Bryn Mawr Bank Corporation Reports Record Quarterly Earnings of $21.3 Million, Declares $0.28 Dividend

·29 min read

BRYN MAWR, Pa., July 22, 2021 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported net income of $21.3 million, or $1.06 diluted earnings per share, for the three months ended June 30, 2021, as compared to $17.1 million, or $0.85 diluted earnings per share, for the three months ended March 31, 2021, and $15.0 million, or $0.75 diluted earnings per share, for the three months ended June 30, 2020.

On a non-GAAP basis, core net income, which excludes due diligence and merger-related expenses related to the pending merger with WSFS Financial Corporation (“WSFS”) and other non-core income and expense items, as detailed in the appendix to this earnings release, was $21.6 million, or $1.08 diluted earnings per share, for the three months ended June 30, 2021 as compared to $18.7 million, or $0.93 diluted earnings per share, for the three months ended March 31, 2021. There were no meaningful non-core income or expense items for the three months ended June 30, 2020. Management believes the core net income measure is important in evaluating the Corporation’s performance on a more comparable basis between periods. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

“We are excited to report record results, with second quarter net income exceeding $20 million for the first time in the Corporation’s history,” commented Frank Leto, President and Chief Executive Officer, continuing, “The hard work and dedication of our employees combined with an improving economy are reflected in our results. Preparation for the pending merger with WSFS are ongoing as management and staff are working diligently to ensure a smooth transition as we await regulatory approval.” In addition to regulatory approval, the merger with WSFS is subject to certain closing conditions.

On July 22, 2021, the Board of Directors of the Corporation declared a quarterly dividend of $0.28 per share, payable September 1, 2021 to shareholders of record as of August 2, 2021.

SIGNIFICANT ITEMS OF NOTE

Results of Operations – Second Quarter 2021 Compared to First Quarter 2021

  • Net income for the three months ended June 30, 2021 was $21.3 million, or $1.06 diluted earnings per share, as compared to $17.1 million, or $0.85 diluted earnings per share, for the three months ended March 31, 2021. Net interest income for the three months ended June 30, 2021 was $35.2 million, a $458 thousand increase as compared to the linked quarter. The provision for credit losses (the “Provision”), which includes the provision for credit losses on loans and leases, off-balance sheet credit exposures, and accrued interest receivable on COVID-19 deferrals, for the three months ended June 30, 2021 was a recovery of $6.6 million, as compared to a recovery of $5.2 million for the three months ended March 31, 2021. Total noninterest income increased $1.1 million, total noninterest expense decreased $2.2 million, and income tax expense increased $906 thousand for the three months ended June 30, 2021, as compared to the three months ended March 31, 2021.

  • Net interest income for the three months ended June 30, 2021 was $35.2 million, a $458 thousand increase as compared to the linked quarter. Tax-equivalent net interest income for the three months ended June 30, 2021 was $35.3 million, a $454 thousand increase as compared to the linked quarter. Tax-equivalent net interest income for the second quarter of 2021 was positively impacted by the accretion of purchase accounting fair value marks of $882 thousand, an increase of $367 thousand as compared to $515 thousand for the linked quarter. Excluding the effects of these purchase accounting fair value marks, the adjusted tax-equivalent net interest income for the three months ended June 30, 2021 was $34.5 million, an increase of $87 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.

    The tax-equivalent net interest margin was 3.17% for the three months ended June 30, 2021 as compared to 3.16% 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 3.09% for the three months ended June 30, 2021 as compared to 3.11% 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.

    The increase in tax-equivalent net interest income adjusted for purchase accounting was driven by a decrease of $474 thousand in interest expense on deposits partially offset by a decrease of $355 thousand in tax-equivalent interest and fees earned on loans and leases for the three months ended June 30, 2021 as compared to the linked quarter.

    Interest expense on deposits for the three months ended June 30, 2021 decreased $466 thousand as compared to the linked quarter. The rate paid on average interest-bearing deposits for the three months ended June 30, 2021 was 0.15%, a 7 basis point decrease as compared to the linked quarter. Average interest-bearing deposits for the three months ended June 30, 2021 decreased $92.7 million as compared to the linked quarter.

    Tax-equivalent interest and fees earned on loans and leases for the three months ended June 30, 2021 decreased $56 thousand as compared to the linked quarter. The tax-equivalent yield on average loans and leases for the three months ended June 30, 2021 was 3.86%, a decrease of 4 basis points as compared to the linked quarter. Average loans and leases increased $4.3 million for the three months ended June 30, 2021 as compared to the linked quarter.

  • Noninterest income of $21.0 million for the three months ended June 30, 2021 increased $1.1 million as compared to the linked quarter. The increase was primarily driven by increases of $1.2 million and $275 thousand in fees for wealth management services and net gain on sale of loans, respectively, partially offset by decreases of $306 thousand and $215 thousand in capital markets revenue and insurance commissions, respectively.

  • Noninterest expense of $35.5 million for the three months ended June 30, 2021 decreased $2.2 million as compared to the linked quarter. The decrease was primarily driven by a decrease of $1.4 million in due diligence and merger-related expenses related to the pending merger with WSFS coupled with decreases of $463 thousand, $385 thousand, and $263 thousand in employee benefits, other operating expenses, and occupancy and bank premises expense, respectively.

  • A recovery of Provision of $6.6 million was recorded for the three months ended June 30, 2021 as compared to a recovery of Provision of $5.2 million for the three months ended March 31, 2021. The recovery of Provision of $6.6 million for the three months ended June 30, 2021 was primarily comprised of a $6.0 million recovery of provision for credit losses on loans and leases and a $570 thousand recovery of provision for credit losses on off-balance sheet credit exposures. The difference in Provision between the two periods was driven by changes in current and forward-looking economic assumptions included in the estimation of expected credit losses on loans and leases as of June 30, 2021 as compared to March 31, 2021. Net loan and lease charge-offs for the second quarter of 2021 totaled $2.4 million, an increase of $1.7 million as compared to $642 thousand for the first quarter of 2021.

  • The effective tax rate for the second quarter of 2021 decreased to 21.92% as compared to 22.93% for the first quarter of 2021. The decrease in effective tax rate was primarily due to $323 thousand in discrete tax items related to non-deductible merger-related expenses recognized in the first quarter of 2021 as compared to $47 thousand recognized in the second quarter of 2021.

Results of Operations – Second Quarter 2021 Compared to Second Quarter 2020

  • Net income for the three months ended June 30, 2021 was $21.3 million, or $1.06 diluted earnings per share, as compared to $15.0 million, or $0.75 diluted earnings per share, for the three months ended June 30, 2020. Net interest income for the three months ended June 30, 2021 was $35.2 million, a decrease of $2.1 million as compared to the same period in 2020. A recovery of Provision of $6.6 million was recorded for the three months ended June 30, 2021 as compared to a Provision of $3.4 million for the three months ended June 30, 2020, a difference of $10.0 million. The difference in Provision between the two periods was driven by the current and forward-looking economic impacts of the COVID-19 pandemic included in the estimation of expected credit losses on loans and leases as of June 30, 2021 as compared to June 30, 2020. Total noninterest income increased $400 thousand, total noninterest expense decreased $36 thousand, and income tax expense increased $2.0 million for the three months ended June 30, 2021 as compared to the three months ended June 30, 2020.

  • Net interest income for the three months ended June 30, 2021 was $35.2 million, a decrease of $2.1 million as compared to the same period in 2020. Tax-equivalent net interest income for the three months ended June 30, 2021 was $35.3 million, a decrease of $2.1 million as compared to the same period in 2020. Tax-equivalent net interest income for the second quarter of 2021 was positively impacted by the accretion of purchase accounting fair value marks of $882 thousand as compared to $1.0 million for the same period in 2020. Excluding the effects of these purchase accounting fair value marks, the adjusted tax-equivalent net interest income for the three months ended June 30, 2021 was $34.5 million, a decrease of $2.0 million as compared to the same period in 2020. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

    The tax-equivalent net interest margin was 3.17% for the three months ended June 30, 2021 as compared to 3.22% for the same period in 2020. Adjusting for the impacts of the accretion of purchase accounting fair value marks, the adjusted tax-equivalent net interest margin was 3.09% for the three months ended June 30, 2021 as compared to 3.13% for the same period in 2020. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

    The decrease in tax-equivalent net interest income adjusted for purchase accounting was driven by a decrease of $6.0 million in tax-equivalent interest and fees earned on loans and leases, partially offset by decreases of $3.6 million and $227 thousand in interest paid on deposits and interest expense on short-term borrowings, respectively, and an increase of $128 thousand in tax-equivalent interest income on available for sale investment securities for the three months ended June 30, 2021 as compared to the same period in 2020.

    Tax-equivalent interest and fees earned on loans and leases for the three months ended June 30, 2021 decreased $6.0 million as compared to the same period in 2020. The tax-equivalent yield on average loans and leases for the three months ended June 30, 2021 was 3.86%, a 30 basis point decrease as compared to the same period in 2020. Average loans and leases decreased $328.6 million for the three months ended June 30, 2021 as compared to the same period in 2020.

    Interest expense on deposits for the three months ended June 30, 2021 decreased $3.5 million as compared to the same period in 2020. The rate paid on average interest-bearing deposits for the three months ended June 30, 2021 was 0.15%, a 46 basis point decrease as compared to the same period in 2020. Average interest-bearing deposits for the three months ended June 30, 2021 decreased $448.8 million as compared to the same period in 2020.

    Interest expense on short-term borrowings for the three months ended June 30, 2021 decreased $227 thousand as compared to the same period in 2020. The decrease was primarily due to a $116.9 million decrease in average short-term borrowings for the three months ended June 30, 2021 as compared to the same period in 2020, coupled with a 58 basis point decrease in the rate paid for the three months ended June 30, 2021 as compared to the same period in 2020.

    Tax-equivalent interest income on available for sale investment securities for the three months ended June 30, 2021 increased $128 thousand as compared to the same period in 2020. The tax-equivalent yield on average available for sale investment securities for the three months ended June 30, 2021 was 1.58%, a 58 basis point decrease as compared to the same period in 2020. Average available for sale investment securities increased $223.0 million for the three months ended June 30, 2021 as compared to the same period in 2020.

  • Noninterest income of $21.0 million for the three months ended June 30, 2021 increased $400 thousand as compared to the same period in 2020. The increase was driven by a $5.0 million increase in fees for wealth management services partially offset by decreases of $2.6 million and $1.7 million in net gain on sale of loans and capital markets revenue, respectively. The increase in fees for wealth management services was driven by the lack of non-recurring costs associated with the wind-down of BMT Investment Advisers, which had a $2.2 million impact on fees for wealth management services in the second quarter of 2020, as well as the $3.62 billion increase in wealth assets under management, administration, supervision and brokerage (“wealth assets”) between June 30, 2021 and June 30, 2020. The decrease in net gain on sale of loans was driven by a $2.4 million gain on the sale of approximately $292.1 million of PPP loans in the second quarter of 2020.

  • Noninterest expense of $35.5 million for the three months ended June 30, 2021 decreased $36 thousand as compared to the same period in 2020. Decreases of $506 thousand, $404 thousand, and $226 thousand in other operating expenses, occupancy and bank premises expense, and salaries and wages, respectively, were partially offset by increases of $602 thousand, $266 thousand, and $217 thousand in Pennsylvania bank shares tax expense, merger-related expenses, and advertising expenses, respectively.

  • A recovery of Provision of $6.6 million was recorded for the three months ended June 30, 2021 as compared to a Provision of $3.4 million for the three months ended June 30, 2020, a decrease of $10.0 million. The difference in Provision between the two periods was driven by changes in the current and forward-looking economic impacts of the COVID-19 pandemic included in the estimation of expected credit losses on loans and leases as of June 30, 2021 as compared to June 30, 2020. Net loan and lease charge-offs for the second quarter of 2021 totaled $2.4 million, a decrease of $1.0 million as compared to $3.4 million for the second quarter in 2020.

  • The effective tax rate for the second quarter of 2021 increased to 21.92% as compared to 21.09% for the second quarter of 2020.

Financial Condition – June 30, 2021 Compared to December 31, 2020

  • Total assets as of June 30, 2021 were $4.96 billion, a decrease of $473.3 million from December 31, 2020. The decrease was primarily driven by a $446.2 million decrease in available for sale investment securities.

  • Available for sale investment securities as of June 30, 2021 totaled $728.7 million, a decrease of $446.2 million from December 31, 2020. The decrease was primarily due to the maturing, in January 2021, of $500.0 million of short-term U.S. Treasury securities included on the balance sheet as of December 31, 2020, partially offset by increases of $28.7 million and $23.6 million of mortgage-backed securities and U.S. Government and agency securities, respectively.

  • Total portfolio loans and leases of $3.62 billion as of June 30, 2021 decreased $11.0 million as compared to December 31, 2020. Increases of $51.7 million and $43.1 million in commercial and industrial loans and construction loans, respectively, were partially offset by decreases of $41.8 million, $25.0 million, $17.6 million and $15.9 million in residential mortgage 1st liens, owner-occupied commercial mortgages, home equity lines of credit, and nonowner-occupied commercial mortgages, respectively.

    As of the date of this earnings release, 9 consumer loans and leases in the amount of $1.2 million and 19 commercial loans in the amount of $31.1 million are within a deferral period under the Bank's COVID-19 related modification programs. Of those commercial loans within a deferral period, $29.2 million, or 94.0% of deferred commercial loans, continue to make interest-only payments.

  • The ACL on loans and leases was $39.2 million as of June 30, 2021 as compared to an ACL on loans and leases of $53.7 million as of December 31, 2020, a decrease of $14.5 million. The difference in ACL on loans and leases between the two periods was driven by the current and forward-looking economic impacts of the COVID-19 pandemic, as well as projected prepayments, included in the estimation of expected credit losses on loans and leases as of June 30, 2021 as compared to December 31, 2020.

  • Deposits of $3.96 billion as of June 30, 2021 decreased $416.5 million from December 31, 2020. The decrease was primarily driven by decreases of $217.1 million, $202.0 million, $60.6 million, and $29.9 million in interest-bearing demand accounts, wholesale non-maturity deposits, retail time deposits, and wholesale time deposits, respectively, offset by increases of $66.8 million, $19.6 million, and $6.7 million in noninterest-bearing deposits, money market accounts, and savings accounts, respectively. The decrease in wholesale non-maturity deposits was primarily due to a decrease of approximately $200.0 million of wholesale deposits in the first quarter of 2021, which was used to partially fund the purchase of $500.0 million of short-term U.S. Treasury securities included on the balance sheet as of December 31, 2020. The decrease in interest-bearing demand deposits was primarily driven by management's active management of excess liquidity in this current interest rate environment.

  • Borrowings of $182.5 million as of June 30, 2021, which include short-term borrowings, long-term FHLB advances, subordinated notes and junior subordinated debentures, decreased $50.4 million from December 31, 2020, primarily due to a decrease of $50.6 million in short-term borrowings.

  • Wealth assets totaled $20.63 billion as of June 30, 2021, an increase of $1.65 billion from December 31, 2020. As of June 30, 2021, wealth assets consisted of $13.02 billion of wealth assets where fees are set at fixed amounts, an increase of $1.16 billion from December 31, 2020, and $7.61 billion of wealth assets where fees are predominantly determined based on the market value of the assets held in their accounts, an increase of $492.7 million from December 31, 2020.

  • The capital ratios for the Bank and the Corporation, as of June 30, 2021, 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.” In September 2020, the U.S. banking agencies issued a final rule that provides banking organizations with an alternative option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period. This final rule is consistent with the interim final rule issued by the U.S. banking agencies in March 2020. The current and prior quarter ratios reflect the Corporation's election of the five-year transition provision.

FORWARD LOOKING STATEMENTS AND SAFE HARBOR

This communication 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 “believe,” “intend,” “expect,” “anticipate,” “strategy,” “plan,” “estimate,” “approximately,” “target,” “project,” “propose,” “possible,” “potential,” “should” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (many of which are beyond the control of the Corporation) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, the possibility that the proposed transaction with WSFS does not close when expected or at all because required regulatory or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all; the delay in or failure to close for any other reason; the outcome of any legal proceedings that may be instituted against the Corporation; the occurrence of any event, change or other circumstance that could give rise to the right of one or both parties to terminate the merger agreement providing for the merger; the risk that the businesses of WSFS and the Corporation will not be integrated successfully; the possibility that the cost savings and any synergies or other anticipated benefits from the proposed transaction may not be fully realized or may take longer to realize than expected; disruption from the proposed transaction making it more difficult to maintain relationships with employees, customers or other parties with whom the Corporation has business relationships; diversion of management time on merger-related issues; the reaction to the proposed transaction of our customers, employees and counterparties; uncertainty as to the extent of the duration, scope, and impacts of the COVID-19 pandemic; and other factors, many of which are beyond the control of the Corporation. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2020 and any updates to those risk factors set forth in the Corporation’s Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings, which have been filed by the Corporation with the SEC and are available on the SEC’s website at www.sec.gov. All forward-looking statements, expressed or implied, included herein are expressly qualified in their entirety by the cautionary statements contained or referred to herein. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Corporation or its businesses or operations. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date on which they are made. The Corporation undertakes no obligation, and specifically declines any obligation, to revise or update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as specifically required by law.

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 Six Months Ended

June 30,
2021

March 31,
2021

December 31,
2020

September 30,
2020

June 30,
2020

June 30,
2021

June 30,
2020

Consolidated Balance Sheet (selected items)

Interest-bearing deposits with banks

$

103,070

$

37,089

$

85,026

$

241,763

$

448,113

Investment securities

749,536

761,877

1,198,346

584,529

550,974

Loans held for sale

653

3,210

6,000

4,574

4,116

Portfolio loans and leases

3,617,411

3,633,235

3,628,411

3,676,684

3,722,165

Allowance for credit losses ("ACL") on loans and leases

(39,163

)

(47,562

)

(53,709

)

(56,428

)

(54,974

)

Goodwill and other intangible assets

197,903

198,738

199,576

200,445

201,315

Total assets

4,958,700

4,914,508

5,432,022

5,046,939

5,271,311

Deposits - interest-bearing

2,491,102

2,537,534

2,974,411

2,783,188

3,026,152

Deposits - non-interest-bearing

1,468,643

1,364,716

1,401,843

1,230,391

1,217,496

Short-term borrowings

21,553

60,027

72,161

23,456

28,891

Long-term FHLB advances

39,976

39,941

39,906

44,872

44,837

Subordinated notes

98,973

98,928

98,883

98,839

98,794

Jr. subordinated debentures

22,030

21,983

21,935

21,889

21,843

Total liabilities

4,314,688

4,291,412

4,809,700

4,434,322

4,667,637

Total shareholders' equity

644,012

623,096

622,322

612,617

603,674

Average Balance Sheet (selected items)

Interest-bearing deposits with banks

$

86,383

$

110,972

$

245,904

$

336,225

$

195,966

$

98,610

$

123,148

Investment securities

766,574

760,625

701,258

574,094

542,321

763,616

542,598

Loans held for sale

1,008

1,203

2,836

4,393

3,805

1,105

3,062

Portfolio loans and leases

3,610,471

3,606,011

3,654,736

3,697,102

3,936,227

3,608,253

3,836,146

Total interest-earning assets

4,464,436

4,478,811

4,604,734

4,611,814

4,678,319

4,471,584

4,504,954

Goodwill and intangible assets

198,356

199,208

200,060

200,931

201,823

198,780

202,292

Total assets

4,937,707

4,968,542

5,124,702

5,157,588

5,226,074

4,953,039

5,035,495

Deposits - interest-bearing

2,520,270

2,613,004

2,765,941

2,891,652

2,969,113

2,566,381

2,911,412

Short-term borrowings

19,935

32,020

29,130

29,913

136,816

25,944

138,700

Long-term FHLB advances

39,956

39,921

43,634

44,849

46,161

39,938

46,748

Subordinated notes

98,949

98,904

98,860

98,815

98,770

98,926

98,748

Jr. subordinated debentures

22,002

21,955

21,905

21,859

21,814

21,979

21,791

Total interest-bearing liabilities

2,701,112

2,805,804

2,959,470

3,087,088

3,272,674

2,753,168

3,217,399

Total liabilities

4,305,637

4,343,552

4,507,444

4,548,395

4,625,511

4,324,489

4,427,708

Total shareholders' equity

632,070

624,990

617,258

609,193

600,563

628,550

607,787

Income Statement

Net interest income

$

35,239

$

34,781

$

35,037

$

35,032

$

37,385

$

70,020

$

73,718

(Recovery of) provision for credit losses

(6,581

)

(5,246

)

(1,209

)

4,101

3,435

(11,827

)

38,785

Noninterest income

20,966

19,841

22,006

21,099

20,566

40,807

38,866

Noninterest expense

35,467

37,703

38,624

35,197

35,503

73,170

68,906

Income tax expense

5,988

5,082

4,094

3,709

4,010

11,070

1,053

Net income

21,331

17,083

15,534

13,124

15,003

38,414

3,840

Net loss attributable to noncontrolling interest

(11

)

-

(3

)

(40

)

(32

)

(11

)

(32

)

Net income attributable to Bryn Mawr Bank Corporation

21,342

17,083

15,537

13,164

15,035

38,425

3,872

Basic earnings per share

1.07

0.86

0.78

0.66

0.75

1.93

0.19

Diluted earnings per share

1.06

0.85

0.78

0.66

0.75

1.92

0.19

Net income (core) (1)

21,599

18,707

15,518

13,164

15,399

40,306

4,236

Basic earnings per share (core) (1)

1.09

0.94

0.78

0.66

0.77

2.03

0.21

Diluted earnings per share (core) (1)

1.08

0.93

0.77

0.66

0.77

2.01

0.21

Dividends paid or accrued per share

0.27

0.27

0.27

0.27

0.26

0.54

0.52

Profitability Indicators

Return on average assets

1.73

%

1.39

%

1.21

%

1.02

%

1.16

%

1.56

%

0.15

%

Return on average equity

13.54

%

11.09

%

10.01

%

8.60

%

10.07

%

12.33

%

1.28

%

Return on tangible equity(1)

20.31

%

16.87

%

15.44

%

13.47

%

15.86

%

18.62

%

2.63

%

Return on tangible equity (core)(1)

20.55

%

18.42

%

15.42

%

13.47

%

16.23

%

19.50

%

2.81

%

Return on average assets (core)(1)

1.75

%

1.53

%

1.20

%

1.02

%

1.19

%

1.64

%

0.17

%

Return on average equity (core)(1)

13.71

%

12.14

%

10.00

%

8.60

%

10.31

%

12.93

%

1.40

%

Tax-equivalent net interest margin

3.17

%

3.16

%

3.04

%

3.03

%

3.22

%

3.17

%

3.30

%

Efficiency ratio(1)

61.14

%

64.48

%

64.81

%

61.16

%

58.75

%

62.79

%

59.10

%

Share Data

Closing share price

$

42.19

$

45.51

$

30.60

$

24.87

$

27.66

Book value per common share

$

32.40

$

31.34

$

31.18

$

30.70

$

30.29

Tangible book value per common share(1)

$

22.48

$

21.39

$

21.22

$

20.69

$

20.23

Price / book value

130.22

%

145.21

%

98.14

%

81.01

%

91.32

%

Price / tangible book value(1)

187.68

%

212.76

%

144.20

%

120.20

%

136.73

%

Weighted average diluted shares outstanding

20,050,819

20,050,736

20,027,658

20,021,617

20,008,219

20,047,156

20,077,159

Shares outstanding, end of period

19,877,892

19,878,993

19,960,294

19,958,186

19,927,893

Wealth Management Information:

Wealth assets under mgmt, administration, supervision and brokerage (2)

$

20,630,068

$

20,059,371

$

18,976,544

$

17,244,307

$

17,012,903

Fees for wealth management services

$

14,031

$

12,836

$

12,588

$

11,707

$

9,069

Capital Ratios(3)

Bryn Mawr Trust Company ("BMTC")

Tier I capital to risk weighted assets ("RWA")

12.50

%

12.01

%

11.53

%

12.02

%

11.68

%

Total capital to RWA

13.41

%

13.11

%

12.75

%

13.27

%

12.93

%

Tier I leverage ratio

9.96

%

9.47

%

8.79

%

9.16

%

8.75

%

Tangible equity ratio (1)

9.89

%

9.41

%

8.27

%

9.36

%

8.67

%

Common equity Tier I capital to RWA

12.50

%

12.01

%

11.53

%

12.02

%

11.68

%

Bryn Mawr Bank Corporation ("BMBC")

Tier I capital to RWA

12.42

%

12.08

%

11.86

%

11.48

%

11.27

%

Total capital to RWA

15.79

%

15.65

%

15.55

%

15.19

%

15.14

%

Tier I leverage ratio

9.89

%

9.53

%

9.04

%

8.75

%

8.44

%

Tangible equity ratio (1)

9.39

%

9.02

%

8.09

%

8.52

%

7.95

%

Common equity Tier I capital to RWA

11.86

%

11.52

%

11.29

%

10.92

%

10.71

%

Asset Quality Indicators

Net loan and lease charge-offs ("NCO"s)

$

2,391

$

642

$

2,340

$

2,187

$

3,398

$

3,033

$

7,471

Loans and leases risk-rated Special Mention

$

83,009

$

74,595

$

68,892

$

48,267

$

55,171

Total classified loans and leases

90,153

129,120

153,011

175,501

154,687

Total criticized loans and leases

$

173,162

$

203,715

$

221,903

$

223,768

$

209,858

Nonperforming loans and leases ("NPL"s)

$

10,665

$

5,197

$

5,306

$

8,597

$

8,418

Other real estate owned ("OREO")

-

-

-

-

-

Total nonperforming assets ("NPA"s)

$

10,665

$

5,197

$

5,306

$

8,597

$

8,418

Nonperforming loans and leases 30 or more days past due

$

3,041

$

1,903

$

2,001

$

4,153

$

3,223

Performing loans and leases 30 to 89 days past due

3,168

5,396

10,847

9,351

10,022

Performing loans and leases 90 or more days past due

-

-

-

-

-

Total delinquent loans and leases

$

6,209

$

7,299

$

12,848

$

13,504

$

13,245

Delinquent loans and leases to total loans and leases

0.17

%

0.20

%

0.35

%

0.37

%

0.36

%

Delinquent performing loans and leases to total loans and leases

0.09

%

0.15

%

0.30

%

0.25

%

0.27

%

NCOs / average loans and leases (annualized)

0.27

%

0.07

%

0.25

%

0.24

%

0.35

%

0.17

%

0.39

%

NPLs / total portfolio loans and leases

0.29

%

0.14

%

0.15

%

0.23

%

0.23

%

NPAs / total loans and leases and OREO

0.29

%

0.14

%

0.15

%

0.23

%

0.23

%

NPAs / total assets

0.22

%

0.11

%

0.10

%

0.17

%

0.16

%

ACL on loans and leases / NPLs

367.21

%

915.18

%

1012.23

%

656.37

%

653.05

%

ACL / classified loans and leases

43.44

%

36.84

%

35.10

%

32.15

%

35.54

%

ACL / criticized loans and leases

22.62

%

23.35

%

24.20

%

25.22

%

26.20

%

ACL on loans and leases / portfolio loans

1.08

%

1.31

%

1.48

%

1.53

%

1.48

%

ACL on loans and leases for originated loans and leases / Originated loans and leases (1)

1.10

%

1.33

%

1.50

%

1.56

%

1.51

%

(Total ACL on loans and leases + Loan mark) / Total Gross portfolio loans and leases (1)

1.21

%

1.46

%

1.65

%

1.73

%

1.69

%

Troubled debt restructurings ("TDR"s) included in NPLs

$

893

$

1,480

$

1,737

$

1,393

$

1,792

TDRs in compliance with modified terms

5,629

6,967

7,046

8,590

10,013

Total TDRs

$

6,522

$

8,447

$

8,783

$

9,983

$

11,805

(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. Beginning with the March 31, 2020 call report, the capital ratios reflect the Corporation’s election of a five-year transition provision to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period.


Bryn Mawr Bank Corporation

Detailed Balance Sheets (unaudited)

(dollars in thousands)

June 30,
2021

March 31,
2021

December 31,
2020

September 30,
2020

June 30,
2020

Assets

Cash and due from banks

$

10,829

$

10,311

$

11,287

$

15,670

$

16,408

Interest-bearing deposits with banks

103,070

37,089

85,026

241,763

448,113

Cash and cash equivalents

113,899

47,400

96,313

257,433

464,521

Investment securities, available for sale

728,738

738,974

1,174,964

564,774

530,581

Investment securities, held to maturity

12,532

14,126

14,759

11,725

12,592

Investment securities, trading

8,266

8,777

8,623

8,030

7,801

Loans held for sale

653

3,210

6,000

4,574

4,116

Portfolio loans and leases, originated

3,414,256

3,405,128

3,380,727

3,396,068

3,422,890

Portfolio loans and leases, acquired

203,155

228,107

247,684

280,616

299,275

Total portfolio loans and leases

3,617,411

3,633,235

3,628,411

3,676,684

3,722,165

Less: Allowance for credit losses on originated loan and leases

(37,590

)

(45,285

)

(50,783

)

(52,968

)

(51,659

)

Less: Allowance for credit losses on acquired loan and leases

(1,573

)

(2,277

)

(2,926

)

(3,460

)

(3,315

)

Total allowance for credit losses on loans and leases

(39,163

)

(47,562

)

(53,709

)

(56,428

)

(54,974

)

Net portfolio loans and leases

3,578,248

3,585,673

3,574,702

3,620,256

3,667,191

Premises and equipment

54,178

55,510

56,662

60,369

61,778

Operating lease right-of-use assets

33,759

33,848

34,601

38,536

39,348

Accrued interest receivable

13,519

15,058

15,440

16,609

15,577

Mortgage servicing rights

2,173

2,493

2,626

2,881

3,440

Bank owned life insurance

60,993

60,721

60,393

60,072

59,728

Federal Home Loan Bank ("FHLB") stock

4,332

5,986

12,666

4,506

4,506

Goodwill

184,012

184,012

184,012

184,012

184,012

Intangible assets

13,891

14,726

15,564

16,433

17,303

Other investments

18,206

17,811

17,742

17,129

17,055

Other assets

131,301

126,183

156,955

179,600

181,762

Total assets

$

4,958,700

$

4,914,508

$

5,432,022

$

5,046,939

$

5,271,311

Liabilities

Deposits

Noninterest-bearing

$

1,468,643

$

1,364,716

$

1,401,843

$

1,230,391

$

1,217,496

Interest-bearing

2,491,102

2,537,534

2,974,411

2,783,188

3,026,152

Total deposits

3,959,745

3,902,250

4,376,254

4,013,579

4,243,648

Short-term borrowings

21,553

60,027

72,161

23,456

28,891

Long-term FHLB advances

39,976

39,941

39,906

44,872

44,837

Subordinated notes

98,973

98,928

98,883

98,839

98,794

Jr. subordinated debentures

22,030

21,983

21,935

21,889

21,843

Operating lease liabilities

39,400

39,543

40,284

42,895

43,693

Accrued interest payable

5,393

6,358

6,277

7,984

7,907

Other liabilities

127,618

122,382

154,000

180,808

178,024

Total liabilities

4,314,688

4,291,412

4,809,700

4,434,322

4,667,637

Shareholders' equity

Common stock

24,715

24,715

24,714

24,710

24,662

Paid-in capital in excess of par value

382,655

382,202

381,653

380,770

380,167

Less: common stock held in treasury, at cost

(91,825

)

(91,774

)

(89,164

)

(89,100

)

(88,612

)

Accumulated other comprehensive income, net of tax

4,798

154

8,948

10,139

9,019

Retained earnings

324,450

308,569

296,941

286,865

279,165

Total Bryn Mawr Bank Corporation shareholders' equity

644,793

623,866

623,092

613,384

604,401

Noncontrolling interest

(781

)

(770

)

(770

)

(767

)

(727

)

Total shareholders' equity

644,012

623,096

622,322

612,617

603,674

Total liabilities and shareholders' equity

$

4,958,700

$

4,914,508

$

5,432,022

$

5,046,939

$

5,271,311


Bryn Mawr Bank Corporation

Supplemental Balance Sheet Information (unaudited)

(dollars in thousands)

Portfolio Loans and Leases as of

June 30,
2021

March 31,
2021

December 31,
2020

September 30,
2020

June 30,
2020

Commercial real estate - nonowner-occupied

$

1,419,626

$

1,408,240

$

1,435,575

$

1,382,757

$

1,375,904

Commercial real estate - owner-occupied

553,464

578,747

578,509

568,219

542,688

Home equity lines of credit

151,692

157,418

169,337

179,125

194,767

Residential mortgage - 1st liens

579,657

602,584

621,369

660,923

695,270

Residential mortgage - junior liens

25,534

27,400

23,795

26,150

33,644

Construction

204,358

187,472

161,308

186,415

212,374

Total real estate loans

2,934,331

2,961,861

2,989,893

3,003,589

3,054,647

Commercial & Industrial

498,097

486,824

446,438

465,315

457,529

Consumer

44,814

39,226

39,683

47,043

43,762

Leases

140,169

145,324

152,397

160,737

166,227

Total non-real estate loans and leases

683,080

671,374

638,518

673,095

667,518

Total portfolio loans and leases

$

3,617,411

$

3,633,235

$

3,628,411

$

3,676,684

$

3,722,165

Nonperforming Loans and Leases as of

June 30,
2021

March 31,
2021

December 31,
2020

September 30,
2020

June 30,
2020

Commercial real estate - nonowner-occupied

$

396

$

56

$

57

$

849

$

245

Commercial real estate - owner-occupied

1,057

1,355

1,659

3,597

4,046

Home equity lines of credit

945

532

729

890

915

Residential mortgage - 1st liens

4,072

645

99

862

912

Residential mortgage - junior liens

181

184

85

50

72

Construction

216

-

-

-

-

Total nonperforming real estate loans

6,867

2,772

2,629

6,248

6,190

Commercial & Industrial

3,049

1,490

1,775

1,784

1,973

Consumer

24

40

30

31

36

Leases

725

895

872

534

219

Total nonperforming non-real estate loans and leases

3,798

2,425

2,677

2,349

2,228

Total nonperforming portfolio loans and leases

$

10,665

$

5,197

$

5,306

$

8,597

$

8,418

Net Loan and Lease Charge-Offs (Recoveries) for the Three Months Ended

June 30,
2021

March 31,
2021

December 31,
2020

September 30,
2020

June 30,
2020

Commercial real estate - nonowner-occupied

$

-

$

-

$

240

$

(2

)

$

(4

)

Commercial real estate - owner-occupied

(470

)

189

382

494

1,234

Home equity lines of credit

46

-

-

-

(4

)

Residential mortgage - 1st liens

23

1

-

(13

)

420

Residential mortgage - junior liens

-

-

-

-

-

Construction

115

(1

)

(1

)

(1

)

(1

)

Total net charge-offs of real estate loans

(286

)

189

621

478

1,645

Commercial & Industrial

2,323

(54

)

897

1,522

499

Consumer

145

107

409

134

238

Leases

209

400

413

53

1,016

Total net charge-offs of non-real estate loans and leases

2,677

453

1,719

1,709

1,753

Total net charge-offs

$

2,391

$

642

$

2,340

$

2,187

$

3,398


Bryn Mawr Bank Corporation

Supplemental Balance Sheet Information (unaudited)

(dollars in thousands)

Investment Securities Available for Sale, at Fair Value

June 30,
2021

March 31,
2021

December 31,
2020

September 30,
2020

June 30,
2020

U.S. Treasury securities

$

100

$

100

$

500,100

$

100

$

100

Obligations of the U.S. Government and agencies

116,701

110,413

93,098

90,928

114,149

State & political subdivisions - tax-free

2,168

2,168

2,171

3,178

4,583

Mortgage-backed securities

482,585

497,328

453,857

431,822

377,204

Collateralized mortgage obligations

15,145

17,073

19,263

22,253

25,873

Collateralized loan obligations

99,635

99,666

94,404

6,500

-

Corporate bonds

11,754

11,576

11,421

9,343

8,022

Other debt securities

650

650

650

650

650

Total investment securities available for sale, at fair value

$

728,738

$

738,974

$

1,174,964

$

564,774

$

530,581

Unrealized Gain (Loss) on Investment Securities Available for Sale

June 30,
2021

March 31,
2021

December 31,
2020

September 30,
2020

June 30,
2020

U.S. Treasury securities

$

-

$

-

$

5

$

-

$

-

Obligations of the U.S. Government and agencies

(842

)

(2,597

)

649

995

1,103

State & political subdivisions - tax-free

12

16

22

27

30

Mortgage-backed securities

8,432

8,957

12,282

12,901

11,683

Collateralized mortgage obligations

458

522

583

662

702

Collateralized loan obligations

120

151

(96

)

-

-

Corporate bonds

754

576

421

343

22

Total unrealized gains on investment securities available for sale

$

8,934

$

7,625

$

13,866

$

14,928

$

13,540

Deposits

June 30,
2021

March 31,
2021

December 31,
2020

September 30,
2020

June 30,
2020

Interest-bearing deposits:

Interest-bearing demand

$

668,664

$

671,854

$

885,802

$

815,561

$

910,441

Money market

1,183,252

1,201,115

1,163,620

1,199,429

1,239,523

Savings

289,108

286,124

282,406

245,167

249,636

Retail time deposits

270,926

301,702

331,527

366,245

400,186

Wholesale non-maturity deposits

73,011

70,605

275,011

77,356

146,463

Wholesale time deposits

6,141

6,134

36,045

79,430

79,903

Total interest-bearing deposits

2,491,102

2,537,534

2,974,411

2,783,188

3,026,152

Noninterest-bearing deposits

1,468,643

1,364,716

1,401,843

1,230,391

1,217,496

Total deposits

$

3,959,745

$

3,902,250

$

4,376,254

$

4,013,579

$

4,243,648



Bryn Mawr Bank Corporation

Detailed Income Statements (unaudited)

(dollars in thousands, except per share data)

For the Three Months Ended

For the Six Months Ended

June 30,
2021

March 31,
2021

December 31,
2020

September 30,
2020

June 30,
2020

June 30,
2021

June 30,
2020

Interest income:

Interest and fees on loans and leases

$

34,638

$

34,578

$

35,632

$

36,799

$

40,690

$

69,216

$

83,485

Interest on cash and cash equivalents

16

22

62

85

37

38

148

Interest on investment securities

2,996

3,050

2,717

2,658

2,894

6,046

6,095

Total interest income

37,650

37,650

38,411

39,542

43,621

75,300

89,728

Interest expense:

Interest on deposits

958

1,424

1,891

2,967

4,476

2,382

12,113

Interest on short-term borrowings

5

10

9

8

232

15

685

Interest on FHLB advances

205

203

226

234

155

408

399

Interest on jr. subordinated debentures

199

198

205

207

229

397

524

Interest on subordinated notes

1,044

1,034

1,043

1,094

1,144

2,078

2,289

Total interest expense

2,411

2,869

3,374

4,510

6,236

5,280

16,010

Net interest income

35,239

34,781

35,037

35,032

37,385

70,020

73,718

(Recovery of) provision for credit losses ("PCL")

(6,581

)

(5,246

)

(1,209

)

4,101

3,435

(11,827

)

38,785

Net interest income after PCL

41,820

40,027

36,246

30,931

33,950

81,847

34,933

Noninterest income:

Fees for wealth management services

14,031

12,836

12,588

11,707

9,069

26,867

20,237

Insurance commissions

1,249

1,464

1,393

1,682

1,303

2,713

2,836

Capital markets revenue

1,290

1,596

841

3,314

2,975

2,886

5,336

Service charges on deposits

733

696

756

663

603

1,429

1,449

Loan servicing and other fees

397

304

360

373

452

701

913

Net gain on sale of loans

525

250

842

1,021

3,134

775

3,916

Net gain on sale of long-lived assets

-

6

2,297

-

-

6

-

Net gain (loss) on sale of other real estate owned

-

-

-

-

-

-

148

Dividends on FHLB and FRB stocks

239

222

337

127

243

461

687

Other operating income

2,502

2,467

2,592

2,212

2,787

4,969

3,344

Total noninterest income

20,966

19,841

22,006

21,099

20,566

40,807

38,866

Noninterest expense:

Salaries and wages

16,700

16,830

17,730

17,201

16,926

33,530

33,915

Employee benefits

3,224

3,687

2,858

3,026

3,221

6,911

6,721

Occupancy and bank premises

2,629

2,892

3,624

3,055

3,033

5,521

6,048

Furniture, fixtures and equipment

2,188

2,242

2,400

2,481

2,120

4,430

4,551

Impairment of long-lived assets

-

-

1,605

-

-

-

-

Advertising

413

176

554

458

196

589

597

Amortization of intangible assets

835

838

869

870

910

1,673

1,828

Due diligence, merger-related and merger integration expenses

266

1,646

-

-

-

1,912

-

Professional fees

1,629

1,433

1,767

1,718

1,575

3,062

2,943

Pennsylvania bank shares tax

718

749

(339

)

115

116

1,467

232

Data processing

1,444

1,404

1,501

1,403

1,479

2,848

2,873

Other operating expenses

5,421

5,806

6,055

4,870

5,927

11,227

9,198

Total noninterest expense

35,467

37,703

38,624

35,197

35,503

73,170

68,906

Income before income taxes

27,319

22,165

19,628

16,833

19,013

49,484

4,893

Income tax expense

5,988

5,082

4,094

3,709

4,010

11,070

1,053

Net income

$

21,331

$

17,083

$

15,534

$

13,124

$

15,003

$

38,414

$

3,840

Net (loss) attributable to noncontrolling interest

(11

)

-

(3

)

(40

)

(32

)

(11

)

(32

)

Net income attributable to Bryn Mawr Bank Corporation

$

21,342

$

17,083

$

15,537

$

13,164

$

15,035

$

38,425

$

3,872

Per share data:

Weighted average shares outstanding

19,878,981

19,907,873

19,958,567

19,945,634

19,926,737

19,893,347

19,989,948

Dilutive common shares

171,838

142,863

69,091

75,983

81,482

153,809

87,211

Weighted average diluted shares

20,050,819

20,050,736

20,027,658

20,021,617

20,008,219

20,047,156

20,077,159

Basic earnings per common share

$

1.07

$

0.86

$

0.78

$

0.66

$

0.75

$

1.93

$

0.19

Diluted earnings per common share

$

1.06

$

0.85

$

0.78

$

0.66

$

0.75

$

1.92

$

0.19

Dividends paid or accrued per common share

$

0.27

$

0.27

$

0.27

$

0.27

$

0.26

$

0.54

$

0.52

Effective tax rate

21.92

%

22.93

%

20.86

%

22.03

%

21.09

%

22.37

%

21.52

%




Bryn Mawr Bank Corporation

Tax-Equivalent Net Interest Margin (unaudited)

(dollars in thousands)

For the Three Months Ended

For the Six Months Ended

June 30, 2021

March 31, 2021

December 31, 2020

September 30, 2020

June 30, 2020

June 30, 2021

June 30, 2020

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

$86,383

$16

0.07%

$110,972

$22

0.08%

$245,904

$62

0.10%

$336,225

$85

0.10%

$195,966

$37

0.08%

$98,610

$38

0.08%

$123,148

$148

0.24%

Investment securities - available for sale:

Taxable

742,212

2,915

1.58%

735,508

2,947

1.62%

675,642

2,561

1.51%

550,199

2,562

1.85%

516,823

2,775

2.16%

738,879

5,861

1.60%

516,534

5,840

2.27%

Tax-exempt

2,168

14

2.59%

2,170

14

2.62%

2,490

16

2.56%

3,690

23

2.48%

4,572

26

2.29%

2,169

28

2.60%

4,740

54

2.29%

Total investment securities - available for sale

744,380

2,929

1.58%

737,678

2,961

1.63%

678,132

2,577

1.51%

553,889

2,585

1.86%

521,395

2,801

2.16%

741,048

5,889

1.60%

521,274

5,894

2.27%

Investment securities - held to maturity

13,414

49

1.47%

14,329

73

2.07%

15,093

57

1.50%

12,248

57

1.85%

13,126

73

2.24%

13,869

123

1.79%

13,160

160

2.44%

Investment securities - trading

8,780

21

0.96%

8,618

19

0.89%

8,033

86

4.26%

7,957

21

1.05%

7,800

24

1.24%

8,699

40

0.93%

8,164

49

1.21%

Loans and leases *

3,611,479

34,730

3.86%

3,607,214

34,674

3.90%

3,657,572

35,734

3.89%

3,701,495

36,901

3.97%

3,940,032

40,779

4.16%

3,609,358

69,404

3.88%

3,839,208

83,677

4.38%

Total interest-earning assets

4,464,436

37,745

3.39%

4,478,811

37,749

3.42%

4,604,734

38,516

3.33%

4,611,814

39,649

3.42%

4,678,319

43,714

3.76%

4,471,584

75,494

3.40%

4,504,954

89,928

4.01%

Cash and due from banks

9,741

10,824

13,192

16,557

16,263

10,279

14,371

Less: allowance for credit losses on loans and leases

(47,192)

(53,582)

(55,634)

(55,285)

(54,113)

(50,369)

(39,950)

Other assets

510,722

532,489

562,410

584,502

585,605

521,545

556,120

Total assets

$4,937,707

$4,968,542

$5,124,702

$5,157,588

$5,226,074

$4,953,039

$5,035,495

Liabilities:

Interest-bearing deposits:

Savings, NOW and market rate deposits

$2,154,206

$274

0.05%

$2,178,730

$374

0.07%

$2,285,807

$495

0.09%

$2,282,591

$1,042

0.18%

$2,313,150

$2,341

0.41%

$2,166,401

$648

0.06%

$2,255,215

$7,322

0.65%

Wholesale deposits

78,936

76

0.39%

117,710

257

0.89%

130,660

293

0.89%

223,527

465

0.83%

245,052

486

0.80%

98,215

333

0.68%

249,186

1,463

1.18%

Retail time deposits

287,128

608

0.85%

316,564

793

1.02%

349,474

1,103

1.26%

385,534

1,460

1.51%

410,911

1,649

1.61%

301,765

1,401

0.94%

407,011

3,328

1.64%

Total interest-bearing deposits

2,520,270

958

0.15%

2,613,004

1,424

0.22%

2,765,941

1,891

0.27%

2,891,652

2,967

0.41%

2,969,113

4,476

0.61%

2,566,381

2,382

0.19%

2,911,412

12,113

0.84%

Borrowings:

Short-term borrowings

19,935

5

0.10%

32,020

10

0.13%

29,130

9

0.12%

29,913

8

0.11%

136,816

232

0.68%

25,944

15

0.12%

138,700

685

0.99%

Long-term FHLB advances

39,956

205

2.06%

39,921

203

2.06%

43,634

226

2.06%

44,849

234

2.08%

46,161

155

1.35%

39,938

408

2.06%

46,748

399

1.72%

Subordinated notes

98,949

1,044

4.23%

98,904

1,034

4.24%

98,860

1,043

4.20%

98,815

1,094

4.40%

98,770

1,144

4.66%

98,926

2,078

4.24%

98,748

2,289

4.66%

Jr. subordinated debt

22,002

199

3.63%

21,955

198

3.66%

21,905

205

3.72%

21,859

207

3.77%

21,814

229

4.22%

21,979

397

3.64%

21,791

524

4.84%

Total borrowings

180,842

1,453

3.22%

192,800

1,445

3.04%

193,529

1,483

3.05%

195,436

1,543

3.14%

303,561

1,760

2.33%

186,787

2,898

3.13%

305,987

3,897

2.56%

Total interest-bearing liabilities

2,701,112

2,411

0.36%

2,805,804

2,869

0.41%

2,959,470

3,374

0.45%

3,087,088

4,510

0.58%

3,272,674

6,236

0.77%

2,753,168

5,280

0.39%

3,217,399

16,010

1.00%

Noninterest-bearing deposits

1,437,442

1,345,253

1,267,795

1,220,570

1,126,139

1,391,602

1,010,202

Other liabilities

167,083

192,495

280,179

240,737

226,698

179,719

200,107

Total noninterest-bearing liabilities

1,604,525

1,537,748

1,547,974

1,461,307

1,352,837

1,571,321

1,210,309

Total liabilities

4,305,637

4,343,552

4,507,444

4,548,395

4,625,511

4,324,489

4,427,708

Shareholders' equity

632,070

624,990

617,258

609,193

600,563

628,550

607,787

Total liabilities and shareholders' equity

$4,937,707

$4,968,542

$5,124,702

$5,157,588

$5,226,074

$4,953,039

$5,035,495

Net interest spread

3.03%

3.01%

2.88%

2.84%

2.99%

3.01%

3.01%

Effect of noninterest-bearing sources

0.14%

0.15%

0.16%

0.19%

0.23%

0.16%

0.29%

Tax-equivalent net interest margin

$35,334

3.17%

$34,880

3.16%

$35,142

3.04%

$35,139

3.03%

$37,478

3.22%

$70,214

3.17%

$73,918

3.30%

Tax-equivalent adjustment

$95

0.01%

$99

0.01%