Exhibit 99.1
Bryn Mawr Bank Corporation
| | |
| FOR RELEASE: IMMEDIATELY | | Ted Peters, Chairman, CEO |
| FOR MORE INFORMATION CONTACT: | | 610-581-4800 |
| | Frank Leto, President, COO |
| | 610-581-4730 |
| | J. Duncan Smith, CFO |
| | 610-526-2466 |
Bryn Mawr Bank Corporation Reports Earnings of $6.5 Million,
Declares Dividend of $0.19, Shareholders Approve Continental Merger
BRYN MAWR, Pa., October 23, 2014 - Bryn Mawr Bank Corporation (NASDAQ: BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported net income of $6.5 million and diluted earnings per share of $0.47 for the three months ended September 30, 2014, as compared to net income of $6.4 million and diluted earnings per share of $0.47 for the same period in 2013. Net income for the three months ended September 30, 2014 included pre-tax due diligence and merger-related expenses of $775 thousand as compared to $328 thousand for the same period in 2013.
Significant factors contributing to the results for the three months ended September 30, 2014, as compared to the same period in 2013, included increases in net interest income and wealth management revenues, along with a decrease in provision for loan and lease losses between periods. These improvements were largely offset by an increase in the due diligence and merger-related expenses.
“We are pleased with our continued strong financial results,” commented Ted Peters, Chairman and Chief Executive Officer. “Our credit quality remains excellent and loan growth continues to be healthy. We are looking forward to a solid fourth quarter and another record year of earnings,” he added.
The pending merger with Continental Bank Holdings, Inc. (“CBH”), which has received the necessary regulatory approvals and which recently received shareholder approval from both institutions, is progressing as planned. Frank Leto, President and Chief Operating Officer commented, “As the CBH merger approaches its completion, we are very proud of all the long hours and hard work put in by the teams from both organizations and look forward to a successful integration of the institutions.”
On October 23, 2014, the Board of Directors of the Corporation declared a quarterly dividend of $0.19 per share, payable December 1, 2014 to shareholders of record as of November 4, 2014.
SIGNIFICANT ITEMS OF NOTE
Results of Operations – 3rd Quarter 2014 Compared to 3rd Quarter 2013
| | • | | Net income of $6.5 million for the three months ended September 30, 2014 increased $105 thousand, or 1.6%, from $6.4 million for the same period in 2013. |
| | • | | Net interest income for the three months ended September 30, 2014 was $19.2 million, an increase of $643 thousand, or 3.5%, from $18.5 million for the same period in 2013. The increase in net interest income between the periods was largely the result of a $165.9 million, or 11.3%, increase in average portfolio loans for the three months ended September 30, 2014 as compared to the same period in 2013. Partially offsetting this loan growth was a decrease in average available for sale investment securities of $58.9 million for the three months ended September 30, 2014 as compared to the same period in 2013. In addition to the decrease in the investment portfolio, average long-term borrowings increased by $71.3 million, or 43.5% for the three months ended September 30, 2014 as compared to the same period in 2013. Cash flows from available for sale investment securities and long-term FHLB advances were utilized to fund the loan growth between the periods. |
| | • | | The tax-equivalent net interest margin of 3.87% for the three months ended September 30, 2014 was an 18 basis point decrease from 4.05% for the same period in 2013. The decrease was primarily the result of a 27 basis point decline in yield on portfolio loans and a 5 basis point increase in rate paid on interest-bearing liabilities. The decline in yield |
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| | on portfolio loans was related to the impact of fair value accounting for acquired loans which increased the tax-equivalent yield on loans during the three months ended September 30, 2014 by 12 basis points, as compared to a 23 basis point increase for the same period in 2013. Lessening the impact of these unfavorable yield and rate changes was a $151.1 million increase in average interest-earning assets offset by a $99.4 million increase in interest-bearing liabilities for the three months ended September 30, 2014 as compared to the same period in 2013. |
| | • | | Non-interest income for the three months ended September 30, 2014 increased $156 thousand as compared to the same period in 2013. A $464 thousand increase in wealth management revenue during the three months ended September 30, 2014 was partially offset by decreases of $138 thousand in net gain on sale of residential mortgage loans and $112 thousand in other operating income. Wealth Management Division assets under management, administration, supervision and brokerage as of September 30, 2014 were $7.6 billion, an increase of $498 million, or 7.0%, from September 30, 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 September 30, 2014 increased $638 thousand, to $20.0 million, as compared to $19.3 million for the same period in 2013. Largely contributing to the increase was a $447 thousand increase in due diligence and merger-related expenses related to the pending completion of the merger with CBH. In addition to the increase in merger costs, increases in occupancy expenses were largely offset by decreases in employee benefits and other operating expenses. |
| | • | | Nonperforming loans and leases of $8.3 million as of September 30, 2014 were 0.51% of total portfolio loans and leases, as compared to $10.6 million, or 0.71% of total portfolio loans and leases as of September 30, 2013. For the three months ended September 30, 2014, the Corporation recorded net loan and lease charge-offs of $421 thousand, as compared to $376 thousand for the same period in 2013. The provision for loan and lease losses for the three month periods ended September 30, 2014 was $550 thousand, as compared to $959 thousand for the same period in 2013. |
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Results of Operations – 3rd Quarter 2014 Compared to the 2nd Quarter 2014
| | • | | Net income of $6.5 million for the three months ended September 30, 2014 decreased $1.1 million, or 14.4%, from $7.6 million for the three months ended June 30, 2014. |
| | • | | Net interest income for the three months ended September 30, 2014 was $19.2 million, a decrease of $266 thousand, or 1.4%, from $19.4 million for the three months ended June 30, 2014. A $31.1 million increase in average interest-earning assets was partially offset by an $11.9 million increase in average interest-bearing liabilities between periods. However, the yield earned in interest-earning assets declined by 16 basis points between periods, which caused the decrease in net interest income. |
| | • | | The tax-equivalent net interest margin of 3.87% for the three months ended September 30, 2014 was a 16 basis point decrease from 4.03% for the three months ended June 30, 2014. The majority of this decline was related to the 19 basis point decrease in yield earned on portfolio loans. The decline in yield on portfolio loans was related to the impact of fair value accounting for acquired loans which increased the tax-equivalent yield on loans during the three months ended September 30, 2014 by 12 basis points, as compared to a 24 basis point increase for the three months ended June 30, 2014. |
| | • | | Non-interest income for the three months ended September 30, 2014 decreased $1.2 million as compared to the three months ended June 30, 2014. Contributing to this decrease between periods was a $400 thousand decrease in wealth management revenue, a $269 thousand decrease in gain on sale of other real estate owned (“OREO”) and a $375 thousand decrease in other operating income. Wealth management revenue during the three months ended June 30, 2014 included fees related to tax work performed during the federal tax filing period. This work was not repeated during the three months ended September 30, 2014. During the three months ended September 30, 2014, the Corporation recorded a net loss on sale of OREO of $49 thousand as compared to a net gain on sale of |
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| | $220 thousand for the three months ended June 30, 2014. Other operating income was reduced by $86 thousand in losses recorded on trading securities during the three months ended September 30, 2014, as compared to a gain of $148 thousand recorded during three months ended June 30, 2014. The Corporation’s trading portfolio is wholly comprised of assets held for certain deferred compensation trusts, whose changes in market value are offset by corresponding charges or credits to deferred compensation expense. |
| | • | | Non-interest expense for the three months ended September 30, 2014 decreased $665 thousand, to $20.0 million, as compared to $20.6 million for the three months ended June 30, 2014. The decrease between the periods was largely related to a decrease of $741 thousand in salaries and employee benefits. The decrease in salaries and employee benefits was related to lower levels of incentive and bonus accruals during the third quarter of 2014 as compared to the second quarter of 2014. In addition, severance compensation recorded during the second quarter of 2014 was not present during the third quarter of 2014. Partially offsetting this decrease was a $398 thousand increase in due diligence and merger-related costs associated with the pending merger with CBH. |
| | • | | Nonperforming loans and leases of $8.3 million as of September 30, 2014 were 0.51% of total portfolio loans and leases, as compared to $8.4 million, or 0.52% of total portfolio loans and leases as of June 30, 2014. For the three months ended September 30, 2014, the Corporation recorded net loan and lease charge-offs of $421 thousand, as compared to $200 thousand for the three months ended June 30, 2014. The provision for loan and lease losses for the three month periods ended September 30, 2014 was $550 thousand, as compared to a $100 thousand release from the allowance for loan and lease losses (the “Allowance”) for the three months ended June 30, 2014, an increase of $650 thousand. |
Financial Condition – September 30, 2014 Compared to December 31, 2013
| | • | | Total portfolio loans and leases of $1.65 billion as of September 30, 2014 increased by $98.1 million, or 6.3%, from December 31, 2013, with commercial mortgages, commercial and industrial, and construction loans accounting for a majority of the increase. |
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| | • | | The allowance for loan and lease losses as of September 30, 2014 was $15.6 million, or 0.95%, 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 September 30, 2014 were $2.12 billion, an increase of $62.2 million from December 31, 2013. Loan originations, partially offset by decreases in available for sale investment securities and interest-bearing deposits with other banks, accounted for the majority of this increase, with funding for loan originations provided by increased deposits and borrowings. |
| | • | | Deposits of $1.61 billion, as of September 30, 2014, increased $19.0 million from December 31, 2013. The increase was comprised of a $25.5 million increase in wholesale time deposits, an $11.6 million increase in non-interest-bearing deposits and a $13.1 million increase in savings and money market accounts. These increases were partially offset by decreases of $19.6 million and $9.9 million in retail time deposits and NOW accounts, respectively, between the December 31, 2013 and September 30, 2014. |
| | • | | The capital ratios for the Bank and the Corporation, as shown in the table at page 18 below, indicate levels well above the regulatory minimum to be considered “well 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 9.21% and 9.58%, respectively, at September 30, 2014. These increases were primarily related to an increase in retained earnings, along with increases in unrealized gains on available for sale investment securities between December 31, 2013 and September 30, 2014. |
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EARNINGS CONFERENCE CALL
The Corporation will hold an earnings conference call at 8:30 AM EDT on Friday, October 24, 2014. Interested parties may participate by calling 1-877-504-8812. 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 Tuesday, November 4, 2014. A recording of the earnings conference call may be obtained by calling 1-877-344-7529, referring to conference number 10053617.
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/bmtc141024.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 are cautioned that such statements are only predictions, and that the Corporation’s actual future results or performance may be materially different.
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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 updateforward-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 | |
| | | September 30, | | | June 30, | | | March 31, | | | December 31, | | | September 30, | |
| | | 2014 | | | 2014 | | | 2014 | | | 2013 | | | 2013 | |
Interest income | | $ | 20,749 | | | $ | 20,941 | | | $ | 20,161 | | | $ | 20,525 | | | $ | 19,820 | |
Interest expense | | | 1,573 | | | | 1,499 | | | | 1,438 | | | | 1,400 | | | | 1,287 | |
| | | | | | | | | | | | | | | | | | | | |
Net interest income | | | 19,176 | | | | 19,442 | | | | 18,723 | | | | 19,125 | | | | 18,533 | |
Provision for loan and lease losses | | | 550 | | | | (100 | ) | | | 750 | | | | 812 | | | | 959 | |
| | | | | | | | | | | | | | | | | | | | |
Net interest income after provision for loan and lease losses | | | 18,626 | | | | 19,542 | | | | 17,973 | | | | 18,313 | | | | 17,574 | |
| | | | | |
Fees for wealth management services | | | 9,099 | | | | 9,499 | | | | 8,913 | | | | 9,106 | | | | 8,635 | |
Loan servicing and other fees | | | 431 | | | | 428 | | | | 446 | | | | 465 | | | | 481 | |
Service charges on deposits | | | 663 | | | | 656 | | | | 601 | | | | 638 | | | | 627 | |
Net gain on sale of residential mortgage loans | | | 440 | | | | 537 | | | | 324 | | | | 529 | | | | 578 | |
Net gain (loss) on sale of investment securities available for sale | | | — | | | | 85 | | | | (4 | ) | | | (10 | ) | | | — | |
Net (loss) gain on sale of other real estate owned | | | (49 | ) | | | 220 | | | | — | | | | (106 | ) | | | (1 | ) |
Bank owned life insurance income | | | 76 | | | | 74 | | | | 81 | | | | 88 | | | | 72 | |
Other operating income | | | 883 | | | | 1,258 | | | | 778 | | | | 1,525 | | | | 995 | |
| | | | | | | | | | | | | | | | | | | | |
Non-interest income | | | 11,543 | | | | 12,757 | | | | 11,139 | | | | 12,235 | | | | 11,387 | |
| | | | | |
Salaries and wages | | | 9,110 | | | | 9,694 | | | | 8,440 | | | | 9,438 | | | | 9,012 | |
Employee benefits | | | 1,652 | | | | 1,809 | | | | 1,979 | | | | 2,399 | | | | 1,896 | |
Occupancy and bank premises | | | 1,881 | | | | 1,683 | | | | 1,933 | | | | 1,738 | | | | 1,646 | |
Furniture fixtures and equipment | | | 1,078 | | | | 1,089 | | | | 983 | | | | 1,017 | | | | 920 | |
Advertising | | | 310 | | | | 455 | | | | 339 | | | | 431 | | | | 303 | |
Net (recovery) impairment of mortgage servicing rights | | | (3 | ) | | | (3 | ) | | | (8 | ) | | | (10 | ) | | | 33 | |
Amortization of mortgage servicing rights | | | 128 | | | | 128 | | | | 115 | | | | 123 | | | | 187 | |
Amortization of intangible assets | | | 633 | | | | 636 | | | | 637 | | | | 655 | | | | 657 | |
FDIC insurance | | | 265 | | | | 242 | | | | 271 | | | | 259 | | | | 271 | |
Due diligence and merger-related expenses | | | 775 | | | | 377 | | | | 264 | | | | 155 | | | | 328 | |
Professional fees | | | 701 | | | | 914 | | | | 593 | | | | 581 | | | | 636 | |
Pennsylvania bank shares tax | | | 412 | | | | 412 | | | | 368 | | | | 274 | | | | 139 | |
Other operating expenses | | | 3,019 | | | | 3,190 | | | | 2,985 | | | | 3,598 | | | | 3,295 | |
| | | | | | | | | | | | | | | | | | | | |
Non-interest expense | | | 19,961 | | | | 20,626 | | | | 18,899 | | | | 20,658 | | | | 19,323 | |
| | | | | |
Income before income taxes | | | 10,208 | | | | 11,673 | | | | 10,213 | | | | 9,890 | | | | 9,638 | |
Income tax expense | | | 3,702 | | | | 4,069 | | | | 3,524 | | | | 3,419 | | | | 3,237 | |
| | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 6,506 | | | $ | 7,604 | | | $ | 6,689 | | | $ | 6,471 | | | $ | 6,401 | |
| | | | | | | | | | | | | | | | | | | | |
Per share data: | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding | | | 13,600,355 | | | | 13,531,170 | | | | 13,485,213 | | | | 13,419,269 | | | | 13,336,799 | |
Dilutive common shares | | | 272,516 | | | | 304,998 | | | | 304,828 | | | | 308,674 | | | | 275,343 | |
| | | | | | | | | | | | | | | | | | | | |
Adjusted weighted average dilutive shares | | | 13,872,871 | | | | 13,836,168 | | | | 13,790,041 | | | | 13,727,943 | | | | 13,612,142 | |
| | | | | | | | | | | | | | | | | | | | |
Basic earnings per common share | | $ | 0.48 | | | $ | 0.56 | | | $ | 0.50 | | | $ | 0.48 | | | $ | 0.48 | |
Diluted earnings per common share | | $ | 0.47 | | | $ | 0.55 | | | $ | 0.49 | | | $ | 0.47 | | | $ | 0.47 | |
Dividend declared per share | | $ | 0.19 | | | $ | 0.18 | | | $ | 0.18 | | | $ | 0.18 | | | $ | 0.17 | |
Effective tax rate | | | 36.3 | % | | | 34.9 | % | | | 34.5 | % | | | 34.6 | % | | | 33.6 | % |
|
Supplemental Non-GAAP Performance Measures* (Includes Reconciliation of Non-GAAP to GAAP Performance Measures) | |
Net income (a GAAP measure) | | $ | 6,506 | | | $ | 7,604 | | | $ | 6,689 | | | $ | 6,471 | | | $ | 6,401 | |
add: tax-effected* due diligence and merger-related expenses | | | 504 | | | | 245 | | | | 172 | | | | 101 | | | | 213 | |
| | | | | | | | | | | | | | | | | | | | | |
Net income excluding tax-effected** due diligence and merger-related expenses (a non-GAAP measure) | | | 7,010 | | | | 7,849 | | | | 6,861 | | | | 6,572 | | | | 6,614 | |
| | | | | | |
Basic earnings per common share excluding tax-effected** due diligence and merger-related expenses (a non-GAAP measure) | | $ | 0.52 | | | $ | 0.58 | | | $ | 0.51 | | | $ | 0.49 | | | $ | 0.50 | |
| | | | | | |
Diluted earnings per common share excluding tax-effected** due diligence and merger-related expenses (a non-GAAP measure) | | $ | 0.51 | | | $ | 0.57 | | | $ | 0.50 | | | $ | 0.48 | | | $ | 0.49 | |
| * | The 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 |
| ** | assumed nominal tax rate of 35% |
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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
September 30, | |
| | | 2014 | | | 2013 | |
Interest income | | $ | 61,851 | | | $ | 57,892 | |
Interest expense | | | 4,510 | | | | 4,027 | |
| | | | | | | | |
Net interest income | | | 57,341 | | | | 53,865 | |
Provision for loan and lease losses | | | 1,200 | | | | 2,763 | |
| | | | | | | | |
Net interest income after provision for loan and lease losses | | | 56,141 | | | | 51,102 | |
| | |
Fees for wealth management services | | | 27,511 | | | | 26,078 | |
Loan servicing and other fees | | | 1,305 | | | | 1,380 | |
Service charges on deposits | | | 1,920 | | | | 1,807 | |
Net gain on sale of residential mortgage loans | | | 1,301 | | | | 3,588 | |
Net gain on sale of investment securities available for sale | | | 81 | | | | 2 | |
Net gain (loss) on sale of other real estate owned | | | 171 | | | | (194 | ) |
Bank owned life insurance income | | | 231 | | | | 270 | |
Other operating income | | | 2,919 | | | | 3,189 | |
| | | | | | | | |
Non-interest income | | | 35,439 | | | | 36,120 | |
| | |
Salaries and wages | | | 27,244 | | | | 26,908 | |
Employee benefits | | | 5,440 | | | | 6,433 | |
Net gain on curtailment of nonqualified pension plan | | | — | | | | (690 | ) |
Occupancy and bank premises | | | 5,497 | | | | 5,124 | |
Furniture fixtures and equipment | | | 3,150 | | | | 2,960 | |
Advertising | | | 1,104 | | | | 1,095 | |
Net (recovery) impairment of mortgage servicing rights | | | (14 | ) | | | 13 | |
Amortization of mortgage servicing rights | | | 371 | | | | 617 | |
Amortization of intangible assets | | | 1,906 | | | | 1,978 | |
FDIC insurance | | | 778 | | | | 804 | |
Due diligence and merger-related expenses | | | 1,416 | | | | 1,730 | |
Professional fees | | | 2,208 | | | | 1,875 | |
Early extinguishment of debt - costs and premiums | | | — | | | | 347 | |
Pennsylvania bank shares tax | | | 1,192 | | | | 669 | |
Other operating expenses | | | 9,194 | | | | 10,219 | |
| | | | | | | | |
Non-interest expense | | | 59,486 | | | | 60,082 | |
| | |
Income before income taxes | | | 32,094 | | | | 27,140 | |
Income tax expense | | | 11,295 | | | | 9,167 | |
| | | | | | | | |
Net income | | $ | 20,799 | | | $ | 17,973 | |
| | | | | | | | |
Per share data: | | | | | | | | |
Weighted average shares outstanding | | | 13,539,329 | | | | 13,274,801 | |
Dilutive common shares | | | 294,114 | | | | 244,302 | |
| | | | | | | | |
Adjusted weighted average shares | | | 13,833,443 | | | | 13,519,103 | |
| | | | | | | | |
Basic earnings per common share | | $ | 1.54 | | | $ | 1.35 | |
| | |
Diluted earnings per common share | | $ | 1.50 | | | $ | 1.33 | |
| | |
Dividend declared per share | | $ | 0.55 | | | $ | 0.51 | |
| | |
Effective tax rate | | | 35.2 | % | | | 33.8 | % |
|
Supplemental Non-GAAP Performance Measures* (Includes Reconciliation of Non-GAAP to GAAP Performance Measures) | |
Net income (a GAAP measure) | | $ | 20,799 | | | $ | 17,973 | |
add: tax-effected** due diligence and merger-related expenses | | | 1,435 | | | | 1,219 | |
| | | | | | | | | |
Net income excluding tax-effected** due diligence and merger-related
expenses (a non-GAAP measure) | | | 22,234 | | | | 19,192 | |
| | | |
Basic earnings per common share excluding tax-effected** due
diligence and merger-related expenses (a non-GAAP measure) | | $ | 1.64 | | | $ | 1.45 | |
| | | |
Diluted earnings per common share excluding tax-effected** due
diligence and merger-related expenses (a non-GAAP measure) | | $ | 1.61 | | | $ | 1.42 | |
| * | The 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 |
| ** | assumed nominal tax rate of 35% |
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Bryn Mawr Bank Corporation
Consolidated Balance Sheets - (unaudited)
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | |
| | | September 30, | | | June 30, | | | March 31, | | | December 31, | | | September 30, | |
| | | 2014 | | | 2014 | | | 2014 | | | 2013 | | | 2013 | |
Assets | | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits with banks | | $ | 56,253 | | | $ | 85,946 | | | $ | 59,248 | | | $ | 67,618 | | | $ | 71,203 | |
Investment securities - available for sale | | | 265,939 | | | | 266,402 | | | | 272,599 | | | | 285,808 | | | | 319,917 | |
Investment securities - trading | | | 3,803 | | | | 3,597 | | | | 3,517 | | | | 3,437 | | | | 2,357 | |
Loans held for sale | | | 1,375 | | | | 1,631 | | | | 1,340 | | | | 1,350 | | | | 1,284 | |
Portfolio loans: | | | | | | | | | | | | | | | | | | | | |
Consumer | | | 16,810 | | | | 18,907 | | | | 18,104 | | | | 16,926 | | | | 17,572 | |
Commercial & industrial | | | 342,524 | | | | 334,474 | | | | 334,295 | | | | 328,459 | | | | 303,259 | |
Commercial mortgages | | | 683,558 | | | | 666,924 | | | | 640,574 | | | | 625,341 | | | | 622,771 | |
Construction | | | 59,923 | | | | 55,051 | | | | 44,060 | | | | 46,369 | | | | 39,055 | |
Residential mortgages | | | 314,127 | | | | 310,491 | | | | 301,532 | | | | 300,243 | | | | 291,645 | |
Home equity lines & loans | | | 183,314 | | | | 185,593 | | | | 186,277 | | | | 189,571 | | | | 187,634 | |
Leases | | | 44,982 | | | | 44,102 | | | | 40,988 | | | | 40,276 | | | | 38,079 | |
| | | | | | | | | | | | | | | | | | | | |
Total portfolio loans and leases | | | 1,645,238 | | | | 1,615,542 | | | | 1,565,830 | | | | 1,547,185 | | | | 1,500,015 | |
| | | | | |
Earning assets | | | 1,972,608 | | | | 1,973,118 | | | | 1,902,534 | | | | 1,905,398 | | | | 1,894,776 | |
| | | | | |
Cash and due from banks | | | 11,312 | | | | 17,018 | | | | 14,696 | | | | 13,453 | | | | 24,958 | |
Allowance for loan and lease losses | | | (15,599 | ) | | | (15,470 | ) | | | (15,770 | ) | | | (15,515 | ) | | | (15,027 | ) |
Premises and equipment | | | 32,733 | | | | 32,679 | | | | 32,473 | | | | 31,796 | | | | 31,436 | |
Accrued interest receivable | | | 5,661 | | | | 5,526 | | | | 5,687 | | | | 5,728 | | | | 5,703 | |
Mortgage servicing rights | | | 4,796 | | | | 4,760 | | | | 4,734 | | | | 4,750 | | | | 4,744 | |
Goodwill | | | 32,843 | | | | 32,843 | | | | 32,843 | | | | 32,843 | | | | 32,843 | |
Other intangible assets | | | 17,459 | | | | 18,092 | | | | 18,728 | | | | 19,365 | | | | 20,020 | |
Bank owned life insurance | | | 20,451 | | | | 20,375 | | | | 20,301 | | | | 20,220 | | | | 20,132 | |
FHLB stock | | | 12,889 | | | | 12,775 | | | | 11,911 | | | | 11,654 | | | | 12,590 | |
Deferred income taxes | | | 5,786 | | | | 5,984 | | | | 7,517 | | | | 8,690 | | | | 11,955 | |
Other investments | | | 4,592 | | | | 4,507 | | | | 4,392 | | | | 4,437 | | | | 4,337 | |
Other assets | | | 18,351 | | | | 19,018 | | | | 19,770 | | | | 18,846 | | | | 10,506 | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 2,123,882 | | | $ | 2,131,225 | | | $ | 2,059,816 | | | $ | 2,061,665 | | | $ | 2,058,973 | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities and shareholders’ equity | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest-bearing deposits: | | | | | | | | | | | | | | | | | | | | |
Interest-bearing checking | | $ | 256,890 | | | $ | 263,247 | | | $ | 269,409 | | | $ | 266,787 | | | $ | 244,826 | |
Money market | | | 550,238 | | | | 559,070 | | | | 556,076 | | | | 544,310 | | | | 548,011 | |
Savings | | | 142,364 | | | | 145,312 | | | | 141,979 | | | | 135,240 | | | | 137,431 | |
Wholesale non-maturity deposits | | | 41,290 | | | | 41,840 | | | | 42,704 | | | | 42,937 | | | | 57,195 | |
Wholesale time deposits | | | 60,171 | | | | 50,152 | | | | 34,104 | | | | 34,639 | | | | 23,127 | |
Time deposits | | | 121,158 | | | | 123,572 | | | | 130,983 | | | | 140,794 | | | | 145,119 | |
| | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | | 1,172,111 | | | | 1,183,193 | | | | 1,175,255 | | | | 1,164,707 | | | | 1,155,709 | |
| | | | | |
Non-interest-bearing deposits | | | 438,221 | | | | 436,739 | | | | 404,340 | | | | 426,640 | | | | 394,947 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | | 1,610,332 | | | | 1,619,932 | | | | 1,579,595 | | | | 1,591,347 | | | | 1,550,656 | |
| | | | | |
Long-term FHLB advances and other borrowings | | | 230,574 | | | | 233,132 | | | | 214,640 | | | | 205,644 | | | | 191,645 | |
Short-term borrowings | | | 13,980 | | | | 13,320 | | | | 10,739 | | | | 10,891 | | | | 75,588 | |
Other liabilities | | | 21,387 | | | | 21,470 | | | | 19,365 | | | | 23,885 | | | | 23,323 | |
Shareholders’ equity | | | 247,609 | | | | 243,371 | | | | 235,477 | | | | 229,898 | | | | 217,761 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 2,123,882 | | | $ | 2,131,225 | | | $ | 2,059,816 | | | $ | 2,061,665 | | | $ | 2,058,973 | |
| | | | | | | | | | | | | | | | | | | | |
11
Bryn Mawr Bank Corporation
Consolidated Quarterly Average Balance Sheets - (unaudited)
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | |
| | | For The Three Months Ended | |
| | | September 30, | | | June 30, | | | March 31, | | | December 31, | | | September 30, | |
| | | 2014 | | | 2014 | | | 2014 | | | 2013 | | | 2013 | |
Assets | | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits with banks | | $ | 78,324 | | | $ | 70,775 | | | $ | 67,809 | | | $ | 56,569 | | | $ | 35,589 | |
Investment securities - available for sale | | | 265,491 | | | | 271,830 | | | | 281,572 | | | | 310,183 | | | | 324,418 | |
Investment securities - trading | | | 3,599 | | | | 3,518 | | | | 3,438 | | | | 2,368 | | | | 2,182 | |
Loans held for sale | | | 1,116 | | | | 1,280 | | | | 504 | | | | 1,197 | | | | 867 | |
Portfolio loans and leases | | | 1,629,102 | | | | 1,599,104 | | | | 1,549,161 | | | | 1,522,408 | | | | 1,463,492 | |
| | | | | | | | | | | | | | | | | | | | |
Earning assets | | | 1,977,632 | | | | 1,946,507 | | | | 1,902,484 | | | | 1,892,725 | | | | 1,826,548 | |
| | | | | |
Cash and due from banks | | | 12,739 | | | | 12,067 | | | | 12,302 | | | | 13,132 | | | | 12,497 | |
Allowance for loan and lease losses | | | (15,672 | ) | | | (16,073 | ) | | | (15,761 | ) | | | (15,226 | ) | | | (14,653 | ) |
Premises and equipment | | | 32,763 | | | | 32,829 | | | | 32,358 | | | | 31,770 | | | | 31,216 | |
Goodwill | | | 32,843 | | | | 32,843 | | | | 32,843 | | | | 32,843 | | | | 32,843 | |
Other intangible assets | | | 17,821 | | | | 18,459 | | | | 19,095 | | | | 19,741 | | | | 20,400 | |
Bank owned life insurance | | | 20,402 | | | | 20,327 | | | | 20,252 | | | | 20,163 | | | | 20,086 | |
FHLB stock | | | 12,864 | | | | 12,663 | | | | 11,915 | | | | 12,242 | | | | 12,809 | |
Deferred income taxes | | | 5,926 | | | | 7,119 | | | | 7,908 | | | | 11,733 | | | | 11,946 | |
Other assets | | | 30,491 | | | | 29,750 | | | | 29,940 | | | | 22,288 | | | | 21,904 | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 2,127,809 | | | $ | 2,096,491 | | | $ | 2,053,336 | | | $ | 2,041,411 | | | $ | 1,975,596 | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities and shareholders’ equity | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest-bearing deposits: | | | | | | | | | | | | | | | | | | | | |
Interest-bearing checking | | $ | 255,601 | | | $ | 264,087 | | | $ | 263,612 | | | $ | 248,722 | | | $ | 249,982 | |
Money market | | | 565,803 | | | | 556,241 | | | | 545,108 | | | | 548,351 | | | | 559,911 | |
Savings | | | 143,877 | | | | 143,418 | | | | 137,812 | | | | 137,327 | | | | 135,070 | |
Wholesale non-maturity deposits | | | 43,256 | | | | 42,970 | | | | 41,828 | | | | 48,465 | | | | 47,804 | |
Wholesale time deposits | | | 54,976 | | | | 48,791 | | | | 35,133 | | | | 22,735 | | | | 10,911 | |
Time deposits | | | 121,986 | | | | 127,167 | | | | 134,574 | | | | 142,258 | | | | 152,788 | |
| | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | | 1,185,499 | | | | 1,182,674 | | | | 1,158,067 | | | | 1,147,858 | | | | 1,156,466 | |
| | | | | |
Non-interest bearing deposits | | | 426,883 | | | | 416,104 | | | | 415,514 | | | | 420,072 | | | | 402,292 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | | 1,612,382 | | | | 1,598,778 | | | | 1,573,581 | | | | 1,567,930 | | | | 1,558,758 | |
| | | | | |
Long-term FHLB advances and other borrowings | | | 235,091 | | | | 222,851 | | | | 212,405 | | | | 204,780 | | | | 163,818 | |
Short-term borrowings | | | 14,074 | | | | 17,220 | | | | 13,090 | | | | 25,364 | | | | 14,995 | |
Other liabilities | | | 22,298 | | | | 19,368 | | | | 22,546 | | | | 23,401 | | | | 24,904 | |
Shareholders’ equity | | | 243,964 | | | | 238,274 | | | | 231,714 | | | | 219,936 | | | | 213,121 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 2,127,809 | | | $ | 2,096,491 | | | $ | 2,053,336 | | | $ | 2,041,411 | | | $ | 1,975,596 | |
| | | | | | | | | | | | | | | | | | | | |
12
Bryn Mawr Bank Corporation
Consolidated Year-to-Date Average Balance Sheets - (unaudited)
(dollars in thousands)
| | | | | | | | |
| | | For The Nine Months Ended September 30, | |
| | | 2014 | | | 2013 | |
Assets | | | | | | | | |
| | |
Interest bearing deposits with banks | | $ | 72,341 | | | $ | 70,681 | |
Investment securities - available for sale | | | 272,906 | | | | 324,469 | |
Investment securities - trading | | | 3,519 | | | | 2,017 | |
Loans held for sale | | | 969 | | | | 1,909 | |
Portfolio loans and leases | | | 1,592,749 | | | | 1,430,351 | |
| | | | | | | | |
Earning assets | | | 1,942,484 | | | | 1,829,427 | |
| | |
Cash and due from banks | | | 12,371 | | | | 12,884 | |
Allowance for loan and lease losses | | | (15,835 | ) | | | (14,657 | ) |
Premises and equipment | | | 32,652 | | | | 31,294 | |
Goodwill | | | 32,843 | | | | 32,878 | |
Intangible assets | | | 18,454 | | | | 21,055 | |
Bank owned life insurance | | | 20,327 | | | | 19,999 | |
FHLB stock | | | 12,508 | | | | 11,760 | |
Deferred income taxes | | | 6,977 | | | | 11,708 | |
Other assets | | | 30,037 | | | | 22,344 | |
| | | | | | | | |
Total assets | | $ | 2,092,818 | | | $ | 1,978,692 | |
| | | | | | | | |
Liabilities and shareholders’ equity | | | | | | | | |
| | |
Interest-bearing deposits: | | | | | | | | |
Interest-bearing checking | | $ | 261,071 | | | $ | 260,180 | |
Money market | | | 555,793 | | | | 569,159 | |
Savings | | | 141,724 | | | | 133,910 | |
Wholesale non-maturity deposits | | | 42,690 | | | | 39,238 | |
Wholesale time deposits | | | 46,373 | | | | 11,337 | |
Time deposits | | | 127,863 | | | | 169,184 | |
| | | | | | | | |
Total interest-bearing deposits | | | 1,175,514 | | | | 1,183,008 | |
| | |
Non-interest-bearing deposits | | | 419,542 | | | | 393,576 | |
| | | | | | | | |
Total deposits | | | 1,595,056 | | | | 1,576,584 | |
| | |
Long-term FHLB advances and other borrowings | | | 223,532 | | | | 154,386 | |
Short-term borrowings | | | 14,798 | | | | 13,455 | |
Other liabilities | | | 21,403 | | | | 24,874 | |
Shareholders’ equity | | | 238,029 | | | | 209,393 | |
| | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 2,092,818 | | | $ | 1,978,692 | |
| | | | | | | | |
13
Bryn Mawr Bank Corporation
Quarterly Average Balances and Tax-Equivalent Interest Income and Expense and Tax-Equivalent Yields - (unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For The Three Months Ended | |
| | | September 30, 2014 | | | June 30, 2014 | | | March 31, 2014 | | | December 31, 2013 | | | September 30, 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 | | $ | 78,324 | | | $ | 46 | | | | 0.23 | % | | $ | 70,775 | | | $ | 44 | | | | 0.25 | % | | $ | 67,809 | | | $ | 37 | | | | 0.22 | % | | $ | 56,569 | | | $ | 27 | | | | 0.19 | % | | $ | 35,589 | | | $ | 21 | | | | 0.23 | % |
Investment securities - available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable | | | 230,457 | | | | 884 | | | | 1.52 | % | | | 235,853 | | | | 903 | | | | 1.54 | % | | | 245,006 | | | | 972 | | | | 1.61 | % | | | 271,152 | | | | 1,127 | | | | 1.65 | % | | | 284,558 | | | | 988 | | | | 1.38 | % |
Tax-exempt | | | 35,034 | | | | 149 | | | | 1.69 | % | | | 35,977 | | | | 151 | | | | 1.68 | % | | | 36,566 | | | | 153 | | | | 1.70 | % | | | 39,031 | | | | 159 | | | | 1.62 | % | | | 39,860 | | | | 159 | | | | 1.58 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment securities - available for sale | | | 265,491 | | | | 1,033 | | | | 1.54 | % | | | 271,830 | | | | 1,054 | | | | 1.56 | % | | | 281,572 | | | | 1,125 | | | | 1.62 | % | | | 310,183 | | | | 1,286 | | | | 1.64 | % | | | 324,418 | | | | 1,147 | | | | 1.40 | % |
Investment securities - trading | | | 3,599 | | | | 9 | | | | 0.99 | % | | | 3,518 | | | | 17 | | | | 1.94 | % | | | 3,438 | | | | 7 | | | | 0.83 | % | | | 2,368 | | | | 51 | | | | 8.54 | % | | | 2,182 | | | | 7 | | | | 1.27 | % |
Loans and leases * | | | 1,630,218 | | | | 19,767 | | | | 4.81 | % | | | 1,600,384 | | | | 19,936 | | | | 5.00 | % | | | 1,549,665 | | | | 19,107 | | | | 5.00 | % | | | 1,523,605 | | | | 19,277 | | | | 5.02 | % | | | 1,464,359 | | | | 18,755 | | | | 5.08 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-earning assets | | | 1,977,632 | | | | 20,855 | | | | 4.18 | % | | | 1,946,507 | | | | 21,051 | | | | 4.34 | % | | | 1,902,484 | | | | 20,276 | | | | 4.32 | % | | | 1,892,725 | | | | 20,641 | | | | 4.33 | % | | | 1,826,548 | | | | 19,930 | | | | 4.33 | % |
Cash and due from banks | | | 12,739 | | | | | | | | | | | | 12,067 | | | | | | | | | | | | 12,302 | | | | | | | | | | | | 13,132 | | | | | | | | | | | | 12,497 | | | | | | | | | |
Less allowance for loan and lease losses | | | (15,672 | ) | | | | | | | | | | | (16,073 | ) | | | | | | | | | | | (15,761 | ) | | | | | | | | | | | (15,226 | ) | | | | | | | | | | | (14,653 | ) | | | | | | | | |
Other assets | | | 153,110 | | | | | | | | | | | | 153,990 | | | | | | | | | | | | 154,311 | | | | | | | | | | | | 150,780 | | | | | | | | | | | | 151,204 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 2,127,809 | | | | | | | | | | | $ | 2,096,491 | | | | | | | | | | | $ | 2,053,336 | | | | | | | | | | | $ | 2,041,411 | | | | | | | | | | | $ | 1,975,596 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Interest-bearing deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Savings, NOW and market rate deposits | | $ | 965,281 | | | $ | 430 | | | | 0.18 | % | | $ | 963,746 | | | $ | 420 | | | | 0.17 | % | | $ | 946,532 | | | $ | 405 | | | | 0.17 | % | | $ | 934,400 | | | $ | 414 | | | | 0.18 | % | | $ | 944,963 | | | $ | 419 | | | | 0.18 | % |
Wholesale deposits | | | 98,232 | | | | 175 | | | | 0.71 | % | | | 91,761 | | | | 147 | | | | 0.64 | % | | | 76,961 | | | | 114 | | | | 0.60 | % | | | 71,200 | | | | 85 | | | | 0.47 | % | | | 58,715 | | | | 55 | | | | 0.37 | % |
Time deposits | | | 121,986 | | | | 137 | | | | 0.45 | % | | | 127,167 | | | | 146 | | | | 0.46 | % | | | 134,574 | | | | 170 | | | | 0.51 | % | | | 142,258 | | | | 151 | | | | 0.42 | % | | | 152,788 | | | | 165 | | | | 0.43 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | | 1,185,499 | | | | 742 | | | | 0.25 | % | | | 1,182,674 | | | | 713 | | | | 0.24 | % | | | 1,158,067 | | | | 689 | | | | 0.24 | % | | | 1,147,858 | | | | 650 | | | | 0.22 | % | | | 1,156,466 | | | | 639 | | | | 0.22 | % |
Borrowings: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Short-term borrowings | | | 14,074 | | | | 3 | | | | 0.08 | % | | | 17,220 | | | | 5 | | | | 0.12 | % | | | 13,090 | | | | 3 | | | | 0.09 | % | | | 25,364 | | | | 12 | | | | 0.19 | % | | | 14,995 | | | | 5 | | | | 0.13 | % |
Long-term FHLB advances and other borrowings | | | 235,091 | | | | 828 | | | | 1.40 | % | | | 222,851 | | | | 781 | | | | 1.41 | % | | | 212,405 | | | | 746 | | | | 1.42 | % | | | 204,780 | | | | 738 | | | | 1.43 | % | | | 163,818 | | | | 643 | | | | 1.56 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total borrowings | | | 249,165 | | | | 831 | | | | 1.32 | % | | | 240,071 | | | | 786 | | | | 1.31 | % | | | 225,495 | | | | 749 | | | | 1.35 | % | | | 230,144 | | | | 750 | | | | 1.29 | % | | | 178,813 | | | | 648 | | | | 1.44 | % |
Total interest-bearing liabilities | | | 1,434,664 | | | | 1,573 | | | | 0.43 | % | | | 1,422,745 | | | | 1,499 | | | | 0.42 | % | | | 1,383,562 | | | | 1,438 | | | | 0.42 | % | | | 1,378,002 | | | | 1,400 | | | | 0.40 | % | | | 1,335,279 | | | | 1,287 | | | | 0.38 | % |
Noninterest-bearing deposits | | | 426,883 | | | | | | | | | | | | 416,104 | | | | | | | | | | | | 415,514 | | | | | | | | | | | | 420,072 | | | | | | | | | | | | 402,292 | | | | | | | | | |
Other liabilities | | | 22,298 | | | | | | | | | | | | 19,368 | | | | | | | | | | | | 22,546 | | | | | | | | | | | | 23,401 | | | | | | | | | | | | 24,904 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total noninterest-bearing liabilities | | | 449,181 | | | | | | | | | | | | 435,472 | | | | | | | | | | | | 438,060 | | | | | | | | | | | | 443,473 | | | | | | | | | | | | 427,196 | | | | | | | | | |
Total liabilities | | | 1,883,845 | | | | | | | | | | | | 1,858,217 | | | | | | | | | | | | 1,821,622 | | | | | | | | | | | | 1,821,475 | | | | | | | | | | | | 1,762,475 | | | | | | | | | |
Shareholders’ equity | | | 243,964 | | | | | | | | | | | | 238,274 | | | | | | | | | | | | 231,714 | | | | | | | | | | | | 219,936 | | | | | | | | | | | | 213,121 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 2,127,809 | | | | | | | | | | | $ | 2,096,491 | | | | | | | | | | | $ | 2,053,336 | | | | | | | | | | | $ | 2,041,411 | | | | | | | | | | | $ | 1,975,596 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income to earning assets | | | | | | | | | | | 4.18 | % | | | | | | | | | | | 4.34 | % | | | | | | | | | | | 4.32 | % | | | | | | | | | | | 4.33 | % | | | | | | | | | | | 4.33 | % |
Net interest spread | | | | | | | | | | | 3.75 | % | | | | | | | | | | | 3.92 | % | | | | | | | | | | | 3.90 | % | | | | | | | | | | | 3.93 | % | | | | | | | | | | | 3.95 | % |
Effect of noninterest-bearing sources | | | | | | | | | | | 0.12 | % | | | | | | | | | | | 0.11 | % | | | | | | | | | | | 0.12 | % | | | | | | | | | | | 0.10 | % | | | | | | | | | | | 0.10 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tax-equivalent net interest income/ margin on earning assets | | | | | | $ | 19,282 | | | | 3.87 | % | | | | | | $ | 19,552 | | | | 4.03 | % | | | | | | $ | 18,838 | | | | 4.02 | % | | | | | | $ | 19,241 | | | | 4.03 | % | | | | | | $ | 18,643 | | | | 4.05 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tax-equivalent adjustment | | | | | | $ | 106 | | | | 0.02 | % | | | | | | $ | 110 | | | | 0.02 | % | | | | | | $ | 115 | | | | 0.02 | % | | | | | | $ | 116 | | | | 0.02 | % | | | | | | $ | 110 | | | | 0.02 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Supplemental Information Regarding Accretion of Fair Value Marks | |
Accretion of fair value marks on loans | | | | | | $ | 516 | | | | | | | | | | | $ | 941 | | | | | | | | | | | $ | 761 | | | | | | | | | | | $ | 879 | | | | | | | | | | | $ | 860 | | | | | |
Accretion of fair value marks on time deposits | | | | | | | 6 | | | | | | | | | | | | 6 | | | | | | | | | | | | 7 | | | | | | | | | | | | 49 | | | | | | | | | | | | 71 | | | | | |
Accretion of fair value marks on borrowings | | | | | | | 30 | | | | | | | | | | | | 30 | | | | | | | | | | | | 30 | | | | | | | | | | | | 30 | | | | | | | | | | | | 30 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income from fair value marks | | | | | | $ | 552 | | | | | | | | | | | $ | 977 | | | | | | | | | | | $ | 798 | | | | | | | | | | | $ | 958 | | | | | | | | | | | $ | 961 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Effect of fair value mark accretion on tax-equivalent net interest margin | | | | | | | 0.11 | % | | | | | | | | | | | 0.20 | % | | | | | | | | | | | 0.17 | % | | | | | | | | | | | 0.20 | % | | | | | | | | | | | 0.21 | % | | | | |
| * | 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. |
14
Bryn Mawr Bank Corporation
Average Balances and Tax-Equivalent Interest Income and Expense and Tax-Equivalent Yields
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | For The Nine Months Ended September 30, | |
| | | 2014 | | | 2013 | |
| (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 | | $ | 72,341 | | | | 127 | | | | 0.23 | % | | $ | 70,681 | | | | 131 | | | | 0.25 | % |
Investment securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | % |
Taxable | | | 237,053 | | | | 2,759 | | | | 1.56 | % | | | 286,964 | | | | 2,721 | | | | 1.27 | % |
Tax-exempt | | | 35,853 | | | | 453 | | | | 1.69 | % | | | 37,505 | | | | 429 | | | | 1.53 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities - available for sale | | | 272,906 | | | | 3,212 | | | | 1.57 | % | | | 324,469 | | | | 3,150 | | | | 1.30 | % |
Investment securities - trading | | | 3,519 | | | | 33 | | | | 1.25 | % | | | 2,017 | | | | 23 | | | | 1.52 | % |
Loans and leases * | | | 1,593,718 | | | | 58,810 | | | | 4.93 | % | | | 1,432,260 | | | | 54,902 | | | | 5.13 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total interest earning assets | | | 1,942,484 | | | | 62,182 | | | | 4.28 | % | | | 1,829,427 | | | | 58,206 | | | | 4.25 | % |
Cash and due from banks | | | 12,371 | | | | | | | | | | | | 12,884 | | | | | | | | | |
Less allowance for loan and lease losses | | | (15,835 | ) | | | | | | | | | | | (14,657 | ) | | | | | | | | |
Other assets | | | 153,798 | | | | | | | | | | | | 151,038 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 2,092,818 | | | | | | | | | | | $ | 1,978,692 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Savings, NOW and market rate deposits | | $ | 958,588 | | | $ | 1,254 | | | | 0.17 | % | | $ | 963,249 | | | $ | 1,343 | | | | 0.19 | % |
Wholesale deposits | | | 89,063 | | | | 437 | | | | 0.66 | % | | | 50,575 | | | | 153 | | | | 0.40 | % |
Time deposits | | | 127,863 | | | | 453 | | | | 0.47 | % | | | 169,184 | | | | 613 | | | | 0.48 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | $ | 1,175,514 | | | | 2,144 | | | | 0.24 | % | | $ | 1,183,008 | | | | 2,109 | | | | 0.24 | % |
Short-term borrowings | | | 14,798 | | | | 12 | | | | 0.11 | % | | | 154,386 | | | | 1,906 | | | | 1.65 | % |
Long-term FHLB advances and other borrowings | | | 223,532 | | | | 2,354 | | | | 1.41 | % | | | 13,455 | | | | 12 | | | | 0.12 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Borrowings | | | 238,330 | | | | 2,366 | | | | 1.33 | % | | | 167,841 | | | | 1,918 | | | | 1.53 | % |
Total interest-bearing liabilities | | | 1,413,844 | | | | 4,510 | | | | 0.43 | % | | | 1,350,849 | | | | 4,027 | | | | 0.40 | % |
Noninterest-bearing deposits | | | 419,542 | | | | | | | | | | | | 393,576 | | | | | | | | | |
Other liabilities | | | 21,403 | | | | | | | | | | | | 24,874 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total noninterest-bearing liabilities | | | 440,945 | | | | | | | | | | | | 418,450 | | | | | | | | | |
Total liabilities | | | 1,854,789 | | | | | | | | | | | | 1,769,299 | | | | | | | | | |
Shareholders’ equity | | | 238,029 | | | | | | | | | | | | 209,393 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 2,092,818 | | | | | | | | | | | $ | 1,978,692 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Interest income to earning assets | | | | | | | | | | | 4.28 | % | | | | | | | | | | | 4.25 | % |
Net interest spread | | | | | | | | | | | 3.85 | % | | | | | | | | | | | 3.85 | % |
Effect of noninterest-bearing sources | | | | | | | | | | | 0.12 | % | | | | | | | | | | | 0.11 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Tax-equivalent net interest income/ margin on earning assets | | | | | | $ | 57,672 | | | | 3.97 | % | | | | | | $ | 54,179 | | | | 3.96 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Tax-equivalent adjustment | | | | | | $ | 331 | | | | 0.02 | % | | | | | | $ | 314 | | | | 0.02 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Supplemental Information Regarding Accretion of Fair Value Marks | |
Accretion of fair value marks on loans | | | | | | $ | 2,218 | | | | | | | | | | | $ | 2,185 | | | | | |
Accretion of fair value marks on time deposits | | | | | | | 19 | | | | | | | | | | | | 300 | | | | | |
Accretion of fair value marks on borrowings | | | | | | | 91 | | | | | | | | | | | | 120 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income from fair value marks | | | | | | $ | 2,328 | | | | | | | | | | | $ | 2,605 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Effect of fair value mark accretion on tax-equivalent net interest margin | | | | | | | 0.16 | % | | | | | | | | | | | 0.19 | % | | | | |
| * | 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 lease balances |
15
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data - (unaudited)
(dollars in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | |
| | | For The Three Months Ended or As Of | |
| | | September 30, | | | June 30, | | | March 31, | | | December 31, | | | September 30, | |
| | | 2014 | | | 2014 | | | 2014 | | | 2013 | | | 2013 | |
Asset Quality Data | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Nonaccrual loans and leases | | $ | 8,336 | | | $ | 8,388 | | | $ | 10,236 | | | $ | 10,530 | | | $ | 10,613 | |
90 days or more past due loans, still accruing | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Nonperforming loans and leases | | | 8,336 | | | | 8,388 | | | | 10,236 | | | | 10,530 | | | | 10,613 | |
Other real estate owned | | | 894 | | | | 853 | | | | 1,040 | | | | 855 | | | | 1,253 | |
| | | | | | | | | | | | | | | | | | | | |
Total nonperforming assets | | $ | 9,230 | | | $ | 9,241 | | | $ | 11,276 | | | $ | 11,385 | | | $ | 11,866 | |
| | | | | | | | | | | | | | | | | | | | |
Troubled debt restructurings included in nonperforming assets | | $ | 1,725 | | | $ | 1,597 | | | $ | 2,698 | | | $ | 1,699 | | | $ | 2,628 | |
Troubled debt restructurings in compliance with modified terms | | | 6,913 | | | | 7,487 | | | | 6,667 | | | | 7,277 | | | | 8,947 | |
| | | | | | | | | | | | | | | | | | | | |
Total troubled debt restructurings | | $ | 8,638 | | | $ | 9,084 | | | $ | 9,365 | | | $ | 8,976 | | | $ | 11,575 | |
Nonperforming loans and leases / portfolio loans & leases | | | 0.51 | % | | | 0.52 | % | | | 0.65 | % | | | 0.68 | % | | | 0.71 | % |
| | | | | |
Nonperforming assets / total assets | | | 0.43 | % | | | 0.43 | % | | | 0.55 | % | | | 0.55 | % | | | 0.58 | % |
| | | | | |
Net loan and lease charge-offs / average loans and leases (annualized) | | | 0.10 | % | | | 0.05 | % | | | 0.13 | % | | | 0.09 | % | | | 0.10 | % |
| | | | | |
Delinquency rate* - Performing and nonperforming loans and leases 30 days or more past due | | | 0.48 | % | | | 0.64 | % | | | 0.59 | % | | | 0.65 | % | | | 0.68 | % |
Performing loans and leases - 30-89 days past due | | $ | 1,739 | | | $ | 3,743 | | | $ | 1,815 | | | $ | 1,718 | | | $ | 1,227 | |
Delinquency rate* - Performing loans and leases - 30-89 days past due | | | 0.11 | % | | | 0.23 | % | | | 0.12 | % | | | 0.11 | % | | | 0.08 | % |
| | | | | |
* as a percentage of total loans and leases | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Changes in the allowance for loan and lease losses: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Balance, beginning of period | | $ | 15,470 | | | $ | 15,770 | | | $ | 15,515 | | | $ | 15,027 | | | $ | 14,444 | |
Charge-offs | | | (493 | ) | | | (304 | ) | | | (538 | ) | | | (484 | ) | | | (501 | ) |
Recoveries | | | 72 | | | | 104 | | | | 43 | | | | 160 | | | | 125 | |
| | | | | | | | | | | | | | | | | | | | |
Net charge-offs | | | (421 | ) | | | (200 | ) | | | (495 | ) | | | (324 | ) | | | (376 | ) |
Provision for loan and lease losses | | | 550 | | | | (100 | ) | | | 750 | | | | 812 | | | | 959 | |
| | | | | | | | | | | | | | | | | | | | |
Balance, end of period | | $ | 15,599 | | | $ | 15,470 | | | $ | 15,770 | | | $ | 15,515 | | | $ | 15,027 | |
| | | | | | | | | | | | | | | | | | | | |
Allowance for loan and lease losses / loans and leases | | | 0.95 | % | | | 0.96 | % | | | 1.01 | % | | | 1.00 | % | | | 1.00 | % |
Allowance for loan and lease losses / nonperforming loans and leases | | | 187.1 | % | | | 184.4 | % | | | 154.1 | % | | | 147.3 | % | | | 141.6 | % |
16
Bryn Mawr Bank Corporation
Consolidated Statements of Income - (unaudited)
(dollars in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | |
| | | For The Three Months Ended or As Of | |
| | | September 30, | | | June 30, | | | March 31, | | | December 31, | | | September 30, | |
| | | 2014 | | | 2014 | | | 2014 | | | 2013 | | | 2013 | |
Selected ratios (annualized): | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Return on average assets | | | 1.21 | % | | | 1.45 | % | | | 1.32 | % | | | 1.26 | % | | | 1.29 | % |
Return on average shareholders’ equity | | | 10.58 | % | | | 12.80 | % | | | 11.71 | % | | | 11.67 | % | | | 11.92 | % |
Return on average tangible equity(2) | | | 13.35 | % | | | 16.31 | % | | | 15.10 | % | | | 15.35 | % | | | 15.89 | % |
Tax-equivalent yield on loans and leases | | | 4.81 | % | | | 5.00 | % | | | 5.00 | % | | | 5.02 | % | | | 5.08 | % |
Tax-equivalent yield on interest-earning assets | | | 4.18 | % | | | 4.34 | % | | | 4.32 | % | | | 4.33 | % | | | 4.33 | % |
Cost of interest-bearing funds | | | 0.43 | % | | | 0.42 | % | | | 0.42 | % | | | 0.40 | % | | | 0.38 | % |
Tax-equivalent net interest margin | | | 3.87 | % | | | 4.03 | % | | | 4.02 | % | | | 4.03 | % | | | 4.05 | % |
Book value per share | | $ | 18.03 | | | $ | 17.74 | | | $ | 17.24 | | | $ | 16.84 | | | $ | 16.07 | |
Tangible book value per share | | $ | 14.37 | | | $ | 14.03 | | | $ | 13.47 | | | $ | 13.02 | | | $ | 12.17 | |
Shares outstanding at end of period | | | 13,731,276 | | | | 13,719,337 | | | | 13,656,979 | | | | 13,650,354 | | | | 13,551,438 | |
| | | | | |
Selected data: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Mortgage loans originated | | $ | 29,861 | | | $ | 39,575 | | | $ | 17,892 | | | $ | 37,190 | | | $ | 40,426 | |
| | | | | |
Residential mortgage loans sold - servicing retained | | $ | 16,237 | | | $ | 15,154 | | | $ | 9,086 | | | $ | 12,523 | | | $ | 17,768 | |
Residential mortgage loans sold - servicing released | | | 539 | | | | — | | | | 152 | | | | 531 | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total residential mortgage loans sold | | $ | 16,776 | | | $ | 15,154 | | | $ | 9,238 | | | $ | 13,054 | | | $ | 17,768 | |
| | | | | | | | | | | | | | | | | | | | |
Yield on residential mortgage loans sold | | | 2.62 | % | | | 3.54 | % | | | 3.51 | % | | | 4.05 | % | | | 3.25 | % |
| | | | | |
Loans serviced for others (includes residential mortgage, commercial mortgage and commercial & industrial) | | $ | 624,598 | | | $ | 622,808 | | | $ | 618,348 | | | $ | 628,879 | | | $ | 627,058 | |
| | | | | |
Total wealth assets under management, administration, supervision and brokerage(1) | | $ | 7,580,779 | | | $ | 7,569,842 | | | $ | 7,361,977 | | | $ | 7,268,273 | | | $ | 7,082,926 | |
| | | | | | | | | | | | | | | | | | | | |
| (1) | Brokerage assets represent assets held at a registered broker dealer under a clearing agreement. |
| (2) | Average tangible equity equals average shareholders’ equity minus average goodwill and average other intangible assets. |
| | | | | | | | |
| | | For The Nine Months
Ended September 30, | |
| | | 2014 | | | 2013 | |
Selected ratios (annualized): | | | | | | | | |
| | |
Return on average assets | | | 1.33 | % | | | 1.21 | % |
Return on average shareholders’ equity | | | 11.68 | % | | | 11.48 | % |
Return on average tangible equity(1) | | | 14.89 | % | | | 15.46 | % |
Tax-equivalent yield on loans and leases | | | 4.93 | % | | | 5.13 | % |
Tax-equivalent yield on interest-earning assets | | | 4.28 | % | | | 4.25 | % |
Cost of interest-bearing liabilities | | | 0.43 | % | | | 0.40 | % |
Tax-equivalent net interest margin | | | 3.97 | % | | | 3.96 | % |
| | |
Selected data: | | | | | | | | |
| | |
Residential mortgage loans originated | | $ | 87,328 | | | $ | 160,597 | |
| | |
Residential mortgage loans sold - servicing retained | | $ | 40,477 | | | $ | 115,391 | |
Residential mortgage loans sold - servicing released | | | 691 | | | | 536 | |
| | | | | | | | |
Total residential mortgage loans sold | | $ | 41,168 | | | $ | 115,927 | |
| | | | | | | | |
| (1) | Average tangible equity equals average shareholders’ equity minus average goodwill and average other intangible assets. |
17
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data - (unaudited)
(dollars in thousands, except per share data)
Investment Portfolio - Available for Sale
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | As of September 30, 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 | | | 71,443 | | | | 71,110 | | | | (333 | ) | | | 71,097 | | | | 69,568 | | | | (1,529 | ) |
State & political subdivisions | | | 33,555 | | | | 33,695 | | | | 140 | | | | 37,140 | | | | 36,977 | | | | (163 | ) |
Mortgage-backed securities | | | 104,670 | | | | 106,223 | | | | 1,553 | | | | 119,044 | | | | 119,363 | | | | 319 | |
Collateralized mortgage obligations | | | 37,071 | | | | 37,110 | | | | 39 | | | | 44,463 | | | | 44,243 | | | | (220 | ) |
Other debt securities | | | 1,900 | | | | 1,900 | | | | — | | | | 1,900 | | | | 1,887 | | | | (13 | ) |
Bond mutual funds | | | 11,956 | | | | 12,029 | | | | 73 | | | | 11,456 | | | | 11,457 | | | | 1 | |
Other investments | | | 3,527 | | | | 3,772 | | | | 245 | | | | 1,925 | | | | 2,214 | | | | 289 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total investment portfolio available for sale | | $ | 264,224 | | | $ | 265,939 | | | $ | 1,715 | | | $ | 287,127 | | | $ | 285,808 | | | $ | (1,319 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Capital Ratios | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Regulatory Minimum
To Be
Well Capitalized | | | September 30,
2014 | | | June 30,
2014 | | | March 31,
2014 | | | December 31,
2013 | | | September 30,
2013 | |
Bryn Mawr Trust Company | | | | | | | | | | | | | | | | | | | | | | | | |
Tier I capital to risk weighted assets (“RWA”) | | | 6.00 | % | | | 11.60 | % | | | 11.68 | % | | | 11.65 | % | | | 11.40 | % | | | 11.36 | % |
Total (Tier II) capital to RWA | | | 10.00 | % | | | 12.54 | % | | | 12.62 | % | | | 12.63 | % | | | 12.38 | % | | | 12.33 | % |
Tier I leverage ratio | | | 5.00 | % | | | 9.39 | % | | | 9.51 | % | | | 9.43 | % | | | 9.14 | % | | | 9.22 | % |
Tangible equity ratio | | | N/A | | | | 9.21 | % | | | 9.18 | % | | | 9.18 | % | | | 8.78 | % | | | 8.32 | % |
| | | | | | |
Bryn Mawr Bank Corporation | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Tier I capital to RWA | | | 6.00 | % | | | 12.05 | % | | | 11.85 | % | | | 11.71 | % | | | 11.57 | % | | | 11.33 | % |
Total (Tier II) capital to RWA | | | 10.00 | % | | | 12.99 | % | | | 12.79 | % | | | 12.69 | % | | | 12.55 | % | | | 12.30 | % |
Tier I leverage ratio | | | 5.00 | % | | | 9.77 | % | | | 9.67 | % | | | 9.50 | % | | | 9.29 | % | | | 9.22 | % |
Tangible equity ratio | | | N/A | | | | 9.58 | % | | | 9.32 | % | | | 9.23 | % | | | 8.92 | % | | | 8.30 | % |
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