BPFH reported first quarter diluted earnings per share of $0.11 compared to diluted earnings per share of $0.15 in the fourth quarter of 2011.
On a year-over-year basis, GAAP Net Income Attributable to the Company increased from a GAAP net loss of $149 thousand in the first quarter of 2011. Earnings per share increased from a per share loss of $0.01 for the first quarter of 2011.
"This quarter demonstrates promising growth with not yet fully developed earnings," said CEO and President Clayton G.Deutsch. "We are pleased with the disciplined and steady loan and deposit growth we are now seeing across our markets. We are also pleased with AUM growth and positive flows from our Wealth Management businesses. However, Net Interest Income development remains challenging in this yield environment. Expenses are on track, and we will continue to focus on efficiency gains. In sum, we see evidence that our Wealth Management and Private Banking model is building momentum, and we will continue to work on profitability."
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