Last10K.com

Boston Private Financial Holdings Inc (BPFH) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

SEC Filings

Boston Private Financial Holdings Inc

CIK: 821127 Ticker: BPFH


Exhibit 99.1
Boston Private Financial Holdings, Inc. Reports Fourth Quarter and Full Year 2012 Results; Announces Dividend Increase and Share Repurchase Program
Fourth Quarter and Full Year Highlights:
Earnings increase 36% year-over-year: Full year 2012 GAAP Net Income increased to $53.3 million from $39.1 million in 2011. Full year diluted 2012 EPS increased to $0.61 from $0.46 in 2011.
Steady Net Interest Income: Net Interest Income increased 2% to $183.3 million for the full year of 2012. Full year NIM of 3.22% decreased 3 basis points year-over-year.
Core Fees and Income increase for the fourth straight quarter: Fourth quarter Core Fees and Income increased 13% year-over-year and 5% on a linked quarter basis. AUM increased 2% to $20.4 billion in the quarter, and 13% year-over-year. Fourth quarter AUM net inflows were $298 million, up from $223 million linked quarter, and up from AUM net outflows of ($142) million in the fourth quarter of 2011.
Provision decreases: Provision for Loan Losses was a credit of ($5.0) million in the quarter, compared to a provision credit of ($4.0) million in the third quarter of 2012.
Capital builds: Tangible Common Equity/Tangible Assets ratio increased by 30 basis points to 7.7% on a year-over-year basis, and was flat on a linked quarter basis.
Dividend increase and share repurchase program announced: The Board of Directors approved a cash dividend of $0.05 per share, up from $0.01 per share last quarter, and a share repurchase program of up to 5% of the Company's outstanding shares as of January 16, 2013.
Boston, MA - January 16, 2013 - Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported fourth quarter 2012 GAAP Net Income Attributable to the Company of $13.1 million, compared to $16.5 million in the third quarter of 2012. BPFH reported fourth quarter diluted earnings per share of $0.15 compared to $0.19 in the third quarter of 2012.
For the full year of 2012, BPFH reported GAAP Net Income Attributable to the Company of $53.3 million, compared to $39.1 million for the full year of 2011. BPFH reported diluted earnings per share of $0.61 compared to $0.46 for the full year of 2011.
“The year-over-year increases we saw in loan, deposit, and AUM balances confirm that the power of our Private Banking and Wealth Management model is taking hold,” said Clayton G. Deutsch, CEO and President. “We continue to be pleased with the ongoing improvement in our quality metrics as evidenced by the 24% decline in criticized loans on a year-over-year basis, and the continued strengthening of our capital base. In 2013, we remain committed to growing our fee-based revenues, defending our Net Interest Margin and achieving our 11% ROE target.”
Net Interest Income, Core Fees Increase Year-Over-Year
Net Interest Income in the fourth quarter was $45.5 million, down 2% from $46.4 million in the third quarter of 2012. For the full year of 2012, Net Interest Income was $183.3 million, up 2% from $179.0 million in 2011. Core Fees and Income (Investment Management and Trust Fees, Private Bank Investment Management and Trust Fees, Wealth Advisory Fees, Other Banking Fee Income and Gain on Sale of Loans) for the fourth quarter increased 5% to $29.1 million from $27.6 million in the third quarter of 2012. The increase was driven by fee increases in all three business segments and by a $0.9 million gain on sale of residential mortgage loans that the Company sold during the fourth quarter. For the full year of 2012, Core Fees and Income increased 2% to $109.4 million.
Net Interest Margin was 3.19% in the fourth quarter, up 8 basis points from 3.11% in the third quarter. On a year-over-year basis, Net Interest Margin increased 2 basis points from 3.17%. For the full year of 2012, Net Interest Margin decreased 3 basis points to 3.22%.

1

The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Wednesday, January 16, 2013 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.

View differences made from one year to another to evaluate Boston Private Financial Holdings 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-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Boston Private Financial Holdings Inc.

Continue

Assess how Boston Private Financial Holdings Inc's management team is paid from their Annual Proxy

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

Boston Private Financial Holdings Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2013 10-K Annual Report includes:

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

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document Entity Information Document
Consolidated Balance Sheet Statement
Consolidated Balance Sheet Statement Parenthetical
Consolidated Statement Of Cash Flows
Consolidated Statement Of Operations
Consolidated Statement Of Shareholders' Equity
Consolidated Statement Of Shareholders' Equity Shareholders' Equity Parenthetical
Consolidated Statements Of Comprehensive Income
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 Allowance 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 Assets Under Management (details)
Basis Of Presentation And Summary Of Significant Accounting Policies Significant Accounting Policies Text (details)
Basis Of Presentation And Summary Of Significant Accounting Policies 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 Flow (details)
Boston Private Financial Holdings, Inc. (parent Company Only) Income Statement (details)
Deposits
Deposits (details)
Deposits (tables)
Deposits Deposits Text Details (details)
Deposits Schedule Of Maturities Of Certificates Of Deposit (details)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (details)
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 Non-designated Hedges Text Description (details)
Divestitures And Acquisitions
Divestitures And Acquisitions (details)
Divestitures And Acquisitions Acquisitions (details)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Employee Benefits
Employee Benefits (tables)
Employee Benefits 401(k) Plan (details)
Employee Benefits Deferred Compensation Plan (details)
Employee Benefits Options Granted, Weighted Average Fair Value Assumptions (details)
Employee Benefits Restricted Stock Share Rollforward (details)
Employee Benefits Salary Continuation Plans (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 Common Stock (details)
Equity Other Comprehensive Income (details)
Equity Preferred Stock (details)
Equity Warrants To Purchase Common Stock (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 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 (details)
Federal Funds Purchased And Securities Sold Under Agreements To Repurchase (tables)
Federal Home Loan Bank Borrowings
Federal Home Loan Bank Borrowings (details)
Federal Home Loan Bank Borrowings (tables)
Federal Home Loan Bank Borrowings Fhlb Text (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 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 (details)
Income Taxes Unrecognized Tax Benefits Rollforward (details)
Investments
Investments (tables)
Investments Available For Sale Securities In Unrealized Loss Position (details)
Investments Investments In Any One Issuer Exceeding Ten Percent Of Equity (details)
Investments Maturities Of Available For Sale Securities By Type (details)
Investments Other Investment Disclosures (details)
Investments Realized Gain (loss) On Securities Sold (details)
Investments Schedule Of Available For Sale Securities (details)
Junior Subordinated Debentures
Junior Subordinated Debentures (details)
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 Charter Financial Trust I Terms (details)
Junior Subordinated Debentures First State (ca) Statutory Trust I Terms (details)
Junior Subordinated Debentures Gibraltar Financial Statutory Trust I Terms (details)
Litigation And Contingencies
Loans Receivable And Credit Quality
Loans Receivable And Credit Quality (tables)
Loans Receivable And Credit Quality Impaired Loans With And Without Related Allowance (details)
Loans Receivable And Credit Quality Loans By Credit Quality Indicator (details)
Loans Receivable And Credit Quality Loans By Past Due Status (details)
Loans Receivable And Credit Quality Loans By Portfolio Segment (details)
Loans Receivable And Credit Quality Loans Text Disclosures (details)
Loans Receivable And Credit Quality Loans To Related Parties Rollforward (details)
Loans Receivable And Credit Quality Nonaccrual Loans By Class Of Financing Receivable (details)
Loans Receivable 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 (details)
Other Operating Expense
Other Operating Expense (details)
Other Operating Expense (tables)
Premises And Equipment
Premises And Equipment (tables)
Premises And Equipment Components Of Premises And Equipment (details)
Premises And Equipment Future Minimum Lease Payments (details)
Premises And Equipment Text Details
Regulatory Matters
Regulatory Matters (details)
Regulatory Matters (tables)
Regulatory Matters Text Details (details)
Reportable Segments
Reportable Segments (details)
Reportable Segments (tables)
Reportable Segments Segments Text Disclosures (details)
Restructuring
Restructuring (details)
Restructuring (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: 0000821127-13-000009
Submitted to the SEC: Tue Mar 12 2013 4:08:18 PM EST
Accepted by the SEC: Tue Mar 12 2013
Period: Monday, December 31, 2012
Industry: State Commercial Banks

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/bpfh/0000821127-13-000009.htm