Boston Private Financial Holdings, Inc. (NASDAQ:BPFH) Q2 2020 Earnings Conference Call - Final Transcript

Jul 29, 2020 • 08:00 am ET


Boston Private Financial Holdings, Inc. (NASDAQ:BPFH) Q2 2020 Earnings Conference Call - Final Transcript


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Good day and welcome to the Boston Private Financial Holdings Second Quarter 2020 Earnings Conference Call. [Operator Instructions].

I would now like to turn the conference over to Adam Bromley. Please go ahead.

Adam Bromley

Thank you, Alyssa, and good morning everyone. This is Adam Bromley, Director Investor Relations of Boston Private Financial Holdings. We welcome you to this conference call to discuss our second quarter 2020 financial results. Our call this morning includes references to an earnings presentation, which can be found in the Investor Relations section of our website, Joining me this morning are Anthony DeChellis, Chief Executive Officer; Steve Gaven. Chief Financial Officer; Paul Simons, President, Private Banking Wealth & Trust; and Jim Brown, President of Commercial Banking.

This call contains forward-looking statements regarding strategic objectives, and expectations for future results of operations and financial prospects. They are based on the current belief and expectations of Boston Private's management and are subject to certain risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. I'll refer you also to the forward-looking statements qualifier contained in our earnings release, which identify the number of factors that could cause material differences between actual and anticipated results, or other expectations expressed. Additional factors that could cause Boston Private's results to differ materially from those described in the forward-looking statements can be found in the company's filings submitted to the SEC. All subsequent written and oral forward-looking statements attributable to Boston Private or any person acting on our behalf are expressly qualified by these cautionary statements. Boston Private does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the forward-looking statements are made.

With that, I will now turn it over to Anthony DeChellis.

Anthony DeChellis

Thank you, Adam. Good morning everyone and thank you for joining us on today's call to discuss our second quarter 2020 results. However, before we get into this quarter's results, our team would like to express that we hope this call finds you and your families in good health and that you have all managed to remain safe during these challenging times.

The business and economic outlook in our markets remain a fluid situation, and is creating some new challenges for all banks. However, we are encouraged by our firm's ability to adapt quickly to provide uninterrupted service to our clients. Throughout the first two quarters of 2020, we have continued to stay intensely focused on our strategic growth plans. While we expect the environments remain demanding for the balance of the year, we are also optimistic about developments in consumer behavior, which we believe have accelerated some key trends in financial services, and present new opportunities.

The first half of 2020 for us can be characterized as finding the right balance between short-term and long-term objectives. Our immediate task became implementing our business continuity plan and adapting to the majority of our firm's employees working remotely. Our company's productivity levels remain high, remarkably both clients