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Section 1: 10-Q (BPFH Q1 2019 10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
(Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2019
Or
o
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)  
 
 
Commonwealth of Massachusetts
04-2976299
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
 
 
Ten Post Office Square
Boston, Massachusetts
02109
(Address of principal executive offices)
(Zip Code)
 
 
Registrant’s telephone number, including area code: (617) 912-1900
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 filer x
 
 
 
Accelerated filer o    
 
 
Non-accelerated filer o   
 
(Do not check if a smaller reporting company)
 
Smaller reporting company o    
 
 
 
 
 
 
Emerging growth company o    
 
 
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. o
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes o No x
Securities registered pursuant to Section 12(b) of the Act:
 
 
 
Title of each class
Trading Symbol(s)
Name of each exchange which registered
Common Stock
BPFH
NASDAQ Stock Market LLC
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of May 3, 2019:
Common Stock, Par Value $1.00 Per Share
83,776,788
(class)
(outstanding)
 



BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
FORM 10-Q
TABLE OF CONTENTS

PART I—FINANCIAL INFORMATION
Item 1
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2
 
 
 
 
 
 
 
Results of Operations
 
 
 
 
 
 
 
 
 
 
 
 
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, 2019
 
December 31, 2018
 
(In thousands, except share 
and per share data)
Assets:
 
 
 
Cash and cash equivalents
$
96,211

 
$
127,259

Investment securities available-for-sale (amortized cost of $990,626 and $1,018,774 at March 31, 2019 and December 31, 2018, respectively)
981,951

 
994,065

Investment securities held-to-maturity (fair value of $66,407 and $68,595 at March 31, 2019 and December 31, 2018, respectively)
67,548

 
70,438

Equity securities at fair value
7,491

 
14,228

Stock in Federal Home Loan Bank and Federal Reserve Bank
47,053

 
49,263

Loans held for sale
280

 
2,812

Total loans
6,926,968

 
6,893,158

Less: Allowance for loan losses
73,814

 
75,312

Net loans
6,853,154

 
6,817,846

Other real estate owned (“OREO”)

 
401

Premises and equipment, net
42,938

 
45,412

Goodwill
57,607

 
57,607

Intangible assets, net
11,555

 
12,227

Fees receivable
3,982

 
5,101

Accrued interest receivable
25,935

 
24,366

Deferred income taxes, net
22,844

 
26,638

Right-of-use assets
104,644

 

Other assets
248,950

 
246,962

Total assets
$
8,572,143

 
$
8,494,625

Liabilities:
 
 
 
Deposits
$
6,779,845

 
$
6,781,170

Securities sold under agreements to repurchase
58,329

 
36,928

Federal funds purchased

 
250,000

Federal Home Loan Bank borrowings
615,070

 
420,144

Junior subordinated debentures
106,363

 
106,363

Lease liabilities
120,162

 

Other liabilities
112,893

 
143,540

Total liabilities
7,792,662

 
7,738,145

Redeemable Noncontrolling Interests
662

 
2,526

Shareholders’ Equity:
 
 
 
Common stock, $1.00 par value; authorized: 170,000,000 shares; issued and outstanding: 83,773,650 shares at March 31, 2019 and 83,655,651 shares at December 31, 2018
83,774

 
83,656

Additional paid-in capital
604,288

 
600,196

Retained earnings
97,155

 
87,821

Accumulated other comprehensive income/ (loss)
(6,398
)
 
(17,719
)
Total shareholders’ equity
778,819

 
753,954

Total liabilities, redeemable noncontrolling interests and shareholders’ equity
$
8,572,143

 
$
8,494,625

See accompanying notes to consolidated financial statements.
BOSTON PRIVATE FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

 
Three months ended March 31,
 
2019
 
2018
 
(In thousands, except share and per share data)
Interest and dividend income:
 
 
 
Loans
$
69,933

 
$
60,929

Taxable investment securities
1,185

 
1,510

Non-taxable investment securities
1,901

 
1,730

Mortgage-backed securities
2,897

 
3,178

Short-term investments and other
908

 
1,009

Total interest and dividend income
76,824

 
68,356

Interest expense:
 
 
 
Deposits
14,058

 
6,524

Federal Home Loan Bank borrowings
2,780

 
3,344

Junior subordinated debentures
1,121

 
846

Repurchase agreements and other short-term borrowings
527

 
259

Total interest expense
18,486

 
10,973

Net interest income
58,338

 
57,383

Provision/ (credit) for loan losses
(1,426
)
 
(1,795
)
Net interest income after provision/ (credit) for loan losses
59,764

 
59,178

Fees and other income:
 
 
 
Investment management fees
2,650

 
11,425

Wealth advisory fees
8,165

 
13,512

Wealth management and trust fees
10,893

 
12,151

Other banking fee income
2,499

 
2,273

Gain on sale of loans, net
73

 
74

Gain/ (loss) on sale of investments, net

 
(24
)
Gain/ (loss) on OREO, net
91

 

Other
877

 
332

Total fees and other income
25,248

 
39,743

Operating expense:
 
 
 
Salaries and employee benefits
35,726

 
47,084

Occupancy and equipment
8,348

 
7,748

Professional services
3,560

 
3,177

Marketing and business development
1,085

 
1,593

Information systems
5,860

 
5,886

Amortization of intangibles
672

 
750

FDIC insurance
660

 
744

Restructuring
1,646

 

Other
2,996

 
3,875

Total operating expense
60,553

 
70,857

Income before income taxes
24,459

 
28,064

Income tax expense
4,917

 
6,026

Net income from continuing operations
19,542

 
22,038

Net income from discontinued operations

 
1,698

Net income before attribution to noncontrolling interests
19,542

 
23,736

(Continued)
 
 
 

1


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

 
Three months ended March 31,
 
2019
 
2018
Less: Net income attributable to noncontrolling interests
100

 
1,050

Net income attributable to the Company
$
19,442

 
$
22,686

Adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders
$
1,557

 
$
(23
)
Net income attributable to common shareholders for earnings per share calculation
$
20,999

 
$
22,663

Basic earnings per share attributable to common shareholders:
 
 
 
From continuing operations:
$
0.25

 
$
0.25

From discontinued operations:
$

 
$
0.02

Total attributable to common shareholders:
$
0.25

 
$
0.27

Weighted average basic common shares outstanding
83,285,095

 
83,097,758

Diluted earnings per share attributable to common shareholders:
 
 
 
From continuing operations:
$
0.25

 
$
0.25

From discontinued operations:
$

 
$
0.02

Total attributable to common shareholders:
$
0.25

 
$
0.27

Weighted average diluted common shares outstanding
84,010,450

 
85,271,650


 See accompanying notes to consolidated financial statements.

2


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

 
Three months ended March 31,
 
2019
 
2018
 
(In thousands)
Net income attributable to the Company
$
19,442

 
$
22,686

Other comprehensive income/ (loss), net of tax:
 
 
 
Unrealized gain/ (loss) on securities available-for-sale
11,568

 
(12,895
)
Net unrealized gain/ (loss) on securities available-for-sale
11,568

 
(12,895
)
Unrealized gain/ (loss) on cash flow hedges
(27
)
 
588

Reclassification adjustment for net realized (gain)/ loss included in net income
(220
)
 
(14
)
Net unrealized gain/ (loss) on cash flow hedges
(247
)
 
574

Other comprehensive income/ (loss), net of tax
11,321

 
(12,321
)
Total comprehensive income attributable to the Company, net
$
30,763

 
$
10,365

 See accompanying notes to consolidated financial statements.


3


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

 
Preferred
Stock
 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income/
(Loss)
 
Non-
controlling
Interests
 
Total
 
(In thousands, except share data)
Balance, December 31, 2017
$
47,753

 
$
84,208

 
$
607,929

 
$
49,526

 
$
(8,658
)
 
$
5,186

 
$
785,944

Reclassification due to change in accounting principles (1)

 

 

 
334

 
(334
)
 

 

Net income attributable to the Company

 

 

 
22,686

 

 

 
22,686

Other comprehensive income/ (loss), net

 

 

 

 
(12,321
)
 

 
(12,321
)
Dividends paid to common shareholders:
$0.12 per share

 

 

 
(10,159
)
 

 

 
(10,159
)
Dividends paid to preferred shareholders

 

 

 
(869
)
 

 

 
(869
)
Net change in noncontrolling interests

 

 

 

 

 
(361
)
 
(361
)
Net proceeds from issuance of:
 
 
 
 
 
 
 
 
 
 
 
 
 
63,434 shares of common stock

 
63

 
770

 

 

 

 
833

110,846 incentive stock grant shares canceled or forfeited and 40,825 shares withheld for employee taxes

 
(151
)
 
(487
)
 

 

 

 
(638
)
Amortization of stock compensation and employee stock purchase plan

 

 
1,730

 

 

 

 
1,730

Stock options exercised

 
74

 
595

 

 

 

 
669

Other equity adjustments

 

 
1,989

 

 

 

 
1,989

Balance at March 31, 2018
$
47,753

 
$
84,194

 
$
612,526

 
$
61,518

 
$
(21,313
)
 
$
4,825

 
$
789,503

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, 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 exercised

 
10

 
40

 

 

 

 
50

Other equity adjustments

 

 
1,658

 

 

 

 
1,658

Balance at March 31, 2019
$

 
$
83,774

 
$
604,288

 
$
97,155

 
$
(6,398
)
 
$

 
$
778,819

_____________________
(1) Reclassification due to the adoption of ASU 2016-01 and ASU 2017-12. See Part I. Item 1. “Financial Statements and Supplementary Data - Note 15: Recent Accounting Pronouncements.”

See accompanying notes to consolidated financial statements.

4


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

 
Three months ended March 31,
 
2019
 
2018
 
(In thousands)
Cash flows from operating activities:
 
 
 
Net income attributable to the Company
$
19,442

 
$
22,686

Adjustments to arrive at net income from continuing operations
 
 
 
Net income attributable to noncontrolling interests
100

 
1,050

Less: Net income from discontinued operations

 
(1,698
)
Net income from continuing operations
19,542

 
22,038

Adjustments to reconcile net income from continuing operations to net cash provided by/ (used in) operating activities:
 
 
 
Depreciation and amortization
5,933

 
4,638

Net income attributable to noncontrolling interests
(100
)
 
(1,050
)
Stock compensation, net of cancellations
1,677

 
1,721

Provision/ (credit) for loan losses
(1,426
)
 
(1,795
)
Loans originated for sale
(6,796
)
 
(11,875
)
Proceeds from sale of loans held for sale
9,401

 
12,732

Deferred income tax expense/ (benefit)
(523
)
 
1,769

Decrease in right-of-use assets
3,817

 

Decrease in operating lease liabilities
(4,102
)
 

Net decrease/ (increase) in other operating activities
(19,247
)
 
(13,079
)
Net cash provided by/ (used in) operating activities of continuing operations
8,176

 
15,099

Net cash provided by/ (used in) operating activities of discontinued operations

 
1,698

Net cash provided by/ (used in) operating activities
8,176

 
16,797

Cash flows from investing activities:
 
 
 
Investment securities available-for-sale:
 
 
 
Purchases

 
(9,985
)
Sales

 
24

Maturities, calls, redemptions, and principal payments
26,265

 
37,912

Investment securities held-to-maturity:
 
 
 
Principal payments
2,860

 
3,650

Equity securities at fair value:
 
 
 
Purchases
(15,149
)
 
(11,968
)
Sales
21,886

 
15,853

(Investments)/ distributions in trusts, net
853

 
(125
)
Contingent considerations from divestitures
836

 

(Purchase)/ redemption of Federal Home Loan Bank and Federal Reserve Bank stock
2,210

 
5,518

Net increase in portfolio loans
(34,670
)
 
(97,432
)
Proceeds from recoveries of loans previously charged-off
492

 
340

Proceeds from sale of OREO
492

 

Capital expenditures
(750
)
 
(8,396
)
Net cash provided by/ (used in) investing activities
5,325

 
(64,609
)
(Continued)
 
 
 

5


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

 
Three months ended March 31,
 
2019
 
2018
Cash flows from financing activities:
 
 
 
Net increase/ (decrease) in deposits
(1,325
)
 
74,076

Net increase/ (decrease) in securities sold under agreements to repurchase
21,401

 
53,088

Net increase/ (decrease) in federal funds purchased
(250,000
)
 
(30,000
)
Net increase/ (decrease) in short-term Federal Home Loan Bank borrowings
10,000

 
(120,000
)
Advances of long-term Federal Home Loan Bank borrowings
190,000

 
90,000

Repayments of long-term Federal Home Loan Bank borrowings
(5,074
)
 
(52,093
)
Dividends paid to common shareholders
(10,108
)
 
(10,159
)
Dividends paid to preferred shareholders

 
(869
)
Proceeds from stock option exercises
50

 
669

Proceeds from issuance of common stock
980

 
833

Tax withholding for share based compensation awards
(155
)
 
(629
)
Distributions paid to noncontrolling interests
(100
)
 
(1,018
)
Other equity adjustments
(218
)
 
458

Net cash provided by/ (used in) financing activities
(44,549
)
 
4,356

Net increase/ (decrease) in cash and cash equivalents
(31,048
)
 
(43,456
)
Cash and cash equivalents at beginning of year
127,259

 
120,541

Cash and cash equivalents at end of period
$
96,211

 
$
77,085

Supplemental disclosure of cash flow items:
 
 
 
Cash paid for interest
$
16,775

 
$
11,204

Cash paid for income taxes, (net of refunds received)
1,029

 
(783
)
Change in unrealized gain/ (loss) on available-for-sale securities, net of tax
11,568

 
(12,895
)
Change in unrealized gain/ (loss) on cash flow hedges, net of tax
(247
)
 
574

Non-cash transactions:
 
 
 
Loans charged-off
(564
)
 
(389
)
Assets transferred into/ (out of) other assets held for sale

 
21


See accompanying notes to consolidated financial statements.


6

BOSTON PRIVATE FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements



1.     Basis of Presentation and Summary of Significant Accounting Policies
Boston Private Financial Holdings, Inc. (the “Company” or “BPFH”), is a bank holding company (the “Holding Company”) with three reportable segments: Private Banking, Wealth Management and Trust, and Affiliate Partners.
The Private Banking segment is comprised of the banking operations of Boston Private Bank & Trust Company (the “Bank” or “Boston Private Bank”), a trust company chartered by The Commonwealth of Massachusetts, whose deposits are insured by the Federal Deposit Insurance Corporation (the “FDIC”), and a wholly-owned subsidiary of the Company. Boston Private Bank is a member of the Federal Reserve Bank of Boston. Boston Private Bank primarily operates in three geographic markets: New England, the San Francisco Bay Area, and Southern California. The Private Banking segment is principally engaged in providing private banking services to high net worth individuals, privately-owned businesses and partnerships, and nonprofit organizations. In addition, the Private Banking segment is an active provider of financing for affordable housing, first-time homebuyers, economic development, social services, community revitalization and small businesses.
The Wealth Management and Trust segment is comprised of Boston Private Wealth LLC (“Boston Private Wealth”), an independent registered investment adviser (“RIA”), which is a wholly-owned subsidiary of the Bank, and the trust operations of Boston Private Bank. The segment provides comprehensive wealth management solutions for high net worth individuals and families, including customized investment solutions, wealth planning, trust, and family office services. The Wealth Management and Trust segment operates in New England, Southeast Florida, the San Francisco Bay Area, and Southern California.
The Affiliate Partners segment is comprised of Dalton, Greiner, Hartman, Maher & Co., LLC (“DGHM”) and KLS Professional Advisors Group, LLC (“KLS”), each of which are RIAs. DGHM serves the needs of pension funds, endowments, trusts, foundations and select institutions, mutual funds and high net worth individuals and their families throughout the United States and abroad. DGHM specializes in value-driven equity portfolios with products across the capitalization spectrum. DGHM is located in New York, with one affiliate administrative office in South Florida. KLS provides comprehensive, planning-based financial strategies to high net worth individuals and their families, and nonprofit institutions. The services the firm offers include fee-only financial planning, tax planning, tax preparation, estate and insurance planning, retirement planning, charitable planning and intergenerational gifting and succession planning. KLS manages investments covering a wide range of asset classes for both taxable and tax-exempt portfolios. KLS has offices in New York and Southern California. Together, the Wealth Management and Trust and Affiliate Partners segments are referred to as the “Wealth and Investment” businesses.
The Affiliate Partners segment had four consolidated affiliates included in its results for 2018: DGHM; KLS; Anchor Capital Advisors, LLC (“Anchor”); and Bingham, Osborn & Scarborough, LLC (“BOS”). In December 2017, the Company entered into an agreement to sell its entire ownership interest in Anchor in a transaction that resulted in Anchor being majority-owned by members of its management team, which transaction closed in April 2018. In October 2018, the Company entered into an agreement to sell its entire ownership interest in BOS to the management team of BOS, which transaction closed in December 2018. The results of Anchor and BOS for the periods held through the respective closing dates are included in the results of the Affiliate Partners segment and the Company.
The Company conducts substantially all of its business through its three reportable segments. All significant intercompany accounts and transactions have been eliminated in consolidation, and the portion of income allocated to the owners of DGHM, Anchor, and BOS other than the Company is included in “Net income attributable to noncontrolling interests” in the consolidated statements of operations for the period owned. Redeemable noncontrolling interests in the consolidated balance sheets reflect the maximum redemption value of agreements with other owners.
The unaudited interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include all necessary adjustments of a normal recurring nature, which, in the opinion of management, are required for a fair presentation of the results of operations and financial condition of the Company. The interim results of consolidated operations are not necessarily indicative of the results for the entire year.
The information in this report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the Securities and Exchange Commission (“SEC”). Prior period amounts are reclassified whenever necessary to conform to the current period presentation. The Company identified an immaterial change relating to the presentation of equity securities at

7



fair value in the Consolidated Statement of Cash Flows. The impact was a change in the presentation of cash flows relating to $12.0 million of purchases and $15.9 million of sales, which were previously presented as investments securities available-for-sale but should have been presented as equity securities at fair value, within investing activities in the consolidated statement of cash flows.
The Company’s significant accounting policies are described in Part II. Item 8. “Financial Statements and Supplementary Data - Note 1: Basis of Presentation and Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the SEC. For interim reporting purposes, the Company follows the same significant accounting policies, except for the following new accounting pronouncements from the Financial Accounting Standards Board (the “FASB”) that were adopted effective January 1, 2019:
In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”). This update and the related amendments to Topic 842 require lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-10, Codification Improvements to Topic 842, Leases (“ASU 2018-10”); ASU No. 2018-11, Leases (Topic 842), Targeted Improvements (“ASU 2018-11”); and ASU No. 2019-01, Leases (Topic 842), Codification Improvements (“ASU 2019-01”). The new standard establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard was effective on January 1, 2019. The Company adopted these provisions on January 1, 2019. The most significant effects relate to the recognition of new ROU assets and lease liabilities on the balance sheet for real estate operating leases, providing significant new disclosures about leasing activities, and the impact of additional assets on certain financial measures such as capital ratios and return on average asset ratios. Additionally, the Company elected the package of practical expedients, as prescribed by ASU 2016-02. The Company elected not to reassess whether any expired or existing contracts are or contain leases nor the lease classification of those leases. The Company also elected not to reassess any initial direct costs for any existing leases. On adoption, the Company recognized approximately $124 million of lease liabilities and $108 million of ROU assets.
In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force) (“ASU 2018-15”). The amendments in ASU 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in ASU 2018-15. This update is effective on a retrospective basis for the Company beginning January 1, 2021. The Company early adopted this update on January 1, 2019. The adoption of this update did not have an impact on the financial statements.
In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting (“ASU 2018-16”). ASU 2018-16 introduces OIS Rate based on the SOFR as an acceptable US benchmark interest for purposes of applying hedge accounting under Topic 815. This update is effective for interim and annual reporting periods beginning after December 15, 2018 because the Company has already adopted ASU 2017-12. The Company adopted this update on January 1, 2019 and the update did not have an impact on the consolidated financial statements.


8

BOSTON PRIVATE FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements - (Continued)

2.    Earnings Per Share
The treasury stock method of calculating earnings per share (“EPS”) is presented below for the three months ended March 31, 2019 and 2018The following tables present the computations of basic and diluted EPS:
 
Three months ended March 31,
 
2019
 
2018
 
(In thousands, except share and per share data)
Basic earnings per share - Numerator:
 
 
 
Net income from continuing operations
$
19,542

 
$
22,038

Less: Net income attributable to noncontrolling interests
100

 
1,050

Net income from continuing operations attributable to the Company
19,442

 
20,988

Decrease/ (increase) in noncontrolling interests’ redemption values (1)
1,557

 
846

Dividends on preferred stock

 
(869
)
Total adjustments to income attributable to common shareholders
1,557

 
(23
)
Net income from continuing operations attributable to common shareholders, treasury stock method
20,999

 
20,965

Net income from discontinued operations

 
1,698

Net income attributable to common shareholders, treasury stock method
$
20,999

 
$
22,663

 
 
 
 
Basic earnings per share - Denominator:
 
 
 
Weighted average basic common shares outstanding
83,285,095

 
83,097,758

Per share data - Basic earnings per share from:
 
 
 
Continuing operations
$
0.25

 
$
0.25

Discontinued operations
$

 
$
0.02

Total attributable to common shareholders
$
0.25

 
$
0.27


 
Three months ended March 31,
 
2019
 
2018
 
(In thousands, except share and per share data)
Diluted earnings per share - Numerator:
 
 
 
Net income from continuing operations attributable to common shareholders, after assumed dilution
$
20,999

 
$
20,965

Net income from discontinued operations

 
1,698

Net income attributable to common shareholders, after assumed dilution
$
20,999

 
$
22,663

Diluted earnings per share - Denominator:
 
 
 
Weighted average basic common shares outstanding
83,285,095

 
83,097,758

Dilutive effect of:
 
 
 
Time-based and market-based stock options, performance-based and time-based restricted stock, and performance-based and time-based restricted stock units, and other dilutive securities (2)
725,355

 
1,136,145

Warrants to purchase common stock

 
1,037,747

Dilutive common shares
725,355

 
2,173,892

Weighted average diluted common shares outstanding (2)
84,010,450

 
85,271,650

Per share data - Diluted earnings per share from:
 
 
 
Continuing operations
$
0.25

 
$
0.25

Discontinued operations
$

 
$
0.02

Total attributable to common shareholders
$
0.25

 
$
0.27

Dividends per share declared and paid on common stock
$
0.12

 
$
0.12


9

BOSTON PRIVATE FINANCIAL HOLDINGS, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements - (Continued)

_____________________
(1)
See Part II. Item 8. “Financial Statements and Supplementary Data - Note 14: Noncontrolling Interests” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 for a description of the redemption values related to the redeemable noncontrolling interests. In accordance with the FASB Accounting Standards Codification (“ASC 480”), Distinguishing Liabilities from Equity (“ASC 480”), an increase in redemption value from period to period reduces income attributable to common shareholders. Decreases in redemption value from period to period increase income attributable to common shareholders, but only to the extent that the cumulative change in redemption value remains a cumulative increase since adoption of this standard in the first quarter of 2009. In the first quarter of 2019, the redemption value decreased below the original value upon adoption of the standard in the first quarter of 2009. As such, subsequent decreases in the redemption value will not have an impact on EPS, but subsequent increases in redemption value will have an impact to the extent the original value is surpassed.
(2)
The diluted EPS computations for the three months ended March 31, 2019 and 2018 do not assume the conversion, exercise, or contingent issuance of the following shares for the following periods because the result would have been anti-dilutive for the periods indicated. As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows:
 
Three months ended March 31,
 
2019