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Boston Private Financial Holdings Inc (BPFH) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

SEC Filings

Boston Private Financial Holdings Inc

CIK: 821127 Ticker: BPFH


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Boston Private Reports First Quarter 2021 Results

First Quarter 2021 Highlights include:

Net income of $10.7 million, or $0.13 per diluted share
Return on average common equity (non-GAAP) of 4.9%
Return on average tangible common equity (non-GAAP) of 5.6%
Average total deposits of $8.8 billion, a 24% increase year-over-year
Average total loans of $7.1 billion, a 1% increase year-over-year
Total assets under management/advisory (“AUM”) of $17.2 billion, a 19% increase year-over-year driven by favorable market action
Total provision credit of $9.0 million

Boston, MA - April 22, 2021
- Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company” or “Boston Private”) today reported first quarter 2021 Net income attributable to the Company of $10.7 million, compared to $25.0 million for the fourth quarter of 2020 and $0.8 million for the first quarter of 2020. First quarter 2021 Diluted earnings per share were $0.13, compared to $0.30 in the fourth quarter of 2021 and $0.01 in the first quarter of 2020.
"I am proud of the dedication and commitment shown by the Boston Private employees who continue to deliver exceptional client service and execute on our strategic objectives, while also preparing for our pending merger with SVB Financial Group," said Anthony DeChellis, CEO of Boston Private. "This quarter's financial results include transaction costs related to the pending merger with SVB Financial Group, a release from our allowance for loan losses, and continued strong deposit growth."
Announced Merger
As previously announced, the Company entered into a definitive merger agreement with SVB Financial Group ("SVB") pursuant to which SVB will acquire Boston Private. The transaction was unanimously approved by both companies' Boards of Directors and is expected to close in mid-2021, subject to the satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of Boston Private.
Summary Financial Results
% Change
($ in millions, except for per share data)1Q214Q201Q20LQY/Y
Net income - GAAP$10.7$25.0$0.8(57)%nm
Diluted earnings per share - GAAP$0.13$0.30$0.01(57)%nm
Non-GAAP Financial Measures:
Pre-tax, pre-provision income$9.7$28.1$17.9(65)%(46)%
Return on average common equity ("ROACE")4.9 %11.5 %0.4 %
Return on average tangible common equity ("ROATCE")5.6 %12.7 %0.7 %
nm = not meaningful

The Company's financial results in the first quarter of 2021 were impacted by:
Transaction costs of $10.7 million related to the proposed merger with SVB, or ($0.09) per diluted share on a tax-effected basis
Gain of $2.4 million related to the revaluation of a receivable from the divestiture of former affiliate, Bingham, Osborn & Scarborough, LLC ("BOS"), or $0.02 per diluted share on a tax-effected basis
Total provision credit of $9.0 million, including a provision credit for loan losses of $7.0 million and a credit for unfunded loan commitments of $2.0 million,or $0.08 per diluted share on a tax-effected basis
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The following information was filed by Boston Private Financial Holdings Inc (BPFH) on Thursday, April 22, 2021 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 2021 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 Per Share
Earnings Per Share (Tables)
Earnings Per Share - Basic (Details)
Earnings Per Share - Diluted (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 (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: 0000821127-21-000092
Submitted to the SEC: Wed May 05 2021 4:07:23 PM EST
Accepted by the SEC: Wed May 05 2021
Period: Wednesday, March 31, 2021
Industry: State Commercial Banks

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