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Boston Private Financial Holdings Inc (BPFH) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

SEC Filings

Boston Private Financial Holdings Inc

CIK: 821127 Ticker: BPFH


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Boston Private Financial Holdings, Inc. Reports Second Quarter 2018 Results
Second Quarter 2018 Highlights include:

GAAP net income was $6.4 million or $0.06 per diluted share, and operating net income was $19.1 million or $0.21 per diluted share
Notable items: Income tax expense of $12.7 million or $0.15 per share attributable to the divestiture of Anchor Capital Advisors LLC (“Anchor”), which closed on April 13, 2018
Operating return on average common equity was 10.0%
Operating return on average tangible common equity was 11.9%
Average total deposits were $6.3 billion, a 2% decrease year-over-year
Average total loans were $6.7 billion, a 7% increase year-over-year
Total assets under management (“AUM”) were $21.4 billion and total net flows were negative $76 million
Boston, MA - July 18, 2018 - Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported second quarter 2018 GAAP Net income attributable to the Company of $6.4 million, compared to $22.7 million for the first quarter of 2018 and $23.4 million for the second quarter of 2017. Second quarter 2018 Diluted earnings per share were $0.06, compared to $0.27 in the first quarter of 2018 and the second quarter of 2017.
Summary Financial Results - Reported
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% Change
($ in millions, except for per share data)
 
2Q18

 
1Q18

 
2Q17

 
Linked
Quarter
 
Year over
Year
Net income attributable to the Company
 
$6.4
 
$22.7
 
$23.4
 
(72
)%
 
(73
)%
Diluted earnings per share
 
$0.06
 
$0.27
 
$0.27
 
(78
)%
 
(78
)%
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP Financial Measures:
 
 
 
 
 
 
 
 
 
 
Pre-tax, pre-provision income
 
$25.3
 
$26.3
 
$27.3
 
(4
)%
 
(8
)%
Return on average common equity
 
3.0
%
 
12.0
%
 
12.1
%
 
 
 
 
Return on average tangible common equity
 
3.9
%
 
15.2
%
 
16.3
%
 
 
 
 
In addition to presenting the Company’s results in conformity with GAAP, the Company uses certain non-GAAP financial measures to provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial sector. For additional information on non-GAAP financial measures, see page 6. A full reconciliation of GAAP to non-GAAP results can be found in the footnotes beginning on page 17.
Summary Financial Results - Operating Basis (non-GAAP)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% Change
($ in millions, except for per share data)
 
2Q181

 
1Q18

 
2Q17

 
Linked
Quarter
 
Year over
Year
Net income attributable to the Company
 
$19.1
 
$22.7
 
$23.4
 
(16
)%
 
(18
)%
Diluted earnings per share
 
$0.21
 
$0.27
 
$0.27
 
(23
)%
 
(22
)%
 
 
 
 
 
 
 
 
 
 
 
Pre-tax, pre-provision income
 
$25.3
 
$26.3
 
$27.3
 
(4
)%
 
(8
)%
Return on average common equity
 
10.0
%
 
12.0
%
 
12.1
%
 
 
 
 
Return on average tangible common equity
 
11.9
%
 
15.2
%
 
16.3
%
 
 
 
 
1 2Q18 results have been adjusted to exclude the impact of income tax expense related to the divestiture of Anchor. No adjustments made to 1Q18 or 2Q17 results
See footnote 16 for a GAAP to non-GAAP reconciliation

1

The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Wednesday, July 18, 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-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)
Accumulated Other Comprehensive Income Reclassification Out Of Aoci To Re (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 For Loan Losses Text Disclosures (Details)
Allowance For Loan Losses Allowance Rollforward (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 (Policies)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Tables)
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 Accumulated Other Comprehensive Income (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 Fair Value Text (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 Loan Participation Amounts (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 Loans Restructured In Current Quarter (Details)
Loan Portfolio And Credit Quality Nonaccrual Loans By Class Of Financing Receivable (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
Recent Accounting Pronouncements (Details)
Reportable Segments
Reportable Segments (Details)
Reportable Segments (Tables)
Reportable Segments Segments Text Disclosure (Details)
Restructuring
Restructuring (Details)
Restructuring (Tables)
Revenue Recognition (Details)
Revenue Recognition (Notes)

Material Contracts, Statements, Certifications & more

Boston Private Financial Holdings Inc provided additional information to their SEC Filing as exhibits

Ticker: BPFH
CIK: 821127
Form Type: 10-Q Quarterly Report
Accession Number: 0000821127-18-000101
Submitted to the SEC: Wed Aug 01 2018 4:58:35 PM EST
Accepted by the SEC: Wed Aug 01 2018
Period: Saturday, June 30, 2018
Industry: State Commercial Banks

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