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July 2021
May 2021
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April 2021
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March 2021
January 2021
January 2021
Announced Merger |
Summary Financial Results | ||||||||||||||||||||||||||||||||
% Change | ||||||||||||||||||||||||||||||||
($ in millions, except for per share data) | 4Q20 | 3Q20 | 4Q19 | LQ | Y/Y | |||||||||||||||||||||||||||
Net income - GAAP | $25.0 | $22.7 | $21.2 | 10 | % | 18 | % | |||||||||||||||||||||||||
Net income - Operating (Non-GAAP) | 25.0 | 22.0 | 20.5 | 13 | % | 22 | % | |||||||||||||||||||||||||
Diluted earnings per share - GAAP | $0.30 | $0.28 | $0.26 | 7 | % | 15 | % | |||||||||||||||||||||||||
Diluted earnings per share - Operating (Non-GAAP) | $0.30 | $0.27 | $0.25 | 11 | % | 20 | % | |||||||||||||||||||||||||
Non-GAAP Financial Measures: | ||||||||||||||||||||||||||||||||
Pre-tax, pre-provision income | $28.1 | $19.9 | $24.5 | 41 | % | 15 | % | |||||||||||||||||||||||||
Return on average common equity ("ROACE") | 11.5 | % | 10.7 | % | 10.3 | % | ||||||||||||||||||||||||||
Return on average tangible common equity ("ROATCE") | 12.7 | % | 11.9 | % | 11.5 | % | ||||||||||||||||||||||||||
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Boston Private Financial Holdings Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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The calculation of the Allowance for loan losses involves a high degree of management judgment and estimates designed to reflect the inherent risk of loss in the loan portfolio at the measurement date The Allowance for loan losses is established based upon the Company's current estimate of expected lifetime credit losses on loans measured at amortized cost.
The decrease in 2020 was primarily driven by decreases in amortization expense on Right-of use assets and depreciation expense on leasehold improvements due to lease expirations that were not renewed in 2020.
The Company's qualitative assessment includes the following factors: Volume and trend of past-due, non-accrual, and adversely-graded loans Trends in volume and terms of loans Concentration risk Experience and depth of management Risk surrounding lending policy and underwriting standards Risk surrounding loan review Banking industry conditions, other external factors, and inherent model risk Loans that no longer share similar risk characteristics with any pools of assets are subject to individual assessment and are removed from the collectively assessed pools to avoid double counting.
Other liabilities, which consist primarily of accrued interest, accrued compensation, interest rate derivatives, other accrued expenses, and Lease liabilities, increased $52.8 million, or 20%, to $310.9 million at December 31, 2020 from $258.0 million at December 31, 2019.
Under the Current Expected Credit Losses ("CECL") methodology, which the Company adopted on January 1, 2020, the Company estimates credit losses on a collective basis for loans sharing similar risk characteristics using a quantitative model combined with an assessment of certain qualitative factors designed to address risks not incorporated in the quantitative model output.
Equity securities investment sales, net...Read more
When credit quality declines and...Read more
The 2019 decrease in Other...Read more
The increase was primarily driven...Read more
The effective tax rate for...Read more
The Company estimates credit losses...Read more
Interest income on Home equity...Read more
In 2020, the increase in...Read more
Although the Bank's capital currently...Read more
The decrease in 2019 was...Read more
The Company's Allowance for loan...Read more
The increase in Cash and...Read more
The increase was primarily due...Read more
The updates in this standard...Read more
Failure to meet minimum capital...Read more
The increase in 2020 was...Read more
In 2019, the $1.0 billion...Read more
ARM loans may negatively impact...Read more
The increase in Total cash...Read more
At December 31, 2020 and...Read more
Interest income on Other consumer...Read more
Investment income for the year...Read more
The increase in 2019 was...Read more
The increase in the Allowance...Read more
The Bank pays dividends to...Read more
Total cash and investments (consisting...Read more
The AUM increase in 2020...Read more
We are also focused on...Read more
Given the higher deposits and...Read more
The increase in Total shareholders'...Read more
The decrease in revenue in...Read more
The decrease from 2019 to...Read more
Marketing and business development expense...Read more
The 2019 increase in average...Read more
The financial impact of the...Read more
At December 31, 2020, consolidated...Read more
Net cash used in investing...Read more
Allowance for Loan Losses The...Read more
The 2020 increase in Other...Read more
The overall change in the...Read more
Critical Accounting Policies Critical accounting...Read more
During the fourth quarter of...Read more
The decrease in Wealth management...Read more
The decrease in Wealth management...Read more
The 2019 decrease was primarily...Read more
These decreases were partially offset...Read more
For collateral dependent loans, impairment...Read more
Loans that evidence weakness or...Read more
Net income attributable to the...Read more
Construction and land loans include...Read more
"Financial Statements and Supplementary Data...Read more
$106.9 million of loans that...Read more
In order to qualify for...Read more
The 2019 increase in the...Read more
Upon the adoption of CECL,...Read more
At December 31, 2020, the...Read more
Accordingly, there can be no...Read more
As of December 31, 2020,...Read more
Consumer and other loans consist...Read more
The amount of investment securities...Read more
In addition, the Bank collects...Read more
The decrease in 2019 was...Read more
AUM increased $0.3 billion, or...Read more
Executive Summary The Company offers...Read more
For the year ended December...Read more
The 2020 Provision for loan...Read more
The 2020 Provision for loan...Read more
The increase in the average...Read more
The 2019 increase was primarily...Read more
In certain instances, although very...Read more
When there is a loss...Read more
The effective tax rate for...Read more
The expected credit losses are...Read more
The following table summarizes the...Read more
The Provision/(credit) for loan losses...Read more
Net interest income increased 2%...Read more
Based on the current quarterly...Read more
Gain on sale of affiliate...Read more
Capital Resources Total shareholders' equity...Read more
Changes to the required level...Read more
The Allowance for loan losses...Read more
Interest rate spread is the...Read more
The 2019 increase in the...Read more
Material estimates that are particularly...Read more
The 2019 increase was primarily...Read more
The 2019 increase was primarily...Read more
The 2019 increase was primarily...Read more
The 2019 increase was primarily...Read more
Net cash used in investing...Read more
Lease liabilities decreased $4.9 million,...Read more
Management has determined a reasonable...Read more
Restructuring expense for the year...Read more
The 2019 increase was primarily...Read more
The 2019 decrease was primarily...Read more
The 2019 increase was primarily...Read more
However, if the terms of...Read more
Other assets, which consist primarily...Read more
The Company's Allowance for loan...Read more
Income tax expense for continuing...Read more
Management believes that the Holding...Read more
The following tables present the...Read more
Total assets increased $1.2 billion,...Read more
The 2020 decrease in the...Read more
Goodwill and intangible assets, net....Read more
Total core fees and income,...Read more
Loan losses are charged to...Read more
Loans held for sale increased...Read more
As discussed above, the gain...Read more
"Financial Statements and Supplementary Data...Read more
The 2019 increase in the...Read more
The 2019 increase in the...Read more
The increase was primarily due...Read more
Personal lines of credit are...Read more
Proceeds from investment securities are...Read more
The majority of the Bank's...Read more
The 2020 increase in the...Read more
The decrease in 2019 was...Read more
However, the ultimate declaration of...Read more
In response to the pandemic,...Read more
The interest rates charged on...Read more
Net income from continuing operations...Read more
The increase was driven by...Read more
The updates in this standard...Read more
As of December 31, 2020,...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Boston Private Financial Holdings Inc provided additional information to their SEC Filing as exhibits
Ticker: BPFH
CIK: 821127
Form Type: 10-K Annual Report
Accession Number: 0000821127-21-000029
Submitted to the SEC: Mon Mar 01 2021 3:10:55 PM EST
Accepted by the SEC: Mon Mar 01 2021
Period: Thursday, December 31, 2020
Industry: State Commercial Banks