Exhibit 99.1
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| Bryn Mawr Bank Corporation | | |
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 Third Quarter Net Income.
BRYN MAWR, Pa. October 26, 2006 - Bryn Mawr Bank Corporation, (NASDAQ: BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), announced third quarter 2006 net income of $3.2 million, an increase of 12.5% or $359 thousand, compared to $2.9 million for the third quarter of 2005. Diluted earnings per share for the third quarter of 2006 were $0.37 per share, an increase of $0.04 or 12.1% compared to $0.33 in the same period last year.
Return on average equity (ROE) and return on average assets (ROA) for the quarter ended September 30, 2006, were 15.58% and 1.69% respectively, compared to ROE of 15.35% and ROA of 1.65% for the same period last year. The major factors contributing to the increase in earnings for the third quarter of 2006 compared to the same period last year were a 4.3% increase in tax equivalent net interest income and reduced incentive compensation expenses, partially offset by increased occupancy costs and reduced mortgage-related revenues. Net interest income on a tax equivalent basis for the third quarter of 2006 increased $367 thousand or 4.5% to $8.5 million
when compared to the same quarter last year due to increased loan volume, partially offset by increased funding costs. The tax equivalent net interest margin for the third quarter of 2006 declined to 4.78% from 5.07% in the same period last year.
“Our strong performance was led by healthy loan growth during the first nine months of the year as portfolio loans increased $71.9 million, or 16.1% annualized, since the end of 2005,” commented Ted Peters, Chairman and CEO of the Corporation. “However, the Corporation, like most financial institutions, is continuing to experience rising funding costs and intense competition for new deposit customers.”
Net income for the nine months ended September 30, 2006 was $9.5 million, an increase of $1.0 million or 12.3%, compared to $8.5 million in the same period in 2005. Diluted earnings per share for the nine months ended September 30, 2006, were $1.09, an increase of $0.11 or 11.2%, compared with $0.98 in 2005. ROE and ROA for the nine month period ended September 30, 2006 were 15.84% and 1.75%, respectively, compared to ROE of 15.58% and ROA of 1.66% for the same period last year. The major factors contributing to the increase in earnings for the nine month period ending September 30, 2006 compared to the same period last year were an 8.3% increase in tax equivalent net interest income and a 6.8% increase in Wealth Management revenues, partially offset by lower residential mortgage-related revenues. On a year to date basis, tax equivalent net interest income increased $1.9 million or 8.3% to $25.1 million when compared to last year. The tax equivalent net interest margin for the nine months ended September 30, 2006 was 4.99% compared to 4.98 % in 2005.
Asset quality remains strong with non-performing assets of $1.6 million at September 30, 2006, which represent 0.24% of portfolio loans. The $1.6 million of non-performing loans consists almost entirely of two first lien residential mortgage loans. While the allowance for loan and lease losses (“allowance”) increased to $8.0 million at September 30, 2006 from $7.4 million at December 31, 2005, the allowance as a percentage of portfolio loans decreased to 1.20% from 1.24% over the same time period. The decrease in the allowance as a percentage of portfolio loans is attributed to strong loan growth in the second and third quarters of 2006. Net loan charge-offs (recoveries) for the nine months ended September 30, 2006 and 2005 were ($2) thousand and $124 thousand, respectively.
Portfolio loans increased $71.9 million or 12.1% to $667.1 million at September 30, 2006 from $595.2 million at December 31, 2005, reflecting a significant increase in commercial mortgage and construction loan closings in the second and third quarters of 2006. Third quarter 2006 average portfolio loans increased $54.0 million or 9.1% over fourth quarter 2005 average loans. Strong loan growth is expected to continue through the fourth quarter of 2006. To maintain this growth, the Corporation has opened a business loan production office at the intersection of Gay and High Streets in downtown West Chester, Pennsylvania.
Mr. Peters continued, “We are very excited about this opportunity to expand our business into the heart of West Chester, the county seat of Chester County, one of the fastest growing counties in Pennsylvania. BMT Leasing Inc., a small ticket equipment leasing business and a wholly owned subsidiary of the Bank, was formed during the third quarter. We are pleased with its progress during its first month of operation.”
The Corporation’s interest bearing liabilities at September 30, 2006 include approximately $76 million in market rate wholesale certificates and short-term borrowings compared with $5 million at December 31, 2005. During the last nine months, the Corporation has seen a shift in the mix of its core deposits as some lower cost interest bearing checking, money market accounts and savings accounts moved into higher yielding certificates of deposit. This shift in the core deposit mix is a national trend as many financial institutions are having similar experiences. The utilization of market rate wholesale funding, the shift in deposit mix and the increase in interest rates resulted in overall funding costs rising faster than the yield on interest earning assets. This trend is expected to continue through the fourth quarter, although competitive deposit pricing increases have waned in recent weeks.
At September 30, 2006, the Corporation had over $240 million in unused borrowing capacity at the Federal Home Loan Bank of Pittsburgh, along with capacity under federal funds lines at other financial institutions of $30 million.
Mr. Peters concluded, “The Bryn Mawr Trust Company will continue with the expansion of its retail banking footprint with controlledde novo expansion in the suburban Philadelphia market. Construction is well under way on the Corporation’s new Ardmore branch, and we anticipate its opening around the first of the year. The planned full service West Chester branch is expected to open in early 2008.”
Non-interest income for the third quarter of 2006 was $4.6 million, a decrease of $161 thousand or 3.4% compared with $4.7 million in the same period last year. The decline in non-interest income is attributable to a continued decline in residential mortgage related revenues partially offset by an increase of Wealth Management services fee income. Wealth Management assets under management and administration were $2.244 billion at September 30, 2006, compared with $2.248 billion at December 31, 2005.
Non-interest expense for the third quarter of 2006 decreased $357 thousand or 4.4% to $7.8 million when compared to the same period last year. This decrease is due to lower incentive compensation and reductions in pension costs, partially offset by increased occupancy and leasing company startup costs.
Non-interest income for the nine months ended September 30, 2006, decreased $157 thousand or 1.1% when compared to the same period last year. Wealth Management services fee income increased $588 thousand or 6.8% to $9.2 million from $8.6 million while other non-interest income categories in the aggregate declined $745 thousand, primarily due to lower residential mortgage related revenue.
Non-interest expense for the nine months ended September 30, 2006 increased $142 thousand or 0.6%, to $23.6 million from $23.4 million in the same period last year, primarily due to increased occupancy costs, employee benefit costs and leasing company startup costs, partially offset by reductions in mortgage servicing right amortization and lower professional fees.
On a sequential basis, diluted earnings per share of $0.37 and net income of $3.2 million for the quarter ended September 30, 2006 showed a nominal increase over second quarter 2006 results. Net interest income on a tax equivalent basis for the third quarter of 2006 increased $95 thousand or 1.1% compared to the second quarter of 2006 as increased funding costs partially offset incremental interest income. The tax equivalent net interest margin declined to 4.78% in the third quarter of 2006 from 5.04% in the second quarter of 2006. The decline in the tax equivalent net interest margin is attributable to the funding of loan growth with wholesale sources and a continued shift from lower cost core deposits into higher cost certificates of deposit. Management expects these market conditions to continue for the near term, resulting in increased downward pressure on the net interest margin.
Wealth Management services fee income on a sequential basis declined $35 thousand or 1.1% from the second quarter of 2006, as all components of wealth revenue were essentially unchanged. Other components of non-interest income increased $23 thousand in the aggregate from a variety of sources including the Corporation’s insurance and title insurance activities, along with a mark-to-market adjustment on an interest rate floor contract. Overall non-interest expenses decreased $72 thousand or 0.9% to $7.8 million from $7.9 million primarily due to lower pension related expenses and lower advertising costs, partially offset by higher incentive compensation costs.
The Corporation’s Board of Directors declared a quarterly dividend of $0.12 per share, payable December 1, 2006, to shareholders of record as of November 6, 2006.
In conjunction with this release, the Corporation will host a conference call, followed by a question and answer session, on Thursday, October 26th at 4:00 p.m. Eastern Time. Interested
parties may participate by calling 973-582-2843 at 3:55 p.m. Eastern Time and referencing conference PIN 8013029. A taped replay of the conference call will be available within two hours of the conclusion of the call and will remain available through November 10, 2006. The number to call for the taped replay is 973-341-3080 and the conference PIN is 8013029.
The conference call will be simultaneously broadcasted live over the Internet through a webcast on the Bryn Mawr Bank Corporation 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.
Bryn Mawr Bank Corporation, including The Bryn Mawr Trust Company, which was founded in 1889, has $783 million in corporate assets and $2.2 billion in Wealth Management assets under management and administration. Bryn Mawr Trust offers a full range of personal and business banking services, consumer and commercial loans, equipment leasing, mortgages, insurance, and wealth management services, including investment management, trust and estate administration, retirement planning, custody services, and tax planning and preparation.
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.
The accompanying financial statements and reconciliation statement are an integral part of this press release.
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Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data)
September 30, 2006
(unaudited)
| | | | | | | | | | | | | | | |
| | | For The Three Months Ended |
For the period: | | Sep 30, 2006 | | Jun 30, 2006 | | Mar 31,
2006 | | Dec 31, 2005 | | Sept 30,
2005 |
Interest income | | $ | 12,017 | | $ | 11,098 | | $ | 10,345 | | $ | 10,235 | | $ | 9,835 |
Interest expense | | | 3,627 | | | 2,795 | | | 2,164 | | | 1,965 | | | 1,788 |
| | | | | | | | | | | | | | | |
Net interest income | | | 8,390 | | | 8,303 | | | 8,181 | | | 8,270 | | | 8,047 |
Provision for loan and lease losses | | | 258 | | | 209 | | | 154 | | | 173 | | | 209 |
| | | | | | | | | | | | | | | |
Net interest income after provision for loan and lease losses | | | 8,132 | | | 8,094 | | | 8,027 | | | 8,097 | | | 7,838 |
| | | | | |
Fees for wealth management services | | | 3,013 | | | 3,048 | | | 3,120 | | | 2,946 | | | 2,972 |
Loan servicing and late fees | | | 271 | | | 282 | | | 290 | | | 304 | | | 321 |
Service charges on deposits | | | 388 | | | 397 | | | 379 | | | 392 | | | 408 |
Net gain on sale of loans | | | 268 | | | 254 | | | 250 | | | 244 | | | 456 |
Other operating income | | | 623 | | | 594 | | | 560 | | | 542 | | | 567 |
| | | | | | | | | | | | | | | |
Noninterest income | | | 4,563 | | | 4,575 | | | 4,599 | | | 4,428 | | | 4,724 |
| | | | | |
Salaries and wages | | | 4,109 | | | 3,834 | | | 3,829 | | | 4,183 | | | 4,414 |
Employee benefits | | | 887 | | | 1,131 | | | 1,318 | | | 999 | | | 998 |
Occupancy and bank premises | | | 636 | | | 642 | | | 624 | | | 571 | | | 564 |
Furniture fixtures and equipment | | | 486 | | | 476 | | | 482 | | | 495 | | | 488 |
Advertising | | | 187 | | | 273 | | | 200 | | | 277 | | | 195 |
Amortization of mortgage servicing rights | | | 88 | | | 84 | | | 86 | | | 92 | | | 115 |
Professional fees | | | 285 | | | 209 | | | 297 | | | 386 | | | 318 |
Other expenses | | | 1,152 | | | 1,253 | | | 1,009 | | | 1,135 | | | 1,095 |
| | | | | | | | | | | | | | | |
Noninterest expense | | | 7,830 | | | 7,902 | | | 7,845 | | | 8,138 | | | 8,187 |
| | | | | |
Income before income taxes | | | 4,865 | | | 4,767 | | | 4,781 | | | 4,387 | | | 4,375 |
Income tax expense | | | 1,630 | | | 1,630 | | | 1,645 | | | 1,503 | | | 1,499 |
| | | | | | | | | | | | | | | |
Net income | | $ | 3,235 | | $ | 3,137 | | $ | 3,136 | | $ | 2,884 | | $ | 2,876 |
| | | | | | | | | | | | | | | |
Per share data: | | | | | | | | | | | | | | | |
Weighted average shares outstanding | | | 8,575,170 | | | 8,577,365 | | | 8,570,675 | | | 8,556,250 | | | 8,555,037 |
Dilutive potential common shares | | | 109,995 | | | 113,690 | | | 109,837 | | | 110,576 | | | 107,699 |
| | | | | | | | | | | | | | | |
Adjusted weighted average dilutive shares | | | 8,685,165 | | | 8,691,055 | | | 8,680,512 | | | 8,666,826 | | | 8,662,736 |
| | | | | |
Basic earnings per common share | | $ | 0.38 | | $ | 0.37 | | $ | 0.37 | | $ | 0.34 | | $ | 0.34 |
| | | | | |
Diluted earnings per common share | | $ | 0.37 | | $ | 0.36 | | $ | 0.36 | | $ | 0.33 | | $ | 0.33 |
| | | | | |
Dividend declared per share | | $ | 0.12 | | $ | 0.11 | | $ | 0.11 | | $ | 0.11 | | $ | 0.11 |
Note: Certain prior period amounts have been reclassified to conform to current period presentation.
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data)
September 30, 2006
(unaudited)
| | | | | | |
| | | For The Nine Months Ended |
For the period: | | September 30,
2006 | | September 30,
2005 |
Interest income | | $ | 33,460 | | $ | 27,656 |
Interest expense | | | 8,586 | | | 4,635 |
| | | | | | |
Net interest income | | | 24,874 | | | 23,021 |
Provision for loan and lease losses | | | 621 | | | 589 |
| | | | | | |
Net interest income after provision for loan and lease losses | | | 24,253 | | | 22,432 |
| | |
Fees for wealth management services | | | 9,181 | | | 8,593 |
Loan servicing and late fees | | | 843 | | | 999 |
Service charges on deposits | | | 1,164 | | | 1,201 |
Net gain on sale of loans | | | 772 | | | 1,378 |
Other operating income | | | 1,777 | | | 1,723 |
| | | | | | |
Noninterest income | | | 13,737 | | | 13,894 |
| | |
Salaries and wages | | | 11,772 | | | 11,678 |
Employee benefits | | | 3,336 | | | 3,076 |
Occupancy and bank premises | | | 1,902 | | | 1,701 |
Furniture fixtures and equipment | | | 1,444 | | | 1,446 |
Advertising | | | 660 | | | 683 |
Amortization of mortgage servicing rights | | | 258 | | | 513 |
Professional fees | | | 791 | | | 917 |
Other expenses | | | 3,414 | | | 3,421 |
| | | | | | |
Noninterest expense | | | 23,577 | | | 23,435 |
| | |
Income before income taxes | | | 14,413 | | | 12,891 |
Income tax expense | | | 4,905 | | | 4,425 |
| | | | | | |
Net income | | $ | 9,508 | | $ | 8,466 |
| | | | | | |
Per share data: | | | | | | |
Weighted average shares outstanding | | | 8,574,420 | | | 8,565,311 |
Dilutive potential common shares | | | 110,044 | | | 99,596 |
| | | | | | |
Adjusted weighted average shares | | | 8,684,464 | | | 8,664,907 |
| | |
Basic earnings per common share | | $ | 1.11 | | $ | 0.99 |
| | |
Diluted earnings per common share | | $ | 1.09 | | $ | 0.98 |
| | |
Dividend declared per share | | $ | 0.34 | | $ | 0.31 |
Note: Certain prior period amounts have been reclassified to conform to current period presentation.
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data)
September 30, 2006
(unaudited)
| | | | | | | | | | | | | | | | |
For the period: | | 2006 3Q | | | 2006 2Q | | | 2006 1Q | | | 2005 4Q | | | 2005 3Q | |
Asset Quality Data | | | | | | | | | | | | | | | | |
Nonaccrual loans | | $ | 794 | | | 866 | | | 773 | | | 390 | | | 273 | |
90 + days past due loans | | | 835 | | | 794 | | | 5 | | | — | | | — | |
| | | | | | | | | | | | | | | | |
Nonperforming loans | | $ | 1,629 | | | 1,660 | | | 778 | | | 390 | | | 273 | |
OREO | | | — | | | — | | | 25 | | | 25 | | | — | |
| | | | | | | | | | | | | | | | |
Nonperforming assets | | $ | 1,629 | | | 1,660 | | | 803 | | | 415 | | | 273 | |
| | | | | | | | | | | | | | | | |
Allowance for loan losses | | $ | 8,025 | | | 7,779 | | | 7,571 | | | 7,402 | | | 7,392 | |
Allowance for loan losses / loans | | | 1.20 | % | | 1.22 | % | | 1.25 | % | | 1.24 | % | | 1.25 | % |
Allowance for loan losses / nonperforming loans | | | 493 | % | | 469 | % | | 973 | % | | 1,898 | % | | 2,708 | % |
Nonperforming loans / loans | | | 0.24 | % | | 0.26 | % | | 0.13 | % | | 0.07 | % | | 0.05 | % |
Nonperforming assets / assets | | | 0.21 | % | | 0.22 | % | | 0.11 | % | | 0.06 | % | | 0.04 | % |
Net loan charge-offs (recoveries) | | | 12 | | | 1 | | | (15 | ) | | 162 | | | 69 | |
Net loan charge-offs (annualized)/ average loans | | | 0.01 | % | | NC | * | | NC | * | | 0.11 | % | | 0.05 | % |
(NC*- Not calculated as there were no significant charge-offs)
| | | | | | | | | | | | | | | | | |
| | | | | |
| | | 2006 3Q | | | 2006 2Q | | | 2006 1Q | | | 2005 4Q | | | 2005 3Q | |
Selected ratios (annualized): | | | | | | | | | | | | | | | | | |
| | | | | |
Return on average assets | | | 1.69 | % | | | 1.74 | % | | 1.83 | % | | 1.65 | % | | 1.65 | % |
Return on average shareholders’ equity | | | 15.58 | % | | | 15.70 | % | | 16.27 | % | | 15.04 | % | | 15.35 | % |
Yield on interest earning assets* | | | 6.82 | % | | | 6.72 | % | | 6.58 | % | | 6.41 | % | | 6.18 | % |
Cost of interest bearing funds | | | 2.80 | % | | | 2.35 | % | | 1.92 | % | | 1.73 | % | | 1.57 | % |
Net interest margin* | | | 4.78 | % | | | 5.04 | % | | 5.22 | % | | 5.19 | % | | 5.07 | % |
Tier 1 leverage ratio | | | 11.12 | % | | | 11.39 | % | | 11.53 | % | | 11.25 | % | | 11.02 | % |
Book value per share | | $ | 9.83 | | | | 9.52 | | | 9.29 | | | 9.06 | | | 8.86 | |
Tangible book value per share | | $ | 9.83 | | | | 9.52 | | | 9.29 | | | 9.06 | | | 8.86 | |
Period end shares outstanding | | | 8,575,253 | | | | 8,575,398 | | | 8,575,555 | | | 8,556,255 | | | 8,559,105 | |
| | | | | |
Selected data: | | | | | | | | | | | | | | | | | |
| | | | | |
Mortgage loans originated | | $ | 37,860 | | | | 31,966 | | | 34,451 | | | 33,146 | | | 62,759 | |
Mortgage loans sold - servicing retained | | $ | 6,043 | | | | 3,615 | | | 7,010 | | | 6,889 | | | 11,016 | |
Mortgage loans sold - servicing released | | $ | 10,687 | | | | 13,127 | | | 7,436 | | | 18,460 | | | 23,051 | |
Mortgage loans serviced for others | | $ | 385,861 | | | | 395,091 | | | 409,429 | | | 417,649 | | | 438,183 | |
Wealth assets under management / administration | | $ | 2,243,595 | | | | 2,195,258 | | | 2,262,064 | | | 2,247,630 | | | 2,205,380 | |
| | | | | |
| | | | | | 2006 Year-to-date | | | | | | 2005 Year-to-date | | | | |
Selected ratios (annualized): | | | | | | | | | | | | | | | | | |
| | | | | |
Return on average assets | | | | | | | 1.75 | % | | | | | 1.66 | % | | | |
Return on average shareholders’ equity | | | | | | | 15.84 | % | | | | | 15.58 | % | | | |
Yield on interest earning assets* | | | | | | | 6.70 | % | | | | | 5.95 | % | | | |
Cost of interest bearing funds | | | | | | | 2.38 | % | | | | | 1.38 | % | | | |
Net interest margin* | | | | | | | 4.99 | % | | | | | 4.98 | % | | | |
| | | | | |
Mortgage loans originated | | | | | | $ | 104,277 | | | | | | 156,510 | | | | |
Mortgage loans sold - servicing retained | | | | | | $ | 16,668 | | | | | | 34,775 | | | | |
Mortgage loans sold - servicing released | | | | | | $ | 31,250 | | | | | | 68,009 | | | | |
| * | Yield on interest earning assets and net interest margin are calculated on a tax equivalent basis. |
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands)
September 30, 2006
(unaudited)
Balance Sheet
| | | | | | | | | | | | | | | | | | | | |
| | | As of | |
For the period ended: | | Sept 30,
2006 | | | Jun 30,
2006 | | | Mar 31,
2006 | | | Dec 31,
2005 | | | Sept 30,
2005 | |
Assets | | | | | | | | | | | | | | | | | | | | |
Interest bearing deposits with banks | | $ | 544 | | | $ | 642 | | | $ | 508 | | | $ | 405 | | | $ | 8,075 | |
Fed funds sold | | | — | | | | — | | | | — | | | | 32,341 | | | | — | |
Investment securities | | | 51,399 | | | | 45,697 | | | | 41,488 | | | | 33,397 | | | | 33,968 | |
| | | | | |
Loans held for sale | | | 7,621 | | | | 6,369 | | | | 4,061 | | | | 2,765 | | | | 9,073 | |
| | | | | |
Portfolio loans: | | | | | | | | | | | | | | | | | | | | |
Consumer | | | 8,848 | | | | 8,863 | | | | 9,149 | | | | 9,437 | | | | 8,791 | |
Commercial & industrial | | | 177,797 | | | | 166,442 | | | | 165,508 | | | | 170,283 | | | | 172,115 | |
Commercial mortgages | | | 185,234 | | | | 178,253 | | | | 166,816 | | | | 162,621 | | | | 162,187 | |
Construction | | | 74,949 | | | | 65,097 | | | | 49,375 | | | | 45,523 | | | | 37,386 | |
Residential mortgages | | | 107,021 | | | | 108,820 | | | | 106,196 | | | | 99,602 | | | | 95,351 | |
Home equity lines & loans | | | 112,940 | | | | 112,157 | | | | 109,534 | | | | 107,699 | | | | 106,562 | |
Leases | | | 316 | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total portfolio loans | | | 667,105 | | | | 639,632 | | | | 606,578 | | | | 595,165 | | | | 582,392 | |
| | | | | |
Earning assets | | | 726,669 | | | | 692,340 | | | | 652,635 | | | | 664,073 | | | | 633,508 | |
| | | | | |
Cash and due from | | | 23,921 | | | | 27,529 | | | | 26,132 | | | | 33,896 | | | | 30,976 | |
Allowance for loan and lease losses | | | (8,025 | ) | | | (7,779 | ) | | | (7,571 | ) | | | (7,402 | ) | | | (7,392 | ) |
Other assets | | | 40,678 | | | | 39,392 | | | | 38,737 | | | | 36,659 | | | | 35,875 | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 783,243 | | | $ | 751,482 | | | $ | 709,933 | | | $ | 727,226 | | | $ | 692,967 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest-bearing checking | | $ | 128,707 | | | $ | 134,754 | | | $ | 142,606 | | | $ | 154,319 | | | $ | 148,042 | |
Money market | | | 112,360 | | | | 106,401 | | | | 115,920 | | | | 112,319 | | | | 118,548 | |
Savings | | | 41,640 | | | | 43,303 | | | | 44,830 | | | | 46,258 | | | | 47,721 | |
Wholesale deposits | | | 29,963 | | | | 34,951 | | | | 5,000 | | | | 5,000 | | | | — | |
Time deposits | | | 179,712 | | | | 163,029 | | | | 148,412 | | | | 150,322 | | | | 137,262 | |
| | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits | | | 492,382 | | | | 482,438 | | | | 456,768 | | | | 468,218 | | | | 451,573 | |
| | | | | |
Non-interest bearing deposits | | | 145,872 | | | | 152,092 | | | | 151,324 | | | | 168,042 | | | | 153,084 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | | 638,254 | | | | 634,530 | | | | 608,092 | | | | 636,260 | | | | 604,657 | |
Borrowed funds | | | 46,300 | | | | 22,700 | | | | 8,000 | | | | — | | | | — | |
Other liabilities | | | 14,395 | | | | 12,597 | | | | 14,171 | | | | 13,453 | | | | 12,491 | |
Shareholders’ equity | | | 84,294 | | | | 81,655 | | | | 79,670 | | | | 77,513 | | | | 75,819 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 783,243 | | | $ | 751,482 | | | $ | 709,933 | | | $ | 727,226 | | | $ | 692,967 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Balance Sheet (average) | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 2006 3Q | | | 2006 2Q | | | 2006 1Q | | | 2005 4Q | | | 2005 3Q | |
Assets | | | | | | | | | | | | | | | | | | | | |
Interest bearing deposits with banks | | $ | 807 | | | $ | 687 | | | $ | 439 | | | $ | 1,176 | | | $ | 4,729 | |
Fed funds sold | | | 3,345 | | | | 1,467 | | | | 6,161 | | | | 8,115 | | | | 7,420 | |
Investment securities | | | 49,103 | | | | 44,197 | | | | 37,069 | | | | 34,501 | | | | 34,521 | |
Loans held for sale | | | 5,910 | | | | 3,304 | | | | 3,217 | | | | 3,142 | | | | 8,690 | |
Portfolio loans and leases | | | 645,284 | | | | 617,627 | | | | 595,446 | | | | 591,295 | | | | 580,036 | |
| | | | | | | | | | | | | | | | | | | | |
Earning assets | | | 704,449 | | | | 667,282 | | | | 642,332 | | | | 638,229 | | | | 635,396 | |
Cash and due from | | | 25,373 | | | | 24,666 | | | | 24,332 | | | | 25,754 | | | | 27,413 | |
Allowance for loan an lease losses | | | (7,904 | ) | | | (7,686 | ) | | | (7,524 | ) | | | (7,460 | ) | | | (7,359 | ) |
Other assets | | | 37,267 | | | | 37,803 | | | | 35,819 | | | | 35,161 | | | | 34,993 | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 759,185 | | | $ | 722,065 | | | $ | 694,959 | | | $ | 691,684 | | | $ | 690,443 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest-bearing checking | | $ | 132,826 | | | $ | 140,400 | | | $ | 141,504 | | | $ | 141,441 | | | $ | 142,400 | |
Money market | | | 109,595 | | | | 110,710 | | | | 118,365 | | | | 117,033 | | | | 126,127 | |
Savings | | | 42,533 | | | | 43,738 | | | | 45,073 | | | | 46,699 | | | | 49,695 | |
Wholesale deposits | | | 19,956 | | | | 1,425 | | | | — | | | | — | | | | — | |
Time deposits | | | 187,083 | | | | 164,803 | | | | 147,610 | | | | 143,156 | | | | 133,052 | |
| | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits | | | 491,993 | | | | 461,076 | | | | 452,552 | | | | 448,329 | | | | 451,274 | |
Non-interest bearing deposits | | | 149,465 | | | | 150,586 | | | | 147,274 | | | | 152,230 | | | | 152,048 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | | 641,458 | | | | 611,662 | | | | 599,826 | | | | 600,559 | | | | 603,322 | |
Borrowed funds | | | 21,380 | | | | 16,738 | | | | 3,544 | | | | 1,505 | | | | 516 | |
Other liabilities | | | 13,966 | | | | 13,487 | | | | 13,419 | | | | 13,534 | | | | 12,303 | |
Shareholders’ equity | | | 82,381 | | | | 80,178 | | | | 78,170 | | | | 76,086 | | | | 74,302 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 759,185 | | | $ | 722,065 | | | $ | 694,959 | | | $ | 691,684 | | | $ | 690,443 | |
| | | | | | | | | | | | | | | | | | | | |
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands)
September 30, 2006
(unaudited)
Balance Sheet (average)
| | | | | | | | |
| | | 2006
Year-to-date | | | 2005
Year-to-date | |
Assets | | | | | | | | |
Interest bearing deposits with banks | �� | $ | 646 | | | $ | 2,809 | |
Fed funds sold | | | 3,647 | | | | 5,663 | |
Investment securities | | | 44,739 | | | | 35,852 | |
Loans held for sale | | | 4,355 | | | | — | |
Portfolio loans and leases | | | 619,441 | | | | 578,324 | |
| | | | | | | | |
Earning assets | | | 672,828 | | | | 622,648 | |
| | |
Cash and due from | | | 24,794 | | | | 31,322 | |
Allowance for loan and lease losses | | | (7,706 | ) | | | (7,224 | ) |
Other assets | | | 35,511 | | | | 33,241 | |
| | | | | | | | |
Total assets | | $ | 725,427 | | | $ | 679,987 | |
| | | | | | | | |
| | |
Interest-bearing checking | | $ | 138,212 | | | $ | 148,312 | |
Money market | | | 112,858 | | | | 122,499 | |
Savings | | | 43,772 | | | | 50,448 | |
Wholesale deposits | | | 7,200 | | | | — | |
Time deposits | | | 166,643 | | | | 126,459 | |
| | | | | | | | |
Interest-bearing deposits | | | 468,685 | | | | 447,718 | |
| | |
Non-interest bearing deposits | | | 149,106 | | | | 147,236 | |
| | | | | | | | |
Total deposits | | | 617,791 | | | | 594,954 | |
| | |
Borrowed funds | | | 13,953 | | | | 1,766 | |
Other liabilities | | | 13,608 | | | | 10,639 | |
Shareholders’ equity | | | 80,075 | | | | 72,628 | |
| | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 725,427 | | | $ | 679,987 | |
| | | | | | | | |
Quarterly Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 3rd Quarter 2006 | | | 2nd Quarter 2006 | | | 1st Quarter 2006 | | | 4th Quarter 2005 | | | 3rd Quarter 2005 | |
| (dollars in thousands) | | 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 | | $ | 807 | | | $ | 11 | | 5.41 | % | | $ | 687 | | | $ | 8 | | 4.67 | % | | $ | 439 | | | $ | 5 | | 4.62 | % | | $ | 1,176 | | | $ | 11 | | 3.71 | % | | $ | 4,730 | | | $ | 44 | | 3.69 | % |
Federal funds sold | | | 3,345 | | | | 45 | | 5.34 | % | | | 1,467 | | | | 18 | | 4.92 | % | | | 6,161 | | | | 66 | | 4.34 | % | | | 8,115 | | | | 85 | | 4.16 | % | | | 7,420 | | | | 64 | | 3.42 | % |
Investment securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable | | | 44,132 | | | | 503 | | 4.52 | % | | | 39,249 | | | | 416 | | 4.25 | % | | | 32,055 | | | | 306 | | 3.87 | % | | | 29,485 | | | | 250 | | 3.36 | % | | | 29,470 | | | | 249 | | 3.35 | % |
Tax-exempt | | | 4,971 | | | | 58 | | 4.63 | % | | | 4,948 | | | | 59 | | 4.78 | % | | | 5,014 | | | | 60 | | 4.85 | % | | | 5,016 | | | | 60 | | 4.75 | % | | | 5,050 | | | | 59 | | 4.64 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities available for sale | | | 49,103 | | | | 561 | | 4.53 | % | | | 44,197 | | | | 475 | | 4.31 | % | | | 37,069 | | | | 366 | | 4.00 | % | | | 34,501 | | | | 310 | | 3.56 | % | | | 34,520 | | | | 308 | | 3.54 | % |
Loans and leases | | | 651,194 | | | | 11,494 | | 7.00 | % | | | 620,931 | | | | 10,683 | | 6.90 | % | | | 598,663 | | | | 9,987 | | 6.77 | % | | | 594,436 | | | | 9,904 | | 6.61 | % | | | 588,726 | | | | 9,489 | | 6.39 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest earning assets | | | 704,449 | | | | 12,111 | | 6.82 | % | | | 667,282 | | | | 11,184 | | 6.72 | % | | | 642,332 | | | | 10,424 | | 6.58 | % | | | 638,228 | | | | 10,310 | | 6.41 | % | | | 635,396 | | | | 9,905 | | 6.18 | % |
Cash and due from banks | | | 25,373 | | | | | | | | | | 24,666 | | | | | | | | | | 24,332 | | | | | | | | | | 25,754 | | | | | | | | | | 27,413 | | | | | | | |
Less allowance for loan and lease losses | | | (7,904 | ) | | | | | | | | | (7,686 | ) | | | | | | | | | (7,524 | ) | | | | | | | | | (7,460 | ) | | | | | | | | | (7,359 | ) | | | | | | |
Other assets | | | 37,267 | | | | | | | | | | 37,803 | | | | | | | | | | 35,819 | | | | | | | | | | 35,162 | | | | | | | | | | 34,993 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 759,185 | | | | | | | | | $ | 722,065 | | | | | | | | | $ | 694,959 | | | | | | | | | $ | 691,684 | | | | | | | | | $ | 690,443 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Savings, NOW and market rate deposits | | $ | 284,954 | | | $ | 1,029 | | 1.43 | % | | $ | 294,848 | | | $ | 914 | | 1.24 | % | | $ | 304,942 | | | $ | 821 | | 1.09 | % | | $ | 305,173 | | | $ | 764 | | 0.99 | % | | $ | 318,223 | | | $ | 770 | | 0.96 | % |
Wholesale deposits | | $ | 19,956 | | | $ | 278 | | 5.53 | % | | $ | 1,425 | | | $ | 20 | | 5.63 | % | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | | | |
Time deposits | | | 187,083 | | | | 2,026 | | 4.30 | % | | | 164,803 | | | | 1,645 | | 4.00 | % | | | 147,610 | | | | 1,301 | | 3.57 | % | | | 143,156 | | | | 1,185 | | 3.28 | % | | | 133,052 | | | | 1,013 | | 3.02 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | | 491,993 | | | | 3,333 | | 2.69 | % | | | 461,076 | | | | 2,579 | | 2.24 | % | | | 452,552 | | | | 2,122 | | 1.90 | % | | | 448,329 | | | | 1,949 | | 1.72 | % | | | 451,275 | | | | 1,783 | | 1.57 | % |
Short term borrowings | | | 21,380 | | | | 294 | | 5.46 | % | | | 16,738 | | | | 216 | | 5.18 | % | | | 3,544 | | | | 42 | | 4.81 | % | | | 1,505 | | | | 16 | | 4.22 | % | | | 516 | | | | 5 | | 3.84 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing liabilities | | | 513,373 | | | | 3,627 | | 2.80 | % | | | 477,814 | | | | 2,795 | | 2.35 | % | | | 456,096 | | | | 2,164 | | 1.92 | % | | | 449,834 | | | | 1,965 | | 1.73 | % | | | 451,791 | | | | 1,788 | | 1.57 | % |
Noninterest-bearing deposits | | | 149,465 | | | | | | | | | | 150,586 | | | | | | | | | | 147,274 | | | | | | | | | | 152,230 | | | | | | | | | | 152,048 | | | | | | | |
Other liabilities | | | 13,966 | | | | | | | | | | 13,487 | | | | | | | | | | 13,419 | | | | | | | | | | 13,534 | | | | | | | | | | 12,303 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total noninterest-bearing liabilities | | | 163,431 | | | | | | | | | | 164,073 | | | | | | | | | | 160,693 | | | | | | | | | | 165,764 | | | | | | | | | | 164,351 | | | | | | | |
Total liabilities | | | 676,804 | | | | | | | | | | 641,887 | | | | | | | | | | 616,789 | | | | | | | | | | 615,598 | | | | | | | | | | 616,142 | | | | | | | |
Shareholders’ equity | | | 82,381 | | | | | | | | | | 80,178 | | | | | | | | | | 78,170 | | | | | | | | | | 76,086 | | | | | | | | | | 74,301 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 759,185 | | | | | | | | | $ | 722,065 | | | | | | | | | $ | 694,959 | | | | | | | | | $ | 691,684 | | | | | | | | | $ | 690,443 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income to earning assets | | | — | | | | — | | 6.82 | % | | | — | | | | — | | 6.72 | % | | | — | | | | — | | 6.58 | % | | | — | | | | — | | 6.41 | % | | | — | | | | — | | 6.18 | % |
Net interest spread | | | | | | | | | 4.02 | | | | | | | | | | 4.37 | | | | | | | | | | 4.66 | | | | | | | | | | 4.68 | | | | | | | | | | 4.61 | |
Effect of noninterest-bearing sources | | | | | | | | | 0.76 | | | | | | | | | | 0.67 | | | | | | | | | | 0.56 | | | | | | | | | | 0.51 | | | | | | | | | | 0.46 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income/ margin on earning assets | | | — | | | $ | 8,484 | | 4.78 | % | | | — | | | $ | 8,389 | | 5.04 | % | | | — | | | $ | 8,260 | | 5.22 | % | | | — | | | $ | 8,345 | | 5.19 | % | | | — | | | $ | 8,117 | | 5.07 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tax equivalent adjustment | | | | | | $ | 94 | | 0.05 | % | | | | | | $ | 86 | | 0.05 | % | | | | | | $ | 79 | | 0.05 | % | | | | | | $ | 75 | | 0.05 | % | | | | | | $ | 70 | | 0.05 | % |
Non-accrual loans are included in the average loan balances.
| | | | | | | | | | | | | | | | | | | | |
| | | Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields For the Nine Months ended Sept 30, | |
| | | 2006 | | | | | | | | 2005 | | | | | | |
| (dollars in thousands) | | 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 | | | 646 | | | | 24 | | 4.97 | % | | | 2,809 | | | | 65 | | 3.09 | % |
Federal funds sold | | | 3,647 | | | | 128 | | 4.69 | % | | | 5,663 | | | | 125 | | 2.95 | % |
Investment securities available for sale | | | | | | | | | | | | | | | | | | | % | |
Taxable | | | 39,758 | | | | 1,225 | | 4.12 | % | | | 30,765 | | | | 708 | | 3.08 | % |
Tax-exempt | | | 4,981 | | | | 177 | | 4.75 | % | | | 5,087 | | | | 184 | | 4.84 | % |
| | | | | | | | | | | | | | | | | | | | |
Investment securities available for sale | | | 44,739 | | | | 1,402 | | 4.19 | % | | | 35,852 | | | | 892 | | 3.33 | % |
Loans and leases | | | 623,796 | | | | 32,165 | | 6.89 | % | | | 578,324 | | | | 26,755 | | 6.19 | % |
| | | | | | | | | | | | | | | | | | | | |
Total interest earning assets | | | 672,828 | | | | 33,719 | | 6.70 | % | | | 622,648 | | | | 27,837 | | 5.98 | % |
Cash and due from banks | | | 24,794 | | | | | | | | | $ | 31,322 | | | | | | | |
Less allowance for loan and lease losses | | | (7,706 | ) | | | | | | | | | (7,224 | ) | | | | | | |
Other assets | | | 35,511 | | | | | | | | | | 33,241 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 725,427 | | | | | | | | | $ | 679,987 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | |
Savings, NOW and market rate deposits | | $ | 294,842 | | | $ | 2,784 | | 1.26 | % | | $ | 321,260 | | | $ | 1,980 | | 0.82 | % |
Wholesale deposits | | | 7,200 | | | | 298 | | 5.53 | % | | | — | | | | — | | 0.00 | % |
Time deposits | | | 166,643 | | | | 4,952 | | 3.97 | % | | | 126,459 | | | | 2,614 | | 2.76 | % |
| | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | | 468,685 | | | | 8,034 | | 2.29 | % | | | 447,719 | | | | 4,594 | | 1.37 | % |
Short term borrowings** | | | 13,953 | | | | 552 | | 5.29 | % | | | 1,766 | | | | 41 | | 3.10 | |
| | | | | | | | | | | | | | | | | | | | |
Total interest-bearing liabilities | | | 482,638 | | | | 8,586 | | 2.38 | % | | | 449,485 | | | | 4,635 | | 1.38 | % |
Noninterest-bearing deposits | | | 149,106 | | | | | | | | | | 147,235 | | | | | | | |
Other liabilities | | | 13,608 | | | | | | | | | | 10,639 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total noninterest-bearing liabilities | | | 162,714 | | | | | | | | | | 157,874 | | | | | | | |
Total liabilities | | | 645,352 | | | | | | | | | | 607,359 | | | | | | | |
Shareholders’ equity | | | 80,075 | | | | | | | | | | 72,628 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 725,427 | | | | | | | | | $ | 679,987 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Interest income to earning assets | | | — | | | | — | | 6.70 | % | | | — | | | | — | | 5.98 | % |
Net interest spread | | | | | | | | | 4.32 | | | | | | | | | | 4.60 | |
Effect of noninterest-bearing sources | | | | | | | | | 0.67 | | | | | | | | | | 0.38 | |
| | | | | | | | | | | | | | | | | | | | |
Net interest income/ margin on earning assets | | | — | | | $ | 25,133 | | 4.99 | % | | | — | | | $ | 23,202 | | 4.98 | % |
| | | | | | | | | | | | | | | | | | | | |
Tax equivalent adjustment | | | | | | $ | 259 | | 0.05 | % | | | | | | $ | 181 | | 0.04 | % |
Non-accrual loans are included in the average loan balances.
