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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