Boston Private Financial Holdings Inc. reported a 36 percent year-over-year increase in its GAAP net income for the year ended Dec. 31, from $39.1 million in 2011 to $53.3 million last year.

The company’s board of directors also approved a cash dividend of 5 cents per share, up from 1 cent per share last quarter, and a share repurchase program of up to 5 percent of the company’s outstanding shares as of Jan. 16.