Bryn Mawr Bank Corporation Successfully Completes Merger With First Keystone Financial, Inc. And Reports Third Quarter Operating Results
BRYN MAWR, Pa., Nov. 8, 2010 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (Nasdaq:BMTC), (the "Corporation"), parent of The Bryn Mawr Trust Company (the "Bank"), today announced third quarter 2010 operating results of a diluted loss per share of $0.08 and a net loss of $1.0 million, which includes approximately $4.3 million of pre-tax First Keystone Financial, Inc. ("FKF") merger related expenses and a provision for loan and lease losses of $4.2 million. For the same period last year, the Corporation reported diluted earnings per share of $0.30 and net income of $2.6 million.
Ted Peters, Chairman and Chief Executive Officer, commented, "The combination of the two banks has gone extremely well. We are seeing almost no attrition of clients from the First Keystone side and, in fact, anticipate growing their franchise as we move forward. As a result of the merger, the Corporation now has total banking assets of $1.7 billion and 17 full-service branch locations. In addition, the Corporation acquired loans and deposits with a fair market value of $274.8 million and $320.8 million, respectively. Total portfolio loans and leases were $1.2 billion and total deposits were $1.3 billion at September 30, 2010. We are looking forward to a solid fourth quarter and a strong 2011, as most of the FKF merger related expenses are behind us."
For the nine months ended September 30, 2010, the Corporation reported diluted earnings per share of $0.35 and net income of $3.6 million, which includes $5.3 million of pre-tax merger related expenses and a provision for loan and lease losses of $8.3 million. Approximately $6.0 million of the $8.3 million provision for loan and lease losses during this period is related to the two commercial relationships that were included in non-performing assets in prior periods and have been written down to the expected net realizable value based on an updated analysis and certain new valuation information. For the same period last year, the Corporation reported diluted earnings per share and net income of $0.88 and $7.7 million, respectively.
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