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Boston Private Financial Holdings Inc (BPFH) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 30, 2017

SEC Filings

Boston Private Financial Holdings Inc

CIK: 821127 Ticker: BPFH


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Boston Private Financial Holdings, Inc. Reports Third Quarter 2017 Results
Third Quarter Highlights:
Total Revenue increased 8% year-over-year driven by a 14% increase in Net Interest Income and a 3% increase in Total Core Fees and Income.
Average Total Deposits increased 8% year-over-year to $6.4 billion, and Average Total Loans increased 10% year-over-year to $6.4 billion.
Total Assets Under Management/Advisory (“AUM”) increased 8% year-over-year to $29.8 billion.
Annualized Return on Average Common Equity for the quarter was 9.9% and annualized Return on Average Tangible Common Equity for the quarter was 13.2%.
Boston, MA - October 18, 2017 - Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported third quarter 2017 GAAP Net Income Attributable to the Company of $19.8 million, compared to $23.4 million for the second quarter of 2017 and $19.6 million for the third quarter of 2016. Third quarter 2017 diluted earnings per share were $0.22, compared to $0.27 in the second quarter of 2017, and $0.22 in the third quarter of 2016.
“Our Company demonstrated good underlying business performance during the third quarter,” said Clayton G. Deutsch, CEO. “Our Private Bank delivered strong year-over-year revenue growth driven by double-digit net interest income growth and core Net Interest Margin expansion. Our Wealth Management & Trust segment recorded a fourth consecutive quarter of improvement in net flows and a second consecutive quarter of positive EBITDA, while our Wealth Advisory and Investment Management segments delivered sequential earnings improvement and margins above our targets.”

Core Fees and Income/Assets Under Management
Total Core Fees and Income for the third quarter were $39.1 million, a 5% increase on a linked quarter basis and a 3% increase year-over-year. The increase reflects higher levels of AUM in the Wealth Management & Trust, Investment Management, and Wealth Advisory segments on both a linked quarter basis and year-over-year basis. Private Banking fees increased linked quarter, while decreasing year-over-year due to changes in swap fee income.
AUM was $29.8 billion at the end of the third quarter, an increase of 2% from the previous quarter and 8% year-over-year. AUM increased due to positive market action, partially offset by negative net flows. The Company experienced net flows of negative $109 million during the third quarter, compared to negative $180 million and negative $336 million in the second quarter of 2017 and third quarter of 2016, respectively. During the third quarter, net flows by segment were $114 million for Wealth Management & Trust, negative $152 million for Investment Management, and negative $71 million for Wealth Advisory.
Net Interest Income
Net Interest Income for the third quarter was $56.6 million, a decrease of 1% from $57.1 million for the second quarter of 2017 and an increase of 14% from $49.9 million for the third quarter of 2016.  The current quarter includes $0.1 million of interest recovered on previous nonaccrual loans compared to $2.0 million for the second quarter and $0.3 million for the third quarter of 2016. Excluding interest recovered on previous nonaccrual loans, Net Interest Income on an FTE basis increased 2% linked quarter and 14% year-over-year.
Net Interest Margin was 3.02% for the third quarter of 2017, a decrease of 5 basis points from the second quarter of 2017 and an increase of 14 basis points from the third quarter of 2016. Excluding interest recovered on previous

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The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Wednesday, October 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information Document
Consolidated Balance Sheets Parentheticals
Consolidated Balance Sheets Statement
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity Parentheticals
Accumulated Other Comprehensive Income (details)
Accumulated Other Comprehensive Income (notes)
Accumulated Other Comprehensive Income (tables)
Allowance For Loan Losses
Allowance For Loan Losses (tables)
Allowance For Loan Losses Allowance By Impairment Analysis Method (details)
Allowance For Loan Losses Allowance For Loan Losses Text Disclosures (details)
Allowance For Loan Losses Allowance Rollforward (details)
Basis Of Presentation And Summary Of Significant Accounting Policies
Derivatives And Hedging Activities
Derivatives And Hedging Activities (tables)
Derivatives And Hedging Activities Accumulated Other Comprehensive Income Related To Derivatives (details)
Derivatives And Hedging Activities Cash Flow Hedges Text Description (details)
Derivatives And Hedging Activities Derivatives Collateral With Counterparties (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 (tables)
Earnings Per Share Basic Earnings Per Share (details)
Earnings Per Share Diluted Earnings Per Share (details)
Earnings Per Share Securities Excluded Due To Exercise Price Exceeding Average Price During Period (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 Quantitiative Information About Level 3 Non-recurring Assets (details)
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Income Taxes Income Taxes Discussion (details)
Investments
Investments (tables)
Investments Investment Securities In Unrealized Loss Position (details)
Investments Maturities Of Afs Securities (details)
Investments Maturities Of Htm Securities (details)
Investments Other Investment Disclosures (details)
Investments Realized Gains And Losses From Sales Of Afs Investments (details)
Investments Schedule Of Available-for-sale And Held-to-maturity Securities (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 Footnote Text Disclosures (details)
Loan Portfolio And Credit Quality Loans By Grade Or Nonaccrual Status (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 Nonaccrual Loans By Class Of Financing Receivable (details)
Loan Portfolio And Credit Quality Tdr Loans Restructured Or Defaulted In Period (details)
Noncontrolling Interests
Noncontrolling Interests (tables)
Noncontrolling Interests Components Of Noncontrolling Interests (details)
Noncontrolling Interests Noncontrolling Interests - Text Details (details)
Noncontrolling Interests Redeemable Noncontrolilng Interests Rollforward (details)
Recent Accounting Pronouncements
Reportable Segments
Reportable Segments (details)
Reportable Segments (tables)
Reportable Segments Segments Text Disclosure (details)
Restructuring
Restructuring (details)
Restructuring (tables)
Ticker: BPFH
CIK: 821127
Form Type: 10-Q Quarterly Report
Accession Number: 0000821127-17-000087
Submitted to the SEC: Tue Nov 07 2017 4:46:16 PM EST
Accepted by the SEC: Tue Nov 07 2017
Period: Saturday, September 30, 2017
Industry: State Commercial Banks

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