XML 25 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6
Boston Private Financial Holdings, Inc. (Parent Company Only)
 12 Months Ended
Dec. 31, 2011
BOSTON PRIVATE FINANCIAL HOLDINGS, INC. (PARENT COMPANY ONLY) [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
BOSTON PRIVATE FINANCIAL HOLDINGS, INC. (PARENT COMPANY ONLY)
CONDENSED BALANCE SHEETS
 
December 31, 2011
 
December 31, 2010
(In thousands)
Assets:
 
 
 
Cash and cash equivalents
$
96,871

 
$
88,463

Investment in wholly-owned and majority-owned subsidiaries:
 
 
 
Bank(s)
504,861

 
468,840

Non-banks
145,299

 
156,082

Investment in partnerships and trusts
7,143

 
8,850

Intangible assets, net
—

 
586

Income tax receivable and deferred
25,798

 
21,519

Other assets
14,002

 
21,205

Total assets
$
793,974

 
$
765,545

Liabilities:
 
 
 
Deferred acquisition obligations
$
—

 
$
4,521

Junior subordinated debentures
182,053

 
193,645

Other liabilities
24,656

 
29,836

Total liabilities
206,709

 
228,002

Redeemable Noncontrolling Interests(1)
21,140

 
18,665

Total Shareholders’ Equity
566,125

 
518,878

Total liabilities, redeemable noncontrolling interests and shareholders’ equity
$
793,974

 
$
765,545

___________________
(1)
Represents the maximum redemption value of noncontrolling interests.
CONDENSED STATEMENTS OF OPERATIONS
 
Year ended December 31,
 
2011
 
2010
 
2009
 
(In thousands)
Income:
 
 
 
 
 
Interest income
$
323

 
$
610

 
$
1,887

Gain on repurchase of debt
4,230

 
—

 
18,739

Dividends from subsidiaries:
 
 
 
 
 
Bank(s)
7,400

 
9,200

 
10,000

Non-banks
23,247

 
15,606

 
17,511

Other income/ (loss)
1,147

 
910

 
1,187

Total income
36,347

 
26,326

 
49,324

Operating Expense:
 
 
 
 
 
Salaries and employee benefits
15,286

 
16,355

 
13,283

Professional fees
4,184

 
6,363

 
6,192

Interest expense
7,474

 
10,125

 
12,421

Restructuring Expense (1)
2,609

 
—

 
—

Other expenses
3,664

 
4,594

 
4,725

Total operating expense
33,217

 
37,437

 
36,621

Income/(loss) before income taxes
3,130

 
(11,111
)
 
12,703

Income tax expense/ (benefit)
(11,659
)
 
(14,897
)
 
(8,924
)
Net income/ (loss) from discontinued operations
6,099

 
3,729

 
(7,505
)
Income/(loss) before equity in undistributed loss of subsidiaries
20,888

 
7,515

 
14,122

Equity in undistributed earnings/ (loss) of subsidiaries
18,249

 
(18,485
)
 
(8,891
)
Net income/(loss) attributable to the Company
$
39,137

 
$
(10,970
)
 
$
5,231

____________
(1)    Includes $0.4 million of severance expense.

CONDENSED STATEMENTS OF CASH FLOWS
 
Year ended December 31,
 
2011
 
2010
 
2009
(In thousands)
Cash flows from operating activities:
 
 
 
 
 
Net income/(loss) attributable to the Company
$
39,137

 
$
(10,970
)
 
$
5,231

Net income/(loss) from discontinued operations
6,099

 
3,729

 
(7,505
)
Net income/(loss) from continuing operations
33,038

 
(14,699
)
 
12,736

Adjustments to reconcile net income/(loss) from continuing operations to net cash provided by/(used in) operating activities:
 
 
 
 
 
Equity in loss/(earnings) of subsidiaries:
 
 
 
 
 
Bank(s)
(40,119
)
 
767

 
(13,905
)
Non-banks
(8,777
)
 
(7,088
)
 
(4,715
)
 
Year ended December 31,
 
2011
 
2010
 
2009
(In thousands)
Dividends from subsidiaries:
 
 
 
 
 
Bank(s)
7,400

 
9,200

 
10,000

Non-banks
23,247

 
15,606

 
17,511

Gain on the repurchase of debt
(4,230
)
 
—

 
(18,739
)
Decrease/ (increase) in income taxes receivable and deferred
(4,279
)
 
4,246

 
14,230

Depreciation and amortization
3,288

 
1,378

 
3,257

Net decrease/ (increase) in other operating activities
(1,557
)
 
(23,067
)
 
13,905

Net cash provided by/(used in) operating activities of continuing operations
8,011

 
(13,657
)
 
34,280

Net cash provided by/(used in) operating activities of discontinued operations
6,099

 
3,729

 
5,195

Net cash provided by/(used in) operating activities
14,110

 
(9,928
)
 
39,475

Cash flows from investing activities:
 
 
 
 
 
Cash paid for acquisitions, including deferred acquisition obligations
(217
)
 
(31,525
)
 
(2,744
)
Capital investments in subsidiaries:
 
 
 
 
 
Bank(s)
—

 
(15,000
)
 
(34,000
)
Non-banks
—

 
—

 
—

Purchases of investment securities available for sale
—

 
(70,000
)
 
(175,000
)
Sales of investment securities available for sale
—

 
245,000

 
—

Cash received from divestitures
2,752

 
—

 
161,474

Net cash (used in)/provided by in other investing activities
—

 
(6
)
 
(112
)
Net cash provided by/(used in) investing activities of continuing operations
2,535

 
128,469

 
(50,382
)
Net cash provided by/(used in) investing activities of discontinued operations
—

 
—

 
(9,815
)
Net cash provided by/(used in) investing activities
2,535

 
128,469

 
(60,197
)
Cash flows from financing activities:
 
 
 
 
 
Repurchase of debt
(6,988
)
 
—

 
(76,939
)
Dividends paid to common shareholders
(3,089
)
 
(2,900
)
 
(2,688
)
Dividends paid to preferred shareholders
(290
)
 
(3,099
)
 
(7,862
)
Tax deficiency from certain stock compensation awards
(1,706
)
 
(1,613
)
 
—

Repurchase of Series C Preferred stock
—

 
(154,000
)
 
—

Proceeds from stock option exercises
205

 
474

 
341

Proceeds from issuance of common stock, net
5,288

 
37,717

 
2,728

Other equity adjustments
(1,657
)
 
3,148

 
(6,982
)
Net cash provided by/(used in) financing activities of continuing operations
(8,237
)
 
(120,273
)
 
(91,402
)
Net cash provided by/(used in) financing activities of discontinued operations
—

 
—

 
—

Net cash provided by/(used in) financing activities
(8,237
)
 
(120,273
)
 
(91,402
)
Net (decrease)/increase in cash and cash equivalents
8,408

 
(1,732
)
 
(112,124
)
Cash and cash equivalents at beginning of year
88,463

 
90,195

 
202,319

Cash and cash equivalents at end of year
$
96,871

 
$
88,463

 
$
90,195