There were 661 press releases posted in the last 24 hours and 171,043 in the last 365 days.

CORRECTING and REPLACING – Bryn Mawr Bank Corporation Reports Record Quarterly Net Income of $9.4 Million and Record Annual Net Income of $36.0 Million, Driven by 2016 Annual Loan Growth of 11.7%, Wealth Assets Reach $11.3 Billion

/EIN News/ -- BRYN MAWR, Pa., Jan. 20, 2017 (GLOBE NEWSWIRE) -- This updated press release announcing results of operations for the quarter ended December 31, 2016 corrects an inadvertent error related to the Corporation’s delinquent loans and leases.  The asterisked items in the Summary Financial Information (unaudited) Table reflect the corrected data. The press release issued January 19, 2017 should be disregarded and is replaced in its entirety by this release.

Bryn Mawr Bank Corporation (NASDAQ:BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported net income of $9.4 million and diluted earnings per share of $0.55 for the three months ended December 31, 2016, as compared to net income of $9.4 million, or $0.55 diluted earnings per share, for the three months ended September 30, 2016 and a net loss of $6.4 million, or $(0.37) diluted earnings per share, for the three months ended December 31, 2015.

On a non-GAAP basis, core net income, which excludes certain non-core income and expense items, as detailed in the appendix to this earnings release, was also $9.4 million, or $0.55 diluted earnings per share, for the three months ended December 31, 2016 as compared to $9.4 million, or $0.55 diluted earnings per share, for the three months ended September 30, 2016 and $7.5 million, or $0.44 diluted earnings per share, for the three months ended December 31, 2015. Management believes the core net income measure is important in evaluating the Corporation’s performance on a more comparable basis between periods. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

“We were pleased to conclude 2016 on a positive note, with fourth quarter and annual net income, both GAAP and core, reaching all-time highs,” commented Frank Leto, President and Chief Executive Officer, continuing, “The outstanding loan growth we saw during the year, coupled with the momentum in our wealth management business positions us well going into 2017.” Mr. Leto added, “Although the future operating environment may be more difficult to predict, at this juncture, we are confident that our unique blend of expertise and customer service, coupled with an expanding digital capability and enhanced product offerings, will ensure we remain poised to take advantage of future opportunities.”

On January 19, 2017, the Board of Directors of the Corporation declared a quarterly dividend of $0.21 per share, payable March 1, 2017 to shareholders of record as of February 2, 2017.

SIGNIFICANT ITEMS OF NOTE
Results of Operations – Fourth Quarter 2016 Compared to Third Quarter 2016

  • Net income for the three months ended December 31, 2016 was $9.4 million, as compared to $9.4 million for the three months ended September 30, 2016. The recovery of mortgage servicing rights (“MSR”s), the increase in net interest income, and the increase in fees for wealth management services were offset by a decrease in gain on sale of residential mortgage loans and an increase in other operating expense.
     
  • Net interest income for the three months ended December 31, 2016 was $27.0 million, an increase of $273 thousand from $26.7 million for the three months ended September 30, 2016. Average interest-earning assets increased by $75.8 million, but decreased in yield by 4 basis points, while average interest-bearing liabilities increased by $58.8 million, accompanied by a 1 basis point increase in rate paid.
     
  • The tax-equivalent net interest margin of 3.65% for the fourth quarter of 2016 decreased 6 basis points from 3.71% for the third quarter of 2016. The decrease was primarily the result of a 2 basis point decrease in tax-equivalent yield earned on average loans, which totaled $2.5 billion for the three months ended December 31, 2016, coupled with a 3 basis point increase in tax-equivalent rate paid on average interest-bearing deposits, which totaled $1.8 billion for the three months ended December 31, 2016.
     
  • Non-interest income for the three months ended December 31, 2016 decreased $773 thousand from the third quarter of 2016. The decrease was largely the result of a $507 thousand decrease in gain on sale of residential mortgage loans and a $305 thousand decrease in other operating income. Partially offsetting these decreases was a $227 thousand increase in fees for wealth management services.
     
  • Non-interest expense for the three months ended December 31, 2016 decreased $519 thousand, to $25.0 million, as compared to $25.5 million for the third quarter of 2016. Largely contributing to the decrease was a $580 thousand recovery of MSRs during the fourth quarter and an $879 thousand decrease in Pennsylvania bank shares tax. The recovery of MSRs was a result of rising interest rates which reversed the impairment recorded in the second quarter of 2016. The reduction in Pennsylvania bank shares tax resulted from $855 thousand in tax credits received in return for $950 thousand of contributions to local schools under the Pennsylvania Educational Improvement Tax Credit (EITC) program. These contributions are reflected in the $857 thousand increase in other operating expense.  
     
  • For the three months ended December 31, 2016, net loan and lease charge-offs totaled $1.3 million, as compared to $704 thousand for the third quarter of 2016. The provision for loan and lease losses (the “Provision”) for the three months ended December 31, 2016 was $1.1 million, a decrease of $353 thousand from the third quarter of 2016.
     
  • Income tax expense for the fourth quarter of 2016 increased by $338 thousand as compared to the third quarter of 2016. The increase in the effective tax rate from the third quarter of 2016 to the fourth quarter of 2016 from 31.7% to 33.2%, respectively, was the result of the early adoption of ASC 2016-09 in the third quarter of 2016. ASC 2016-09 allows for the excess tax benefit from stock-based compensation to be recorded as a discrete item on the income statement. During the third quarter of 2016, discrete tax items totaled $385 thousand as compared to $120 thousand in the fourth quarter of 2016.        

Results of Operations – Fourth Quarter 2016 Compared to Fourth Quarter 2015

  • Net income for the three months ended December 31, 2016 was $9.4 million, or $0.55 diluted earnings per share, as compared to a loss of $6.4 million, or diluted earnings per share of $(0.37) for the same period in 2015. The primary driver of the loss in the fourth quarter of 2015 was the loss on settlement of the corporate pension plan, which resulted in a $17.4 million pre-tax charge. On a core basis (a non-GAAP measure detailed in the appendix to this earnings release), core net income for the fourth quarter of 2016 of $9.4 million was a $1.9 million increase from core net income of $7.5 million for the fourth quarter of 2015. The increase in core net income was driven by a $1.6 million increase in net interest income, a $718 thousand decrease in the Provision and a $332 thousand increase in fees for wealth management services. In addition, decreases of $260 thousand, $265 thousand and $158 thousand in furniture, fixtures and equipment, advertising and Pennsylvania bank shares tax, respectively, contributed to the increase in net income.
     
  • Net interest income for the three months ended December 31, 2016 was $27.0 million, an increase of $1.6 million, or 6.1%, from $25.4 million for the same period in 2015. The increase in net interest income was primarily related to the growth in average loan balances between the periods. Average loans and leases for the three months ended December 31, 2016 increased by $270.2 million from the same period in 2015. The increase in average loan balances was offset by a 14 basis point decrease in tax-equivalent yield earned on loans and leases. The net effect of the yield decrease and volume increase on average loans and leases was a $2.2 million increase in tax-equivalent interest income on loans. Partially offsetting the increase in average loans was a $197.7 million increase in average interest-bearing deposits accompanied by a 13 basis point increase in rate paid on deposits.
     
  • The tax-equivalent net interest margin of 3.65% for the three months ended December 31, 2016 was a 12 basis point decrease from 3.77% for the same period in 2015. The primary reason for the decline in the margin was the 14 basis point decrease in tax-equivalent yield earned on loans and the 13 basis point increase in rate paid on deposits.
     
  • Non-interest income for the three months ended December 31, 2016 decreased $549 thousand as compared to the same period in 2015. Contributing to this decrease was a $273 thousand decrease in gain on sale of residential mortgage loans, as interest rate increases during the fourth quarter of 2016 have slowed originations. In addition, a $233 thousand decrease in other operating income, largely related to the income recognized from the pay-off, in full, of purchased credit-impaired loans, which decreased from $319 thousand in the fourth quarter of 2015 to $159 thousand in the fourth quarter of 2016, contributed to the decrease in non-interest income.
     
  • Non-interest expense for the three months ended December 31, 2016 decreased $22.0 million, primarily related to the $17.4 million loss on settlement of the corporate pension plan, which occurred in the fourth quarter of 2015. Excluding the non-core expense items detailed in the Appendix to this press release, decreases of $260 thousand, $265 thousand and $158 thousand in furniture, fixtures and equipment, advertising and Pennsylvania bank shares tax, respectively, contributed to the decrease in non-interest expense.
     
  • The Provision for the three months ended December 31, 2016 of $1.1 million was a $718 thousand decrease from the same period in 2015. The level of net charge-offs in the fourth quarter of 2016 was $538 thousand lower than that in the fourth quarter of 2015. On an annual basis, net charge-offs for 2016 decreased by 13.7% from $3.1 million in 2015 to 2.7 million in 2016. The credit quality of the loan portfolio remains strong.

             

Financial Condition – December 31, 2016 Compared to December 31, 2015

  • Total portfolio loans and leases of $2.54 billion as of December 31, 2016 increased by $266.4 million, or 11.7%, from December 31, 2015. Loan growth was concentrated in the commercial mortgage, commercial and industrial, and construction categories, which increased $146.6 million, $55.3 million and $51.5 million, respectively, since December 31, 2015.
     
  • The allowance for loan and lease losses (the “Allowance”) as of December 31, 2016 was $17.5 million, or 0.69% of portfolio loans as compared to $15.9 million, or 0.70% of portfolio loans and leases, as of December 31, 2015. In addition to the ratio of Allowance to portfolio loans, management also calculates two non-GAAP measures: the Allowance as a percentage of originated loans and leases, which was 0.78% as of December 31, 2016, as compared to 0.84% as of December 31, 2015, and the Allowance plus the remaining loan mark as a percentage of gross loans, which was 1.17% as of December 31, 2016, as compared to 1.44% as of December 31, 2015. A reconciliation of these and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.
     
  • Available for sale investment securities as of December 31, 2016 were $567.0 million, an increase of $218.0 million from December 31, 2015. The primary contributor to the increase in the portfolio was the purchase, during December 2016, of $200 million of short-term U.S. Treasury bills.
     
  • Total assets as of December 31, 2016 were $3.42 billion, an increase of $390.6 million from December 31, 2015. The purchase of $200 million of short-term U.S. Treasury bills and the $266.4 million increase in the loan portfolio were the primary causes for the increase.
     
  • Wealth assets under management, administration, supervision and brokerage totaled $11.33 billion as of December 31, 2016, an increase of $2.96 billion, or 35.4%, from December 31, 2015. The significant growth in the wealth asset portfolio is largely comprised of accounts for which the Corporation provides trust and custodial services, which pay fees at lower rates per dollar of assets, or are billed on a flat-fee basis. As a result, fees for wealth management services are not increasing at the same rate at which the assets grow. However, as demonstrated by the increase in wealth management fees for the fourth quarter of 2016 as compared to both the fourth quarter of 2015 and the third quarter of 2016, the increased volume of assets is currently compensating for the lower yields.
     
  • Deposits of $2.58 billion as of December 31, 2016 increased $327.0 million from December 31, 2015. Noninterest-bearing deposits increased by $109.5 million, retail time deposits and savings deposits increased by $93.7 million and $44.9 million, respectively, NOW accounts increased by $40.6 million and wholesale time deposits increased by $19.9 million.
     
  • Borrowings of $393.9 million as of December 31, 2016 was a $44.9 million increase from December 31, 2015. The increase was comprised of a $110.0 million increase in short-term Federal Home Loan Bank (“FHLB”) borrowings, drawn at year end to finance the purchase of $200 million of short-term U.S. Treasury bills, partially offset by a $65.1 million decrease in long-term FHLB advances which matured during 2016.
     
  • The capital ratios for the Bank and the Corporation, as of December 31, 2016, as shown in the attached tables, indicate levels well above the regulatory minimum to be considered “well capitalized.” At the Corporation level, all capital ratios have decreased from their December 31, 2015 levels, primarily due to the increase in total assets and the increase in other comprehensive loss associated with available for sale investment securities. On a linked-quarter basis, most capital levels at the Corporation have increased from their September 30, 2016 levels, primarily due to increases in retained earnings offset by dividends paid and increases in other comprehensive loss associated with available for sale investment securities. At the Bank level, all capital levels have increased from their December 31, 2015 levels, largely as a result of increases in retained earnings and a $15 million capital infusion from the Corporation, offset by a $16 million dividend paid to the Corporation and increases in other comprehensive losses associated with the available for sale investment portfolio. On a linked-quarter basis, all capital levels at the Bank have decreased from their September 30, 2016 level, primarily due to the $16 million dividend paid to the Corporation and the growth in assets between the dates.

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,” “indicate,” “estimate,” “target,” “potentially,” “promising,” “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 acquired businesses with the Corporation’s 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                          
Summary Financial Information (unaudited)                          
(dollars in thousands, except per share data)                          
  As of or For the Three Months Ended For the Twelve Months Ended    
  December 31, 2016   September 30, 2016   June 30, 2016   March 31, 2016 December 31, 2015 December 31, 2016   December 31, 2015    
Consolidated Balance Sheet (selected items)                          
Interest-bearing deposits with banks $ 34,206     $ 30,118     $ 20,481     $ 33,954     $ 124,615            
Investment securities (AFS, HTM and Trading)   573,763       373,508       371,906       369,461       352,916            
Loans held for sale   9,621       11,506       11,882       7,807       8,987            
Portfolio loans and leases   2,535,425       2,493,357       2,423,821       2,378,841       2,268,988            
Allowance for loan and lease losses ("ALLL")   (17,486 )     (17,744 )     (17,036 )     (16,845 )     (15,857 )          
Goodwill and other intangible assets   125,170       126,000       126,888       127,777       128,668            
Total assets   3,421,530       3,174,080       3,090,090       3,058,247       3,030,997            
Deposits - interest-bearing   1,843,495       1,759,862       1,720,477       1,700,550       1,626,041            
Deposits - non-interest-bearing   736,180       718,015       689,214       643,492       626,684            
Short-term borrowings   204,151       50,065       19,119       37,010       94,167            
Long-term FHLB advances and other borrowings   189,742       204,772       224,802       249,832       254,863            
Subordinated notes   29,532       29,518       29,505       29,491       29,479            
Total liabilities   3,040,403       2,795,621       2,717,623       2,693,070       2,665,286            
Shareholders' equity   381,127       378,459       372,467       365,177       365,711            
                           
Average Balance Sheet (selected items)                          
Interest-bearing deposits with banks $ 55,298     $ 33,532     $ 44,950     $ 39,050     $ 90,832     $ 43,214     $ 161,032      
Investment securities (AFS, HTM and Trading)   386,658       373,616       371,153       360,957       354,239       373,134       358,822      
Loans held for sale   11,591       12,887       7,844       5,481       7,531       9,466       7,086      
Portfolio loans and leases   2,506,376       2,464,085       2,404,799       2,303,103       2,240,189       2,419,950       2,153,542      
Total interest-earning assets   2,959,923       2,884,120       2,828,746       2,708,591       2,692,791       2,845,764       2,680,482      
Goodwill and intangible assets   125,614       126,505       127,402       128,296       129,292       126,950       128,181      
Total assets   3,215,868       3,142,019       3,089,953       2,973,148       2,959,011       3,105,650       2,942,513      
Deposits - interest-bearing   1,809,276       1,729,689       1,717,252       1,633,651       1,611,574       1,722,724       1,636,301      
Short-term borrowings   40,629       40,966       32,328       34,158       26,092       37,041       36,010      
Long-term FHLB advances and other borrowings   198,454       218,920       236,248       250,015       254,880       225,815       254,828      
Subordinated notes   29,523       29,509       29,496       29,482       29,471       29,503       12,013      
Total interest-bearing liabilities   2,077,882       2,019,084       2,015,324       1,947,306       1,922,017       2,015,083       1,939,152      
Total liabilities   2,837,825       2,769,065       2,723,838       2,612,276       2,593,651       2,736,121       2,569,425      
Shareholders' equity   378,043       372,954       366,115       360,872       365,360       369,529       373,088      
                           
                           
                           
Bryn Mawr Bank Corporation                          
Summary Financial Information (unaudited)                          
(dollars in thousands, except per share data)                          
  As of or For the Three Months Ended For the Twelve Months Ended    
  December 31, 2016   September 30, 2016   June 30, 2016   March 31, 2016 December 31, 2015 December 31, 2016   December 31, 2015    
Income Statement                          
Net interest income $ 26,990     $ 26,717     $ 26,627     $ 25,902     $ 25,429     $ 106,236     $ 100,127      
Provision for loan and lease losses   1,059       1,412       445       1,410       1,777       4,326       4,396      
Noninterest income   13,119       13,892       13,820       13,208       13,668       54,039       55,960      
Noninterest expense   24,958       25,477       26,259       25,051       46,951       101,745       125,765      
Income tax expense (benefit)   4,684       4,346       4,810       4,328       (3,276 )     18,168       9,172      
Net income (loss)   9,408       9,374       8,933       8,321       (6,355 )     36,036       16,754      
Basic earnings per share   0.56       0.56       0.53       0.49       (0.37 )     2.14       0.96      
Diluted earnings per share   0.55       0.55       0.52       0.49       (0.37 )     2.12       0.94      
Net income (core) (1)   9,402       9,392       8,961       8,331       7,506       36,086       33,636      
Basic earnings per share (core) (1)   0.56       0.56       0.53       0.49       0.44       2.14       1.92      
Diluted earnings per share (core) (1)   0.55       0.55       0.53       0.49       0.44       2.12       1.89      
Cash dividends paid per share   0.21       0.21       0.20       0.20       0.20       0.82       0.78      
Profitability Indicators                          
Return on average assets   1.16 %     1.19 %     1.16 %     1.13 %     -0.86 %     1.16 %     0.57 %    
Return on average equity   9.90 %     10.00 %     9.81 %     9.27 %     -7.00 %     9.75 %     4.49 %    
Return on tangible equity(1)   15.68 %     16.06 %     16.02 %     15.39 %     -9.36 %     15.79 %     7.96 %    
Tax-equivalent net interest margin   3.65 %     3.71 %     3.81 %     3.87 %     3.77 %     3.76 %     3.75 %    
Efficiency ratio(1)   60.17 %     60.51 %     62.66 %     61.75 %     63.09 %     61.27 %     61.25 %    
Residential mortgage loans sold - servicing retained   44,763       40,462       26,944       25,965       24,063       112,169       107,351      
Residential mortgage loans sold - servicing released   4,632       10,522       5,278       2,397       7,150       20,432       29,630      
Total residential mortgage loans sold $ 49,395     $ 50,984     $ 32,222     $ 28,362     $ 31,213     $ 132,601     $ 136,981      
Gain on sale of mortgage loans $ 473     $ 473     $ 473     $ 473     $ 490            
Percentage gain on residential mortgage loans sold   0.96 %     0.93 %     1.47 %     1.67 %     1.57 %          
Residential mortgage loans serviced for others $ 631,889     $ 618,134     $ 610,418     $ 605,366     $ 601,939            
Share Data                          
Closing share price $ 42.15     $ 31.99     $ 29.20     $ 25.73     $ 28.72            
Book value per common share $ 22.32     $ 22.08     $ 21.76     $ 21.48     $ 21.40            
Tangible book value per common share $ 15.11     $ 14.94     $ 14.60     $ 14.13     $ 13.89            
Price / book value   188.87 %     144.91 %     134.19 %     119.80 %     134.19 %          
Price / tangible book value   278.96 %     214.07 %     200.05 %     182.10 %     206.84 %          
Weighted average diluted shares outstanding   17,164,675       17,072,358       17,027,419       16,883,364       17,129,234       17,037,114       17,756,571      
Shares outstanding, end of period   16,939,715       16,893,878       16,824,564       16,801,801       17,071,523            
Wealth Management Information:                          
                           
Wealth assets under mgmt, administration, supervision and brokerage (2) $ 11,328,457     $ 9,969,745     $ 9,632,521     $ 9,281,743     $ 8,364,805            
Fees for wealth management services $ 9,327     $ 9,100     $ 9,431     $ 8,832     $ 8,995            
                                                 
                                                 
                                                 
Bryn Mawr Bank Corporation                          
Summary Financial Information (unaudited)                          
(dollars in thousands, except per share data)                          
  As of or For the Three Months Ended For the Twelve Months Ended    
  December 31, 2016   September 30, 2016   June 30, 2016   March 31, 2016 December 31, 2015 December 31, 2016   December 31, 2015    
                           
Capital Ratios                          
Bryn Mawr Trust Company                          
Tier I capital to risk weighted assets ("RWA")   10.51 %     10.99 %     10.94 %     10.69 %     10.12 %          
Total (Tier II) capital to RWA   11.20 %     11.70 %     11.65 %     11.39 %     10.78 %          
Tier I leverage ratio   8.73 %     9.17 %     9.06 %     9.15 %     8.51 %          
Tangible equity ratio (1)   7.85 %     8.85 %     8.79 %     8.53 %     7.74 %          
Common equity Tier I capital to RWA   10.51 %     10.99 %     10.94 %     10.69 %     10.12 %          
                           
Bryn Mawr Bank Corporation                          
Tier I capital to RWA   10.52 %     10.42 %     10.45 %     10.22 %     10.72 %          
Total (Tier II) capital to RWA   12.36 %     12.30 %     12.35 %     12.13 %     12.61 %          
Tier I leverage ratio   8.74 %     8.70 %     8.65 %     8.76 %     9.02 %          
Tangible equity ratio (1)   7.76 %     8.28 %     8.29 %     8.10 %     8.17 %          
Common equity Tier I capital to RWA   10.52 %     10.42 %     10.45 %     10.22 %     10.72 %          
                           
Asset Quality Indicators                          
                           
Net loan and lease charge-offs ("NCO"s) $ 1,317     $ 704     $ 254     $ 422     $ 1,855     $ 2,697     $ 3,125      
Nonperforming loans and leases ("NPL"s) $ 8,363     $ 9,883     $ 9,617     $ 9,636     $ 10,244            
Other real estate owned ("OREO")   1,017       867       784       756       2,638            
Total nonperforming assets ("NPA"s) $    9,380     $    10,750     $    10,401     $    10,392     $    12,882            
                           
Nonperforming loans and leases 30 or more days past due $ 6,072 *   $ 6,684
*   $ 5,599     $ 6,193     $ 5,678            
Performing loans and leases 30 to 89 days past due   3,026
*     2,537 *     3,564       6,296       5,601            
Performing loans and leases 90 or more days past due   -       -       -       -       -            
Total delinquent loans and leases $   9,098 *   $   9,221 *   $    9,163     $    12,489     $    11,279            
                           
Delinquent loans and leases to total loans and leases   0.36 %*     0.37 %*     0.38 %     0.52 %     0.50 %          
Delinquent performing loans and leases to total loans and leases   0.12 %*     0.10 %     0.15 %     0.26 %     0.25 %          
NCOs / average loans and leases (annualized)   0.21 %     0.11 %     0.04 %     0.07 %     0.33 %     0.11 %     0.14 %    
NPLs / total portfolio loans and leases   0.33 %     0.40 %     0.40 %     0.41 %     0.45 %          
NPAs / total loans and leases and OREO   0.37 %     0.43 %     0.43 %     0.44 %     0.56 %          
ALLL / NPLs   209.09 %     179.54 %     177.14 %     174.81 %     154.79 %          
ALLL / portfolio loans   0.69 %     0.71 %     0.70 %     0.71 %     0.70 %          
ALLL on originated loans and leases / Originated loans and leases (1)   0.78 %     0.81 %     0.81 %     0.83 %     0.84 %          
(Total Allowance + Loan mark) / Total Gross portfolio loans and leases (1)   1.17 %     1.24 %     1.30 %     1.37 %     1.44 %          
                           
Troubled debt restructurings ("TDR"s) included in NPLs $ 2,375     $ 1,680     $ 1,779     $ 1,756     $ 1,935            
TDRs in compliance with modified terms   6,395       6,305       4,984       4,893       4,880            
Total TDRs $    8,770     $    7,985     $    6,763     $    6,649     $    6,815            
                           
(1)Non-GAAP measure - see Appendix for Non-GAAP to GAAP reconciliation.                
(2)Brokerage assets represent assets held at a registered broker dealer under a clearing agreement.
               
* correction of amount originally filed on Press Release dated January 19, 2017                

 

 

Bryn Mawr Bank Corporation                          
Detailed Balance Sheets (unaudited)                          
(dollars in thousands)                          
                           
  December 31, 2016   September 30, 2016   June 30, 2016   March 31, 2016   December 31, 2015        
Assets                          
Cash and due from banks $   16,559     $   18,905     $   13,710     $   15,594     $   18,452          
Interest-bearing deposits with banks     34,206         30,118         20,481         33,954         124,615          
  Cash and cash equivalents     50,765         49,023         34,191         49,548         143,067          
Investment securities, available for sale     566,996         366,910         365,470         365,819         348,966          
Investment securities, held to maturity     2,879         2,896         2,915         -         -          
Investment securities, trading     3,888         3,702         3,521         3,642         3,950          
Loans held for sale     9,621         11,506         11,882         7,807         8,987          
Portfolio loans and leases, originated     2,240,988         2,176,549         2,090,070         2,015,683         1,883,869          
Portfolio loans and leases, acquired     294,437         316,808         333,751         363,158         385,119          
  Total portfolio loans and leases     2,535,425         2,493,357         2,423,821         2,378,841         2,268,988          
Less: Allowance for losses on originated loan and leases     (17,458 )       (17,716 )       (17,008 )       (16,817 )       (15,857 )        
Less: Allowance for losses on acquired loan and leases     (28 )       (28 )       (28 )       (28 )       -          
  Total allowance for loan and lease losses     (17,486 )       (17,744 )       (17,036 )       (16,845 )       (15,857 )        
  Net portfolio loans and leases     2,517,939         2,475,613         2,406,785         2,361,996         2,253,131          
Premises and equipment     41,778         42,559         43,607         44,712         45,339          
Accrued interest receivable     8,533         8,066         8,144         8,205         7,869          
Mortgage servicing rights     5,582         4,793         4,646         5,182         5,142          
Bank owned life insurance     39,279         39,055         38,836         38,616         38,371          
Federal Home Loan Bank ("FHLB") stock     13,185         13,185         10,618         12,142         12,942          
Goodwill     104,765         104,765         104,765         104,765         104,765          
Intangible assets     20,405         21,235         22,123         23,012         23,903          
Other investments     12,747         9,121         8,722         8,487         9,460          
Other assets     23,168         21,651         23,865         24,314         25,105          
  Total assets $   3,421,530     $   3,174,080     $   3,090,090     $   3,058,247     $   3,030,997          
                           
Liabilities                          
Deposits                          
  Noninterest-bearing $   736,180     $   718,015     $   689,214     $   643,492     $   626,684          
  Interest-bearing     1,843,495         1,759,862         1,720,477         1,700,550         1,626,041          
  Total deposits     2,579,675         2,477,877         2,409,691         2,344,042         2,252,725          
Short-term borrowings     204,151         50,065         19,119         37,010         94,167          
Long-term FHLB advances and other borrowings     189,742         204,772         224,802         249,832         254,863          
Subordinated notes     29,532         29,518         29,505         29,491         29,479          
Accrued interest payable     2,734         1,854         1,846         1,294         1,851          
Other liabilities     34,569         31,535         32,660         31,401         32,201          
  Total liabilities     3,040,403         2,795,621         2,717,623         2,693,070         2,665,286          
                           
Shareholders' equity                          
Common stock     21,111         21,064         20,972         20,949         20,931          
Paid-in capital in excess of par value     232,806         231,398         230,298         229,432         228,814          
Less: common stock held in treasury, at cost     (66,950 )       (66,895 )       (66,200 )       (66,140 )       (58,144 )        
Accumulated other comprehensive income (loss), net of tax     (2,409 )       2,128         2,488         1,502         (412 )        
Retained earnings     196,569         190,764         184,909         179,434         174,522          
  Total shareholders equity     381,127         378,459         372,467         365,177         365,711          
  Total liabilities and shareholders' equity $   3,421,530     $   3,174,080     $   3,090,090     $   3,058,247     $   3,030,997          
                           

 

 

Bryn Mawr Bank Corporation                          
Supplemental Balance Sheet Information (unaudited)                          
(dollars in thousands)                          
  Portfolio Loans and Leases as of        
  December 31, 2016   September 30, 2016   June 30, 2016   March 31, 2016   December 31, 2015        
Commercial mortgages $   1,110,897     $   1,089,621     $   1,055,934     $   1,044,415     $   964,259          
Home equity loans and lines     208,000         206,578         202,989         205,896         209,473          
Residential mortgages     413,540         418,408         414,863         412,006         406,404          
Construction     141,964         133,269         133,313         119,193         90,421          
  Total real estate loans     1,874,401         1,847,876         1,807,099         1,781,510         1,670,557          
                                               
Commercial & Industrial     579,791         565,497         538,684         523,053         524,515          
Consumer     25,341         23,717         21,561         21,427         22,129          
Leases     55,892         56,267         56,477         52,851         51,787          
  Total non-real estate loans and leases     661,024         645,481         616,722         597,331         598,431          
  Total portfolio loans and leases $   2,535,425     $   2,493,357     $   2,423,821     $   2,378,841     $   2,268,988          
                           
                           
  Nonperforming Loans and Leases as of        
  December 31, 2016   June 30, 2016   March 31, 2016   December 31, 2015   September 30, 2015        
Commercial mortgages $   320     $   139     $   139     $   872     $   829          
Home equity loans and lines     2,297         2,827         3,011         1,953         2,027          
Residential mortgages     2,661         2,845         2,909         2,923         3,212          
Construction     -         -         -         12         34          
  Total nonperforming real estate loans     5,278         5,811         6,059         5,760         6,102          
Commercial & Industrial     2,369         3,960         3,457         3,822         4,133          
Consumer     2         2         4         -         -          
Leases     137         110         97         54         9          
  Total nonperforming non-real estate loans and leases     2,508         4,072         3,558         3,876         4,142          
  Total nonperforming portfolio loans and leases $   7,786     $   9,883     $   9,617     $   9,636     $   10,244          
                           
                           
  Net Loan and Lease Charge-Offs (Recoveries) for the Three Months Ended        
  December 31, 2016   June 30, 2016   March 31, 2016   December 31, 2015   September 30, 2015        
Commercial mortgage $   (51 )   $   (4 )   $   (3 )   $   107     $   (4 )        
Home equity loans and lines     69         375         11         71         561          
Residential     28         2         262         (35 )       239          
Construction     (1 )       -         (62 )       -         (1 )        
  Total net charge-offs (recoveries) of real estate loans     45         373         208         143         795          
Commercial & Industrial     1,128         95         (44 )       25         902          
Consumer     42         58         30         20         55          
Leases     102         178         60         234         103          
  Total net charge-offs of non-real estate loans and leases     1,272         331         46         279         1,060          
  Total net charge-offs $   1,317     $   704     $   254     $   422     $   1,855          
                           

 


Bryn Mawr Bank Corporation                        
Supplemental Balance Sheet Information (unaudited)                        
(dollars in thousands)                        
  Investment Securities Available for Sale, at Fair Value      
  December 31, 2016   September 30, 2016   June 30, 2016   March 31, 2016   December 31, 2015      
U.S. Treasury securities  $   200,097     $   101     $   102     $   102     $   101        
Obligations of the U.S. Government and agencies      82,198         76,598         86,134         96,080         101,495        
State & political subdivisions - tax-free     33,005         36,735         39,047         39,502         41,442        
State & political subdivisions - taxable     525         529         532         1,093         524        
Mortgage-backed securities     185,951         184,919         186,354         183,127         158,689        
Collateralized mortgage obligations     48,694         51,344         36,702         29,106         29,799        
Other debt securities     1,299         1,450         1,450         1,700         1,691        
Bond mutual funds     11,895         11,847         11,774         11,725         11,810        
Other investments     3,332         3,387         3,375         3,384         3,415        
  Total $   566,996     $   366,910     $   365,470     $   365,819     $   348,966        
                         
                         
  Unrealized Gain (Loss) on Investment Securities Available for Sale      
  December 31, 2016   September 30, 2016   June 30, 2016   March 31, 2016   December 31, 2015      
U.S. Treasury securities  $   3     $   -     $   1     $   1     $   -        
Obligations of the U.S. Government and agencies      (913 )       946         1,183         984         153        
State & political subdivisions - tax-free     (96 )       131         240         173         75        
State & political subdivisions - taxable     2         5         8         18         (1 )      
Mortgage-backed securities     (47 )       3,801         3,958         3,026         1,267        
Collateralized mortgage obligations     (794 )       253         496         330         43        
Other debt securities     (1 )       -         -         -         (9 )      
Bond mutual funds     (61 )       (109 )       (182 )       (231 )       (146 )      
Other investments     13         34         (66 )       (155 )       (192 )      
  Total $   (1,894 )   $   5,061     $   5,638     $   4,146     $   1,190        
                         
                         
  Deposits      
  December 31, 2016   September 30, 2016   June 30, 2016   March 31, 2016   December 31, 2015      
Interest-bearing deposits:                        
  Interest-bearing checking $   379,424     $   333,055     $   333,425     $   335,240     $   338,861        
  Money market     761,657         725,116         718,144         773,637         749,726        
  Savings     232,193         228,391         217,877         190,477         187,299        
  Wholesale non-maturity deposits     74,272         64,664         58,690         62,454         67,717        
  Wholesale time deposits     73,037         99,052         113,274         131,145         53,185        
  Retail time deposits      322,912         309,584         279,067         207,597         229,253        
  Total interest-bearing deposits     1,843,495         1,759,862         1,720,477         1,700,550         1,626,041        
  Noninterest-bearing deposits     736,180         718,015         689,214         643,492         626,684        
  Total deposits $   2,579,675     $   2,477,877     $   2,409,691     $   2,344,042     $   2,252,725        
                         

 


Bryn Mawr Bank Corporation                              
Detailed Income Statements (unaudited)                              
(dollars in thousands, except per share data)                              
  For the Three Months Ended   For the Twelve Months Ended    
  December 31, 2016   September 30, 2016   June 30, 2016   March 31, 2016   December 31, 2015   December 31, 2016   December 31, 2015    
Interest income:                              
Interest and fees on loans and leases $ 28,230     $ 27,931     $ 27,679     $ 26,696     $ 26,080     $ 110,536     $ 102,432      
Interest on cash and cash equivalents   53       27       42       46       63       168       409      
Interest on investment securities:     1,639         1,556         1,565         1,527         1,623         6,287         5,701      
Taxable   1,467       1,373       1,384       1,351       1,402       5,575       5,018      
Non-taxable   118       125       126       128       131       497       497      
Dividends     54         58         55         48         90         215       186      
Total interest income     29,922         29,514         29,286         28,269         27,766         116,991         108,542      
Interest expense:                              
Interest on deposits   1,780       1,575       1,402       1,076       1,046       5,833       4,212      
Interest on short-term borrowings   22       34       20       17       9       93       48      
Interest on FHLB advances and other borrowings   760       818       867       908       912       3,353       3,554      
Interest on subordinated notes     370         370         370         366         370         1,476         601      
Total interest expense     2,932         2,797         2,659         2,367         2,337         10,755         8,415      
Net interest income   26,990       26,717       26,627       25,902       25,429       106,236       100,127      
Provision for loan and lease losses (the "Provision")     1,059         1,412         445         1,410         1,777         4,326         4,396      
Net interest income after Provision   25,931       25,305       26,182       24,492       23,652       101,910       95,731      
Noninterest income:                              
Fees for wealth management services   9,327       9,100       9,431       8,832       8,995       36,690       36,894      
Insurance revenue   715       886       845       1,276       842       3,722       3,745      
Service charges on deposits   688       688       713       702       742       2,791       2,927      
Loan servicing and other fees   411       497       539       492       502       1,939       2,087      
Net gain on sale of loans   478       985       896       760       751       3,119       3,022      
Net gain (loss) on sale of investment securities available for sale   9       (28 )     (43 )     (15 )     58       (77 )     931      
Net (loss) gain on sale of other real estate owned   -       -       -       (76 )     33       (76 )     123      
Dividends on FHLB and FRB stocks   309       277       263       214       330       1,063       1,382      
Other operating income     1,182         1,487         1,176         1,023         1,415         4,868         4,849      
Total noninterest income   13,119       13,892       13,820       13,208       13,668       54,039       55,960      
Noninterest expense:                              
Salaries and wages   11,855       11,621       12,197       11,738       11,700       47,411       44,575      
Employee benefits   2,207       2,420       2,436       2,485       2,268       9,548       10,205      
Loss on pension termination   -       -       -       -       17,377       -       17,377      
Occupancy and bank premises   2,407       2,349       2,367       2,488       2,474       9,611       10,305      
Branch lease termination expense   -       -       -       -       929       -       929      
Furniture, fixtures and equipment   1,869       1,837       1,895       1,919       2,129       7,520       6,841      
Advertising   391       334       372       284       656       1,381       2,102      
Amortization of intangible assets   830       888       889       891       937       3,498       3,827      
Impairment of intangible assets   -       -       -       -       387       -       387      
(Recovery) impairment of mortgage servicing rights ("MSRs")   (580 )     29       599       83       (17 )     131       70      
Due diligence, merger-related and merger integration expenses   -       -       -       -       1,860       -       6,670      
Professional fees   963       937       946       813       1,010       3,659       3,353      
Pennsylvania bank shares tax   (204 )     675       640       638       (46 )     1,749       1,253      
Information technology   857       881       875       1,048       874       3,661       3,443      
Other operating expenses     4,363         3,506         3,043         2,664         4,413         13,576         14,428      
Total noninterest expense   24,958       25,477       26,259       25,051       46,951       101,745       125,765      
Income (loss) before income taxes   14,092       13,720       13,743       12,649       (9,631 )     54,204       25,926      
Income tax expense (benefit)     4,684         4,346         4,810         4,328         (3,276 )       18,168         9,172      
  Net income (loss) $   9,408     $   9,374     $   8,933     $   8,321     $   (6,355 )   $   36,036     $   16,754      
Per share data:                              
Weighted average shares outstanding   16,916,705       16,860,727       16,812,219       16,848,202       17,129,234       16,859,623       17,488,325      
Dilutive common shares     247,970         211,631         215,200         35,162         -         177,491         268,246      
Adjusted weighted average diluted shares   17,164,675       17,072,358       17,027,419       16,883,364       17,129,234       17,037,114       17,756,571      
Basic earnings (loss) per common share $ 0.56     $ 0.56     $ 0.53     $ 0.49     $ (0.37 )   $ 2.14     $ 0.96      
Diluted earnings (loss) per common share $ 0.55     $ 0.55     $ 0.52     $ 0.49     $ (0.37 )   $ 2.12     $ 0.94      
Dividend declared per share $ 0.21     $ 0.21     $ 0.20     $ 0.20     $ 0.20     $ 0.82     $ 0.78      
Effective tax rate   33.24 %     31.68 %     35.09 %     34.59 %     34.02 %     33.52 %     35.38 %    

 

 

Bryn Mawr Bank Corporation                                   
Tax-Equivalent Net Interest Margin (unaudited)
                                 
(dollars in thousands, except per share data)
 
                                 
    For The Three Months Ended   For The Twelve Months Ended
    December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 December 31, 2015   December 31, 2016 December 31, 2015
(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   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   $   55,298   $   53   0.38 % $   33,532   $   27   0.32 % $   44,950   $   42   0.38 % $   39,050   $   46   0.47 % $   90,832   $   63   0.28 %   $   43,214   $   168   0.39 % $   184,689   $   346   0.25 %
Investment securities - available for sale:                                              
  Taxable       344,931       1,498   1.73 %     329,293       1,423   1.72 %     325,893       1,433   1.77 %     316,353       1,397   1.78 %     307,524       1,432   1.85 %       329,161       5,784   1.76 %     318,510       3,691   1.55 %
  Tax-exempt       34,985       175   1.99 %     37,893       189   1.98 %     39,193       187   1.92 %     40,658       191   1.89 %     43,144       195   1.79 %       38,173       742   1.94 %     37,871       546   1.93 %
  Total investment securities - available for sale        379,916       1,673   1.75 %     367,186       1,612   1.75 %     365,086       1,620   1.78 %     357,011       1,588   1.79 %     350,668       1,627   1.84 %       367,334       6,526   1.78 %     356,381       4,237   1.59 %
                                               
Investment securities  - held to maturity       2,889       7   0.96 %     2,907       6   0.82 %     2,427       4   0.66 %     -       -         -       -   0.00 %       2,060       4   0.19 %     -       -    
Investment securities  - trading       3,853       16   1.65 %     3,523       2   0.23 %     3,640       2   0.22 %     3,946       2   0.20 %     3,571       60   6.67 %       3,740       2   0.05 %     3,985       21   0.70 %
                                               
Loans and leases *       2,517,967       28,354   4.48 %     2,476,972       28,032   4.50 %     2,412,643       27,761   4.63 %     2,308,584       26,778   4.67 %     2,247,720       26,158   4.62 %       2,429,416       110,925   4.57 %     2,131,278       76,548   4.80 %
                                               
  Total interest-earning assets        2,959,923       30,103   4.05 %     2,884,120       29,679   4.09 %     2,828,746       29,429   4.18 %     2,708,591       28,414   4.22 %     2,692,791       27,908   4.11 %       2,845,764       117,625   4.13 %     2,676,333       81,152   4.05 %
                                               
Cash and due from banks       16,127           16,228           16,413           16,501           18,005             16,317           17,484      
Less: allowance for loan and lease losses       (17,858 )         (17,257 )         (17,271 )         (16,239 )         (16,106 )           (17,159 )         (14,760 )    
Other assets        257,676           258,928           262,065           264,295           264,321             260,728           257,896      
                                               
  Total assets   $   3,215,868       $   3,142,019       $   3,089,953       $   2,973,148       $   2,959,011         $   3,105,650       $   2,936,953      
                                               
Liabilities:                                              
                                               
Interest-bearing deposits:                                              
  Savings, NOW and market rate deposits   $   1,328,577   $   686   0.21 % $   1,286,404   $   641   0.20 % $   1,273,964   $   589   0.19 % $   1,279,630   $   569   0.18 % $   1,260,575   $   565   0.18 %   $   1,292,228   $   2,485   0.19 % $   1,245,857   $   1,753   0.19 %
  Wholesale deposits       156,541       319   0.81 %     164,706       327   0.79 %     196,517       361   0.74 %     137,201       233   0.68 %     119,394       186   0.62 %       163,724       1,240   0.76 %     134,607       586   0.58 %
  Retail time deposits        324,158       775   0.95 %     278,579       607   0.87 %     246,771       452   0.74 %     216,820       274   0.51 %     231,605       295   0.51 %       266,772       2,108   0.79 %     264,168       827   0.42 %
  Total interest-bearing deposits       1,809,276       1,780   0.39 %     1,729,689       1,575   0.36 %     1,717,252       1,402   0.33 %     1,633,651       1,076   0.26 %     1,611,574       1,046   0.26 %       1,722,724       5,833   0.34 %     1,644,632       3,166   0.26 %
                                               
Borrowings:                                              
Short-term borrowings       40,629       22   0.22 %     40,966       34   0.33 %     32,328       20   0.25 %     34,158       17   0.20 %     26,092       9   0.14 %       37,041       93   0.25 %     39,352       39   0.13 %
Long-term FHLB advances and other borrowings       198,454       760   1.52 %     218,920       818   1.49 %     236,248       867   1.48 %     250,015       908   1.46 %     254,880       912   1.42 %       225,815       3,353   1.48 %     254,810       2,642   1.39 %
Subordinated notes       29,523       370   4.99 %     29,509       370   4.99 %     29,496       370   5.05 %     29,482       366   4.99 %     29,471       370   4.98 %       29,503       1,476   5.00 %     6,130       231   5.04 %
  Total borrowings       268,606       1,152   1.71 %     289,395       1,222   1.68 %     298,072       1,257   1.70 %     313,655       1,291   1.66 %     310,443       1,291   1.65 %       292,359       4,922   1.68 %     300,292       2,912   1.30 %
                                               
  Total interest-bearing liabilities       2,077,882       2,932   0.56 %     2,019,084       2,797   0.55 %     2,015,324       2,659   0.53 %     1,947,306       2,367   0.49 %     1,922,017       2,337   0.48 %       2,015,083       10,755   0.53 %     1,944,924       6,078   0.42 %
                                               
Noninterest-bearing deposits       724,465           716,581           675,710           631,047           634,969             687,134           580,356      
Other liabilities       35,478           33,400           32,804           33,923           36,665             33,904           35,978      
  Total noninterest-bearing liabilities       759,944           749,981           708,514           664,970           671,634             721,038           616,334      
                                               
  Total liabilities       2,837,826           2,769,065           2,723,838           2,612,276           2,593,651             2,736,121           2,561,258      
                                               
Shareholders' equity        378,043           372,954           366,115           360,872           365,360             369,529           375,695      
                                               
  Total liabilities and shareholders' equity    $   3,215,868       $   3,142,019       $   3,089,953       $   2,973,148       $   2,959,011         $   3,105,650       $   2,936,953      
                                               
Interest income to earning assets       4.05 %     4.09 %     4.18 %     4.22 %     4.11 %       4.13 %     4.05 %
                                               
Net interest spread       3.49 %     3.54 %     3.65 %     3.73 %     3.63 %       3.60 %     3.63 %
Effect of noninterest-bearing sources         0.16 %       0.17 %       0.16 %       0.14 %       0.14 %       0.16 %       0.12 %
                                               
Tax-equivalent net interest margin      $   27,171   3.65 %   $   26,882   3.71 %   $   26,770   3.81 %   $   26,047   3.87 %   $   25,571   3.77 %     $   106,870   3.76 %   $   75,074   3.75 %
                                               
Tax-equivalent adjustment      $   181   0.02 %   $   165   0.02 %   $   143   0.02 %   $   145   0.02 %   $   142   0.02 %     $   634   0.02 %   $   376   0.02 %
                                               
Supplemental Information Regarding Accretion of Fair Value Marks                                          
       Interest Income (Expense) Effect  Effect on Yield or Rate    Interest Income (Expense) Effect  Effect on Yield or Rate    Interest Income (Expense) Effect  Effect on Yield or Rate    Interest Income (Expense) Effect  Effect on Yield or Rate    Interest Income (Expense) Effect  Effect on Yield or Rate      Interest Income (Expense) Effect  Effect on Yield or Rate    Interest Income (Expense) Effect  Effect on Yield or Rate
Loans and leases     $   742   0.12 %   $   578   0.09 %   $   1,076   0.18 %   $   953   0.17 %   $   707   0.12 %     $   3,349   0.14 %   $   3,136   0.15 %
Retail time deposits         (19 ) -0.02 %       (29 ) -0.04 %       (61 ) -0.10 %       (110 ) -0.20 %       (123 ) -0.21 %         (219 ) -0.08 %       (638 ) -0.24 %
Short-term borrowings         -   0.00 %       -   0.00 %       -   0.00 %       (12 ) -0.14 %       (35 ) -0.53 %         (12 ) -0.03 %       (104 ) -0.26 %
Long-term FHLB advances and other borrowings         (30 ) -0.06 %       (30 ) -0.05 %       (30 ) -0.05 %       (30 ) -0.05 %       (30 ) -0.05 %         (120 ) -0.05 %       (96 ) -0.04 %
Net interest income from fair value marks     $   791       $   637       $   1,167       $   1,105       $   895         $   3,700       $   3,974    
Purchase accounting effect on tax-equivalent margin     0.11 %     0.09 %     0.17 %     0.16 %     0.13 %       0.13 %     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 leases balances.                          
                                               

  

 

Bryn Mawr Bank Corporation                          
Appendix - Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Performance Measures (unaudited)
 
(dollars in thousands, except per share data)  
                           
Statement on Non-GAAP Measures: The Corporation believes the presentation of the following non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of the results of operations and financial condition of the Corporation. Management uses non-GAAP financial measures in its analysis of the Corporation’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to  non-GAAP performance measures that may be presented by other companies.        
                           
  As of or For the Three Months Ended   As of or For the Twelve Months Ended  
  December 31, 2016   September 30, 2016   June 30, 2016   March 31, 2016   December 31, 2015   December 31, 2016 December 31, 2015  
Reconciliation of Net Income to Net Income (core):                          
Net income (loss) (a GAAP measure) $ 9,408     $ 9,374     $ 8,933     $ 8,321     $ (6,355 )   $ 36,036     $ 16,754    
Less: Tax-effected non-core noninterest income:                          
Loss (gain) on sale of investment securities available for sale   (6 )     18       28       10       (38 )     50       (605 )  
Add: Tax-effected non-core noninterest expense items:                          
Loss on pension termination   -       -       -       -       11,295       -       11,295    
Severance expense (Salaries and wages)   -       -       -       -       142       -       265    
Branch lease termination expense   -       -       -       -       604       -       604    
Debt and swap prepayment penalty (Other operating expenses)   -       -       -       -       397       -       735    
Impairment of intangible assets   -       -       -       -       252       -       252    
Due diligence, merger-related and merger integration  expenses     -         -         -         -         1,209         -         4,336    
Net income (core) (a non-GAAP measure) $    9,402     $    9,392     $    8,961     $    8,331     $    7,506     $    36,086     $    33,636    
                               
Calculation of Basic and Diluted Earnings per Common Share (core):                        
Weighted average common shares outstanding   16,916,705       16,860,727       16,812,219       16,848,202       17,129,234       16,859,623       17,488,328    
Dilutive common shares     247,970         211,631         215,200         35,162         112,783         177,491         268,246    
Adjusted weighted average diluted shares   17,164,675       17,072,358       17,027,419       16,883,364       17,242,017       17,037,114       17,756,574    
Basic earnings per common share (core) (a non-GAAP measure) $ 0.56     $ 0.56     $ 0.53     $ 0.49     $ 0.44     $ 2.14     $ 1.92    
Diluted earnings per common share (core) (a non-GAAP measure) $ 0.55     $ 0.55     $ 0.53     $ 0.49     $ 0.44     $ 2.12     $ 1.89    
                           
Calculation of Return on Average Tangible Equity:                          
Net income (loss) $ 9,408     $ 9,374     $ 8,933     $ 8,321     $ (6,355 )   $ 36,036     $ 16,754    
Add: Tax-effected amortization and impairment of intangible assets     540         577         578         579         861         2,274         2,739    
Net tangible income (numerator) $ 9,948     $ 9,951     $ 9,511     $ 8,900     $ (5,494 )   $ 38,310     $ 19,493    
                           
Average shareholders' equity $ 378,043     $ 372,954     $ 366,115     $ 360,872     $ 365,360     $ 369,529     $ 373,088    
Less: Average goodwill and intangible assets     (125,614 )       (126,505 )       (127,402 )       (128,296 )       (129,292 )       (126,950 )       (128,181 )  
Net average tangible equity (denominator) $ 252,429     $ 246,449     $ 238,713     $ 232,576     $ 236,068     $ 242,579     $ 244,907    
                           
Return on tangible equity (a non-GAAP measure)   15.68 %     16.06 %     16.02 %     15.39 %     -9.23 %     15.79 %     7.96 %  
                           
Calculation of Tangible Equity Ratio:                          
Total shareholders' equity $ 381,127     $ 378,459     $ 372,467     $ 365,177     $ 365,711          
Less: Goodwill and intangible assets     (125,170 )       (126,000 )       (126,888 )       (127,777 )       (128,668 )        
Net tangible equity (numerator) $ 255,957     $ 252,459     $ 245,579     $ 237,400     $ 237,043          
                           
Total assets $ 3,421,530     $ 3,174,080     $ 3,090,090     $ 3,058,247     $ 3,030,997          
Less: Goodwill and intangible assets     (125,170 )       (126,000 )       (126,888 )       (127,777 )       (128,668 )        
Tangible assets (denominator) $ 3,296,360     $ 3,048,080     $ 2,963,202     $ 2,930,470     $ 2,902,329          
                           
Tangible equity ratio   7.76 %     8.28 %     8.29 %     8.10 %     8.17 %        
                           
                           
                           
                           
Bryn Mawr Bank Corporation                          
Appendix - Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Performance Measures (unaudited)  
(dollars in thousands, except per share data)        
                           
Statement on Non-GAAP Measures: The Corporation believes the presentation of the following non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of the results of operations and financial condition of the Corporation. Management uses non-GAAP financial measures in its analysis of the Corporation’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to  non-GAAP performance measures that may be presented by other companies.        
                           
Calculation of Efficiency Ratio:                          
Noninterest expense $ 24,958     $ 25,477     $ 26,259     $ 25,051     $ 46,951     $ 101,745     $ 125,765    
Less: certain noninterest expense items*:                          
Loss on pension termination   -       -       -       -       (17,377 )     -       (17,377 )  
Severance expense (Salaries and wages)   -       -       -       -       (218 )     -       (408 )  
Branch lease termination expense   -       -       -       -       (929 )     -       (929 )  
Debt and swap prepayment penalty (Other operating expenses)   -       -       -       -       (611 )     -       (1,131 )  
Amortization of intangibles   (830 )     (888 )     (889 )     (891 )     (937 )     (3,498 )     (3,827 )  
Impairment of intangible assets   -