | 201,569 | |||
Northern California | 73,172 | 74,192 | 72,152 | ||||||
Southern California | 17,654 | 20,947 | 15,529 | ||||||
Pacific Northwest | 7,098 | 5,278 | 6,567 | ||||||
Eliminations and other, net | 2,100 | 3,447 | 2,206 | ||||||
Total Home Equity and Other Consumer Loans | $ | 299,478 | $ | 283,656 | $ | 298,023 | |||
Total Loans | |||||||||
New England | $ | 2,586,543 | $ | 2,355,191 | $ | 2,536,702 | |||
Northern California | 1,281,151 | 1,382,499 | 1,383,258 | ||||||
Southern California | 407,522 | 384,562 | 410,102 | ||||||
Pacific Northwest | 203,211 | 181,858 | 198,219 | ||||||
Eliminations and other, net | 1,920 | 2,930 | 1,993 | ||||||
Total Loans | $ | 4,480,347 | $ | 4,307,040 | $ | 4,530,274 |
Dec 31, | Dec 31, | Sept 30, | |||||||
2010 | 2009 | 2010 | |||||||
Allowance for Loan Losses: | |||||||||
New England | $ | 32,938 | $ | 27,363 | $ | 30,948 | |||
Northern California | 46,117 | 19,950 | 49,824 | ||||||
Southern California | 12,375 | 11,659 | 12,346 | ||||||
Pacific Northwest | 6,973 | 9,472 | 6,892 | ||||||
Total Allowance for Loan Losses | $ | 98,403 | $ | 68,444 | $ | 100,010 | |||
Special Mention Loans: | |||||||||
New England | $ | 70,114 | $ | 41,421 | $ | 54,375 | |||
Northern California | 74,991 | 20,577 | 66,493 | ||||||
Southern California | 22,691 | 8,900 | 7,872 | ||||||
Pacific Northwest | 19,819 | 18,255 | 21,325 | ||||||
Total Special Mention Loans | $ | 187,615 | $ | 89,153 | $ | 150,065 | |||
Accruing Classified Loans (9): | |||||||||
New England | $ | 19,745 | $ | 14,534 | $ | 19,228 | |||
Northern California | 62,518 | 14,768 | 66,061 | ||||||
Southern California | 6,802 | 8,117 | 11,467 | ||||||
Pacific Northwest | 8,373 | 15,118 | 9,308 | ||||||
Total Accruing Classified Loans | $ | 97,438 | $ | 52,537 | $ | 106,064 | |||
Non-performing Loans: | |||||||||
New England | $ | 25,172 | $ | 8,346 | $ | 20,872 | |||
Northern California | 60,373 | 37,584 | 99,573 | ||||||
Southern California (10) | 10,663 | 21,953 | 12,585 | ||||||
Pacific Northwest | 10,783 | 22,455 | 10,060 | ||||||
Total Non-performing Loans | $ | 106,991 | $ | 90,338 | $ | 143,090 | |||
Other Real Estate Owned: | |||||||||
New England | $ | — | $ | 870 | $ | 892 | |||
Northern California | 10,207 | 9,025 | 4,283 | ||||||
Southern California | 1,128 | 4,382 | 4,141 | ||||||
Pacific Northwest | 1,590 | 2,323 | 3,753 | ||||||
Total Other Real Estate Owned | $ | 12,925 | $ | 16,600 | $ | 13,069 | |||
Loans 30-89 Days Past Due: | |||||||||
New England | $ | 12,844 | $ | 6,658 | $ | 5,515 | |||
Northern California | 11,219 | 6,799 | 8,270 | ||||||
Southern California | 682 | 4,259 | 2,860 | ||||||
Pacific Northwest | — | 3,478 | 226 | ||||||
Total Loans 30-89 Days Past Due | $ | 24,745 | $ | 21,194 | $ | 16,871 | |||
Loans Charged-off/(Recovered), Net for the Three Months Ended: | |||||||||
New England | $ | 510 | $ | 555 | $ | 393 | |||
Northern California | 33,957 | 6,937 | 11,896 | ||||||
Southern California | (118 | ) | 5,065 | (1,224 | ) | ||||
Pacific Northwest | (191 | ) | 5,813 | 48 | |||||
Total Net Loans Charged-off | $ | 34,158 | $ | 18,370 | $ | 11,113 | |||
Loans Charged-off/(Recovered), Net for the Twelve Months Ended: | |||||||||
New England | $ | 3,725 | $ | 2,495 | |||||
Northern California | 54,858 | 8,387 | |||||||
Southern California | (1,753 | ) | 13,017 | ||||||
Pacific Northwest | 389 | 16,707 | |||||||
Total Net Loans Charged-off | $ | 57,219 | $ | 40,606 |
BOSTON PRIVATE FINANCIAL HOLDINGS, INC. | ||
By: | /S/ DAVID J. KAYE | |
Name: | David J. Kaye | |
Title: | Chief Financial Officer | |
Date: January 27, 2011 |