Boston Private Financial Holdings, Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Announces Impairment of Goodwill for the Fourth Quarter Ended December 31, 2016
For the full year, the company announced total interest and dividend income of $227,639,000 compared to $213,668,000 for the same period a year ago. Net interest income was $200,438,000 compared to $185,770,000 for the same period a year ago. Income before income taxes was $101,207,000 compared to $93,313,000 for the same period a year ago. Net income from continuing operations was $70,244,000 compared to $62,921,000 for the same period a year ago. Net income attributable to the company was $71,628,000 compared to $64,925,000 for the same period a year ago. Diluted total earnings per share were $0.81 compared to $0.74 for the same period a year ago. Tangible common net income (non-GAAP) was $72,236,000 compared to $65,812,000 for the same period a year ago. Return on average equity (annualized) was 9.31% compared to 8.90% for the same period a year ago. Return on average common equity (annualized) (non-GAAP) was 9.44% compared to 9.01% for the same period a year ago. Return on average tangible common equity (annualized) (non-GAAP) was 13.38% compared to 13.34% for the same period a year ago. Diluted total earnings per share, excluding notable items (non-GAAP) was $0.24 compared to $0.17 for the same period a year ago.
For the fourth quarter ended December 31, 2016, the company announced impairment of goodwill of $9,528,000.