Market Overview

Bryn Mawr Bank Corporation Reports Third Quarter Earnings of $7.5 Million, Strong Loan Growth, Declares Dividend of $0.20

Share:

BRYN MAWR, Pa., Oct. 22, 2015 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the "Corporation"), parent of The Bryn Mawr Trust Company (the "Bank"), today reported net income of $7.5 million and diluted earnings per share of $0.42 for the three months ended September 30, 2015, as compared to net income of $6.5 million and diluted earnings per share of $0.47 for the same period in 2014.

On a non-GAAP basis, core net income, which excludes due diligence and merger-related expenses and net gain on sale of available for sale investment securities, was $8.1 million, or $0.46 per diluted share, for the third quarter of 2015 as compared to $7.0 million, or $0.51 per diluted share, for the same period in 2014. Management believes that this non-GAAP measure is important in evaluating the Corporation's performance. A reconciliation of the non-GAAP to GAAP performance measure is included in the schedules accompanying this earnings release.

During the quarter, portfolio loans grew by $75.5 million, or 3.5%, as the Bank's expanded footprint continues to present new opportunities for our lending teams. "With the Continental systems conversion on the verge of completion, we are anticipating the elimination of the redundant costs associated with operating two bank platforms," commented Frank Leto, President and Chief Executive Officer. Mr. Leto continued, "The strong loan growth during the quarter, as well as the consistent insurance and wealth management revenue streams are encouraging signs for the future."

On October 22, 2015, the Board of Directors of the Corporation declared a quarterly dividend of $0.20 per share, payable December 1, 2015 to shareholders of record as of November 3, 2015.

SIGNIFICANT ITEMS OF NOTE

Results of Operations – 3rd Quarter 2015 Compared to 3rd Quarter 2014

  • Net income of $7.5 million for the three months ended September 30, 2015 increased $990 thousand, or 15.2%, from $6.5 million for the same period in 2014.
     
  • Net interest income for the three months ended September 30, 2015 was $24.8 million, an increase of $5.7 million, or 29.5%, from $19.2 million for the same period in 2014. The increase in net interest income between the periods was largely related to the interest income generated by loans acquired in the January 1, 2015 merger with Continental Bank Holdings, Inc. ("CBHI" and the "Merger"). Average loans for the three months ended September 30, 2015 increased by $561.4 million from the same period in 2014. The increase in interest income resulting from loans acquired in the Merger was partially offset by an increase in interest expense on interest-bearing deposits. Average interest-bearing deposits for the three months ended September 30, 2015 increased by $459.5 million as compared to the same period in 2014, primarily related to the deposits acquired in the Merger.
     
  • The tax-equivalent net interest margin of 3.65% for the three months ended September 30, 2015 was a 22 basis point decrease from 3.87% for the same period in 2014. The decrease was largely the result of the 16 basis point decline in tax-equivalent yield on portfolio loans, accompanied by a $561.4 million increase in average portfolio loan balances. In addition, average interest-bearing deposits, which increased by $459.5 million, included a 1 basis point increase in the tax-equivalent rate paid. The decline in yield on portfolio loans was primarily related to the lower yields earned on the loans acquired in the Merger. The contribution of fair value mark accretion to the tax equivalent net interest margin accounted for 15 basis points of the margin for the third quarter of 2015 as compared to 11 basis points for the same period in 2014.
     
  • Non-interest income for the three months ended September 30, 2015 increased $1.8 million as compared to the same period in 2014. A $901 thousand increase in insurance revenues, a $245 thousand increase in net gain on sale of loans and a $421 thousand increase in other operating income accounted for the majority of this increase. The significant increase in insurance revenues resulted from the October 2014 acquisition of Powers Craft Parker and Beard, Inc. and the April 2015 acquisition of the Robert J. McAllister Agency. Net gain on sale of loans included gains on the sale of residential mortgage loans and gains on the sale of SBA loans. Included in other operating income was a $140 thousand increase in income on bank owned life insurance ("BOLI"), primarily related to a $5.0 million investment in BOLI, which was completed on July 1, 2015. In addition, income on CRA investments for the third quarter of 2015 increased by $111 thousand as compared to the same period in 2014.
     
  • Non-interest expense for the three months ended September 30, 2015 increased $5.4 million, to $25.4 million, as compared to $20.0 million for the same period in 2014. Increases of $1.8 million, $938 thousand and $1.3 million, in salary and wages, employee benefits and occupancy and furniture, fixtures and equipment expenses, respectively, much of which was related to the addition of the Continental staff and offices, along with $190 thousand in severance costs incurred in the third quarter of 2015, contributed to the increase. In addition, due diligence and merger-related costs increased by $240 thousand from the third quarter of 2014, largely due to the Merger and the ongoing integration efforts. Due diligence and merger-related expenses for the third quarter of 2015 included $541 thousand in salary and wages and related benefits, $318 thousand in consulting and other professional fees, and $177 thousand in systems conversion and deconversion costs.
     
  • Nonperforming loans and leases totaled $12.3 million as of September 30, 2015, representing 0.55% of total portfolio loans and leases, as compared to $8.3 million, or 0.51% of total portfolio loans and leases as of September 30, 2014. For the three months ended September 30, 2015, the Corporation recorded net loan and lease charge-offs of $224 thousand, as compared to $421 thousand for the same period in 2014. The provision for loan and lease losses (the "Provision") for the three months ended September 30, 2015 was $1.2 million as compared to $550 thousand for the same period in 2014. Largely contributing to the $650 thousand increase in Provision was the recognition of an impaired commercial and industrial loan which required a specific allowance for loan and lease loss (the "Allowance") of $514 thousand.

Results of Operations – 3rd Quarter 2015 Compared to 2nd Quarter 2015

  • Net income of $7.5 million for the three months ended September 30, 2015 decreased $623 thousand, or 7.7%, from $8.1 million for the three months ended June 30, 2015.
     
  • Net interest income for the three months ended September 30, 2015 was $24.8 million, a decrease of $237 thousand from $25.1 million for the three months ended June 30, 2015. The decrease in net interest income between the periods was partially related to the $231 thousand interest expense on subordinated notes recorded in the third quarter. The Corporation issued $30.0 million of 4.75% subordinated notes in August 2015. The increase in coupon interest earned on portfolio loans, whose average balance increased by $69.8 million from the second quarter of 2015 to the third quarter of 2015, was substantially offset by the $483 thousand decrease in interest from the accretion of loan fair value marks between the periods. Loans acquired in mergers are marked to fair value at the time of acquisition. Subsequent maturities and early payoffs can result in unpredictable fluctuations in the recognition of the loan mark as a component of loan interest.
     
  • The tax-equivalent net interest margin of 3.65% for the three months ended September 30, 2015 decreased 16 basis points from 3.81% in the second quarter of 2015. The contribution of fair value mark accretion to the tax equivalent net interest margin accounted for 15 basis points of the margin for the third quarter of 2015 as compared to 23 basis points for the second quarter of 2015.
     
  • Non-interest income for the three months ended September 30, 2015 decreased $827 thousand from the second quarter of 2015. The decrease was partially related to the $406 thousand decrease in wealth management revenue. This decrease resulted not only from the absence of fees for tax services, which were earned in the second quarter of 2015, but also from the decrease in market value of the assets under management. Fees earned on a significant portion of the wealth clients are tied to the market value of the assets held. Assets under management, administration, supervision and brokerage as of September 30, 2015 totaled $8.22 billion, down from $8.54 billion as of June 30, 2015. Other factors impacting the decrease in non-interest income were a $200 thousand decrease in loan servicing and other fees, which included $127 thousand of impairment of non-mortgage servicing rights on serviced SBA loans, and a $161 thousand decrease in dividends on bank stocks. Partially offsetting these decreases was a $248 thousand increase in insurance revenue.
     
  • Non-interest expense for the three months ended September 30, 2015 decreased $579 thousand, to $25.4 million, as compared to $26.0 million for the second quarter of 2015. The decrease was comprised of decreases of $279 thousand in due diligence and merger-related expenses, $251 thousand in occupancy expenses and $123 thousand in salaries and wages. The decrease in salaries and wages was net of $190 thousand of severance costs incurred in the third quarter of 2015.
     
  • For the three months ended September 30, 2015, the Corporation recorded net loan and lease charge-offs of $224 thousand, as compared to $187 thousand for the second quarter of 2015. The Provision for the three months ended September 30, 2015 was $1.2 million, as compared to $850 thousand for the second quarter of 2015. The increase in Provision for the third quarter of 2015 was partially related to the $75.5 million net increase in portfolio loans between June 30, 2015 and September 30, 2015, as well as the need for specific Allowances on impaired loans. The most significant impaired loan was a $1.9 million commercial and industrial loan requiring a $514 thousand specific Allowance.

Financial Condition – September 30, 2015 Compared to December 31, 2014

  • Total portfolio loans and leases of $2.23 billion as of September 30, 2015 increased by $576.5 million from December 31, 2014. In addition to the $424.2 million of portfolio loans acquired in the Merger, strong loan growth of $152.3 million, or 7.3%, occurred during the nine months ended September 30, 2015.
     
  • The Allowance, as of September 30, 2015, was $15.9 million, or 0.71% of portfolio loans as compared to $14.6 million, or 0.88% of portfolio loans and leases, as of December 31, 2014. The decrease in the Allowance as a percentage of portfolio loans and leases was primarily the result of the increase in the balance of portfolio loans from the Merger. Loans acquired in the Merger were marked to their fair value at acquisition, and, as such, no additional Allowance was recorded for the acquired loan portfolio. In order to take this into account when evaluating the adequacy of the Allowance, in addition to other factors, management considers two non-GAAP measures: the Allowance as a percentage of originated loans and leases, which was 0.88% as of September 30, 2015 as compared to 0.94% as of December 31, 2014, and the Allowance plus the remaining loan mark, as a percentage of gross loans, which was 1.52% as of September 30, 2015, as compared to 1.27% as of December 31, 2014.
     
  • Available for sale investment securities as of September 30, 2015 were $341.4 million, an increase of $111.8 million from December 31, 2014. In connection with the Merger, the Corporation acquired $181.8 million of available for sale investment securities. During the first quarter of 2015, the Corporation sold $63.2 million of these acquired available for sale investment securities in order to shorten the overall duration of the investment portfolio. Proceeds from the sale of available for sale investment securities along with excess cash were used to pay down $94.5 million of short-term FHLB advances assumed in the Merger, which matured shortly after the Merger was completed, as well as to prepay $19.5 million of long-term FHLB advances which had also been assumed in the Merger.
     
  • Total assets as of September 30, 2015 were $2.95 billion, an increase of $706.2 million from December 31, 2014. The Merger accounted for an initial increase in total assets of $742.6 million. Taking into account the assets acquired in the Merger, portfolio loans and leases increased by $152.3 million, available for sale investment securities decreased by $70.0 million, and FHLB stock decreased by $4.8 million.
     
  • Wealth assets under management, administration, supervision and brokerage totaled $8.22 billion as of September 30, 2015, an increase of $518.4 million from December 31, 2014.
     
  • Deposits of $2.24 billion as of September 30, 2015, increased $551.8 million from December 31, 2014. The Merger accounted for an initial increase of $481.7 million of deposits, which included $93.9 million of non-interest-bearing deposits. In addition, an increase of $64.9 million and $5.3 million in non-interest-bearing deposits and interest-bearing deposits, respectively, were recorded between the dates. As of September 30, 2015, non-interest-bearing deposits comprised 27.0% of total deposits as compared to 26.5% as of December 31, 2014.
     
  • The capital ratios for the Bank and the Corporation, as of September 30, 2015, as shown in the attached tables, indicate levels well above the regulatory minimum to be considered "well capitalized." All of the Bank's and the Corporation's capital ratios have increased from the levels present at December 31, 2014, largely as a result of the stock issued in the Merger, increases in retained earnings and the impact of the Corporation's issuance of $30 million of subordinated notes, the effect of which can be seen in the 40 basis point increase in the ratio of Tier II capital to risk weighted assets.

EARNINGS CONFERENCE CALL

The Corporation will hold an earnings conference call at 8:30 a.m. Eastern Time on Friday, October 23, 2015.  Interested parties may participate by dialing (toll-free) 1-877-504-8812 (international (toll) 1-412-902-6656).  A recorded replay of the conference call will be available one hour after the conclusion of the call and will remain available through November 6, 2015.  The recorded replay may be accessed by dialing (toll-free) 1-877-344-7529 (international (toll) 1-412-317-0088) and the conference number is 10072507.

The conference call will be simultaneously broadcast live over the Internet through a webcast on the investor relations portion of the Bryn Mawr Bank Corporation's website. To access the call, please visit the website at http://services.choruscall.com/links/bmtc151023-830a.   An online archive of the webcast will be available within one hour of the conclusion of the call.  The Corporation has also recently expanded its Investor Relations website to include added resources and information for shareholders and interested investors.  Interested parties are encouraged to utilize the expanded resources of the site for more information on Bryn Mawr Bank Corporation.

FORWARD LOOKING STATEMENTS AND SAFE HARBOR

This press release contains statements which, to the extent that they are not recitations of historical fact may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Such forward-looking statements may include financial and other projections as well as statements regarding the Corporation's future plans, objectives, performance, revenues, growth, profits, operating expenses or the Corporation's underlying assumptions. The words "may,"  "would," "should," "could," "will," "likely," "possibly," "expect," "anticipate," "intend," "estimate," "target," "potentially," "probably," "outlook," "predict," "contemplate," "continue," "plan," "forecast," "project," "are optimistic," "are looking," "are looking forward" and "believe" or other similar words and phrases may identify forward-looking statements. Persons reading this press release are cautioned that such statements are only predictions, and that the Corporation's actual future results or performance may be materially different.

Such forward-looking statements involve known and unknown risks and uncertainties.   A number of factors, many of which are beyond the Corporation's control, could cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments expressed, implied or anticipated by such forward-looking statements, and so our business and financial condition and results of operations could be materially and adversely affected. Such factors include, among others, that the integration of CBHI's business with the Corporation may take longer than anticipated or be more costly to complete and that the anticipated benefits, including any anticipated cost savings or strategic gains may be significantly harder to achieve or take longer than anticipated or may not be achieved, our need for capital, our ability to control operating costs and expenses, and to manage loan and lease delinquency rates; the credit risks of lending activities and overall quality of the composition of our loan, lease and securities portfolio; the impact of economic conditions, consumer and business spending habits, and real estate market conditions on our business and in our market area; changes in the levels of general interest rates, deposit interest rates, or net interest margin and funding sources; changes in banking regulations and policies and the possibility that any banking agency approvals we might require for certain activities will not be obtained in a timely manner or at all or will be conditioned in a manner that would impair our ability to implement our business plans; changes in accounting policies and practices; the inability of key third-party providers to perform their obligations to us; our ability to attract and retain key personnel; competition in our marketplace; war or terrorist activities; material differences in the actual financial results, cost savings and revenue enhancements associated with our acquisitions; and other factors as described in our securities filings.  All forward-looking statements and information set forth herein are based on management's current beliefs and assumptions as of the date hereof and speak only as of the date they are made.  The Corporation does not undertake to update forward-looking statements.

For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, as updated by our quarterly or other reports subsequently filed with the SEC.

 

Bryn Mawr Bank Corporation    
Consolidated Statements of Income - (unaudited)    
(dollars in thousands, except per share data)    
          
 For The Three Months Ended    
 September 30,June 30,March 31,December 31,September 30,    
  2015  2015  2015  2014  2014     
          
Interest and fees on loans and leases$  25,620 $  25,568 $  25,164 $  19,913 $  19,710     
Interest on cash and cash equivalents   107    124    115    66    46     
Interest on investment securities:         
Taxable   1,135    1,161    1,320    891    863     
Non-taxable   125    106    135    95    100     
Dividends   42    34    20    90    30     
Total interest income   27,029    26,993    26,754    21,055    20,749     
          
Savings, NOW and market rate deposits   584    575    594    422    430     
Wholesale deposits   203    195    188    190    175     
Time deposits   289    292    246    143    137     
Interest on deposits   1,076    1,062    1,028    755    742     
Interest on short-term borrowings   8    10    21    4    4     
Interest on FHLB advances and other borrowings   881    851    910    809    827     
Interest on subordinated notes   231    -    -    -    -     
Total interest expense   2,196    1,923    1,959    1,568    1,573     
          
Net interest income   24,833    25,070    24,795    19,487    19,176     
Provision for loan and lease losses   1,200    850    569    (316)   550     
Net interest income after provision for loan and lease losses   23,633    24,220    24,226    19,803    18,626     
          
Fees for wealth management services   9,194    9,600    9,105    9,263    9,099     
Service charges on deposits   721    752    712    658    663     
Loan servicing and other fees   397    597    591    450    431     
Net gain on sale of loans   685    778    808    471    440     
Net gain on sale of investment securities available for sale   60    3    810    390    -     
Net gain (loss) on sale of other real estate owned   -    75    15    4    (49)    
Dividends on bank stocks   138    299    615    211    126     
Insurance revenue   1,065    817    1,021    795    164     
Other operating income   1,090    1,256    1,088    641    669     
Non-interest income   13,350    14,177    14,765    12,883    11,543     
          
Salaries and wages   10,941    11,064    10,870    9,869    9,110     
Employee benefits   2,590    2,618    2,729    1,900    1,652     
Occupancy and bank premises   2,557    2,808    2,466    1,808    1,881     
Furniture, fixtures and equipment   1,712    1,488    1,512    1,358    1,078     
Advertising   410    479    557    400    310     
Amortization of intangible assets   953    955    982    753    633     
Due diligence and merger-related expenses   1,015    1,294    2,501    957    775     
Professional fees   843    827    673    809    701     
Pennsylvania bank shares tax   433    433    433    64    412     
Information technology   1,053    814    702    747    678     
Other operating expenses   2,896    3,202    4,004    3,267    2,731     
Non-interest expense   25,403    25,982    27,429    21,932    19,961     
          
Income before income taxes   11,580    12,415    11,562    10,754    10,208     
Income tax expense   4,084    4,296    4,068    3,710    3,702     
Net income$  7,496 $  8,119 $  7,494 $  7,044 $  6,506     
          
Per share data:         
Weighted average shares outstanding   17,572,421    17,713,794    17,545,802    13,646,098    13,600,348     
Dilutive common shares   263,289    340,869    357,456    296,682    272,516     
Adjusted weighted average diluted shares   17,835,710    18,054,663    17,903,258    13,942,780    13,872,864     
          
Basic earnings per common share$0.43 $0.46 $0.43 $0.52 $0.48     
          
Diluted earnings per common share$0.42 $0.45 $0.42 $0.51 $0.47     
          
Dividend declared per share$0.20 $0.19 $0.19 $0.19 $0.19     
          
Effective tax rate 35.3% 34.6% 35.2% 34.5% 36.3%    
          
Supplemental Non-GAAP Performance Measures* (Includes Reconciliation of Non-GAAP to GAAP Performance Measures)    
Net income (a GAAP measure)$  7,496 $  8,119 $  7,494 $  7,044 $  6,506     
less: tax-effected net gain on sale of available for sale investments   (39)   (2)   (527)   (254)   -     
add: tax-effected** due diligence and merger-related expenses   660    841    1,626    622    504     
Net income excluding tax-effected** due diligence and merger-related expenses and net gain on sale of available for sale investment securities (a non-GAAP measure)$  8,117 $  8,958 $  8,593 $  7,412 $  7,010     
Basic earnings per common share excluding tax-effected** due diligence and merger-related expenses and security gains (a non-GAAP measure)$  0.46 $  0.51 $  0.49 $  0.54 $  0.52     
Diluted earnings per common share excluding tax-effected** due diligence and merger-related expenses and security gains (a non-GAAP measure)$  0.46 $  0.50 $  0.48 $  0.53 $  0.51     
          
*The Corporation believes the presentation of the above non-GAAP financial measure provides useful supplemental information that is essential to an investor's proper understanding of the results of operations of the Corporation. Management uses this non-GAAP financial measure in its analysis of the Corporation's performance. This non-GAAP disclosure should not be viewed as a substitute for the financial measure determined in accordance with GAAP, nor is it necessarily comparable to a non-GAAP performance measure that may be presented by other companies    
** assumed nominal tax rate of 35%    
          

 

Bryn Mawr Bank Corporation        
Consolidated Statements of Income - (unaudited)        
(dollars in thousands, except per share data)        
           
 For The Nine Months Ended September 30,        
  2015  2014         
           
Interest and fees on loans and leases$  76,352 $  58,628         
Interest on cash and cash equivalents 346  127         
Interest on investment securities:          
Taxable 3,616  2,705         
Non-taxable 366  304         
Dividends   96    87         
Total interest income$  80,776 $  61,851         
           
Savings, NOW and market rate deposits 1,753  1,254         
Wholesale deposits 586  437         
Time deposits   827    453         
Interest on deposits 3,166    2,144         
Interest on short-term borrowings 39    12         
Interest on FHLB advances and other borrowings   2,642    2,354         
Interest on subordinated notes   231    -         
Total interest expense   6,078    4,510         
           
Net interest income   74,698    57,341         
Provision for loan and lease losses   2,619    1,200         
           
Net interest income after provision for loan and lease losses   72,079    56,141         
           
Fees for wealth management services   27,899    27,511         
Service charges on deposits   2,185    1,920         
Loan servicing and other fees   1,585    1,305         
Net gain on sale of loans   2,271    1,301         
Net gain on sale of investment securities available for sale   873    81         
Net gain on sale of other real estate owned   90    171         
Dividends on bank stocks   1,052    404         
Insurance revenue   2,903    369         
Other operating income   3,434    2,377         
Non-interest income   42,292    35,439         
           
Salaries and wages   32,875    27,244         
Employee benefits   7,937    5,440         
Occupancy and bank premises   7,831    5,497         
Furniture fixtures and equipment   4,712    3,150         
Advertising   1,446    1,104         
Amortization of intangible assets   2,890    1,906         
Due diligence and merger-related expenses   4,810    1,416         
Professional fees   2,343    2,208         
Pennsylvania bank shares tax   1,299    1,192         
Information technology   2,569    2,024         
Other operating expenses   10,102    8,305         
Non-interest expense   78,814    59,486         
           
Income before income taxes   35,557    32,094         
Income tax expense   12,448    11,295         
Net income$  23,109 $  20,799         
           
Per share data:          
Weighted average shares outstanding   17,610,353    13,539,329         
Dilutive common shares   320,538    294,114         
Adjusted weighted average shares   17,930,891    13,833,443         
           
Basic earnings per common share$1.31 $1.54         
           
Diluted earnings per common share$1.29 $1.50         
           
Dividend declared per share$0.58 $0.55         
           
Effective tax rate 35.0% 35.2%        
           
Supplemental Non-GAAP Performance Measures* (Includes Reconciliation of Non-GAAP to GAAP Performance Measures)        
Net income (a GAAP measure)$  23,109 $  20,799         
less: tax-effected net gain on sale of available for sale investments   (567)   (53)        
add: tax-effected** due diligence and merger-related expenses   3,127    920         
Net income excluding tax-effected** due diligence and merger-related expenses and net gain on sale of available for sale investment securities (a non-GAAP measure)$  25,669 $  21,666         
Basic earnings per common share excluding tax-effected** due diligence and merger-related expenses (a non-GAAP measure)$  1.46 $  1.60         
Diluted earnings per common share excluding tax-effected** due diligence and merger-related expenses (a non-GAAP measure)$  1.43 $  1.57         
           
*The Corporation believes the presentation of the above non-GAAP financial measure provides useful supplemental information that is essential to an investor's proper understanding of the results of operations of the Corporation. Management uses this non-GAAP financial measure in its analysis of the Corporation's performance. This non-GAAP disclosure should not be viewed as a substitute for the financial measure determined in accordance with GAAP, nor is it necessarily comparable to a non-GAAP performance measure that may be presented by other companies        
** assumed nominal tax rate of 35%        
           

 

Bryn Mawr Bank Corporation 
Consolidated Balance Sheets - (unaudited) 
(dollars in thousands) 
       
 September 30,June 30,March 31,December 31,September 30, 
  2015  2015  2015  2014  2014  
Assets      
       
Interest-bearing deposits with banks$  100,980 $  156,282 $  244,248 $  202,552 $  56,253  
Investment securities - available for sale   341,421    349,496    334,746    229,577    265,939  
Investment securities - trading   3,451    4,029    4,035    3,896    3,803  
Loans held for sale   8,721    15,363    6,656    3,882    1,375  
Portfolio loans:      
Consumer   22,350    25,123    20,204    18,480    16,810  
Commercial & industrial   488,977    472,702    457,432    335,645    342,524  
Commercial mortgages   971,983    924,161    892,675    689,528    683,558  
Construction   82,820    88,122    81,408    66,267    59,923  
Residential mortgages   399,730    381,323    379,363    313,442    314,127  
Home equity lines & loans   212,258    211,982    209,037    182,082    183,314  
Leases   50,646    49,850    48,412    46,813    44,982  
Total portfolio loans and leases   2,228,764    2,153,263    2,088,531    1,652,257    1,645,238  
       
Earning assets   2,683,337    2,678,433    2,678,216    2,092,164    1,972,608  
       
Cash and due from banks   17,161    20,258    17,269    16,717    11,312  
Allowance for loan and lease losses   (15,935)   (14,959)   (14,296)   (14,586)   (15,599) 
Premises and equipment   44,370    43,164    42,888    33,748    32,733  
Accrued interest receivable   7,744    7,518    7,465    5,560    5,661  
Mortgage servicing rights   5,031    4,970    4,815    4,765    4,796  
Goodwill   104,338    104,322    101,619    35,502    32,843  
Other intangible assets   25,356    26,309    26,522    22,998    17,459  
Bank owned life insurance   38,157    32,941    32,772    20,535    20,451  
FHLB stock   11,742    11,542    11,541    11,523    12,889  
Deferred income taxes   11,216    11,066    12,057    7,011    5,786  
Other investments   9,499    9,295    9,238    5,226    4,592  
Other assets   10,726    15,155    13,073    5,343    18,351  
       
Total assets$  2,952,742 $  2,950,014 $  2,943,179 $  2,246,506 $  2,123,882  
       
Liabilities and shareholders' equity      
       
Interest-bearing deposits:      
Interest-bearing checking$  330,684 $  328,606 $  349,582 $  277,228 $  256,890  
Money market   748,983    699,263    717,441    566,354    550,238  
Savings   192,995    189,120    184,819    138,992    142,364  
Wholesale non-maturity deposits   65,636    65,365    69,555    66,693    41,290  
Wholesale time deposits   57,671    67,894    73,476    73,458    60,171  
Retail time deposits   238,269    274,008    263,996    118,400    121,158  
Total interest-bearing deposits   1,634,238    1,624,256    1,658,869    1,241,125    1,172,111  
       
Non-interest-bearing deposits   605,607    636,390    582,495    446,903    438,221  
Total deposits   2,239,845    2,260,646    2,241,364    1,688,028    1,610,332  
       
Short-term borrowings   24,264    26,406    38,372    23,824    13,980  
Long-term FHLB advances and other borrowings   254,893    244,923    250,088    260,146    230,574  
Subordinated notes   29,466    -    -    -    -  
Other liabilities   36,119    36,941    35,452    29,034    21,387  
Shareholders' equity   368,155    381,098    377,903    245,474    247,609  
       
Total liabilities and shareholders' equity$  2,952,742 $  2,950,014 $  2,943,179 $  2,246,506 $  2,123,882  
       
       
       
Bryn Mawr Bank Corporation 
Consolidated Quarterly Average Balance Sheets - (unaudited) 
(dollars in thousands) 
       
 For The Three Months Ended 
 September 30,June 30,March 31,December 31,September 30, 
  2015  2015  2015  2014  2014  
Assets      
       
Interest-bearing deposits with banks$  165,723 $  182,099 $  206,694 $  115,276 $  78,324  
Investment securities - available for sale   352,006    347,046    370,293    252,422    265,491  
Investment securities - trading   4,022    4,034    3,897    3,804    3,599  
Loans held for sale   10,527    6,735    3,470    982    1,116  
Portfolio loans and leases   2,181,125    2,111,371    2,079,412    1,654,239    1,629,102  
Earning assets   2,713,403    2,651,285    2,663,766    2,026,723    1,977,632  
       
Cash and due from banks   17,160    16,222    19,092    13,795    12,739  
Allowance for loan and lease losses   (15,066)   (14,346)   (14,866)   (15,837)   (15,672) 
Premises and equipment   43,699    43,172    44,681    33,290    32,763  
Goodwill   104,323    102,237    98,744    35,539    32,843  
Other intangible assets   25,918    26,879    26,316    23,392    17,821  
Bank owned life insurance   38,015    32,830    32,655    20,478    20,402  
FHLB stock   11,592    11,542    11,928    11,419    12,864  
Deferred income taxes   10,684    11,819    10,449    2,941    5,926  
Other assets   31,580    29,061    25,391    31,102    30,491  
       
Total assets$  2,981,308 $  2,910,701 $  2,918,156 $  2,182,842 $  2,127,809  
       
Liabilities and shareholders' equity      
       
Interest-bearing deposits:      
Interest-bearing checking$  334,350 $  339,101 $  341,756 $  259,408 $  255,601  
Money market   735,842    699,100    724,806    553,708    565,803  
Savings   190,337    186,343    185,848    143,650    143,877  
Wholesale non-maturity deposits   65,671    61,306    66,677    60,197    43,256  
Wholesale time deposits   67,606    69,191    73,443    68,525    54,976  
Retail time deposits   251,170    273,718    267,800    120,855    121,986  
Total interest-bearing deposits   1,644,976    1,628,759    1,660,330    1,206,343    1,185,499  
       
Non-interest bearing deposits   625,547    580,240    534,403    446,252    426,883  
Total deposits   2,270,523    2,208,999    2,194,733    1,652,595    1,612,382  
       
Short-term borrowings   28,166    34,980    55,207    19,407    14,074  
Long-term FHLB advances and other borrowings   248,606    249,678    266,342    237,835    235,091  
Subordinated notes   18,190    -    -    -    -  
Other liabilities   39,219    37,890    30,935    24,070    22,298  
Shareholders' equity   376,604    379,154    370,939    248,935    243,964  
       
Total liabilities and shareholders' equity$  2,981,308 $  2,910,701 $  2,918,156 $  2,182,842 $  2,127,809  
       

 

Bryn Mawr Bank Corporation 
Consolidated Year-to-Date Average Balance Sheets - (unaudited) 
(dollars in thousands) 
    
 For The Nine Months Ended September 30, 
  2015  2014  
Assets   
    
Interest bearing deposits with banks$  184,689 $  72,341  
Investment securities - available for sale   356,381    272,906  
Investment securities - trading   3,985    3,519  
Loans held for sale   6,936    969  
Portfolio loans and leases   2,124,342    1,592,749  
Earning assets   2,676,333    1,942,484  
    
Cash and due from banks   17,484    12,371  
Allowance for loan and lease losses   (14,760)   (15,835) 
Premises and equipment   43,847    32,652  
Goodwill   101,436    32,843  
Intangible assets   26,370    18,454  
Bank owned life insurance   34,520    20,327  
FHLB stock   11,716    12,508  
Deferred income taxes   11,337    6,977  
Other assets   28,670    30,037  
    
Total assets$  2,936,953 $  2,092,818  
    
Liabilities and shareholders' equity   
    
Interest-bearing deposits:   
Interest-bearing checking$  338,375 $  261,071  
Money market   719,957    555,793  
Savings   187,525    141,724  
Wholesale non-maturity deposits   64,548    42,690  
Wholesale time deposits   70,059    46,373  
Time deposits   264,168    127,863  
Total interest-bearing deposits   1,644,632    1,175,514  
    
Non-interest-bearing deposits   580,356    419,542  
Total deposits   2,224,988    1,595,056  
    
Short-term borrowings   39,352    14,798  
Long-term FHLB advances and other borrowings   254,810    223,532  
Subordinated notes   6,130    -  
Other liabilities   35,978    21,403  
Shareholders' equity   375,695    238,029  
    
Total liabilities and shareholders' equity$  2,936,953 $  2,092,818  
    

 

Bryn Mawr Bank Corporation  
Quarterly Tax-Equivalent Net Interest Margin Calculation - (unaudited)  
(dollars in thousands)  
                       
 For The Three Months Ended  
 September 30, 2015June 30, 2015March 31, 2015December 31, 2014September 30, 2014   
(dollars in thousands)Average BalanceInterest Income/ ExpenseAverage Rates Earned/ Paid Average BalanceInterest Income/ ExpenseAverage Rates Earned/ Paid Average BalanceInterest Income/ ExpenseAverage Rates Earned/ Paid Average BalanceInterest Income/ ExpenseAverage Rates Earned/ Paid Average BalanceInterest Income/ ExpenseAverage Rates Earned/ Paid   
                       
Assets:                      
Interest-bearing deposits with other banks$  165,723 $  107  0.26 %$  182,099 $  124  0.27 %$  206,694 $  115  0.23 %$  115,276 $  65  0.22 %$  78,324 $  46  0.23 %  
Investment securities - available for sale:                      
Taxable 310,582  1,172  1.50 % 310,011  1,184  1.53 % 335,208  1,336  1.62 % 221,190  973  1.75 % 230,457  884  1.52 %  
Tax-exempt 41,424  186  1.78 % 37,035  157  1.70 % 35,085  203  2.35 % 31,232  142  1.80 % 35,034  149  1.69 %  
Total investment securities - available for sale 352,006  1,358  1.53 % 347,046  1,341  1.55 % 370,293  1,539  1.69 % 252,422  1,115  1.75 % 265,491  1,033  1.54 %  
                       
Investment securities  - trading 4,022  5  0.49 % 4,034  11  1.09 % 3,897  4  0.42 % 3,804  9  0.94 % 3,599  9  0.99 %  
                       
Loans and leases * 2,191,652  25,698  4.65 % 2,118,106  25,623  4.85 % 2,082,882  25,226  4.91 % 1,655,221  19,972  4.79 % 1,630,218  19,767  4.81 %  
                       
Total interest-earning assets 2,713,403  27,168  3.97 % 2,651,285  27,099  4.10 % 2,663,766  26,884  4.09 % 2,026,723  21,161  4.14 % 1,977,632  20,855  4.18 %  
                       
Cash and due from banks 17,160     16,222     19,092     13,795     12,739      
Less: allowance for loan and lease losses (15,066)    (14,346)    (14,866)    (15,837)    (15,672)     
Other assets 265,811     257,540     250,164     158,161     153,110      
                       
Total assets$  2,981,308    $  2,910,701    $  2,918,156    $  2,182,842    $  2,127,809      
                       
Liabilities:                      
                       
Interest-bearing deposits:                      
Savings, NOW and market rate deposits$  1,260,529 $  584  0.18 %$  1,224,544 $  575  0.19 %$  1,252,410 $  594  0.19 %$  956,766 $  422  0.17 %$  965,281 $  430  0.18 %  
Wholesale deposits 133,277  203  0.60 % 130,497  195  0.60 % 140,120  188  0.54 % 128,722  190  0.59 % 98,232  175  0.71 %  
Time deposits 251,170  289  0.46 % 273,718  292  0.43 % 267,800  246  0.37 % 120,855  143  0.47 % 121,986  137  0.45 %  
Total interest-bearing deposits 1,644,976  1,076  0.26 % 1,628,759  1,062  0.26 % 1,660,330  1,028  0.25 % 1,206,343  755  0.25 % 1,185,499  742  0.25 %  
                       
Borrowings:                      
Short-term borrowings 28,166  8  0.11 % 34,980  10  0.11 % 55,344  21  0.15 % 19,407  4  0.08 % 14,074  3  0.08 %  
Long-term FHLB advances and other borrowings 248,606  881  1.41 % 249,678  851  1.37 % 266,205  910  1.39 % 237,835  809  1.35 % 235,091  828  1.40 %  
Subordinated notes 18,190  231  5.04 %   -    -    - %   -    -    - %   -    -    - %   -    -    - %  
Total borrowings 294,962  1,120  1.51 % 284,658  861  1.21 % 321,549  931  1.17 % 257,242  813  1.25 % 249,165  831  1.32 %  
                       
Total interest-bearing liabilities 1,939,938  2,196  0.45 % 1,913,417  1,923  0.40 % 1,981,879  1,959  0.40 % 1,463,585  1,568  0.43 % 1,434,664  1,573  0.43 %  
                       
Noninterest-bearing deposits 625,547     580,240     534,403     446,252     426,883      
Other liabilities 39,219     37,890     30,935     24,070     22,298      
Total noninterest-bearing liabilities 664,766     618,130     565,338     470,322     449,181      
                       
Total liabilities 2,604,704     2,531,547     2,547,217     1,933,907     1,883,845      
                       
Shareholders' equity 376,604     379,154     370,939     248,935     243,964      
                       
Total liabilities and shareholders' equity$  2,981,308    $  2,910,701    $  2,918,156    $  2,182,842    $  2,127,809      
                       
Interest income to earning assets   3.97 %   4.10 %   4.09 %   4.14 %   4.18 %  
                       
Net interest spread   3.52 %   3.70 %   3.69 %   3.71 %   3.75 %  
Effect of noninterest-bearing sources   0.13 %   0.11 %   0.10 %   0.13 %   0.12 %  
                       
Tax-equivalent net interest margin $  24,972  3.65 % $  25,176  3.81 % $  24,925  3.79 % $  19,593  3.84 % $  19,282  3.87 %  
                       
Tax-equivalent adjustment $   139   0.02  % $   106   0.02  % $   130   0.02  % $   106   0.02  % $   106   0.02  %  
                       
Supplemental Information Regarding Accretion of Fair Value Marks  
Accretion of fair value marks on loans $  763  0.11%  $  1,246  0.19%  $  1,127  0.17%  $  513  0.10%  $  516  0.10%   
Accretion of fair value marks on time deposits    188  0.03%     205  0.03%     245  0.04%     4  0.00%     6  0.00%   
Accretion of fair value marks on borrowings    65  0.01%     65  0.01%     70  0.01%     30  0.01%     30  0.01%   
Net interest income from fair value marks $  1,016    $  1,516    $  1,442    $  547    $  552     
Effect of fair value mark accretion on tax-equivalent net interest margin  0.15%    0.23%    0.22%    0.11%    0.11%    
* Average loans and leases include portfolio loans and leases, and loans held for sale. Non-accrual loans are also included in the average loan and leases balances.  
                       
                       

 

Bryn Mawr Bank Corporation   
Year-To-Date Tax-Equivalent Net Interest Margin Calculation - (unaudited)   
(dollars in thousands)   
            
 For The Nine Months Ended September 30,   
     2015     2014      
 Average BalanceInterest  Income/  ExpenseAverage Rates Earned/ Paid Average BalanceInterest  Income/  ExpenseAverage Rates Earned/ Paid    
            
Assets:           
Interest-bearing deposits with other banks$  184,689    346 0.25%$  72,341    127 0.23%   
Federal funds sold   -     -   -    -     -   -    
Investment securities available for sale:       %   
Taxable   318,510    3,691 1.55%   237,053    2,759 1.56%   
Tax-exempt   37,871    546 1.93%   35,853    453 1.69%   
            
Investment securities - available for sale   356,381    4,237 1.59%   272,906    3,212 1.57%   
            
Investment securities - trading   3,985    21 0.70%   3,519    33 1.25%   
            
Loans and leases *   2,131,278    76,548 4.80%   1,593,718    58,810 4.93%   
            
Total interest earning assets   2,676,333    81,152 4.05%   1,942,484    62,182 4.28%   
            
Cash and due from banks   17,484       12,371       
Less allowance for loan and lease losses   (14,760)      (15,835)      
Other assets   257,896       153,798       
            
Total assets$  2,936,953    $  2,092,818       
            
Liabilities:           
            
Savings,NOW and market rate deposits$  1,245,857 $  1,753 0.19%$  958,588 $  1,254 0.17%   
Wholesale deposits   134,607    586 0.58%   89,063    437 0.66%   
Time deposits   264,168    827 0.42%   127,863    453 0.47%   
Total interest-bearing deposits   1,644,632    3,166 0.26%   1,175,514    2,144 0.24%   
            
Short-term borrowings   39,352    39 0.13%   14,798    12 0.11%   
Long-term FHLB advances and other borrowings   254,810    2,642 1.39%   223,532    2,354 1.41%   
Subordinated notes   6,130    231 5.04%   -    -   -%   
Total Borrowings   300,292    2,912 1.30%   238,330    2,366 1.33%   
            
Total interest-bearing liabilities   1,944,924    6,078 0.42%   1,413,844    4,510 0.43%   
            
            
Noninterest-bearing deposits   580,356       419,542       
Other liabilities   35,978       21,403       
Total noninterest-bearing liabilities   616,334       440,945       
            
Total liabilities   2,561,258       1,854,789       
            
Shareholders' equity   375,695       238,029       
            
Total liabilities and shareholders' equity$  2,936,953    $  2,092,818       
            
Interest income to earning assets  4.05%  4.28%   
            
Net interest spread  3.63%  3.85%   
Effect of noninterest-bearing sources  0.12%  0.12%   
            
Tax-equivalent net interest margin $  75,074 3.75% $  57,672 3.97%   
            
Tax-equivalent adjustment $  376  0.02 % $   331  0.02 %   
            
Supplemental Information Regarding Accretion of Fair Value Marks   
Accretion of fair value marks on loans $  3,136    $  2,218      
Accretion of fair value marks on time deposits    638       19      
Accretion of fair value marks on borrowings    200       91      
Net interest income from fair value marks $  3,974    $  2,328      
Effect of fair value mark accretion on tax-equivalent net interest margin  0.20%    0.16%     
* Average loans and leases include portfolio loans and leases, and loans held for sale. Non-accrual loans are also included in the average loan and lease balances 

 

Bryn Mawr Bank Corporation   
Consolidated Selected Financial Data - (unaudited)   
(dollars in thousands, except per share data)   
         
 For The Three Months Ended or As Of   
 September 30,June 30,March 31,December 31,September 30,   
  2015  2015  2015  2014  2014    
Asset Quality Data        
         
Nonaccrual loans and leases$  12,315 $  8,996 $  9,130 $  10,096 $  8,336    
90 days or more past due loans, still accruing   -    -    -    -    -    
Nonperforming loans and leases   12,315    8,996    9,130    10,096    8,336    
Other real estate owned   1,010    843    1,532    1,147    894    
Total nonperforming assets$  13,325 $  9,839 $  10,662 $  11,243 $  9,230    
         
Troubled debt restructurings included in nonperforming assets$  3,711 $  3,960 $  4,217 $  4,315 $  1,725    
Troubled debt restructurings in compliance with modified terms   4,062    4,078    4,145    4,157    6,913    
Total troubled debt restructurings$  7,773 $  8,038 $  8,362 $  8,472 $  8,638    
         
         
Nonperforming loans and leases / portfolio loans & leases 0.55% 0.42% 0.44% 0.61% 0.51%   
Nonperforming assets / total assets 0.45% 0.33% 0.36% 0.50% 0.43%   
Net loan and lease charge-offs / average loans and leases (annualized) 0.04% 0.04% 0.16% 0.17% 0.10%   
         
Delinquency rate* - Performing and nonperforming loans and leases 30 days or more past due 0.62% 0.58% 0.51% 0.50% 0.48%   
Performing loans and leases - 30-89 days past due$  4,960 $  5,233 $  3,361 $  2,232 $  1,739    
Delinquency rate* - Performing loans and leases - 30-89 days past due 0.22% 0.24% 0.16% 0.13% 0.11%   
         
* as a percentage of total loans and leases        
         
Changes in the allowance for loan and lease losses:        
         
Balance, beginning of period$  14,959 $  14,296 $  14,586 $  15,599 $  15,470    
Charge-offs   (308)   (312)   (928)   (864)   (493)   
Recoveries   84    125    69    167    72    
Net charge-offs   (224)   (187)   (859)   (697)   (421)   
Provision for loan and lease losses   1,200    850    569    (316)   550    
Balance, end of period$  15,935 $  14,959 $  14,296 $  14,586 $  15,599    
         
Total Allowance / Total Portfolio loans and leases 0.71% 0.69% 0.68% 0.88% 0.95%   
Allowance on originated loans and leases / Originated loans and leases (a non-GAAP measure) 0.88% 0.88% 0.90% 0.94% 1.01%   
(Total Allowance + Loan mark) / Total Gross portfolio loans and leases (a non-GAAP measure) 1.52% 1.60% 1.61% 1.27% 1.36%   
Total Allowance / nonperforming loans and leases 129.4% 166.3% 156.6% 144.5% 187.1%   
         
Supplemental Loan and Allowance Information Used to Calculate Non-GAAP Measures        
         
Total Allowance$  15,935 $  14,959 $  14,296 $  14,586 $  15,599    
less: Allowance on acquired loans   35    22    125    86    273    
Allowance on originated loans and leases$  15,900 $  14,937 $  14,171 $  14,500 $  15,326    
         
Total Allowance$  15,935 $  14,959 $  14,296 $  14,586 $  15,599    
Loan mark on acquired loans   18,179    19,816    19,708    6,422    6,932    
Total Allowance + Loan mark$  34,114 $  34,775 $  34,004 $  21,008 $  22,531    
Total Portfolio loans and leases$  2,228,764 $  2,153,263 $  2,088,532 $  1,652,257 $  1,645,238    
less: Originated loans and leases   1,804,835    1,692,041    1,571,377    1,535,003    1,516,104    
Net acquired loans$  423,929 $  461,222 $  517,155 $  117,254 $  129,134    
add: Loan mark on acquired loans   18,179    19,816    19,708    6,422    6,932    
Gross acquired loans (excludes loan mark)$  442,108 $  481,038 $  536,863 $  123,676 $  136,066    
Originated loans and leases   1,804,835    1,692,041    1,571,377    1,535,003    1,516,104    
Total Gross portfolio loans and leases$  2,246,943 $  2,173,079 $  2,108,240 $  1,658,679 $  1,652,170    
         
 For The Three Months Ended or As Of   
 September 30,June 30,March 31,December 31,September 30,   
  2015  2015  2015  2014  2014    
Selected ratios (annualized):        
         
Return on average assets 1.00% 1.12% 1.04% 1.28% 1.21%   
Return on average shareholders' equity 7.90% 8.59% 8.19% 11.23% 10.58%   
Return on average tangible equity (2) 12.07% 13.02% 12.36% 14.71% 13.35%   
Tax-equivalent yield on loans and leases 4.65% 4.85% 4.91% 4.79% 4.81%   
Tax-equivalent yield on interest-earning assets 3.97% 4.10% 4.09% 4.14% 4.18%   
Cost of interest-bearing funds 0.45% 0.40% 0.40% 0.43% 0.43%   
Tax-equivalent net interest margin 3.65% 3.81% 3.79% 3.84% 3.87%   
Book value per share$  21.45 $  21.43 $  21.26 $  17.83 $  18.03    
Tangible book value per share$  13.89 $  14.08 $  14.05 $  13.59 $  14.37    
Shares outstanding at end of period   17,166,323    17,786,293    17,777,628    13,769,336    13,730,581    
         
Selected data:        
         
Mortgage loans originated$  76,169 $  63,285 $  35,728 $  29,929 $  29,861    
         
Residential mortgage loans sold - servicing retained$  30,515 $  28,204 $  24,569 $  14,382 $  16,237    
Residential mortgage loans sold - servicing released   10,579    9,257    2,644    92    539    
Total residential mortgage loans sold$  41,094 $  37,461 $  27,213 $  14,474 $  16,776    
         
Yield on residential mortgage loans sold 1.67% 2.08% 2.97% 3.25% 2.62%   
         
Residential mortgage loans serviced for others$  601,999 $  595,440 $  591,989 $  590,659 $  594,156    
         
         
Total wealth assets under management, administration, supervision and brokerage (1)$  8,218,276 $  8,536,024 $  7,816,441 $  7,699,908 $  7,580,779    
         
(1) Brokerage assets represent assets held at a registered broker dealer under a clearing agreement.        
(2) Average tangible equity equals average shareholders' equity minus average goodwill and average other intangible assets.       
         
 For the Nine Months Ended September 30,     
Selected ratios (annualized): 2015   2014      
         
Return on average assets 1.05%  1.33%     
Return on average shareholders' equity 8.22%  11.68%     
Return on average tangible equity (1) 12.46%  14.89%     
Tax-equivalent yield on loans and leases 4.80%  4.93%     
Tax-equivalent yield on interest-earning assets 4.05%  4.28%     
Cost of interest-bearing liabilities 0.42%  0.43%     
Tax-equivalent net interest margin 3.75%  3.97%     
         
Selected data:        
         
Residential mortgage loans originated$  175,182  $  87,328      
         
Residential mortgage loans sold - servicing retained$  83,288  $  40,477      
Residential mortgage loans sold - servicing released   22,480     691      
Total residential mortgage loans sold$  105,768  $  41,168      
         
(1) Average tangible equity equals average shareholders' equity minus average goodwill and average other intangible assets.       
         
         
         
         
Investment Portfolio - Available for SaleAs of September 30, 2015 As of December 31, 2014 
         
   Net   Net 
 AmortizedFairUnrealized AmortizedFairUnrealized 
SECURITY DESCRIPTIONCostValueGain / (Loss) CostValueGain / (Loss) 
         
U.S. Treasury securities$  101 $  102 $  1  $  102 $  100 $  (2) 
Obligations of the U.S. Government and agencies   90,927    91,639    712     66,881    66,762    (119) 
State & political subdivisions - tax-free   43,235    43,388    153     28,955    29,045    90  
State & political subdivisions - taxable   740    742    2     -    -    -  
Mortgage-backed securities   152,918    155,509    2,591     79,498    81,382    1,884  
Collateralized mortgage obligations   32,614    32,953    339     34,618    34,797    179  
Other debt securities   1,900    1,896    (4)    1,900    1,900    -  
Bond mutual funds   11,956    11,798    (158)    11,956    11,835    (121) 
Other investments   3,587    3,394    (193)    3,643    3,756    113  
Total investment portfolio available for sale$  337,978 $  341,421 $  3,443  $  227,553 $  229,577 $  2,024  
         
         
         
Capital Ratios        
 Regulatory Minimum       
 To BeSeptember 30,June 30,March 31,December 31,September 30,  
Bryn Mawr Trust CompanyWell Capitalized 2015  2015  2015  2014  2014   
         
Tier I capital to risk weighted assets ("RWA") 8.00% 12.26% 12.26% 12.38% 11.32% 11.60%  
Total (Tier II) capital to RWA 10.00% 12.96% 12.93% 13.05% 12.19% 12.54%  
Tier I leverage ratio 5.00% 9.75% 9.77% 9.52% 8.98% 9.39%  
Tangible equity ratioN/A 8.84% 8.54% 8.42% 8.19% 9.21%  
Common equity Tier I capital to RWA 4.50% 12.26% 12.26% 12.38%N/AN/A  
         
Bryn Mawr Bank Corporation        
         
Tier I capital to RWA 8.00% 11.85% 12.77% 12.63% 12.00% 12.05%  
Total (Tier II) capital to RWA 10.00% 13.84% 13.44% 13.30% 12.87% 12.99%  
Tier I leverage ratio 5.00% 9.44% 10.20% 9.77% 9.43% 9.77%  
Tangible equity ratioN/A 8.45% 8.88% 8.87% 8.61% 9.58%  
Common equity Tier I capital to RWA 4.50% 11.85% 12.77% 12.63%N/AN/A  
         
Frank Leto, President, CEO 610-581-4730 Mike Harrington, CFO 610-526-2466

Primary Logo

View Comments and Join the Discussion!