Bryn Mawr Bank (BMTC) 8-K Bryn Mawr Bank Corporation Announces Earnings for 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 Announces Earnings for 2004

BRYN MAWR, Pa., January 20, 2004—Bryn Mawr Bank Corporation, (NASDAQ: BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company, (the “Bank”), announced that income from continuing operations for the year 2004 decreased 17% to $9,345,000 from $11,272,000 for the same period in 2003. Diluted earnings per share from continuing operations stood at $1.06, a 17% decrease from $1.28 reported for the twelve months ended December 31, 2003. The reduction in the volume of residential mortgage loan sales and costs associated with the implementation of Section 404 of the Sarbanes-Oxley Act of 2002 were primarily responsible for this decline.

Due to a net loss resulting from the discontinued operations of the Corporation’s family office subsidiary in 2003, both net income and diluted earnings per share remained level with 2003, at $9,345,000 or $1.06 per share for 2004 compared to $9,356,000 or $1.06 per share for 2003.

Net income for the fourth quarter of 2004 decreased 25% to $2,087,000 from $2,795,000 for the fourth quarter of 2003, and diluted earnings per share decreased 23% to 24¢ per share from 31¢ per share.

Income from continuing operations for the fourth quarter of 2004 declined 24% to $2,087,000 from $2,741,000 reported for fourth quarter 2003. Diluted earnings per share from continuing operations declined 23% from 31¢ reported for the fourth quarter of 2003 to 24¢ for fourth quarter 2004.

According to Corporation Chairman Ted Peters, “While our earnings are down, our net interest income for the year increased 8% to $26,828,000 from $24,931,000 reported

for 2003. Net interest income for the fourth quarter was up 14% to $7,096,000 from $6,236,000 for fourth quarter 2003, demonstrating the positive effect of the recent increases in short-term interest rates.”

Peters also said: “Continued increases in interest rates will have a positive effect on the profitability of the Corporation.”

Salaries and other benefit expenses remained level from year to year. Fourth quarter 2004 salary expenses show an increase of 26% over fourth quarter 2003. This 26% increase in salary expenses is a result of two factors. In the fourth quarter of 2003, there was a marked decrease in salaries and other benefit expenses related to employee incentives as a result of a decline in net income in 2003, as compared to 2002. Conversely, in the fourth quarter of 2004, a small corporate bonus pool was established to recognize the efforts of employees during 2004 including the additional work required in implementing the Sarbanes-Oxley Act.

The Corporation’s balance sheet reported strong growth. Total outstanding loans were up 12%, while total deposits grew by 14% year to year. Though asset quality remained strong, management felt it prudent to increase the loan loss provision due to charge-offs experienced in the second half of 2004. As a percent of total loans, non-performing loans and loans delinquent 30 days or more amounted to 0.2 % and 0.41% respectively as of December 31, 2004. The annualized return on assets was 1.45% and the annualized return on equity was 13.67% for the same twelve-month period.

Fourth quarter occupancy expenses increased 10% as a result of the opening of the Newtown Square Branch. Though other operating expenses for the year 2004 showed a 19% decrease primarily due to the decline in mortgage volume, fourth quarter expenses showed a 4% increase due to costs associated with Sarbanes-Oxley Act implementation.

In other business, the Corporation’s Board of Directors approved a quarterly dividend of 10¢ per share, payable March 1, 2005, to shareholders of record as of January 31, 2005.

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.

# # # #

Bryn Mawr Bank Corporation

Bryn Mawr, Pennsylvania

Consolidated Balance Sheets

	($000 omitted) (unaudited)						Change
December 31	2004			2003			$			%
Assets
Cash and due from banks	$	26,526		$	32,471		$	(5,945	)	-18	%
Interest-bearing deposits with other banks		15,293			10,524			4,769		45	%
Federal funds sold		13,423			3,300			10,123		307	%
Investment securities		35,441			31,397			4,044		13	%
Loans held to maturity		555,889			498,764			57,125		11	%
Loans held for sale, at fair market value		8,708			3,652			5,056		138	%
Loans		564,597			502,416			62,181		12	%
Less: Allowance for loan loss		(6,927	)		(6,670	)		(257	)	4	%
Net loans		557,670			495,746			61,924		12	%
Premises and equipment, net		14,162			13,756			406		3	%
Accrued interest receivable		2,579			2,274			305		13	%
Mortgage servicing rights		3,172			4,391			(1,219	)	-28	%
Other assets		14,680			10,989			3,691		34	%
Total Assets	$	682,946		$	604,848		$	78,098		13	%
Liabilities and shareholders’ equity
Demand deposits	$	147,236		$	144,579		$	2,657		2	%
Savings and time deposits		453,729			382,560			71,169		19	%
Total Deposits		600,965			527,139			73,826		14	%
Other liabilities		10,743			10,327			416		4	%
Shareholders’ equity
Common stock		11,172			11,135			37		0	%
Surplus		7,112			6,487			625		10	%
Accumulated other Comprehensive (loss) income, net of deferred income taxes		(288	)		(126	)		(162	)	129	%
Retained earnings		75,179			69,280			5,899		9	%
		93,175			86,776			6,399		7	%
Less common stock in treasury, at cost		(21,937	)		(19,394	)		(2,543	)	13	%
Total shareholders’ equity		71,238			67,382			3,856		6	%
Total liabilities and shareholders’ equity	$	682,946		$	604,848		$	78,098		13	%
Outstanding standby letters of credit	$	8,803		$	9,182		$	(379	)	-4	%

Bryn Mawr Bank Corporation

Bryn Mawr, Pennsylvania

Consolidated Statements of Income

	Quarter ended December 31 (unaudited) ($000 omitted*)				Change
	2004		2003		$			%
Interest income:
Interest and fees on loans	$	7,936	$	7,043	$	893		13	%
Interest on federal funds sold		85		29		56		193	%
Interest on investment securities		295		226		69		31	%
Dividend income		12		7		5		71	%
Total interest income		8,328		7,305		1,023		14	%
Interest expense		1,232		1,069		163		15	%
Net interest income		7,096		6,236		860		14	%
Loan loss provision		338		83		255		307	%
Net interest income after loan loss provision		6,758		6,153		605		10	%
Other income:
Fees for trust services		2,461		2,412		49		2	%
Loan Servicing and late fees		360		523		(163	)	-31	%
Other commissions and fees		52		31		21		68	%
Service charges on deposits		429		456		(27	)	-6	%
Gain on sale of loans		352		951		(599	)	-63	%
Other operating income		467		431		36		8	%
Total other income		4,121		4,804		(683	)	-14	%
Other expenses:
Salaries and employee benefits		4,724		3,757		967		26	%
Occupancy expense		1,014		920		94		10	%
Other operating expenses		2,077		1,992		85		4	%
Total other expenses		7,815		6,669		1,146		17	%
Income from continuing operations before income taxes		3,064		4,288		(1,224	)	-29	%
Applicable income taxes		977		1,547		(570	)	-37	%
Income from continuing operations		2,087		2,741		(654	)	-24	%
Income (loss) from discontinued operations net of taxes		—		54		(54	)	n/a
Net income		2,087		2,795		(708	)	-25	%
Earnings per common share
Income from continuing operations	$	0.24	$	0.32	$	(0.08	)	-25	%
Loss from discontinued operations	$	0.00	$	0.00	$	0.00		n/a
Total earnings per common share	$	0.24	$	0.32	$	(0.08	)	-25	%
Diluted earnings per common share
Income from continuing operations	$	0.24	$	0.31	$	(0.07	)	-23	%
Loss from discontinued operations	$	0.00	$	0.00	$	0.00		n/a
Total diluted earnings per common share	$	0.24	$	0.31	$	(0.07	)	-23	%
Dividends declared per share	$	0.10	$	0.095	$	0.005		5	%
Weighted-average shares outstanding		8,596,888		8,667,900		(71,012	)
Dilutive potential common shares		153,372		211,166		(57,794	)
Adjusted weighted-average shares		8,750,260		8,879,066		(128,806	)

* Except for share and per share data

Bryn Mawr Bank Corporation

Bryn Mawr, Pennsylvania

Consolidated Statements of Income

	Period ended December 31 (unaudited) ($000 omitted*)					Change
	2004		2003			$			%
Interest income:
Interest and fees on loans	$	30,123	$	28,285		$	1,838		6	%
Interest on federal funds sold		191		110			81		74	%
Interest on investment securities		1,033		833			200		24	%
Dividend income		34		33			1		3	%
Total interest income		31,381		29,261			2,120		7	%
Interest expense		4,553		4,330			223		5	%
Net interest income		26,828		24,931			1,897		8	%
Loan loss provision		900		750			150		20	%
Net interest income after loan loss provision		25,928		24,181			1,747		7	%
Other income:
Fees for trust services		10,087		9,484			603		6	%
Loan Servicing and late fees		1,632		1,863			(231	)	-12	%
Other commissions and fees		247		557			(310	)	-56	%
Service charges on deposits		1,827		1,896			(69	)	-4	%
Gain on sale of loans		4,065		10,650			(6,585	)	-62	%
Other operating income		1,936		2,127			(191	)	-9	%
Total other income		19,794		26,577			(6,783	)	-26	%
Other expenses:
Salaries and employee benefits		19,310		19,387			(77	)	0	%
Occupancy expense		3,946		3,767			179		5	%
Other operating expenses		8,369		10,283			(1,914	)	-19	%
Total other expenses		31,625		33,437			(1,812	)	-5	%
Income from continuing operations before income taxes		14,097		17,321			(3,224	)	-19	%
Applicable income taxes		4,752		6,049			(1,297	)	-21	%
Income from continuing operations		9,345		11,272			(1,927	)	-17	%
Income (loss) from discontinued operations net of taxes		—		(1,916	)		1,916		n/a
Net income		9,345		9,356			(11	)	0	%
Earnings per common share
Income from continuing operations	$	1.09	$	1.30		$	(0.21	)	-17	%
Loss from discontinued operations	$	0.00	$	(0.22	)	$	0.22		n/a
Total earnings per common share	$	1.09	$	1.08		$	0.01		1	%
Diluted earnings per common share
Income from continuing operations	$	1.06	$	1.28		$	(0.22	)	-17	%
Loss from discontinued operations	$	0.00	$	(0.22	)	$	0.22		n/a
Total diluted earnings per common share	$	1.06	$	1.06		$	0.00		0	%
Dividends declared per share	$	0.40	$	0.40		$	0.00		0	%
Weighted-average shares outstanding		8,610,171		8,657,527			(47,356	)
Dilutive potential common shares		170,545		158,543			12,002
Adjusted weighted-average shares		8,780,716		8,816,070			(35,354	)

* Except for share and per share data