Boston Private Financial Holdings, Inc. reported unaudited earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported total interest and dividend income of $68,356,000 against $61,016,000 a year ago. Net interest income was $57,383,000 against $53,642,000 a year ago. Total revenue was $97,126,000 against $90,148,000 a year ago. Income before income taxes was $28,064,000 against $21,549,000 a year ago. Net income from continuing operations was $22,038,000 against $14,996,000 a year ago. Net income attributable to the company was $22,686,000 against $15,662,000 a year ago. Diluted total earnings per share were $0.27 against $0.17 a year ago. Book value per common share was $8.81 as of March 31, 2018 against $8.73 as of March 31, 2017. Tangible book value per share was $7.17 against $6.73 a year ago. Return on average assets (annualized) was $1.11% against 0.79% a year ago. Return on average common equity (annualized) was 12.02% against 8.26% a year ago. Return on average tangible common equity (annualized) was 15.20% against 11.43% a year ago. Non-GAAP return on average common equity was 12.0% against 8.3% a year ago. Non-GAAP return on average tangible common equity was 15.2% against 11.4% a year ago. Total net cash flows were $198 million against $327 million a year ago. Non-GAAP net income attributable to the company was $22.7 million or $0.27 per diluted share against $15.7 million or $0.17 per diluted share a year ago. Year-over-year revenue growth was driven by 12% growth in the company's Wealth Management & Trust segment. Net interest income for the quarter increased primarily driven by higher yields on interest-earning assets and higher asset volumes, partially offset by higher cost of deposits and borrowing volumes.

The company expects effective tax rate for 2018 to remain at 22%. Excluded in the calculation of the full year tax rate is the $11 million to $12 million expense the company will incur during the second quarter related to the Anchor divestiture.