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Boston Private Financial Holdings Inc (BPFH) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

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 2018 Results

Fourth Quarter 2018 Highlights include:

GAAP Net income was $33.3 million, or $0.42 per diluted share, and operating net income was $19.6 million or $0.26 per diluted share
Return on average common equity was 17.9%; operating return on average common equity was 10.5%
Return on average tangible common equity was 20.5%; operating return on average tangible common equity was 12.2%
Average total deposits were $6.9 billion, a 7% increase year-over-year
Average total loans were $6.8 billion, a 6% increase year-over-year
Total assets under management/advisory (“AUM”) were $15.9 billion and total net flows were negative $143 million

Notable Items impacting Fourth Quarter 2018 results ("Notable Items"):

$18.1 million gain on sale and $3.2 million tax expense related to the divestiture of Bingham, Osborn & Scarborough, LLC ("BOS")
$1.6 million net restructuring expense related to personnel and technology efficiencies

Full Year 2018 Highlights include:

GAAP Net income was $80.4 million, or $0.92 per diluted share, and operating net income was $84.2 million or $0.97 per diluted share
Returned $62.4 million of capital to common shareholders through dividends and share repurchases
Tangible book value per share increased 15% year-over-year to $8.18 and Tier 1 common equity ratio increased to 11.4%
Boston, MA - January 30, 2019 - Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported fourth quarter 2018 GAAP Net income/ (loss) attributable to the Company of $33.3 million, compared to $18.0 million for the third quarter of 2018 and ($18.3) million for the fourth quarter of 2017. Fourth quarter 2018 Diluted earnings/ (loss) per share were $0.42, compared to $0.20 in the third quarter of 2018 and ($0.24) in the fourth quarter of 2017.
Summary Financial Results - Reported
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% Change
($ in millions, except for per share data)
 
4Q18

 
3Q18

 
4Q17

 
LQ
 
Y/Y
Net income/ (loss)
 
$33.3
 
$18.0
 
$(18.3)
 
85
%
 
nm
Diluted earnings/ (loss) per share
 
$0.42
 
$0.20
 
$(0.24)
 
nm

 
nm
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP Financial Measures:
 
 
 
 
 
 
 
 
 
 
Pre-tax, pre-provision income
 
$42.3
 
$23.4
 
$2.5
 
81
%
 
nm
Return on average common equity ("ROACE")
 
17.9
%
 
9.7
%
 
(9.9
)%
 
 
 
 
Return on average tangible common equity ("ROATCE")
 
20.5
%
 
11.4
%
 
(11.9
)%
 
 
 
 
nm = not meaningful
 
 
 
 
 
 
 
 
 
 
The Company's reported financial results increased linked quarter primarily as a result of the gain on sale related to the divestiture of BOS. Additional factors driving the year-over-year increase include impairment of goodwill related to the divestiture of Anchor Capital Advisors, LLC ("Anchor") and income tax expense related to the Tax Cuts and Jobs Act, each during the fourth quarter of 2017.

1

The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Wednesday, January 30, 2019 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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Inside Boston Private Financial Holdings Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets Parenthetical
Consolidated Statement Of Cash Flows
Consolidated Statement Of Operations
Consolidated Statement Of Shareholders' Equity
Consolidated Statement Of Shareholders' Equity Parenthetical
Consolidated Statements Of Comprehensive Income
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)
Asset Sales And Divestitures
Asset Sales And Divestitures (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies Significant Accounting Policies Text (Details)
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 Flows (Details)
Boston Private Financial Holdings, Inc. (Parent Company Only) Income Statement (Details)
Deposits
Deposits (Tables)
Deposits Deposit Liabilities, Type (Details)
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
Employee Benefits (Tables)
Employee Benefits 401(K) Plan (Details)
Employee Benefits Deferred Compensation Plan (Details)
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 Funds Purchased And Securities Sold Under Agreements To Repurchase Short Term Debt (Details)
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 Income Tax Components (Details)
Income Taxes Unrecognized Tax Benefits Rollforward (Details)
Investment Securities (Tables)
Investment Securities Available For Sale Securities In Unrealized Loss Position (Details)
Investment Securities Investments In Any One Issuer Exceeding Ten Percent Of Equity (Details)
Investment Securities Maturities Of Available For Sale Securities By Type (Details)
Investment Securities Maturities Of Equity Securities (Details)
Investment Securities Maturities Of Held To Maturity Securities By Type (Details)
Investment Securities Other Investment Disclosures (Details)
Investment Securities Realized Gain (Loss) On Securities Sold (Details)
Investment Securities Schedule Of Debt Securities (Details)
Investments Securities
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
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 Participation Amounts (Details)
Loan Portfolio And Credit Quality Loans By Credit Quality Indicator (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 Text Disclosures (Details)
Loan Portfolio And Credit Quality Nonaccrual Loans By Class Of Financing Receivable (Details)
Loan Portfolio And Credit Quality Troubled Debt Restructured Loans (Details)
Loans Receivable And Credit Quality
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)
Revenue Recognition
Revenue Recognition (Details)
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: 0000821127-19-000033
Submitted to the SEC: Wed Feb 27 2019 12:10:03 PM EST
Accepted by the SEC: Wed Feb 27 2019
Period: Monday, December 31, 2018
Industry: State Commercial Banks

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