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Section 1: 8-K (8-K Q1-20 BANK SOFC)

BOSTON PRIVATE FINANCIAL HOLDINGS INC0000821127FALSE00008211272020-06-022020-06-02

Date of Report (Date of Earliest Event Reported): June 2, 2020
Boston Private Financial Holdings, Inc.
(Exact Name of Registrant as Specified in its Charter)
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification Number)
Ten Post Office Square, Boston, Massachusetts 02109
(Address of principal executive offices)
(617) 912-1900
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
          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.  

Item 7.01. Regulation FD Disclosure
Boston Private Bank & Trust Company (the “Bank”), a wholly-owned subsidiary of Boston Private Financial Holdings, Inc. (“Boston Private”), has prepared a brochure containing information relating to the Bank’s financial highlights as of March 31, 2020. It is expected that this brochure will be provided to existing clients of the Bank, and also to prospective clients or others, upon their request. The brochure consists of an unaudited balance sheet and financial metrics, including capital ratios, reflecting the Bank’s financial position as of March 31, 2020. The brochure is furnished herewith as Exhibit 99.1 and is incorporated into this Item 7.01 by reference in its entirety.
The information in this Current Report on Form 8-K (including the exhibit hereto) is furnished pursuant to Item 7 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing of Boston Private under the Securities Act of 1933, as amended. Furthermore, the furnishing of this Current Report on Form 8-K is not intended to constitute a determination by Boston Private that the information contained herein (including the exhibits hereto) is material or that the dissemination of such information is required by Regulation FD.
The brochure (furnished herewith as Exhibit 99.1) contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements, estimates, projections, expectations or predictions about future events and often include words such as “estimate,” “projects,” “will,” “targets,” “expects,” and other words or expressions indicating statements about the future. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are in some cases beyond the control of Boston Private, and which may cause the actual results, performance or achievements of Boston Private to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Boston Private disclaims any obligation to update any of the forward-looking statements contained herein to reflect future events or developments.

Item 9.01.  Financial Statements and Exhibits.
(d) Exhibits.
99.1 Brochure Entitled “Quarterly Statement of Financial Condition”

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunder duly authorized.
Name:Steven M. Gaven
Title:Executive Vice President, Chief
Financial Officer
Date: June 2, 2020


        No.  Description
        99.1  Brochure Entitled “Quarterly Statement of Financial Condition”

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Section 2: EX-99.1 (EX 99.1 BPBTC Q1-20 SOFC)

Quarterly Statement of FINANCIAL CONDITION for Boston Private Bank & Trust Company First Quarter 2020 BOSTON PRIVATE offers a full spectrum of wealth, trust, and banking services designed to FINANCIAL HIGHLIGHTS (as of 03/31/2020) give you one trusted resource to help simplify and strengthen your financial life. $6.9 Billion Total Deposits Every individual and organization has a different reason WHY they work so hard. At Boston Private, we strive to understand what drives our clients, so $7.0 Billion Total Loans that we can help them live and work the way they want. Understanding what our clients’ wealth is really for enables us to formulate a custom strategy 9.07% Tier 1 and solution to help them achieve their goals, Leverage Capital Ratio (Above the 5.00% required hopes and dreams for today and tomorrow. by the FDIC to be well-capitalized) Headquartered in Boston, we serve clients from our offices located in the major markets of Greater $13.5 Billion Boston, New York, San Francisco, San Jose, Los Total Client Assets1 Angeles, Miami, and Palm Beach Gardens.2 Asset Low levels of problem loans relative to Capital Capital ratios in excess of levels the industry due to our underwriting banking regulators consider to be Quality standards. Base well-capitalized. Liquidity $2.1 billion of cash (as of March 31, 2020), IDC Superior high-quality unpledged investment 3 Profile securities, and borrowing capacity from Rating the Federal Home Loan Bank.

The financial highlights and condensed balance sheet below demonstrate the overall financial strength of Boston Private Bank & Trust Company as of March 31, 2020. CAPITAL BASE (as of 03/31/2020) CAPITAL 03/31/20 14% 12.98% Total Risk-Based 12.98% 11.88% 11.88% 12% Tier 1 Risk-Based 11.88% 10% 10% Common Equity Tier 1 11.88% 9.07% 8% 8% Tier 1 Leverage 9.07% 6.5% 6% 5% Well-Capitalized 4% Boston Private Bank 2% & Trust Company 0% Total Risk-Based Tier 1 Risk-Based Common Equity Tier 1 Tier 1 Leverage CONDENSED BALANCE SHEET ($ in thousands) LIABILITIES & ASSETS 03/31/2020 03/31/2020 SHAREHOLDER’S EQUITY CASH & INVESTMENTS $ 1,097,195 DEPOSITS Demand Deposits $2,066,490 LOANS NOW 543,435 Loans held for sale 7,671 Savings & Money Market 3,574,235 Commercial & Construction 3,980,655 Certificate of Deposit 693,425 Residential Mortgage 2,841,926 Total Deposits 6,877,585 Home Equity and Consumer 220,757 BORROWINGS 681,573 Total Loans 7,043,338 Less: Allowance for loan losses (68,211) OTHER LIABILITIES 282,185 Net Loans 6,975,127 OTHER ASSETS 633,580 TOTAL LIABILITIES 7,841,343 SHAREHOLDER’S EQUITY 872,230 TOTAL ASSETS $8,713,573 TOTAL $8,713,573 LIABILITIES AND EQUITY 1Total Client Assets includes: (1) the value of client portfolios under management by Boston Private Wealth LLC (“BPW”); (2) the value of ERISA plans and non-managed client assets to which BPW provides advisory services; and (3) assets held for safekeeping (custody) by Boston Private Bank and Trust Company (“BPBTC”) for clients of Trust and Fiduciary Services and BPW. 2 Certain offices may offer only wealth management or private banking services. 3As of March 31, 2020, Boston Private Bank & Trust Company’s safety and soundness was ranked “Superior” according to IDC Financial Publishing. As part of an independent third-party assessment of Boston Private Bank & Trust Company, IDC Financial Publishing, Inc. (IDC), a bank rating agency, has been rating the safety and soundness of banks since 1985. Every quarter, IDC calculates a one-number rank for over 13,000 financial institutions, using 24 key financial ratios. Bank safety ratings fall into one of six categories: Superior, Excellent, Average, Below Average, Lowest Ratios, and Rank of One. Private Banking and Trust services are offered through Boston Private Bank & Trust Company, a Massachusetts Chartered Trust Company. Wealth Management services are offered through Boston Private Wealth LLC, an SEC Registered Investment Adviser and wholly-owned subsidiary of Boston Private Bank & Trust Company. Boston Private Wealth LLC, Boston Private Bank & Trust Company, their affiliates and their staff do not provide tax, accounting or legal advice. Investments are Not FDIC Insured, Not Guaranteed and May Lose Value. 00001_20200602

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