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Blue Hills Bancorp, Inc. (BHBK) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Blue Hills Bancorp, Inc.

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

NORWOOD, Mass., January 29, 2018--(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
$1.3 million, or $0.05 per diluted share, for the fourth quarter of 2017 compared to net income of $3.8 million, or $0.16 per diluted share, for the third quarter of 2017 and net income of $4.0 million, or $0.17 per diluted share, for the fourth quarter of 2016.

The fourth quarter of 2017 included an additional income tax expense of approximately $2.5 million, or $0.10 per diluted share, related to the Tax Cuts and Jobs Act (the “Tax Act”) which was enacted on December 22, 2017. The Tax Act provides for a reduction in the corporate income tax rate from 35% to 21% effective January 1, 2018 and this reduction in the corporate tax rate resulted in a downward revaluation to the Company's net deferred tax asset (DTA). The fourth quarter of 2017 also included a pre-tax charge of $317,000 ($188,000 after tax, or $0.01 per share) related to pension settlements. 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. Excluding these items, net income was $4.0 million, or $0.16 per share, for the fourth quarter of 2017 on a non-GAAP basis and $3.9 million, or $0.16 per share for the third quarter of 2017 on a non-GAAP basis (see pages 15 and 16 for a reconciliation of GAAP to non-GAAP measures).

For the year ended December 31, 2017, net income was $16.5 million, or $0.67 per diluted share. Excluding nonrecurring items, net income for the year ended December 31, 2017 on a non-GAAP basis was $13.8 million or $0.56 per share. For the year ended December 31, 2016, net income was $8.7 million or $0.35 per diluted share.

2017 HIGHLIGHTS
Revenue growth and expense discipline allowed the Company to generate strong operating leverage in 2017 which, in turn, resulted in improvements to the efficiency ratio and return on assets compared to 2016 (see page 18).
Loans grew 14% to $2.2 billion at December 31, 2017 from the end of 2016. Over the past three years, loans have increased $1.1 billion, or 93%, as the Company continued to execute on its balance sheet diversification strategy through an expansion of the residential mortgage, commercial real estate and commercial business loan portfolios. Since the end of 2014, commercial real estate loans are up 116%, 1-4 family residential mortgages have increased 101% and commercial business loans have grown 67%.
Mortgage banking capabilities have been expanded over the past few years, including the opening of several new loan offices in Eastern Massachusetts. Current plans call for opening additional offices in Marblehead and Dorchester during the first quarter of 2018. Mortgage banking income grew to $3.7 million in 2017, up $1.2 million, or 48%, from 2016. Mortgage banking revenue was just $282,000 in 2015. Mortgage originations have been strong the past two years, totaling $495 million in 2017 and $539 million in 2016 compared to $269 million in 2015.
Commercial loan originations (real estate and non-real estate combined) were $412 million in 2017 compared to $359 million in 2016 and $331 million in 2015. The Company has continued to expand its asset-based lending and specialized lending businesses as well as its commercial deposit taking capabilities, including converting to a new cash management platform. The combination of commercial and small business deposits totaled $359 million at December 31, 2017, up 20% from the end of 2016 and up 65% from the end of 2015.
Over the past few years, new retail branches were opened in Milton (fourth quarter of 2014), Westwood (fourth quarter of 2015), and the Seaport District of Boston (fourth quarter of 2016). These three branches had combined total deposits of $266 million at December 31, 2017. Deposits, excluding brokered deposits, increased 13% during 2017.
The Government Banking division has added to the growth in deposits over the past two years, as municipal deposits were $137 million at the end of 2017, up 32% from the end of 2016 and up 188% from the end of 2015.
During 2017, the Company completed the process of restructuring its securities portfolio by selling its mutual fund and corporate bond portfolios. The remaining portfolio was moved in-house saving annual investment management fees of approximately $400,000.
Net interest margin has improved over the last several quarters as the Company has benefited from maintaining an asset sensitive interest rate risk position while the Federal Reserve has been raising interest rates.

1


The following information was filed by Blue Hills Bancorp, Inc. (BHBK) on Monday, January 29, 2018 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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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 (loss)
Consolidated Statements Of Comprehensive Income (loss) (parenthetical)
Consolidated Statements Of Net Income
Basis Of Presentation And Consolidation
Basis Of Presentation And Consolidation (policies)
Basis Of Presentation And Consolidation (tables)
Basis Of Presentation And Consolidation - Additional Information (details)
Basis Of Presentation And Consolidation - Estimated Amortization Expense (details)
Basis Of Presentation And Consolidation - Schedule Of Finite-lived Intangible Assets (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)
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)
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)

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

Ticker: BHBK
CIK: 1601545
Form Type: 10-K Annual Report
Accession Number: 0001601545-18-000012
Submitted to the SEC: Wed Mar 07 2018 8:57:19 AM EST
Accepted by the SEC: Wed Mar 07 2018
Period: Sunday, December 31, 2017
Industry: State Commercial Banks

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