Boston Private Financial Holdings Inc. reported a third-quarter loss of $273.36 million, or $5.92 a share, after reporting a profit of $17.42 million, or 44 cents a share, a year earlier.
The loss resulted from noncash charges of $227 million, or $4.45 a share, and a loan-loss provision of $86.4 million, or $1.69 a share, Boston Private said Wednesday after the market closed.
Revenue fell 2% from a year earlier, to $103.7 million.
On average, analysts polled by Thomson Reuters had expected Boston Private to report a loss of 26 cents a share.
For the first nine months of the year, Boston Private reported a loss of $363.83 million, or $9.28 a share, compared with net income of $35.33 million, or 91 cents a share, a year earlier. Revenue for the period rose 15.9%, to $340.94 million.
"Our financial results reflect the actions we have taken to address the challenges we have faced in these unprecedented economic times," said Timothy Vaill, Boston Private's chairman and chief executive. "With the full expectation that we would encounter a recessionary market, we raised $173 million in capital this past July, which accelerated our company to a position of relative capital strength early on."
