Bryn Mawr Bank (BMTC) 8-K Bryn Mawr Bank Corporation reports steady growth in its Banking and Wealth Management business segments for first six months of 2004

Exhibit 99.1

FOR RELEASE:	IMMEDIATELY
FOR MORE INFORMATION CONTACT:	Ted Peters, Chairman
	610-581-4800 or 610-525-2531 (evening);
	Joseph W. Rebl, Treasurer
	610-526-2466 or 609-814-0507 (evening)

Bryn Mawr Bank Corporation reports steady growth in its Banking and Wealth Management business segments for first six months of 2004

BRYN MAWR, Pa., July 23, 2004—Bryn Mawr Bank Corporation, (NASDAQ: BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company, (the “Bank”), reported that the first six months of 2004 was a period of steady growth in earnings for both its Banking and Wealth Management Business Segments. Net interest income was up 5% to $12,918,000 from $12,346,000 reported for the first six months of 2003. Fees for investment management and trust services increased by 12% to $5,198,000 from $4,661,000 for the same period last year. Income from the sale of residential mortgage loans, however, showed a 54% decline of $3,769,000 as mortgage originations and sales subsided in a rising rate environment.

Net income for the first six months of 2004 was $5,149,000, up 48% from $3,478,000 reported for the same period in 2003. The first-half 2003 net income included a $2,120,000 loss, net of income tax benefit, from the sale of the assets of the Corporation’s family office subsidiary, Joseph W. Roskos & Co. Income from continuing operations during the first six months of 2004 showed an 8% decline of $449,000, compared to the same six month period in 2003 and a 6¢ decrease in diluted earnings per share.

Second quarter 2004 net income, reflecting the loss net of income tax benefit, from discontinued operations in 2003, was up 163% to $2,129,000 from $809,000 reported for the second quarter of 2003, while diluted earnings per share increased to 24¢ from 9¢ for last year’s second quarter.

Second quarter income from continuing operations showed a 22% decline of $608,000, and diluted earnings per share from continuing operations were down by 23% or 7¢ per share. The reduction in the volume of residential mortgage loan sales in the second quarter of 2004, compared to the same quarter of 2003, is primarily responsible for this earnings decline.

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According to Corporation Chairman Ted Peters, “We continue to be optimistic about the Corporation’s future earnings potential even though the large gains resulting from residential mortgage refinancing activity in 2002 and 2003 have significantly decreased. We believe that our other business segments are well positioned to offset the decrease in mortgage banking profits. The traditional banking segment has an asset interest-rate-sensitive balance sheet. As interest rates again rise, the Bank’s net interest margin and related net interest income should increase. The wealth management business segment continues to increase its revenue generation. Trust revenues were up 13% for the quarter and 12% for the first six months of 2004 compared to the same periods last year.”

Peters continued, “Our outlook remains strong. The Corporation’s balance sheet grew by 13%, primarily in the loan portfolio, which was up by 15%. Deposits were up by 14%. Asset quality continues to remain strong. As a percent of total loans, non-performing loans and loans delinquent 30 days or more amounted to .07% and .23%, respectively. Our annualized return on assets was 1.66% and the annualized return on equity was 15.40%.”

Total other expenses for the first six months of 2004 decreased by 11% compared to the same period in 2003. This was primarily due to a $1,723,000 decrease in other operating expenses, resulting from reduced expenses directly related to the decline in residential mortgage activity and a company-wide focus on expense control.

In other business, the Corporation’s Board of Directors approved a regular quarterly dividend of 10¢ per share, payable September 1, 2004, to shareholders of record as of August 2, 2004.

This release contains certain forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words believe, expect, anticipate, intend, plan, estimate or words of similar meaning. Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors, many of which are beyond Bryn Mawr Bank Corporation’s control could cause actual conditions, events or results to differ significantly from those described in the forward looking statements. Forward-looking statements speak only as of the date they are made. Bryn Mawr Bank Corporation does not undertake to update forward-looking statements.

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Bryn Mawr Bank Corporation

Bryn Mawr, Pennsylvania

Consolidated Balance Sheets

	June 30 ($000 omitted) (unaudited)						Change
	2004			2003**			$			%
Assets
Cash and due from banks	$	36,254		$	39,363		$	(3,109	)	-8	%
Interest-bearing deposits with other banks		7,786			284			7,502		2642	%
Federal funds sold		10,000			16,600			(6,600	)	-40	%
Investment securities		31,652			22,776			8,876		39	%
Loans held to maturity		552,092			463,827			88,265		19	%
Loans held for sale, at fair market value		4,795			22,106			(17,311	)	-78	%
Loans		556,887			485,933			70,954		15	%
Less: Allowance for loan loss		(6,965	)		(6,576	)		(389	)	6	%
Net loans		549,922			479,357			70,565		15	%
Premises and equipment, net		13,659			12,200			1,459		12	%
Accrued interest receivable		2,390			2,190			200		9	%
Mortgage servicing rights		3,283			3,569			(286	)	-8	%
Other assets		10,290			7,620			2,670		35	%
Assets of discontinued operations		—			2,460			(2,460	)	-100	%
Total Assets	$	665,236		$	586,419		$	78,817		13	%
Liabilities and shareholders’ equity
Demand deposits	$	145,830		$	153,520		$	(7,690	)	-5	%
Savings and time deposits		442,191			360,385			81,806		23	%
Total Deposits		588,021			513,905			74,116		14	%
Other liabilities		8,644			9,738			(1,094	)	-11	%
Liabilities of discontinued operations		—			12			(12	)	-100	%
Shareholders’ equity
Common stock		11,164			5,549			5,615		101	%
Surplus		6,965			11,472			(4,507	)	-39	%
Accumulated other Comprehensive (loss) income, net of deferred income taxes		(450	)		(88	)		(362	)	411	%
Retained earnings		72,701			65,228			7,473		11	%
		90,380			82,161			8,219		10	%
Less common stock in treasury, at cost		(21,809	)		(19,397	)		(2,412	)	12	%
Total shareholders’ equity		68,571			62,764			5,807		9	%
Total liabilities and shareholders’ equity	$	665,236		$	586,419		$	78,817		13	%
Outstanding standby letters of credit	$	8,848		$	10,182		$	(1,334	)	-13	%

** Reclassified for comparative purposes

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Bryn Mawr Bank Corporation

Bryn Mawr, Pennsylvania

Consolidated Statements of Income

	Quarter ended June 30 (unaudited) ($000 omitted*)					Change
	2004		2003**			$			%
Interest income:
Interest and fees on loans	$	7,368	$	7,012		$	356		5	%
Interest on federal funds sold		15		32			(17	)	-53	%
Interest on investment securities		240		210			30		14	%
Dividend income		9		10			(1	)	-10	%
Total interest income		7,632		7,264			368		5	%
Interest expense		1,083		1,099			(16	)	-1	%
Net interest income		6,549		6,165			384		6	%
Loan loss provision		188		250			(62	)	-25	%
Net interest income after loan loss provision		6,361		5,915			446		8	%
Other income:
Fees for trust services		2,644		2,336			308		13	%
Loan servicing and late fees		397		452			(55	)	-12	%
Other commissions and fees		90		97			(7	)	-7	%
Service charges on deposits		478		481			(3	)	-1	%
Gain on sale of loans		775		3,589			(2,814	)	-78	%
Miscellaneous income		455		492			(37	)	-8	%
Total other income		4,839		7,447			(2,608	)	-35	%
Other expenses:
Salaries and employee benefits		4,759		4,768			(9	)	0	%
Occupancy expense		1,033		938			95		10	%
Other operating expenses		2,169		3,465			(1,296	)	-37	%
Total other expenses		7,961		9,171			(1,210	)	-13	%
Income from continuing operations before income taxes		3,239		4,191			(952	)	-23	%
Applicable income taxes		1,110		1,454			(344	)	-24	%
Income from continuing operations		2,129		2,737			(608	)	-22	%
Income (loss) from discontinued operations net of taxes		0		(1,928	)		1,928		n/a
Net income		2,129		809			1,320		163	%
Basic earnings per common share ***
Income from continuing operations	$	0.25	$	0.31		$	(0.06	)	-19	%
Income (loss) income from discontinued operations	$	0.00	$	(0.22	)	$	0.22		n/a
Total basic earnings per common share	$	0.25	$	0.09		$	0.16		178	%
Diluted earnings per common share ***
Income from continuing operations	$	0.24	$	0.31		$	(0.07	)	-23	%
Income (loss) from discontinued operations	$	0.00	$	(0.22	)	$	0.22		n/a
Total diluted earnings per common share	$	0.24	$	0.09		$	0.15		167	%
Dividends declared per share ***	$	0.10	$	0.10		$	0.000		0	%
Weighted-average shares outstanding		8,605,673		8,630,252			(24,579	)
Dilutive potential common shares		172,397		132,378			40,019
Adjusted weighted-average shares		8,778,070		8,762,630			15,440

* Except for share and per share data

** Reclassified for comparative purposes

*** Restated for 2 for 1 stock split effective October 01, 2003

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Bryn Mawr Bank Corporation

Bryn Mawr, Pennsylvania

Consolidated Statements of Income

	Period ended June 30 (unaudited) ($000 omitted*)					Change
	2004		2003**			$			%
Interest income:
Interest and fees on loans	$	14,546	$	14,023		$	523		4	%
Interest on federal funds sold		33		57			(24	)	-42	%
Interest on investment securities		487		439			48		11	%
Dividend income		18		22			(4	)	-18	%
Total interest income		15,084		14,541			543		4	%
Interest expense		2,166		2,195			(29	)	-1	%
Net interest income		12,918		12,346			572		5	%
Loan loss provision		375		500			(125	)	-25	%
Net interest income after loan loss provision		12,543		11,846			697		6	%
Other income:
Fees for trust services		5,198		4,661			537		12	%
Loan servicing and late fees		911		866			45		5	%
Other commissions and fees		157		206			(49	)	-24	%
Service charges on deposits		954		960			(6	)	-1	%
Gain on sale of loans		3,219		6,988			(3,769	)	-54	%
Miscellaneous income		974		1,108			(134	)	-12	%
Total other income		11,413		14,789			(3,376	)	-23	%
Other expenses:
Salaries and employee benefits		9,882		10,157			(275	)	-3	%
Occupancy expense		1,974		1,923			51		3	%
Other operating expenses		4,226		5,949			(1,723	)	-29	%
Total other expenses		16,082		18,029			(1,947	)	-11	%
Income from continuing operations before income taxes		7,874		8,606			(732	)	-9	%
Applicable income taxes		2,725		3,008			(283	)	-9	%
Income from continuing operations		5,149		5,598			(449	)	-8	%
Income (loss) from discontinued operations net of taxes		0		(2,120	)		2,120		n/a
Net income		5,149		3,478			1,671		48	%
Basic earnings per common share ***
Income from continuing operations	$	0.60	$	0.64		$	(0.04	)	-6	%
Income (loss) income from discontinued operations	$	0.00	$	(0.24	)	$	0.24		n/a
Total basic earnings per common share	$	0.60	$	0.40		$	0.20		50	%
Diluted earnings per common share ***
Income from continuing operations	$	0.58	$	0.64		$	(0.06	)	-9	%
Income (loss) from discontinued operations	$	0.00	$	(0.24	)	$	0.24		n/a
Total diluted earnings per common share	$	0.58	$	0.40		$	0.18		45	%
Dividends declared per share ***	$	0.20	$	0.20		$	0.00		0	%
Weighted-average shares outstanding		8,624,439		8,657,936			(33,497	)
Dilutive potential common shares		186,593		129,184			57,409
Adjusted weighted-average shares		8,811,032		8,787,120			23,912

* Except for share and per share data

** Reclassified for comparative purposes

*** Restated for 2 for 1 stock split effective October 01, 2003

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