Boston Private Financial Holdings, Inc. Reports Third Quarter 2016 Results

Third Quarter Highlights:

Net Interest Income Growth: Net Interest Income increased 7% year-over-year and 1% linked quarter to $49.9 million.
Deposit and Loan Growth: Average Total Deposits increased 3% year-over-year to $5.9 billion, and Average Total Loans increased 4% year-over-year to $5.8 billion.
Assets Under Management: Total Assets Under Management/Advisory (“AUM”) was flat year-over-year at $27.5 billion.
Provision Credit: The Company recorded a provision credit of $0.1 million.

October 20, 2016 04:05 PM Eastern Daylight Time

BOSTON--(BUSINESS WIRE)--Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported third quarter 2016 GAAP Net Income Attributable to the Company of $19.6 million, compared to $16.4 million for the second quarter of 2016 and $13.5 million for the third quarter of 2015. Third quarter 2016 diluted earnings per share were $0.22, compared to $0.18 in the second quarter of 2016 and $0.16 in the third quarter of 2015.

“We are pleased with the Company’s performance during the third quarter,” said Clayton G. Deutsch, CEO. “The Company achieved earnings growth through a combination of increased revenue coupled with expense discipline, while remaining focused on asset quality and risk management. Our core Private Banking performance continues to be strong in 2016. All of our businesses remain committed to delivering exceptional client experiences, which we believe will drive attractive long-term performance.”

Core Fees and Income/Assets Under Management

Core Fees and Income increased 1% linked quarter to $37.9 million. Year-over-year, Core Fees and Income are down 4% due primarily to lower levels of AUM during the previous year offset by higher Other Banking Fee Income.

AUM increased to $27.5 billion in the third quarter, up 1% from $27.3 billion in the second quarter of 2016 and flat year-over-year, reflecting positive market action partly offset by negative net flows. The Company experienced negative net flows of $336 million during the third quarter, compared to negative $199 million and negative $751 million in the second quarter of 2016 and third quarter of 2015, respectively. During the third quarter, net flows by segment were negative $120 million for Wealth Management & Trust, negative $111 million for Investment Management, and negative $105 million for Wealth Advisory.

Net Interest Income

Net Interest Income for the third quarter was $49.9 million, up 1% from $49.2 million for the second quarter of 2016. On a year-over-year basis, Net Interest Income increased 7% from $46.5 million. The current quarter includes $0.3 million of interest recovered on previous nonaccrual loans while the second quarter of 2016 and third quarter of 2015 included interest recoveries of $0.6 million and $0.3 million, respectively. Excluding interest recovered on previous nonaccrual loans, Net Interest Income on an FTE basis increased 2% linked quarter and 6% year-over-year.

Net Interest Margin was 2.88% for the third quarter, down three basis points from 2.91% for the second quarter of 2016. Net Interest Margin was up four basis points from 2.84% for the third quarter of 2015. Excluding interest recovered on previous nonaccrual loans, Net Interest Margin was 2.86%, a decrease of 2 basis points linked quarter and an increase of 4 basis points year-over-year.

Total Operating Expenses

Total Operating Expenses for the third quarter of 2016 were $61.7 million, down 5% from $64.7 million for the second quarter of 2016. On a year-over-year basis, Total Operating Expenses declined less than 1% from $61.9 million, primarily due to decreases in legal and consulting fees, other expenses, and occupancy expenses.

Provision and Asset Quality

The Company recorded a provision credit of $0.1 million for the third quarter of 2016, compared to a provision credit of $2.5 million for the second quarter of 2016 and a provision expense of $2.6 million for the third quarter of 2015. The provision credit in the third quarter of 2016 was due to net recoveries and a decrease in loss factors which were partially offset by an increase in Criticized Loans and loan growth.

Criticized Loans increased 5% linked quarter and decreased 1% year-over-year to $158.8 million. Nonaccrual Loans (“Nonaccruals”) decreased 14% to $16.5 million on a linked quarter basis. On a year-over-year basis, Non-accruals decreased 46% from $30.7 million. As a percentage of Total Loans, Nonaccruals were 28 basis points at September 30, 2016, down 5 basis points from June 30, 2016, and down 27 basis points from September 30, 2015.

Additional credit metrics are listed below:


(In millions)	September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015
Total Criticized Loans	$	158.8		$	150.7		$	166.9		$	154.1		$	160.9
Total Loans 30-89 Days Past Due and Accruing⁽¹²⁾	$	4.6		$	7.6		$	8.3		$	13.1		$	7.0
Total Net Loans (Charged-off)/ Recovered	$	2.1		$	1.9		$	1.1		$	0.9		$	(1.6	)
Allowance for Loan Losses/ Total Loans		1.32	%		1.32	%		1.35	%		1.37	%		1.41	%

Capital Ratios

Capital ratios are listed below:


	September 30, 2016		June 30, 2016		March 31, 2016		December 31, 2015		September 30, 2015
BPFH Ratios:
Total Risk-Based Capital *	14.0	%	14.0	%	14.0	%	13.9	%	13.8	%
Tier I Risk-Based Capital *	12.7	%	12.7	%	12.7	%	12.6	%	12.6	%
Tier I Leverage Capital *	9.5	%	9.6	%	9.5	%	9.5	%	9.6	%
TCE/TA ⁽⁴⁾	7.4	%	7.4	%	7.3	%	7.0	%	7.2	%
Tier I Common Equity/ Risk Weighted Assets *	10.0	%	10.0	%	9.9	%	9.8	%	9.7	%
*September 30, 2016 information is presented based on estimated data.

Dividend Payments
Concurrent with the release of third quarter 2016 earnings, the Board of Directors of the Company declared a cash dividend to common shareholders of $0.10 per share. The record date for this dividend is November 4, 2016, and the payment date is November 18, 2016.

The Board of Directors of the Company also declared a cash dividend to holders of the Non-Cumulative Perpetual Preferred Stock, Series D of $17.375 per share, which will result in a dividend of $0.434375 per depositary share. The record date for this dividend is November 15, 2016, and the payment date is December 15, 2016.

Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures, such as tangible book value per share; the TCE/TA ratio; return on average common equity; return on average tangible common equity; pre-tax, pre-provision earnings; total operating expense excluding restructuring; the efficiency ratio (FTE basis); and Net Interest Income and Net Interest Margin excluding interest recovered on previous nonaccrual loans; 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 a.m. Eastern Time on Friday, October 21, 2016, to discuss the financial results, business highlights and outlook. To access the call:

Dial In #: (888) 317-6003
Elite Entry Number: 2067019

Replay Information:
Available from October 21, 2016 at 12 noon until October 28, 2016
Dial In #: (877) 344-7529
Conference Number: 10094056

The call will be simultaneously webcast and may be accessed on www.bostonprivate.com.

Boston Private Financial Holdings, Inc.
Boston Private Financial Holdings, Inc. is a national financial services organization that owns Wealth Management and Private Banking affiliates with offices in Boston, New York, Los Angeles, San Francisco, San Jose, Florida, Wisconsin, Texas and the Washington D.C. area. The Company has total assets of greater than $7 billion, and manages approximately $27 billion of client assets.

The Company positions its affiliates to serve the high net worth marketplace with high quality products and services of unique appeal to private clients. The Company also provides strategic oversight and access to resources, both financial and intellectual, to support affiliate management, marketing, compliance and legal activities. (NASDAQ: BPFH)

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

Forward-Looking Statements
Certain statements in this press release that are not historical facts may constitute 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, 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 weakness in general economic conditions on a national basis or in the local markets in which the Company operates; changes in loan defaults and charge-off rates; changes in the value of securities and other assets, adequacy of loan loss reserves, or decreases in deposit levels necessitating increased borrowing to fund loans and investments; changes in government regulation; the risk that goodwill and intangibles recorded in the Company's financial statements will become impaired; the risk that the Company's deferred tax asset may not be realized; risks related to the identification and implementation of acquisitions, dispositions and restructurings; 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. Forward-looking statements speak only as of the date on which they are made. 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 statement is made.

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 wholly-owned subsidiary of BPFH. The information reported in this press release is related to the performance and results of BPFH.


Boston Private Financial Holdings, Inc. Selected Financial Data (Unaudited)

(In thousands, except share and per share data)	9/30/16		6/30/16		3/31/16		12/31/15			9/30/15
Assets:
Cash and cash equivalents	$	67,631	$	126,167	$	113,946	$	238,694		$	43,640
Investment securities available for sale		1,249,578		1,191,523		1,151,529		1,084,510			1,023,255
Investment securities held to maturity		98,881		105,297		111,337		116,352			121,679
Stock in Federal Home Loan Banks		36,084		44,374		34,202		35,181			35,518
Loans held for sale		5,316		4,677		5,383		8,072			7,685
Total loans		5,869,498		5,751,497		5,658,181		5,719,212			5,607,472
Less: Allowance for loan losses		77,669		75,753		76,427		78,500			79,246
Net loans		5,791,829		5,675,744		5,581,754		5,640,712			5,528,226
Other real estate owned (“OREO”)		1,800		2,042		98		776			776
Premises and equipment, net		32,089		31,752		31,575		31,036			30,841
Goodwill		152,082		152,082		152,082		152,082			152,082
Intangible assets, net		28,267		29,836		31,422		33,007			34,806
Fees receivable		11,185		11,129		11,041		11,258			11,308
Accrued interest receivable		18,062		18,061		17,590		17,950			17,039
Deferred income taxes, net		39,319		36,942		43,164		51,699			45,438
Other assets		149,427		149,975		128,540		121,179			128,235
Total assets	$	7,681,550	$	7,579,601	$	7,413,663	$	7,542,508		$	7,180,528
Liabilities:
Deposits	$	5,812,243	$	5,536,092	$	5,786,860	$	6,040,437		$	5,647,859
Deposits Held For Sale		105,788		110,558		—		—			—
Securities sold under agreements to repurchase		77,466		43,304		63,182		58,215			35,698
Federal funds purchased		125,000		180,000		40,000		—			60,000
Federal Home Loan Bank borrowings		522,681		678,012		523,952		461,324			461,899
Junior subordinated debentures		106,363		106,363		106,363		106,363			106,363
Other liabilities		134,322		135,289		114,223		111,468			109,695
Total liabilities		6,883,863		6,789,618		6,634,580		6,777,807			6,421,514
Redeemable Noncontrolling Interests		16,199		15,843		16,938		18,088			18,257
Shareholders’ Equity:
Preferred stock, $1.00 par value; authorized: 2,000,000 shares		47,753		47,753		47,753		47,753			47,753
Common stock, $1.00 par value; authorized: 170,000,000 shares		83,195		83,380		83,024		83,411			83,645
Additional paid-in capital		597,209		597,989		599,825		600,670			598,968
Retained earnings		39,415		28,985		21,740		12,886			5,960
Accumulated other comprehensive income/ (loss)		10,134		12,654		6,687		(1,500	)		1,287
Total Company’s shareholders’ equity		777,706		770,761		759,029		743,220			737,613
Noncontrolling interests		3,782		3,379		3,116		3,393			3,144
Total shareholders’ equity		781,488		774,140		762,145		746,613			740,757
Total liabilities, redeemable noncontrolling interests and shareholders’ equity	$	7,681,550	$	7,579,601	$	7,413,663	$	7,542,508		$	7,180,528


Boston Private Financial Holdings, Inc. Selected Financial Data (Unaudited)
	Three Months Ended
(In thousands, except share and per share data)	9/30/16			6/30/16			3/31/16			12/31/15			9/30/15
Interest and dividend income:
Loans	$	50,074		$	49,731		$	50,046		$	49,463		$	48,058
Taxable investment securities		1,537			1,507			1,594			1,239			1,094
Non-taxable investment securities		1,444			1,400			1,390			1,348			1,264
Mortgage-backed securities		3,079			2,982			3,065			2,863			2,681
Federal funds sold and other		469			405			507			449			425
Total interest and dividend income		56,603			56,025			56,602			55,362			53,522
Interest expense:
Deposits		4,163			4,075			4,182			4,281			4,007
Federal Home Loan Bank borrowings		1,929			2,139			1,953			1,960			2,051
Junior subordinated debentures		591			584			578			973			979
Repurchase agreements and other short-term borrowings		49			58			10			8			12
Total interest expense		6,732			6,856			6,723			7,222			7,049
Net interest income		49,871			49,169			49,879			48,140			46,473
Provision/ (credit) for loan losses		(138	)		(2,535	)		(3,133	)		(1,655	)		2,600
Net interest income after provision/ (credit) for loan losses		50,009			51,704			53,012			49,795			43,873
Fees and other income:
Investment management fees		10,717			10,627			10,658			10,889			11,360
Wealth advisory fees		12,750			12,551			12,712			12,569			12,515
Wealth management and trust fees		10,826			11,208			10,916			11,782			12,424
Other banking fee income		3,447			2,982			3,233			1,719			2,780
Gain on sale of loans, net		156			197			209			178			364
Total core fees and income		37,896			37,565			37,728			37,137			39,443
Gain/ (loss) on sale of investments, net		273			245			1			215			5
Gain/ (loss) on OREO, net		137			—			280			—			35
Other		1,706			(1,015	)		13			366			(37	)
Total other income		2,116			(770	)		294			581			3
Operating expense:
Salaries and employee benefits		40,924			40,614			42,560			39,520			37,938
Occupancy and equipment		9,521			9,928			9,587			9,989			9,064
Professional services		2,290			3,015			3,515			3,778			2,848
Marketing and business development		1,623			1,811			2,170			4,001			2,008
Contract services and data processing		1,865			1,737			1,679			1,505			1,600
Amortization of intangibles		1,568			1,586			1,586			1,799			1,655
FDIC insurance		722			1,015			1,020			1,089			916
Restructuring		—			905			1,112			2,000			1,504
Other		3,157			4,120			3,480			3,726			4,396
Total operating expense		61,670			64,731			66,709			67,407			61,929
Income before income taxes		28,351			23,768			24,325			20,106			21,390
Income tax expense		8,652			7,626			7,438			5,638			8,182
Net income from continuing operations		19,699			16,142			16,887			14,468			13,208
Net income from discontinued operations (1)		1,047			1,245			2,065			1,455			1,316
Net income before attribution to noncontrolling interests		20,746			17,387			18,952			15,923			14,524
Less: Net income attributable to noncontrolling interests		1,110			989			911			921			994
Net income attributable to the Company	$	19,636		$	16,398		$	18,041		$	15,002		$	13,530


Boston Private Financial Holdings, Inc. Selected Financial Data (Unaudited)
	Nine Months Ended
(In thousands, except share and per share data)	9/30/16			9/30/15
Interest and dividend income:
Loans	$	149,851		$	142,721
Taxable investment securities		4,638			3,164
Non-taxable investment securities		4,234			3,410
Mortgage-backed securities		9,126			8,070
Federal funds sold and other		1,381			941
Total interest and dividend income		169,230			158,306
Interest expense:
Deposits		12,420			11,721
Federal Home Loan Bank borrowings		6,021			5,999
Junior subordinated debentures		1,753			2,902
Repurchase agreements and other short-term borrowings		117			54
Total interest expense		20,311			20,676
Net interest income		148,919			137,630
Provision/ (credit) for loan losses		(5,806	)		100
Net interest income after provision/ (credit) for loan losses		154,725			137,530
Fees and other income:
Investment management fees		32,002			34,805
Wealth advisory fees		38,013			37,868
Wealth management and trust fees		32,950			39,527
Other banking fee income		9,662			6,721
Gain on sale of loans, net		562			1,029
Total core fees and income		113,189			119,950
Gain/ (loss) on sale of investments, net		519			21
Gain/ (loss) on OREO, net		417			124
Other		704			3,356
Total other income		1,640			3,501
Operating expense:
Salaries and employee benefits		124,098			119,881
Occupancy and equipment		29,036			27,194
Professional services		8,820			9,083
Marketing and business development		5,604			5,062
Contract services and data processing		5,281			4,532
Amortization of intangibles		4,740			4,912
FDIC insurance		2,757			2,890
Restructuring		2,017			1,724
Other		10,757			12,496
Total operating expense		193,110			187,774
Income before income taxes		76,444			73,207
Income tax expense		23,716			24,754
Net income from continuing operations		52,728			48,453
Net income from discontinued operations (1)		4,357			4,956
Net income before attribution to noncontrolling interests		57,085			53,409
Less: Net income attributable to noncontrolling interests		3,010			3,486
Net income attributable to the Company	$	54,075		$	49,923


Boston Private Financial Holdings, Inc. Selected Financial Data (Unaudited)
(In thousands, except share and per share data)	Three Months Ended
PER SHARE DATA:	9/30/16			6/30/16			3/31/16			12/31/15			9/30/15
Calculation of Income for EPS:
Net income attributable to the Company	$	19,636		$	16,398		$	18,041		$	15,002		$	13,530
Adjustments to Net Income Attributable to the Company to arrive at Net Income Attributable to Common Shareholders, treasury stock method(2)		(1,006	)		(970	)		(289	)		(1,182	)		159
Net Income Attributable to the Common Shareholders, treasury stock method	$	18,630		$	15,428		$	17,752		$	13,820		$	13,689

End of Period Common Shares Outstanding		83,194,714			83,380,426			83,023,755			83,410,961			83,645,364

Weighted Average Shares Outstanding:
Weighted average basic shares outstanding		81,301,499			81,236,809			81,301,499			81,134,931			81,103,938
Weighted average diluted shares outstanding (3)		83,562,283			83,519,939			83,279,866			83,579,050			83,438,413

Diluted Total Earnings per Share	$	0.22		$	0.18		$	0.21		$	0.17		$	0.16


(In thousands, except share and per share data)	Nine Months Ended
PER SHARE DATA:	9/30/16			9/30/15
Calculation of Income for EPS:
Net income attributable to the Company	$	54,075		$	49,923
Adjustments to Net Income Attributable to the Company to arrive at Net Income Attributable to Common Shareholders, treasury stock method (2)		(2,265	)		(1,829	)
Net Income Attributable to the Common Shareholders, treasury stock method	$	51,810		$	48,094

Weighted Average Shares Outstanding:
Weighted average basic shares outstanding		81,280,014			80,801,113
Weighted average diluted shares outstanding (3)		83,430,480			83,229,029

Diluted Total Earnings per Share	$	0.62		$	0.58


Boston Private Financial Holdings, Inc. Selected Financial Data (Unaudited)
(In thousands, except per share data)
FINANCIAL DATA:	9/30/16			6/30/16			3/31/16			12/31/15			9/30/15
Book Value Per Common Share	$	8.82		$	8.71		$	8.60		$	8.38		$	8.29
Tangible Book Value Per Share (4)	$	6.65		$	6.53		$	6.39		$	6.16		$	6.05
Market Price Per Share	$	12.83		$	11.78		$	11.45		$	11.34		$	11.70

ASSETS UNDER MANAGEMENT AND ADVISORY:
Wealth Management and Trust	$	7,334,000		$	7,313,000			7,137,000			7,976,000		$	8,060,000
Investment Managers		10,176,000			10,006,000			9,838,000			9,952,000			9,830,000
Wealth Advisory		10,028,000			9,974,000			9,857,000			9,688,000			9,537,000
Less: Inter-company Relationship		(11,000	)		(17,000	)		(21,000	)		(21,000	)		(21,000	)
Total Assets Under Management and Advisory	$	27,527,000		$	27,276,000			26,811,000			27,595,000		$	27,406,000

BPFH FINANCIAL RATIOS:
Total Equity/ Total Assets		10.17	%		10.21	%		10.28	%		9.90	%		10.32	%
Tangible Common Equity/ Tangible Assets (4)		7.38	%		7.36	%		7.34	%		6.98	%		7.24	%
Tier I Common Equity/ Risk Weighted Assets (4)		10.02	%		9.95	%		9.92	%		9.80	%		9.73	%
Allowance for Loan Losses/ Total Loans		1.32	%		1.32	%		1.35	%		1.37	%		1.41	%
Allowance for Loan Losses/ Nonaccrual Loans		471	%		395	%		314	%		295	%		258	%
Return on Average Assets - Three Months Ended (Annualized)		1.03	%		0.88	%		0.99	%		0.81	%		0.74	%
Return on Average Common Equity - Three Months Ended (Annualized) (5)		10.20	%		8.68	%		9.84	%		8.06	%		7.32	%
Return on Average Tangible Common Equity - Three Months Ended (Annualized) (5)		14.30	%		12.43	%		14.11	%		11.92	%		10.93	%
Efficiency Ratio - Three Months Ended (6)		65.04	%		70.41	%		70.87	%		71.59	%		66.18	%

DEPOSIT DETAIL:
Demand deposits (noninterest-bearing)	$	1,770,631		$	1,636,273		$	1,609,669		$	1,689,604		$	1,555,609
NOW		556,096			547,777			565,394			588,337			489,104
Savings		74,866			70,553			76,019			72,336			74,516
Money market		2,879,952			2,771,080			2,959,328			3,105,172			2,938,427
Certificates of deposit		530,698			510,409			576,450			584,988			590,203
Total Deposits	$	5,812,243		$	5,536,092		$	5,786,860		$	6,040,437		$	5,647,859


Boston Private Financial Holdings, Inc. Selected Financial Data (Unaudited)
(In thousands)	Average Balance Three Months Ended						Interest Income/Expense Three Months Ended						Average Yield/Rate Three Months Ended
AVERAGE BALANCE SHEET:	9/30/16		6/30/16		9/30/15		9/30/16		6/30/16		9/30/15		9/30/16		6/30/16		9/30/15
AVERAGE ASSETS
Interest-Earning Assets:
Cash and Investments:
Taxable investment securities	$	372,852	$	372,413	$	340,170	$	1,537	$	1,507	$	1,094	1.65	%	1.62	%	1.29	%
Non-taxable investment securities (8)		271,864		261,678		249,854		2,221		2,153		1,945	3.27	%	3.29	%	3.12	%
Mortgage-backed securities		629,748		588,419		526,408		3,079		2,982		2,681	1.96	%	2.03	%	2.04	%
Federal funds sold and other		152,892		124,790		213,372		469		405		425	1.20	%	1.29	%	0.78	%
Total Cash and Investments		1,427,356		1,347,300		1,329,804		7,306		7,047		6,145	2.05	%	2.09	%	1.85	%
Loans (9):
Commercial and Industrial (8)		1,065,787		1,084,821		1,023,717		10,626		10,813		10,424	3.90	%	3.94	%	3.98	%
Commercial Real Estate		1,976,327		1,910,968		1,854,337		19,860		19,559		19,328	3.93	%	4.05	%	4.08	%
Construction and Land		117,183		150,927		165,685		1,263		1,456		1,443	4.22	%	3.82	%	3.41	%
Residential		2,300,392		2,256,296		2,208,004		17,812		17,441		17,083	3.10	%	3.09	%	3.09	%
Home Equity		122,505		123,687		116,201		1,105		1,073		999	3.59	%	3.49	%	3.41	%
Other Consumer		182,315		177,805		170,901		1,154		1,073		983	2.52	%	2.43	%	2.28	%
Total Loans		5,764,509		5,704,504		5,538,845		51,820		51,415		50,260	3.55	%	3.58	%	3.58	%
Total Earning Assets		7,191,865		7,051,804		6,868,649		59,126		58,462		56,405	3.25	%	3.30	%	3.24	%
LESS: Allowance for Loan Losses		76,424		77,345		78,263
Cash and due From Banks (Non-Interest Bearing)		39,301		40,253		38,631
Other Assets		445,517		427,013		404,945
TOTAL AVERAGE ASSETS	$	7,600,259	$	7,441,725	$	7,233,962
AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY
Interest-Bearing Liabilities:
Interest-Bearing Deposits (9):
NOW	$	551,085	$	554,565	$	509,265	$	120	$	104	$	81	0.09	%	0.08	%	0.06	%
Savings		76,999		75,431		71,776		25		23		22	0.13	%	0.12	%	0.12	%
Money Market		2,922,687		2,897,151		2,944,893		2,877		2,836		2,731	0.39	%	0.39	%	0.37	%
Certificates of Deposit		560,546		559,271		593,466		1,141		1,112		1,173	0.81	%	0.80	%	0.78	%
Total Interest-Bearing Deposits (13)		4,111,317		4,086,418		4,119,400		4,163		4,075		4,007	0.40	%	0.40	%	0.39	%
Junior Subordinated Debentures		106,363		106,363		106,363		591		584		979	2.17	%	2.17	%	3.60	%
FHLB Borrowings and Other		624,528		719,655		526,697		1,978		2,197		2,063	1.24	%	1.21	%	1.53	%
Total Interest-Bearing Liabilities		4,842,208		4,912,436		4,752,460		6,732		6,856		7,049	0.55	%	0.56	%	0.59	%
Noninterest Bearing Demand Deposits (9) (13)		1,824,548		1,628,057		1,623,524
Payables and Other Liabilities		135,901		116,444		102,076
Total Average Liabilities		6,802,657		6,656,937		6,478,060
Redeemable Noncontrolling Interests		19,504		19,725		22,020
Average Shareholders' Equity		778,098		765,063		733,882
TOTAL AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY	$	7,600,259	$	7,441,725	$	7,233,962
Net Interest Income - on a Fully Taxable Equivalent Basis (FTE)							$	52,394	$	51,606	$	49,356
LESS: FTE Adjustment (8)								2,523		2,437		2,883
Net Interest Income (GAAP Basis)							$	49,871	$	49,169	$	46,473
Interest Rate Spread													2.70	%	2.74	%	2.65	%
Bank only Net Interest Margin													2.92	%	2.95	%	2.91	%
Net Interest Margin													2.88	%	2.91	%	2.84	%


Boston Private Financial Holdings, Inc. Selected Financial Data (Unaudited)
(In thousands)	Average Balance Nine Months Ended				Interest Income/Expense Nine Months Ended				Average Yield/Rate Nine Months Ended
AVERAGE BALANCE SHEET:	9/30/16		9/30/15		9/30/16		9/30/15		9/30/16		9/30/15
AVERAGE ASSETS
Interest-Earning Assets:
Cash and Investments:
Taxable investment securities	$	373,273	$	334,473	$	4,638	$	3,164	1.66	%	1.27	%
Non-taxable investment securities (8)		265,280		240,902		6,512		5,246	3.27	%	2.90	%
Mortgage-backed securities		594,461		527,081		9,126		8,070	2.05	%	2.04	%
Federal funds sold and other		160,114		150,611		1,381		941	1.14	%	0.90	%
Total Cash and Investments		1,393,128		1,253,067		21,657		17,421	2.07	%	1.86	%
Loans (9):
Commercial and Industrial (8)		1,072,051		982,228		32,358		32,014	3.97	%	4.30	%
Commercial Real Estate		1,915,839		1,793,923		59,216		56,789	4.06	%	4.17	%
Construction and Land		147,548		147,914		4,367		3,772	3.89	%	3.36	%
Residential		2,262,262		2,170,086		52,555		50,375	3.10	%	3.10	%
Home Equity		121,849		117,394		3,260		3,070	3.57	%	3.50	%
Other Consumer		172,578		167,672		3,193		2,903	2.47	%	2.32	%
Total Loans		5,692,127		5,379,217		154,949		148,923	3.60	%	3.67	%
Total Earning Assets		7,085,255		6,632,284		176,606		166,344	3.30	%	3.33	%
LESS: Allowance for Loan Losses		78,008		77,751
Cash and due From Banks (Non-Interest Bearing)		39,869		39,547
Other Assets		432,005		409,265
TOTAL AVERAGE ASSETS	$	7,479,121	$	7,003,345
AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY
Interest-Bearing Liabilities:
Interest-Bearing Deposits (9):
NOW	$	549,429	$	517,983	$	311	$	236	0.08	%	0.06	%
Savings		75,958		71,902		71		58	0.13	%	0.11	%
Money Market		2,958,051		2,837,614		8,615		7,877	0.39	%	0.37	%
Certificates of Deposit		566,022		598,456		3,423		3,550	0.81	%	0.79	%
Total Interest-Bearing Deposits (13)		4,149,460		4,025,955		12,420		11,721	0.40	%	0.39	%
Junior Subordinated Debentures		106,363		106,363		1,753		2,902	2.17	%	3.60	%
FHLB Borrowings and Other		623,030		524,704		6,138		6,053	1.29	%	1.52	%
Total Interest-Bearing Liabilities		4,878,853		4,657,022		20,311		20,676	0.55	%	0.59	%
Noninterest Bearing Demand Deposits (9) (13)		1,691,872		1,498,105
Payables and Other Liabilities		121,601		101,222
Total Average Liabilities		6,692,326		6,256,349
Redeemable Noncontrolling Interests		20,225		22,157
Average Shareholders' Equity		766,570		724,839
TOTAL AVERAGE LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY	$	7,479,121	$	7,003,345
Net Interest Income - on a Fully Taxable Equivalent Basis (FTE)					$	156,295	$	145,668
LESS: FTE Adjustment (8)						7,376		8,038
Net Interest Income (GAAP Basis)					$	148,919	$	137,630
Interest Rate Spread									2.75	%	2.74	%
Bank only Net Interest Margin									2.96	%	2.98	%
Net Interest Margin									2.92	%	2.91	%


Boston Private Financial Holdings, Inc. Selected Financial Data (Unaudited)
(In thousands)
LOAN DATA (10):	9/30/16		6/30/16		3/31/16		12/31/15		9/30/15
Commercial and Industrial Loans:
New England	$	856,372	$	814,839	$	849,615	$	894,277	$	827,301
San Francisco Bay Area		129,302		116,224		118,385		122,754		125,093
Southern California		113,496		111,854		101,971		94,524		84,428
Total Commercial and Industrial Loans	$	1,099,170	$	1,042,917	$	1,069,971	$	1,111,555	$	1,036,822
Commercial Real Estate Loans:
New England	$	856,005	$	797,450	$	816,324	$	799,109	$	766,253
San Francisco Bay Area		611,224		633,735		611,461		622,123		625,145
Southern California		587,341		546,127		497,734		492,902		512,250
Total Commercial Real Estate Loans	$	2,054,570	$	1,977,312	$	1,925,519	$	1,914,134	$	1,903,648
Construction and Land Loans:
New England	$	56,268	$	90,408	$	106,258	$	106,048	$	111,280
San Francisco Bay Area		26,400		36,808		35,281		52,876		35,627
Southern California		16,028		15,333		25,135		24,510		23,504
Total Construction and Land Loans	$	98,696	$	142,549	$	166,674	$	183,434	$	170,411
Residential Loans:
New England	$	1,409,385	$	1,385,102	$	1,361,547	$	1,368,192	$	1,356,057
San Francisco Bay Area		476,986		470,694		463,645		462,327		462,630
Southern California		429,719		424,320		391,683		399,021		393,199
Total Residential Loans	$	2,316,090	$	2,280,116	$	2,216,875	$	2,229,540	$	2,211,886
Home Equity Loans:
New England	$	90,592	$	91,728	$	84,693	$	83,712	$	81,796
San Francisco Bay Area		23,826		26,714		26,134		28,966		27,076
Southern California		6,851		7,044		7,980		7,150		5,915
Total Home Equity Loans	$	121,269	$	125,486	$	118,807	$	119,828	$	114,787
Other Consumer Loans:
New England	$	167,140	$	166,998	$	145,450	$	152,984	$	161,186
San Francisco Bay Area		6,764		8,299		8,347		4,530		5,782
Southern California		5,799		7,820		6,538		3,207		2,950
Total Other Consumer Loans	$	179,703	$	183,117	$	160,335	$	160,721	$	169,918
Total Loans:
New England	$	3,435,762	$	3,346,525	$	3,363,887	$	3,404,322	$	3,303,873
San Francisco Bay Area		1,274,502		1,292,474		1,263,253		1,293,576		1,281,353
Southern California		1,159,234		1,112,498		1,031,041		1,021,314		1,022,246
Total Loans	$	5,869,498	$	5,751,497	$	5,658,181	$	5,719,212	$	5,607,472


Boston Private Financial Holdings, Inc. Selected Financial Data (Unaudited)
(In thousands)
CREDIT QUALITY (10):	9/30/16			6/30/16		3/31/16			12/31/15		9/30/15
Special Mention Loans:
New England	$	25,248		$	27,903	$	38,927		$	40,121	$	46,924
San Francisco Bay Area		22,786			24,381		23,288			15,764		11,087
Southern California		6,278			15,044		24,710			13,326		12,718
Total Special Mention Loans	$	54,312		$	67,328	$	86,925		$	69,211	$	70,729
Accruing Substandard Loans (11):
New England	$	19,748		$	17,447	$	19,157		$	22,026	$	16,996
San Francisco Bay Area		19,157			19,750		20,235			19,990		20,108
Southern California		49,148			27,027		16,299			16,398		22,405
Total Accruing Substandard Loans	$	88,053		$	64,224	$	55,691		$	58,414	$	59,509
Nonaccruing Loans:
New England	$	11,020		$	13,028	$	17,988		$	19,572	$	22,815
San Francisco Bay Area		3,543			4,196		4,369			4,977		5,096
Southern California		1,928			1,964		1,999			2,022		2,816
Total Nonaccruing Loans	$	16,491		$	19,188	$	24,356		$	26,571	$	30,727
Other Real Estate Owned:
New England	$	1,800		$	2,042	$	98		$	191	$	191
San Francisco Bay Area		—			—		—			585		585
Southern California		—			—		—			—		—
Total Other Real Estate Owned	$	1,800		$	2,042	$	98		$	776	$	776
Loans 30-89 Days Past Due and Accruing (12):
New England	$	2,735		$	5,213	$	4,723		$	7,118	$	6,733
San Francisco Bay Area		1,018			70		986			2,806		14
Southern California		836			2,343		2,598			3,170		227
Total Loans 30-89 Days Past Due and Accruing	$	4,589		$	7,626	$	8,307		$	13,094	$	6,974
Loans (Charged-off)/ Recovered, Net for the Three Months Ended:
New England	$	1,704		$	1,276	$	(2,146	)	$	120	$	(1,618	)
San Francisco Bay Area		318			537		3,454			703		(57	)
Southern California		32			48		(248	)		86		70
Total Net Loans (Charged-off)/ Recovered	$	2,054		$	1,861	$	1,060		$	909	$	(1,605	)
Loans (Charged-off)/ Recovered, Net for the Nine Months Ended:
New England	$	834									$	(622	)
San Francisco Bay Area		4,309										3,514
Southern California		(168	)									416
Total Net Loans (Charged-off)/ Recovered	$	4,975									$	3,308


	Boston Private Financial Holdings, Inc.
	Selected Financial Data
	(Unaudited)

FOOTNOTES:
(1)	Net income from discontinued operations consists of contingent payments or expenses related to our divested affiliates, including Westfield Capital Management Company, LLC.

(2)	Adjustments to net income attributable to the Company to arrive at net income attributable to the common shareholders, as presented in these tables, include decrease/ (increase) in noncontrolling interests redemption value and dividends paid on preferred stock.

(3)	When the Company has positive net income from continuing operations attributable to the common shareholders, the Company adds additional shares to basic weighted average shares outstanding to arrive at diluted weighted average shares outstanding for the diluted earnings per share calculation. These additional shares reflect the assumed exercise, conversion, or contingent issuance of dilutive securities. If the additional shares would result in anti-dilution they would be excluded from the diluted earnings per share calculation. The potential dilutive shares relate to: unexercised stock options, unvested restricted stock, and unexercised stock warrants. See Part II. Item 8. "Financial Statements and Supplementary Data - Note 16: Earnings Per Share" in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 for additional information.

(4)	The Company uses certain non-GAAP financial measures, such as: Tangible Book Value Per Share and the Tangible Common Equity ("TCE") to Tangible Assets ("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.

	Reconciliations from the Company's GAAP Total Equity to Total Assets ratio to the Non-GAAP TCE to TA ratio, and from GAAP Book Value to Non-GAAP Tangible Book Value are 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 non-convertible Series D Preferred stock and exclude Goodwill and Intangible Assets, net.

		(In thousands, except per share data)	9/30/16			6/30/16			3/31/16			12/31/15			9/30/15
		Total Balance Sheet Assets	$	7,681,550		$	7,579,601		$	7,413,663		$	7,542,508		$	7,180,528
		LESS: Goodwill and Intangible Assets, net		(180,349	)		(181,918	)		(183,504	)		(185,089	)		(186,888	)
		Tangible Assets (non-GAAP)	$	7,501,201		$	7,397,683		$	7,230,159		$	7,357,419		$	6,993,640
		Total Shareholders' Equity	$	781,488		$	774,140		$	762,145		$	746,613		$	740,757
		LESS: Series D Preferred Stock (non-convertible)		(47,753	)		(47,753	)		(47,753	)		(47,753	)		(47,753	)
		LESS: Goodwill and Intangible Assets, net		(180,349	)		(181,918	)		(183,504	)		(185,089	)		(186,888	)
		Total adjusting items		(228,102	)		(229,671	)		(231,257	)		(232,842	)		(234,641	)
		Tangible Common Equity (non-GAAP)	$	553,386		$	544,469		$	530,888		$	513,771		$	506,116
		Total Equity/Total Assets		10.17	%		10.21	%		10.28	%		9.90	%		10.32	%
		Tangible Common Equity/Tangible Assets (non-GAAP)		7.38	%		7.36	%		7.34	%		6.98	%		7.24	%

		Total Risk Weighted Assets *	$	5,535,061		$	5,464,529		$	5,412,514		$	5,449,239		$	5,397,148
		Tier I Common Equity *	$	554,369		$	543,801		$	536,925		$	534,241		$	525,004
		Tier I Common Equity/ Risk Weighted Assets		10.02	%		9.95	%		9.92	%		9.80	%		9.73	%

		End of Period Shares Outstanding		83,194,714			83,380,426			83,023,755			83,410,961			83,645,364

		Book Value Per Common Share	$	8.82		$	8.71		$	8.60		$	8.38		$	8.29
		Tangible Book Value Per Share (non-GAAP)	$	6.65		$	6.53		$	6.39		$	6.16		$	6.05
		* Risk Weighted Assets and Tier I Common Equity for September 30, 2016 are presented based on estimated data.

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

	Reconciliations from the Company's GAAP Return on Average Equity ratio to the Non-GAAP Return on Average Common Equity ratio, and the Non-GAAP Return on Average Tangible Common Equity ratio are presented below:

	The Company annualizes income data based on the number of days in the period presented and a 365 day year. The Company calculates Average Common Equity by adjusting Average Equity to exclude Average Preferred Equity. The Company calculates Average Tangible Common Equity by adjusting Average Equity to exclude Average Goodwill and Intangible Assets, net and Average Preferred Equity.
			Three Months Ended
		(In thousands)	9/30/16			6/30/16			3/31/16			12/31/15			9/30/15
		Total average shareholders' equity	$	778,098		$	765,063		$	755,400		$	743,150		$	733,882
		LESS: Average Series D preferred stock (non-convertible)		(47,753	)		(47,753	)		(47,753	)		(47,753	)		(47,753	)
		Average common equity (non-GAAP)		730,345			717,310			707,647			695,397			686,129
		LESS: Average goodwill and intangible assets, net		(181,191	)		(182,787	)		(184,415	)		(185,983	)		(187,728	)
		Average Tangible Common Equity (non-GAAP)	$	549,154		$	534,523		$	523,232		$	509,414		$	498,401

		Net income attributable to the Company	$	19,636		$	16,398		$	18,041		$	15,002		$	13,530
		LESS: Dividends on Series D preferred stock		(868	)		(869	)		(869	)		(869	)		(869	)
		Common net income (non-GAAP)		18,768			15,529			17,172			14,133			12,661
		ADD: Amortization of intangibles, net of tax (35%)		1,020			1,031			1,031			1,169			1,076
		Tangible common net income (non-GAAP)	$	19,788		$	16,560		$	18,203		$	15,302		$	13,737

		Return on Average Equity - (Annualized)		10.01	%		8.60	%		9.69	%		8.01	%		7.31	%
		Return on Average Common Equity - (Annualized) (non-GAAP)		10.20	%		8.68	%		9.84	%		8.06	%		7.32	%
		Return on Average Tangible Common Equity - (Annualized) (non-GAAP)		14.30	%		12.43	%		14.11	%		11.92	%		10.93	%

			Nine months ended
		(In thousands)	9/30/16			9/30/15
		Total average shareholders' equity	$	766,570		$	724,839
		LESS: Average Series D preferred stock (non-convertible)		(47,753	)		(47,753	)
		Average common equity (non-GAAP)		718,817			677,086
		LESS: Average goodwill and intangible assets, net		(182,794	)		(189,391	)
		Average Tangible Common Equity (non-GAAP)	$	536,023		$	487,695

		Net income attributable to the Company	$	54,075		$	49,923
		LESS: Dividends on Series D preferred stock		(2,606	)		(2,606	)
		Common net income (non-GAAP)		51,469			47,317
		ADD: Amortization of intangibles, net of tax (35%)		3,081			3,193
		Tangible common net income (non-GAAP)	$	54,550		$	50,510

		Return on Average Equity - (Annualized)		9.43	%		9.21	%
		Return on Average Common Equity - (Annualized) (non-GAAP)		9.57	%		9.34	%
		Return on Average Tangible Common Equity - (Annualized) (non-GAAP)		13.61	%		13.85	%

(6)	The Company uses certain non-GAAP financial measures, such as: pre-tax, pre-provision earnings, total operating expenses excluding restructuring expense, and the efficiency 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.

	Reconciliations from the Company's GAAP income from continuing operations before income taxes to non-GAAP pre-tax, pre-provision earnings; from GAAP total operating expense to non-GAAP total operating expense excluding restructuring; and from GAAP efficiency ratio to Non-GAAP efficiency ratio (FTE basis), excluding restructuring, are presented below:
			Three Months Ended
		(In thousands)	9/30/16			6/30/16			3/31/16			12/31/15			9/30/15
		Income before income taxes (GAAP)	$	28,351		$	23,768		$	24,325		$	20,106		$	21,390
		ADD BACK: Provision/ (credit) for loan losses		(138	)		(2,535	)		(3,133	)		(1,655	)		2,600
		Pre-tax, pre-provision earnings (non-GAAP)	$	28,213		$	21,233		$	21,192		$	18,451		$	23,990

		Total operating expense (GAAP)	$	61,670		$	64,731		$	66,709		$	67,407		$	61,929
		Less: Amortization of intangibles		1,568			1,586			1,586			1,799			1,655
		Less: Restructuring		—			905			1,112			2,000			1,504
		Total operating expense (excluding amortization of intangibles and restructuring) (non-GAAP)	$	60,102		$	62,240		$	64,011		$	63,608		$	58,770
		Total operating expense (excluding restructuring) (non-GAAP)		61,670			63,826			65,597			65,407			60,425

		Net interest income	$	49,871		$	49,169		$	49,879		$	48,140		$	46,473
		Total core fees and income		37,896			37,565			37,728			37,137			39,443
		Total other income		2,116			(770	)		294			581			3
		FTE income		2,523			2,437			2,416			2,997			2,883
		Total revenue (FTE basis)	$	92,406		$	88,401		$	90,317		$	88,855		$	88,802
		Efficiency Ratio, before deduction of intangible amortization (GAAP)		68.61	%		75.30	%		75.89	%		78.51	%		72.08	%
		Efficiency Ratio, FTE Basis excluding restructuring (non-GAAP)		65.04	%		70.41	%		70.87	%		71.59	%		66.18	%

			Nine months ended
		(In thousands)	9/30/16			9/30/15
		Income before income taxes (GAAP)	$	76,444		$	73,207
		ADD BACK: Provision/ (credit) for loan losses		(5,806	)		100
		Pre-tax, pre-provision earnings (non-GAAP)	$	70,638		$	73,307

		Total operating expense (GAAP)	$	193,110		$	187,774
		Less: Amortization of intangibles		4,740			4,912
		Less: Restructuring		2,017			1,724
		Total operating expense (excluding amortization of intangibles and restructuring) (non-GAAP)	$	186,353		$	181,138
		Total operating expense (excluding restructuring) (non-GAAP)		191,093			186,050

		Net interest income	$	148,919		$	137,630
		Total core fees and income		113,189			119,950
		Total other income		1,640			3,501
		FTE income		7,376			8,038
		Total revenue (FTE basis)	$	271,124		$	269,119
		Efficiency Ratio, before deduction of intangible amortization (GAAP)		73.22	%		71.92	%
		Efficiency Ratio, FTE Basis excluding restructuring (non-GAAP)		68.73	%		67.31	%

(7)	The Company uses certain non-GAAP financial measures, such as: net interest income excluding interest recovered on previous nonaccrual loans and net interest margin excluding interest recovered on previous nonaccrual loans to provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial sector.

	Reconciliations from the Company's GAAP net interest income to non-GAAP net interest income excluding interest recovered on previous nonaccrual loans; and from GAAP net interest margin to non-GAAP net interest margin excluding interest recovered on previous nonaccrual loans, are presented below:
			Three Months Ended
		(In thousands)	9/30/16			6/30/16			3/31/16			12/31/15			9/30/15
		Net interest income (GAAP basis)	$	49,871		$	49,169		$	49,879		$	48,140		$	46,473
		ADD: FTE income		2,523			2,437			2,416			2,997			2,883
		Net interest income, FTE basis		52,394			51,606			52,295			51,137			49,356
		LESS: Interest recovered on previously nonaccrual loans		343			565			1,089			255			298
		Net interest income, FTE basis, excluding interest recovered on previously nonaccrual loans (non-GAAP)		52,051			51,041			51,206			50,882			49,058

		Net Interest Margin (FTE basis)		2.88	%		2.91	%		2.96	%		2.88	%		2.84	%
		Net Interest Margin, FTE basis, excluding interest recovered on previously nonaccrual loans (non-GAAP)		2.86	%		2.88	%		2.90	%		2.86	%		2.82	%

(8)	Interest Income on Non-taxable Investments and Loans are presented on an FTE basis using the federal statutory rate of 35% for each period presented.

(9)	Average Loans includes Loans Held for Sale and Nonaccrual Loans. Average Deposits includes Deposits Held for Sale.

(10)	The concentration of the Private Banking loan data and credit quality is primarily based on the location of the lender's regional offices.

(11)	Accruing substandard loans include loans that are classified as substandard but are still accruing interest income. Boston Private Bank & Trust Company 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 nonaccrual at some time in the future.

(12)	In addition to loans 30-89 days past due and accruing, at June 30, 2016, the Company had one loan totaling $0.1 million that was more than 90 days past due but still on accrual status. This loan originated in the San Francisco Bay Area region. At September 30, 2016, March 31, 2016, and December 31, 2015, the Company had no loans outstanding more than 90 days past due but still on accrual status. At September 30, 2015, the Company had one loan totaling $0.1 million that was more than 90 days past due but still on accrual status. This loan originated in the New England region.

(13)	Average Total Deposits is the sum of Average Total Interest-Bearing Deposits and Average Noninterest Bearing Demand Deposits.

Contacts

Adam Bromley
Vice President, Corporate Finance and Director of Investor Relations
Boston Private Financial Holdings, Inc.
(617) 912-4386
abromley@bostonprivate.com

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