BRYN MAWR, Pa., Jan. 21, 2016 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (NASDAQ:BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported a net loss of $6.4 million and diluted earnings per share of ($0.37) for the three months ended December 31, 2015, as compared to net income of $7.0 million and diluted earnings per share of $0.51 for the same period in 2014.

On a non-GAAP basis, core net income, which excludes net gain on sale of available for sale investment securities, the effects of the previously announced pension plan termination at December 31, 2015, severance expense, branch lease termination penalties, debt prepayment and swap termination penalties, impairment of favorable lease intangible asset, and due diligence, merger-related and merger integration expenses, was $7.5 million, or $0.44 per diluted share, for the fourth quarter of 2015 as compared to $7.4 million, or $0.53 per diluted share, for the same period in 2014. Management believes these non-GAAP measures are important in evaluating the Corporation’s performance on a more comparative basis between periods. A reconciliation of the non-GAAP to GAAP performance measures is included in the schedules accompanying this earnings release.

“2015 was truly a transitional year for the Corporation,” commented Frank Leto, President and Chief Executive Officer, continuing, “With our acquisition of Continental Bank, the successes of several of our strategic initiatives, numerous infrastructure and systems improvements, and the bank-wide management and staffing reorganization which was effectuated during the year, we are poised to face 2016 with a more efficient and effective organization.” Mr. Leto continued, “Our decision to terminate the corporate pension plan will eliminate the earnings volatility associated with this defined-benefit program. Our Wealth Management division continues to grow and diversify, increasing assets under management by 8.6% during 2015. While a portion of this growth is subject to fixed fees, the remainder is well positioned to benefit from improvements in the equity markets. In addition, the steady loan growth we experienced during the quarter is encouraging, as well as the consistent performance of our non-interest revenue sources, which contribute significantly to our bottom line.”

On January 21, 2016, the Board of Directors of the Corporation declared a quarterly dividend of $0.20 per share, payable March 1, 2016 to shareholders of record as of February 2, 2016.

SIGNIFICANT ITEMS OF NOTE

Results of Operations – 4th Quarter 2015 Compared to 4th Quarter 2014

• A net loss of $6.7 million for the three months ended December 31, 2015 was driven by the $17.4 million pre-tax loss on the termination of the pension plan. Net income for the same period in 2014 was $7.0 million.
   
• Net interest income for the three months ended December 31, 2015 was $25.4 million, an increase of $5.9 million, or 30.5%, from $19.5 million for the same period in 2014. The increase in net interest income between the periods was related to the interest income generated by the $424.2 million of loans acquired in the January 1, 2015 merger with Continental Bank Holdings, Inc. (“CBHI” and the “Merger”) as well as organic loan growth that occurred during the year. Average loans for the three months ended December 31, 2015 increased by $592.5 million from the same period in 2014. The increase in interest income from loan growth was partially offset by an increase in interest expense on interest-bearing deposits as well as the additional interest expense associated with the $30 million of subordinated notes issued in the third quarter of 2015. Average interest-bearing deposits for the three months ended December 31, 2015 increased by $405.2 million as compared to the same period in 2014, largely related to the deposits acquired in the Merger.
   
• The tax-equivalent net interest margin of 3.77% for the three months ended December 31, 2015 was a 7 basis point decrease from 3.84% for the same period in 2014. The decrease was largely the result of the 17 basis point decline in tax-equivalent yield on loans, accompanied by a $592.5 million increase in average loan balances. The decline in yield on loans was primarily related to the lower yields earned on the loans originated during the low-interest rate climate throughout the year. In addition, average interest-bearing deposits, which increased by $405.2 million, included a 1 basis point increase in the tax-equivalent rate paid. The contribution of fair value mark accretion to the tax equivalent net interest margin accounted for 13 basis points of the margin for the fourth quarter of 2015 as compared to 11 basis points for the same period in 2014.
   
• Non-interest income for the three months ended December 31, 2015 increased $785 thousand as compared to the same period in 2014. Contributing to this increase was a $774 thousand increase in other operating income which included a $130 thousand increase in bank owned life insurance (“BOLI”) income, a $130 thousand increase in value of trading securities and a $319 thousand increase in income related to the full payoff of a purchased credit-impaired loan acquired in the Merger. In addition to the $12.1 million of BOLI acquired in the Merger, the Corporation also purchased $5.0 million of BOLI in the third quarter of 2015. Supplementing the increase in other operating income, a $280 thousand increase in net gain on sale of loans and a $119 thousand increase in dividends on Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stock, partially offset by a $268 thousand decrease in fees for wealth management services, contributed to the increase in non-interest income. Although wealth assets increased from December 31, 2014 by $664.9 million, the composition of the portfolio has shifted to lower yielding products. 
   
• Non-interest expense for the three months ended December 31, 2015 increased $25.0 million, to $47.0 million, as compared to $21.9 million for the same period in 2014. The termination on December 31, 2015, of the corporate pension plan resulted in a pre-tax loss of $17.4 million, as tax-effected losses previously recorded in other comprehensive income were recognized through the income statement. In addition, the closure of the former headquarters of Continental Bank resulted in lease termination penalties totaling $929 thousand, and required a $387 thousand impairment of a favorable lease intangible asset which had been recorded in connection with the headquarters location. Due diligence, merger-related and merger integration expenses increased by $903 thousand for the fourth quarter of 2015 as compared to the same period in 2014, as the conversion of the Continental Bank core system was completed in October 2015.  Due diligence, merger-related and merger integration expenses include consultant costs, investment banker fees, contract breakage fees, retention bonuses for both retained and severed employees, as well as salary and wages for redundant staffing involved in the integration of the two institutions. Increases of $2.3 million, $368 thousand and $666 thousand, in salary and wages, employee benefits and occupancy expenses, respectively, much of which was related to the addition of the Continental Bank staff and offices, also contributed to the year-over-year increase. In addition to the salary and wage increases caused by staffing increases, the Corporation incurred severance costs of $218 thousand in connection with a management and staffing reorganization. Lastly, during the fourth quarter, the Corporation elected to unwind a $15 million forward interest rate swap which had been entered into in 2012 and was scheduled to become effective on November 30, 2015. The decision to unwind the swap, which was originally entered into in order to hedge an adjustable rate FHLB borrowing, was related to changes in the balance sheet over the interim period and the interest rate risk profile of the Corporation. The breakage fee to exit the swap was $611 thousand.
   
• Nonperforming loans and leases totaled $9.8 million as of December 31, 2015, representing 0.43% of total portfolio loans and leases, as compared to $10.1 million, or 0.61% of total portfolio loans and leases as of December 31, 2014. For the three months ended December 31, 2015, the Corporation recorded net loan and lease charge-offs of $1.9 million, as compared to $697 thousand for the same period in 2014. The provision for loan and lease losses (the “Provision”) for the three months ended December 31, 2015 was $1.8 million as compared to a release from the allowance for loan and lease losses (the “Allowance”) of $316 thousand for the same period in 2014. The increase in Provision for the fourth quarter of 2015 was largely related to the level of charge-offs recorded during the quarter. Several of these charge-offs resulted from the receipt of new appraisals on certain non-performing loans deemed to be collateral-dependent, as well as the determination that certain loans previously expected to improve were not improving to the level Management had expected and therefore required partial write-downs.

Results of Operations – 4th Quarter 2015 Compared to 3rd Quarter 2015

• A net loss of $6.7 million for the three months ended December 31, 2015 was recorded, as compared to net income of $7.5 million for the three months ended September 30, 2015, a decrease of $14.2 million. As discussed previously, the loss was driven by the pre-tax loss of $17.4 million dollars on the pension plan termination.
  
  
• Net interest income for the three months ended December 31, 2015 was $25.4 million, an increase of $596 thousand from $24.8 million for the three months ended September 30, 2015. The increase in net interest income between the periods was related to a $460 thousand increase in interest on loans and a $321 thousand increase in interest on available for sale investment securities. Partially offsetting these increases was a $139 thousand increase in interest expense on subordinated notes, related to the $30 million of 4.75% subordinated notes issued in August 2015. The increase in interest earned on loans, whose average balance increased by $56.1 million from the third quarter of 2015 to the fourth quarter of 2015, was the result of strong loan growth in the third and fourth quarters of 2015. Portfolio loans increased by 5.4% from June 30, 2015 to December 31, 2015.
   
• The tax-equivalent net interest margin of 3.77% for the three months ended December 31, 2015 increased 12 basis points from 3.65% in the third quarter of 2015. Average loans for the fourth quarter of 2015 increased by $56.1 million, from the third quarter of 2015, with an average tax-equivalent yield of 4.62%. In addition, during the fourth quarter of 2015, the tax-equivalent yield earned on available for sale investment securities increased by 37 basis points. A portion of the increase was related to an available for sale mortgage-backed security which prepaid and resulted in a $112 thousand prepayment premium. The contribution of fair value mark accretion to the tax equivalent net interest margin accounted for 13 basis points of the margin for the fourth quarter of 2015 as compared to 15 basis points for the third quarter of 2015.
   
• Non-interest income for the three months ended December 31, 2015 increased $318 thousand from the third quarter of 2015. The increase was related to a $325 thousand increase in other operating income, a $192 thousand increase in dividends on FRB and FHLB stocks, a $105 thousand increase in loan servicing fees and a $66 thousand increase in gain on loan sales. The $325 thousand increase in other operating income was primarily related to $319 thousand of income recorded in connection with the full payoff of a purchased credit-impaired loan acquired in the Merger. Partially offsetting these increases were decreases of $199 thousand and $223 thousand in wealth management fees and insurance revenues. Wealth assets, which increased $146.5 million from September 30, 2015 to December 31, 2015, experienced a significant portion of their growth toward the end of the fourth quarter and therefore the revenue effect was not realized during the quarter. The decrease in insurance income is related to the timing of policy renewals throughout the year.
   
• Non-interest expense for the three months ended December 31, 2015 increased $21.5 million, to $47.0 million, as compared to $25.4 million for the third quarter of 2015. The increase was largely the result the one-time loss recorded on the pension plan termination, as well as an increase in severance expense, a lease termination fee, swap breakage penalty, the impairment of a favorable lease intangible asset, and an increase in due diligence, merger-related and merger integration expenses, all of which are discussed in the year-over-year comparison above.
   
• For the three months ended December 31, 2015, the Corporation recorded net loan and lease charge-offs of $1.9 million, as compared to $224 thousand for the third quarter of 2015. The Provision for the three months ended December 31, 2015 was $1.8 million, as compared to $1.2 million for the third quarter of 2015.

Financial Condition – December 31, 2015 Compared to December 31, 2014

• Total portfolio loans and leases of $2.27 billion as of December 31, 2015 increased by $616.7 million from December 31, 2014. In addition to the $424.2 million of portfolio loans acquired in the Merger, strong organic loan growth of a net $192.5 million occurred during the twelve months ended December 31, 2015.
   
• The Allowance, as of December 31, 2015, was $15.9 million, or 0.70% of portfolio loans as compared to $14.6 million, or 0.88% of portfolio loans and leases, as of December 31, 2014. The decrease in Allowance as a percentage of portfolio loans and leases was primarily the result of the increase in the balance of portfolio loans from the Merger. Loans acquired in the Merger were marked to their fair value at acquisition, and, as such, no additional Allowance was recorded for the acquired loan portfolio, in accordance with GAAP. In order to take this into account when evaluating the adequacy of the Allowance, in addition to other factors, management considers two non-GAAP measures: the Allowance as a percentage of originated loans and leases, which was 0.84% as of December 31, 2015 as compared to 0.94% as of December 31, 2014, and the Allowance plus the remaining loan mark, as a percentage of gross loans, which was 1.44% as of December 31, 2015, as compared to 1.27% as of December 31, 2014. The 10 basis point decrease in Allowance as a percentage of originated loans for the twelve months ended December 31, 2015 is a reflection of the overall improvement of the qualitative and quantitative factors affecting the estimate of incurred losses present in the loan and lease portfolio as of December 31, 2015.
   
• Available for sale investment securities as of December 31, 2015 were $349.0 million, an increase of $119.4 million from December 31, 2014. In connection with the Merger, the Corporation acquired $181.8 million of available for sale investment securities. During the first quarter of 2015, the Corporation sold $63.2 million of these acquired available for sale investment securities in order to shorten the overall duration of the investment portfolio. Proceeds from the sale of available for sale investment securities along with excess cash were used to pay down $94.5 million of short-term FHLB advances assumed from CBHI, which matured shortly after the Merger was completed, as well as to prepay $19.5 million of long-term FHLB advances which had also been assumed in the Merger.
   
• Total assets as of December 31, 2015 were $3.03 billion, an increase of $784.5 million from December 31, 2014. The Merger accounted for an initial increase in total assets of $742.6 million. Excluding the assets initially acquired in the Merger, portfolio loans and leases increased by $192.5 million, available for sale investment securities decreased by $62.4 million, and FHLB stock decreased by $3.6 million.
   
• Wealth assets under management, administration, supervision and brokerage totaled $8.36 billion as of December 31, 2015, an increase of $664.9 million from December 31, 2014. The increase in wealth assets was primarily related to the success of strategic initiatives within the division, as well as the synergies which have developed between the Commercial Lending group and the Wealth division.
   
• Deposits of $2.25 billion as of December 31, 2015 increased $564.7 million from December 31, 2014. The Merger accounted for an initial increase of $481.7 million of deposits, which included $93.9 million of non-interest-bearing deposits. As of December 31, 2015, non-interest-bearing deposits comprised 27.8% of total deposits as compared to 26.5% as of December 31, 2014.
   
• The capital ratios for the Bank and the Corporation, as of December 31, 2015, as shown in the attached tables, indicate levels well above the regulatory minimum to be considered “well capitalized.” The Bank’s and the Corporation’s capital ratios have decreased from the levels present at December 31, 2014, largely as a result of the pension termination, whose previously unrealized loss had been excluded from the capital ratio calculations, as well as the effect of share repurchases during the third and fourth quarters of 2015. In addition, during the fourth quarter of 2015, for purposes of improving the liquidity of the Corporation, the Bank issued a $30 million dividend to the Corporation, further reducing the capital ratios at the Bank level. These decreases in capital were partially offset at both the Bank and Corporation levels as a result of the shares issued in the Merger.

EARNINGS CONFERENCE CALL
The Corporation will hold an earnings conference call at 8:30 a.m. Eastern Time on Friday, January 22, 2016.  Interested parties may participate by dialing (toll-free) 1-877-504-8812 (international (toll) 1-412-902-6656).  A recorded replay of the conference call will be available one hour after the conclusion of the call and will remain available through February 5, 2016.  The recorded replay may be accessed by dialing (toll-free) 1-877-344-7529 (international (toll) 1-412-317-0088) and the conference number is 10077462.

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 at http://services.choruscall.com/links/bmtc160122.  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.

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, that the integration of CBHI’s business with the Corporation may take longer than anticipated or be more costly to complete and that the anticipated benefits, including any anticipated cost savings or strategic gains may be significantly harder to achieve or take longer than anticipated or may not be achieved, 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 updated by our quarterly or other reports subsequently filed with the SEC.

Bryn Mawr Bank Corporation
Consolidated Statements of Income - (unaudited)
(dollars in thousands, except per share data)
		For The Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
			2015				2015				2015				2015				2014
Interest and fees on loans and leases		$	26,080			$	25,620			$	25,568			$	25,164			$	19,913
Interest on cash and cash equivalents			63				107				124				115				66
Interest on investment securities:
Taxable			1,402				1,135				1,161				1,320				891
Non-taxable			131				125				106				135				95
Dividends			90				42				34				20				90
Total interest income			27,766				27,029				26,993				26,754				21,055
Savings, NOW and market rate deposits			565				584				575				594				422
Wholesale deposits			186				203				195				188				190
Time deposits			295				289				292				246				143
Interest on deposits			1,046				1,076				1,062				1,028				755
Interest on short-term borrowings			9				8				10				21				4
Interest on FHLB advances and other borrowings			912				881				851				910				809
Interest on subordinated notes			370				231				-				-				-
Total interest expense			2,337				2,196				1,923				1,959				1,568
Net interest income			25,429				24,833				25,070				24,795				19,487
Provision for loan and lease losses			1,777				1,200				850				569				(316	)
Net interest income after provision for loan and lease losses			23,652				23,633				24,220				24,226				19,803
Fees for wealth management services			8,995				9,194				9,600				9,105				9,263
Service charges on deposits			742				721				752				712				658
Loan servicing and other fees			502				397				597				591				450
Net gain on sale of loans			751				685				778				808				471
Net gain on sale of investment securities available for sale			58				60				3				810				390
Net gain on sale of other real estate owned			33				-				75				15				4
Dividends on bank stocks			330				138				299				615				211
Insurance revenue			842				1,065				817				1,021				795
Other operating income			1,415				1,090				1,256				1,088				641
Non-interest income			13,668				13,350				14,177				14,765				12,883
Salaries and wages			11,700				10,941				11,064				10,870				9,869
Employee benefits			2,268				2,590				2,618				2,729				1,900
Loss on pension termination			17,377				-				-				-				-
Occupancy and bank premises			2,474				2,557				2,808				2,466				1,808
Branch lease termination expense			929				-				-				-				-
Furniture, fixtures and equipment			2,129				1,712				1,488				1,512				1,358
Advertising			656				410				479				557				400
Amortization of intangible assets			937				953				955				982				753
Impairment of intangible assets			387				-				-				-				-
Due diligence, merger-related and merger integration expenses			1,860				1,015				1,294				2,501				957
Professional fees			1,010				843				827				673				809
Pennsylvania bank shares tax			(46	)			433				433				433				64
Information technology			874				1,053				814				702				747
Other operating expenses			4,396				2,896				3,202				4,004				3,267
Non-interest expense			46,951				25,403				25,982				27,429				21,932
(Loss) income before income taxes			(9,631	)			11,580				12,415				11,562				10,754
Income tax (benefit) expense			(3,276	)			4,084				4,296				4,068				3,710
Net (loss) income		$	(6,355	)		$	7,496			$	8,119			$	7,494			$	7,044
Per share data:
Weighted average shares outstanding			17,129,234				17,572,421				17,713,794				17,545,802				13,646,098
Dilutive common shares			-				261,877				340,869				357,456				296,682
Adjusted weighted average diluted shares			17,129,234				17,834,298				18,054,663				17,903,258				13,942,780
Basic earnings (loss) per common share		$	(0.37	)		$	0.43			$	0.46			$	0.43			$	0.52
Diluted earnings (loss) per common share		$	(0.37	)		$	0.42			$	0.45			$	0.42			$	0.51
Dividend declared per share		$	0.20			$	0.20			$	0.19			$	0.19			$	0.19
Effective tax rate			34.0	%			35.3	%			34.6	%			35.2	%			34.5	%
Supplemental Non-GAAP Performance Measures* (Includes Reconciliation of Non-GAAP to GAAP Performance Measures)
Net (loss) income (a GAAP measure)		$	(6,355	)		$	7,496			$	8,119			$	7,494			$	7,044
less: tax-effected net gain on sale of available for sale investments			(38	)			(39	)			(2	)			(527	)			(254	)
add: tax-effected** loss on pension termination			11,295				-				-				-				-
add: tax-effected** severance expense (Salaries and wages)			142				124				-				-				-
add: tax-effected** branch lease termination expense			604				-				-				-				-
add: tax-effected** debt and swap prepayment penalty (Other operating expenses)			397				-				-				339				-
add: tax-effected** impairment of intangible assets			252				-				-				-				-
add: tax-effected** due diligence, merger-related and merger integration  expenses			1,209				660				841				1,626				622
Net income (core) (a non-GAAP measure)		$	7,506			$	8,241			$	8,958			$	8,932			$	7,412
Weighted average shares outstanding			17,129,234				17,572,421				17,713,794				17,545,802				13,646,098
Dilutive common shares			112,783				261,877				340,869				357,456				296,682
Adjusted weighted average diluted shares			17,242,017				17,834,298				18,054,663				17,903,258				13,942,780
Basic earnings per common share (core) (a non-GAAP measure)		$	0.44			$	0.47			$	0.51			$	0.51			$	0.54
Diluted earnings per common share (core) (a non-GAAP measure)		$	0.44			$	0.46			$	0.50			$	0.50			$	0.53
*The Corporation believes the presentation of the above non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of the results of operations of the Corporation. Management uses these non-GAAP financial measures in its analysis of the Corporation’s performance. This non-GAAP disclosure should not be viewed as a substitute for the financial measures determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies
** assumed tax rate of 35%

 

Bryn Mawr Bank Corporation
Consolidated Statements of Income - (unaudited)
(dollars in thousands, except per share data)
				For The Twelve Months Ended December 31,
					2015						2014
Interest and fees on loans and leases				$	102,432					$	78,541
Interest on cash and cash equivalents					409						193
Interest on investment securities:
Taxable					5,018						3,596
Non-taxable					497						399
Dividends					186						177
Total interest income				$	108,542					$	82,906
Savings, NOW and market rate deposits					2,318						1,675
Wholesale deposits					772						627
Time deposits					1,122						596
Interest on deposits					4,212						2,898
Interest on short-term borrowings					48						17
Interest on FHLB advances and other borrowings					3,554						3,163
Interest on subordinated notes					601						-
Total interest expense					8,415						6,078
Net interest income					100,127						76,828
Provision for loan and lease losses					4,396						884
Net interest income after provision for loan and lease losses					95,731						75,944
Fees for wealth management services					36,894						36,774
Service charges on deposits					2,927						2,578
Loan servicing and other fees					2,087						1,755
Net gain on sale of loans					3,022						1,772
Net gain on sale of investment securities available for sale					931						471
Net gain on sale of other real estate owned					123						175
Dividends on bank stocks					1,382						615
Insurance revenue					3,745						1,210
Other operating income					4,849						2,972
Non-interest income					55,960						48,322
Salaries and wages					44,575						37,113
Employee benefits					10,205						7,340
Loss on pension termination					17,377						-
Occupancy and bank premises					10,305						7,305
Branch lease termination expense					929						-
Furniture fixtures and equipment					6,841						4,508
Advertising					2,102						1,504
Amortization of intangible assets					3,827						2,659
Impairment of intangible assets					387						-
Due diligence, merger-related and merger integration expenses					6,670						2,373
Professional fees					3,353						3,017
Pennsylvania bank shares tax					1,253						1,256
Information technology					3,443						2,771
Other operating expenses					14,498						11,572
Non-interest expense					125,765						81,418
Income before income taxes					25,926						42,848
Income tax expense					9,172						15,005
Net income				$	16,754					$	27,843
Per share data:
Weighted average shares outstanding					17,488,325						13,566,239
Dilutive common shares					268,246						294,801
Adjusted weighted average shares					17,756,571						13,861,040
Basic earnings per common share				$	0.96					$	2.05
Diluted earnings per common share				$	0.94					$	2.01
Dividend declared per share				$	0.78					$	0.74
Effective tax rate					35.4	%					35.0	%
Supplemental Non-GAAP Performance Measures* (Includes Reconciliation of Non-GAAP to GAAP Performance Measures)
Net income (a GAAP measure)				$	16,754					$	27,843
less: tax-effected net gain on sale of available for sale investments					(605	)					(306	)
add: tax-effected** loss on pension termination					11,295						-
add: tax-effected** severance expense (Salaries and wages)					265						106
add: tax-effected** branch lease termination expense					604						-
add: tax-effected** debt and swap prepayment penalty (Other operating expenses)					735						-
add: tax-effected** impairment of intangible assets					252						-
add: tax-effected** due diligence, merger-related and merger integration  expenses					4,336						1,542
Net income (core) (a non-GAAP measure)				$	33,636					$	29,185
Weighted average shares outstanding					17,488,325						13,566,239
Dilutive common shares					268,246						294,801
Adjusted weighted average diluted shares					17,756,571						13,861,040
Basic earnings per common share (core) (a non-GAAP measure)				$	1.92					$	2.15
Diluted earnings per common share (core) (a non-GAAP measure)				$	1.89					$	2.11
*The Corporation believes the presentation of the above non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of the results of operations of the Corporation. Management uses these non-GAAP financial measures in its analysis of the Corporation’s performance. This non-GAAP disclosure should not be viewed as a substitute for the financial measures determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies
** assumed tax rate of 35%

 

Bryn Mawr Bank Corporation
Consolidated Balance Sheets - (unaudited)
(dollars in thousands)
		December 31,				September 30,				June 30,				March 31,				December 31,
			2015				2015				2015				2015				2014
Assets
Interest-bearing deposits with banks		$	124,615			$	100,980			$	156,282			$	244,248			$	202,552
Investment securities - available for sale			348,966				341,421				349,496				334,746				229,577
Investment securities - trading			3,950				3,451				4,029				4,035				3,896
Loans held for sale			8,987				8,721				15,363				6,656				3,882
Portfolio loans:
Consumer			22,129				22,350				25,123				20,204				18,480
Commercial & industrial			524,515				488,977				472,702				457,432				335,645
Commercial mortgages			964,259				971,983				924,161				892,675				689,528
Construction			90,421				82,820				88,122				81,408				66,267
Residential mortgages			406,404				399,730				381,323				379,363				313,442
Home equity lines & loans			209,473				212,258				211,982				209,037				182,082
Leases			51,787				50,646				49,850				48,412				46,813
Total portfolio loans and leases			2,268,988				2,228,764				2,153,263				2,088,531				1,652,257
Earning assets			2,755,506				2,683,337				2,678,433				2,678,216				2,092,164
Cash and due from banks			18,452				17,161				20,258				17,269				16,717
Allowance for loan and lease losses			(15,857	)			(15,935	)			(14,959	)			(14,296	)			(14,586	)
Premises and equipment			45,339				44,370				43,164				42,888				33,748
Accrued interest receivable			7,869				7,744				7,518				7,465				5,560
Mortgage servicing rights			5,142				5,031				4,970				4,815				4,765
Goodwill			104,765				104,338				104,322				101,619				35,502
Other intangible assets			23,903				25,356				26,309				26,522				22,998
Bank owned life insurance			38,371				38,157				32,941				32,772				20,535
FHLB stock			12,942				11,742				11,542				11,541				11,523
Deferred income taxes			11,137				11,216				11,066				12,057				7,011
Other investments			9,460				9,499				9,295				9,238				5,226
Other assets			13,968				10,726				15,155				13,073				5,343
Total assets		$	3,030,997			$	2,952,742			$	2,950,014			$	2,943,179			$	2,246,506
Liabilities and shareholders' equity
Interest-bearing deposits:
Interest-bearing checking		$	338,861			$	330,683			$	328,606			$	349,582			$	277,228
Money market			749,726				748,983				699,263				717,441				566,354
Savings			187,299				192,995				189,120				184,819				138,992
Wholesale non-maturity deposits			67,717				65,636				65,365				69,555				66,693
Wholesale time deposits			53,185				57,671				67,894				73,476				73,458
Retail time deposits			229,253				238,269				274,008				263,996				118,400
Total interest-bearing deposits			1,626,041				1,634,237				1,624,256				1,658,869				1,241,125
Non-interest-bearing deposits			626,684				605,607				636,390				582,495				446,903
Total deposits			2,252,725				2,239,844				2,260,646				2,241,364				1,688,028
Short-term borrowings			94,167				24,264				26,406				38,372				23,824
Long-term FHLB advances and other borrowings			254,863				254,893				244,923				250,088				260,146
Subordinated notes			29,479				29,466				-				-				-
Other liabilities			34,052				36,120				36,941				35,452				29,034
Shareholders' equity			365,711				368,155				381,098				377,903				245,474
Total liabilities and shareholders' equity		$	3,030,997			$	2,952,742			$	2,950,014			$	2,943,179			$	2,246,506
Bryn Mawr Bank Corporation
Consolidated Quarterly Average Balance Sheets - (unaudited)
(dollars in thousands)
		For The Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
			2015				2015				2015				2015				2014
Assets
Interest-bearing deposits with banks		$	90,832			$	165,723			$	182,099			$	206,694			$	115,276
Investment securities - available for sale			350,668				352,006				347,046				370,293				252,422
Investment securities - trading			3,571				4,022				4,034				3,897				3,804
Loans held for sale			7,531				10,527				6,735				3,470				982
Portfolio loans and leases			2,240,189				2,181,125				2,111,371				2,079,412				1,654,239
Earning assets			2,692,791				2,713,403				2,651,285				2,663,766				2,026,723
Cash and due from banks			18,005				17,160				16,222				19,092				13,795
Allowance for loan and lease losses			(16,106	)			(15,066	)			(14,346	)			(14,866	)			(15,837	)
Premises and equipment			45,075				43,699				43,172				44,681				33,290
Goodwill			104,342				104,323				102,237				98,744				35,539
Other intangible assets			24,950				25,918				26,879				26,316				23,392
Bank owned life insurance			38,231				38,015				32,830				32,655				20,478
FHLB stock			12,042				11,592				11,542				11,928				11,419
Deferred income taxes			11,344				10,684				11,819				10,449				2,941
Other assets			28,337				31,580				29,061				25,391				31,102
Total assets		$	2,959,011			$	2,981,308			$	2,910,701			$	2,918,156			$	2,182,842
Liabilities and shareholders' equity
Interest-bearing deposits:
Interest-bearing checking		$	327,520			$	334,350			$	339,101			$	341,756			$	259,408
Money market			742,416				735,842				699,100				724,806				553,708
Savings			190,639				190,337				186,343				185,848				143,650
Wholesale non-maturity deposits			66,856				65,671				61,306				66,677				60,197
Wholesale time deposits			52,538				67,606				69,191				73,443				68,525
Retail time deposits			231,605				251,170				273,718				267,800				120,855
Total interest-bearing deposits			1,611,574				1,644,976				1,628,759				1,660,330				1,206,343
Non-interest bearing deposits			634,969				625,547				580,240				534,403				446,252
Total deposits			2,246,543				2,270,523				2,208,999				2,194,733				1,652,595
Short-term borrowings			26,092				28,166				34,980				55,207				19,407
Long-term FHLB advances and other borrowings			254,880				248,606				249,678				266,342				237,835
Subordinated notes			29,471				18,190				-				-				-
Other liabilities			36,665				39,219				37,890				30,935				24,070
Shareholders' equity			365,360				376,604				379,154				370,939				248,935
Total liabilities and shareholders' equity		$	2,959,011			$	2,981,308			$	2,910,701			$	2,918,156			$	2,182,842

 

Bryn Mawr Bank Corporation
Consolidated Year-to-Date Average Balance Sheets - (unaudited)
(dollars in thousands)
				For The Twelve Months Ended December 31,
					2015						2014
Assets
Interest bearing deposits with banks				$	161,032					$	83,163
Investment securities - available for sale					354,941						267,743
Investment securities - trading					3,881						3,591
Loans held for sale					7,086						972
Portfolio loans and leases					2,153,542						1,608,248
Earning assets					2,680,482						1,963,717
Cash and due from banks					17,615						12,730
Allowance for loan and lease losses					(15,099	)					(15,836	)
Premises and equipment					44,157						32,812
Goodwill					102,169						33,523
Intangible assets					26,012						19,698
Bank owned life insurance					35,455						20,365
FHLB stock					11,815						12,144
Deferred income taxes					11,339						5,960
Other assets					28,568						30,369
Total assets				$	2,942,513					$	2,115,482
Liabilities and shareholders' equity
Interest-bearing deposits:
Interest-bearing checking				$	335,638					$	260,652
Money market					725,619						555,267
Savings					188,310						142,210
Wholesale non-maturity deposits					65,130						47,103
Wholesale time deposits					65,643						51,956
Time deposits					255,961						126,097
Total interest-bearing deposits					1,636,301						1,183,285
Non-interest-bearing deposits					594,122						426,274
Total deposits					2,230,423						1,609,559
Short-term borrowings					36,010						227,137
Long-term FHLB advances and other borrowings					254,828						15,960
Subordinated notes					12,013						-
Other liabilities					36,151						22,048
Shareholders' equity					373,088						240,778
Total liabilities and shareholders' equity				$	2,942,513					$	2,115,482

 

Bryn Mawr Bank Corporation
Quarterly Tax-Equivalent Net Interest Margin Calculation - (unaudited)
(dollars in thousands)
		For The Three Months Ended
		December 31, 2015										September 30, 2015										June 30, 2015										March 31, 2015										December 31, 2014
(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		$	90,832		$	63			0.28		%	$	165,723		$	107			0.26		%	$	182,099		$	124			0.27		%	$	206,694		$	115			0.23		%	$	115,276		$	65			0.22		%
Investment securities - available for sale:
Taxable			307,524			1,432			1.85		%		310,582			1,172			1.50		%		310,011			1,184			1.53		%		335,208			1,336			1.62		%		221,190			973			1.75		%
Tax-exempt			43,144			195			1.79		%		41,424			186			1.78		%		37,035			157			1.70		%		35,085			203			2.35		%		31,232			142			1.80		%
Total investment securities - available for sale			350,668			1,627			1.84		%		352,006			1,358			1.53		%		347,046			1,341			1.55		%		370,293			1,539			1.69		%		252,422			1,115			1.75		%
Investment securities  - trading			3,571			60			6.67		%		4,022			5			0.49		%		4,034			11			1.09		%		3,897			4			0.42		%		3,804			9			0.94		%
Loans and leases *			2,247,720			26,158			4.62		%		2,191,652			25,698			4.65		%		2,118,106			25,623			4.85		%		2,082,882			25,226			4.91		%		1,655,221			19,972			4.79		%
Total interest-earning assets			2,692,791			27,908			4.11		%		2,713,403			27,168			3.97		%		2,651,285			27,099			4.10		%		2,663,766			26,884			4.09		%		2,026,723			21,161			4.14		%
Cash and due from banks			18,005										17,160										16,222										19,092										13,795
Less: allowance for loan and lease losses			(16,106	)									(15,066	)									(14,346	)									(14,866	)									(15,837	)
Other assets			264,321										265,811										257,540										250,164										158,161
Total assets		$	2,959,011									$	2,981,308									$	2,910,701									$	2,918,156									$	2,182,842
Liabilities:
Interest-bearing deposits:
Savings, NOW and market rate deposits		$	1,260,575		$	565			0.18		%	$	1,260,529		$	584			0.18		%	$	1,224,544		$	575			0.19		%	$	1,252,410		$	594			0.19		%	$	956,766		$	422			0.17		%
Wholesale deposits			119,394			186			0.62		%		133,277			203			0.60		%		130,497			195			0.60		%		140,120			188			0.54		%		128,722			190			0.59		%
Time deposits			231,605			295			0.51		%		251,170			289			0.46		%		273,718			292			0.43		%		267,800			246			0.37		%		120,855			143			0.47		%
Total interest-bearing deposits			1,611,574			1,046			0.26		%		1,644,976			1,076			0.26		%		1,628,759			1,062			0.26		%		1,660,330			1,028			0.25		%		1,206,343			755			0.25		%
Borrowings:
Short-term borrowings			26,092			9			0.14		%		28,166			8			0.11		%		34,980			10			0.11		%		55,344			21			0.15		%		19,407			4			0.08		%
Long-term FHLB advances and other borrowings			254,880			912			1.42		%		248,606			881			1.41		%		249,678			851			1.37		%		266,205			910			1.39		%		237,835			809			1.35		%
Subordinated notes			29,471			370			4.98		%		18,190			231			5.04		%		-			-			-		%		-			-			-		%		-			-			-		%
Total borrowings			310,443			1,291			1.65		%		294,962			1,120			1.51		%		284,658			861			1.21		%		321,549			931			1.17		%		257,242			813			1.25		%
Total interest-bearing liabilities			1,922,017			2,337			0.48		%		1,939,938			2,196			0.45		%		1,913,417			1,923			0.40		%		1,981,879			1,959			0.40		%		1,463,585			1,568			0.43		%
Noninterest-bearing deposits			634,969										625,547										580,240										534,403										446,252
Other liabilities			36,665										39,219										37,890										30,935										24,070
Total noninterest-bearing liabilities			671,634										664,766										618,130										565,338										470,322
Total liabilities			2,593,651										2,604,704										2,531,547										2,547,217										1,933,907
Shareholders' equity			365,360										376,604										379,154										370,939										248,935
Total liabilities and shareholders' equity		$	2,959,011									$	2,981,308									$	2,910,701									$	2,918,156									$	2,182,842
Interest income to earning assets									4.11		%								3.97		%								4.10		%								4.09		%								4.14		%
Net interest spread									3.63		%								3.52		%								3.70		%								3.69		%								3.71		%
Effect of noninterest-bearing sources									0.14		%								0.13		%								0.11		%								0.10		%								0.13		%
Tax-equivalent net interest margin					$	25,571			3.77		%				$	24,972			3.65		%				$	25,176			3.81		%				$	24,925			3.79		%				$	19,593			3.84		%
Tax-equivalent adjustment					$	142			0.02		%				$	139			0.02		%				$	106			0.02		%				$	130			0.02		%				$	106			0.02		%
Supplemental Information Regarding Accretion of Fair Value Marks
Accretion of fair value marks on loans					$	707			0.10	%					$	763			0.11	%					$	1,246			0.19	%					$	1,127			0.17	%					$	513			0.10	%
Accretion of fair value marks on time deposits						123			0.02	%						188			0.03	%						205			0.03	%						245			0.04	%						4			0.00	%
Accretion of fair value marks on borrowings						65			0.01	%						65			0.01	%						65			0.01	%						70			0.01	%						30			0.01	%
Net interest income from fair value marks					$	895									$	1,016									$	1,516									$	1,442									$	547
Effect of fair value mark accretion on tax-equivalent net interest margin						0.13	%									0.15	%									0.23	%									0.22	%									0.11	%
* Average loans and leases include portfolio loans and leases, and loans held for sale. Non-accrual loans are also included in the average loan and leases balances.

 

Bryn Mawr Bank Corporation
Year-To-Date Tax-Equivalent Net Interest Margin Calculation - (unaudited)
(dollars in thousands)
		For The Twelve Months Ended December 31,
		2015									2014
		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		$	161,032			409		0.25	%		$	83,163			193		0.23	%
Investment securities available for sale:																		%
Taxable			315,741			5,124		1.62	%			233,054			3,740		1.60	%
Tax-exempt			39,200			741		1.89	%			34,689			594		1.71	%
Investment securities - available for sale			354,941			5,865		1.65	%			267,743			4,334		1.62	%
Investment securities - trading			3,881			80		2.06	%			3,591			33		0.92	%
Loans and leases *			2,160,628			102,707		4.75	%			1,609,220			78,781		4.90	%
Total interest earning assets			2,680,482			109,061		4.07	%			1,963,717			83,341		4.24	%
Cash and due from banks			17,615									12,730
Less allowance for loan and lease losses			(15,099	)								(15,836	)
Other assets			259,515									154,871
Total assets		$	2,942,513								$	2,115,482
Liabilities:
Savings,NOW and market rate deposits		$	1,249,567		$	2,318		0.19	%		$	958,129		$	1,675		0.17	%
Wholesale deposits			130,773			772		0.59	%			99,059			627		0.63	%
Time deposits			255,961			1,122		0.44	%			126,097			596		0.47	%
Total interest-bearing deposits			1,636,301			4,212		0.26	%			1,183,285			2,898		0.24	%
Short-term borrowings			36,010			48		0.13	%			15,960			17		0.11	%
Long-term FHLB advances and other borrowings			254,828			3,554		1.39	%			227,137			3,163		1.39	%
Subordinated notes			12,013			601		5.00	%			-			-		-	%
Total Borrowings			302,851			4,203		1.39	%			243,097			3,180		1.31	%
Total interest-bearing liabilities			1,939,152			8,415		0.43	%			1,426,382			6,078		0.43	%
Noninterest-bearing deposits			594,122									426,274
Other liabilities			36,151									22,048
Total noninterest-bearing liabilities			630,273									448,322
Total liabilities			2,569,425									1,874,704
Shareholders' equity			373,088									240,778
Total liabilities and shareholders' equity		$	2,942,513								$	2,115,482
Interest income to earning assets								4.07	%								4.24	%
Net interest spread								3.64	%								3.81	%
Effect of noninterest-bearing sources								0.11	%								0.12	%
Tax-equivalent net interest margin					$	100,646		3.75	%					$	77,263		3.93	%
Tax-equivalent adjustment					$	519		0.02	%					$	435		0.02	%
Supplemental Information Regarding Accretion of Fair Value Marks
Accretion of fair value marks on loans					$	3,843								$	2,730
Accretion of fair value marks on time deposits						761									23
Accretion of fair value marks on borrowings						265									121
Net interest income from fair value marks					$	4,869								$	2,874
Effect of fair value mark accretion on tax-equivalent net interest margin						0.18	%								0.15	%
* 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

 

Bryn Mawr Bank Corporation
Consolidated Selected Financial Data - (unaudited)
(dollars in thousands, except per share data)
		For The Three Months Ended or As Of
		December 31,				September 30,				June 30,				March 31,				December 31,
			2015				2015				2015				2015				2014
Asset Quality Data
Nonaccrual loans and leases		$	9,845			$	12,315			$	8,996			$	9,130			$	10,096
90 days or more past due loans, still accruing			-				-				-				-				-
Nonperforming loans and leases			9,845				12,315				8,996				9,130				10,096
Other real estate owned			2,638				1,010				843				1,532				1,147
Total nonperforming assets		$	12,483			$	13,325			$	9,839			$	10,662			$	11,243
Troubled debt restructurings included in nonperforming assets		$	1,535			$	3,711			$	3,960			$	4,217			$	4,315
Troubled debt restructurings in compliance with modified terms			5,280				4,062				4,078				4,145				4,157
Total troubled debt restructurings		$	6,815			$	7,773			$	8,038			$	8,362			$	8,472
Nonperforming loans and leases / portfolio loans & leases			0.43	%			0.55	%			0.42	%			0.44	%			0.61	%
Nonperforming assets / total assets			0.41	%			0.45	%			0.33	%			0.36	%			0.50	%
Net loan and lease charge-offs / average loans and leases (annualized)			0.33	%			0.04	%			0.04	%			0.16	%			0.17	%
Delinquency rate* - Performing and nonperforming loans and leases 30 days or more past due			0.52	%			0.62	%			0.58	%			0.51	%			0.50	%
Performing loans and leases - 30-89 days past due		$	5,601			$	4,960			$	5,233			$	3,361			$	2,232
Delinquency rate* - Performing loans and leases - 30-89 days past due			0.25	%			0.22	%			0.24	%			0.16	%			0.13	%
* as a percentage of total loans and leases
Changes in the allowance for loan and lease losses:
Balance, beginning of period		$	15,935			$	14,959			$	14,296			$	14,586			$	15,599
Charge-offs			(1,906	)			(308	)			(312	)			(928	)			(864	)
Recoveries			51				84				125				69				167
Net charge-offs			(1,855	)			(224	)			(187	)			(859	)			(697	)
Provision for loan and lease losses			1,777				1,200				850				569				(316	)
Balance, end of period		$	15,857			$	15,935			$	14,959			$	14,296			$	14,586
Total Allowance / Total Portfolio loans and leases			0.70	%			0.71	%			0.69	%			0.68	%			0.88	%
Allowance on originated loans and leases / Originated loans and leases (a non-GAAP measure)			0.84	%			0.88	%			0.88	%			0.90	%			0.94	%
(Total Allowance + Loan mark) / Total Gross portfolio loans and leases (a non-GAAP measure)			1.44	%			1.52	%			1.60	%			1.61	%			1.27	%
Total Allowance / nonperforming loans and leases			161.1	%			129.4	%			166.3	%			156.6	%			144.5	%
Supplemental Loan and Allowance Information Used to Calculate Non-GAAP Measures
Total Allowance		$	15,857			$	15,935			$	14,959			$	14,296			$	14,586
less: Allowance on acquired loans			-				35				22				125				86
Allowance on originated loans and leases		$	15,857			$	15,900			$	14,937			$	14,171			$	14,500
Total Allowance		$	15,857			$	15,935			$	14,959			$	14,296			$	14,586
Loan mark on acquired loans			17,108				18,179				19,816				19,708				6,422
Total Allowance + Loan mark		$	32,965			$	34,114			$	34,775			$	34,004			$	21,008
Total Portfolio loans and leases		$	2,268,988			$	2,228,764			$	2,153,263			$	2,088,532			$	1,652,257
less: Originated loans and leases			1,883,869				1,804,835				1,692,041				1,571,377				1,535,003
Net acquired loans		$	385,119			$	423,929			$	461,222			$	517,155			$	117,254
add: Loan mark on acquired loans			17,108				18,179				19,816				19,708				6,422
Gross acquired loans (excludes loan mark)		$	402,227			$	442,108			$	481,038			$	536,863			$	123,676
Originated loans and leases			1,883,869				1,804,835				1,692,041				1,571,377				1,535,003
Total Gross portfolio loans and leases		$	2,286,096			$	2,246,943			$	2,173,079			$	2,108,240			$	1,658,679
		December 31,				September 30,				June 30,				March 31,				December 31,
			2015				2015				2015				2015				2014
Selected ratios (annualized):
Return on average assets			-0.85	%			1.00	%			1.12	%			1.04	%			1.28	%
Return on average shareholders' equity			-6.90	%			7.90	%			8.59	%			8.19	%			11.23	%
Return on average tangible equity (2)			-10.68	%			12.07	%			13.02	%			12.36	%			14.71	%
Tax-equivalent yield on loans and leases			4.62	%			4.65	%			4.85	%			4.91	%			4.79	%
Tax-equivalent yield on interest-earning assets			4.11	%			3.97	%			4.10	%			4.09	%			4.14	%
Cost of interest-bearing funds			0.48	%			0.45	%			0.40	%			0.40	%			0.43	%
Tax-equivalent net interest margin			3.77	%			3.65	%			3.81	%			3.79	%			3.84	%
Book value per share		$	21.42			$	21.45			$	21.43			$	21.26			$	17.83
Tangible book value per share		$	13.89			$	13.89			$	14.08			$	14.05			$	13.59
Shares outstanding at end of period			17,071,523				17,166,323				17,786,293				17,777,628				13,769,336
Selected data:
Mortgage loans originated		$	55,867			$	76,169			$	63,285			$	35,728			$	29,929
Residential mortgage loans sold - servicing retained		$	24,063			$	30,515			$	28,204			$	24,569			$	14,382
Residential mortgage loans sold - servicing released			7,150				10,579				9,257				2,644				92
Total residential mortgage loans sold		$	31,213			$	41,094			$	37,461			$	27,213			$	14,474
Percentage gain on residential mortgage loans sold			1.57	%			1.05	%			2.08	%			2.97	%			3.25	%
Residential mortgage loans serviced for others		$	601,939			$	601,999			$	595,440			$	591,989			$	590,659
Total wealth assets under management, administration, supervision and brokerage (1)		$	8,364,805			$	8,218,276			$	8,536,024			$	7,816,441			$	7,699,908
(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 Twelve Months Ended December 31,
Selected ratios (annualized):			2015								2014
Return on average assets			0.57	%							1.32	%
Return on average shareholders' equity			4.49	%							11.56	%
Return on average tangible equity (1)			6.84	%							14.85	%
Tax-equivalent yield on loans and leases			4.75	%							4.90	%
Tax-equivalent yield on interest-earning assets			4.07	%							4.24	%
Cost of interest-bearing liabilities			0.43	%							0.43	%
Tax-equivalent net interest margin			3.75	%							3.93	%
Selected data:
Residential mortgage loans originated		$	231,049							$	117,257
Residential mortgage loans sold - servicing retained		$	107,351							$	54,859
Residential mortgage loans sold - servicing released			29,630								783
Total residential mortgage loans sold		$	136,981							$	55,642
(1) Average tangible equity equals average shareholders' equity minus average goodwill and average other intangible assets.
Investment Portfolio - Available for Sale		As of December 31, 2015																As of December 31, 2014
										Net																Net
		Amortized				Fair				Unrealized								Amortized				Fair				Unrealized
SECURITY DESCRIPTION		Cost				Value				Gain / (Loss)								Cost				Value				Gain / (Loss)
U.S. Treasury securities		$	101			$	101			$	-							$	102			$	100			$	(2	)
Obligations of the U.S. Government and agencies			101,342				101,495				153								66,881				66,762				(119	)
State & political subdivisions - tax-free			41,367				41,442				75								28,955				29,045				90
State & political subdivisions - taxable			525				524				(1	)							-				-				-
Mortgage-backed securities			157,422				158,689				1,267								79,498				81,382				1,884
Collateralized mortgage obligations			29,756				29,799				43								34,618				34,797				179
Other debt securities			1,700				1,691				(9	)							1,900				1,900				-
Bond mutual funds			11,956				11,810				(146	)							11,956				11,835				(121	)
Other investments			3,607				3,415				(192	)							3,643				3,756				113
Total investment portfolio available for sale		$	347,776			$	348,966			$	1,190							$	227,553			$	229,577			$	2,024
Capital Ratios
		Regulatory Minimum
		To Be				December 31,				September 30,				June 30,				March 31,				December 31,
Bryn Mawr Trust Company		Well Capitalized					2015			2015*				2015*				2015*					2014
Tier I capital to risk weighted assets ("RWA")			8.00	%			10.12	%			11.93	%			12.00	%			12.10	%			11.32	%
Total (Tier II) capital to RWA			10.00	%			10.78	%			12.61	%			12.66	%			12.46	%			12.19	%
Tier I leverage ratio			5.00	%			8.51	%			9.75	%			9.77	%			9.52	%			8.98	%
Tangible equity ratio		N/A					7.74	%			8.84	%			8.54	%			8.42	%			8.19	%
Common equity Tier I capital to RWA			6.50	%			10.12	%			11.93	%			12.00	%			12.10	%		N/A
Bryn Mawr Bank Corporation
Tier I capital to RWA			8.00	%			10.72	%			11.54	%			12.50	%			12.77	%			12.00	%
Total (Tier II) capital to RWA			10.00	%			12.61	%			13.47	%			13.16	%			13.42	%			12.87	%
Tier I leverage ratio			5.00	%			9.02	%			9.44	%			10.20	%			10.05	%			9.43	%
Tangible equity ratio		N/A					8.17	%			8.45	%			8.88	%			8.87	%			8.61	%
Common equity Tier I capital to RWA			6.50	%			10.72	%			11.54	%			12.50	%			12.77	%			12.00	%
* certain capital ratios differ from those previously reported due to an immaterial adjustment to risk weighted assets

Frank Leto, President, CEO
610-581-4730 
Mike Harrington, CFO
610-526-2466

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.