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Boston Private Financial Holdings Inc (BPFH) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

SEC Filings

Boston Private Financial Holdings Inc

CIK: 821127 Ticker: BPFH



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Boston Private Financial Holdings, Inc. Reports Second Quarter 2019 Results


Second Quarter 2019 Highlights include:

GAAP Net income was $19.4 million, or $0.22 per diluted share
Return on average common equity was 9.8%
Return on average tangible common equity was 11.1%
Average total loans were $7.0 billion, a 4% increase year-over-year
Average total deposits were $6.6 billion, a 5% increase year-over-year
Total assets under management/advisory (“AUM”) were $16.2 billion, a decrease of 4% year-over-year
Total net flows were negative $269 million, of which $127 million were attributable to the Wealth Management & Trust segment and $142 million were attributable to Affiliate Partners

Boston, MA - July 24, 2019 - Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported second quarter 2019 GAAP Net income attributable to the Company of $19.4 million, compared to $19.4 million for the first quarter of 2019 and $6.4 million for the second quarter of 2018. Second quarter 2019 GAAP Diluted earnings per share were $0.22, compared to $0.25 in the first quarter of 2019 and $0.03 in the second quarter of 2018.
Summary Financial Results - Reported
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% Change
($ in millions, except for per share data)
 
2Q19

 
1Q19

 
2Q18

 
LQ
 
Y/Y
Net income
 
$19.4
 
$19.4
 
$6.4
 
 %
 
nm

Diluted earnings per share
 
$0.22
 
$0.25
 
$0.03
 
(12
)%
 
nm

 
 
 
 
 
 
 
 
 
 
 
Non-GAAP Financial Measures:
 
 
 
 
 
 
 
 
 
 
Pre-tax, pre-provision income
 
$26.2
 
$23.0
 
$25.3
 
14
 %
 
4
%
Return on average common equity (ROACE)
 
9.8
%
 
10.3
%
 
3.0
%
 
 
 
 
Return on average tangible common equity (ROATCE)
 
11.1
%
 
11.6
%
 
3.9
%
 
 
 
 
nm = not meaningful
 
 
 
 
 
 
 
 
 
 
The Company's reported financial results increased year-over-year primarily as a result of a $12.7 million income tax expense related to the divestiture of Anchor Capital Advisors LLC in the second quarter of 2018.
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 17.

1

The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Wednesday, July 24, 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-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

Cover Page
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) Parentheticals
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Shareholders??? Equity (Unaudited)
Consolidated Statements Of Changes In Shareholders??? Equity (Unaudited) Parentheticals
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Details)
Accumulated Other Comprehensive Income (Tables)
Accumulated Other Comprehensive Income Narrative (Details)
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 Rollforward (Details)
Allowance For Loan Losses Narrative (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 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 Narrative Designated As Hedges (Details)
Derivatives And Hedging Activities Non-Designated Hedges (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 Narrative (Details)
Fair Value Measurements Nonrecurring Basis (Details)
Fair Value Measurements Not Measured At Fair Value On A Recurring Basis (Details)
Fair Value Measurements Quantitative Information About Level 3 Non-Recurring Assets (Details)
Fair Value Measurements Recurring Basis (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Income Taxes Narrative (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)
Lease Accounting
Lease Accounting - Other Information (Details)
Lease Accounting - Schedule Of Lease Cost (Details)
Lease Accounting - Schedule Of Minimum Lease Payments Due (Details)
Lease Accounting (Tables)
Lease Accounting Narrative (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 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 (Details)
Loan Portfolio And Credit Quality Narrative (Details)
Loan Portfolio And Credit Quality Nonaccrual Loans By Class Of Financing Receivable (Details)
Noncontrolling Interests
Noncontrolling Interests (Tables)
Noncontrolling Interests Narrative (Details)
Noncontrolling Interests Redeemable Noncontrolling Interests Rollforward (Details)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Details)
Reportable Segments
Reportable Segments (Details)
Reportable Segments (Tables)
Reportable Segments Narrative (Details)
Restructuring
Restructuring (Details)
Restructuring (Tables)
Revenue Recognition
Revenue Recognition (Details)
Ticker: BPFH
CIK: 821127
Form Type: 10-Q Quarterly Report
Accession Number: 0000821127-19-000099
Submitted to the SEC: Mon Aug 05 2019 12:26:59 PM EST
Accepted by the SEC: Mon Aug 05 2019
Period: Sunday, June 30, 2019
Industry: State Commercial Banks

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