Exhibit 99.1
Bryn Mawr Bank Corporation
FOR RELEASE:
IMMEDIATELY
| | |
FOR MORE INFORMATION CONTACT: | | Ted Peters, Chairman |
| | 610-581-4800 or |
| | 610-525-2531 (evening) |
| | tpeters@bmtc.com |
| | J. Duncan Smith, CFO |
| | 610-526-2466 or |
| | 610-306-8489 (evening) |
| | jdsmith@bmtc.com |
Bryn Mawr Bank Corporation Reports First Quarter Diluted Earnings Per Share of $0.34
BRYN MAWR, Pa. April 23, 2008 - Bryn Mawr Bank Corporation, (NASDAQ: BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today announced financial results for the first quarter ended March 31, 2008.
The Corporation reported first quarter 2008 diluted earnings per share of $0.34 and net income of $2.9 million compared to diluted earnings per share of $0.46 and net income of $3.9 million in the same period last year. First quarter 2007 diluted earnings per share and net income were $0.36 and $3.1 million, respectively, after excluding $0.10 per diluted share and $866 thousand, respectively, relating to a 2007 gain on the sale of real estate. Diluted earnings per share and net income decreased $0.02 and $212 thousand, respectively, from the first quarter of 2007 (after excluding the impact of the real estate gain) to the first quarter of 2008.
Factors contributing to the decrease in net income include an increase in the provision for loan and lease losses due to charge-offs in the leasing portfolio, increased operating costs directly
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attributable to the six new business initiatives started over the past two years and continued net interest margin pressure. The net interest margin for the first quarter of 2008 was 3.97% compared with 4.11% in the fourth quarter of 2007 and 4.65% in the first quarter of 2007.
Ted Peters, Chairman and Chief Executive Officer, said “The rapid first quarter drop in loan rates was not followed by a commensurate decrease in deposit pricing, resulting in continued compression of our net interest margin. However, the Corporation has approximately $113 million of borrowed funds and wholesale certificates of deposit that will reprice over the last three quarters of the year. The increased charge-offs in our lease portfolio, in part, reflect the difficult credit environment in some areas of the country.”
Additionally, Mr. Peters stated, “Plans for 2008 include securing trust powers in Delaware, the opening of our Chester County regional banking office, and building out our new separately managed account platform with additional investment options.”
Return on average equity (ROE) and return on average assets (ROA) for the quarter ended March 31, 2008 were 12.83 % and 1.23%, respectively. ROE was 19.43% (15.22% excluding the real estate gain) and ROA was 2.03% (1.59% excluding the real estate gain) for the same period last year.
Total portfolio loans and leases at March 31, 2008 were $817 million, an increase of $125 million or 18.1% from $692 million at March 31, 2007 and an increase of $14 million or 6.9% (annualized) from 2007 year end balances of $803 million. Growth in the loan and lease portfolio in the first quarter of 2008 was concentrated in commercial and industrial loans, home equity related loans, and leases, partially offset by declines in residential mortgages. Leases at March 31, 2008 of $51 million were 6.3% of total portfolio loans and leases, up from 5.6% at year end and 2.4% at March 31, 2007.
Net charge-offs for the first quarter of 2008 of $620 thousand, primarily leasing related, had a significant impact on the first quarter 2008 provision of $854 thousand. Total non-performing loans and leases at March 31, 2008 of $1.1 million were 13 basis points of period end loans and
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leases down from 2007 year end non-performing totals of $2.0 million or 25 basis points, respectively. The allowance for loan and lease losses of $8.4 million represents 1.02% of loans and leases compared with 1.01% at the end of 2007.
During the first quarter of 2008, the Corporation increased its investment securities portfolio by $48 million or 100.1% to $97 million from $48 million at the end of 2007. The primary purpose of these additional investment securities was to increase overall liquidity and borrowing capacity while also taking advantage of the significant interest rate spread to treasuries of federal agency mortgage backed securities. Average quarterly earning assets grew $141 million or 19.2% to $880 million in the first quarter of 2008 from $739 million in the first quarter of 2007.
The first quarter of 2008 marked the first quarter of significant growth in interest bearing checking, money market and savings account balances since 2004, as first quarter average balances increased 6.4% or $18 million to $305 million from $286 million in the fourth quarter of 2007. This increase in average balances is attributed to a change in customer behavior in part due to the combined effect of the decline in the equity markets and lower overall interest rates. Average first quarter 2008 non-interest bearing balances of $143 million are approximately $6 million or 4.1% lower than fourth quarter 2007 averages due in part to better cash management practices of our commercial banking customers. The significant decline in period end non-interest bearing balances at March 31, 2008 from December 31, 2007 are primarily related to the approximately $70 million of short term customer deposit inflows on deposit at December 31, 2007.
Wholesale funding, which is defined as wholesale deposits (primarily certificates of deposit ) and borrowed funds, of $234 million at March 31, 2008 increased $59 million or 34.0% from year end 2007 balances of $175 million, primarily due to the increase in the investment portfolio discussed earlier. Wholesale funding as a percentage of total funding was 27.0% at March 31, 2008 compared to 19.5% at December 31, 2007.
The tax equivalent net interest margin was 3.97% in the first quarter of 2008 compared with 4.11% and 4.65% in the fourth and first quarters of 2007, respectively. The Corporation’s first
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quarter funding costs of 5.03% on wholesale certificates of deposit and 3.83% on borrowed funds are expected to decline later this year as $113 million of these obligations mature and reprice at anticipated lower rates. Additional rate relief is also expected as other time deposits reprice over the next six months. These anticipated funding cost reductions may partially reduce some of the margin erosion caused by the 200 basis point decline in the prime rate that occurred in the first quarter of 2008. Despite the decline in the tax equivalent net interest margin discussed earlier, the tax equivalent net interest income increased $204 thousand or 2.5% to $8.7 million in the first quarter of 2008 from the fourth quarter of 2007.
Non-interest income for the first quarter of 2008 was $5.6 million, an increase of $817 thousand or 17.0% over the $4.8 million in the first quarter of 2007 after the exclusion of the $1.3 million (pre-tax) real estate gain. Factors contributing to this increase in non-interest income include revenue from a May 2007 BOLI investment, first quarter 2008 investment security gains and the settlement of an interest rate floor contract in the first quarter of 2008. First quarter 2008 wealth revenue of $3.3 million, which was nominally higher than first quarter 2007, was impacted by lower stock market levels, lower fees from estate settlements and the loss of a significant institutional client due to a business merger in the fourth quarter of 2007. Non-interest income from residential mortgage operations, fees from loan servicing and late fees and service charges on deposit accounts in the first quarter of 2008 were all higher than first quarter 2007 amounts.
Non-interest expense for the first quarter of 2008 was $9.1 million, an increase of $644 thousand or 7.6% over $8.4 million in the first quarter of 2007. The primary reason for this increase is the additional staffing and benefit costs relating to the Corporation’s six 2006/2007 initiatives. Also contributing to the increase is higher Federal Deposit Insurance costs, as a one time credit issued to banks in existence prior to 1997 was exhausted during the first quarter of 2008. Amortization of mortgage servicing rights for the first quarter includes $49 thousand of impairment relating to higher rate serviced mortgages. The freeze of the Corporation’s qualified defined benefit pension plan which was announced earlier this year is effective March 31, 2008 and should result in reduced pension costs over the balance of 2008.
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First quarter 2008 diluted earnings per share of $0.34 were $.02 lower than the fourth quarter of 2007. First quarter 2008 net income of $2.9 million is $180 thousand lower than net income for the fourth quarter of 2007. The decline in net income is the sum of several items, most significantly being a $453 thousand increase in the provision for loan and lease losses which was offset by first quarter securities gains and the other income generated by the interest rate floor contract settlement. Despite the decline in the tax equivalent net interest margin (3.97% in the first quarter of 2008 compared to 4.11% in the fourth quarter of 2007), first quarter 2008 tax equivalent net interest income of $8.7 million was only $43 thousand or 0.5% lower than the fourth quarter of 2007, due to a 4.6% increase in average earning assets. Other items contributing to the decline in first quarter 2008 net income were lower Wealth Division revenues due to the first quarter 2008 decline in the stock market, lower estate settlement fees and the loss of an institutional client discussed earlier. Other non-interest expenses were higher, primarily due to the timing of marketing costs and increased FDIC insurance premiums.
Return on average equity (ROE) and return on average assets (ROA) for the quarter ended March 31, 2008 were 12.83 % and 1.23%, respectively. ROE was 13.73% and ROA was 1.34% for the fourth quarter of last year.
In other business, the Corporation’s Board of Directors declared a regular quarterly dividend of $0.13 per share, payable June 1, 2008, to shareholders of record as of May 6, 2008.
As previously announced, the Corporation will hold an earnings conference call at 9:00 a.m. EDT on Thursday, April 24, 2008. Interested parties may participate by calling 973-582-2734 at 8:55 a.m. EDT and referencing conference PIN # 41867299. A taped replay of the conference call will be available within two hours of the conclusion of the call and will remain available through Thursday, July 24, 2008. The number to call for the taped replay is 706-645-9291 and the conference PIN is 41867299.
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
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cast will be available within two hours of the conclusion of the call. The Corporation has also recently expanded its Investor Relations 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 non-GAAP measures. A non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles (GAAP). To supplement the Corporation’s financial statements presented in accordance with GAAP, we report certain key financial measurements without the impact of a material real estate transaction.
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).
The Corporation’s Management believes that the inclusion of these non-GAAP financial measures provides useful supplemental information essential to the proper understanding of the operating results of the Corporation’s core business. These measures should be considered in addition to results prepared in accordance with GAAP, and are not substitutes for, or superior to, GAAP results. The non-GAAP measures are provided to enhance investors’ overall understanding of our current financial performance. These non-GAAP measures have been reconciled to the nearest GAAP measure in the accompanying schedule.
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
Reconciliation of Non-GAAP Information
(dollars in thousands, except per share data)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Month Period Ended
March 31, | |
| | | Net Income | | | Change | | | Non-interest income | | | Change | |
| | | 2008 | | 2007 | | | $ | | | % | | | 2008 | | | 2007 | | | $ | | | % | |
As reported (GAAP) | | $ | 2,898 | | $ | 3,976 | | | ($1,078 | ) | | (27.1 | )% | | $ | 5,630 | | | $ | 6,146 | | | | ($516 | ) | | (8.4 | %) |
Non-GAAP adjustment1 | | | — | | | (866 | ) | | 866 | | | 20.3 | % | | | — | | | | (1,333 | ) | | | 1,333 | | | 25.4 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted (Non-GAAP) | | $ | 2,898 | | $ | 3,110 | | | ($212 | ) | | (6.8 | %) | | $ | 5,630 | | | $ | 4,813 | | | $ | 817 | | | 17.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | Diluted
Earnings Per Share | | | Change | | | ROE | | | ROA | |
| | | 2008 | | 2007 | | | $ | | | % | | | 2008 | | | 2007 | | | 2008 | | | 2007 | |
As reported (GAAP) | | $ | 0.34 | | $ | 0.46 | | | ($0.12 | ) | | (26.1 | %) | | | 12.83 | % | | | 19.43 | % | | | 1.23 | % | | 2.03 | % |
Non-GAAP adjustment1 | | | — | | | (0.10 | ) | | 0.10 | | | 20.5 | % | | | 0.00 | % | | | (4.21 | %) | | | 0.00 | % | | (0.44 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted (Non-GAAP) | | $ | 0.34 | | $ | 0.36 | | | ($0.02 | ) | | (5.6 | )% | | | 12.83 | % | | | 15.22 | % | | | 1.23 | % | | 1.59 | % |
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| 1) | The Corporation uses this non-GAAP (Generally Accepted Accounting Principals) financial information in its analysis of the Corporation’s performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and are not a substitute for, or superior to, GAAP results. 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)
March 31, 2008
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | For The Three Months Ended | |
| | | Mar 31,
2008 | | | Dec 31,
2007 | | | Sep 30,
2007 | | | Jun 30,
2007 | | | Mar 31,
2007 | |
Interest income | | $ | 14,062 | | | $ | 14,300 | | | $ | 14,147 | | | $ | 13,250 | | | $ | 12,521 | |
Interest expense | | | 5,454 | | | | 5,647 | | | | 5,448 | | | | 4,736 | | | | 4,145 | |
| | | | | | | | | | | | | | | | | | | | |
Net interest income | | | 8,608 | | | | 8,653 | | | | 8,699 | | | | 8,514 | | | | 8,376 | |
Provision for loan and lease losses | | | 854 | | | | 401 | | | | — | | | | 240 | | | | 250 | |
| | | | | | | | | | | | | | | | | | | | |
Net interest income after provision for loan and lease losses | | | 7,754 | | | | 8,252 | | | | 8,699 | | | | 8,274 | | | | 8,126 | |
| | | | | |
Fees for wealth management services | | | 3,312 | | | | 3,482 | | | | 3,310 | | | | 3,423 | | | | 3,287 | |
Loan servicing and late fees | | | 310 | | | | 282 | | | | 276 | | | | 277 | | | | 280 | |
Service charges on deposits | | | 392 | | | | 385 | | | | 363 | | | | 356 | | | | 360 | |
Net gain on sale of real estate | | | — | | | | — | | | | — | | | | — | | | | 1,333 | |
Net gain on sale of OREO | | | — | | | | — | | | | — | | | | 110 | | | | — | |
Net gain on sale of loans | | | 332 | | | | 353 | | | | 358 | | | | 259 | | | | 280 | |
Net gain on sale of investments | | | 222 | | | | — | | | | — | | | | — | | | | — | |
BOLI income | | | 143 | | | | 165 | | | | 175 | | | | 84 | | | | — | |
Interest rate floor income | | | 268 | | | | 109 | | | | 46 | | | | — | | | | — | |
Other operating income | | | 651 | | | | 624 | | | | 643 | | | | 555 | | | | 606 | |
| | | | | | | | | | | | | | | | | | | | |
Noninterest income | | | 5,630 | | | | 5,400 | | | | 5,171 | | | | 5,064 | | | | 6,146 | |
| | | | | |
Salaries and wages | | | 4,479 | | | | 4,551 | | | | 4,536 | | | | 3,981 | | | | 4,048 | |
Employee benefits | | | 1,332 | | | | 1,214 | | | | 1,056 | | | | 1,057 | | | | 1,221 | |
Occupancy and bank premises | | | 750 | | | | 725 | | | | 739 | | | | 712 | | | | 686 | |
Furniture fixtures and equipment | | | 549 | | | | 536 | | | | 522 | | | | 513 | | | | 507 | |
Advertising | | | 272 | | | | 118 | | | | 237 | | | | 355 | | | | 316 | |
Amortization of mortgage servicing rights | | | 125 | | | | 91 | | | | 88 | | | | 77 | | | | 92 | |
Professional fees | | | 319 | | | | 372 | | | | 342 | | | | 470 | | | | 401 | |
Other expenses | | | 1,253 | | | | 1,384 | | | | 1,260 | | | | 1,588 | | | | 1,164 | |
| | | | | | | | | | | | | | | | | | | | |
Noninterest expense | | | 9,079 | | | | 8,991 | | | | 8,780 | | | | 8,753 | | | | 8,435 | |
Income before income taxes | | | 4,305 | | | | 4,661 | | | | 5,090 | | | | 4,585 | | | | 5,837 | |
Income tax expense | | | 1,407 | | | | 1,583 | | | | 1,635 | | | | 1,494 | | | | 1,861 | |
| | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 2,898 | | | $ | 3,078 | | | $ | 3,455 | | | $ | 3,091 | | | $ | 3,976 | |
| | | | | | | | | | | | | | | | | | | | |
Per share data: | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding | | | 8,534,467 | | | | 8,522,325 | | | | 8,520,843 | | | | 8,542,066 | | | | 8,575,172 | |
Dilutive potential common shares | | | 28,413 | | | | 64,609 | | | | 76,385 | | | | 112,040 | | | | 121,519 | |
| | | | | | | | | | | | | | | | | | | | |
Adjusted weighted average dilutive shares | | | 8,562,880 | | | | 8,586,934 | | | | 8,597,228 | | | | 8,654,106 | | | | 8,696,691 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Basic earnings per common share | | $ | 0.34 | | | $ | 0.36 | | | $ | 0.41 | | | $ | 0.36 | | | $ | 0.46 | |
Diluted earnings per common share | | $ | 0.34 | | | $ | 0.36 | | | $ | 0.40 | | | $ | 0.36 | | | $ | 0.46 | |
Dividend declared per share | | $ | 0.13 | | | $ | 0.13 | | | $ | 0.13 | | | $ | 0.12 | | | $ | 0.12 | |
| | | | | |
Effective tax rate | | | 32.7 | % | | | 34.0 | % | | | 32.1 | % | | | 32.6 | % | | | 31.9 | % |
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 )
March 31, 2008
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
For the period end: | | 2008
1Q | | | 2007
4Q | | | 2007
3Q | | | 2007
2Q | | | 2007
1Q | |
Asset Quality Data | | | | | | | | | | | | | | | | | | | | |
Nonaccrual loans and leases | | $ | 1,065 | | | $ | 747 | | | $ | 852 | | | $ | 654 | | | $ | 389 | |
90 + days past due loans and leases | | | 15 | | | | 1,263 | | | | 4 | | | | 41 | | | | 28 | |
| | | | | | | | | | | | | | | | | | | | |
Nonperforming loans and leases | | | 1,080 | | | | 2,010 | | | | 856 | | | | 695 | | | | 417 | |
Other non-performing assets | | | 64 | | | | — | | | | — | | | | — | | | | — | |
OREO | | | — | | | | — | | | | — | | | | — | | | | 561 | |
| | | | | | | | | | | | | | | | | | | | |
Nonperforming assets | | $ | 1,144 | | | $ | 2,010 | | | $ | 856 | | | $ | 695 | | | $ | 978 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Allowance for loan and lease losses | | $ | 8,358 | | | $ | 8,124 | | | $ | 8,292 | | | $ | 8,605 | | | $ | 8,366 | |
Allowance for loan and lease losses / loans and lease | | | 1.02 | % | | | 1.01 | % | | | 1.07 | % | | | 1.16 | % | | | 1.21 | % |
Allowance for loan and lease losses / nonperforming loans and leases | | | 774 | % | | | 404 | % | | | 969 | % | | | 1,238 | % | | | 2,006 | % |
Nonperforming loans and leases / portfolio loans | | | 0.13 | % | | | 0.25 | % | | | 0.11 | % | | | 0.09 | % | | | 0.06 | % |
Nonperforming assets / assets | | | 0.11 | % | | | 0.20 | % | | | 0.10 | % | | | 0.08 | % | | | 0.12 | % |
Net loan and lease charge-offs (recoveries) | | | 620 | | | | 569 | | | | 313 | | | | 1 | | | | 6 | |
Net loan and lease charge-offs (annualized) / average loans | | | 0.31 | % | | | 0.31 | % | | | 0.17 | % | | | 0.00 | % | | | 0.00 | % |
| | | | | |
For the period and period end: | | 2008
1Q | | | 2007
4Q | | | 2007
3Q | | | 2007
2Q | | | 2007
1Q | |
Selected ratios (annualized): | | | | | | | | | | | | | | | | | | | | |
Return on average assets | | | 1.23 | % | | | 1.34 | % | | | 1.56 | % | | | 1.49 | % | | | 2.03 | %(2) |
Return on average shareholders’ equity | | | 12.83 | % | | | 13.73 | % | | | 15.90 | % | | | 14.66 | % | | | 19.43 | %(2) |
Yield on interest earning assets* | | | 6.46 | % | | | 6.77 | % | | | 6.95 | % | | | 6.97 | % | | | 6.93 | % |
Cost of interest bearing funds | | | 3.11 | % | | | 3.43 | % | | | 3.44 | % | | | 3.27 | % | | | 3.08 | % |
Net interest margin* | | | 3.97 | % | | | 4.11 | % | | | 4.29 | % | | | 4.49 | % | | | 4.65 | % |
Tier 1 leverage ratio | | | 10.23 | % | | | 10.42 | % | | | 10.55 | % | | | 10.95 | % | | | 11.34 | % |
Book value per share | | $ | 10.89 | | | $ | 10.60 | | | $ | 10.43 | | | $ | 10.11 | | | $ | 9.97 | |
Tangible book value per share | | $ | 10.89 | | | $ | 10.60 | | | $ | 10.43 | | | $ | 10.11 | | | $ | 9.97 | |
Period end shares outstanding | | | 8,563,402 | | | | 8,526,084 | | | | 8,518,634 | | | | 8,532,580 | | | | 8,582,172 | |
| | | | | |
Selected data: | | | | | | | | | | | | | | | | | | | | |
Mortgage loans originated | | $ | 28,780 | | | $ | 34,565 | | | $ | 37,285 | | | $ | 27,490 | | | $ | 28,271 | |
Mortgage loans sold - servicing retained | | $ | 14,294 | | | $ | 8,583 | | | $ | 7,588 | | | $ | 3,298 | | | $ | 4,831 | |
Mortgage loans sold - servicing released | | $ | 11,058 | | | $ | 12,852 | | | $ | 17,249 | | | $ | 19,521 | | | $ | 14,844 | |
Mortgage loans serviced for others | | $ | 357,734 | | | $ | 357,363 | | | $ | 364,684 | | | $ | 367,087 | | | $ | 377,512 | |
| | | | | |
Brokerage assets (1) | | $ | 87,759 | | | $ | 85,338 | | | $ | 95,357 | | | $ | 85,003 | | | $ | 77,624 | |
Assets under management - other Institutions | | | — | | | | — | | | | 423,301 | | | | 419,819 | | | | 416,819 | |
Wealth assets under management / administration | | $ | 2,053,207 | | | $ | 2,191,753 | | | $ | 2,251,951 | | | $ | 2,212,514 | | | $ | 2,105,552 | |
| | | | | | | | | | | | | | | | | | | | |
Total Wealth assets under management / administration / brokerage | | $ | 2,140,966 | | | $ | 2,277,091 | | | $ | 2,770,609 | | | $ | 2,717,336 | | | $ | 2,599,995 | |
| | | | | | | | | | | | | | | | | | | | |
| * | Yield on Interest earning assets and net interest margin are calculated on a tax equivalent basis. |
| (1) | Brokerage Assets represent assets held at a registered broker dealer under a networking agreement. |
| (2) | ROA and ROE excluding the $866 thousand real estate gain were 1.59% and 15.22%, respectively. |
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands)
March 31, 2008
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
Balance Sheet For the period ended: | | Mar 31,
2008 | | | Dec 31,
2007 | | | Sep 30,
2007 | | | Jun 30,
2007 | | | Mar 31,
2007 | |
Assets | | | | | | | | | | | | | | | | | | | | |
Interest bearing deposits with banks | | $ | 513 | | | $ | 1,209 | | | $ | 1,002 | | | $ | 520 | | | $ | 407 | |
Fed funds sold | | | 10,500 | | | | 17,000 | | | | — | | | | 2,500 | | | | 7,885 | |
Investment securities | | | 96,852 | | | | 48,402 | | | | 43,720 | | | | 44,817 | | | | 45,772 | |
| | | | | |
Loans held for sale | | | 4,496 | | | | 5,125 | | | | 5,757 | | | | 6,535 | | | | 7,448 | |
| | | | | |
Portfolio loans: | | | | | | | | | | | | | | | | | | | | |
Consumer | | | 8,236 | | | | 7,990 | | | | 8,354 | | | | 7,827 | | | | 8,073 | |
Commercial & industrial | | | 221,125 | | | | 213,834 | | | | 209,516 | | | | 191,484 | | | | 179,483 | |
Commercial mortgages | | | 224,604 | | | | 224,510 | | | | 221,296 | | | | 224,696 | | | | 200,121 | |
Construction | | | 67,283 | | | | 66,901 | | | | 70,509 | | | | 70,209 | | | | 74,355 | |
Residential mortgages | | | 118,117 | | | | 121,313 | | | | 113,705 | | | | 105,441 | | | | 105,065 | |
Home equity lines & loans | | | 126,159 | | | | 123,293 | | | | 114,298 | | | | 111,079 | | | | 107,554 | |
Leases | | | 51,241 | | | | 45,084 | | | | 37,545 | | | | 28,924 | | | | 16,898 | |
| | | | | | | | | | | | | | | | | | | | |
Total portfolio loans and leases | | | 816,765 | | | | 802,925 | | | | 775,223 | | | | 739,660 | | | | 691,549 | |
| | | | | |
Earning assets | | | 929,126 | | | | 874,661 | | | | 825,702 | | | | 794,032 | | | | 753,061 | |
| | | | | |
Cash and due from | | | 23,043 | | | | 76,965 | | | | 21,330 | | | | 22,533 | | | | 25,114 | |
Allowance for loan and lease losses | | | (8,358 | ) | | | (8,124 | ) | | | (8,292 | ) | | | (8,605 | ) | | | (8,366 | ) |
Other assets | | | 60,303 | | | | 58,594 | | | | 56,125 | | | | 56,767 | | | | 41,270 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total assets | | $ | 1,004,114 | | | $ | 1,002,096 | | | $ | 894,865 | | | $ | 864,727 | | | $ | 811,079 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Liabilities and shareholders’ equity | | | | | | | | | | | | | | | | | | | | |
Interest-bearing checking | | $ | 140,467 | | | $ | 137,486 | | | $ | 123,913 | | | $ | 126,988 | | | $ | 130,447 | |
Money market | | | 137,420 | | | | 114,310 | | | | 114,572 | | | | 101,613 | | | | 107,919 | |
Savings | | | 37,691 | | | | 36,181 | | | | 36,121 | | | | 38,009 | | | | 40,751 | |
Wholesale deposits | | | 123,775 | | | | 129,820 | | | | 114,565 | | | | 121,750 | | | | 65,270 | |
Time deposits | | | 179,136 | | | | 203,462 | | | | 194,199 | | | | 186,045 | | | | 166,967 | |
| | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits | | | 618,489 | | | | 621,259 | | | | 583,370 | | | | 574,405 | | | | 511,354 | |
| | | | | |
Non-interest bearing deposits | | | 138,465 | | | | 228,269 | | | | 138,254 | | | | 154,238 | | | | 152,926 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | | 756,954 | | | | 849,528 | | | | 721,624 | | | | 728,643 | | | | 664,280 | |
| | | | | |
Borrowed funds | | | 110,500 | | | | 45,000 | | | | 68,500 | | | | 35,100 | | | | 45,000 | |
Other liabilities | | | 43,423 | | | | 17,217 | | | | 16,176 | | | | 15,018 | | | | 16,509 | |
Shareholders’ equity | | | 93,237 | | | | 90,351 | | | | 88,565 | | | | 85,966 | | | | 85,290 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,004,114 | | | $ | 1,002,096 | | | $ | 894,865 | | | $ | 864,727 | | | $ | 811,079 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Balance Sheet (average) | | 2008
1Q | | | 2007
4Q | | | 2007
3Q | | | 2007
2Q | | | 2007
1Q | |
Assets | | | | | | | | | | | | | | | | | | | | |
Interest bearing deposits with banks | | $ | 5,507 | | | $ | 1,764 | | | $ | 3,172 | | | $ | 568 | | | $ | 486 | |
Fed funds sold | | | 7,318 | | | | 5,438 | | | | 4,884 | | | | 1,019 | | | | 2,597 | |
Investment securities | | | 56,951 | | | | 42,450 | | | | 44,074 | | | | 45,394 | | | | 47,029 | |
Loans held for sale | | | 4,175 | | | | 4,820 | | | | 5,465 | | | | 4,489 | | | | 3,746 | |
Portfolio loans and leases | | | 806,410 | | | | 787,059 | | | | 754,249 | | | | 716,734 | | | | 684,870 | |
| | | | | | | | | | | | | | | | | | | | |
Earning assets | | | 880,361 | | | | 841,531 | | | | 811,844 | | | | 768,204 | | | | 738,728 | |
| | | | | |
Cash and due from | | | 22,306 | | | | 21,231 | | | | 22,306 | | | | 22,299 | | | | 24,766 | |
Allowance for loan and lease losses | | | (8,179 | ) | | | (8,347 | ) | | | (8,712 | ) | | | (8,537 | ) | | | (8,254 | ) |
Other assets | | | 54,908 | | | | 54,450 | | | | 54,231 | | | | 47,617 | | | | 38,454 | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 949,396 | | | $ | 908,865 | | | $ | 879,669 | | | $ | 829,583 | | | $ | 793,694 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Liabilities and shareholders’ equity | | | | | | | | | | | | | | | | | | | | |
Interest-bearing checking | | $ | 143,027 | | | $ | 130,161 | | | $ | 132,180 | | | $ | 131,893 | | | $ | 133,252 | |
Money market | | | 124,799 | | | | 120,298 | | | | 108,437 | | | | 104,812 | | | | 107,978 | |
Savings | | | 36,862 | | | | 35,952 | | | | 37,278 | | | | 39,072 | | | | 40,143 | |
Wholesale deposits | | | 131,505 | | | | 132,439 | | | | 120,222 | | | | 83,664 | | | | 31,573 | |
Time deposits | | | 195,413 | | | | 190,016 | | | | 192,999 | | | | 173,279 | | | | 191,838 | |
| | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits | | | 631,606 | | | | 608,866 | | | | 591,116 | | | | 532,720 | | | | 504,784 | |
Non-interest bearing deposits | | | 142,532 | | | | 148,717 | | | | 148,858 | | | | 148,105 | | | | 149,420 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | | 774,138 | | | | 757,583 | | | | 739,974 | | | | 680,825 | | | | 654,204 | |
| | | | | |
Borrowed funds | | | 66,071 | | | | 44,592 | | | | 37,319 | | | | 47,720 | | | | 40,363 | |
Other liabilities | | | 18,361 | | | | 17,714 | | | | 16,205 | | | | 16,489 | | | | 16,152 | |
Shareholders’ equity | | | 90,826 | | | | 88,976 | | | | 86,171 | | | | 84,549 | | | | 82,975 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 949,396 | | | $ | 908,865 | | | $ | 879,669 | | | $ | 829,583 | | | $ | 793,694 | |
| | | | | | | | | | | | | | | | | | | | |
Quarterly Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 1st Quarter 2008 | | | 4th Quarter 2007 | | | 3rd Quarter 2007 | | | 2nd Quarter 2007 | | | 1st Quarter 2007 | |
(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 | | $ | 5,507 | | | $ | 42 | | 3.07 | % | | $ | 1,764 | | | $ | 21 | | 4.72 | % | | $ | 3,172 | | | $ | 42 | | 5.25 | % | | $ | 568 | | | $ | 7 | | 4.94 | % | | $ | 486 | | | $ | 6 | | 5.01 | % |
Federal funds sold | | | 7,318 | | | | 60 | | 3.30 | % | | | 5,438 | | | | 61 | | 4.45 | % | | | 4,884 | | | | 65 | | 5.28 | % | | | 1,019 | | | | 14 | | 5.51 | % | | | 2,597 | | | | 34 | | 5.31 | % |
Investment securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable | | | 49,251 | | | | 617 | | 5.04 | % | | | 37,325 | | | | 474 | | 5.04 | % | | | 39,090 | | | | 500 | | 5.07 | % | | | 40,393 | | | | 514 | | 5.10 | % | | | 42,023 | | | | 529 | | 5.11 | % |
Tax-exempt | | | 7,700 | | | | 93 | | 4.86 | % | | | 5,125 | | | | 58 | | 4.49 | % | | | 4,984 | | | | 57 | | 4.54 | % | | | 5,001 | | | | 59 | | 4.73 | % | | | 5,006 | | | | 58 | | 4.70 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities available for sale | | | 56,951 | | | | 710 | | 5.01 | % | | | 42,450 | | | | 532 | | 4.97 | % | | | 44,074 | | | | 557 | | 5.01 | % | | | 45,394 | | | | 573 | | 5.06 | % | | | 47,029 | | | | 587 | | 5.06 | % |
Loans and leases * | | | 810,585 | | | | 13,321 | | 6.61 | % | | | 791,879 | | | | 13,755 | | 6.89 | % | | | 759,714 | | | | 13,558 | | 7.08 | % | | | 721,223 | | | | 12,747 | | 7.09 | % | | | 688,616 | | | | 11,993 | | 7.06 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest earning assets | | | 880,361 | | | | 14,133 | | 6.46 | % | | | 841,531 | | | | 14,369 | | 6.77 | % | | | 811,844 | | | | 14,222 | | 6.95 | % | | | 768,204 | | | | 13,341 | | 6.97 | % | | | 738,728 | | | | 12,620 | | 6.93 | % |
| | | | | | | | | | | | | | | |
Cash and due from banks | | | 22,306 | | | | | | | | | | 21,231 | | | | | | | | | | 22,306 | | | | | | | | | | 22,299 | | | | | | | | | | 24,766 | | | | | | | |
Less allowance for loan and lease losses | | | (8,179 | ) | | | | | | | | | (8,347 | ) | | | | | | | | | (8,712 | ) | | | | | | | | | (8,537 | ) | | | | | | | | | (8,254 | ) | | | | | | |
Other assets | | | 54,908 | | | | | | | | | | 54,450 | | | | | | | | | | 54,231 | | | | | | | | | | 47,617 | | | | | | | | | | 38,454 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 949,396 | | | | | | | | | $ | 908,865 | | | | | | | | | $ | 879,669 | | | | | | | | | $ | 829,583 | | | | | | | | | $ | 793,694 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Savings, NOW and market rate deposits | | $ | 304,688 | | | $ | 1,057 | | 1.40 | % | | $ | 286,411 | | | $ | 1,154 | | 1.60 | % | | $ | 277,895 | | | $ | 1,041 | | 1.49 | % | | $ | 275,777 | | | $ | 977 | | 1.42 | % | | $ | 281,373 | | | $ | 998 | | 1.44 | % |
Wholesale deposits | | | 131,505 | | | | 1,646 | | 5.03 | % | | | 132,439 | | | | 1,741 | | 5.22 | % | | | 120,222 | | | | 1,630 | | 5.38 | % | | | 83,664 | | | | 1,132 | | 5.43 | % | | | 31,573 | | | | 422 | | 5.42 | % |
Time deposits | | | 195,413 | | | | 2,115 | | 4.35 | % | | | 190,016 | | | | 2,213 | | 4.62 | % | | | 192,999 | | | | 2,282 | | 4.69 | % | | | 173,279 | | | | 1,982 | | 4.59 | % | | | 191,838 | | | | 2,184 | | 4.62 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | | 631,606 | | | | 4,818 | | 3.07 | % | | | 608,866 | | | | 5,108 | | 3.33 | % | | | 591,116 | | | | 4,953 | | 3.32 | % | | | 532,720 | | | | 4,091 | | 3.08 | % | | | 504,784 | | | | 3,604 | | 2.90 | % |
| | | | | | | | | | | | | | | |
Borrowed funds | | | 66,071 | | | | 636 | | 3.83 | % | | | 44,592 | | | | 539 | | 4.80 | % | | | 37,319 | | | | 495 | | 5.26 | % | | | 47,720 | | | | 645 | | 5.42 | % | | | 40,363 | | | | 541 | | 5.44 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing liabilities | | | 697,677 | | | | 5,454 | | 3.11 | % | | | 653,458 | | | | 5,647 | | 3.43 | % | | | 628,435 | | | | 5,448 | | 3.44 | % | | | 580,440 | | | | 4,736 | | 3.27 | % | | | 545,147 | | | | 4,145 | | 3.08 | % |
| | | | | | | | | | | | | | | |
Noninterest-bearing deposits | | | 142,532 | | | | | | | | | | 148,717 | | | | | | | | | | 148,858 | | | | | | | | | | 148,105 | | | | | | | | | | 149,420 | | | | | | | |
Other liabilities | | | 18,361 | | | | | | | | | | 17,714 | | | | | | | | | | 16,205 | | | | | | | | | | 16,489 | | | | | | | | | | 16,152 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total noninterest-bearing liabilities | | | 160,893 | | | | | | | | | | 166,431 | | | | | | | | | | 165,063 | | | | | | | | | | 164,594 | | | | | | | | | | 165,572 | | | | | | | |
Total liabilities | | | 858,570 | | | | | | | | | | 819,889 | | | | | | | | | | 793,498 | | | | | | | | | | 745,034 | | | | | | | | | | 710,719 | | | | | | | |
Shareholders’ equity | | | 90,826 | | | | | | | | | | 88,976 | | | | | | | | | | 86,171 | | | | | | | | | | 84,549 | | | | | | | | | | 82,975 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 949,396 | | | | | | | | | $ | 908,865 | | | | | | | | | $ | 879,669 | | | | | | | | | $ | 829,583 | | | | | | | | | $ | 793,694 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Interest income to earning assets | | | — | | | | — | | 6.46 | % | | | — | | | | — | | 6.77 | % | | | — | | | | — | | 6.95 | % | | | — | | | | — | | 6.97 | % | | | — | | | | — | | 6.93 | % |
Net interest spread | | | | | | | | | 3.35 | | | | | | | | | | 3.34 | | | | | | | | | | 3.51 | | | | | | | | | | 3.70 | | | | | | | | | | 3.85 | |
Effect of noninterest-bearing sources | | | | | | | | | 0.62 | | | | | | | | | | 0.77 | | | | | | | | | | 0.78 | | | | | | | | | | 0.79 | | | | | | | | | | 0.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income / margin on earning assets | | | — | | | $ | 8,679 | | 3.97 | % | | | — | | | $ | 8,722 | | 4.11 | % | | | — | | | $ | 8,774 | | 4.29 | % | | | — | | | $ | 8,605 | | 4.49 | % | | | — | | | $ | 8,475 | | 4.65 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tax equivalent adjustment | | | | | | $ | 71 | | 0.03 | % | | | | | | $ | 69 | | 0.03 | % | | | | | | $ | 74 | | 0.04 | % | | | | | | $ | 91 | | 0.05 | % | | | | | | $ | 99 | | 0.05 | % |
| * | Average loans and leases include portfolio loans and leases, and loans held for sale. Non-accrual loans are also included in the average loan and leases balances. |
