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

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Boston Private Financial Holdings Inc

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CIK: 821127 Ticker: BPFH


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

•
GAAP net income was $18.0 million or $0.20 per diluted share, and operating net income was $22.5 million or $0.25 per diluted share
•
Operating return on average common equity was 12.1%
•
Operating return on average tangible common equity was 14.2%
•
Average total deposits were $6.7 billion, a 5% increase year-over-year
•
Average total loans were $6.7 billion, a 6% increase year-over-year
•
Total assets under management/advisory (“AUM”) were $22.4 billion and total net flows were positive $342 million
•
Restructuring expense of $5.8 million expected to result in $11 million of annual expense reduction in 2019
Boston, MA - October 17, 2018 - Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported third quarter 2018 GAAP Net income attributable to the Company of $18.0 million, compared to $6.4 million for the second quarter of 2018 and $19.8 million for the third quarter of 2017. Third quarter 2018 Diluted earnings per share were $0.20, compared to $0.03 in the second quarter of 2018 and $0.22 in the third quarter of 2017.
Summary Financial Results - Reported
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% Change
($ in millions, except for per share data)
 
3Q18

 
2Q18

 
3Q17

 
Linked
Quarter
 
Year over
Year
Net income attributable to the Company
 
$18.0
 
$6.4
 
$19.8
 
nm

 
(9
)%
Diluted earnings per share
 
$0.20
 
$0.03
 
$0.22
 
nm

 
(9
)%
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP Financial Measures:
 
 
 
 
 
 
 
 
 
 
Pre-tax, pre-provision income
 
$23.4
 
$25.3
 
$27.5
 
(7
)%
 
(15
)%
Return on average common equity ("ROACE")
 
9.7
%
 
3.0
%
 
9.9
%
 
 
 
 
Return on average tangible common equity ("ROATCE")
 
11.4
%
 
3.9
%
 
13.2
%
 
 
 
 
nm = not meaningful
 
 
 
 
 
 
 
 
 
 
Net income attributable to the Company, Diluted earnings per share, ROACE, and ROATCE for the third quarter of 2018 improved primarily due to a $12.7 million income tax expense during second quarter results associated with the divestiture of Anchor Capital Advisors, LLC ("Anchor"), partially offset by a $5.8 million restructuring expense during third quarter results.
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 7. A full reconciliation of GAAP to non-GAAP results can be found in the footnotes beginning on page 18.

1
The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Wednesday, October 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-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)
Subsequent Event (Details)
Subsequent Event Detail (Notes)

Material Contracts, Statements, Certifications & more

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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: BPFH
CIK: 821127
Form Type: 10-Q Quarterly Report
Accession Number: 0000821127-18-000127
Submitted to the SEC: Mon Nov 05 2018 12:31:50 PM EST
Accepted by the SEC: Mon Nov 05 2018
Period: Sunday, September 30, 2018
Industry: State Commercial Banks

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