Bryn Mawr Bank Corporation Reports Record Fourth Quarter Earnings, Wealth Asset Growth Of 18.9% And Increases Quarterly Dividend By 7.1%
BRYN MAWR, Pa., Feb. 1, 2011 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (Nasdaq:BMTC), (the "Corporation"), parent of The Bryn Mawr Trust Company (the "Bank"), today announced diluted earnings per share of $0.46 for the fourth quarter of 2010, an increase of $0.16 per share, or 53.3%, over the fourth quarter 2009 diluted earnings per share of $0.30. Net income for the fourth quarter of 2010 was $5.57 million, an increase of $2.93 million, or 111.0%, over the fourth quarter 2009 net income of $2.64 million.
Additionally, on January 27, 2011, the Corporation declared a quarterly dividend of $0.15 per share, an increase of $0.01, or 7.1%, from the prior quarter. The dividend is payable March 1, 2011, to shareholders of record as of February 14, 2011.
Also, the Corporation reported diluted earnings per share for the twelve months ended December 31, 2010, of $0.85, a decrease of $0.33, or 28.0%, as compared to $1.18 for the same period in 2009. Net income for the twelve months ended December 31, 2010 of $9.17 million was $1.16 million, or 11.3%, lower than the $10.34 million reported for the same period in 2009. Net income for the twelve months ended December 31, 2010 includes pre-tax merger-related and due diligence expenses of $5.7 million.The merger with First Keystone Financial, Inc. ("FKF"), and its primary subsidiary, First Keystone Bank ("FKB"), occurred on July 1, 2010, and included the acquisition of $275 million of loans, $101 million of investment securities, and deposits of $321 million. Accordingly, this acquisition accounts for a significant portion of the increase in assets and liabilities at December 31, 2010, as compared to December 31, 2009. It also impacts the comparability of certain income statement line items for the quarter and year ended December 31, 2010, as compared to the same periods last year.
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