Boston Private Financial Holdings, Inc. (Parent Company Only)

12 Months Ended

Dec. 31, 2017

BOSTON PRIVATE FINANCIAL HOLDINGS, INC. (PARENT COMPANY ONLY) [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

BOSTON PRIVATE FINANCIAL HOLDINGS, INC. (PARENT COMPANY ONLY)

CONDENSED BALANCE SHEETS

	December 31, 2017		December 31, 2016
	(In thousands)
Assets:
Cash and cash equivalents	$	66,361	$	54,694
Investment in wholly-owned and majority-owned subsidiaries:
Bank	731,907		694,517
Non-banks	110,764		137,262
Investment in partnerships and trusts	6,340		6,340
Other assets	11,046		17,131
Total assets	$	926,418	$	909,944
Liabilities:
Junior subordinated debentures	$	106,363	$	106,363
Deferred income taxes	5,322		8,638
Other liabilities	11,328		9,490
Total liabilities	123,013		124,491
Redeemable Noncontrolling Interests (1)	22,647		21,133
Total Shareholders’ Equity	780,758		764,320
Total liabilities, redeemable noncontrolling interests and shareholders’ equity	$	926,418	$	909,944

___________________

(1) Includes noncontrolling interests and the maximum redemption value of redeemable noncontrolling interests.

CONDENSED STATEMENTS OF OPERATIONS

	Year ended December 31,
	2017			2016			2015
	(In thousands)
Income:
Interest income	$	180		$	130		$	116
Dividends from subsidiaries:
Bank	25,200			22,700			22,700
Non-banks	24,116			24,044			28,789
Other income	(1,071		)	310			236
Total income	48,425			47,184			51,841
Operating Expense:
Salaries and employee benefits	4,061			4,620			10,320
Professional fees	1,369			1,337			2,007
Interest expense	2,919			2,427			3,875
Other expenses	1,424			1,381			2,740
Total operating expense	9,773			9,765			18,942
Income before income taxes	38,652			37,419			32,899
Income tax benefit	(6,880		)	(3,751		)	(6,877		)
Net income from discontinued operations	4,870			5,541			6,411
Income before equity in undistributed earnings of subsidiaries	50,402			46,711			46,187
Equity/ (loss) in undistributed earnings of subsidiaries	(9,811		)	24,917			18,738
Net income attributable to the Company	$	40,591		$	71,628		$	64,925

CONDENSED STATEMENTS OF CASH FLOWS

	Year ended December 31,
	2017			2016			2015
	(In thousands)
Cash flows from operating activities:
Net income attributable to the Company	$	40,591		$	71,628		$	64,925
Net income from discontinued operations	4,870			5,541			6,411
Net income from continuing operations	35,721			66,087			58,514
Adjustments to reconcile net income from continuing operations to net cash provided by/ (used in) operating activities:
Equity in earnings/ (loss) of subsidiaries:
Bank	(50,476		)	(58,184		)	(57,201		)
Non-banks	11,150			(13,477		)	(13,026		)
Dividends from subsidiaries:
Bank	25,200			22,700			22,700
Non-banks	24,116			24,044			28,789
Deferred income tax expense/ (benefit)	(3,075		)	10,000			(4,575		)
Depreciation and amortization	3,553			(738		)	5,097
Net decrease/ (increase) in other operating activities	1,899			(16,633		)	2,167
Net cash provided by/ (used in) operating activities of continuing operations	48,088			33,799			42,465
Net cash provided by/ (used in) operating activities of discontinued operations	4,870			5,541			6,411
Net cash provided by/ (used in) operating activities	52,958			39,340			48,876
Cash flows from investing activities:
Cash paid for acquisitions, including deferred acquisition obligations	1,410			1,890			1,821
Capital investments in subsidiaries:
Bank	—			—			—
Non-banks	(54		)	(1,220		)	(1,723		)
Net cash (used in)/ provided by in other investing activities	—			1			1
Net cash provided by/ (used in) investing activities	1,356			671			99
Cash flows from financing activities:
Repurchase of common stock	—			(9,323		)	—
Dividends paid to common shareholders	(37,054		)	(33,110		)	(29,608		)
Dividends paid to preferred shareholders	(3,475		)	(3,475		)	(3,475		)
Tax benefit/ (deficiency) from certain stock compensation awards	—			(620		)	(1,262		)
Proceeds from stock option exercises	882			1,725			1,206
Proceeds from issuance of common stock, net	2,740			7,786			160
Other equity adjustments	(5,740		)	(3,685		)	(5,204		)
Net cash provided by/ (used in) financing activities	(42,647		)	(40,702		)	(38,183		)
Net (decrease)/ increase in cash and cash equivalents	11,667			(691		)	10,792
Cash and cash equivalents at beginning of year	54,694			55,385			44,593
Cash and cash equivalents at end of year	$	66,361		$	54,694		$	55,385