updated 4/28/2011 4:46:52 PM ET 2011-04-28T20:46:52

BRYN MAWR, Pa., April 28, 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 $0.38 for the three months ended March 31, 2011, an increase of $0.13 per share, or 52%, as compared to diluted earnings per share of $0.25 for the same period in 2010. Net income for the three months ended March 31, 2011 was $4.7 million, an increase of $2.5 million, or 112.1%, as compared to net income of $2.2 million for the same period in 2010. Total assets as of March 31, 2011 were $1.71 billion as compared to $1.73 billion and $1.22 billion as of December 31, 2010 and March 31, 2010, respectively.

On April 27, 2011, the Board of Directors of the Corporation declared a quarterly dividend of $0.15 per share. The dividend is payable June 1, 2011, to shareholders of record as of May 10, 2011.

The merger with First Keystone Financial, Inc., (the "Merger"), which was completed on July 1, 2010, is the primary cause of the increases in assets and liabilities between March 31, 2011 and March 31, 2010. In addition, the Merger, which included the acquisition of $275 million of loans, $101 million of investment securities, $321 million of deposits and $106 million of borrowings, as well as eight full-service branch locations, accounts for a significant portion of the increases in both income and expense items for the three months ended March 31, 2011, as compared to the same period in 2010.

Ted Peters, Chairman and Chief Executive Officer, commented, "We are very pleased with our first quarter earnings which were a result of lower credit costs, an improved net interest margin, a healthy increase in our Wealth division's revenue, and the successful integration of the First Keystone branches." Mr. Peters added, "Loan demand is starting to pick up, and we are optimistic about maintaining this positive momentum for the remainder of 2011."

On February 18, 2011, the Corporation entered into a definitive agreement to acquire the Private Wealth Management Group of the Hershey Trust Company. The acquisition, which is anticipated to close in the second quarter of 2011, subject to certain conditions and regulatory approvals, is expected to increase the assets under management of the Corporation's Wealth Management Division by approximately $1.1 billion. Mr. Peters commented, "We are very excited about the pending Hershey transaction," adding that, "it steers us firmly in the direction of attaining our goal of $5 billion in wealth assets under management." As of March 31, 2011, Wealth Management Division assets under management, administration, brokerage and supervision were $3.6 billion.

SIGNIFICANT ITEMS OF NOTE

  • Net income for the three months ended March 31, 2011 increased $2.5 million, as compared to the same period in 2010. The increase is attributable to a $4.3 million increase in net interest income, a $1.8 million decrease in the provision for loan and lease losses, a $359 thousand increase in fees for wealth management services, a $209 thousand decrease in professional fees and a $466 thousand increase in other operating income. These increases were partially offset by a $1.1 million decrease in the gain on sale of available for sale securities, a $127 thousand decrease in the gain on sale of residential mortgage loans and a $543 thousand increase in other operating expenses. In addition, directly related to the operation of the newly-acquired First Keystone branches, were increases of $1.2 million in salaries and benefits expenses and $603 thousand in occupancy-related expenses for the three months ended March 31, 2011, as compared to the same period in 2010.
  • Revenue from the Wealth Management Division for the three months ended March 31, 2011 was $4.2 million, an increase of 9.4% from the $3.8 million generated in the same period in 2010. Wealth Management Division assets under management, administration, supervision and brokerage as of March 31, 2011 were $3.6 billion, an increase of $187.8  million, or 5.5%, from December 31, 2010, and a $491.1 million, or 15.8%, increase from March 31, 2010. These increases are due largely to the continued successes of new initiatives within the division as well as asset appreciation resulting from improvements in the financial markets.
  • Net gain on the sale of residential mortgage loans for the three months ended March 31, 2011 was $398 thousand as compared to $525 thousand for the same period in 2010. The 24.2% decrease is attributable to the Corporation's decision to retain a larger portion of originated residential mortgage loans in its portfolio, rather than sell them, thus decreasing the net gain on their sales.
  • The allowance for loan and lease losses (the "Allowance"), as of March 31, 2011, of $10.6 million, was 0.87% of portfolio loans and leases, as compared to $10.3 million or 0.86% of portfolio loans and leases and $9.7 million or 1.09% of portfolio loans and leases as of December 31, 2010 and March 31, 2010, respectively. In calculating the Allowance as a percentage of portfolio loans and leases, portfolio loans and leases include loans and leases originated by the Bank ("originated loans and leases"), as well as loans acquired in the Merger. In accordance with accounting principles generally accepted in the United States ("GAAP"), the loan portfolio acquired in the Merger was recorded at its fair value without its previously recorded Allowance. The Allowance related to originated loans and leases, as a percentage of originated loans and leases (a non-GAAP measure*), was 1.08%, as of both March 31, 2011 and December 31, 2010.

*see table under Non-GAAP Financial Measures shown below.

  • Asset quality as of March 31, 2011 remained relatively stable, with nonperforming loans and leases comprising 0.88%, 0.79% and 0.82% of total portfolio loans as of March 31, 2011, December 31, 2010 and September 30, 2010, respectively. Net loan and lease charge-offs for the three months ended March 31, 2011 totaled $911 thousand, as compared to net loan and lease charge-offs of $1.5 million and $3.8 million for the three month periods ended December 31, 2010 and March 31, 2010, respectively. This reduction in net charge-offs, along with the relatively stable loan quality, resulted in a $226 thousand decrease, to $1.3 million, in the provision for loan and lease losses (the "Provision") for the three months ended March 31, 2011, as compared to the $1.5 million Provision recorded for the three months ended December 31, 2010, and a $1.8 million decrease from the $3.1 million Provision recorded for the three months ended March 31, 2010.
  • Total portfolio loans and leases of $1.22 billion, as of March 31, 2011, increased $22.7 million, or 1.9%, as compared to $1.20 billion as of December 31, 2010. The growth was concentrated in the residential mortgage, commercial mortgage and construction loan categories of the portfolio.
  • Deposits of $1.32 billion, as of March 31, 2011, decreased $25.4 million, or 1.89%, from $1.34 billion as of December 31, 2010. Significantly contributing to this decline was a $17.1 million decrease in wholesale deposits, as the Corporation has reduced its dependence on these higher-cost funding sources. In addition, declines in other deposit types, which have been observed in prior years, and are considered seasonal, are due to the reduction, during the three months ended March 31, 2011, of temporary year-end deposit inflows.
  • The tax equivalent net interest margin of 4.03%, for the three months ended March 31, 2011, was an increase of 30 basis points from the 3.73% tax equivalent net interest margin for the three months ended December 31, 2010. The primary cause of this increase was the utilization, during the three months ended March 31, 2011, of lower-yielding cash balances to originate higher-yielding loans and to pay off maturing Federal Home Loan Bank advances, along with a continued decline in the cost of interest-bearing liabilities. As compared to the three months ended March 31, 2010, the tax equivalent net interest margin for the three months ended March 31, 2011 remained relatively unchanged, with a 3 basis point decline to 4.03%.
  • Gains on the sale of available for sale investment securities for the three months ended March 31, 2011 were $448 thousand, a decrease of $1.1 million from the $1.5 million recognized in the same period in 2010. The gains recorded during the current quarter resulted primarily from the sale of $26 million of long-term municipal obligations, which helped reduce the credit risk and interest rate risk exposure in the investment portfolio. The municipal sector of the investment portfolio decreased from 10.1% of investment portfolio assets as of December 31, 2010, to 2.2%, as of March 31, 2011.
  • The capital ratios for the Bank and the Corporation, as shown below in Capital Ratios table, indicate levels well above those deemed to be considered "well capitalized". The Corporation's tangible common equity ratio, as of March 31, 2011, increased 64 basis points, to 8.65%, as compared to 8.01% as of December 31, 2010. The increase was largely due to the $2.9 million increase in retained earnings, along with the $5.7 million in additional capital raised through the Corporation's Dividend Reinvestment and Stock Purchase Plan during the first quarter of 2011.   

EARNINGS CONFERENCE CALL

The Corporation will hold an earnings conference call at 8:30 a.m. EDT on Friday, April 29, 2011. Interested parties may participate by calling 1-877-317-6789, conference number 449967. A taped replay of the conference call will be available within two hours of the conclusion of the call and will remain available through May 16, 2011. The number to call for the taped replay is 1-877-344-7529 and the Replay Passcode is 449967. 

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" ,"are optimistic" 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 of First Keystone Financial, Inc. and First Keystone Bank and the anticipated acquisition of the Private Wealth Management Group of the Hershey Trust Company; 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
           
  Mar 31,

2011
Dec 31,

2010
Sept 30,

2010
June 30,

2010
Mar 31,

2010
           
Interest income  $ 18,226  $ 18,605  $ 18,473  $ 13,824  $ 13,894
Interest expense  2,819  3,405  3,691  2,773  2,777
           
           
Net interest income  15,407  15,200  14,782  11,051  11,117
Provision for loan and lease losses  1,285  1,511  4,236  994  3,113
Net interest income after 

provision for loan and lease losses
 14,122  13,689  10,546  10,057  8,004
           
Fees for wealth management services   4,190  4,081  3,689  3,898  3,831
Loan servicing and other fees  461  443  422  379  381
Service charges on deposits  580  645  672  488  501
Net gain on sale of residential mortgage loans  398  2,398  1,189  606  525
Net gain on sale of available for sale investments  448  398  259  --  1,544
Capital gains distributions  42  271  --  --  --
Net (loss) gain on sale of other real estate owned ("OREO")  (19)  --  38  --  (152)
BOLI income  115  135  131  --  --
Other operating income  995  902  653  519  529
Non-interest income  7,210  9,273  7,053  5,890  7,159
           
Salaries and wages   6,341  7,150  7,047  5,345  5,287
Employee benefits   1,735  1,416  1,646  1,364  1,558
Occupancy and bank premises  1,286  1,177  1,195  901  984
Furniture fixtures and equipment  896  931  695  557  595
Advertising  264  321  303  256  262
Net impairment (recovery) of mortgage servicing rights  8  (356)  168  177  41
Amortization of mortgage servicing rights  169  301  206  210  199
Intangible asset amortization  161  164  166  77  77
FDIC insurance  480  522  416  299  314
Merger related / due diligence expense  307  437  4,292  637  347
Impairment of OREO  127  --  381  --  --
Professional fees  410  603  459  459  619
Other operating expenses   2,013  2,098  2,391  1,821  1,470
Non-interest expense  14,197  14,764  19,365  12,103  11,753
           
Income (loss) before income taxes  7,135  8,198  (1,766)  3,844  3,410
Income tax expense (benefit)   2,419  2,633  (746)  1,438  1,187
Net income (loss)   $ 4,716  $ 5,565  $ (1,020)  $ 2,406  $ 2,223
           
Per share data:          
Weighted average shares outstanding  12,344,710  12,192,260  12,184,447  9,740,089  8,893,997
Dilutive potential common shares  14,401  10,742  --  12,476  11,017
Adjusted weighted average dilutive shares   12,359,111  12,203,002  12,184,447  9,752,565  8,905,014
           
Basic earnings per common share $0.38 $0.46 $(0.08) $0.25 $0.25
           
Diluted earnings per common share $0.38 $0.46 $(0.08) $0.25 $0.25
           
Dividend declared per share $0.15 $0.14 $0.14 $0.14 $0.14
           
Effective tax rate 33.9% 32.1% (42.2)% 37.4% 34.8%
           
Net interest margin 4.03% 3.73% 3.66% 3.80% 4.06%
           
Net income, exclusive of merger-related expense (a non-GAAP measure)*  $ 4,916  $ 5,849  $ 1,770  $ 2,820  $ 2,449
           
* See Non-GAAP Financial Measures below.
 
 
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data - (unaudited)
(Dollars in thousands, except per share data ) 
March 31, 2011
           
For the period end: 

2011

1Q
2010

4Q
2010

3Q
2010

2Q
2010

1Q
           
Asset Quality Data          
           
Nonaccrual loans and leases  $ 10,776  $ 9,497  $ 8,709  $ 9,072  $ 5,880
90 + days past due loans - still accruing  5  10  902  892  1,015
Nonperforming loans and leases  10,781  9,507  9,611  9,964  6,895
Other real estate owned   2,341  2,527  1,170  1,970  --
Total nonperforming assets  $ 13,122  $ 12,034  $ 10,781  $ 11,934  $ 6,895
           
Troubled debt restructurings included in nonperforming  $ 2,229  $ 1,879  $ 657  $ 2,711  $ 1,844
Troubled debt restructurings in compliance with modified terms  4,766  4,693  2,417  2,000  3,894
Total troubled debt restructurings  $ 6,995  $ 6,572  $ 3,074  $ 4,711  $ 5,738
           
Nonperforming loans and leases / portfolio loans 0.88% 0.79% 0.82% 1.11% 0.77%
Nonperforming assets / assets 0.77% 0.69% 0.63% 0.93% 0.56%
           
Net loan charge-offs (annualized)/ average loans  0.22% 0.46% 1.17% 0.18% 1.52%
Net lease charge-offs (annualized)/ average leases  3.26% 2.16% 4.81% 5.90% 6.32%
Net loan and lease charge-offs (annualized)/ average loans and leases  0.30% 0.52% 1.29% 0.40% 1.70%
           
Delinquency rate - loans and leases >30days  1.14% 1.28% 1.62% 1.37% 1.10%
           
Delinquent loans and leases - 30-89 days   $ 2,604  $ 5,570  $ 8,283  $ 2,481  $ 2,917
           
Delinquency rate - loans and leases 30-89 days  0.22% 0.48% 0.71% 0.28% 0.33%
           
           
Changes in the Allowance for loan and lease losses          
           
Balance, beginning of period  $ 10,275  $ 10,297  $ 9,841  $ 9,740  $ 10,424
           
Charge-offs  (1,042)  (1,743)  (3,934)  (1,071)  (3,946)
           
Recoveries  131  210  154  178  149
           
Net (charge-offs) / recoveries  (911)  (1,533)  (3,780)  (893)  (3,797)
           
Provision for loan and lease losses  1,285  1,511  4,236  994  3,113
           
Balance, end of period  $ 10,649  $ 10,275  $ 10,297  $ 9,841  $ 9,740
           
Allowance for loan and lease losses / loans and leases 0.87% 0.86% 0.88% 1.09% 1.09%
Allowance for originated loan and lease losses / total originated loans and leases(2) 1.08% 1.08% 1.12% 1.09% 1.09%
Allowance for loan and lease losses / nonperforming loans and leases 98.8% 108.1% 107.1% 98.8% 141.3%
           
           
Bryn Mawr Bank Corporation          
Consolidated Selected Financial Data - (unaudited)          
(Dollars in thousands, except per share data )          
March 31, 2011          
           
For the period and period end:

2011

1Q
2010

4Q
2010

3Q
2010

2Q
2010

1Q
           
Selected ratios (annualized):          
           
Return on average assets 1.13% 1.25% -0.29% 0.77% 0.76%
Return on average shareholders' equity 11.65% 13.87% -2.55% 8.10% 8.59%
Yield on loans and leases*  5.65% 5.70% 5.72% 5.72% 5.76%
Yield on interest earning assets*  4.76% 4.56% 4.57% 4.74% 5.06%
Cost of interest bearing funds 0.93% 1.04% 1.09% 1.22% 1.28%
Net interest margin* 4.03% 3.73% 3.66% 3.80% 4.06%
Book value per share  $ 13.61  $ 13.24  $ 12.99  $ 12.72  $ 11.86
Tangible book value per share  $ 11.65  $ 11.21  $ 11.03  $ 11.62  $ 10.56
Period end shares outstanding  12,538,926  12,195,240  12,190,991  10,550,619  8,958,970
           
Selected data:           
           
Mortgage loans originated  $ 38,144  $ 107,905  $ 67,304  $ 28,349  $ 24,346
           
Mortgage loans sold - servicing retained  $ 13,302  $ 77,448  $ 34,874  $ 17,358  $ 18,737
Mortgage loans sold - servicing released  948  677  2,234  3,370  1,747
Total mortgage loans sold  $ 14,250  $ 78,125  $ 37,108  $ 20,728  $ 20,484
           
Mortgage loans serviced for others   $ 596,655  $ 605,485  $ 578,293  $ 519,153  $ 520,023
           
Total Wealth assets under management / administration / supervision / brokerage (1)  $ 3,600,649  $ 3,412,890  $ 3,291,293  $ 3,100,162  $ 3,109,563
           
 * 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.
           
           
Non-GAAP Financial Measures: (2)           
           
Net income, exclusive of due diligence and merger related expense (a non-GAAP measure)           
           
Net income as reported (GAAP measure)  $ 4,716  $ 5,565  $ (1,020)  $ 2,406  $ 2,223
Tax effected due diligence and merger related expense (tax rate of 35%)   200  284  2,790  414  226
Net income, exclusive of due diligence and merger related expense (non-GAAP measure)  $ 4,916  $ 5,849  $ 1,770  $ 2,820  $ 2,449
           
           
Allowance for originated loan and lease losses / total originated loans and leases (a non-GAAP measure)
           
Allowance for loan and lease losses (GAAP measure)  $ 10,649  $ 10,275  $ 10,297  $ 9,841  $ 9,740
Less: allowance for loan and lease losses related to acquired loans  28  --  --  --  --
Allowance for loan and lease losses related to originated loans 

and leases (non-GAAP measure)
 $ 10,621  $ 10,275  $ 10,297  $ 9,841  $ 9,740
           
Total portfolio loans and leases (GAAP measure)  $ 1,219,449  $ 1,196,717  $ 1,176,438  $ 899,290  $ 893,100
Less: acquired loans  233,435  244,833  259,982  --  --
Total originated loans and leases (non-GAAP measure)   $ 986,014  $ 951,884  $ 916,456  $ 899,290  $ 893,100
           
           
Allowance for loan and lease losses / total portfolio loans and leases (GAAP measure) 0.87% 0.86% 0.88% 1.09% 1.09%
Allowance related to originated loan and lease losses / total originated loans

and leases (non-GAAP measure)
1.08% 1.08% 1.12% 1.09% 1.09%
           
(2) The Corporation believes that the presentation of these non-GAAP financial measures provide useful supplemental information that is essential to an investor's proper understanding of the financial condition of the Corporation. These non-GAAP measures should not be viewed as a substitute for the financial measures determined in accordance with GAAP, nor is it necessarily comparable to a non-GAAP performance measure that may be presented by other companies. The reconcilation of the GAAP to non-GAAP measure is included above. 
           
           
Bryn Mawr Bank Corporation          
Consolidated Selected Financial Data - (unaudited)          
(Dollars in thousands, except per share data )           
March 31, 2011          
           
Investment Portfolio  As of March 31, 2011   As of December 31, 2010   As of March 31, 2010
($'s in thousands)                      




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  $ 5,010  $ 5,119  $ 109    $ 5,011  $ 5,145  $ 134    $ --  $ --  $ --
                       
Obligations of U. S. government and agencies   136,685  136,553  (132)    156,301  156,638  337    94,774  94,808  34
                       
State & political subdivisions  6,386  6,436  50    32,013  32,272  259    24,270  24,431  161
                       
Mortgage backed securities  91,721  92,347  626    72,907  73,527  620    15,503  15,904  401
                       
Collateralized mortgage obligations  1,744  1,773  29    2,068  2,098  30    --  --  --
                       
Equity securities  243  264  21    243  256  13    --  --  --
                       
Other debt securities  1,400  1,400  --    1,750  1,750  --    1,250  1,250  --
                       
Bond - mutual funds  34,729  34,993  264    34,491  34,722  231    37,115  37,423  308
                       
Corporate bonds  10,756  10,606  (150)    10,803  10,644  (159)    --  --  --
                       
Total Investment Portfolio  $ 288,674  $ 289,491  $ 817    $ 315,587  $ 317,052  $ 1,465    $ 172,912  $ 173,816  $ 904
             
             
 Capital Ratios            
Bryn Mawr Trust Company Consolidated  Regulatory Minimum

To Be

Well Capitalized




3/31/2011




12/31/2010




9/30/2010




6/30/2010




3/31/2010
             
Tier I Capital to Risk Weighted Assets (RWA) 6.00% 11.45% 11.05% 10.37% 10.72% 9.32%
Total (Tier II) Capital to RWA 10.00% 13.91% 13.47% 12.77% 13.73% 12.41%
Tier I Leverage Ratio 5.00% 9.29% 8.62% 8.27% 9.29% 8.28%
Tangible Common Equity Ratio   8.78% 8.42% 8.20% 8.65% 7.50%
             
Bryn Mawr Bank Corporation            
             
Tier I Capital to Risk Weighted Assets (RWA) 6.00% 12.07% 11.30% 10.82% 11.95% 9.70%
Total (Tier II) Capital to RWA 10.00% 14.52% 13.71% 13.21% 14.95% 12.78%
Tier I Leverage Ratio 5.00% 9.80% 8.85% 8.65% 10.38% 8.63%
Tangible Common Equity Ratio   8.65% 8.01% 7.95% 9.66% 7.82%
 
 
Bryn Mawr Bank Corporation
Consolidated Balance Sheets - (unaudited) 
(Dollars in thousands)
         
           
For the period ended:

 
Mar 31,

2011
Dec 31,

2010
Sept 30,

2010
June 30,

2010
Mar 31,

2010
Assets          
           
Interest bearing deposits with banks  $ 68,568  $ 78,410  $ 42,089  $ 43,943  $ 71,680
Money market funds  401  113  223  86  402
Investment securities - AFS  289,491  317,052  356,838  254,888  173,816
           
Loans held for sale  1,554  4,838  4,686  4,254  2,214
           
Portfolio loans:          
Consumer  11,594  12,200  13,255  12,272  12,059
Commercial & industrial  240,313  239,366  239,823  235,080  234,300
Commercial mortgages  391,642  385,615  358,486  278,614  275,068
Construction   55,823  45,303  48,674  43,787  41,506
Residential mortgages  277,571  261,983  251,836  108,009  110,412
Home equity lines & loans  208,107  216,853  226,765  180,826  175,748
 Leases  34,399  35,397  37,599  40,702  44,007
Total portfolio loans and leases  1,219,449  1,196,717  1,176,438  899,290  893,100
           
Earning assets  1,579,463  1,597,130  1,580,274  1,202,461  1,141,212
           
Cash and due from banks  11,609  10,961  11,090  14,593  17,995
Allowance for loan and lease losses  (10,649)  (10,275)  (10,297)  (9,841)  (9,740)
Premises and equipment   28,996  29,158  29,340  21,779  21,724
Accrued interest receivable   6,151  6,470  6,623  4,773  4,498
Mortgage servicing rights  4,879  4,925  4,008  3,759  3,994
Goodwill  17,659  17,660  16,671  6,301  6,301
Other intangible assets  6,902  7,064  7,228  5,267  5,344
Bank owned life insurance ("BOLI")  19,087  18,972  18,838  --  --
FHLB stock  13,516  14,227  14,976  7,916  7,916
Deferred income taxes  14,527  14,551  15,071  4,596  4,960
Other investments  5,203  5,156  3,246  3,086  3,145
Other assets  16,598  15,769  17,116  15,982  13,862
           
Total assets  $ 1,713,941  $ 1,731,768  $ 1,714,184  $ 1,280,672  $ 1,221,211
           
Liabilities and shareholders' equity          
           
Interest-bearing checking  $ 227,256  $ 234,107  $ 206,091  $ 149,762  $ 143,735
Money market  345,703  327,824  324,384  261,578  244,747
Savings  131,671  134,163  140,296  98,760  103,233
Other wholesale deposits  65,574  80,112  63,376  63,260  47,687
Wholesale time deposits  34,639  37,201  36,582  33,421  43,352
Time deposits   240,207  245,669  261,839  141,803  136,927
Interest-bearing deposits  1,045,050  1,059,076  1,032,568  748,584  719,681
           
Non-interest bearing deposits  271,010  282,356  227,080  204,898  194,697
Total deposits  1,316,060  1,341,432  1,259,648  953,482  914,378
           
Subordinated debentures  22,500  22,500  22,500  22,500  22,500
Junior subordinated debentures  12,017  12,029  12,041  --  --
Short-term borrowings  23,326  10,051  11,883  --  --
FHLB advances and other borrowings  147,238  160,144  223,809  141,671  144,290
Other liabilities  22,161  24,194  25,976  28,838  33,772
Shareholders' equity  170,639  161,418  158,327  134,181  106,271
           
Total liabilities and shareholders' equity  $ 1,713,941  $ 1,731,768  $ 1,714,184  $ 1,280,672  $ 1,221,211
           
           
           
Consolidated Quarterly Average Balance Sheets - (unaudited)
           
  2011

1Q
2010

4Q
2010

3Q
2010

2Q
2010

1Q
Assets          
           
Interest bearing deposits with banks  $ 47,203  $ 108,278  $ 95,226  $ 60,317  $ 27,300
Money market funds  177  138  106  248  1,426
Investment securities  311,181  334,252  346,275  223,901  200,482
Loans held for sale  2,315  5,981  3,741  3,107  2,975
Portfolio loans and leases   1,201,797  1,185,456  1,171,605  894,657  892,184
Earning assets  1,562,673  1,634,105  1,616,953  1,182,230  1,124,367
           
Cash and due from banks  12,627  13,583  12,668  10,079  10,627
Allowance for loan and lease losses  (10,577)  (10,403)  (10,068)  (9,904)  (10,620)
Premises and equipment  29,120  29,159  29,685  21,860  21,578
Goodwill  17,659  16,682  16,671  6,302  6,302
Other intangible assets  7,001  7,164  7,331  5,311  5,388
Bank owned life insurance  19,011  18,885  18,750  --  --
Deferred income taxes  14,566  15,143  13,310  4,800  4,734
Other assets  44,651  43,817  44,748  31,924  31,183
           
Total assets  $ 1,696,731  $ 1,768,135  $ 1,750,048  $ 1,252,602  $ 1,193,559
           
Liabilities and shareholders' equity          
           
Interest-bearing checking  $ 227,703  $ 237,776  $ 215,846  $ 150,604  $ 143,935
Money market  338,565  329,601  318,943  253,425  240,542
Savings  131,610  142,434  141,180  101,444  99,925
Other wholesale deposits  75,884  74,330  67,596  65,576  42,030
Wholesale deposits  30,723  38,863  36,864  36,387  43,026
Time deposits  241,503  253,631  269,653  142,552  139,959
Interest-bearing deposits  1,045,988  1,076,635  1,050,082  749,988  709,417
           
Non-interest bearing deposits  275,295  280,944  226,439  193,118  189,314
Total deposits  1,321,283  1,357,579  1,276,521  943,106  898,731
           
Subordinated debentures  22,500  22,500  22,500  22,500  22,500
Junior subordinated debentures  12,025  12,037  12,066  --  --
Short-term borrowings  10,155  11,827  10,848  --  --
FHLB advances and other borrowings  143,327  178,372  243,698  142,876  145,995
Other liabilities  23,259  26,601  25,434  24,982  21,315
Shareholders' equity  164,182  159,219  158,981  119,138  105,018
           
Total liabilities and shareholders' equity  $ 1,696,731  $ 1,768,135  $ 1,750,048  $ 1,252,602  $ 1,193,559
 
 
Quarterly Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields - (unaudited)
                       
   
  1st Quarter 2011  4th Quarter 2010  3rd Quarter 2010  2nd Quarter 2010  1st Quarter 2010 
(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



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  $ 47,203  $ 32 0.27%  $ 108,208  $ 66 0.24%  $ 95,226  $ 61 0.25%  $ 60,317  $ 37 0.25%  $ 27,300  $ 14 0.21%
Money market funds 177  --  -- 138  --  -- 106  --  -- 248  --  -- 1,426 1 0.28%
Investment securities available for sale:                              
Taxable 285,506 1,312 1.86% 305,281 1,315 1.71% 316,276 1,351 1.69% 199,106 867 1.75% 175,632 1,021 2.36%
Tax-exempt 25,675 244 3.85% 28,971 273 3.74% 29,999 272 3.60% 24,796 271 4.38% 24,850 278 4.54%
Investment securities available for sale  311,181 1,556 2.03% 334,252 1,588 1.88% 346,275 1,623 1.86% 223,902 1,138 2.04% 200,482 1,299 2.63%
                               
Loans and leases * 1,204,112 16,771 5.65% 1,191,437 17,110 5.70% 1,175,346 16,944 5.72% 897,764 12,801 5.72% 895,159 12,724 5.76%
                               
Total interest earning assets  1,562,673 18,359 4.76% 1,634,035 18,764 4.56% 1,616,953 18,628 4.57% 1,182,231 13,976 4.74% 1,124,367 14,038 5.06%
                               
Cash and due from banks 12,627     13,583     12,668     10,079     10,627    
Less allowance for loan and lease losses (10,577)     (10,403)     (10,068)     (9,904)     (10,620)    
Other assets  132,008     130,920     130,495     70,196     69,185    
                               
Total assets  $ 1,696,731      $ 1,768,135      $ 1,750,048      $ 1,252,602      $ 1,193,559    
                               
Liabilities:                              
                               
Savings, NOW and market rate deposits  $ 697,878  $ 718 0.42%  $ 709,811  $ 793 0.44%  $ 675,969  $ 841 0.49%  $ 505,473  $ 666 0.53%  $ 484,402  $ 656 0.55%
Other wholesale deposits 75,884 70 0.37% 74,331 88 0.47% 67,596 81 0.48% 65,576 79 0.48% 42,030 51 0.49%
Wholesale deposits 30,723 75 0.99% 38,862 145 1.48% 36,864 161 1.73% 36,387 162 1.79% 43,026 185 1.74%
Time deposits  241,503 560 0.94% 253,631 626 0.98% 269,653 654 0.96% 142,552 458 1.29% 139,959 454 1.32%
Total interest-bearing deposits 1,045,988 1,423 0.55% 1,076,635 1,652 0.61% 1,050,082 1,737 0.66% 749,988 1,365 0.73% 709,417 1,346 0.77%
                               
Subordinated debentures 22,500 277 4.99% 22,500 282 4.97% 22,500 293 5.17% 22,500 280 4.99% 22,500 273 4.92%
Junior subordinated debentures 12,025 271 9.14% 12,037 272 8.97% 12,066 223 7.33%  --  --  --  --  --  --
Short-term borrowings 10,155 6 0.24% 11,827 7 0.23% 10,848 8 0.29%  --  --  --  --  --  --
FHLB advances and other borrowings 143,327 842 2.38% 178,309 1,192 2.65% 243,698 1,430 2.33% 142,876 1,128 3.17% 145,995 1,158 3.22%
Total interest-bearing liabilities 1,233,995 2,819 0.93% 1,301,308 3,405 1.04% 1,339,194 3,691 1.09% 915,364 2,773 1.22% 877,912 2,777 1.28%
                               
Noninterest-bearing deposits 275,295     280,944     226,439     193,118     189,314    
Other liabilities 23,259     26,601     25,434     24,982     21,315    
Total noninterest-bearing liabilities 298,554     307,545     251,873     218,100     210,629    
                               
Total liabilities 1,532,549     1,608,853     1,591,067     1,133,464     1,088,541    
                               
Shareholders' equity  164,182     159,219     158,981     119,138     105,018    
                               
Total liabilities and shareholders' equity   $ 1,696,731      $ 1,768,072      $ 1,750,048      $ 1,252,602      $ 1,193,559    
                               
Interest income to earning assets     4.76%     4.56%     4.57%     4.74%     5.06%
                               
Net interest spread     3.83%     3.52%     3.48%     3.52%     3.78%
Effect of noninterest-bearing sources     0.20%     0.21%     0.18%     0.32%     0.28%
                               
Net interest income/ margin on earning assets    $ 15,540 4.03%    $ 15,359 3.73%    $ 14,937 3.66%    $ 11,203 3.80%    $ 11,261 4.06%
                               
Tax equivalent adjustment     $ 133 0.04%    $ 159 0.04%    $ 155 0.04%    $ 144 0.05%    $ 144 0.05%
   
                               
* 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

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