Tuesday, Boston Private Financial Holdings Inc. (BPFH), reported a narrower net loss for the first quarter, helped by reduced loan loss provisions, lower operating expenses and net gains on the sale of loans and investments.
The Boston, Massachusetts-based company's net loss available to common shareholders for the first quarter narrowed to $5.54 million or $0.09 per share from $9.84 million or $0.26 per share in the same quarter last year.
Loss from continued operations available to common shareholders for the quarter narrowed to $3.66 million or $0.06 per share from $10.24 million or breakeven per share in the same quarter last year.
Net loss from discontinued operations for the quarter was $2.00 million or $0.03 per share, compared with income from discontinued operations of $400 thousand or $0.01 per share last year.
Cash earnings for the quarter were $4.80 million, compared with $14.51 million in the same quarter last year.
Ten analysts polled by Thomson Reuters expected the company to report loss of $0.03 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter decreased to $98.30 million from $114.14 million last year. Four analysts had a consensus revenue estimate of $93.43 million for the quarter.
Net interest income for the quarter was $50.62 million, up from $49.61 million in the prior-year quarter. Net interest margin for the quarter was 3.19%, compared to 3.32% last year.
Provision for loan losses for the quarter decreased to $16.64 million from $19.65 million in the year-ago quarter. Net charge-offs for the quarter increased to $12.77 million from $1.70 million last year.
Investment gains for the quarter were $3.44 million, compared with $0.60 million in the year-ago quarter. Total operating expense for the quarter decreased to $74.43 million from $77.82 million in the corresponding quarter last year.
Total assets at March 31, 2009 were $7.13 billion, compared with $7.00 billion at March 31, 2008. Total deposits at March 31, 2009 were $4.05 billion compared with $3.63 billion at March 31, 2008.
Boston Private Financial declared a quarterly dividend of $0.01 per share payable on May 15 to stockholders of record on May 1, 2009.
BPFH closed Wednesday's regular trade at $8.12, down $0.64 or 7.31%, on 599,298 shares.
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