26.04.2011 20:05:00

Boston Private Financial Holdings Reports First Quarter 2011 Results

Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the "Company” or "BPFH”) today reported a first quarter 2011 GAAP Net Loss Attributable to the Common Shareholder of $425 thousand, compared to a $10.3 million net loss in the fourth quarter of 2010. BPFH reported a first quarter 2011 GAAP net loss per share of $0.01 compared to a $0.14 GAAP net loss per share in the fourth quarter of 2010.

"We continued to see encouraging progress in the first quarter from our ongoing efforts to manage credit, work down problem assets, and reduce the risk profile of our loan book,” said CEO and President Clay Deutsch. "Our overall problem loans declined, our key capital ratios strengthened, and we reported a substantially lower loan loss provision of $13.4 million, 60% below each of the prior two quarters.

"While we continued to improve our risk profile, our core business reflected growth in our client-centered Private Banking and Wealth Management businesses. Loan balances were flat as we deliberately decreased the commercial real estate and construction exposure, but residential mortgage and commercial and industrial balances remained strong at an annualized growth rate of 9%. We continued to expand our core client base. We also received stronger contribution from our Wealth Management businesses.

"Finally,” Mr. Deutsch concluded, "we were extremely pleased that we received the necessary regulatory approval of our previously announced bank integration within 60 days of filing our applications, as previously reported. The process of bringing our banks together into a single, high performing Private Bank is well underway, and we are hitting all of our merger integration milestones at or ahead of schedule.”

Key Financials (Note: All comparisons relate only to continuing operations).

  • Revenue for the first quarter was $73.8 million, a decrease of $2.6 million, or 3%, from $76.4 million on a linked quarter basis. Revenues were up 3% from $71.7 million compared to the same period in 2010.
    • Net Interest Income for the first quarter was $43.7 million, a decrease of $1.2 million, or 3%, from $45 million on a linked quarter basis. Net Interest Income was down 1% from $44.3 million compared to the same period in 2010.
    • Fee Income (Investment Management, Wealth Advisory and Other Private Banking Fees) for the first quarter was $27.4 million, an increase of $0.7 million, or 2%, from $26.7 million on linked quarter basis. Fee Income was up 8% from $25.4 million compared to the same period in 2010.
  • Net Interest Margin for the first quarter was 3.18%, flat on both a linked quarter basis and compared to the same period in 2010.
  • Operating Expenses for the first quarter were $61.7 million, a decrease of $1.5 million, or 2%, from $63.2 million on a linked quarter basis. Operating Expenses were up 10% from $56 million in the same period in 2010.
  • Tangible Common Equity/Tangible Assets ("TCE/TA”) at the end of the first quarter was 6.62%, up 28 basis points from 6.34% as of the end of the fourth quarter, and up 30 basis points from 6.32% compared to the same period in 2010.
  • Total Balance Sheet Assets as of the end of the first quarter were $6.1 billion, a decrease of $171 million, or 3%, from $6.2 billion as of the end of the fourth quarter and down 1% from $6.0 billion as of the end of the same period in 2010.
  • Provision for Loan Losses for the first quarter was $13.4 million, a decrease of $19.2 million, or 59%, from $32.6 million on a linked quarter basis, and up 75% from $7.6 million for the same period in 2010.
  • Allowance for Loan Losses as a percentage of Total Loans as of the end of the first quarter was 2.25%, up 5 basis points from 2.20% as of the end of the fourth quarter, and up 57 basis points from 1.68% compared to the same period in 2010.

"Our first quarter Operating Expenses included $2 million of restructuring charges due to our bank integration,” said David Kaye, Chief Financial Officer. "These charges account for 30% of the $6.5 million we expect to realize for integration costs between now and the first quarter of 2012.”

Total Loans were flat at $4.5 billion on a linked quarter basis, and were up 2% from $4.4 billion compared to the same period in 2010. Total Deposits increased 1% on both a linked quarter basis and compared to the same period in 2010 at $4.5 billion.

Non-Performing Loans as a percentage of Total Loans was 2.50% as of the end of the first quarter, up from 2.39% as of the end of the fourth quarter of 2010. Net Charge-offs for the first quarter 2011 were $11.5 million, which represented approximately 26 basis points of Total Loans, compared to $34.2 million of Net Charge-offs during the fourth quarter 2010, or 76 basis points of Total Loans. Past Due Loans (30-89 days) as a percentage of Total Loans increased 28 basis points on a linked quarter basis to 83 basis points.

Total Assets Under Management/Advisory ("AUM”) increased 1%, or $623 million, to $20.2 billion in the first quarter. Total AUM was up 10% compared to the same period in 2010. The Company experienced first quarter net AUM inflows of $36 million, as compared to $69 million of net inflows in the prior quarter.

Dividend Payments

Concurrent with the release of the first quarter 2011 earnings, the Board of Directors of the Company declared a cash dividend to shareholders of $0.01 per share. The record date for this dividend is May 16, 2011 and the payment date is May 30, 2011.

Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures, such as the TCE/TA ratio, to provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial sector. A detailed reconciliation table of the Company’s GAAP to the non-GAAP measures is attached.

Conference Call

Management will hold a conference call at 8:00 a.m. Eastern Time on Wednesday, April 27, 2011 to discuss the financial results in more detail. To access the call:

Dial In #: (866) 843-0890
International Dial In #: (412) 317-9250
Elite Entry Number: 0128082

Replay Information:
Available from Apr. 27 at 10 a.m. to May 5
Dial In #: (877) 344-7529
International Dial In #: (412) 317-0088
Conference Number: 450199

Boston Private Financial Holdings, Inc.

Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) is a national financial services organization comprised of affiliates located in key regions of the U.S. that offer private banking, wealth advisory and investment management services to the high net worth marketplace, selected businesses and institutions. The Company enters demographically attractive markets through selective acquisitions and then expands by way of organic growth. Its business strategy is to empower its affiliates to serve their clients at the local level, while at the same time providing strategic oversight and access to resources, both financial and intellectual, to support management, compliance and risk management, legal, marketing, and operations.

For more information about BPFH, visit the Company's website at www.bostonprivate.com.

Note to Editors:

Boston Private Financial Holdings, Inc. is not to be confused with Boston Private Bank & Trust Company. Boston Private Bank & Trust Company is a locally operated and wholly-owned subsidiary of BPFH. The information reported in this press release is related to the performance and results of BPFH.

Statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties. These statements include, among others, statements regarding our strategy, evaluations of future interest rate trends and liquidity, prospects for growth in assets, and prospects for overall results over the long term. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond the Company’s control. Forward-looking statements are based on the current assumptions and beliefs of management and are only expectations of future results. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among other factors, changes in assumptions or unanticipated factors adversely affecting the timing, among other matters, of expenses or cost savings relating to or resulting from the consolidation of the Company’s banking subsidiaries; adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s private banking, investment management and wealth advisory activities; changes in interest rates; competitive pressures from other financial institutions; the effects of a continuing deterioration in general economic conditions on a national basis or in the local markets in which the Company operates, including changes which adversely affect borrowers’ ability to service and repay our loans; changes in loan defaults and charge-off rates; changes in the value of securities and other assets, adequacy of loan loss reserves, or deposit levels necessitating increased borrowing to fund loans and investments; increasing government regulation, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; risks related to the identification and implementation of acquisitions; changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Company’s Annual Report on Form 10-K and updated by the Company’s Quarterly Reports on Form 10-Q; and other filings submitted to the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

Boston Private Financial Holdings, Inc.
Selected Financial Data
(In Thousands, except share data)
(Unaudited)

     
       
(In thousands, except per share data) March 31, March 31, Dec 31,
FINANCIAL DATA:   2011     2010     2010  
 
Total Balance Sheet Assets $ 5,982,309 $ 6,034,392 $

6,152,901

Total Equity 522,111 610,180 518,878
Cash and Investment Securities 1,196,316 1,327,776 1,338,238
 
Commercial and Industrial Loans 668,402 583,086 658,147
Commercial Real Estate Loans 1,649,487 1,646,993 1,698,086
Construction and Land Loans 126,408 295,831 150,702
Residential Mortgage Loans 1,714,530 1,541,629 1,673,934
Home Equity Loans 155,217 160,257 158,430
Other Consumer Loans   142,855     131,183     141,048  
Total Loans 4,456,899 4,358,979 4,480,347
 
Loans Held for Sale 2,833 9,592 9,145
Other Real Estate Owned ("OREO") 11,497 16,238 12,925
 
Deposits 4,540,190 4,478,795 4,486,726
Borrowings 815,737 836,240 1,027,925
 
Book Value Per Common Share $ 6.03 $ 6.54 $ 6.04
Market Price Per Share $ 7.07 $ 7.37 $ 6.55
 
ASSETS UNDER MANAGEMENT AND ADVISORY:
 
Private Banking $ 3,670,000 $ 3,582,000 $ 3,592,000
Investment Managers 8,437,000 7,329,000 8,140,000
Wealth Advisory 8,085,000 7,445,000 7,836,000
Less: Inter-company Relationship   (20,000 )   (18,000 )   (19,000 )
Assets Under Management and Advisory $ 20,172,000 $ 18,338,000 $ 19,549,000
 
FINANCIAL RATIOS:
 
Total Equity/Total Assets 8.73 % 10.11 % 8.43 %
Tangible Common Equity/Tangible Assets (2) 6.62 % 6.32 % 6.34 %
Allowance for Loan Losses/Total Loans 2.25 % 1.68 % 2.20 %
Allowance for Loan Losses/Non-Accrual Loans 90 % 86 % 93 %
                   
 
           
Three Months Ended Three Months Ended
March 31,   March 31, Dec 31,
OPERATING RESULTS:   2011       2010     2010  
Net Interest Income $ 43,711 $ 44,311 $ 44,953
Investment Management and Trust Fees:
Private Banking 5,863 5,716 5,744
Investment Managers   10,118       9,159     9,682  
Total Investment Management and Trust Fees 15,981 14,875 15,426
Total Wealth Advisory Fees 10,072 9,257 9,787
Other Private Banking Fees   1,335       1,271     1,513  
Total Fees 27,388 25,403 26,726
Gain/(Loss) on Sale of Loans, net 385 457 3,578
Other Revenue, Gains and (Losses), net (3)   2,321       1,568     1,108  
Total Fees and Other Income   30,094       27,428     31,412  
Total Revenue   73,805       71,739     76,365  
 
Provision for Loan Losses 13,350 7,615 32,551
 
Salaries and Employee Benefits 36,772 33,849 36,084
Occupancy and Equipment 7,343 6,786 7,254
Professional Services 5,184 4,844 5,470
FDIC Insurance 2,236 2,087 2,113

Restructuring

1,982 - -
Other Operating Expenses (4)   8,188       8,466     12,256  
Total Operating Expense   61,705       56,032     63,177  
 
 
Income/(Loss) from Continuing Operations, before Tax (1,250 ) 8,092 (19,363 )
Income Tax Expense/(Benefit) (178 ) 2,337 (8,172 )
Discontinued Operations, Net of Tax (1) 1,670 36 1,917
Less: Net Income Attributable to the Noncontrolling Interest   747     685     684  
Net Income/(Loss) Attributable to the Company $ (149 )   $ 5,106   $ (9,958 )
 
 
 
       
Three Months Ended Three Months Ended
March 31, March 31, Dec 31,
  2011       2010     2010  
PER SHARE DATA:
 
Calculation of Income/(Loss) for EPS:
 
Net Income/(Loss) from Continuing Operations $ (1,072 ) $ 5,755 $ (11,191 )
Less: Net Income Attributable to Noncontrolling Interests   747       685     684  
Net Income/(Loss) from Continuing Operations Attributable to the Company $ (1,819 ) $ 5,070 $ (11,875 )
Adjustments to Net Income/(Loss) Attributable to the Company to Arrive at Net
Income/(Loss) Attributable to Common Shareholders (5)   (276 )     (3,468 )   (300 )
Net Income/(Loss) from Continuing Operations
Attributable to the Common Shareholders $ (2,095 ) $ 1,602 $ (12,175 )
Net Income/(Loss) from Discontinued Operations $ 1,670     $ 36   $ 1,917  
Net Income/(Loss) Attributable to the Common Shareholder $ (425 ) $ 1,638 $ (10,258 )
 
Dividends Paid on Series B Preferred Stock for Diluted EPS $ - $ 73 -
 
Calculation of Average Shares Outstanding:
Weighted Average Basic 74,671 67,870 74,371
Weighted Average Diluted Shares 74,671 76,474 74,371
 
 
Earnings/(Loss) per Share - Basic and Diluted
Earnings/(Loss) per Share from Continuing Operations $ (0.03 ) $ 0.02 $ (0.16 )
Income/(Loss) per Share from Discontinued Operations $ 0.02 $ - $ 0.02
Earnings/(Loss) per Share $ (0.01 ) $ 0.02 $ (0.14 )
                   
 
                                   
AVERAGE BALANCE SHEET: Average Balance Interest Income/Expense Average Yield/Rate
Three Months Ended Three Months Ended Three Months Ended
March 31,   Dec 31, March 31,   Dec 31, March 31,   Dec 31,
AVERAGE ASSETS   2011       2010     2010     2011     2010   2010 2011     2010     2010  
Earning Assets  
Cash and Investments (6) $ 1,331,795 $ 1,430,142 $ 1,303,356 $ 5,160 $ 6,420 $ 5,518 1.55 % 1.80 % 1.69 %
Loans (7)
Commercial and Construction (6) 2,446,178 2,592,771 2,568,964 32,316 37,587 34,920 5.32 % 5.76 % 5.35 %
Residential Mortgage 1,685,001 1,511,547 1,660,775 18,729 18,886 19,183 4.45 % 5.00 % 4.61 %
Home Equity and Other Consumer   296,259     220,852     300,273     2,867     2,459   3,064 3.90 % 4.48 %   4.05 %
Total Earning Assets   5,759,233     5,755,312     5,833,368     59,072     65,352   62,685 4.12 % 4.52 %   4.25 %
Allowance for Loan Losses 99,667 69,760 99,025
Cash and due From Banks (Non-Interest Bearing) 33,565 12,338 32,516
Other Assets   454,922     503,447     441,632  
TOTAL AVERAGE ASSETS $ 6,148,053   $ 6,201,337   $ 6,208,491  
 
AVERAGE LIABILITIES AND STOCKHOLDERS' EQUITY
 
Interest-Bearing Liabilities:
Deposits:
Savings and NOW $ 542,011 $ 517,584 $ 608,474 $ 375 $ 592 $ 454 0.28 % 0.46 % 0.30 %
Money Market 1,858,645 1,646,046 1,814,159 2,814 3,921 3,718 0.61 % 0.97 % 0.81 %
Certificates of Deposits   1,084,494     1,419,511     1,183,250     3,461     6,116   3,877 1.29 % 1.75 %   1.30 %
Total Deposits 3,485,150 3,583,141 3,605,883 6,650 10,629 8,049 0.77 % 1.20 % 0.89 %
Junior Subordinated Debentures 193,645 193,645 193,645 1,892 2,490 2,523 3.91 % 5.14 % 5.21 %
FHLB Borrowings and Other   698,034     676,331     685,208     4,913     6,140   5,293 2.82 % 3.63 %   3.02 %
Total Interest-Bearing Liabilities   4,376,829     4,453,117     4,484,736     13,455     19,259   15,865 1.24 % 1.74 %   1.40 %
Non-interest Bearing Demand Deposits 1,117,347 1,010,766 1,063,592
Payables and Other Liabilities   114,203     87,795     112,406  
Total Liabilities 5,608,379 5,551,678 5,660,734
Redeemable Non-Controlling Interest 19,891 30,281 19,070
Stockholders' Equity   519,783     619,378     528,687  
TOTAL AVERAGE LIABILITIES & STOCKHOLDERS' EQUITY $ 6,148,053   $ 6,201,337   $ 6,208,491  
 
Net Interest Income - on a Fully Taxable Equivalent Basis (FTE) $ 45,617 $ 46,093 $ 46,820
FTE Adjustment (6)   1,906     1,782   1,867
Net Interest Income (GAAP Basis) $ 43,711 $ 44,311 $ 44,953
Interest Rate Spread 2.88 % 2.78 % 2.85 %
Net Interest Margin                     3.18 %   3.18 %   3.18 %
 
 
 
       
Three Months Ended Three Months Ended
March 31, March 31, Dec 31,
  2011       2010     2010  
OPERATING RATIOS:
 
Return on Average Equity (0.11 %) 3.30 % (7.53 %)
Return on Average Assets (0.01 %) 0.33 % (0.64 %)
                   
 
           
LOAN DATA AND CREDIT QUALITY (8): March 31,   March 31, Dec 31,
  2011     2010     2010  
Commercial and Industrial Loans
New England $ 513,875 $ 409,851 $ 500,745
Northern California 60,884 81,366 61,613
Southern California 54,284 50,193 53,447
Pacific Northwest 39,508 42,092 42,522
Eliminations and other, net   (149 )   (416 )   (180 )
Total Commercial and Industrial Loans $ 668,402   $ 583,086   $ 658,147  
 
Commercial Real Estate Loans
New England $ 644,092 $ 552,401 $ 624,924
Northern California 728,040 857,126 797,460
Southern California 179,996 176,749 181,479
Pacific Northwest   97,359     60,717     94,223  
Total Commercial Real Estate Loans $ 1,649,487   $ 1,646,993   $ 1,698,086  
 
Construction and Land Loans:
New England $ 71,623 $ 112,099 $ 80,021
Northern California 40,245 150,884 55,284
Southern California 2,441 7,177 1,840
Pacific Northwest   12,099     25,671     13,557  
Total Construction and Land Loans $ 126,408   $ 295,831   $ 150,702  
 
Residential Mortgage Loans:
New England $ 1,196,954 $ 1,126,290 $ 1,181,399
Northern California 305,567 228,143 293,622
Southern California 161,469 142,247 153,102
Pacific Northwest   50,540     44,949     45,811  
Total Residential Mortgage Loans $ 1,714,530   $ 1,541,629   $ 1,673,934  
 
Home Equity Loans:
New England $ 91,573 $ 96,227 $ 95,195
Northern California 54,182 53,796 52,854
Southern California 4,308 5,832 4,412
Pacific Northwest   5,154     4,402     5,969  
Total Home Equity Loans $ 155,217   $ 160,257   $ 158,430  
 
Other Consumer Loans:
New England $ 110,242 $ 86,378 $ 104,259
Northern California 17,274 27,239 20,317
Southern California 12,259 12,969 13,242
Pacific Northwest 1,069 1,357 1,130
Eliminations and other, net   2,011     3,240     2,100  
Total Other Consumer Loans $ 142,855   $ 131,183   $ 141,048  
 
Total Loans
New England $ 2,628,359 $ 2,383,246 $ 2,586,543
Northern California 1,206,192 1,398,554 1,281,150
Southern California 414,757 395,167 407,522
Pacific Northwest 205,729 179,188 203,212
Eliminations and other, net   1,862     2,824     1,920  
Total Loans $ 4,456,899     $ 4,358,979   $ 4,480,347  
 
           
March 31,   March 31, Dec 31,
  2011     2010     2010  
 
Allowance for Loan Losses:
New England $ 33,864 $ 28,125 $ 32,938
Northern California 45,628 23,986 46,117
Southern California 14,311 12,504 12,375
Pacific Northwest   6,479     8,647     6,973  
Total Allowance for Loan Losses $ 100,282   $ 73,262   $ 98,403  
 
Special Mention Loans:
New England $ 56,737 $ 38,463 $ 70,114
Northern California 36,779 32,700 74,991
Southern California 14,778 12,696 22,691
Pacific Northwest   15,369     19,360     19,819  
Total Special Mention Loans $ 123,663   $ 103,219   $ 187,615  
 
Accruing Classified Loans (9):
New England $ 25,422 $ 20,845 $ 19,745
Northern California 71,358 14,234 62,518
Southern California 20,045 14,145 6,802
Pacific Northwest   8,921     13,537     8,373  
Total Accruing Classified Loans $ 125,746   $ 62,761   $ 97,438  
 
Non-accrual Loans:
New England $ 23,314 $ 10,174 $ 25,172
Northern California 66,694 41,570 60,373
Southern California (10) 10,818 19,356 10,663
Pacific Northwest   10,410     16,979     10,783  
Total Non-performing Loans $ 111,236   $ 88,079   $ 106,991  
 
Other Real Estate Owned:
New England $ 1,400 $ 1,050 $ -
Northern California 7,301 8,482 10,207
Southern California 1,128 3,454 1,128
Pacific Northwest   1,668     3,252     1,590  
Total Other Real Estate Owned $ 11,497   $ 16,238   $ 12,925  
 
Loans 30-89 Days Past Due and Accruing:
New England $ 9,890 $ 14,939 $ 12,844
Northern California 26,043 - 11,219
Southern California 1,206 4,645 682
Pacific Northwest   -     7     -  
Total Loans 30-89 Days Past Due $ 37,139   $ 19,591   $ 24,745  
 
Loans Charged-off/(Recovered), Net for the Three Months Ended:
New England $ 1,274 $ 1,038 $ 510
Northern California 11,289 1,789 33,957
Southern California (1,086 ) (855 ) (118 )
Pacific Northwest   (6 )   825     (191 )
Total Net Loans Charged-off $ 11,471     $ 2,797   $ 34,158  
 
 
(1)  

In 2009, the Company completed the sale of its affiliates Boston Private Value Investors, Sand Hill Advisors, RINET, Gibraltar, and Westfield Capital Management. Accordingly, prior period and current financial information related to the divested companies are included with discontinued operations.

 

(2)

The Company uses certain non-GAAP financial measures, such as the Tangible Common Equity to Tangible Assets ratio, to provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial sector.

 

A reconciliation from the Company's GAAP Total Equity to Total Assets ratio to the Non-GAAP Tangible Common Equity to Tangible Assets ratio is presented below:

 

The Company calculates Tangible Assets by adjusting Total Assets to exclude Goodwill and Intangible Assets.
 

The Company calculates Tangible Common Equity by adjusting Total Equity to exclude: the equity from the TARP funding, Goodwill and Intangible Assets, net and includes the difference between Redemption Value and value per ARB 51 for Redeemable Non-controlling Interests.

 

             
March 31, March 31, Dec 31,
  2011     2010     2010  
 

Total Balance Sheet Assets

$ 5,982,309 $ 6,034,392 $

6,152,901

LESS:

Goodwill and Intangible Assets, net

  (149,388 )   (148,788 )   (151,212 )
Tangible Assets (non-GAAP) 5,832,921 5,885,604 6,000,879
 
Total Equity 522,111 610,180 518,878
 
LESS: Goodwill and Intangible Assets, net (149,388 ) (148,788 ) (151,212 )
TARP Funding - (104,000 ) -
 

ADD:

Difference between Redemption Value of Non-controlling Interests and value under ARB 51

  13,259     14,490     12,578  
Total adjusting items (136,129 ) (238,298 ) (138,634 )
 
Tangible Common Equity (non-GAAP) 385,982 371,882 380,244
 
Total Equity/Total Assets 8.73 % 10.11 % 8.43 %
Tangible Common Equity/Tangible Assets (non-GAAP)   6.62 %   6.32 %   6.34 %

 

(3)

Other Revenue, Gains and (Losses), net, as presented in these tables, include Gain on Sale of Investments, net; Gain on Sale of OREO, net; and Other Miscellaneous Revenue.

 
(4)

Other Operating Expenses, as presented in these tables, include expenses related to Marketing and Business Development, Contract Services and Processing, Impairment Expense and Amortization of Intangibles.

 

(5)

Adjustments to Net Income Attributable to the Company to arrive at Net Income/(Loss) Attributable to the Common Shareholders, as presented in these tables, include decrease/ (increase) in Noncontrolling Interests Redemption Value; Dividends on Preferred Securities; Accretion of Discount on Series C Preferred Stock; and Accretion of Series B Preferred Stock Beneficial Conversion Feature.

 

(6) Interest Income on Non-taxable Investments and Loans are presented on an FTE basis using the federal statutory rate.
 
(7) Includes Loans Held for Sale and Non-accrual Loans.
 
(8)

The concentration of the Private Banking loan data and credit quality is based on the location of the lender. Net loans from the Holding Company to certain principals of the Company’s affiliate partners, loans at the Company’s non-banking segments, and inter-company loan eliminations are identified as "Eliminations and other, net”.

 

(9)

Accruing classified loans include loans that are classified as substandard but are still accruing interest income. The Banks may classify a loan as substandard where known information about possible credit problems of the related borrowers causes management to have doubts as to the ability of such borrowers to comply with the present repayment terms and which may result in disclosure of such loans as nonperforming at some time in the future.

 

(10)

Includes the non-strategic loans held for sale of $3.1 million and $1.5 million, at March 31, 2010 and Dec 31, 2010, respectively. There were no non-strategic loans held for sale at March 31, 2011.

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