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Boston Private Financial Hldg Inc (BPFH)’s Fourth Quarter 2014 Earnings Conference Call Transcript

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Below is transcript of the Boston Private Financial Hldg Inc (NASDAQ:BPFH)’s Fourth Quarter 2014 Earnings Conference Call, held on Thursday, January 22, 2015 at 8:00 a.m. ET. 683 Capital Partners, Jabre Capital Partners and Lee Munder Capital Group was among Boston Private Financial Hldg Inc (NASDAQ:BPFHshareholders at the end of the third quarter.


Boston Private Financial Hldg Inc (NASDAQ:BPFH)


Boston Private Financial Hldg Inc (NASDAQ:BPFHis the bank holding company for Boston Private Bank & Trust Company. It is a wealth management company that offers a range of wealth management services to high net worth individuals, families, businesses, and select institutions.


Company Executives:

Clayton Deutsch – President and Chief Executive Officer, Boston Private Financial Holdings, Inc.
Dave Kaye – Chief Financial Officer, Boston Private Financial Holdings, Inc.
Mark Thompson – Chief Executive Officer, Boston Private Bank.



Casey Haire – Jefferies
Jennifer Demba- SunTrust Robinson Humphrey
Christopher McGratty – Keefe Bruyette & Woods (KBW).



Good day and welcome to Boston Private Financial Holdings, Inc. End Q for 2014 earnings conference call webcast. All participants will be on listen-only mode. After this earnings presentation, there will be opportunity to ask questions. We will now turn this conference over to Mr. Clayton Deutsch CEO and President. Mr. Deutsch, please go ahead.


Clayton Deutsch, President and Chief Executive Officer

Good morning. This is Clay Deutsch, Chief Executive Officer and President of Boston Private Financial Holdings. Welcome to our fourth Quarter and year end 2014 earnings conference call. Joining me this morning are Dave Kaye, our Chief Financial Officer and Mark Thompson, Chief Executive Officer of Boston Private Bank and Steve Gaven, Vice President for Investor Relations. At this time I’ll ask Steve to read the safe harbor provisions before we make additional remarks. Steve?


Steve Gaven, Vice President for Investor Relations

Good morning. This call contains forward looking statements regarding strategic objectives and expectations for future results of operations and financial prospects. They are based upon the current beliefs and expectations of Boston Private’s management, subject to certain risks and uncertainties. Actual results may differ from those set forth in the forward looking statements. I refer you also to the forward-looking statements contain in our earning released which identified a number of factors that can cause material differences between actual and anticipated results or other expectations expressed.

Additional factors that could cause Boston Private results to differ materially, from those described in the forward-looking statements can be found in the company’s filings submitted to the SEC. All subject written and oral forward-looking statements attributable to Boston Private or any person acting on our behalf are expressly qualified by this cautionary statements. Boston Private does not undertake any obligation to update any forward- looking statements to reflect circumstances or events that occur after the forward looking statements are made.


Clayton Deutsch, President and Chief Executive Officer

Thanks Steve. Thank you for joining the call this morning. In the fourth quarter, our company generated net income of $12.2 million or $0.13 cents per share. For the full year, net income was $68.8 million or $0.79 per share. Return on average tangible common equity was 9.7% for the quarter and 13.8% for the full year. Near our target range of 14% – 15%. We also announced that the Board of Directors approved an increase in the quarterly dividend to $0.09 cents per share. This marks the fourth time in the past eight quarters we have increased the dividend. We continue to believe that a consistently escalating dividend is the most effective method of returning capital to our shareholders. Before we go more deeply into the financial results, I would like to briefly comment on 2014 and offer some thoughts in the year ahead.

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