Exhibit 99.1
Bryn Mawr Bank Corporation
| | |
| FOR RELEASE: IMMEDIATELY | | Ted Peters, Chairman |
| FOR MORE INFORMATION CONTACT: | | 610-581-4800 |
| | J. Duncan Smith, CFO |
| | 610-526-2466 |
Bryn Mawr Bank Corporation Reports Record Annual Earnings, Increases Wealth
Management Assets by 41.5%, Raises Dividend
BRYN MAWR, Pa., January 30, 2012 - Bryn Mawr Bank Corporation (NASDAQ: BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported net income of $5.2 million and diluted earnings per share of $0.40 for the three months ended December 31, 2011, as compared to net income of $5.6 million and diluted earnings per share of $0.46 for the same period in 2010. Net income for the twelve months ended December 31, 2011 was $19.7 million, or $1.54 per diluted share, as compared to net income of $9.2 million, or $0.85 per diluted share for the same period in 2010. Net income for the twelve months ended December 31, 2011 included pre-tax, due diligence and merger-related expenses of $537 thousand as compared to pre-tax, due diligence and merger-related expenses of $5.7 million for the same period in 2010.
The Corporation reported strong loan growth for the twelve months ended December 31, 2011, with portfolio loans and leases totaling $1.30 billion as of December 31, 2011, an increase of $98.7 million, or 8.2%, from total portfolio loans and leases of $1.20 billion as of December 31, 2010. Ted Peters, Chairman and Chief Executive Officer, commented, “Our record earnings, which are primarily attributed to steady loan growth and enhanced Wealth Management revenue, made 2011 a very good year for the Corporation.”
On January 26, 2012, the Board of Directors of the Corporation declared a quarterly dividend of $0.16 per share, an increase of $0.01, or 6.7%, from the previous quarter’s dividend. The dividend is payable March 1, 2012 to shareholders of record as of February 13, 2012. Mr. Peters
1
continued, “We are very proud of the Corporation’s sustained, strong performance, as well as the Board of Directors’ decision to increase our quarterly dividend,” adding that, “the merger with First Keystone Financial in 2010, along with our acquisition of the Private Wealth Management Group of The Hershey Trust Company (“PWMG”) in 2011, have proven to be sound business decisions, as both transactions continue to be accretive to earnings.”
Mr. Peters noted, “Unlike many financial institutions, we have made it through the recession fairly well. However, the current low level of interest rates and the continued softness in the economy provide challenges for all banks, including Bryn Mawr Trust.”
SIGNIFICANT ITEMS OF NOTE
| | • | | Net income of $5.2 million for the three months ended December 31, 2011 decreased $395 thousand from $5.6 million for the same period in 2010. The Corporation experienced decreases in the net gain on sale of residential mortgage loans and the net gain on sale of available for sale investment securities, as well as increases in salaries and employee benefits, impairment of mortgage servicing rights and other operating expenses during the three months ended December 31, 2011, as compared to the same period in 2010. These decreases in non-interest income and expense were partially offset by increases in net interest income and fees for wealth management services and decreases in the provision for loan and lease losses, due diligence and merger-related expenses and FDIC insurance for the three months ended December 31, 2011, as compared to the same period in 2010. |
| | • | | Total assets as of December 31, 2011 were $1.77 billion, as compared to $1.73 billion as of December 31, 2010. Total portfolio loans and leases of $1.30 billion, as of December 31, 2011, increased $98.7 million, or 8.2%, as compared to $1.20 billion as of December 31, 2010. Loan growth was concentrated in the commercial and industrial, commercial mortgage, construction and residential mortgage categories of the portfolio. |
| | • | | Revenue from the Wealth Management Division for the three months ended December 31, 2011 was $6.3 million, an increase of 54.5% from the $4.1 million generated in the |
2
| | same period in 2010. Wealth Management Division assets under management, administration, supervision and brokerage as of December 31, 2011 were $4.83 billion, an increase of $1.42 billion, or 41.5%, from December 31, 2010, and a $330.2 million, or 7.3%, increase from September 30, 2011. The increases are primarily due to the May 27, 2011 acquisition of PWMG. |
| | • | | Net interest income for the three months ended December 31, 2011 was $15.9 million, an increase of $718 thousand, or 4.7%, from $15.2 million for the same period in 2010. The primary reasons for the increase were an 8.0% increase in average portfolio loans along with a 21.4% decrease in average Federal Home Loan Bank (“FHLB”) advances and other borrowings for the three months ended December 30, 2011, as compared to the same period in 2010. |
| | • | | Non-interest income for the three months ended December 31, 2011 was $9.5 million as compared to $9.3 million for the same period in 2010, an increase of $225 thousand or 2.4%. The increase in non-interest income was attributable to the $2.2 million increase in fees for wealth management services mentioned above, partially offset by decreases of $1.7 million in the gain on sale of residential mortgage loans and $296 thousand in the gain on sale of available for sale investment securities for the three months ended December 31, 2011, as compared to the same period in 2010. The volume of residential mortgage loan originations for the three months ended December 31, 2011 declined $47.4 million from the same period in 2010, during which the Corporation had experienced an extraordinary influx of refinancing requests. In addition, the Corporation elected to retain a larger portion of the originated residential mortgage loans in its portfolio. As a result, the volume of residential mortgage loans originated for resale for the three months ended December 31, 2011 declined $56.1 million from the same period in 2010. |
| | • | | Non-interest expense for the three months ended December 31, 2011 increased $1.7 million, to $16.5 million as compared to $14.8 million for the same period in 2010. Contributing to the increase was a $473 thousand increase in employee benefits, a $247 thousand increase in occupancy related to the acquired PWMG offices and a $694 thousand increase in other operating expenses. The increase in other operating expense was partially attributed to sold-loan |
3
| | recourse claims and the timing of the receipt of Pennsylvania bank-shares tax credits. In addition, the impairment of mortgage servicing rights of $114 thousand for the three months ended December 31, 2011, was an increase of $470 thousand as compared to the $356 thousand recovery of mortgage servicing rights recorded for the same period in 2010. These increases were partially offset by decreases of $304 thousand and $516 thousand in FDIC insurance and due diligence and merger-related expenses, respectively, for the three months ended December 31, 2011, as compared to the same period in 2010. |
| | • | | The tax-equivalent net interest margin of 3.91% for the three months ended December 31, 2011 was an 18 basis point increase from the 3.73% tax-equivalent net interest margin for the same period in 2010. The increase was the result of the Corporation’s use of its low-yielding cash balances, along with proceeds from investment security maturities and sales, to originate higher-yielding loans. In addition, a $54.2 million decrease in average interest-bearing liabilities, coupled with a 16 basis point decline in average rate paid on those liabilities, between the periods, contributed to the improvement. |
| | • | | Deposits of $1.4 billion, as of December 31, 2011, increased $40.9 million from December 31, 2010. The 3.1% increase was the result of a $65.9 million increase in money market accounts and a $44.1 million increase in non-interest-bearing accounts, partially offset by decreases of $28.6 million in wholesale deposits and $36.3 million in time deposits between the respective dates. |
| | • | | Nonperforming loans and leases as of December 31, 2011 were 1.11% of total portfolio loans and leases, as compared to 0.79% as of December 31, 2010. For the three months ended December 31, 2011, the Corporation recorded net loan and lease recoveries of $43 thousand, as compared to net loan and lease charge-offs of $1.5 million for the same period in 2010. The provision for loan and lease losses for the three months ended December 31, 2011 was $1.1 million, a decrease of $455 thousand from the $1.5 million for the same period in 2010. |
| | • | | The allowance for loan and lease losses (the “Allowance”), as of December 31, 2011, of $12.8 million, was 0.98% of portfolio loans and leases, as compared to $10.3 million or 0.86% of portfolio loans and leases as of December 31, 2010. The $2.5 million increase |
4
| | in the Allowance is primarily reflective of the growth of the Corporation’s loan portfolio, the increase in nonperforming loans and leases, as well as management’s analysis of qualitative factors affecting the loan portfolio. |
Other items of note:
| | • | | On December 19, 2011, the Corporation prepaid $12.0 million of 9.7% junior subordinated debentures to its unconsolidated subsidiary, First Keystone Capital Trust I (the “Trust”). Simultaneously, the Trust redeemed $11.2 million of its 9.7% capital securities. Funding for the prepayment was obtained through an adjustable-rate term loan indexed to LIBOR. The prepayment reduced the Corporation’s tier one capital by $12.0 million. |
| | • | | On December 31, 2011, the final earn-out payment to Lau Associates, acquired in 2008, was recorded, increasing goodwill related to the acquisition by $1.9 million. |
| | • | | In connection with the annual actuarial review of the Corporation’s qualified defined benefit pension plan (the “Pension Plan”), which was frozen in 2008, the Corporation recorded a $7.1 million increase in its pension obligation. This actuarial loss was related to a decrease in the discount rate used to value the Pension Plan obligation, along with lower-than-expected performance of the Pension Plan’s investments for the twelve months ended December 31, 2011. The increase in pension obligation negatively impacted the Corporation’s tangible equity by increasing other comprehensive loss by $4.7 million for the twelve months ended December 31, 2011. On December 31, 2011, the Corporation made a $10.0 million tax-deductible contribution to the Pension Plan. |
| | • | | The capital ratios for the Bank and the Corporation, as of December 31, 2011, as shown in the table on page 15, indicate levels above those deemed to be considered “well capitalized.” The Corporation’s tangible equity ratio, as of December 31, 2011, increased 24 basis points, to 8.25%, as compared to 8.01% as of December 31, 2010. This increase in the tangible equity ratio was the result of a 4.4% increase in tangible equity, which was amplified by a smaller increase in tangible assets of 1.5%. The tangible equity increase was largely attributable to the increase in retained earnings and the stock issued through the Corporation’s Dividend Reinvestment and Stock Purchase Plan, |
5
| | partially offset by an increase in accumulated other comprehensive losses related to the increase in pension obligation mentioned above, and increases in goodwill and other intangibles related to the PWMG acquisition and the final earn-out payment to Lau Associates. |
EARNINGS CONFERENCE CALL
Due to scheduling conflicts, the earnings conference call will not occur on the date immediately following the Corporation’s earning release, as it has in the past. The Corporation will hold an earnings conference call at 8:30 a.m. ET on Wednesday, February 1, 2012. Interested parties may participate by calling 1-877-317-6789, conference number 10007999. A taped replay of the conference call will be available one hour after the conclusion of the call and will remain available through February 16, 2012. The number to call for the taped replay is 1-877-344-7529 and the Replay Passcode is 10007999.
The conference call will be simultaneously broadcast live over the Internet through a webcast on the investor relations portion of the Bryn Mawr Bank Corporation’s website. To access the call, please visit the website athttp://www.bmtc.com/investor_01.cfm. An online archive of the webcast will be available within one hour 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 or by calling Aaron Strenkoski, Vice President – Investments & Shareholder Relations at 610-581-4822.
FORWARD LOOKING STATEMENTS AND SAFE HARBOR
This press release contains statements which, to the extent that they are not recitations of historical fact may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Such forward-looking statements may include financial and other projections as well as statements regarding the Corporation’s future plans, objectives, performance, revenues, growth, profits, operating expenses or the Corporation’s underlying assumptions. The words “may”, “would”, “should”, “could”, “will”, “likely”, “possibly”, “expect,” “anticipate,” “intend”, “estimate”, “target”, “potentially”, “probably”, “outlook”, “predict”, “contemplate”, “continue”, “plan”, “forecast”, “project”, “are optimistic”, “are looking”, “are looking forward” and “believe” or other similar
6
words and phrases may identify forward-looking statements. Persons reading this press release are cautioned that such statements are only predictions, and that the Corporation’s actual future results or performance may be materially different.
Such forward-looking statements involve known and unknown risks and uncertainties. A number of factors, many of which are beyond the Corporation’s control, could cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments expressed, implied or anticipated by such forward-looking statements, and so our business and financial condition and results of operations could be materially and adversely affected. Such factors include, among others, our need for capital, our ability to control operating costs and expenses, and to manage loan and lease delinquency rates; the credit risks of lending activities and overall quality of the composition of our loan, lease and securities portfolio; the impact of economic conditions, consumer and business spending habits, and real estate market conditions on our business and in our market area; changes in the levels of general interest rates, deposit interest rates, or net interest margin and funding sources; changes in banking regulations and policies and the possibility that any banking agency approvals we might require for certain activities will not be obtained in a timely manner or at all or will be conditioned in a manner that would impair our ability to implement our business plans; changes in accounting policies and practices; the inability of key third-party providers to perform their obligations to us; our ability to attract and retain key personnel; competition in our marketplace; war or terrorist activities; material differences in the actual financial results, cost savings and revenue enhancements associated with our acquisitions including our acquisition of the Private Wealth Management Group of the Hershey Trust Company; and other factors as described in our securities filings. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. The Corporation does not undertake to update forward-looking statements.
For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K, as well as any changes in risk factors that we may identify in our quarterly or other reports filed with the SEC.
# # # #
7
Bryn Mawr Bank Corporation
Consolidated Statements of Income - (unaudited)
(Dollars in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | |
| | | For The Three Months Ended | |
| | | Dec 31, 2011 | | | Sept 30, 2011 | | | June 30, 2011 | | | Mar 31, 2011 | | | Dec 31, 2010 | |
| | | | | |
Interest income | | $ | 18,690 | | | $ | 18,672 | | | $ | 18,851 | | | $ | 18,226 | | | $ | 18,605 | |
Interest expense | | | 2,772 | | | | 3,018 | | | | 3,052 | | | | 2,819 | | | | 3,405 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net interest income | | | 15,918 | | | | 15,654 | | | | 15,799 | | | | 15,407 | | | | 15,200 | |
Provision for loan and lease losses | | | 1,056 | | | | 1,828 | | | | 1,919 | | | | 1,285 | | | | 1,511 | |
| | | | | | | | | | | | | | | | | | | | |
Net interest income after provision for loan and lease losses | | | 14,862 | | | | 13,826 | | | | 13,880 | | | | 14,122 | | | | 13,689 | |
| | | | | |
Fees for wealth management services | | | 6,306 | | | | 6,098 | | | | 5,075 | | | | 4,190 | | | | 4,081 | |
Loan servicing and other fees | | | 454 | | | | 449 | | | | 460 | | | | 461 | | | | 443 | |
Service charges on deposits | | | 654 | | | | 646 | | | | 615 | | | | 580 | | | | 645 | |
Net gain on sale of residential mortgage loans | | | 699 | | | | 764 | | | | 656 | | | | 398 | | | | 2,398 | |
Net gain on sale of available for sale investments | | | 373 | | | | 343 | | | | 577 | | | | 490 | | | | 669 | |
Net gain (loss) on sale of other real estate owned (“OREO”) | | | (38 | ) | | | 70 | | | | (110 | ) | | | (19 | ) | | | — | |
BOLI income | | | 114 | | | | 115 | | | | 118 | | | | 115 | | | | 135 | |
Other operating income | | | 937 | | | | 791 | | | | 774 | | | | 995 | | | | 902 | |
| | | | | | | | | | | | | | | | | | | | |
Non-interest income | | | 9,499 | | | | 9,276 | | | | 8,165 | | | | 7,210 | | | | 9,273 | |
| | | | | |
Salaries and wages | | | 7,404 | | | | 7,639 | | | | 6,700 | | | | 6,341 | | | | 7,150 | |
Employee benefits | | | 1,889 | | | | 1,674 | | | | 1,591 | | | | 1,735 | | | | 1,416 | |
Occupancy and bank premises | | | 1,424 | | | | 1,225 | | | | 1,241 | | | | 1,286 | | | | 1,177 | |
Furniture fixtures and equipment | | | 938 | | | | 865 | | | | 810 | | | | 896 | | | | 931 | |
Advertising | | | 257 | | | | 204 | | | | 441 | | | | 264 | | | | 321 | |
Net impairment (recovery) of mortgage servicing rights | | | 114 | | | | 468 | | | | 196 | | | | 8 | | | | (356 | ) |
Amortization of mortgage servicing rights | | | 225 | | | | 197 | | | | 158 | | | | 169 | | | | 301 | |
Intangible asset amortization | | | 522 | | | | 541 | | | | 266 | | | | 161 | | | | 164 | |
FDIC insurance | | | 218 | | | | 238 | | | | 250 | | | | 480 | | | | 522 | |
Merger related / due diligence expense | | | (79 | ) | | | 135 | | | | 174 | | | | 307 | | | | 437 | |
Impairment of OREO | | | 124 | | | | — | | | | — | | | | 127 | | | | — | |
Professional fees | | | 647 | | | | 516 | | | | 738 | | | | 410 | | | | 603 | |
Other operating expenses | | | 2,792 | | | | 2,283 | | | | 2,304 | | | | 2,013 | | | | 2,098 | |
| | | | | | | | | | | | | | | | | | | | |
Non-interest expense | | | 16,475 | | | | 15,985 | | | | 14,869 | | | | 14,197 | | | | 14,764 | |
| | | | | |
Income before income taxes | | | 7,886 | | | | 7,117 | | | | 7,176 | | | | 7,135 | | | | 8,198 | |
Income tax expense | | | 2,716 | | | | 2,095 | | | | 2,371 | | | | 2,419 | | | | 2,633 | |
| | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 5,170 | | | $ | 5,022 | | | $ | 4,805 | | | $ | 4,716 | | | $ | 5,565 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Per share data: | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding | | | 12,989,355 | | | | 12,948,979 | | | | 12,693,782 | | | | 12,344,710 | | | | 12,192,260 | |
Dilutive common shares | | | 37,827 | | | | 36,306 | | | | 24,491 | | | | 14,401 | | | | 10,742 | |
| | | | | | | | | | | | | | | | | | | | |
Adjusted weighted average dilutive shares | | | 13,027,182 | | | | 12,985,285 | | | | 12,718,273 | | | | 12,359,111 | | | | 12,203,002 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Basic earnings per common share | | $ | 0.40 | | | $ | 0.39 | | | $ | 0.38 | | | $ | 0.38 | | | $ | 0.46 | |
| | | | | |
Diluted earnings per common share | | $ | 0.40 | | | $ | 0.39 | | | $ | 0.38 | | | $ | 0.38 | | | $ | 0.46 | |
| | | | | |
Dividend declared per share | | $ | 0.15 | | | $ | 0.15 | | | $ | 0.15 | | | $ | 0.15 | | | $ | 0.14 | |
| | | | | |
Effective tax rate | | | 34.4 | % | | | 29.4 | % | | | 33.0 | % | | | 33.9 | % | | | 32.1 | % |
Bryn Mawr Bank Corporation
Consolidated Statements of Income - (unaudited)
(Dollars in thousands, except per share data)
| | | | | | | | |
| | | For The Twelve Months Ended | |
| | | Dec 31, 2011 | | | Dec 31, 2010 | |
| | |
Interest income | | $ | 74,439 | | | $ | 64,796 | |
Interest expense | | | 11,661 | | | | 12,646 | |
| | | | | | | | |
| | |
Net interest income | | | 62,778 | | | | 52,150 | |
Provision for loan and lease losses | | | 6,088 | | | | 9,854 | |
| | | | | | | | |
Net interest income after provision for loan and lease losses | | | 56,690 | | | | 42,296 | |
| | |
Fees for wealth management services | | | 21,669 | | | | 15,499 | |
Loan servicing and other fees | | | 1,824 | | | | 1,626 | |
Service charges on deposits | | | 2,495 | | | | 2,307 | |
Net gain on sale of residential mortgage loans | | | 2,517 | | | | 4,718 | |
Net gain on sale of available for sale investments | | | 1,783 | | | | 2,472 | |
BOLI income | | | 462 | | | | 266 | |
Net loss on sale of other real estate owned (“OREO”) | | | (97 | ) | | | (114 | ) |
Other operating income | | | 3,497 | | | | 2,601 | |
| | | | | | | | |
Non-interest income | | | 34,150 | | | | 29,375 | |
| | |
Salaries and wages | | | 28,084 | | | | 24,829 | |
Employee benefits | | | 6,889 | | | | 5,984 | |
Occupancy and bank premises | | | 5,176 | | | | 4,257 | |
Furniture fixtures and equipment | | | 3,509 | | | | 2,778 | |
Advertising | | | 1,166 | | | | 1,142 | |
Net impairment of mortgage servicing rights | | | 786 | | | | 30 | |
Amortization of mortgage servicing rights | | | 749 | | | | 923 | |
Intangible asset amortization | | | 1,490 | | | | 484 | |
FDIC insurance | | | 1,186 | | | | 1,551 | |
Merger related / due diligence expense | | | 537 | | | | 5,714 | |
Impairment of OREO | | | 251 | | | | 381 | |
Professional fees | | | 2,311 | | | | 2,140 | |
Other operating expenses | | | 9,392 | | | | 7,772 | |
| | | | | | | | |
Non-interest expense | | | 61,526 | | | | 57,985 | |
| | |
Income before income taxes | | | 29,314 | | | | 13,686 | |
Income tax expense | | | 9,601 | | | | 4,512 | |
| | | | | | | | |
Net income | | $ | 19,713 | | | $ | 9,174 | |
| | | | | | | | |
| | |
Per share data: | | | | | | | | |
Weighted average shares outstanding | | | 12,746,534 | | | | 10,765,657 | |
Dilutive common shares | | | 35,767 | | | | 12,312 | |
| | | | | | | | |
Adjusted weighted average shares | | | 12,782,301 | | | | 10,777,969 | |
| | | | | | | | |
| | |
Basic earnings per common share | | $ | 1.55 | | | $ | 0.85 | |
| | |
Diluted earnings per common share | | $ | 1.54 | | | $ | 0.85 | |
| | |
Dividend declared per share | | $ | 0.60 | | | $ | 0.56 | |
| | |
Effective tax rate | | | 32.8 | % | | | 33.0 | % |
Bryn Mawr Bank Corporation
Consolidated Balance Sheets - (unaudited)
(Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | |
| | | Dec 31, 2011 | | | Sept 30, 2011 | | | June 30, 2011 | | | Mar 31, 2011 | | | Dec 31, 2010 | |
Assets | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest bearing deposits with banks | | $ | 57,265 | | | $ | 52,205 | | | $ | 34,780 | | | $ | 68,568 | | | $ | 78,410 | |
Money market funds | | | 104 | | | | 106 | | | | 113 | | | | 401 | | | | 113 | |
Investment securities - AFS | | | 272,317 | | | | 275,729 | | | | 289,762 | | | | 289,491 | | | | 317,052 | |
| | | | | |
Loans held for sale | | | 1,588 | | | | 4,857 | | | | 5,923 | | | | 1,554 | | | | 4,838 | |
| | | | | |
Portfolio loans: | | | | | | | | | | | | | | | | | | | | |
Consumer | | | 11,429 | | | | 12,235 | | | | 12,116 | | | | 11,594 | | | | 12,200 | |
Commercial & industrial | | | 267,204 | | | | 271,228 | | | | 257,771 | | | | 240,313 | | | | 239,366 | |
Commercial mortgages | | | 419,130 | | | | 414,656 | | | | 404,000 | | | | 391,642 | | | | 385,615 | |
Construction | | | 52,844 | | | | 59,303 | | | | 55,804 | | | | 55,823 | | | | 45,303 | |
Residential mortgages | | | 306,478 | | | | 279,696 | | | | 280,093 | | | | 277,571 | | | | 261,983 | |
Home equity lines & loans | | | 207,917 | | | | 209,687 | | | | 210,477 | | | | 208,107 | | | | 216,853 | |
Leases | | | 30,390 | | | | 31,552 | | | | 33,187 | | | | 34,399 | | | | 35,397 | |
| | | | | | | | | | | | | | | | | | | | |
Total portfolio loans and leases | | | 1,295,392 | | | | 1,278,357 | | | | 1,253,448 | | | | 1,219,449 | | | | 1,196,717 | |
| | | | | |
Earning assets | | | 1,626,666 | | | | 1,611,254 | | | | 1,584,026 | | | | 1,579,463 | | | | 1,597,130 | |
| | | | | |
Cash and due from banks | | | 11,771 | | | | 10,801 | | | | 20,620 | | | | 11,609 | | | | 10,961 | |
Allowance for loan and lease losses | | | (12,753 | ) | | | (11,654 | ) | | | (11,341 | ) | | | (10,649 | ) | | | (10,275 | ) |
Premises and equipment | | | 29,328 | | | | 29,615 | | | | 29,469 | | | | 28,996 | | | | 29,158 | |
Accrued interest receivable | | | 6,061 | | | | 6,075 | | | | 6,103 | | | | 6,151 | | | | 6,470 | |
Mortgage servicing rights | | | 4,041 | | | | 4,206 | | | | 4,662 | | | | 4,879 | | | | 4,925 | |
Goodwill | | | 25,097 | | | | 23,169 | | | | 23,169 | | | | 17,659 | | | | 17,660 | |
Other intangible assets | | | 18,014 | | | | 18,536 | | | | 19,077 | | | | 6,902 | | | | 7,064 | |
Bank owned life insurance (“BOLI”) | | | 19,434 | | | | 19,321 | | | | 19,205 | | | | 19,087 | | | | 18,972 | |
FHLB stock | | | 11,588 | | | | 12,198 | | | | 12,840 | | | | 13,516 | | | | 14,227 | |
Deferred income taxes | | | 13,720 | | | | 13,781 | | | | 13,400 | | | | 14,527 | | | | 14,551 | |
Other investments | | | 5,612 | | | | 4,982 | | | | 5,229 | | | | 5,203 | | | | 5,156 | |
Other assets | | | 16,328 | | | | 14,835 | | | | 14,268 | | | | 16,598 | | | | 15,769 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total assets | | $ | 1,774,907 | | | $ | 1,757,119 | | | $ | 1,740,727 | | | $ | 1,713,941 | | | $ | 1,731,768 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Liabilities and shareholders’ equity | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest-bearing checking | | $ | 233,562 | | | $ | 224,609 | | | $ | 222,128 | | | $ | 227,256 | | | $ | 234,107 | |
Money market | | | 393,729 | | | | 384,463 | | | | 350,285 | | | | 345,703 | | | | 327,824 | |
Savings | | | 130,613 | | | | 130,910 | | | | 129,684 | | | | 131,671 | | | | 134,163 | |
Other wholesale deposits | | | 65,173 | | | | 65,428 | | | | 65,185 | | | | 65,574 | | | | 80,112 | |
Wholesale time deposits | | | 23,550 | | | | 28,992 | | | | 31,818 | | | | 34,639 | | | | 37,201 | |
Time deposits | | | 209,333 | | | | 224,331 | | | | 242,683 | | | | 240,207 | | | | 245,669 | |
| | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits | | | 1,055,960 | | | | 1,058,733 | | | | 1,041,783 | | | | 1,045,050 | | | | 1,059,076 | |
| | | | | |
Non-interest bearing deposits | | | 326,409 | | | | 292,415 | | | | 295,656 | | | | 271,010 | | | | 282,356 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | | 1,382,369 | | | | 1,351,148 | | | | 1,337,439 | | | | 1,316,060 | | | | 1,341,432 | |
| | | | | |
Subordinated debentures | | | 22,500 | | | | 22,500 | | | | 22,500 | | | | 22,500 | | | | 22,500 | |
Junior subordinated debentures | | | — | | | | 11,992 | | | | 12,004 | | | | 12,017 | | | | 12,029 | |
Short-term borrowings | | | 12,863 | | | | 22,535 | | | | 9,541 | | | | 23,326 | | | | 10,051 | |
FHLB advances and other borrowings | | | 147,795 | | | | 140,532 | | | | 152,501 | | | | 147,238 | | | | 160,144 | |
Other liabilities | | | 23,467 | | | | 21,278 | | | | 23,359 | | | | 22,161 | | | | 24,194 | |
Shareholders’ equity | | | 185,913 | | | | 187,134 | | | | 183,383 | | | | 170,639 | | | | 161,418 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total liabilities and shareholders’ equity | | $ | 1,774,907 | | | $ | 1,757,119 | | | $ | 1,740,727 | | | $ | 1,713,941 | | | $ | 1,731,768 | |
| | | | | | | | | | | | | | | | | | | | |
Bryn Mawr Bank Corporation
Consolidated Quarterly Average Balance Sheets - (unaudited)
(Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | |
| | | 2011 4Q | | | 2011 3Q | | | 2011 2Q | | | 2011 1Q | | | 2010 4Q | |
Assets | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest bearing deposits with banks | | $ | 56,570 | | | $ | 57,855 | | | $ | 47,159 | | | $ | 47,203 | | | $ | 108,278 | |
Money market funds | | | 109 | | | | 108 | | | | 217 | | | | 177 | | | | 138 | |
Trading securities | | | — | | | | — | | | | — | | | | — | | | | — | |
Investment securities | | | 277,946 | | | | 281,567 | | | | 292,097 | | | | 311,181 | | | | 334,252 | |
Loans held for sale | | | 3,888 | | | | 6,060 | | | | 4,347 | | | | 2,315 | | | | 5,981 | |
Portfolio loans and leases | | | 1,282,916 | | | | 1,253,804 | | | | 1,244,140 | | | | 1,201,797 | | | | 1,185,456 | |
| | | | | | | | | | | | | | | | | | | | |
Earning assets | | | 1,621,429 | | | | 1,599,394 | | | | 1,587,960 | | | | 1,562,673 | | | | 1,634,105 | |
| | | | | |
Cash and due from banks | | | 11,516 | | | | 11,905 | | | | 12,224 | | | | 12,627 | | | | 13,583 | |
Allowance for loan and lease losses | | | (12,110 | ) | | | (11,790 | ) | | | (11,091 | ) | | | (10,577 | ) | | | (10,403 | ) |
Premises and equipment | | | 29,586 | | | | 29,706 | | | | 29,335 | | | | 29,120 | | | | 29,159 | |
Goodwill | | | 23,190 | | | | 23,169 | | | | 19,745 | | | | 17,659 | | | | 16,682 | |
Other intangible assets | | | 18,319 | | | | 18,860 | | | | 11,669 | | | | 7,001 | | | | 7,164 | |
Bank owned life insurance | | | 19,359 | | | | 19,246 | | | | 19,128 | | | | 19,011 | | | | 18,885 | |
Deferred income taxes | | | 13,878 | | | | 13,200 | | | | 14,105 | | | | 14,566 | | | | 15,143 | |
Other assets | | | 39,884 | | | | 40,266 | | | | 42,805 | | | | 44,651 | | | | 43,817 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total assets | | $ | 1,765,051 | | | $ | 1,743,956 | | | $ | 1,725,880 | | | $ | 1,696,731 | | | $ | 1,768,135 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Liabilities and shareholders’ equity | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest-bearing checking | | $ | 224,648 | | | $ | 225,569 | | | $ | 229,451 | | | $ | 227,703 | | | $ | 237,776 | |
Money market | | | 394,150 | | | | 367,276 | | | | 355,740 | | | | 338,565 | | | | 329,601 | |
Savings | | | 132,617 | | | | 131,421 | | | | 132,046 | | | | 131,610 | | | | 142,434 | |
Other wholesale deposits | | | 65,127 | | | | 65,177 | | | | 65,129 | | | | 75,884 | | | | 74,330 | |
Wholesale deposits | | | 27,749 | | | | 29,187 | | | | 34,106 | | | | 30,723 | | | | 38,863 | |
Time deposits | | | 214,684 | | | | 234,645 | | | | 237,771 | | | | 241,503 | | | | 253,631 | |
| | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits | | | 1,058,975 | | | | 1,053,275 | | | | 1,054,243 | | | | 1,045,988 | | | | 1,076,635 | |
| | | | | |
Non-interest bearing deposits | | | 304,883 | | | | 290,468 | | | | 279,210 | | | | 275,295 | | | | 280,944 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | | 1,363,858 | | | | 1,343,743 | | | | 1,333,453 | | | | 1,321,283 | | | | 1,357,579 | |
| | | | | |
Subordinated debentures | | | 22,500 | | | | 22,500 | | | | 22,500 | | | | 22,500 | | | | 22,500 | |
Junior subordinated debentures | | | 10,294 | | | | 12,000 | | | | 12,012 | | | | 12,025 | | | | 12,037 | |
Short-term borrowings | | | 15,147 | | | | 10,908 | | | | 9,260 | | | | 10,155 | | | | 11,827 | |
FHLB advances and other borrowings | | | 140,177 | | | | 148,963 | | | | 149,215 | | | | 143,327 | | | | 178,372 | |
Other liabilities | | | 24,991 | | | | 21,481 | | | | 24,562 | | | | 23,259 | | | | 26,601 | |
Shareholders’ equity | | | 188,084 | | | | 184,361 | | | | 174,878 | | | | 164,182 | | | | 159,219 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total liabilities and shareholders’ equity | | $ | 1,765,051 | | | $ | 1,743,956 | | | $ | 1,725,880 | | | $ | 1,696,731 | | | $ | 1,768,135 | |
| | | | | | | | | | | | | | | | | | | | |
Bryn Mawr Bank Corporation
Consolidated Average Balance Sheets - (unaudited)
(Dollars in thousands)
| | | | | | | | |
| | | 2011
Year-to-date | | | 2010
Year-to-date | |
Assets | | | | | | | | |
| | |
Interest bearing deposits with banks | | $ | 52,238 | | | $ | 73,046 | |
Money market funds | | | 152 | | | | 475 | |
Investment securities | | | 290,582 | | | | 276,887 | |
Loans held for sale | | | 4,196 | | | | 3,951 | |
Portfolio loans and leases | | | 1,245,875 | | | | 1,037,158 | |
| | | | | | | | |
Earning assets | | | 1,593,043 | | | | 1,391,517 | |
| | |
Cash and due from banks | | | 12,065 | | | | 11,750 | |
Allowance for loan and lease losses | | | (11,397 | ) | | | (10,248 | ) |
Premises and equipment | | | 29,439 | | | | 25,603 | |
Goodwill | | | 20,962 | | | | 11,531 | |
Intangible assets | | | 14,007 | | | | 6,307 | |
Bank owned life insurance | | | 19,187 | | | | 9,486 | |
FHLB stock | | | 12,595 | | | | 10,838 | |
Deferred tax asset | | | 13,933 | | | | 9,535 | |
Other assets | | | 29,288 | | | | 27,051 | |
| | | | | | | | |
| | |
Total assets | | $ | 1,733,122 | | | $ | 1,493,370 | |
| | | | | | | | |
| | |
Liabilities and shareholders’ equity | | | | | | | | |
| | |
Interest-bearing checking | | $ | 226,831 | | | $ | 187,376 | |
Money market | | | 364,094 | | | | 285,963 | |
Savings | | | 131,925 | | | | 121,417 | |
Other wholesale deposits | | | 67,793 | | | | 62,875 | |
Wholesale deposits | | | 30,429 | | | | 38,379 | |
Time deposits | | | 232,084 | | | | 201,947 | |
| | | | | | | | |
Interest-bearing deposits | | | 1,053,156 | | | | 897,957 | |
| | |
Non-interest bearing deposits | | | 287,553 | | | | 222,715 | |
| | | | | | | | |
Total deposits | | | 1,340,709 | | | | 1,120,672 | |
| | |
Subordinated debentures | | | 22,500 | | | | 22,500 | |
FHLB advances and other borrowings | | | 145,421 | | | | 175,972 | |
Junior subordinated debentures | | | 11,580 | | | | 8,108 | |
Short-term borrowings | | | 11,380 | | | | 5,715 | |
Other liabilities | | | 23,573 | | | | 24,602 | |
Shareholders’ equity | | | 177,959 | | | | 135,801 | |
| | | | | | | | |
| | |
Total liabilities and shareholders’ equity | | $ | 1,733,122 | | | $ | 1,493,370 | |
| | | | | | | | |
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data - (unaudited)
(Dollars in thousands, except per share data)
December 31, 2011
| | | | | | | | | | | | | | | | | | | | |
| For the period end: | | 2011 4Q | | | 2011 3Q | | | 2011 2Q | | | 2011 1Q | | | 2010 4Q | |
Asset Quality Data | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Nonaccrual loans and leases | | $ | 14,315 | | | $ | 14,208 | | | $ | 16,128 | | | $ | 10,776 | | | $ | 9,497 | |
90 + days past due loans - still accruing | | | — | | | | — | | | | — | | | | 5 | | | | 10 | |
| | | | | | | | | | | | | | | | | | | | |
Nonperforming loans and leases | | | 14,315 | | | | 14,208 | | | | 16,128 | | | | 10,781 | | | | 9,507 | |
Other real estate owned | | | 549 | | | | 1,301 | | | | 811 | | | | 2,341 | | | | 2,527 | |
| | | | | | | | | | | | | | | | | | | | |
Total nonperforming assets | | $ | 14,864 | | | $ | 15,509 | | | $ | 16,939 | | | $ | 13,122 | | | $ | 12,034 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Troubled debt restructurings included in nonperforming | | $ | 4,300 | | | $ | 901 | | | $ | 1,478 | | | $ | 2,229 | | | $ | 1,879 | |
Troubled debt restructurings in compliance with modified terms | | | 7,166 | | | | 7,182 | | | | 5,469 | | | | 4,766 | | | | 4,693 | |
| | | | | | | | | | | | | | | | | | | | |
Total troubled debt restructurings | | $ | 11,466 | | | $ | 8,083 | | | $ | 6,947 | | | $ | 6,995 | | | $ | 6,572 | |
| | | | | |
Nonperforming loans and leases / portfolio loans | | | 1.11 | % | | | 1.11 | % | | | 1.29 | % | | | 0.88 | % | | | 0.79 | % |
Nonperforming assets / assets | | | 0.84 | % | | | 0.88 | % | | | 0.97 | % | | | 0.77 | % | | | 0.69 | % |
| | | | | |
Net loan (recoveries) charge-offs (annualized)/ average loans | | | -0.02 | % | | | 0.49 | % | | | 0.36 | % | | | 0.22 | % | | | 0.46 | % |
Net lease charge-offs (annualized)/ average leases | | | 0.22 | % | | | 0.37 | % | | | 1.81 | % | | | 3.26 | % | | | 2.16 | % |
Net loan and lease (recoveries) charge-offs (annualized)/ average loans and leases | | | -0.01 | % | | | 0.49 | % | | | 0.40 | % | | | 0.30 | % | | | 0.52 | % |
| | | | | |
Delinquency rate - loans and leases >30 days | | | 1.37 | % | | | 1.33 | % | | | 1.35 | % | | | 1.14 | % | | | 1.28 | % |
| | | | | |
Delinquent loans and leases - 30-89 days | | $ | 5,311 | | | $ | 4,480 | | | $ | 3,492 | | | $ | 2,604 | | | $ | 5,570 | |
| | | | | |
Delinquency rate - loans and leases 30-89 days | | | 0.29 | % | | | 0.35 | % | | | 0.28 | % | | | 0.22 | % | | | 0.48 | % |
| | | | | |
Changes in the Allowance for loan and lease losses | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Balance, beginning of period | | $ | 11,654 | | | $ | 11,341 | | | $ | 10,648 | | | $ | 10,275 | | | $ | 10,297 | |
| | | | | |
Charge-offs | | | (466 | ) | | | (1,817 | ) | | | (1,325 | ) | | | (1,040 | ) | | | (1,743 | ) |
| | | | | |
Recoveries | | | 509 | | | | 302 | | | | 99 | | | | 128 | | | | 210 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net (charge-offs) / recoveries | | | 43 | | | | (1,515 | ) | | | (1,226 | ) | | | (912 | ) | | | (1,533 | ) |
| | | | | |
Provision for loan and lease losses | | | 1,056 | | | | 1,828 | | | | 1,919 | | | | 1,285 | | | | 1,511 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Balance, end of period | | $ | 12,753 | | | $ | 11,654 | | | $ | 11,341 | | | $ | 10,648 | | | $ | 10,275 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Allowance for loan and lease losses / loans and leases | | | 0.98 | % | | | 0.91 | % | | | 0.90 | % | | | 0.87 | % | | | 0.86 | % |
Allowance for loan and lease losses / nonperforming loans and leases | | | 89.1 | % | | | 82.0 | % | | | 70.3 | % | | | 98.8 | % | | | 108.1 | % |
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data - (unaudited)
(Dollars in thousands, except per share data)
December 31, 2011
| | | | | | | | | | | | | | | | | | | | |
| For the period and period end: | | 2011 4Q | | | 2011 3Q | | | 2011 2Q | | | 2011 1Q | | | 2010 4Q | |
Selected ratios (annualized): | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Return on average assets | | | 1.16 | % | | | 1.14 | % | | | 1.12 | % | | | 1.13 | % | | | 1.25 | % |
Return on average shareholders’ equity | | | 10.91 | % | | | 10.81 | % | | | 11.02 | % | | | 11.65 | % | | | 13.87 | % |
Return on average tangible equity (a non-GAAP measure)(2) | | | 14.00 | % | | | 14.00 | % | | | 13.44 | % | | | 13.71 | % | | | 16.31 | % |
Yield on loans and leases* | | | 5.46 | % | | | 5.52 | % | | | 5.63 | % | | | 5.65 | % | | | 5.70 | % |
Yield on interest earning assets* | | | 4.59 | % | | | 4.65 | % | | | 4.78 | % | | | 4.76 | % | | | 4.56 | % |
Cost of interest bearing funds | | | 0.88 | % | | | 0.96 | % | | | 0.98 | % | | | 0.93 | % | | | 1.04 | % |
Net interest margin* | | | 3.91 | % | | | 3.90 | % | | | 4.01 | % | | | 4.03 | % | | | 3.73 | % |
Book value per share | | $ | 14.09 | | | $ | 14.30 | | | $ | 14.17 | | | $ | 13.61 | | | $ | 13.24 | |
Tangible book value per share | | $ | 10.82 | | | $ | 11.11 | | | $ | 10.91 | | | $ | 11.65 | | | $ | 11.21 | |
Period end shares outstanding | | | 13,194,439 | | | | 13,086,770 | | | | 12,941,320 | | | | 12,538,926 | | | | 12,195,240 | |
| | | | | |
Selected data: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Mortgage loans originated | | $ | 60,467 | | | $ | 38,998 | | | $ | 31,072 | | | $ | 38,144 | | | $ | 107,905 | |
| | | | | |
Mortgage loans sold - servicing retained | | $ | 20,883 | | | $ | 26,090 | | | $ | 14,957 | | | $ | 13,302 | | | $ | 77,448 | |
Mortgage loans sold - servicing released | | | 1,164 | | | | 1,922 | | | | 2,196 | | | | 948 | | | | 677 | |
| | | | | | | | | | | | | | | | | | | | |
Total mortgage loans sold | | $ | 22,047 | | | $ | 28,012 | | | $ | 17,153 | | | $ | 14,250 | | | $ | 78,125 | |
| | | | | |
Basis point yield on loans sold | | | 317 | | | | 273 | | | | 382 | | | | 279 | | | | 307 | |
| | | | | |
Mortgage loans serviced for others | | $ | 574,422 | | | $ | 593,125 | | | $ | 595,196 | | | $ | 596,655 | | | $ | 605,485 | |
| | | | | |
Total Wealth assets under management / administration / supervision / brokerage(1) | | $ | 4,831,631 | | | $ | 4,501,433 | | | $ | 4,830,417 | | | $ | 3,600,649 | | | $ | 3,412,890 | |
| | | | | | | | | | | | | | | | | | | | |
| * | Yield on loans and leases, 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) | Tangible equity equals shareholders’ equity minus goodwill and other intangible assets. |
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data - (unaudited)
(Dollars in thousands, except per share data)
December 31, 2011
| | | | | | | | |
| | | 2011
Year-to-date | | | 2010
Year-to-date | |
Selected ratios (annualized): | | | | | | | | |
| | |
Return on average assets | | | 1.14 | % | | | 0.61 | % |
Return on average shareholders’ equity | | | 11.08 | % | | | 6.76 | % |
Return on average tangible equity (a non-GAAP measure)(2) | | | 13.79 | % | | | 7.78 | % |
Yield on loans and leases* | | | 5.56 | % | | | 5.72 | % |
Yield on interest earning assets* | | | 4.69 | % | | | 4.70 | % |
Cost of interest bearing funds | | | 0.94 | % | | | 1.14 | % |
Net interest margin* | | | 3.96 | % | | | 3.79 | % |
| | |
Selected data: | | | | | | | | |
| | |
Mortgage loans originated | | $ | 168,681 | | | $ | 227,904 | |
| | |
Mortgage loans sold - servicing retained | | $ | 75,232 | | | $ | 148,417 | |
Mortgage loans sold - servicing released | | | 6,230 | | | | 8,028 | |
| | | | | | | | |
Total mortgage loans sold | | $ | 81,462 | | | $ | 156,445 | |
| * | Yield on loans and leases, interest earning assets and net interest margin are calculated on a tax equivalent basis. |
| (2) | Tangible equity equals shareholders’ equity minus goodwill and other intangible assets. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Portfolio | | As of Dec 31, 2011 | | | As of December 31, 2010 | |
($’s in thousands) SECURITY DESCRIPTION | | Amortized
Cost | | | Fair Value | | | Net
Unrealized
Gain /
(Loss) | | | Amortized
Cost | | | Fair Value | | | Net
Unrealized
Gain /
(Loss) | |
| | | | | | |
U. S. treasury obligations | | $ | — | | | $ | — | | | $ | — | | | $ | 5,011 | | | $ | 5,145 | | | $ | 134 | |
| | | | | | |
Obligations of U. S. government and agencies | | | 90,686 | | | | 90,942 | | | | 256 | | | | 156,301 | | | | 156,638 | | | | 337 | |
| | | | | | |
State & political subdivisions | | | 8,210 | | | | 8,366 | | | | 156 | | | | 32,013 | | | | 32,272 | | | | 259 | |
| | | | | | |
Mortgage backed securities | | | 109,280 | | | | 111,462 | | | | 2,182 | | | | 72,907 | | | | 73,527 | | | | 620 | |
| | | | | | |
Collateralized mortgage obligations | | | 32,418 | | | | 32,624 | | | | 206 | | | | 2,068 | | | | 2,098 | | | | 30 | |
| | | | | | |
Equity securities | | | — | | | | — | | | | — | | | | 243 | | | | 256 | | | | 13 | |
| | | | | | |
Other debt securities | | | 1,900 | | | | 1,882 | | | | (18 | ) | | | 1,750 | | | | 1,750 | | | | — | |
| | | | | | |
Bond - mutual funds | | | 12,091 | | | | 11,904 | | | | (187 | ) | | | 34,491 | | | | 34,722 | | | | 231 | |
| | | | | | |
Investment CD’s | | | 2,410 | | | | 2,419 | | | | 9 | | | | — | | | | — | | | | — | |
| | | | | | |
Corporate bonds | | | 12,616 | | | | 12,718 | | | | 102 | | | | 10,803 | | | | 10,644 | | | | (159 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total Investment Portfolio | | $ | 269,611 | | | $ | 272,317 | | | $ | 2,706 | | | $ | 315,587 | | | $ | 317,052 | | | $ | 1,465 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Capital Ratios
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Regulatory
Minimum
To Be
Well
Capitalized | | | 12/31/2011 | | | 9/30/2011 | | | 6/30/2011 | | | 3/31/2011 | | | 12/31/2010 | |
Bryn Mawr Trust Company Consolidated | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Tier I Capital to Risk Weighted Assets (RWA) | | | 6.00 | % | | | 11.75 | % | | | 11.32 | % | | | 11.05 | % | | | 11.45 | % | | | 11.05 | % |
Total (Tier II) Capital to RWA | | | 10.00 | % | | | 14.34 | % | | | 13.82 | % | | | 13.56 | % | | | 13.91 | % | | | 13.47 | % |
Tier I Leverage Ratio | | | 5.00 | % | | | 9.34 | % | | | 9.15 | % | | | 8.94 | % | | | 9.29 | % | | | 8.62 | % |
Tangible Equity Ratio | | | | | | | 8.65 | % | | | 8.79 | % | | | 8.54 | % | | | 8.78 | % | | | 8.42 | % |
| | | | | | |
Bryn Mawr Bank Corporation | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Tier I Capital to Risk Weighted Assets (RWA) | | | 6.00 | % | | | 11.23 | % | | | 11.71 | % | | | 11.55 | % | | | 12.07 | % | | | 11.30 | % |
Total (Tier II) Capital to RWA | | | 10.00 | % | | | 13.80 | % | | | 14.19 | % | | | 14.05 | % | | | 14.52 | % | | | 13.71 | % |
Tier I Leverage Ratio | | | 5.00 | % | | | 8.94 | % | | | 9.47 | % | | | 9.36 | % | | | 9.80 | % | | | 8.85 | % |
Tangible Equity Ratio | | | | | | | 8.25 | % | | | 8.48 | % | | | 8.31 | % | | | 8.65 | % | | | 8.01 | % |
Bryn Mawr Bank Corporation
Quarterly Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields - (unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 4th Quarter 2011 | | | 3rd Quarter 2011 | | | 2nd Quarter 2011 | | | 1st Quarter 2011 | | | 4th Quarter 2010 | |
| (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 | | $ | 56,570 | | | $ | 27 | | | | 0.19 | % | | $ | 57,855 | | | $ | 29 | | | | 0.20 | % | | $ | 47,159 | | | $ | 27 | | | | 0.23 | % | | $ | 47,203 | | | $ | 32 | | | | 0.27 | % | | $ | 108,208 | | | $ | 66 | | | | 0.24 | % |
Money market funds | | | 109 | | | | — | | | | — | | | | 108 | | | | — | | | | — | | | | 217 | | | | — | | | | — | | | | 177 | | | | — | | | | — | | | | 138 | | | | — | | | | — | |
Investment securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable | | | 271,410 | | | | 998 | | | | 1.46 | % | | | 277,634 | | | | 1,159 | | | | 1.66 | % | | | 287,007 | | | | 1,357 | | | | 1.90 | % | | | 285,506 | | | | 1,312 | | | | 1.86 | % | | | 305,281 | | | | 1,315 | | | | 1.71 | % |
Tax-exempt | | | 6,536 | | | | 32 | | | | 1.94 | % | | | 3,933 | | | | 18 | | | | 1.82 | % | | | 5,090 | | | | 25 | | | | 1.97 | % | | | 25,675 | | | | 244 | | | | 3.85 | % | | | 28,971 | | | | 273 | | | | 3.74 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities available for sale | | | 277,946 | | | | 1,030 | | | | 1.47 | % | | | 281,567 | | | | 1,177 | | | | 1.66 | % | | | 292,097 | | | | 1,382 | | | | 1.90 | % | | | 311,181 | | | | 1,556 | | | | 2.03 | % | | | 334,252 | | | | 1,588 | | | | 1.88 | % |
| | | | | | | | | | | | | | | |
Loans and leases* | | | 1,286,804 | | | | 17,699 | | | | 5.46 | % | | | 1,259,864 | | | | 17,529 | | | | 5.52 | % | | | 1,248,487 | | | | 17,516 | | | | 5.63 | % | | | 1,204,112 | | | | 16,771 | | | | 5.65 | % | | | 1,191,437 | | | | 17,110 | | | | 5.70 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total interest earning assets | | | 1,621,429 | | | | 18,756 | | | | 4.59 | % | | | 1,599,394 | | | | 18,735 | | | | 4.65 | % | | | 1,587,960 | | | | 18,925 | | | | 4.78 | % | | | 1,562,673 | | | | 18,359 | | | | 4.76 | % | | | 1,634,035 | | | | 18,764 | | | | 4.56 | % |
| | | | | | | | | | | | | | | |
Cash and due from banks | | | 11,516 | | | | | | | | | | | | 11,905 | | | | | | | | | | | | 12,224 | | | | | | | | | | | | 12,627 | | | | | | | | | | | | 13,583 | | | | | | | | | |
Less allowance for loan and lease losses | | | (12,110 | ) | | | | | | | | | | | (11,790 | ) | | | | | | | | | | | (11,091 | ) | | | | | | | | | | | (10,577 | ) | | | | | | | | | | | (10,403 | ) | | | | | | | | |
Other assets | | | 144,216 | | | | | | | | | | | | 144,447 | | | | | | | | | | | | 136,787 | | | | | | | | | | | | 132,008 | | | | | | | | | | | | 130,920 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total assets | | $ | 1,765,051 | | | | | | | | | | | $ | 1,743,956 | | | | | | | | | | | $ | 1,725,880 | | | | | | | | | | | $ | 1,696,731 | | | | | | | | | | | $ | 1,768,135 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Savings, NOW and market rate deposits | | $ | 751,415 | | | $ | 711 | | | | 0.38 | % | | $ | 724,266 | | | $ | 772 | | | | 0.42 | % | | $ | 717,237 | | | $ | 759 | | | | 0.42 | % | | $ | 697,878 | | | $ | 718 | | | | 0.42 | % | | $ | 709,811 | | | $ | 793 | | | | 0.44 | % |
Other wholesale deposits | | | 65,127 | | | | 50 | | | | 0.30 | % | | | 65,177 | | | | 51 | | | | 0.31 | % | | | 65,129 | | | | 52 | | | | 0.32 | % | | | 75,884 | | | | 70 | | | | 0.37 | % | | | 74,331 | | | | 88 | | | | 0.47 | % |
Wholesale deposits | | | 27,749 | | | | 73 | | | | 1.04 | % | | | 29,187 | | | | 86 | | | | 1.17 | % | | | 34,106 | | | | 87 | | | | 1.02 | % | | | 30,723 | | | | 75 | | | | 0.99 | % | | | 38,862 | | | | 145 | | | | 1.48 | % |
Time deposits | | | 214,684 | | | | 520 | | | | 0.96 | % | | | 234,645 | | | | 585 | | | | 0.99 | % | | | 237,771 | | | | 620 | | | | 1.05 | % | | | 241,503 | | | | 560 | | | | 0.94 | % | | | 253,631 | | | | 626 | | | | 0.98 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | | 1,058,975 | | | | 1,354 | | | | 0.51 | % | | | 1,053,275 | | | | 1,494 | | | | 0.56 | % | | | 1,054,243 | | | | 1,518 | | | | 0.58 | % | | | 1,045,988 | | | | 1,423 | | | | 0.55 | % | | | 1,076,635 | | | | 1,652 | | | | 0.61 | % |
| | | | | | | | | | | | | | | |
Subordinated debentures | | | 22,500 | | | | 287 | | | | 5.06 | % | | | 22,500 | | | | 279 | | | | 4.92 | % | | | 22,500 | | | | 279 | | | | 4.97 | % | | | 22,500 | | | | 277 | | | | 4.99 | % | | | 22,500 | | | | 282 | | | | 4.97 | % |
Junior subordinated debentures | | | 10,294 | | | | 236 | | | | 9.10 | % | | | 12,000 | | | | 271 | | | | 8.96 | % | | | 12,012 | | | | 271 | | | | 9.05 | % | | | 12,024 | | | | 271 | | | | 9.14 | % | | | 12,037 | | | | 272 | | | | 8.97 | % |
Short-term borrowings | | | 15,147 | | | | 6 | | | | 0.16 | % | | | 10,908 | | | | 6 | | | | 0.22 | % | | | 9,260 | | | | 6 | | | | 0.26 | % | | | 10,155 | | | | 6 | | | | 0.24 | % | | | 11,827 | | | | 7 | | | | 0.23 | % |
FHLB advances and other borrowings | | | 140,177 | | | | 889 | | | | 2.52 | % | | | 148,963 | | | | 968 | | | | 2.58 | % | | | 149,215 | | | | 978 | | | | 2.63 | % | | | 143,328 | | | | 842 | | | | 2.38 | % | | | 178,309 | | | | 1,192 | | | | 2.65 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing liabilities | | | 1,247,093 | | | | 2,772 | | | | 0.88 | % | | | 1,247,646 | | | | 3,018 | | | | 0.96 | % | | | 1,247,230 | | | | 3,052 | | | | 0.98 | % | | | 1,233,995 | | | | 2,819 | | | | 0.93 | % | | | 1,301,308 | | | | 3,405 | | | | 1.04 | % |
| | | | | | | | | | | | | | | |
Noninterest-bearing deposits | | | 304,883 | | | | | | | | | | | | 290,468 | | | | | | | | | | | | 279,210 | | | | | | | | | | | | 275,295 | | | | | | | | | | | | 280,944 | | | | | | | | | |
Other liabilities | | | 24,991 | | | | | | | | | | | | 21,481 | | | | | | | | | | | | 24,562 | | | | | | | | | | | | 23,259 | | | | | | | | | | | | 26,601 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total noninterest-bearing liabilities | | | 329,874 | | | | | | | | | | | | 311,949 | | | | | | | | | | | | 303,772 | | | | | | | | | | | | 298,554 | | | | | | | | | | | | 307,545 | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total liabilities | | | 1,576,967 | | | | | | | | | | | | 1,559,595 | | | | | | | | | | | | 1,551,002 | | | | | | | | | | | | 1,532,549 | | | | | | | | | | | | 1,608,853 | | | | | | | | | |
| | | | | | | | | | | | | | | |
Shareholders’ equity | | | 188,084 | | | | | | | | | | | | 184,361 | | | | | | | | | | | | 174,878 | | | | | | | | | | | | 164,182 | | | | | | | | | | | | 159,219 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,765,051 | | | | | | | | | | | $ | 1,743,956 | | | | | | | | | | | $ | 1,725,880 | | | | | | | | | | | $ | 1,696,731 | | | | | | | | | | | $ | 1,768,072 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Interest income to earning assets | | | | | | | | | | | 4.59 | % | | | | | | | | | | | 4.65 | % | | | | | | | | | | | 4.78 | % | | | | | | | | | | | 4.76 | % | | | | | | | | | | | 4.56 | % |
| | | | | | | | | | | | | | | |
Net interest spread | | | | | | | | | | | 3.71 | % | | | | | | | | | | | 3.69 | % | | | | | | | | | | | 3.80 | % | | | | | | | | | | | 3.83 | % | | | | | | | | | | | 3.52 | % |
Effect of noninterest-bearing sources | | | | | | | | | | | 0.20 | % | | | | | | | | | | | 0.21 | % | | | | | | | | | | | 0.21 | % | | | | | | | | | | | 0.20 | % | | | | | | | | | | | 0.21 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net interest income/ margin on earning assets | | | | | | $ | 15,984 | | | | 3.91 | % | | | | | | $ | 15,717 | | | | 3.90 | % | | | | | | $ | 15,873 | | | | 4.01 | % | | | | | | $ | 15,540 | | | | 4.03 | % | | | | | | $ | 15,359 | | | | 3.73 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Tax equivalent adjustment | | | | | | $ | 66 | | | | 0.02 | % | | | | | | $ | 64 | | | | 0.02 | % | | | | | | $ | 74 | | | | 0.02 | % | | | | | | $ | 133 | | | | 0.04 | % | | | | | | $ | 159 | | | | 0.04 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | 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. |
Bryn Mawr Bank Corporation
Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields
For the twelve months ended December 31,
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2011 | | | | | | | | | 2010 | | | | | | | |
| (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 | | $ | 52,238 | | | | 115 | | | | 0.22 | % | | $ | 73,046 | | | $ | 178 | | | | 0.24 | % |
Federal funds sold | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | % |
Money market funds | | | 152 | | | | — | | | | | % | | | 475 | | | | 1 | | | | 0.21 | % |
Investment securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable | | | 280,343 | | | | 4,787 | | | | 1.71 | % | | | 249,714 | | | | 4,555 | | | | 1.82 | % |
Tax-exempt | | | 10,239 | | | | 319 | | | | 3.12 | % | | | 27,173 | | | | 1,094 | | | | 4.03 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Investment securities available for sale | | | 290,582 | | | | 5,106 | | | | 1.76 | % | | | 276,887 | | | | 5,649 | | | | 2.04 | % |
| | | | | | |
Loans and leases* | | | 1,250,071 | | | | 69,554 | | | | 5.56 | % | | | 1,041,109 | | | | 59,579 | | | | 5.72 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total interest earning assets | | | 1,593,043 | | | | 74,775 | | | | 4.69 | % | | | 1,391,517 | | | | 65,407 | | | | 4.70 | % |
| | | | | | |
Cash and due from banks | | | 12,065 | | | | | | | | | | | | 11,750 | | | | | | | | | |
Less allowance for loan and lease losses | | | (11,397 | ) | | | | | | | | | | | (10,248 | ) | | | | | | | | |
Other assets | | | 139,411 | | | | | | | | | | | | 100,351 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total assets | | $ | 1,733,122 | | | | | | | | | | | $ | 1,493,370 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Savings, NOW and market rate deposits | | $ | 722,850 | | | $ | 2,958 | | | | 0.41 | % | | $ | 594,756 | | | $ | 2,957 | | | | 0.50 | % |
IND / IDC deposits | | | 67,793 | | | | 224 | | | | 0.33 | % | | | 62,875 | | | | 301 | | | | 0.48 | % |
Wholesale deposits | | | 30,429 | | | | 321 | | | | 1.05 | % | | | 38,379 | | | | 651 | | | | 1.70 | % |
Time deposits | | | 232,084 | | | | 2,285 | | | | 0.98 | % | | | 201,947 | | | | 2,192 | | | | 1.09 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | | 1,053,156 | | | | 5,788 | | | | 0.55 | % | | | 897,957 | | | | 6,101 | | | | 0.68 | % |
| | | | | | |
Subordinated debt | | | 22,500 | | | | 1,123 | | | | 4.99 | % | | | 22,500 | | | | 1,129 | | | | 5.02 | % |
Junior subordinated debentures | | | 11,580 | | | | 1,049 | | | | 9.06 | % | | | 6,076 | | | | 494 | | | | 8.13 | |
Short-term borrowings | | | 11,380 | | | | 24 | | | | 0.21 | % | | | 5,715 | | | | 16 | | | | 0.28 | |
FHLB advances and other borrowings | | | 145,421 | | | | 3,677 | | | | 2.53 | % | | | 178,005 | | | | 4,906 | | | | 2.76 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing liabilities | | | 1,244,037 | | | | 11,661 | | | | 0.94 | % | | | 1,110,253 | | | | 12,646 | | | | 1.14 | % |
| | | | | | |
Noninterest-bearing deposits | | | 287,553 | | | | | | | | | | | | 222,715 | | | | | | | | | |
Other liabilities | | | 23,573 | | | | | | | | | | | | 24,601 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total noninterest-bearing liabilities | | | 311,126 | | | | | | | | | | | | 247,316 | | | | | | | | | |
| | | | | | |
Total liabilities | | | 1,555,163 | | | | | | | | | | | | 1,357,569 | | | | | | | | | |
| | | | | | |
Shareholders’ equity | | | 177,959 | | | | | | | | | | | | 135,801 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,733,122 | | | | | | | | | | | $ | 1,493,370 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Interest income to earning assets | | | | | | | | | | | 4.69 | % | | | | | | | | | | | 4.70 | % |
| | | | | | |
Net interest spread | | | | | | | | | | | 3.75 | % | | | | | | | | | | | 3.56 | % |
Effect of noninterest-bearing sources | | | | | | | | | | | 0.21 | % | | | | | | | | | | | 0.23 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net interest income/ margin on earning assets | | | | | | $ | 63,114 | | | | 3.96 | % | | | | | | $ | 52,761 | | | | 3.79 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Tax equivalent adjustment | | | | | | $ | 336 | | | | 0.02 | % | | | | | | $ | 611 | | | | 0.04 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| * | 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. |
