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 2020-06-30 Filed 2020-08-06
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
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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 2020-09-01 Regulation FD, Exhibits
8-K 2020-07-28 Earnings, Exhibits
8-K 2020-06-02
8-K 2020-04-29
8-K 2020-04-23
8-K 2020-03-31
8-K 2020-03-02
8-K 2020-01-22
8-K 2020-01-10
8-K 2019-10-28
8-K 2019-10-24
8-K 2019-10-18
8-K 2019-09-30
8-K 2019-08-13
8-K 2019-07-24
8-K 2019-05-21
8-K 2019-05-10
8-K 2019-05-06
8-K 2019-04-18
8-K 2019-04-17
8-K 2019-02-28
8-K 2019-02-27
8-K 2019-02-14
8-K 2019-01-30
8-K 2018-12-03
8-K 2018-11-27
8-K 2018-11-16
8-K 2018-11-02
8-K 2018-10-17
8-K 2018-10-17
8-K 2018-10-02
8-K 2018-08-06
8-K 2018-07-18
8-K 2018-05-08
8-K 2018-05-03
8-K 2018-04-19
8-K 2018-04-18
8-K 2018-04-13
8-K 2018-04-03
8-K 2018-03-28
8-K 2018-02-16
8-K 2018-02-07
8-K 2018-01-17

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 bpfhex311q22020.htm
EX-31.2 bpfhex312q22020.htm
EX-32.1 bpfhex321q22020.htm
EX-32.2 bpfhex322q22020.htm

Boston Private Financial Holdings Earnings 2020-06-30

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 June 30, 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 July 31, 2020:
Common Stock, Par Value $1.00 Per Share82,196,822
(class)(outstanding)



BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
FORM 10-Q
TABLE OF CONTENTS
PART I—FINANCIAL INFORMATION
Item 1
Item 2
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)
 June 30, 2020December 31, 2019
 
(In thousands, except share 
and per share data)
Assets:
Cash and cash equivalents$179,027  $292,479  
Investment securities available-for-sale (amortized cost of $959,850 and $966,900 at June 30, 2020 and December 31, 2019, respectively)
1,002,970  978,284  
Investment securities held-to-maturity (fair value of $43,351 and $47,949 at June 30, 2020 and December 31, 2019, respectively)
42,495  48,212  
Equity securities at fair value24,492  18,810  
Stock in Federal Home Loan Bank and Federal Reserve Bank42,407  39,078  
Loans held for sale9,786  7,386  
Total loans7,332,954  6,976,704  
Less: Allowance for loan losses89,324  71,982  
Net loans7,243,630  6,904,722  
Premises and equipment, net43,805  44,527  
Goodwill57,607  57,607  
Intangible assets, net8,935  10,352  
Fees receivable3,921  4,095  
Accrued interest receivable24,918  24,175  
Deferred income taxes, net9,116  11,383  
Right-of-use assets94,143  102,075  
Other assets371,654  287,316  
Total assets$9,158,906  $8,830,501  
Liabilities:
Deposits$7,427,397  $7,241,476  
Securities sold under agreements to repurchase46,623  53,398  
Federal Home Loan Bank borrowings426,313  350,829  
Junior subordinated debentures106,363  106,363  
Lease liabilities108,234  117,214  
Other liabilities218,771  140,820  
Total liabilities8,333,701  8,010,100  
Redeemable Noncontrolling Interests  1,383  
Shareholders’ Equity:
Common stock, $1.00 par value; authorized: 170,000,000 shares; issued and outstanding: 82,058,483 shares at June 30, 2020 and 83,265,674 shares at December 31, 2019
82,058  83,266  
Additional paid-in capital594,463  600,708  
Retained earnings118,647  127,469  
Accumulated other comprehensive income30,037  7,575  
Total shareholders’ equity825,205  819,018  
Total liabilities, redeemable noncontrolling interests and shareholders’ equity$9,158,906  $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 June 30,Six months ended June 30,
 2020201920202019
 (In thousands, except share and per share data)
Interest and dividend income:
Loans$62,807  $71,943  $129,165  $141,876  
Taxable investment securities859  1,121  1,727  2,306  
Non-taxable investment securities2,005  1,901  4,003  3,802  
Mortgage-backed securities2,566  2,706  5,353  5,603  
Short-term investments and other582  1,057  1,653  1,965  
Total interest and dividend income68,819  78,728  141,901  155,552  
Interest expense:
Deposits7,335  14,515  20,131  28,573  
Federal Home Loan Bank borrowings1,755  5,027  3,789  7,807  
Junior subordinated debentures764  1,080  1,681  2,201  
Repurchase agreements and other short-term borrowings27  646  105  1,173  
Total interest expense9,881  21,268  25,706  39,754  
Net interest income58,938  57,460  116,195  115,798  
Provision/(credit) for loan losses22,604  1,363  39,566  (63) 
Net interest income after provision/(credit) for loan losses36,334  56,097  76,629  115,861  
Fees and other income:
Wealth management and trust fees17,261  18,912  35,632  37,970  
Investment management fees1,770  2,455  3,695  5,105  
Other banking fee income2,395  2,867  4,885  5,366  
Gain on sale of loans, net204  58  304  131  
Gain on OREO, net      91  
Other1,032  88  (333) 965  
Total fees and other income22,662  24,380  44,183  49,628  
Operating expense:
Salaries and employee benefits33,937  32,706  69,033  68,432  
Occupancy and equipment7,560  7,852  15,206  16,200  
Information systems7,113  5,137  13,838  10,997  
Professional services3,446  3,313  7,047  6,873  
Marketing and business development2,313  1,934  4,203  3,019  
Amortization of intangibles702  672  1,417  1,344  
FDIC insurance767  585  767  1,245  
Restructuring      1,646  
Other5,615  3,460  10,850  6,456  
Total operating expense61,453  55,659  122,361  116,212  
Income/(loss) before income taxes(2,457) 24,818  (1,549) 49,277  
Income tax expense841  5,369  943  10,286  
Net income/(loss) before attribution to noncontrolling interests(3,298) 19,449  (2,492) 38,991  
(Continued)
2


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

 Three months ended June 30,Six months ended June 30,
 2020201920202019
Less: Net income attributable to noncontrolling interests  69  6  169  
Net income/(loss) attributable to the Company$(3,298) $19,380  $(2,498) $38,822  
Adjustments to net income/(loss) attributable to the Company to arrive at net income/(loss) attributable to common shareholders  (816) 414  741  
Net income/(loss) attributable to common shareholders for earnings/(loss) per share calculation$(3,298) $18,564  $(2,084) $39,563  
Basic earnings/(loss) per share attributable to common shareholders:
Total attributable to common shareholders:$(0.04) $0.22  $(0.03) $0.47  
Weighted average basic common shares outstanding81,929,752  83,565,780  82,464,438  83,426,213  
Diluted earnings/(loss) per share attributable to common shareholders:
Total attributable to common shareholders:$(0.04) $0.22  $(0.03) $0.47  
Weighted average diluted common shares outstanding81,929,752  84,048,972  82,464,438  84,036,050  
 See accompanying notes to Consolidated Financial Statements.
3


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

 Three months ended June 30,