Boston Private Financial Holdings posted net income of $12.2 million for the fourth quarter and $68.8 million for all of 2014.

That compares with $17.7 million and $70.5 million, respectively, for the same periods in 2013. While Boston Private increased its core fees and income 21 percent to $39.6 million in the quarter, costs associated with its recent acquisition of the Florida-based wealth management firm Banyan Partners took a bite out of its bottom line.

"2014 was a pivotal year for Boston Private," President and CEO Clayton G. Deutsch said in a statement. "In October, we completed the acquisition of Banyan Partners, which accelerated the evolution of our Private Bank Wealth Management offering closer to our desired model. The private banking strategy continues to gain momentum on the West Coast, helping to drive strong deposit growth. As we enter 2015, Boston Private remains focused on expanding and deepening our private client base across all markets."

While the Banyan Partners acquisition accounted for $6.7 million worth of operating expenses, it also contributed $6.1 million to private banking wealth management and trust fees and $4.4 billion to the company’s assets under management, which totaled $29.9 million at the end of the fourth quarter.

Net interest income for the fourth quarter was $44.1 million, down 1 percent from $44.8 million for the third quarter of 2014. On a year-over-year basis, net interest income increased 1 percent from $43.5 million. For the full year, net interest income increased 3 percent to $179.7 million.

The net interest margin was 2.83 percent for the fourth quarter, down 10 basis points from 2.93 percent for the third quarter. Net interest margin was down 15 basis points from 2.98 percent in the fourth quarter of 2013.