BRYN MAWR, Pa., July 22, 2010 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (Nasdaq:BMTC), (the "Corporation"), parent of The Bryn Mawr Trust Company (the "Bank"), today announced that the Corporation earned second quarter 2010 diluted earnings per share of $0.25 and net income of $2.4 million, which includes $637 thousand of pre-tax merger related expenses. For the same period last year, the Corporation reported diluted earnings per share of $0.28 and net income of $2.4 million.
- Wealth Management Division assets under management, administration, supervision and brokerage at June 30, 2010 were $3.1 billion, up approximately $229 million or 8.0% from the fourth quarter of 2009, and up approximately $836 million or 36.9% from June 30, 2009 due to the success of new initiatives within this division and improvements in the financial markets.
- Revenue from the Wealth Management Division for the second quarter of 2010 was $3.9 million, up 8.4% from fourth quarter 2009 revenue of $3.6 million and up 7.7% from second quarter 2009 revenue of $3.6 million.
- Deposit levels were $953.5 million at June 30, 2010, an increase of $15.6 million or 1.7% from December 31, 2009. Deposit levels increased $59.5 million or 6.7% from June 30, 2009 as new core transaction account openings remained strong.
- June 30, 2010 portfolio loan and lease balances of $899.3 million increased $13.6 million or 1.5% compared to $885.7 million at December 31, 2009, led primarily by a $13.6 million or 5.1% increase in commercial mortgages. Partially offsetting this increase was a decline in residential mortgages of $2.6 million or 2.4% and the continued planned decline in the lease portfolio of $7.0 million or 14.8% as compared to December 31, 2009.
- The tax equivalent net interest margin was 3.80% for the second quarter of 2010, down 26 basis points from the first quarter of 2010 due to the sale of investment securities that resulted in gains of approximately $1.5 million in the first quarter of 2010, the reversal of interest on certain non-performing loans, essentially flat loan growth and the low current interest rate environment.
- Tax equivalent net interest income for the second quarter of 2010 was $11.2 million, in line with the first quarter of 2010 and up 1.3% from the fourth quarter of 2009.
- The Corporation's investment portfolio had a fair market value of $254.9 million at June 30, 2010 compared to $208.2 million at December 31, 2009 and $158.8 million at June 30, 2009 due largely to higher invested cash balances from the strong growth in deposits.
- Revenue from the sale of residential mortgage loans for the quarter ended June 30, 2010 was $606 thousand, higher than the production in the first quarter of 2010, but lower than the quarterly average during the refinancing surge of 2009.
- At June 30, 2010, the allowance for loan and lease losses of $9.8 million was 1.09% of portfolio loans and leases compared with $10.4 million or 1.18% at both December 31, 2009 and June 30, 2009. The decrease in the reserve as a percentage of portfolio loans and leases is mainly attributable to loans that were specifically reserved for at December 31, 2009 which were charged-off during the first six months of 2010.
- Trends within the leasing portfolio have shown continued improvement as net charge-offs have decreased on a quarterly basis. The leasing portfolio had second quarter 2010 net charge-offs of $509 thousand compared to $545 thousand during the first quarter of 2010 and $764 thousand during the fourth quarter of 2009.
- Non-performing loans and leases were 111 basis points of total portfolio loans and leases at June 30, 2010. The level of non-performing loans and leases increased in the second quarter due to one large commercial relationship the Corporation has been monitoring which accounted for 64 basis points of total non-performing loans and leases.
- During the second quarter of 2010, the Corporation foreclosed on a $595 thousand construction loan which was secured by two newly constructed homes and a $1.4 million commercial loan secured by a restaurant and hotel. The properties were classified as other real estate owned ("OREO") as of June 30, 2010. The Corporation has a signed agreement of sale for one of the constructed homes with a planned settlement date during August 2010.
- Non-interest expense increased 1.7% in the second quarter of 2010 compared to the first quarter of 2010 primarily due to an increase in merger related expenses and higher mortgage servicing rights impairment.
- At June 30, 2010, the Corporation had unused borrowing capacity of $300 million at the Federal Home Loan Bank of Pittsburgh, $66 million at the Federal Reserve and $75 million of Fed Funds lines. Additionally, liquidity remained strong with approximately $25 million of cash balances at the Federal Reserve and $18 million in other interest-bearing accounts at June 30, 2010.
|Bryn Mawr Trust Company|
|Tier I Capital to Risk Weighted Assets (RWA)||10.72%||9.06%||8.71 %|
|Total (Tier II) Capital to RWA||13.73%||12.20%||11.89%|
|Tier I Leverage Ratio||9.29%||8.03%||7.72 %|
|Bryn Mawr Bank Corporation|
|Tier I Capital to Risk Weighted Assets (RWA)||11.50%||9.41%||9.27 %|
|Total (Tier II) Capital to RWA||14.50%||12.53%||12.43%|
|Tier I Leverage Ratio||9.98%||8.35%||8.22%|
|Tangible Common Equity Ratio||9.30%||7.51%||7.43%|