Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”),
parent of The Bryn Mawr Trust Company (the “Bank”), today reported
net income of $15.8 million, or $0.78 diluted earnings per share
for the three months ended June 30, 2019, as compared to net income
of $10.7 million, or $0.53 diluted earnings per share, for the
three months ended March 31, 2019, and $14.7 million, or $0.72
diluted earnings per share, for the three months ended June 30,
2018.
On a non-GAAP basis, core net income, which excludes income tax
charges incurred in connection with the Tax Cuts and Jobs Act ("Tax
Reform"), due diligence and merger-related expenses, one-time costs
associated with our voluntary Years of Service Incentive Program
(the “Incentive Program”), and other non-core income and expense
items, as detailed in the appendix to this earnings release, was
$15.8 million, or $0.78 diluted earnings per share, for the three
months ended June 30, 2019, as compared to $14.2 million, or $0.70
diluted earnings per share, for the three months ended March 31,
2019, and $17.0 million, or $0.83 diluted earnings per share, for
the three months ended June 30, 2018. Management believes the core
net income measure is important in evaluating the Corporation’s
performance on a more comparable basis between periods. A
reconciliation of this and other non-GAAP to GAAP performance
measures is included in the appendix to this earnings release.
"We continue to execute on our strategy as reflected in our
second quarter results,” commented Frank Leto, President and Chief
Executive Officer, continuing, “Despite the challenges of a flat
yield curve and an increasingly competitive market for loans and
deposits, we continue to produce solid results in both the Bank and
Wealth businesses without compromising on the execution of longer
term vision as demonstrated by our ongoing investments in talent
and technology.”
Mr. Leto then continued, “I am also pleased to announce that the
Board of Directors has approved a dividend increase of 4%, making
this the ninth consecutive year the Corporation has raised its
dividend.”
The Board of Directors of the Corporation declared a quarterly
dividend of $0.26 per share, payable September 1, 2019 to
shareholders of record as of August 1, 2019.
SIGNIFICANT ITEMS OF NOTE
Results of Operations – Second Quarter 2019 Compared to
First Quarter 2019
- Net income for the three months ended June 30, 2019 was $15.8
million, compared to net income of $10.7 million for the three
months ended March 31, 2019. Net interest income for the three
months ended June 30, 2019 was $36.6 million, a decrease of $1.0
million over the linked quarter. The provision for loan and lease
losses (the “Provision”) for the three months ended June 30, 2019
decreased $2.1 million as compared to the first quarter of 2019.
Total noninterest income increased $968 thousand, total noninterest
expense decreased $4.5 million, and income tax expense increased
$1.5 million for the three months ended June 30, 2019, as compared
to the three months ended March 31, 2019.On a non-GAAP basis, core
net income, which excludes income tax charges incurred in
connection with Tax Reform, due diligence and merger-related
expenses, one-time costs associated with the Incentive Program, and
other non-core income and expense items, as detailed in the
appendix to this earnings release, was $15.8 million, or $0.78 per
diluted share, for the three months ended June 30, 2019, as
compared to $14.2 million or $0.70 per diluted share, for the three
months ended March 31, 2019. Management believes the core net
income measure is important in evaluating the Corporation’s
performance on a more comparable basis between periods. A
reconciliation of this and other non-GAAP to GAAP performance
measures is included in the appendix to this earnings release.
- Net interest income for the three months ended June 30, 2019
was $36.6 million, a decrease of $1.0 million over the linked
quarter. Tax-equivalent net interest income for the three months
ended June 30, 2019 was $36.7 million, a decrease of $1.0 million
over the linked quarter. Tax-equivalent net interest income for the
second quarter of 2019 was impacted by the accretion of purchase
accounting fair value marks of $1.3 million as compared to $2.1
million for the linked quarter. Excluding the effects of these
purchase accounting fair value marks, the adjusted tax-equivalent
net interest income for the three months ended June 30, 2019 was
$35.4 million, a decrease of $182 thousand over the linked quarter.
A reconciliation of this and other non-GAAP to GAAP performance
measures is included in the appendix to this earnings release.
Items contributing to the decrease in tax-equivalent net interest
income adjusted for purchase accounting included an increase of
$1.5 million in interest paid on deposits, partially offset by an
increase of $749 thousand in tax-equivalent interest and fees
earned on loans and leases and a decrease of $586 thousand of
interest expense on short-term borrowings for the three months
ended June 30, 2019 as compared to the linked quarter ended March
31, 2019.Interest expense on deposits for the three months ended
June 30, 2019 increased $1.6 million over the linked quarter. The
increase was primarily due to a 16 basis point increase in the rate
paid on deposits as compared to the linked quarter. The increase in
rate paid was related to the competitive dynamics in the markets in
which we operate and certain promotional interest rates offered
during the first and second quarters of 2019. A $120.7 million
increase in average interest-bearing deposits also contributed to
the increase in interest expense on deposits.Tax-equivalent
interest and fees earned on loans and leases for the three months
ended June 30, 2019 was relatively unchanged as compared to the
linked quarter, decreasing $55 thousand. Average loans and leases
for the three months ended June 30, 2019 increased $46.5 million
over the linked quarter and experienced a 13 basis point decrease
in tax-equivalent yield.Tax-equivalent interest income on available
for sale investment securities for the three months ended June 30,
2019 was relatively unchanged as compared to the linked quarter,
increasing $25 thousand. Average available for sale investment
securities increased by $15.0 million over the linked quarter and
experienced a 7 basis point tax-equivalent yield decrease.Interest
expense on short-term borrowings for the three months ended June
30, 2019 decreased $586 thousand over the linked quarter. Average
short-term borrowings decreased $89.1 million coupled with a 34
basis point decrease in the rate paid as compared to the linked
quarter.
- The tax-equivalent net interest margin was 3.55% for the three
months ended June 30, 2019 as compared to 3.75% for the linked
quarter. Adjusting for the impact of the accretion of purchase
accounting fair value marks, the adjusted tax-equivalent net
interest margin was 3.43% for the three months ended June 30, 2019
as compared to 3.54% for the linked quarter. The main drivers for
the decrease in the adjusted tax-equivalent net interest margin
were the rate and volume increases of interest-bearing deposits as
discussed above. A reconciliation of this and other non-GAAP to
GAAP performance measures is included in the appendix to this
earnings release.
- Noninterest income of $20.2 million for the three months ended
June 30, 2019 increased $968 thousand as compared to the linked
quarter. Contributing to the increase were increases of $1.1
million, $433 thousand, and $205 thousand in fees for wealth
management services, net gain on sale of loans, and other operating
income, respectively, partially offset by a decrease of $730
thousand in capital markets revenue.
- Noninterest expense of $35.2 million for the three months ended
June 30, 2019 decreased $4.5 million as compared to $39.7 million
for the first quarter of 2019. The decrease on a linked quarter
basis was primarily due to decreases of $3.9 million and $849
thousand in salaries and wages and employee benefits, respectively,
largely driven by the $4.5 million one-time expense from the
Incentive Program recorded in the first quarter of 2019.
- The Provision decreased $2.1 million for the three months ended
June 30, 2019 to $1.6 million, as compared to $3.7 million for the
first quarter of 2019. During the second quarter of 2019, net loan
and lease charge-offs of $1.1 million represented a $1.5 million,
or 58.3%, decrease from the first quarter of 2019. Contributing to
net charge-offs for the second quarter of 2019 was $554 thousand in
charge-offs recorded in conjunction with the sale of a group of
nonperforming loans. The decrease in net charge-offs on a linked
quarter basis was primarily related to the partial charge-off of a
single commercial credit recorded in the first quarter of 2019. The
effect of the decrease in net charge-offs on a linked quarter basis
was partially offset by increases in certain qualitative factors
used in the allowance for loan and lease losses (the "Allowance")
calculation.
- The effective tax rate for the second quarter of 2019 increased
to 21.18% as compared to 20.57% for the first quarter of 2019. The
increase was primarily related to a $97 thousand decrease in net
discrete tax benefits for the second quarter of 2019 as compared to
the first quarter of 2019. These discrete items were the result of
excess tax benefits from stock-based compensation.
Results of Operations – Second Quarter
2019 Compared to Second Quarter 2018
- Net income for the three months ended June 30, 2019 was $15.8
million, or $0.78 diluted earnings per share, as compared to net
income of $14.7 million, or diluted earnings per share of $0.72 for
the same period in 2018. Net interest income for the three months
ended June 30, 2019 was $36.6 million, a decrease of $705 thousand
as compared to the same period in 2018. The Provision for the three
months ended June 30, 2019 decreased $1.5 million as compared to
the same period in 2018. Total noninterest income increased $146
thousand, total noninterest expense decreased $648 thousand, and
income tax expense increased $516 thousand for the three months
ended June 30, 2019 as compared to the same period in 2018.On a
non-GAAP basis, core net income, which excludes income tax charges
incurred in connection with Tax Reform, due diligence and
merger-related expenses, one-time costs associated with the
Incentive Program, and other non-core income and expense items, as
detailed in the appendix to this earnings release, was $15.8
million, or $0.78 per diluted share, for the three months ended
June 30, 2019 as compared to $17.0 million, or $0.83 per diluted
share, for the same period in 2018. Management believes the core
net income measure is important in evaluating the Corporation’s
performance on a more comparable basis between periods. A
reconciliation of this and other non-GAAP to GAAP performance
measures is included in the appendix to this earnings release.
- Net interest income for the three months ended June 30, 2019
was $36.6 million, a decrease of $705 thousand as compared to the
same period in 2018. Tax-equivalent net interest income for the
three months ended June 30, 2019 was $36.7 million, a decrease of
$687 thousand as compared to the same period in 2018.
Tax-equivalent net interest income for the second quarter of 2019
was impacted by the accretion of purchase accounting fair value
marks of $1.3 million as compared to $2.2 million for the same
period in 2018. Excluding the effects of these purchase accounting
fair value marks, the adjusted tax-equivalent net interest income
for the three months ended June 30, 2019 was $35.4 million, an
increase of $244 thousand as compared to the same period in 2018. A
reconciliation of this and other non-GAAP to GAAP performance
measures is included in the appendix to this earnings release.
Items contributing to the increase adjusted for purchase accounting
included increases of $3.9 million and $507 thousand in
tax-equivalent interest and fees earned on loans and leases and
tax-equivalent interest earned on available for sale investment
securities, respectively, as well as decreases of $628 thousand and
$230 thousand in interest paid on short-term borrowings and
long-term FHLB advances, respectively. These increases to
tax-equivalent net interest income were partially offset by a $5.0
million increase in interest paid on deposits for the three months
ended June 30, 2019 as compared to the same period in
2018.Tax-equivalent interest and fees earned on loans and leases
increased $3.1 million for the three months ended June 30, 2019 as
compared to the same period in 2018. Average loans and leases for
the second quarter of 2019 increased $170.9 million from the same
period in 2018 and experienced an 11 basis point increase in
tax-equivalent yield.Tax-equivalent interest income on available
for sale investment securities increased $507 thousand for the
three months ended June 30, 2019 as compared to the same period in
2018. Average available for sale investment securities increased by
$35.3 million as compared to the same period in 2018 and
experienced a 22 basis point tax-equivalent yield increase.Interest
expense on short-term borrowings and long-term FHLB advances for
the three months ended June 30, 2019 decreased $628 thousand and
$221 thousand, respectively as compared to the same period in 2018.
Average short-term borrowings and average long-term FHLB advances
decreased $136.8 million and $49.6 million, respectively, offset by
a 17 and 13 basis point increase in the rate paid on short-term
borrowings and long-term FHLB advances, respectively, as compared
to the same period in 2018.Interest expense on deposits for the
three months ended June 30, 2019 increased $5.2 million as compared
to the same period in 2018. The increase was primarily due to a 67
basis point increase in the rate paid on deposits as compared to
the same period in 2018. The increase in rate paid was related to
the competitive dynamics in the markets in which we operate and
certain promotional interest rates offered during the first and
second quarters of 2019. A $305.6 million increase in average
interest-bearing deposits also contributed to the increase in
interest expense on deposits.
- The tax-equivalent net interest margin was 3.55% for the three
months ended June 30, 2019 as compared to 3.81% for the same period
in 2018. Adjusting for the impact of the accretion of purchase
accounting fair value marks, the adjusted tax-equivalent net
interest margin was 3.43% and 3.58% for three months ended June 30,
2019 and 2018, respectively. The main drivers for the decrease in
the adjusted tax-equivalent net interest margin were the rate and
volume increases of interest-bearing deposits as discussed above. A
reconciliation of this and other non-GAAP to GAAP performance
measures is included in the appendix to this earnings release.
- Noninterest income of $20.2 million for the three months ended
June 30, 2019 increased by $146 thousand as compared to the same
period in 2018. Increases of $852 thousand and $224 thousand in
fees for wealth management services and net gain on sale of loans,
respectively, were partially offset by decreases of $616 thousand
and $205 thousand of capital markets revenue and insurance
commissions, respectively.
- Noninterest expense of $35.2 million for the three months ended
June 30, 2019 decreased $648 thousand as compared to the same
period in 2018. Contributing to the decrease were decreases of $3.1
million and $448 thousand in due diligence, merger-related and
merger integration expenses and other operating expenses,
respectively. Partially offsetting these decreases were increases
of $798 thousand, $499 thousand, $440 thousand, and $428 thousand
in salaries and wages, furniture, fixtures and equipment expenses,
employee benefits, and occupancy and bank premises expense,
respectively.
- The Provision decreased $1.5 million for the three months ended
June 30, 2019 to $1.6 million, as compared to $3.1 million for the
same period in 2018. The decrease in Provision was related to the
smaller volume of loan and lease growth during the second quarter
of 2019 as compared to the same period in 2018. Net loan and lease
growth during the second quarter of 2019 totaled $11.2 million, as
compared to $83.7 million for the same period in 2018. Net
charge-offs of loans and leases decreased by $340 thousand for the
second quarter of 2019 as compared to the same period in 2018.
- The effective tax rate for the second quarter of 2019 increased
to 21.18% as compared to 20.21% for the second quarter of 2018. The
increase was primarily related to a $94 thousand decrease in net
discrete tax benefits for the second quarter of 2019 as compared to
the same period in 2018. These discrete items were the result of
excess tax benefits from stock-based compensation as well as the
re-measurement of deferred tax items related to Tax Reform.
Financial Condition – June 30, 2019 Compared to December
31, 2018
- Total assets as of June 30, 2019 were $4.74 billion, an
increase of $84.1 million from December 31, 2018. The increase
was primarily due to a $107.5 million increase in portfolio loans
and leases, a $61.3 million increase in other assets, and $43.1
million of operating lease right-of-use assets as of June 30, 2019
included on the balance sheet as a result of a recently adopted
accounting pronouncement. The $61.3 million increase in other
assets was primarily due to a $31.7 million increase in the fair
value of interest rate swaps. Partially offsetting these increases
was a decrease in available for sale investment securities of
$149.3 million.
- Available for sale investment securities as of June 30, 2019
totaled $588.1 million, a decrease of $149.3 million from December
31, 2018. The decrease was primarily related to the maturing of
$200.0 million short-term U.S. Treasury securities in the first
quarter of 2019, partially offset by a $59.1 million increase in
mortgage-backed securities.
- Total portfolio loans and leases of $3.53 billion as of June
30, 2019 increased by $107.5 million from December 31, 2018,
an increase of 3.1%. Increases of $98.4 million, $18.3 million,
$11.7 million, $8.6 million and $2.5 million in commercial
mortgages, leases, residential mortgages, commercial and industrial
loans and consumer loans, respectively, were offset by decreases of
$28.5 million and $3.5 million in construction loans and home
equity loans and lines, respectively.
- The Allowance as of June 30, 2019 was $21.2 million, or 0.60%
of portfolio loans and leases, as compared to $19.4 million, or
0.57% of portfolio loans and leases as of December 31, 2018.
In addition to the ratio of Allowance to portfolio loans and
leases, management also calculates two non-GAAP measures: the
Allowance for originated loans and leases as a percentage of
originated loans and leases, which was 0.68% as of June 30, 2019,
as compared to 0.67% as of December 31, 2018, and the Allowance
plus the remaining loan mark as a percentage of gross loans, which
was 1.00% as of June 30, 2019, as compared to 1.08% as of December
31, 2018. A reconciliation of these and other non-GAAP to GAAP
performance measures is included in the appendix to this earnings
release.
- Deposits of $3.63 billion as of June 30, 2019 increased $33.3
million from December 31, 2018. Increases of $104.0 million, $80.4
million, $45.0 million, $39.3 million, and $16.7 million in money
market accounts, interest-bearing demand accounts, wholesale
non-maturity deposits, noninterest bearing deposits, and savings
accounts, respectively, were offset by decreases of $212.1 million
and $40.0 million in in wholesale time deposits and retail time
deposits, respectively.
- Borrowings of $376.1 million as of June 30, 2019, which include
short-term borrowings, long-term FHLB advances, subordinated notes
and junior subordinated debentures, decreased $51.8 million from
December 31, 2018, primarily due to a $44.5 million decrease in
short-term borrowings.
- Wealth assets under management, administration, supervision and
brokerage totaled $14.82 billion as of June 30, 2019, an increase
of $1.39 billion from December 31, 2018.
- The capital ratios for the Bank and the Corporation, as of June
30, 2019, as shown in the attached tables, indicate regulatory
capital levels in excess of the regulatory minimums and the levels
necessary for the Bank to be considered “well capitalized.”
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,” “indicate,”
“estimate,” “target,” “potentially,” “promising,” “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, 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;
unanticipated regulatory or legal proceedings, outcomes of
litigation or other contingencies; cybersecurity events; 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.
| FOR MORE
INFORMATION CONTACT: |
|
Frank Leto,
President, CEO |
| |
|
610-581-4730 |
| |
|
Mike
Harrington, CFO |
| |
|
610-526-2466 |
Bryn Mawr Bank CorporationSummary
Financial Information (unaudited)(dollars in thousands,
except per share data)
| |
As of or For the Three Months Ended |
|
For the Six Months Ended |
| |
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
June 30, 2018 |
|
June 30, 2019 |
|
June 30, 2018 |
| Consolidated Balance
Sheet (selected items) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits with banks |
$ |
49,643 |
|
|
$ |
29,449 |
|
|
$ |
34,357 |
|
|
$ |
35,233 |
|
|
$ |
39,924 |
|
|
|
|
|
| Investment securities |
606,844 |
|
|
578,629 |
|
|
753,628 |
|
|
545,320 |
|
|
547,088 |
|
|
|
|
|
| Loans held for sale |
6,333 |
|
|
2,884 |
|
|
1,749 |
|
|
4,111 |
|
|
4,204 |
|
|
|
|
|
| Portfolio loans and
leases |
3,534,665 |
|
|
3,523,514 |
|
|
3,427,154 |
|
|
3,381,475 |
|
|
3,389,501 |
|
|
|
|
|
| Allowance for loan and lease
losses ("ALLL") |
(21,182 |
) |
|
(20,616 |
) |
|
(19,426 |
) |
|
(18,684 |
) |
|
(19,398 |
) |
|
|
|
|
| Goodwill and other intangible
assets |
205,050 |
|
|
206,006 |
|
|
207,467 |
|
|
208,165 |
|
|
208,139 |
|
|
|
|
|
| Total assets |
4,736,565 |
|
|
4,631,993 |
|
|
4,652,485 |
|
|
4,388,442 |
|
|
4,394,203 |
|
|
|
|
|
| Deposits -
interest-bearing |
2,691,502 |
|
|
2,755,307 |
|
|
2,697,468 |
|
|
2,522,863 |
|
|
2,466,529 |
|
|
|
|
|
| Deposits -
non-interest-bearing |
940,911 |
|
|
882,310 |
|
|
901,619 |
|
|
834,363 |
|
|
892,386 |
|
|
|
|
|
| Short-term borrowings |
207,828 |
|
|
124,214 |
|
|
252,367 |
|
|
226,498 |
|
|
227,059 |
|
|
|
|
|
| Long-term FHLB advances |
47,941 |
|
|
55,407 |
|
|
55,374 |
|
|
72,841 |
|
|
87,808 |
|
|
|
|
|
| Subordinated notes |
98,616 |
|
|
98,571 |
|
|
98,526 |
|
|
98,482 |
|
|
98,491 |
|
|
|
|
|
| Jr. subordinated
debentures |
21,665 |
|
|
21,622 |
|
|
21,580 |
|
|
21,538 |
|
|
21,497 |
|
|
|
|
|
| Total liabilities |
4,146,410 |
|
|
4,056,886 |
|
|
4,087,781 |
|
|
3,837,017 |
|
|
3,851,700 |
|
|
|
|
|
| Total shareholders'
equity |
590,155 |
|
|
575,107 |
|
|
564,704 |
|
|
551,425 |
|
|
542,503 |
|
|
|
|
|
| Average Balance Sheet
(selected items) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing deposits with
banks |
37,843 |
|
|
32,742 |
|
|
38,957 |
|
|
37,467 |
|
|
37,215 |
|
|
35,306 |
|
|
37,627 |
|
| Investment securities |
587,518 |
|
|
569,915 |
|
|
554,265 |
|
|
546,998 |
|
|
549,249 |
|
|
578,765 |
|
|
542,398 |
|
| Loans held for sale |
3,353 |
|
|
1,214 |
|
|
2,005 |
|
|
4,932 |
|
|
4,413 |
|
|
2,289 |
|
|
3,635 |
|
| Portfolio loans and
leases |
3,520,866 |
|
|
3,476,525 |
|
|
3,397,479 |
|
|
3,374,767 |
|
|
3,348,926 |
|
|
3,498,818 |
|
|
3,318,812 |
|
| Total interest-earning
assets |
4,149,580 |
|
|
4,080,396 |
|
|
3,992,706 |
|
|
3,964,164 |
|
|
3,939,803 |
|
|
4,115,178 |
|
|
3,902,472 |
|
| Goodwill and intangible
assets |
205,593 |
|
|
206,716 |
|
|
207,893 |
|
|
207,880 |
|
|
208,039 |
|
|
206,152 |
|
|
206,790 |
|
| Total assets |
4,651,625 |
|
|
4,545,129 |
|
|
4,413,000 |
|
|
4,376,148 |
|
|
4,344,541 |
|
|
4,598,672 |
|
|
4,295,637 |
|
| Deposits -
interest-bearing |
2,794,854 |
|
|
2,674,194 |
|
|
2,602,412 |
|
|
2,493,213 |
|
|
2,489,296 |
|
|
2,734,857 |
|
|
2,464,618 |
|
| Short-term borrowings |
68,529 |
|
|
157,652 |
|
|
128,429 |
|
|
208,201 |
|
|
205,323 |
|
|
112,844 |
|
|
189,019 |
|
| Long-term FHLB advances |
52,397 |
|
|
55,385 |
|
|
67,363 |
|
|
81,460 |
|
|
102,023 |
|
|
53,883 |
|
|
112,911 |
|
| Subordinated notes |
98,587 |
|
|
98,542 |
|
|
98,497 |
|
|
98,457 |
|
|
98,463 |
|
|
98,564 |
|
|
98,447 |
|
| Jr. subordinated
debentures |
21,637 |
|
|
21,595 |
|
|
21,553 |
|
|
21,511 |
|
|
21,470 |
|
|
21,616 |
|
|
21,450 |
|
| Total interest-bearing
liabilities |
3,036,004 |
|
|
3,007,368 |
|
|
2,918,254 |
|
|
2,902,842 |
|
|
2,916,575 |
|
|
3,021,764 |
|
|
2,886,445 |
|
| Total liabilities |
4,070,160 |
|
|
3,973,043 |
|
|
3,856,694 |
|
|
3,828,241 |
|
|
3,810,640 |
|
|
4,021,870 |
|
|
3,769,498 |
|
| Total shareholders'
equity |
581,465 |
|
|
572,086 |
|
|
556,306 |
|
|
547,907 |
|
|
533,901 |
|
|
576,802 |
|
|
526,139 |
|
| |
As of or For the Three Months Ended |
|
For the Six Months Ended |
| |
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
June 30, 2018 |
|
June 30, 2019 |
|
June 30, 2018 |
| Income
Statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
36,611 |
|
|
$ |
37,647 |
|
|
$ |
37,987 |
|
|
$ |
36,729 |
|
|
$ |
37,316 |
|
|
$ |
74,258 |
|
|
$ |
74,755 |
|
| Provision for loan and lease
losses |
1,627 |
|
|
3,736 |
|
|
2,362 |
|
|
664 |
|
|
3,137 |
|
|
5,363 |
|
|
4,167 |
|
| Noninterest income |
20,221 |
|
|
19,253 |
|
|
18,097 |
|
|
18,274 |
|
|
20,075 |
|
|
39,474 |
|
|
39,611 |
|
| Noninterest expense |
35,188 |
|
|
39,724 |
|
|
34,845 |
|
|
33,592 |
|
|
35,836 |
|
|
74,912 |
|
|
71,866 |
|
| Income tax expense |
4,239 |
|
|
2,764 |
|
|
1,746 |
|
|
4,066 |
|
|
3,723 |
|
|
7,003 |
|
|
8,353 |
|
| Net income |
15,778 |
|
|
10,676 |
|
|
17,131 |
|
|
16,681 |
|
|
14,695 |
|
|
26,454 |
|
|
29,980 |
|
| Net (loss) income attributable
to noncontrolling interest |
(7 |
) |
|
(1 |
) |
|
(5 |
) |
|
(1 |
) |
|
7 |
|
|
(8 |
) |
|
6 |
|
| Net income attributable to
Bryn Mawr Bank Corporation |
15,785 |
|
|
10,677 |
|
|
17,136 |
|
|
16,682 |
|
|
14,688 |
|
|
26,462 |
|
|
29,974 |
|
| Basic earnings per share |
0.78 |
|
|
0.53 |
|
|
0.85 |
|
|
0.82 |
|
|
0.73 |
|
|
1.31 |
|
|
1.48 |
|
| Diluted earnings per
share |
0.78 |
|
|
0.53 |
|
|
0.84 |
|
|
0.82 |
|
|
0.72 |
|
|
1.31 |
|
|
1.47 |
|
| Net income (core) (1) |
15,785 |
|
|
14,230 |
|
|
17,167 |
|
|
17,140 |
|
|
17,031 |
|
|
30,015 |
|
|
36,313 |
|
| Basic earnings per share
(core) (1) |
0.78 |
|
|
0.71 |
|
|
0.85 |
|
|
0.85 |
|
|
0.84 |
|
|
1.49 |
|
|
1.80 |
|
| Diluted earnings per share
(core) (1) |
0.78 |
|
|
0.70 |
|
|
0.84 |
|
|
0.84 |
|
|
0.83 |
|
|
1.48 |
|
|
1.78 |
|
| Dividends paid or accrued per
share |
0.26 |
|
|
0.25 |
|
|
0.25 |
|
|
0.25 |
|
|
0.22 |
|
|
0.51 |
|
|
0.44 |
|
| Profitability
Indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average assets |
1.36 |
% |
|
0.95 |
% |
|
1.54 |
% |
|
1.51 |
% |
|
1.36 |
% |
|
1.16 |
% |
|
1.41 |
% |
| Return on average equity |
10.89 |
% |
|
7.57 |
% |
|
12.22 |
% |
|
12.08 |
% |
|
11.03 |
% |
|
9.25 |
% |
|
11.49 |
% |
| Return on tangible
equity(1) |
17.62 |
% |
|
12.65 |
% |
|
20.37 |
% |
|
20.25 |
% |
|
18.90 |
% |
|
15.18 |
% |
|
19.77 |
% |
| Return on tangible equity
(core)(1) |
17.62 |
% |
|
16.59 |
% |
|
20.40 |
% |
|
20.78 |
% |
|
21.78 |
% |
|
17.11 |
% |
|
23.76 |
% |
| Return on average assets
(core)(1) |
1.36 |
% |
|
1.27 |
% |
|
1.54 |
% |
|
1.55 |
% |
|
1.57 |
% |
|
1.32 |
% |
|
1.70 |
% |
| Return on average equity
(core)(1) |
10.89 |
% |
|
10.09 |
% |
|
12.24 |
% |
|
12.41 |
% |
|
12.79 |
% |
|
10.49 |
% |
|
13.92 |
% |
| Tax-equivalent net interest
margin |
3.55 |
% |
|
3.75 |
% |
|
3.79 |
% |
|
3.69 |
% |
|
3.81 |
% |
|
3.65 |
% |
|
3.87 |
% |
| Efficiency ratio(1) |
60.23 |
% |
|
60.26 |
% |
|
60.35 |
% |
|
58.75 |
% |
|
55.57 |
% |
|
60.25 |
% |
|
54.85 |
% |
| Share
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Closing share price |
$ |
37.32 |
|
|
$ |
36.13 |
|
|
$ |
34.40 |
|
|
$ |
46.90 |
|
|
$ |
46.30 |
|
|
|
|
|
| Book value per common
share |
$ |
29.31 |
|
|
$ |
28.52 |
|
|
$ |
28.01 |
|
|
$ |
27.18 |
|
|
$ |
26.80 |
|
|
|
|
|
| Tangible book value per common
share |
$ |
19.16 |
|
|
$ |
18.34 |
|
|
$ |
17.75 |
|
|
$ |
16.95 |
|
|
$ |
16.55 |
|
|
|
|
|
| Price / book value |
127.33 |
% |
|
126.68 |
% |
|
122.81 |
% |
|
172.55 |
% |
|
172.76 |
% |
|
|
|
|
| Price / tangible book
value |
194.78 |
% |
|
197.00 |
% |
|
193.80 |
% |
|
276.70 |
% |
|
279.74 |
% |
|
|
|
|
| Weighted average diluted
shares outstanding |
20,244,409 |
|
|
20,271,661 |
|
|
20,321,283 |
|
|
20,438,376 |
|
|
20,413,578 |
|
|
20,256,469 |
|
|
20,427,792 |
|
| Shares outstanding, end of
period |
20,131,854 |
|
|
20,167,729 |
|
|
20,163,816 |
|
|
20,291,416 |
|
|
20,242,893 |
|
|
|
|
|
| Wealth Management
Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Wealth assets under mgmt,
administration, supervision and brokerage (2) |
$ |
14,815,298 |
|
|
$ |
14,736,512 |
|
|
$ |
13,429,544 |
|
|
$ |
13,913,265 |
|
|
$ |
13,404,723 |
|
|
|
|
|
| Fees for wealth management
services |
$ |
11,510 |
|
|
$ |
10,392 |
|
|
$ |
11,017 |
|
|
$ |
10,343 |
|
|
$ |
10,658 |
|
|
|
|
|
| |
As of or For the Three Months Ended |
|
For the Six Months Ended |
| |
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
June 30, 2018 |
|
June 30, 2019 |
|
June 30, 2018 |
| Capital
Ratios(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bryn Mawr Trust Company
("BMTC") |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tier I capital to risk
weighted assets ("RWA") |
11.71 |
% |
|
11.30 |
% |
|
11.42 |
% |
|
11.55 |
% |
|
11.34 |
% |
|
|
|
|
| Total capital to RWA |
12.29 |
% |
|
11.87 |
% |
|
11.99 |
% |
|
12.10 |
% |
|
11.91 |
% |
|
|
|
|
| Tier I leverage ratio |
9.61 |
% |
|
9.48 |
% |
|
9.48 |
% |
|
9.47 |
% |
|
9.49 |
% |
|
|
|
|
| Tangible equity ratio (1) |
9.58 |
% |
|
9.34 |
% |
|
8.95 |
% |
|
9.29 |
% |
|
9.27 |
% |
|
|
|
|
| Common equity Tier I capital
to RWA |
11.71 |
% |
|
11.30 |
% |
|
11.42 |
% |
|
11.55 |
% |
|
11.34 |
% |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bryn Mawr Bank Corporation
("BMBC") |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tier I capital to RWA |
11.01 |
% |
|
10.72 |
% |
|
10.92 |
% |
|
10.90 |
% |
|
10.46 |
% |
|
|
|
|
| Total capital to RWA |
14.30 |
% |
|
14.00 |
% |
|
14.30 |
% |
|
14.33 |
% |
|
13.87 |
% |
|
|
|
|
| Tier I leverage ratio |
9.04 |
% |
|
8.99 |
% |
|
9.06 |
% |
|
8.94 |
% |
|
8.75 |
% |
|
|
|
|
| Tangible equity ratio (1) |
8.51 |
% |
|
8.35 |
% |
|
8.05 |
% |
|
8.23 |
% |
|
8.00 |
% |
|
|
|
|
| Common equity Tier I capital
to RWA |
10.43 |
% |
|
10.14 |
% |
|
10.32 |
% |
|
10.29 |
% |
|
9.86 |
% |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Quality
Indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan and lease charge-offs ("NCO"s) |
$ |
1,061 |
|
|
$ |
2,546 |
|
|
$ |
1,620 |
|
|
$ |
1,378 |
|
|
$ |
1,401 |
|
|
$ |
3,607 |
|
|
$ |
3,578 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonperforming loans and leases
("NPL"s) |
$ |
12,179 |
|
|
$ |
19,283 |
|
|
$ |
12,820 |
|
|
$ |
8,990 |
|
|
$ |
9,448 |
|
|
|
|
|
| Other real estate owned
("OREO") |
155 |
|
|
84 |
|
|
417 |
|
|
529 |
|
|
531 |
|
|
|
|
|
| Total nonperforming
assets ("NPA"s) |
$ |
12,334 |
|
|
$ |
19,367 |
|
|
$ |
13,237 |
|
|
$ |
9,519 |
|
|
$ |
9,979 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonperforming loans and leases
30 or more days past due |
$ |
8,224 |
|
|
$ |
8,489 |
|
|
$ |
7,765 |
|
|
$ |
4,906 |
|
|
$ |
6,749 |
|
|
|
|
|
| Performing loans and leases 30
to 89 days past due |
9,466 |
|
|
6,432 |
|
|
5,464 |
|
|
9,145 |
|
|
10,378 |
|
|
|
|
|
| Performing loans and leases 90
or more days past due |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
| Total delinquent loans
and leases |
$ |
17,690 |
|
|
$ |
14,921 |
|
|
$ |
13,229 |
|
|
$ |
14,051 |
|
|
$ |
17,127 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Delinquent loans and leases to
total loans and leases |
0.50 |
% |
|
0.42 |
% |
|
0.39 |
% |
|
0.42 |
% |
|
0.50 |
% |
|
|
|
|
| Delinquent performing loans
and leases to total loans and leases |
0.27 |
% |
|
0.18 |
% |
|
0.16 |
% |
|
0.27 |
% |
|
0.31 |
% |
|
|
|
|
| NCOs / average loans and
leases (annualized) |
0.12 |
% |
|
0.30 |
% |
|
0.19 |
% |
|
0.16 |
% |
|
0.17 |
% |
|
0.21 |
% |
|
0.22 |
% |
| NPLs / total portfolio loans
and leases |
0.34 |
% |
|
0.55 |
% |
|
0.37 |
% |
|
0.27 |
% |
|
0.28 |
% |
|
|
|
|
| NPAs / total loans and leases
and OREO |
0.35 |
% |
|
0.55 |
% |
|
0.39 |
% |
|
0.28 |
% |
|
0.29 |
% |
|
|
|
|
| NPAs / total assets |
0.26 |
% |
|
0.42 |
% |
|
0.28 |
% |
|
0.22 |
% |
|
0.23 |
% |
|
|
|
|
| ALLL / NPLs |
173.92 |
% |
|
106.91 |
% |
|
151.53 |
% |
|
207.83 |
% |
|
205.31 |
% |
|
|
|
|
| ALLL / portfolio loans |
0.60 |
% |
|
0.59 |
% |
|
0.57 |
% |
|
0.55 |
% |
|
0.57 |
% |
|
|
|
|
| ALLL for originated loans and
leases / Originated loans and leases (1) |
0.68 |
% |
|
0.68 |
% |
|
0.67 |
% |
|
0.68 |
% |
|
0.71 |
% |
|
|
|
|
| (Total ALLL + Loan mark) /
Total Gross portfolio loans and leases (1) |
1.00 |
% |
|
1.03 |
% |
|
1.08 |
% |
|
1.28 |
% |
|
1.35 |
% |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Troubled debt restructurings
("TDR"s) included in NPLs |
$ |
4,190 |
|
|
$ |
4,057 |
|
|
$ |
1,217 |
|
|
$ |
1,208 |
|
|
$ |
1,044 |
|
|
|
|
|
| TDRs in compliance with
modified terms |
5,141 |
|
|
5,149 |
|
|
9,745 |
|
|
4,316 |
|
|
4,117 |
|
|
|
|
|
| Total
TDRs |
$ |
9,331 |
|
|
$ |
9,206 |
|
|
$ |
10,962 |
|
|
$ |
5,524 |
|
|
$ |
5,161 |
|
|
|
|
|
- Non-GAAP measure - see Appendix for Non-GAAP to GAAP
reconciliation.
- Brokerage assets represent assets held at a registered broker
dealer under a clearing agreement.
- Capital Ratios for the current quarter are to be considered
preliminary until the Call Reports are filed.
Bryn Mawr Bank CorporationDetailed
Balance Sheets (unaudited)(dollars in thousands)
| |
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
June 30, 2018 |
| Assets |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
13,742 |
|
|
$ |
13,656 |
|
|
$ |
14,099 |
|
|
$ |
10,121 |
|
|
$ |
7,318 |
|
| Interest-bearing deposits with
banks |
49,643 |
|
|
29,449 |
|
|
34,357 |
|
|
35,233 |
|
|
39,924 |
|
|
Cash and cash equivalents |
63,385 |
|
|
43,105 |
|
|
48,456 |
|
|
45,354 |
|
|
47,242 |
|
| Investment securities,
available for sale |
588,119 |
|
|
559,983 |
|
|
737,442 |
|
|
528,064 |
|
|
531,075 |
|
| Investment securities, held to
maturity |
10,209 |
|
|
10,457 |
|
|
8,684 |
|
|
8,916 |
|
|
7,838 |
|
| Investment securities,
trading |
8,516 |
|
|
8,189 |
|
|
7,502 |
|
|
8,340 |
|
|
8,175 |
|
| Loans held for sale |
6,333 |
|
|
2,884 |
|
|
1,749 |
|
|
4,111 |
|
|
4,204 |
|
| Portfolio loans and leases,
originated |
3,088,849 |
|
|
3,032,270 |
|
|
2,885,251 |
|
|
2,752,160 |
|
|
2,700,815 |
|
| Portfolio loans and leases,
acquired |
445,816 |
|
|
491,244 |
|
|
541,903 |
|
|
629,315 |
|
|
688,686 |
|
|
Total portfolio loans and leases |
3,534,665 |
|
|
3,523,514 |
|
|
3,427,154 |
|
|
3,381,475 |
|
|
3,389,501 |
|
| Less: Allowance for losses on
originated loan and leases |
(21,076 |
) |
|
(20,519 |
) |
|
(19,329 |
) |
|
(18,612 |
) |
|
(19,181 |
) |
| Less: Allowance for losses on
acquired loan and leases |
(106 |
) |
|
(97 |
) |
|
(97 |
) |
|
(72 |
) |
|
(217 |
) |
|
Total allowance for loan and lease losses |
(21,182 |
) |
|
(20,616 |
) |
|
(19,426 |
) |
|
(18,684 |
) |
|
(19,398 |
) |
|
Net portfolio loans and leases |
3,513,483 |
|
|
3,502,898 |
|
|
3,407,728 |
|
|
3,362,791 |
|
|
3,370,103 |
|
| Premises and equipment |
68,092 |
|
|
67,279 |
|
|
65,648 |
|
|
63,281 |
|
|
54,185 |
|
| Operating lease right-of-use
assets |
43,116 |
|
|
43,985 |
|
|
— |
|
|
— |
|
|
— |
|
| Accrued interest
receivable |
13,312 |
|
|
13,123 |
|
|
12,585 |
|
|
13,232 |
|
|
13,115 |
|
| Mortgage servicing rights |
4,744 |
|
|
4,910 |
|
|
5,047 |
|
|
5,328 |
|
|
5,511 |
|
| Bank owned life insurance |
58,437 |
|
|
58,138 |
|
|
57,844 |
|
|
57,543 |
|
|
57,243 |
|
| Federal Home Loan Bank
("FHLB") stock |
14,677 |
|
|
10,526 |
|
|
14,530 |
|
|
14,678 |
|
|
16,678 |
|
| Goodwill |
184,012 |
|
|
184,012 |
|
|
184,012 |
|
|
183,864 |
|
|
183,162 |
|
| Intangible assets |
21,038 |
|
|
21,994 |
|
|
23,455 |
|
|
24,301 |
|
|
24,977 |
|
| Other investments |
16,517 |
|
|
16,526 |
|
|
16,526 |
|
|
16,529 |
|
|
16,774 |
|
| Other assets |
122,575 |
|
|
83,984 |
|
|
61,277 |
|
|
52,110 |
|
|
53,921 |
|
|
Total assets |
$ |
4,736,565 |
|
|
$ |
4,631,993 |
|
|
$ |
4,652,485 |
|
|
$ |
4,388,442 |
|
|
$ |
4,394,203 |
|
| |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
$ |
940,911 |
|
|
$ |
882,310 |
|
|
$ |
901,619 |
|
|
$ |
834,363 |
|
|
$ |
892,386 |
|
|
Interest-bearing |
2,691,502 |
|
|
2,755,307 |
|
|
2,697,468 |
|
|
2,522,863 |
|
|
2,466,529 |
|
|
Total deposits |
3,632,413 |
|
|
3,637,617 |
|
|
3,599,087 |
|
|
3,357,226 |
|
|
3,358,915 |
|
| Short-term borrowings |
207,828 |
|
|
124,214 |
|
|
252,367 |
|
|
226,498 |
|
|
227,059 |
|
| Long-term FHLB advances |
47,941 |
|
|
55,407 |
|
|
55,374 |
|
|
72,841 |
|
|
87,808 |
|
| Subordinated notes |
98,616 |
|
|
98,571 |
|
|
98,526 |
|
|
98,482 |
|
|
98,491 |
|
| Jr. subordinated
debentures |
21,665 |
|
|
21,622 |
|
|
21,580 |
|
|
21,538 |
|
|
21,497 |
|
| Operating lease
liabilities |
47,393 |
|
|
48,224 |
|
|
— |
|
|
— |
|
|
— |
|
| Accrued interest payable |
8,244 |
|
|
8,674 |
|
|
6,652 |
|
|
7,193 |
|
|
5,230 |
|
| Other liabilities |
82,310 |
|
|
62,557 |
|
|
54,195 |
|
|
53,239 |
|
|
52,700 |
|
|
Total liabilities |
4,146,410 |
|
|
4,056,886 |
|
|
4,087,781 |
|
|
3,837,017 |
|
|
3,851,700 |
|
| |
|
|
|
|
|
|
|
|
|
| Shareholders'
equity |
|
|
|
|
|
|
|
|
|
| Common stock |
24,583 |
|
|
24,577 |
|
|
24,545 |
|
|
24,533 |
|
|
24,453 |
|
| Paid-in capital in excess of
par value |
376,652 |
|
|
375,655 |
|
|
374,010 |
|
|
373,205 |
|
|
372,227 |
|
| Less: common stock held in
treasury, at cost |
(78,583 |
) |
|
(76,974 |
) |
|
(75,883 |
) |
|
(70,437 |
) |
|
(68,943 |
) |
| Accumulated other
comprehensive income (loss), net of tax |
1,700 |
|
|
(3,278 |
) |
|
(7,513 |
) |
|
(13,402 |
) |
|
(11,191 |
) |
| Retained earnings |
266,496 |
|
|
255,813 |
|
|
250,230 |
|
|
238,204 |
|
|
226,634 |
|
|
Total Bryn Mawr Bank Corporation shareholders'
equity |
590,848 |
|
|
575,793 |
|
|
565,389 |
|
|
552,103 |
|
|
543,180 |
|
| Noncontrolling interest |
(693 |
) |
|
(686 |
) |
|
(685 |
) |
|
(678 |
) |
|
(677 |
) |
|
Total shareholders' equity |
590,155 |
|
|
575,107 |
|
|
564,704 |
|
|
551,425 |
|
|
542,503 |
|
|
Total liabilities and shareholders' equity |
$ |
4,736,565 |
|
|
$ |
4,631,993 |
|
|
$ |
4,652,485 |
|
|
$ |
4,388,442 |
|
|
$ |
4,394,203 |
|
Bryn Mawr Bank CorporationSupplemental
Balance Sheet Information (unaudited)(dollars in
thousands)
| |
Portfolio Loans and Leases as of |
| |
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
June 30, 2018 |
|
Commercial mortgages |
$ |
1,755,798 |
|
|
$ |
1,746,695 |
|
|
$ |
1,657,436 |
|
|
$ |
1,618,493 |
|
|
$ |
1,613,721 |
|
| Home equity loans and
lines |
203,852 |
|
|
204,791 |
|
|
207,351 |
|
|
207,806 |
|
|
206,429 |
|
| Residential mortgages |
506,093 |
|
|
502,379 |
|
|
494,355 |
|
|
467,402 |
|
|
449,060 |
|
| Construction |
152,554 |
|
|
159,761 |
|
|
181,078 |
|
|
178,493 |
|
|
190,874 |
|
|
Total real estate loans |
2,618,297 |
|
|
2,613,626 |
|
|
2,540,220 |
|
|
2,472,194 |
|
|
2,460,084 |
|
| Commercial &
Industrial |
704,167 |
|
|
705,701 |
|
|
695,584 |
|
|
722,999 |
|
|
745,306 |
|
| Consumer |
49,335 |
|
|
47,821 |
|
|
46,814 |
|
|
47,809 |
|
|
51,462 |
|
| Leases |
162,866 |
|
|
156,366 |
|
|
144,536 |
|
|
138,473 |
|
|
132,649 |
|
|
Total non-real estate loans and leases |
916,368 |
|
|
909,888 |
|
|
886,934 |
|
|
909,281 |
|
|
929,417 |
|
|
Total portfolio loans and leases |
$ |
3,534,665 |
|
|
$ |
3,523,514 |
|
|
$ |
3,427,154 |
|
|
$ |
3,381,475 |
|
|
$ |
3,389,501 |
|
| |
Nonperforming Loans and Leases as of |
| |
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
June 30, 2018 |
|
Commercial mortgages |
$ |
6,072 |
|
|
$ |
5,558 |
|
|
$ |
2,568 |
|
|
$ |
735 |
|
|
$ |
1,011 |
|
| Home equity loans and
lines |
49 |
|
|
6,904 |
|
|
3,616 |
|
|
1,933 |
|
|
2,323 |
|
| Residential mortgages |
701 |
|
|
2,863 |
|
|
3,452 |
|
|
2,770 |
|
|
2,647 |
|
| Construction |
— |
|
|
— |
|
|
— |
|
|
291 |
|
|
— |
|
|
Total nonperforming real estate loans |
6,822 |
|
|
15,325 |
|
|
9,636 |
|
|
5,729 |
|
|
5,980 |
|
| Commercial &
Industrial |
4,495 |
|
|
2,965 |
|
|
2,101 |
|
|
1,782 |
|
|
1,585 |
|
| Consumer |
60 |
|
|
80 |
|
|
108 |
|
|
117 |
|
|
— |
|
| Leases |
802 |
|
|
913 |
|
|
975 |
|
|
1,362 |
|
|
1,882 |
|
|
Total nonperforming non-real estate loans and leases |
5,357 |
|
|
3,958 |
|
|
3,184 |
|
|
3,261 |
|
|
3,468 |
|
|
Total nonperforming portfolio loans and leases |
$ |
12,179 |
|
|
$ |
19,283 |
|
|
$ |
12,820 |
|
|
$ |
8,990 |
|
|
$ |
9,448 |
|
| |
Net Loan and Lease Charge-Offs (Recoveries) for the Three
Months Ended |
| |
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
June 30, 2018 |
|
Commercial mortgage |
$ |
(3 |
) |
|
$ |
1,373 |
|
|
$ |
249 |
|
|
$ |
56 |
|
|
$ |
13 |
|
| Home equity loans and
lines |
180 |
|
|
46 |
|
|
107 |
|
|
— |
|
|
199 |
|
| Residential |
339 |
|
|
329 |
|
|
304 |
|
|
(12 |
) |
|
(1 |
) |
| Construction |
(1 |
) |
|
(1 |
) |
|
— |
|
|
— |
|
|
(1 |
) |
|
Total net charge-offs of real estate loans |
515 |
|
|
1,747 |
|
|
660 |
|
|
44 |
|
|
210 |
|
| Commercial &
Industrial |
(18 |
) |
|
391 |
|
|
298 |
|
|
304 |
|
|
467 |
|
| Consumer |
119 |
|
|
94 |
|
|
147 |
|
|
71 |
|
|
41 |
|
| Leases |
445 |
|
|
314 |
|
|
515 |
|
|
959 |
|
|
683 |
|
|
Total net charge-offs of non-real estate loans and leases |
546 |
|
|
799 |
|
|
960 |
|
|
1,334 |
|
|
1,191 |
|
|
Total net charge-offs |
$ |
1,061 |
|
|
$ |
2,546 |
|
|
$ |
1,620 |
|
|
$ |
1,378 |
|
|
$ |
1,401 |
|
| |
Investment Securities Available for Sale, at Fair
Value |
| |
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
June 30, 2018 |
|
U.S. Treasury securities |
$ |
101 |
|
|
$ |
100 |
|
|
$ |
200,013 |
|
|
$ |
100 |
|
|
$ |
100 |
|
| Obligations of the U.S.
Government and agencies |
192,799 |
|
|
186,746 |
|
|
195,855 |
|
|
190,453 |
|
|
183,256 |
|
| State & political
subdivisions - tax-free |
6,700 |
|
|
8,468 |
|
|
11,162 |
|
|
15,629 |
|
|
17,254 |
|
| State & political
subdivisions - taxable |
170 |
|
|
170 |
|
|
170 |
|
|
170 |
|
|
171 |
|
| Mortgage-backed
securities |
348,975 |
|
|
322,913 |
|
|
289,890 |
|
|
284,421 |
|
|
292,563 |
|
| Collateralized mortgage
obligations |
38,724 |
|
|
40,486 |
|
|
39,252 |
|
|
36,193 |
|
|
36,634 |
|
| Other debt securities |
650 |
|
|
1,100 |
|
|
1,100 |
|
|
1,098 |
|
|
1,097 |
|
|
Total investment securities available for sale, at fair value |
$ |
588,119 |
|
|
$ |
559,983 |
|
|
$ |
737,442 |
|
|
$ |
528,064 |
|
|
$ |
531,075 |
|
| |
Unrealized Gain (Loss) on Investment Securities Available
for Sale |
| |
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
June 30, 2018 |
|
U.S. Treasury securities |
$ |
1 |
|
|
$ |
— |
|
|
$ |
(13 |
) |
|
$ |
— |
|
|
$ |
— |
|
| Obligations of the U.S.
Government and agencies |
275 |
|
|
(1,334 |
) |
|
(2,749 |
) |
|
(5,881 |
) |
|
(4,594 |
) |
| State & political
subdivisions - tax-free |
8 |
|
|
(5 |
) |
|
(39 |
) |
|
(90 |
) |
|
(57 |
) |
| State & political
subdivisions - taxable |
— |
|
|
— |
|
|
(1 |
) |
|
(1 |
) |
|
(1 |
) |
| Mortgage-backed
securities |
3,364 |
|
|
(696 |
) |
|
(4,186 |
) |
|
(7,584 |
) |
|
(6,141 |
) |
| Collateralized mortgage
obligations |
89 |
|
|
(510 |
) |
|
(898 |
) |
|
(1,618 |
) |
|
(1,443 |
) |
| Other debt securities |
— |
|
|
— |
|
|
— |
|
|
(2 |
) |
|
(3 |
) |
|
Total unrealized gains (losses) on investment securities available
for sale |
$ |
3,737 |
|
|
$ |
(2,545 |
) |
|
$ |
(7,886 |
) |
|
$ |
(15,176 |
) |
|
$ |
(12,239 |
) |
| |
Deposits |
| |
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
June 30, 2018 |
| Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
745,134 |
|
|
$ |
664,683 |
|
|
$ |
664,749 |
|
|
$ |
578,243 |
|
|
$ |
617,258 |
|
|
Money market |
966,596 |
|
|
961,348 |
|
|
862,644 |
|
|
812,027 |
|
|
814,530 |
|
|
Savings |
263,830 |
|
|
265,613 |
|
|
247,081 |
|
|
286,266 |
|
|
291,858 |
|
|
Retail time deposits |
502,745 |
|
|
531,522 |
|
|
542,702 |
|
|
561,123 |
|
|
536,287 |
|
|
Wholesale non-maturity deposits |
100,047 |
|
|
47,744 |
|
|
55,031 |
|
|
24,040 |
|
|
36,826 |
|
|
Wholesale time deposits |
113,150 |
|
|
284,397 |
|
|
325,261 |
|
|
261,164 |
|
|
169,770 |
|
|
Total interest-bearing deposits |
2,691,502 |
|
|
2,755,307 |
|
|
2,697,468 |
|
|
2,522,863 |
|
|
2,466,529 |
|
|
Noninterest-bearing deposits |
940,911 |
|
|
882,310 |
|
|
901,619 |
|
|
834,363 |
|
|
892,386 |
|
|
Total deposits |
$ |
3,632,413 |
|
|
$ |
3,637,617 |
|
|
$ |
3,599,087 |
|
|
$ |
3,357,226 |
|
|
$ |
3,358,915 |
|
Bryn Mawr Bank CorporationDetailed
Income Statements (unaudited)(dollars in thousands, except
per share data)
| |
For the Three Months Ended |
|
For the Six Months Ended |
| |
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
June 30, 2018 |
|
June 30, 2019 |
|
June 30, 2018 |
| Interest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans and leases |
$ |
44,783 |
|
|
$ |
44,837 |
|
|
$ |
44,157 |
|
|
$ |
42,103 |
|
|
$ |
41,689 |
|
|
$ |
89,620 |
|
|
$ |
82,378 |
|
| Interest on cash and cash
equivalents |
73 |
|
|
132 |
|
|
83 |
|
|
64 |
|
|
64 |
|
|
205 |
|
|
117 |
|
| Interest on investment
securities |
3,532 |
|
|
3,499 |
|
|
3,294 |
|
|
3,066 |
|
|
3,001 |
|
|
7,031 |
|
|
5,793 |
|
|
Total interest income |
48,388 |
|
|
48,468 |
|
|
47,534 |
|
|
45,233 |
|
|
44,754 |
|
|
96,856 |
|
|
88,288 |
|
| Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest on deposits |
9,655 |
|
|
8,097 |
|
|
7,048 |
|
|
5,533 |
|
|
4,499 |
|
|
17,752 |
|
|
7,971 |
|
| Interest on short-term
borrowings |
357 |
|
|
943 |
|
|
681 |
|
|
1,096 |
|
|
985 |
|
|
1,300 |
|
|
1,615 |
|
| Interest on FHLB advances |
269 |
|
|
278 |
|
|
331 |
|
|
394 |
|
|
490 |
|
|
547 |
|
|
1,052 |
|
| Interest on jr. subordinated
debentures |
352 |
|
|
358 |
|
|
342 |
|
|
337 |
|
|
321 |
|
|
710 |
|
|
609 |
|
| Interest on subordinated
notes |
1,144 |
|
|
1,145 |
|
|
1,145 |
|
|
1,144 |
|
|
1,143 |
|
|
2,289 |
|
|
2,286 |
|
| Total interest expense |
11,777 |
|
|
10,821 |
|
|
9,547 |
|
|
8,504 |
|
|
7,438 |
|
|
22,598 |
|
|
13,533 |
|
|
Net interest income |
36,611 |
|
|
37,647 |
|
|
37,987 |
|
|
36,729 |
|
|
37,316 |
|
|
74,258 |
|
|
74,755 |
|
| Provision for loan and lease
losses (the "Provision") |
1,627 |
|
|
3,736 |
|
|
2,362 |
|
|
664 |
|
|
3,137 |
|
|
5,363 |
|
|
4,167 |
|
|
Net interest income after Provision |
34,984 |
|
|
33,911 |
|
|
35,625 |
|
|
36,065 |
|
|
34,179 |
|
|
68,895 |
|
|
70,588 |
|
| Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fees for wealth management
services |
11,510 |
|
|
10,392 |
|
|
11,017 |
|
|
10,343 |
|
|
10,658 |
|
|
21,902 |
|
|
20,966 |
|
| Insurance commissions |
1,697 |
|
|
1,672 |
|
|
1,459 |
|
|
1,754 |
|
|
1,902 |
|
|
3,369 |
|
|
3,595 |
|
| Capital markets revenue |
1,489 |
|
|
2,219 |
|
|
1,367 |
|
|
710 |
|
|
2,105 |
|
|
3,708 |
|
|
2,771 |
|
| Service charges on
deposits |
852 |
|
|
808 |
|
|
798 |
|
|
726 |
|
|
752 |
|
|
1,660 |
|
|
1,465 |
|
| Loan servicing and other
fees |
553 |
|
|
609 |
|
|
539 |
|
|
559 |
|
|
475 |
|
|
1,162 |
|
|
1,161 |
|
| Net gain on sale of loans |
752 |
|
|
319 |
|
|
1,606 |
|
|
631 |
|
|
528 |
|
|
1,071 |
|
|
1,046 |
|
| Net gain on sale of investment
securities available for sale |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
7 |
|
| Net (loss) gain on sale of
other real estate owned |
— |
|
|
(24 |
) |
|
3 |
|
|
5 |
|
|
111 |
|
|
(24 |
) |
|
287 |
|
| Dividends on FHLB and FRB
stocks |
316 |
|
|
411 |
|
|
305 |
|
|
375 |
|
|
510 |
|
|
727 |
|
|
941 |
|
| Other operating income |
3,052 |
|
|
2,847 |
|
|
1,003 |
|
|
3,171 |
|
|
3,034 |
|
|
5,899 |
|
|
7,372 |
|
|
Total noninterest income |
20,221 |
|
|
19,253 |
|
|
18,097 |
|
|
18,274 |
|
|
20,075 |
|
|
39,474 |
|
|
39,611 |
|
| Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and wages |
17,038 |
|
|
20,901 |
|
|
17,921 |
|
|
16,528 |
|
|
16,240 |
|
|
37,939 |
|
|
32,222 |
|
| Employee benefits |
3,317 |
|
|
4,166 |
|
|
2,977 |
|
|
3,356 |
|
|
2,877 |
|
|
7,483 |
|
|
6,585 |
|
| Occupancy and bank
premises |
3,125 |
|
|
3,252 |
|
|
3,135 |
|
|
2,717 |
|
|
2,697 |
|
|
6,377 |
|
|
5,747 |
|
| Furniture, fixtures and
equipment |
2,568 |
|
|
2,389 |
|
|
2,370 |
|
|
2,070 |
|
|
2,069 |
|
|
4,957 |
|
|
3,967 |
|
| Advertising |
504 |
|
|
415 |
|
|
540 |
|
|
349 |
|
|
369 |
|
|
919 |
|
|
830 |
|
| Amortization of intangible
assets |
956 |
|
|
938 |
|
|
997 |
|
|
891 |
|
|
889 |
|
|
1,894 |
|
|
1,768 |
|
| Impairment (recovery) of
mortgage servicing rights ("MSRs") |
10 |
|
|
17 |
|
|
101 |
|
|
(23 |
) |
|
(1 |
) |
|
27 |
|
|
(51 |
) |
| Due diligence, merger-related
and merger integration expenses |
— |
|
|
— |
|
|
— |
|
|
389 |
|
|
3,053 |
|
|
— |
|
|
7,372 |
|
| Professional fees |
1,316 |
|
|
1,320 |
|
|
1,526 |
|
|
997 |
|
|
932 |
|
|
2,636 |
|
|
1,680 |
|
| Pennsylvania bank shares
tax |
513 |
|
|
409 |
|
|
374 |
|
|
472 |
|
|
473 |
|
|
922 |
|
|
946 |
|
| Data processing |
1,303 |
|
|
1,320 |
|
|
1,340 |
|
|
1,155 |
|
|
1,252 |
|
|
2,623 |
|
|
2,447 |
|
| Other operating expenses |
4,538 |
|
|
4,597 |
|
|
3,564 |
|
|
4,691 |
|
|
4,986 |
|
|
9,135 |
|
|
8,353 |
|
|
Total noninterest expense |
35,188 |
|
|
39,724 |
|
|
34,845 |
|
|
33,592 |
|
|
35,836 |
|
|
74,912 |
|
|
71,866 |
|
| Income before income
taxes |
20,017 |
|
|
13,440 |
|
|
18,877 |
|
|
20,747 |
|
|
18,418 |
|
|
33,457 |
|
|
38,333 |
|
| Income tax expense |
4,239 |
|
|
2,764 |
|
|
1,746 |
|
|
4,066 |
|
|
3,723 |
|
|
7,003 |
|
|
8,353 |
|
|
Net income |
$ |
15,778 |
|
|
$ |
10,676 |
|
|
$ |
17,131 |
|
|
$ |
16,681 |
|
|
$ |
14,695 |
|
|
$ |
26,454 |
|
|
$ |
29,980 |
|
| Net (loss) income
attributable to noncontrolling interest |
(7 |
) |
|
(1 |
) |
|
(5 |
) |
|
(1 |
) |
|
7 |
|
|
(8 |
) |
|
6 |
|
|
Net income attributable to Bryn Mawr Bank
Corporation |
$ |
15,785 |
|
|
$ |
10,677 |
|
|
$ |
17,136 |
|
|
$ |
16,682 |
|
|
$ |
14,688 |
|
|
$ |
26,462 |
|
|
$ |
29,974 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Per share
data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average shares
outstanding |
20,144,651 |
|
|
20,168,498 |
|
|
20,225,993 |
|
|
20,270,706 |
|
|
20,238,852 |
|
|
20,156,509 |
|
|
20,221,010 |
|
| Dilutive common shares |
99,758 |
|
|
103,163 |
|
|
95,290 |
|
|
167,670 |
|
|
174,726 |
|
|
99,960 |
|
|
206,782 |
|
| Weighted average diluted
shares |
20,244,409 |
|
|
20,271,661 |
|
|
20,321,283 |
|
|
20,438,376 |
|
|
20,413,578 |
|
|
20,256,469 |
|
|
20,427,792 |
|
| Basic earnings per common
share |
$ |
0.78 |
|
|
$ |
0.53 |
|
|
$ |
0.85 |
|
|
$ |
0.82 |
|
|
$ |
0.73 |
|
|
$ |
1.31 |
|
|
$ |
1.48 |
|
| Diluted earnings per common
share |
$ |
0.78 |
|
|
$ |
0.53 |
|
|
$ |
0.84 |
|
|
$ |
0.82 |
|
|
$ |
0.72 |
|
|
$ |
1.31 |
|
|
$ |
1.47 |
|
| Dividends paid or accrued per
share |
$ |
0.26 |
|
|
$ |
0.25 |
|
|
$ |
0.25 |
|
|
$ |
0.25 |
|
|
$ |
0.22 |
|
|
$ |
0.51 |
|
|
$ |
0.44 |
|
| Effective tax rate |
21.18 |
% |
|
20.57 |
% |
|
9.25 |
% |
|
19.60 |
% |
|
20.21 |
% |
|
20.93 |
% |
|
21.79 |
% |
Bryn Mawr Bank
CorporationTax-Equivalent Net Interest Margin
(unaudited)(dollars in thousands, except per share
data)
| |
For the Three Months Ended |
|
For the Six Months Ended |
|
|
June 30, 2019 |
March 31, 2019 |
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
|
June 30, 2019 |
June 30, 2018 |
| (dollars in thousands) |
AverageBalance |
|
InterestIncome/Expense |
|
Average RatesEarned/ Paid |
Average Balance |
|
Interest Income/ Expense |
|
Average RatesEarned/ Paid |
Average Balance |
|
Interest Income/ Expense |
|
Average RatesEarned/ Paid |
Average Balance |
|
Interest Income/ Expense |
|
Average RatesEarned/ Paid |
Average Balance |
|
Interest Income/ Expense |
|
Average RatesEarned/ Paid |
|
Average Balance |
|
Interest Income/ Expense |
|
Average RatesEarned/ Paid |
Average Balance |
|
Interest Income/ Expense |
|
Average RatesEarned/ Paid |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing deposits with
other banks |
$ |
37,843 |
|
$ |
73 |
|
0.77 |
% |
$ |
32,742 |
|
$ |
132 |
|
1.64 |
% |
$ |
38,957 |
|
$ |
83 |
|
0.85 |
% |
$ |
37,467 |
|
$ |
64 |
|
0.68 |
% |
$ |
37,215 |
|
$ |
64 |
|
0.69 |
% |
|
$ |
35,306 |
|
$ |
205 |
|
1.17 |
% |
$ |
37,627 |
|
$ |
117 |
|
0.63 |
% |
| Investment securities -
available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
560,999 |
|
3,400 |
|
2.43 |
% |
543,687 |
|
3,363 |
|
2.51 |
% |
524,117 |
|
3,075 |
|
2.33 |
% |
514,360 |
|
2,910 |
|
2.24 |
% |
514,966 |
|
2,843 |
|
2.21 |
% |
|
552,391 |
|
6,763 |
|
2.47 |
% |
506,887 |
|
5,472 |
|
2.18 |
% |
|
Tax-exempt |
7,530 |
|
43 |
|
2.29 |
% |
9,795 |
|
55 |
|
2.28 |
% |
13,184 |
|
70 |
|
2.11 |
% |
16,056 |
|
83 |
|
2.05 |
% |
18,215 |
|
93 |
|
2.05 |
% |
|
8,656 |
|
98 |
|
2.28 |
% |
19,352 |
|
193 |
|
2.01 |
% |
|
Total investment securities - available for sale |
568,529 |
|
3,443 |
|
2.43 |
% |
553,482 |
|
3,418 |
|
2.50 |
% |
537,301 |
|
3,145 |
|
2.32 |
% |
530,416 |
|
2,993 |
|
2.24 |
% |
533,181 |
|
2,936 |
|
2.21 |
% |
|
561,047 |
|
6,861 |
|
2.47 |
% |
526,239 |
|
5,665 |
|
2.17 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment securities - held
to maturity |
10,417 |
|
71 |
|
2.73 |
% |
8,804 |
|
67 |
|
3.09 |
% |
8,761 |
|
63 |
|
2.85 |
% |
8,378 |
|
55 |
|
2.60 |
% |
7,866 |
|
58 |
|
2.96 |
% |
|
9,615 |
|
138 |
|
2.89 |
% |
7,889 |
|
116 |
|
2.97 |
% |
| Investment securities -
trading |
8,572 |
|
24 |
|
1.12 |
% |
7,629 |
|
22 |
|
1.17 |
% |
8,203 |
|
96 |
|
4.64 |
% |
8,204 |
|
30 |
|
1.45 |
% |
8,202 |
|
22 |
|
1.08 |
% |
|
8,103 |
|
46 |
|
1.14 |
% |
8,270 |
|
43 |
|
1.05 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans and leases * |
3,524,219 |
|
44,903 |
|
5.11 |
% |
3,477,739 |
|
44,958 |
|
5.24 |
% |
3,399,484 |
|
44,274 |
|
5.17 |
% |
3,379,699 |
|
42,214 |
|
4.96 |
% |
3,353,339 |
|
41,782 |
|
5.00 |
% |
|
3,501,107 |
|
89,861 |
|
5.18 |
% |
3,322,447 |
|
82,536 |
|
5.01 |
% |
|
Total interest-earning assets |
4,149,580 |
|
48,514 |
|
4.69 |
% |
4,080,396 |
|
48,597 |
|
4.83 |
% |
3,992,706 |
|
47,661 |
|
4.74 |
% |
3,964,164 |
|
45,356 |
|
4.54 |
% |
3,939,803 |
|
44,862 |
|
4.57 |
% |
|
4,115,178 |
|
97,111 |
|
4.76 |
% |
3,902,472 |
|
88,477 |
|
4.57 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and due from banks |
13,725 |
|
|
|
14,414 |
|
|
|
13,962 |
|
|
|
7,587 |
|
|
|
7,153 |
|
|
|
|
14,068 |
|
|
|
8,916 |
|
|
|
| Less: allowance for loan and
lease losses |
(20,844 |
) |
|
|
(19,887 |
) |
|
|
(18,625 |
) |
|
|
(19,467 |
) |
|
|
(18,043 |
) |
|
|
|
(20,368 |
) |
|
|
(17,837 |
) |
|
|
| Other assets |
509,164 |
|
|
|
470,206 |
|
|
|
424,957 |
|
|
|
423,864 |
|
|
|
415,628 |
|
|
|
|
489,794 |
|
|
|
402,086 |
|
|
|
|
Total assets |
$ |
4,651,625 |
|
|
|
$ |
4,545,129 |
|
|
|
$ |
4,413,000 |
|
|
|
$ |
4,376,148 |
|
|
|
$ |
4,344,541 |
|
|
|
|
$ |
4,598,672 |
|
|
|
$ |
4,295,637 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Savings, NOW and market rate
deposits |
$ |
1,928,755 |
|
$ |
5,040 |
|
1.05 |
% |
$ |
1,798,103 |
|
$ |
3,764 |
|
0.85 |
% |
$ |
1,704,065 |
|
$ |
2,883 |
|
0.67 |
% |
$ |
1,695,214 |
|
$ |
2,425 |
|
0.57 |
% |
$ |
1,722,328 |
|
$ |
2,073 |
|
0.48 |
% |
|
$ |
1,863,790 |
|
$ |
8,804 |
|
0.95 |
% |
$ |
1,701,732 |
|
$ |
3,552 |
|
0.42 |
% |
|
Wholesale deposits |
345,782 |
|
2,143 |
|
2.49 |
% |
342,696 |
|
2,012 |
|
2.38 |
% |
346,134 |
|
1,986 |
|
2.28 |
% |
256,347 |
|
1,329 |
|
2.06 |
% |
233,714 |
|
973 |
|
1.67 |
% |
|
344,247 |
|
4,155 |
|
2.43 |
% |
232,508 |
|
1,706 |
|
1.48 |
% |
|
Retail time deposits |
520,317 |
|
2,472 |
|
1.91 |
% |
533,395 |
|
2,321 |
|
1.76 |
% |
552,213 |
|
2,179 |
|
1.57 |
% |
541,652 |
|
1,779 |
|
1.30 |
% |
533,254 |
|
1,453 |
|
1.09 |
% |
|
526,820 |
|
4,793 |
|
1.83 |
% |
530,378 |
|
2,713 |
|
1.03 |
% |
|
Total interest-bearing deposits |
2,794,854 |
|
9,655 |
|
1.39 |
% |
2,674,194 |
|
8,097 |
|
1.23 |
% |
2,602,412 |
|
7,048 |
|
1.07 |
% |
2,493,213 |
|
5,533 |
|
0.88 |
% |
2,489,296 |
|
4,499 |
|
0.72 |
% |
|
2,734,857 |
|
17,752 |
|
1.31 |
% |
2,464,618 |
|
7,971 |
|
0.65 |
% |
| Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-term borrowings |
68,529 |
|
357 |
|
2.09 |
% |
157,652 |
|
943 |
|
2.43 |
% |
128,429 |
|
681 |
|
2.10 |
% |
208,201 |
|
1,096 |
|
2.09 |
% |
205,323 |
|
985 |
|
1.92 |
% |
|
112,844 |
|
1,300 |
|
2.32 |
% |
189,019 |
|
1,615 |
|
1.72 |
% |
| Long-term FHLB advances |
52,397 |
|
269 |
|
2.06 |
% |
55,385 |
|
278 |
|
2.04 |
% |
67,363 |
|
331 |
|
1.95 |
% |
81,460 |
|
394 |
|
1.92 |
% |
102,023 |
|
490 |
|
1.93 |
% |
|
53,883 |
|
547 |
|
2.05 |
% |
112,911 |
|
1,052 |
|
1.88 |
% |
|
Subordinated notes |
98,587 |
|
1,144 |
|
4.65 |
% |
98,542 |
|
1,145 |
|
4.71 |
% |
98,497 |
|
1,145 |
|
4.61 |
% |
98,457 |
|
1,144 |
|
4.61 |
% |
98,463 |
|
1,143 |
|
4.66 |
% |
|
98,564 |
|
2,289 |
|
4.68 |
% |
98,447 |
|
2,286 |
|
4.68 |
% |
| Jr.
subordinated debt |
21,637 |
|
352 |
|
6.53 |
% |
21,595 |
|
358 |
|
6.72 |
% |
21,553 |
|
342 |
|
6.30 |
% |
21,511 |
|
337 |
|
6.22 |
% |
21,470 |
|
321 |
|
6.00 |
% |
|
21,616 |
|
710 |
|
6.62 |
% |
21,450 |
|
609 |
|
5.73 |
% |
|
Total borrowings |
241,150 |
|
2,122 |
|
3.53 |
% |
333,174 |
|
2,724 |
|
3.32 |
% |
315,842 |
|
2,499 |
|
3.14 |
% |
409,629 |
|
2,971 |
|
2.88 |
% |
427,279 |
|
2,939 |
|
2.76 |
% |
|
286,907 |
|
4,846 |
|
3.41 |
% |
421,827 |
|
5,562 |
|
2.66 |
% |
|
Total interest-bearing liabilities |
3,036,004 |
|
11,777 |
|
1.56 |
% |
3,007,368 |
|
10,821 |
|
1.46 |
% |
2,918,254 |
|
9,547 |
|
1.30 |
% |
2,902,842 |
|
8,504 |
|
1.16 |
% |
2,916,575 |
|
7,438 |
|
1.02 |
% |
|
3,021,764 |
|
22,598 |
|
1.51 |
% |
2,886,445 |
|
13,533 |
|
0.95 |
% |
| Noninterest-bearing
deposits |
909,945 |
|
|
|
871,726 |
|
|
|
878,047 |
|
|
|
866,314 |
|
|
|
841,676 |
|
|
|
|
890,941 |
|
|
|
840,571 |
|
|
|
| Other liabilities |
124,211 |
|
|
|
93,949 |
|
|
|
60,393 |
|
|
|
59,085 |
|
|
|
52,389 |
|
|
|
|
109,165 |
|
|
|
42,482 |
|
|
|
|
Total noninterest-bearing liabilities |
1,034,156 |
|
|
|
965,675 |
|
|
|
938,440 |
|
|
|
925,399 |
|
|
|
894,065 |
|
|
|
|
1,000,106 |
|
|
|
883,053 |
|
|
|
|
Total liabilities |
4,070,160 |
|
|
|
3,973,043 |
|
|
|
3,856,694 |
|
|
|
3,828,241 |
|
|
|
3,810,640 |
|
|
|
|
4,021,870 |
|
|
|
3,769,498 |
|
|
|
| Shareholders' equity |
581,465 |
|
|
|
572,086 |
|
|
|
556,306 |
|
|
|
547,907 |
|
|
|
533,901 |
|
|
|
|
576,802 |
|
|
|
526,139 |
|
|
|
|
Total liabilities and shareholders' equity |
$ |
4,651,625 |
|
|
|
$ |
4,545,129 |
|
|
|
$ |
4,413,000 |
|
|
|
$ |
4,376,148 |
|
|
|
$ |
4,344,541 |
|
|
|
|
$ |
4,598,672 |
|
|
|
$ |
4,295,637 |
|
|
|
| Net interest spread |
|
|
3.13 |
% |
|
|
3.37 |
% |
|
|
3.44 |
% |
|
|
3.38 |
% |
|
|
3.55 |
% |
|
|
|
3.25 |
% |
|
|
3.62 |
% |
| Effect of noninterest-bearing
sources |
|
|
0.42 |
% |
|
|
0.38 |
% |
|
|
0.35 |
% |
|
|
0.31 |
% |
|
|
0.26 |
% |
|
|
|
0.40 |
% |
|
|
0.25 |
% |
| Tax-equivalent net interest
margin |
|
$ |
36,737 |
|
3.55 |
% |
|
$ |
37,776 |
|
3.75 |
% |
|
$ |
38,114 |
|
3.79 |
% |
|
$ |
36,852 |
|
3.69 |
% |
|
$ |
37,424 |
|
3.81 |
% |
|
|
$ |
74,513 |
|
3.65 |
% |
|
$ |
74,944 |
|
3.87 |
% |
| Tax-equivalent adjustment |
|
$ |
126 |
|
0.01 |
% |
|
$ |
129 |
|
0.01 |
% |
|
$ |
127 |
|
0.01 |
% |
|
$ |
123 |
|
0.01 |
% |
|
$ |
108 |
|
0.01 |
% |
|
|
$ |
255 |
|
0.01 |
% |
|
$ |
189 |
|
0.01 |
% |
| * 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. |
Supplemental Information Regarding Accretion of Fair
Value Marks
| |
For the Three Months Ended |
|
For the Six Months Ended |
| |
June 30, 2019 |
March 31, 2019 |
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
|
June 30, 2019 |
June 30, 2018 |
| (dollars in thousands) |
Interest |
Inc. / (Dec.) |
Effect on Yield or Rate |
|
Inc. / (Dec.) |
Effect on Yield or Rate |
|
Inc. / (Dec.) |
Effect on Yield or Rate |
|
Inc. / (Dec.) |
Effect on Yield or Rate |
|
Inc. / (Dec.) |
Effect on Yield or Rate |
|
|
Inc. / (Dec.) |
Effect on Yield or Rate |
|
Inc. / (Dec.) |
Effect on Yield or Rate |
|
Loans and leases |
Income |
$ |
1,193 |
|
0.14 |
% |
|
$ |
1,997 |
|
0.23 |
% |
|
$ |
2,492 |
|
0.29 |
% |
|
$ |
1,464 |
|
0.17 |
% |
|
$ |
1,945 |
|
0.23 |
% |
|
|
$ |
3,190 |
|
0.18 |
% |
|
$ |
4,647 |
|
0.28 |
% |
| Retail time deposits |
Expense |
(171 |
) |
(0.13 |
)% |
|
(222 |
) |
(0.17 |
)% |
|
(279 |
) |
(0.20 |
)% |
|
(311 |
) |
(0.23 |
)% |
|
(339 |
) |
(0.25 |
)% |
|
|
(393 |
) |
(0.15 |
)% |
|
(719 |
) |
(0.27 |
)% |
| Long-term FHLB advances |
Expense |
34 |
|
0.26 |
% |
|
33 |
|
0.24 |
% |
|
34 |
|
0.20 |
% |
|
32 |
|
0.16 |
% |
|
25 |
|
0.10 |
% |
|
|
67 |
|
0.25 |
% |
|
40 |
|
0.07 |
% |
| Jr. subordinated debt |
Expense |
43 |
|
0.80 |
% |
|
42 |
|
0.79 |
% |
|
42 |
|
0.77 |
% |
|
41 |
|
0.76 |
% |
|
41 |
|
0.77 |
% |
|
|
85 |
|
0.79 |
% |
|
81 |
|
0.76 |
% |
| Net interest income from fair
value marks |
|
$ |
1,287 |
|
|
|
$ |
2,144 |
|
|
|
$ |
2,695 |
|
|
|
$ |
1,702 |
|
|
|
$ |
2,218 |
|
|
|
|
$ |
3,431 |
|
|
|
$ |
5,245 |
|
|
| Purchase accounting effect on
tax-equivalent margin |
|
|
0.12 |
% |
|
|
0.21 |
% |
|
|
0.27 |
% |
|
|
0.17 |
% |
|
|
0.23 |
% |
|
|
|
0.17 |
% |
|
|
0.27 |
% |
Bryn Mawr Bank CorporationAppendix -
Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP
Performance Measures (unaudited)(dollars in thousands,
except per share data)
|
Statement on Non-GAAP Measures: The
Corporation believes the presentation of the following non-GAAP
financial measures provides useful supplemental information that is
essential to an investor’s proper understanding of the results of
operations and financial condition of the Corporation. Management
uses non-GAAP financial measures in its analysis of the
Corporation’s performance. These non-GAAP measures should not be
viewed as substitutes for the financial measures determined in
accordance with GAAP, nor are they necessarily comparable to
non-GAAP performance measures that may be presented by other
companies. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
As of or For the Three Months Ended |
|
As of or For the Six Months Ended |
| |
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
June 30, 2018 |
|
June 30, 2019 |
|
June 30, 2018 |
| Reconciliation of Net
Income to Net Income (core): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to BMBC (a GAAP measure) |
$ |
15,785 |
|
|
$ |
10,677 |
|
|
$ |
17,136 |
|
|
$ |
16,682 |
|
|
$ |
14,688 |
|
|
$ |
26,462 |
|
|
$ |
29,974 |
|
| Less: Tax-effected non-core
noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of investment securities available for sale |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(6 |
) |
| Add: Tax-effected non-core
noninterest expense items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due diligence, merger-related and merger integration expenses |
— |
|
|
— |
|
|
— |
|
|
307 |
|
|
2,412 |
|
|
— |
|
|
5,824 |
|
|
Voluntary years of service incentive program expenses |
— |
|
|
3,553 |
|
|
— |
|
|
— |
|
|
— |
|
|
3,553 |
|
|
— |
|
| Add: Federal income tax
expense related to re-measurement of net deferred tax asset due to
tax reform legislation |
— |
|
|
— |
|
|
31 |
|
|
151 |
|
|
(69 |
) |
|
— |
|
|
521 |
|
| Net income (core) (a
non-GAAP measure) |
$ |
15,785 |
|
|
$ |
14,230 |
|
|
$ |
17,167 |
|
|
$ |
17,140 |
|
|
$ |
17,031 |
|
|
$ |
30,015 |
|
|
$ |
36,313 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Calculation of Basic
and Diluted Earnings per Common Share (core): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average common shares
outstanding |
20,144,651 |
|
|
20,168,498 |
|
|
20,225,993 |
|
|
20,270,706 |
|
|
20,238,852 |
|
|
20,156,509 |
|
|
20,221,010 |
|
| Dilutive common shares |
99,758 |
|
|
103,163 |
|
|
95,290 |
|
|
167,670 |
|
|
174,726 |
|
|
99,960 |
|
|
206,782 |
|
| Weighted average diluted
shares |
20,244,409 |
|
|
20,271,661 |
|
|
20,321,283 |
|
|
20,438,376 |
|
|
20,413,578 |
|
|
20,256,469 |
|
|
20,427,792 |
|
| Basic earnings per common
share (core) (a non-GAAP measure) |
$ |
0.78 |
|
|
$ |
0.71 |
|
|
$ |
0.85 |
|
|
$ |
0.85 |
|
|
$ |
0.84 |
|
|
$ |
1.49 |
|
|
$ |
1.80 |
|
| Diluted earnings per common
share (core) (a non-GAAP measure) |
$ |
0.78 |
|
|
$ |
0.70 |
|
|
$ |
0.84 |
|
|
$ |
0.84 |
|
|
$ |
0.83 |
|
|
$ |
1.48 |
|
|
$ |
1.78 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Calculation of Return
on Average Tangible Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income attributable to
BMBC (a GAAP measure) |
$ |
15,785 |
|
|
$ |
10,677 |
|
|
$ |
17,136 |
|
|
$ |
16,682 |
|
|
$ |
14,688 |
|
|
$ |
26,462 |
|
|
$ |
29,974 |
|
| Add: Tax-effected amortization
and impairment of intangible assets |
755 |
|
|
741 |
|
|
787 |
|
|
705 |
|
|
702 |
|
|
1,496 |
|
|
1,397 |
|
| Net tangible income
(numerator) |
$ |
16,540 |
|
|
$ |
11,418 |
|
|
$ |
17,923 |
|
|
$ |
17,387 |
|
|
$ |
15,390 |
|
|
$ |
27,958 |
|
|
$ |
31,371 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average shareholders'
equity |
$ |
581,465 |
|
|
$ |
572,086 |
|
|
$ |
556,306 |
|
|
$ |
547,907 |
|
|
$ |
533,901 |
|
|
$ |
576,802 |
|
|
$ |
526,139 |
|
| Less: Average Noncontrolling
interest |
688 |
|
|
685 |
|
|
681 |
|
|
678 |
|
|
685 |
|
|
687 |
|
|
684 |
|
| Less: Average goodwill and
intangible assets |
(205,593 |
) |
|
(206,716 |
) |
|
(207,893 |
) |
|
(207,880 |
) |
|
(208,039 |
) |
|
(206,152 |
) |
|
(206,790 |
) |
| Net average tangible equity
(denominator) |
$ |
376,560 |
|
|
$ |
366,055 |
|
|
$ |
349,094 |
|
|
$ |
340,705 |
|
|
$ |
326,547 |
|
|
$ |
371,337 |
|
|
$ |
320,033 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on tangible
equity (a non-GAAP measure) |
17.62 |
% |
|
12.65 |
% |
|
20.37 |
% |
|
20.25 |
% |
|
18.90 |
% |
|
15.18 |
% |
|
19.77 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Calculation of Return
on Average Tangible Equity (core): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (core) (a non-GAAP
measure) |
$ |
15,785 |
|
|
$ |
14,230 |
|
|
$ |
17,167 |
|
|
$ |
17,140 |
|
|
$ |
17,031 |
|
|
$ |
30,015 |
|
|
$ |
36,313 |
|
| Add: Tax-effected amortization
and impairment of intangible assets |
755 |
|
|
741 |
|
|
787 |
|
|
705 |
|
|
702 |
|
|
1,496 |
|
|
1,397 |
|
| Net tangible income (core)
(numerator) |
$ |
16,540 |
|
|
$ |
14,971 |
|
|
$ |
17,954 |
|
|
$ |
17,845 |
|
|
$ |
17,733 |
|
|
$ |
31,511 |
|
|
$ |
37,710 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average shareholders'
equity |
$ |
581,465 |
|
|
$ |
572,086 |
|
|
$ |
556,306 |
|
|
$ |
547,907 |
|
|
$ |
533,901 |
|
|
$ |
576,802 |
|
|
$ |
526,139 |
|
| Less: Average Noncontrolling
interest |
688 |
|
|
685 |
|
|
681 |
|
|
678 |
|
|
685 |
|
|
687 |
|
|
684 |
|
| Less: Average goodwill and
intangible assets |
(205,593 |
) |
|
(206,716 |
) |
|
(207,893 |
) |
|
(207,880 |
) |
|
(208,039 |
) |
|
(206,152 |
) |
|
(206,790 |
) |
| Net average tangible equity
(denominator) |
$ |
376,560 |
|
|
$ |
366,055 |
|
|
$ |
349,094 |
|
|
$ |
340,705 |
|
|
$ |
326,547 |
|
|
$ |
371,337 |
|
|
$ |
320,033 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on tangible
equity (core) (a non-GAAP measure) |
17.62 |
% |
|
16.59 |
% |
|
20.40 |
% |
|
20.78 |
% |
|
21.78 |
% |
|
17.11 |
% |
|
23.76 |
% |
|
Statement on Non-GAAP Measures: The Corporation
believes the presentation of the following non-GAAP financial
measures provides useful supplemental information that is essential
to an investor’s proper understanding of the results of operations
and financial condition of the Corporation. Management uses
non-GAAP financial measures in its analysis of the Corporation’s
performance. These non-GAAP measures should not be viewed as
substitutes for the financial measures determined in accordance
with GAAP, nor are they necessarily comparable to non-GAAP
performance measures that may be presented by other companies. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
As of or For the Three Months Ended |
|
As of or For the Six Months Ended |
| |
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
June 30, 2018 |
|
June 30, 2019 |
|
June 30, 2018 |
| Calculation of
Tangible Equity Ratio (BMBC): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
$ |
590,155 |
|
|
$ |
575,107 |
|
|
$ |
564,704 |
|
|
$ |
551,425 |
|
|
$ |
542,503 |
|
|
|
|
|
| Less: Noncontrolling
interest |
693 |
|
|
686 |
|
|
685 |
|
|
678 |
|
|
677 |
|
|
|
|
|
| Less: Goodwill and intangible
assets |
(205,050 |
) |
|
(206,006 |
) |
|
(207,467 |
) |
|
(208,165 |
) |
|
(208,139 |
) |
|
|
|
|
| Net tangible equity
(numerator) |
$ |
385,798 |
|
|
$ |
369,787 |
|
|
$ |
357,922 |
|
|
$ |
343,938 |
|
|
$ |
335,041 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
$ |
4,736,565 |
|
|
$ |
4,631,993 |
|
|
$ |
4,652,485 |
|
|
$ |
4,388,442 |
|
|
$ |
4,394,203 |
|
|
|
|
|
| Less: Goodwill and intangible
assets |
(205,050 |
) |
|
(206,006 |
) |
|
(207,467 |
) |
|
(208,165 |
) |
|
(208,139 |
) |
|
|
|
|
| Tangible assets
(denominator) |
$ |
4,531,515 |
|
|
$ |
4,425,987 |
|
|
$ |
4,445,018 |
|
|
$ |
4,180,277 |
|
|
$ |
4,186,064 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible equity ratio
(BMBC)(1) |
8.51 |
% |
|
8.35 |
% |
|
8.05 |
% |
|
8.23 |
% |
|
8.00 |
% |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Calculation of
Tangible Equity Ratio (BMTC): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total shareholders'
equity |
$ |
625,464 |
|
|
$ |
605,985 |
|
|
$ |
591,695 |
|
|
$ |
582,698 |
|
|
$ |
582,354 |
|
|
|
|
|
| Less: Noncontrolling
interest |
693 |
|
|
686 |
|
|
685 |
|
|
678 |
|
|
677 |
|
|
|
|
|
| Less: Goodwill and intangible
assets |
(192,450 |
) |
|
(193,329 |
) |
|
(194,715 |
) |
|
(195,337 |
) |
|
(195,245 |
) |
|
|
|
|
| Net tangible equity
(numerator) |
$ |
433,707 |
|
|
$ |
413,342 |
|
|
$ |
397,665 |
|
|
$ |
388,039 |
|
|
$ |
387,786 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
$ |
4,721,394 |
|
|
$ |
4,616,724 |
|
|
$ |
4,637,481 |
|
|
$ |
4,372,590 |
|
|
$ |
4,378,508 |
|
|
|
|
|
| Less: Goodwill and intangible
assets |
(192,450 |
) |
|
(193,329 |
) |
|
(194,715 |
) |
|
(195,337 |
) |
|
(195,245 |
) |
|
|
|
|
| Tangible assets
(denominator) |
$ |
4,528,944 |
|
|
$ |
4,423,395 |
|
|
$ |
4,442,766 |
|
|
$ |
4,177,253 |
|
|
$ |
4,183,263 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible equity ratio
(BMTC)(1) |
9.58 |
% |
|
9.34 |
% |
|
8.95 |
% |
|
9.29 |
% |
|
9.27 |
% |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Calculation of Return
on Average Assets (core) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average assets
(GAAP) |
1.36 |
% |
|
0.95 |
% |
|
1.54 |
% |
|
1.51 |
% |
|
1.36 |
% |
|
1.16 |
% |
|
1.41 |
% |
| Effect of adjustment to GAAP
net income to core net income |
— |
% |
|
0.32 |
% |
|
— |
% |
|
0.04 |
% |
|
0.21 |
% |
|
0.16 |
% |
|
0.29 |
% |
| Return on average assets
(core) |
1.36 |
% |
|
1.27 |
% |
|
1.54 |
% |
|
1.55 |
% |
|
1.57 |
% |
|
1.32 |
% |
|
1.70 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Calculation of Return
on Average Equity (core) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average equity
(GAAP) |
10.89 |
% |
|
7.57 |
% |
|
12.22 |
% |
|
12.08 |
% |
|
11.03 |
% |
|
9.25 |
% |
|
11.49 |
% |
| Effect of adjustment to GAAP
net income to core net income |
— |
% |
|
2.52 |
% |
|
0.02 |
% |
|
0.33 |
% |
|
1.76 |
% |
|
1.24 |
% |
|
2.43 |
% |
| Return on average equity
(core) |
10.89 |
% |
|
10.09 |
% |
|
12.24 |
% |
|
12.41 |
% |
|
12.79 |
% |
|
10.49 |
% |
|
13.92 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Calculation of
Tax-equivalent net interest margin adjusting for the impact of
purchase accounting |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-equivalent net interest
margin |
3.55 |
% |
|
3.75 |
% |
|
3.79 |
% |
|
3.69 |
% |
|
3.81 |
% |
|
3.65 |
% |
|
3.87 |
% |
| Effect of fair value
marks |
0.12 |
% |
|
0.21 |
% |
|
0.27 |
% |
|
0.17 |
% |
|
0.23 |
% |
|
0.17 |
% |
|
0.27 |
% |
| Tax-equivalent net interest
margin adjusting for the impact of purchase accounting |
3.43 |
% |
|
3.54 |
% |
|
3.52 |
% |
|
3.52 |
% |
|
3.58 |
% |
|
3.48 |
% |
|
3.60 |
% |
- Capital Ratios for the current quarter are to be considered
preliminary until the Call Reports are filed.
|
Statement on Non-GAAP Measures: The Corporation
believes the presentation of the following non-GAAP financial
measures provides useful supplemental information that is essential
to an investor’s proper understanding of the results of operations
and financial condition of the Corporation. Management uses
non-GAAP financial measures in its analysis of the Corporation’s
performance. These non-GAAP measures should not be viewed as
substitutes for the financial measures determined in accordance
with GAAP, nor are they necessarily comparable to non-GAAP
performance measures that may be presented by other companies. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
As of or For the Three Months Ended |
|
As of or For the Six Months Ended |
| |
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
June 30, 2018 |
|
June 30, 2019 |
|
June 30, 2018 |
| Calculation of
Tax-equivalent net interest income adjusting for the impact of
purchase accounting |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-equivalent net interest
income |
$ |
36,737 |
|
|
$ |
37,776 |
|
|
$ |
38,114 |
|
|
$ |
36,852 |
|
|
$ |
37,424 |
|
|
|
|
|
| Effect of fair value
marks |
1,287 |
|
|
2,144 |
|
|
2,695 |
|
|
1,702 |
|
|
2,218 |
|
|
|
|
|
| Tax-equivalent net interest
income adjusting for the impact of purchase accounting |
$ |
35,450 |
|
|
$ |
35,632 |
|
|
$ |
35,419 |
|
|
$ |
35,150 |
|
|
$ |
35,206 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Calculation of
Efficiency Ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
$ |
35,188 |
|
|
$ |
39,724 |
|
|
$ |
34,845 |
|
|
$ |
33,592 |
|
|
$ |
35,836 |
|
|
$ |
74,912 |
|
|
$ |
71,866 |
|
| Less: certain noninterest
expense items*: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangibles |
(956 |
) |
|
(938 |
) |
|
(997 |
) |
|
(891 |
) |
|
(889 |
) |
|
(1,894 |
) |
|
(1,768 |
) |
|
Due diligence, merger-related and merger integration expenses |
— |
|
|
— |
|
|
— |
|
|
(389 |
) |
|
(3,053 |
) |
|
— |
|
|
(7,372 |
) |
|
Voluntary years of service incentive program expenses |
— |
|
|
(4,498 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(4,498 |
) |
|
— |
|
| Noninterest expense (adjusted)
(numerator) |
$ |
34,232 |
|
|
$ |
34,288 |
|
|
$ |
33,848 |
|
|
$ |
32,312 |
|
|
$ |
31,894 |
|
|
$ |
68,520 |
|
|
$ |
62,726 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest income |
$ |
20,221 |
|
|
$ |
19,253 |
|
|
$ |
18,097 |
|
|
$ |
18,274 |
|
|
$ |
20,075 |
|
|
$ |
39,474 |
|
|
$ |
39,611 |
|
| Less: non-core noninterest
income items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of investment securities available for sale |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(7 |
) |
| Noninterest income (core) |
$ |
20,221 |
|
|
$ |
19,253 |
|
|
$ |
18,097 |
|
|
$ |
18,274 |
|
|
$ |
20,075 |
|
|
$ |
39,474 |
|
|
$ |
39,604 |
|
| Net interest income |
36,611 |
|
|
37,647 |
|
|
37,987 |
|
|
36,729 |
|
|
37,316 |
|
|
74,258 |
|
|
74,755 |
|
| Noninterest income (core) and
net interest income (denominator) |
$ |
56,832 |
|
|
$ |
56,900 |
|
|
$ |
56,084 |
|
|
$ |
55,003 |
|
|
$ |
57,391 |
|
|
$ |
113,732 |
|
|
$ |
114,359 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Efficiency
ratio |
60.23 |
% |
|
60.26 |
% |
|
60.35 |
% |
|
58.75 |
% |
|
55.57 |
% |
|
60.25 |
% |
|
54.85 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Supplemental Loan and
Allowance Information Used to Calculate Non-GAAP
Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Allowance |
$ |
21,182 |
|
|
$ |
20,616 |
|
|
$ |
19,426 |
|
|
$ |
18,684 |
|
|
$ |
19,398 |
|
|
|
|
|
| Less: Allowance on acquired
loans |
106 |
|
|
97 |
|
|
97 |
|
|
72 |
|
|
217 |
|
|
|
|
|
| Allowance on originated loans
and leases |
$ |
21,076 |
|
|
$ |
20,519 |
|
|
$ |
19,329 |
|
|
$ |
18,612 |
|
|
$ |
19,181 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Allowance |
$ |
21,182 |
|
|
$ |
20,616 |
|
|
$ |
19,426 |
|
|
$ |
18,684 |
|
|
$ |
19,398 |
|
|
|
|
|
| Loan mark on acquired
loans |
14,174 |
|
|
15,841 |
|
|
17,822 |
|
|
24,964 |
|
|
26,705 |
|
|
|
|
|
| Total Allowance + Loan
mark |
$ |
35,356 |
|
|
$ |
36,457 |
|
|
$ |
37,248 |
|
|
$ |
43,648 |
|
|
$ |
46,103 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Portfolio loans and
leases |
$ |
3,534,665 |
|
|
$ |
3,523,514 |
|
|
$ |
3,427,154 |
|
|
$ |
3,381,475 |
|
|
$ |
3,389,501 |
|
|
|
|
|
| Less: Originated loans and
leases |
3,088,849 |
|
|
3,032,270 |
|
|
2,885,251 |
|
|
2,752,160 |
|
|
2,700,815 |
|
|
|
|
|
| Net acquired loans |
$ |
445,816 |
|
|
$ |
491,244 |
|
|
$ |
541,903 |
|
|
$ |
629,315 |
|
|
$ |
688,686 |
|
|
|
|
|
| Add: Loan mark on acquired
loans |
14,174 |
|
|
15,841 |
|
|
17,822 |
|
|
24,964 |
|
|
26,705 |
|
|
|
|
|
| Gross acquired loans (excludes
loan mark) |
$ |
459,990 |
|
|
$ |
507,085 |
|
|
$ |
559,725 |
|
|
$ |
654,279 |
|
|
$ |
715,391 |
|
|
|
|
|
| Originated loans and
leases |
3,088,849 |
|
|
3,032,270 |
|
|
2,885,251 |
|
|
2,752,160 |
|
|
2,700,815 |
|
|
|
|
|
| Total Gross portfolio loans
and leases |
$ |
3,548,839 |
|
|
$ |
3,539,355 |
|
|
$ |
3,444,976 |
|
|
$ |
3,406,439 |
|
|
$ |
3,416,206 |
|
|
|
|
|
* In calculating the Corporation's efficiency ratio, which is
used by Management to identify the cost of generating each dollar
of core revenue, certain non-core income and expense items as well
as the amortization of intangible assets, are excluded.
Bryn Mawr Bank (NASDAQ:BMTC)
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Bryn Mawr Bank (NASDAQ:BMTC)
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From Apr 2023 to Apr 2024
