|
|
 | | | |
- close
- close
- close
- close
| |||||||||
This excerpt taken from the BPFH 10-K filed Mar 11, 2009. The Company’s total stockholders’ equity at December 31, 2008 was $689.0 million, compared to $662.5 million at December 31, 2007, an increase of $26.5 million. The increase in stockholders’ equity was the result of the proceeds received for the Company’s third quarter capital raise, the fourth quarter TARP funding, stock compensation, stock issued for deferred acquisition payments and stock issued in connection with the Company’s employee stock purchase plan, and the change in accumulated other comprehensive income. The increases were offset by the current year net loss, and dividends paid to the Company’s preferred and common stockholders. Please refer to Part II, Item 8, “Financial Statements and Supplementary Data—Note 18: Equity” for further detail on the Company’s third quarter capital raise and fourth quarter TARP funding. As a bank holding company, the Company is subject to various regulatory capital requirements administered by federal agencies. At December 31, 2008, the Company’s Tier I leverage capital ratio stood at 10.52%, compared to 7.28% at December 31, 2007. The Company is also subject to a risk-based capital measure. The risk-based capital guidelines include both a definition of capital and a framework for calculating risk-weighted assets by assigning balance sheet assets and off-balance sheet items to broad risk categories. At December 31, 2008, the Company had a Tier I risk-based capital ratio of 14.19% compared to 9.42% at December 31, 2007. The Company had a Total risk-based capital ratio of 15.47% at December 31, 2008, compared to 10.84% at December 31, 2007. To be categorized as “well capitalized,” the Company and the Banks must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios of 10%, 6%, and 5%, respectively. In addition, the Company and the Banks cannot be subject to any written agreement, order or capital directive or prompt corrective action to be considered “well capitalized.” As of December 31, 2008, the Company and the Banks have capital ratios above the minimum standards to be considered “well capitalized”. Due to the supervisory agreement between the FDIC, the CFDI and FPB, the Company and FPB cannot be classified more favorably than “adequately capitalized”. As of December 31, 2008, except for FPB, all of the Banks met the FDIC requirements under the regulatory framework for prompt corrective action to be categorized as “well capitalized”. The Company contributed $125.3 million of capital to FPB in 2008. These capital contributions were needed for FPB to meet applicable regulatory capital requirements. In addition, the Company made capital contributions of $6.4 million to Borel and $3.0 million to Charter in 2008. The capital contributions to Borel were made to support significant loan growth during the year . The capital contribution to Charter was made to meet applicable regulatory capital requirements. See Part I, Item 1, “Business—Regulatory Considerations—Certain Restrictions on Activities and Operations of BPFH—Capital Requirements.”
48
Table of ContentsThese excerpts taken from the BPFH 10-K filed Mar 14, 2008. Total stockholders’ equity of the Company at December 31, 2007 was $662.5 million, compared to $635.2 million at December 31, 2006, an increase of $27.3 million. The increase was the result of our current year earnings, proceeds from options exercised including tax benefits, if any, common stock issued in connection with stock grants to employees, common stock issued for acquisitions, including contingent payments, and the change in accumulated other comprehensive income. These increases were partially offset by dividends paid to stockholders and the Company’s stock repurchase. As a bank holding company, the Company is subject to a number of regulatory capital requirements that have been adopted by the FRB. At December 31, 2007, the Company’s Tier I leverage capital ratio stood at 7.28%, compared to 8.22% at December 31, 2006. The Company is also subject to a risk-based capital measure. The risk-based capital guidelines include both a definition of capital and a framework for calculating risk-weighted assets by assigning balance sheet assets and off-balance sheet items to broad risk categories. At December 31, 2007, the Company had a Tier I risk-based capital ratio of 9.42% compared to 10.70% at December 31, 2006. The Company had a Total risk-based capital ratio of 10.84% at December 31, 2007, compared to 12.24% at December 31, 2006. The minimum Tier I leverage, Tier I risk-based, and Total risk-based capital ratios necessary to enable the Company to be classified for regulatory purposes as a “well capitalized” institution are 5.00%, 6.00% and 10.00%, respectively. The decrease in the Company’s Total risk-based capital ratio, as compared to the prior year-end, resulted from the strong asset growth at the Banks and goodwill and intangibles recorded on the Company’s acquisitions. At December 31, 2007 and 2006, the Company’s Banks were considered “well capitalized” for Tier I leverage and Tier I risk-based capital ratios. The Company’s Banks, except for FPB, were considered well capitalized for Total risk based capital ratios. FPB was considered adequately capitalized as of December 31, 2007. In February of 2008, FPB made an adjustment to their 2007 allowance for loan losses as of December 31, 2007. This adjustment resulted in FPB’s risk based capital ratio to fall below the well capitalized level. Concurrent with the adjustment, Boston Private contributed $11.5 million of additional capital to FPB. The amount of the capital contribution was intended to bring FPB’s total risk based capital ratio above 10.0%. See Part I, Item 1, “Business—Bank Regulatory Considerations—Certain Restrictions on Activities and Operations of Boston Private—Capital Requirements.” Total stockholders’ equity of the Company at December 31, 2007 was As a bank holding company, the Company is subject to a number of regulatory capital The decrease in the Company’s Total risk-based capital ratio, as compared to the prior year-end, resulted from the strong asset At December 31, 2007 and 2006, the E. Liquidity Liquidity is defined as the Company’s ability to generate cash adequate to meet its needs
50 Table of Contents
Management is responsible for establishing and monitoring liquidity targets as well as strategies Liquidity at the Holding Company should also be considered separately from the consolidated liquidity as there are In addition, the Holding Company has $214 million of 4.20% fixed rate notes receivable from the Banks, except for FPB, SIZE="2">Dividends from the Banks are limited by various regulatory requirements relating to capital adequacy and retained earnings. See Part II, Item 5 “Market for Registrant’s Common Equity and Related Stockholders Matters.” Bank Liquidity. The In addition to the above
51 Table of Contents
Additionally, the Company along with several of the Company’s majority-owned affiliate partners SIZE="2">The Company is required to pay interest quarterly on its junior subordinated debentures and long-term debt. The estimated cash outlay for the interest payments in 2008 is approximately $20.9 million. The Company presently plans to pay cash This excerpt taken from the BPFH 10-K filed Feb 28, 2007. Total stockholders’ equity of the Company at December 31, 2006 was $635.2 million, compared to $539.3 million at December 31, 2005, an increase of $95.9 million. The increase was primarily the result of our common stock issued in connection with the acquisition of Anchor, combined with our current year earnings, proceeds from options exercised including tax benefits, if any, common stock issued in connection with stock grants to employees, common stock issued for contingent payments on acquisitions, and the change in accumulated other comprehensive income. These increases were partially offset by dividends paid to stockholders. As a bank holding company, the Company is subject to a number of regulatory capital requirements that have been adopted by the Federal Reserve Board. At December 31, 2006, the Company’s Tier I leverage capital ratio stood at 8.22%, compared to 7.64% at December 31, 2005. The Company is also subject to a risk-based capital measure. The risk-based capital guidelines include both a definition of capital and a framework for calculating risk-weighted assets by assigning balance sheet assets and off-balance sheet items to broad risk categories. At December 31, 2006, the Company had a Tier I risk-based capital ratio of 10.70% compared to
46
Table of Contents10.57% at December 31, 2005. The Company had a Total risk-based capital ratio of 12.24% at December 31, 2006, compared to 13.14% at December 31, 2005. The minimum Tier I leverage, Tier I risk-based, and Total risk-based capital ratios necessary to enable the Company to be classified for regulatory purposes as a “well capitalized” institution are 5.00%, 6.00% and 10.00%, respectively. The Company was considered to be “well capitalized” as of December 31, 2006 and 2005. See Part I, Item 1, “Business—Bank Regulatory Considerations—Certain Restrictions on Activities and Operations of Boston Private—Capital Requirements.” The decrease in the Company’s Total risk-based capital ratio, as compared to the prior year-end, resulted from the strong asset growth at the Banks and goodwill and intangibles recorded on the Company’s minority interests in BOS and Coldstream Capital. These items were partially offset by increases in equity in 2006 resulting from the common stock issued in the Anchor acquisition, net income, and stock option exercises. At December 31, 2006, Boston Private Bank’s Tier I leverage capital ratio stood at 6.78%, compared to 6.54% at December 31, 2005. Boston Private Bank had a Tier I risk-based capital ratio of 10.15% and a Total risk-based capital ratio of 11.40% at December 31, 2006. This compares to a Tier I risk-based capital ratio of 9.90% and a Total risk-based capital ratio of 11.15% at December 31, 2005. Boston Private Bank was considered to be “well capitalized” as of December 31, 2006 and 2005. At December 31, 2006, Borel’s Tier I leverage capital ratio stood at 9.60%, compared to 9.02% at December 31, 2005. Borel had a Tier I risk-based capital ratio of 9.74% and a Total risk-based capital ratio of 10.89% at December 31, 2006. This compares to a Tier I risk-based capital ratio of 10.17% and a Total risk-based capital ratio of 11.42% at December 31, 2005. Borel was considered to be “well capitalized” as of December 31, 2006 and 2005. At December 31, 2006, FPB’s Tier I leverage capital ratio stood at 9.94%, compared to 9.22% at December 31, 2005. FPB had a Tier I risk-based capital ratio of 10.74% and a Total risk-based capital ratio of 11.90% at December 31, 2006. This compares to a Tier I risk-based capital ratio of 10.66% and a Total risk-based capital ratio of 11.86% at December 31, 2005. FPB was considered to be “well capitalized” as of December 31, 2006 and 2005. At December 31, 2006, Gibraltar’s Tier I leverage capital ratio stood at 7.51% compared to 7.59% at December 31, 2005. Gibraltar had a Tier I risk-based capital ratio of 9.89% and a Total risk-based capital ratio of 11.06% at December 31, 2006. This compares to a Tier I risk-based capital ratio of 10.28% and a Total risk-based capital ratio of 11.41% at December 31, 2005. Gibraltar was considered to be “well capitalized” as of December 31, 2006 and 2005.
47
Table of ContentsThis excerpt taken from the BPFH 10-K filed Mar 10, 2006. Total stockholders’ equity of the Company at December 31, 2005 was $533.6 million, compared to $321.2 million at December 31, 2004, an increase of $212.4 million. The increase was primarily the result of our common stock and stock options issued in connection with the acquisition of Gibraltar Financial, the Company’s sale of 1.6 million shares of common stock under the Forward Agreement which generated net proceeds of approximately $36.4 million, combined with our current year earnings, proceeds from options exercised including tax benefits, if any, and common stock issued in connection with stock grants to employees. These increases were offset by dividends paid to stockholders and the change in accumulated other comprehensive income. As a bank holding company, the Company is subject to a number of regulatory capital requirements that have been adopted by the Federal Reserve Board. At December 31, 2005, the Company’s Tier I leverage capital ratio stood at 7.48%, compared to 7.88% at December 31, 2004. The Company is also subject to a risk-based capital measure. The risk-based capital guidelines include both a definition of capital and a framework for calculating risk-weighted assets by assigning balance sheet assets and off-balance sheet items to broad risk categories. At December 31, 2005, the Company had a Tier I risk-based capital ratio of 10.36% compared to 10.92% at December 31, 2004. The Company had a Total risk-based capital ratio of 13.00% at December 31, 2005, compared to 12.17% at December 31, 2004. The minimum Tier I leverage, Tier I risk-based, and Total risk-based capital ratios necessary to enable the Company to be classified for regulatory purposes as a “well capitalized” institution are 5.00%, 6.00% and 10.00%, respectively. The Company was considered to be “well capitalized” as of December 31, 2005 and 2004. See Part I, Item 1, “Business—Bank Regulatory Considerations—Certain Restrictions on Activities and Operations of Boston Private—Capital Requirements.” The increase in the Company’s total risk-based capital ratio, as compared to the prior year-end resulted from the increases in equity in 2005 resulting from the common stock and stock options issued in the Gibraltar Financial acquisition, net income and stock option exercises. The additional Trust Preferred securities issued in the third quarter of 2005 improved the Company’s capital ratios as well. Trust Preferred debt securities are treated favorably from a regulatory capital perspective; however regulatory guidelines limit the total amount of Trust Preferred securities that qualify for favorable capital treatment.
43
Table of ContentsAt December 31, 2005, Boston Private Bank’s Tier I leverage capital ratio stood at 6.42%, compared to 6.20% at December 31, 2004. Boston Private Bank had a Tier I risk-based capital ratio of 9.74% and a Total risk-based capital ratio of 10.99% at December 31, 2005. This compares to a Tier I risk-based capital ratio of 9.52% and a Total risk-based capital ratio of 10.77% at December 31, 2004. Boston Private Bank was considered to be “well capitalized” as of December 31, 2005 and 2004. At December 31, 2005, Borel’s Tier I leverage capital ratio stood at 8.93%, compared to 7.95% at December 31, 2004. Borel had a Tier I risk-based capital ratio of 10.08% and a Total risk-based capital ratio of 11.33% at December 31, 2005. This compares to a Tier I risk-based capital ratio of 9.18% and a Total risk-based capital ratio of 10.41% at December 31, 2004. Borel was considered to be “well capitalized” as of December 31, 2005 and 2004. The Company made a capital contribution to Borel of $3.0 million in 2005. At December 31, 2005, FPB’s Tier I leverage capital ratio stood at 9.21%, compared to 7.64% at December 31, 2004. FPB had a Tier I risk-based capital ratio of 10.65% and a Total risk-based capital ratio of 11.85% at December 31, 2005. This compares to a Tier I risk-based capital ratio of 10.23% and a Total risk-based capital ratio of 11.41% at December 31, 2004. FPB was considered to be “well capitalized” as of December 31, 2005 and 2004. At December 31, 2005, Gibraltar’s Tier I leverage capital ratio stood at 7.59%. Gibraltar had a Tier I risk-based capital ratio of 10.28% and a Total risk-based capital ratio of 11.41% at December 31, 2005. Gibraltar was considered to be “well capitalized” as of December 31, 2005. The Company made capital contributions to Gibraltar of $19.0 million in 2005. | EXCERPTS ON THIS PAGE:
|
| |||||||
