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 Opens 2012 With a Record Quarter,
Reports Net Income of $5.2 Million and Wealth Assets of $5.2 Billion
BRYN MAWR, Pa., April 26, 2012 - Bryn Mawr Bank Corporation (NASDAQ: BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today announced net income for the three months ended March 31, 2012 of $5.2 million, an increase of $519 thousand, or 11.0%, from net income of $4.7 million for the same period in 2011. Diluted earnings per share of $0.40 for the three months ended March 31, 2012 was an increase of $0.02 per share, or 5.3%, as compared to diluted earnings per share of $0.38 for the same period in 2011.
Ted Peters, Chairman and Chief Executive Officer commented, “We are pleased to report record earnings for the first quarter of 2012,” noting that, “Increases in revenue from our Wealth Management Division, the strong performance of our mortgage company and a lower cost of funds were all major contributors to these excellent results.”
As of March 31, 2012, Wealth Management Division assets under management, administration, supervision and brokerage were $5.2 billion. The previously announced acquisition of Davidson Trust Company is expected to close in the second quarter of 2012 and to add approximately $1.0 billion of wealth assets.
Mr. Peters continued, “We look forward to the completion of the Davidson acquisition and are confident that the transition will go smoothly,” adding that, “Davidson’s clients will continue to enjoy the same level of high-quality service and advice from their current relationship team as they have in the past.”
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SIGNIFICANT ITEMS OF NOTE
| | • | | The financial results for the three months ended March 31, 2012, as compared to the same period in 2011 reflect, in part, the impact of the May 27, 2011 acquisition of the Private Wealth Management Group of the Hershey Trust Company (“PWMG”). |
| | • | | Net income for the three months ended March 31, 2012 increased $519 thousand, as compared to the same period in 2011. The Corporation experienced increases in net interest income, fees for wealth management services and gain on sale of residential mortgage loans, as well as decreases in the provision for loan and lease losses and FDIC insurance for the three months ended March 31, 2012, as compared to the same period in 2011. These improvements were partially offset by a decrease in the gain on sale of available for sale investment securities, and increases in salaries and employee benefits, intangible asset amortization and other operating expenses between the periods. |
| | • | | Tax equivalent net interest income for the three months ended March 31, 2012 increased $505 thousand, as compared to the same period in 2011. This increase was primarily the result of a $78.1 million increase in average interest-earning assets between the periods, which was partially offset by a $33.5 million increase in average interest-bearing liabilities. The increase in average interest-earning assets was the result of a $95.4 million increase in average portfolio loans, partially offset by an $8.5 million decrease in available for sale investment securities between the periods. The tax equivalent net interest margin for the three months ended March 31, 2012 was 3.93%, a decrease of 10 basis points from the 4.03% tax equivalent net interest margin for the same period in 2011. |
| | • | | Fees for wealth management services for the three months ended March 31, 2012 were $6.2 million, an increase of 47.6% from the $4.2 million generated in the same period in 2011. Wealth Management Division assets under management, administration, supervision and brokerage as of March 31, 2012 were $5.2 billion, an increase of $1.6 billion, or 43.1%, from March 31, 2011. This increase was the result of the May 27, 2011 acquisition of PWMG coupled with the continued success of strategic initiatives within the division and financial asset appreciation due to improvements in the financial markets. |
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| | • | | Net gain on sale of residential mortgage loans for the three months ended March 31, 2012 was $1.2 million as compared to $398 thousand for the same period in 2011. The 194.0% increase was attributable to a 45.2% increase in residential mortgage loan originations between the periods, coupled with the Corporation’s decision to sell a larger portion of these originated residential mortgage loans, rather than hold them in portfolio. The Corporation sold $34.0 million of residential mortgage loans in the three months ended March 31, 2012, as compared to $14.3 million for the same period in 2011. |
| | • | | FDIC insurance for the three months ended March 31, 2012 of $219 thousand was a decrease of $261 thousand, or 54.4% from the same period in 2011, as the revised premium calculation, which became effective April 1, 2011, has reduced the burden faced by community banks. |
| | • | | There were no gains on sale of available for sale investment securities for the three months ended March 31, 2012, as compared to gains of $490 thousand for the same period in 2011. No investment securities were sold during the quarter. |
| | • | | Salaries and employee benefits for the three months ended March 31, 2012 of $9.7 million increased $1.6 million, or 19.7%, as compared to the same period in 2011. The increase between the periods primarily related to annual salary increases, the staffing increases resulting from the May 27, 2011 acquisition of PWMG, as well as increases in health insurance costs. |
| | • | | Amortization of intangible assets for the three months ended March 31, 2012 increased $348 thousand, or 216.1%, as compared to the same period in 2011 due to the $12.4 million of amortizable intangible assets acquired in the May 27, 2011 acquisition of PWMG. The amortizable intangible assets acquired from PWMG included $8.6 million in customer relationships and $3.8 million in non-competition agreements, which amortize over periods of 15 years and 5.5 years, respectively. |
| | • | | Other operating expense for the three months ended March 31, 2012 increased $448 thousand as compared to the same period in 2011. The increase was partially related to an additional accrual for a contingent liability for secondary market sold-loan repurchase demands, as well as a $150 thousand reserve for unfunded loan commitments and increases of $84 thousand and $78 thousand in computer processing expense and bank shares tax, respectively, for the three months ended March 31, 2012, as compared to the same period in 2011. |
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| | • | | Loan and lease delinquency rates (i.e. loans and leases over 30 days past due) as of March 31, 2012 increased to 1.52% of portfolio loans from 1.37% of portfolio loans as of December 31, 2011. Related to this increase, nonperforming loans and leases, as of March 31, 2012 totaled $22.6 million, or 1.73% of portfolio loans and leases, as compared to $14.3 million, or 1.11% of portfolio loans and leases, as of December 31, 2011. The $8.3 million increase in nonperforming loans and leases was concentrated in the commercial and industrial, construction and residential segments of the portfolio, which are generally collateralized or secured by real estate. |
| | • | | The allowance for loan and lease losses as of March 31, 2012, of $13.0 million, was 1.00% of portfolio loans and leases, as compared to $12.8 million or 0.98% of portfolio loans and leases as of December 31, 2011. |
| | • | | The provision for loan and lease losses for the three months ended March 31, 2012 was $1.0 million, as compared to $1.3 million for the same period in 2011. The decrease was primarily related to the $199 thousand decrease in net loan and lease charge-offs between the periods. |
| | • | | Total portfolio loans and leases of $1.30 billion, as of March 31, 2012, increased $9.1 million, or 0.7%, as compared to $1.29 billion as of December 31, 2011. Loan growth during the three months ended March 31, 2012 was primarily concentrated in the commercial and industrial and commercial mortgage segments of the portfolio, partially offset by a decrease in home equity loans and lines of credit. |
| | • | | Deposits of $1.43 billion, as of March 31, 2012, increased $43.4 million, or 3.1%, from $1.38 billion as of December 31, 2011. Primarily contributing to this increase was a $24.8 million, or 6.3%, increase in money market deposits and an $8.5 million, or 2.6%, increase in non-interest bearing deposits. Non-interest bearing deposits were 23.5% of total deposits at March 31, 2012 as compared to 23.6% as of December 31, 2011. |
| | • | | Available for sale investment securities as of March 31, 2012 totaled $326.6 million, as compared to $272.3 million as of December 31, 2011, as cash inflows from deposit increases and Federal Home Loan Bank borrowings were utilized to fund investment purchases. The $54.3 million increase during the three months ended March 31, 2012 was largely concentrated in the mortgage-related segment of the portfolio, which increased $46.7 million between December 31, 2011 and March 31, 2012. |
| | • | | The capital ratios for the Bank and the Corporation, as shown in the table on page 13, indicate levels well above the regulatory minimum to be considered “well capitalized”. The Corporation’s tangible equity ratio, as of March 31, 2012, increased 3 basis points, to 8.30%, as compared to 8.27% as of December 31, 2011. The Corporation’s equity grew $5.4 million or 2.9% from December 31, 2011 to March 31, 2012. |
| | • | | We are excited to announce our plans to open a new, full-service branch in Bala Cynwyd, Pennsylvania, just outside Philadelphia. The branch is projected to be completed and open for business, pending certain approvals, during the fourth quarter of 2012. |
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EARNINGS CONFERENCE CALL
The Corporation will hold an earnings conference call at 8:30 a.m. EDT on Friday, April 27, 2012. Interested parties may participate by calling 1-877-317-6789, conference number 10012186. A taped replay of the conference call will be available within one hour after the conclusion of the call and will remain available through May 10, 2012. The number to call for the taped replay is 1-877-344-7529 and the Replay Passcode is 10012186.
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 – Finance/Investor 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 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 the anticipated acquisition of Davidson 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 more 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.
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5
Bryn Mawr Bank Corporation
Consolidated Statements of Income - (unaudited)
(Dollars in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | |
| | | For The Three Months Ended | | | |
| | | Mar 31,
2012 | | | Dec 31,
2011 | | | Sept 30,
2011 | | | June 30,
2011 | | | Mar 31,
2011 | | | |
Interest income | | $ | 18,353 | | | $ | 18,690 | | | $ | 18,672 | | | $ | 18,851 | | | $ | 18,226 | | | |
Interest expense | | | 2,387 | | | | 2,772 | | | | 3,018 | | | | 3,052 | | | | 2,819 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net interest income | | | 15,966 | | | | 15,918 | | | | 15,654 | | | | 15,799 | | | | 15,407 | | | |
Provision for loan and lease losses | | | 1,000 | | | | 1,056 | | | | 1,828 | | | | 1,919 | | | | 1,285 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Net interest income after provision for loan and lease losses | | | 14,966 | | | | 14,862 | | | | 13,826 | | | | 13,880 | | | | 14,122 | | | |
Fees for wealth management services | | | 6,229 | | | | 6,306 | | | | 6,098 | | | | 5,075 | | | | 4,190 | | | |
Loan servicing and other fees | | | 435 | | | | 454 | | | | 449 | | | | 460 | | | | 461 | | | |
Service charges on deposits | | | 580 | | | | 654 | | | | 646 | | | | 615 | | | | 580 | | | |
Net gain on sale of residential mortgage loans | | | 1,170 | | | | 699 | | | | 764 | | | | 656 | | | | 398 | | | |
Net gain on sale of available for sale investments | | | — | | | | 373 | | | | 343 | | | | 577 | | | | 490 | | | |
Net gain (loss) on sale of other real estate owned ("OREO") | | | (41 | ) | | | (38 | ) | | | 70 | | | | (110 | ) | | | (19 | ) | | |
BOLI income | | | 118 | | | | 114 | | | | 115 | | | | 118 | | | | 115 | | | |
Other operating income | | | 1,111 | | | | 937 | | | | 791 | | | | 774 | | | | 995 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Non-interest income | | | 9,602 | | | | 9,499 | | | | 9,276 | | | | 8,165 | | | | 7,210 | | | |
| | | | | | |
Salaries and wages | | | 7,505 | | | | 7,404 | | | | 7,639 | | | | 6,700 | | | | 6,341 | | | |
Employee benefits | | | 2,160 | | | | 1,889 | | | | 1,674 | | | | 1,591 | | | | 1,735 | | | |
Occupancy and bank premises | | | 1,375 | | | | 1,424 | | | | 1,225 | | | | 1,241 | | | | 1,286 | | | |
Furniture fixtures and equipment | | | 891 | | | | 938 | | | | 865 | | | | 810 | | | | 896 | | | |
Advertising | | | 320 | | | | 257 | | | | 204 | | | | 441 | | | | 264 | | | |
Net (recovery) impairment of mortgage servicing rights | | | (110 | ) | | | 114 | | | | 468 | | | | 196 | | | | 8 | | | |
Amortization of mortgage servicing rights | | | 219 | | | | 225 | | | | 197 | | | | 158 | | | | 169 | | | |
Intangible asset amortization | | | 509 | | | | 522 | | | | 541 | | | | 266 | | | | 161 | | | |
FDIC insurance | | | 219 | | | | 218 | | | | 238 | | | | 250 | | | | 480 | | | |
Merger related / due diligence expense | | | 209 | | | | (79 | ) | | | 135 | | | | 174 | | | | 307 | | | |
Professional fees | | | 657 | | | | 647 | | | | 516 | | | | 738 | | | | 410 | | | |
Other operating expenses | | | 2,588 | | | | 2,916 | | | | 2,283 | | | | 2,304 | | | | 2,140 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Non-interest expense | | | 16,542 | | | | 16,475 | | | | 15,985 | | | | 14,869 | | | | 14,197 | | | |
| | | | | | |
Income before income taxes | | | 8,026 | | | | 7,886 | | | | 7,117 | | | | 7,176 | | | | 7,135 | | | |
Income tax expense | | | 2,791 | | | | 2,716 | | | | 2,095 | | | | 2,371 | | | | 2,419 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 5,235 | | | $ | 5,170 | | | $ | 5,022 | | | $ | 4,805 | | | $ | 4,716 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Per share data: | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding | | | 13,065,885 | | | | 12,989,352 | | | | 12,948,979 | | | | 12,693,782 | | | | 12,344,710 | | | |
Dilutive common shares | | | 147,502 | | | | 99,464 | | | | 36,306 | | | | 24,491 | | | | 14,401 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Adjusted weighted average dilutive shares | | | 13,213,387 | | | | 13,088,816 | | | | 12,985,285 | | | | 12,718,273 | | | | 12,359,111 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Basic earnings per common share | | $ | 0.40 | | | $ | 0.40 | | | $ | 0.39 | | | $ | 0.38 | | | $ | 0.38 | | | |
| | | | | | |
Diluted earnings per common share | | $ | 0.40 | | | $ | 0.39 | | | $ | 0.39 | | | $ | 0.38 | | | $ | 0.38 | | | |
| | | | | | |
Dividend declared per share | | $ | 0.16 | | | $ | 0.15 | | | $ | 0.15 | | | $ | 0.15 | | | $ | 0.15 | | | |
| | | | | | |
Effective tax rate | | | 34.8 | % | | | 34.4 | % | | | 29.4 | % | | | 33.0 | % | | | 33.9 | % | | |
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Bryn Mawr Bank Corporation
Consolidated Balance Sheets - (unaudited)
(Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | |
| | | Mar 31,
2012 | | | Dec 31,
2011 | | | Sept 30,
2011 | | | June 30,
2011 | | | Mar 31,
2011 | |
Assets | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest bearing deposits with banks | | $ | 55,548 | | | $ | 57,265 | | | $ | 52,205 | | | $ | 34,780 | | | $ | 68,568 | |
Money market funds | | | 211 | | | | 104 | | | | 106 | | | | 113 | | | | 401 | |
Investment securities - AFS | | | 326,601 | | | | 272,317 | | | | 275,729 | | | | 289,762 | | | | 289,491 | |
| | | | | |
Loans held for sale | | | 5,784 | | | | 1,588 | | | | 4,857 | | | | 5,923 | | | | 1,554 | |
Portfolio loans: | | | | | | | | | | | | | | | | | | | | |
Consumer | | | 13,644 | | | | 11,429 | | | | 12,235 | | | | 12,116 | | | | 11,594 | |
Commercial & industrial | | | 270,766 | | | | 267,204 | | | | 271,228 | | | | 257,771 | | | | 240,313 | |
Commercial mortgages | | | 430,896 | | | | 419,130 | | | | 414,656 | | | | 404,000 | | | | 391,642 | |
Construction | | | 51,274 | | | | 52,844 | | | | 59,303 | | | | 55,804 | | | | 55,823 | |
Residential mortgages | | | 306,911 | | | | 306,478 | | | | 279,696 | | | | 280,093 | | | | 277,571 | |
Home equity lines & loans | | | 202,015 | | | | 207,917 | | | | 209,687 | | | | 210,477 | | | | 208,107 | |
Leases | | | 28,974 | | | | 30,390 | | | | 31,552 | | | | 33,187 | | | | 34,399 | |
| | | | | | | | | | | | | | | | | | | | |
Total portfolio loans and leases | | | 1,304,480 | | | | 1,295,392 | | | | 1,278,357 | | | | 1,253,448 | | | | 1,219,449 | |
| | | | | |
Earning assets | | | 1,692,624 | | | | 1,626,666 | | | | 1,611,254 | | | | 1,584,026 | | | | 1,579,463 | |
| | | | | |
Cash and due from banks | | | 11,939 | | | | 11,771 | | | | 10,801 | | | | 20,620 | | | | 11,609 | |
Allowance for loan and lease losses | | | (13,040 | ) | | | (12,753 | ) | | | (11,654 | ) | | | (11,341 | ) | | | (10,649 | ) |
Premises and equipment | | | 28,680 | | | | 29,328 | | | | 29,615 | | | | 29,469 | | | | 28,996 | |
Accrued interest receivable | | | 6,037 | | | | 6,061 | | | | 6,075 | | | | 6,103 | | | | 6,151 | |
Mortgage servicing rights | | | 4,217 | | | | 4,041 | | | | 4,206 | | | | 4,662 | | | | 4,879 | |
Goodwill | | | 24,689 | | | | 24,689 | | | | 23,169 | | | | 23,169 | | | | 17,659 | |
Other intangible assets | | | 17,505 | | | | 18,014 | | | | 18,536 | | | | 19,077 | | | | 6,902 | |
Bank owned life insurance ("BOLI") | | | 19,552 | | | | 19,434 | | | | 19,321 | | | | 19,205 | | | | 19,087 | |
FHLB stock | | | 11,009 | | | | 11,588 | | | | 12,198 | | | | 12,840 | | | | 13,516 | |
Deferred income taxes | | | 12,721 | | | | 13,662 | | | | 13,781 | | | | 13,400 | | | | 14,527 | |
Other investments | | | 5,710 | | | | 5,612 | | | | 4,982 | | | | 5,229 | | | | 5,203 | |
Other assets | | | 16,432 | | | | 16,794 | | | | 14,835 | | | | 14,268 | | | | 16,598 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total assets | | $ | 1,838,075 | | | $ | 1,774,907 | | | $ | 1,757,119 | | | $ | 1,740,727 | | | $ | 1,713,941 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Liabilities and shareholders' equity | | | | | | | | | | | | | | | | | | | | |
Interest-bearing checking | | $ | 235,841 | | | $ | 233,562 | | | $ | 224,609 | | | $ | 222,128 | | | $ | 227,256 | |
Money market | | | 418,503 | | | | 393,729 | | | | 384,463 | | | | 350,285 | | | | 345,703 | |
Savings | | | 135,912 | | | | 130,613 | | | | 130,910 | | | | 129,684 | | | | 131,671 | |
Wholesale non-maturity deposits | | | 66,518 | | | | 65,173 | | | | 65,428 | | | | 65,185 | | | | 65,574 | |
Wholesale time deposits | | | 22,062 | | | | 23,550 | | | | 28,992 | | | | 31,818 | | | | 34,639 | |
Time deposits | | | 212,003 | | | | 209,333 | | | | 224,331 | | | | 242,683 | | | | 240,207 | |
| | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits | | | 1,090,839 | | | | 1,055,960 | | | | 1,058,733 | | | | 1,041,783 | | | | 1,045,050 | |
| | | | | |
Non-interest bearing deposits | | | 334,918 | | | | 326,409 | | | | 292,415 | | | | 295,656 | | | | 271,010 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | | 1,425,757 | | | | 1,382,369 | | | | 1,351,148 | | | | 1,337,439 | | | | 1,316,060 | |
| | | | | |
Subordinated debentures | | | 22,500 | | | | 22,500 | | | | 22,500 | | | | 22,500 | | | | 22,500 | |
Junior subordinated debentures | | | — | | | | — | | | | 11,992 | | | | 12,004 | | | | 12,017 | |
Short-term borrowings | | | 13,254 | | | | 12,863 | | | | 22,535 | | | | 9,541 | | | | 23,326 | |
FHLB advances and other borrowings | | | 164,698 | | | | 147,795 | | | | 140,532 | | | | 152,501 | | | | 147,238 | |
Other liabilities | | | 20,537 | | | | 23,467 | | | | 21,278 | | | | 23,359 | | | | 22,161 | |
Shareholders' equity | | | 191,329 | | | | 185,913 | | | | 187,134 | | | | 183,383 | | | | 170,639 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total liabilities and shareholders' equity | | $ | 1,838,075 | | | $ | 1,774,907 | | | $ | 1,757,119 | | | $ | 1,740,727 | | | $ | 1,713,941 | |
| | | | | | | | | | | | | | | | | | | | |
7
Bryn Mawr Bank Corporation
Consolidated Quarterly Average Balance Sheets - (unaudited)
(Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | |
| | | 2012
1Q | | | 2011
4Q | | | 2011
3Q | | | 2011
2Q | | | 2011
1Q | |
Assets | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest bearing deposits with banks | | $ | 38,337 | | | $ | 56,570 | | | $ | 57,855 | | | $ | 47,159 | | | $ | 47,203 | |
Money market funds | | | 219 | | | | 109 | | | | 108 | | | | 217 | | | | 177 | |
Investment securities | | | 302,708 | | | | 277,946 | | | | 281,567 | | | | 292,097 | | | | 311,181 | |
Loans held for sale | | | 3,935 | | | | 3,888 | | | | 6,060 | | | | 4,347 | | | | 2,315 | |
Portfolio loans and leases | | | 1,295,617 | | | | 1,282,916 | | | | 1,253,804 | | | | 1,244,140 | | | | 1,201,797 | |
| | | | | | | | | | | | | | | | | | | | |
Earning assets | | | 1,640,816 | | | | 1,621,429 | | | | 1,599,394 | | | | 1,587,960 | | | | 1,562,673 | |
| | | | | |
Cash and due from banks | | | 11,539 | | | | 11,516 | | | | 11,905 | | | | 12,224 | | | | 12,627 | |
Allowance for loan and lease losses | | | (13,089 | ) | | | (12,110 | ) | | | (11,790 | ) | | | (11,091 | ) | | | (10,577 | ) |
Premises and equipment | | | 29,095 | | | | 29,586 | | | | 29,706 | | | | 29,335 | | | | 29,120 | |
Goodwill | | | 24,688 | | | | 23,190 | | | | 23,169 | | | | 19,745 | | | | 17,659 | |
Other intangible assets | | | 17,804 | | | | 18,319 | | | | 18,860 | | | | 11,669 | | | | 7,001 | |
Bank owned life insurance | | | 19,480 | | | | 19,359 | | | | 19,246 | | | | 19,128 | | | | 19,011 | |
Deferred income taxes | | | 13,454 | | | | 13,878 | | | | 13,200 | | | | 14,105 | | | | 14,566 | |
Other assets | | | 41,397 | | | | 39,884 | | | | 40,266 | | | | 42,805 | | | | 44,651 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total assets | | $ | 1,785,184 | | | $ | 1,765,051 | | | $ | 1,743,956 | | | $ | 1,725,880 | | | $ | 1,696,731 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Liabilities and shareholders' equity | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest-bearing checking | | $ | 227,817 | | | $ | 224,648 | | | $ | 225,569 | | | $ | 229,451 | | | $ | 227,703 | |
Money market | | | 406,972 | | | | 394,150 | | | | 367,276 | | | | 355,740 | | | | 338,565 | |
Savings | | | 132,451 | | | | 132,617 | | | | 131,421 | | | | 132,046 | | | | 131,610 | |
Wholesale non-maturity deposits | | | 65,117 | | | | 65,127 | | | | 65,177 | | | | 65,129 | | | | 75,884 | |
Wholesale deposits | | | 22,354 | | | | 27,749 | | | | 29,187 | | | | 34,106 | | | | 30,723 | |
Time deposits | | | 210,973 | | | | 214,684 | | | | 234,645 | | | | 237,771 | | | | 241,503 | |
| | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits | | | 1,065,684 | | | | 1,058,975 | | | | 1,053,275 | | | | 1,054,243 | | | | 1,045,988 | |
| | | | | |
Non-interest bearing deposits | | | 305,468 | | | | 304,883 | | | | 290,468 | | | | 279,210 | | | | 275,295 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | | 1,371,152 | | | | 1,363,858 | | | | 1,343,743 | | | | 1,333,453 | | | | 1,321,283 | |
| | | | | |
Subordinated debentures | | | 22,500 | | | | 22,500 | | | | 22,500 | | | | 22,500 | | | | 22,500 | |
Junior subordinated debentures | | | — | | | | 10,294 | | | | 12,000 | | | | 12,012 | | | | 12,025 | |
Short-term borrowings | | | 13,929 | | | | 15,147 | | | | 10,908 | | | | 9,260 | | | | 10,155 | |
FHLB advances and other borrowings | | | 165,358 | | | | 140,177 | | | | 148,963 | | | | 149,215 | | | | 143,327 | |
Other liabilities | | | 25,258 | | | | 24,991 | | | | 21,481 | | | | 24,562 | | | | 23,259 | |
Shareholders' equity | | | 186,987 | | | | 188,084 | | | | 184,361 | | | | 174,878 | | | | 164,182 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total liabilities and shareholders' equity | | $ | 1,785,184 | | | $ | 1,765,051 | | | $ | 1,743,956 | | | $ | 1,725,880 | | | $ | 1,696,731 | |
| | | | | | | | | | | | | | | | | | | | |
8
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data - (unaudited)
(Dollars in thousands, except per share data )
March 31, 2012
| | | | | | | | | | | | | | | | | | | | |
For the period end: | | 2012
1Q | | | 2011
4Q | | | 2011
3Q | | | 2011
2Q | | | 2011
1Q | |
Asset Quality Data | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Nonaccrual loans and leases | | $ | 22,570 | | | $ | 14,315 | | | $ | 14,208 | | | $ | 16,128 | | | $ | 10,776 | |
90 + days past due loans - still accruing | | | — | | | | — | | | | — | | | | — | | | | 5 | |
| | | | | | | | | | | | | | | | | | | | |
Nonperforming loans and leases | | | 22,570 | | | | 14,315 | | | | 14,208 | | | | 16,128 | | | | 10,781 | |
Other real estate owned | | | 404 | | | | 549 | | | | 1,301 | | | | 811 | | | | 2,341 | |
| | | | | | | | | | | | | | | | | | | | |
Total nonperforming assets | | $ | 22,974 | | | $ | 14,864 | | | $ | 15,509 | | | $ | 16,939 | | | $ | 13,122 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Troubled debt restructurings included in nonperforming | | $ | 4,223 | | | $ | 4,300 | | | $ | 901 | | | $ | 1,478 | | | $ | 2,229 | |
Troubled debt restructurings in compliance with modified terms | | | 7,970 | | | | 7,166 | | | | 7,182 | | | | 5,469 | | | | 4,766 | |
| | | | | | | | | | | | | | | | | | | | |
Total troubled debt restructurings | | $ | 12,193 | | | $ | 11,466 | | | $ | 8,083 | | | $ | 6,947 | | | $ | 6,995 | |
| | | | | |
Nonperforming loans and leases / portfolio loans | | | 1.73 | % | | | 1.11 | % | | | 1.11 | % | | | 1.29 | % | | | 0.88 | % |
Nonperforming assets / assets | | | 1.25 | % | | | 0.84 | % | | | 0.88 | % | | | 0.97 | % | | | 0.77 | % |
| | | | | |
Net loan (recoveries) charge-offs (annualized)/ average loans | | | 0.21 | % | | | -0.02 | % | | | 0.49 | % | | | 0.36 | % | | | 0.22 | % |
Net lease charge-offs (annualized)/ average leases | | | 0.67 | % | | | 0.22 | % | | | 0.37 | % | | | 1.81 | % | | | 3.26 | % |
Net loan and lease (recoveries) charge-offs (annualized)/ average loans and leases | | | 0.23 | % | | | -0.01 | % | | | 0.49 | % | | | 0.40 | % | | | 0.30 | % |
| | | | | |
Delinquency rate - loans and leases > 30days | | | 1.52 | % | | | 1.37 | % | | | 1.33 | % | | | 1.35 | % | | | 1.14 | % |
| | | | | |
Delinquent loans and leases - 30-89 days | | $ | 5,468 | | | $ | 5,311 | | | $ | 4,480 | | | $ | 3,492 | | | $ | 2,604 | |
| | | | | |
Delinquency rate - loans and leases 30-89 days | | | 0.28 | % | | | 0.29 | % | | | 0.35 | % | | | 0.28 | % | | | 0.22 | % |
| | | | | |
Changes in the Allowance for loan and lease losses | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Balance, beginning of period | | $ | 12,753 | | | $ | 11,654 | | | $ | 11,341 | | | $ | 10,648 | | | $ | 10,275 | |
| | | | | |
Charge-offs | | | (839 | ) | | | (466 | ) | | | (1,817 | ) | | | (1,325 | ) | | | (1,040 | ) |
| | | | | |
Recoveries | | | 126 | | | | 509 | | | | 302 | | | | 99 | | | | 128 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net (charge-offs) / recoveries | | | (713 | ) | | | 43 | | | | (1,515 | ) | | | (1,226 | ) | | | (912 | ) |
| | | | | |
Provision for loan and lease losses | | | 1,000 | | | | 1,056 | | | | 1,828 | | | | 1,919 | | | | 1,285 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Balance, end of period | | $ | 13,040 | | | $ | 12,753 | | | $ | 11,654 | | | $ | 11,341 | | | $ | 10,648 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Allowance for loan and lease losses / loans and leases | | | 1.00 | % | | | 0.98 | % | | | 0.91 | % | | | 0.90 | % | | | 0.87 | % |
Allowance for loan and lease losses / nonperforming loans and leases | | | 57.8 | % | | | 89.1 | % | | | 82.0 | % | | | 70.3 | % | | | 98.8 | % |
9
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data - (unaudited)
(Dollars in thousands, except per share data )
March 31, 2012
| | | | | | | | | | | | | | | | | | | | |
For the period and period end: | | 2012
1Q | | | 2011
4Q | | | 2011
3Q | | | 2011
2Q | | | 2011
1Q | |
Selected ratios (annualized): | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Return on average assets | | | 1.18 | % | | | 1.16 | % | | | 1.14 | % | | | 1.12 | % | | | 1.13 | % |
Return on average shareholders’ equity | | | 11.26 | % | | | 10.91 | % | | | 10.81 | % | | | 11.02 | % | | | 11.65 | % |
Return on average tangible equity (a non-GAAP measure)(2) | | | 14.57 | % | | | 14.00 | % | | | 14.00 | % | | | 13.44 | % | | | 13.71 | % |
Yield on loans and leases* | | | 5.33 | % | | | 5.46 | % | | | 5.52 | % | | | 5.63 | % | | | 5.65 | % |
Yield on interest earning assets* | | | 4.52 | % | | | 4.59 | % | | | 4.65 | % | | | 4.78 | % | | | 4.76 | % |
Cost of interest bearing funds | | | 0.76 | % | | | 0.88 | % | | | 0.96 | % | | | 0.98 | % | | | 0.93 | % |
Net interest margin* | | | 3.93 | % | | | 3.91 | % | | | 3.90 | % | | | 4.01 | % | | | 4.03 | % |
Book value per share | | $ | 14.43 | | | $ | 14.09 | | | $ | 14.30 | | | $ | 14.17 | | | $ | 13.61 | |
Tangible book value per share | | $ | 11.25 | | | $ | 10.82 | | | $ | 11.11 | | | $ | 10.91 | | | $ | 11.65 | |
Period end shares outstanding | | | 13,254,694 | | | | 13,194,439 | | | | 13,086,770 | | | | 12,941,320 | | | | 12,538,926 | |
| | | | | |
Selected data: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Mortgage loans originated | | $ | 55,385 | | | $ | 60,467 | | | $ | 38,998 | | | $ | 31,072 | | | $ | 38,144 | |
| | | | | |
Mortgage loans sold - servicing retained | | $ | 32,778 | | | $ | 20,883 | | | $ | 26,090 | | | $ | 14,957 | | | $ | 13,302 | |
Mortgage loans sold - servicing released | | | 1,223 | | | | 1,164 | | | | 1,922 | | | | 2,196 | | | | 948 | |
| | | | | | | | | | | | | | | | | | | | |
Total mortgage loans sold | | $ | 34,001 | | | $ | 22,047 | | | $ | 28,012 | | | $ | 17,153 | | | $ | 14,250 | |
| | | | | |
Basis point yield on loans sold | | | 344 | | | | 317 | | | | 273 | | | | 382 | | | | 279 | |
| | | | | |
Mortgage loans serviced for others | | $ | 571,440 | | | $ | 574,422 | | | $ | 593,125 | | | $ | 595,196 | | | $ | 596,655 | |
| | | | | |
Total Wealth assets under management / administration / supervision / brokerage(1) | | $ | 5,152,965 | | | $ | 4,831,631 | | | $ | 4,501,433 | | | $ | 4,830,417 | | | $ | 3,600,649 | |
| | | | | | | | | | | | | | | | | | | | |
| * | 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. |
Investment Portfolio
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | As of March 31, 2012 | | | As of December 31, 2011 | |
($’s in thousands) | | Amortized
Cost | | | Fair Value | | | Net
Unrealized
Gain /
(Loss) | | | Amortized
Cost | | | Fair Value | | | Net
Unrealized
Gain /
(Loss) | |
SECURITY DESCRIPTION | | | | | | | | | | | | | | | | | | | | | | | | |
U. S. treasury obligations | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Obligations of U. S. government and agencies | | | 106,801 | | | | 107,127 | | | | 326 | | | | 104,252 | | | | 104,570 | | | | 318 | |
State & political subdivisions | | | 12,951 | | | | 13,061 | | | | 110 | | | | 8,210 | | | | 8,366 | | | | 156 | |
Mortgage backed securities | | | 125,611 | | | | 128,150 | | | | 2,539 | | | | 95,713 | | | | 97,834 | | | | 2,121 | |
Collateralized mortgage obligations | | | 48,674 | | | | 49,039 | | | | 365 | | | | 32,418 | | | | 32,623 | | | | 205 | |
Equity securities | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Other debt securities | | | 1,900 | | | | 1,900 | | | | — | | | | 1,900 | | | | 1,882 | | | | (18 | ) |
Bond—mutual funds | | | 12,096 | | | | 12,047 | | | | (49 | ) | | | 12,091 | | | | 11,904 | | | | (187 | ) |
Investment CD's | | | 2,396 | | | | 2,413 | | | | 17 | | | | 2,411 | | | | 2,420 | | | | 9 | |
Corporate bonds | | | 12,568 | | | | 12,864 | | | | 296 | | | | 12,616 | | | | 12,718 | | | | 102 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Portfolio | | $ | 322,997 | | | $ | 326,601 | | | $ | 3,604 | | | $ | 269,611 | | | $ | 272,317 | | | $ | 2,706 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Capital Ratios | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Regulatory Minimum
To Be
Well Capitalized | | | 3/31/2012 | | | 12/31/2011 | | | 9/30/2011 | | | 6/30/2011 | | | 3/31/2011 | |
Bryn Mawr Trust Company Consolidated | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Tier I Capital to Risk Weighted Assets (RWA) | | | 6.00 | % | | | 12.19 | % | | | 11.78 | % | | | 11.32 | % | | | 11.05 | % | | | 11.45 | % |
Total (Tier II) Capital to RWA | | | 10.00 | % | | | 14.80 | % | | | 14.37 | % | | | 13.82 | % | | | 13.56 | % | | | 13.91 | % |
Tier I Leverage Ratio | | | 5.00 | % | | | 9.58 | % | | | 9.37 | % | | | 9.15 | % | | | 8.94 | % | | | 9.29 | % |
Tangible Equity Ratio | | | | | | | 8.72 | % | | | 8.67 | % | | | 8.79 | % | | | 8.54 | % | | | 8.78 | % |
| | | | | | |
Bryn Mawr Bank Corporation | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Tier I Capital to Risk Weighted Assets (RWA) | | | 6.00 | % | | | 11.63 | % | | | 11.26 | % | | | 11.71 | % | | | 11.55 | % | | | 12.07 | % |
Total (Tier II) Capital to RWA | | | 10.00 | % | | | 14.23 | % | | | 13.83 | % | | | 14.19 | % | | | 14.05 | % | | | 14.52 | % |
Tier I Leverage Ratio | | | 5.00 | % | | | 9.16 | % | | | 8.97 | % | | | 9.47 | % | | | 9.36 | % | | | 9.80 | % |
Tangible Equity Ratio | | | | | | | 8.30 | % | | | 8.27 | % | | | 8.48 | % | | | 8.31 | % | | | 8.65 | % |
10
Bryn Mawr Bank Corporation
Quarterly Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields—(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 1st Quarter 2012 | | | 4th Quarter 2011 | | | 3rd Quarter 2011 | | | 2nd Quarter 2011 | | | 1st Quarter 2011 | |
| (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 | | $ | 38,337 | | | $ | 23 | | | | 0.24 | % | | $ | 56,570 | | | $ | 27 | | | | 0.19 | % | | $ | 57,855 | | | $ | 29 | | | | 0.20 | % | | $ | 47,159 | | | $ | 27 | | | | 0.23 | % | | $ | 47,203 | | | $ | 32 | | | | 0.27 | % |
Money market funds | | | 219 | | | | — | | | | — | | | | 109 | | | | — | | | | — | | | | 108 | | | | — | | | | — | | | | 217 | | | | — | | | | — | | | | 177 | | | | — | | | | — | |
Investment securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable | | | 293,086 | | | | 1,122 | | | | 1.54 | % | | | 271,410 | | | | 998 | | | | 1.46 | % | | | 277,634 | | | | 1,159 | | | | 1.66 | % | | | 287,007 | | | | 1,357 | | | | 1.90 | % | | | 285,506 | | | | 1,312 | | | | 1.86 | % |
Tax-exempt | | | 9,622 | | | | 53 | | | | 2.22 | % | | | 6,536 | | | | 32 | | | | 1.94 | % | | | 3,933 | | | | 18 | | | | 1.82 | % | | | 5,090 | | | | 25 | | | | 1.97 | % | | | 25,675 | | | | 244 | | | | 3.85 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities available for sale | | | 302,708 | | | | 1,175 | | | | 1.56 | % | | | 277,946 | | | | 1,030 | | | | 1.47 | % | | | 281,567 | | | | 1,177 | | | | 1.66 | % | | | 292,097 | | | | 1,382 | | | | 1.90 | % | | | 311,181 | | | | 1,556 | | | | 2.03 | % |
Loans and leases * | | | 1,299,552 | | | | 17,234 | | | | 5.33 | % | | | 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 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest earning assets | | | 1,640,816 | | | | 18,432 | | | | 4.52 | % | | | 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 | % |
Cash and due from banks | | | 11,539 | | | | | | | | | | | | 11,516 | | | | | | | | | | | | 11,905 | | | | | | | | | | | | 12,224 | | | | | | | | | | | | 12,627 | | | | | | | | | |
Less allowance for loan and lease losses | | | (13,089 | ) | | | | | | | | | | | (12,110 | ) | | | | | | | | | | | (11,790 | ) | | | | | | | | | | | (11,091 | ) | | | | | | | | | | | (10,577 | ) | | | | | | | | |
Other assets | | | 145,918 | | | | | | | | | | | | 144,216 | | | | | | | | | | | | 144,447 | | | | | | | | | | | | 136,787 | | | | | | | | | | | | 132,008 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,785,184 | | | | | | | | | | | $ | 1,765,051 | | | | | | | | | | | $ | 1,743,956 | | | | | | | | | | | $ | 1,725,880 | | | | | | | | | | | $ | 1,696,731 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Savings, NOW and market rate deposits | | $ | 767,240 | | | $ | 559 | | | | 0.29 | % | | $ | 751,415 | | | $ | 711 | | | | 0.38 | % | | $ | 724,266 | | | $ | 772 | | | | 0.42 | % | | $ | 717,237 | | | $ | 759 | | | | 0.42 | % | | $ | 697,878 | | | $ | 718 | | | | 0.42 | % |
Other wholesale deposits | | | 65,117 | | | | 53 | | | | 0.33 | % | | | 65,127 | | | | 50 | | | | 0.30 | % | | | 65,177 | | | | 51 | | | | 0.31 | % | | | 65,129 | | | | 52 | | | | 0.32 | % | | | 75,884 | | | | 70 | | | | 0.37 | % |
Wholesale deposits | | | 22,354 | | | | 24 | | | | 0.43 | % | | | 27,749 | | | | 73 | | | | 1.04 | % | | | 29,187 | | | | 86 | | | | 1.17 | % | | | 34,106 | | | | 87 | | | | 1.02 | % | | | 30,723 | | | | 75 | | | | 0.99 | % |
Time deposits | | | 210,973 | | | | 490 | | | | 0.93 | % | | | 214,684 | | | | 520 | | | | 0.96 | % | | | 234,645 | | | | 585 | | | | 0.99 | % | | | 237,771 | | | | 620 | | | | 1.05 | % | | | 241,503 | | | | 560 | | | | 0.94 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | | 1,065,684 | | | | 1,126 | | | | 0.42 | % | | | 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 | % |
Subordinated debentures | | | 22,500 | | | | 291 | | | | 5.20 | % | | | 22,500 | | | | 287 | | | | 5.06 | % | | | 22,500 | | | | 279 | | | | 4.92 | % | | | 22,500 | | | | 279 | | | | 4.97 | % | | | 22,500 | | | | 277 | | | | 4.99 | % |
Junior subordinated debentures | | | — | | | | — | | | | — | % | | | 10,294 | | | | 236 | | | | 9.10 | % | | | 12,000 | | | | 271 | | | | 8.96 | % | | | 12,012 | | | | 271 | | | | 9.05 | % | | | 12,024 | | | | 271 | | | | 9.14 | % |
Short-term borrowings | | | 13,929 | | | | 6 | | | | 0.17 | % | | | 15,147 | | | | 6 | | | | 0.16 | % | | | 10,908 | | | | 6 | | | | 0.22 | % | | | 9,260 | | | | 6 | | | | 0.26 | % | | | 10,155 | | | | 6 | | | | 0.24 | % |
FHLB advances and other borrowings | | | 165,358 | | | | 964 | | | | 2.34 | % | | | 140,177 | | | | 889 | | | | 2.52 | % | | | 148,963 | | | | 968 | | | | 2.58 | % | | | 149,215 | | | | 978 | | | | 2.63 | % | | | 143,328 | | | | 842 | | | | 2.38 | % |
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Total interest-bearing liabilities | | | 1,267,471 | | | | 2,387 | | | | 0.76 | % | | | 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 | % |
Noninterest-bearing deposits | | | 305,468 | | | | | | | | | | | | 304,883 | | | | | | | | | | | | 290,468 | | | | | | | | | | | | 279,210 | | | | | | | | | | | | 275,295 | | | | | | | | | |
Other liabilities | | | 25,258 | | | | | | | | | | | | 24,991 | | | | | | | | | | | | 21,481 | | | | | | | | | | | | 24,562 | | | | | | | | | | | | 23,259 | | | | | | | | | |
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Total noninterest-bearing liabilities | | | 330,726 | | | | | | | | | | | | 329,874 | | | | | | | | | | | | 311,949 | | | | | | | | | | | | 303,772 | | | | | | | | | | | | 298,554 | | | | | | | | | |
Total liabilities | | | 1,598,197 | | | | | | | | | | | | 1,576,967 | | | | | | | | | | | | 1,559,595 | | | | | | | | | | | | 1,551,002 | | | | | | | | | | | | 1,532,549 | | | | | | | | | |
Shareholders' equity | | | 186,987 | | | | | | | | | | | | 188,084 | | | | | | | | | | | | 184,361 | | | | | | | | | | | | 174,878 | | | | | | | | | | | | 164,182 | | | | | | | | | |
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Total liabilities and shareholders' equity | | $ | 1,785,184 | | | | | | | | | | | $ | 1,765,051 | | | | | | | | | | | $ | 1,743,956 | | | | | | | | | | | $ | 1,725,880 | | | | | | | | | | | $ | 1,696,731 | | | | | | | | | |
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Interest income to earning assets | | | | | | | | | | | 4.52 | % | | | | | | | | | | | 4.59 | % | | | | | | | | | | | 4.65 | % | | | | | | | | | | | 4.78 | % | | | | | | | | | | | 4.76 | % |
Net interest spread | | | | | | | | | | | 3.76 | % | | | | | | | | | | | 3.71 | % | | | | | | | | | | | 3.69 | % | | | | | | | | | | | 3.80 | % | | | | | | | | | | | 3.83 | % |
Effect of noninterest-bearing sources | | | | | | | | | | | 0.17 | % | | | | | | | | | | | 0.20 | % | | | | | | | | | | | 0.21 | % | | | | | | | | | | | 0.21 | % | | | | | | | | | | | 0.20 | % |
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Net interest income/ margin on earning assets | | | | | | $ | 16,045 | | | | 3.93 | % | | | | | | $ | 15,984 | | | | 3.91 | % | | | | | | $ | 15,717 | | | | 3.90 | % | | | | | | $ | 15,873 | | | | 4.01 | % | | | | | | $ | 15,540 | | | | 4.03 | % |
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Tax equivalent adjustment | | | | | | $ | 79 | | | | 0.02 | % | | | | | | $ | 66 | | | | 0.02 | % | | | | | | $ | 64 | | | | 0.02 | % | | | | | | $ | 74 | | | | 0.02 | % | | | | | | $ | 133 | | | | 0.04 | % |
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| * | 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. |
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