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Boston Private Financial Holdings Inc (BPFH) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

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Boston Private Financial Holdings Inc

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CIK: 821127 Ticker: BPFH


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Boston Private Reports Fourth Quarter and Full Year 2020 Results

Fourth Quarter 2020 Highlights include:

•Net income of $25.0 million, or $0.30 per diluted share
•Return on average common equity (non-GAAP) of 11.5%
•Return on average tangible common equity (non-GAAP) of 12.7%
•Average total deposits of $8.4 billion, a 20% increase year-over-year
•Average total loans of $7.2 billion, a 2% increase year-over-year
•Total assets under management/advisory (“AUM”) of $17.1 billion, a 2% increase year-over-year
•Total net flows of negative $396 million driven by net flows of negative $268 million at Dalton, Greiner, Hartman, Maher & Co, LLC ("DGHM")
•Total provision credit of $5.4 million

Boston, MA - January 21, 2021
 - Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “Boston Private”) today reported fourth quarter 2020 Net income attributable to the Company of $25.0 million, compared to $22.7 million for the third quarter of 2020 and $21.2 million for the fourth quarter of 2019. Fourth quarter 2020 Diluted earnings per share were $0.30, compared to $0.28 in the third quarter of 2020 and $0.26 in the fourth quarter of 2019.
"Fourth quarter 2020 results were positively impacted by a release from our allowance for loan losses and Paycheck Protection Program revenue, while strong deposit growth enhanced on-balance sheet liquidity," said Anthony DeChellis, CEO of Boston Private. "I am extremely proud of our team's accomplishments throughout 2020. We continued to deliver exceptional client service in a challenging environment, while improving our client experience and executing on our strategic plan. We are excited about the prospects of our pending merger with SVB Financial     Group. Together, we will be well positioned to grow and scale our business, while enhancing shareholder value."
Announced Merger
As previously announced, the Company entered into a definitive merger agreement with SVB Financial Group ("SVB") pursuant to which SVB will acquire Boston Private. The transaction has been unanimously approved by both companies' Boards of Directors and is expected to close in mid-2021, subject to the satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of Boston Private.
Summary Financial Results
% Change
($ in millions, except for per share data)4Q203Q204Q19LQY/Y
Net income - GAAP$25.0$22.7$21.210 %18 %
Net income - Operating (Non-GAAP)25.022.020.513 %22 %
Diluted earnings per share - GAAP$0.30$0.28$0.267 %15 %
Diluted earnings per share - Operating (Non-GAAP)$0.30$0.27$0.2511 %20 %
Non-GAAP Financial Measures:
Pre-tax, pre-provision income$28.1$19.9$24.541 %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 %

The Company's financial results improved linked quarter and year-over-year primarily as a result of a Total provision credit of $5.4 million, Paycheck Protection Program ("PPP") fees, and higher swap fees in the fourth quarter of 2020.
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The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Thursday, January 21, 2021 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 Boston Private Financial Holdings Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Allowance For Loan Losses
Allowance For Loan Losses (Tables)
Allowance For Loan Losses - Allowance By Impairment Analysis Method (Details)
Allowance For Loan Losses - Allowance Rollforward (Details)
Allowance For Loan Losses - Text (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Boston Private Financial Holdings, Inc. (Parent Company Only)
Boston Private Financial Holdings, Inc. (Parent Company Only) (Tables)
Boston Private Financial Holdings, Inc. (Parent Company Only) - Balance Sheet (Details)
Boston Private Financial Holdings, Inc. (Parent Company Only) - Cash Flows (Details)
Boston Private Financial Holdings, Inc. (Parent Company Only) - Income Statement (Details)
Deposits
Deposits (Tables)
Deposits - Deposit Liabilities, Type (Details)
Deposits - Deposits Text Details (Details)
Deposits - Schedule Of Maturities Of Certificates Of Deposit (Details)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Tables)
Derivatives And Hedging Activities - Cash Flow Hedges Text Description (Details)
Derivatives And Hedging Activities - Derivatives Fair Value And Balance Sheet Classification (Details)
Derivatives And Hedging Activities - Derivatives Not Designated As Hedges, Effect On Statement Of Operations (Details)
Derivatives And Hedging Activities - Effect Of Derivative Instruments On Statement Of Operations (Details)
Derivatives And Hedging Activities - Narrative (Details)
Derivatives And Hedging Activities - Non-Designated Hedges Text Description (Details)
Divestitures
Divestitures (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Earnings Per Share - Schedule Of Anti-Dilutive Securities (Details)
Employee Benefits
Employee Benefits (Tables)
Employee Benefits - 401(K) Plan (Details)
Employee Benefits - Deferred Compensation Plan (Details)
Employee Benefits - Restricted Stock Share Rollforward (Details)
Employee Benefits - Salary Continuation Plans (Details)
Employee Benefits - Share Based Payments In Compensation Expense (Details)
Employee Benefits - Stock Based Incentive Plans (Details)
Employee Benefits - Stock Options Shares Rollforward (Details)
Employee Benefits - Supplemental Executive Retirement Plans And Long Term Incentive Plans (Details)
Equity
Equity (Tables)
Equity - Accumulated Other Comprehensive Income (Details)
Equity - Change In Oci Recognized In Statement Of Operations, Line Item (Details)
Equity - Common Stock (Details)
Equity - Other Comprehensive Income (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Fair Value Nonrecurring Basis (Details)
Fair Value Measurements - Fair Value Recurring Basis (Details)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Not Measured At Fair Value On A Recurring Basis (Details)
Fair Value Measurements - Quantitative Information About Level 3 Nonrecurring Assets (Details)
Federal Funds Purchased And Securities Sold Under Agreements To Repurchase
Federal Funds Purchased And Securities Sold Under Agreements To Repurchase (Tables)
Federal Funds Purchased And Securities Sold Under Agreements To Repurchase - Schedule Of Federal Funds Purchased And Securities Sold (Details)
Federal Funds Purchased And Securities Sold Under Agreements To Repurchase - Short Term Debt (Details)
Federal Home Loan Bank Borrowings
Federal Home Loan Bank Borrowings (Tables)
Federal Home Loan Bank Borrowings - Fhlb Text (Details)
Federal Home Loan Bank Borrowings - Summary Of Borrowings (Details)
Financial Instruments With Off-Balance Sheet Risk
Financial Instruments With Off-Balance Sheet Risk (Details)
Financial Instruments With Off-Balance Sheet Risk (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Assets Carrying Value Of Goodwill Rollforward (Details)
Goodwill And Other Intangible Assets - Future Amortization Expense On Intangible Assets (Details)
Goodwill And Other Intangible Assets - Goodwill And Accumulated Impairment Charges (Details)
Goodwill And Other Intangible Assets - Goodwill Text (Details)
Goodwill And Other Intangible Assets - Gross And Net Carrying Amounts Of Identifiable Intangible Assets (Details)
Goodwill And Other Intangible Assets - Intangible Assets Text (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Components Of Income Tax Expense (Details)
Income Taxes - Income Tax Rate Reconciliation (Details)
Income Taxes - Text Details Income Tax Components (Details)
Income Taxes - Unrecognized Tax Benefits Rollforward (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Available For Sale Securities In Unrealized Loss Position (Details)
Investment Securities - Investments In Any One Issuer Exceeding Ten Percent Of Equity (Details)
Investment Securities - Maturities Of Available For Sale Securities By Type (Details)
Investment Securities - Maturities Of Equity Securities (Details)
Investment Securities - Maturities Of Held To Maturity Securities By Type (Details)
Investment Securities - Other Investment Disclosures (Details)
Investment Securities - Realized Gain (Loss) On Securities Sold (Details)
Investment Securities - Schedule Of Debt Securities (Details)
Junior Subordinated Debentures
Junior Subordinated Debentures (Tables)
Junior Subordinated Debentures - Boston Private Capital Trust I Terms (Details)
Junior Subordinated Debentures - Boston Private Capital Trust Ii Terms (Details)
Junior Subordinated Debentures - Schedule Of Junior Subordinated Debentures (Details)
Litigation And Contingencies
Litigation And Contingencies (Details)
Loan Portfolio And Credit Quality
Loan Portfolio And Credit Quality (Tables)
Loan Portfolio And Credit Quality - Impaired Loans With And Without Related Allowance (Details)
Loan Portfolio And Credit Quality - Loan Participation Amounts (Details)
Loan Portfolio And Credit Quality - Loans By Credit Quality Indicator (Details)
Loan Portfolio And Credit Quality - Loans By Past Due Status (Details)
Loan Portfolio And Credit Quality - Loans By Portfolio Segment (Details)
Loan Portfolio And Credit Quality - Loans Text Disclosures (Details)
Loan Portfolio And Credit Quality - Nonaccrual Loans By Class Of Financing Receivable (Details)
Loan Portfolio And Credit Quality - Troubled Debt Restructured Loans (Details)
Noncontrolling Interests
Noncontrolling Interests (Tables)
Noncontrolling Interests - Components Of Redeemable Noncontrolling Interests (Details)
Noncontrolling Interests - Redeemable Noncontrolling Interests Rollforward (Details)
Noncontrolling Interests - Text (Details)
Other Operating Expense
Other Operating Expense (Details)
Other Operating Expense (Tables)
Premises, Equipment, And Leases
Premises, Equipment, And Leases (Tables)
Premises, Equipment, And Leases - Components Of Premises And Equipment (Details)
Premises, Equipment, And Leases - Lease Cost (Details)
Premises, Equipment, And Leases - Operating Lease Maturities (Details)
Premises, Equipment, And Leases - Text (Details)
Regulatory Matters
Regulatory Matters (Tables)
Regulatory Matters - Schedule Of Risk Based Capital (Details)
Regulatory Matters - Text (Details)
Reportable Segments
Reportable Segments (Tables)
Reportable Segments - Narrative (Details)
Reportable Segments - Segments Text Disclosures (Details)
Restructuring
Restructuring (Details)
Restructuring (Tables)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (Tables)
Selected Quarterly Data (Unaudited)
Selected Quarterly Data (Unaudited) (Details)
Selected Quarterly Data (Unaudited) (Tables)
Subsequent Events
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

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