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Bryn Mawr Bank Corporation Reports Record Earnings For 2012, Boosts Wealth Assets By 38.4% To $6.4 Billion

Stocks in this article: BMTC

BRYN MAWR, Pa., Jan. 24, 2013 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (Nasdaq:BMTC), (the "Corporation"), parent of The Bryn Mawr Trust Company (the "Bank"), today reported net income of $5.3 million and diluted earnings per share of $0.40 for the three months ended December 31, 2012, as compared to net income of $5.0 million and diluted earnings per share of $0.38 for the same period in 2011. Net income for the twelve months ended December 31, 2012 was $21.1 million, or $1.60 per diluted share, as compared to net income of $19.6 million, or $1.54 per diluted share for the same period in 2011.

Net income for the twelve months ended December 31, 2012 included pre-tax due diligence and merger-related expenses of $2.6 million as compared to pre-tax due diligence and merger-related expenses of $537 thousand for the same period in 2011. Significant factors contributing to the outstanding results for the twelve months ended December 31, 2012, as compared to 2011, included a 37.5% increase in wealth management revenues and a 167.6% increase in the net gain on sale of residential mortgage loans.

Ted Peters, Chairman and Chief Executive Officer, commented, "Our strategic transactions this year, which included the acquisition of the Davidson Trust Company and the acquisition of certain loans and deposits and a branch location from the First Bank of Delaware, have begun to produce the positive results we had anticipated. In addition, our mortgage banking division has continued to produce outstanding results driven by the ongoing low-interest-rate environment."

On January 24, 2013, the Board of Directors of the Corporation declared a quarterly dividend of $0.17 per share, an increase of $0.01, or 6.3%, from the previous quarter's dividend. The dividend is payable March 1, 2013 to shareholders of record as of February 5, 2013.

Mr. Peters continued, "I am confident in our business model and expect continued solid results in 2013, as we experience the full-year impact of our 2012 acquisitions."

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