Last10K.com

Blue Hills Bancorp, Inc. (BHBK) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Blue Hills Bancorp, Inc.

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


NORWOOD, Mass., October 24, 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
$5.8 million, or $0.23 per diluted share, for the third quarter of 2018 compared to net income of $6.5 million, or $0.26 per diluted share, for the second quarter of 2018 and net income of $3.8 million, or $0.16 per diluted share, for the third quarter of 2017. Net income on a non-GAAP basis, excluding certain nonrecurring items, was $6.8 million, or $0.27 per diluted share, for the third quarter of 2018 compared to net income on a non-GAAP basis, excluding certain nonrecurring items, of $6.1 million, or $0.25 per diluted share, for the second quarter of 2018 and net income on a non-GAAP basis, excluding certain nonrecurring items, of $3.9 million, or $0.16 per diluted share for the third quarter of 2017 (see page 15 for a reconciliation of GAAP to non-GAAP measures).

For the nine months ended September 30, 2018, net income was $18.8 million, or $0.75 per diluted share, compared to net income of $15.2 million, or $0.62 per diluted share for the nine months ended September 30, 2017. Net income on a non-GAAP basis, excluding certain nonrecurring items, was $18.9 million, or $0.75 per diluted share, for the first nine months of 2018 compared to net income on a non-GAAP basis, excluding certain nonrecurring items, of $9.8 million, or $0.40 per diluted share for the first nine months of 2017 (see page 16 for a reconciliation of GAAP to non-GAAP measures).

On September 20, 2018, Blue Hills Bancorp announced its entry into a definitive Agreement and Plan of Merger with Independent Bank Corp. ("Independent"), pursuant to which Blue Hills Bancorp will merge into Independent ("Merger"). Completion of the transaction is subject to customary closing conditions, including receipt of regulatory approvals and the approvals of Blue Hills Bancorp's and Independent's shareholders. The transaction is expected to close in the first half of 2019.

Commenting on the Company's results, William Parent, President and Chief Executive Officer of Blue Hills Bancorp, said, "Our results for the third quarter and first nine months of the year continue to reflect strong contributions across all business lines. Growth in customer deposits from our retail banking group allowed us to reduce the level of wholesale funding, while deposit-related fee categories were at record quarterly levels. Mortgage banking revenues continued to make a significant contribution to earnings despite lower overall market volumes as in-house originations totaled $375 million for the first nine months of the year. On the commercial lending side, commercial business and real estate loans grew 5% and 4%, respectively, from the end of the second quarter and are up 17% and 14%, respectively, from a year ago. I want to thank all of our employees who continue to contribute to the ongoing improvement in our financial performance. We are excited by our recently announced merger with Independent Bank Corp. and look forward to the closing of that transaction in the first half of 2019."

BALANCE SHEET
Compared to June 30, 2018, total assets grew $41 million, or 2%, to $2.8 billion at September 30, 2018. The increase was mainly driven by a $45 million, or 2%, increase in loans to $2.3 billion at September 30, 2018. By category, the growth was due to a $29 million, or 4% increase in commercial real estate loans, an $18 million, or 2%, increase in residential mortgage loans, and a $14 million, or 5%, increase in commercial business loans. These increases were partially offset by a $13 million, or 15%, decline in construction loans as well as smaller declines in home equity and consumer loans.

Compared to September 30, 2017, total assets increased $237 million, or 9%. Loans drove the growth in total assets from September 30, 2017, increasing $219 million, or 10%. By category, the increase from September 30, 2017 was due to residential mortgage loans, which were up $102 million, or 11%; commercial real estate loans, which were up $102 million, or 14%; and commercial business loans, which were up $42 million, or 17%. Residential mortgage originations were $136 million in the third quarter of 2018 compared to $152 million in the third quarter of 2017 while commercial loans (real estate and non-real estate combined) added to the balance sheet were $90 million in the third quarter of 2018 compared to $64 million in the third quarter of 2017.


1


The following information was filed by Blue Hills Bancorp, Inc. (BHBK) on Wednesday, October 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Blue Hills Bancorp, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Blue Hills Bancorp, Inc..

Continue

Assess how Blue Hills Bancorp, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Blue Hills Bancorp, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Rating

Learn More
Bullish Bearish Neutral
Filter by Sentiment:
All
Positive
Negative
Filter by Category:
All
Financial
Other
Filter by Subcategory:
All
Income
Expense
Dividend
Shares
Earnings
Other
Inside Blue Hills Bancorp, Inc.'s 10-Q Quarterly Report:

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)
Loans And The Allowance For Loan Losses - Summary Of Troubled Debt Restructurings (Details)
Other Real Estate Owned
Other Real Estate Owned - 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)
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: 0001601545-18-000053
Submitted to the SEC: Thu Nov 01 2018 7:33:08 AM EST
Accepted by the SEC: Thu Nov 01 2018
Period: Sunday, September 30, 2018
Industry: State Commercial Banks

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/bhbk/0001601545-18-000053.htm