Company Quick10K Filing
Boston Private Financial Holdings
Price11.97 EPS1
Shares84 P/E11
MCap1,006 P/FCF25
Net Debt-78 EBIT178
TEV928 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-04
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-12
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-03-13
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-11
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-12
8-K 2020-04-29 Earnings, Exhibits
8-K 2020-04-23 Shareholder Vote
8-K 2020-03-31 Other Events, Exhibits
8-K 2020-03-02 Regulation FD, Exhibits
8-K 2020-01-22 Earnings, Exhibits
8-K 2020-01-10 Regulation FD, Exhibits
8-K 2019-10-28 Officers
8-K 2019-10-24 Earnings, Exhibits
8-K 2019-10-18 Other Events
8-K 2019-09-30 Regulation FD, Exhibits
8-K 2019-08-13 Other Events
8-K 2019-07-24 Earnings, Exhibits
8-K 2019-05-21 Regulation FD, Exhibits
8-K 2019-05-10 Exhibits
8-K 2019-05-06 Regulation FD, Exhibits
8-K 2019-04-18 Shareholder Vote
8-K 2019-04-17 Earnings, Exhibits
8-K 2019-02-28 Officers, Other Events
8-K 2019-02-27 Regulation FD, Exhibits
8-K 2019-02-14 Officers
8-K 2019-01-30 Earnings, Exhibits
8-K 2018-12-03 Other Events
8-K 2018-11-27 Regulation FD, Exhibits
8-K 2018-11-16 Officers, Exhibits
8-K 2018-11-02 Officers, Exhibits
8-K 2018-10-17 Officers
8-K 2018-10-17 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-10-02 Officers
8-K 2018-08-06 Regulation FD, Exhibits
8-K 2018-07-18 Earnings, Exhibits
8-K 2018-05-08 Other Events
8-K 2018-05-03 Regulation FD, Exhibits
8-K 2018-04-19 Shareholder Vote
8-K 2018-04-18 Earnings, Exhibits
8-K 2018-04-13 Other Events
8-K 2018-04-03 Regulation FD, Exhibits
8-K 2018-03-28 Other Events
8-K 2018-02-16 Officers
8-K 2018-02-07 Officers
8-K 2018-01-17 Earnings, Officers, Exhibits

BPFH 10Q Quarterly Report

Part I. Financial Information, Item 1. Consolidated Financial Statements
Item 2. Management's Discussion and Analysis Of
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 bpfhex311q12020.htm
EX-31.2 bpfhex312q12020.htm
EX-32.1 bpfhex321q12020.htm
EX-32.2 bpfhex322q12020.htm

Boston Private Financial Holdings Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.20.10.10.0-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.50.30.1-0.1-0.3-0.52012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q  
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             .
Commission File Number: 001-35070
BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Massachusetts
04-2976299
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
Ten Post Office Square
02109
Boston,
Massachusetts
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code: (617) 912-1900
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange which registered
Common StockBPFHNASDAQ Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x  No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes x  No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer 
Non-accelerated filer    Smaller reporting company    
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes  No x
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of April 30, 2020:
Common Stock, Par Value $1.00 Per Share81,800,550
(class)(outstanding)



BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
FORM 10-Q
TABLE OF CONTENTS
PART I—FINANCIAL INFORMATION
Item 1
Item 2
Financial Condition
Item 3
Item 4
PART II—OTHER INFORMATION
Item 1  
Item 1A
Item 2
Item 3
Item 4
Item 5
Item 6
Certifications

i



PART I. FINANCIAL INFORMATION, ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

BOSTON PRIVATE FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
 March 31, 2020December 31, 2019
 
(In thousands, except share 
and per share data)
Assets:
Cash and cash equivalents$61,714  $292,479  
Investment securities available-for-sale (amortized cost of $961,351 and $966,900 at March 31, 2020 and December 31, 2019, respectively)
993,166  978,284  
Investment securities held-to-maturity (fair value of $46,096 and $47,949 at March 31, 2020 and December 31, 2019, respectively)
45,395  48,212  
Equity securities at fair value23,080  18,810  
Stock in Federal Home Loan Bank and Federal Reserve Bank45,273  39,078  
Loans held for sale7,671  7,386  
Total loans7,043,338  6,976,704  
Less: Allowance for loan losses68,211  71,982  
Net loans6,975,127  6,904,722  
Premises and equipment, net43,544  44,527  
Goodwill57,607  57,607  
Intangible assets, net9,637  10,352  
Fees receivable4,249  4,095  
Accrued interest receivable24,054  24,175  
Deferred income taxes, net5,630  11,383  
Right-of-use assets98,896  102,075  
Other assets351,283  287,316  
Total assets$8,746,326  $8,830,501  
Liabilities:
Deposits$6,835,572  $7,241,476  
Securities sold under agreements to repurchase45,319  53,398  
Federal funds purchased145,000    
Federal Home Loan Bank borrowings491,254  350,829  
Junior subordinated debentures106,363  106,363  
Lease liabilities113,574  117,214  
Other liabilities180,452  140,820  
Total liabilities7,917,534  8,010,100  
Redeemable Noncontrolling Interests  1,383  
Shareholders’ Equity:
Common stock, $1.00 par value; authorized: 170,000,000 shares; issued and outstanding: 81,800,486 shares at March 31, 2020 and 83,265,674 shares at December 31, 2019
81,800  83,266  
Additional paid-in capital593,167  600,708  
Retained earnings131,761  127,469  
Accumulated other comprehensive income/(loss)22,064  7,575  
Total shareholders’ equity828,792  819,018  
Total liabilities, redeemable noncontrolling interests and shareholders’ equity$8,746,326  $8,830,501  
See accompanying notes to Consolidated Financial Statements.
1


BOSTON PRIVATE FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

 Three months ended March 31,
 20202019
 (In thousands, except share and per share data)
Interest and dividend income:
Loans$66,358  $69,933  
Taxable investment securities868  1,185  
Non-taxable investment securities1,998  1,901  
Mortgage-backed securities2,787  2,897  
Short-term investments and other1,071  908  
Total interest and dividend income73,082  76,824  
Interest expense:
Deposits12,796  14,058  
Federal Home Loan Bank borrowings2,034  2,780  
Junior subordinated debentures917  1,121  
Repurchase agreements and other short-term borrowings78  527  
Total interest expense15,825  18,486  
Net interest income57,257  58,338  
Provision/(credit) for loan losses16,962  (1,426) 
Net interest income after provision/(credit) for loan losses40,295  59,764  
Fees and other income:
Wealth management and trust fees18,371  19,058  
Investment management fees1,925  2,650  
Other banking fee income2,490  2,499  
Gain on sale of loans, net100  73  
Gain on OREO, net  91  
Other(1,365) 877  
Total fees and other income21,521  25,248  
Operating expense:
Salaries and employee benefits35,096  35,726  
Occupancy and equipment7,646  8,348  
Information systems6,725  5,860  
Professional services3,601  3,560  
Marketing and business development1,890  1,085  
Amortization of intangibles715  672  
FDIC insurance  660  
Restructuring  1,646  
Other5,235  2,996  
Total operating expense60,908  60,553  
Income before income taxes908  24,459  
Income tax expense102  4,917  
Net income before attribution to noncontrolling interests806  19,542  
(Continued)
2


BOSTON PRIVATE FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

 Three months ended March 31,
 20202019
Less: Net income attributable to noncontrolling interests6  100  
Net income attributable to the Company$800  $19,442  
Adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders414  1,557  
Net income attributable to common shareholders for earnings per share calculation$1,214  $20,999  
Basic earnings per share attributable to common shareholders:
Total attributable to common shareholders:$0.01  $0.25  
Weighted average basic common shares outstanding83,005,064  83,285,095  
Diluted earnings per share attributable to common shareholders:
Total attributable to common shareholders:$0.01  $0.25  
Weighted average diluted common shares outstanding83,318,041  84,010,450  
 See accompanying notes to Consolidated Financial Statements.
3


BOSTON PRIVATE FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

 Three months ended March 31,
 20202019
(In thousands)
Net income attributable to the Company$800  $19,442  
Other comprehensive income, net of tax:
Net unrealized gain/(loss) on securities available-for-sale14,489  11,568  
Unrealized gain/(loss) on cash flow hedges  (27) 
Reclassification adjustment for net realized (gain)/loss included in net income  (220) 
Net unrealized gain/(loss) on cash flow hedges  (247) 
Other comprehensive income, net of tax14,489  11,321  
Total comprehensive income attributable to the Company, net$15,289  $30,763  
 See accompanying notes to Consolidated Financial Statements.

4


BOSTON PRIVATE FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

 
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income/(Loss)
Total
 (In thousands, except share data)
Balance at December 31, 2018$83,656  $600,196  $87,821  $(17,719) $753,954  
Net income attributable to the Company—  —  19,442  —  19,442  
Other comprehensive income/(loss), net—  —  —  11,321  11,321  
Dividends paid to common shareholders: $0.12 per share
—  —  (10,108) —  (10,108) 
Net proceeds from issuance of:
103,991 shares of common stock
104  876  —  —  980  
20,595 shares of incentive stock grants, net of 2,976 shares canceled or forfeited and 13,911 shares withheld for employee taxes
4  166  —  —  170  
Amortization of stock compensation and employee stock purchase plan—  1,352  —  —  1,352  
Stock options exercised10  40  —  —  50  
Other equity adjustments—  1,658  —  —  1,658  
Balance at March 31, 2019$83,774  $604,288  $97,155  $(6,398) $778,819  
Balance at December 31, 2019$83,266  $600,708  $127,469  $7,575  $819,018  
Impact due to change in accounting principle (1)—  —  13,492  —  13,492  
Net income attributable to the Company—  —  800  —  800  
Other comprehensive income/(loss), net—  —  —  14,489  14,489  
Dividends paid to common shareholders: $0.12 per share
—  —  (10,000) —  (10,000) 
Repurchase of 1,565,060 shares of common stock
(1,565) (11,242) —  —  (12,807) 
Net proceeds from issuance of:
88,328 shares of common stock
88  832  —  —  920  
5,539 shares of incentive stock grants, net of 964 shares withheld for employee taxes
5  57  —  —  62  
Amortization of stock compensation and employee stock purchase plan—  1,348  —  —  1,348  
Stock options exercised7  48  —  —  55  
Other equity adjustments(1) 1,416  —  —  1,415  
Balance at March 31, 2020$81,800  $593,167  $131,761  $22,064  $828,792  
_____________________
(1) Impact due to the adoption of ASU 2016-13, Financial Instruments (Topic 326) (“ASU 2016-13”). See Part I. Item 1. “Notes to Unaudited Consolidated Financial Statements - Note 15: Recent Accounting Pronouncements.”
See accompanying notes to Consolidated Financial Statements.
5


BOSTON PRIVATE FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 Three months ended March 31,
 20202019
 (In thousands)
Cash flows from operating activities:
Net income attributable to the Company$800  $19,442  
Adjustments to arrive at net income:
Net income attributable to noncontrolling interests6  100  
Net income before attribution to noncontrolling interests806  19,542  
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization6,345  5,933  
Net income attributable to noncontrolling interests(6) (100) 
Stock compensation, net of cancellations1,421  1,677  
Provision/(credit) for loan losses16,962  (1,426) 
Loans originated for sale(15,324) (6,796) 
Proceeds from sale of loans held for sale15,127