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Boston Private Financial Holdings Inc (BPFH) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

SEC Filings

Boston Private Financial Holdings Inc

CIK: 821127 Ticker: BPFH


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Boston Private Reports Second Quarter 2020 Results

Second Quarter 2020 Highlights include:

Net loss of $(3.3) million, or $(0.04) per diluted share
Return on average common equity (non-GAAP) of (1.6)%
Return on average tangible common equity (non-GAAP) of (1.4)%
Average total deposits of $7.3 billion, a 10% increase year-over-year
Average total loans of $7.3 billion, a 4% increase year-over-year
Total assets under management/advisory (“AUM”) of $16.0 billion, a 2% decrease year-over-year
Total net flows of negative $40 million, with net inflows of $60 million in the Wealth Management and Trust segment
Total provision for credit losses of $25.4 million reflecting the deterioration of the macroeconomic outlook as a result of the COVID-19 pandemic
Funded $380 million of loans from the Small Business Administration's Paycheck Protection Program ("PPP"), resulting in $284 million of average loan balances during the quarter
Board of Directors declared a cash dividend of $0.06 per common share

Boston, MA - July 28, 2020
- Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “BPFH”) today reported second quarter 2020 Net loss attributable to the Company of $(3.3) million, compared to Net income attributable to the Company of $0.8 million for the first quarter of 2020 and $19.4 million for the second quarter of 2019. Second quarter 2020 Diluted loss per share were $(0.04), compared to Diluted earnings per share of $0.01 in the first quarter of 2020 and $0.22 in the second quarter of 2019.
"I am proud of the way our employees continue to prioritize the health and financial well-being of our clients as we all navigated the challenging environment during the second quarter," said Anthony DeChellis, CEO of Boston Private. "This quarter's financial reflects continued reserve build related to the uncertain macroeconomic environment as a result of the pandemic. Our pre-tax, pre-provision income increased linked quarter, while our Wealth Management & Trust segment delivered net inflows for the second straight quarter.
"Our board declared a dividend of $0.06 per common share, compared to $0.12 in the prior quarter. This prudent action reflects our Company's conservative approach to liquidity and capital management as we adjust our dividend policy to reflect our current strategy."
Summary Financial Results - Reported
% Change
($ in millions, except for per share data)2Q201Q202Q19LQY/Y
Net income/(loss)$(3.3)$0.8$19.4nmnm
Diluted earnings/(loss) per share$(0.04)$0.01$0.22nmnm
Non-GAAP Financial Measures:
Pre-tax, pre-provision income$20.1$17.9$26.213 %(23)%
Return on average common equity ("ROACE")(1.6)%0.4 %9.8 %
Return on average tangible common equity ("ROATCE")(1.4)%0.7 %11.1 %
nm = not meaningful
The Company's reported financial results decreased linked quarter and year-over-year primarily as a result of the total provision for credit losses of $25.4 million in the second quarter of 2020. Pre-tax, pre-provision income increased 13% linked quarter primarily driven by higher other income and net interest income, partially offset by higher noninterest expense.
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The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Tuesday, July 28, 2020 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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Boston Private Financial Holdings Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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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) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Shareholders??? Equity (Unaudited)
Consolidated Statements Of Changes In Shareholders??? Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Tables)
Accumulated Other Comprehensive Income - Components Of Aoci (Details)
Accumulated Other Comprehensive Income - Summary Of Amounts Reclassified (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 - Non-Designated Hedges (Details)
Earnings/(Loss) Per Share
Earnings/(Loss) Per Share (Tables)
Earnings/(Loss) Per Share - Basic (Details)
Earnings/(Loss) Per Share - Diluted (Details)
Earnings/(Loss) 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 (Tables)
Income Taxes - Components Of Income Tax Expense (Details)
Income Taxes - Narrative (Details)
Investments
Investments (Tables)
Investments - Assessment For Credit Impairment (Details)
Investments - Investment Securities In Unrealized Loss Position (Details)
Investments - Maturities Of Afs Securities (Details)
Investments - Maturities Of Equity Securities (Details)
Investments - Maturities Of Htm Securities (Details)
Investments - Other Investment Disclosures (Details)
Investments - Schedule Of Available-For-Sale And Held-To-Maturity Securities (Details)
Lease Accounting
Lease Accounting (Tables)
Lease Accounting - Narrative (Details)
Lease Accounting - Other Information (Details)
Lease Accounting - Schedule Of Lease Cost (Details)
Lease Accounting - Schedule Of Minimum Lease Payments Due (Details)
Loan Portfolio And Credit Quality
Loan Portfolio And Credit Quality (Tables)
Loan Portfolio And Credit Quality - Credit Quality Indicators (Details)
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 (Tables)
Reportable Segments - Narrative (Details)
Reportable Segments - Reconciliation Of Reportable Segment Items (Details)
Restructuring
Restructuring (Details)
Restructuring (Tables)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (Tables)

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: 0000821127-20-000189
Submitted to the SEC: Thu Aug 06 2020 4:02:29 PM EST
Accepted by the SEC: Thu Aug 06 2020
Period: Tuesday, June 30, 2020
Industry: State Commercial Banks

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