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Boston Private Financial Holdings Inc (BPFH) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

SEC Filings

Boston Private Financial Holdings Inc

CIK: 821127 Ticker: BPFH


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Boston Private Financial Holdings, Inc. Reports Fourth Quarter and Full Year 2017 Results; Raises Dividend to $0.12 Per Share
Fourth Quarter and Full Year Highlights:
Average Total Deposits increased 7% year-over-year to $6.4 billion, and Average Total Loans increased 7% year-over-year to $6.4 billion.
Total Assets Under Management/Advisory (“AUM”), excluding Anchor Capital Advisors LLC ("Anchor"), were $21.2 billion at the end of the fourth quarter, and Net Flows during the fourth quarter were $128 million.
Operating Return on Average Common Equity for the fourth quarter was 10.2% and Operating Return on Average Tangible Common Equity was 13.4%.
Full year Operating Return on Average Common Equity was 10.1% and Operating Return on Average Tangible Common Equity was 13.6%.
The Board of Directors approved a quarterly cash dividend of $0.12 per share of common stock, an increase from $0.11 per share in the prior quarter.
Notable Items impacting fourth quarter results:
$1.3 million loss on sale, $0.4 million of legal expense, and $24.9 goodwill impairment expense related to the Held for Sale classification and previously announced divestiture of Anchor
$12.9 million Income Tax Expense related to the Tax Cuts and Jobs Act
Boston, MA - January 17, 2018 - Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported fourth quarter 2017 GAAP Net loss attributable to the Company of $18.3 million, compared to Net Income of $19.8 million for the third quarter of 2017 and $17.6 million for the fourth quarter of 2016. Fourth quarter 2017 diluted earnings per share were ($0.24), compared to $0.22 in the third quarter of 2017, and $0.19 in the fourth quarter of 2016. For the full year of 2017, BPFH reported GAAP Net Income attributable to the Company of $40.6 million or $0.42 of diluted earnings per share.
This press release includes references to Operating metrics (non-GAAP) that exclude the impact of Notable Items listed above. A full reconciliation of these adjustments can be found in the footnotes.
Summary of fourth quarter and full year financial results (GAAP basis and Operating basis)
($ in millions, except for per share data)
Quarter ended
December 31, 2017
 
Year ended
December 31, 2017
 
GAAP or Reported
 
Operating
 
GAAP or Reported
 
Operating
Net income / (loss) attributable to the Company (18)
$(18.3)
 
$20.6
 
$40.6
 
$79.5
Diluted Total Earnings Per Share (5), (18)
$(0.24)
 
$0.22
 
$0.42
 
$0.88
 
 
 
 
 
 
 
 
Non-GAAP Financial Measures
Reported
 
Operating
 
Reported
 
Operating
Return on Average Common Equity (8), (18)
(9.9
)%
 
10.2
%
 
5.0
%
 
10.1
%
Return on Average Tangible Common Equity (8), (18)
(11.9
)%
 
13.4
%
 
7.0
%
 
13.6
%
"Our results this quarter include a combined impact of $38.9 million of charges resulting from our agreement to divest Anchor and the Tax Cuts and Jobs Act," said Clayton G. Deutsch, CEO. "Divesting Anchor will liberate

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The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Wednesday, January 17, 2018 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 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 Share Based Payments In Compensation Expense (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: 0000821127-18-000044
Submitted to the SEC: Wed Feb 28 2018 4:55:19 PM EST
Accepted by the SEC: Wed Feb 28 2018
Period: Sunday, December 31, 2017
Industry: State Commercial Banks

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