Bryn Mawr Bank Corporation Reports 15.4% Earnings Increase and a Substantial Jump in Wealth Management Assets
- Press Release
- Source: Bryn Mawr Bank Corporation
- On 4:05 pm EDT, Wednesday October 28, 2009
BRYN MAWR, Pa., Oct. 28, 2009 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (Nasdaq:BMTC - News), (the "Corporation"), parent of The Bryn Mawr Trust Company (the "Bank"), today announced that the Corporation earned third quarter 2009 diluted earnings per share of $0.30 and net income of $2.6 million, an increase of $0.04 per share or 15.4%, and an increase of $364 thousand or 16.1% over the third quarter of 2008 diluted earnings per share of $0.26 and net income of $2.3 million.
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| BMTC | 15.03 | -0.22 |
Ted Peters, Chairman and Chief Executive Officer, stated, "We are very pleased with our third quarter earnings, especially in light of the softness in the overall economy. The Bank's net interest income has continued to show strong improvement in each of the last three quarters as the tax equivalent net interest margin increased 13 basis points or 3.6% since the second quarter of 2009 and 9 basis points or 2.5% since the fourth quarter of 2008. In addition, we have seen a sharp increase in our Wealth Management Assets* primarily as a result of a rising stock market, the growth of our new Delaware trust company, and the addition of new clients."
* Defined as assets under management, administration, supervision and brokerage.
SIGNIFICANT ITEMS FOR THE QUARTER
* Total Wealth Management Assets at September 30, 2009 were $2.7
billion, up $447 million or 19.7% from June 30, 2009 and up $565
million or approximately 26.3% from December 31, 2008, due in part
to new brokerage business, the successful launch of The Bryn Mawr
Trust Company of Delaware and improvements in the financial
markets.
* Revenue from Wealth Management services (which includes Lau
Associates LLC which was acquired on July 15, 2008) for the third
quarter of 2009 was $3.5 million, down slightly from second
quarter 2009 revenue of $3.6 million and down from fourth
quarter 2008 results of $3.7 million. For the nine month period
ending September 30, 2009, the revenue from Wealth Management services
was $10.6 million, up 4.3% from the $10.1 million in the same period
last year.
* Deposit levels were $899.5 million at September 30, 2009, up
$30.0 million or 3.4% from December 31, 2008 and up $43.2 million
or 5.0% from September 30, 2008 as branch activity remains strong.
* Total quarter end portfolio loans and leases of $886.5 million
were down 1.5% or $13.1 million compared to $899.6 million at
December 31, 2008 as construction loans decreased $21.2 million
or 36.3%, leases declined $7.5 million or 12.6%, while home
equity lines and loans in our local market area increased
$19.7 million or 12.7%.
* The tax equivalent net interest margin was 3.72% for the third
quarter of 2009, up 13 basis points from the second quarter 2009
and 9 basis points from the fourth quarter of 2008 primarily due
to lower deposit rates, reductions in wholesale and time deposit
balances and lower variable rates on subordinated debt.
* Net interest income for the third quarter of 2009 was $10.3 million,
up $800 thousand or 8.4% from the quarter ended December 31, 2008
and $634 thousand or 6.5% from the quarter ended September 30,
2008.
* The Corporation's investment portfolio increased from a fair market
value of $108.3 million at December 31, 2008 to $173.8 million at
September 30, 2009 due largely to the growth in deposits and the
reduction in the loan portfolio. There was no other than temporary
impairment ("OTTI") charges recorded in 2009 or 2008.
* Investment securities gains of $848 thousand were recorded during
the quarter ended September 30, 2009. These gains primarily
resulted from reducing exposure to certain longer term mortgage
backed securities and reducing individual company exposure in
specific corporate bonds.
* Revenue from the sale of residential mortgage loans for the quarter
ended September 30, 2009 was $760 thousand, substantially lower
than the windfall production in the first and second quarters of
2009, but higher than the third and fourth quarters of 2008 when
revenue was less than $300 thousand in each quarter.
* At September 30, 2009, the allowance for loan and lease losses of
$10.3 million was 1.16% of portfolio loans and leases compared
with $10.4 million or 1.18% and $10.1 million or 1.13% at June 30,
2009 and March 31, 2009, respectively.
* The provision for loan and lease losses for the quarter ended
September 30, 2009 was $2.3 million, compared with $1.7 million
in the second quarter of 2009, up $600 thousand primarily due to
continued but lower lease charge-offs and one specific commercial
loan relationship.
* Trends within the leasing portfolio have shown improvement as
quarterly net charge-offs have gradually decreased from $1.6
million in the fourth quarter of 2008 to $1.1 million in the
third quarter of 2009.
* Non-performing loans and leases are 78 basis points of total
portfolio loans and leases at September 30, 2009. While the level
of non-performing loans and leases has increased from 42 basis
points at June 30, 2009, the majority of these loans are
adequately secured by collateral that can substantially liquidate
the associated debt.
* Non-interest expense decreased in the third quarter of 2009
compared to the second quarter of 2009 primarily due to lower
residential mortgage revenue related costs and no FDIC special
assessment charge.
* At September 30, 2009, the Corporation had an unused borrowing
capacity of $263 million at the Federal Home Loan Bank of
Pittsburgh, $75 million at the Federal Reserve and $75 million
of Fed Funds lines. Additionally, liquidity remains strong with
approximately $44 million in overnight money market funds and
other short-term investments at September 30, 2009.
* Regulatory capital levels at September 30, 2009 exceed the
regulatory minimum for "well capitalized" at both the Bank and
Corporate level.
Regulatory
Minimum to be Actual Actual
Well Capitalized 9/30/2009 12/31/2008
---------------- --------- ----------
Bryn Mawr Trust Company
Consolidated
-----------------------
Tier I Capital to Risk
Weighted Assets (RWA) 6.00% 8.91% 8.49%
Total (Tier II) Capital to RWA 10.00% 12.06% 10.98%
Tier I Leverage Ratio 5.00% 7.98% 7.70%
Bryn Mawr Bank Corporation
--------------------------
Tier I Capital to Risk
Weighted Assets (RWA) 6.00% 9.36% 8.81%
Total (Tier II) Capital to RWA 10.00% 12.49% 11.29%
Tier I Leverage Ratio 5.00% 8.39% 8.03%
Tangible Common Equity Ratio N/A 7.74% 7.13%
DIVIDEND DECLARED
On October 22, 2009, the Corporation's Board of Directors declared a quarterly dividend of $0.14 per share, payable December 1, 2009 to shareholders of record as of November 10, 2009.
The Corporation will hold an earnings conference call at 8:30 a.m. EDT on Thursday, October 29, 2009. Interested parties may participate by calling 1-800-860-2442 at 8:30 a.m. EDT. A taped replay of the conference call will be available within two hours of the conclusion of the call and will remain available through November 13, 2009. The number to call for the taped replay is 1-877-344-7529 and the Replay Passcode is 434374.
The conference call will be simultaneously broadcast live over the Internet through a web cast on the investor relations portion of the Bryn Mawr Bank Corporation's website. To access the call, please visit the website at http://www.bmtc.com/investor_01.cfm. An online archive of the web cast will be available within two hours of the conclusion of the call. The Corporation has also recently expanded its Investor Relations website to include added resources and information for shareholders and interested investors. Interested parties are encouraged to utilize the expanded resources of the site for more information on Bryn Mawr Bank Corporation.
This press release contains statements which, to the extent that they are not recitations of historical fact may constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. 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", "expect," "anticipate," "intend", "estimate", "target", "potentially", "probably", "outlook", "predict", "contemplate", "continue", "plan", "forecast", "project" and "believe" or other similar words and phrases may identify forward-looking statements. Persons reading this press release are cautioned that such statements are only predictions, and that the Corporation's actual future results or performance may be materially different.
Such forward-looking statements involve known and unknown risks and uncertainties. A number of factors, many of which are beyond the Corporation's control, could cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments expressed, implied or anticipated by such forward-looking statements, and so our business and financial condition and results of operations could be materially and adversely affected. Such factors include, among others, our need for capital, our ability to control operating costs and expenses, and to manage loan and lease delinquency rates; the credit risks of lending activities and overall quality of the composition of our loan, lease and securities portfolio; the impact of economic conditions, consumer and business spending habits, and real estate market conditions on our business and in our market area; changes in the levels of general interest rates, deposit interest rates, or net interest margin and funding sources; changes in banking regulations and policies and the possibility that any banking agency approvals we might require for certain activities will not be obtained in a timely manner or at all or will be conditioned in a manner that would impair our ability to implement our business plans; changes in accounting policies and practices; the inability of key third-party providers to perform their obligations to us; our ability to attract and retain key personnel; competition in our marketplace; war or terrorist activities; and other factors as described in our securities filings. All forward-looking statements and information made herein are based on Management's current beliefs and assumptions as of the date hereof and speak only as of the date they are made. The Corporation does not undertake to update forward-looking statements.
For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K, as well as any changes in risk factors that we may identify in our quarterly or other reports filed with the SEC.
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands, except per share data)
September 30, 2009
(unaudited)
For The Three Months Ended
Sept 30, June 30, Mar 31, Dec 31, Sept 30,
2009 2009 2009 2008 2008
--------- --------- --------- --------- ---------
Interest income $ 14,186 $ 14,222 $ 14,293 $ 14,838 $ 14,802
Interest
expense 3,557 4,004 4,446 5,050 4,955
Subordinated
debt 299 306 221 257 151
--------- --------- --------- --------- ---------
Net interest
income 10,330 9,912 9,626 9,531 9,696
Provision for
loan and lease
losses 2,305 1,686 1,591 2,898 1,063
--------- --------- --------- --------- ---------
Net interest
income after
provision for
loan and
lease losses 8,025 8,226 8,035 6,633 8,633
Fees for wealth
management
services 3,457 3,620 3,504 3,695 3,544
Loan servicing
and late fees 367 343 291 281 298
Service charges
on deposits 493 491 463 455 409
Net gain on sale
of residential
mortgage loans 760 2,516 1,877 293 287
Net gain on sale
of investments 848 -- 472 8 --
Net gain on
trading
investment 161 79 -- -- --
Other operating
income 557 752 878 533 807
--------- --------- --------- --------- ---------
Non-interest
income 6,643 7,801 7,485 5,265 5,345
Salaries and
wages 5,322 5,626 5,479 4,700 5,278
Employee
benefits 1,281 1,462 1,582 912 981
Occupancy and
bank premises 893 906 927 922 778
Furniture
fixtures
and equipment 634 612 586 632 578
Advertising 196 346 232 356 265
(Recovery) /
impairment of
mortgage
servicing
rights (51) (115) 204 638 11
Amortization of
mortgage
servicing
rights 186 256 195 81 91
Intangible
asset
amortization 77 77 77 77 64
FDIC insurance 265 357 322 138 121
FDIC insurance
special
assessment -- 540 -- -- --
Professional
fees 419 544 343 441 426
Other expenses 1,467 1,676 1,521 1,549 1,555
Non-interest
expense 10,689 12,287 11,468 10,446 10,148
Income before
income taxes 3,979 3,740 4,052 1,452 3,830
Income tax
expense 1,360 1,291 1,420 445 1,575
--------- --------- --------- --------- ---------
Net income $ 2,619 $ 2,449 $ 2,632 $ 1,007 $ 2,255
========= ========= ========= ========= =========
Per share data:
Weighted average
shares
outstanding 8,782,632 8,745,708 8,602,406 8,585,914 8,575,904
Dilutive
potential
common shares 17,664 21,601 18,498 41,254 35,428
--------- --------- --------- --------- ---------
Adjusted
weighted
average
dilutive
shares 8,800,296 8,767,309 8,620,904 8,627,168 8,611,332
========= ========= ========= ========= =========
Basic earnings
per common
share $ 0.30 $ 0.28 $ 0.31 $ 0.12 $ 0.26
Diluted earnings
per common
share $ 0.30 $ 0.28 $ 0.31 $ 0.12 $ 0.26
Dividend
declared
per share $ 0.14 $ 0.14 $ 0.14 $ 0.14 $ 0.14
Effective
tax rate 34.2% 34.5% 35.0% 30.6% 41.1%
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands, except per share data)
September 30, 2009
(unaudited)
For The Nine Months
Ended
Sept 30, Sept 30,
2009 2008
--------- ---------
Interest income $ 42,701 $ 43,096
Interest expense 12,007 15,338
Subordinated debt 826 151
--------- ---------
Net interest income 29,868 27,607
Provision for loan and lease losses 5,582 2,698
--------- ---------
Net interest income after
provision for loan and lease losses 24,286 24,909
Fees for wealth management services 10,581 10,147
Loan servicing and late fees 1,001 913
Service charges on deposits 1,447 1,230
Net gain on sale of residential mortgage loans 5,153 982
Net gain on sale of investments 1,320 222
Net gain on trading investment 240 --
BOLI income -- 260
Interest rate floor income -- 268
Other operating income 2,187 2,185
--------- ---------
Non-interest income 21,929 16,207
Salaries and wages 16,427 14,289
Employee benefits 4,325 3,260
Occupancy and bank premises 2,726 2,243
Furniture fixtures and equipment 1,832 1,692
Advertising 774 759
Impairment of mortgage servicing rights 38 30
Amortization of mortgage servicing rights 637 286
Intangible asset amortization 231 64
FDIC insurance 944 334
FDIC insurance - special assessment 540 --
Professional fees 1,306 1,109
Other expenses 4,664 4,164
--------- ---------
Non-interest expense 34,444 28,230
Income before income taxes 11,771 12,886
Income tax expense 4,071 4,568
--------- ---------
Net income $ 7,700 $ 8,318
========= =========
Per share data:
Weighted average shares outstanding 8,710,909 8,560,566
Dilutive potential common shares 19,254 31,892
--------- ---------
Adjusted weighted average shares 8,730,163 8,592,458
========= =========
Basic earnings per common share $ 0.88 $ 0.97
Diluted earnings per common share $ 0.88 $ 0.97
Dividend declared per share $ 0.42 $ 0.40
Effective tax rate 34.6% 35.4%
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands, except per share data )
September 30, 2009
(unaudited)
For the
period end: 2009 2009 2009 2008 2008
3Q 2Q 1Q 4Q 3Q
Asset
Quality
Data
Nonaccrual
loans and
leases 5,921 2,913 3,251 5,303 1,961
90 + days
past due
loans and
leases -
still
accruing 1,013 746 744 504 116
---------- ---------- ---------- ---------- ----------
Non-
performing
loans and
leases 6,934 3,659 3,995 5,807 2,077
Other non-
performing
assets 1,521 1,897 1,311 -- 136
---------- ---------- ---------- ---------- ----------
Non-
performing
assets $ 8,455 $ 5,556 $ 5,306 $ 5,807 $ 2,213
========== ========== ========== ========== ==========
Non-
performing
loans and
leases /
portfolio
loans 0.78% 0.41% 0.45% 0.65% 0.24%
Non-
performing
assets /
assets 0.71% 0.47% 0.45% 0.50% 0.20%
Net loan
and lease
charge-
offs
(annualized)
/average
loans 1.08% 0.64% 0.80% 0.71% 0.33%
Delinquency
rate -
including
non-
performing 1.23% 0.81% 1.01% 0.97% 0.35%
Delinquency
rate -
excluding
non-
performing 0.45% 0.40% 0.59% 0.32% 0.11%
Changes
in the
Allowance
for loan
and lease
losses
Balance,
beginning
of period $ 10,389 $ 10,137 $ 10,332 $ 9,014 $ 8,672
Charge-
offs (2,581) (1,546) (1,858) (1,611) (796)
Recoveries 186 112 72 31 75
---------- ---------- ---------- ---------- ----------
Net(charge-
offs)/
recoveries (2,395) (1,434) (1,786) (1,580) (721)
Provision
for loan
and lease
losses 2,305 1,686 1,591 2,898 1,063
---------- ---------- ---------- ---------- ----------
Balance,
end of
period $ 10,299 $ 10,389 $ 10,137 $ 10,332 $ 9,014
========== ========== ========== ========== ==========
Allowance
for loan
and lease
losses /
loans and
lease 1.16% 1.18% 1.13% 1.15% 1.03%
Allowance
for loan
and lease
losses /
non-per-
forming
loans and
leases 148.5% 283.9% 253.7% 177.9% 434.0%
For the
period
and
period 2009 2009 2009 2008 2008
end: 3Q 2Q 1Q 4Q 3Q
Selected
ratios
(annual-
ized):
Return on
average
assets 0.89% 0.83% 0.92% 0.35% 0.83%
Return on
average
share-
holders'
equity 10.39% 10.11% 11.54% 4.23% 9.55%
Yield on
loans and
leases* 5.79% 5.84% 5.85% 6.06% 6.19%
Yield on
interest
earning
assets* 5.09% 5.13% 5.37% 5.63% 5.94%
Cost of
interest
bearing
funds 1.73% 1.94% 2.15% 2.42% 2.47%
Net
interest
margin* 3.72% 3.59% 3.62% 3.63% 3.90%
Book value
per share $ 11.62 $ 11.33 $ 10.99 $ 10.76 $ 10.97
Tangible
book value
per share $ 10.44 $ 10.15 $ 9.78 $ 9.55 $ 10.29
Period end
shares
out-
standing 8,783,130 8,781,079 8,615,296 8,592,259 8,583,377
Selected
data:
Mortgage
loans
origin-
ated $ 35,025 $ 125,090 $ 96,523 $ 25,826 $ 24,019
Mortgage
loans
sold-
servicing
retained $ 29,577 $ 112,608 $ 93,071 $ 10,653 $ 5,985
Mortgage
loans
sold-
servicing
released $ 3,474 $ 188 $ 1,225 $ 5,837 $ 7,215
Mortgage
loans
serviced
for
others $ 499,503 $ 490,202 $ 411,493 $ 350,199 $ 353,833
Brokerage
assets (1)$ 173,059 $ 143,388 $ 78,707 $ 75,720 $ 86,376
Wealth
assets
under
management
/super-
vision
(BMT DE) 332,963 108,693 1,647 -- --
Wealth
assets
under
management
/super-
vision
(Lau) 526,443 488,877 456,909 506,637 615,796
Wealth
assets
under
management
/admin-
istration
(BMTC) 1,678,402 1,523,071 1,421,868 1,564,042 1,964,149
---------- ---------- ---------- ---------- ----------
Total
Wealth
assets
under
management
/admin-
istration
/super-
vision/
brokerage $2,710,867 $2,264,029 $1,959,131 $2,146,399 $2,666,321
========== ========== ========== ========== ==========
* Yield on loans and leases, interest earning assets and net
interest margin are calculated on a tax equivalent basis.
(1)Brokerage Assets represent assets held at a registered broker dealer
under a networking agreement.
2009 2008
Year-to Year-to
-date -date
Selected ratios (annualized):
Return on average assets 0.88% 1.09%
Return on average shareholders' equity 10.66% 11.99%
Yield on loans and leases* 5.83% 6.35%
Yield on interest earning assets* 5.19% 6.14%
Cost of interest bearing funds 1.94% 2.71%
Net interest margin* 3.64% 3.94%
Selected data:
Mortgage loans originated $256,638 $ 83,393
Mortgage loans sold - servicing retained $235,256 $ 32,921
Mortgage loans sold - servicing released $ 4,887 $ 28,422
* Yield on loans and leases, interest earning assets and net
interest margin are calculated on a tax equivalent basis.
Investment
Portfolio
($'s in
thousands) As of September 30, 2009 As of December 31, 2008
Unrea- Unrea-
lized lized
SECURITY Amortized Fair Gain / Amortized Fair Gain /
DESCRIPTION Cost Value (Loss) Cost Value (Loss)
------------ ------- ------- ------- ------- ------- -------
Short term bond
fund 5,076 5,076 -- -- -- --
------- ------- ------- ------- ------- -------
Total Trading
Securities 5,076 5,076 -- -- -- --
------- ------- ------- ------- ------- -------
U. S. government
agency
securities 55,159 55,242 83 10,999 11,170 171
State, county &
municipal
securities 24,628 25,094 466 7,072 7,096 24
FNMA/FHLMC
mortgage backed
securities 52,963 54,826 1,863 78,054 79,660 1,606
GNMA mortgage
backed
securities 7,580 7,726 146 -- -- --
Foreign debt
securities 1,450 1,450 -- 950 950 --
Bond - mutual
funds 11,722 11,783 61 -- -- --
Corporate bonds 12,231 12,634 403 10,180 9,453 (727)
------- ------- ------- ------- ------- -------
Total Available
for Sale
Securities 165,733 168,755 3,022 107,255 108,329 1,074
------- ------- ------- ------- ------- -------
Total Investment
Portfolio 170,809 173,831 3,022 107,255 108,329 1,074
======= ======= ======= ======= ======= =======
Capital Ratios
Regulatory
Minimum
Bryn Mawr Trust To Be
Company Well
Consolidated Capit- 9/30/ 6/30/ 3/31/ 12/31/ 9/30/
--------------- alized 2009 2009 2009 2008 2008
Tier I Capital to
Risk Weighted
Assets (RWA) 6.00% 8.91% 8.71% 8.56% 8.49% 9.07%
Total (Tier II)
Capital to RWA 10.00% 12.06% 11.89% 11.02% 10.98% 11.46%
Tier I Leverage
Ratio 5.00% 7.98% 7.72% 7.68% 7.70% 8.53%
Bryn Mawr Bank
Corporation
--------------
Tier I Capital to
Risk Weighted
Assets (RWA) 6.00% 9.36% 9.27% 8.96% 8.81% 9.35%
Total (Tier II)
Capital to RWA 10.00% 12.49% 12.43% 11.41% 11.29% 11.72%
Tier I Leverage
Ratio 5.00% 8.39% 8.22% 8.05% 8.03% 8.76%
Common Equity
Ratio 8.54% 8.29% 8.10% 8.03% 8.31%
Tangible Common
Equity Ratio 7.74% 7.43% 7.20% 7.13% 7.13%
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands)
September 30, 2009
(unaudited)
Balance Sheet
For the period
ended: Sept 30, June 30, Mar 31, Dec 31, Sept 30,
2009 2009 2009 2008 2008
---------- ---------- ---------- ---------- ----------
Assets
Interest
bearing
deposits with
banks $ 48,351 $ 51,455 $ 30,283 $ 45,100 $ 11,413
Fed funds sold -- -- -- -- 6,000
Money market
funds 18,140 38,252 72,433 5,109 10,172
Trading
securities 5,316 5,105 -- -- --
Investment
securities
- AFS 168,754 153,738 106,191 108,329 107,048
---------- ---------- ---------- ---------- ----------
Total
investment
securities 174,070 158,843 106,191 108,329 107,048
Loans held
for sale 4,133 6,837 2,896 3,024 1,987
Portfolio
loans:
Consumer 11,412 10,603 8,396 8,518 8,319
Commercial
& industrial 237,340 224,355 237,440 236,469 232,096
Commercial
mortgages 256,293 257,246 256,631 249,730 240,996
Construction 37,221 40,829 43,746 58,446 62,299
Residential
mortgages 118,098 120,475 124,552 132,536 127,798
Home equity
lines & loans 174,273 168,592 165,044 154,576 149,707
Leases 51,842 55,538 57,668 59,302 56,979
---------- ---------- ---------- ---------- ----------
Total portfolio
loans and
leases 886,479 877,638 893,477 899,577 878,194
Earning assets 1,131,173 1,133,025 1,105,280 1,061,139 1,014,814
Cash and due
from banks 9,381 11,260 9,342 18,776 52,124
Allowance for
loan and
lease losses (10,299) (10,389) (10,137) (10,332) (9,014)
Bank owned
life
insurance -- -- -- 15,585 15,585
Intangible
assets 10,322 10,399 10,476 10,358 5,805
FHLB stock 7,916 7,916 7,916 7,916 7,853
Other assets 47,032 47,330 46,940 47,904 45,197
---------- ---------- ---------- ---------- ----------
Total assets $1,195,525 $1,199,541 $1,169,817 $1,151,346 $1,132,364
========== ========== ========== ========== ==========
Liabilities and
shareholders'
equity
Interest-
bearing
checking $ 128,551 $ 132,531 $ 132,354 $ 135,513 $ 134,557
Money market 209,574 172,850 171,986 142,707 137,911
Savings 98,189 98,545 83,834 54,333 67,884
IND / IDC
deposits 54,104 20,625 29,541 30,185 20,045
Wholesale
deposits 64,679 88,119 86,746 120,761 134,726
Time deposits 176,388 200,174 205,164 211,542 208,890
---------- ---------- ---------- ---------- ----------
Interest-
bearing
deposits 731,485 712,844 709,625 695,041 704,013
Non-interest
bearing
deposits 167,991 181,153 177,153 174,449 152,304
---------- ---------- ---------- ---------- ----------
Total deposits 899,476 893,997 886,778 869,490 856,317
Subordinated
debt 22,500 22,500 15,000 15,000 15,000
Borrowed funds 147,386 149,925 152,442 154,939 147,414
Mortgage
payable 2,076 2,090 -- -- --
Other
liabilities 22,040 31,539 20,899 19,504 19,511
Shareholders'
equity 102,047 99,490 94,698 92,413 94,122
---------- ---------- ---------- ---------- ----------
Total
liabilities
and
shareholders'
equity $1,195,525 $1,199,541 $1,169,817 $1,151,346 $1,132,364
========== ========== ========== ========== ==========
Balance Sheet
(average)
2009 2009 2009 2008 2008
3Q 2Q 1Q 4Q 3Q
---------- ---------- ---------- ---------- ----------
Assets
Interest
bearing
deposits with
banks $ 33,560 $ 23,588 $ 29,434 $ 45,503 $ 5,894
Fed funds sold -- -- 2,222 272 11,668
Money market
funds 28,877 70,933 40,903 10,713 2,609
Trading
securities 5,189 2,436
Investment
securities 160,365 128,528 108,413 105,902 110,004
Loans held
for sale 5,307 6,219 6,478 2,814 1,994
Portfolio
loans and
leases 881,519 886,180 897,215 886,793 864,460
---------- ---------- ---------- ---------- ----------
Earning assets 1,114,817 1,117,884 1,084,665 1,051,997 996,629
Cash and due
from banks 11,191 10,386 11,706 13,882 22,418
Allowance for
loan and
lease losses (10,529) (10,242) (10,353) (9,085) (8,732)
Bank owned
life
insurance -- -- -- 15,585 15,644
Intangible
assets 10,367 10,443 10,399 5,824 4,962
Other assets 53,617 53,924 58,775 51,677 48,099
---------- ---------- ---------- ---------- ----------
Total assets $1,179,463 $1,182,395 $1,155,192 $1,129,880 $1,079,020
========== ========== ========== ========== ==========
Liabilities and
shareholders'
equity
Interest-
bearing
checking $ 132,436 $ 138,904 $ 133,955 $ 133,654 $ 134,347
Money market 189,768 171,378 160,372 139,564 127,805
Savings 94,778 85,035 74,590 61,684 51,640
IND / IDC
deposits 27,790 25,057 29,287 29,339 9,637
Wholesale
deposits 74,347 99,371 103,562 123,905 139,871
Time deposits 192,275 198,221 207,964 213,004 200,707
---------- ---------- ---------- ---------- ----------
Interest-
bearing
deposits 711,394 717,966 709,730 701,150 664,007
Non-interest
bearing
deposits 172,257 171,918 160,295 143,897 145,686
---------- ---------- ---------- ---------- ----------
Total deposits 883,651 889,884 870,025 845,047 809,693
Subordinated
debt 22,500 20,934 15,000 15,000 8,607
Borrowed funds 148,632 151,109 154,114 156,023 148,815
Mortgage
payable 2,085 1,614 -- -- --
Other
liabilities 22,602 21,714 23,559 19,128 17,964
Shareholders'
equity 99,993 97,140 92,494 94,682 93,941
---------- ---------- ---------- ---------- ----------
Total
liabilities
and
shareholders'
equity $1,179,463 $1,182,395 $1,155,192 $1,129,880 $1,079,020
========== ========== ========== ========== ==========
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands)
September 30, 2009
(unaudited)
Balance Sheet (average)
2009 2008
Year-to Year-to
-date -date
---------- ----------
Assets
Interest bearing deposits with banks $ 28,876 $ 4,601
Fed funds sold 733 7,411
Money market funds 46,860 --
Trading securities 2,561 --
Investment securities 132,625 91,646
Loans held for sale 6,001 3,258
Portfolio loans and leases 888,243 835,783
---------- ----------
Earning assets 1,105,899 942,699
Cash and due from 11,092 21,487
Allowance for loan and lease losses (10,375) (8,455)
Intangible assets 10,403 1,666
FHLB stock 7,916 6,396
Other assets 47,504 53,613
---------- ----------
Total assets $1,172,439 $1,017,406
========== ==========
Liabilities and shareholders' equity
Interest-bearing checking $ 135,093 $ 138,622
Money market 173,947 127,609
Savings 84,875 42,359
IND / IDC deposits 27,373 3,625
Wholesale deposits 92,319 137,231
Time deposits 199,429 188,605
---------- ----------
Interest-bearing deposits 713,036 638,051
Non-interest bearing deposits 168,201 143,933
---------- ----------
Total deposits 881,237 781,984
Subordinated debt 19,505 2,890
Borrowed funds 151,265 121,917
Mortgage payable 1,241 --
Other liabilities 22,621 17,946
Shareholders' equity 96,570 92,669
---------- ----------
Total liabilities and shareholders' equity $1,172,439 $1,017,406
========== ==========
Quarterly Average Balances and Tax Equivalent Income and Expense
and Tax Equivalent Yields
------------------------------------------------------
3rd Quarter 2009 2nd Quarter 2009
Average Average
Interest Rates Interest Rates
(dollars in Average Income/ Earned/ Average Income/ Earned/
thousands) Balance Expense Paid Balance Expense Paid
Assets:
Interest-bearing
deposits with
other banks $33,560 $14 0.17% $23,588 $12 0.20%
Federal funds
sold -- -- -- -- -- --
Money market
funds 28,877 26 0.36% 70,933 80 0.45%
Investment
securities
available for
sale:
Taxable 144,073 1,079 2.97% 116,968 1,058 3.63%
Tax-exempt 21,481 236 4.36% 13,996 155 4.44%
------------------- -------------------
Investment
securities
available for
sale 165,554 1,315 3.15% 130,964 1,213 3.72%
Loans and
leases * 886,826 12,943 5.79% 892,399 12,999 5.84%
------------------- -------------------
Total interest
earning
assets 1,114,817 14,298 5.09% 1,117,884 14,304 5.13%
Cash and due
from banks 11,191 10,386
Less allowance
for loan and
lease losses (10,529) (10,242)
Other assets 63,984 64,367
---------- ----------
Total assets $1,179,463 $1,182,395
========== ==========
Liabilities:
Savings, NOW
and market
rate deposits $416,982 $729 0.69% $395,317 $798 0.81%
IND / IDC
deposits 27,790 37 0.53% 25,057 24 0.38%
Wholesale
deposits 74,347 428 2.28% 99,371 592 2.39%
Time deposits 192,275 1,094 2.26% 198,221 1,316 2.66%
------------------- -------------------
Total interest
-bearing
deposits 711,394 2,288 1.28% 717,966 2,730 1.53%
Subordinated
debt 22,500 299 5.27% 20,934 306 5.86%
Mortgage
payable 2,085 30 5.71% 1,614 23 5.72%
Borrowed funds 148,632 1,239 3.31% 151,109 1,251 3.32%
------------------- -------------------
Total interest
-bearing
liabilities 884,611 3,856 1.73% 891,623 4,310 1.94%
Noninterest-
bearing
deposits 172,257 171,918
Other
liabilities 22,602 21,714
---------- ----------
Total
noninterest-
bearing
liabilities 194,859 193,632
Total
liabilities 1,079,470 1,085,255
Shareholders'
equity 99,993 97,140
---------- ----------
Total
liabilities
and
shareholders'
equity $1,179,463 $1,182,395
---------- ----------
Interest income
to earning
assets 5.09% 5.13%
Net interest
spread 3.36 3.19
Effect of
noninterest-
bearing
sources 0.36 0.40
------- ----- ------- -----
Net interest
income/ margin
on earning
assets $10,442 3.72% $9,994 3.59%
============== ==============
Tax equivalent
adjustment $112 0.02% $82 0.02%
------------------------------------------------------
------------------------------------------------------
1st Quarter 2009 4th Quarter 2008
Average Average
Interest Rates Interest Rates
(dollars in Average Income/ Earned/ Average Income/ Earned/
thousands) Balance Expense Paid Balance Expense Paid
Assets:
Interest
-bearing
deposits with
other banks $29,434 $17 0.23% $45,503 $62 0.54%
Federal funds
sold 2,222 1 0.18% 272 1 1.46%
Money market
funds 40,903 82 0.81% 10,713 8 0.30
Investment
securities
available
for sale:
Taxable 98,240 1,116 4.61% 98,966 1,193 4.80%
Tax-exempt 10,173 107 4.27% 6,936 85 4.88%
------------------- -------------------
Investment
securities
available
for sale 108,413 1,223 4.58% 105,902 1,278 4.80%
Loans and
leases * 903,693 13,035 5.85% 889,607 13,551 6.06%
------------------- -------------------
Total interest
earning
assets 1,084,665 14,358 5.37% 1,051,997 14,900 5.63%
Cash and due
from banks 11,706 13,882
Less allowance
for loan and
lease losses (10,353) (9,085)
Other assets 69,174 73,086
---------- ----------
Total assets $1,155,192 $1,129,880
========== ==========
Liabilities:
Savings, NOW
and market
rate deposits $368,917 $816 0.90% $334,902 $932 1.11%
IND / IDC
deposits 29,287 28 0.39% 29,339 53 0.72%
Wholesale
deposits 103,562 785 3.07% 123,905 1,016 3.26%
Time deposits 207,964 1,554 3.03% 213,004 1,725 3.22%
------------------- -------------------
Total interest
-bearing
deposits 709,730 3,183 1.82% 701,150 3,726 2.11%
Subordinated
debt 15,000 221 5.98% 15,000 257 6.82%
Mortgage
payable -- -- -- -- -- --
Borrowed funds 154,114 1,263 3.32% 156,023 1,324 3.38%
------------------- -------------------
Total interest
-bearing
liabilities 878,844 4,667 2.15% 872,173 5,307 2.42%
Noninterest
-bearing
deposits 160,295 143,897
Other
liabilities 23,559 19,128
---------- ----------
Total
noninterest
-bearing
liabilities 183,854 163,025
Total
liabilities 1,062,698 1,035,198
Shareholders'
equity 92,494 94,682
---------- ----------
Total
liabilities
and
shareholders'
equity $1,155,192 $1,129,880
---------- ----------
Interest income
to earning
assets 5.37% 5.63%
Net interest
spread 3.22 3.21
Effect of
noninterest
-bearing
sources 0.40 0.42
------- ----- ------- -----
Net interest
income/ margin
on earning
assets $9,691 3.62% $9,593 3.63%
============== ==============
Tax equivalent
adjustment $65 0.02% $62 0.03%
------------------------------------------------------
--------------------------
3rd Quarter 2008
Average
Interest Rates
Average Income/ Earned/
(dollars in thousands) Balance Expense Paid
Assets:
Interest-bearing deposits with other banks $5,894 $28 1.89%
Federal funds sold 11,668 57 1.94%
Money market funds -- -- --
Investment securities available for sale:
Taxable 104,877 1,208 4.58%
Tax-exempt 7,736 93 4.78%
-------------------
Investment securities available for sale 112,613 1,301 4.60%
Loans and leases * 866,454 13,484 6.19%
-------------------
Total interest earning assets 996,629 14,870 5.94%
Cash and due from banks 22,418
Less allowance for loan and lease losses (8,732)
Other assets 68,705
----------
Total assets $1,079,020
==========
Liabilities:
Savings, NOW and market rate deposits $313,792 $860 1.09%
IND / IDC deposits 9,637 51 2.11%
Wholesale deposits 139,871 1,253 3.56%
Time deposits 200,707 1,598 3.17%
-------------------
Total interest-bearing deposits 664,007 3,762 2.25%
Subordinated debt 8,607 151 6.98%
Mortgage payable -- -- --
Borrowed funds 148,815 1,194 3.19%
-------------------
Total interest-bearing liabilities 821,429 5,107 2.47%
Noninterest-bearing deposits 145,686
Other liabilities 17,964
----------
Total noninterest-bearing liabilities 163,650
Total liabilities 985,079
Shareholders' equity 93,941
----------
Total liabilities and shareholders'
equity $1,079,020
----------
Interest income to earning assets 5.94%
Net interest spread 3.47
Effect of noninterest-bearing sources 0.43
------- -----
Net interest income/ margin on
earning assets $9,763 3.90%
==============
Tax equivalent adjustment $68 0.03%
--------------------------
* Average loans and leases include portfolio loans and leases, and
loans held for sale. Non-accrual loans are also included in the
average loan and leases balances.
Average Balances and Tax Equivalent Income and Expense
and Tax Equivalent Yields
For the Nine months ended September 30,
2009 2008
-------------------------- --------------------------
Average Average
Interest Rates Interest Rates
(dollars in Average Income/ Earned/ Average Income/ Earned/
thousands) Balance Expense Paid Balance Expense Paid
Assets:
Interest
-bearing
deposits with
other banks $ 28,876 $ 43 0.20% $ 4,601 $ 83 2.41%
Federal funds
sold 733 1 0.18% 7,411 135 2.43%
Money market
funds 46,860 188 0.54% -- -- --
Investment
securities
available
for sale:
Taxable 119,928 3,253 3.63% 83,906 2,946 4.69%
Tax-exempt 15,258 496 4.35% 7,740 279 4.81%
------------------- -------------------
Investment
securities
available
for sale 135,186 3,749 3.71% 91,646 3,225 4.70%
Loans and
leases * 894,244 38,977 5.83% 839,041 39,859 6.35%
------------------- -------------------
Total interest
earning
assets 1,105,899 42,958 5.19% 942,699 43,302 6.14%
Cash and due
from banks 11,092 21,487
Less allowance
for loan and
lease losses (10,375) (8,455)
Other assets 65,823 61,675
---------- ----------
Total assets $1,172,439 $1,017,406
---------- ----------
Liabilities:
Savings,NOW and
market rate
deposits $393,915 $ 2,342 0.80% $308,590 $ 2,710 1.17%
IND / IDC
deposits 27,373 89 0.43% 3,625 57 2.10%
Wholesale
deposits 92,319 1,805 2.61% 137,231 4,483 4.36%
Time deposits 199,429 3,963 2.66% 188,605 5,066 3.59%
------------------- -------------------
Total interest
-bearing
deposits 713,036 8,199 1.54% 638,051 12,316 2.58%
Subordinated
debt 19,505 826 5.66% 2,890 151 6.98%
Mortgage
payable 1,241 53 5.71% -- -- --
Borrowed funds 151,265 3,755 3.32% 121,917 3,022 3.31%
------------------- -------------------
Total interest
-bearing
liabilities 885,047 12,833 1.94% 762,858 15,489 2.71%
Noninterest
-bearing
deposits 168,201 143,933
Other
liabilities 22,621 17,946
---------- ----------
Total
noninterest
-bearing
liabilities 190,822 161,879
Total
liabilities 1,075,869 924,737
Shareholders'
equity 96,570 92,669
---------- ----------
Total
liabilities
and
shareholders'
equity $1,172,439 $1,017,406
---------- ----------
Interest income
to earning
assets 5.19% 6.14%
Net interest
spread 3.25 3.43
Effect of
noninterest
-bearing
sources 0.39 0.51
------- ----- ------- -----
Net interest
income/ margin
on earning
assets $30,125 3.64% $27,813 3.94%
============== ==============
Tax equivalent
adjustment $257 0.03% $ 206 0.03%
------------------------------------------------------
* Average loans and leases include portfolio loans and leases,
and loans held for sale. Non-accrual loans are also included in
the average loan and leases balances.
Contact:
Bryn Mawr Bank Corporation
Ted Peters, Chairman
610-581-4800
J. Duncan Smith, CFO
610-526-2466
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