Boston Private Financial Holdings on Thursday reported a lower second- quarter profit amid broader declines in its wealth management business.
The $7.6 billion-asset company said its net income was $16.4 million for the quarter, down 7% from a year earlier. Earnings per share were 18 cents, in line with an estimate of analysts polled by Bloomberg.
A slump in the investment management unit dragged profits lower. Noninterest income slid 7% to $37.6 million on lower trust and advisory fees.
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Boston Private Financial Holdings appointed its bank president, George Schwartz, to the newly created position of chief executive of its private banking group.
April 11 -
Boston Private Financial Holdings has appointed its chief executive, Clayton Deutsch, as CEO of its bank subsidiary, Boston Private Bank & Trust.
December 18 -
Boston Private Financial Holdings' president, Mark Thompson, has announced plans to retire at the end of the year.
November 9
Assets under management and advisory fell 8% to $27.3 billion.
Lending helped to offset the decline: Net interest income rose 9% to $49.2 million and total loans grew 5% to $5.8 billion.
The net interest margin narrowed by 2 basis points to 2.91%.
Operating expenses rose 4% to $64.7 million on higher salary and data processing costs.
