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Section 1: 10-Q (10-Q)

bpfh-20200331
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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  9,401  
Deferred income tax expense/(benefit)(5,731) (523) 
Decrease/(increase) in right-of-use assets3,179  3,817  
Increase/(decrease) in operating lease liabilities(3,640) (4,102) 
Net decrease/(increase) in other operating activities(27,617) (19,247) 
Net cash provided by/(used in) operating activities(8,478) 8,176  
Cash flows from investing activities:
Investment securities available-for-sale:
Purchases(8,874)   
Maturities, calls, redemptions, and principal payments12,472  26,265  
Investment securities held-to-maturity:
Principal payments2,730  2,860  
Equity securities at fair value:
Transfers out(19,713) (15,149) 
Transfers in15,443  21,886  
(Investments)/distributions in trusts, net569  853  
Contingent considerations from divestitures1,277  836  
(Purchase)/redemption of Federal Home Loan Bank and Federal Reserve Bank stock(6,195) 2,210  
Net increase in portfolio loans(67,890) (34,670) 
Proceeds from recoveries of loans previously charged off180  492  
Proceeds from sale of OREO  492  
Capital expenditures(1,975) (750) 
Net cash provided by/(used in) investing activities(71,976) 5,325  
(Continued)
6


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

 Three months ended March 31,
 20202019
(In thousands)
Cash flows from financing activities:
Net increase/(decrease) in deposits(405,904) (1,325) 
Net increase/(decrease) in securities sold under agreements to repurchase(8,079) 21,401  
Net increase/(decrease) in federal funds purchased145,000  (250,000) 
Net increase/(decrease) in short-term Federal Home Loan Bank borrowings115,000  10,000  
Advances of long-term Federal Home Loan Bank borrowings175,000  190,000  
Repayments of long-term Federal Home Loan Bank borrowings(149,575) (5,074) 
Dividends paid to common shareholders(10,000) (10,108) 
Repurchase of common stock(12,807)   
Proceeds from stock option exercises55  50  
Proceeds from issuance of common stock920  980  
Tax withholding for share based compensation awards(11) (155) 
Distributions paid to noncontrolling interests(6) (100) 
Other equity adjustments96  (218) 
Net cash provided by/(used in) financing activities(150,311) (44,549) 
Net increase/(decrease) in cash and cash equivalents(230,765) (31,048) 
Cash and cash equivalents at beginning of year292,479  127,259  
Cash and cash equivalents at end of period$61,714  $96,211  
Supplemental disclosure of cash flow items:
Cash paid for interest$15,628  $16,775  
Cash paid for income taxes, (net of refunds received)$872  $1,029  
Change in unrealized gain/(loss) on available-for-sale securities, net of tax$14,489  $11,568  
Change in unrealized gain/(loss) on cash flow hedges, net of tax$  $(247) 
Non-cash transactions:
Loans charged off$(528) $(564) 
See accompanying notes to Consolidated Financial Statements.

7

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 two reportable segments: (i) Private Banking and (ii) Wealth Management and Trust.
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, Northern California, 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”), a registered investment adviser (“RIA”) and wholly-owned subsidiary of the Bank, and the trust operations of Boston Private Bank. The Wealth Management and Trust segment offers planning-based financial strategies, wealth management, family office, financial planning, tax planning, and trust services to individuals, families, institutions, and nonprofit institutions. On September 1, 2019, KLS Professional Advisors Group, LLC (“KLS”) merged with and into Boston Private Wealth. The results of KLS were previously reported in a third reportable segment, “Affiliate Partners”, as further discussed below. The Wealth Management and Trust segment operates in New England, New York, Southeast Florida, Northern California, and Southern California.
Prior to the third quarter of 2019, the Company had three reportable segments: Affiliate Partners, Private Banking, and Wealth Management and Trust. Prior to the third quarter of 2019, the Affiliate Partners segment was comprised of two affiliates: KLS and Dalton, Greiner, Hartman, Maher & Co., LLC (“DGHM”), each of which are RIAs. With the integration of KLS into Boston Private Wealth in the third quarter of 2019, the Company reorganized its segment reporting structure to align with how its financial performance and strategy are reviewed and managed. The results of KLS are included in the results of Boston Private Wealth within the Wealth Management and Trust segment, and the results of DGHM are included within the Holding Company and Eliminations for all periods presented. See Part II. Item 8. “Financial Statements and Supplementary Data - Note 3: Asset Sales and Divestitures” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 for additional information.
The Company conducts substantially all of its business through its two reportable segments. All significant intercompany accounts and transactions have been eliminated in consolidation, and the portion of income allocated to the owners other than the Company is included in “Net income attributable to noncontrolling interests” in the Consolidated Statements of Operations for the periods owned. Redeemable noncontrolling interests in the Consolidated Balance Sheets reflect the maximum redemption value of agreements with the owners of DGHM.
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, 2019, as filed with the Securities and Exchange Commission (“SEC”). Prior period amounts are reclassified whenever necessary to conform to the current period presentation. With the integration of KLS into Boston Private Wealth and the related change to reportable segments, fee revenue from KLS is reported in Wealth management and trust fees for all periods on the Consolidated Statements of Operations, which was presented as Wealth advisory fees in prior periods.
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, 2019, 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, 2020:
In June 2016, the FASB issued ASU 2016-13. Throughout 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments (“ASU 2019-04”); ASU 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted
8


Transition Relief (“ASU 2019-05”); ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 942)—Effective Dates (“ASU 2019-10”); and ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses (“ASU 2019-11”). This update and related amendments to Topic 326 are intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this update replace the incurred loss impairment methodology in current GAAP with a current expected credit losses (“CECL”) model methodology that reflects expected credit losses and requires consideration of a reasonable and supportable forecast to inform credit loss estimates. This ASU is effective for fiscal years beginning after December 15, 2019. The Company adopted this update on January 1, 2020 utilizing a modified retrospective approach. On adoption of ASU 2016-13 on January 1, 2020, the Company recognized a decrease in the allowance for loan losses of $20.4 million, and an increase in the reserve for unfunded loan commitments of $1.4 million. The net, after-tax impact of the decrease in the allowance for loan losses and the increase in the reserve for unfunded loan commitments was an increase to Retained earnings of $13.5 million shown in the Consolidated Statements of Changes in Shareholders’ Equity.
2. Earnings Per Share
The treasury stock method of calculating earnings per share (“EPS”) is presented below for the three months ended March 31, 2020 and 2019. The following tables present the computations of basic and diluted EPS:
Three months ended March 31,
20202019
(In thousands, except share and per share data)
Basic earnings per share - Numerator:
Net income before attribution to noncontrolling interests$806  $19,542  
Less: Net income attributable to noncontrolling interests6  100  
Net income attributable to the Company800  19,442  
Decrease in noncontrolling interests’ redemption values (1)414  1,557  
Total adjustments to income attributable to common shareholders414  1,557  
Net income attributable to common shareholders, treasury stock method