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Boston Private Financial Holdings Inc (BPFH) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

SEC Filings

Boston Private Financial Holdings Inc

CIK: 821127 Ticker: BPFH


Boston Private Financial Holdings, Inc. Reports Fourth Quarter and Year End 2013 Results;
Raises Dividend to $0.08 Per Share
Fourth Quarter and Full Year Highlights:
Earnings increased 32% year-over-year: Full year 2013 GAAP Net Income Attributable to the Company increased to $70.5 million, or $0.68 per share, versus net income of $53.3 million, or $0.61 per share, for the full year of 2012.
Deposit and loan growth: Deposits increased 3% linked quarter and 5% year-over-year to $5.1 billion driven by growth in money market accounts. Total Loans increased 4% linked quarter and 6% year-over-year to $5.1 billion.
Core fees represent 42% of a growing revenue base: Fees from Wealth Management businesses increased 10% to $30.4 million on a linked quarter basis. Full year 2013 fees from Wealth Management businesses increased 12% to $112.7 million. Net Interest Income grew 3% in the fourth quarter, contributing to 7% overall revenue growth quarter-to-quarter.
Total Operating Expenses decreased: Full year 2013 Total Operating Expenses decreased 5% to $221.4 million.
Provision credit: The Company recorded a provision credit of $2.0 million in the quarter due to recoveries of $2.3 million and a 9% linked quarter reduction in Classified Loans. For the full year of 2013, the Company recorded a provision credit of $10.0 million.
Dividend increase announced: The Board of Directors today approved a cash dividend of $0.08 per share, up from $0.07 per share last quarter.
Boston, MA - January 15, 2014 - Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the "Company" or "BPFH") today reported fourth quarter 2013 GAAP Net Income Attributable to the Company of $17.7 million, compared to $18.3 million in the third quarter of 2013. BPFH reported fourth quarter diluted earnings per share of $0.20 compared to $0.22 in the third quarter of 2013.
For the full year of 2013, BPFH reported GAAP Net Income Attributable to the Company of $70.5 million, compared to $53.3 million for the full year of 2012. BPFH reported diluted earnings per share of $0.68 compared to $0.61 for the full year of 2012.
"Our Company delivered on the full year targets we articulated for shareholders throughout 2013: low-to-mid single digit loan and deposit growth, double digit growth in Wealth Management revenue, expense discipline and efficient capital management," said Clayton G. Deutsch, CEO and President of the Company. "This performance strengthened our margins and significantly improved our Return on Equity over the prior year. We see momentum in our businesses, believe we have a strong balance sheet and capital base, and have decided to raise the dividend to enhance shareholder return."
Core Fees Increased 10% Linked Quarter, 12% in 2013
Core Fees and Income (Investment Management and Trust Fees, Private Banking Investment Management and Trust Fees, Wealth Advisory Fees, Other Banking Fee Income and Gain on Sale of Loans) for the fourth quarter increased 10% to $32.8 million from $29.8 million in the third quarter of 2013. The increase was driven by fee growth in all three of the Company's Wealth Management businesses. For the full year of 2013, Core Fees and Income increased 12% to $122.7 million.

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The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Wednesday, January 15, 2014 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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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)
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 Change In Oci Recognized In Statement Of Operations, Line Item (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 Maturities Of Held To Maturity 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 Legacy Banks' Trusts 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 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)
Ticker: BPFH
CIK: 821127
Form Type: 10-K Annual Report
Accession Number: 0000821127-14-000057
Submitted to the SEC: Fri Feb 28 2014 2:32:51 PM EST
Accepted by the SEC: Fri Feb 28 2014
Period: Tuesday, December 31, 2013
Industry: State Commercial Banks

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