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Blue Hills Bancorp, Inc. (BHBK) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 30, 2017

Blue Hills Bancorp, Inc.

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

NORWOOD, Mass., October 25, 2017--(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
$3.8 million, or $0.16 per diluted share, for the third quarter of 2017 compared to net income of $3.9 million, or $0.16 per diluted share, for the second quarter of 2017 and net income of $1.6 million, or $0.07 per diluted share, for the third quarter of 2016. The third quarter of 2017 included a pre-tax loss of $118,000 ($73,000 after tax, or less than a penny per diluted share) from the sale of a purchased home equity loan portfolio while the second quarter of 2017 included a pre-tax gain of $928,000 ($595,000 after tax, or $0.02 per diluted share) from the sale of the Company's remaining available-for-sale debt securities portfolio. Excluding these items, net income was $3.9 million, or $0.16 per diluted share for the third quarter of 2017 on a non-GAAP basis and $3.3 million, or $0.14 per diluted share, for the second quarter of 2017 on a non-GAAP basis.

For the nine months ended September 30, 2017, net income was $15.2 million, or $0.62 per diluted share compared to $4.7 million, or $0.19 per diluted share, for the nine months ended September 30, 2016. Excluding nonrecurring items, net income for the nine months ended September 30, 2017 on a non-GAAP basis was $9.8 million or $0.40 per share (see page 15 for a reconciliation of GAAP to non-GAAP measures).

Commenting on the Company's results, William Parent, President and Chief Executive Officer of Blue Hills Bancorp, said, "A key theme for us this year has been improved operating leverage and for the first nine months of 2017 revenues, excluding securities gains and other nonrecurring items, have grown 20% from a year ago while noninterest expense has risen just 5% and has been flat in each of the last three quarters. While we will continue to invest in our businesses to lay the groundwork for future bottom line growth, we have the opportunity to generate continued operating leverage.”

Parent continued, “Adjusted net interest margin, which excludes volatile items, has improved in five straight quarters as our asset sensitive rate risk position has allowed us to benefit from the Fed’s rate hikes. Mortgage banking earnings are up over 50% from the prior year, commercial business loans are up over 40% from a year ago, and deposits at our Seaport Branch, which has been open for about a year, reached $85 million at the end of the third quarter. In September, we announced a tripling of our quarterly dividend to $0.15 per share, representing an over 90% payout of our second quarter earnings. Through dividend payments, buybacks and organic growth, we have brought our tangible common equity ratio down from approximately 24% three years ago to 15.35% at September 30, 2017 and we will continue to consider all options for further deployment of the remaining excess capital. We have come a long way during our three years as a public company and enter the next phase of our evolution to a full-service, diversified community bank with building momentum and optimism for what lies ahead.”

BALANCE SHEET
Compared to June 30, 2017, total assets grew $32 million, or 1%, to $2.5 billion at September 30, 2017. The increase was mainly driven by a $21 million, or 1%, increase in loans and a $19 million, or 7%, increase in held-to-maturity securities. The growth rate in loans during the third quarter was affected by (1) the sale of  a $12 million home equity loan portfolio that had been purchased in 2012 and (2) timing issues related to loans that closed in October. Changes in individual loan categories compared to June 30, 2017 were relatively small with growth in commercial business, construction and residential mortgage loans more than offsetting declines in home equity, commercial real estate and consumer loans.

Compared to September 30, 2016, total assets increased $232 million, or 10%. Loans drove the growth in total assets in this comparison, increasing $328 million, or 19%. By category, the increase from September 30, 2016 was due to residential mortgage loans, which were up $159 million, or 21%; commercial real estate loans, which were up $91 million, or 14%; and commercial business loans, which were up $72 million, or 42%. Residential mortgage loan originations were $153 million in the third quarter of 2017 compared to $172 million in the third quarter of 2016 while commercial loans (real estate and non-real estate combined) added to the balance sheet were $64 million in the third quarter of 2017 compared to $82 million in the third quarter of 2016. The growth in loans from September 30, 2016 was partially offset by a $95 million, or 23%, decline in the combination of securities available for sale and held to maturity, primarily due to the sales of the mutual fund investment portfolio and the remaining available-for-sale debt securities portfolio in the first half of 2017.

1


The following information was filed by Blue Hills Bancorp, Inc. (BHBK) on Wednesday, October 25, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited) (parenthetical)
Consolidated Statements Of Cash Flows (unaudited)
Consolidated Statements Of Changes In Stockholders' Equity (unaudited)
Consolidated Statements Of Changes In Stockholders' Equity (unaudited) (parenthetical)
Consolidated Statements Of Comprehensive Income (unaudited)
Consolidated Statements Of Comprehensive Income (unaudited) (parenthetical)
Consolidated Statements Of Net Income (unaudited)
Accounting Standards Updates
Accounting Standards Updates - Narrative (details)
Basis Of Presentation And Consolidation
Basis Of Presentation And Consolidation (policies)
Basis Of Presentation And Consolidation - Narrative (details)
Comprehensive Income
Comprehensive Income (tables)
Comprehensive Income - Components Of Accumulated Other Comprehensive Loss (details)
Deposits
Deposits (tables)
Deposits - Schedule Of Contractual Maturities (details)
Deposits - Summary Of Deposit Balances (details)
Derivatives
Derivatives (tables)
Derivatives - Derivative Financial Instruments Not Designated As Hedging Instruments (details)
Derivatives - Narrative (details)
Derivatives - Summary Of Fair Value And Location For Rate-lock And Forward Loan Sale Commitments (details)
Earnings Per Common Share
Earnings Per Common Share (details)
Earnings Per Common Share (tables)
Employee Stock Ownership Plan
Employee Stock Ownership Plan (tables)
Employee Stock Ownership Plan - Employee Stock Ownership Plan (details)
Employee Stock Ownership Plan - Narrative (details)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Assets And Liabilities Measured 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)
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 - 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)
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)
Share-based Compensation
Share-based Compensation (tables)
Share-based Compensation - Fair Value Assumptions (details)
Share-based Compensation - Narrative (details)
Share-based Compensation - Restricted Stock Activity (details)
Share-based Compensation - Stock Option Activity (details)
Stockholders' Equity
Stockholders' Equity (tables)
Stockholders' Equity - Minimum Required Capital (details)
Stockholders' Equity - Narrative (details)

Material Contracts, Statements, Certifications & more

Blue Hills Bancorp, Inc. provided additional information to their SEC Filing as exhibits

Ticker: BHBK
CIK: 1601545
Form Type: 10-Q Quarterly Report
Accession Number: 0001601545-17-000054
Submitted to the SEC: Fri Nov 03 2017 11:04:50 AM EST
Accepted by the SEC: Fri Nov 03 2017
Period: Saturday, September 30, 2017
Industry: State Commercial Banks

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