Boston Private Financial Holdings has reported a fourth-quarter net loss of $24.9 million, compared to a net loss of $31.2 million in the same period in 2007, an improvement of $6.3 million.

The net loss for the fourth quarter of 2008 included $25 million of non-cash, after-tax charges associated with goodwill and intangible impairments, $14.4 million of after-tax provisions for loan losses primarily due to declining credit quality in the Pacific Northwest and Florida, and a $2.6 million (after-tax) net loss on the disposition of non-strategic loans held for sale.

The company bolstered capital through a private/public offering in July 2008 and participated in the U.S. Treasury’s Troubled Asset Relief Program – Capital Purchase Program in November.

For the year, the company reported a net loss of $388.8 million, compared to a net income of $4.2 million for 2007. Included in the 2008 loss is $258.1 million in non-cash, after-tax charges associated with goodwill and intangible impairments, $133.2 million in after-tax provisions for loan losses, and a $66 million non-cash expense for re-equitizing affiliate partner Westfield Capital Management.

Boston Private Financial Holdings is the parent company of Boston Private Bank.