Bryn Mawr Bank Corporation Reports Solid Second Quarter 2009 Financial Results With Net Interest Income Growth and Residential Mortgage Volume as Primary Contributors
- Press Release
- Source: Bryn Mawr Bank Corporation
- On 4:07 pm EDT, Monday August 3, 2009
BRYN MAWR, Pa., Aug. 3, 2009 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (Nasdaq:BMTC - News), (the "Corporation"), parent of The Bryn Mawr Trust Company (the "Bank"), today announced financial results for the second quarter ended June 30, 2009. The Corporation reported second quarter 2009 diluted earnings per share of $0.28 and net income of $2.4 million which includes a $0.04 per diluted share or $351 thousand after-tax cost of the FDIC insurance special assessment. In the first quarter of 2009, the Corporation reported diluted earnings per share of $0.31 and net income of $2.6 million. There was no FDIC insurance special assessment in the first quarter of 2009.
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| BMTC | 14.80 | -0.23 |
Ted Peters, Chairman and Chief Executive Officer, stated, "We are pleased with the results for the second quarter and year to date. Growth in net interest income and revenue from mortgage refinance activity were among the highlights for the quarter. Loan quality remains strong, however, challenges continue in our leasing portfolio."
Mr. Peters continued, "During the second quarter as previously reported, the Corporation enhanced its capital position through the sale of $2.5 million of common shares and the issuance of $7.5 million in subordinated debt in a private transaction. Additionally, the Corporation has established a Dividend Reinvestment and Stock Purchase Plan ("Plan") which is intended to allow both existing shareholders and new investors to easily and conveniently increase their investment in the Corporation without incurring many of the fees and commissions normally associated with brokerage transactions. On July 20, 2009, the Corporation made a 424(b)(2) filing with the Securities and Exchange Commission relating to securities to be taken down from the Corporation's S-3 shelf registration statement in connection with the Plan. A copy of the Plan as filed in our July 20, 2009 424 (b)(2) filing can be found under "SEC filings" at our website, www.bmtc.com, by clicking on "About Us" and then "Investor Relations".
HIGHLIGHTS FOR THE QUARTER
* Second quarter 2009 deposit levels were $894.0 million, up
$24.5 million or 2.8% from December 31, 2008 and up $140.2 million
or 18.6% from June 30, 2008.
* Total quarter end portfolio loans and leases were down 2.4% or
$22.0 million to $877.6 million compared to $899.6 million at
December 31, 2008 as construction loans decreased $17.6 million or
30.1% as planned and leases declined $3.8 million or 6.3%.
* Mortgage originations for the second quarter of 2009 were
$125.1 million compared with $96.5 million in the first quarter of
2009 and $25.8 million in the fourth quarter of 2008. The net gain
on the sale of residential mortgage loans of approximately
$2.5 million was up significantly from approximately $1.9 million
in the first quarter of 2009 and $300 thousand in the fourth
quarter of 2008. Operating expenses include variable costs
associated with this mortgage revenue of approximately 36%.
* The value of our Mortgage Servicing Rights (MSR's) increased to
$3.6 million from $2.2 million at December 31, 2008. This increase
is primarily the result of mortgage refinancing activity during the
first quarter of 2009 in which the mortgages were sold with
servicing retained along with a slight increase in value. Second
quarter results contained a $115 thousand MSR impairment recovery.
* Revenue from Wealth Management services (which includes Lau
Associates revenue which was acquired on July 15, 2008) for the
second quarter 2009 was $3.6 million, up slightly from first
quarter 2009 revenue of $3.5 million, and in line with fourth
quarter 2008 results, reflecting the improved financial markets
over the past 3 months.
* The Corporation had an unused borrowing capacity of $258.4 million
at the Federal Home Loan Bank of Pittsburgh, $82.9 million at the
Federal Reserve and $75 million of Fed Funds lines at June 30, 2009.
Additionally, liquidity remains strong with approximately
$90 million in overnight money market funds and other short-term
investments at the end of the second quarter.
* The net interest margin was 3.59% for the second quarter of 2009,
down 3 basis points from the first quarter 2009 and 4 basis points
from the fourth quarter of 2008 primarily due to the low interest
rates the Corporation is earning on its excess cash balances.
* The provision for loan and lease losses for the quarter ended
June 30, 2009 was $1.69 million, compared with $1.59 million in the
first quarter of 2009, primarily due to leasing portfolio
charge-offs.
* At June 30, 2009, the allowance for loan and lease losses of
$10.39 million was 1.18% of portfolio loans and leases compared
with $10.14 million or 1.13% and $10.33 million or 1.15% of
portfolio loans and leases at March 31, 2009 and December 31, 2008,
respectively. The allowance as a percentage of non-performing
loans and leases increased to 284% at June 30, 2009 from 178% at
December 31, 2008, due to the foreclosure of a site development
loan and its transfer into other real estate owned ("OREO") at its
estimated net realizable value.
* The FDIC insurance special assessment charge of approximately
$540 thousand ($0.04 per diluted share or $351 thousand after-tax)
to replenish the FDIC Insurance Fund was accrued as of June 30,
2009 and is payable on September 30, 2009.
* Second quarter 2009 non-interest expense increased $819 thousand or
7.1% over the first quarter of 2009 due in part to the variable
costs associated with higher residential mortgage activity, the
FDIC insurance special assessment charge and increased advertising
and professional fees. Excluding the FDIC insurance special
assessment, non-interest expense increased $279 thousand or 2.4%
from the first quarter of 2009.
* Regulatory capital levels at June 30, 2009 exceed the regulatory
minimum for "well capitalized" at both the Bank and Corporate level
by over $19 million.
Regulatory
Minimum Actual
to be Well Actual ------
Capitalized 6/30/2009 12/31/2008
----------- --------- ----------
Bryn Mawr Trust Company
Consolidated
------------------------
Tier I Capital to Risk
Weighted Assets (RWA) 6.00% 8.71% 8.49%
Total (Tier II) Capital
to RWA 10.00% 11.89% 10.98%
Tier I Leverage Ratio 5.00% 7.72% 7.70%
Bryn Mawr Bank Corporation
--------------------------
Tier I Capital to Risk
Weighted Assets (RWA) 6.00% 9.27% 8.81%
Total (Tier II) Capital
to RWA 10.00% 12.43% 11.29%
Tier I Leverage Ratio 5.00% 8.22% 8.03%
Tangible Common Equity Ratio N/A 7.43% 7.13%
DIVIDEND DECLARED
On July 23, 2009, the Corporation's Board of Directors declared a quarterly dividend of $0.14 per share, payable September 1, 2009 to shareholders of record as of August 14, 2009.
The Corporation will hold an earnings conference call at 8:30 a.m. EDT on Tuesday, August 4, 2009. Interested parties may participate by calling 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 Wednesday, August 12, 2009. The number to call for the taped replay is 877-344-7529 and the Replay Passcode is 431710.
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, ability to control operating costs and expenses, and ability 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)
June 30, 2009
(unaudited)
For The Three Months Ended
June 30, Mar 31, Dec 31, Sep 30, Jun 30,
2009 2009 2008 2008 2008
---- ---- ---- ---- ----
Interest income $ 14,222 $ 14,293 $ 14,838 $ 14,802 $ 14,232
Interest expense 4,004 4,446 5,050 4,955 4,929
Subordinated
debt 306 221 257 151 --
--------- --------- --------- --------- ---------
Net interest
income 9,912 9,626 9,531 9,696 9,303
Provision for
loan and lease
losses 1,686 1,591 2,898 1,063 781
--------- --------- --------- --------- ---------
Net interest
income after
provision for
loan and lease
losses 8,226 8,035 6,633 8,633 8,522
Fees for wealth
management
services 3,620 3,504 3,695 3,544 3,291
Loan servicing
and late fees 343 291 281 298 305
Service charges
on deposits 491 463 455 409 429
Net gain on
sale of
residential
mortgage loans 2,516 1,877 293 287 363
Net gain on
sale of
investments -- 472 8 -- --
Net gain on
trading
investment 79 -- -- -- --
Other operating
income 752 878 533 807 844
--------- --------- --------- --------- ---------
Noninterest
income 7,801 7,485 5,265 5,345 5,232
Salaries and
wages 5,626 5,479 4,700 5,278 4,532
Employee
benefits 1,462 1,582 912 981 947
Occupancy and
bank premises 906 927 922 778 715
Furniture
fixtures and
equipment 612 586 632 578 565
Advertising 346 232 356 265 222
(Recovery) /
impairment of
mortgage
servicing
rights (115) 204 638 11 (30)
Amortization of
mortgage
servicing
rights 256 195 81 91 119
Intangible
asset
amortization 77 77 77 64 --
FDIC insurance 357 322 138 121 122
FDIC insurance
special
assessment 540 -- -- -- --
Professional
fees 544 343 441 426 364
Other expenses 1,676 1,521 1,549 1,555 1,447
--------- --------- --------- --------- ---------
Noninterest
expense 12,287 11,468 10,446 10,148 9,003
Income before
income taxes 3,740 4,052 1,452 3,830 4,751
Income tax
expense 1,291 1,420 445 1,575 1,586
--------- --------- --------- --------- ---------
Net income $ 2,449 $ 2,632 $ 1,007 $ 2,255 $ 3,165
========= ========= ========= ========= =========
Per share data:
Weighted
average shares
outstanding 8,745,708 8,602,406 8,585,914 8,575,904 8,571,143
Dilutive
potential
common shares 21,601 18,498 41,254 35,428 31,836
--------- --------- --------- --------- ---------
Adjusted
weighted
average
dilutive
shares 8,767,309 8,620,904 8,627,168 8,611,332 8,602,979
========= ========= ========= ========= =========
Basic earnings
per common
share $0.28 $0.31 $0.12 $0.26 $0.37
Diluted earnings
per common
share $0.28 $0.31 $0.12 $0.26 $0.37
Dividend
declared per
share $0.14 $0.14 $0.14 $0.14 $0.13
Effective
tax rate 34.5% 35.0% 30.6% 41.1% 32.7%
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands, except per share data)
June 30, 2009
(unaudited)
For The Six Months Ended
June 30, June 30,
2009 2008
---- ----
Interest income $ 28,515 $ 28,294
Interest expense 8,450 10,383
Subordinated debt 527 --
----------- -----------
Net interest income 19,538 17,911
Provision for loan and lease losses 3,277 1,635
----------- -----------
Net interest income after provision for
loan and lease losses 16,261 16,276
Fees for wealth management services 7,124 6,603
Loan servicing and late fees 634 615
Service charges on deposits 954 821
Net gain on sale of residential mortgage
loans 4,393 695
Net gain on sale of investments 472 222
Net gain on trading investment 79 --
BOLI income -- 260
Interest rate floor income -- 268
Other operating income 1,630 1,378
----------- -----------
Noninterest income 15,286 10,862
Salaries and wages 11,105 9,011
Employee benefits 3,044 2,279
Occupancy and bank premises 1,833 1,465
Furniture fixtures and equipment 1,198 1,114
Advertising 578 494
Impairment of mortgage servicing rights 89 19
Amortization of mortgage servicing rights 451 195
Intangible asset amortization 154 --
FDIC insurance 679 213
FDIC insurance - special assessment 540 --
Professional fees 887 683
Other expenses 3,197 2,609
----------- -----------
Noninterest expense 23,755 18,082
Income before income taxes 7,792 9,056
Income tax expense 2,711 2,993
----------- -----------
Net income $ 5,081 $ 6,063
=========== ===========
Per share data:
Weighted average shares outstanding 8,674,453 8,552,805
Dilutive potential common shares 20,050 30,125
----------- -----------
Adjusted weighted average shares 8,694,503 8,582,930
=========== ===========
Basic earnings per common share $0.59 $0.71
Diluted earnings per common share $0.58 $0.71
Dividend declared per share $0.28 $0.26
Effective tax rate 34.8% 33.0%
For the period end: 2009 2009 2008 2008 2008
2Q 1Q 4Q 3Q 2Q
Asset Quality Data
Nonaccrual loans
and leases 2,913 3,251 5,303 1,961 1,697
90 + days past due
loans and leases 746 744 504 116 8
-------- -------- -------- -------- --------
Nonperforming loans
and leases 3,659 3,995 5,807 2,077 1,705
Other non-performing
assets 1,897 1,311 -- 136 155
Nonperforming assets $ 5,556 $ 5,306 $ 5,807 $ 2,213 $ 1,860
======== ======== ======== ======== ========
Nonperforming loans
and leases
/ portfolio loans 0.41% 0.45% 0.65% 0.24% 0.20%
Nonperforming assets
/ assets 0.47% 0.45% 0.50% 0.20% 0.18%
Net loan and lease
charge-offs
(annualized)
/ average loans 0.64% 0.79% 0.71% 0.33% 0.22%
Delinquency rate -
including
nonperforming 0.81% 1.01% 0.97% 0.35% 0.52%
Delinquency rate -
excluding
nonperforming 0.40% 0.59% 0.32% 0.11% 0.32%
Changes in the
Allowance for loan
and lease losses
Balance, beginning
of period $ 10,137 $ 10,332 $ 9,014 $ 8,672 $ 8,358
Charge-offs (1,546) (1,858) (1,611) (796) (547)
Recoveries 112 72 31 75 80
-------- -------- -------- -------- --------
Net (charge-offs)
/ recoveries (1,434) (1,786) (1,580) (721) (467)
Provision for loan
and lease losses 1,686 1,591 2,898 1,063 781
-------- -------- -------- -------- --------
Balance, end
of period $ 10,389 $ 10,137 $ 10,332 $ 9,014 $ 8,672
======== ======== ======== ======== ========
Allowance for loan
and lease losses
/ loans and lease 1.18% 1.13% 1.15% 1.03% 1.02%
Allowance for loan
and lease losses
/ nonperforming
loans and leases 283.9% 253.7% 177.9% 434.0% 508.6%
For the
period and
period end: 2009 2009 2008 2008 2008
2Q 1Q 4Q 3Q 2Q
Selected
ratios
(annualized):
Return on
average
assets 0.83% 0.92% 0.35% 0.83% 1.24%
Return on
average
share
-holders'
equity 10.11% 11.54% 4.23% 9.55% 13.65%
Yield on
loans and
leases* 5.84% 5.85% 6.06% 6.19% 6.25%
Yield on
interest
earning
assets* 5.13% 5.37% 5.63% 5.94% 6.05%
Cost of
interest
bearing
funds 1.94% 2.15% 2.42% 2.47% 2.58%
Net
interest
margin* 3.59% 3.62% 3.63% 3.90% 3.97%
Tier 1
leverage
ratio 8.22% 8.05% 8.03% 8.76% 9.70%
Book value
per share $ 11.33 $ 10.99 $ 10.76 $ 10.97 $ 10.97
Tangible
book value
per share $ 10.15 $ 9.78 $ 9.55 $ 10.29 $ 10.97
Period end
shares
out
-standing 8,781,079 8,615,296 8,592,259 8,583,377 8,572,277
Selected
data:
Mortgage
loans
orig
-inated $ 125,090 $ 96,523 $ 25,826 $ 24,019 $ 30,594
Mortgage
loans sold
- servic
-ing
retained $ 112,608 $ 93,071 $ 10,653 $ 5,985 $ 12,642
Mortgage
loans sold
- servic
-ing
released $ 188 $ 1,225 $ 5,837 $ 7,215 $ 10,149
Mortgage
loans
serviced
for
others $ 490,202 $ 411,493 $ 350,199 $ 353,833 $ 358,802
Brokerage
assets
(1) $ 143,188 $ 78,707 $ 75,720 $ 86,376 $ 88,904
Wealth
assets
under
management
/ super
-vision
(Lau) 488,877 456,909 506,637 615,796 --
Wealth
assets
under
management
/ admin
-istration
(BMTC) $1,523,071 $1,421,868 $1,564,042 $1,964,149 $2,105,376
---------- ---------- ---------- ---------- ----------
Total
Wealth
assets
under
management
/ admin
-istration
/ super
-vision /
brokerage $2,155,136 $1,878,777 $2,070,679 $2,579,945 $2,105,376
========== ========== ========== ========== ==========
* 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-date Year-to-date
Selected ratios (annualized):
Return on average assets 0.88% 1.24%
Return on average shareholders' equity 10.81% 13.25%
Yield on loans and leases* 5.85% 6.43%
Yield on interest earning assets* 5.25% 6.25%
Cost of interest bearing funds 2.04% 2.85%
Net interest margin* 3.60% 3.97%
Selected data:
Mortgage loans originated $ 221,613 $ 60,374
Mortgage loans sold - servicing retained $ 205,679 $ 26,936
Mortgage loans sold - servicing released $ 1,413 $ 21,207
* 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 June 30, 2009 As of December 31, 2008
Un- Un-
realized realized
SECURITY Amortized Fair Gain/ Amortized Fair Gain/
DESCRIPTION Cost Value Loss Cost Value Loss
----------- ---- ----- ---- ---- ----- ----
Short term bond
fund 5,105 5,105 -- -- -- --
------- ------- ------- ------- ------- -------
Total Trading
Securities 5,105 5,105 -- -- -- --
------- ------- ------- ------- ------- -------
U.S. government
agency
securities 40,147 40,315 168 10,999 11,170 171
State, county &
municipal
securities 17,937 17,815 (122) 7,072 7,096 24
FNMA/FHLMC
mortgage backed
securities 63,497 65,174 1,677 78,054 79,660 1,606
GNMA mortgage
backed
securities 11,539 11,621 82 -- -- --
Foreign debt
securities 1,450 1,450 -- 950 950 --
Corporate bonds 17,340 17,363 23 10,180 9,453 (727)
------- ------- ------- ------- ------- -------
Total Available
for Sale
Securities 151,910 153,738 1,828 107,255 108,329 1,074
------- ------- ------- ------- ------- -------
Total
Investment
Portfolio 157,015 158,843 1,828 107,255 108,329 1,074
======= ======= ======= ======= ======= =======
Note: Other assets as of June 30, 2009 include approximately
$7.9 million of FHLB of Pittsburgh common stock at cost.
Capital Ratios
Regulatory
Minimum
To Be
Bryn Mawr Trust Well 6/30/ 3/31/ 12/31/ 9/30/ 6/30/
Company Consolidated Capitalized 2009 2009 2008 2008 2008
---------------------
Tier I Capital to Risk
Weighted Assets(RWA) 6.00% 8.71% 8.56% 8.49% 9.07% 9.43%
Total (Tier II) Capital
to RWA 10.00% 11.89% 11.02% 10.98% 11.46% 10.32%
Tier I Leverage Ratio 5.00% 7.72% 7.68% 7.70% 8.53% 9.09%
Bryn Mawr Bank
Corporation
--------------
Tier I Capital to Risk
Weighted Assets (RWA) 6.00% 9.27% 8.96% 8.81% 9.35% 10.05%
Total (Tier II) Capital
to RWA 10.00% 12.43% 11.41% 11.29% 11.72% 10.94%
Tier I Leverage Ratio 5.00% 8.22% 8.05% 8.03% 8.76% 9.70%
Common Equity Ratio 8.29% 8.10% 8.03% 8.31% 8.96%
Tangible Common Equity
Ratio 7.43% 7.20% 7.13% 7.13% 8.96%
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands)
June 30, 2009
(unaudited)
Balance Sheet
For the period
ended: Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
2009 2009 2008 2008 2008
---- ---- ---- ---- ----
Assets
Interest
bearing
deposits
with banks $ 51,455 $ 30,283 $ 45,100 $ 11,413 $ 621
Fed funds sold -- -- -- 6,000 --
Money market
funds 38,252 72,433 5,109 10,172 163
Trading
securities 5,105 -- -- -- --
Investment
securities -
AFS 153,738 106,191 108,329 107,048 111,707
---------- ---------- ---------- ---------- ----------
Total
investment
securities 158,843 106,191 108,329 107,048 111,707
Loans held for
sale 6,837 2,896 3,024 1,987 2,304
Portfolio
loans:
Consumer 10,603 8,396 8,518 8,319 8,574
Commercial &
industrial 224,355 237,440 236,469 232,096 228,810
Commercial
mortgages 257,246 256,631 249,730 240,996 241,597
Construction 40,829 43,746 58,446 62,299 66,861
Residential
mortgages 120,475 124,552 132,536 127,798 114,924
Home equity
lines & loans 168,592 165,044 154,576 149,707 138,445
Leases 55,538 57,668 59,302 56,979 54,144
---------- ---------- ---------- ---------- ----------
Total portfolio
loans and
leases 877,638 893,477 899,577 878,194 853,355
Earning assets 1,133,025 1,105,280 1,061,139 1,014,814 968,150
Cash and due
from banks 11,260 9,342 18,776 52,124 25,901
Allowance for
loan and
lease losses (10,389) (10,137) (10,332) (9,014) (8,672)
Bank owned
life
insurance -- -- 15,585 15,585 15,684
Intangible
assets 10,399 10,476 10,358 5,805 --
Other assets 55,246 54,856 55,820 53,050 48,189
---------- ---------- ---------- ---------- ----------
Total assets $1,199,541 $1,169,817 $1,151,346 $1,132,364 $1,049,252
========== ========== ========== ========== ==========
Liabilities and
shareholders'
equity
Interest-
bearing
checking $ 132,531 $ 132,354 $ 135,513 $ 134,557 $ 139,392
Money market 172,850 171,986 142,707 137,911 124,431
Savings 98,545 83,834 54,333 67,884 38,157
IND deposits 20,625 29,541 30,185 20,045 3,551
Wholesale
deposits 88,119 86,746 120,761 134,726 140,498
Time deposits 200,174 205,164 211,542 208,890 166,679
---------- ---------- ---------- ---------- ----------
Interest-
bearing
deposits 712,844 709,625 695,041 704,013 612,708
Non-interest
bearing
deposits 181,153 177,153 174,449 152,304 141,114
---------- ---------- ---------- ---------- ----------
Total deposits 893,997 886,778 869,490 856,317 753,822
Subordinated
debt 22,500 15,000 15,000 15,000 --
Borrowed funds 149,925 152,442 154,939 147,414 182,293
Mortgage
payable 2,090 -- -- -- --
Other
liabilities 31,539 20,899 19,504 19,511 19,102
Shareholders'
equity 99,490 94,698 92,413 94,122 94,035
---------- ---------- ---------- ---------- ----------
Total
liabilities
and
shareholders'
equity $1,199,541 $1,169,817 $1,151,346 $1,132,364 $1,049,252
========== ========== ========== ========== ==========
Balance Sheet (average)
2009 2009 2008 2008 2008
2Q 1Q 4Q 3Q 2Q
-- -- -- -- --
Assets
Interest
bearing
deposits with
banks $ 23,588 $ 29,434 $ 45,503 $ 5,894 $ 2,386
Fed funds sold -- 2,222 272 11,668 3,200
Money market
funds 70,933 40,903 10,713 2,609 162
Investment
securities 130,964 108,413 105,902 110,004 104,983
Loans held for
sale 6,219 6,478 2,814 1,994 3,604
Portfolio
loans and
leases 886,180 897,215 886,793 864,460 836,180
---------- ---------- ---------- ---------- ----------
Earning assets 1,117,884 1,084,665 1,051,997 996,629 950,515
Cash and due
from banks 10,386 11,706 13,882 22,418 19,727
Allowance for
loan and
lease losses (10,242) (10,353) (9,085) (8,732) (8,451)
Bank owned
life
insurance -- -- 15,585 15,644 15,612
Intangible
assets 10,443 10,399 5,824 4,962 --
Other assets 53,924 58,775 51,677 48,099 45,731
---------- ---------- ---------- ---------- ----------
Total assets $1,182,395 $1,155,192 $1,129,880 $1,079,020 $1,023,134
========== ========== ========== ========== ==========
Liabilities and
shareholders'
equity
Interest-
bearing
checking $ 138,904 $ 133,955 $ 133,654 $ 134,347 $ 138,539
Money market 171,378 160,372 139,564 127,805 130,222
Savings 85,035 74,590 61,684 51,640 38,472
IND deposits 25,057 29,287 29,339 9,637 1,171
Wholesale
deposits 99,371 103,562 123,905 139,871 140,288
Time deposits 198,221 207,964 213,004 200,707 169,562
---------- ---------- ---------- ---------- ----------
Interest-
bearing
deposits 717,966 709,730 701,150 664,007 618,254
Non-interest
bearing
deposits 171,918 160,295 143,897 145,686 143,563
---------- ---------- ---------- ---------- ----------
Total deposits 889,884 870,025 845,047 809,693 761,817
Subordinated
debt 20,934 15,000 15,000 8,607 --
Borrowed funds 151,109 154,114 156,023 148,815 150,567
Mortgage
payable 1,614 -- -- -- --
Other
liabilities 21,714 23,559 19,128 17,964 17,531
Shareholders'
equity 97,140 92,494 94,682 93,941 93,228
---------- ---------- ---------- ---------- ----------
Total
liabilities
and
shareholders'
equity $1,182,395 $1,155,192 $1,129,880 $1,079,020 $1,023,143
========== ========== ========== ========== ==========
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands)
June 30, 2009
(unaudited)
Balance Sheet (average)
2009 2008
Year-to-date Year-to-date
------------ ------------
Assets
Interest bearing deposits with banks $ 26,495 $ 3,947
Fed funds sold 1,105 5,259
Money market funds 56,001 --
Investment securities 119,751 81,048
Loans held for sale 6,348 3,889
Portfolio loans and leases 891,667 821,295
------------ ------------
Earning assets 1,101,367 915,438
Cash and due from 11,042 21,017
Allowance for loan and lease losses (10,297) (8,315)
Intangible assets 10,421 --
Other assets 56,336 58,121
------------ ------------
Total assets $ 1,168,869 $ 986,261
============ ============
Liabilities and shareholders' equity
Interest-bearing checking $ 136,443 $ 140,783
Money market 165,906 127,511
Savings 79,841 37,666
IND deposits 27,161 --
Wholesale deposits 101,454 136,482
Time deposits 203,065 182,488
------------ ------------
Interest-bearing deposits 713,870 624,930
Non-interest bearing deposits 166,140 143,048
------------ ------------
Total deposits 880,010 767,978
Subordinated debt 17,983 --
Borrowed funds 152,604 108,319
Mortgage payable 811 --
Other liabilities 22,631 17,937
Shareholders' equity 94,830 92,027
------------ ------------
Total liabilities and shareholders' equity $ 1,168,869 $ 877,942
============ ============
Quarterly Average Balances and Tax Equivalent Income and Expense and
Tax Equivalent Yields
--------------------------------------------------------
2nd Quarter 2009 1st Quarter 2009
Average Average
Interest Rates Interest Rates
Average Income/ Earned/ Average Income/ Earned/
Balance Expense Paid Balance Expense Paid
(dollars in
thousands)
Assets:
Interest-
bearing
deposits with
other banks $23,588 $12 0.20% $29,434 $17 0.23%
Federal funds
sold -- -- --% 2,222 1 0.18%
Money market
funds 70,933 80 0.45% 40,903 82 0.81%
Investment
securities
available for
sale:
Taxable 116,968 1,058 3.63% 98,240 1,116 4.61%
Tax-exempt 13,996 155 4.44% 10,173 107 4.27%
------------------- -------------------
Investment
securities
available for
sale 130,964 1,213 3.72% 108,413 1,223 4.58%
Loans and
leases* 892,399 12,999 5.84% 903,693 13,035 5.85%
------------------- -------------------
Total
interest
earning
assets 1,117,884 14,304 5.13% 1,084,665 14,358 5.37%
Cash and due
from banks 10,386 11,706
Less allowance
for loan and
lease losses (10,242) (10,353)
Other assets 64,367 69,174
---------- ----------
Total
assets $1,182,395 $1,155,192
========== ==========
Liabilities:
Savings, NOW
and market
rate deposits $395,317 $798 0.81% $368,917 $816 0.90%
IND deposits 25,057 24 0.38% 29,287 28 0.39%
Wholesale
deposits 99,371 592 2.39% 103,562 785 3.07%
Time deposits 198,221 1,316 2.66% 207,964 1,554 3.03%
------------------- -------------------
Total
interest-
bearing
deposits 717,966 2,730 1.53% 709,730 3,183 1.82%
Subordinated
debt 20,934 306 5.86% 15,000 221 5.98%
Mortgage
payable 1,614 23 5.72% -- --
Borrowed funds 151,109 1,251 3.32% 154,114 1,263 3.32%
------------------- -------------------
Total
interest-
bearing
liabilities 891,623 4,310 1.94% 878,844 4,667 2.15%
Noninterest-
bearing
deposits 171,918 160,295
Other
liabilities 21,714 23,559
---------- ----------
Total
noninterest-
bearing
liabilities 193,632 183,854
Total
liabilities 1,085,255 1,062,698
Shareholders'
equity 97,140 92,494
---------- ----------
Total
liabilities
and
shareholders'
equity $1,182,395 $1,155,192
---------- ----------
Interest
income to
earning
assets 5.13% 5.37%
Net interest
spread 3.19 3.22
Effect of
noninterest-
bearing
sources 0.40 0.40
---- ----
Net interest
income/
margin on
earning
assets $9,994 3.59% $9,691 3.62%
=============== ===============
Tax equivalent
adjustment $82 0.02% 82 $65 0.02%
--------------------------------------------------------
--------------------------------------------------------
4th Quarter 2008 3rd Quarter 2008
Average Average
Interest Rates Interest Rates
Average Income/ Earned/ Average Income/ Earned/
Balance Expense Paid Balance Expense Paid
(dollars in
thousands)
Assets:
Interest-
bearing
deposits with
other banks $45,503 $62 0.54% $5,894 $28 1.89%
Federal funds
sold 272 1 1.46% 11,668 57 1.94%
Money market
funds 10,713 8 0.30 -- -- --
Investment
securities
available for
sale:
Taxable 98,966 1,193 4.80% 104,877 1,208 4.58%
Tax-exempt 6,936 85 4.88% 7,736 93 4.78%
------------------- -------------------
Investment
securities
available for
sale 105,902 1,278 4.80% 112,613 1,301 4.60%
Loans and
leases* 889,607 13,551 6.06% 866,454 13,484 6.19%
Total
interest
earning ------------------- -------------------
assets 1,051,997 14,900 5.63% 996,629 14,870 5.94%
Cash and due
from banks 13,882 22,418
Less allowance
for loan and
lease losses (9,085) (8,732)
Other assets 73,086 68,705
---------- ----------
Total
assets $1,129,880 $1,079,020
========== ==========
Liabilities:
Savings, NOW
and market
rate deposits $334,902 $932 1.11% $313,792 $860 1.09%
IND deposits 29,339 53 0.72% 9,637 51 2.11%
Wholesale
deposits 123,905 1,016 3.26% 139,871 1,253 3.56%
Time deposits 213,004 1,725 3.22% 200,707 1,598 3.17%
------------------- -------------------
Total
interest-
bearing
deposits 701,150 3,726 2.11% 664,007 3,762 2.25%
Subordinated
debt 15,000 257 6.82% 8,607 151 6.98%
Mortgage
payable -- -- --% -- -- --%
Borrowed funds 156,023 1,324 3.38% 148,815 1,194 3.19%
------------------- -------------------
Total
interest-
bearing
liabilities 872,173 5,307 2.42% 821,429 5,107 2.47%
Noninterest-
bearing
deposits 143,897 145,686
Other
liabilities 19,128 17,964
---------- ----------
Total
noninterest-
bearing
liabilities 163,025 163,650
Total
liabilities 1,035,198 985,079
Shareholders'
equity 94,682 93,941
---------- ----------
Total
liabilities
and
shareholders'
equity $1,129,880 $1,079,020
---------- ----------
Interest
income to
earning
assets 5.63% 5.94%
Net interest
spread 3.21 3.47
Effect of
noninterest-
bearing
sources 0.42 0.43
---- ----
Net interest
income/
margin on
earning
assets $9,593 3.63% $9,763 3.90%
=============== ===============
Tax equivalent
adjustment $ 62 0.03% $ 68 0.03%
--------------------------------------------------------
---------------------------
2nd Quarter 2008
Average
Interest Rates
Average Income/ Earned/
Balance Expense Paid
(dollars in thousands)
Assets:
Interest-bearing deposits with other banks $2,386 $13 2.19%
Federal funds sold 3,200 18 2.26%
Money market funds -- -- --
Investment securities available for sale:
Taxable 97,360 1,120 4.63%
Tax-exempt 7,785 94 4.86%
-------------------
Investment securities available for sale 105,145 1,214 4.64%
Loans and leases* 839,784 13,055 6.25%
-------------------
Total interest earning assets 950,515 14,300 6.05%
Cash and due from banks 19,727
Less allowance for loan and lease losses (8,451)
Other assets 61,352
----------
Total assets $1,023,143
==========
Liabilities:
Savings, NOW and market rate deposits $307,233 $794 1.04%
IND deposits 1,171 6 2.06%
Wholesale deposits 140,288 1,585 4.54%
Time deposits 169,562 1,353 3.21%
--------------------
Total interest-bearing deposits 618,254 3,738 2.43%
Subordinated debt -- -- --
Mortgage payable -- -- --
Borrowed funds 150,567 1,191 3.18%
-------------------
Total interest-bearing liabilities 768,821 4,929 2.58%
Noninterest-bearing deposits 143,563
Other liabilities 17,531
----------
Total noninterest-bearing liabilities 161,094
Total liabilities 929,915
Shareholders' equity 93,228
----------
Total liabilities and shareholders'
equity $1,023,143
----------
Interest income to earning assets 6.05%
Net interest spread 3.47
Effect of noninterest-bearing sources 0.50
----
Net interest income/ margin on earning
assets $9,371 3.97%
===============
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 Six months ended June 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 $26,495 $29 0.22% $3,947 $55 2.80%
Federal funds
sold 1,105 1 0.18% 5,259 78 2.98%
Money market
funds 56,001 162 0.58% -- -- %
Investment
securities
available for
sale:
Taxable 107,656 2,174 4.07% 73,305 1,738 4.77%
Tax-exempt 12,095 261 4.35% 7,743 186 4.83%
------------------- -------------------
Investment
securities
available for
sale 119,751 2,435 4.10% 81,048 1,924 4.77%
Loans and
leases* 898,015 26,034 5.85% 825,184 26,376 6.43%
Total
interest
earning ------------------- -------------------
assets 1,101,367 28,661 5.25% 915,438 28,433 6.25%
Cash and due
from banks 11,042 21,017
Less allowance
for loan and
lease losses (10,297) (8,315)
Other assets 66,757 58,121
---------- ----------
Total
assets $1,168,869 $986,261
---------- ----------
Liabilities:
Savings,NOW
and market
rate deposits $382,190 $1,614 0.85% $305,960 $1,850 1.22%
IND deposits $27,161 51 0.38 586 6 2.06%
Wholesale
deposits 101,454 1,378 2.74% 135,896 3,230 4.78%
Time deposits 203,065 2,869 2.85% 182,488 3,469 3.82%
------------------- -------------------
Total
interest-
bearing
deposits 713,870 5,912 1.67% 624,930 8,555 2.75%
Subordinated
debt 17,983 527 5.91% -- -- %
Mortgage
payable 811 23 5.72% -- -- %
Borrowed
funds 152,604 2,515 3.32% 108,319 1,828 3.39%
------------------- -------------------
Total
interest-
bearing
liabilities 885,268 8,977 2.04% 733,249 10,383 2.85%
Noninterest-
bearing
deposits 166,140 143,048
Other
liabilities 22,631 17,937
---------- ----------
Total
noninterest-
bearing
liabilities 188,771 160,985
Total
liabilities 1,074,039 894,234
Shareholders'
equity 94,830 92,027
---------- ----------
Total
liabilities
and
shareholders'
equity $1,168,869 $986,261
---------- ----------
Interest
income to
earning
assets 5.25% 6.25%
Net interest
spread 3.21 3.40
Effect of
noninterest-
bearing
sources 0.39 0.57
---- ----
Net interest
income/
margin on
earning
assets $19,684 3.60% $18,050 3.97%
=============== ===============
Tax equivalent
adjustment $146 0.02% $139 0.04%
--------------------------------------------------------
* 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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