updated 2/1/2011 4:17:26 PM ET 2011-02-01T21:17:26

BRYN MAWR, Pa., Feb. 1, 2011 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (Nasdaq:BMTC), (the "Corporation"), parent of The Bryn Mawr Trust Company (the "Bank"), today announced diluted earnings per share of $0.46 for the fourth quarter of 2010, an increase of $0.16 per share, or 53.3%, over the fourth quarter 2009 diluted earnings per share of $0.30. Net income for the fourth quarter of 2010 was $5.57 million, an increase of $2.93 million, or 111.0%, over the fourth quarter 2009 net income of $2.64 million.

Additionally, on January 27, 2011, the Corporation declared a quarterly dividend of $0.15 per share, an increase of $0.01, or 7.1%, from the prior quarter. The dividend is payable March 1, 2011, to shareholders of record as of February 14, 2011.

Also, the Corporation reported diluted earnings per share for the twelve months ended December 31, 2010, of $0.85, a decrease of $0.33, or 28.0%, as compared to $1.18 for the same period in 2009. Net income for the twelve months ended December 31, 2010 of $9.17 million was $1.16 million, or 11.3%, lower than the $10.34 million reported for the same period in 2009. Net income for the twelve months ended December 31, 2010 includes pre-tax merger-related and due diligence expenses of $5.7 million.

The merger with First Keystone Financial, Inc. ("FKF"), and its primary subsidiary, First Keystone Bank ("FKB"), occurred on July 1, 2010, and included the acquisition of $275 million of loans, $101 million of investment securities, and deposits of $321 million. Accordingly, this acquisition accounts for a significant portion of the increase in assets and liabilities at December 31, 2010, as compared to December 31, 2009. It also impacts the comparability of certain income statement line items for the quarter and year ended December 31, 2010, as compared to the same periods last year.

Ted Peters, Chairman and Chief Executive Officer, commented, "We had a strong finish to the year and are looking forward to 2011. The merger integration with First Keystone Bank, which began last summer, has gone extremely well, and Bryn Mawr Trust is now the largest community bank in the western suburbs of Philadelphia."

Mr. Peters commented further, "The increase in the quarterly dividend of $0.01 per share, or 7.1%, to $0.15 per share, is indicative of the confidence we have in our business model of combining a high quality community bank with top notch wealth management services."

SIGNIFICANT ITEMS OF NOTE

  • Revenue from the Wealth Management Division for the fourth quarter of 2010 was $4.1 million, an increase of 13.5% from fourth quarter 2009 revenue of $3.6 million. For the twelve months ended December 31, 2010, revenue from Wealth Management services was $15.5 million, an increase of $1.3 million, or 9.3%, from the same period last year. Wealth Management Division assets under management, administration, supervision and brokerage at December 31, 2010 were $3.41 billion, up approximately $122 million, or 3.7%, from September 30, 2010, and up approximately $541 million, or 18.9%, from December 31, 2009. These increases are due largely to the success of new initiatives within the division and asset appreciation resulting from improvements in the financial markets.
  • Net income for the fourth quarter 2010 increased $6.6 million, as compared to the quarter ended September 30, 2010. The increase was partially the result of a $3.9 million decrease in merger-related and due diligence expenses for the fourth quarter of 2010, as compared to the previous quarter. Other factors contributing to the improvement in net income include increases in fees for Wealth Management services, discussed above, along with an increase in gain on sale of residential mortgage loans, recovery in the value of mortgage servicing rights, and a decrease in the provision for loan and lease losses.
  • Net gain on the sale of residential mortgage loans for the quarter ended December 31, 2010 was $2.4 million. The increase of $1.5 million, or 179%, from $0.9 million for the quarter ended December 31, 2009, was largely due to the lower interest rate environment during the fourth quarter of 2010, which resulted in a 136% increase in mortgage loans sold from $33 million during the fourth quarter of 2009 to $78 million for the fourth quarter of 2010.
  • Asset quality remains strong at December 31, 2010; the allowance for loan and lease losses (the "allowance") of $10.3 million was 0.86% of portfolio loans and leases, as compared to $10.3 million, or 0.88% of portfolio loans and leases, at September 30, 2010. This amount remained relatively unchanged during the quarter ended December 31, 2010, as a result of the stability of both asset quality and the level of non-performing loans. The calculation of the allowance, as a percentage of loans and leases, includes the acquired FKF loan portfolio which, in accordance with GAAP, was recorded at its fair value without its previously recorded allowance for loan and lease losses.
  • The provision for loan and lease losses for the fourth quarter of 2010 decreased $2.7 million, to $1.5 million, from $4.2 million in the third quarter of 2010. This decrease resulted from the increased provision for loan and lease losses that was recorded in the third quarter of 2010 related to two commercial relationships.

Capital ratios, as shown in the following table, reflect the impact of the FKF merger and the $24.6 million registered direct stock offering completed in May 2010.



 
 

12/31/2010
 

9/30/2010
 

12/31/2009
Bryn Mawr Trust Company      
Tier I Capital to Risk Weighted Assets (RWA) 11.05% 10.37% 9.06%
Total (Tier II) Capital to RWA 13.47% 12.77% 12.20%
Tier I Leverage Ratio 8.62% 8.27% 8.03%
Tangible Common Equity Ratio 8.42% 8.20% 7.22%
 

Bryn Mawr Bank Corporation
     
Tier I Capital to Risk Weighted Assets (RWA) 11.30% 10.82% 9.41%
Total (Tier II) Capital to RWA 13.71% 13.21% 12.53%
Tier I Leverage Ratio 8.85% 8.65% 8.35%
Tangible Common Equity Ratio 8.01% 7.95% 7.51%
  • Total portfolio loans and leases of $1.20 billion at December 31, 2010 increased $21 million, or 1.8%, as compared to $1.18 billion at September 30, 2010. The growth was primarily attributable to new business development efforts. 
  • Deposits of $1.34 billion at December 31, 2010, increased $81 million, or 6.43%, from $1.26 billion at September 30, 2010. This growth was largely due to seasonal growth trends, continued strong branch activity and funding of accounts opened in previous quarters.
  • The tax equivalent net interest margin was 3.73% for the fourth quarter of 2010, up 7 basis points from the third quarter 2010 margin of 3.66% primarily due to the decline in the cost of interest bearing liabilities. The tax equivalent net interest margin for the fourth quarter of 2010 decreased 12 basis points from the fourth quarter 2009 margin of 3.85%, primarily due to the increase in lower-yielding cash balances, and a decline in the yield earned on the investment portfolio.
  • The Corporation's investment portfolio at December 31, 2010 had a fair market value of $317.1 million, as compared to $356.8 million at September 30, 2010. This decrease of $39.7 million, or 11.1%, was the result of Management's decision to use cash flows from the investment portfolio, along with deposit inflows, to reduce Federal Home Loan Bank advances.     
  • The Corporation recognized a recovery in mortgage servicing rights of $356 thousand for the three months ended December 31, 2010, as compared to an impairment of $168 thousand for the three months ended September 30, 2010. The recovery is attributed primarily to the increase in interest rates, resulting in the projection of slower prepayment speeds at the end of the fourth quarter of 2010, as compared to the end of the prior quarter.
  • The Corporation's effective tax rate for the quarter ended December 31, 2010 of 32.1% is 3.0% lower than the rate of 35.1% for the same period last year due, in part, to the utilization of capital loss carry-forwards, higher tax-free income from municipal securities, tax-free bank owned life insurance income and other items.

EARNINGS CONFERENCE CALL

The Corporation will hold an earnings conference call at 8:30 a.m. EST on Wednesday, February 2, 2011. Interested parties may participate by calling 1-877-317-6789, conference number 447208. A taped replay of the conference call will be available within two hours of the conclusion of the call and will remain available through February 15, 2011. The number to call for the taped replay is 1-877-344-7529 and the Replay Passcode is 447208. 

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://www.bmtc.com/investor_01.cfm. 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 or by calling Aaron Strenkoski, Vice President – Finance/Investor Relations at 610-581-4822. 

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" 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, 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 acquisition via the merger of First Keystone Financial, Inc. and First Keystone Bank; 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 well as any changes in risk factors that we may identify in our quarterly or other reports 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
           
  Dec 31,

2010
Sept 30,

2010
June 30,

2010
Mar 31,

2010
Dec 31,

2009
           
Interest income  $ 18,605  $ 18,473  $ 13,824  $ 13,894  $ 14,191
Interest expense  3,405  3,691  2,773  2,777  3,266
           
           
Net interest income  15,200  14,782  11,051  11,117  10,925
Provision for loan and lease losses  1,511  4,236  994  3,113  1,302
Net interest income after provision for loan and lease losses  13,689  10,546  10,057  8,004  9,623
           
Fees for wealth management services   4,081  3,689  3,898  3,831  3,597
Loan servicing and other fees  443  422  379  381  386
Service charges on deposits  645  672  488  501  504
Net gain on sale of residential mortgage loans  2,398  1,189  606  525  859
Net gain on sale of available for sale investments  398  259  --  1,544  603
Net gain on trading investment  --  --  --  --  15
Capital gains distributions  271  --  --  --  --
Net gain (loss) on sale of other real estate owned ("OREO")  --  38  --  (152)  --
BOLI income  135  131  --  --  --
Other operating income  902  653  519  529  577
Non-interest income  9,273  7,053  5,890  7,159  6,541
           
Salaries and wages   7,150  7,047  5,345  5,287  5,848
Employee benefits   1,416  1,646  1,364  1,558  1,253
Occupancy and bank premises  1,177  1,195  901  984  911
Furniture fixtures and equipment  931  695  557  595  575
Advertising  321  303  256  262  310
Net (recovery) impairment of mortgage servicing rights  (356)  168  177  41  (175)
Amortization of mortgage servicing rights  301  213  210  199  216
Intangible asset amortization  77  77  77  77  77
Core deposit intangible amortization   87  89  --  --  --
FDIC insurance  522  416  299  314  290
Merger related / due diligence expense  437  4,292  637  347  531
OREO expense  6  54  41  15  43
Impairment of OREO  --  381  --  --  --
Professional fees  603  459  459  619  702
Other operating expenses   2,092  2,337  1,780  1,455  1,517
Non-interest expense  14,764  19,372  12,103  11,753  12,098
           
Income (loss) before income taxes  8,198  (1,766)  3,844  3,410  4,066
Income tax expense (benefit)   2,633  (746)  1,438  1,187  1,429
Net income (loss)   $ 5,565  $ (1,020)  $ 2,406  $ 2,223  $ 2,637
           
Per share data:          
Weighted average shares outstanding  12,192,260  12,184,447  9,740,089  8,893,997  8,794,602
Dilutive potential common shares  10,742  --  12,476  11,017  9,112
Adjusted weighted average dilutive shares   12,203,002  12,184,447  9,752,565  8,905,014  8,803,714
           
Basic earnings per common share $ 0.46 $ (0.08) $ 0.25 $ 0.25 $ 0.30
           
Diluted earnings per common share $ 0.46 $ (0.08) $ 0.25 $ 0.25 $ 0.30
           
Dividend declared per share $ 0.14 $ 0.14 $ 0.14 $ 0.14 $ 0.14
           
Effective tax rate 32.1% (42.2)% 37.4% 34.8% 35.1%
           
Net interest margin 3.73% 3.66% 3.80% 4.06% 3.85%
 
Bryn Mawr Bank Corporation
Consolidated Statements of Income - (unaudited) 
(Dollars in thousands, except per share data)
     
  For The Twelve Months Ended
     
  December 31,

2010
December 31,

2009
     
Interest income  $ 64,796  $ 56,892
Interest expense  12,646  16,099
     
Net interest income  52,150  40,793
Provision for loan and lease losses  9,854  6,884
Net interest income after provision for loan and lease losses  42,296  33,909
     
Fees for wealth management services   15,499  14,178
Loan servicing and other fees  1,626  1,387
Service charges on deposits  2,307  1,951
Net gain on sale of residential mortgage loans  4,718  6,012
Net gain on sale of available for sale investments  2,201  1,923
Net gain on trading investment  --  255
Capital gains distributions  271  --
BOLI income  266  --
Net (loss) gain on sale of other real estate owned ("OREO")  (114)  6
Other operating income  2,601  2,758
Non-interest income  29,375  28,470
     
Salaries and wages   24,829  22,274
Employee benefits   5,984  5,578
Occupancy and bank premises  4,257  3,637
Furniture fixtures and equipment  2,778  2,407
Advertising  1,142  1,084
Net impairment (recovery) of mortgage servicing rights  30  (137)
Amortization of mortgage servicing rights  923  853
Intangible asset amortization   308  308
Core deposit intangible amortization   176  --
FDIC insurance  1,551  1,234
FDIC insurance - special assessment  --  540
Merger related / due diligence expense  5,714  616
OREO expense  116  43
Impairment of OREO  381  --
Professional fees  2,140  2,008
Other operating expenses  7,656  6,097
Non-interest expense  57,985  46,542
     
Income before income taxes  13,686  15,837
Income tax expense  4,512  5,500
Net income  $ 9,174  $ 10,337
     
Per share data:    
Weighted average shares outstanding  10,765,657  8,732,004
Dilutive potential common shares  12,312  16,719
Adjusted weighted average shares   10,777,969  8,748,723
     
Basic earnings per common share $ 0.85 $ 1.18
     
Diluted earnings per common share $ 0.85 $ 1.18
     
Dividend declared per share $ 0.56 $ 0.56
     
Effective tax rate 33.0% 34.7%
 
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data - (unaudited)
(Dollars in thousands, except per share data ) 
December 31, 2010
           
For the period end:  2010

4Q
2010

3Q
2010

2Q
2010

1Q
2009

4Q
Asset Quality Data          
           
Nonaccrual loans and leases  $ 9,781  $ 8,709  $ 9,072  $ 5,880  $ 6,246
90 + days past due loans - still accruing  10  902  892  1,015  668
Nonperforming loans and leases  9,791  9,611  9,964  6,895  6,914
Other non-performing assets  2,527  1,170  1,970  --  1,025
Total nonperforming assets  $ 12,318  $ 10,781  $ 11,934  $ 6,895  $ 7,939
           
Troubled debt restructurings in compliance with modified terms  $ 5,192  $ 2,417  $ 2,000  $ 3,894  $ 1,622
           
Nonperforming loans and leases / portfolio loans 0.82% 0.82% 1.11% 0.77% 0.78%
Nonperforming assets / assets 0.71% 0.63% 0.93% 0.56% 0.64%
           
Net loan and lease charge-offs (annualized) / average loans  0.59% 1.53% 0.40% 1.70% 0.53%
           
           
Delinquency rate - loans and leases >30 days  1.28% 1.62% 1.37% 1.10% 1.10%
           
Delinquent loans and leases - 30-89 days   $ 5,570  $ 8,283  $ 2,481  $ 2,917  $ 2,678
           
Delinquency rate - loans and leases 30-89 days  0.48% 0.71% 0.28% 0.33% 0.30%
           
           
           
Changes in the Allowance for loan and lease losses          
           
Balance, beginning of period  $ 10,297  $ 9,841  $ 9,740  $ 10,424  $ 10,299
           
Charge-offs  (1,743)  (3,934)  (1,071)  (3,946)  (1,385)
           
Recoveries  210  154  178  149  208
           
Net (charge-offs) / recoveries  (1,533)  (3,780)  (893)  (3,797)  (1,177)
           
Provision for loan and lease losses  1,511  4,236  994  3,113  1,302
           
Balance, end of period  $ 10,275  $ 10,297  $ 9,841  $ 9,740  $ 10,424
           
Allowance for loan and lease losses / loans and leases 0.86% 0.88% 1.09% 1.09% 1.18%
Allowance for loan and lease losses / nonperforming loans and leases 104.9% 107.1% 98.8% 141.3% 150.8%
           
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data - (unaudited)
(Dollars in thousands, except per share data ) 
December 31, 2010
           
For the period and period end:  2010

4Q
2010

3Q
2010

2Q
2010

1Q
2009

4Q
Selected ratios (annualized):          
           
Return on average assets 1.25% -0.29% 0.77% 0.76% 0.87%
Return on average shareholders' equity 13.87% -3.16% 8.10% 8.59% 10.22%
Yield on loans and leases*  5.70% 5.72% 5.72% 5.76% 5.75%
Yield on interest earning assets*  4.56% 4.57% 4.74% 5.06% 4.99%
Cost of interest bearing funds 1.04% 1.09% 1.22% 1.28% 1.45%
Net interest margin* 3.73% 3.66% 3.80% 4.06% 3.85%
Book value per share  $ 13.24  $ 12.99  $ 12.72  $ 11.86  $ 11.72
Tangible book value per share  $ 11.21  $ 11.03  $ 11.62  $ 10.56  $ 10.40
Period end shares outstanding  12,195,240  12,190,991  10,550,619  8,958,970  8,866,420
           
Selected data:           
           
Mortgage loans originated  $ 107,905  $ 67,304  $ 28,349  $ 24,346  $ 34,975
           
Mortgage loans sold - servicing retained  $ 77,448  $ 34,874  $ 17,358  $ 18,737  $ 31,503
Mortgage loans sold - servicing released  677  2,234  3,370  1,747  1,335
Total mortgage loans sold  $ 78,125  $ 37,108  $ 20,728  $ 20,484  $ 32,838
           
Mortgage loans serviced for others   $ 605,485  $ 578,293  $ 519,153  $ 520,023  $ 514,875
           
           
Total Wealth assets under management / administration / supervision

/ brokerage (1)
 $ 3,412,890  $ 3,291,293  $ 3,100,162  $ 3,109,563  $ 2,871,143
           
 * Yield on loans and leases, interest earning assets and net interest margin are calculated on a tax equivalent basis.
 (1) Brokerage Assets represent assets held at a registered broker dealer under a networking agreement.
           
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data - (unaudited)
(Dollars in thousands, except per share data ) 
December 31, 2010
           
       2010

Year-to-date 
   2009

Year-to-date 
Selected ratios (annualized):          
           
Return on average assets     0.61%   0.88%
Return on average shareholders' equity     6.76%   10.55%
Yield on loans and leases*      5.72%   5.81%
Yield on interest earning assets*      4.70%   5.14%
Cost of interest bearing funds     1.14%   1.81%
Net interest margin*     3.79%   3.70%
           
Selected data:           
           
Mortgage loans originated      $ 227,904    $ 291,613
           
Mortgage loans sold - servicing retained      $ 148,417    $ 266,759
Mortgage loans sold - servicing released      8,028    6,222
Total mortgage loans sold      $ 156,445    $ 272,981
           
 * Yield on loans and leases, interest earning assets and net interest margin are calculated on a tax equivalent basis.
                   
Investment Portfolio                   
($'s in thousands)                  
  As of December 31, 2010 As of December 31, 2009 As of September 30, 2010
                   




SECURITY DESCRIPTION


Amortized

Cost


Fair

Value
Net

Unrealized

Gain / (Loss)


Amortized

Cost


Fair

Value
Net

Unrealized

Gain / (Loss)


Amortized

Cost


Fair

Value
Net

Unrealized

Gain / (Loss)
                   
 U. S. treasury obligations  $ 5,011  $ 5,145  $ 134  $ --  $ --  $ --  $ 5,012  $ 5,227  $ 215
                   
 U. S. government agency securities  156,301  156,638  337  85,462  85,061  (401)  186,430  187,609  1,179
                   
 State & political subdivisions  28,273  28,430  157  24,859  25,024  165  29,959  30,614  655
                   
 State & political subdivisions - taxable  3,740  3,842  102  --  --  --  3,750  3,980  230
                   
 FNMA/FHLMC mortgage backed securities  48,554  49,213  659  49,318  50,952  1,634  41,632  42,431  799
                   
 GNMA mortgage backed securities  24,353  24,314  (39)  8,607  8,718  111  19,392  19,402  10
                   
 CMO mortgage backed securities  2,068  2,098  30  --  --  --  2,461  2,490  29
                   
 Equity stocks   243  256  13  --  --  --  243  294  51
                   
 Foreign debt securities  1,750  1,750  --  1,500  1,499  (1)  1,250  1,250  --
                   
 Bond - mutual funds  34,491  34,722  231  36,943  36,970  27  62,354  63,541  1,187
                   
 Corporate bonds  10,803  10,644  (159)  --  --  --  --  --  --
                   
Total Investment Portfolio  $ 315,587  $ 317,052  $ 1,465  $ 206,689  $ 208,224  $ 1,535  $ 352,483  $ 356,838  $ 4,355
             
Capital Ratios            
  Regulatory Minimum          
Bryn Mawr Trust Company Consolidated To Be          
  Well Capitalized 12/31/2010 9/30/2010 6/30/2010 3/31/2010 12/31/2009
             
Tier I Capital to Risk Weighted Assets (RWA) 6.00% 11.05% 10.37% 10.72% 9.32% 9.06%
Total (Tier II) Capital to RWA 10.00% 13.47% 12.77% 13.73% 12.41% 12.20%
Tier I Leverage Ratio 5.00% 8.62% 8.27% 9.29% 8.28% 8.03%
Tangible Common Equity Ratio   8.42% 8.20% 8.65% 7.50% 7.22%
Bryn Mawr Bank Corporation            
             
Tier I Capital to Risk Weighted Assets (RWA) 6.00% 11.30% 10.82% 11.95% 9.70% 9.41%
Total (Tier II) Capital to RWA 10.00% 13.71% 13.21% 14.95% 12.78% 12.53%
Tier I Leverage Ratio 5.00% 8.85% 8.65% 10.38% 8.63% 8.35%
Tangible Common Equity Ratio   8.01% 7.95% 9.66% 7.82% 7.51%
 
Bryn Mawr Bank Corporation
Consolidated Balance Sheets - (unaudited) 
(Dollars in thousands)
           
For the period ended: Dec 31,

2010
Sept 30,

2010
June 30,

2010
Mar 31,

2010
Dec 31,

2009
Assets          
           
Interest bearing deposits with banks  $ 78,410  $ 42,089  $ 43,943  $ 71,680  $ 58,472
Money market funds  113  223  86  402  9,175
Investment securities - AFS  317,052  356,838  254,888  173,816  208,224
           
Loans held for sale  4,838  4,686  4,254  2,214  3,007
           
Portfolio loans:          
Consumer  12,200  13,255  12,272  12,059  12,717
Commercial & industrial  239,366  239,823  235,080  234,300  233,288
Commercial mortgages  385,615  358,486  278,614  275,068  265,023
Construction   45,303  48,674  43,787  41,506  38,444
Residential mortgages  261,983  251,836  108,009  110,412  110,653
Home equity lines & loans  216,853  226,765  180,826  175,748  177,863
Leases  35,397  37,599  40,702  44,007  47,751
Total portfolio loans and leases  1,196,717  1,176,438  899,290  893,100  885,739
           
Earning assets  1,597,130  1,580,274  1,202,461  1,141,212  1,164,617
           
Cash and due from banks  10,961  11,090  14,593  17,995  11,670
Allowance for loan and lease losses  (10,275)  (10,297)  (9,841)  (9,740)  (10,424)
Premises and equipment   29,158  29,340  21,779  21,724  21,438
Goodwill  17,660  16,671  6,301  6,301  6,301
Intangible assets  5,113  5,190  5,267  5,344  5,421
Core deposit intangible  1,951  2,038  --  --  --
Bank owned life insurance ("BOLI")  18,972  18,838  --  --  --
FHLB stock  14,227  14,976  7,916  7,916  7,916
Deferred income taxes  14,551  15,071  4,596  4,960  4,991
Other assets  32,320  30,993  27,600  25,499  26,891
           
Total assets  $ 1,731,768  $ 1,714,184  $ 1,280,672  $ 1,221,211  $ 1,238,821
           
Liabilities and shareholders' equity          
           
Interest-bearing checking  $ 234,107  $ 206,091  $ 149,762  $ 143,735  $ 151,432
Money market  327,824  324,384  261,578  244,747  229,836
Savings  134,163  140,296  98,760  103,233  101,719
Other wholesale deposits  80,112  63,376  63,260  47,687  52,174
Wholesale deposits  37,201  36,582  33,421  43,352  36,118
Time deposits   245,669  261,839  141,803  136,927  153,705
Interest-bearing deposits  1,059,076  1,032,568  748,584  719,681  724,984
           
Non-interest bearing deposits  282,356  227,080  204,898  194,697  212,903
Total deposits  1,341,432  1,259,648  953,482  914,378  937,887
           
Subordinated debentures  22,500  22,500  22,500  22,500  22,500
Junior subordinated debentures  12,029  12,041 -- -- --      
Repurchase agreements  10,051  11,883 -- -- --      
Borrowed funds  158,144  221,793  139,640  142,244  144,826
Mortgage payable  2,000  2,016  2,031  2,046  2,062
Other liabilities  24,194  25,976  28,838  33,772  27,610
Shareholders' equity  161,418  158,327  134,181  106,271  103,936
           
Total liabilities and shareholders' equity  $ 1,731,768  $ 1,714,184  $ 1,280,672  $ 1,221,211  $ 1,238,821
           
           
Consolidated Quarterly Average Balance Sheets - (unaudited)
           
  2010

4Q
2010

3Q
2010

2Q
2010

1Q
2009

4Q
Assets          
           
Interest bearing deposits with banks  $ 108,278  $ 95,226  $ 60,317  $ 27,300  $ 52,958
Money market funds  138  106  248  1,426  14,334
Trading securities  --  --  --  --  1,502
Investment securities  334,252  346,275  223,901  200,482  182,925
Loans held for sale  5,981  3,741  3,107  2,975  4,441
Portfolio loans and leases   1,185,456  1,171,605  894,657  892,184  882,956
Earning assets  1,634,105  1,616,953  1,182,230  1,124,367  1,139,116
           
Cash and due from banks  13,583  12,668  10,079  10,627  11,713
Allowance for loan and lease losses  (10,403)  (10,068)  (9,904)  (10,620)  (10,557)
Premises and equipment  29,159  29,685  21,860  21,578  21,358
Goodwill  16,682  16,671  6,302  6,302  4,840
Intangible assets  5,157  5,234  5,311  5,388  5,465
Core deposit intangible  2,007  2,097  --  --  --
Bank owned life insurance  18,885  18,750  --  --  --
Deferred tax asset  15,143  13,310  4,800  4,734  5,173
Other assets  43,817  44,748  31,924  31,183  27,294
           
Total assets  $ 1,768,135  $ 1,750,048  $ 1,252,602  $ 1,167,247  $ 1,177,871
           
Liabilities and shareholders' equity          
           
Interest-bearing checking  $ 237,776  $ 215,846  $ 150,604  $ 143,935  $ 139,494
Money market  329,601  318,943  253,425  240,542  218,691
Savings  142,434  141,180  101,444  99,925  93,687
Other wholesale deposits  74,330  67,596  65,576  42,030  53,617
Wholesale deposits  38,863  36,864  36,387  43,026  56,447
Time deposits  253,631  269,653  142,552  139,959  162,300
Interest-bearing deposits  1,076,635  1,050,082  749,988  709,417  724,236
           
Non-interest bearing deposits  280,944  226,439  193,118  189,314  185,133
Total deposits  1,357,579  1,276,521  943,106  898,731  909,369
           
Subordinated debentures  22,500  22,500  22,500  22,500  22,500
Junior subordinated debentures  12,037  12,066  --  --  --
Repurchase agreements  11,827  10,848  --  --  --
Borrowed funds  176,362  241,672  140,836  143,939  145,994
Mortgage payable  2,010  2,026  2,040  2,056  2,070
Other liabilities  26,601  25,434  24,982  21,315  22,150
Shareholders' equity  159,219  158,981  119,138  105,018  102,319
           
Total liabilities and shareholders' equity  $ 1,768,135  $ 1,750,048  $ 1,252,602  $ 1,193,559  $ 1,204,402
     
Bryn Mawr Bank Corporation
Consolidated Average Balance Sheets - (unaudited) 
(Dollars in thousands)
     
   2010

Year-to-date 
 2009

Year-to-date 
Assets    
     
Interest bearing deposits with banks  $ 73,046  $ 34,946
Fed funds sold  --  548
Money market funds  475  38,662
Trading securities  --  2,294
Investment securities  276,887  145,304
Loans held for sale  3,951  5,611
Portfolio loans and leases  1,037,158  886,907
Earning assets  1,391,517  1,114,272
     
Cash and due from banks  11,750  11,248
Allowance for loan and lease losses  (10,248)  (10,421)
Premises and equipment  25,603  21,392
Goodwill  11,531  4,798
Intangible assets  5,273  5,580
Core deposit intangible  1,034  --
Bank owned life insurance  9,486  1,665
FHLB stock  10,838  7,916
Deferred tax asset  9,535  5,364
Other assets  27,051  18,681
     
Total assets  $ 1,493,370  $ 1,180,495
     
Liabilities and shareholders' equity    
     
Interest-bearing checking  $ 187,376  $ 136,202
Money market  285,963  185,225
Savings  121,417  87,096
Other wholesale deposits  62,875  33,988
Wholesale deposits  38,379  83,277
Time deposits  201,947  190,071
Interest-bearing deposits  897,957  715,859
     
Non-interest bearing deposits  222,715  172,469
Total deposits  1,120,672  888,328
     
Subordinated debentures  22,500  20,260
Borrowed funds  175,972  149,936
Junior subordinated debentures  6,075  --
Repurchase agreements  5,715  --
Mortgage payable  2,033  1,450
Other liabilities  24,602  22,502
Shareholders' equity  135,801  98,019
     
Total liabilities and shareholders' equity  $ 1,493,370  $ 1,180,495
 
Quarterly Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields - (unaudited)
             
  4th Quarter 2010  3rd Quarter 2010 
(dollars in thousands)



Average

Balance


Interest

Income/

Expense


Average

Rates

Earned / Paid




Average

Balance


Interest

Income/

Expense


Average

Rates

Earned / Paid
             
Assets:            
Interest-bearing deposits with other banks  $ 108,208  $ 66 0.24%  $ 95,226  $ 61 0.25%
Money market funds 138  --  -- 106  --  --
Investment securities available for sale:            
Taxable 305,281 1,315 1.71% 316,276 1,351 1.69%
Tax-exempt 28,971 273 3.74% 29,999 272 3.60%
Investment securities available for sale  334,252 1,588 1.88% 346,275 1,623 1.86%
             
Loans and leases * 1,191,437 17,110 5.70% 1,175,346 16,944 5.72%
             
Total interest earning assets  1,634,035 18,764 4.56% 1,616,953 18,628 4.57%
             
Cash and due from banks 13,583     12,668    
Less allowance for loan and lease losses (10,403)     (10,068)    
Other assets  130,920     130,495    
             
Total assets  $ 1,768,135      $ 1,750,048    
             
Liabilities:            
             
Savings, NOW and market rate deposits  $ 709,811  $ 793 0.44%  $ 675,969  $ 841 0.49%
Other wholesale deposits 74,331 88 0.47% 67,596 81 0.48%
Wholesale deposits 38,862 145 1.48% 36,864 161 1.73%
Time deposits  253,631 626 0.98% 269,653 654 0.96%
Total interest-bearing deposits 1,076,635 1,652 0.61% 1,050,082 1,737 0.66%
             
Subordinated debt 22,500 282 4.97% 22,500 293 5.17%
Junior subordinated debentures 12,037 272 8.97% 12,066 223 7.33%
Repurchase agreements 11,827 7 0.23% 10,848 8 0.29%
Mortgage payable 2,010 28 5.53% 2,026 29 5.68%
Borrowed funds 176,362 1,164 2.62% 241,672 1,401 2.30%
Total interest-bearing liabilities 1,301,371 3,405 1.04% 1,339,194 3,691 1.09%
             
Noninterest-bearing deposits 280,944     226,439    
Other liabilities 26,601     25,434    
Total noninterest-bearing liabilities 307,545     251,873    
             
Total liabilities 1,608,916     1,591,067    
             
Shareholders' equity  159,219     158,981    
             
Total liabilities and shareholders' equity   $ 1,768,135      $ 1,750,048    
             
Interest income to earning assets     4.56%     4.57%
             
Net interest spread     3.52%     3.48%
Effect of noninterest-bearing sources     0.21%     0.18%
             
Net interest income / margin on earning assets    $ 15,359 3.73%    $ 14,937 3.66%
             
Tax equivalent adjustment     $ 159 0.04%    $ 155 0.04%
       
  2nd Quarter 2010  1st Quarter 2010  4th Quarter 2009 
(dollars in thousands)



Average Balance


Interest

Income/ Expense


Average

Rates Earned / Paid




Average Balance


Interest

Income/ Expense


Average

Rates Earned / Paid




Average Balance


Interest

Income/ Expense


Average

Rates Earned / Paid
                   
Assets:                  
Interest-bearing deposits with other banks  $ 60,317  $ 37 0.25%  $ 27,300  $ 14 0.21%  $ 52,958  $ 30 0.22%
Money market funds 248  --  -- 1,426 1 0.28% 14,334 9 0.25%
Investment securities available for sale:                  
Taxable 199,106 867 1.75% 175,632 1,021 2.36% 159,015 1,144 2.85%
Tax-exempt 24,796 271 4.38% 24,850 278 4.54% 25,412 278 4.34%
Investment securities available for sale  223,902 1,138 2.04% 200,482 1,299 2.63% 184,427 1,422 3.06%
                   
Loans and leases * 897,764 12,801 5.72% 895,159 12,724 5.76% 887,397 12,860 5.75%
                   
Total interest earning assets  1,182,231 13,976 4.74% 1,124,367 14,038 5.06% 1,139,116 14,321 4.99%
                   
Cash and due from banks 10,079     10,627     11,713    
Less allowance for loan and lease losses (9,904)     (10,620)     (10,557)    
Other assets  70,196     69,185     64,130    
                   
Total assets  $ 1,252,602      $ 1,193,559     $1,204,402    
                   
Liabilities:                  
                   
Savings, NOW and market rate deposits  $ 505,473  $ 666 0.53%  $ 484,402  $ 656 0.55%  $ 451,873  $ 752 0.66%
Other wholesale deposits 65,576 79 0.48% 42,030 51 0.49% 53,617 60 0.44%
Wholesale deposits 36,387 162 1.79% 43,026 185 1.74% 56,446 278 1.95%
Time deposits  142,552 458 1.29% 139,959 454 1.32% 162,300 681 1.66%
Total interest-bearing deposits 749,988 1,365 0.73% 709,417 1,346 0.77% 724,236 1,771 0.97%
                   
Subordinated debt 22,500 280 4.99% 22,500 273 4.92% 22,500 282 4.97%
Junior subordinated debentures  --  --  --  --  --  --  --  --  --
Repurchase agreements  --  --  --  --  --  --  --  --  --
Mortgage payable 2,040 29 5.70% 2,056 28 5.52% 2,070 29 5.56%
Borrowed funds 140,836 1,099 3.13% 143,939 1,130 3.18% 145,995 1,184 3.22%
Total interest-bearing liabilities 915,364 2,773 1.22% 877,912 2,777 1.28% 894,801 3,266 1.45%
                   
Noninterest-bearing deposits 193,118     189,314     185,133    
Other liabilities 24,982     21,315     22,149    
Total noninterest-bearing liabilities 218,100     210,629     207,282    
                   
Total liabilities 1,133,464     1,088,541     1,102,083    
                   
Shareholders' equity  119,138     105,018     102,319    
                   
Total liabilities and shareholders' equity   $ 1,252,602      $ 1,193,559      $ 1,204,402    
                   
Interest income to earning assets     4.74%     5.06%     4.99%
                   
Net interest spread     3.52%     3.78%     3.54%
Effect of noninterest-bearing sources     0.32%     0.28%     0.31%
                   
Net interest income / margin on earning assets    $ 11,203 3.84%    $ 11,261 4.06%    $ 11,055 3.85%
                   
Tax equivalent adjustment     $ 144 0.05%    $ 144 0.05%    $ 130 0.04%
                   
* 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.
 
Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields 
For the Twelve months ended December 31,
             
             
  2010 2009
             
(dollars in thousands)



Average 

Balance


Interest 

Income/ 

Expense
Average

Rates

Earned/

Paid




Average 

Balance


Interest 

Income/ 

Expense
Average 

Rates 

Earned/ 

Paid
             
Assets:            
Interest-bearing deposits with other banks  $ 73,046  178 0.24%  $ 34,946  $ 74 0.21%
Federal funds sold  --   -- -- 548 1 0.18%
Money market funds  475  1 0.21% 38,662 197 0.51%
Investment securities available for sale:            
Taxable  249,714  4,555 1.82% 129,780 4,398 3.39%
Tax-exempt  27,173  1,094 4.03% 17,818 776 4.36%
             
Investment securities available for sale  276,887  5,649 2.04% 147,598 5,174 3.51%
             
Loans and leases *  1,041,109  59,579 5.72% 892,518 51,835 5.81%
             
Total interest earning assets  1,391,517  65,407 4.70% 1,114,272 57,281 5.14%
             
Cash and due from banks  11,750     11,249    
Less allowance for loan and lease losses  (10,248)     (10,421)    
Other assets   100,351     65,395    
             
Total assets $ 1,493,370     $ 1,180,495    
             
Liabilities:            
             
Savings,NOW and market rate deposits  $ 594,756  $ 2,957 0.50% $ 408,523  $ 3,094 0.76%
IND / IDC deposits  62,875  301 0.48%  33,988  148 0.44%
Wholesale deposits  38,379  651 1.70%  83,277  2,084 2.50%
Time deposits  201,947  2,192 1.09% 190,071 4,644 2.44%
Total interest-bearing deposits  897,957  6,101 0.68% 715,859 9,970 1.39%
             
Subordinated debt  22,500  1,129 5.02% 20,260 1,108 5.47%
Junior subordinated debentures 6,076 494 8.13% -- -- --
Repurchase agreements 5,715 16 0.28% -- -- --
Mortgage payable  2,033  114 5.61% 1,450 82 5.66%
Borrowed funds  175,972  4,792 2.72% 149,937 4,939 3.29%
Total interest-bearing liabilities  1,110,253  12,646 1.14% 887,506 16,099 1.81%
             
             
Noninterest-bearing deposits  222,715     172,468    
Other liabilities   24,601     22,502    
Total noninterest-bearing liabilities  247,316     194,970    
             
Total liabilities   1,357,569     1,082,476    
             
Shareholders' equity   135,801     98,019    
             
Total liabilities and shareholders' equity  $ 1,493,370     $ 1,180,495    
             
Interest income to earning assets     4.70%     5.14%
             
Net interest spread     3.56%     3.33%
Effect of noninterest-bearing sources     0.23%     0.37%
             
Net interest income / margin on earning assets    $ 52,761 3.79%    $ 41,182 3.70%
             
Tax equivalent adjustment     $ 611 0.04%    $ 389 0.04%
             
* 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.
CONTACT: Ted Peters, Chairman
         610-581-4800
         J. Duncan Smith, CFO
         610-526-2466

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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Home equity type Today +/- Chart
$30K HELOC FICO 4.95%
$30K home equity loan FICO 5.19%
$75K home equity loan FICO 4.58%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.40%
13.40%
Cash Back Cards 17.92%
17.91%
Rewards Cards 17.12%
17.11%
Source: Bankrate.com