8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): December 9, 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)

(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 September 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 September 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.

(d) Exhibits.

99.1    Brochure Entitled “Quarterly Statement of Financial Condition”

104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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: December 9, 2020

EXHIBIT INDEX

    Exhibit

    No.     Description

    99.1     Brochure Entitled “Quarterly Statement of Financial Condition”

EX-99.1

BOSTON PRIVATE offers a full spectrum of wealth, trust, and banking services designed to give you one trusted resource to help simplify and strengthen your financial life. 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 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 and solution to help them achieve their goals, hopes and dreams for today and tomorrow. Headquartered in Boston, we serve clients from our offices located in the major markets of Greater Boston, New York, San Francisco, San Jose, Los Angeles, Miami, and Palm Beach Gardens.2 bostonprivate.com Quarterly Statement of FINANCIAL CONDITION for Boston Private Bank & Trust Company FINANCIAL HIGHLIGHTS Third Quarter 2020 $7.9 Billion Total Deposits $16.3 Billion Total Client Assets1 8.5% Tier 1 Leverage Capital Ratio (Above the 5.00% required by the FDIC to be well-capitalized) $7.2 Billion Total Loans $2.8 billion of cash, high-quality unpledged investment securities, and borrowing capacity from the Federal Home Loan Bank as of September 30, 2020 Capital Base Asset Quality Nonperforming Loans represent 0.57% of the total loan portfolio as of September 30, 2020. Capital ratios in excess of levels banking regulators consider to be well-capitalized. Liquidity Profile IDC Rating3 Superior (as of 09/30/2020)

Private Banking and Trust services are o ered through Boston Private Bank & Trust Company, a Massachusetts Chartered Trust Company. Wealth Management services are o ered through Boston Private Wealth LLC, an SEC Registered Investment Adviser and wholly owned subsidiary of Boston Private Bank & Trust Company. Boston Private Bank & Trust Company, its parent, its subsidiaries, and their sta , do not provide accounting services or legal advice. You should consult with your legal professional or tax preparer prior to taking any action relating to the subject matter contained in this communication. Investments are Not FDIC Insured, Not Guaranteed and May Lose Value. 10% 8% 6.5% 5% 13.04% 11.79% 11.79% 8.50% 0% 2% 4% 6% 8% 10% 12% 14% Total Risk-Based Tier 1 Risk-Based Common Equity Tier 1 Risk-Based Tier 1 Leverage CAPITAL 09/30/20 Total Risk-Based 13.04% Tier 1 Risk-Based 11.79% Common Equity Tier 1 11.79% Tier 1 Leverage 8.50% Well-Capitalized Boston Private Bank & Trust Company CAPITAL BASE (as of 09/30/2020) The financial highlights and condensed balance sheet below demonstrate the overall financial strength of Boston Private Bank & Trust Company as of September 30, 2020. CONDENSED BALANCE SHEET ($ in thousands) ASSETS 09/30/2020 CASH & INVESTMENTS $ 1,593,040 LOANS Loans held for sale 15,074 Commercial & Construction 3,927,074 Residential Mortgage 2,729,164 Home Equity and Consumer 194,835 Paycheck Protection Program Loans 371,496 Total Loans 7,222,569 Less: Allowance for loan losses (84,551) Net Loans 7,138,018 OTHER ASSETS 653,016 TOTAL ASSETS $9,399,148 LIABILITIES & SHAREHOLDER’S EQUITY 09/30/2020 DEPOSITS Demand Deposits $2,413,348 NOW 616,847 Savings & Money Market 4,315,280 Certificate of Deposit 537,139 Total Deposits 7,882,614 BORROWINGS 338,780 OTHER LIABILITIES 300,620 TOTAL LIABILITIES 8,522,014 SHAREHOLDER’S EQUITY 877,134 TOTAL LIABILITIES AND EQUITY $9,399,148 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 September 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. 00001_20201209

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Cover Page Cover Page	Dec. 09, 2020
Cover [Abstract]
Document Type	8-K
Document Period End Date	Dec. 09, 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