Exhibit 99.1
Bryn Mawr Bank Corporation
| | | | | | | | |
| FOR RELEASE: IMMEDIATELY | | | | Ted Peters, Chairman |
| FOR MORE INFORMATION CONTACT: | | 610-581-4800 |
| | | | | | | | J. Duncan Smith, CFO |
| | | | | | | | 610-526-2466 |
Bryn Mawr Bank Corporation Reports Record First Quarter Earnings of $6.7 Million, Wealth Assets Reach $7.4 Billion
BRYN MAWR, Pa., April 30, 2014 - Bryn Mawr Bank Corporation (NASDAQ: BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported net income of $6.7 million and diluted earnings per share of $0.49 for the three months ended March 31, 2014, as compared to net income of $5.3 million and diluted earnings per share of $0.40 for the same period in 2013. For the three months ended March 31, 2014, diluted earnings per share, excluding tax-effected due diligence and merger-related costs (a non-GAAP measure1) were $0.50, as compared to $0.43 for the same period in 2013.
Significant factors contributing to the results for the three months ended March 31, 2014, as compared to the same period in 2013, included increases in net interest income and wealth management revenues, and decreases in salaries and employee benefits, due diligence and merger-related expenses and other operating expenses. These improvements were partially offset by a significant decrease in the gain on sale of residential mortgage loans between the periods.
1The Corporation believes the presentation of the above non-GAAP financial measure provides useful supplemental information that is essential to an investor’s proper understanding of the results of operations of the Corporation. Management uses this non-GAAP financial measure in its analysis of the Corporation’s performance. This non-GAAP disclosure should not be viewed as a substitute for the financial measure determined in accordance with GAAP, nor is it necessarily comparable to a non-GAAP performance measure that may be presented by other companies. A reconciliation of the GAAP measure to the non-GAAP measure is included in the table on page 9 below.
“We were pleased to see the continued increase in our quarterly earnings,” said Ted Peters, Chairman and CEO. “The steady rise in loan volume, along with the careful management of our deposit pricing, has enabled us to maintain a healthy level of net interest income. This, along with the strong performance of our Wealth division, has resulted in another record quarter for the Corporation,” he added.
On April 30, 2014, the Board of Directors of the Corporation declared a quarterly dividend of $0.18 per share, payable June 1, 2014 to shareholders of record as of May 13, 2014.
SIGNIFICANT ITEMS OF NOTE
Results of Operations – 1st Quarter 2014 Compared to the 1st Quarter 2013
| | · | | Net income of $6.7 million for the three months ended March 31, 2014 increased $1.4 million, or 25.7%, from $5.3 million for the same period in 2013. |
| | · | | Net interest income for the three months ended March 31, 2014 was $18.7 million, an increase of $1.3 million, or 7.6%, from $17.4 million for the same period in 2013. The increase in net interest income between the periods was largely the result of a $146.0 million, or 10.4%, increase in average portfolio loans. This increase was primarily in the commercial mortgage, commercial and industrial, and construction segments of the loan portfolio. In addition, the $58.5 million decrease in average interest-bearing deposit balances between periods was offset by increases in long-term FHLB advances, whose average balance increased by $63.7 million, while the average rate paid on these FHLB borrowings decreased by 40 basis points. |
| | · | | The tax-equivalent net interest margin of 4.02% for the three months ended March 31, 2014 was a 17 basis point increase from 3.85% for the same period in 2013. The increase was the result of a $56.5 million increase in average interest-earning assets whose tax-equivalent yield increased by 16 basis points, partially offset by a $6.3 million increase in average interest-bearing liabilities whose tax-equivalent rate paid declined by 1 basis point between the periods. The 16 basis point increase in the tax-equivalent yield on |
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| | interest-earning assets resulted as the tax-equivalent yield earned on investment securities available for sale increased 35 basis points between periods, as rising interest rates have continued to reduce prepayments of mortgage-related securities. This yield increase was partially offset by a 16 basis point decline in the tax-equivalent yield earned on portfolio loans between the periods. The tax-equivalent interest paid on interest-bearing liabilities remained virtually unchanged between periods as the continued outflow of higher-rate certificates of deposit was replaced with long-term FHLB advances. |
| | · | | Non-interest income for the three months ended March 31, 2014 decreased $651 thousand as compared to the same period in 2013. The primary cause for this decline was a $1.2 million, or 78.7%, decrease in the gain on sale of residential mortgage loans. During the three months ended March 31, 2014, the volume of residential mortgage loans sold to the secondary market continued to decline, with residential mortgages sold totaling $9.2 million, as compared to $51.6 million during the same period in 2013, an 82.1% decrease. This marked decline was a direct result of rising interest rates curtailing mortgage refinancing activity. Partially offsetting this decrease in non-interest income was a $564 thousand increase in revenue from wealth management services for the three months ended March 31, 2014 as compared to the same period in 2013. Wealth Management Division assets under management, administration, supervision and brokerage as of March 31, 2014 were $7.4 billion, an increase of $374 million, or 5.4%, from March 31, 2013. This increase was driven by organic growth due to the success of the division’s strategic initiatives, market appreciation and other new business between the dates. |
| | · | | Non-interest expense for the three months ended March 31, 2014 decreased $1.3 million, to $18.9 million, as compared to $20.2 million for the same period in 2013. Contributing to this change were decreases of $716 thousand in salaries and employee benefits and $450 thousand in due diligence and merger-related expenses. The decline in salaries and employee benefits was related to a reduction in incentive-based payments to mortgage originators, which was consistent with the decline in mortgage sales mentioned above, as well as a decrease in other performance-based incentives. Also, employee benefits expense experienced a decrease, as better-than-expected returns on pension assets in 2013 |
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| | along with an increase in the discount rate used to calculate periodic pension costs helped reduce costs associated with the Corporation’s retirement plans. Due diligence and merger-related costs decreased, as those merger-integration costs associated with the First Bank of Delaware transaction, which closed in November 2012, were not present during the 1st quarter of 2014. Partially offsetting these cost reductions was the absence of the $570 thousand gain on curtailment of a nonqualified pension plan, which was recognized in the 1st quarter of 2013. |
| | · | | For the three months ended March 31, 2014, the Corporation recorded net loan and lease charge-offs of $495 thousand, as compared to $782 thousand for the same period in 2013. The provision for loan and lease losses for the three months ended March 31, 2014 was $750 thousand, as compared to $804 thousand for the same period in 2013. |
Results of Operations – 1st Quarter 2014 Compared to the 4th Quarter 2013
| | · | | Net income of $6.7 million for the three months ended March 31, 2014 increased $218 thousand, or 3.4%, from $6.5 million for the three months ended December 31, 2013. |
| | · | | Net interest income for the three months ended March 31, 2014 was $18.7 million, a decrease of $402 thousand, or 2.1%, from $19.1 million for the three months ended December 31, 2013. Although there was a $9.8 million increase in average interest-earning assets, partially offset by a $5.6 million increase in average interest-bearing liabilities between the periods, the decrease in net interest income between the periods was primarily a function of the difference in the number of days in each quarter, with the 1st quarter of 2014 having two fewer days than the 4th quarter of 2013. |
| | · | | The tax-equivalent net interest margin of 4.02% for the three months ended March 31, 2014 was a 1 basis point decrease from the 4.03% tax-equivalent net interest margin for the three months ended December 31, 2013. The slight decrease between periods resulted as a $9.8 million increase in average interest-earning assets was partially offset by a $5.6 million increase in average interest-bearing liabilities. Although the increase in average interest-earning assets outpaced the increase in average interest-bearing liabilities, the |
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| | tax-equivalent yield earned on interest-earning assets decreased by 1 basis point, while the tax-equivalent rate paid on interest-bearing liabilities increased by 2 basis points. |
| | · | | Non-interest income for the three months ended March 31, 2014 decreased $1.1 million as compared to the three months ended December 31, 2013. Factors contributing to this decrease included a $747 thousand decrease in other operating income. During the 4th quarter of 2013, the Corporation recorded $618 thousand of income related to the pay off, in full, of a commercial loan acquired from First Keystone Financial in 2010, which had been written down at acquisition, in anticipation of a loss. Additionally, a decrease of $205 in gain on sale of residential mortgage loans occurred between the periods. |
| | · | | Non-interest expense for the three months ended March 31, 2014 decreased $1.8 million, to $18.9 million, as compared to $20.7 million for the three months ended December 31, 2013. The decrease between the periods was largely related to decreases of $1.4 million in salaries and employee benefits and $519 thousand in other operating expenses. The decrease in salaries and employee benefits was primarily related to lower levels of bonus accruals during the 1st quarter of 2014 as compared to the 4th quarter of 2013. In addition, better-than-expected returns on pension assets along with an increase in the discount rate used to calculate periodic pension costs helped reduce costs associated with the Corporation’s retirement plans. The $519 thousand decrease in other operating expenses between the periods was largely related to a $334 thousand decrease in deferred compensation plan expense associated with changes in the value of Corporation stock and other investments held in certain deferred compensation plans. In addition, costs for outside help, primarily in the information technology area, decreased by $120 thousand during the three months ended March 31, 2014, as compared to the three months ended December 31, 2013. |
| | · | | Nonperforming loans and leases of $10.2 million as of March 31, 2014 were 0.65% of total portfolio loans and leases, as compared $10.5 million, or 0.68% of total portfolio loans and leases as of December 31, 2013. This slight decrease resulted as the Corporation recorded $1.0 million in payoffs and returns to performing status of previously nonperforming loans, substantially offset by $959 thousand in loans that |
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| | became nonperforming during the 1st quarter of 2014. In addition, the Corporation added one residential property valued at $190 thousand to other real estate owned, as a result of the foreclosure of a nonperforming loan. For the three months ended March 31, 2014, the Corporation recorded net loan and lease charge-offs of $495 thousand, as compared to $324 thousand net loan and lease charge-offs for the three months ended December 31, 2013. The provision for loan and lease losses decreased slightly, to $750 thousand, for the three months ended March 31, 2014, as compared to $812 thousand for the three months ended December 31, 2013. |
Financial Condition – March 31, 2014 Compared to December 31, 2013
| | · | | Total portfolio loans and leases of $1.57 billion as of March 31, 2014 increased by $18.6 million from December 31, 2013 with commercial mortgages and commercial and industrial loans comprising the majority of the increase. |
| | · | | The allowance for loan and lease losses as of March 31, 2014 was $15.8 million, or 1.01% of portfolio loans as compared to $15.5 million, or 1.00% of portfolio loans and leases, as of December 31, 2013. |
| | · | | Total assets as of March 31, 2014 were $2.06 billion and remained relatively unchanged from December 31, 2013. The $18.6 million in loan growth between the dates was substantially funded with reduction of cash and cash flows from available for sale investment securities. |
| | · | | Deposits of $1.58 billion, as of March 31, 2014, decreased $11.8 million from December 31, 2013. The decrease was comprised of a $22.3 million decrease in non-interest-bearing deposits, partially offset by a $10.5 million increase in interest-bearing deposits between the dates. The balance of non-interest-bearing deposits remains strong, at 25.6% of total deposits, as of March 31, 2014. |
| | · | | The capital ratios for the Bank and the Corporation, as shown in the table at page 16 below, indicate levels well above the regulatory minimum to be considered “well |
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| | capitalized.” The tangible equity ratios for both the Bank and the Corporation have improved from their December 31, 2013 levels of 8.78% and 8.92%, to 9.18% and 9.23%, respectively, at March 31, 2014. These increases were primarily the result of the increase in retained earnings with a slight decrease in total assets. |
EARNINGS CONFERENCE CALL
The Corporation will hold an earnings conference call at 4:30 PM EDT on Thursday, May 1, 2014. Interested parties may participate by calling 1-888-317-6016. A taped replay of the conference call will be available one hour after the conclusion of the call and will remain available through 9:00 AM EDT on Wednesday, May, 14, 2014. A recording of the earnings conference call may be obtained by calling 1-877-344-7529, referring to conference number 10043465.
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://services.choruscall.com/links/bmtc140131.html. 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.
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
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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; and other factors as described in our securities filings. All forward-looking statements and information set forth herein are based on Management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. The Corporation does not undertake to update forward-looking statements.
For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, as well as any changes in risk factors that we may identify in our quarterly or other reports subsequently 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 | |
| | | March 31, | | | December 31, | | | September 30, | | | June 30, | | | March 31, | |
| | | 2014 | | | 2013 | | | 2013 | | | 2013 | | | 2013 | |
| | | | | |
Interest income | | $ | 20,161 | | | $ | 20,525 | | | $ | 19,820 | | | $ | 19,217 | | | $ | 18,855 | |
Interest expense | | | 1,438 | | | | 1,400 | | | | 1,287 | | | | 1,294 | | | | 1,446 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net interest income | | | 18,723 | | | | 19,125 | | | | 18,533 | | | | 17,923 | | | | 17,409 | |
Provision for loan and lease losses | | | 750 | | | | 812 | | | | 959 | | | | 1,000 | | | | 804 | |
| | | | | | | | | | | | | | | | | | | | |
Net interest income after provision for loan and lease losses | | | 17,973 | | | | 18,313 | | | | 17,574 | | | | 16,923 | | | | 16,605 | |
| | | | | |
Fees for wealth management services | | | 8,913 | | | | 9,106 | | | | 8,635 | | | | 9,094 | | | | 8,349 | |
Loan servicing and other fees | | | 446 | | | | 465 | | | | 481 | | | | 448 | | | | 451 | |
Service charges on deposits | | | 601 | | | | 638 | | | | 627 | | | | 596 | | | | 584 | |
Net gain on sale of residential mortgage loans | | | 324 | | | | 529 | | | | 578 | | | | 1,492 | | | | 1,518 | |
Net (loss) gain on sale of investment securities available for sale | | | (4) | | | | (10) | | | | - | | | | - | | | | 2 | |
Net loss on sale of other real estate owned | | | - | | | | (106) | | | | (1) | | | | (141) | | | | (52) | |
Bank owned life insurance income | | | 81 | | | | 88 | | | | 72 | | | | 85 | | | | 113 | |
Other operating income | | | 778 | | | | 1,525 | | | | 995 | | | | 1,369 | | | | 825 | |
| | | | | | | | | | | | | | | | | | | | |
Non-interest income | | | 11,139 | | | | 12,235 | | | | 11,387 | | | | 12,943 | | | | 11,790 | |
| | | | | |
Salaries and wages | | | 8,440 | | | | 9,438 | | | | 9,012 | | | | 9,086 | | | | 8,810 | |
Employee benefits | | | 1,979 | | | | 2,399 | | | | 1,896 | | | | 2,212 | | | | 2,325 | |
Net gain on curtailment of nonqualified pension plan | | | - | | | | - | | | | - | | | | (120) | | | | (570) | |
Occupancy and bank premises | | | 1,933 | | | | 1,738 | | | | 1,646 | | | | 1,728 | | | | 1,750 | |
Furniture fixtures and equipment | | | 983 | | | | 1,017 | | | | 920 | | | | 1,221 | | | | 819 | |
Advertising | | | 339 | | | | 431 | | | | 303 | | | | 380 | | | | 412 | |
Net (recovery) impairment of mortgage servicing rights | | | (8) | | | | (10) | | | | 33 | | | | (91) | | | | 71 | |
Amortization of mortgage servicing rights | | | 114 | | | | 123 | | | | 187 | | | | 218 | | | | 212 | |
Amortization of intangible assets | | | 637 | | | | 655 | | | | 657 | | | | 660 | | | | 661 | |
FDIC insurance | | | 272 | | | | 259 | | | | 271 | | | | 275 | | | | 258 | |
Due diligence and merger-related expenses | | | 264 | | | | 155 | | | | 328 | | | | 688 | | | | 714 | |
Professional fees | | | 593 | | | | 581 | | | | 636 | | | | 664 | | | | 575 | |
Early extinguishment of debt - costs and premiums | | | - | | | | - | | | | - | | | | - | | | | 347 | |
Other operating expenses | | | 3,353 | | | | 3,872 | | | | 3,434 | | | | 3,603 | | | | 3,851 | |
| | | | | | | | | | | | | | | | | | | | |
Non-interest expense | | | 18,899 | | | | 20,658 | | | | 19,323 | | | | 20,524 | | | | 20,235 | |
| | | | | |
Income before income taxes | | | 10,213 | | | | 9,890 | | | | 9,638 | | | | 9,342 | | | | 8,160 | |
Income tax expense | | | 3,524 | | | | 3,419 | | | | 3,237 | | | | 3,090 | | | | 2,840 | |
| | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 6,689 | | | $ | 6,471 | | | $ | 6,401 | | | $ | 6,252 | | | $ | 5,320 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Per share data: | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding | | | 13,485,213 | | | | 13,419,269 | | | | 13,336,799 | | | | 13,280,624 | | | | 13,205,538 | |
Dilutive common shares | | | 304,828 | | | | 308,674 | | | | 275,343 | | | | 227,150 | | | | 230,413 | |
| | | | | | | | | | | | | | | | | | | | |
Adjusted weighted average dilutive shares | | | 13,790,041 | | | | 13,727,943 | | | | 13,612,142 | | | | 13,507,774 | | | | 13,435,951 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Basic earnings per common share | | | $0.50 | | | | $0.48 | | | | $0.48 | | | | $0.47 | | | | $0.40 | |
| | | | | |
Diluted earnings per common share | | | $0.49 | | | | $0.47 | | | | $0.47 | | | | $0.46 | | | | $0.40 | |
| | | | | |
Dividend declared per share | | | $0.18 | | | | $0.18 | | | | $0.17 | | | | $0.17 | | | | $0.17 | |
| | | | | |
Effective tax rate | | | 34.5% | | | | 34.6% | | | | 33.6% | | | | 33.1% | | | | 34.8% | |
Reconciliation of Non-GAAP Measure to GAAP Measure | |
| | | | | | |
Net income (a GAAP measure) | | $ | 6,689 | | | $ | 6,471 | | | $ | 6,401 | | | $ | 6,252 | | | $ | 5,320 | |
add: tax-effected* due diligence and merger-related expenses | | | 172 | | | | 101 | | | | 213 | | | | 447 | | | | 464 | |
| | | | | | | | | | | | | | | | | | | | | |
Net income excluding tax-effected* due diligence and merger-related expenses (a non-GAAP measure) | | | 6,861 | | | | 6,572 | | | | 6,614 | | | | 6,699 | | | | 5,784 | |
| | | | | | |
Basic earnings per common share excluding tax-effected* due diligence and merger-related expenses (a non-GAAP measure) | | $ | 0.51 | | | $ | 0.49 | | | $ | 0.50 | | | $ | 0.50 | | | $ | 0.44 | |
| | | | | | |
Diluted earnings per common share excluding tax-effected* due diligence and merger-related expenses (a non-GAAP measure) | | $ | 0.50 | | | $ | 0.48 | | | $ | 0.49 | | | $ | 0.50 | | | $ | 0.43 | |
| | | | | | | | | | | | | | | | | | | | | |
* assumed tax rate of 35%
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Bryn Mawr Bank Corporation
Consolidated Balance Sheets - (unaudited)
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | |
| | | March 31, | | | December 31, | | | September 30, | | | June 30, | | | March 31, | |
| | | 2014 | | | 2013 | | | 2013 | | | 2013 | | | 2013 | |
Assets | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest-bearing deposits with banks | | $ | 59,248 | | | $ | 67,618 | | | $ | 71,203 | | | $ | 95,903 | | | $ | 136,534 | |
Investment securities - available for sale | | | 272,599 | | | | 285,808 | | | | 319,917 | | | | 322,961 | | | | 327,799 | |
Investment securities - trading | | | 3,517 | | | | 3,437 | | | | 2,357 | | | | 2,180 | | | | 2,168 | |
Loans held for sale | | | 1,340 | | | | 1,350 | | | | 1,284 | | | | 2,207 | | | | 3,233 | |
Portfolio loans: | | | | | | | | | | | | | | | | | | | | |
Consumer | | | 18,104 | | | | 16,926 | | | | 17,572 | | | | 18,404 | | | | 18,725 | |
Commercial & industrial | | | 334,295 | | | | 328,459 | | | | 303,259 | | | | 296,073 | | | | 293,171 | |
Commercial mortgages | | | 640,574 | | | | 625,341 | | | | 622,771 | | | | 587,261 | | | | 563,431 | |
Construction | | | 44,060 | | | | 46,369 | | | | 39,055 | | | | 28,718 | | | | 26,135 | |
Residential mortgages | | | 301,532 | | | | 300,243 | | | | 291,645 | | | | 280,687 | | | | 284,819 | |
Home equity lines & loans | | | 186,277 | | | | 189,571 | | | | 187,634 | | | | 183,006 | | | | 183,984 | |
Leases | | | 40,988 | | | | 40,276 | | | | 38,079 | | | | 36,770 | | | | 34,974 | |
| | | | | | | | | | | | | | | | | | | | |
Total portfolio loans and leases | | | 1,565,830 | | | | 1,547,185 | | | | 1,500,015 | | | | 1,430,919 | | | | 1,405,239 | |
| | | | | |
Earning assets | | | 1,902,534 | | | | 1,905,398 | | | | 1,894,776 | | | | 1,854,170 | | | | 1,874,973 | |
| | | | | |
Cash and due from banks | | | 14,696 | | | | 13,453 | | | | 24,958 | | | | 14,208 | | | | 12,013 | |
Allowance for loan and lease losses | | | (15,770) | | | | (15,515) | | | | (15,027) | | | | (14,444) | | | | (14,447) | |
Premises and equipment | | | 32,473 | | | | 31,796 | | | | 31,436 | | | | 30,947 | | | | 31,072 | |
Accrued interest receivable | | | 5,687 | | | | 5,728 | | | | 5,703 | | | | 6,097 | | | | 6,168 | |
Mortgage servicing rights | | | 4,734 | | | | 4,750 | | | | 4,744 | | | | 4,790 | | | | 4,593 | |
Goodwill | | | 32,843 | | | | 32,843 | | | | 32,843 | | | | 32,843 | | | | 32,897 | |
Other intangible assets | | | 18,728 | | | | 19,365 | | | | 20,020 | | | | 20,677 | | | | 21,337 | |
Bank owned life insurance | | | 20,301 | | | | 20,220 | | | | 20,132 | | | | 20,060 | | | | 19,975 | |
FHLB stock | | | 11,911 | | | | 11,654 | | | | 12,590 | | | | 13,028 | | | | 10,663 | |
Deferred income taxes | | | 7,517 | | | | 8,690 | | | | 11,955 | | | | 11,788 | | | | 10,854 | |
Other investments | | | 4,392 | | | | 4,437 | | | | 4,337 | | | | 4,378 | | | | 4,347 | |
Other assets | | | 19,770 | | | | 18,846 | | | | 10,506 | | | | 10,980 | | | | 15,718 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total assets | | $ | 2,059,816 | | | $ | 2,061,665 | | | $ | 2,058,973 | | | $ | 2,009,522 | | | $ | 2,030,163 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Liabilities and shareholders’ equity | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest-bearing deposits: | | | | | | | | | | | | | | | | | | | | |
Interest-bearing checking | | $ | 269,409 | | | $ | 266,787 | | | $ | 244,826 | | | $ | 262,316 | | | $ | 263,820 | |
Money market | | | 556,076 | | | | 544,310 | | | | 548,011 | | | | 551,750 | | | | 588,478 | |
Savings | | | 141,979 | | | | 135,240 | | | | 137,431 | | | | 136,307 | | | | 135,124 | |
Wholesale non-maturity deposits | | | 42,704 | | | | 42,937 | | | | 57,195 | | | | 30,315 | | | | 32,879 | |
Wholesale time deposits | | | 34,104 | | | | 34,639 | | | | 23,127 | | | | 12,139 | | | | 11,325 | |
Time deposits | | | 130,983 | | | | 140,794 | | | | 145,119 | | | | 161,146 | | | | 171,575 | |
| | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | | 1,175,255 | | | | 1,164,707 | | | | 1,155,709 | | | | 1,153,973 | | | | 1,203,201 | |
| | | | | |
Non-interest-bearing deposits | | | 404,340 | | | | 426,640 | | | | 394,947 | | | | 395,742 | | | | 407,453 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | | 1,579,595 | | | | 1,591,347 | | | | 1,550,656 | | | | 1,549,715 | | | | 1,610,654 | |
| | | | | |
Long-term FHLB advances and other borrowings | | | 214,640 | | | | 205,644 | | | | 191,645 | | | | 152,642 | | | | 148,636 | |
Short-term borrowings | | | 10,739 | | | | 10,891 | | | | 75,588 | | | | 71,768 | | | | 38,362 | |
Other liabilities | | | 19,365 | | | | 23,885 | | | | 23,323 | | | | 22,929 | | | | 22,343 | |
Shareholders’ equity | | | 235,477 | | | | 229,898 | | | | 217,761 | | | | 212,468 | | | | 210,168 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total liabilities and shareholders’ equity | | $ | 2,059,816 | | | $ | 2,061,665 | | | $ | 2,058,973 | | | $ | 2,009,522 | | | $ | 2,030,163 | |
| | | | | | | | | | | | | | | | | | | | |
10
Bryn Mawr Bank Corporation
Consolidated Quarterly Average Balance Sheets - (unaudited)
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | |
| | | For The Three Months Ended | |
| | | March 31, | | | December 31, | | | September 30, | | | June 30, | | | March 31, | |
| | | 2014 | | | 2013 | | | 2013 | | | 2013 | | | 2013 | |
Assets | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest-bearing deposits with banks | | $ | 67,809 | | | $ | 56,569 | | | $ | 35,589 | | | $ | 59,981 | | | $ | 117,372 | |
Investment securities - available for sale | | | 281,572 | | | | 310,183 | | | | 324,418 | | | | 325,729 | | | | 323,247 | |
Investment securities - trading | | | 3,438 | | | | 2,368 | | | | 2,182 | | | | 2,168 | | | | 1,695 | |
Loans held for sale | | | 504 | | | | 1,197 | | | | 867 | | | | 2,233 | | | | 2,645 | |
Portfolio loans and leases | | | 1,549,161 | | | | 1,522,408 | | | | 1,463,492 | | | | 1,425,836 | | | | 1,401,038 | |
| | | | | | | | | | | | | | | | | | | | |
Earning assets | | | 1,902,484 | | | | 1,892,725 | | | | 1,826,548 | | | | 1,815,947 | | | | 1,845,997 | |
| | | | | |
Cash and due from banks | | | 12,302 | | | | 13,132 | | | | 12,497 | | | | 12,876 | | | | 13,287 | |
Allowance for loan and lease losses | | | (15,761) | | | | (15,226) | | | | (14,653) | | | | (14,625) | | | | (14,693) | |
Premises and equipment | | | 32,358 | | | | 31,770 | | | | 31,216 | | | | 31,254 | | | | 31,415 | |
Goodwill | | | 32,843 | | | | 32,843 | | | | 32,843 | | | | 32,896 | | | | 32,897 | |
Other intangible assets | | | 19,095 | | | | 19,741 | | | | 20,400 | | | | 21,055 | | | | 21,725 | |
Bank owned life insurance | | | 20,252 | | | | 20,163 | | | | 20,086 | | | | 20,005 | | | | 19,905 | |
FHLB stock | | | 11,915 | | | | 12,242 | | | | 12,809 | | | | 10,430 | | | | 10,544 | |
Deferred income taxes | | | 7,908 | | | | 11,733 | | | | 11,946 | | | | 10,997 | | | | 12,183 | |
Other assets | | | 29,940 | | | | 22,288 | | | | 21,904 | | | | 25,296 | | | | 21,294 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total assets | | $ | 2,053,336 | | | $ | 2,041,411 | | | $ | 1,975,596 | | | $ | 1,966,131 | | | $ | 1,994,554 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Liabilities and shareholders’ equity | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest-bearing deposits: | | | | | | | | | | | | | | | | | | | | |
Interest-bearing checking | | $ | 263,612 | | | $ | 248,722 | | | $ | 249,982 | | | $ | 263,842 | | | $ | 266,900 | |
Money market | | | 545,108 | | | | 548,351 | | | | 559,911 | | | | 571,327 | | | | 576,422 | |
Savings | | | 137,812 | | | | 137,327 | | | | 135,070 | | | | 134,485 | | | | 132,142 | |
Wholesale non-maturity deposits | | | 41,828 | | | | 48,465 | | | | 47,804 | | | | 31,124 | | | | 38,683 | |
Wholesale time deposits | | | 35,133 | | | | 22,735 | | | | 10,911 | | | | 11,610 | | | | 11,495 | |
Time deposits | | | 134,574 | | | | 142,258 | | | | 152,788 | | | | 164,247 | | | | 190,937 | |
| | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | | 1,158,067 | | | | 1,147,858 | | | | 1,156,466 | | | | 1,176,635 | | | | 1,216,579 | |
| | | | | |
Non-interest bearing deposits | | | 415,514 | | | | 420,072 | | | | 402,292 | | | | 391,387 | | | | 386,881 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | | 1,573,581 | | | | 1,567,930 | | | | 1,558,758 | | | | 1,568,022 | | | | 1,603,460 | |
| | | | | |
Long-term FHLB advances and other borrowings | | | 212,405 | | | | 204,780 | | | | 163,818 | | | | 150,578 | | | | 148,699 | |
Short-term borrowings | | | 13,090 | | | | 25,364 | | | | 14,995 | | | | 13,248 | | | | 11,978 | |
Other liabilities | | | 22,546 | | | | 23,401 | | | | 24,904 | | | | 23,617 | | | | 26,123 | |
Shareholders’ equity | | | 231,714 | | | | 219,936 | | | | 213,121 | | | | 210,666 | | | | 204,294 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total liabilities and shareholders’ equity | | $ | 2,053,336 | | | $ | 2,041,411 | | | $ | 1,975,596 | | | $ | 1,966,131 | | | $ | 1,994,554 | |
| | | | | | | | | | | | | | | | | | | | |
11
Bryn Mawr Bank Corporation
Quarterly Average Balances and Tax-Equivalent Interest Income and Expense and Tax-Equivalent Yields - (unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For The Three Months Ended |
| | | March 31, 2014 | | | December 31, 2013 | | | September 30, 2013 | | | June 30, 2013 | | | March 31, 2013 |
| | | | | | | | | | | | | | | | | | | | |
| (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 | | $ | 67,809 | | | | | $ | 37 | | | | 0.22 | % | | $ | 56,569 | | | | | $ | 27 | | | | 0.19 | % | | $ | 35,589 | | | | | $ | 21 | | | | 0.23 | % | | $ | 59,981 | | | | | $ | 41 | | | | 0.27 | % | | $ | 117,372 | | | | | $ | 69 | | | 0.24 % |
Investment securities - available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable | | | 245,006 | | | | | | 972 | | | | 1.61 | % | | | 271,152 | | | | | | 1,127 | | | | 1.65 | % | | | 284,558 | | | | | | 988 | | | | 1.38 | % | | | 287,287 | | | | | | 846 | | | | 1.18 | % | | | 289,097 | | | | | | 889 | | | 1.25 % |
Tax-exempt | | | 36,566 | | | | | | 153 | | | | 1.70 | % | | | 39,031 | | | | | | 159 | | | | 1.62 | % | | | 39,860 | | | | | | 159 | | | | 1.58 | % | | | 38,442 | | | | | | 146 | | | | 1.52 | % | | | 34,150 | | | | | | 125 | | | 1.48 % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment securities - available for sale | | | 281,572 | | | | | | 1,125 | | | | 1.62 | % | | | 310,183 | | | | | | 1,286 | | | | 1.64 | % | | | 324,418 | | | | | | 1,147 | | | | 1.40 | % | | | 325,729 | | | | | | 992 | | | | 1.22 | % | | | 323,247 | | | | | | 1,014 | | | 1.27 % |
| | | | | | | | | | | | | | | | | | | | |
Investment securities - trading | | | 3,438 | | | | | | 7 | | | | 0.83 | % | | | 2,368 | | | | | | 51 | | | | 8.54 | % | | | 2,182 | | | | | | 7 | | | | 1.27 | % | | | 2,168 | | | | | | 13 | | | | 2.41 | % | | | 1,695 | | | | | | 16 | | | 3.83 % |
| | | | | | | | | | | | | | | | | | | | |
Loans and leases * | | | 1,549,665 | | | | | | 19,107 | | | | 5.00 | % | | | 1,523,605 | | | | | | 19,277 | | | | 5.02 | % | | | 1,464,359 | | | | | | 18,755 | | | | 5.08 | % | | | 1,428,069 | | | | | | 18,277 | | | | 5.13 | % | | | 1,403,683 | | | | | | 17,854 | | | 5.16 % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-earning assets | | | 1,902,484 | | | | | | 20,276 | | | | 4.32 | % | | | 1,892,725 | | | | | | 20,641 | | | | 4.33 | % | | | 1,826,548 | | | | | | 19,930 | | | | 4.33 | % | | | 1,815,947 | | | | | | 19,323 | | | | 4.27 | % | | | 1,845,997 | | | | | | 18,953 | | | 4.16 % |
| | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | 12,302 | | | | | | | | | | | | | | 13,132 | | | | | | | | | | | | | | 12,497 | | | | | | | | | | | | | | 12,876 | | | | | | | | | | | | | | 13,287 | | | | | | | | | |
Less allowance for loan and lease losses | | | (15,761) | | | | | | | | | | | | | | (15,226) | | | | | | | | | | | | | | (14,653) | | | | | | | | | | | | | | (14,625) | | | | | | | | | | | | | | (14,693) | | | | | | | | | |
Other assets | | | 154,311 | | | | | | | | | | | | | | 150,780 | | | | | | | | | | | | | | 151,204 | | | | | | | | | | | | | | 151,933 | | | | | | | | | | | | | | 149,963 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 2,053,336 | | | | | | | | | | | | | $ | 2,041,411 | | | | | | | | | | | | | $ | 1,975,596 | | | | | | | | | | | | | $ | 1,966,131 | | | | | | | | | | | | | $ | 1,994,554 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Savings, NOW and market rate deposits | | $ | 946,532 | | | | | $ | 405 | | | | 0.17 | % | | $ | 934,400 | | | | | $ | 414 | | | | 0.18 | % | | $ | 944,963 | | | | | $ | 419 | | | | 0.18 | % | | $ | 969,654 | | | | | $ | 445 | | | | 0.18 | % | | $ | 975,464 | | | | | $ | 479 | | | 0.20 % |
Wholesale deposits | | | 76,961 | | | | | | 114 | | | | 0.60 | % | | | 71,200 | | | | | | 85 | | | | 0.47 | % | | | 58,715 | | | | | | 55 | | | | 0.37 | % | | | 42,734 | | | | | | 44 | | | | 0.41 | % | | | 50,178 | | | | | | 54 | | | 0.44 % |
Time deposits | | | 134,574 | | | | | | 170 | | | | 0.51 | % | | | 142,258 | | | | | | 151 | | | | 0.42 | % | | | 152,788 | | | | | | 165 | | | | 0.43 | % | | | 164,247 | | | | | | 205 | | | | 0.50 | % | | | 190,937 | | | | | | 242 | | | 0.51 % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | | 1,158,067 | | | | | | 689 | | | | 0.24 | % | | | 1,147,858 | | | | | | 650 | | | | 0.22 | % | | | 1,156,466 | | | | | | 639 | | | | 0.22 | % | | | 1,176,635 | | | | | | 694 | | | | 0.24 | % | | | 1,216,579 | | | | | | 775 | | | 0.26 % |
| | | | | | | | | | | | | | | | | | | | |
Borrowings: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Short-term borrowings | | | 13,090 | | | | | | 3 | | | | 0.09 | % | | | 25,364 | | | | | | 12 | | | | 0.19 | % | | | 14,995 | | | | | | 5 | | | | 0.13 | % | | | 13,358 | | | | | | 4 | | | | 0.12 | % | | | 11,978 | | | | | | 4 | | | 0.14 % |
Long-term FHLB advances and other borrowings | | | 212,405 | | | | | | 746 | | | | 1.42 | % | | | 204,780 | | | | | | 738 | | | | 1.43 | % | | | 163,818 | | | | | | 643 | | | | 1.56 | % | | | 150,468 | | | | | | 596 | | | | 1.59 | % | | | 148,699 | | | | | | 667 | | | 1.82 % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total borrowings | | | 225,495 | | | | | | 749 | | | | 1.35 | % | | | 230,144 | | | | | | 750 | | | | 1.29 | % | | | 178,813 | | | | | | 648 | | | | 1.44 | % | | | 163,826 | | | | | | 600 | | | | 1.47 | % | | | 160,677 | | | | | | 671 | | | 1.69 % |
| | | | | | | | | | | | | | | | | | | | |
Total interest-bearing liabilities | | | 1,383,562 | | | | | | 1,438 | | | | 0.42 | % | | | 1,378,002 | | | | | | 1,400 | | | | 0.40 | % | | | 1,335,279 | | | | | | 1,287 | | | | 0.38 | % | | | 1,340,461 | | | | | | 1,294 | | | | 0.39 | % | | | 1,377,256 | | | | | | 1,446 | | | 0.43 % |
| | | | | | | | | | | | | | | | | | | | |
Noninterest-bearing deposits | | | 415,514 | | | | | | | | | | | | | | 420,072 | | | | | | | | | | | | | | 402,292 | | | | | | | | | | | | | | 391,387 | | | | | | | | | | | | | | 386,881 | | | | | | | | | |
Other liabilities | | | 22,546 | | | | | | | | | | | | | | 23,401 | | | | | | | | | | | | | | 24,904 | | | | | | | | | | | | | | 23,617 | | | | | | | | | | | | | | 26,123 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total noninterest-bearing liabilities | | | 438,060 | | | | | | | | | | | | | | 443,473 | | | | | | | | | | | | | | 427,196 | | | | | | | | | | | | | | 415,004 | | | | | | | | | | | | | | 413,004 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 1,821,622 | | | | | | | | | | | | | | 1,821,475 | | | | | | | | | | | | | | 1,762,475 | | | | | | | | | | | | | | 1,755,465 | | | | | | | | | | | | | | 1,790,260 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity | | | 231,714 | | | | | | | | | | | | | | 219,936 | | | | | | | | | | | | | | 213,121 | | | | | | | | | | | | | | 210,666 | | | | | | | | | | | | | | 204,294 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 2,053,336 | | | | | | | | | | | | | $ | 2,041,411 | | | | | | | | | | | | | $ | 1,975,596 | | | | | | | | | | | | | $ | 1,966,131 | | | | | | | | | | | | | $ | 1,994,554 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Interest income to earning assets | | | | | | | | | | | | | 4.32 | % | | | | | | | | | | | | | 4.33 | % | | | | | | | | | | | | | 4.33 | % | | | | | | | | | | | | | 4.27 | % | | | | | | | | | | | | 4.16 % |
| | | | | | | | | | | | | | | | | | | | |
Net interest spread | | | | | | | | | | | | | 3.90 | % | | | | | | | | | | | | | 3.93 | % | | | | | | | | | | | | | 3.95 | % | | | | | | | | | | | | | 3.88 | % | | | | | | | | | | | | 3.73 % |
Effect of noninterest-bearing sources | | | | | | | | | | | | | 0.12 | % | | | | | | | | | | | | | 0.10 | % | | | | | | | | | | | | | 0.10 | % | | | | | | | | | | | | | 0.10 | % | | | | | | | | | | | | 0.12 % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Tax-equivalent net interest income/ margin on earning assets | | | | | | | | $ | 18,838 | | | | 4.02 | % | | | | | | | | $ | 19,241 | | | | 4.03 | % | | | | | | | | $ | 18,643 | | | | 4.05 | % | | | | | | | | $ | 18,029 | | | | 3.98 | % | | | | | | | | $ | 17,507 | | | 3.85 % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Tax-equivalent adjustment | | | | | | | | $ | 115 | | | | 0.02 | % | | | | | | | | $ | 116 | | | | 0.02 | % | | | | | | | | $ | 110 | | | | 0.02 | % | | | | | | | | $ | 106 | | | | 0.02 | % | | | | | | | | $ | 98 | | | 0.03 % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
* 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.
12
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data - (unaudited)
(dollars in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | |
| | | For The Three Months Ended or As Of | |
| | | March 31,
2014 | | | December 31,
2013 | | | September 30,
2013 | | | June 30, 2013 | | | March 31,
2013 | |
Asset Quality Data | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Nonaccrual loans and leases | | $ | 10,236 | | | $ | 10,530 | | | $ | 10,613 | | | $ | 10,489 | | | $ | 12,098 | |
90 days or more past due loans, still accruing | | | - | | | | - | | | | - | | | | - | | | | 728 | |
| | | | | | | | | | | | | | | | | | | | |
Nonperforming loans and leases | | | 10,236 | | | | 10,530 | | | | 10,613 | | | | 10,489 | | | | 12,826 | |
Other real estate owned | | | 1,040 | | | | 855 | | | | 1,253 | | | | 1,205 | | | | 545 | |
| | | | | | | | | | | | | | | | | | | | |
Total nonperforming assets | | $ | 11,276 | | | $ | 11,385 | | | $ | 11,866 | | | $ | 11,694 | | | $ | 13,371 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Troubled debt restructurings included in nonperforming assets | | $ | 2,698 | | | $ | 1,699 | | | $ | 2,628 | | | $ | 2,869 | | | $ | 3,686 | |
Troubled debt restructurings in compliance with modified terms | | | 6,667 | | | | 7,277 | | | | 8,947 | | | | 8,157 | | | | 7,438 | |
| | | | | | | | | | | | | | | | | | | | |
Total troubled debt restructurings | | $ | 9,365 | | | $ | 8,976 | | | $ | 11,575 | | | $ | 11,026 | | | $ | 11,124 | |
| | | | | |
Nonperforming loans and leases / portfolio loans & leases | | | 0.65% | | | | 0.68% | | | | 0.71% | | | | 0.73% | | | | 0.91% | |
| | | | | |
Nonperforming assets / total assets | | | 0.55% | | | | 0.55% | | | | 0.58% | | | | 0.58% | | | | 0.66% | |
| | | | | |
Net loan and lease charge-offs / average loans and leases (annualized) | | | 0.13% | | | | 0.09% | | | | 0.10% | | | | 0.28% | | | | 0.22% | |
| | | | | |
Delinquency rate* - Performing and nonperforming loans and leases 30 days or more past due | | | 0.59% | | | | 0.65% | | | | 0.68% | | | | 0.73% | | | | 1.23% | |
| | | | | |
Performing loans and leases - 30-89 days past due | | $ | 1,815 | | | $ | 1,718 | | | $ | 1,227 | | | $ | 2,328 | | | $ | 4,115 | |
| | | | | |
Delinquency rate* - Performing loans and leases - 30-89 days past due | | | 0.12% | | | | 0.11% | | | | 0.08% | | | | 0.16% | | | | 0.29% | |
| | | | | |
* as a percentage of total loans and leases | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Changes in the allowance for loan and lease losses: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Balance, beginning of period | | $ | 15,515 | | | $ | 15,027 | | | $ | 14,444 | | | $ | 14,447 | | | $ | 14,425 | |
Charge-offs | | | (538 | ) | | | (484 | ) | | | (501 | ) | | | (1,164 | ) | | | (830 | ) |
Recoveries | | | 43 | | | | 160 | | | | 125 | | | | 161 | | | | 48 | |
| | | | | | | | | | | | | | | | | | | | |
Net charge-offs | | | (495 | ) | | | (324 | ) | | | (376 | ) | | | (1,003 | ) | | | (782 | ) |
Provision for loan and lease losses | | | 750 | | | | 812 | | | | 959 | | | | 1,000 | | | | 804 | |
| | | | | | | | | | | | | | | | | | | | |
Balance, end of period | | $ | 15,770 | | | $ | 15,515 | | | $ | 15,027 | | | $ | 14,444 | | | $ | 14,447 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Allowance for loan and lease losses / loans and leases | | | 1.01% | | | | 1.00% | | | | 1.00% | | | | 1.01% | | | | 1.03% | |
Allowance for loan and lease losses / nonperforming loans and leases | | | 154.1% | | | | 147.3% | | | | 141.6% | | | | 137.7% | | | | 112.6% | |
13
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data - (unaudited)
(dollars in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | |
| | | For The Three Months Ended or As Of | |
| | | March 31, 2014 | | | December 31,
2013 | | | September 30,
2013 | | | June 30, 2013 | | | March 31, 2013 | |
Selected ratios (annualized): | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Return on average assets | | | 1.32% | | | | 1.26% | | | | 1.29% | | | | 1.28% | | | | 1.08% | |
Return on average shareholders’ equity | | | 11.71% | | | | 11.67% | | | | 11.92% | | | | 11.90% | | | | 10.56% | |
Return on average tangible equity(2) | | | 15.10% | | | | 15.35% | | | | 15.89% | | | | 16.00% | | | | 14.42% | |
Tax-equivalent yield on loans and leases | | | 5.00% | | | | 5.02% | | | | 5.08% | | | | 5.13% | | | | 5.16% | |
Tax-equivalent yield on interest-earning assets | | | 4.32% | | | | 4.33% | | | | 4.33% | | | | 4.27% | | | | 4.16% | |
Cost of interest-bearing funds | | | 0.42% | | | | 0.40% | | | | 0.38% | | | | 0.39% | | | | 0.43% | |
Tax-equivalent net interest margin | | | 4.02% | | | | 4.03% | | | | 4.05% | | | | 3.98% | | | | 3.85% | |
Book value per share | | $ | 17.24 | | | $ | 16.84 | | | $ | 16.07 | | | $ | 15.71 | | | $ | 15.57 | |
Tangible book value per share | | $ | 13.47 | | | $ | 13.02 | | | $ | 12.17 | | | $ | 11.75 | | | $ | 11.55 | |
Shares outstanding at end of period | | | 13,656,979 | | | | 13,650,354 | | | | 13,551,438 | | | | 13,528,078 | | | | 13,500,413 | |
| | | | | |
Selected data: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Mortgage loans originated | | $ | 17,892 | | | $ | 37,190 | | | $ | 40,426 | | | $ | 55,066 | | | $ | 65,105 | |
| | | | | |
Residential mortgage loans sold - servicing retained | | $ | 9,086 | | | $ | 12,523 | | | $ | 17,768 | | | $ | 46,209 | | | $ | 51,414 | |
Residential mortgage loans sold - servicing released | | | 152 | | | | 531 | | | | - | | | | 347 | | | | 189 | |
| | | | | | | | | | | | | | | | | | | | |
Total residential mortgage loans sold | | $ | 9,238 | | | $ | 13,054 | | | $ | 17,768 | | | $ | 46,556 | | | $ | 51,603 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Yield on loans sold | | | 3.51% | | | | 4.05% | | | | 3.25% | | | | 3.20% | | | | 2.94% | |
| | | | | |
Residential mortgage loans serviced for others | | $ | 618,348 | | | $ | 628,879 | | | $ | 627,058 | | | $ | 623,498 | | | $ | 603,734 | |
| | | | | |
Total wealth assets under management, administration, supervision and brokerage(1) | | $ | 7,361,977 | | | $ | 7,268,273 | | | $ | 7,082,926 | | | $ | 6,854,838 | | | $ | 6,987,974 | |
| | | | | | | | | | | | | | | | | | | | |
(1) Brokerage assets represent assets held at a registered broker dealer under a networking agreement.
(2) Average tangible equity equals average shareholders’ equity minus average goodwill and average other intangible assets.
14
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data - (unaudited)
(dollars in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Portfolio - Available for Sale | | As of March 31, 2014 | | | | | As of December 31, 2013 | |
| | | | | | | |
| SECURITY DESCRIPTION | | Amortized Cost | | | Fair Value | | | Net
Unrealized
Gain / (Loss) | | | | | Amortized
Cost | | | Fair Value | | | Net Unrealized
Gain / (Loss) | |
| | | | | | | |
U.S. Treasury securities | | $ | 102 | | | $ | 100 | | | $ | (2 | ) | | | | $ | 102 | | | $ | 99 | | | $ | (3 | ) |
Obligations of the U.S. Government and agencies | | | 65,368 | | | | 64,485 | | | | (883 | ) | | | | | 71,097 | | | | 69,568 | | | | (1,529 | ) |
State & political subdivisions | | | 35,968 | | | | 35,962 | | | | (6 | ) | | | | | 37,140 | | | | 36,977 | | | | (163 | ) |
Mortgage-backed securities | | | 113,415 | | | | 114,447 | | | | 1,032 | | | | | | 119,044 | | | | 119,363 | | | | 319 | |
Collateralized mortgage obligations | | | 42,041 | | | | 42,020 | | | | (21 | ) | | | | | 44,463 | | | | 44,243 | | | | (220 | ) |
Other debt securities | | | 1,900 | | | | 1,900 | | | | - | | | | | | 1,900 | | | | 1,887 | | | | (13 | ) |
Bond mutual funds | | | 11,456 | | | | 11,492 | | | | 36 | | | | | | 11,456 | | | | 11,457 | | | | 1 | |
Other investments | | | 1,906 | | | | 2,193 | | | | 287 | | | | | | 1,925 | | | | 2,214 | | | | 289 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment portfolio available for sale | | $ | 272,156 | | | $ | 272,599 | | | $ | 443 | | | | | $ | 287,127 | | | $ | 285,808 | | | | $ (1,319 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| Capital Ratios | | | | | | | | | | | | | | | | | | | | |
| Bryn Mawr Trust Company | | Regulatory Minimum
To Be
Well Capitalized | | | March 31,
2014 | | | December 31,
2013 | | | September 30,
2013 | | June 30, 2013 | | | March 31,
2013 | | | | |
Tier I capital to risk weighted assets (“RWA”) | | | 6.00% | | | | 11.65% | | | | 11.40% | | | 11.36% | | | 11.58% | | | | 11.52% | | |
Total (Tier II) capital to RWA | | | 10.00% | | | | 12.63% | | | | 12.38% | | | 12.33% | | | 12.55% | | | | 12.51% | | |
Tier I leverage ratio | | | 5.00% | | | | 9.43% | | | | 9.14% | | | 9.22% | | | 9.07% | | | | 8.70% | | |
Tangible equity ratio | | | N/A | | | | 9.18% | | | | 8.78% | | | 8.32% | | | 8.29% | | | | 8.11% | | |
Bryn Mawr Bank Corporation | | | | | | | | | | | | | | | | | | | | | | | |
Tier I capital to RWA | | | 6.00% | | | | 11.71% | | | | 11.57% | | | 11.33% | | | 11.47% | | | | 11.33% | | |
Total (Tier II) capital to RWA | | | 10.00% | | | | 12.69% | | | | 12.55% | | | 12.30% | | | 12.44% | | | | 12.32% | | |
Tier I leverage ratio | | | 5.00% | | | | 9.50% | | | | 9.29% | | | 9.22% | | | 9.00% | | | | 8.58% | | |
Tangible equity ratio | | | N/A | | | | 9.23% | | | | 8.92% | | | 8.30% | | | 8.21% | | | | 7.98% | | |
15
