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Section 1: 10-Q (BPFH Q2 2019 10-Q)

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xbrli:shares bpfh:segment iso4217:USD iso4217:USD xbrli:shares bpfh:affiliate bpfh:market xbrli:pure bpfh:security bpfh:loan bpfh:swap bpfh:lease bpfh:derivative_contract
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, 2019
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 class
Trading Symbol(s)
Name of each exchange which registered
Common Stock
BPFH
NASDAQ 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 filer
 
 
Accelerated 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 August 1, 2019:
Common Stock, Par Value $1.00 Per Share
83,902,110
(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)

 
June 30, 2019
 
December 31, 2018
 
(In thousands, except share 
and per share data)
Assets:
 
 
 
Cash and cash equivalents
$
65,756

 
$
127,259

Investment securities available-for-sale (amortized cost of $960,550 and $1,018,774 at June 30, 2019 and December 31, 2018, respectively)
966,731

 
994,065

Investment securities held-to-maturity (fair value of $53,929 and $68,595 at June 30, 2019 and December 31, 2018, respectively)
54,482

 
70,438

Equity securities at fair value
19,092

 
14,228

Stock in Federal Home Loan Bank and Federal Reserve Bank
64,453

 
49,263

Loans held for sale
3,640

 
2,812

Total loans
7,080,260

 
6,893,158

Less: Allowance for loan losses
75,067

 
75,312

Net loans
7,005,193

 
6,817,846

Other real estate owned (“OREO”)

 
401

Premises and equipment, net
40,244

 
45,412

Goodwill
57,607

 
57,607

Intangible assets, net
10,884

 
12,227

Fees receivable
3,611

 
5,101

Accrued interest receivable
26,411

 
24,366

Deferred income taxes, net
17,183

 
26,638

Right-of-use assets
110,880

 

Other assets
266,706

 
246,962

Total assets
$
8,712,873

 
$
8,494,625

Liabilities:
 
 
 
Deposits
$
6,437,963

 
$
6,781,170

Securities sold under agreements to repurchase
62,372

 
36,928

Federal funds purchased
135,000

 
250,000

Federal Home Loan Bank borrowings
920,068

 
420,144

Junior subordinated debentures
106,363

 
106,363

Lease liabilities
126,740

 

Other liabilities
124,370

 
143,540

Total liabilities
7,912,876

 
7,738,145

Redeemable Noncontrolling Interests
1,786

 
2,526

Shareholders’ Equity:
 
 
 
Common stock, $1.00 par value; authorized: 170,000,000 shares; issued and outstanding: 83,774,335 shares at June 30, 2019 and 83,655,651 shares at December 31, 2018
83,774

 
83,656

Additional paid-in capital
603,869

 
600,196

Retained earnings
106,443

 
87,821

Accumulated other comprehensive income/ (loss)
4,125

 
(17,719
)
Total shareholders’ equity
798,211

 
753,954

Total liabilities, redeemable noncontrolling interests and shareholders’ equity
$
8,712,873

 
$
8,494,625

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,
 
2019
 
2018
 
2019
 
2018
 
(In thousands, except share and per share data)
Interest and dividend income:
 
 
 
 
 
 
 
Loans
$
71,943

 
$
64,048

 
$
141,876

 
$
124,977

Taxable investment securities
1,121

 
1,501

 
2,306

 
3,011

Non-taxable investment securities
1,901

 
1,752

 
3,802

 
3,482

Mortgage-backed securities
2,706

 
3,049

 
5,603

 
6,227

Short-term investments and other
1,057

 
1,205

 
1,965

 
2,214

Total interest and dividend income
78,728

 
71,555

 
155,552

 
139,911

Interest expense:
 
 
 
 
 
 
 
Deposits
14,515

 
8,365

 
28,573

 
14,889

Federal Home Loan Bank borrowings
5,027

 
4,447

 
7,807

 
7,791

Junior subordinated debentures
1,080

 
1,008

 
2,201

 
1,854

Repurchase agreements and other short-term borrowings
646

 
190

 
1,173

 
449

Total interest expense
21,268

 
14,010

 
39,754

 
24,983

Net interest income
57,460

 
57,545

 
115,798

 
114,928

Provision/ (credit) for loan losses
1,363

 
453

 
(63
)
 
(1,342
)
Net interest income after provision/ (credit) for loan losses
56,097

 
57,092

 
115,861

 
116,270

Fees and other income:
 
 
 
 
 
 
 
Investment management fees
2,455

 
4,227

 
5,105

 
15,652

Wealth advisory fees
8,141

 
13,693

 
16,306

 
27,205

Wealth management and trust fees
10,771

 
11,169

 
21,664

 
23,320

Other banking fee income
2,867

 
2,745

 
5,366

 
5,018

Gain on sale of loans, net
58

 
63

 
131

 
137

Gain/ (loss) on sale of investments, net

 
7

 

 
(17
)
Gain/ (loss) on OREO, net

 

 
91

 

Other
88

 
191

 
965

 
523

Total fees and other income
24,380

 
32,095

 
49,628

 
71,838

Operating expense:
 
 
 
 
 
 
 
Salaries and employee benefits
32,706

 
39,433

 
68,432

 
86,517

Occupancy and equipment
7,852

 
8,229

 
16,200

 
15,977

Professional services
3,313

 
2,872

 
6,873

 
6,049

Marketing and business development
1,934

 
2,070

 
3,019

 
3,663

Information systems
5,137

 
6,770

 
10,997

 
12,656

Amortization of intangibles
672

 
749

 
1,344

 
1,499

FDIC insurance
585

 
708

 
1,245

 
1,452

Restructuring

 

 
1,646

 

Other
3,460

 
3,553

 
6,456

 
7,428

Total operating expense
55,659

 
64,384

 
116,212

 
135,241

Income before income taxes
24,818

 
24,803

 
49,277

 
52,867

Income tax expense
5,369

 
17,399

 
10,286

 
23,425

Net income from continuing operations
19,449

 
7,404

 
38,991

 
29,442

Net income/ (loss) from discontinued operations

 
(2
)
 

 
1,696

Net income before attribution to noncontrolling interests
19,449

 
7,402

 
38,991

 
31,138

(Continued)
 
 
 
 
 
 
 

2


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

 
Three months ended June 30,
 
Six months ended June 30,
 
2019
 
2018
 
2019
 
2018
Less: Net income attributable to noncontrolling interests
69

 
968

 
169

 
2,018

Net income attributable to the Company
$
19,380

 
$
6,434

 
$
38,822

 
$
29,120

Adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders
(816
)
 
(3,524
)
 
741

 
(3,547
)
Net income attributable to common shareholders for earnings per share calculation
$
18,564

 
$
2,910

 
$
39,563

 
$
25,573

Basic earnings per share attributable to common shareholders:
 
 
 
 
 
 
 
From continuing operations:
$
0.22

 
$
0.03

 
$
0.47

 
$
0.29

From discontinued operations:
$

 
$

 
$

 
$
0.02

Total attributable to common shareholders:
$
0.22

 
$
0.03

 
$
0.47

 
$
0.31

Weighted average basic common shares outstanding
83,565,780

 
83,509,115

 
83,426,213

 
83,304,573

Diluted earnings per share attributable to common shareholders:
 
 
 
 
 
 
 
From continuing operations:
$
0.22

 
$
0.03

 
$
0.47

 
$
0.28

From discontinued operations:
$

 
$

 
$

 
$
0.02

Total attributable to common shareholders:
$
0.22

 
$
0.03

 
$
0.47

 
$
0.30

Weighted average diluted common shares outstanding
84,048,972

 
85,413,575

 
84,036,050

 
85,221,974


 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,
 
Six months ended June 30,
 
2019
 
2018
 
2019
 
2018
 
(In thousands)
Net income attributable to the Company
$
19,380

 
$
6,434

 
$
38,822

 
$
29,120

Other comprehensive income/ (loss), net of tax:
 
 
 
 
 
 
 
Net unrealized gain/ (loss) on securities available-for-sale
10,665

 
(1,953
)
 
22,233

 
(14,848
)
Unrealized gain/ (loss) on cash flow hedges
(6
)
 
124

 
(33
)
 
712

Reclassification adjustment for net realized (gain)/ loss included in net income
(136
)
 
(187
)
 
(356
)
 
(201
)
Net unrealized gain/ (loss) on cash flow hedges
(142
)
 
(63
)
 
(389
)
 
511

Net unrealized gain/ (loss) on other

 
1

 

 
1

Other comprehensive income/ (loss), net of tax
10,523

 
(2,015
)
 
21,844

 
(14,336
)
Total comprehensive income attributable to the Company, net
$
29,903

 
$
4,419

 
$
60,666

 
$
14,784

 See accompanying notes to consolidated financial statements.


4


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

 

 

 
29,120

 

 

 
29,120

Other comprehensive income/ (loss), net

 

 

 

 
(14,336
)
 

 
(14,336
)
Dividends paid to common shareholders: $0.24 per share

 

 

 
(20,330
)
 

 

 
(20,330
)
Dividends paid to preferred shareholders

 

 

 
(1,738
)
 

 

 
(1,738
)
Net change in noncontrolling interests

 

 

 

 

 
(3,190
)
 
(3,190
)
Redemption of Series D preferred stock
(47,753
)
 

 
(2,247
)
 

 

 

 
(50,000
)
Net proceeds from issuance of:
 
 
 
 
 
 
 
 
 
 
 
 
 
63,434 shares of common stock

 
63

 
770

 

 

 

 
833

2,547 shares of incentive stock grants, net of 126,752 shares canceled or forfeited and 112,565 shares withheld for employee taxes

 
(236
)
 
(1,656
)
 

 

 

 
(1,892
)
Exercise of warrants

 
294

 
(273
)
 

 

 

 
21

Amortization of stock compensation and employee stock purchase plan

 

 
3,399

 

 

 

 
3,399

Stock options exercised

 
150

 
1,107

 

 

 

 
1,257

Other equity adjustments

 

 
4,889

 

 

 

 
4,889

Balance at June 30, 2018
$

 
$
84,479

 
$
613,918

 
$
56,912

 
$
(23,328
)
 
$
1,996

 
$
733,977

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, December 31, 2018
$

 
$
83,656

 
$
600,196

 
$
87,821

 
$
(17,719
)
 
$

 
$
753,954

Net income attributable to the Company

 

 

 
38,822

 

 

 
38,822

Other comprehensive income/ (loss), net

 

 

 

 
21,844

 

 
21,844

Dividends paid to common shareholders:
$0.24 per share

 

 

 
(20,200
)
 

 

 
(20,200
)
Net proceeds from issuance of:
 
 
 
 
 
 
 
 
 
 
 
 
 
143,147 shares of common stock

 
143

 
990

 

 

 

 
1,133

37,511 shares of incentive stock grants, net of 9,377 shares canceled or forfeited and 115,173 shares withheld for employee taxes

 
(88
)
 
(587
)
 

 

 

 
(675
)
Amortization of stock compensation and employee stock purchase plan

 

 
2,340

 

 

 

 
2,340

Stock options exercised

 
63

 
372

 

 

 

 
435

Other equity adjustments

 

 
558

 

 

 

 
558

Balance at June 30, 2019
$

 
$
83,774

 
$
603,869

 
$
106,443

 
$
4,125

 
$

 
$
798,211

_____________________
(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.

5


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

 
Six months ended June 30,
 
2019
 
2018
 
(In thousands)
Cash flows from operating activities:
 
 
 
Net income attributable to the Company
$
38,822

 
$
29,120

Adjustments to arrive at net income from continuing operations
 
 
 
Net income attributable to noncontrolling interests
169

 
2,018

Less: Net income from discontinued operations