Bryn Mawr Bank (BMTC) 8-K Bryn Mawr Bank Corporation Reports a 12.5% Increase in First Quarter Diluted Earnings Per Share

Exhibit 99.1

Bryn Mawr Bank Corporation

FOR RELEASE:	IMMEDIATELY
FOR MORE INFORMATION CONTACT:	Ted Peters, Chairman
	610-581-4800 or
	610-525-2531 (evening)
	tpeters@bmtc.com
	J. Duncan Smith, CFO
	610-526-2466 or
	610-306-8489 (evening)
	jdsmith@bmtc.com

Bryn Mawr Bank Corporation Reports a 12.5% Increase in First Quarter Diluted Earnings Per Share

BRYN MAWR, Pa. April 25, 2006 - Bryn Mawr Bank Corporation, (NASDAQ: BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today announced financial results for the quarter ended March 31, 2006.

The Corporation reported first quarter 2006 diluted earnings per share of $0.36, an increase of $0.04 or 12.5% compared to $0.32 in the same period of 2005. Net income for the first quarter of 2006 was $3.136 million, an increase of 11.9% or $334,000, compared to $2.802 million in last year’s first quarter.

“We are pleased with first quarter results as we continue to concentrate on our core competencies, including Business Banking and Wealth Management Services,” commented Chairman and Chief Executive Officer, Ted Peters. “The Bryn Mawr Trust Company’s stated vision is to be the pre-eminent Community Bank and Wealth Management Services organization in the Philadelphia area, and our financial goal over time is to grow earnings per share 12% per year, on average, while returning capital to shareholders through a combination of dividends and stock buyback programs. The first quarter results put Bryn Mawr Bank Corporation on a solid path to meet these goals in 2006.”

Return on average equity (ROE) and return on average assets (ROA) for the quarter ended March 31, 2006, were 16.27% and 1.83%, respectively. ROE was 15.94% and ROA was 1.70% for the same period last year. The major factors contributing to the increase in earnings for the first quarter of 2006 compared to the same period last year were $826,000 or an 11.2% increase in net interest income, as the Corporation’s net interest margin expanded to 5.16% from 4.89%, as well as a $466,000 or 17.6% increase in Wealth Management revenues. Both were partially offset by declines in residential mortgage related revenue and increased personnel costs.

Total portfolio loans at March 31, 2006 of $606.6 million increased $48.1 million or 8.6% from $558.5 million at March 31, 2005 and average portfolio loans increased $33.7 million or 6.0% to $595.4 million in the first quarter of 2006 compared to $561.8 million in the first quarter of 2005. On a sequential basis, total portfolio loans increased $11.4 million or 1.9% from $595.2 million at December 31, 2005 and average portfolio loans increased $4.1 million or 0.7% from $591.3 million in the fourth quarter of 2005.

Overall portfolio loan growth has been steady, with strong growth in commercial mortgages and construction lending, partially offset by paydowns and payoffs by commercial and industrial loan customers. These paydowns and payoffs are attributed to customers who may be sensitive to rising interest rates and have the ability to reduce their borrowings. Residential loan balances have increased due to Management’s plan to portfolio more fixed rate loans to reduce the asset sensitivity of the Corporation’s balance sheet. Asset quality remains strong as non-performing loans as a percent of total loans was 0.13% at March 31, 2006 compared to 0.07% at December 31, 2005. The Corporation continues its business development efforts on building banking relationships with privately held businesses, non-profits, high-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. Additional business development efforts in the fast growing Chester County, PA area are planned in 2006.

Total deposits at March 31, 2006 were $608.1 million, up $24.9 million or 4.3% from $583.2 million at March 31, 2005, while average deposits for the first quarter of 2006 increased $12.5 million or 2.1% to $599.8 million compared with $587.4 million for the first quarter of 2005. On a sequential basis, total deposits decreased $28.2 million or 4.4% from $636.3 million at December 31, 2005, while average deposits decreased $733,000 or 0.1% from $600.6 million in the fourth quarter of 2005. The decrease in balances from December 31, 2005 reflects the short term nature of certain accounts at year end 2005.

As previously mentioned, the Corporation’s first quarter 2006 net interest income expanded $826,000 or 11.2% when compared to the first quarter of 2005, driven by a $33.3 million or 5.5% increase in earning assets and a 76 basis point increase (to 6.52% from 5.76%) in the yield on earning assets. This resulted in a 27 basis point increase in the net interest margin (to 5.16% from 4.89%).

On a sequential basis, net interest income declined $118,000 or 1.4% due to the number of days in the quarter (90 days in the first quarter of 2006 versus 92 days in the fourth quarter of 2005), partially offset by an increase in the earning assets of $4.1 million or 0.7% and a 15 basis point (to 6.52% from 6.37%) increase in the yield on earning assets. This resulted in a 1 basis point increase in the net interest margin (to 5.16% from 5.15%). The sequential changes in net interest income and net interest margin reflect deposit costs rising faster than the increase in the yield on interest earning assets, reflecting the highly competitive nature of the Philadelphia area deposit market.

The Corporation’s funding mix is changing as lower paying core deposits continue to shift towards higher rate certificates of deposit. Like most financial institutions today, Bryn Mawr Bank Corporation is facing challenges in growing lower cost core deposits as evidenced by the flat deposit levels over the last nine months. However, the Corporation has over $250 million in unused borrowing capacity with the Federal Home Loan Bank to fund loan opportunities.

Mr. Peters continued, “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 Ardmore and West Chester branch initiatives in the near future to complement our recently opened Exton and Newtown Square retail branch locations.”

Non-interest income for the first quarter of 2006 was $4.586 million, an increase of $172,000 or 3.9% compared with $4.414 million in the same period last year. Fees for Wealth Management Services grew $466,000 or 17.6% to $3.120 million in the first quarter of 2006 from $2.654 million in same period last year and $174,000 or 5.9% from the fourth quarter of 2005 of $2.946 million. New business development efforts, an April 2005 fee schedule increase, an increase in estate settlements and asset growth due to market performance all contributed to these results. Wealth Management assets under management and administration were $2.262 billion at March 31, 2006 compared to $2.248 billion and $1.919 billion at December 31, 2005 and March 31, 2005, respectively. Partially offsetting this higher Wealth Management Services revenue were reduced fees from residential mortgage-related activities and lower services charges on deposit accounts.

Non-interest expense for the first quarter of 2006 increased $461,000 or 6.2% to $7.845 million compared to $7.384 million in the same period last year. Higher cost of benefits and salary expenses related to merit increases and additions to staff 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.

In other business, the Corporation’s Board of Directors declared a regular quarterly dividend of $0.11 per share, payable June 1, 2006, to shareholders of record as of May 5, 2006.

The Corporation is also pleased to announce its first earnings conference call which will take place at 4:30 p.m. EDT on Tuesday, April 25, 2006. Interested parties may participate by calling 973-582-2843 at 4:25 p.m. EDT and referencing conference PIN 7293475. A taped replay of the conference call will be available within two hours of the conclusion of the call and will remain

available through Wednesday, May 10, 2006. The number to call for the taped replay is 973-341-3080 and the conference PIN is 7293475.

The conference call will be simultaneously broadcast live over the Internet through a webcast on the investor relations portion of the Bryn Mawr Bank Corporation’s website. To access the call, please visit the website at http://www.bmtc.com/investor_01.cfm. An online archive of the webcast will be available within two hours of the conclusion of the call.

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, target, 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.

# # # #

Bryn Mawr Bank Corporation

Consolidated Selected Financial Data

(Dollars in thousands, except per share data)

March 31, 2006

(unaudited)

	For The Three Months Ended
	Mar 31, 2006		Dec 31, 2005		Sept 30, 2005		June 30, 2005		Mar 31, 2005
For the period:
Interest income	$	10,358	$	10,277	$	9,834	$	9,186	$	8,671
Interest expense		2,164		1,965		1,788		1,544		1,303
Net interest income		8,194		8,312		8,046		7,642		7,368
Provision for loan losses		154		173		209		193		187
Net interest income after provision for loan losses		8,040		8,139		7,837		7,449		7,181
Fees for wealth management services		3,120		2,946		2,972		2,967		2,654
Loan servicing and late fees		290		304		321		339		339
Service charges on deposits		379		392		408		398		395
Net gain on sale of loans		250		244		456		464		458
Net gain on sale of mortgage servicing rights		—		—		—		—		—
Other operating income		547		500		568		552		568
Noninterest income		4,586		4,386		4,725		4,720		4,414
Salaries and wages		3,829		4,183		4,414		3,758		3,507
Employee benefits		1,318		999		998		936		1,141
Occupancy and bank premises		624		571		564		581		556
Furniture fixtures and equipment		482		495		488		498		460
Advertising		200		277		195		312		176
Amortization of mortgage servicing rights		86		92		115		210		189
Professional fees		297		386		318		295		303
Other expenses		1,009		1,135		1,095		1,274		1,052
Noninterest expense		7,845		8,138		8,187		7,864		7,384
Income before income taxes		4,781		4,387		4,375		4,305		4,211
Income tax expense		1,645		1,503		1,499		1,517		1,409
Net income	$	3,136	$	2,884	$	2,876	$	2,788	$	2,802
Per share data:
Weighted average shares outstanding		8,570,675		8,556,250		8,555,037		8,549,675		8,591,622
Dilutive potential common shares		137,135		110,576		107,699		80,772		105,718
Adjusted weighted average dilutive shares		8,707,810		8,666,826		8,662,736		8,630,447		8,697,340
Earnings per common share	$	0.37	$	0.34	$	0.34	$	0.33	$	0.33
Diluted earnings per common share	$	0.36	$	0.33	$	0.33	$	0.32	$	0.32
Dividend declared per share	$	0.11	$	0.11	$	0.11	$	0.10	$	0.10

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Bryn Mawr Bank Corporation

Consolidated Selected Financial Data

(Dollars in thousands, except per share data and ratios)

March 31, 2006

(unaudited)

	2006 1Q			2005 4Q			2005 3Q		2005 2Q		2005 1Q
For the period:
Asset Quality Data
Nonaccrual loans	$	773		$	390		273		678		1,432
90 + days past due loans		5			—		—		—		92
Nonperforming loans	$	778			390		273		678		1,524
OREO		25			25		—		210		591
Nonperforming assets	$	803		$	415		273		888		2,115
Allowance for loan losses	$	7,571		$	7,402		7,392		7,252		7,125
Allowance for loan losses / loans		1.25	%		1.24	%	1.25	%	1.22	%	1.27	%
Allowance for loan losses / nonperforming loans		973	%		1,898	%	2,708	%	1,070	%	468	%
Nonperforming loans / loans		0.13	%		0.07	%	0.05	%	0.11	%	0.27	%
Nonperforming assets / assets		0.11	%		0.06	%	0.04	%	0.13	%	0.32	%
Net loan charge-offs (recoveries)		(15	)		162		69		66		(11	)
Net loan charge-offs (annualized)/ average loans		NC	*		0.11	%	0.05	%	0.05	%	(0.01	%)
(NC*- Not calculated as there were no 1st quarter 2006 charge-offs)
	2006 1Q			2005 4Q			2005 3Q		2005 2Q		2005 1Q
Selected ratios (annualized):
Return on average assets		1.83	%		1.65	%	1.65	%	1.65	%	1.70	%
Return on average shareholders’ equity		16.27	%		15.04	%	15.35	%	15.47	%	15.94	%
Yield on earning assets		6.52	%		6.37	%	6.13	%	5.94	%	5.76	%
Cost of interest bearing funds		1.92	%		1.72	%	1.57	%	1.37	%	1.19	%
Net interest margin		5.16	%		5.15	%	5.01	%	4.94	%	4.89	%
Tier 1 leverage ratio		11.53	%		11.25	%	11.02	%	10.87	%	10.79	%
Book value per share	$	9.29			9.06		8.86		8.63		8.40
Tangible book value per share	$	9.29			9.06		8.86		8.63		8.40
Period end shares outstanding		8,575,555			8,556,255		8,559,105		8,543,046		8,556,258
Selected data:
Mortgage loans originated	$	34,451			36,815		67,701		49,830		38,978
Mortgage loans sold - servicing retained	$	7,010			6,889		11,016		9,972		13,787
Mortgage loans sold - servicing released	$	7,436			18,460		23,051		16,817		20,209
Mortgage loans serviced for others	$	409,429			417,649		438,183		465,780		489,882
Assets under management / administration	$	2,262,064			2,247,630		2,205,380		1,900,928		1,919,493

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Bryn Mawr Bank Corporation

Consolidated Selected Financial Data

(Dollars in thousands)

March 31, 2006

(unaudited)

	As of
	Mar 31, 2006			Dec 31, 2005			Sept 30, 2005			June 30, 2005			Mar 31, 2005
Balance Sheet
For the period ended:
Assets
Interest bearing deposits with banks	$	508		$	405		$	8,075		$	314		$	598
Fed funds sold		—			32,341			—			—			7,041
Investment securities		43,428			34,991			35,442			35,681			35,156
Loans held for sale		4,061			2,765			9,073			8,147			4,287
Portfolio loans:
Consumer		9,149			9,437			8,791			9,482			9,407
Commercial & industrial		165,508			170,283			172,115			193,402			183,862
Commercial mortgages		166,816			162,621			162,187			149,604			141,957
Construction		49,375			45,523			37,386			42,842			40,957
Residential mortgages		106,196			99,602			95,351			84,176			78,642
Home equity lines & loans		109,534			107,699			106,562			106,327			103,709
Total portfolio loans		606,578			595,165			582,392			585,833			558,534
Earning assets		654,575			665,667			634,982			629,975			605,616
Cash and due from		26,132			33,896			30,976			33,979			31,536
Allowance for loan losses		(7,571	)		(7,402	)		(7,392	)		(7,252	)		(7,125	)
Other assets		36,797			35,065			34,401			34,050			33,524
Total assets	$	709,933		$	727,226		$	692,967		$	690,752		$	663,551
Interest-bearing checking	$	142,606		$	154,319		$	148,042		$	140,271		$	145,680
Money market		115,920			112,319			118,548			125,972			118,915
Savings		44,830			46,258			47,721			51,141			50,878
Time deposits		153,412			155,322			137,262			126,538			131,435
Interest-bearing deposits		456,768			468,218			451,573			443,922			446,908
Non-interest bearing deposits		151,324			168,042			153,084			161,448			136,276
Total deposits		608,092			636,260			604,657			605,370			583,184
Borrowed funds		8,000			—			—			—			—
Other liabilities		14,171			13,453			12,491			11,617			8,457
Shareholders’ equity		79,670			77,513			75,819			73,765			71,910
Total liabilities and shareholders’ equity	$	709,933		$	727,226		$	692,967		$	690,752		$	663,551
Balance Sheet (average)
	2006 1Q			2005 4Q			2005 3Q			2005 2Q			2005 1Q
Assets
Interest bearing deposits with banks	$	439		$	1,176		$	4,729		$	536		$	3,147
Fed funds sold		6,161			8,115			7,420			5,119			4,415
Investment securities		38,699			36,115			35,955			36,303			35,291
Loans held for sale		3,217			3,142			8,690			9,046			6,062
Portfolio loans		595,446			591,295			580,036			569,127			561,780
Earning assets		643,962			639,843			636,830			620,131			610,695
Cash and due from		24,332			25,754			27,413			33,259			33,357
Allowance for loan losses		(7,524	)		(7,460	)		(7,359	)		(7,251	)		(7,058	)
Other assets		34,189			33,547			33,559			33,500			32,697
Total assets	$	694,959		$	691,684		$	690,443		$	679,639		$	669,691
Interest-bearing checking	$	141,504		$	141,441		$	142,400		$	148,943		$	152,343
Money market		118,365			117,033			126,127			119,261			123,441
Savings		45,073			46,699			49,695			50,897			50,763
Time deposits		147,610			143,156			133,052			128,777			117,375
Interest-bearing deposits		452,552			448,329			451,274			447,878			443,922
Non-interest bearing deposits		147,274			152,230			152,048			146,140			143,434
Total deposits		599,826			600,559			603,322			594,018			587,356
Borrowed funds		3,544			1,505			516			3,540			1,250
Other liabilities		13,419			13,534			12,303			9,803			9,791
Shareholders’ equity		78,170			76,086			74,302			72,278			71,294
Total liabilities and shareholders’ equity	$	694,959		$	691,684		$	690,443		$	679,639		$	669,691

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Bryn Mawr Bank Corporation

Quarterly analyses of interest rate and interest differential

March 31, 2006

(unaudited)

(dollars in thousands)

	1st Quarter 2006							4th Quarter 2005							3rd Quarter 2005							2nd Quarter 2005							1st Quarter 2005
	Average Balance			Interest Income/ Expense		Average Rates Earned/ Paid		Average Balance			Interest Income/ Expense		Average Rates Earned/ Paid		Average Balance			Interest Income/ Expense		Average Rates Earned/ Paid		Average Balance			Interest Income/ Expense		Average Rates Earned/ Paid		Average Balance			Interest Income/ Expense		Average Rates Earned/ Paid
Assets:
Interest-bearing deposits with other banks	$	439		$	5	4.62	%	$	1,176		$	11	3.71	%	$	4,730		$	44	3.69	%	$	536		$	4	2.99	%	$	3,147		$	18	2.32	%
Federal funds sold		6,161			66	4.34	%		8,115			85	4.16	%		7,420			64	3.42	%		5,119			36	2.82	%		4,415			25	2.30	%
Investment securities available for sale:
Taxable		33,685			319	3.84	%		31,099			289	3.69	%		30,904			248	3.18	%		31,223			249	3.20	%		30,182			233	3.13	%
Tax-exempt		5,014			41	3.32	%		5,016			41	3.24	%		5,050			40	3.14	%		5,070			41	3.24	%		5,109			41	3.25	%
Total investment securities		38,699			360	3.77	%		36,115			330	3.63	%		35,954			288	3.18	%		36,293			290	3.20	%		35,291			274	3.15	%
Loans(1)		598,663			9,927	6.72	%		594,436			9,851	6.57	%		588,726			9,438	6.36	%		578,173			8,855	6.14	%		567,842			8,354	5.97	%
Total interest earning assets		643,962			10,358	6.52	%		639,842			10,277	6.37	%		636,830			9,834	6.13	%		620,121			9,185	5.94	%		610,695			8,671	5.76	%
Cash and due from banks		24,332							25,754							27,413							33,259							33,357
Less allowance for loan losses		(7,524	)						(7,460	)						(7,359	)						(7,251	)						(7,058	)
Other assets		34,189							33,548							33,559							33,500							32,697
Total assets	$	694,959						$	691,684						$	690,443						$	679,629						$	669,691
Liabilities:
Savings, Now and market rate deposits	$	304,942		$	821	1.09	%	$	305,173		$	764	0.99	%	$	318,223		$	770	0.96	%	$	319,101		$	647	0.81	%	$	326,547		$	563	0.70	%
Time deposits		147,610			1,301	3.57	%		143,156			1,185	3.28	%		133,052			1,013	3.02	%		128,777			869	2.71	%		117,375			732	2.53	%
Total interest-bearing deposits		452,552			2,122	1.90	%		448,329			1,949	1.72	%		451,275			1,783	1.57	%		447,878			1,516	1.36	%		443,922			1,295	1.18	%
Short term borrowings		3,544			42	4.81	%		1,505			16	4.22	%		516			5	3.84	%		3,540			28	3.17	%		1,250			8	2.60	%
Total interest-bearing liabilities		456,096			2,164	1.92	%		449,834			1,965	1.73	%		451,791			1,788	1.57	%		451,418			1,544	1.37	%		445,172			1,303	1.19	%
Demand deposits, noninterest-bearing		147,274							152,230							152,048							146,140							143,434
Other liabilities		13,419							13,534							12,303							9,803							9,791
Total noninterest-bearing liabilities		160,693							165,764							164,351							155,943							153,225
Total liabilities		616,789							615,598							616,142							607,361							598,397
Shareholders’ equity		78,170							76,086							74,301							72,278							71,294
Total liabilities and shareholders’ equity	$	694,959						$	691,684						$	690,443						$	679,639						$	669,691
Interest income to earning assets		—			—	6.52	%		—			—	6.37	%		—			—	6.13	%		—			—	5.94	%		—			—	5.76	%
Net interest spread						4.60							4.64							4.56							4.57							4.57
Effect of noninterest-bearing sources						0.56							0.51							0.45							0.37							0.32
Net interest income/ margin on earning assets		—		$	8,194	5.16	%		—		$	8,312	5.15	%		—		$	8,046	5.01	%		—		$	7,641	4.94	%		—		$	7,368	4.89	%

⁽¹⁾ Non-accrual loans have been included in the average loan balances, but interest on non-accrual loans has not been included for purposes of determining interest income

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