Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of bank holding company Boston Private Financial Holdings (Nasdaq: BPFH) were clobbered after it reported worse-than-expected third-quarter results.

So what: Analysts were looking for the bank to show a per-share profit of $0.05, but the bank ended up chalking up a loss to the tune of $0.10 per share. The loss was driven by a big jump in the provision for loan losses as the bank deals with a wobbly commercial real estate market in Northern California.

Now what: No doubt the loss came as a surprise to investors, because Boston Private Financial has kept its loan loss provisions relatively low in recent quarters. Management suggested this was a conservative move and it was trying to get ahead of the situation in Northern California, but with more than $900 million of the bank's $4.5 billion loan portfolio in Northern California commercial loans, investors have reason to be concerned. However, it can be difficult to get too much from a single quarterly report, so investors will want to stay tuned to see what the bank's balance sheet does next quarter.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his Motley Fool CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policyassures you no Wookiees were harmed in the making of this article.