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Boston Private Financial Holdings Inc (BPFH) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

SEC Filings

Boston Private Financial Holdings Inc

CIK: 821127 Ticker: BPFH



Boston Private Financial Holdings, Inc. Reports Fourth Quarter and Year End 2014 Results; Raises Dividend to $0.09 Per Share
Fourth Quarter and Full Year Highlights:
Acquisition of Banyan Partners, LLC: The acquisition of Banyan Partners, a leading wealth management firm with over $4 billion of AUM, closed on October 2, 2014, bringing the Company's total AUM to just under $30 billion.
Deposit and Loan growth: Average Total Deposits increased 10% year-over-year and 5% linked quarter to $5.5 billion, while Average Total Loans increased 5% year-over-year to $5.2 billion. On a linked quarter basis, Average Total Loans were up 1%. The average Loan-to-Deposit ratio was 95% at the end of the fourth quarter, down from 98% in the third quarter of 2014 and 100% in the fourth quarter of 2013.
Core Fees and Income growth: Core Fees and Income increased 21% year-over-year and 18% linked quarter to $39.6 million. In the fourth quarter of 2014, the acquisition of Banyan Partners contributed $6.1 million to Private Banking Wealth Management and Trust Fees.
Core Fees and Income Rise to 47% of Total Revenue: In the fourth quarter of 2014, Core Fees and Income increased to 47% of total revenue, up from 43% in the third quarter of 2014 and 42% in the fourth quarter of 2013.
Dividend Increase: The Board of Directors today approved a quarterly cash dividend to common stock shareholders of $0.09 per share, up from $0.08 per share. This marks the fourth cash dividend increase in the past 8 quarters.
Boston, MA - January 21, 2015 - Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported fourth quarter 2014 GAAP Net Income Attributable to the Company of $12.2 million, compared to $18.3 million for the third quarter of 2014 and $17.7 million for the fourth quarter of 2013. Fourth quarter 2014 diluted earnings per share were $0.13, a $0.09 decrease from the third quarter of 2014 and a $0.07 decrease from the fourth quarter of 2013. Included in the fourth quarter of 2014 is $1.4 million of one-time pre-tax costs associated with the Banyan acquisition and an $800 thousand pre-tax expense for liability restructuring. Excluding the one-time costs, fourth quarter 2014 diluted earnings per share were $0.15.
For the full year of 2014, BPFH reported GAAP Net Income Attributable to the Company of $68.8 million, compared to $70.5 million for the full year of 2013. BPFH reported diluted earnings per share of $0.79 per share compared to $0.68 per share for the full years of 2014 and 2013, respectively.
“2014 was a pivotal year for Boston Private,” said Clayton G. Deutsch, CEO and President. "In October, we completed the acquisition of Banyan Partners, which accelerated the evolution of our Private Bank Wealth Management offering closer to our desired model. The Private Banking strategy continues to gain momentum on the West Coast, helping to drive strong deposit growth. As we enter 2015, Boston Private remains focused on expanding and deepening our private client base across all markets.”

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The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Wednesday, January 21, 2015 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
Acquisitions, Asset Sales, And Divestitures
Acquisitions, Asset Sales, And Divestitures Acquisitions (details)
Acquisitions, Asset Sales, And Divestitures Asset Sales And Divestitures (details)
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 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)
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)
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: 0000821127-15-000042
Submitted to the SEC: Mon Mar 02 2015 3:29:33 PM EST
Accepted by the SEC: Mon Mar 02 2015
Period: Wednesday, December 31, 2014
Industry: State Commercial Banks

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