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

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, 2015 June 30, 2015 March 31, 2015 December 31, 2014 September 30, 2014      
(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 $   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 Balance Interest  Income/  Expense Average Rates Earned/ Paid   Average Balance Interest  Income/  Expense Average 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 Sale As of September 30, 2015   As of December 31, 2014  
                 
      Net       Net  
  Amortized Fair Unrealized   Amortized Fair Unrealized  
SECURITY DESCRIPTION Cost Value Gain / (Loss)   Cost Value Gain / (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 Be September 30, June 30, March 31, December 31, September 30,    
Bryn Mawr Trust Company Well 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 ratio N/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/A N/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 ratio N/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/A N/A    
                 
CONTACT: Frank Leto, President, CEO
610-581-4730 
Mike Harrington, CFO
610-526-2466

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