Boston Private Financial Holdings, Inc. (BPFH) has reported a 17 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $17.55 million, or $0.19 a share in the quarter, compared with $15 million, or $0.17 a share for the same period last year.
Revenue during the quarter grew 10.39 percent to $96.60 million from $87.51 million in the previous year period. Net interest income for the quarter rose 7.02 percent over the prior year period to $51.52 million. Non-interest income for the quarter rose 16.54 percent over the last year period to $43.96 million.
Boston Private Financial Holdings, Inc. has made negative provision of $1.13 million for loan losses during the quarter, compared with a negative provision of $1.66 million in the same period last year.
Net interest margin was stable at 2.88 percent in the quarter, when compared with the last year period. Efficiency ratio for the quarter improved to 61.87 percent from 71.59 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"2016 was a year of progress for the Company," said Clayton G. Deutsch, chief executive officer. "The overall Company delivered 10% annual profit growth despite the impact of a goodwill impairment charge, and returned record levels of capital to shareholders through dividends and share repurchases."
Liabilities outpace assets growth
Total assets stood at $7,970.47 million as on Dec. 31, 2016, up 5.67 percent compared with $7,542.51 million on Dec. 31, 2015. On the other hand, total liabilities stood at $7,185.02 million as on Dec. 31, 2016, up 6.01 percent from $6,777.81 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $6,036.28 million as on Dec. 31, 2016, up 7.01 percent compared with $5,640.71 million on Dec. 31, 2015. Deposits stood at $6,085.15 million as on Dec. 31, 2016, up 0.74 percent compared with $6,040.44 million on Dec. 31, 2015.
Investments stood at $1,357.21 million as on Dec. 31, 2016, up 13.02 percent or $156.35 million from year-ago. Shareholders equity stood at $768.48 million as on Dec. 31, 2016.
Return on assets moved up 8 basis points to 0.89 percent in the quarter from 0.81 percent in the last year period. At the same time, return on average equity increased 101 basis points to 9.07 percent in the quarter from 8.06 percent in the last year period.
Capital ratios deteriorate
Boston Private Financial Holdings witnessed a deterioration in capital ratios during in the quarter. Tier-1 leverage ratio stood at 9.40 percent for the quarter, down from 9.50 percent for the previous year quarter. Equity to assets ratio was 9.64 percent for the quarter, down from 9.90 percent for the previous year quarter. Book value per share was $8.61 for the quarter, up 2.74 percent or $0.23 compared to $8.38 for the same period last year.
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