Last10K.com

Boston Private Financial Holdings Inc (BPFH) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

SEC Filings

Boston Private Financial Holdings Inc

CIK: 821127 Ticker: BPFH


bplogo121416.jpg

Boston Private Financial Holdings, Inc. Reports Fourth Quarter and Full Year 2016 Results; Raises Dividend to $0.11 Per Share
Fourth Quarter and Full Year Highlights:
Net Interest Income Growth: Net Interest Income for the fourth quarter increased 7% year-over-year and 3% linked quarter to $51.5 million. Net Interest Income for the full year of 2016 was $200.4 million, an 8% increase compared to 2015.
Deposit and Loan Growth: Average Total Deposits increased 2% year-over-year to $6.0 billion, and Average Total Loans increased 6% year-over-year to $6.0 billion.
Assets Under Management: Total Assets Under Management/Advisory (“AUM”) of $27.6 billion were flat year-over-year and linked quarter.
Dividend Increase: The Board of Directors approved a quarterly cash dividend of $0.11 per share of common stock, an increase from $0.10 per share in the prior quarter.
Notable Items: During the fourth quarter, the Company recorded a net after-tax charge of $4.3 million or $0.05 of diluted earnings per share related to goodwill impairment charges and gain on sale of offices.
Boston, MA - January 18, 2017 - Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported fourth quarter 2016 GAAP Net Income Attributable to the Company of $17.6 million, compared to $19.6 million for the third quarter of 2016 and $15.0 million for the fourth quarter of 2015. Fourth quarter 2016 diluted earnings per share were $0.19, compared to $0.22 in the third quarter of 2016, and $0.17 in the fourth quarter of 2015. Excluding Notable Items and the related tax impact, adjusted Net Income Attributable to the Company for the fourth quarter of 2016 was $21.9 million, and adjusted diluted earnings per share were $0.24.
For the full year of 2016, BPFH reported GAAP Net Income Attributable to the Company of $71.6 million or $0.81 of diluted earnings per share, compared to $64.9 million or $0.74 of diluted earnings per share for the full year of 2015.

“2016 was a year of progress for the Company,” said Clayton G. Deutsch, CEO. "The overall Company delivered 10% annual profit growth despite the impact of a goodwill impairment charge, and returned record levels of capital to shareholders through dividends and share repurchases."
“Our Private Bank contributed pristine asset quality and reliable earnings growth throughout a challenging yield environment, while Wealth Management & Trust demonstrated ongoing progress towards stability. Our Investment Managers and Wealth Advisors continue to contribute high returns to Company-wide financial performance. As we enter 2017, we are focused on perfecting our client service offering, improving profitability in all of our businesses, and positioning for long term growth.”

Notable Items Impacting Fourth Quarter Results

During the fourth quarter, the Company recorded two Notable Items that resulted in a net after-tax charge of $4.3 million. The Notable Items include a pre-tax, non-cash charge of $9.5 million for goodwill impairment related to the Wealth Management & Trust segment, and a pre-tax net gain on sale of $2.9 million related to the divestiture of two Southern California offices. The office divestiture, which closed during the fourth quarter, included $104 million of deposits. The tax effect was calculated by applying the federal statutory rate of of 35%.


1

The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Wednesday, January 18, 2017 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 2017 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
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 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 (tables)
Employee Benefits 401(k) Plan (details)
Employee Benefits Deferred Compensation Plan (details)
Employee Benefits Employee Benefits (notes)
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 Text Details Income Tax Components (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: 0000821127-17-000023
Submitted to the SEC: Tue Feb 28 2017 4:18:17 PM EST
Accepted by the SEC: Tue Feb 28 2017
Period: Saturday, December 31, 2016
Industry: State Commercial Banks

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/bpfh/0000821127-17-000023.htm