BRYN MAWR, Pa., Jan. 16, 2020 (GLOBE NEWSWIRE) --
Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”),
parent of The Bryn Mawr Trust Company
(the “Bank”), today reported net income of $16.4 million, or $0.81
diluted earnings per share for the three months ended December 31,
2019, as compared to net income of $16.4 million, or $0.81 diluted
earnings per share, for the three months ended September 30, 2019,
and $17.1 million, or $0.84 diluted earnings per share, for the
three months ended December 31, 2018.
As detailed in the appendix to this earnings release, management
calculates core net income, a non-GAAP measure, which excludes
income tax charges incurred in connection with the Tax Cuts and
Jobs Act, due diligence and merger-related expenses, one-time costs
associated with our voluntary Years of Service Incentive Program,
and other non-core income and expense items. There were no
meaningful non-core income or expense items for the three months
ended December 31, 2019, September 30, 2019, or December 31, 2018.
A reconciliation of core net income and other non-GAAP to GAAP
performance measures is included in the appendix to this earnings
release.
“We are excited to report a strong conclusion to 2019,”
commented Frank Leto, President and Chief Executive Officer. “We
believe loan growth of 4.2% over the prior quarter and 7.6% over
the prior year, along with strong fee income from both wealth and
capital markets are evidence of the continued success of our One
BMT market strategy” Mr. Leto continued, “As we look to 2020 and
what is shaping up to be a very challenging operating environment,
our entire organization is focused on realizing the value of the
investments in talent and technology we have made over the last few
years to remain a market leader while controlling future increases
in expenses until such time as the environment improves,” Mr. Leto
concluded.
On January 16, 2020, the Board of Directors of the Corporation
declared a quarterly dividend of $0.26 per share, payable March 1,
2020 to shareholders of record as of January 31, 2020.
SIGNIFICANT ITEMS OF NOTE
Results of Operations – Fourth Quarter 2019 Compared to
Third Quarter 2019
- Net income for the three months ended December 31, 2019 was
$16.4 million, relatively unchanged as compared to net income of
$16.4 million for the three months ended September 30, 2019. Net
interest income for the three months ended December 31, 2019 was
$36.0 million, a decrease of $1.4 million over the linked quarter.
The provision for loan and lease losses (the “Provision”) for the
three months ended December 31, 2019 increased $1.3 million as
compared to the third quarter of 2019. Total noninterest income
increased $3.8 million, total noninterest expense increased $1.3
million, and income tax expense decreased $200 thousand for the
three months ended December 31, 2019, as compared to the three
months ended September 30, 2019.
- Net interest income for the three months ended December 31,
2019 was $36.0 million, a decrease of $1.4 million over the linked
quarter. Tax-equivalent net interest income for the three months
ended December 31, 2019 was $36.1 million, a decrease of $1.4
million over the linked quarter. Tax-equivalent net interest income
for the fourth quarter of 2019 was positively impacted by the
accretion of purchase accounting fair value marks of $1.1 million
as compared to $1.6 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
December 31, 2019 was $35.0 million, a decrease of $931 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 decreases of $1.8 million and $434 thousand in
tax-equivalent interest and fees earned on loans and leases and
tax-equivalent interest income on available for sale investment
securities, respectively, partially offset by decreases of $853
thousand and $382 thousand in interest paid on deposits and
interest expense on short-term borrowings, respectively, for the
three months ended December 31, 2019 as compared to the linked
quarter ended September 30, 2019.
Tax-equivalent interest and fees earned on loans and leases for the
three months ended December 31, 2019 decreased $2.3 million as
compared to the linked quarter. The decrease was primarily due to a
35 basis point decrease in tax-equivalent yield on average loans
and leases for the three months ended December 31, 2019 as compared
to the linked quarter. The decrease in tax-equivalent yield was
primarily due to the decreases in prime loan rates observed during
the second half of the year driven by the current interest rate
environment, which affected new originations and refinancing, as
well as existing adjustable rate loans. The effect of the decrease
in tax-equivalent yield was partially offset by an increase of
$65.7 million in average loans and leases for the three months
ended December 31, 2019 as compared to the linked quarter.
Tax-equivalent interest income on available for sale investment
securities for the three months ended December 31, 2019 decreased
$434 thousand as compared to the linked quarter. Average available
for sale investment securities decreased $29.4 million over the
linked quarter and experienced an 18 basis point decrease in
tax-equivalent yield.
Interest expense on deposits for the three months ended December
31, 2019 decreased $836 thousand over the linked quarter. The
decrease was primarily due to a 13 basis point decrease in
tax-equivalent yield on average interest-bearing deposits for the
three months ended December 31, 2019 as compared to the linked
quarter. The effect of the decrease in tax-equivalent yield was
partially offset by an increase of $22.8 million in average
interest-bearing deposits for the three months ended December 31,
2019 as compared to the linked quarter.
Interest expense on short-term borrowings for the three months
ended December 31, 2019 decreased $382 thousand over the linked
quarter. Average short-term borrowings decreased $48.3 million
coupled with a 38 basis point decrease in the rate paid as compared
to the linked quarter.
- The tax-equivalent net interest margin was 3.36% for the three
months ended December 31, 2019 as compared to 3.54% 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 3.26% for the three months ended December 31,
2019 as compared to 3.39% for the linked quarter. A reconciliation
of this and other non-GAAP to GAAP performance measures is included
in the appendix to this earnings release.
- Noninterest income of $23.3 million for the three months ended
December 31, 2019 represented a $3.8 million increase over the
linked quarter. The increase was primarily due to increases of $3.3
million and $846 thousand in capital markets revenue and fees for
wealth management services, respectively. Partially offsetting
these increases were decreases of $176 thousand and $121 thousand
in insurance commissions and other operating income, respectively.
The increase in capital markets revenue was primarily due to
increased volume and size of interest rate swap transactions with
commercial loan customers for the three months ended December 31,
2019 as compared to the linked quarter.
- Noninterest expense of $36.4 million for the three months ended
December 31, 2019 represented a $1.3 million increase over the
linked quarter. Contributing to the increase were increases of $902
thousand, $710 thousand, $273 thousand, $198 thousand, and $140
thousand in salaries and wages, professional fees, other operating
expense, occupancy and bank premises expense, and data processing
expense, respectively. Partially offsetting these increases were
decreases of $603 thousand and $472 thousand in employee benefits
and Pennsylvania bank shares tax expense, respectively.
- The Provision increased $1.3 million for the three months ended
December 31, 2019 to $2.2 million, as compared to $919 thousand for
the third quarter of 2019. Net loan and lease charge-offs for the
fourth quarter of 2019 totaled $400 thousand as compared to $1.3
million for the third quarter of 2019. The decrease in net
charge-offs was largely the result of a $1.1 million recovery,
during the fourth quarter of 2019, on a commercial mortgage loan
which had been partially charged off in the first quarter of 2019.
The effect of the $924 thousand decrease in net charge-offs on a
linked quarter basis was partially offset by the increase in
Provision recorded for originated loan growth during the fourth
quarter of 2019. Originated loans and leases increased by $183.0
million, or 5.8%, during the fourth quarter of 2019, as compared to
an increase of $48.9 million, or 1.6%, during the third quarter of
2019.
- The effective tax rate for the fourth quarter of 2019 decreased
to 20.41% as compared to 21.20% for the third quarter of 2019.
Results of Operations – Fourth Quarter
2019 Compared to Fourth Quarter 2018
- Net income for the three months ended December 31, 2019 was
$16.4 million, or $0.81 diluted earnings per share, as compared to
net income of $17.1 million, or diluted earnings per share of $0.84
for the same period in 2018. Net interest income for the three
months ended December 31, 2019 was $36.0 million, a decrease of
$2.0 million as compared to the same period in 2018. The Provision
for the three months ended December 31, 2019 decreased $137
thousand as compared to the same period in 2018. Total noninterest
income increased $5.2 million, total noninterest expense increased
$1.6 million, and income tax expense increased $2.5 million for the
three months ended December 31, 2019 as compared to the same period
in 2018.
- Net interest income for the three months ended December 31,
2019 was $36.0 million, a decrease of $2.0 million as compared to
the same period in 2018. Tax-equivalent net interest income for the
three months ended December 31, 2019 was $36.1 million, a decrease
of $2.0 million as compared to the same period in 2018.
Tax-equivalent net interest income for the fourth quarter of 2019
was positively impacted by the accretion of purchase accounting
fair value marks of $1.1 million as compared to $2.7 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 December 31, 2019 was
$35.0 million, a decrease of $406 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. The decrease in adjustment for purchase accounting was
primarily due to an increase of $1.5 million in interest paid on
deposits for the three months ended December 31, 2019 as compared
to the same period in 2018, partially offset by increases of $517
thousand and $222 thousand in tax-equivalent interest and fees
earned on loans and leases and tax-equivalent interest earned on
available for sale investment securities, respectively, for the
three months ended December 31, 2019 as compared to the same period
in 2018.
Tax-equivalent interest and fees earned on loans and leases for the
three months ended December 31, 2019 decreased $948 thousand as
compared to the same period in 2018. The decrease was primarily due
to a 39 basis point decrease in tax-equivalent yield on average
loans and leases for the three months ended December 31, 2019 as
compared to the same period in 2018. The decrease in tax-equivalent
yield was primarily due to the decreases in prime loan rates
observed during the second half of the year, driven by the current
interest rate environment, which affected yields on new
originations and refinancing, as well as existing adjustable rate
loans. The effect of the decrease in tax-equivalent yield was
partially offset by an increase of $199.1 million in average loans
and leases for the three months ended December 31, 2019 as compared
to same period in 2018.
Tax-equivalent interest income on available for sale investment
securities for the three months ended December 31, 2019 increased
$222 thousand as compared to the same period in 2018. Average
available for sale investment securities increased by $34.9 million
and experienced a one basis point tax-equivalent yield increase, in
each case as compared to the same period in 2018.
Interest expense on short-term borrowings and long-term FHLB
advances for the three months ended December 31, 2019 decreased
$126 thousand and $52 thousand, respectively, as compared to the
same period in 2018. Average short-term borrowings decreased $6.8
million coupled with a 29 basis point decrease in the rate paid for
the three months ended December 31, 2019 as compared to the same
period in 2018. Average long-term FHLB advances decreased $13.9
million, offset by a 12 basis point increase in the rate paid for
the three months ended December 31, 2019 as compared to the same
period in 2018.
Interest expense on deposits for the three months ended December
31, 2019 increased $1.6 million as compared to the same period in
2018. The increase was primarily due to a 16 basis point increase
in the rate paid on deposits coupled with a $196.6 million increase
in average interest-bearing deposits for the three months ended
December 31, 2019 as compared to the same period in 2018.
- The tax-equivalent net interest margin was 3.36% for the three
months ended December 31, 2019 as compared to 3.79% for the same
period in 2018. Adjusting for the impacts of the accretion of
purchase accounting fair value marks, the adjusted tax-equivalent
net interest margin was 3.26% and 3.52% for three months ended
December 31, 2019 and 2018, respectively. The main drivers for the
decrease in the adjusted tax-equivalent net interest margin were
the rate and volume changes of interest-bearing assets and
liabilities as discussed in the above bullet points. A
reconciliation of this and other non-GAAP to GAAP performance
measures is included in the appendix to this earnings release.
- Noninterest income of $23.3 million for the three months ended
December 31, 2019 represented a $5.2 million increase over the same
period in 2018. The increase was primarily due to increases of $4.1
million, $1.1 million, $655 thousand, and $207 thousand in capital
markets revenue, other operating income, fees for wealth management
services, and insurance commissions, respectively, partially offset
by a decrease of $1.0 million in net gain on sale of loans. The
increase in capital markets revenue was primarily due to increased
volume and size of interest rate swap transactions with commercial
loan customers for the three months ended December 31, 2019 as
compared to the same period in 2018.
- Noninterest expense of $36.4 million for the three months ended
December 31, 2019 represented a $1.6 million increase over the same
period in 2018. Contributing to the increase were increases of $1.0
million, $746 thousand, $228 thousand, and $177 thousand in other
operating expense, salaries and wages, professional fees, and data
processing expense, respectively. Partially offsetting these
increases were decreases of $332 thousand and $292 thousand in
Pennsylvania bank shares tax expense and employee benefits,
respectively.
- The Provision decreased by $137 thousand for the three months
ended December 31, 2019 to $2.2 million, as compared to $2.4
million for the same period in 2018. The decrease in Provision was
related to the reduced level of net loan and lease charge-offs
during the fourth quarter of 2019, which totaled $400 thousand, as
compared to $1.6 million for the same period in 2018. The decrease
in net charge-offs on a year-over-year basis was largely the result
of a $1.1 million recovery, during the fourth quarter of 2019, on a
commercial mortgage loan which had been partially charged off in
the first quarter of 2019. The effect of the decreased level of net
charge-offs was partially offset by the increase in Provision
recorded for originated loan growth during the fourth quarter of
2019. Originated loans and leases increased by $183.0 million, or
5.8%, during the fourth quarter of 2019, as compared to an increase
of $133.1 million, or 4.8%, during the same period in 2018.
- The effective tax rate for the fourth quarter of 2019 increased
as compared to the fourth quarter of 2018. The increase in the
effective tax rate was primarily due to a $2.6 million tax benefit
recorded in the fourth quarter of 2018 for certain discrete items
included on our 2017 tax return which was filed during the fourth
quarter of 2018. The effective tax rate for the years ended
December 31, 2019 and December 31, 2018, excluding discrete income
tax benefits, was 21.06% and 21.66%, respectively.
Financial Condition – December 31, 2019 Compared to
December 31, 2018
- Total assets as of December 31, 2019 were $5.26 billion, an
increase of $610.8 million from December 31, 2018. The
increase is primarily due to the increases in portfolio loans and
leases and available for sale investment securities discussed in
the bullet points below, as well as $41.0 million of operating
lease right-of-use assets as of December 31, 2019 included on the
balance sheet as a result of a required accounting pronouncement
adopted in the first quarter of 2019.
- Available for sale investment securities as of December 31,
2019 totaled $1.01 billion, an increase of $268.5 million from
December 31, 2018. The increase was primarily due to the purchase
of $500.0 million of short-term U.S. Treasury securities included
on the balance sheet as of December 31, 2019, an increase of $300.0
million as compared to $200.0 million as of December 31, 2018. This
increase in U.S. Treasury securities coupled with a $76.1 million
increase in mortgage-backed securities, respectively, were
partially offset by decreases of $93.8 million, $7.4 million, and
$6.0 million in U.S. government and agency securities,
collateralized mortgage obligations, and state & political
subdivision securities, respectively.
- Total portfolio loans and leases of $3.69 billion as of
December 31, 2019 increased by $262.2 million from
December 31, 2018, an increase of 7.6%. Increases of $256.0
million, $20.5 million, $13.7 million, and $10.3 million in
commercial mortgages, leases, commercial and industrial loans, and
consumer loans, respectively, were offset by decreases of $21.2
million, $12.7 million, and $4.5 million in construction loans,
home equity loans and lines, and residential mortgages,
respectively.
- The allowance for loan and lease losses (the “Allowance”) as of
December 31, 2019 was $22.6 million, or 0.61% 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 December 31, 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 0.91% as of December 31,
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.
On January 1, 2020, the Corporation adopted ASU 2016-13 (Topic
326), Measurement of Credit Losses on Financial Instruments, or
“CECL.” Management is finalizing certain key assumptions to be used
in our CECL model and methodologies, however we expect an initial
increase to the allowance for credit losses for loans and leases
(“ACL”) not to exceed 130% of the December 31, 2019 Allowance, or
an incremental increase to the December 31, 2019 Allowance of
approximately $6.8 million. When finalized, this one-time increase
to the ACL as a result of the adoption of the CECL model will be
recorded, net of tax, as an adjustment to retained earnings
effective January 1, 2020. This estimate is subject to change based
on continuing refinement and validation of the model and
methodologies as well as changes in forecasted macroeconomic
conditions. Ongoing impacts of the CECL methodology will be
dependent upon changes in economic conditions and forecasts,
originated and acquired loan and lease portfolio composition,
portfolio duration, and other factors.
- Deposits of $3.84 billion as of December 31, 2019 increased
$243.2 million from December 31, 2018. Increases of $280.2 million,
$243.8 million, and $122.8 million in interest-bearing demand
accounts, money market accounts, and wholesale non-maturity
deposits, respectively, were offset by decreases of $236.0 million,
$137.6 million, $26.6 million, and $3.4 million in wholesale time
deposits, retail time deposits, savings accounts, and noninterest
bearing deposits, respectively.
- Borrowings of $665.9 million as of December 31, 2019, which
include short-term borrowings, long-term FHLB advances,
subordinated notes and junior subordinated debentures increased
$238.1 million from December 31, 2018, primarily due to an increase
of $240.9 million in short-term borrowings.
- Wealth assets under management, administration, supervision and
brokerage (“wealth assets”) totaled $16.55 billion as of December
31, 2019, an increase of $3.12 billion from December 31, 2018.
Wealth assets consisted of $9.57 billion of wealth assets where
fees are set at fixed amounts and $6.98 billion of wealth assets
where fees are predominantly determined based on the market value
of the assets held in their accounts as of December 31, 2019, an
increase of $1.91 billion and $1.21 billion, respectively, from
December 31, 2018.
- The capital ratios for the Bank and the Corporation, as of
December 31, 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 or
or accounting standards, including ASU 2016-13 (Topic 326),
“Measurement of Credit Losses on Financial Instruments,” commonly
referenced as the Current Expected Credit Loss (“CECL”) model,
which will change how we estimate credit losses and may increase
the required level of our allowance for credit losses after
adoption on January 1, 2020; 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; uncertainty regarding the future of LIBOR; 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 U.S.
Securities and Exchange Commission.
FOR MORE
INFORMATION CONTACT |
|
Frank Leto, President,
CEO |
610-581-4730 |
|
Mike Harrington, CFO |
610-526-2466 |
Bryn Mawr Bank Corporation |
Summary Financial Information
(unaudited) |
(dollars in thousands, except per share data) |
|
As of or For the Three Months Ended |
|
For the Twelve Months Ended |
|
December 31,
2019 |
|
September 30,
2019 |
|
June 30,
2019 |
|
March 31,
2019 |
|
December 31,
2018 |
|
December 31,
2019 |
|
December 31,
2018 |
Consolidated Balance Sheet (selected items) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits with banks |
$ |
42,328 |
|
|
$ |
86,158 |
|
|
$ |
49,643 |
|
|
$ |
29,449 |
|
|
$ |
34,357 |
|
|
|
|
|
Investment securities |
|
1,027,182 |
|
|
|
625,452 |
|
|
|
606,844 |
|
|
|
578,629 |
|
|
|
753,628 |
|
|
|
|
|
Loans held for sale |
|
4,249 |
|
|
|
5,767 |
|
|
|
6,333 |
|
|
|
2,884 |
|
|
|
1,749 |
|
|
|
|
|
Portfolio loans and leases |
|
3,689,313 |
|
|
|
3,540,747 |
|
|
|
3,534,665 |
|
|
|
3,523,514 |
|
|
|
3,427,154 |
|
|
|
|
|
Allowance for loan and lease losses ("ALLL") |
|
(22,602 |
) |
|
|
(20,777 |
) |
|
|
(21,182 |
) |
|
|
(20,616 |
) |
|
|
(19,426 |
) |
|
|
|
|
Goodwill and other intangible assets |
|
203,143 |
|
|
|
204,096 |
|
|
|
205,050 |
|
|
|
206,006 |
|
|
|
207,467 |
|
|
|
|
|
Total assets |
|
5,263,259 |
|
|
|
4,828,641 |
|
|
|
4,736,565 |
|
|
|
4,631,993 |
|
|
|
4,652,485 |
|
|
|
|
|
Deposits - interest-bearing |
|
2,944,072 |
|
|
|
2,794,079 |
|
|
|
2,691,502 |
|
|
|
2,755,307 |
|
|
|
2,697,468 |
|
|
|
|
|
Deposits - non-interest-bearing |
|
898,173 |
|
|
|
904,409 |
|
|
|
940,911 |
|
|
|
882,310 |
|
|
|
901,619 |
|
|
|
|
|
Short-term borrowings |
|
493,219 |
|
|
|
203,471 |
|
|
|
207,828 |
|
|
|
124,214 |
|
|
|
252,367 |
|
|
|
|
|
Long-term FHLB advances |
|
52,269 |
|
|
|
44,735 |
|
|
|
47,941 |
|
|
|
55,407 |
|
|
|
55,374 |
|
|
|
|
|
Subordinated notes |
|
98,705 |
|
|
|
98,660 |
|
|
|
98,616 |
|
|
|
98,571 |
|
|
|
98,526 |
|
|
|
|
|
Jr. subordinated debentures |
|
21,753 |
|
|
|
21,709 |
|
|
|
21,665 |
|
|
|
21,622 |
|
|
|
21,580 |
|
|
|
|
|
Total liabilities |
|
4,651,032 |
|
|
|
4,227,706 |
|
|
|
4,146,410 |
|
|
|
4,056,886 |
|
|
|
4,087,781 |
|
|
|
|
|
Total shareholders' equity |
|
612,227 |
|
|
|
600,935 |
|
|
|
590,155 |
|
|
|
575,107 |
|
|
|
564,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheet (selected items) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits with banks |
$ |
66,060 |
|
|
$ |
48,597 |
|
|
$ |
37,843 |
|
|
$ |
32,742 |
|
|
$ |
38,957 |
|
|
$ |
46,408 |
|
|
$ |
37,550 |
|
Investment securities |
|
593,289 |
|
|
|
622,336 |
|
|
|
587,518 |
|
|
|
569,915 |
|
|
|
554,265 |
|
|
|
593,409 |
|
|
|
546,549 |
|
Loans held for sale |
|
4,160 |
|
|
|
4,375 |
|
|
|
3,353 |
|
|
|
1,214 |
|
|
|
2,005 |
|
|
|
3,286 |
|
|
|
3,551 |
|
Portfolio loans and leases |
|
3,594,449 |
|
|
|
3,528,548 |
|
|
|
3,520,866 |
|
|
|
3,476,525 |
|
|
|
3,397,479 |
|
|
|
3,530,416 |
|
|
|
3,352,744 |
|
Total interest-earning assets |
|
4,257,958 |
|
|
|
4,203,856 |
|
|
|
4,149,580 |
|
|
|
4,080,396 |
|
|
|
3,992,706 |
|
|
|
4,173,519 |
|
|
|
3,940,394 |
|
Goodwill and intangible assets |
|
203,663 |
|
|
|
204,637 |
|
|
|
205,593 |
|
|
|
206,716 |
|
|
|
207,893 |
|
|
|
205,143 |
|
|
|
207,343 |
|
Total assets |
|
4,775,407 |
|
|
|
4,760,074 |
|
|
|
4,651,625 |
|
|
|
4,545,129 |
|
|
|
4,413,000 |
|
|
|
4,683,901 |
|
|
|
4,352,122 |
|
Deposits - interest-bearing |
|
2,799,050 |
|
|
|
2,776,226 |
|
|
|
2,794,854 |
|
|
|
2,674,194 |
|
|
|
2,602,412 |
|
|
|
2,761,463 |
|
|
|
2,506,557 |
|
Short-term borrowings |
|
121,612 |
|
|
|
169,985 |
|
|
|
68,529 |
|
|
|
157,652 |
|
|
|
128,429 |
|
|
|
129,457 |
|
|
|
178,582 |
|
Long-term FHLB advances |
|
53,443 |
|
|
|
45,698 |
|
|
|
52,397 |
|
|
|
55,385 |
|
|
|
67,363 |
|
|
|
51,709 |
|
|
|
93,503 |
|
Subordinated notes |
|
98,681 |
|
|
|
98,634 |
|
|
|
98,587 |
|
|
|
98,542 |
|
|
|
98,497 |
|
|
|
98,612 |
|
|
|
98,462 |
|
Jr. subordinated debentures |
|
21,726 |
|
|
|
21,680 |
|
|
|
21,637 |
|
|
|
21,595 |
|
|
|
21,553 |
|
|
|
21,660 |
|
|
|
21,491 |
|
Total interest-bearing liabilities |
|
3,094,512 |
|
|
|
3,112,223 |
|
|
|
3,036,004 |
|
|
|
3,007,368 |
|
|
|
2,918,254 |
|
|
|
3,062,901 |
|
|
|
2,898,595 |
|
Total liabilities |
|
4,168,899 |
|
|
|
4,164,763 |
|
|
|
4,070,160 |
|
|
|
3,973,043 |
|
|
|
3,856,694 |
|
|
|
4,094,946 |
|
|
|
3,810,537 |
|
Total shareholders' equity |
|
606,508 |
|
|
|
595,311 |
|
|
|
581,465 |
|
|
|
572,086 |
|
|
|
556,306 |
|
|
|
588,955 |
|
|
|
541,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
35,985 |
|
|
$ |
37,398 |
|
|
$ |
36,611 |
|
|
$ |
37,647 |
|
|
$ |
37,987 |
|
|
$ |
147,641 |
|
|
$ |
149,471 |
|
Provision for loan and lease losses |
|
2,225 |
|
|
|
919 |
|
|
|
1,627 |
|
|
|
3,736 |
|
|
|
2,362 |
|
|
|
8,507 |
|
|
|
7,193 |
|
Noninterest income |
|
23,255 |
|
|
|
19,455 |
|
|
|
20,221 |
|
|
|
19,253 |
|
|
|
18,097 |
|
|
|
82,184 |
|
|
|
75,982 |
|
Noninterest expense |
|
36,430 |
|
|
|
35,173 |
|
|
|
35,188 |
|
|
|
39,724 |
|
|
|
34,845 |
|
|
|
146,515 |
|
|
|
140,303 |
|
Income tax expense |
|
4,202 |
|
|
|
4,402 |
|
|
|
4,239 |
|
|
|
2,764 |
|
|
|
1,746 |
|
|
|
15,607 |
|
|
|
14,165 |
|
Net income |
|
16,383 |
|
|
|
16,359 |
|
|
|
15,778 |
|
|
|
10,676 |
|
|
|
17,131 |
|
|
|
59,196 |
|
|
|
63,792 |
|
Net loss attributable to noncontrolling interest |
|
(1 |
) |
|
|
(1 |
) |
|
|
(7 |
) |
|
|
(1 |
) |
|
|
(5 |
) |
|
|
(10 |
) |
|
|
- |
|
Net income attributable to Bryn Mawr Bank Corporation |
|
16,384 |
|
|
|
16,360 |
|
|
|
15,785 |
|
|
|
10,677 |
|
|
|
17,136 |
|
|
|
59,206 |
|
|
|
63,792 |
|
Basic earnings per share |
|
0.81 |
|
|
|
0.81 |
|
|
|
0.78 |
|
|
|
0.53 |
|
|
|
0.85 |
|
|
|
2.94 |
|
|
|
3.15 |
|
Diluted earnings per share |
|
0.81 |
|
|
|
0.81 |
|
|
|
0.78 |
|
|
|
0.53 |
|
|
|
0.84 |
|
|
|
2.93 |
|
|
|
3.13 |
|
Net income (core) (1) |
|
16,384 |
|
|
|
16,360 |
|
|
|
15,785 |
|
|
|
14,230 |
|
|
|
17,167 |
|
|
|
62,759 |
|
|
|
70,620 |
|
Basic earnings per share (core) (1) |
|
0.81 |
|
|
|
0.81 |
|
|
|
0.78 |
|
|
|
0.71 |
|
|
|
0.85 |
|
|
|
3.12 |
|
|
|
3.49 |
|
Diluted earnings per share (core) (1) |
|
0.81 |
|
|
|
0.81 |
|
|
|
0.78 |
|
|
|
0.70 |
|
|
|
0.84 |
|
|
|
3.10 |
|
|
|
3.46 |
|
Dividends paid or accrued per share |
|
0.26 |
|
|
|
0.26 |
|
|
|
0.26 |
|
|
|
0.25 |
|
|
|
0.25 |
|
|
|
1.03 |
|
|
|
0.94 |
|
Profitability Indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
1.36 |
% |
|
|
1.36 |
% |
|
|
1.36 |
% |
|
|
0.95 |
% |
|
|
1.54 |
% |
|
|
1.26 |
% |
|
|
1.47 |
% |
Return on average equity |
|
10.72 |
% |
|
|
10.90 |
% |
|
|
10.89 |
% |
|
|
7.57 |
% |
|
|
12.22 |
% |
|
|
10.05 |
% |
|
|
11.78 |
% |
Return on tangible equity(1) |
|
16.85 |
% |
|
|
17.35 |
% |
|
|
17.62 |
% |
|
|
12.65 |
% |
|
|
20.37 |
% |
|
|
16.18 |
% |
|
|
19.91 |
% |
Return on tangible equity (core)(1) |
|
16.85 |
% |
|
|
17.35 |
% |
|
|
17.62 |
% |
|
|
16.59 |
% |
|
|
20.40 |
% |
|
|
17.10 |
% |
|
|
21.95 |
% |
Return on average assets (core)(1) |
|
1.36 |
% |
|
|
1.36 |
% |
|
|
1.36 |
% |
|
|
1.27 |
% |
|
|
1.54 |
% |
|
|
1.34 |
% |
|
|
1.62 |
% |
Return on average equity (core)(1) |
|
10.72 |
% |
|
|
10.90 |
% |
|
|
10.89 |
% |
|
|
10.09 |
% |
|
|
12.24 |
% |
|
|
10.66 |
% |
|
|
13.04 |
% |
Tax-equivalent net interest margin |
|
3.36 |
% |
|
|
3.54 |
% |
|
|
3.55 |
% |
|
|
3.75 |
% |
|
|
3.79 |
% |
|
|
3.55 |
% |
|
|
3.80 |
% |
Efficiency ratio(1) |
|
59.89 |
% |
|
|
60.19 |
% |
|
|
60.23 |
% |
|
|
60.26 |
% |
|
|
60.35 |
% |
|
|
60.14 |
% |
|
|
57.17 |
% |
Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing share price |
$ |
41.24 |
|
|
$ |
36.51 |
|
|
$ |
37.32 |
|
|
$ |
36.13 |
|
|
$ |
34.40 |
|
|
|
|
|
Book value per common share |
$ |
30.42 |
|
|
$ |
29.86 |
|
|
$ |
29.31 |
|
|
$ |
28.52 |
|
|
$ |
28.01 |
|
|
|
|
|
Tangible book value per common share |
$ |
20.36 |
|
|
$ |
19.75 |
|
|
$ |
19.16 |
|
|
$ |
18.34 |
|
|
$ |
17.75 |
|
|
|
|
|
Price / book value |
|
135.57 |
% |
|
|
122.27 |
% |
|
|
127.33 |
% |
|
|
126.68 |
% |
|
|
122.81 |
% |
|
|
|
|
Price / tangible book value |
|
202.55 |
% |
|
|
184.86 |
% |
|
|
194.78 |
% |
|
|
197.00 |
% |
|
|
193.80 |
% |
|
|
|
|
Weighted average diluted shares outstanding |
|
20,213,008 |
|
|
|
20,208,630 |
|
|
|
20,244,409 |
|
|
|
20,271,661 |
|
|
|
20,321,283 |
|
|
|
20,233,371 |
|
|
|
20,390,167 |
|
Shares outstanding, end of period |
|
20,126,296 |
|
|
|
20,124,193 |
|
|
|
20,131,854 |
|
|
|
20,167,729 |
|
|
|
20,163,816 |
|
|
|
|
|
Wealth Management Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth assets under mgmt, administration, supervision and brokerage
(2) |
$ |
16,548,060 |
|
|
$ |
15,609,786 |
|
|
$ |
14,815,298 |
|
|
$ |
14,736,512 |
|
|
$ |
13,429,544 |
|
|
|
|
|
Fees for wealth management services |
$ |
11,672 |
|
|
$ |
10,826 |
|
|
$ |
11,510 |
|
|
$ |
10,392 |
|
|
$ |
11,017 |
|
|
|
|
|
Capital Ratios(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Trust Company ("BMTC") |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I capital to risk weighted assets ("RWA") |
|
11.48 |
% |
|
|
12.17 |
% |
|
|
11.83 |
% |
|
|
11.30 |
% |
|
|
11.42 |
% |
|
|
|
|
Total capital to RWA |
|
12.09 |
% |
|
|
12.75 |
% |
|
|
12.42 |
% |
|
|
11.87 |
% |
|
|
11.99 |
% |
|
|
|
|
Tier I leverage ratio |
|
9.37 |
% |
|
|
9.75 |
% |
|
|
9.61 |
% |
|
|
9.48 |
% |
|
|
9.48 |
% |
|
|
|
|
Tangible equity ratio (1) |
|
8.58 |
% |
|
|
9.75 |
% |
|
|
9.58 |
% |
|
|
9.34 |
% |
|
|
8.95 |
% |
|
|
|
|
Common equity Tier I capital to RWA |
|
11.48 |
% |
|
|
12.17 |
% |
|
|
11.83 |
% |
|
|
11.30 |
% |
|
|
11.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank Corporation ("BMBC") |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I capital to RWA |
|
11.43 |
% |
|
|
11.33 |
% |
|
|
11.12 |
% |
|
|
10.72 |
% |
|
|
10.92 |
% |
|
|
|
|
Total capital to RWA |
|
14.70 |
% |
|
|
14.61 |
% |
|
|
14.44 |
% |
|
|
14.00 |
% |
|
|
14.30 |
% |
|
|
|
|
Tier I leverage ratio |
|
9.33 |
% |
|
|
9.07 |
% |
|
|
9.04 |
% |
|
|
8.99 |
% |
|
|
9.06 |
% |
|
|
|
|
Tangible equity ratio (1) |
|
8.10 |
% |
|
|
8.60 |
% |
|
|
8.51 |
% |
|
|
8.35 |
% |
|
|
8.05 |
% |
|
|
|
|
Common equity Tier I capital to RWA |
|
10.87 |
% |
|
|
10.75 |
% |
|
|
10.54 |
% |
|
|
10.14 |
% |
|
|
10.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan and lease charge-offs ("NCO"s) |
$ |
400 |
|
|
$ |
1,324 |
|
|
$ |
1,061 |
|
|
$ |
2,546 |
|
|
$ |
1,620 |
|
|
$ |
5,331 |
|
|
$ |
5,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans and leases ("NPL"s) |
$ |
10,648 |
|
|
$ |
14,119 |
|
|
$ |
12,179 |
|
|
$ |
19,283 |
|
|
$ |
12,820 |
|
|
|
|
|
Other real estate owned ("OREO") |
|
- |
|
|
|
72 |
|
|
|
155 |
|
|
|
84 |
|
|
|
417 |
|
|
|
|
|
Total nonperforming assets ("NPA"s) |
$ |
10,648 |
|
|
$ |
14,191 |
|
|
$ |
12,334 |
|
|
$ |
19,367 |
|
|
$ |
13,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans and leases 30 or more days past due |
$ |
6,314 |
|
|
$ |
4,940 |
|
|
$ |
8,224 |
|
|
$ |
8,489 |
|
|
$ |
7,765 |
|
|
|
|
|
Performing loans and leases 30 to 89 days past due |
|
7,196 |
|
|
|
5,273 |
|
|
|
9,466 |
|
|
|
6,432 |
|
|
|
5,464 |
|
|
|
|
|
Performing loans and leases 90 or more days past due |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
Total delinquent loans and leases |
$ |
13,510 |
|
|
$ |
10,213 |
|
|
$ |
17,690 |
|
|
$ |
14,921 |
|
|
$ |
13,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquent loans and leases to total loans and leases |
|
0.37 |
% |
|
|
0.29 |
% |
|
|
0.50 |
% |
|
|
0.42 |
% |
|
|
0.39 |
% |
|
|
|
|
Delinquent performing loans and leases to total loans and
leases |
|
0.19 |
% |
|
|
0.15 |
% |
|
|
0.27 |
% |
|
|
0.18 |
% |
|
|
0.16 |
% |
|
|
|
|
NCOs / average loans and leases (annualized) |
|
0.04 |
% |
|
|
0.15 |
% |
|
|
0.12 |
% |
|
|
0.30 |
% |
|
|
0.19 |
% |
|
|
0.15 |
% |
|
|
0.16 |
% |
NPLs / total portfolio loans and leases |
|
0.29 |
% |
|
|
0.40 |
% |
|
|
0.34 |
% |
|
|
0.55 |
% |
|
|
0.37 |
% |
|
|
|
|
NPAs / total loans and leases and OREO |
|
0.29 |
% |
|
|
0.40 |
% |
|
|
0.35 |
% |
|
|
0.55 |
% |
|
|
0.39 |
% |
|
|
|
|
NPAs / total assets |
|
0.20 |
% |
|
|
0.29 |
% |
|
|
0.26 |
% |
|
|
0.42 |
% |
|
|
0.28 |
% |
|
|
|
|
ALLL / NPLs |
|
212.27 |
% |
|
|
147.16 |
% |
|
|
173.92 |
% |
|
|
106.91 |
% |
|
|
151.53 |
% |
|
|
|
|
ALLL / portfolio loans |
|
0.61 |
% |
|
|
0.59 |
% |
|
|
0.60 |
% |
|
|
0.59 |
% |
|
|
0.57 |
% |
|
|
|
|
ALLL for originated loans and leases / Originated loans and leases
(1) |
|
0.68 |
% |
|
|
0.66 |
% |
|
|
0.68 |
% |
|
|
0.68 |
% |
|
|
0.67 |
% |
|
|
|
|
(Total ALLL + Loan mark) / Total Gross portfolio loans and leases
(1) |
|
0.91 |
% |
|
|
0.92 |
% |
|
|
1.00 |
% |
|
|
1.03 |
% |
|
|
1.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt restructurings ("TDR"s) included in NPLs |
$ |
3,018 |
|
|
$ |
5,755 |
|
|
$ |
4,190 |
|
|
$ |
4,057 |
|
|
$ |
1,217 |
|
|
|
|
|
TDRs in compliance with modified terms |
|
5,071 |
|
|
|
5,069 |
|
|
|
5,141 |
|
|
|
5,149 |
|
|
|
9,745 |
|
|
|
|
|
Total TDRs |
$ |
8,089 |
|
|
$ |
10,824 |
|
|
$ |
9,331 |
|
|
$ |
9,206 |
|
|
$ |
10,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-GAAP measure - see Appendix
for Non-GAAP to GAAP reconciliation. |
(2) Brokerage assets represent assets
held at a registered broker dealer under a clearing
agreement. |
(3) Capital Ratios for the current
quarter are to be considered preliminary until the Call Reports are
filed. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank Corporation |
Detailed Balance Sheets (unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
December 31,
2019 |
|
September 30,
2019 |
|
June 30,
2019 |
|
March 31,
2019 |
|
December 31,
2018 |
Assets |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
11,603 |
|
|
$ |
8,582 |
|
|
$ |
13,742 |
|
|
$ |
13,656 |
|
|
$ |
14,099 |
|
Interest-bearing deposits with banks |
|
42,328 |
|
|
|
86,158 |
|
|
|
49,643 |
|
|
|
29,449 |
|
|
|
34,357 |
|
Cash and cash equivalents |
|
53,931 |
|
|
|
94,740 |
|
|
|
63,385 |
|
|
|
43,105 |
|
|
|
48,456 |
|
Investment securities, available for sale |
|
1,005,984 |
|
|
|
604,181 |
|
|
|
588,119 |
|
|
|
559,983 |
|
|
|
737,442 |
|
Investment securities, held to maturity |
|
12,577 |
|
|
|
12,947 |
|
|
|
10,209 |
|
|
|
10,457 |
|
|
|
8,684 |
|
Investment securities, trading |
|
8,621 |
|
|
|
8,324 |
|
|
|
8,516 |
|
|
|
8,189 |
|
|
|
7,502 |
|
Loans held for sale |
|
4,249 |
|
|
|
5,767 |
|
|
|
6,333 |
|
|
|
2,884 |
|
|
|
1,749 |
|
Portfolio loans and leases, originated |
|
3,320,816 |
|
|
|
3,137,769 |
|
|
|
3,088,849 |
|
|
|
3,032,270 |
|
|
|
2,885,251 |
|
Portfolio loans and leases, acquired |
|
368,497 |
|
|
|
402,978 |
|
|
|
445,816 |
|
|
|
491,244 |
|
|
|
541,903 |
|
Total portfolio loans and leases |
|
3,689,313 |
|
|
|
3,540,747 |
|
|
|
3,534,665 |
|
|
|
3,523,514 |
|
|
|
3,427,154 |
|
Less: Allowance for losses on originated loan and leases |
|
(22,526 |
) |
|
|
(20,675 |
) |
|
|
(21,076 |
) |
|
|
(20,519 |
) |
|
|
(19,329 |
) |
Less: Allowance for losses on acquired loan and leases |
|
(76 |
) |
|
|
(102 |
) |
|
|
(106 |
) |
|
|
(97 |
) |
|
|
(97 |
) |
Total allowance for loan and lease losses |
|
(22,602 |
) |
|
|
(20,777 |
) |
|
|
(21,182 |
) |
|
|
(20,616 |
) |
|
|
(19,426 |
) |
Net portfolio loans and leases |
|
3,666,711 |
|
|
|
3,519,970 |
|
|
|
3,513,483 |
|
|
|
3,502,898 |
|
|
|
3,407,728 |
|
Premises and equipment |
|
64,965 |
|
|
|
66,439 |
|
|
|
68,092 |
|
|
|
67,279 |
|
|
|
65,648 |
|
Operating lease right-of-use assets |
|
40,961 |
|
|
|
42,200 |
|
|
|
43,116 |
|
|
|
43,985 |
|
|
|
- |
|
Accrued interest receivable |
|
12,482 |
|
|
|
12,746 |
|
|
|
13,312 |
|
|
|
13,123 |
|
|
|
12,585 |
|
Mortgage servicing rights |
|
4,450 |
|
|
|
4,580 |
|
|
|
4,744 |
|
|
|
4,910 |
|
|
|
5,047 |
|
Bank owned life insurance |
|
59,079 |
|
|
|
58,749 |
|
|
|
58,437 |
|
|
|
58,138 |
|
|
|
57,844 |
|
Federal Home Loan Bank ("FHLB") stock |
|
23,744 |
|
|
|
16,148 |
|
|
|
14,677 |
|
|
|
10,526 |
|
|
|
14,530 |
|
Goodwill |
|
184,012 |
|
|
|
184,012 |
|
|
|
184,012 |
|
|
|
184,012 |
|
|
|
184,012 |
|
Intangible assets |
|
19,131 |
|
|
|
20,084 |
|
|
|
21,038 |
|
|
|
21,994 |
|
|
|
23,455 |
|
Other investments |
|
16,683 |
|
|
|
16,683 |
|
|
|
16,517 |
|
|
|
16,526 |
|
|
|
16,526 |
|
Other assets |
|
85,679 |
|
|
|
161,071 |
|
|
|
122,575 |
|
|
|
83,984 |
|
|
|
61,277 |
|
Total assets |
$ |
5,263,259 |
|
|
$ |
4,828,641 |
|
|
$ |
4,736,565 |
|
|
$ |
4,631,993 |
|
|
$ |
4,652,485 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
$ |
898,173 |
|
|
$ |
904,409 |
|
|
$ |
940,911 |
|
|
$ |
882,310 |
|
|
$ |
901,619 |
|
Interest-bearing |
|
2,944,072 |
|
|
|
2,794,079 |
|
|
|
2,691,502 |
|
|
|
2,755,307 |
|
|
|
2,697,468 |
|
Total deposits |
|
3,842,245 |
|
|
|
3,698,488 |
|
|
|
3,632,413 |
|
|
|
3,637,617 |
|
|
|
3,599,087 |
|
Short-term borrowings |
|
493,219 |
|
|
|
203,471 |
|
|
|
207,828 |
|
|
|
124,214 |
|
|
|
252,367 |
|
Long-term FHLB advances |
|
52,269 |
|
|
|
44,735 |
|
|
|
47,941 |
|
|
|
55,407 |
|
|
|
55,374 |
|
Subordinated notes |
|
98,705 |
|
|
|
98,660 |
|
|
|
98,616 |
|
|
|
98,571 |
|
|
|
98,526 |
|
Jr. subordinated debentures |
|
21,753 |
|
|
|
21,709 |
|
|
|
21,665 |
|
|
|
21,622 |
|
|
|
21,580 |
|
Operating lease liabilities |
|
45,258 |
|
|
|
46,506 |
|
|
|
47,393 |
|
|
|
48,224 |
|
|
|
- |
|
Accrued interest payable |
|
6,248 |
|
|
|
9,015 |
|
|
|
8,244 |
|
|
|
8,674 |
|
|
|
6,652 |
|
Other liabilities |
|
91,335 |
|
|
|
105,122 |
|
|
|
82,310 |
|
|
|
62,557 |
|
|
|
54,195 |
|
Total liabilities |
|
4,651,032 |
|
|
|
4,227,706 |
|
|
|
4,146,410 |
|
|
|
4,056,886 |
|
|
|
4,087,781 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
|
Common stock |
|
24,650 |
|
|
|
24,646 |
|
|
|
24,583 |
|
|
|
24,577 |
|
|
|
24,545 |
|
Paid-in capital in excess of par value |
|
378,606 |
|
|
|
377,806 |
|
|
|
376,652 |
|
|
|
375,655 |
|
|
|
374,010 |
|
Less: common stock held in treasury, at cost |
|
(81,174 |
) |
|
|
(81,089 |
) |
|
|
(78,583 |
) |
|
|
(76,974 |
) |
|
|
(75,883 |
) |
Accumulated other comprehensive income (loss), net of tax |
|
2,187 |
|
|
|
2,698 |
|
|
|
1,700 |
|
|
|
(3,278 |
) |
|
|
(7,513 |
) |
Retained earnings |
|
288,653 |
|
|
|
277,568 |
|
|
|
266,496 |
|
|
|
255,813 |
|
|
|
250,230 |
|
Total Bryn Mawr Bank Corporation shareholders' equity |
|
612,922 |
|
|
|
601,629 |
|
|
|
590,848 |
|
|
|
575,793 |
|
|
|
565,389 |
|
Noncontrolling interest |
|
(695 |
) |
|
|
(694 |
) |
|
|
(693 |
) |
|
|
(686 |
) |
|
|
(685 |
) |
Total shareholders' equity |
|
612,227 |
|
|
|
600,935 |
|
|
|
590,155 |
|
|
|
575,107 |
|
|
|
564,704 |
|
Total liabilities and shareholders' equity |
$ |
5,263,259 |
|
|
$ |
4,828,641 |
|
|
$ |
4,736,565 |
|
|
$ |
4,631,993 |
|
|
$ |
4,652,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank Corporation |
|
Supplemental Balance Sheet Information
(unaudited) |
|
(dollars in thousands) |
|
|
Portfolio Loans and Leases as of |
|
December 31,
2019 |
|
September 30,
2019 |
|
June 30,
2019 |
|
March 31,
2019 |
|
December 31,
2018
|
Commercial mortgages |
$ |
1,913,430 |
|
|
$ |
1,762,382 |
|
|
$ |
1,755,798 |
|
|
$ |
1,746,695 |
|
|
$ |
1,657,436 |
|
Home equity loans and lines |
|
194,640 |
|
|
|
198,030 |
|
|
|
203,852 |
|
|
|
204,791 |
|
|
|
207,351 |
|
Residential mortgages |
|
489,903 |
|
|
|
505,304 |
|
|
|
506,093 |
|
|
|
502,379 |
|
|
|
494,355 |
|
Construction |
|
159,867 |
|
|
|
151,593 |
|
|
|
152,554 |
|
|
|
159,761 |
|
|
|
181,078 |
|
Total real estate loans |
|
2,757,840 |
|
|
|
2,617,309 |
|
|
|
2,618,297 |
|
|
|
2,613,626 |
|
|
|
2,540,220 |
|
Commercial & Industrial |
|
709,257 |
|
|
|
709,808 |
|
|
|
704,167 |
|
|
|
705,701 |
|
|
|
695,584 |
|
Consumer |
|
57,138 |
|
|
|
50,481 |
|
|
|
49,335 |
|
|
|
47,821 |
|
|
|
46,814 |
|
Leases |
|
165,078 |
|
|
|
163,149 |
|
|
|
162,866 |
|
|
|
156,366 |
|
|
|
144,536 |
|
Total non-real estate loans and leases |
|
931,473 |
|
|
|
923,438 |
|
|
|
916,368 |
|
|
|
909,888 |
|
|
|
886,934 |
|
Total portfolio loans and leases |
$ |
3,689,313 |
|
|
$ |
3,540,747 |
|
|
$ |
3,534,665 |
|
|
$ |
3,523,514 |
|
|
$ |
3,427,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans and Leases as of |
|
December 31,
2019 |
|
September 30,
2019 |
|
June 30,
2019 |
|
March 31,
2019 |
|
December 31,
2018 |
Commercial mortgages |
$ |
4,270 |
|
|
$ |
7,819 |
|
|
$ |
6,072 |
|
|
$ |
5,558 |
|
|
$ |
2,568 |
|
Home equity loans and lines |
|
779 |
|
|
|
790 |
|
|
|
49 |
|
|
|
6,904 |
|
|
|
3,616 |
|
Residential mortgages |
|
318 |
|
|
|
301 |
|
|
|
701 |
|
|
|
2,863 |
|
|
|
3,452 |
|
Total nonperforming real estate loans |
|
5,367 |
|
|
|
8,910 |
|
|
|
6,822 |
|
|
|
15,325 |
|
|
|
9,636 |
|
Commercial & Industrial |
|
4,337 |
|
|
|
4,141 |
|
|
|
4,495 |
|
|
|
2,965 |
|
|
|
2,101 |
|
Consumer |
|
61 |
|
|
|
75 |
|
|
|
60 |
|
|
|
80 |
|
|
|
108 |
|
Leases |
|
883 |
|
|
|
993 |
|
|
|
802 |
|
|
|
913 |
|
|
|
975 |
|
Total nonperforming non-real estate loans and leases |
|
5,281 |
|
|
|
5,209 |
|
|
|
5,357 |
|
|
|
3,958 |
|
|
|
3,184 |
|
Total nonperforming portfolio loans and leases |
$ |
10,648 |
|
|
$ |
14,119 |
|
|
$ |
12,179 |
|
|
$ |
19,283 |
|
|
$ |
12,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loan and Lease Charge-Offs (Recoveries) for the Three
Months Ended |
|
December 31,
2019 |
|
September 30,
2019 |
|
June 30,
2019 |
|
March 31,
2019 |
|
December 31,
2018 |
Commercial mortgage |
$ |
(781 |
) |
|
$ |
656 |
|
|
$ |
(3 |
) |
|
$ |
1,373 |
|
|
$ |
249 |
|
Home equity loans and lines |
|
33 |
|
|
|
(22 |
) |
|
|
180 |
|
|
|
46 |
|
|
|
107 |
|
Residential |
|
95 |
|
|
|
(7 |
) |
|
|
339 |
|
|
|
329 |
|
|
|
304 |
|
Construction |
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
- |
|
Total net charge-offs of real estate loans |
|
(654 |
) |
|
|
626 |
|
|
|
515 |
|
|
|
1,747 |
|
|
|
660 |
|
Commercial & Industrial |
|
248 |
|
|
|
8 |
|
|
|
(18 |
) |
|
|
391 |
|
|
|
298 |
|
Consumer |
|
223 |
|
|
|
181 |
|
|
|
119 |
|
|
|
94 |
|
|
|
147 |
|
Leases |
|
583 |
|
|
|
509 |
|
|
|
445 |
|
|
|
314 |
|
|
|
515 |
|
Total net charge-offs of non-real estate loans and leases |
|
1,054 |
|
|
|
698 |
|
|
|
546 |
|
|
|
799 |
|
|
|
960 |
|
Total net charge-offs |
$ |
400 |
|
|
$ |
1,324 |
|
|
$ |
1,061 |
|
|
$ |
2,546 |
|
|
$ |
1,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank Corporation |
Supplemental Balance Sheet Information
(unaudited) |
(dollars in thousands) |
|
Investment Securities Available for Sale, at Fair
Value |
|
December 31,
2019 |
|
September 30,
2019 |
|
June 30,
2019 |
|
March 31,
2019 |
|
December 31,
2018 |
U.S. Treasury securities |
$ |
500,101 |
|
|
$ |
101 |
|
|
$ |
101 |
|
|
$ |
100 |
|
|
$ |
200,013 |
|
Obligations of the U.S. Government and agencies |
|
102,020 |
|
|
|
172,753 |
|
|
|
192,799 |
|
|
|
186,746 |
|
|
|
195,855 |
|
State & political subdivisions - tax-free |
|
5,379 |
|
|
|
6,327 |
|
|
|
6,700 |
|
|
|
8,468 |
|
|
|
11,162 |
|
State & political subdivisions - taxable |
|
- |
|
|
|
- |
|
|
|
170 |
|
|
|
170 |
|
|
|
170 |
|
Mortgage-backed securities |
|
366,002 |
|
|
|
388,891 |
|
|
|
348,975 |
|
|
|
322,913 |
|
|
|
289,890 |
|
Collateralized mortgage obligations |
|
31,832 |
|
|
|
35,459 |
|
|
|
38,724 |
|
|
|
40,486 |
|
|
|
39,252 |
|
Other debt securities |
|
650 |
|
|
|
650 |
|
|
|
650 |
|
|
|
1,100 |
|
|
|
1,100 |
|
Total investment securities available for sale, at fair value |
$ |
1,005,984 |
|
|
$ |
604,181 |
|
|
$ |
588,119 |
|
|
$ |
559,983 |
|
|
$ |
737,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized Gain (Loss) on Investment Securities Available
for Sale |
|
December 31,
2019 |
|
September 30,
2019 |
|
June 30,
2019 |
|
March 31,
2019 |
|
December 31,
2018 |
U.S. Treasury securities |
$ |
35 |
|
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
- |
|
|
$ |
(13 |
) |
Obligations of the U.S. Government and agencies |
|
(159 |
) |
|
|
188 |
|
|
|
275 |
|
|
|
(1,334 |
) |
|
|
(2,749 |
) |
State & political subdivisions - tax-free |
|
13 |
|
|
|
8 |
|
|
|
8 |
|
|
|
(5 |
) |
|
|
(39 |
) |
State & political subdivisions - taxable |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
Mortgage-backed securities |
|
5,025 |
|
|
|
4,605 |
|
|
|
3,364 |
|
|
|
(696 |
) |
|
|
(4,186 |
) |
Collateralized mortgage obligations |
|
36 |
|
|
|
180 |
|
|
|
89 |
|
|
|
(510 |
) |
|
|
(898 |
) |
Other debt securities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total unrealized gains (losses) on investment securities available
for sale |
$ |
4,950 |
|
|
$ |
4,982 |
|
|
$ |
3,737 |
|
|
$ |
(2,545 |
) |
|
$ |
(7,886 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
December 31,
2019 |
|
September 30,
2019 |
|
June 30,
2019 |
|
March 31,
2019 |
|
December 31,
2018 |
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
944,915 |
|
|
$ |
778,809 |
|
|
$ |
745,134 |
|
|
$ |
664,683 |
|
|
$ |
664,749 |
|
Money market |
|
1,106,478 |
|
|
|
983,170 |
|
|
|
966,596 |
|
|
|
961,348 |
|
|
|
862,644 |
|
Savings |
|
220,450 |
|
|
|
248,539 |
|
|
|
263,830 |
|
|
|
265,613 |
|
|
|
247,081 |
|
Retail time deposits |
|
405,123 |
|
|
|
467,346 |
|
|
|
502,745 |
|
|
|
531,522 |
|
|
|
542,702 |
|
Wholesale non-maturity deposits |
|
177,865 |
|
|
|
274,121 |
|
|
|
100,047 |
|
|
|
47,744 |
|
|
|
55,031 |
|
Wholesale time deposits |
|
89,241 |
|
|
|
42,094 |
|
|
|
113,150 |
|
|
|
284,397 |
|
|
|
325,261 |
|
Total interest-bearing deposits |
|
2,944,072 |
|
|
|
2,794,079 |
|
|
|
2,691,502 |
|
|
|
2,755,307 |
|
|
|
2,697,468 |
|
Noninterest-bearing deposits |
|
898,173 |
|
|
|
904,409 |
|
|
|
940,911 |
|
|
|
882,310 |
|
|
|
901,619 |
|
Total deposits |
$ |
3,842,245 |
|
|
$ |
3,698,488 |
|
|
$ |
3,632,413 |
|
|
$ |
3,637,617 |
|
|
$ |
3,599,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank Corporation |
Detailed Income Statements (unaudited) |
(dollars in thousands, except per share data) |
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
December 31,
2019 |
|
September 30,
2019 |
|
June 30,
2019 |
|
March 31,
2019 |
|
December 31,
2018 |
|
December 31,
2019 |
|
December 31,
2018 |
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans and leases |
$ |
43,220 |
|
|
$ |
45,527 |
|
|
$ |
44,783 |
|
|
$ |
44,837 |
|
|
$ |
44,157 |
|
|
$ |
178,367 |
|
|
$ |
168,638 |
|
Interest on cash and cash equivalents |
|
195 |
|
|
|
143 |
|
|
|
73 |
|
|
|
132 |
|
|
|
83 |
|
|
|
543 |
|
|
|
264 |
|
Interest on investment securities |
|
3,545 |
|
|
|
3,903 |
|
|
|
3,532 |
|
|
|
3,499 |
|
|
|
3,294 |
|
|
|
14,479 |
|
|
|
12,153 |
|
Total interest income |
|
46,960 |
|
|
|
49,573 |
|
|
|
48,388 |
|
|
|
48,468 |
|
|
|
47,534 |
|
|
|
193,389 |
|
|
|
181,055 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
8,674 |
|
|
|
9,510 |
|
|
|
9,655 |
|
|
|
8,097 |
|
|
|
7,048 |
|
|
|
35,936 |
|
|
|
20,552 |
|
Interest on short-term borrowings |
|
555 |
|
|
|
937 |
|
|
|
357 |
|
|
|
943 |
|
|
|
681 |
|
|
|
2,792 |
|
|
|
3,392 |
|
Interest on FHLB advances |
|
279 |
|
|
|
243 |
|
|
|
269 |
|
|
|
278 |
|
|
|
331 |
|
|
|
1,069 |
|
|
|
1,777 |
|
Interest on jr. subordinated debentures |
|
323 |
|
|
|
340 |
|
|
|
352 |
|
|
|
358 |
|
|
|
342 |
|
|
|
1,373 |
|
|
|
1,288 |
|
Interest on subordinated notes |
|
1,144 |
|
|
|
1,145 |
|
|
|
1,144 |
|
|
|
1,145 |
|
|
|
1,145 |
|
|
|
4,578 |
|
|
|
4,575 |
|
Total interest expense |
|
10,975 |
|
|
|
12,175 |
|
|
|
11,777 |
|
|
|
10,821 |
|
|
|
9,547 |
|
|
|
45,748 |
|
|
|
31,584 |
|
Net interest income |
|
35,985 |
|
|
|
37,398 |
|
|
|
36,611 |
|
|
|
37,647 |
|
|
|
37,987 |
|
|
|
147,641 |
|
|
|
149,471 |
|
Provision for loan and lease losses (the "Provision") |
|
2,225 |
|
|
|
919 |
|
|
|
1,627 |
|
|
|
3,736 |
|
|
|
2,362 |
|
|
|
8,507 |
|
|
|
7,193 |
|
Net interest income after Provision |
|
33,760 |
|
|
|
36,479 |
|
|
|
34,984 |
|
|
|
33,911 |
|
|
|
35,625 |
|
|
|
139,134 |
|
|
|
142,278 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees for wealth management services |
|
11,672 |
|
|
|
10,826 |
|
|
|
11,510 |
|
|
|
10,392 |
|
|
|
11,017 |
|
|
|
44,400 |
|
|
|
42,326 |
|
Insurance commissions |
|
1,666 |
|
|
|
1,842 |
|
|
|
1,697 |
|
|
|
1,672 |
|
|
|
1,459 |
|
|
|
6,877 |
|
|
|
6,808 |
|
Capital markets revenue |
|
5,455 |
|
|
|
2,113 |
|
|
|
1,489 |
|
|
|
2,219 |
|
|
|
1,367 |
|
|
|
11,276 |
|
|
|
4,848 |
|
Service charges on deposits |
|
858 |
|
|
|
856 |
|
|
|
852 |
|
|
|
808 |
|
|
|
798 |
|
|
|
3,374 |
|
|
|
2,989 |
|
Loan servicing and other fees |
|
489 |
|
|
|
555 |
|
|
|
553 |
|
|
|
609 |
|
|
|
539 |
|
|
|
2,206 |
|
|
|
2,259 |
|
Net gain on sale of loans |
|
597 |
|
|
|
674 |
|
|
|
752 |
|
|
|
319 |
|
|
|
1,606 |
|
|
|
2,342 |
|
|
|
3,283 |
|
Net gain on sale of investment securities available for sale |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7 |
|
Net (loss) gain on sale of other real estate owned |
|
(48 |
) |
|
|
(12 |
) |
|
|
- |
|
|
|
(24 |
) |
|
|
3 |
|
|
|
(84 |
) |
|
|
295 |
|
Dividends on FHLB and FRB stocks |
|
432 |
|
|
|
346 |
|
|
|
316 |
|
|
|
411 |
|
|
|
305 |
|
|
|
1,505 |
|
|
|
1,621 |
|
Other operating income |
|
2,134 |
|
|
|
2,255 |
|
|
|
3,052 |
|
|
|
2,847 |
|
|
|
1,003 |
|
|
|
10,288 |
|
|
|
11,546 |
|
Total noninterest income |
|
23,255 |
|
|
|
19,455 |
|
|
|
20,221 |
|
|
|
19,253 |
|
|
|
18,097 |
|
|
|
82,184 |
|
|
|
75,982 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and wages |
|
18,667 |
|
|
|
17,765 |
|
|
|
17,038 |
|
|
|
20,901 |
|
|
|
17,921 |
|
|
|
74,371 |
|
|
|
66,671 |
|
Employee benefits |
|
2,685 |
|
|
|
3,288 |
|
|
|
3,317 |
|
|
|
4,166 |
|
|
|
2,977 |
|
|
|
13,456 |
|
|
|
12,918 |
|
Occupancy and bank premises |
|
3,206 |
|
|
|
3,008 |
|
|
|
3,125 |
|
|
|
3,252 |
|
|
|
3,135 |
|
|
|
12,591 |
|
|
|
11,599 |
|
Furniture, fixtures and equipment |
|
2,401 |
|
|
|
2,335 |
|
|
|
2,568 |
|
|
|
2,389 |
|
|
|
2,370 |
|
|
|
9,693 |
|
|
|
8,407 |
|
Advertising |
|
599 |
|
|
|
587 |
|
|
|
504 |
|
|
|
415 |
|
|
|
540 |
|
|
|
2,105 |
|
|
|
1,719 |
|
Amortization of intangible assets |
|
953 |
|
|
|
954 |
|
|
|
956 |
|
|
|
938 |
|
|
|
997 |
|
|
|
3,801 |
|
|
|
3,656 |
|
Impairment (recovery) of mortgage servicing rights ("MSRs") |
|
13 |
|
|
|
(19 |
) |
|
|
10 |
|
|
|
17 |
|
|
|
101 |
|
|
|
21 |
|
|
|
27 |
|
Due diligence, merger-related and merger integration expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,761 |
|
Professional fees |
|
1,754 |
|
|
|
1,044 |
|
|
|
1,316 |
|
|
|
1,320 |
|
|
|
1,526 |
|
|
|
5,434 |
|
|
|
4,203 |
|
Pennsylvania bank shares tax |
|
42 |
|
|
|
514 |
|
|
|
513 |
|
|
|
409 |
|
|
|
374 |
|
|
|
1,478 |
|
|
|
1,792 |
|
Data processing |
|
1,517 |
|
|
|
1,377 |
|
|
|
1,303 |
|
|
|
1,320 |
|
|
|
1,340 |
|
|
|
5,517 |
|
|
|
4,942 |
|
Other operating expenses |
|
4,593 |
|
|
|
4,320 |
|
|
|
4,538 |
|
|
|
4,597 |
|
|
|
3,564 |
|
|
|
18,048 |
|
|
|
16,608 |
|
Total noninterest expense |
|
36,430 |
|
|
|
35,173 |
|
|
|
35,188 |
|
|
|
39,724 |
|
|
|
34,845 |
|
|
|
146,515 |
|
|
|
140,303 |
|
Income before income taxes |
|
20,585 |
|
|
|
20,761 |
|
|
|
20,017 |
|
|
|
13,440 |
|
|
|
18,877 |
|
|
|
74,803 |
|
|
|
77,957 |
|
Income tax expense |
|
4,202 |
|
|
|
4,402 |
|
|
|
4,239 |
|
|
|
2,764 |
|
|
|
1,746 |
|
|
|
15,607 |
|
|
|
14,165 |
|
Net income |
$ |
16,383 |
|
|
$ |
16,359 |
|
|
$ |
15,778 |
|
|
$ |
10,676 |
|
|
$ |
17,131 |
|
|
$ |
59,196 |
|
|
$ |
63,792 |
|
Net (loss) income attributable to noncontrolling
interest |
|
(1 |
) |
|
|
(1 |
) |
|
|
(7 |
) |
|
|
(1 |
) |
|
|
(5 |
) |
|
|
(10 |
) |
|
|
- |
|
Net income attributable to Bryn Mawr Bank
Corporation |
$ |
16,384 |
|
|
$ |
16,360 |
|
|
$ |
15,785 |
|
|
$ |
10,677 |
|
|
$ |
17,136 |
|
|
$ |
59,206 |
|
|
$ |
63,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
20,124,553 |
|
|
|
20,132,117 |
|
|
|
20,144,651 |
|
|
|
20,168,498 |
|
|
|
20,225,993 |
|
|
|
20,142,306 |
|
|
|
20,234,792 |
|
Dilutive common shares |
|
88,455 |
|
|
|
76,513 |
|
|
|
99,758 |
|
|
|
103,163 |
|
|
|
95,290 |
|
|
|
91,065 |
|
|
|
155,375 |
|
Weighted average diluted shares |
|
20,213,008 |
|
|
|
20,208,630 |
|
|
|
20,244,409 |
|
|
|
20,271,661 |
|
|
|
20,321,283 |
|
|
|
20,233,371 |
|
|
|
20,390,167 |
|
Basic earnings per common share |
$ |
0.81 |
|
|
$ |
0.81 |
|
|
$ |
0.78 |
|
|
$ |
0.53 |
|
|
$ |
0.85 |
|
|
$ |
2.94 |
|
|
$ |
3.15 |
|
Diluted earnings per common share |
$ |
0.81 |
|
|
$ |
0.81 |
|
|
$ |
0.78 |
|
|
$ |
0.53 |
|
|
$ |
0.84 |
|
|
$ |
2.93 |
|
|
$ |
3.13 |
|
Dividends paid or accrued per common share |
$ |
0.26 |
|
|
$ |
0.26 |
|
|
$ |
0.26 |
|
|
$ |
0.25 |
|
|
$ |
0.25 |
|
|
$ |
1.03 |
|
|
$ |
0.94 |
|
Effective tax rate |
|
20.41 |
% |
|
|
21.20 |
% |
|
|
21.18 |
% |
|
|
20.57 |
% |
|
|
9.25 |
% |
|
|
20.86 |
% |
|
|
18.17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank Corporation |
Tax-Equivalent Net Interest Margin
(unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
December 31,
2019 |
September 30,
2019 |
June 30,
2019 |
March 31,
2019 |
December 31,
2018 |
|
December 31,
2019 |
December 31,
2018 |
|
|
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 |
|
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 |
|
$ |
66,060 |
|
$ |
195 |
|
1.17 |
% |
$ |
48,597 |
|
$ |
143 |
|
1.17 |
% |
$ |
37,843 |
|
$ |
73 |
|
0.77 |
% |
$ |
32,742 |
|
$ |
132 |
|
1.64 |
% |
$ |
38,957 |
|
$ |
83 |
|
0.85 |
% |
|
$ |
46,408 |
|
$ |
543 |
|
1.17 |
% |
$ |
37,550 |
|
$ |
264 |
|
0.70 |
% |
Investment securities - available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
566,359 |
|
|
3,334 |
|
2.34 |
% |
|
594,975 |
|
|
3,765 |
|
2.51 |
% |
|
560,999 |
|
|
3,400 |
|
2.43 |
% |
|
543,687 |
|
|
3,363 |
|
2.51 |
% |
|
524,117 |
|
|
3,075 |
|
2.33 |
% |
|
|
566,645 |
|
|
13,862 |
|
2.45 |
% |
|
513,114 |
|
|
11,457 |
|
2.23 |
% |
Tax-exempt |
|
|
5,844 |
|
|
33 |
|
2.24 |
% |
|
6,594 |
|
|
36 |
|
2.17 |
% |
|
7,530 |
|
|
43 |
|
2.29 |
% |
|
9,795 |
|
|
55 |
|
2.28 |
% |
|
13,184 |
|
|
70 |
|
2.11 |
% |
|
|
7,428 |
|
|
167 |
|
2.25 |
% |
|
16,966 |
|
|
346 |
|
2.04 |
% |
Total investment securities - available for sale |
|
|
572,203 |
|
|
3,367 |
|
2.33 |
% |
|
601,569 |
|
|
3,801 |
|
2.51 |
% |
|
568,529 |
|
|
3,443 |
|
2.43 |
% |
|
553,482 |
|
|
3,418 |
|
2.50 |
% |
|
537,301 |
|
|
3,145 |
|
2.32 |
% |
|
|
574,073 |
|
|
14,029 |
|
2.44 |
% |
|
530,080 |
|
|
11,803 |
|
2.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities - held to maturity |
|
|
12,756 |
|
|
84 |
|
2.61 |
% |
|
12,360 |
|
|
80 |
|
2.57 |
% |
|
10,417 |
|
|
71 |
|
2.73 |
% |
|
8,804 |
|
|
67 |
|
3.09 |
% |
|
8,761 |
|
|
63 |
|
2.85 |
% |
|
|
11,099 |
|
|
302 |
|
2.72 |
% |
|
8,232 |
|
|
234 |
|
2.84 |
% |
Investment securities - trading |
|
|
8,330 |
|
|
99 |
|
4.72 |
% |
|
8,407 |
|
|
27 |
|
1.27 |
% |
|
8,572 |
|
|
24 |
|
1.12 |
% |
|
7,629 |
|
|
22 |
|
1.17 |
% |
|
8,203 |
|
|
96 |
|
4.64 |
% |
|
|
8,237 |
|
|
172 |
|
2.09 |
% |
|
8,237 |
|
|
169 |
|
2.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases * |
|
|
3,598,609 |
|
|
43,326 |
|
4.78 |
% |
|
3,532,923 |
|
|
45,642 |
|
5.13 |
% |
|
3,524,219 |
|
|
44,903 |
|
5.11 |
% |
|
3,477,739 |
|
|
44,958 |
|
5.24 |
% |
|
3,399,484 |
|
|
44,274 |
|
5.17 |
% |
|
|
3,533,702 |
|
|
178,829 |
|
5.06 |
% |
|
3,356,295 |
|
|
169,024 |
|
5.04 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning assets |
|
|
4,257,958 |
|
|
47,071 |
|
4.39 |
% |
|
4,203,856 |
|
|
49,693 |
|
4.69 |
% |
|
4,149,580 |
|
|
48,514 |
|
4.69 |
% |
|
4,080,396 |
|
|
48,597 |
|
4.83 |
% |
|
3,992,706 |
|
|
47,661 |
|
4.74 |
% |
|
|
4,173,519 |
|
|
193,875 |
|
4.65 |
% |
|
3,940,394 |
|
|
181,494 |
|
4.61 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
9,829 |
|
|
|
|
12,890 |
|
|
|
|
13,725 |
|
|
|
|
14,414 |
|
|
|
|
13,962 |
|
|
|
|
|
12,703 |
|
|
|
|
9,853 |
|
|
|
Less: allowance for loan and lease losses |
|
|
(21,124 |
) |
|
|
|
(21,438 |
) |
|
|
|
(20,844 |
) |
|
|
|
(19,887 |
) |
|
|
|
(18,625 |
) |
|
|
|
|
(20,828 |
) |
|
|
|
(18,447 |
) |
|
|
Other assets |
|
|
528,744 |
|
|
|
|
564,766 |
|
|
|
|
509,164 |
|
|
|
|
470,206 |
|
|
|
|
424,957 |
|
|
|
|
|
518,507 |
|
|
|
|
420,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
4,775,407 |
|
|
|
$ |
4,760,074 |
|
|
|
$ |
4,651,625 |
|
|
|
$ |
4,545,129 |
|
|
|
$ |
4,413,000 |
|
|
|
|
$ |
4,683,901 |
|
|
|
$ |
4,352,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW and market rate deposits |
|
$ |
2,149,623 |
|
$ |
5,659 |
|
1.04 |
% |
$ |
1,996,181 |
|
$ |
5,445 |
|
1.08 |
% |
$ |
1,928,755 |
|
$ |
5,040 |
|
1.05 |
% |
$ |
1,798,103 |
|
$ |
3,764 |
|
0.85 |
% |
$ |
1,704,065 |
|
$ |
2,883 |
|
0.67 |
% |
|
$ |
1,969,205 |
|
$ |
19,908 |
|
1.01 |
% |
$ |
1,715,239 |
|
$ |
8,860 |
|
0.52 |
% |
Wholesale deposits |
|
|
214,229 |
|
|
1,024 |
|
1.90 |
% |
|
299,309 |
|
|
1,729 |
|
2.29 |
% |
|
345,782 |
|
|
2,143 |
|
2.49 |
% |
|
342,696 |
|
|
2,012 |
|
2.38 |
% |
|
346,134 |
|
|
1,986 |
|
2.28 |
% |
|
|
300,148 |
|
|
6,908 |
|
2.30 |
% |
|
251,384 |
|
|
5,021 |
|
2.00 |
% |
Retail time deposits |
|
|
435,198 |
|
|
1,991 |
|
1.82 |
% |
|
480,736 |
|
|
2,336 |
|
1.93 |
% |
|
520,317 |
|
|
2,472 |
|
1.91 |
% |
|
533,395 |
|
|
2,321 |
|
1.76 |
% |
|
552,213 |
|
|
2,179 |
|
1.57 |
% |
|
|
492,110 |
|
|
9,120 |
|
1.85 |
% |
|
539,934 |
|
|
6,671 |
|
1.24 |
% |
Total interest-bearing deposits |
|
|
2,799,050 |
|
|
8,674 |
|
1.23 |
% |
|
2,776,226 |
|
|
9,510 |
|
1.36 |
% |
|
2,794,854 |
|
|
9,655 |
|
1.39 |
% |
|
2,674,194 |
|
|
8,097 |
|
1.23 |
% |
|
2,602,412 |
|
|
7,048 |
|
1.07 |
% |
|
|
2,761,463 |
|
|
35,936 |
|
1.30 |
% |
|
2,506,557 |
|
|
20,552 |
|
0.82 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
121,612 |
|
|
555 |
|
1.81 |
% |
|
169,985 |
|
|
937 |
|
2.19 |
% |
|
68,529 |
|
|
357 |
|
2.09 |
% |
|
157,652 |
|
|
943 |
|
2.43 |
% |
|
128,429 |
|
|
681 |
|
2.10 |
% |
|
|
129,457 |
|
|
2,792 |
|
2.16 |
% |
|
178,582 |
|
|
3,392 |
|
1.90 |
% |
Long-term FHLB advances |
|
|
53,443 |
|
|
279 |
|
2.07 |
% |
|
45,698 |
|
|
243 |
|
2.11 |
% |
|
52,397 |
|
|
269 |
|
2.06 |
% |
|
55,385 |
|
|
278 |
|
2.04 |
% |
|
67,363 |
|
|
331 |
|
1.95 |
% |
|
|
51,709 |
|
|
1,069 |
|
2.07 |
% |
|
93,503 |
|
|
1,777 |
|
1.90 |
% |
Subordinated notes |
|
|
98,681 |
|
|
1,144 |
|
4.60 |
% |
|
98,634 |
|
|
1,145 |
|
4.61 |
% |
|
98,587 |
|
|
1,144 |
|
4.65 |
% |
|
98,542 |
|
|
1,145 |
|
4.71 |
% |
|
98,497 |
|
|
1,145 |
|
4.61 |
% |
|
|
98,612 |
|
|
4,578 |
|
4.64 |
% |
|
98,462 |
|
|
4,575 |
|
4.65 |
% |
Jr. subordinated debt |
|
|
21,726 |
|
|
323 |
|
5.90 |
% |
|
21,680 |
|
|
340 |
|
6.22 |
% |
|
21,637 |
|
|
352 |
|
6.53 |
% |
|
21,595 |
|
|
358 |
|
6.72 |
% |
|
21,553 |
|
|
342 |
|
6.30 |
% |
|
|
21,660 |
|
|
1,373 |
|
6.34 |
% |
|
21,491 |
|
|
1,288 |
|
5.99 |
% |
Total borrowings |
|
|
295,462 |
|
|
2,301 |
|
3.09 |
% |
|
335,997 |
|
|
2,665 |
|
3.15 |
% |
|
241,150 |
|
|
2,122 |
|
3.53 |
% |
|
333,174 |
|
|
2,724 |
|
3.32 |
% |
|
315,842 |
|
|
2,499 |
|
3.14 |
% |
|
|
301,438 |
|
|
9,812 |
|
3.26 |
% |
|
392,038 |
|
|
11,032 |
|
2.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities |
|
|
3,094,512 |
|
|
10,975 |
|
1.41 |
% |
|
3,112,223 |
|
|
12,175 |
|
1.55 |
% |
|
3,036,004 |
|
|
11,777 |
|
1.56 |
% |
|
3,007,368 |
|
|
10,821 |
|
1.46 |
% |
|
2,918,254 |
|
|
9,547 |
|
1.30 |
% |
|
|
3,062,901 |
|
|
45,748 |
|
1.49 |
% |
|
2,898,595 |
|
|
31,584 |
|
1.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
915,128 |
|
|
|
|
903,314 |
|
|
|
|
909,945 |
|
|
|
|
871,726 |
|
|
|
|
878,047 |
|
|
|
|
|
900,156 |
|
|
|
|
856,506 |
|
|
|
Other liabilities |
|
|
159,259 |
|
|
|
|
149,226 |
|
|
|
|
124,211 |
|
|
|
|
93,949 |
|
|
|
|
60,393 |
|
|
|
|
|
131,889 |
|
|
|
|
55,436 |
|
|
|
Total noninterest-bearing liabilities |
|
|
1,074,387 |
|
|
|
|
1,052,540 |
|
|
|
|
1,034,156 |
|
|
|
|
965,675 |
|
|
|
|
938,440 |
|
|
|
|
|
1,032,045 |
|
|
|
|
911,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
4,168,899 |
|
|
|
|
4,164,763 |
|
|
|
|
4,070,160 |
|
|
|
|
3,973,043 |
|
|
|
|
3,856,694 |
|
|
|
|
|
4,094,946 |
|
|
|
|
3,810,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
606,508 |
|
|
|
|
595,311 |
|
|
|
|
581,465 |
|
|
|
|
572,086 |
|
|
|
|
556,306 |
|
|
|
|
|
588,955 |
|
|
|
|
541,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
4,775,407 |
|
|
|
$ |
4,760,074 |
|
|
|
$ |
4,651,625 |
|
|
|
$ |
4,545,129 |
|
|
|
$ |
4,413,000 |
|
|
|
|
$ |
4,683,901 |
|
|
|
$ |
4,352,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
2.98 |
% |
|
|
3.14 |
% |
|
|
3.13 |
% |
|
|
3.37 |
% |
|
|
3.44 |
% |
|
|
|
3.16 |
% |
|
|
3.52 |
% |
Effect of noninterest-bearing sources |
|
|
|
0.38 |
% |
|
|
0.40 |
% |
|
|
0.42 |
% |
|
|
0.38 |
% |
|
|
0.35 |
% |
|
|
|
0.39 |
% |
|
|
0.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent net interest margin |
|
|
$ |
36,096 |
|
3.36 |
% |
|
$ |
37,518 |
|
3.54 |
% |
|
$ |
36,737 |
|
3.55 |
% |
|
$ |
37,776 |
|
3.75 |
% |
|
$ |
38,114 |
|
3.79 |
% |
|
|
$ |
148,127 |
|
3.55 |
% |
|
$ |
149,910 |
|
3.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent adjustment |
|
|
$ |
111 |
|
0.01 |
% |
|
$ |
120 |
|
0.01 |
% |
|
$ |
126 |
|
0.01 |
% |
|
$ |
129 |
|
0.01 |
% |
|
$ |
127 |
|
0.01 |
% |
|
|
$ |
486 |
|
0.01 |
% |
|
$ |
439 |
|
0.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Information Regarding Accretion of Fair Value
Marks |
|
|
|
Interest |
Increase (Decrease) |
Effect on Yield or Rate |
Interest |
Increase (Decrease) |
Effect on Yield or Rate |
Interest |
Increase (Decrease) |
Effect on Yield or Rate |
Interest |
Increase (Decrease) |
Effect on Yield or Rate |
Interest |
Increase (Decrease) |
Effect on Yield or Rate |
|
|
Increase (Decrease) |
Effect on Yield or Rate |
|
Increase (Decrease) |
Effect on Yield or Rate |
Loans and leases |
|
Income |
$ |
1,027 |
|
0.11 |
% |
|
$ |
1,501 |
|
0.17 |
% |
|
$ |
1,193 |
|
0.14 |
% |
|
$ |
1,997 |
|
0.23 |
% |
|
$ |
2,492 |
|
0.29 |
% |
|
|
$ |
5,718 |
|
0.16 |
% |
|
$ |
8,603 |
|
0.26 |
% |
Retail time deposits |
|
Expense |
$ |
(134 |
) |
-0.12 |
% |
|
$ |
(151 |
) |
-0.12 |
% |
|
$ |
(171 |
) |
-0.13 |
% |
|
$ |
(222 |
) |
-0.17 |
% |
|
$ |
(279 |
) |
-0.20 |
% |
|
|
|
(678 |
) |
-0.14 |
% |
|
|
(1,309 |
) |
-0.24 |
% |
Long-term FHLB advances |
|
Expense |
$ |
34 |
|
0.25 |
% |
|
$ |
34 |
|
0.30 |
% |
|
$ |
34 |
|
0.26 |
% |
|
$ |
33 |
|
0.24 |
% |
|
$ |
34 |
|
0.20 |
% |
|
|
|
135 |
|
0.26 |
% |
|
|
106 |
|
0.11 |
% |
Jr. subordinated debt |
|
Expense |
$ |
44 |
|
0.80 |
% |
|
$ |
44 |
|
0.81 |
% |
|
$ |
43 |
|
0.80 |
% |
|
$ |
42 |
|
0.79 |
% |
|
$ |
42 |
|
0.77 |
% |
|
|
|
173 |
|
0.80 |
% |
|
|
164 |
|
0.76 |
% |
Net interest income from fair value marks |
|
|
$ |
1,083 |
|
|
|
$ |
1,574 |
|
|
|
$ |
1,287 |
|
|
|
$ |
2,144 |
|
|
|
$ |
2,695 |
|
|
|
|
$ |
6,088 |
|
|
|
$ |
9,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting effect on tax-equivalent margin |
|
|
0.10 |
% |
|
|
0.15 |
% |
|
|
0.12 |
% |
|
|
0.21 |
% |
|
|
0.27 |
% |
|
|
|
0.15 |
% |
|
|
0.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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 |
Appendix - 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 Twelve Months Ended |
|
December 31,
2019 |
|
September 30,
2019 |
|
June 30,
2019 |
|
March 31,
2019 |
|
December 31,
2018 |
|
December 31,
2019 |
|
December 31,
2018 |
Reconciliation of Net Income to Net Income
(core): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to BMBC (a GAAP measure) |
$ |
16,384 |
|
|
$ |
16,360 |
|
|
$ |
15,785 |
|
|
$ |
10,677 |
|
|
$ |
17,136 |
|
|
$ |
59,206 |
|
|
$ |
63,792 |
|
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 |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,131 |
|
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 |
|
|
|
- |
|
|
|
703 |
|
Net income (core) (a non-GAAP measure) |
$ |
16,384 |
|
|
$ |
16,360 |
|
|
$ |
15,785 |
|
|
$ |
14,230 |
|
|
$ |
17,167 |
|
|
$ |
62,759 |
|
|
$ |
70,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Basic and Diluted Earnings per Common Share
(core): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
20,124,553 |
|
|
|
20,132,117 |
|
|
|
20,144,651 |
|
|
|
20,168,498 |
|
|
|
20,225,993 |
|
|
|
20,142,306 |
|
|
|
20,234,792 |
|
Dilutive common shares |
|
88,455 |
|
|
|
76,513 |
|
|
|
99,758 |
|
|
|
103,163 |
|
|
|
95,290 |
|
|
|
91,065 |
|
|
|
155,375 |
|
Weighted average diluted shares |
|
20,213,008 |
|
|
|
20,208,630 |
|
|
|
20,244,409 |
|
|
|
20,271,661 |
|
|
|
20,321,283 |
|
|
|
20,233,371 |
|
|
|
20,390,167 |
|
Basic earnings per common share (core) (a non-GAAP measure) |
$ |
0.81 |
|
|
$ |
0.81 |
|
|
$ |
0.78 |
|
|
$ |
0.71 |
|
|
$ |
0.85 |
|
|
$ |
3.12 |
|
|
$ |
3.49 |
|
Diluted earnings per common share (core) (a non-GAAP measure) |
$ |
0.81 |
|
|
$ |
0.81 |
|
|
$ |
0.78 |
|
|
$ |
0.70 |
|
|
$ |
0.84 |
|
|
$ |
3.10 |
|
|
$ |
3.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Return on Average Tangible
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to BMBC (a GAAP measure) |
$ |
16,384 |
|
|
$ |
16,360 |
|
|
$ |
15,785 |
|
|
$ |
10,677 |
|
|
$ |
17,136 |
|
|
$ |
59,206 |
|
|
$ |
63,792 |
|
Add: Tax-effected amortization and impairment of
intangible assets |
|
753 |
|
|
|
754 |
|
|
|
755 |
|
|
|
741 |
|
|
|
787 |
|
|
|
3,003 |
|
|
|
2,888 |
|
Net tangible income (numerator) |
$ |
17,137 |
|
|
$ |
17,114 |
|
|
$ |
16,540 |
|
|
$ |
11,418 |
|
|
$ |
17,923 |
|
|
$ |
62,209 |
|
|
$ |
66,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders' equity |
$ |
606,508 |
|
|
$ |
595,311 |
|
|
$ |
581,465 |
|
|
$ |
572,086 |
|
|
$ |
556,306 |
|
|
$ |
588,955 |
|
|
$ |
541,585 |
|
Less: Average Noncontrolling interest |
|
694 |
|
|
|
693 |
|
|
|
688 |
|
|
|
685 |
|
|
|
681 |
|
|
|
690 |
|
|
|
684 |
|
Less: Average goodwill and intangible assets |
|
(203,663 |
) |
|
|
(204,637 |
) |
|
|
(205,593 |
) |
|
|
(206,716 |
) |
|
|
(207,893 |
) |
|
|
(205,143 |
) |
|
|
(207,343 |
) |
Net average tangible equity (denominator) |
$ |
403,539 |
|
|
$ |
391,367 |
|
|
$ |
376,560 |
|
|
$ |
366,055 |
|
|
$ |
349,094 |
|
|
$ |
384,502 |
|
|
$ |
334,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on tangible equity (a non-GAAP
measure) |
|
16.85 |
% |
|
|
17.35 |
% |
|
|
17.62 |
% |
|
|
12.65 |
% |
|
|
20.37 |
% |
|
|
16.18 |
% |
|
|
19.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Return on Average Tangible Equity
(core): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (core) (a non-GAAP measure) |
$ |
16,384 |
|
|
$ |
16,360 |
|
|
$ |
15,785 |
|
|
$ |
14,230 |
|
|
$ |
17,167 |
|
|
$ |
62,759 |
|
|
$ |
70,620 |
|
Add: Tax-effected amortization and impairment of
intangible assets |
|
753 |
|
|
|
754 |
|
|
|
755 |
|
|
|
741 |
|
|
|
787 |
|
|
|
3,003 |
|
|
|
2,888 |
|
Net tangible income (core) (numerator) |
$ |
17,137 |
|
|
$ |
17,114 |
|
|
$ |
16,540 |
|
|
$ |
14,971 |
|
|
$ |
17,954 |
|
|
$ |
65,762 |
|
|
$ |
73,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders' equity |
$ |
606,508 |
|
|
$ |
595,311 |
|
|
$ |
581,465 |
|
|
$ |
572,086 |
|
|
$ |
556,306 |
|
|
$ |
588,955 |
|
|
$ |
541,585 |
|
Less: Average Noncontrolling interest |
|
694 |
|
|
|
693 |
|
|
|
688 |
|
|
|
685 |
|
|
|
681 |
|
|
|
690 |
|
|
|
684 |
|
Less: Average goodwill and intangible assets |
|
(203,663 |
) |
|
|
(204,637 |
) |
|
|
(205,593 |
) |
|
|
(206,716 |
) |
|
|
(207,893 |
) |
|
|
(205,143 |
) |
|
|
(207,343 |
) |
Net average tangible equity (denominator) |
$ |
403,539 |
|
|
$ |
391,367 |
|
|
$ |
376,560 |
|
|
$ |
366,055 |
|
|
$ |
349,094 |
|
|
$ |
384,502 |
|
|
$ |
334,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on tangible equity (core) (a non-GAAP
measure) |
|
16.85 |
% |
|
|
17.35 |
% |
|
|
17.62 |
% |
|
|
16.59 |
% |
|
|
20.40 |
% |
|
|
17.10 |
% |
|
|
21.95 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Tangible Equity Ratio (BMBC): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
$ |
612,227 |
|
|
$ |
600,935 |
|
|
$ |
590,155 |
|
|
$ |
575,107 |
|
|
$ |
564,704 |
|
|
|
|
|
Less: Noncontrolling interest |
|
695 |
|
|
|
694 |
|
|
|
693 |
|
|
|
686 |
|
|
|
685 |
|
|
|
|
|
Less: Goodwill and intangible assets |
|
(203,143 |
) |
|
|
(204,096 |
) |
|
|
(205,050 |
) |
|
|
(206,006 |
) |
|
|
(207,467 |
) |
|
|
|
|
Net tangible equity (numerator) |
$ |
409,779 |
|
|
$ |
397,533 |
|
|
$ |
385,798 |
|
|
$ |
369,787 |
|
|
$ |
357,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
5,263,259 |
|
|
$ |
4,828,641 |
|
|
$ |
4,736,565 |
|
|
$ |
4,631,993 |
|
|
$ |
4,652,485 |
|
|
|
|
|
Less: Goodwill and intangible assets |
|
(203,143 |
) |
|
|
(204,096 |
) |
|
|
(205,050 |
) |
|
|
(206,006 |
) |
|
|
(207,467 |
) |
|
|
|
|
Tangible assets (denominator) |
$ |
5,060,116 |
|
|
$ |
4,624,545 |
|
|
$ |
4,531,515 |
|
|
$ |
4,425,987 |
|
|
$ |
4,445,018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity ratio
(BMBC)(1) |
|
8.10 |
% |
|
|
8.60 |
% |
|
|
8.51 |
% |
|
|
8.35 |
% |
|
|
8.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Tangible Equity Ratio (BMTC): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
$ |
624,030 |
|
|
$ |
641,565 |
|
|
$ |
625,464 |
|
|
$ |
605,985 |
|
|
$ |
591,695 |
|
|
|
|
|
Less: Noncontrolling interest |
|
695 |
|
|
|
694 |
|
|
|
693 |
|
|
|
686 |
|
|
|
685 |
|
|
|
|
|
Less: Goodwill and intangible assets |
|
(190,694 |
) |
|
|
(191,572 |
) |
|
|
(192,450 |
) |
|
|
(193,329 |
) |
|
|
(194,715 |
) |
|
|
|
|
Net tangible equity (numerator) |
$ |
434,031 |
|
|
$ |
450,687 |
|
|
$ |
433,707 |
|
|
$ |
413,342 |
|
|
$ |
397,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
5,247,649 |
|
|
$ |
4,813,704 |
|
|
$ |
4,721,394 |
|
|
$ |
4,616,724 |
|
|
$ |
4,637,481 |
|
|
|
|
|
Less: Goodwill and intangible assets |
|
(190,694 |
) |
|
|
(191,572 |
) |
|
|
(192,450 |
) |
|
|
(193,329 |
) |
|
|
(194,715 |
) |
|
|
|
|
Tangible assets (denominator) |
$ |
5,056,955 |
|
|
$ |
4,622,132 |
|
|
$ |
4,528,944 |
|
|
$ |
4,423,395 |
|
|
$ |
4,442,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity ratio
(BMTC)(1) |
|
8.58 |
% |
|
|
9.75 |
% |
|
|
9.58 |
% |
|
|
9.34 |
% |
|
|
8.95 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Return on Average Assets
(core) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (GAAP) |
|
1.36 |
% |
|
|
1.36 |
% |
|
|
1.36 |
% |
|
|
0.95 |
% |
|
|
1.54 |
% |
|
|
1.26 |
% |
|
|
1.47 |
% |
Effect of adjustment to GAAP net income to core net income |
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.32 |
% |
|
|
0.00 |
% |
|
|
0.08 |
% |
|
|
0.15 |
% |
Return on average assets (core) |
|
1.36 |
% |
|
|
1.36 |
% |
|
|
1.36 |
% |
|
|
1.27 |
% |
|
|
1.54 |
% |
|
|
1.34 |
% |
|
|
1.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Return on Average Equity
(core) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity (GAAP) |
|
10.72 |
% |
|
|
10.90 |
% |
|
|
10.89 |
% |
|
|
7.57 |
% |
|
|
12.22 |
% |
|
|
10.05 |
% |
|
|
11.78 |
% |
Effect of adjustment to GAAP net income to core net income |
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
2.52 |
% |
|
|
0.02 |
% |
|
|
0.61 |
% |
|
|
1.26 |
% |
Return on average equity (core) |
|
10.72 |
% |
|
|
10.90 |
% |
|
|
10.89 |
% |
|
|
10.09 |
% |
|
|
12.24 |
% |
|
|
10.66 |
% |
|
|
13.04 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Tax-equivalent net interest margin adjusting
for the impact of purchase accounting: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent net interest margin |
|
3.36 |
% |
|
|
3.54 |
% |
|
|
3.55 |
% |
|
|
3.75 |
% |
|
|
3.79 |
% |
|
|
3.55 |
% |
|
|
3.80 |
% |
Effect of fair value marks |
|
0.10 |
% |
|
|
0.15 |
% |
|
|
0.12 |
% |
|
|
0.21 |
% |
|
|
0.27 |
% |
|
|
0.15 |
% |
|
|
0.24 |
% |
Tax-equivalent net interest margin adjusting for the impact of
purchase accounting |
|
3.26 |
% |
|
|
3.39 |
% |
|
|
3.43 |
% |
|
|
3.54 |
% |
|
|
3.52 |
% |
|
|
3.40 |
% |
|
|
3.56 |
% |
(1)Capital Ratios for the current quarter
are to be considered preliminary until the Call Reports are
filed. |
|
Calculation of Tax-equivalent net interest income adjusting
for the impact of purchase accounting: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent net interest income |
$ |
36,096 |
|
|
$ |
37,518 |
|
|
$ |
36,737 |
|
|
$ |
37,776 |
|
|
$ |
38,114 |
|
|
$ |
148,127 |
|
|
$ |
149,910 |
|
Effect of fair value marks |
|
1,083 |
|
|
|
1,574 |
|
|
|
1,287 |
|
|
|
2,144 |
|
|
|
2,695 |
|
|
|
6,088 |
|
|
|
9,642 |
|
Tax-equivalent net interest income adjusting for the impact of
purchase accounting |
$ |
35,013 |
|
|
$ |
35,944 |
|
|
$ |
35,450 |
|
|
$ |
35,632 |
|
|
$ |
35,419 |
|
|
$ |
142,039 |
|
|
$ |
140,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Efficiency Ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
$ |
36,430 |
|
|
$ |
35,173 |
|
|
$ |
35,188 |
|
|
$ |
39,724 |
|
|
$ |
34,845 |
|
|
$ |
146,515 |
|
|
$ |
140,303 |
|
Less: certain noninterest expense items*: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangibles |
|
(953 |
) |
|
|
(954 |
) |
|
|
(956 |
) |
|
|
(938 |
) |
|
|
(997 |
) |
|
|
(3,801 |
) |
|
|
(3,656 |
) |
Due diligence, merger-related and merger integration expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(7,761 |
) |
Voluntary years of service incentive program expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(4,498 |
) |
|
|
- |
|
|
|
(4,498 |
) |
|
|
- |
|
Noninterest expense (adjusted) (numerator) |
$ |
35,477 |
|
|
$ |
34,219 |
|
|
$ |
34,232 |
|
|
$ |
34,288 |
|
|
$ |
33,848 |
|
|
$ |
138,216 |
|
|
$ |
128,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income |
$ |
23,255 |
|
|
$ |
19,455 |
|
|
$ |
20,221 |
|
|
$ |
19,253 |
|
|
$ |
18,097 |
|
|
$ |
82,184 |
|
|
$ |
75,982 |
|
Less: non-core noninterest income items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of investment securities available for sale |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(7 |
) |
Noninterest income (core) |
$ |
23,255 |
|
|
$ |
19,455 |
|
|
$ |
20,221 |
|
|
$ |
19,253 |
|
|
$ |
18,097 |
|
|
$ |
82,184 |
|
|
$ |
75,975 |
|
Net interest income |
|
35,985 |
|
|
|
37,398 |
|
|
|
36,611 |
|
|
|
37,647 |
|
|
|
37,987 |
|
|
|
147,641 |
|
|
|
149,471 |
|
Noninterest income (core) and net interest income
(denominator) |
$ |
59,240 |
|
|
$ |
56,853 |
|
|
$ |
56,832 |
|
|
$ |
56,900 |
|
|
$ |
56,084 |
|
|
$ |
229,825 |
|
|
$ |
225,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
59.89 |
% |
|
|
60.19 |
% |
|
|
60.23 |
% |
|
|
60.26 |
% |
|
|
60.35 |
% |
|
|
60.14 |
% |
|
|
57.17 |
% |
* 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Loan and Allowance Information Used to
Calculate Non-GAAP Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Allowance |
$ |
22,602 |
|
|
$ |
20,777 |
|
|
$ |
21,182 |
|
|
$ |
20,616 |
|
|
$ |
19,426 |
|
|
|
|
|
Less: Allowance on acquired loans |
|
76 |
|
|
|
102 |
|
|
|
106 |
|
|
|
97 |
|
|
|
97 |
|
|
|
|
|
Allowance on originated loans and leases |
$ |
22,526 |
|
|
$ |
20,675 |
|
|
$ |
21,076 |
|
|
$ |
20,519 |
|
|
$ |
19,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Allowance |
$ |
22,602 |
|
|
$ |
20,777 |
|
|
$ |
21,182 |
|
|
$ |
20,616 |
|
|
$ |
19,426 |
|
|
|
|
|
Loan mark on acquired loans |
|
10,905 |
|
|
|
11,948 |
|
|
|
14,174 |
|
|
|
15,841 |
|
|
|
17,822 |
|
|
|
|
|
Total Allowance + Loan mark |
$ |
33,507 |
|
|
$ |
32,725 |
|
|
$ |
35,356 |
|
|
$ |
36,457 |
|
|
$ |
37,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio loans and leases |
$ |
3,689,313 |
|
|
$ |
3,540,747 |
|
|
$ |
3,534,665 |
|
|
$ |
3,523,514 |
|
|
$ |
3,427,154 |
|
|
|
|
|
Less: Originated loans and leases |
|
3,320,816 |
|
|
|
3,137,769 |
|
|
|
3,088,849 |
|
|
|
3,032,270 |
|
|
|
2,885,251 |
|
|
|
|
|
Net acquired loans |
$ |
368,497 |
|
|
$ |
402,978 |
|
|
$ |
445,816 |
|
|
$ |
491,244 |
|
|
$ |
541,903 |
|
|
|
|
|
Add: Loan mark on acquired loans |
|
10,905 |
|
|
|
11,948 |
|
|
|
14,174 |
|
|
|
15,841 |
|
|
|
17,822 |
|
|
|
|
|
Gross acquired loans (excludes loan mark) |
$ |
379,402 |
|
|
$ |
414,926 |
|
|
$ |
459,990 |
|
|
$ |
507,085 |
|
|
$ |
559,725 |
|
|
|
|
|
Originated loans and leases |
|
3,320,816 |
|
|
|
3,137,769 |
|
|
|
3,088,849 |
|
|
|
3,032,270 |
|
|
|
2,885,251 |
|
|
|
|
|
Total Gross portfolio loans and leases |
$ |
3,700,218 |
|
|
$ |
3,552,695 |
|
|
$ |
3,548,839 |
|
|
$ |
3,539,355 |
|
|
$ |
3,444,976 |
|
|
|
|
|
Bryn Mawr Bank (NASDAQ:BMTC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bryn Mawr Bank (NASDAQ:BMTC)
Historical Stock Chart
From Apr 2023 to Apr 2024