bpfh-20200901

BOSTON PRIVATE FINANCIAL HOLDINGS INC0000821127FALSE00008211272020-09-012020-09-01

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): September 1, 2020

Boston Private Financial Holdings, Inc.

(Exact Name of Registrant as Specified in its Charter)


Massachusetts	001-35070	04-2976299
(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)

(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 June 30, 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 June 30, 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.

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.


	BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

	By:	/S/ STEVEN M. GAVEN
	Name:	Steven M. Gaven
	Title:	Executive Vice President, Chief Financial Officer
Date: September 1, 2020

Quarterly Statement of FINANCIAL CONDITION for Boston Private Bank & Trust Company Second Quarter 2020 BOSTON PRIVATE is a leading provider of integrated wealth management, trust and FINANCIAL HIGHLIGHTS (as of 06/30/2020) private banking services to individuals, families, businesses and nonprofits. Over the last 30 $7.5 Billion years, Boston Private has provided clients with Total Deposits comprehensive advice and deep technical expertise that spans every aspect of their lives to $7.3 Billion simplify their path to financial success. Total Loans The firm provides the capabilities of larger institutions yet delivers the superior service 8.63% Tier 1 of a boutique firm. Headquartered in Boston, Leverage Capital Ratio (Above the 5.00% required we serve clients from our offices located in the by the FDIC to be well-capitalized) major markets of Greater Boston, New York, San Francisco, San Jose, Los Angeles, Miami, and Palm Beach Gardens.2 $14.9 Billion Total Client Assets1 Asset Nonperforming Loans represent Capital Capital ratios in excess of levels 0.35% of the total loan portfolio as of banking regulators consider to be Quality June 30, 2020 Base well-capitalized. Liquidity $2.3 billion of cash (as of June 30, 2020), IDC Superior high-quality unpledged investment 3 Profile securities, and borrowing capacity from Rating the Federal Home Loan Bank. bostonprivate.com

The financial highlights and condensed balance sheet below demonstrate the overall financial strength of Boston Private Bank & Trust Company as of June 30, 2020. CAPITAL BASE (as of 06/30/2020) CAPITAL 06/30/20 14% 13.03% Total Risk-Based 13.03% 11.78% 11.78% 12% Tier 1 Risk-Based 11.78% 10% 10% Common Equity Tier 1 11.78% 8.63% 8% 8% Tier 1 Leverage 8.63% 6.5% 6% 5% 4% Well-Capitalized 2% Boston Private Bank & Trust Company 0% Total Risk-Based Tier 1 Risk-Based Common Equity Tier 1 Tier 1 Leverage CONDENSED BALANCE SHEET ($ in thousands) LIABILITIES & ASSETS 06/30/2020 06/30/2020 SHAREHOLDER’S EQUITY CASH & INVESTMENTS $ 1,221,256 DEPOSITS Demand Deposits $2,368,268 LOANS NOW 618,537 Loans held for sale 9,786 Savings & Money Market 3,866,625 Commercial & Construction 3,901,931 Certificate of Deposit 621,649 Residential Mortgage 2,859,627 Total Deposits 7,475,079 Home Equity and Consumer 201,362 BORROWINGS 472,936 Total Loans 7,332,954 Less: Allowance for loan losses (89,324) OTHER LIABILITIES 308,371 Net Loans 7,243,630 OTHER ASSETS 650,718 TOTAL LIABILITIES 8,256,386 SHAREHOLDER’S EQUITY 869,004 TOTAL ASSETS $9,125,390 TOTAL $9,125,390 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 June 30, 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_20200825

Cover Page Cover Page	Sep. 01, 2020
Cover [Abstract]
Document Type	8-K
Document Period End Date	Sep. 01, 2020
Entity Registrant Name	BOSTON PRIVATE FINANCIAL HOLDINGS INC
Entity Incorporation, State or Country Code	MA
Entity File Number	001-35070
Entity Tax Identification Number	04-2976299
Entity Address, Address Line One	Ten Post Office Square
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02109
City Area Code	617
Local Phone Number	912-1900
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000821127
Amendment Flag	false

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