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Bryn Mawr Bank Corporation Reports Fourth Quarter Net Income of $16.4 Million, Organic Loan Growth of 7.6% over 2018, Wealth Assets Under Management of $16.6 Billion, Declares $0.26 Dividend

BRYN MAWR, Pa., Jan. 16, 2020 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported net income of $16.4 million, or $0.81 diluted earnings per share for the three months ended December 31, 2019, as compared to net income of $16.4 million, or $0.81 diluted earnings per share, for the three months ended September 30, 2019, and $17.1 million, or $0.84 diluted earnings per share, for the three months ended December 31, 2018.

As detailed in the appendix to this earnings release, management calculates core net income, a non-GAAP measure, which excludes income tax charges incurred in connection with the Tax Cuts and Jobs Act, due diligence and merger-related expenses, one-time costs associated with our voluntary Years of Service Incentive Program, and other non-core income and expense items. There were no meaningful non-core income or expense items for the three months ended December 31, 2019, September 30, 2019, or December 31, 2018. A reconciliation of core net income and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

“We are excited to report a strong conclusion to 2019,” commented Frank Leto, President and Chief Executive Officer. “We believe loan growth of 4.2% over the prior quarter and 7.6% over the prior year, along with strong fee income from both wealth and capital markets are evidence of the continued success of our One BMT market strategy” Mr. Leto continued, “As we look to 2020 and what is shaping up to be a very challenging operating environment, our entire organization is focused on realizing the value of the investments in talent and technology we have made over the last few years to remain a market leader while controlling future increases in expenses until such time as the environment improves,” Mr. Leto concluded.

On January 16, 2020, the Board of Directors of the Corporation declared a quarterly dividend of $0.26 per share, payable March 1, 2020 to shareholders of record as of January 31, 2020.

SIGNIFICANT ITEMS OF NOTE

Results of Operations – Fourth Quarter 2019 Compared to Third Quarter 2019

  • Net income for the three months ended December 31, 2019 was $16.4 million, relatively unchanged as compared to net income of $16.4 million for the three months ended September 30, 2019. Net interest income for the three months ended December 31, 2019 was $36.0 million, a decrease of $1.4 million over the linked quarter. The provision for loan and lease losses (the “Provision”) for the three months ended December 31, 2019 increased $1.3 million as compared to the third quarter of 2019. Total noninterest income increased $3.8 million, total noninterest expense increased $1.3 million, and income tax expense decreased $200 thousand for the three months ended December 31, 2019, as compared to the three months ended September 30, 2019.

  • Net interest income for the three months ended December 31, 2019 was $36.0 million, a decrease of $1.4 million over the linked quarter. Tax-equivalent net interest income for the three months ended December 31, 2019 was $36.1 million, a decrease of $1.4 million over the linked quarter. Tax-equivalent net interest income for the fourth quarter of 2019 was positively impacted by the accretion of purchase accounting fair value marks of $1.1 million as compared to $1.6 million for the linked quarter. Excluding the effects of these purchase accounting fair value marks, the adjusted tax-equivalent net interest income for the three months ended December 31, 2019 was $35.0 million, a decrease of $931 thousand over the linked quarter. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release. Items contributing to the decrease in tax-equivalent net interest income adjusted for purchase accounting included decreases of $1.8 million and $434 thousand in tax-equivalent interest and fees earned on loans and leases and tax-equivalent interest income on available for sale investment securities, respectively, partially offset by decreases of $853 thousand and $382 thousand in interest paid on deposits and interest expense on short-term borrowings, respectively, for the three months ended December 31, 2019 as compared to the linked quarter ended September 30, 2019.

    Tax-equivalent interest and fees earned on loans and leases for the three months ended December 31, 2019 decreased $2.3 million as compared to the linked quarter. The decrease was primarily due to a 35 basis point decrease in tax-equivalent yield on average loans and leases for the three months ended December 31, 2019 as compared to the linked quarter. The decrease in tax-equivalent yield was primarily due to the decreases in prime loan rates observed during the second half of the year driven by the current interest rate environment, which affected new originations and refinancing, as well as existing adjustable rate loans. The effect of the decrease in tax-equivalent yield was partially offset by an increase of $65.7 million in average loans and leases for the three months ended December 31, 2019 as compared to the linked quarter.

    Tax-equivalent interest income on available for sale investment securities for the three months ended December 31, 2019 decreased $434 thousand as compared to the linked quarter. Average available for sale investment securities decreased $29.4 million over the linked quarter and experienced an 18 basis point decrease in tax-equivalent yield.

    Interest expense on deposits for the three months ended December 31, 2019 decreased $836 thousand over the linked quarter. The decrease was primarily due to a 13 basis point decrease in tax-equivalent yield on average interest-bearing deposits for the three months ended December 31, 2019 as compared to the linked quarter. The effect of the decrease in tax-equivalent yield was partially offset by an increase of $22.8 million in average interest-bearing deposits for the three months ended December 31, 2019 as compared to the linked quarter.

    Interest expense on short-term borrowings for the three months ended December 31, 2019 decreased $382 thousand over the linked quarter. Average short-term borrowings decreased $48.3 million coupled with a 38 basis point decrease in the rate paid as compared to the linked quarter.

  • The tax-equivalent net interest margin was 3.36% for the three months ended December 31, 2019 as compared to 3.54% for the linked quarter. Adjusting for the impact of the accretion of purchase accounting fair value marks, the adjusted tax-equivalent net interest margin was 3.26% for the three months ended December 31, 2019 as compared to 3.39% for the linked quarter. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.
  • Noninterest income of $23.3 million for the three months ended December 31, 2019 represented a $3.8 million increase over the linked quarter. The increase was primarily due to increases of $3.3 million and $846 thousand in capital markets revenue and fees for wealth management services, respectively. Partially offsetting these increases were decreases of $176 thousand and $121 thousand in insurance commissions and other operating income, respectively. The increase in capital markets revenue was primarily due to increased volume and size of interest rate swap transactions with commercial loan customers for the three months ended December 31, 2019 as compared to the linked quarter.

  • Noninterest expense of $36.4 million for the three months ended December 31, 2019 represented a $1.3 million increase over the linked quarter. Contributing to the increase were increases of $902 thousand, $710 thousand, $273 thousand, $198 thousand, and $140 thousand in salaries and wages, professional fees, other operating expense, occupancy and bank premises expense, and data processing expense, respectively. Partially offsetting these increases were decreases of $603 thousand and $472 thousand in employee benefits and Pennsylvania bank shares tax expense, respectively.

  • The Provision increased $1.3 million for the three months ended December 31, 2019 to $2.2 million, as compared to $919 thousand for the third quarter of 2019. Net loan and lease charge-offs for the fourth quarter of 2019 totaled $400 thousand as compared to $1.3 million for the third quarter of 2019. The decrease in net charge-offs was largely the result of a $1.1 million recovery, during the fourth quarter of 2019, on a commercial mortgage loan which had been partially charged off in the first quarter of 2019. The effect of the $924 thousand decrease in net charge-offs on a linked quarter basis was partially offset by the increase in Provision recorded for originated loan growth during the fourth quarter of 2019. Originated loans and leases increased by $183.0 million, or 5.8%, during the fourth quarter of 2019, as compared to an increase of $48.9 million, or 1.6%, during the third quarter of 2019.

  • The effective tax rate for the fourth quarter of 2019 decreased to 20.41% as compared to 21.20% for the third quarter of 2019.

Results of Operations – Fourth Quarter 2019 Compared to Fourth Quarter 2018

  • Net income for the three months ended December 31, 2019 was $16.4 million, or $0.81 diluted earnings per share, as compared to net income of $17.1 million, or diluted earnings per share of $0.84 for the same period in 2018. Net interest income for the three months ended December 31, 2019 was $36.0 million, a decrease of $2.0 million as compared to the same period in 2018. The Provision for the three months ended December 31, 2019 decreased $137 thousand as compared to the same period in 2018. Total noninterest income increased $5.2 million, total noninterest expense increased $1.6 million, and income tax expense increased $2.5 million for the three months ended December 31, 2019 as compared to the same period in 2018.
     
  • Net interest income for the three months ended December 31, 2019 was $36.0 million, a decrease of $2.0 million as compared to the same period in 2018. Tax-equivalent net interest income for the three months ended December 31, 2019 was $36.1 million, a decrease of $2.0 million as compared to the same period in 2018. Tax-equivalent net interest income for the fourth quarter of 2019 was positively impacted by the accretion of purchase accounting fair value marks of $1.1 million as compared to $2.7 million for the same period in 2018. Excluding the effects of these purchase accounting fair value marks, the adjusted tax-equivalent net interest income for the three months ended December 31, 2019 was $35.0 million, a decrease of $406 thousand as compared to the same period in 2018. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release. The decrease in adjustment for purchase accounting was primarily due to an increase of $1.5 million in interest paid on deposits for the three months ended December 31, 2019 as compared to the same period in 2018, partially offset by increases of $517 thousand and $222 thousand in tax-equivalent interest and fees earned on loans and leases and tax-equivalent interest earned on available for sale investment securities, respectively, for the three months ended December 31, 2019 as compared to the same period in 2018.

    Tax-equivalent interest and fees earned on loans and leases for the three months ended December 31, 2019 decreased $948 thousand as compared to the same period in 2018. The decrease was primarily due to a 39 basis point decrease in tax-equivalent yield on average loans and leases for the three months ended December 31, 2019 as compared to the same period in 2018. The decrease in tax-equivalent yield was primarily due to the decreases in prime loan rates observed during the second half of the year, driven by the current interest rate environment, which affected yields on new originations and refinancing, as well as existing adjustable rate loans. The effect of the decrease in tax-equivalent yield was partially offset by an increase of $199.1 million in average loans and leases for the three months ended December 31, 2019 as compared to same period in 2018.

    Tax-equivalent interest income on available for sale investment securities for the three months ended December 31, 2019 increased $222 thousand as compared to the same period in 2018. Average available for sale investment securities increased by $34.9 million and experienced a one basis point tax-equivalent yield increase, in each case as compared to the same period in 2018.

    Interest expense on short-term borrowings and long-term FHLB advances for the three months ended December 31, 2019 decreased $126 thousand and $52 thousand, respectively, as compared to the same period in 2018. Average short-term borrowings decreased $6.8 million coupled with a 29 basis point decrease in the rate paid for the three months ended December 31, 2019 as compared to the same period in 2018. Average long-term FHLB advances decreased $13.9 million, offset by a 12 basis point increase in the rate paid for the three months ended December 31, 2019 as compared to the same period in 2018.

    Interest expense on deposits for the three months ended December 31, 2019 increased $1.6 million as compared to the same period in 2018. The increase was primarily due to a 16 basis point increase in the rate paid on deposits coupled with a $196.6 million increase in average interest-bearing deposits for the three months ended December 31, 2019 as compared to the same period in 2018.

  • The tax-equivalent net interest margin was 3.36% for the three months ended December 31, 2019 as compared to 3.79% for the same period in 2018. Adjusting for the impacts of the accretion of purchase accounting fair value marks, the adjusted tax-equivalent net interest margin was 3.26% and 3.52% for three months ended December 31, 2019 and 2018, respectively. The main drivers for the decrease in the adjusted tax-equivalent net interest margin were the rate and volume changes of interest-bearing assets and liabilities as discussed in the above bullet points. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

  • Noninterest income of $23.3 million for the three months ended December 31, 2019 represented a $5.2 million increase over the same period in 2018. The increase was primarily due to increases of $4.1 million, $1.1 million, $655 thousand, and $207 thousand in capital markets revenue, other operating income, fees for wealth management services, and insurance commissions, respectively, partially offset by a decrease of $1.0 million in net gain on sale of loans. The increase in capital markets revenue was primarily due to increased volume and size of interest rate swap transactions with commercial loan customers for the three months ended December 31, 2019 as compared to the same period in 2018.

  • Noninterest expense of $36.4 million for the three months ended December 31, 2019 represented a $1.6 million increase over the same period in 2018. Contributing to the increase were increases of $1.0 million, $746 thousand, $228 thousand, and $177 thousand in other operating expense, salaries and wages, professional fees, and data processing expense, respectively. Partially offsetting these increases were decreases of $332 thousand and $292 thousand in Pennsylvania bank shares tax expense and employee benefits, respectively.

  • The Provision decreased by $137 thousand for the three months ended December 31, 2019 to $2.2 million, as compared to $2.4 million for the same period in 2018. The decrease in Provision was related to the reduced level of net loan and lease charge-offs during the fourth quarter of 2019, which totaled $400 thousand, as compared to $1.6 million for the same period in 2018. The decrease in net charge-offs on a year-over-year basis was largely the result of a $1.1 million recovery, during the fourth quarter of 2019, on a commercial mortgage loan which had been partially charged off in the first quarter of 2019. The effect of the decreased level of net charge-offs was partially offset by the increase in Provision recorded for originated loan growth during the fourth quarter of 2019. Originated loans and leases increased by $183.0 million, or 5.8%, during the fourth quarter of 2019, as compared to an increase of $133.1 million, or 4.8%, during the same period in 2018.

  • The effective tax rate for the fourth quarter of 2019 increased as compared to the fourth quarter of 2018. The increase in the effective tax rate was primarily due to a $2.6 million tax benefit recorded in the fourth quarter of 2018 for certain discrete items included on our 2017 tax return which was filed during the fourth quarter of 2018. The effective tax rate for the years ended December 31, 2019 and December 31, 2018, excluding discrete income tax benefits, was 21.06% and 21.66%, respectively.

Financial Condition – December 31, 2019 Compared to December 31, 2018

  • Total assets as of December 31, 2019 were $5.26 billion, an increase of $610.8 million from December 31, 2018. The increase is primarily due to the increases in portfolio loans and leases and available for sale investment securities discussed in the bullet points below, as well as $41.0 million of operating lease right-of-use assets as of December 31, 2019 included on the balance sheet as a result of a required accounting pronouncement adopted in the first quarter of 2019.
     
  • Available for sale investment securities as of December 31, 2019 totaled $1.01 billion, an increase of $268.5 million from December 31, 2018. The increase was primarily due to the purchase of $500.0 million of short-term U.S. Treasury securities included on the balance sheet as of December 31, 2019, an increase of $300.0 million as compared to $200.0 million as of December 31, 2018. This increase in U.S. Treasury securities coupled with a $76.1 million increase in mortgage-backed securities, respectively, were partially offset by decreases of $93.8 million, $7.4 million, and $6.0 million in U.S. government and agency securities, collateralized mortgage obligations, and state & political subdivision securities, respectively.
     
  • Total portfolio loans and leases of $3.69 billion as of December 31, 2019 increased by $262.2 million from December 31, 2018, an increase of 7.6%. Increases of $256.0 million, $20.5 million, $13.7 million, and $10.3 million in commercial mortgages, leases, commercial and industrial loans, and consumer loans, respectively, were offset by decreases of $21.2 million, $12.7 million, and $4.5 million in construction loans, home equity loans and lines, and residential mortgages, respectively.
     
  • The allowance for loan and lease losses (the “Allowance”) as of December 31, 2019 was $22.6 million, or 0.61% of portfolio loans and leases, as compared to $19.4 million, or 0.57% of portfolio loans and leases, as of December 31, 2018. In addition to the ratio of Allowance to portfolio loans and leases, management also calculates two non-GAAP measures: the Allowance for originated loans and leases as a percentage of originated loans and leases, which was 0.68% as of December 31, 2019, as compared to 0.67% as of December 31, 2018, and the Allowance plus the remaining loan mark as a percentage of gross loans, which was 0.91% as of December 31, 2019, as compared to 1.08% as of December 31, 2018. A reconciliation of these and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

    On January 1, 2020, the Corporation adopted ASU 2016-13 (Topic 326), Measurement of Credit Losses on Financial Instruments, or “CECL.” Management is finalizing certain key assumptions to be used in our CECL model and methodologies, however we expect an initial increase to the allowance for credit losses for loans and leases (“ACL”) not to exceed 130% of the December 31, 2019 Allowance, or an incremental increase to the December 31, 2019 Allowance of approximately $6.8 million. When finalized, this one-time increase to the ACL as a result of the adoption of the CECL model will be recorded, net of tax, as an adjustment to retained earnings effective January 1, 2020. This estimate is subject to change based on continuing refinement and validation of the model and methodologies as well as changes in forecasted macroeconomic conditions. Ongoing impacts of the CECL methodology will be dependent upon changes in economic conditions and forecasts, originated and acquired loan and lease portfolio composition, portfolio duration, and other factors.

  • Deposits of $3.84 billion as of December 31, 2019 increased $243.2 million from December 31, 2018. Increases of $280.2 million, $243.8 million, and $122.8 million in interest-bearing demand accounts, money market accounts, and wholesale non-maturity deposits, respectively, were offset by decreases of $236.0 million, $137.6 million, $26.6 million, and $3.4 million in wholesale time deposits, retail time deposits, savings accounts, and noninterest bearing deposits, respectively.

  • Borrowings of $665.9 million as of December 31, 2019, which include short-term borrowings, long-term FHLB advances, subordinated notes and junior subordinated debentures increased $238.1 million from December 31, 2018, primarily due to an increase of $240.9 million in short-term borrowings.

  • Wealth assets under management, administration, supervision and brokerage (“wealth assets”) totaled $16.55 billion as of December 31, 2019, an increase of $3.12 billion from December 31, 2018. Wealth assets consisted of $9.57 billion of wealth assets where fees are set at fixed amounts and $6.98 billion of wealth assets where fees are predominantly determined based on the market value of the assets held in their accounts as of December 31, 2019, an increase of $1.91 billion and $1.21 billion, respectively, from December 31, 2018.

  • The capital ratios for the Bank and the Corporation, as of December 31, 2019, as shown in the attached tables, indicate regulatory capital levels in excess of the regulatory minimums and the levels necessary for the Bank to be considered “well capitalized.”

FORWARD LOOKING STATEMENTS AND SAFE HARBOR

This press release contains statements which, to the extent that they are not recitations of historical fact may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Such forward-looking statements may include financial and other projections as well as statements regarding the Corporation’s future plans, objectives, performance, revenues, growth, profits, operating expenses or the Corporation’s underlying assumptions. The words “may,” “would,” “should,” “could,” “will,” “likely,” “possibly,” “expect,” “anticipate,” “intend,” “indicate,” “estimate,” “target,” “potentially,” “promising,” “probably,” “outlook,” “predict,” “contemplate,” “continue,” “plan,” “forecast,” “project,” “are optimistic,” “are looking,” “are looking forward” and “believe” or other similar words and phrases may identify forward-looking statements. Persons reading this press release are cautioned that such statements are only predictions, and that the Corporation’s actual future results or performance may be materially different.

Such forward-looking statements involve known and unknown risks and uncertainties. A number of factors, many of which are beyond the Corporation's control, could cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments expressed, implied or anticipated by such forward-looking statements, and so our business and financial condition and results of operations could be materially and adversely affected. Such factors include, among others, our need for capital, our ability to control operating costs and expenses, and to manage loan and lease delinquency rates; the credit risks of lending activities and overall quality of the composition of our loan, lease and securities portfolio; the impact of economic conditions, consumer and business spending habits, and real estate market conditions on our business and in our market area; changes in the levels of general interest rates, deposit interest rates, or net interest margin and funding sources; changes in banking regulations and policies and the possibility that any banking agency approvals we might require for certain activities will not be obtained in a timely manner or at all or will be conditioned in a manner that would impair our ability to implement our business plans; changes in accounting policies and practices or or accounting standards, including ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments,” commonly referenced as the Current Expected Credit Loss (“CECL”) model, which will change how we estimate credit losses and may increase the required level of our allowance for credit losses after adoption on January 1, 2020; unanticipated regulatory or legal proceedings, outcomes of litigation or other contingencies; cybersecurity events; the inability of key third-party providers to perform their obligations to us; our ability to attract and retain key personnel; competition in our marketplace; war or terrorist activities; material differences in the actual financial results, cost savings and revenue enhancements associated with our acquisitions; uncertainty regarding the future of LIBOR; and other factors as described in our securities filings. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. The Corporation does not undertake to update forward-looking statements.

For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, as updated by our quarterly or other reports subsequently filed with the U.S. Securities and Exchange Commission.

FOR MORE INFORMATION CONTACT 
 
Frank Leto, President, CEO
610-581-4730
 
Mike Harrington, CFO
610-526-2466


Bryn Mawr Bank Corporation 
Summary Financial Information (unaudited) 
(dollars in thousands, except per share data) 
  As of or For the Three Months Ended   For the Twelve Months Ended
  December 31,
2019
  September 30,
2019
  June 30,
2019
  March 31,
2019
  December 31,
2018
  December 31,
2019
  December 31,
2018
Consolidated Balance Sheet (selected items)                          
Interest-bearing deposits with banks $ 42,328     $ 86,158     $ 49,643     $ 29,449     $ 34,357          
Investment securities   1,027,182       625,452       606,844       578,629       753,628          
Loans held for sale   4,249       5,767       6,333       2,884       1,749          
Portfolio loans and leases   3,689,313       3,540,747       3,534,665       3,523,514       3,427,154          
Allowance for loan and lease losses ("ALLL")   (22,602 )     (20,777 )     (21,182 )     (20,616 )     (19,426 )        
Goodwill and other intangible assets   203,143       204,096       205,050       206,006       207,467          
Total assets   5,263,259       4,828,641       4,736,565       4,631,993       4,652,485          
Deposits - interest-bearing   2,944,072       2,794,079       2,691,502       2,755,307       2,697,468          
Deposits - non-interest-bearing   898,173       904,409       940,911       882,310       901,619          
Short-term borrowings   493,219       203,471       207,828       124,214       252,367          
Long-term FHLB advances   52,269       44,735       47,941       55,407       55,374          
Subordinated notes   98,705       98,660       98,616       98,571       98,526          
Jr. subordinated debentures   21,753       21,709       21,665       21,622       21,580          
Total liabilities   4,651,032       4,227,706       4,146,410       4,056,886       4,087,781          
Total shareholders' equity   612,227       600,935       590,155       575,107       564,704          
                           
Average Balance Sheet (selected items)                          
Interest-bearing deposits with banks $ 66,060     $ 48,597     $ 37,843     $ 32,742     $ 38,957     $ 46,408     $ 37,550  
Investment securities   593,289       622,336       587,518       569,915       554,265       593,409       546,549  
Loans held for sale   4,160       4,375       3,353       1,214       2,005       3,286       3,551  
Portfolio loans and leases   3,594,449       3,528,548       3,520,866       3,476,525       3,397,479       3,530,416       3,352,744  
Total interest-earning assets   4,257,958       4,203,856       4,149,580       4,080,396       3,992,706       4,173,519       3,940,394  
Goodwill and intangible assets   203,663       204,637       205,593       206,716       207,893       205,143       207,343  
Total assets   4,775,407       4,760,074       4,651,625       4,545,129       4,413,000       4,683,901       4,352,122  
Deposits - interest-bearing   2,799,050       2,776,226       2,794,854       2,674,194       2,602,412       2,761,463       2,506,557  
Short-term borrowings   121,612       169,985       68,529       157,652       128,429       129,457       178,582  
Long-term FHLB advances   53,443       45,698       52,397       55,385       67,363       51,709       93,503  
Subordinated notes   98,681       98,634       98,587       98,542       98,497       98,612       98,462  
Jr. subordinated debentures   21,726       21,680       21,637       21,595       21,553       21,660       21,491  
Total interest-bearing liabilities   3,094,512       3,112,223       3,036,004       3,007,368       2,918,254       3,062,901       2,898,595  
Total liabilities   4,168,899       4,164,763       4,070,160       3,973,043       3,856,694       4,094,946       3,810,537  
Total shareholders' equity   606,508       595,311       581,465       572,086       556,306       588,955       541,585  
                           
Income Statement                          
Net interest income $ 35,985     $ 37,398     $ 36,611     $ 37,647     $ 37,987     $ 147,641     $ 149,471  
Provision for loan and lease losses   2,225       919       1,627       3,736       2,362       8,507       7,193  
Noninterest income   23,255       19,455       20,221       19,253       18,097       82,184       75,982  
Noninterest expense   36,430       35,173       35,188       39,724       34,845       146,515       140,303  
Income tax expense   4,202       4,402       4,239       2,764       1,746       15,607       14,165  
Net income   16,383       16,359       15,778       10,676       17,131       59,196       63,792  
Net loss attributable to noncontrolling interest   (1 )     (1 )     (7 )     (1 )     (5 )     (10 )     -  
Net income attributable to Bryn Mawr Bank Corporation   16,384       16,360       15,785       10,677       17,136       59,206       63,792  
Basic earnings per share   0.81       0.81       0.78       0.53       0.85       2.94       3.15  
Diluted earnings per share   0.81       0.81       0.78       0.53       0.84       2.93       3.13  
Net income (core) (1)   16,384       16,360       15,785       14,230       17,167       62,759       70,620  
Basic earnings per share (core) (1)   0.81       0.81       0.78       0.71       0.85       3.12       3.49  
Diluted earnings per share (core) (1)   0.81       0.81       0.78       0.70       0.84       3.10       3.46  
Dividends paid or accrued per share   0.26       0.26       0.26       0.25       0.25       1.03       0.94  
Profitability Indicators                          
Return on average assets   1.36 %     1.36 %     1.36 %     0.95 %     1.54 %     1.26 %     1.47 %
Return on average equity   10.72 %     10.90 %     10.89 %     7.57 %     12.22 %     10.05 %     11.78 %
Return on tangible equity(1)   16.85 %     17.35 %     17.62 %     12.65 %     20.37 %     16.18 %     19.91 %
Return on tangible equity (core)(1)   16.85 %     17.35 %     17.62 %     16.59 %     20.40 %     17.10 %     21.95 %
Return on average assets (core)(1)   1.36 %     1.36 %     1.36 %     1.27 %     1.54 %     1.34 %     1.62 %
Return on average equity (core)(1)   10.72 %     10.90 %     10.89 %     10.09 %     12.24 %     10.66 %     13.04 %
Tax-equivalent net interest margin   3.36 %     3.54 %     3.55 %     3.75 %     3.79 %     3.55 %     3.80 %
Efficiency ratio(1)   59.89 %     60.19 %     60.23 %     60.26 %     60.35 %     60.14 %     57.17 %
Share Data                          
Closing share price $ 41.24     $ 36.51     $ 37.32     $ 36.13     $ 34.40          
Book value per common share $ 30.42     $ 29.86     $ 29.31     $ 28.52     $ 28.01          
Tangible book value per common share $ 20.36     $ 19.75     $ 19.16     $ 18.34     $ 17.75          
Price / book value   135.57 %     122.27 %     127.33 %     126.68 %     122.81 %        
Price / tangible book value   202.55 %     184.86 %     194.78 %     197.00 %     193.80 %        
Weighted average diluted shares outstanding   20,213,008       20,208,630       20,244,409       20,271,661       20,321,283       20,233,371       20,390,167  
Shares outstanding, end of period   20,126,296       20,124,193       20,131,854       20,167,729       20,163,816          
Wealth Management Information:                          
Wealth assets under mgmt, administration, supervision and brokerage (2) $ 16,548,060     $ 15,609,786     $ 14,815,298     $ 14,736,512     $ 13,429,544          
Fees for wealth management services $ 11,672     $ 10,826     $ 11,510     $ 10,392     $ 11,017          
Capital Ratios(3)                          
Bryn Mawr Trust Company ("BMTC")                          
Tier I capital to risk weighted assets ("RWA")   11.48 %     12.17 %     11.83 %     11.30 %     11.42 %        
Total capital to RWA   12.09 %     12.75 %     12.42 %     11.87 %     11.99 %        
Tier I leverage ratio   9.37 %     9.75 %     9.61 %     9.48 %     9.48 %        
Tangible equity ratio (1)   8.58 %     9.75 %     9.58 %     9.34 %     8.95 %        
Common equity Tier I capital to RWA   11.48 %     12.17 %     11.83 %     11.30 %     11.42 %        
                           
Bryn Mawr Bank Corporation ("BMBC")                          
Tier I capital to RWA   11.43 %     11.33 %     11.12 %     10.72 %     10.92 %        
Total capital to RWA   14.70 %     14.61 %     14.44 %     14.00 %     14.30 %        
Tier I leverage ratio   9.33 %     9.07 %     9.04 %     8.99 %     9.06 %        
Tangible equity ratio (1)   8.10 %     8.60 %     8.51 %     8.35 %     8.05 %        
Common equity Tier I capital to RWA   10.87 %     10.75 %     10.54 %     10.14 %     10.32 %        
                           
Asset Quality Indicators                          
Net loan and lease charge-offs ("NCO"s) $ 400     $ 1,324     $ 1,061     $ 2,546     $ 1,620     $ 5,331     $ 5,292  
                           
Nonperforming loans and leases ("NPL"s) $ 10,648     $ 14,119     $ 12,179     $ 19,283     $ 12,820          
Other real estate owned ("OREO")   -       72       155       84       417          
Total nonperforming assets ("NPA"s) $ 10,648     $ 14,191     $ 12,334     $ 19,367     $ 13,237          
                           
Nonperforming loans and leases 30 or more days past due $ 6,314     $ 4,940     $ 8,224     $ 8,489     $ 7,765          
Performing loans and leases 30 to 89 days past due   7,196       5,273       9,466       6,432       5,464          
Performing loans and leases 90 or more days past due   -       -       -       -       -          
Total delinquent loans and leases $ 13,510     $ 10,213     $ 17,690     $ 14,921     $ 13,229          
                           
Delinquent loans and leases to total loans and leases   0.37 %     0.29 %     0.50 %     0.42 %     0.39 %        
Delinquent performing loans and leases to total loans and leases   0.19 %     0.15 %     0.27 %     0.18 %     0.16 %        
NCOs / average loans and leases (annualized)   0.04 %     0.15 %     0.12 %     0.30 %     0.19 %     0.15 %     0.16 %
NPLs / total portfolio loans and leases   0.29 %     0.40 %     0.34 %     0.55 %     0.37 %        
NPAs / total loans and leases and OREO   0.29 %     0.40 %     0.35 %     0.55 %     0.39 %        
NPAs / total assets   0.20 %     0.29 %     0.26 %     0.42 %     0.28 %        
ALLL / NPLs   212.27 %     147.16 %     173.92 %     106.91 %     151.53 %        
ALLL / portfolio loans   0.61 %     0.59 %     0.60 %     0.59 %     0.57 %        
ALLL for originated loans and leases / Originated loans and leases (1)   0.68 %     0.66 %     0.68 %     0.68 %     0.67 %        
(Total ALLL + Loan mark) / Total Gross portfolio loans and leases (1)   0.91 %     0.92 %     1.00 %     1.03 %     1.08 %        
                           
Troubled debt restructurings ("TDR"s) included in NPLs $ 3,018     $ 5,755     $ 4,190     $ 4,057     $ 1,217          
TDRs in compliance with modified terms   5,071       5,069       5,141       5,149       9,745          
Total TDRs $ 8,089     $ 10,824     $ 9,331     $ 9,206     $ 10,962          
                           
(1) Non-GAAP measure - see Appendix for Non-GAAP to GAAP reconciliation. 
(2) Brokerage assets represent assets held at a registered broker dealer under a clearing agreement.
(3) Capital Ratios for the current quarter are to be considered preliminary until the Call Reports are filed.
                           


                   
Bryn Mawr Bank Corporation 
Detailed Balance Sheets (unaudited) 
(dollars in thousands) 
                   
  December 31,
2019
  September 30,
2019
  June 30,
2019
  March 31,
2019
  December 31,
2018
Assets                  
Cash and due from banks $ 11,603     $ 8,582     $ 13,742     $ 13,656     $ 14,099  
Interest-bearing deposits with banks   42,328       86,158       49,643       29,449       34,357  
Cash and cash equivalents   53,931       94,740       63,385       43,105       48,456  
Investment securities, available for sale   1,005,984       604,181       588,119       559,983       737,442  
Investment securities, held to maturity   12,577       12,947       10,209       10,457       8,684  
Investment securities, trading   8,621       8,324       8,516       8,189       7,502  
Loans held for sale   4,249       5,767       6,333       2,884       1,749  
Portfolio loans and leases, originated   3,320,816       3,137,769       3,088,849       3,032,270       2,885,251  
Portfolio loans and leases, acquired   368,497       402,978       445,816       491,244       541,903  
Total portfolio loans and leases   3,689,313       3,540,747       3,534,665       3,523,514       3,427,154  
Less: Allowance for losses on originated loan and leases...