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Section 1: 10-Q (10-Q)

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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 September 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 October 31, 2019:
Common Stock, Par Value $1.00 Per Share
83,242,001
(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)

 
September 30, 2019
 
December 31, 2018
 
(In thousands, except share 
and per share data)
Assets:
 
 
 
Cash and cash equivalents
$
78,010

 
$
127,259

Investment securities available-for-sale (amortized cost of $922,112 and $1,018,774 at September 30, 2019 and December 31, 2018, respectively)
935,538

 
994,065

Investment securities held-to-maturity (fair value of $51,015 and $68,595 at September 30, 2019 and December 31, 2018, respectively)
51,379

 
70,438

Equity securities at fair value
21,780

 
14,228

Stock in Federal Home Loan Bank and Federal Reserve Bank
47,756

 
49,263

Loans held for sale
6,658

 
2,812

Total loans
7,067,151

 
6,893,158

Less: Allowance for loan losses
75,359

 
75,312

Net loans
6,991,792

 
6,817,846

Other real estate owned (“OREO”)

 
401

Premises and equipment, net
42,658

 
45,412

Goodwill
57,607

 
57,607

Intangible assets, net
10,622

 
12,227

Fees receivable
5,007

 
5,101

Accrued interest receivable
24,851

 
24,366

Deferred income taxes, net
15,704

 
26,638

Right-of-use assets
107,045

 

Other assets
294,537

 
246,962

Total assets
$
8,690,944

 
$
8,494,625

Liabilities:
 
 
 
Deposits
$
6,658,242

 
$
6,781,170

Securities sold under agreements to repurchase
48,860

 
36,928

Federal funds purchased
230,000

 
250,000

Federal Home Loan Bank borrowings
570,904

 
420,144

Junior subordinated debentures
106,363

 
106,363

Lease liabilities
122,799

 

Other liabilities
143,607

 
143,540

Total liabilities
7,880,775

 
7,738,145

Redeemable Noncontrolling Interests
1,481

 
2,526

Shareholders’ Equity:
 
 
 
Common stock, $1.00 par value; authorized: 170,000,000 shares; issued and outstanding: 83,241,952 shares at September 30, 2019 and 83,655,651 shares at December 31, 2018
83,242

 
83,656

Additional paid-in capital
599,877

 
600,196

Retained earnings
116,210

 
87,821

Accumulated other comprehensive income/ (loss)
9,359

 
(17,719
)
Total shareholders’ equity
808,688

 
753,954

Total liabilities, redeemable noncontrolling interests and shareholders’ equity
$
8,690,944

 
$
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 September 30,
 
Nine months ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(In thousands, except share and per share data)
Interest and dividend income:
 
 
 
 
 
 
 
Loans
$
71,036

 
$
68,254

 
$
212,912

 
$
193,231

Taxable investment securities
938

 
1,510

 
3,244

 
4,521

Non-taxable investment securities
1,924

 
1,779

 
5,726

 
5,261

Mortgage-backed securities
2,622

 
2,941

 
8,225

 
9,168

Short-term investments and other
1,084

 
1,617

 
3,049

 
3,831

Total interest and dividend income
77,604

 
76,101

 
233,156

 
216,012

Interest expense:
 
 
 
 
 
 
 
Deposits
15,487

 
11,487

 
44,060

 
26,376

Federal Home Loan Bank borrowings
4,337

 
3,877

 
12,144

 
11,668

Junior subordinated debentures
1,022

 
1,028

 
3,223

 
2,882

Repurchase agreements and other short-term borrowings
605

 
68

 
1,778

 
517

Total interest expense
21,451

 
16,460

 
61,205

 
41,443

Net interest income
56,153

 
59,641

 
171,951

 
174,569

Provision/ (credit) for loan losses
167

 
(949
)
 
104

 
(2,291
)
Net interest income after provision/ (credit) for loan losses
55,986

 
60,590

 
171,847

 
176,860

Fees and other income:
 
 
 
 
 
 
 
Wealth management and trust fees
19,067

 
25,505

 
57,037

 
76,030

Investment management fees
2,496

 
3,245

 
7,601

 
18,897

Other banking fee income
2,658

 
2,775

 
8,024

 
7,793

Gain on sale of loans, net
934

 
67

 
1,065

 
204

Gain/ (loss) on sale of investments, net

 

 

 
(17
)
Gain/ (loss) on OREO, net

 

 
91

 

Other
(29
)
 
722

 
936

 
1,245

Total fees and other income
25,126

 
32,314

 
74,754

 
104,152

Operating expense:
 
 
 
 
 
 
 
Salaries and employee benefits
31,684

 
38,944

 
100,116

 
125,461

Occupancy and equipment
8,260

 
8,164

 
24,460

 
24,141

Information systems
5,169

 
6,233

 
16,166

 
18,889

Professional services
4,435

 
2,877

 
11,308

 
8,926

Marketing and business development
1,403

 
1,710

 
4,422

 
5,373

Amortization of intangibles
671

 
750

 
2,015

 
2,249

FDIC insurance
59

 
674

 
1,304

 
2,126

Restructuring

 
5,763

 
1,646

 
5,763

Other
3,856

 
3,442

 
10,312

 
10,870

Total operating expense
55,537

 
68,557

 
171,749

 
203,798

Income before income taxes
25,575

 
24,347

 
74,852

 
77,214

Income tax expense
5,517

 
5,461

 
15,803

 
28,886

Net income from continuing operations
20,058

 
18,886

 
59,049

 
48,328

Net income from discontinued operations

 

 

 
1,696

Net income before attribution to noncontrolling interests
20,058

 
18,886

 
59,049

 
50,024

(Continued)
 
 
 
 
 
 
 

2


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

 
Three months ended September 30,
 
Nine months ended September 30,
 
2019
 
2018
 
2019
 
2018
Less: Net income attributable to noncontrolling interests
96

 
924

 
265

 
2,942

Net income attributable to the Company
$
19,962

 
$
17,962

 
$
58,784

 
$
47,082

Adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders
304

 
(829
)
 
1,045

 
(4,376
)
Net income attributable to common shareholders for earnings per share calculation
$
20,266

 
$
17,133

 
$
59,829

 
$
42,706

Basic earnings per share attributable to common shareholders:
 
 
 
 
 
 
 
From continuing operations:
$
0.24

 
$
0.20

 
$
0.72

 
$
0.49

From discontinued operations:
$

 
$

 
$

 
$
0.02

Total attributable to common shareholders:
$
0.24

 
$
0.20

 
$
0.72

 
$
0.51

Weighted average basic common shares outstanding
83,631,403

 
84,017,284

 
83,495,361

 
83,544,754

Diluted earnings per share attributable to common shareholders:
 
 
 
 
 
 
 
From continuing operations:
$
0.24

 
$
0.20

 
$
0.71

 
$
0.48

From discontinued operations:
$

 
$

 
$

 
$
0.02

Total attributable to common shareholders:
$
0.24

 
$
0.20

 
$
0.71

 
$
0.50

Weighted average diluted common shares outstanding
83,956,708

 
85,498,568

 
84,003,281

 
85,254,295


 See accompanying notes to consolidated financial statements.

3


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

 
Three months ended September 30,
 
Nine months ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(In thousands)
Net income attributable to the Company
$
19,962

 
$
17,962

 
$
58,784

 
$
47,082

Other comprehensive income/ (loss), net of tax:
 
 
 
 
 
 
 
Net unrealized gain/ (loss) on securities available-for-sale
5,236

 
(4,040
)
 
27,469

 
(18,888
)
Unrealized gain/ (loss) on cash flow hedges
2

 
(138
)
 
(31
)
 
574

Reclassification adjustment for net realized (gain)/ loss included in net income
(4
)
 
(72
)
 
(360
)
 
(273
)
Net unrealized gain/ (loss) on cash flow hedges
(2
)
 
(210
)
 
(391
)
 
301

Net unrealized gain/ (loss) on other

 

 

 
1

Other comprehensive income/ (loss), net of tax
5,234

 
(4,250
)
 
27,078

 
(18,586
)
Total comprehensive income attributable to the Company, net
$
25,196

 
$
13,712

 
$
85,862

 
$
28,496

 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

 

 

 
47,082

 

 

 
47,082

Other comprehensive income/ (loss), net

 

 

 

 
(18,586
)
 

 
(18,586
)
Dividends paid to common shareholders:
$0.36 per share

 

 

 
(30,586
)
 

 

 
(30,586
)
Dividends paid to preferred shareholders

 

 

 
(1,738
)
 

 

 
(1,738
)
Net change in noncontrolling interests

 

 

 

 

 
(2,977
)
 
(2,977
)
Redemption of Series D preferred stock
(47,753
)
 

 
(2,247
)
 

 

 

 
(50,000
)
Repurchase of 137,114 shares of common stock

 
(137
)
 
(1,768
)
 

 

 

 
(1,905
)
Net proceeds from issuance of:
 
 
 
 
 
 
 
 
 
 
 
 
 
142,738 shares of common stock

 
143

 
1,722

 

 

 

 
1,865

7,355 shares of incentive stock grants, net of 132,964 incentive stock grant shares canceled or forfeited and 127,894 shares withheld for employee taxes

 
(253
)
 
(1,699
)
 

 

 

 
(1,952
)
Exercise of warrants

 
438

 
(277
)
 

 

 

 
161

Amortization of stock compensation and employee stock purchase plan

 

 
5,131

 

 

 

 
5,131

Stock options exercised

 
204

 
1,457

 

 

 

 
1,661

Other equity adjustments

 

 
3,909

 

 

 

 
3,909

Balance at September 30, 2018
$

 
$
84,603

 
$
614,157

 
$
64,618

 
$
(27,578
)
 
$
2,209

 
$
738,009

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, December 31, 2018
$

 
$
83,656

 
$
600,196

 
$
87,821

 
$
(17,719
)
 
$

 
$
753,954

Net income attributable to the Company

 

 

 
58,784

 

 

 
58,784

Other comprehensive income/ (loss), net

 

 

 

 
27,078

 

 
27,078

Dividends paid to common shareholders:
$0.36 per share

 

 

 
(30,395
)
 

 

 
(30,395
)
Repurchase of 678,165 shares of common stock

 
(678
)
 
(6,515
)
 

 

 

 
(7,193
)
Net proceeds from issuance of:
 
 
 
 
 
 
 
 
 
 
 
 
 
265,937 shares of common stock

 
266

 
2,008

 

 

 

 
2,274

42,004 shares of incentive stock grants, net of 9,377 shares canceled or forfeited and 115,173 shares withheld for employee taxes

 
(83
)
 
(522
)
 

 

 

 
(605
)
Amortization of stock compensation and employee stock purchase plan

 

 
3,359

 

 

 

 
3,359

Stock options exercised

 
81

 
464