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 Strong Third Quarter 2012 Earnings, Led By
Robust Wealth Management Revenues and Residential Mortgage Gains
BRYN MAWR, Pa., October 25, 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 September 30, 2012 of $5.4 million, an increase of $195 thousand, or 3.7%, as compared to net income of $5.2 million for the same period in 2011. Diluted earnings per share of $0.41 for the three months ended September 30, 2012 remain unchanged from the same period in 2011. Included in the net income for the quarter were due diligence and merger-related expenses of $316 thousand and $188 thousand in prepayment penalties related to the early extinguishment of $9.4 million of debt. Contributing significantly to the Corporation’s solid performance for the quarter was a $1.9 million increase in revenue for Wealth Management services along with a $1.1 million increase in gain on sale of mortgage loans for the three months ended September 30, 2012, as compared to the same period in 2011.
On October 25, 2012, the Board of Directors of the Corporation declared a quarterly dividend of $0.16 per share. The dividend is payable December 1, 2012, to shareholders of record as of November 6, 2012.
Ted Peters, Chairman and Chief Executive Officer commented, “The Corporation has posted yet another excellent quarter driven by strong non-interest revenue, which was able to offset increases in non-interest expense during the quarter. The revenue from Wealth Management services reported during the quarter demonstrated the impact of the May 15, 2012 acquisition of the Davidson Trust Company.” Mr. Peters added, “The continuing low-interest- rate environment has helped sustain the residential mortgage refinancing trend, allowing the Corporation to record
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its third consecutive quarterly increase in gain on sale of residential mortgage loans. We are pleased that these sources of non-interest income have more than compensated for the continuing pressure on our net interest margin.”
The previously announced acquisition of consumer and business deposit and loan accounts, as well as a branch location in Wilmington, Delaware, from the First Bank of Delaware, which is anticipated to increase loans by approximately $90 million and deposits by approximately $60 million, is expected to close during the fourth quarter of 2012. An amendment to the original purchase agreement between the Corporation and the First Bank of Delaware was filed on Form 8-K on October 18, 2012 with the Securities and Exchange Commission.
Mr. Peters continued, “We are looking forward to completing the First Bank of Delaware transaction. The acquisition will expand our footprint in Delaware, complementing Lau Associates and the Bryn Mawr Trust Company of Delaware, and enable us to establish a commercial banking foothold in the attractive Delaware market.”
SIGNIFICANT ITEMS OF NOTE
| | • | | Net income for the three months ended September 30, 2012 increased $195 thousand, or 3.7%, as compared to the same period in 2011. The Corporation experienced significant increases in revenue for Wealth Management services and gain on sale of residential mortgage loans, as well as a substantial decrease in the provision for loan and lease losses for the three months ended September 30, 2012, as compared to the same period in 2011. These improvements were partially offset by increases in salaries and employee benefits, occupancy, intangible asset amortization, due diligence and merger-related expense and other operating expenses. |
| | • | | Non-interest income of $12.2 million for the three months ended September 30, 2012, represented 43.4% of total revenue (net interest income plus non-interest income) and was a $3.0 million, or 32.2%, increase from the same period in 2011. Non-interest income represented 37.1% of total revenue for the three months ended September 30, 2011. |
| | • | | Comprising a significant portion of non-interest income, revenue from Wealth Management services for the three months ended September 30, 2012 was $8.0 million, |
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| | an increase of 31.1% from the $6.1 million generated during the same period in 2011, reflecting the effects of the May 15, 2012 acquisition of the Davidson Trust Company (“DTC”). Wealth Management Division assets under management, administration, supervision and brokerage as of September 30, 2012 were $6.5 billion, an increase of $1.7 billion, or 34.2 %, from December 31, 2011, and a $2.0 billion, or 44.0% increase, from September 30, 2011. A significant portion of this increase was the result of the DTC acquisition, along with additional organic growth from within the Wealth Management division. |
| | • | | Non-interest expense for the three months ended September 30, 2012 totaled $18.9 million, an increase of $3.2 million from the same period in 2011. Factors contributing to this increase included a $1.3 million increase in salaries and employee benefits and a $333 thousand increase in occupancy-related costs, largely related to the acquisition of DTC. In addition, due diligence and merger-related expenses increased by $180 thousand related to the pending First Bank of Delaware transaction. Other increases in non-interest expense between the periods included a $433 thousand increase in deferred compensation expense which totaled $120 thousand for the three months ended September 30, 2012 as compared to a credit of $313 thousand for the same period in 2011. This deferred compensation expense is discussed below under the heading, “Correction of an Immaterial Accounting Error.” In addition the Corporation incurred a $188 thousand prepayment penalty resulting from the early extinguishment of $9.4 million of debt. |
| | • | | Tax-equivalent net interest income of $16.0 million for the three months ended September 30, 2012 increased $278 thousand, or 1.8%, from the $15.7 million of tax-equivalent net interest income for the same period in 2011. |
| | • | | The tax-equivalent net interest margin of 3.78% for the three months ended September 30, 2012 declined 12 basis points from 3.90% for the same period in 2011. The effect of this decline in tax-equivalent net interest margin was more than offset by an $84.5 million increase in average interest-earning assets, relative to a $32.4 million increase in average interest-bearing liabilities, between the two periods. In addition, the average balance of non-interest-bearing deposits increased by $39.7 million between the two periods. |
| | • | | The Corporation took strategic steps during the quarter to reduce certain of its higher rate interest-bearing liabilities. In particular, at the end of the third quarter, the Corporation prepaid $7.5 million of subordinated debt in addition to a $1.9 million commercial mortgage. These early extinguishments of debt generated a prepayment penalty of $188 thousand. |
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| | • | | Net gain on sale of residential mortgage loans for the three months ended September 30, 2012 was $1.8 million as compared to $764 thousand for the same period in 2011. The 140.4% increase was attributable to a significant increase in residential mortgage loan originations between the periods as the low-rate environment continued to spur refinancing activity. |
| | • | | Deposits of $1.40 billion as of September 30, 2012 increased $16.2 million, or 1.2%, from $1.38 billion as of December 31, 2011. Primarily contributing to this slight increase was a $100.1 million increase in money market accounts, offset by decreases of $27.7 million in wholesale non-maturity deposits, $13.6 million in wholesale time deposits and $37.8 million in time deposits. Non-interest-bearing deposits continue to be strong, representing 23.4% of total deposits as of September 30, 2012. |
| | • | | Total portfolio loans and leases of $1.31 billion as of September 30, 2012 increased by $18.3 million from December 31, 2011. Loan growth was primarily concentrated in the commercial mortgage segment of the portfolio, partially offset by decreases in the construction and home equity segments of the portfolio. |
| | • | | Nonperforming loans and leases as of September 30, 2012 totaled $13.8 million, or 1.05% of portfolio loans and leases, as compared to $14.3 million, or 1.11% of portfolio loans and leases as of December 31, 2011. More recently, however, nonperforming loans and leases have declined significantly from $22.6 million at March 31, 2012 and $18.3 million at June 30, 2012. |
| | • | | The provision for loan and lease losses (the “Provision”) for the three months ended September 30, 2012 was $1.0 million, a decrease of $828 thousand as compared to the same period in 2011. The decrease in the Provision between periods was primarily due to a $1.0 million reduction in net charge-offs for the three months ended September 30, 2012, as compared to the same period in 2011. |
| | • | | The allowance for loan and lease losses, as of September 30, 2012, of $13.6 million, was 1.04% of portfolio loans and leases, as compared to $12.8 million, or 0.98% of portfolio loans and leases as of December 31, 2011. |
| | • | | Available for sale investment securities as of September 30, 2012 totaled $316.6 million, as compared to $273.8 million as of December 31, 2011. The net gain on sale of available for sale investment securities for the three months ended September 30, 2012 was $416 thousand, as compared to a gain of $343 thousand for the same period in 2011. |
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| | • | | The capital ratios for the Bank and the Corporation, as shown in the table at page 15, indicate levels well above the regulatory minimum to be considered “well capitalized”. |
| | • | | Construction is well underway on our full-service branch in Bala Cynwyd, Pennsylvania, just outside Philadelphia. The branch is projected to be completed and open for business before the end of the year. The Corporation is continuing to look for additional opportunities to expand in the state of Delaware in order to complement the Lau Associates and Bryn Mawr Trust of Delaware offices and the soon-to-be-acquired First Bank of Delaware branch location. |
OTHER INFORMATION
Correction of an Immaterial Accounting Error
In September 2012, the Corporation identified an immaterial accounting error related to two of its deferred compensation plans. The provisions of the deferred compensation plans enabled certain executives and directors to have bonus payments and director fees deferred, and allowed the participants to direct the investment of these deferred amounts. Because one of the investment choices offered to the participants was the Corporation’s common stock, this stock was placed in a trust owned by the Corporation whose fair market value was periodically adjusted to reflect changes in the stock’s price. The portion of this trust that contained the Corporation’s common stock was incorrectly reported as an asset on the Corporation’s balance sheet. Changes in the fair market value of the asset were reflected as increases or decreases in the value of the asset, as well as increases or decreases in the value of the liability to the participants. The stock held in the trust should have been classified as treasury stock and should have been reported in the stockholders’ equity section of the Corporation’s balance sheet, at cost. The resulting corrections involved adjustments to assets and stockholders’ equity, as well as adjustments to other operating expense, as changes in the fair market value of the Corporation’s common stock held in the trust are charged to deferred compensation expense, a component of other operating expense. All periods presented in the tables accompanying this earnings release have been revised to reflect this correction. In addition, a reconciliation of net income, basic and diluted earnings per common share, total assets, retained earnings, and number of shares and cost of treasury stock, indicating their originally reported amounts and their corrected amounts, is included at page 18 below.
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EARNINGS CONFERENCE CALL
The Corporation will hold an earnings conference call at 8:30 a.m. EDT on Friday, October 26, 2012. Interested parties may participate by calling 1-877-317-6789, conference number 10018204. A taped replay of the conference call will be available within one hour after the conclusion of the call and will remain available through November 12, 2012. The number to call for the taped replay is 1-877-344-7529 and the Replay Passcode is 10018204.
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
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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 Davidson Trust Company and the anticipated acquisition of First Bank of Delaware; 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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Bryn Mawr Bank Corporation
Consolidated Statements of Income—(unaudited)
(Dollars in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | |
| | | For The Three Months Ended | |
| | | Sep 30,
2012 | | | Jun 30,
2012 | | | Mar 31,
2012 | | | Dec 31,
2011 | | | Sept 30,
2011 | |
Interest income | | $ | 18,081 | | | $ | 18,188 | | | $ | 18,372 | | | $ | 18,727 | | | $ | 18,691 | |
Interest expense | | | 2,130 | | | | 2,285 | | | | 2,387 | | | | 2,772 | | | | 3,018 | |
| | | | | | | | | | | | | | | | | | | | |
Net interest income | | | 15,951 | | | | 15,903 | | | | 15,985 | | | | 15,955 | | | | 15,673 | |
Provision for loan and lease losses | | | 1,000 | | | | 1,003 | | | | 1,000 | | | | 1,056 | | | | 1,828 | |
| | | | | | | | | | | | | | | | | | | | |
Net interest income after provision for loan and lease losses | | | 14,951 | | | | 14,900 | | | | 14,985 | | | | 14,899 | | | | 13,845 | |
Fees for wealth management services | | | 7,993 | | | | 7,211 | | | | 6,229 | | | | 6,306 | | | | 6,098 | |
Loan servicing and other fees | | | 432 | | | | 436 | | | | 435 | | | | 454 | | | | 449 | |
Service charges on deposits | | | 634 | | | | 609 | | | | 580 | | | | 654 | | | | 646 | |
Net gain on sale of residential mortgage loans | | | 1,837 | | | | 1,304 | | | | 1,170 | | | | 699 | | | | 764 | |
Net gain on sale of available for sale investments | | | 416 | | | | 716 | | | | — | | | | 373 | | | | 343 | |
Net (loss) gain on sale of other real estate owned (“OREO”) | | | (45 | ) | | | — | | | | (41 | ) | | | (38 | ) | | | 70 | |
BOLI income | | | 107 | | | | 105 | | | | 118 | | | | 114 | | | | 115 | |
Other operating income | | | 874 | | | | 1,000 | | | | 1,096 | | | | 909 | | | | 779 | |
| | | | | | | | | | | | | | | | | | | | |
Non-interest income | | | 12,248 | | | | 11,381 | | | | 9,587 | | | | 9,471 | | | | 9,264 | |
Salaries and wages | | | 8,703 | | | | 8,075 | | | | 7,505 | | | | 7,404 | | | | 7,639 | |
Employee benefits | | | 1,903 | | | | 2,023 | | | | 2,160 | | | | 1,889 | | | | 1,674 | |
Occupancy and bank premises | | | 1,488 | | | | 1,395 | | | | 1,375 | | | | 1,424 | | | | 1,225 | |
Furniture fixtures and equipment | | | 935 | | | | 940 | | | | 891 | | | | 938 | | | | 865 | |
Advertising | | | 267 | | | | 359 | | | | 320 | | | | 257 | | | | 204 | |
Net impairment (recovery) of mortgage servicing rights | | | 105 | | | | 87 | | | | (110 | ) | | | 114 | | | | 468 | |
Amortization of mortgage servicing rights | | | 243 | | | | 256 | | | | 219 | | | | 225 | | | | 197 | |
Intangible asset amortization | | | 669 | | | | 560 | | | | 509 | | | | 522 | | | | 541 | |
FDIC insurance | | | 262 | | | | 234 | | | | 219 | | | | 218 | | | | 238 | |
Merger related / due diligence expense | | | 316 | | | | 914 | | | | 209 | | | | (79 | ) | | | 135 | |
Professional fees | | | 609 | | | | 571 | | | | 657 | | | | 647 | | | | 516 | |
Other operating expenses | | | 3,389 | | | | 2,714 | | | | 2,841 | | | | 3,180 | | | | 1,970 | |
| | | | | | | | | | | | | | | | | | | | |
Non-interest expense | | | 18,889 | | | | 18,128 | | | | 16,795 | | | | 16,739 | | | | 15,672 | |
Income before income taxes | | | 8,310 | | | | 8,153 | | | | 7,777 | | | | 7,631 | | | | 7,437 | |
Income tax expense | | | 2,885 | | | | 2,808 | | | | 2,704 | | | | 2,627 | | | | 2,207 | |
| | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 5,425 | | | $ | 5,345 | | | $ | 5,073 | | | $ | 5,004 | | | $ | 5,230 | |
| | | | | | | | | | | | | | | | | | | | |
Per share data: | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding | | | 13,149,050 | | | | 13,072,963 | | | | 12,979,746 | | | | 12,901,266 | | | | 12,861,926 | |
Dilutive common shares | | | 146,377 | | | | 158,570 | | | | 147,502 | | | | 99,964 | | | | 36,306 | |
| | | | | | | | | | | | | | | | | | | | |
Adjusted weighted average dilutive shares | | | 13,295,427 | | | | 13,231,533 | | | | 13,127,248 | | | | 13,001,230 | | | | 12,898,232 | |
| | | | | | | | | | | | | | | | | | | | |
Basic earnings per common share | | $ | 0.41 | | | $ | 0.41 | | | $ | 0.39 | | | $ | 0.39 | | | $ | 0.41 | |
Diluted earnings per common share | | $ | 0.41 | | | $ | 0.40 | | | $ | 0.39 | | | $ | 0.38 | | | $ | 0.41 | |
Dividend declared per share | | $ | 0.16 | | | $ | 0.16 | | | $ | 0.16 | | | $ | 0.15 | | | $ | 0.15 | |
Effective tax rate | | | 34.7 | % | | | 34.4 | % | | | 34.8 | % | | | 34.4 | % | | | 29.7 | % |
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Bryn Mawr Bank Corporation
Consolidated Statements of Income—(unaudited)
(Dollars in thousands, except per share data)
| | | | | | | | |
| | | For The Nine Months Ended | |
| | | Sep 30,
2012 | | | Sep 30,
2011 | |
Interest income | | $ | 54,641 | | | $ | 55,836 | |
Interest expense | | | 6,802 | | | | 8,889 | |
| | | | | | | | |
Net interest income | | | 47,839 | | | | 46,947 | |
Provision for loan and lease losses | | | 3,003 | | | | 5,032 | |
| | | | | | | | |
Net interest income after provision for loan and lease losses | | | 44,836 | | | | 41,915 | |
Fees for wealth management services | | | 21,433 | | | | 15,363 | |
Loan servicing and other fees | | | 1,303 | | | | 1,370 | |
Service charges on deposits | | | 1,823 | | | | 1,841 | |
Net gain on sale of residential mortgage loans | | | 4,311 | | | | 1,818 | |
Net gain on sale of available for sale investments | | | 1,132 | | | | 1,410 | |
BOLI income | | | 330 | | | | 348 | |
Net loss on sale of other real estate owned (“OREO”) | | | (86 | ) | | | (59 | ) |
Other operating income | | | 2,970 | | | | 2,497 | |
| | | | | | | | |
Non-interest income | | | 33,216 | | | | 24,588 | |
Salaries and wages | | | 24,283 | | | | 20,680 | |
Employee benefits | | | 6,086 | | | | 5,000 | |
Occupancy and bank premises | | | 4,258 | | | | 3,752 | |
Furniture fixtures and equipment | | | 2,766 | | | | 2,571 | |
Advertising | | | 946 | | | | 909 | |
Net impairment of mortgage servicing rights | | | 82 | | | | 672 | |
Amortization of mortgage servicing rights | | | 718 | | | | 524 | |
Intangible asset amortization | | | 1,738 | | | | 968 | |
FDIC insurance | | | 715 | | | | 968 | |
Merger expense | | | 1,410 | | | | 457 | |
Due diligence | | | 29 | | | | 159 | |
Merger related / due diligence expense | | | 1,439 | | | | 616 | |
Professional fees | | | 1,837 | | | | 1,664 | |
Other operating expenses | | | 8,944 | | | | 6,666 | |
| | | | | | | | |
Non-interest expense | | | 53,812 | | | | 44,990 | |
Income before income taxes | | | 24,240 | | | | 21,513 | |
Income tax expense | | | 8,397 | | | | 6,915 | |
| | | | | | | | |
Net income | | $ | 15,843 | | | $ | 14,598 | |
| | | | | | | | |
Per share data: | | | | | | | | |
Weighted average shares outstanding | | | 13,067,551 | | | | 12,578,460 | |
Dilutive common shares | | | 133,799 | | | | 22,512 | |
| | | | | | | | |
Adjusted weighted average shares | | | 13,201,350 | | | | 12,600,972 | |
| | | | | | | | |
Basic earnings per common share | | $ | 1.21 | | | $ | 1.16 | |
Diluted earnings per common share | | $ | 1.20 | | | $ | 1.16 | |
Dividend declared per share | | $ | 0.48 | | | $ | 0.45 | |
Effective tax rate | | | 34.6 | % | | | 32.1 | % |
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Bryn Mawr Bank Corporation
Consolidated Balance Sheets—(unaudited)
(Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | |
| | | Sep 30, | | | June 30, | | | Mar 31, | | | Dec 31, | | | Sept 30, | |
| | | 2012 | | | 2012 | | | 2012 | | | 2011 | | | 2011 | |
Assets | | | | | | | | | | | | | | | | | | | | |
Interest bearing deposits with banks | | $ | 23,455 | | | $ | 68,133 | | | $ | 55,548 | | | $ | 57,265 | | | $ | 52,205 | |
Money market funds | | | 104 | | | | 191 | | | | 211 | | | | 104 | | | | 106 | |
Investment securities—available for sale | | | 316,644 | | | | 331,407 | | | | 328,215 | | | | 273,822 | | | | 277,187 | |
Investment securities—trading | | | 1,399 | | | | 1,342 | | | | 1,556 | | | | 1,436 | | | | 1,318 | |
Loans held for sale | | | 3,420 | | | | 1,668 | | | | 5,784 | | | | 1,588 | | | | 4,857 | |
Portfolio loans: | | | | | | | | | | | | | | | | | | | | |
Consumer | | | 17,342 | | | | 15,920 | | | | 13,644 | | | | 11,429 | | | | 12,235 | |
Commercial & industrial | | | 274,351 | | | | 264,116 | | | | 270,766 | | | | 267,204 | | | | 271,228 | |
Commercial mortgages | | | 472,354 | | | | 445,254 | | | | 430,896 | | | | 419,130 | | | | 414,656 | |
Construction | | | 22,161 | | | | 33,815 | | | | 51,274 | | | | 52,844 | | | | 59,303 | |
Residential mortgages | | | 301,054 | | | | 304,249 | | | | 306,911 | | | | 306,478 | | | | 279,696 | |
Home equity lines & loans | | | 195,315 | | | | 202,676 | | | | 202,015 | | | | 207,917 | | | | 209,687 | |
Leases | | | 31,136 | | | | 30,549 | | | | 28,974 | | | | 30,390 | | | | 31,552 | |
| | | | | | | | | | | | | | | | | | | | |
Total portfolio loans and leases | | | 1,313,713 | | | | 1,296,579 | | | | 1,304,480 | | | | 1,295,392 | | | | 1,278,357 | |
Earning assets | | | 1,658,735 | | | | 1,699,320 | | | | 1,695,794 | | | | 1,629,607 | | | | 1,614,030 | |
Cash and due from banks | | | 13,526 | | | | 13,147 | | | | 11,939 | | | | 11,771 | | | | 10,801 | |
Allowance for loan and lease losses | | | (13,638 | ) | | | (13,140 | ) | | | (13,040 | ) | | | (12,753 | ) | | | (11,654 | ) |
Premises and equipment | | | 29,238 | | | | 28,911 | | | | 28,680 | | | | 29,328 | | | | 29,615 | |
Accrued interest receivable | | | 5,963 | | | | 6,009 | | | | 6,037 | | | | 6,061 | | | | 6,075 | |
Mortgage servicing rights | | | 4,257 | | | | 4,220 | | | | 4,217 | | | | 4,041 | | | | 4,206 | |
Goodwill | | | 29,588 | | | | 29,752 | | | | 24,689 | | | | 24,689 | | | | 23,169 | |
Other intangible assets | | | 22,351 | | | | 22,855 | | | | 17,504 | | | | 18,014 | | | | 18,536 | |
Bank owned life insurance (“BOLI”) | | | 19,765 | | | | 19,658 | | | | 19,552 | | | | 19,434 | | | | 19,321 | |
FHLB stock | | | 10,717 | | | | 10,746 | | | | 11,009 | | | | 11,588 | | | | 12,198 | |
Net Deferred income tax asset | | | 11,478 | | | | 11,432 | | | | 12,991 | | | | 13,845 | | | | 13,874 | |
Other investments | | | 4,438 | | | | 4,424 | | | | 4,095 | | | | 4,107 | | | | 3,524 | |
Other assets | | | 18,111 | | | | 16,021 | | | | 12,944 | | | | 13,641 | | | | 12,075 | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,814,529 | | | $ | 1,853,355 | | | $ | 1,836,411 | | | $ | 1,773,373 | | | $ | 1,755,770 | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities and shareholders’ equity | | | | | | | | | | | | | | | | | | | | |
Interest-bearing checking | | $ | 226,206 | | | $ | 237,126 | | | $ | 235,841 | | | $ | 233,562 | | | $ | 224,609 | |
Money market | | | 493,829 | | | | 468,314 | | | | 418,503 | | | | 393,729 | | | | 384,463 | |
Savings | | | 132,402 | | | | 133,204 | | | | 135,912 | | | | 130,613 | | | | 130,910 | |
Wholesale non-maturity deposits | | | 37,458 | | | | 35,365 | | | | 66,518 | | | | 65,173 | | | | 65,428 | |
Wholesale time deposits | | | 9,942 | | | | 22,505 | | | | 22,062 | | | | 23,550 | | | | 28,992 | |
Time deposits | | | 171,498 | | | | 193,081 | | | | 212,003 | | | | 209,333 | | | | 224,331 | |
| | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits | | | 1,071,335 | | | | 1,089,595 | | | | 1,090,839 | | | | 1,055,960 | | | | 1,058,733 | |
Non-interest bearing deposits | | | 327,214 | | | | 336,972 | | | | 334,918 | | | | 326,409 | | | | 292,415 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | | 1,398,549 | | | | 1,426,567 | | | | 1,425,757 | | | | 1,382,369 | | | | 1,351,148 | |
Subordinated debentures | | | 15,000 | | | | 22,500 | | | | 22,500 | | | | 22,500 | | | | 22,500 | |
Junior subordinated debentures | | | — | | | | — | | | | — | | | | — | | | | 11,992 | |
Short-term borrowings | | | 11,629 | | | | 14,675 | | | | 13,254 | | | | 12,863 | | �� | | 22,535 | |
FHLB advances and other borrowings | | | 162,816 | | | | 169,589 | | | | 164,697 | | | | 147,795 | | | | 140,532 | |
Other liabilities | | | 25,280 | | | | 23,956 | | | | 20,538 | | | | 23,466 | | | | 21,278 | |
Shareholders’ equity | | | 201,255 | | | | 196,068 | | | | 189,665 | | | | 184,380 | | | | 185,785 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,814,529 | | | $ | 1,853,355 | | | $ | 1,836,411 | | | $ | 1,773,373 | | | $ | 1,755,770 | |
| | | | | | | | | | | | | | | | | | | | |
10
Bryn Mawr Bank Corporation
Consolidated Quarterly Average Balance Sheets—(unaudited)
(Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | |
| | | 2012 | | | 2012 | | | 2012 | | | 2011 | | | 2011 | |
| | | 3Q | | | 2Q | | | 1Q | | | 4Q | | | 3Q | |
Assets | | | | | | | | | | | | | | | | | | | | |
Interest bearing deposits with banks | | $ | 53,576 | | | $ | 57,542 | | | $ | 38,337 | | | $ | 56,570 | | | $ | 57,855 | |
Money market funds | | | 191 | | | | 192 | | | | 219 | | | | 109 | | | | 108 | |
Investment securities—available for sale | | | 328,051 | | | | 321,420 | | | | 304,215 | | | | 279,405 | | | | 283,254 | |
Investment securities—trading | | | 1,343 | | | | 1,546 | | | | 1,437 | | | | 1,319 | | | | 1,338 | |
Loans held for sale | | | 2,972 | | | | 3,810 | | | | 3,935 | | | | 3,888 | | | | 6,060 | |
Portfolio loans and leases | | | 1,300,811 | | | | 1,290,209 | | | | 1,295,617 | | | | 1,282,916 | | | | 1,253,804 | |
| | | | | | | | | | | | | | | | | | | | |
Earning assets | | | 1,686,944 | | | | 1,674,719 | | | | 1,643,760 | | | | 1,624,207 | | | | 1,602,419 | |
Cash and due from banks | | | 12,922 | | | | 12,259 | | | | 11,539 | | | | 11,516 | | | | 11,905 | |
Allowance for loan and lease losses | | | (13,337 | ) | | | (13,383 | ) | | | (13,089 | ) | | | (12,110 | ) | | | (11,790 | ) |
Premises and equipment | | | 29,077 | | | | 28,866 | | | | 29,095 | | | | 29,586 | | | | 29,706 | |
Goodwill | | | 29,751 | | | | 26,201 | | | | 24,688 | | | | 23,186 | | | | 23,169 | |
Other intangible assets | | | 22,580 | | | | 21,427 | | | | 17,804 | | | | 18,319 | | | | 18,860 | |
Bank owned life insurance | | | 19,695 | | | | 19,589 | | | | 19,480 | | | | 19,359 | | | | 19,246 | |
Deferred income taxes | | | 11,179 | | | | 12,212 | | | | 13,637 | | | | 13,972 | | | | 13,404 | |
Other assets | | | 33,992 | | | | 34,651 | | | | 36,735 | | | | 35,665 | | | | 35,501 | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,832,803 | | | $ | 1,816,541 | | | $ | 1,783,649 | | | $ | 1,763,700 | | | $ | 1,742,420 | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities and shareholders’ equity | | | | | | | | | | | | | | | | | | | | |
Interest-bearing checking | | $ | 229,853 | | | $ | 236,131 | | | $ | 227,817 | | | $ | 224,648 | | | $ | 225,569 | |
Money market | | | 486,798 | | | | 436,717 | | | | 406,972 | | | | 394,150 | | | | 367,276 | |
Savings | | | 133,315 | | | | 133,105 | | | | 132,451 | | | | 132,617 | | | | 131,421 | |
Wholesale non-maturity deposits | | | 35,956 | | | | 47,463 | | | | 65,117 | | | | 65,127 | | | | 65,177 | |
Wholesale time deposits | | | 13,809 | | | | 22,280 | | | | 22,354 | | | | 27,749 | | | | 29,187 | |
Time deposits | | | 178,711 | | | | 203,344 | | | | 210,973 | | | | 214,684 | | | | 234,645 | |
| | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits | | | 1,078,442 | | | | 1,079,040 | | | | 1,065,684 | | | | 1,058,975 | | | | 1,053,275 | |
Non-interest bearing deposits | | | 330,179 | | | | 323,539 | | | | 305,468 | | | | 304,883 | | | | 290,468 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | | 1,408,621 | | | | 1,402,579 | | | | 1,371,152 | | | | 1,363,858 | | | | 1,343,743 | |
Subordinated debentures | | | 21,114 | | | | 22,500 | | | | 22,500 | | | | 22,500 | | | | 22,500 | |
Junior subordinated debentures | | | — | | | | — | | | | — | | | | 10,294 | | | | 12,000 | |
Short-term borrowings | | | 13,273 | | | | 13,149 | | | | 13,885 | | | | 15,147 | | | | 10,908 | |
FHLB advances and other borrowings | | | 167,251 | | | | 163,908 | | | | 165,402 | | | | 140,177 | | | | 148,963 | |
Other liabilities | | | 25,100 | | | | 23,158 | | | | 25,259 | | | | 24,991 | | | | 21,482 | |
Shareholders’ equity | | | 197,444 | | | | 191,247 | | | | 185,451 | | | | 186,733 | | | | 182,824 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,832,803 | | | $ | 1,816,541 | | | $ | 1,783,649 | | | $ | 1,763,700 | | | $ | 1,742,420 | |
| | | | | | | | | | | | | | | | | | | | |
11
Bryn Mawr Bank Corporation
Consolidated Average Balance Sheets—(unaudited)
(Dollars in thousands)
| | | | | | | | |
| | | 2012 | | | 2011 | |
| | | Year-to-Date | | | Year-to-Date | |
Assets | | | | | | | | |
Interest bearing deposits with banks | | $ | 49,832 | | | $ | 50,778 | |
Money market funds | | | 201 | | | | 167 | |
Investment securities—available for sale | | | 317,932 | | | | 296,524 | |
Investment securities—trading | | | 1,442 | | | | 1,345 | |
Loans held for sale | | | 3,435 | | | | 4,299 | |
Portfolio loans and leases | | | 1,295,700 | | | | 1,233,393 | |
| | | | | | | | |
Earning assets | | | 1,668,542 | | | | 1,586,506 | |
Cash and due from banks | | | 12,242 | | | | 12,249 | |
Allowance for loan and lease losses | | | (13,270 | ) | | | (11,157 | ) |
Premises and equipment | | | 29,013 | | | | 29,389 | |
Goodwill | | | 26,890 | | | | 20,211 | |
Intangible assets | | | 20,611 | | | | 12,554 | |
Bank owned life insurance | | | 19,588 | | | | 19,130 | |
FHLB stock | | | 10,824 | | | | 12,851 | |
Deferred tax asset | | | 12,339 | | | | 14,133 | |
Other assets | | | 24,298 | | | | 25,013 | |
| | | | | | | | |
Total assets | | $ | 1,811,077 | | | $ | 1,720,879 | |
| | | | | | | | |
Liabilities and shareholders’ equity | | | | | | | | |
Interest-bearing checking | | $ | 231,262 | | | $ | 227,566 | |
Money market | | | 443,654 | | | | 353,965 | |
Savings | | | 132,958 | | | | 131,692 | |
Wholesale non-maturity deposits | | | 49,462 | | | | 68,691 | |
Wholesale time deposits | | | 19,460 | | | | 31,333 | |
Time deposits | | | 197,607 | | | | 237,948 | |
| | | | | | | | |
Interest-bearing deposits | | | 1,074,403 | | | | 1,051,195 | |
Non-interest bearing deposits | | | 319,767 | | | | 281,714 | |
| | | | | | | | |
Total deposits | | | 1,394,170 | | | | 1,332,909 | |
Subordinated debentures | | | 22,035 | | | | 22,500 | |
FHLB advances and other borrowings | | | 165,717 | | | | 147,189 | |
Junior subordinated debentures | | | — | | | | 12,012 | |
Short-term borrowings | | | 13,244 | | | | 10,110 | |
Other liabilities | | | 24,508 | | | | 23,095 | |
Shareholders’ equity | | | 191,403 | | | | 173,064 | |
| | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,811,077 | | | $ | 1,720,879 | |
| | | | | | | | |
12
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data—(unaudited)
(Dollars in thousands, except per share data )
September 30, 2012
| | | | | | | | | | | | | | | | | | | | |
| | | 2012 | | | 2012 | | | 2012 | | | 2011 | | | 2011 | |
| For the period end: | | 3Q | | | 2Q | | | 1Q | | | 4Q | | | 3Q | |
Asset Quality Data | | | | | | | | | | | | | | | | | | | | |
Nonaccrual loans and leases | | $ | 13,816 | | | $ | 14,929 | | | $ | 22,570 | | | $ | 14,315 | | | $ | 14,208 | |
90 + days past due loans—still accruing | | | — | | | | 3,376 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Nonperforming loans and leases | | | 13,816 | | | | 18,305 | | | | 22,570 | | | | 14,315 | | | | 14,208 | |
Other real estate owned | | | 412 | | | | 865 | | | | 404 | | | | 549 | | | | 1,301 | |
| | | | | | | | | | | | | | | | | | | | |
Total nonperforming assets | | $ | 14,228 | | | $ | 19,170 | | | $ | 22,974 | | | $ | 14,864 | | | $ | 15,509 | |
| | | | | | | | | | | | | | | | | | | | |
Troubled debt restructurings included in nonperforming | | $ | 3,740 | | | $ | 4,005 | | | $ | 4,223 | | | $ | 4,300 | | | $ | 901 | |
Troubled debt restructurings in compliance with modified terms | | | 8,379 | | | | 8,302 | | | | 7,970 | | | | 7,166 | | | | 7,182 | |
| | | | | | | | | | | | | | | | | | | | |
Total troubled debt restructurings | | $ | 12,119 | | | $ | 12,307 | | | $ | 12,193 | | | $ | 11,466 | | | $ | 8,083 | |
Nonperforming loans and leases / portfolio loans | | | 1.05 | % | | | 1.41 | % | | | 1.73 | % | | | 1.11 | % | | | 1.11 | % |
Nonperforming assets / assets | | | 0.78 | % | | | 1.03 | % | | | 1.25 | % | | | 0.84 | % | | | 0.88 | % |
Net loan charge-offs (recoveries) (annualized) / average loans | | | 0.16 | % | | | 0.26 | % | | | 0.21 | % | | | -0.02 | % | | | 0.49 | % |
Net lease (recoveries) charge-offs (annualized) / average leases | | | -0.23 | % | | | 0.94 | % | | | 0.67 | % | | | 0.22 | % | | | 0.37 | % |
Net loan and lease charge-offs (recoveries) (annualized) / average loans and leases | | | 0.16 | % | | | 0.28 | % | | | 0.23 | % | | | -0.01 | % | | | 0.49 | % |
Delinquency rate—loans and leases >30days | | | 1.01 | % | | | 1.36 | % | | | 1.52 | % | | | 1.37 | % | | | 1.33 | % |
Delinquent loans and leases—30-89 days | | $ | 1,954 | | | $ | 2,722 | | | $ | 5,468 | | | $ | 5,311 | | | $ | 4,480 | |
Delinquency rate—loans and leases 30-89 days | | | 0.15 | % | | | 0.21 | % | | | 0.28 | % | | | 0.29 | % | | | 0.35 | % |
Changes in the allowance for loan and lease losses | | | | | | | | | | | | | | | | | | | | |
Balance, beginning of period | | $ | 13,140 | | | $ | 13,040 | | | $ | 12,753 | | | $ | 11,654 | | | $ | 11,341 | |
Charge-offs | | | (618 | ) | | | (960 | ) | | | (839 | ) | | | (466 | ) | | | (1,817 | ) |
Recoveries | | | 116 | | | | 57 | | | | 126 | | | | 509 | | | | 302 | |
| | | | | | | | | | | | | | | | | | | | |
Net (charge-offs) / recoveries | | | (502 | ) | | | (903 | ) | | | (713 | ) | | | 43 | | | | (1,515 | ) |
Provision for loan and lease losses | | | 1,000 | | | | 1,003 | | | | 1,000 | | | | 1,056 | | | | 1,828 | |
| | | | | | | | | | | | | | | | | | | | |
Balance, end of period | | $ | 13,638 | | | $ | 13,140 | | | $ | 13,040 | | | $ | 12,753 | | | $ | 11,654 | |
| | | | | | | | | | | | | | | | | | | | |
Allowance for loan and lease losses / loans and leases | | | 1.04 | % | | | 1.01 | % | | | 1.00 | % | | | 0.98 | % | | | 0.91 | % |
Allowance for loan and lease losses / nonperforming loans and leases | | | 98.7 | % | | | 71.8 | % | | | 57.8 | % | | | 89.1 | % | | | 82.0 | % |
13
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data—(unaudited)
(Dollars in thousands, except per share data )
September 30, 2012
| | | | | | | | | | | | | | | | | | | | |
| | | 2012 | | | 2012 | | | 2012 | | | 2011 | | | 2011 | |
| For the period and period end: | | 3Q | | | 2Q | | | 1Q | | | 4Q | | | 3Q | |
Selected ratios (annualized): | | | | | | | | | | | | | | | | | | | | |
Return on average assets | | | 1.18 | % | | | 1.18 | % | | | 1.14 | % | | | 1.13 | % | | | 1.14 | % |
Return on average shareholders’ equity | | | 10.93 | % | | | 11.24 | % | | | 11.00 | % | | | 10.63 | % | | | 11.35 | % |
Return on average tangible equity (a non-GAAP measure)(2) | | | 14.87 | % | | | 14.97 | % | | | 14.27 | % | | | 13.67 | % | | | 14.74 | % |
Yield on loans and leases* | | | 5.21 | % | | | 5.31 | % | | | 5.33 | % | | | 5.45 | % | | | 5.52 | % |
Yield on interest earning assets* | | | 4.28 | % | | | 4.39 | % | | | 4.51 | % | | | 4.59 | % | | | 4.64 | % |
Cost of interest bearing funds | | | 0.66 | % | | | 0.72 | % | | | 0.76 | % | | | 0.88 | % | | | 0.96 | % |
Net interest margin* | | | 3.78 | % | | | 3.84 | % | | | 3.93 | % | | | 3.91 | % | | | 3.90 | % |
Book value per share | | $ | 15.02 | | | $ | 14.73 | | | $ | 14.40 | | | $ | 14.07 | | | $ | 14.29 | |
Tangible book value per share | | $ | 11.14 | | | $ | 10.77 | | | $ | 11.20 | | | $ | 10.78 | | | $ | 11.08 | |
Period end shares outstanding | | | 13,399,635 | | | | 13,316,469 | | | | 13,168,555 | | | | 13,106,353 | | | | 12,999,712 | |
Selected data: | | | | | | | | | | | | | | | | | | | | |
Mortgage loans originated | | $ | 64,455 | | | $ | 51,427 | | | $ | 55,385 | | | $ | 60,467 | | | $ | 38,998 | |
Mortgage loans sold—servicing retained | | $ | 54,992 | | | $ | 41,986 | | | $ | 32,778 | | | $ | 20,883 | | | $ | 26,090 | |
Mortgage loans sold—servicing released | | | — | | | | 2,238 | | | | 1,223 | | | | 1,164 | | | | 1,922 | |
| | | | | | | | | | | | | | | | | | | | |
Total mortgage loans sold | | $ | 54,992 | | | $ | 44,224 | | | $ | 34,001 | | | $ | 22,047 | | | $ | 28,012 | |
Yield on loans sold | | | 3.34 | % | | | 2.95 | % | | | 3.44 | % | | | 3.17 | % | | | 2.73 | % |
Mortgage loans serviced for others | | $ | 583,859 | | | $ | 575,533 | | | $ | 571,440 | | | $ | 574,422 | | | $ | 593,125 | |
Total Wealth assets under management / administration / supervision / brokerage(1) | | $ | 6,482,835 | | | $ | 6,275,940 | | | $ | 5,152,965 | | | $ | 4,831,631 | | | $ | 4,501,433 | |
| | | | | | | | | | | | | | | | | | | | |
| * | 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. |
14
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data—(unaudited)
(Dollars in thousands, except per share data )
September 30, 2012
| | | | | | | | |
| | | 2012 | | | 2011 | |
| | | Year-to-date | | | Year-to-date | |
Selected ratios (annualized): | | | | | | | | |
Return on average assets | | | 1.17 | % | | | 1.13 | % |
Return on average shareholders’ equity | | | 11.06 | % | | | 11.28 | % |
Return on average tangible equity (a non-GAAP measure)(2) | | | 14.71 | % | | | 13.91 | % |
Yield on loans and leases* | | | 5.29 | % | | | 5.60 | % |
Yield on interest earning assets* | | | 4.40 | % | | | 4.74 | % |
Cost of interest bearing funds | | | 0.71 | % | | | 0.96 | % |
Net interest margin* | | | 3.85 | % | | | 3.99 | % |
Selected data: | | | | | | | | |
Mortgage loans originated | | $ | 171,267 | | | $ | 108,214 | |
Mortgage loans sold—servicing retained | | $ | 129,756 | | | $ | 54,349 | |
Mortgage loans sold—servicing released | | | 3,461 | | | | 5,066 | |
| | | | | | | | |
Total mortgage loans sold | | $ | 133,217 | | | $ | 59,415 | |
| * | 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 - AFS | | | | | | | | | |
| ($’s in thousands) | | As of September 30, 2012 | | | As of December 31, 2011 | | | As of Sept, 2011 | |
SECURITY DESCRIPTION | | Amortized
Cost | | | Fair
Value | | | Net
Unrealized
Gain/(Loss) | | | Amortized
Cost | | | Fair
Value | | | Net
Unrealized
Gain/(Loss) | | | Amortized
Cost | | | Fair
Value | | | Net
Unrealized
Gain/(Loss) | |
Obligations of U. S. government and agencies | | $ | 83,472 | | | $ | 84,354 | | | $ | 882 | | | $ | 104,252 | | | $ | 104,570 | | | $ | 318 | | | | $ 114,072 | | | $ | 114,509 | | | $ | 437 | |
State & political subdivisions | | | 19,240 | | | | 19,445 | | | | 205 | | | | 8,210 | | | | 8,366 | | | | 156 | | | | 3,428 | | | | 3,467 | | | | 39 | |
Mortgage backed securities | | | 125,573 | | | | 129,411 | | | | 3,838 | | | | 95,713 | | | | 97,834 | | | | 2,121 | | | | 104,783 | | | | 107,097 | | | | 2,314 | |
Collateralized mortgage obligations | | | 65,168 | | | | 65,621 | | | | 453 | | | | 32,418 | | | | 32,623 | | | | 205 | | | | 21,695 | | | | 21,920 | | | | 225 | |
Equity securities | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 243 | | | | 284 | | | | 41 | |
Other debt securities | | | 1,900 | | | | 1,900 | | | | — | | | | 1,900 | | | | 1,882 | | | | (18 | ) | | | 1,400 | | | | 1,400 | | | | — | |
Bond—mutual funds | | | 11,456 | | | | 11,504 | | | | 48 | | | | 12,091 | | | | 11,904 | | | | (187 | ) | | | 11,940 | | | | 11,860 | | | | (80 | ) |
Investment CD’s | | | 2,365 | | | | 2,382 | | | | 17 | | | | 2,411 | | | | 2,420 | | | | 9 | | | | 2,425 | | | | 2,430 | | | | 5 | |
Other investments | | | 1,798 | | | | 2,027 | | | | 229 | | | | 1,454 | | | | 1,505 | | | | 51 | | | | 1,463 | | | | 1,458 | | | | (5 | ) |
Corporate bonds | | | — | | | | — | | | | — | | | | 12,616 | | | | 12,718 | | | | 102 | | | | 12,664 | | | | 12,762 | | | | 98 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investment Portfolio | | $ | 310,972 | | | $ | 316,644 | | | $ | 5,672 | | | $ | 271,065 | | | $ | 273,822 | | | $ | 2,757 | | | | $ 274,113 | | | $ | 277,187 | | | $ | 3,074 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Capital Ratios | | | | | | | | | | | | | | | | | | |
| | | Regulatory Minimum | | | | | | | | | | | | | | | | |
| | | To Be | | | | | | | | | | | | | | | | |
| | | Well Capitalized | | | 9/30/2012 | | | 6/30/2012 | | | 3/31/2012 | | | 12/31/2011 | | | 9/30/2011 | |
Bryn Mawr Trust Company Consolidated | | | | | | | | | | | | | | | | | | | | | | | | |
Tier I Capital to Risk Weighted Assets (RWA) | | | 6.00 | % | | | 11.99 | % | | | 11.75 | % | | | 12.17 | % | | | 11.76 | % | | | 11.31 | % |
Total (Tier II) Capital to RWA | | | 10.00 | % | | | 14.09 | % | | | 14.36 | % | | | 14.78 | % | | | 14.35 | % | | | 13.81 | % |
Tier I Leverage Ratio | | | 5.00 | % | | | 9.23 | % | | | 9.14 | % | | | 9.56 | % | | | 9.35 | % | | | 9.14 | % |
Tangible Equity Ratio | | | | | | | 8.85 | % | | | 8.41 | % | | | 8.70 | % | | | 8.66 | % | | | 8.78 | % |
Bryn Mawr Bank Corporation | | | | | | | | | | | | | | | | | | | | | | | | |
Tier I Capital to Risk Weighted Assets (RWA) | | | 6.00 | % | | | 11.64 | % | | | 11.30 | % | | | 11.52 | % | | | 11.16 | % | | | 11.62 | % |
Total (Tier II) Capital to RWA | | | 10.00 | % | | | 13.74 | % | | | 13.90 | % | | | 14.23 | % | | | 13.74 | % | | | 14.11 | % |
Tier I Leverage Ratio | | | 5.00 | % | | | 8.98 | % | | | 8.80 | % | | | 9.07 | % | | | 8.89 | % | | | 9.40 | % |
Tangible Equity Ratio | | | | | | | 8.58 | % | | | 8.07 | % | | | 8.22 | % | | | 8.19 | % | | | 8.41 | % |
15
Bryn Mawr Bank Corporation
Quarterly Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields—(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 3rd Quarter 2012 | | | 2nd Quarter 2012 | | | 1st Quarter 2012 | | | 4th Quarter 2011 | | | 3rd 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 | | $ | 53,576 | | | $ | 34 | | | | 0.25 | % | | $ | 57,542 | | | $ | 30 | | | | 0.21 | % | | $ | 38,337 | | | $ | 23 | | | | 0.24 | % | | $ | 56,570 | | | $ | 27 | | | | 0.19 | % | | $ | 57,855 | | | $ | 29 | | | | 0.20 | % |
Money market funds | | | 191 | | | | — | | | | — | | | | 192 | | | | — | | | | — | | | | 219 | | | | — | | | | — | | | | 109 | | | | — | | | | — | | | | 108 | | | | — | | | | — | |
Investment securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable | | | 309,570 | | | | 960 | | | | 1.23 | % | | | 307,371 | | | | 1,067 | | | | 1.40 | % | | | 294,593 | | | | 1,136 | | | | 1.55 | % | | | 272,869 | | | | 1,055 | | | | 1.53 | % | | | 279,321 | | | | 1,171 | | | | 1.66 | % |
Tax-exempt | | | 18,481 | | | | 82 | | | | 1.77 | % | | | 14,049 | | | | 66 | | | | 1.89 | % | | | 9,622 | | | | 53 | | | | 2.22 | % | | | 6,536 | | | | 31 | | | | 1.88 | % | | | 3,933 | | | | 18 | | | | 1.82 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities available for sale | | | 328,051 | | | | 1,042 | | | | 1.26 | % | | | 321,420 | | | | 1,133 | | | | | % | | | 304,215 | | | | 1,189 | | | | 1.57 | % | | | 279,405 | | | | 1,086 | | | | 1.54 | % | | | 283,254 | | | | 1,189 | | | | 1.67 | % |
Investment securities —trading | | | 1,343 | | | | 5 | | | | 1.48 | % | | | 1,546 | | | | 12 | | | | 1.42 | % | | | 1,437 | | | | 4 | | | | 1.12 | % | | | 1,319 | | | | 8 | | | | 2.41 | % | | | 1,338 | | | | 8 | | | | 2.37 | % |
Loans and leases * | | | 1,303,783 | | | | 17,089 | | | | 5.21 | % | | | 1,294,019 | | | | 17,094 | | | | 5.31 | % | | | 1,299,552 | | | | 17,234 | | | | 5.33 | % | | | 1,286,804 | | | | 17,672 | | | | 5.45 | % | | | 1,259,864 | | | | 17,529 | | | | 5.52 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest earning assets | | | 1,686,944 | | | | 18,170 | | | | 4.28 | % | | | 1,674,719 | | | | 18,269 | | | | 4.39 | % | | | 1,643,760 | | | | 18,450 | | | | 4.51 | % | | | 1,624,207 | | | | 18,793 | | | | 4.59 | % | | | 1,602,419 | | | | 18,755 | | | | 4.64 | % |
Cash and due from banks | | | 12,922 | | | | | | | | | | | | 12,259 | | | | | | | | | | | | 11,539 | | | | | | | | | | | | 11,516 | | | | | | | | | | | | 11,905 | | | | | | | | | |
Less allowance for loan and lease losses | | | (13,337 | ) | | | | | | | | | | | (13,383 | ) | | | | | | | | | | | (13,089 | ) | | | | | | | | | | | (12,110 | ) | | | | | | | | | | | (11,790 | ) | | | | | | | | |
Other assets | | | 146,274 | | | | | | | | | | | | 142,946 | | | | | | | | | | | | 141,439 | | | | | | | | | | | | 140,087 | | | | | | | | | | | | 139,886 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,832,803 | | | | | | | | | | | $ | 1,816,541 | | | | | | | | | | | $ | 1,783,649 | | | | | | | | | | | $ | 1,763,700 | | | | | | | | | | | $ | 1,742,420 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Savings, NOW and market rate deposits | | $ | 849,966 | | | $ | 567 | | | | 0.27 | % | | $ | 805,953 | | | $ | 586 | | | | 0.29 | % | | $ | 767,240 | | | $ | 559 | | | | 0.29 | % | | $ | 751,415 | | | $ | 711 | | | | 0.38 | % | | $ | 724,266 | | | $ | 772 | | | | 0.42 | % |
Other wholesale deposits | | | 35,956 | | | | 34 | | | | 0.38 | % | | | 47,463 | | | | 43 | | | | 0.36 | % | | | 65,117 | | | | 53 | | | | 0.33 | % | | | 65,127 | | | | 50 | | | | 0.30 | % | | | 65,177 | | | | 51 | | | | 0.31 | % |
Wholesale deposits | | | 13,809 | | | | 21 | | | | 0.60 | % | | | 22,280 | | | | 24 | | | | 0.43 | % | | | 22,354 | | | | 24 | | | | 0.43 | % | | | 27,749 | | | | 73 | | | | 1.04 | % | | | 29,187 | | | | 86 | | | | 1.17 | % |
Time deposits | | | 178,711 | | | | 316 | | | | 0.70 | % | | | 203,344 | | | | 412 | | | | 0.81 | % | | | 210,973 | | | | 490 | | | | 0.93 | % | | | 214,684 | | | | 520 | | | | 0.96 | % | | | 234,645 | | | | 585 | | | | 0.99 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | | 1,078,442 | | | | 938 | | | | 0.35 | % | | | 1,079,040 | | | | 1,065 | | | | 0.40 | % | | | 1,065,684 | | | | 1,126 | | | | 0.42 | % | | | 1,058,975 | | | | 1,354 | | | | 0.51 | % | | | 1,053,275 | | | | 1,494 | | | | 0.56 | % |
Subordinated debentures | | | 21,114 | | | | 271 | | | | 5.11 | % | | | 22,500 | | | | 291 | | | | 5.20 | % | | | 22,500 | | | | 291 | | | | 5.20 | % | | | 22,500 | | | | 287 | | | | 5.06 | % | | | 22,500 | | | | 279 | | | | 4.92 | % |
Junior subordinated debentures | | | — | | | | — | | | | — | % | | | — | | | | — | | | | — | % | | | — | | | | — | | | | — | % | | | 10,294 | | | | 236 | | | | 9.10 | % | | | 12,000 | | | | 271 | | | | 8.96 | % |
Short-term borrowings | | | 13,273 | | | | 4 | | | | 0.12 | % | | | 13,149 | | | | 5 | | | | 0.15 | % | | | 13,885 | | | | 6 | | | | 0.17 | % | | | 15,147 | | | | 6 | | | | 0.16 | % | | | 10,908 | | | | 6 | | | | 0.22 | % |
FHLB advances and other borrowings | | | 167,251 | | | | 918 | | | | 2.18 | % | | | 163,908 | | | | 924 | | | | 2.27 | % | | | 165,402 | | | | 964 | | | | 2.34 | % | | | 140,177 | | | | 889 | | | | 2.52 | % | | | 148,963 | | | | 968 | | | | 2.58 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings | | | 201,638 | | | | 1,193 | | | | 2.35 | % | | | 199,557 | | | | 1,220 | | | | 2.46 | % | | | 201,787 | | | | 1,261 | | | | 2.51 | % | | | 188,118 | | | | 1,418 | | | | 2.99 | % | | | 194,371 | | | | 1,524 | | | | 3.11 | % |
Total interest-bearing liabilities | | | 1,280,080 | | | | 2,131 | | | | 0.66 | % | | | 1,278,597 | | | | 2,285 | | | | 0.72 | % | | | 1,267,471 | | | | 2,387 | | | | 0.76 | % | | | 1,247,093 | | | | 2,772 | | | | 0.88 | % | | | 1,247,646 | | | | 3,018 | | | | 0.96 | % |
Noninterest-bearing deposits | | | 330,179 | | | | | | | | | | | | 323,539 | | | | | | | | | | | | 305,468 | | | | | | | | | | | | 304,883 | | | | | | | | | | | | 290,468 | | | | | | | | | |
Other liabilities | | | 25,100 | | | | | | | | | | | | 23,158 | | | | | | | | | | | | 25,259 | | | | | | | | | | | | 24,991 | | | | | | | | | | | | 21,482 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total noninterest-bearing liabilities | | | 355,279 | | | | | | | | | | | | 346,697 | | | | | | | | | | | | 330,727 | | | | | | | | | | | | 329,874 | | | | | | | | | | | | 311,950 | | | | | | | | | |
Total liabilities | | | 1,635,359 | | | | | | | | | | | | 1,625,294 | | | | | | | | | | | | 1,598,198 | | | | | | | | | | | | 1,576,967 | | | | | | | | | | | | 1,559,596 | | | | | | | | | |
Shareholders’ equity | | | 197,444 | | | | | | | | | | | | 191,247 | | | | | | | | | | | | 185,451 | | | | | | | | | | | | 186,733 | | | | | | | | | | | | 182,824 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,832,803 | | | | | | | | | | | $ | 1,816,541 | | | | | | | | | | | $ | 1,783,649 | | | | | | | | | | | $ | 1,763,700 | | | | | | | | | | | $ | 1,742,420 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income to earning assets | | | | | | | | | | | 4.28 | % | | | | | | | | | | | 4.39 | % | | | | | | | | | | | 4.51 | % | | | | | | | | | | | 4.59 | % | | | | | | | | | | | 4.64 | % |
Net interest spread | | | | | | | | | | | 3.62 | % | | | | | | | | | | | 3.67 | % | | | | | | | | | | | 3.75 | % | | | | | | | | | | | 3.71 | % | | | | | | | | | | | 3.68 | % |
Effect of noninterest-bearing sources | | | | | | | | | | | 0.16 | % | | | | | | | | | | | 0.17 | % | | | | | | | | | | | 0.18 | % | | | | | | | | | | | 0.20 | % | | | | | | | | | | | 0.22 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income/ margin on earning assets | | | | | | $ | 16,039 | | | | 3.78 | % | | | | | | $ | 15,984 | | | | 3.84 | % | | | | | | $ | 16,063 | | | | 3.93 | % | | | | | | $ | 16,021 | | | | 3.91 | % | | | | | | $ | 15,737 | | | | 3.90 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tax equivalent adjustment | | | | | | $ | 88 | | | | 0.02 | % | | | | | | $ | 81 | | | | 0.02 | % | | | | | | $ | 79 | | | | 0.02 | % | | | | | | $ | 66 | | | | 0.02 | % | | | | | | $ | 64 | | | | 0.02 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | 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. |
16
Bryn Mawr Bank Corporation
Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields
For the Nine Months ended September 30,
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2012 | | | | | | | | | 2011 | | | | | | | |
| (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 | | $ | 49,832 | | | | 86 | | | | 0.23 | % | | $ | 50,778 | | | $ | 88 | | | | 0.23 | % |
Federal funds sold | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | % |
Money market funds | | | 201 | | | | — | | | | | % | | | 167 | | | | 1 | | | | 0.80 | % |
Investment securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable | | | 303,865 | | | | 3,166 | | | | 1.39 | % | | | 283,354 | | | | 3,824 | | | | 1.80 | % |
Tax-exempt | | | 14,067 | | | | 224 | | | | 2.13 | % | | | 11,486 | | | | 287 | | | | 3.34 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities—available for sale | | | 317,932 | | | | 3,390 | | | | 1.42 | % | | | 294,840 | | | | 4,111 | | | | 1.86 | % |
Investment securities—trading | | | 1,442 | | | | 21 | | | | 1.95 | % | | | 1,345 | | | | 24 | | | | 2.39 | % |
Loans and leases * | | | 1,299,135 | | | | 51,473 | | | | 5.29 | % | | | 1,237,692 | | | | 51,882 | | | | 5.60 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total interest earning assets | | | 1,668,542 | | | | 54,949 | | | | 4.40 | % | | | 1,583,477 | | | | 56,106 | | | | 4.74 | % |
Cash and due from banks | | | 12,242 | | | | | | | | | | | | 12,249 | | | | | | | | | |
Less allowance for loan and lease losses | | | (13,270 | ) | | | | | | | | | | | (11,157 | ) | | | | | | | | |
Other assets | | | 143,563 | | | | | | | | | | | | 137,793 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,811,077 | | | | | | | | | | | $ | 1,722,362 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Savings, NOW and market rate deposits | | $ | 807,874 | | | $ | 1,712 | | | | 0.28 | % | | $ | 713,223 | | | $ | 2,247 | | | | 0.42 | % |
Other wholesale deposits | | | 49,463 | | | | 131 | | | | 0.35 | % | | | 68,691 | | | | 174 | | | | 0.34 | % |
Wholesale deposits | | | 19,459 | | | | 68 | | | | 0.47 | % | | | 31,333 | | | | 248 | | | | 1.06 | % |
Time deposits | | | 197,607 | | | | 1,217 | | | | 0.82 | % | | | 237,948 | | | | 1,765 | | | | 0.99 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | | 1,074,403 | | | | 3,128 | | | | 0.39 | % | | | 1,051,195 | | | | 4,434 | | | | 0.56 | % |
Subordinated debt | | | 22,035 | | | | 852 | | | | 5.16 | % | | | 22,500 | | | | 835 | | | | 4.96 | % |
Junior subordinated debentures | | | — | | | | — | | | | — | | | | 12,012 | | | | 814 | | | | 9.06 | % |
Short-term borrowings | | | 13,244 | | | | 14 | | | | 0.14 | % | | | 10,110 | | | | 19 | | | | 0.25 | % |
FHLB advances and other borrowings | | | 165,717 | | | | 2,808 | | | | 2.26 | % | | | 147,189 | | | | 2,787 | | | | 2.53 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings | | | 200,996 | | | | 3,674 | | | | 2.44 | % | | | 191,811 | | | | 4,455 | | | | 3.11 | % |
Total interest-bearing liabilities | | | 1,275,399 | | | | 6,802 | | | | 0.71 | % | | | 1,243,006 | | | | 8,889 | | | | 0.96 | % |
Noninterest-bearing deposits | | | 319,767 | | | | | | | | | | | | 281,714 | | | | | | | | | |
Other liabilities | | | 24,508 | | | | | | | | | | | | 23,095 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total noninterest-bearing liabilities | | | 344,275 | | | | | | | | | | | | 304,809 | | | | | | | | | |
Total liabilities | | | 1,619,674 | | | | | | | | | | | | 1,547,815 | | | | | | | | | |
Shareholders’ equity | | | 191,403 | | | | | | | | | | | | 174,547 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,811,077 | | | | | | | | | | | $ | 1,722,362 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Interest income to earning assets | | | | | | | | | | | 4.40 | % | | | | | | | | | | | 4.74 | % |
Net interest spread | | | | | | | | | | | 3.69 | % | | | | | | | | | | | 3.78 | % |
Effect of noninterest-bearing sources | | | | | | | | | | | 0.16 | % | | | | | | | | | | | 0.21 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income/ margin on earning assets | | | | | | $ | 48,147 | | | | 3.85 | % | | | | | | $ | 47,217 | | | | 3.99 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Tax equivalent adjustment | | | | | | $ | 307 | | | | 0.02 | % | | | | | | $ | 270 | | | | 0.02 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| * | 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. |
17
Effect of Immaterial Correction of Accounting Error
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income Statement Effect | | For The Three Months Ended June 30, 2012 | | | For The Three Months Ended
March 31, 2012 | | | For The Three Months Ended
December 31, 2011 | | | For The Three Months Ended
September 30, 2011 | |
(dollars in thousands except
share data) | | Originally
Reported | | | Corrected | | | Difference | | | Originally
Reported | | | Corrected | | | Difference | | | Originally
Reported | | | Corrected | | | Difference | | | Originally
Reported | | | Corrected | | | Difference | |
Net Income | | $ | 5,261 | | | $ | 5,345 | | | $ | 84 | | | $ | 5,235 | | | $ | 5,074 | | | $ | (161 | ) | | $ | 5,170 | | | $ | 5,004 | | | $ | (166 | ) | | $ | 5,022 | | | $ | 5,230 | | | $ | 208 | |
Basic earnings per common share | | $ | 0.40 | | | $ | 0.41 | | | $ | 0.01 | | | $ | 0.40 | | | $ | 0.39 | | | $ | (0.01 | ) | | $ | 0.40 | | | $ | 0.39 | | | $ | (0.01 | ) | | $ | 0.39 | | | $ | 0.41 | | | $ | 0.02 | |
Diluted earnings per common share | | $ | 0.40 | | | $ | 0.40 | | | $ | — | | | $ | 0.40 | | | $ | 0.39 | | | $ | (0.01 | ) | | $ | 0.39 | | | $ | 0.39 | | | $ | — | | | $ | 0.39 | | | $ | 0.41 | | | $ | 0.02 | |
| | | | | | | | | | |
| | | For The Nine Months Ended September 30, 2011 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Originally
Reported | | | Corrected | | | Difference | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Income | | $ | 14,543 | | | $ | 14,598 | | | $ | 55 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic earnings per common share | | $ | 1.15 | | | $ | 1.16 | | | $ | 0.01 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted earnings per common share | | $ | 1.15 | | | $ | 1.16 | | | $ | 0.01 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| Balance Sheet Effect | | As of June 30, 2012 | | | As of March 31, 2012 | | | As of December 31, 2011 | | | As of September 30, 2011 | |
(dollars in thousands except
share data) | | Originally
Reported | | | Corrected | | | Difference | | | Originally
Reported | | | Corrected | | | Difference | | | Originally
Reported | | | Corrected | | | Difference | | | Originally
Reported | | | Corrected | | | Difference | |
Total assets | | $ | 1,854,885 | | | $ | 1,853,355 | | | $ | (1,530 | ) | | $ | 1,838,075 | | | $ | 1,836,411 | | | $ | (1,664 | ) | | $ | 1,774,907 | | | $ | 1,773,373 | | | $ | (1,534 | ) | | $ | 1,757,119 | | | $ | 1,755,770 | | | $ | (1,349 | ) |
Retained earnings | | $ | 132,837 | | | $ | 132,420 | | | $ | (417 | ) | | $ | 129,702 | | | $ | 129,201 | | | $ | (501 | ) | | $ | 126,582 | | | $ | 126,242 | | | $ | (340 | ) | | $ | 123,377 | | | $ | 123,203 | | | $ | (174 | ) |
Cost of treasury stock | | $ | 29,789 | | | $ | 30,901 | | | $ | 1,112 | | | $ | 29,833 | | | $ | 30,995 | | | $ | 1,162 | | | $ | 29,833 | | | $ | 31,027 | | | $ | 1,194 | | | $ | 29,833 | | | $ | 31,008 | | | $ | 1,175 | |
Shares of treasury stock | | | 2,905,293 | | | | 2,988,561 | | | | 83,268 | | | | 2,909,542 | | | | 2,995,681 | | | | 86,139 | | | | 2,909,542 | | | | 2,997,628 | | | | 88,086 | | | | 2,909,542 | | | | 2,996,600 | | | | 87,058 | |
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