Exhibit 99.1
Bryn Mawr Bank Corporation
| | |
FOR MORE INFORMATION CONTACT: | | Ted Peters, Chairman |
| | | 610-581-4800 or |
| | | 610-525-2531 (evening) |
| | | Duncan Smith, CFO |
| | | 610-526-2466 or |
| | | 610-306-8489 (evening) |
Bryn Mawr Bank Corporation Reports a 37.5% Increase in Fourth Quarter Earnings Per Share
BRYN MAWR, Pa. January 26, 2006 - Bryn Mawr Bank Corporation, (NASDAQ: BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), announced fourth quarter 2005 diluted earnings per share of $0.33, an increase of $0.09 or 37.5% compared to $0.24 in the same period last year. Net income for the fourth quarter of 2005 was $2.884 million, an increase of 38.2% or $797 thousand, compared to $2.087 million in last year’s fourth quarter. “Our strategy of sticking to the basics and concentrating on our core competencies has resulted in another excellent quarter for the Corporation”, commented Chairman and CEO, Ted Peters.
Return on average equity (ROE) and return on average assets (ROA) for the quarter ended December 31, 2005, were 15.04% and 1.65%, respectively. ROE was 11.83% and ROA was 1.25% for the same period last year. The major factor contributing to the increase in earnings for the fourth quarter of 2005 compared to the same period last year was a 51 basis point or 11.0% increase in the Corporation’s net interest margin to 5.15% from 4.64% in the same period last year. Net interest income for the three months ended December 31, 2005, increased $1.216 million or 17.1% to $8.312 million from $7.096 million in the same period last year, as the Corporation’s asset sensitive loan portfolio continued to benefit from a series of Federal Reserve interest rate increases. Also contributing to the improvement in earnings for the quarter was a $432 thousand or 17.2% increase in Wealth Management revenue.
Diluted earnings per share for the year ended December 31, 2005 was $1.31, an increase of $0.24 or 22.4%, compared with $1.07 in 2004. Net income for year ended December 31, 2005, was $11.350 million, an increase of 21.5% or $2.005 million, compared to $9.345 million in the same period last year. ROE and ROA for the 2005 were 15.44% and 1.66%, respectively. ROE was 13.67% and ROA was 1.45% for the same period last year.
The major factor contributing to the increase in earnings for 2005 compared to 2004 was a 43 basis point or 9.4% increase in the Corporation’s net interest margin to 5.00% from 4.57%. Net interest income for 2005 increased $4.540 million or 16.9%, to $31.368 million from $26.828 million in the same period last year. Additionally, fees for Wealth Management services increased 12.0% or $1.236 million to $11.539 million in 2005 versus $10.303 million in 2004, partially offsetting declines in residential mortgage-related revenues.
In 2004, the Corporation sold mortgage-servicing rights (“MSRs”) that contributed $572 thousand to after tax income and increased diluted earnings per share $0.07. There were no sales of MSRs in 2005. Net income and diluted earnings per share for 2004, excluding the after tax impact of the MSRs sale, would have been $8.773 million and $1.01 per share, respectively. Excluding the impact of the MSRs sale, 2005 net income increased $2.577 million or 29.4% and diluted earnings per share increased $0.30 or 29.7% over the same period last year. (See accompanying reconcilement of GAAP net income and diluted earnings per share to net income and diluted earnings per share that exclude the MSRs sale).
Total loans increased $33.3 million or 5.9% to $597.9 million from $564.6 million over the past 12 months and average loans for 2005 increased $43.6 million or 8.1% to $582.4 million compared to $538.8 million in 2004. The Corporation’s asset quality remains strong as non-performing loans as a percent of total loans was 0.07% at December 31, 2005. The Corporation continues its business development efforts on building banking relationships with privately held family owned businesses, non-profits, quality residential builders and owners of commercial real estate. In addition, the Corporation continues to provide high-touch retail lending services to consumers in the Delaware Valley.
Total deposits grew $35.3 million or 5.9% over the past 12 months to $636.3 million at December 31, 2005 from $601.0 million at December 31, 2004. Average deposits for 2005 increased $32.7 million or 5.8% to $596.4 million compared to $563.7 million in 2004. Deposit balances typically spike near year end as evidenced by an increase in deposits of $31.603 million at December 31, 2005 compared to September 30, 2005. Average deposits for the fourth quarter of 2005 were $600.6 million compared to 3rd quarter 2005 average deposits of $603.3 million reflecting the competitive nature of the deposit gathering business in our market area.
Chairman Ted Peters stated “The Bryn Mawr Trust Company will continue with the expansion of its retail banking footprint with controlledde novo expansion in the suburban Philadelphia market. We anticipate the announcement of two branch initiatives in 2006 to complement our recently opened Exton and Newtown Square retail branch locations.”
Non-interest income for the fourth quarter of 2005 was $4.386 million, an increase of $265 thousand or 6.43% compared with $4.121 million in the same period last year. Fees for Wealth Management services grew $433 thousand or 17.2% to $2.946 million in the fourth quarter of 2005 from $2.513 million in same period last year. Wealth revenues for the fourth quarter of 2005 of $2.945 million were comparable to the third and second quarter wealth revenues of $2.972 million and $2.967 million, respectively. New business development efforts and the combination of settlement fees and brokerage activity, partially offset by soft market conditions, contributed to these results. Wealth assets under management and administration increased $310 million or 16.0% to $2.248 billion at December 31, 2005, compared to $1.938 billion at December 31, 2004. The increase in assets under management and administration is partly a result of a business acquisition by a significant client in the third quarter of 2005. Partially offsetting this higher Wealth Division revenue were reduced fees from residential mortgage-related activities and lower services charges on deposit accounts.
Non-interest expense for the fourth quarter of 2005 increased $323 thousand or 4.1% to $8.138 million compared to $7.815 million in the same period last year. Increased incentive compensation and advertising costs were the primary contributors to this increase, along with additional operating expenses related to the opening of the Exton branch in March, 2005. Partially offsetting the increases were reductions in the amortization of mortgage servicing rights and professional fees.
Non-interest income for 2005, excluding the $1.145 million gain on MSR sales in 2004, decreased $404 thousand or 2.2% to $18.245 million from $18.649 million in the same period last year.Non-interest income was negatively impacted by the slowdown in residential mortgage activity, as residential mortgage originations declined 7.2% or $15.0 million in 2005 to $193.3 million from $208.3 million in the same period last year. The decline in residential mortgage activity along with very competitive pricing resulted in a reduction in the gain on sale of loans of 44.5% or $1.298 million to $1.622 million in 2005 from $2.920 million in 2004.Non-interest income was also impacted by a $234 thousand or 12.8% decrease in service charges on deposit accounts reflecting the impact of higher earnings credits on commercial checking accounts and the industry trend toward “free” checking. Partially offsetting this decrease was an increase of $1.236 million or 12.0% in fees for Wealth Management services over the same time period.
Non-interest expense for 2005, excluding $266 thousand of expenses related to the sale of the MSRs, increased $214 thousand or 0.7% to $31.573 million when compared to $31.359 million in the same period last year. The increase is a combination of many factors including increased medical benefit costs, staff merit raises, incentive compensation, and occupancy and furniture and fixtures related to the new Exton branch. Partially offsetting these increases were reduced levels of professional fees, lower amortization of mortgage servicing rights, and reduced residential mortgage staffing levels.
In other business, the Corporation’s Board of Directors declared a regular quarterly dividend of $0.11 per share, payable March 1, 2006, to shareholders of record as of February 6, 2006.
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 the 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. The Corporation does not undertake to update forward-looking statements.
This release contains financial information determined by methods other than in accordance with generally accepted accounting principles (“GAAP”). The Corporation’s Management uses these non-GAAP measures in its analysis of the Corporation’s performance. These non-GAAP measures consist of adjusting net income determined in accordance with GAAP to exclude the effects of the sale of MSRs in 2004. Management believes that the presentation excluding the impact of the sale of MSRs in 2004 provides useful supplemental information essential to the proper understanding of the operating results of the Corporation’s core business. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures, which may be presented by other companies.
The accompanying financial statements and reconciliation statement are an integral part of this press release.
# # # #
Reconciliation of Non-GAAP Information
Twelve Month Period Ended December 31,
(dollars in thousands except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Non-interest income
| | | Change
| | | Non-interest expense
| | | Change
| |
| | | 2005
| | 2004
| | | $
| | | %
| | | 2005
| | 2004
| | | $
| | | %
| |
As reported | | $ | 18,245 | | $ | 19,794 | | | $ | (1,549 | ) | | (7.8 | )% | | $ | 31,573 | | $ | 31,625 | | | $ | (52 | ) | | (0.2 | )% |
MSRs sale income | | | — | | | 1,145 | | | | (1,145 | ) | | — | | | | — | | | | | | | | | | | |
MSRs sale expenses | | | — | | | — | | | | — | | | — | | | | — | | | 266 | | | | (266 | ) | | — | |
Adjusted for sale | | $ | 18,245 | | $ | 18,649 | | | $ | (404 | ) | | (2.2 | )% | | $ | 31,573 | | $ | 31,359 | | | $ | 214 | | | 0.7 | % |
| | | | |
| | | Net Income
| | | Change
| | | Diluted2 earnings per share
| | | Change
| |
| | | 2005
| | 2004
| | | $
| | | %
| | | 2005
| | 2004*
| | | $
| | | %
| |
As reported | | $ | 11,350 | | $ | 9,345 | | | $ | 2,005 | | | 21.5 | % | | $ | 1.31 | | $ | 1.07 | | | $ | 0.24 | | | 22.4 | % |
After tax effect of MSRs sale1 | | | — | | $ | (572 | ) | | $ | 572 | | | — | | | | — | | | (0.07 | ) | | | 0.07 | | | — | |
Adjusted for sale | | $ | 11,350 | | $ | 8,773 | | | $ | 2,577 | | | 29.4 | % | | $ | 1.31 | | $ | 1.01 | | | $ | 0.30 | | | 29.7 | % |
| 1 | MSRs gain was calculated as follows: |
Revenues of $1,145,000, direct expenses of $266,000 and allocated income taxes of $307,000 netting to $572,000.
| * | Dilutive potential common shares have been adjusted to reflect the tax benefit of non-qualified stock options. |
This resulted in an increase to diluted earnings per share for the year 2004 of $0.01 per share.
| 2 | Difference in the diluted earnings per share adjusted for MSRs sale is due to rounding. |
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data)
December 31, 2005
(unaudited)
| | | | | | | | | | | | | | | |
| | | For The Three Months Ended
|
For the period: | | Dec 31, 2005
| | Sept 30, *
2005
| | June 30, *
2005
| | Mar 31, *
2005
| | Dec 31, *
2004
|
Interest income | | $ | 10,277 | | $ | 9,834 | | $ | 9,186 | | $ | 8,671 | | $ | 8,328 |
Interest expense | | | 1,965 | | | 1,788 | | | 1,544 | | | 1,303 | | | 1,232 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
Net interest income | | | 8,312 | | | 8,046 | | | 7,642 | | | 7,368 | | | 7,096 |
Provision for loan losses | | | 173 | | | 209 | | | 193 | | | 187 | | | 338 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
Net interest income after provision for loan losses | | | 8,139 | | | 7,837 | | | 7,449 | | | 7,181 | | | 6,758 |
| | | | | |
Fees for wealth management services | | | 2,946 | | | 2,972 | | | 2,967 | | | 2,654 | | | 2,513 |
Loan servicing and late fees | | | 304 | | | 321 | | | 339 | | | 339 | | | 360 |
Service charges on deposits | | | 392 | | | 408 | | | 398 | | | 395 | | | 429 |
Net gain on sale of loans | | | 244 | | | 456 | | | 464 | | | 458 | | | 352 |
Net gain on sale of mortgage servicing rights | | | — | | | — | | | — | | | — | | | — |
Other operating income | | | 500 | | | 568 | | | 552 | | | 568 | | | 467 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
Noninterest income | | | 4,386 | | | 4,725 | | | 4,720 | | | 4,414 | | | 4,121 |
| | | | | |
Salaries and wages | | | 4,183 | | | 4,414 | | | 3,758 | | | 3,507 | | | 3,702 |
Employee benefits | | | 999 | | | 998 | | | 936 | | | 1,141 | | | 1,022 |
Occupancy and bank premises | | | 571 | | | 564 | | | 581 | | | 556 | | | 539 |
Furniture fixtures and equipment | | | 495 | | | 488 | | | 498 | | | 460 | | | 475 |
Advertising | | | 277 | | | 195 | | | 312 | | | 176 | | | 173 |
Amortization of mortgage servicing rights | | | 92 | | | 115 | | | 210 | | | 189 | | | 193 |
Professional fees | | | 386 | | | 318 | | | 295 | | | 303 | | | 614 |
Other expenses | | | 1,135 | | | 1,095 | | | 1,274 | | | 1,052 | | | 1,097 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
Noninterest expense | | | 8,138 | | | 8,187 | | | 7,864 | | | 7,384 | | | 7,815 |
| | | | | |
Income before income taxes | | | 4,387 | | | 4,375 | | | 4,305 | | | 4,211 | | | 3,064 |
Income tax expense | | | 1,503 | | | 1,499 | | | 1,517 | | | 1,409 | | | 977 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
Net income | | $ | 2,884 | | $ | 2,876 | | $ | 2,788 | | $ | 2,802 | | $ | 2,087 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
Per share data: | | | | | | | | | | | | | | | |
Weighted average shares outstanding | | | 8,556,250 | | | 8,555,037 | | | 8,549,675 | | | 8,591,622 | | | 8,596,888 |
Dilutive potential common shares | | | 110,576 | | | 107,699 | | | 80,772 | | | 105,718 | | | 99,692 |
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|
| |
|
| |
|
| |
|
| |
|
|
Adjusted weighted average shares | | | 8,666,826 | | | 8,662,736 | | | 8,630,447 | | | 8,697,340 | | | 8,696,580 |
| | | | | |
Earnings per common share | | $ | 0.34 | | $ | 0.34 | | $ | 0.33 | | $ | 0.33 | | $ | 0.24 |
| | | | | |
Diluted earnings per common share | | $ | 0.33 | | $ | 0.33 | | $ | 0.32 | | $ | 0.32 | | $ | 0.24 |
| | | | | |
Dividend declared per share | | $ | 0.11 | | $ | 0.11 | | $ | 0.10 | | $ | 0.10 | | $ | 0.10 |
| * | Dilutive potential common shares have been adjusted to reflect the tax benefit of non-qualified stock options. |
| | This adjustment did not change previously reported diluted earnings per share. |
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data)
December 31, 2005
(unaudited)
| | | | | | | | | | | | |
| | | | | Reconcilation of Non-GAAP
Information
|
| | | For The Twelve Months Ended
| | Sale of MSRs and Related
Expenses
| | Without Sale of MSRs
|
For the period: | | Dec 31, 2005
| | Dec 31, *
2004
| | Dec 31,1* 2004
| | Dec 31, *
2004
|
Interest income | | $ | 37,968 | | $ | 31,381 | | | — | | $ | 31,381 |
Interest expense | | | 6,600 | | | 4,553 | | | — | | | 4,553 |
| | |
|
| |
|
| |
|
| |
|
|
Net interest income | | | 31,368 | | | 26,828 | | | — | | | 26,828 |
Provision for loan losses | | | 762 | | | 900 | | | — | | | 900 |
| | |
|
| |
|
| |
|
| |
|
|
Net interest income after provision for loan losses | | | 30,606 | | | 25,928 | | | — | | | 25,928 |
| | | | |
Fees for wealth management services | | | 11,539 | | | 10,303 | | | — | | | 10,303 |
Loan servicing and late fees | | | 1,303 | | | 1,632 | | | — | | | 1,632 |
Service charges on deposits | | | 1,593 | | | 1,827 | | | — | | | 1,827 |
Net gain on sale of loans | | | 1,622 | | | 2,920 | | | — | | | 2,920 |
Net gain on sale of mortgage servicing rights | | | — | | | 1,145 | | | 1,145 | | | — |
Other operating income | | | 2,188 | | | 1,967 | | | — | | | 1,967 |
| | |
|
| |
|
| |
|
| |
|
|
Noninterest income | | | 18,245 | | | 19,794 | | | 1,145 | | | 18,649 |
| | | | |
Salaries and wages | | | 15,862 | | | 15,013 | | | 76 | | | 14,937 |
Employee benefits | | | 4,074 | | | 4,297 | | | — | | | 4,297 |
Occupancy and bank premises | | | 2,272 | | | 2,161 | | | — | | | 2,161 |
Furniture fixtures and equipment | | | 1,941 | | | 1,785 | | | — | | | 1,785 |
Advertising | | | 960 | | | 879 | | | — | | | 879 |
Amortization of mortgage servicing rights | | | 606 | | | 839 | | | — | | | 839 |
Professional fees | | | 1,302 | | | 1,799 | | | 89 | | | 1,710 |
Other expenses | | | 4,556 | | | 4,852 | | | 101 | | | 4,751 |
| | |
|
| |
|
| |
|
| |
|
|
Noninterest expense | | | 31,573 | | | 31,625 | | | 266 | | | 31,359 |
| | | | |
Income before income taxes | | | 17,278 | | | 14,097 | | | 879 | | | 13,218 |
Income tax expense | | | 5,928 | | | 4,752 | | | 307 | | | 4,445 |
| | |
|
| |
|
| |
|
| |
|
|
Net income | | $ | 11,350 | | $ | 9,345 | | $ | 572 | | $ | 8,773 |
| | |
|
| |
|
| |
|
| |
|
|
Per share data: | | | | | | | | | | | | |
Weighted average shares outstanding | | | 8,563,027 | | | 8,610,171 | | | 8,610,171 | | | 8,610,171 |
Dilutive potential common shares | | | 101,200 | | | 110,854 | | | 110,854 | | | 110,854 |
| | |
|
| |
|
| |
|
| |
|
|
Adjusted weighted average shares | | | 8,664,227 | | | 8,721,025 | | | 8,721,025 | | | 8,721,025 |
| | | | |
Earnings per common share | | $ | 1.33 | | $ | 1.09 | | $ | 0.07 | | $ | 1.02 |
| | | | |
Diluted earnings per common share | | $ | 1.31 | | $ | 1.07 | | $ | 0.07 | | $ | 1.01 |
| | | | |
Dividend declared per share | | $ | 0.42 | | $ | 0.40 | | | | | | |
| * | Dilutive potential common shares have been adjusted to reflect the tax benefit of non-qualified stock options. |
This resulted in an increase to diluted earnings per share for the year 2004 of $0.01 per share.
| 1 | Difference in the diluted earnings per share adjusted for MSRs sale is due to rounding. |
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data and ratios )
December 31, 2005
(unaudited)
| | | | | | | | | | | | | | | | | |
For the period: | | 2005 4Q
| | | 2005 3Q
| | | 2005 2Q
| | | 2005 1Q
| | | 2004 4Q
| |
Asset Quality Data | | | | | | | | | | | | | | | | | |
| | | | | |
Nonaccrual loans | | $ | 390 | | | | 273 | | | 678 | | | 1,432 | | | 1,353 | |
90 + days past due loans | | | — | | | | — | | | — | | | 92 | | | 22 | |
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|
Nonperforming loans | | | 390 | | | | 273 | | | 678 | | | 1,524 | | | 1,375 | |
OREO | | | 25 | | | | — | | | 210 | | | 591 | | | 357 | |
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Nonperforming assets | | $ | 415 | | | | 273 | | | 888 | | | 2,115 | | | 1,732 | |
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Allowance for loan losses | | $ | 7,402 | | | | 7,392 | | | 7,252 | | | 7,125 | | | 6,927 | |
Allowance for loan losses / loans | | | 1.24 | % | | | 1.25 | % | | 1.22 | % | | 1.27 | % | | 1.23 | % |
Allowance for loan losses / nonperforming loans | | | 1,898 | % | | | 2,708 | % | | 1,070 | % | | 468 | % | | 504 | % |
Nonperforming loans / loans | | | 0.07 | % | | | 0.05 | % | | 0.11 | % | | 0.27 | % | | 0.24 | % |
Nonperforming assets / assets | | | 0.06 | % | | | 0.04 | % | | 0.13 | % | | 0.32 | % | | 0.25 | % |
Net loan charge-offs | | $ | 162 | | | | 69 | | | 66 | | | (11 | ) | | 271 | |
Net loan charge-offs (annualized)/ average loans | | | 0.11 | % | | | 0.05 | % | | 0.05 | % | | (0.01 | )% | | 0.20 | % |
| | | | | |
| | | 2005 4Q
| | | 2005 3Q
| | | 2005 2Q
| | | 2005 1Q
| | | 2004 4Q
| |
Selected ratios (annualized): | | | | | | | | | | | | | | | | | |
| | | | | |
Return on average assets | | | 1.65 | % | | | 1.65 | % | | 1.65 | % | | 1.70 | % | | 1.25 | % |
Return on average shareholders’ equity | | | 15.04 | % | | | 15.35 | % | | 15.47 | % | | 15.94 | % | | 11.83 | % |
Yield on earning assets | | | 6.37 | % | | | 6.13 | % | | 5.94 | % | | 5.76 | % | | 5.45 | % |
Cost of interest bearing funds | | | 1.72 | % | | | 1.57 | % | | 1.37 | % | | 1.19 | % | | 1.10 | % |
Net interest margin | | | 5.15 | % | | | 5.01 | % | | 4.94 | % | | 4.89 | % | | 4.64 | % |
Leverage ratio | | | 11.00 | % | | | 10.76 | % | | 10.63 | % | | 10.65 | % | | 10.59 | % |
Book value per share | | $ | 9.06 | | | | 8.86 | | | 8.63 | | | 8.40 | | | 8.29 | |
Tangible book value per share | | $ | 9.06 | | | | 8.86 | | | 8.63 | | | 8.40 | | | 8.29 | |
| | | | | |
Selected data: | | | | | | | | | | | | | | | | | |
| | | | | |
Mortgage loans originated | | $ | 36,815 | | | | 67,701 | | | 49,830 | | | 38,978 | | | 33,818 | |
Mortgage loans sold - servicing retained | | $ | 6,889 | | | | 11,016 | | | 9,972 | | | 13,787 | | | 8,345 | |
Mortgage loans sold - servicing released | | $ | 13,913 | | | | 27,598 | | | 16,817 | | | 20,209 | | | 12,338 | |
Mortgage loans serviced for others | | $ | 417,649 | | | | 438,183 | | | 465,780 | | | 489,882 | | | 507,421 | |
| | | | | |
Assets under management / administration | | $ | 2,247,630 | | | $ | 2,205,380 | | | 1,900,928 | | | 1,919,493 | | | 1,938,195 | |
| | | | | |
| | | | | | 2005 Year-to-date
| | | | | | 2004 Year-to-date
| | | | |
Selected ratios (annualized): | | | | | | | | | | | | | | | | | |
| | | | | |
Return on average assets | | | | | | | 1.66 | % | | | | | 1.45 | % | | | |
Return on average shareholders’ equity | | | | | | | 15.44 | % | | | | | 13.67 | % | | | |
Yield on earning assets | | | | | | | 6.06 | % | | | | | 5.34 | % | | | |
Cost of interest bearing funds | | | | | | | 1.46 | % | | | | | 1.07 | % | | | |
Net interest margin | | | | | | | 5.00 | % | | | | | 4.57 | % | | | |
| | | | | |
Mortgage loans originated | | | | | | $ | 193,325 | | | | | | 208,253 | | | | |
Mortgage loans sold - servicing retained | | | | | | $ | 41,664 | | | | | | 111,173 | | | | |
Mortgage loans sold - servicing released | | | | | | $ | 90,001 | | | | | | 33,743 | | | | |
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands)
December 31, 2005
(unaudited)
Balance Sheet
| | | | | | | | | | | | | | | | | | | | |
| | | As of
| |
For the period ended: | | Dec 31,
2005
| | | Sept 30,
2005
| | | June 30,
2005
| | | Mar 31,
2005
| | | Dec 31,
2004
| |
Assets | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest bearing deposits with banks | | $ | 405 | | | $ | 8,075 | | | $ | 314 | | | $ | 598 | | | $ | 15,293 | |
Fed funds sold | | | 32,341 | | | | — | | | | — | | | | 7,041 | | | | 13,423 | |
Investment securities | | | 34,991 | | | | 35,442 | | | | 35,681 | | | | 35,156 | | | | 35,441 | |
| | | | | |
Loans: | | | | | | | | | | | | | | | | | | | | |
Consumer | | | 9,437 | | | | 8,791 | | | | 9,482 | | | | 9,407 | | | | 10,291 | |
Commercial & industrial | | | 170,283 | | | | 172,115 | | | | 193,402 | | | | 183,862 | | | | 186,923 | |
Commercial mortgages | | | 162,621 | | | | 162,187 | | | | 149,604 | | | | 141,957 | | | | 137,141 | |
Construction | | | 45,523 | | | | 37,386 | | | | 42,842 | | | | 40,957 | | | | 36,941 | |
Residential mortgages | | | 99,602 | | | | 95,351 | | | | 84,176 | | | | 78,642 | | | | 75,081 | |
Home equity lines & loans | | | 107,699 | | | | 106,562 | | | | 106,327 | | | | 103,709 | | | | 109,512 | |
Loans held for sale, at fair market value | | | 2,765 | | | | 9,072 | | | | 8,147 | | | | 4,287 | | | | 8,708 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Loans | | | 597,930 | | | | 591,465 | | | | 593,980 | | | | 562,821 | | | | 564,597 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Earning assets | | | 665,667 | | | | 634,982 | | | | 629,975 | | | | 605,616 | | | | 628,754 | |
| | | | | |
Cash and due from | | | 33,896 | | | | 30,976 | | | | 33,979 | | | | 31,536 | | | | 26,526 | |
Allowance for loan losses | | | (7,402 | ) | | | (7,392 | ) | | | (7,252 | ) | | | (7,125 | ) | | | (6,927 | ) |
Other assets | | | 35,065 | | | | 34,401 | | | | 34,050 | | | | 33,524 | | | | 34,593 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total assets | | $ | 727,226 | | | $ | 692,967 | | | $ | 690,752 | | | $ | 663,551 | | | $ | 682,946 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Interest-bearing checking | | $ | 154,319 | | | $ | 148,042 | | | $ | 140,271 | | | $ | 145,680 | | | $ | 166,901 | |
Money market | | | 112,319 | | | | 118,548 | | | | 125,972 | | | | 118,915 | | | | 126,058 | |
Savings | | | 46,258 | | | | 47,721 | | | | 51,141 | | | | 50,878 | | | | 50,300 | |
Time deposits | | | 155,322 | | | | 137,262 | | | | 126,538 | | | | 131,435 | | | | 110,470 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Interest-bearing deposits | | | 468,218 | | | | 451,573 | | | | 443,922 | | | | 446,908 | | | | 453,729 | |
| | | | | |
Non-interest bearing deposits | | | 168,042 | | | | 153,084 | | | | 161,448 | | | | 136,276 | | | | 147,236 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total deposits | | | 636,260 | | | | 604,657 | | | | 605,370 | | | | 583,184 | | | | 600,965 | |
| | | | | |
Borrowed funds | | | — | | | | — | | | | — | | | | — | | | | — | |
Other liabilities | | | 13,453 | | | | 12,491 | | | | 11,617 | | | | 8,457 | | | | 10,743 | |
Shareholders’ equity | | | 77,513 | | | | 75,819 | | | | 73,765 | | | | 71,910 | | | | 71,238 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total liabilities and shareholders’ equity | | $ | 727,226 | | | $ | 692,967 | | | $ | 690,752 | | | $ | 663,551 | | | $ | 682,946 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | | | | |
Balance Sheet (average) | | | | | | | | | | | | | | | | | | | | |
| | | 2005 4Q
| | | 2005 3Q
| | | 2005 2Q
| | | 2005 1Q
| | | 2004 4Q
| |
Assets | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest bearing deposits with banks | | $ | 1,176 | | | $ | 4,729 | | | $ | 536 | | | $ | 3,147 | | | $ | 6,438 | |
Fed funds sold | | | 8,115 | | | | 7,420 | | | | 5,119 | | | | 4,415 | | | | 17,214 | |
Investment securities | | | 36,115 | | | | 35,955 | | | | 36,303 | | | | 35,291 | | | | 34,934 | |
Loans | | | 594,437 | | | | 588,726 | | | | 578,173 | | | | 567,842 | | | | 549,220 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Earning assets | | | 639,843 | | | | 636,830 | | | | 620,131 | | | | 610,695 | | | | 607,806 | |
| | | | | |
Cash and due from | | | 25,754 | | | | 27,413 | | | | 33,259 | | | | 33,357 | | | | 32,623 | |
Allowance for loan losses | | | (7,460 | ) | | | (7,359 | ) | | | (7,251 | ) | | | (7,058 | ) | | | (6,981 | ) |
Other assets | | | 33,547 | | | | 33,559 | | | | 33,500 | | | | 32,697 | | | | 29,508 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total assets | | $ | 691,684 | | | $ | 690,443 | | | $ | 679,639 | | | $ | 669,691 | | | $ | 662,956 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Interest-bearing checking | | $ | 141,441 | | | $ | 142,400 | | | $ | 148,943 | | | $ | 152,343 | | | $ | 153,362 | |
Money market | | | 117,033 | | | | 126,127 | | | | 119,261 | | | | 123,441 | | | | 132,692 | |
Savings | | | 46,699 | | | | 49,695 | | | | 50,897 | | | | 50,763 | | | | 49,881 | |
Time deposits | | | 143,156 | | | | 133,052 | | | | 128,777 | | | | 117,375 | | | | 108,890 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Interest-bearing deposits | | | 448,329 | | | | 451,274 | | | | 447,878 | | | | 443,922 | | | | 444,825 | |
| | | | | |
Non-interest bearing deposits | | | 152,230 | | | | 152,048 | | | | 146,140 | | | | 143,434 | | | | 138,367 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total deposits | | | 600,559 | | | | 603,322 | | | | 594,018 | | | | 587,356 | | | | 583,192 | |
| | | | | |
Borrowed funds | | | 1,505 | | | | 516 | | | | 3,540 | | | | 1,250 | | | | — | |
Other liabilities | | | 13,534 | | | | 12,303 | | | | 9,803 | | | | 9,791 | | | | 9,572 | |
Shareholders’ equity | | | 76,086 | | | | 74,302 | | | | 72,278 | | | | 71,294 | | | | 70,192 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total liabilities and shareholders’ equity | | $ | 691,684 | | | $ | 690,443 | | | $ | 679,639 | | | $ | 669,691 | | | $ | 662,956 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands)
December 31, 2005
(unaudited)
| | | | | | | | |
Balance Sheet (average) | | | | | | | | |
| | | 2005
Year-to-date
| | | 2004
Year-to-date
| |
Assets | | | | | | | | |
| | |
Interest bearing deposits with banks | | $ | 2,398 | | | $ | 3,079 | |
Fed funds sold | | | 6,281 | | | | 13,052 | |
Investment securities | | | 35,918 | | | | 32,243 | |
Loans | | | 582,386 | | | | 538,775 | |
| | |
|
|
| |
|
|
|
Earning assets | | | 626,983 | | | | 587,149 | |
| | |
Cash and due from | | | 29,918 | | | | 32,774 | |
Allowance for loan losses | | | (7,283 | ) | | | (6,957 | ) |
Other assets | | | 33,312 | | | | 29,827 | |
| | |
|
|
| |
|
|
|
Total assets | | $ | 682,930 | | | $ | 642,793 | |
| | |
|
|
| |
|
|
|
Interest-bearing checking | | $ | 146,848 | | | $ | 149,118 | |
Money market | | | 120,854 | | | | 123,591 | |
Savings | | | 49,503 | | | | 51,263 | |
Time deposits | | | 130,668 | | | | 102,369 | |
| | |
|
|
| |
|
|
|
Interest-bearing deposits | | | 447,873 | | | | 426,341 | |
| | |
Non-interest bearing deposits | | | 148,495 | | | | 137,336 | |
| | |
|
|
| |
|
|
|
Total deposits | | | 596,368 | | | | 563,677 | |
| | |
Borrowed funds | | | 1,700 | | | | 849 | |
Other liabilities | | | 11,370 | | | | 9,900 | |
Shareholders’ equity | | | 73,492 | | | | 68,367 | |
| | |
|
|
| |
|
|
|
Total liabilities and shareholders’ equity | | $ | 682,930 | | | $ | 642,793 | |
| | |
|
|
| |
|
|
|
