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 |
BMBC Announces an 8.1% Increase in Third Quarter 2007 Diluted EPS and an 11.9% Increase in Nine Month 2007 Diluted EPS. Credit Quality Remains Strong.
BRYN MAWR, Pa. October 25, 2007—Bryn Mawr Bank Corporation, (NASDAQ: BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today announced financial results for the quarter and nine months ended September 30, 2007.
The Corporation reported third quarter 2007 diluted earnings per share of $0.40, an increase of $0.03 or 8.1% compared with the same period in 2006. Net income for the third quarter of 2007 was $3.455 million, an increase of 6.8% or $220 thousand compared to $3.235 million in last year’s third quarter. Return on average equity (ROE) and return on average assets (ROA) for the quarter ended September 30, 2007, were 15.85% and 1.56%, respectively. ROE was 15.58% and ROA was 1.69% for the same period last year. Solid loan and lease growth, increases in non-interest income and a lower provision for loan and lease losses, partially offset by increased funding costs and incremental costs associated with new business initiatives, contributed to the increase in earnings.
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Ted Peters, Chairman and Chief Executive Officer, said “Bryn Mawr Bank Corporation continues to deliver solid results in a challenging banking market. Our earnings growth this quarter was the direct result of a differentiated business model and our efforts to expand our business portfolio and invest in entrepreneurial ventures such as BMT Leasing, our equipment leasing company. We are very pleased with the third quarter’s results.”
Peters continued, “Because of the stability of our business model, the well-publicized national credit crunch has led to opportunities for our residential and other lending units to grow business with desirable borrowers as certain competitors have withdrawn from the market. As a result, the Corporation was able to increase portfolio loans and leases by 16.2% or over $108.1 million since September 30, 2006. The Corporation’s tax equivalent net interest income was up 3.4% for the three months ended September 30, 2007 compared to the same period last year.”
Mr. Peters continued, “Anticipating a one-time gain on the sale of real estate during the first quarter of 2007, we invested in several new business initiatives in the latter part of 2006 continuing through 2007. These initiatives include the September 2006 formation of the equipment leasing company and the fall 2006 start-up of a loan production office in West Chester. The 2007 initiatives include the grand opening of the Corporation’s new Ardmore branch, the roll-out of the Private Banking Group, and the formation of BMT Mortgage Group to augment the Corporation’s existing mortgage operations.”
Other 2007 growth initiatives include investments in additional personnel, product offerings and service enhancements in the Wealth Division with the goal of increasing assets under management and administration. During the third quarter of 2007, an experienced financial planner was hired to enhance the Wealth Division’s overall financial planning services and a new separately-managed investment product was launched. The Corporation is also developing plans to establish a Limited Purpose Trust Company in the State of Delaware in 2008 which will empower the organization to serve as a corporate fiduciary under favorable Delaware statutes, which are more favorable for individuals and families.
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Commenting on the wealth management initiatives, Mr. Peters added, “Bryn Mawr Trust has long been known for its powerful wealth management services, and we are making investments to further enhance and differentiate this business. The rollout of our separately-managed investment product platform enables our clients to tap into ‘best of breed’ money managers across a wide range of investment disciplines. At the same time, we are making the wealth management operation a more potent platform for earnings growth. Our planned expansion into Delaware will open up a national market for these product offerings.”
Third quarter 2007 results reflect the financial impact of the current interest rate environment as tax equivalent net interest income grew 3.4% to $8.774 million from $8.484 million in the third quarter of 2006 and 2.0% from $8.605 million in the second quarter of 2007. The increase in tax equivalent net interest income in the third quarter of 2007 compared to the same period last year was the result of a $107.4 million increase or 15.2% increase in quarterly average interest earning assets, partially offset by a 49 basis point decrease in the Corporation’s tax equivalent net interest margin to 4.29% from 4.78%. The increase in tax equivalent net interest income in the third quarter of 2007 compared to the second quarter of 2007 was the result of a very strong $43.6 million increase or 5.7% increase in quarterly average interest earning assets, partially offset by a 20 basis point decrease in the Corporation’s tax equivalent net interest margin to 4.29% from 4.49%.
The Corporation’s 15.2% increase in average earning assets in the third quarter of 2007 compared with the third quarter of 2006 is attributed primarily to the $109.0 million or 16.9% increase in quarterly average loans and leases. At the same time, savings, market rate, time and demand deposit growth over the past nine months has been slightly negative with incremental funding coming from higher-cost wholesale deposits and borrowings. The Corporation expects continued downward pressure on the tax equivalent net interest margin as earning asset growth is expected to continue at a faster rate than growth in the transaction and time deposit accounts mentioned above.
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The Corporation reported nine month 2007 diluted earnings per share of $1.22, an increase of $0.13 per share or 11.9% compared to $1.09 per share in the same period of 2006. Net income for the nine month period ended September 30, 2007 was $10.522 million, an increase of 10.7% or $1.014 million, compared to $9.508 million in last year’s first nine months. The primary factor contributing to the increase in earnings for the nine month period was a $0.10 per share or $866 thousand after-tax gain on the sale of real estate that previously served as the Bank’s Wynnewood branch location. Excluding the real estate gain, year to date 2007 diluted earnings per share of $1.12 were up $0.03 or 2.8% from the same period last year and net income of $9.656 million was $148 thousand or 1.6% more than the prior year amount of $9.508 million.
Return on average equity (ROE) and return on average assets (ROA) for the nine months ended September 30, 2007 were 16.58% (15.21% excluding the real estate gain) and 1.69% (1.55% excluding the real estate gain), respectively. ROE was 15.84% and ROA was 1.75% for the same period last year. The tax equivalent net interest margin for the first nine months of 2007 was 4.47% compared with 4.99% in the same period last year.
Total portfolio loans and leases at September 30, 2007 were $775.2 million, an increase of $108.1 million or 16.2% from $667.1 million at September 30, 2006 and an increase of $93.9 million or 13.8% from 2006 year end balances of $681.3 million. Leases at September 30, 2007 of $37.5 million were 4.8% of total portfolio loans and leases and are expected to continue to grow by approximately $2.5 million to $3.5 million per month.
Credit quality on the overall loan and lease portfolio remains strong as total non-performing loans and leases of $856 thousand represent less than 11 basis points of portfolio loans and leases at September 30, 2007. This compares with 24 basis points or $1.6 million at September 30, 2006. The provision for loan and lease losses for the quarter and nine months ended September 30, 2007 were $0 and $490 thousand respectively, compared with $258 thousand and $621 thousand for the same periods last year, respectively. With a full year’s experience in the leasing portfolio, Management re-evaluated its methodology and assumptions in its estimate of the allowance for loan and lease losses as of September 30, 2007. Based on this analysis, Management concluded that certain credit characteristics in
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the loan and lease portfolio evidenced a lower level of inherent loss than previously estimated and after recording net charge-offs in the quarter of $313 thousand, that the allowance for loan and lease losses was adequate. Although the provision for the quarter ended September 30, 2007 was zero, Management expects that its methodology will result in the need for provisions for loan and leases losses in future reporting periods. At September 30, 2007, the allowance for loan and lease losses of $8.292 million represents 1.07% of portfolio loans and leases compared with 1.19% at December 31, 2006.
Funding from wholesale sources at September 30, 2007 included $114.6 million in wholesale certificates of deposit and $68.5 million in Federal Home Loan Bank (“FHLB”) borrowings. This compares with $20.0 million and $15.0 million in wholesale certificates and FHLB borrowings, respectively, at December 31, 2006.
Non-interest income for the third quarter of 2007 was $5.171 million, an increase of $608 thousand or 13.3% over the $4.563 million in the third quarter of 2006. This increase was partially driven by a $297 thousand or 9.9% increase in Wealth Management revenues to $3.310 million for the quarter ended September 30, 2007 compared with $3.013 million in the same period last year. Also contributing to the increase over last year was $175 thousand of income relating to a $15.0 million May 2007 bank-owned-life-insurance (“BOLI”) transaction and a $90 thousand or 33.6% increase in mortgage loan sale revenue.
For the nine month period ended September 30, 2007, non-interest income excluding the $1.333 million (pre-tax) real estate gain on the Wynnewood property, was $15.048 million, an increase of $1.311 million or 9.5% over the $13.737 million in the same period last year. The primary factor for this increase was year-to-date Wealth Division revenue of $10.020 million which was $839 thousand or 9.1% higher than the same period last year. The balance of the increase in non-interest income was due to BOLI income, stronger mortgage loan sale revenue and a gain on the sale of other real estate owned.
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Wealth Management revenues for the quarter ended September 30, 2007 and September 30, 2006 include $141 thousand and $103 thousand, respectively, of fees relating to one institutional client that is being acquired by another financial institution in a business combination. This business combination is expected to close November 16, 2007, according to documents filed with the Securities and Exchange Commission. On a year to date basis, fees related to this institutional client were approximately $500 thousand and $306 thousand for 2007 and 2006, respectively. Wealth assets under Management and Administration at September 30, 2007, December 31, 2006 and September 30, 2006 relating to this client were approximately $423.3 million, $412.4 million and $266.5 million, respectively.
Non-interest expense for the third quarter of 2007 was $8.780 million, an increase of $950 thousand or 12.1% from $7.830 million in the third quarter of 2006. The increase in non-interest expenses is primarily due to personnel costs associated with the new initiatives discussed earlier in this release along with overall benefit expense cost increases and occupancy costs associated with the new Ardmore branch.
For the nine month period ended September 30, 2007, non-interest expense was $25.968 million, an increase of $2.391 million or 10.1% over the $23.577 million in the same period last year. Personnel costs associated with the new business initiatives, Ardmore branch operating costs, advertising costs, and additional professional fees were the primary contributors to this increase in non-interest expenses.
On a sequential basis, diluted earnings per share for the third quarter of 2007 of $0.40 were $0.04 or 11.1% higher than the $0.36 diluted earnings per share in the second quarter of 2007. Net income of $3.455 million for the third quarter of 2007 was 11.8% higher than second quarter 2007 net income of $3.091 million. A $185 thousand increase in net interest income, $240 thousand less in the provision for loan and lease losses and a $107 thousand increase in non-interest income, partially offset by a $27 thousand increase in non-interest expenses were responsible for the increase in third quarter 2007 net income over 2007 second quarter net income.
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The Corporation’s effective tax rate for the three and nine month periods ended September 30, 2007 were 32.1% and 32.2%, respectively, compared to 33.5% and 34.0% for the same periods, respectively, in 2006. The decrease in the tax rate in 2007 is partially attributable to tax free income recognized from the May 2007 BOLI transaction.
In other business, the Corporation’s Board of Directors declared a regular quarterly dividend of $0.13 per share, payable December 1, 2007, to shareholders of record as of November 5, 2007.
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, non-interest income, diluted earnings per share, ROE, and ROA determined in accordance with GAAP to exclude the effects of the real estate gain in the first quarter of 2007 (i.e. year to date). Management believes that the presentation excluding the impact of the real estate gain in the first quarter of 2007 (i.e. year to date) 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.
As previously announced, the Corporation will hold an earnings conference call at 9:00 a.m. EDT on Friday, October 26, 2007. Interested parties may participate by calling 973-582-2734 at 8:55 a.m. EDT and referencing conference PIN #9323330. 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, November 7, 2007. The number to call for the taped replay is 973-341-3080 and the conference PIN is 9323330.
The conference call will be simultaneously broadcast live over the Internet through a web cast on the investor relations portion of the Bryn Mawr Bank Corporation’s website. To access the call, please visit the website athttp://www.bmtc.com/investor_01.cfm. An online archive of the web cast will be available within two hours of the conclusion of the call. The Corporation expanded its
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Investor Relations section website to include added resources and information for shareholders and interested investors. Interested parties are encouraged to utilize the expanded resources of the site for more information on Bryn Mawr Bank Corporation.
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.
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Bryn Mawr Bank Corporation
Reconcilation of Non-GAAP Information
(dollars in thousands, except per share data)
Three month period ended
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| | | Net Income | | Change | | | Non-interest income | | | Change | |
| March 31, | | 2007 | | | 2006 | | $ | | | % | | | 2007 | | | 2006 | | | $ | | | % | |
As reported (GAAP) | | $ | 3,976 | | | $ | 3,136 | | $ | 840 | | | 26.8 | % | | $ | 6,146 | | | $ | 4,599 | | | $ | 1,547 | | | 33.6 | % |
| | | | | | | | |
Non-GAAP adjustment1 | | | (866 | ) | | | — | | | (866 | ) | | (27.6 | )% | | $ | (1,333 | ) | | | — | | | $ | (1,333 | ) | | (29.0 | )% |
| | | | | | | | |
Adjusted (Non-GAAP) | | $ | 3,110 | | | $ | 3,136 | | $ | (26 | ) | | (0.8 | )% | | $ | 4,813 | | | $ | 4,599 | | | $ | 214 | | | 4.7 | % |
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| | | Diluted earnings
per share | | Change | | | ROE | | | ROA | |
| | | 2007 | | | 2006 | | $ | | | % | | | 2007 | | | 2006 | | | 2007 | | | 2006 | |
As reported (GAAP) | | $ | 0.46 | | | $ | 0.36 | | $ | 0.10 | | | 27.8 | % | | | 19.36 | % | | | 16.27 | % | | | 2.03 | % | | 1.83 | % |
| | | | | | | | |
Non-GAAP adjustment1 | | $ | (0.10 | ) | | | — | | $ | (0.10 | ) | | (27.8 | )% | | | (4.21 | )% | | | 0.00 | % | | | (0.44 | )% | | 0.00 | % |
| | | | | | | | |
Adjusted (Non-GAAP) | | $ | 0.36 | | | $ | 0.36 | | $ | 0.00 | | | 0.0 | % | | | 15.15 | % | | | 16.27 | % | | | 1.59 | % | | 1.83 | % |
|
| Nine month period ended | |
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| | | Net Income | | Change | | | Non-interest income | | | Change | |
| September 30, | | 2007 | | | 2006 | | $ | | | % | | | 2007 | | | 2006 | | | $ | | | % | |
As reported (GAAP) | | $ | 10,522 | | | $ | 9,508 | | $ | 1,014 | | | 10.7 | % | | $ | 16,381 | | | $ | 13,737 | | | $ | 2,644 | | | 19.2 | % |
| | | | | | | | |
Non-GAAP adjustment1 | | | (866 | ) | | | — | | | (866 | ) | | (9.1 | )% | | $ | (1,333 | ) | | | — | | | $ | (1,333 | ) | | (9.7 | )% |
| | | | | | | | |
Adjusted (Non-GAAP) | | $ | 9,656 | | | $ | 9,508 | | $ | 148 | | | 1.6 | % | | $ | 15,048 | | | $ | 13,737 | | | $ | 1,311 | | | 9.5 | % |
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| | | Diluted earnings
per share | | Change | | | ROE | | | ROA | |
| | | 2007 | | | 2006 | | $ | | | % | | | 2007 | | | 2006 | | | 2007 | | | 2006 | |
As reported (GAAP) | | $ | 1.22 | | | $ | 1.09 | | $ | 0.13 | | | 11.9 | % | | | 16.58 | % | | | 15.84 | % | | | 1.69 | % | | 1.75 | % |
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Non-GAAP adjustment1 | | $ | (0.10 | ) | | | — | | $ | (0.10 | ) | | (9.1 | )% | | | (1.37 | )% | | | 0.00 | % | | | (0.14 | )% | | 0.00 | % |
| | | | | | | | |
Adjusted (Non-GAAP) | | $ | 1.12 | | | $ | 1.09 | | $ | 0.03 | | | 2.8 | % | | | 15.21 | % | | | 15.84 | % | | | 1.55 | % | | 1.75 | % |
1 | The non-GAAP adjustment in the first quarter of 2007 represents the reduction of the effect of the after tax gain on sale of real estate of $866,000. The gain was calculated as the excess of the net sale proceeds over net book value, less income taxes. |
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands, except per share data)
September 30, 2007
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | For The Three Months Ended | |
| | | Sep 30, 2007 | | | Jun 30, 2007 | | | Mar 31, 2007 | | | Dec 31, 2006 | | | Sep 30, 2006 | |
| For the period: | | | | | |
Interest income | | $ | 14,147 | | | $ | 13,250 | | | $ | 12,521 | | | $ | 12,446 | | | $ | 12,017 | |
Interest expense | | | 5,448 | | | | 4,736 | | | | 4,145 | | | | 4,021 | | | | 3,627 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net interest income | | | 8,699 | | | | 8,514 | | | | 8,376 | | | | 8,425 | | | | 8,390 | |
Provision for loan and lease losses | | | — | | | | 240 | | | | 250 | | | | 211 | | | | 258 | |
| | | | | | | | | | | | | | | | | | | | |
Net interest income after provision for loan and lease losses | | | 8,699 | | | | 8,274 | | | | 8,126 | | | | 8,214 | | | | 8,132 | |
| | | | | |
Fees for wealth management services | | | 3,310 | | | | 3,423 | | | | 3,287 | | | | 3,241 | | | | 3,013 | |
Loan servicing and late fees | | | 276 | | | | 277 | | | | 280 | | | | 283 | | | | 271 | |
Service charges on deposits | | | 363 | | | | 356 | | | | 360 | | | | 376 | | | | 388 | |
Net gain on sale of real estate | | | — | | | | — | | | | 1,333 | | | | — | | | | — | |
Net gain on sale of OREO | | | — | | | | 110 | | | | — | | | | — | | | | — | |
Net gain on sale of loans | | | 358 | | | | 259 | | | | 280 | | | | 182 | | | | 268 | |
BOLI income | | | 175 | | | | 84 | | | | — | | | | — | | | | — | |
Other operating income | | | 689 | | | | 555 | | | | 606 | | | | 542 | | | | 623 | |
| | | | | | | | | | | | | | | | | | | | |
Noninterest income | | | 5,171 | | | | 5,064 | | | | 6,146 | | | | 4,624 | | | | 4,563 | |
| | | | | |
Salaries and wages | | | 4,536 | | | | 3,981 | | | | 4,048 | | | | 3,982 | | | | 4,109 | |
Employee benefits | | | 1,056 | | | | 1,057 | | | | 1,221 | | | | 951 | | | | 887 | |
Occupancy and bank premises | | | 739 | | | | 712 | | | | 686 | | | | 632 | | | | 636 | |
Furniture fixtures and equipment | | | 522 | | | | 513 | | | | 507 | | | | 481 | | | | 486 | |
Advertising | | | 237 | | | | 355 | | | | 316 | | | | 238 | | | | 187 | |
Amortization of mortgage servicing rights | | | 88 | | | | 77 | | | | 92 | | | | 90 | | | | 88 | |
Professional fees | | | 342 | | | | 470 | | | | 401 | | | | 225 | | | | 285 | |
Other expenses | | | 1,260 | | | | 1,588 | | | | 1,164 | | | | 1,247 | | | | 1,152 | |
| | | | | | | | | | | | | | | | | | | | |
Noninterest expense | | | 8,780 | | | | 8,753 | | | | 8,435 | | | | 7,846 | | | | 7,830 | |
| | | | | |
Income before income taxes | | | 5,090 | | | | 4,585 | | | | 5,837 | | | | 4,992 | | | | 4,865 | |
Income tax expense | | | 1,635 | | | | 1,494 | | | | 1,861 | | | | 1,784 | | | | 1,630 | |
| | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 3,455 | | | $ | 3,091 | | | $ | 3,976 | | | $ | 3,208 | | | $ | 3,235 | |
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Per share data: | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding | | | 8,520,843 | | | | 8,542,066 | | | | 8,575,172 | | | | 8,588,820 | | | | 8,575,170 | |
Dilutive potential common shares | | | 76,385 | | | | 112,040 | | | | 121,519 | | | | 120,792 | | | | 109,995 | |
| | | | | | | | | | | | | | | | | | | | |
Adjusted weighted average dilutive shares | | | 8,597,228 | | | | 8,654,106 | | | | 8,696,691 | | | | 8,709,612 | | | | 8,685,165 | |
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Basic earnings per common share | | $ | 0.41 | | | $ | 0.36 | | | $ | 0.46 | | | $ | 0.37 | | | $ | 0.38 | |
| | | | | |
Diluted earnings per common share | | $ | 0.40 | | | $ | 0.36 | | | $ | 0.46 | | | $ | 0.37 | | | $ | 0.37 | |
| | | | | |
Dividend declared per share | | $ | 0.13 | | | $ | 0.12 | | | $ | 0.12 | | | $ | 0.12 | | | $ | 0.12 | |
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Effective tax rate | | | 32.12 | % | | | 32.58 | % | | | 31.88 | % | | | 35.74 | % | | | 33.50 | % |
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, 2007
(unaudited)
| | | | | | | | |
| | | For The Nine Months Ended | |
| | | Sep 30, 2007 | | | Sep 30, 2006 | |
| For the period: | | |
Interest income | | $ | 39,918 | | | $ | 33,460 | |
Interest expense | | | 14,329 | | | | 8,586 | |
| | | | | | | | |
| | |
Net interest income | | | 25,589 | | | | 24,874 | |
Provision for loan and lease losses | | | 490 | | | | 621 | |
| | | | | | | | |
Net interest income after provision for loan and lease losses | | | 25,099 | | | | 24,253 | |
| | |
Fees for wealth management services | | | 10,020 | | | | 9,181 | |
Loan servicing and late fees | | | 833 | | | | 843 | |
Service charges on deposits | | | 1,079 | | | | 1,164 | |
Net gain on sale of real estate | | | 1,333 | | | | — | |
Net gain on sale of OREO | | | 110 | | | | — | |
Net gain on sale of loans | | | 897 | | | | 772 | |
BOLI income | | | 259 | | | | — | |
Other operating income | | | 1,850 | | | | 1,777 | |
| | | | | | | | |
Noninterest income | | | 16,381 | | | | 13,737 | |
| | |
Salaries and wages | | | 12,565 | | | | 11,829 | |
Employee benefits | | | 3,334 | | | | 3,279 | |
Occupancy and bank premises | | | 2,137 | | | | 1,902 | |
Furniture fixtures and equipment | | | 1,542 | | | | 1,444 | |
Advertising | | | 908 | | | | 660 | |
Amortization of mortgage servicing rights | | | 257 | | | | 258 | |
Professional fees | | | 1,213 | | | | 791 | |
Other expenses | | | 4,012 | | | | 3,414 | |
| | | | | | | | |
Noninterest expense | | | 25,968 | | | | 23,577 | |
| | |
Income before income taxes | | | 15,512 | | | | 14,413 | |
Income tax expense | | | 4,990 | | | | 4,905 | |
| | | | | | | | |
Net income | | $ | 10,522 | | | $ | 9,508 | |
| | | | | | | | |
| | |
Per share data: | | | | | | | | |
Weighted average shares outstanding | | | 8,545,828 | | | | 8,574,420 | |
Dilutive potential common shares | | | 103,315 | | | | 111,174 | |
| | | | | | | | |
Adjusted weighted average shares | | | 8,649,143 | | | | 8,685,594 | |
| | |
Basic earnings per common share | | $ | 1.23 | | | $ | 1.11 | |
| | |
Diluted earnings per common share | | $ | 1.22 | | | $ | 1.09 | |
| | |
Dividend declared per share | | $ | 0.37 | | | $ | 0.34 | |
| | |
Effective tax rate | | | 32.17 | % | | | 34.03 | % |
Note: Certain prior period amounts have been reclassified to conform to current period presentation.
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands, except per share data )
September 30, 2007
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| For the period end: | | 2007 3Q | | | 2007 2Q | | | 2007 1Q | | | 2006 4Q | | | 2006 3Q | |
| | | | | |
Asset Quality Data | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Nonaccrual loans and leases | | $ | 625 | | | $ | 570 | | | $ | 371 | | | $ | 704 | | | $ | 794 | |
90 + days past due loans and leases | | | 231 | | | | 125 | | | | 46 | | | | 119 | | | | 835 | |
| | | | | | | | | | | | | | | | | | | | |
Nonperforming loans and leases | | $ | 856 | | | $ | 695 | | | $ | 417 | | | $ | 823 | | | $ | 1,629 | |
OREO | | | — | | | | — | | | | 561 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Nonperforming assets | | $ | 856 | | | $ | 695 | | | $ | 978 | | | $ | 823 | | | $ | 1,629 | |
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| | | | | |
Allowance for loan and lease losses | | $ | 8,292 | | | $ | 8,605 | | | $ | 8,366 | | | $ | 8,122 | | | $ | 8,025 | |
Allowance for loan and lease losses / loans and lease | | | 1.07 | % | | | 1.16 | % | | | 1.21 | % | | | 1.19 | % | | | 1.20 | % |
Allowance for loan and lease losses / nonperforming loans and leases | | | 969 | % | | | 1,238 | % | | | 2,006 | % | | | 987 | % | | | 493 | % |
Nonperforming loans and leases / portfolio loans | | | 0.11 | % | | | 0.09 | % | | | 0.06 | % | | | 0.12 | % | | | 0.24 | % |
Nonperforming assets / assets | | | 0.10 | % | | | 0.08 | % | | | 0.12 | % | | | 0.10 | % | | | 0.21 | % |
Net loan and lease charge-offs (recoveries) | | | 313 | | | | 1 | | | | 6 | | | | 114 | | | | 12 | |
Net loan and lease charge-offs (annualized) / average loans | | | 0.174 | % | | | 0.001 | % | | | 0.004 | % | | | 0.07 | % | | | 0.01 | % |
| | | | | |
| For the period and period end: | | 2007 3Q | | | 2007 2Q | | | 2007 1Q | | | 2006 4Q | | | 2006 3Q | |
| | | | | |
Selected ratios (annualized): | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Return on average assets | | | 1.56 | % | | | 1.49 | % | | | 2.03 | % | | | 1.62 | % | | | 1.69 | % |
Return on average shareholders' equity | | | 15.85 | % | | | 14.61 | % | | | 19.36 | % | | | 15.01 | % | | | 15.58 | % |
Yield on interest earning assets* | | | 6.95 | % | | | 6.97 | % | | | 6.93 | % | | | 6.85 | % | | | 6.82 | % |
Cost of interest bearing funds | | | 3.44 | % | | | 3.27 | % | | | 3.08 | % | | | 2.99 | % | | | 2.80 | % |
Net interest margin* | | | 4.29 | % | | | 4.49 | % | | | 4.65 | % | | | 4.65 | % | | | 4.78 | % |
Tier 1 leverage ratio | | | 10.55 | % | | | 10.95 | % | | | 11.34 | % | | | 11.04 | % | | | 11.12 | % |
Book value per share | | $ | 10.43 | | | $ | 10.11 | | | $ | 9.97 | | | $ | 9.62 | | | $ | 9.83 | |
Tangible book value per share | | $ | 10.43 | | | $ | 10.11 | | | $ | 9.97 | | | $ | 9.62 | | | $ | 9.83 | |
Period end shares outstanding | | | 8,518,634 | | | | 8,532,580 | | | | 8,582,172 | | | | 8,562,209 | | | | 8,575,253 | |
| | | | | |
Selected data: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Mortgage loans originated | | $ | 37,285 | | | $ | 27,490 | | | $ | 28,271 | | | $ | 23,030 | | | $ | 37,860 | |
Mortgage loans sold - servicing retained | | $ | 7,588 | | | $ | 3,298 | | | $ | 4,831 | | | $ | 4,242 | | | $ | 6,043 | |
Mortgage loans sold - servicing released | | $ | 17,249 | | | $ | 19,521 | | | $ | 14,844 | | | $ | 15,320 | | | $ | 10,867 | |
Mortgage loans serviced for others | | $ | 364,684 | | | $ | 367,087 | | | $ | 377,512 | | | $ | 382,141 | | | $ | 385,861 | |
| | | | | |
Wealth assets under management / administration | | $ | 2,675,252 | | | $ | 2,632,333 | | | $ | 2,522,371 | | | $ | 2,514,824 | | | $ | 2,243,595 | |
| * | Yield on interest earning assets and net interest margin are calculated on a tax equivalent basis. |
| | | | | | | |
| | | 2007 Year-to-date | | | 2006 Year-to-date | |
| | | |
Selected ratios (annualized): | | | | | | | |
| | |
Return on average assets | | | 1.69 | % | | 1.75 | % |
Return on average shareholders' equity | | | 16.58 | % | | 15.84 | % |
Yield on interest earning assets* | | | 6.95 | % | | 6.70 | % |
Cost of interest bearing funds | | | 3.27 | % | | 2.14 | % |
Net interest margin* | | | 4.47 | % | | 4.99 | % |
| | |
Mortgage loans originated | | $ | 93,046 | | | 104,277 | |
Mortgage loans sold - servicing retained | | $ | 15,717 | | | 16,668 | |
Mortgage loans sold - servicing released | | $ | 51,614 | | | 31,250 | |
| * | Yield on interest earning assets and net interest margin are calculated on a tax equivalent basis. |
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands)
September 30, 2007
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | As of | |
Balance Sheet For the period ended: | | Sep 30, 2007 | | | Jun 30, 2007 | | | Mar 31, 2007 | | | Dec 31, 2006 | | | Sept 30, 2006 | |
| | | | | |
Assets | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest bearing deposits with banks | | $ | 1,002 | | | $ | 520 | | | $ | 407 | | | $ | 532 | | | $ | 544 | |
Fed funds sold | | | — | | | | 2,500 | | | | 7,885 | | | | — | | | | — | |
Investment securities | | | 43,720 | | | | 44,817 | | | | 45,772 | | | | 48,232 | | | | 51,399 | |
| | | | | |
Loans held for sale | | | 5,757 | | | | 6,535 | | | | 7,448 | | | | 3,726 | | | | 7,621 | |
| | | | | |
Portfolio loans: | | | | | | | | | | | | | | | | | | | | |
Consumer | | | 8,354 | | | | 7,827 | | | | 8,073 | | | | 9,156 | | | | 8,848 | |
Commercial & industrial | | | 209,516 | | | | 191,484 | | | | 179,483 | | | | 175,278 | | | | 177,797 | |
Commercial mortgages | | | 221,296 | | | | 224,696 | | | | 200,121 | | | | 198,407 | | | | 185,234 | |
Construction | | | 70,509 | | | | 70,209 | | | | 74,355 | | | | 74,798 | | | | 74,949 | |
Residential mortgages | | | 113,705 | | | | 105,441 | | | | 105,065 | | | | 103,572 | | | | 107,021 | |
Home equity lines & loans | | | 114,298 | | | | 111,079 | | | | 107,554 | | | | 113,068 | | | | 112,940 | |
Leases | | | 37,545 | | | | 28,924 | | | | 16,898 | | | | 7,012 | | | | 316 | |
| | | | | | | | | | | | | | | | | | | | |
Total portfolio loans and leases | | | 775,223 | | | | 739,660 | | | | 691,549 | | | | 681,291 | | | | 667,105 | |
| | | | | |
Earning assets | | | 825,702 | | | | 794,032 | | | | 753,061 | | | | 733,781 | | | | 726,669 | |
| | | | | |
Cash and due from | | | 21,330 | | | | 22,533 | | | | 25,114 | | | | 61,473 | | | | 23,921 | |
Allowance for loan and lease losses | | | (8,292 | ) | | | (8,605 | ) | | | (8,366 | ) | | | (8,122 | ) | | | (8,025 | ) |
Other assets | | | 55,968 | | | | 56,610 | | | | 41,113 | | | | 39,528 | | | | 40,678 | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 894,708 | | | $ | 864,570 | | | $ | 810,922 | | | $ | 826,660 | | | $ | 783,243 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Liabilities and shareholders’ equity | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest-bearing checking | | $ | 123,913 | | | $ | 126,988 | | | $ | 130,447 | | | $ | 143,742 | | | $ | 128,707 | |
Money market | | | 114,572 | | | | 101,613 | | | | 107,919 | | | | 111,338 | | | | 112,360 | |
Savings | | | 36,121 | | | | 38,009 | | | | 40,751 | | | | 40,441 | | | | 41,640 | |
Wholesale deposits | | | 114,565 | | | | 121,750 | | | | 65,270 | | | | 19,976 | | | | 29,963 | |
Time deposits | | | 194,199 | | | | 186,045 | | | | 166,967 | | | | 200,446 | | | | 179,712 | |
| | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits | | | 583,370 | | | | 574,405 | | | | 511,354 | | | | 515,943 | | | | 492,382 | |
| | | | | |
Non-interest bearing deposits | | | 138,254 | | | | 154,238 | | | | 152,926 | | | | 198,546 | | | | 145,872 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | | 721,624 | | | | 728,643 | | | | 664,280 | | | | 714,489 | | | | 638,254 | |
| | | | | |
Borrowed funds | | | 68,500 | | | | 35,100 | | | | 45,000 | | | | 15,000 | | | | 46,300 | |
Other liabilities | | | 15,728 | | | | 14,570 | | | | 16,061 | | | | 14,788 | | | | 14,395 | |
Shareholders' equity | | | 88,856 | | | | 86,257 | | | | 85,581 | | | | 82,383 | | | | 84,294 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 894,708 | | | $ | 864,570 | | | $ | 810,922 | | | $ | 826,660 | | | $ | 783,243 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Balance Sheet (average) | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 2007 3Q | | | 2007 2Q | | | 2007 1Q | | | 2006 4Q | | | 2006 3Q | |
| | | | | |
Assets | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest bearing deposits with banks | | $ | 3,172 | | | $ | 568 | | | $ | 486 | | | $ | 500 | | | $ | 807 | |
Fed funds sold | | | 4,884 | | | | 1,019 | | | | 2,597 | | | | 1,291 | | | | 3,345 | |
Investment securities | | | 44,074 | | | | 45,394 | | | | 47,029 | | | | 51,658 | | | | 49,103 | |
Loans held for sale | | | 5,465 | | | | 4,489 | | | | 3,746 | | | | 4,312 | | | | 5,910 | |
Portfolio loans and leases | | | 754,249 | | | | 716,734 | | | | 684,870 | | | | 669,036 | | | | 645,284 | |
| | | | | | | | | | | | | | | | | | | | |
Earning assets | | | 811,844 | | | | 768,204 | | | | 738,728 | | | | 726,797 | | | | 704,449 | |
| | | | | |
Cash and due from | | | 22,306 | | | | 22,299 | | | | 24,766 | | | | 27,030 | | | | 25,373 | |
Allowance for loan and lease losses | | | (8,712 | ) | | | (8,537 | ) | | | (8,254 | ) | | | (8,189 | ) | | | (7,904 | ) |
Other assets | | | 54,074 | | | | 47,460 | | | | 38,297 | | | | 40,374 | | | | 37,267 | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 879,512 | | | $ | 829,426 | | | $ | 793,537 | | | $ | 786,012 | | | $ | 759,185 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Liabilities and shareholders’ equity | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest-bearing checking | | $ | 132,180 | | | $ | 131,893 | | | $ | 133,252 | | | $ | 129,400 | | | $ | 132,826 | |
Money market | | | 108,437 | | | | 104,812 | | | | 107,978 | | | | 113,608 | | | | 109,595 | |
Savings | | | 37,278 | | | | 39,072 | | | | 40,143 | | | | 40,856 | | | | 42,533 | |
Wholesale deposits | | | 120,222 | | | | 83,664 | | | | 31,573 | | | | 19,957 | | | | 19,956 | |
Time deposits | | | 192,999 | | | | 173,279 | | | | 191,838 | | | | 193,166 | | | | 187,083 | |
| | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits | | | 591,116 | | | | 532,720 | | | | 504,784 | | | | 496,987 | | | | 491,993 | |
| | | | | |
Non-interest bearing deposits | | | 148,858 | | | | 148,105 | | | | 149,420 | | | | 152,822 | | | | 149,465 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | | 739,974 | | | | 680,825 | | | | 654,204 | | | | 649,809 | | | | 641,458 | |
| | | | | |
Borrowed funds | | | 37,319 | | | | 47,720 | | | | 40,363 | | | | 35,731 | | | | 21,380 | |
Other liabilities | | | 15,757 | | | | 16,041 | | | | 15,704 | | | | 15,702 | | | | 13,966 | |
Shareholders' equity | | | 86,462 | | | | 84,840 | | | | 83,266 | | | | 84,770 | | | | 82,381 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 879,512 | | | $ | 829,426 | | | $ | 793,537 | | | $ | 786,012 | | | $ | 759,185 | |
| | | | | | | | | | | | | | | | | | | | |
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands)
September 30, 2007
(unaudited)
Balance Sheet (average)
| | | | | | | | |
| | | 2007 Year-to-date | | | 2006 Year-to-date | |
Assets | | | | | | | | |
| | |
Interest bearing deposits with banks | | $ | 1,419 | | | $ | 646 | |
Fed funds sold | | | 2,842 | | | | 3,647 | |
Investment securities | | | 45,487 | | | | 44,739 | |
Loans held for sale | | | 4,930 | | | | 4,355 | |
Portfolio loans and leases | | | 718,515 | | | | 619,441 | |
| | | | | | | | |
Earning assets | | | 773,193 | | | | 672,828 | |
| | |
Cash and due from | | | 23,116 | | | | 24,794 | |
Allowance for loan and lease losses | | | (8,503 | ) | | | (7,706 | ) |
Other assets | | | 46,638 | | | | 35,511 | |
| | | | | | | | |
Total assets | | $ | 834,444 | | | $ | 725,427 | |
| | | | | | | | |
| | |
Liabilities and shareholders' equity | | | | | | | | |
| | |
Interest-bearing checking | | $ | 132,439 | | | $ | 138,212 | |
Money market | | | 107,077 | | | | 112,858 | |
Savings | | | 38,820 | | | | 43,772 | |
Wholesale deposits | | | 78,811 | | | | 7,200 | |
Time deposits | | | 186,043 | | | | 166,643 | |
| | | | | | | | |
Interest-bearing deposits | | | 543,190 | | | | 468,685 | |
| | |
Non-interest bearing deposits | | | 148,792 | | | | 149,106 | |
| | | | | | | | |
Total deposits | | | 691,982 | | | | 617,791 | |
| | |
Borrowed funds | | | 41,790 | | | | 13,953 | |
Other liabilities | | | 15,804 | | | | 13,608 | |
Shareholders' equity | | | 84,868 | | | | 80,075 | |
| | | | | | | | |
Total liabilities and shareholders' equity | | $ | 834,444 | | | $ | 725,427 | |
| | | | | | | | |
Quarterly Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 3rd Quarter 2007 | | | | | 2nd Quarter 2007 | | | | | 1st Quarter 2007 | | | | | 4th Quarter 2006 | | | | | 3rd Quarter 2006 | |
| (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 | | $ | 3,172 | | | $ | 42 | | 5.25 | % | | | | $ | 568 | | | $ | 7 | | 4.94 | % | | | | $ | 486 | | | $ | 6 | | 5.01 | % | | | | $ | 500 | | | $ | 7 | | 5.55 | % | | | | $ | 807 | | | $ | 11 | | 5.41 | % |
Federal funds sold | | | 4,884 | | | | 65 | | 5.28 | % | | | | | 1,019 | | | | 14 | | 5.51 | % | | | | | 2,597 | | | | 34 | | 5.31 | % | | | | | 1,291 | | | | 17 | | 5.22 | % | | | | | 3,345 | | | | 45 | | 5.34 | % |
Investment securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable | | | 39,090 | | | | 500 | | 5.07 | % | | | | | 40,393 | | | | 514 | | 5.10 | % | | | | | 42,023 | | | | 529 | | 5.11 | % | | | | | 46,618 | | | | 567 | | 4.83 | % | | | | | 44,132 | | | | 503 | | 4.52 | % |
Tax-exempt | | | 4,984 | | | | 57 | | 4.54 | % | | | | | 5,001 | | | | 59 | | 4.73 | % | | | | | 5,006 | | | | 58 | | 4.70 | % | | | | | 5,040 | | | | 58 | | 4.57 | % | | | | | 4,971 | | | | 58 | | 4.63 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities available for sale | | | 44,074 | | | | 557 | | 5.01 | % | | | | | 45,394 | | | | 573 | | 5.06 | % | | | | | 47,029 | | | | 587 | | 5.06 | % | | | | | 51,658 | | | | 625 | | 4.80 | % | | | | | 49,103 | | | | 561 | | 4.53 | % |
| | | | | | | | | | | | | | | | | | | |
Loans and leases | | | 759,714 | | | | 13,558 | | 7.08 | % | | | | | 721,223 | | | | 12,747 | | 7.09 | % | | | | | 688,616 | | | | 11,993 | | 7.06 | % | | | | | 673,348 | | | | 11,892 | | 7.01 | % | | | | | 651,194 | | | | 11,494 | | 7.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest earning assets | | | 811,844 | | | | 14,222 | | 6.95 | % | | | | | 768,204 | | | | 13,341 | | 6.97 | % | | | | | 738,728 | | | | 12,620 | | 6.93 | % | | | | | 726,797 | | | | 12,541 | | 6.85 | % | | | | | 704,449 | | | | 12,111 | | 6.82 | % |
| | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | 22,306 | | | | | | | | | | | | 22,299 | | | | | | | | | | | | 24,766 | | | | | | | | | | | | 27,030 | | | | | | | | | | | | 25,373 | | | | | | | |
Less allowance for loan and lease losses | | | (8,712 | ) | | | | | | | | | | | (8,537 | ) | | | | | | | | | | | (8,254 | ) | | | | | | | | | | | (8,189 | ) | | | | | | | | | | | (7,904 | ) | | | | | | |
Other assets | | | 54,074 | | | | | | | | | | | | 47,460 | | | | | | | | | | | | 38,297 | | | | | | | | | | | | 40,374 | | | | | | | | | | | | 37,267 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 879,512 | | | | | | | | | | | $ | 829,426 | | | | | | | | | | | $ | 793,537 | | | | | | | | | | | $ | 786,012 | | | | | | | | | | | $ | 759,185 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Savings, NOW and market rate deposits | | $ | 277,895 | | | $ | 1,041 | | 1.49 | % | | | | $ | 275,777 | | | $ | 977 | | 1.42 | % | | | | $ | 281,373 | | | $ | 998 | | 1.44 | % | | | | $ | 283,864 | | | $ | 1,066 | | 1.49 | % | | | | $ | 284,954 | | | $ | 1,029 | | 1.43 | % |
Wholesale deposits | | | 120,222 | | | | 1,630 | | 5.38 | % | | | | | 83,664 | | | | 1,132 | | 5.43 | % | | | | | 31,573 | | | | 422 | | 5.42 | % | | | | | 19,957 | | | | 281 | | 5.59 | % | | | | | 19,956 | | | | 278 | | 5.53 | % |
Time deposits | | | 192,999 | | | | 2,282 | | 4.69 | % | | | | | 173,279 | | | | 1,982 | | 4.59 | % | | | | | 191,838 | | | | 2,184 | | 4.62 | % | | | | | 193,166 | | | | 2,184 | | 4.49 | % | | | | | 187,083 | | | | 2,026 | | 4.30 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | | 591,116 | | | | 4,953 | | 3.32 | % | | | | | 532,720 | | | | 4,091 | | 3.08 | % | | | | | 504,784 | | | | 3,604 | | 2.90 | % | | | | | 496,987 | | | | 3,531 | | 2.82 | % | | | | | 491,993 | | | | 3,333 | | 2.69 | % |
| | | | | | | | | | | | | | | | | | | |
Short term borrowings | | | 37,319 | | | | 495 | | 5.26 | % | | | | | 47,720 | | | | 645 | | 5.42 | % | | | | | 40,363 | | | | 541 | | 5.44 | % | | | | | 35,731 | | | | 490 | | 5.44 | % | | | | | 21,380 | | | | 294 | | 5.46 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing liabilities | | | 628,435 | | | | 5,448 | | 3.44 | % | | | | | 580,440 | | | | 4,736 | | 3.27 | % | | | | | 545,147 | | | | 4,145 | | 3.08 | % | | | | | 532,718 | | | | 4,021 | | 2.99 | % | | | | | 513,373 | | | | 3,627 | | 2.80 | % |
| | | | | | | | | | | | | | | | | | | |
Noninterest-bearing deposits | | | 148,858 | | | | | | | | | | | | 148,105 | | | | | | | | | | | | 149,420 | | | | | | | | | | | | 152,822 | | | | | | | | | | | | 149,465 | | | | | | | |
Other liabilities | | | 15,757 | | | | | | | | | | | | 16,041 | | | | | | | | | | | | 15,704 | | | | | | | | | | | | 15,702 | | | | | | | | | | | | 13,966 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total noninterest-bearing liabilities | | | 164,615 | | | | | | | | | | | | 164,146 | | | | | | | | | | | | 165,124 | | | | | | | | | | | | 168,524 | | | | | | | | | | �� | | 163,431 | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 793,050 | | | | | | | | | | | | 744,586 | | | | | | | | | | | | 710,271 | | | | | | | | | | | | 701,242 | | | | | | | | | | | | 676,804 | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Shareholders’ equity | | | 86,462 | | | | | | | | | | | | 84,840 | | | | | | | | | | | | 83,266 | | | | | | | | | | | | 84,770 | | | | | | | | | | | | 82,381 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 879,512 | | | | | | | | | | | $ | 829,426 | | | | | | | | | | | $ | 793,537 | | | | | | | | | | | $ | 786,012 | | | | | | | | | | | $ | 759,185 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Interest income to earning assets | | | — | | | | — | | 6.95 | % | | | | | — | | | | — | | 6.97 | % | | | | | — | | | | — | | 6.93 | % | | | | | — | | | | — | | 6.85 | % | | | | | — | | | | — | | 6.82 | % |
| | | | | | | | | | | | | | | | | | | |
Net interest spread | | | | | | | | | 3.51 | | | | | | | | | | | | 3.70 | | | | | | | | | | | | 3.85 | | | | | | | | | | | | 3.86 | | | | | | | | | | | | 4.02 | |
Effect of noninterest-bearing sources | | | | | | | | | 0.78 | | | | | | | | | | | | 0.79 | | | | | | | | | | | | 0.80 | | | | | | | | | | | | 0.79 | | | | | | | | | | | | 0.76 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Net interest income/ margin on earning assets | | | — | | | $ | 8,774 | | 4.29 | % | | | | | — | | | $ | 8,605 | | 4.49 | % | | | | | — | | | $ | 8,475 | | 4.65 | % | | | | | — | | | $ | 8,520 | | 4.65 | % | | | | | — | | | $ | 8,484 | | 4.78 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Tax equivalent adjustment | | | | | | $ | 74 | | 0.04 | % | | | | | | | | $ | 91 | | 0.05 | % | | | | | | | | $ | 99 | | 0.05 | % | | | | | | | | $ | 95 | | 0.05 | % | | | | | | | | $ | 94 | | 0.05 | % |
15
Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields
For the Nine months ended September 30,
| | | | | | | | | | | | | | | | | | | | | | |
| | | 2007 | | | | | 2006 | |
| (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 | | | 1,419 | | | | 56 | | 5.28 | % | | | | | 646 | | | | 24 | | 4.97 | % |
Federal funds sold | | | 2,842 | | | | 112 | | 5.27 | % | | | | | 3,647 | | | | 128 | | 4.69 | % |
Investment securities available for sale: | | | | | | | | | | | | | | | | | | | | | | |
Taxable | | | 40,490 | | | | 1,543 | | 5.10 | % | | | | | 39,758 | | | | 1,225 | | 4.12 | % |
Tax-exempt | | | 4,997 | | | | 174 | | 4.66 | % | | | | | 4,981 | | | | 177 | | 4.75 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Investment securities available for sale | | | 45,487 | | | | 1,717 | | 5.05 | % | | | | | 44,739 | | | | 1,402 | | 4.19 | % |
| | | | | | | |
Loans and leases | | | 723,445 | | | | 38,297 | | 7.08 | % | | | | | 623,796 | | | | 32,165 | | 6.89 | % |
| | | | | | | | | | | | | | | | | | | | | | |
Total interest earning assets | | | 773,193 | | | | 40,182 | | 6.95 | % | | | | | 672,828 | | | | 33,719 | | 6.70 | % |
| | | | | | | |
Cash and due from banks | | | 23,116 | | | | | | | | | | | $ | 24,794 | | | | | | | |
Less allowance for loan and lease losses | | | (8,503 | ) | | | | | | | | | | | (7,706 | ) | | | | | | |
Other assets | | | 46,638 | | | | | | | | | | | | 35,511 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 834,444 | | | | | | | | | | | $ | 725,427 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Savings, NOW and market rate deposits | | $ | 278,336 | | | $ | 3,015 | | 1.45 | % | | | | $ | 294,842 | | | $ | 2,784 | | 1.26 | % |
Wholesale deposits | | | 78,811 | | | | 3,183 | | 5.40 | % | | | | | 7,200 | | | | 298 | | 5.53 | % |
Time deposits | | | 186,043 | | | | 6,449 | | 4.63 | % | | | | | 166,643 | | | | 4,952 | | 3.97 | % |
| | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | | 543,190 | | | | 12,647 | | 3.11 | % | | | | | 468,685 | | | | 8,034 | | 2.29 | % |
| | | | | | | |
Short term borrowings** | | | 41,790 | | | | 1,682 | | 5.38 | % | | | | | 13,953 | | | | 552 | | 5.29 | |
| | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing liabilities | | | 584,980 | | | | 14,329 | | 3.27 | % | | | | | 482,638 | | | | 8,586 | | 2.38 | % |
| | | | | | | |
Noninterest-bearing deposits | | | 148,792 | | | | | | | | | | | | 149,106 | | | | | | | |
Other liabilities | | | 15,804 | | | | | | | | | | | | 13,608 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Total noninterest-bearing liabilities | | | 164,596 | | | | | | | | | | | | 162,714 | | | | | | | |
| | | | | | | |
Total liabilities | | | 749,576 | | | | | | | | | | | | 645,352 | | | | | | | |
| | | | | | | |
Shareholders' equity | | | 84,868 | | | | | | | | | | | | 80,075 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders' equity | | $ | 834,444 | | | | | | | | | | | $ | 725,427 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Interest income to earning assets | | | — | | | | — | | 6.95 | % | | | | | — | | | | — | | 6.70 | % |
| | | | | | | |
Net interest spread | | | | | | | | | 3.68 | | | | | | | | | | | | 4.32 | |
Effect of noninterest-bearing sources | | | | | | | | | 0.79 | | | | | | | | | | | | 0.67 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net interest income/ margin on earning assets | | | — | | | $ | 25,853 | | 4.47 | % | | | | | — | | | $ | 25,133 | | 4.99 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Tax equivalent adjustment | | | | | | $ | 264 | | 0.05 | % | | | | | | | | $ | 259 | | 0.05 | % |
Non-accrual loans are included in the average loan balances.
