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Blue Hills Bancorp, Inc. (BHBK) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Blue Hills Bancorp, Inc.

CIK: 1601545 Ticker: BHBK
EXHIBIT 99.1
Blue Hills Bancorp, Inc. Reports Fourth Quarter and Annual Earnings

NORWOOD, Mass., January 23, 2019--(GLOBE NEWSWIRE)- Blue Hills Bancorp, Inc. (the “Company” or "Blue Hills Bancorp") (NASDAQ: BHBK), the parent of Blue Hills Bank (the "Bank"), today announced net income of
$5.7 million, or $0.23 per diluted share, for the fourth quarter of 2018 compared to net income of $5.8 million, or $0.23 per diluted share, for the third quarter of 2018 and net income of $1.3 million, or $0.05 per diluted share, for the fourth quarter of 2017. Net income on a non-GAAP basis, excluding unrealized loss on equity securities and certain nonrecurring items, was $7.1 million or $0.28 per diluted share for the fourth quarter of 2018 compared to net income on a non-GAAP basis, excluding unrealized loss on equity securities and certain nonrecurring items, of $6.8 million, or $0.27 per diluted share for the third quarter of 2018 and net income on a non-GAAP basis, excluding certain nonrecurring items, of $4.0 million, or $0.16 per diluted share for the fourth quarter of 2017 (see page 14 for a reconciliation of GAAP to non-GAAP measures).

For the year ended December 31, 2018, net income was $24.6 million, or $0.98 per diluted share, compared to net income of $16.5 million, or $0.67 per diluted share for the year ended December 31, 2017. Net income on a non-GAAP basis, excluding unrealized gain on equity securities and certain nonrecurring items, was $26.0 million, or $1.03 per diluted share, for the year ended December 31, 2018 compared to net income on a non-GAAP basis, excluding certain nonrecurring items, of $13.8 million, or $0.56 per diluted share for the year ended December 31, 2017 (see page 15 for a reconciliation of GAAP to non-GAAP measures).

On September 20, 2018, Blue Hills Bancorp announced it reached a definitive Agreement and Plan of Merger with Independent Bank Corp. ("Independent"), pursuant to which Blue Hills Bancorp will merge into Independent ("Merger"). Blue Hills Bancorp's shareholders approved the merger at a meeting held on January 16, 2019. Completion of the transaction is subject to other customary closing conditions, including receipt of regulatory approvals and the approval of Independent's shareholders. The transaction is expected to close later in the first quarter of 2019 or early in the second quarter of 2019.

Commenting on the Company's results, William Parent, President and Chief Executive Officer of Blue Hills Bancorp, said, "We finished the year with another solid quarter that included loan growth, net interest margin expansion and continued cost control. Earnings per share for the year on an operating (non-GAAP) basis improved 84% from 2017, reflecting the success of our various businesses, continued positive operating leverage, and the ongoing transformation of the Company into a full service community bank. We are excited to be joining Independent and becoming part of a larger organization, which will benefit all of our stakeholders. I want to thank our employees for their dedication and hard work during this time of transition. In addition to operating Blue Hills Bank in a business-as-usual manner for our customers, employees from around the bank have also been working hard to ensure that we have a seamless transition into Independent's organization."

BALANCE SHEET
Compared to September 30, 2018, total assets grew $23 million, or 1%, to $2.8 billion at December 31, 2018. The increase was mainly driven by a $29 million, or 1%, increase in loans to $2.3 billion at December 31, 2018. Quarterly growth was impacted by seasonality, lower residential lending demand due to the higher interest rate environment, and the announced merger with Independent. By category, the growth was due to a $17 million, or 2%, increase in residential mortgage loans and a $13 million, or 2%, increase in commercial real estate loans. Other loan categories had smaller changes.

Compared to December 31, 2017, total assets increased $137 million, or 5%. Loans drove the growth in total assets from December 31, 2017, increasing $128 million, or 6%. By category, the increase from December 31, 2017 was due to residential mortgage loans, which were up $98 million, or 11%; commercial business loans, which were up $34 million, or 14%; and commercial real estate loans, which were up $32 million, or 4%. These increases were partially offset by declines in home equity, construction and consumer loans. Residential mortgage originations were $98 million in the fourth quarter of 2018 compared to $112 million in the fourth quarter of 2017 with the decline reflecting the impact of higher interest rates. Commercial loans (real estate and non-real estate combined) added to the balance sheet were $49 million in the fourth quarter of 2018 compared to $156 million in the fourth quarter of 2017.


1


The following information was filed by Blue Hills Bancorp, Inc. (BHBK) on Wednesday, January 23, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Blue Hills Bancorp, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Net Income
Basis Of Presentation And Consolidation
Basis Of Presentation And Consolidation (Policies)
Basis Of Presentation And Consolidation - Additional Information (Details)
Borrowings
Borrowings (Tables)
Borrowings - Additional Information (Details)
Borrowings - Fhlb Advances Fiscal Year Maturity (Details)
Condensed Financial Statements Of Parent Company
Condensed Financial Statements Of Parent Company (Tables)
Condensed Financial Statements Of Parent Company - Condensed Balance Sheet (Details)
Condensed Financial Statements Of Parent Company - Condensed Statement Of Cash Flow (Details)
Condensed Financial Statements Of Parent Company - Condensed Statements Of Net Income (Details)
Deposits
Deposits (Tables)
Deposits - Schedule Of Contractual Maturities (Details)
Deposits - Summary Of Deposit Balances (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Accumulated Benefit Obligations (Details)
Employee Benefit Plans - Additional Information (Details)
Employee Benefit Plans - Employee Stock Ownership Plan (Details)
Employee Benefit Plans - Expected Benefit Payments (Details)
Employee Benefit Plans - Fair Value Of Pension Plan Assets (Details)
Employee Benefit Plans - Net Periodic Pension Costs (Details)
Employee Benefit Plans - Net Periodic Pension Costs Assumptions Used (Details)
Equity
Equity (Tables)
Equity - Additional Information (Details)
Equity - Minimum Required Capital (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liabilities Measure At Fair Value On A Nonrecurring Basis (Details)
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Fair Value Measurements - Summary Of Fair Value, Balance Sheet Grouping (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Changes In Deferred Tax Assets (Liabilities) (Details)
Income Taxes - Components Of Deferred Tax Assets (Liabilities) (Details)
Income Taxes - Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Provisions (Benefit) (Details)
Income Taxes - Tax Effect On Deferred Tax Assets (Liabilities) (Details)
Loans And The Allowance For Loan Losses
Loans And The Allowance For Loan Losses (Tables)
Loans And The Allowance For Loan Losses - Activity In Allowance For Loan Losses (Details)
Loans And The Allowance For Loan Losses - Additional Activity In Allowance For Loan Losses (Details)
Loans And The Allowance For Loan Losses - Additional Information (Details)
Loans And The Allowance For Loan Losses - Summary Of Average Recorded Investments And Interest Income Of Impaired Loans (Details)
Loans And The Allowance For Loan Losses - Summary Of Impaired Loans (Details)
Loans And The Allowance For Loan Losses - Summary Of Loan Balances (Details)
Loans And The Allowance For Loan Losses - Summary Of Loan By Risk Rating (Details)
Loans And The Allowance For Loan Losses - Summary Of Past Due And Non-Accrual Loans, By Class (Details)
Loans And The Allowance For Loan Losses - Summary Of Troubled Debt Restructurings (Details)
On Balance Sheet Derivative Instruments And Hedging Activities
On Balance Sheet Derivative Instruments And Hedging Activities (Tables)
On Balance Sheet Derivative Instruments And Hedging Activities - Additional Information (Details)
On Balance Sheet Derivative Instruments And Hedging Activities - Derivative Financial Instruments Not Designated As Hedging Instruments (Details)
On Balance Sheet Derivative Instruments And Hedging Activities - Summary Of Fair Value And Location For Rate-Lock And Forward Loan Sale Commitments (Details)
Other Commitments And Contingencies
Other Commitments And Contingencies (Tables)
Other Commitments And Contingencies - Additional Information (Details)
Other Commitments And Contingencies - Credit Related Financial Instruments (Details)
Other Commitments And Contingencies - Operating Lease Commitments (Details)
Other Comprehensive Income
Other Comprehensive Income (Tables)
Other Comprehensive Income - Additional Information (Details)
Other Comprehensive Income - Components Of Accumulated Other Comprehensive Income (Details)
Other Real Estate Owned
Other Real Estate Owned - Narrative (Details)
Premises And Equipment
Premises And Equipment (Details)
Premises And Equipment (Tables)
Recent Accounting Standards Updates
Recent Accounting Standards Updates - Narrative (Details)
Securities
Securities (Tables)
Securities - Available-For-Sale Securities (Details)
Securities - Available-For-Sale Securities Unrealized Loss (Details)
Securities - Held-To-Maturity Securities (Details)
Securities - Held-To-Maturity Securities Unrealized Loss (Details)
Securities - Narrative (Details)
Securities - Schedule Of Contractual Maturities Of Securities (Details)
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Details)
Selected Quarterly Financial Data (Unaudited) (Tables)
Stock Based Compensation
Stock Based Compensation (Tables)
Stock Based Compensation - Additional Information (Details)
Stock Based Compensation - Fair Value Assumptions (Details)
Stock Based Compensation - Restricted Stock Activity (Details)
Stock Based Compensation - Stock Option Activity (Details)
Ticker: BHBK
CIK: 1601545
Form Type: 10-K Annual Report
Accession Number: 0001601545-19-000016
Submitted to the SEC: Fri Mar 08 2019 4:53:38 AM EST
Accepted by the SEC: Fri Mar 08 2019
Period: Monday, December 31, 2018
Industry: State Commercial Banks

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