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.

For the six months ended June 30, 2010, the Corporation earned diluted earnings per share of $0.50 and net income of $4.6 million, which includes $985 thousand of pre-tax merger related expenses. For the same period last year, the Corporation reported diluted earnings per share and net income of $0.58 and $5.1 million, respectively.

Ted Peters, Chairman and Chief Executive Officer, stated, "The second quarter of 2010 was eventful as we raised approximately $25 million in new common equity and began the steps that will be necessary to fully integrate First Keystone Financial, Inc. into our organization. The legal close of the merger was completed on July 1, 2010, resulting in our bank holding company having approximately $1.7 billion of banking assets, $3.1 billion of wealth assets under management, and 17 full-service branch locations firmly establishing Bryn Mawr Trust as the foremost community bank in the Philadelphia region."

Mr. Peters added, "Despite the First Keystone merger related expenses incurred to date and some isolated problem credit costs, our earnings continue to be strong. We are very pleased with where we are at this stage of the recovery from the recession."

SIGNIFICANT ITEMS OF NOTE
  • 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.

Regulatory Capital Ratios:
   6/30/2010  12/31/2009  6/30/2009
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%

On May 18, 2010, the Corporation announced it had completed the registration and sale of 1,548,167 shares of common stock, par value $1.00, at a price of $17.00 per share under the Corporation's existing shelf registration. The Corporation received net proceeds of approximately $25 million after deducting placement agents' fees and other offering expenses, which the Corporation expects to use for working capital and general corporate purposes such as for regulatory capital purposes, funding asset growth and financing possible mergers or acquisitions. See the Corporation's Form 8-K filed with the Securities and Exchange Commission ("SEC") on May 19, 2010 for additional information.

On July 1, 2010, the previously announced merger ("Merger") of First Keystone Financial, Inc. ("FKF") with and into the Corporation, and the two step merger of First Keystone Bank with and into the Bank, as contemplated by the Agreement and Plan of Merger, by and between FKF and the Corporation, dated as of November 3, 2009 (the "Merger Agreement"), were completed. In accordance with the Merger Agreement, the aggregate consideration paid to FKF shareholders consisted of approximately $4.8 million and approximately 1.6 million shares valued at $27.4 million. Shareholders of FKF received 0.6973 shares of the Corporation's common stock plus $2.06 per share cash consideration for each share of FKF common stock they owned as of the effective date of the Merger. The results of FKF's operations will be included in the Corporation's Consolidated Statement of Income and Consolidated Balance Sheet beginning on July 1, 2010, the date of the acquisition. See the Corporation's Form 8-K filed with the SEC on July 1, 2010 for additional information regarding the Merger.  

DIVIDEND DECLARED

On July 16, 2010, the Corporation's Board of Directors declared a quarterly dividend of $0.14 per share, payable September 1, 2010 to shareholders of record as of August 2, 2010.

The Corporation will hold an earnings conference call at 8:30 a.m. EDT on Friday, July 23, 2010. Interested parties may participate by calling 800-860-2442, conference #441790, at 8:30 a.m. EDT. A taped replay of the conference call will be available within two hours of the conclusion of the call and will remain available through August 9, 2010. The number to call for the taped replay is 877-344-7529 and the Replay Passcode is 441790. 

The conference call will be simultaneously broadcast live over the Internet through a webcast on the investor relations portion of the Bryn Mawr Bank Corporation's website. To access the call, please visit the website at http://www.bmtc.com/investor_01.cfm.   An online archive of the webcast will be available within two hours of the conclusion of the call.  The Corporation has also recently expanded its Investor Relations website to include added resources and information for shareholders and interested investors. Interested parties are encouraged to utilize the expanded resources of the site for more information on Bryn Mawr Bank Corporation. 

This press release contains statements which, to the extent that they are not recitations of historical fact may constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. 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", "estimate", "target", "potentially", "probably", "outlook", "predict", "contemplate", "continue", "plan", "forecast", "project" 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, 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; whether or not we will be able to successfully integrate First Keystone Bank with the Bank; material differences in the actual financial results, cost savings and revenue enhancements associated with our acquisition via the merger of First Keystone Financial, Inc. and First Keystone Bank; and other factors as described in our securities filings. All forward-looking statements and information made 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 well as any changes in risk factors that we may identify in our quarterly or other reports filed with the SEC.

 
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands, except per share data)
June 30, 2010        
(unaudited)
  For The Three Months Ended
  June 30, 2010  Mar 31, 2010  Dec 31, 2009  Sept 30, 2009  June 30, 2009 
           
Interest income  $ 13,824  $ 13,894  $ 14,191  $ 14,186  $ 14,222
Interest expense  2,773  2,777  3,266  3,856  4,310
           
Net interest income  11,051  11,117  10,925  10,330  9,912
Provision for loan and lease losses  994  3,113  1,302  2,305  1,686
Net interest income after provision for loan and lease losses  10,057  8,004  9,623  8,025  8,226
           
Fees for wealth management services   3,898  3,831  3,597  3,457  3,620
Loan servicing and late fees  380  381  386  367  343
Service charges on deposits  489  501  504  493  491
Net gain on sale of residential mortgage loans  606  525  859  760  2,516
Net gain on sale of investments  --  1,544  603  848  --
Net gain on trading investment  --  --  15  161  79
Other operating income  517  529  577  557  752
Non-interest income  5,890  7,311  6,541  6,643  7,801
           
Salaries and wages   5,345  5,287  5,848  5,322  5,626
Employee benefits   1,364  1,558  1,253  1,281  1,462
Occupancy and bank premises  901  984  911  893  906
Furniture fixtures and equipment  557  595  575  634  612
Advertising  256  262  310  196  346
Impairment / (recovery) of mortgage servicing rights  177  41  (175)  (51)  (115)
Amortization of mortgage servicing rights  210  199  216  186  256
Intangible asset amortization  77  77  77  77  77
FDIC insurance  299  314  290  265  357
FDIC insurance special assessment  --  --  --  --  540
Merger related expense  637  347  531  85  --
Net loss on sale of OREO  --  152  --  --  --
Professional fees  459  619  702  419  494
Other expenses   1,821  1,470  1,560  1,382  1,726
Non-interest expense  12,103  11,905  12,098  10,689  12,287
           
Income before income taxes  3,844  3,410  4,066  3,979  3,740
Income tax expense  1,438  1,187  1,429  1,360  1,291
Net income  $ 2,406  $ 2,223  $ 2,637  $ 2,619  $ 2,449
           
Per share data:          
Weighted average shares outstanding  9,740,089  8,893,997  8,794,602  8,782,632  8,745,708
Dilutive potential common shares  12,476  11,017  9,112  17,664  21,601
Adjusted weighted average dilutive shares   9,752,565  8,905,014  8,803,714  8,800,296  8,767,309
           
Basic earnings per common share $0.25 $0.25 $0.30 $0.30 $0.28
           
Diluted earnings per common share $0.25 $0.25 $0.30 $0.30 $0.28
           
Dividend declared per share $0.14 $0.14 $0.14 $0.14 $0.14
           
Effective tax rate 37.4% 34.8% 35.1% 34.2% 34.5%
           
Net interest margin 3.80% 4.06% 3.85% 3.72% 3.59%
 
 
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands, except per share data)
June 30, 2010
(unaudited)
  For The Six Months Ended
  June 30, 2010 June 30, 2009
     
Interest income  $ 27,718  $ 28,515
Interest expense  5,550  8,977
     
Net interest income  22,168  19,538
Provision for loan and lease losses  4,107  3,277
Net interest income after provision for loan and lease losses  18,061  16,261
     
Fees for wealth management services   7,729  7,124
Loan servicing and late fees  761  634
Service charges on deposits  990  954
Net gain on sale of residential mortgage loans  1,131  4,393
Net gain on sale of investments  1,544  472
Net gain on trading investment  --  79
Other operating income  1,046  1,630
Non-interest income  13,201  15,286
     
Salaries and wages   10,632  11,105
Employee benefits   2,922  3,044
Occupancy and bank premises  1,885  1,833
Furniture fixtures and equipment  1,152  1,198
Advertising  518  578
Impairment/(recovery) of mortgage servicing rights  218  89
Amortization of mortgage servicing rights  409  451
Intangible asset amortization   154  154
FDIC insurance  613  679
FDIC insurance - special assessment  --  540
Merger related expense  985  --
Net loss on sale of OREO  152  --
Professional fees  1,078  887
Other expenses  3,290  3,197
Non-interest expense  24,008  23,755
     
Income before income taxes  7,254  7,792
Income tax expense  2,625  2,711
Net income  $ 4,629  $ 5,081
     
Per share data:    
Weighted average shares outstanding  9,319,380  8,674,453
Dilutive potential common shares  11,747  20,050
Adjusted weighted average shares   9,331,127  8,694,503
     
Basic earnings per common share $0.50 $0.59
     
Diluted earnings per common share $0.50 $0.58
     
Dividend declared per share $0.28 $0.28
     
Effective tax rate 36.2% 34.8%
 
 
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands, except per share data ) 
June 30, 2010          
(unaudited)          
           
For the period end:  2010 2010 2009 2009 2009
  2Q 1Q 4Q 3Q 2Q
Asset Quality Data          
           
Nonaccrual loans and leases  $ 9,072  $ 5,880  $ 6,246  $ 5,921  $ 2,913
90 + days past due loans - still accruing  892  1,015  668  1,013  746
Nonperforming loans and leases  9,964  6,895  6,914  6,934  3,659
Other non-performing assets  1,970  --  1,025  1,521  1,897
Nonperforming assets  $ 11,934  $ 6,895  $ 7,939  $ 8,455  $ 5,556
           
Nonperforming loans and leases / portfolio loans 1.11% 0.77% 0.78% 0.78% 0.41%
Nonperforming assets / assets 0.94% 0.56% 0.64% 0.71% 0.47%
           
Net loan and lease charge-offs (annualized)/ average loans  0.40% 1.70% 0.53% 1.08% 0.64%
           
           
Delinquency rate - loans and leases 1.37% 1.10% 1.10% 1.23% 0.81%
           
Delinquent loans and leases - excluding non-performing  $ 2,481  $ 2,917  $ 2,678  $ 3,977  $ 3,360
           
Delinquency rate - loans and leases - excluding non-performing 0.28% 0.33% 0.30% 0.45% 0.38%
           
TDR's excluded from non-performing loans and leases  $ 2,000  $ 3,894  $ 1,622  $ 1,462  $ 1,562
           
           
Changes in the Allowance for loan and lease losses          
           
Balance, beginning of period  $ 9,740  $ 10,424  $ 10,299  $ 10,389  $ 10,137
           
Charge-offs  (1,071)  (3,946)  (1,385)  (2,581)  (1,546)
           
Recoveries  178  149  208  186  112
           
Net (charge-offs) / recoveries  (893)  (3,797)  (1,177)  (2,395)  (1,434)
           
Provision for loan and lease losses  994  3,113  1,302  2,305  1,686
           
Balance, end of period  $ 9,841  $ 9,740  $ 10,424  $ 10,299  $ 10,389
           
Allowance for loan and lease losses / loans and lease 1.09% 1.09% 1.18% 1.16% 1.18%
Allowance for loan and lease losses / nonperforming loans and leases 98.8% 141.3% 150.8% 148.5% 283.9%
 
 
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands, except per share data ) 
June 30, 2010          
(unaudited)          
           
For the period and period end:  2010 2010 2009 2009 2009
  2Q 1Q 4Q 3Q 2Q
Selected ratios (annualized):          
           
Return on average assets 0.77% 0.76% 0.87% 0.89% 0.83%
Return on average shareholders' equity 8.11% 8.59% 10.22% 10.39% 10.11%
Yield on loans and leases*  5.72% 5.76% 5.75% 5.79% 5.84%
Yield on interest earning assets*  4.74% 5.06% 4.99% 5.09% 5.13%
Cost of interest bearing funds 1.22% 1.28% 1.45% 1.73% 1.94%
Net interest margin* 3.80% 4.06% 3.85% 3.72% 3.59%
Book value per share  $ 12.24  $ 11.86  $ 11.72  $ 11.62  $ 11.33
Tangible book value per share  $ 11.15  $ 10.56  $ 10.40  $ 10.44  $ 10.15
Period end shares outstanding  10,550,619  8,958,970  8,866,420  8,783,130  8,781,079
           
Selected data:           
           
Mortgage loans originated  $ 28,265  $ 24,346  $ 34,975  $ 35,025  $ 125,090
Mortgage loans sold - servicing retained  $ 17,358  $ 18,737  $ 31,503  $ 29,577  $ 112,608
Mortgage loans sold - servicing released  $ 3,370  $ 1,747  $ 1,335  $ 3,474  $ 188
Mortgage loans serviced for others   $ 519,153  $ 520,023  $ 514,875  $ 499,503  $ 490,202
           
Total Wealth assets under management / administration / supervision / brokerage (1)  $ 3,100,162  $ 3,109,574  $ 2,871,143  $ 2,710,867  $ 2,264,029
           
 * Yield on loans and leases, interest earning assets and net interest margin are calculated on a tax equivalent basis.
 (1) Brokerage Assets represent assets held at a registered broker dealer under a networking agreement.
 
 
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands, except per share data ) 
June 30, 2010          
(unaudited)          
      2010 Year-to-date    2009 Year-to-date 
           
Selected ratios (annualized):          
           
Return on average assets     0.76%   0.88%
Return on average shareholders' equity     8.33%   10.81%
Yield on loans and leases*      5.74%   5.85%
Yield on interest earning assets*      4.90%   5.25%
Cost of interest bearing funds     1.25%   2.04%
Net interest margin*     3.93%   3.60%
           
Selected data:           
           
Mortgage loans originated      $ 52,611    $ 221,613
Mortgage loans sold - servicing retained      $ 36,095    $ 205,679
Mortgage loans sold - servicing released      $ 5,117    $ 1,413
           
 * Yield on loans and leases, interest earning assets and net interest margin are calculated on a tax equivalent basis.
     
     
Investment Portfolio  As of June 30, 2010 As of December 31, 2009
($'s in thousands)            
             
SECURITY DESCRIPTION Amortized Cost Fair Value Unrealized Gain / (Loss) Amortized Cost Fair Value Unrealized Gain / (Loss)
             
Short term bond fund  --  --  --  --  --  --
             
Total Trading Securities  --  --  --  --  --  --
             
 U. S. treasury obligations  $ 5,013  $ 5,148  $ 135  $ --  $ --  $ --
             
 U. S. government agency securities  167,455  168,440  985  85,462  85,061  (401)
             
 State, county & municipal securities  25,978  26,316  338  24,859  25,024  165
             
 FNMA/FHLMC mortgage backed securities  11,665  12,098  433  49,318  50,952  1,634
             
 GNMA mortgage backed securities  2,490  2,513  23  8,607  8,718  111
             
 Foreign debt securities  1,250  1,250  --  1,500  1,499  (1)
             
 Bond - mutual funds  38,584  39,123  539  36,943  36,970  27
             
 Corporate bonds  --  --  --  --  --  --
             
Total Available for Sale Securities  $ 252,435  $ 254,888  $ 2,453  $ 206,689  $ 208,224  $ 1,535
             
Total Investment Portfolio  $ 252,435  $ 254,888  $ 2,453  $ 206,689  $ 208,224  $ 1,535
             
         
         
Investment Portfolio  As of June 30, 2009      
($'s in thousands)            
             
SECURITY DESCRIPTION Amortized Cost Fair Value Unrealized Gain / (Loss)      
             
Short term bond fund  5,105  5,105  --      
             
Total Trading Securities  5,105  5,105  --      
             
 U. S. treasury obligations  $ --  $ --  $ --      
             
 U. S. government agency securities  40,147  40,315  168      
             
 State, county & municipal securities  17,937  17,815  (122)      
             
 FNMA/FHLMC mortgage backed securities  63,497  65,174  1,677      
             
 GNMA mortgage backed securities  11,539  11,621  82      
             
 Foreign debt securities  1,450  1,450  --      
             
 Bond - mutual funds  --  --  --      
             
 Corporate bonds  17,340  17,363  23      
             
Total Available for Sale Securities  $ 151,910  $ 153,738  $ 1,828      
             
Total Investment Portfolio  $ 157,015  $ 158,843  $ 1,828      
             
Capital Ratios            
             
Bryn Mawr Trust Company Consolidated Regulatory Minimum To Be Well Capitalized  6/30/2010 3/31/2010  12/31/2009  9/30/2009  6/30/2009 
             
Tier I Capital to Risk Weighted Assets (RWA) 6.00% 10.72% 9.32% 9.06% 8.91% 8.71%
Total (Tier II) Capital to RWA 10.00% 13.73% 12.41% 12.20% 12.06% 11.89%
Tier I Leverage Ratio 5.00% 9.29% 8.28% 8.03% 7.98% 7.72%
             
Bryn Mawr Bank Corporation            
             
Tier I Capital to Risk Weighted Assets (RWA) 6.00% 11.50% 9.70% 9.41% 9.36% 9.27%
Total (Tier II) Capital to RWA 10.00% 14.50% 12.78% 12.53% 12.49% 12.43%
Tier I Leverage Ratio 5.00% 9.98% 8.63% 8.35% 8.39% 8.22%
Tangible Common Equity Ratio   9.30% 7.82% 7.51% 7.74% 7.43%
 
 
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands)
June 30, 2010          
(unaudited)          
   
Balance Sheet           
For the period ended: June 30, 2010 Mar 31, 2010 Dec 31, 2009 Sept 30, 2009 June 30, 2009
           
Assets          
           
Interest bearing deposits with banks  $ 43,943  $ 71,680  $ 58,472  $ 48,351  $ 51,455
Fed funds sold  --  --  --  --  --
Money market funds  85  402  9,175  18,140  38,252
           
Trading securities  --  --  --  5,316  5,105
Investment securities - AFS  254,888  173,816  208,224  168,754  153,738
Total investment securities  254,888  173,816  208,224  174,070  158,843
           
Loans held for sale  4,254  2,214  3,007  4,133  6,837
           
Portfolio loans:          
Consumer  12,272  12,059  12,717  11,412  10,603
Commercial & industrial  235,080  234,300  233,288  237,340  224,355
Commercial mortgages  278,614  275,068  265,023  256,293  257,246
Construction   43,787  41,506  38,444  37,221  40,829
Residential mortgages  108,009  110,412  110,653  118,098  120,475
Home equity lines & loans  180,826  175,748  177,863  174,273  168,592
Leases  40,702  44,007  47,751  51,842  55,538
Total portfolio loans and leases  899,290  893,100  885,739  886,479  877,638
           
Earning assets  1,202,460  1,141,212  1,164,617  1,131,173  1,133,025
           
Cash and due from banks  9,693  17,995  11,670  9,381  11,260
Allowance for loan and lease losses  (9,841)  (9,740)  (10,424)  (10,299)  (10,389)
Intangible assets  11,568  11,645  11,722  10,322  10,399
FHLB stock  7,916  7,916  7,916  7,916  7,916
Other assets  53,976  52,183  53,320  47,032  47,330
           
Total assets  $ 1,275,772  $ 1,221,211  $ 1,238,821  $ 1,195,525  $ 1,199,541
           
Liabilities and shareholders' equity          
           
Interest-bearing checking  $ 149,762  $ 143,735  $ 151,432  $ 128,551  $ 132,531
Money market  261,578  244,747  229,836  209,574  172,850
Savings  98,760  103,233  101,719  98,189  98,545
IND / IDC deposits  63,260  47,687  52,174  54,104  20,625
Wholesale deposits  33,421  43,352  36,118  64,679  88,119
Time deposits   141,803  136,927  153,705  176,388  200,174
Interest-bearing deposits  748,584  719,681  724,984  731,485  712,844
           
Non-interest bearing deposits  204,898  194,697  212,903  167,991  181,153
Total deposits  953,482  914,378  937,887  899,476  893,997
           
Subordinated debt  22,500  22,500  22,500  22,500  22,500
Borrowed funds  139,640  142,244  144,826  147,386  149,925
Mortgage payable  2,031  2,046  2,062  2,076  2,090
Other liabilities  28,930  33,772  27,610  22,040  31,539
Shareholders' equity  129,189  106,271  103,936  102,047  99,490
           
Total liabilities and shareholders' equity  $ 1,275,772  $ 1,221,211  $ 1,238,821  $ 1,195,525  $ 1,199,541
           
Balance Sheet (average)          
  2010 2Q 2010 1Q 2009 4Q 2009 3Q 2009 2Q
Assets          
           
Interest bearing deposits with banks  $ 60,317  $ 27,300  $ 52,958  $ 33,560  $ 23,588
Fed funds sold  --  --  --  --  --
Money market funds  248  1,426  14,334  28,877  70,933
Trading securities  --  --  1,502  5,189  2,436
Investment securities  223,901  200,482  182,925  160,365  128,528
Loans held for sale  3,107  2,975  4,441  5,307  6,219
Portfolio loans and leases   894,657  892,184  882,956  881,519  886,180
Earning assets  1,182,230  1,124,367  1,139,116  1,114,817  1,117,884
           
Cash and due from banks  9,971  10,627  11,713  11,191  10,386
Allowance for loan and lease losses  (9,904)  (10,620)  (10,557)  (10,529)  (10,242)
Bank owned life insurance  --  --  --  --  --
Intangible assets  11,613  11,690  10,305  10,367  10,443
Other assets  58,584  57,495  53,825  53,617  53,924
           
Total assets  $ 1,252,494  $ 1,193,559  $ 1,204,402  $ 1,179,463  $ 1,182,395
           
Liabilities and shareholders' equity          
           
Interest-bearing checking  $ 150,604  $ 143,935  $ 139,494  $ 132,436  $ 138,904
Money market  253,425  240,542  218,691  189,768  171,378
Savings  101,444  99,925  93,687  94,778  85,035
IND / IDC deposits  65,576  42,030  53,617  27,790  25,057
Wholesale deposits  36,387  43,026  56,447  74,347  99,371
Time deposits  142,552  139,959  162,300  192,275  198,221
Interest-bearing deposits  749,988  709,417  724,236  711,394  717,966
           
Non-interest bearing deposits  193,118  189,314  185,133  172,257  171,918
Total deposits  943,106  898,731  909,369  883,651  889,884
           
Subordinated debt  22,500  22,500  22,500  22,500  20,934
Borrowed funds  140,836  143,939  145,994  148,632  151,109
Mortgage payable  2,040  2,056  2,070  2,085  1,614
Other liabilities  24,982  21,315  22,150  22,602  21,714
Shareholders' equity  119,030  105,018  102,319  99,993  97,140
           
Total liabilities and shareholders' equity  $ 1,252,494  $ 1,193,559  $ 1,204,402  $ 1,179,463  $ 1,182,395
 
 
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands)
June 30, 2010
(unaudited)
     
Balance Sheet (average)    
   2010 Year-to-date   2009 Year-to-date 
Assets    
     
Interest bearing deposits with banks  $ 43,900  $ 26,495
Fed funds sold  --  1,105
Money market funds  834  56,001
Trading securities  --  --
Investment securities  212,257  119,751
Loans held for sale  3,041  6,348
Portfolio loans and leases  893,428  891,667
Earning assets  1,153,460  1,101,367
     
Cash and due from  10,297  11,042
Allowance for loan and lease losses  (10,260)  (10,297)
Intangible assets  11,651  10,421
Bank owned life insurance  --  --
FHLB stock  7,916  7,916
Other assets  50,126  48,420
     
Total assets  $ 1,223,190  $ 1,168,869
     
Liabilities and shareholders' equity    
     
Interest-bearing checking  $ 147,288  $ 136,443
Money market  247,019  165,906
Savings  100,689  79,841
IND / IDC deposits  53,868  27,161
Wholesale deposits  39,688  101,454
Time deposits  141,263  203,065
Interest-bearing deposits  729,815  713,870
     
Non-interest bearing deposits  191,226  166,140
Total deposits  921,041  880,010
     
Subordinated debt  22,500  17,983
Borrowed funds  142,378  152,604
Mortgage payable  2,048  811
Other liabilities  23,160  22,631
Shareholders' equity  112,063  94,830
     
Total liabilities and shareholders' equity  $ 1,223,190  $ 1,168,869
 
 
Quarterly Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields 
                   
  2nd Quarter 2010  1st Quarter 2010   
(dollars in thousands) 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 $60,317 $37 0.25% $27,300 $14 0.21%      
Federal funds sold  --  --  --  --  --  --      
Money market funds 248  --  % 1,426 1 0.28%      
Investment securities available for sale:                  
Taxable 199,106 867 1.75% 175,632 1,021 2.36%      
Tax-exempt 24,796 271 4.38% 24,850 278 4.54%      
Investment securities available for sale  223,902 1,138 2.04% 200,482 1,299 2.63%      
                   
Loans and leases * 897,764 12,801 5.72% 895,159 12,724 5.76%      
                   
Total interest earning assets  1,182,231 13,976 4.74% 1,124,367 14,038 5.06%      
                   
Cash and due from banks 9,971     10,627          
Less allowance for loan and lease losses (9,904)     (10,620)          
Other assets  70,196     69,185          
                   
Total assets $1,252,494     $1,193,559          
                   
Liabilities:                  
                   
Savings, NOW and market rate deposits $505,473 $666 0.53% $484,402 $656 0.55%      
IND / IDC deposits 65,576 79 0.48% 42,030 51 0.49%      
Wholesale deposits 36,387 162 1.79% 43,026 185 1.74%      
Time deposits  142,552 458 1.29% 139,959 454 1.32%      
Total interest-bearing deposits 749,988 1,365 0.73% 709,417 1,346 0.77%      
                   
Subordinated debt 22,500 280 4.99% 22,500 273 4.92%      
Mortgage payable 2,040 29 5.70% 2,056 28 5.52%      
Borrowed funds 140,836 1,099 3.13% 143,939 1,130 3.18%      
Total interest-bearing liabilities 915,364 2,773 1.22% 877,912 2,777 1.28%      
                   
Noninterest-bearing deposits 193,118     189,314          
Other liabilities 24,982     21,315          
Total noninterest-bearing liabilities 218,100     210,629          
                   
Total liabilities 1,133,464     1,088,541          
                   
Shareholders' equity  119,030     105,018          
                   
Total liabilities and shareholders' equity  $1,252,494     $1,193,559          
                   
Interest income to earning assets     4.74%     5.06%      
                   
Net interest spread     3.52%     3.78%      
Effect of noninterest-bearing sources     0.28%     0.28%      
                   
Net interest income/ margin on earning assets    $ 11,203 3.80%    $ 11,261 4.06%      
                   
Tax equivalent adjustment     $ 152 0.05%    $ 144 0.05%      
                   
                   
  4th Quarter 2009  3rd Quarter 2009  2nd Quarter 2009 
(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
                   
Assets:                  
Interest-bearing deposits with other banks $52,958 $30 0.22% $33,560 $14 0.17% $23,588 $12 0.20%
Federal funds sold  --  --  --  --  --  --  --  --  --
Money market funds 14,334 9 0.25% 28,877 26 0.36% 70,933 80 0.45%
Investment securities available for sale:                  
Taxable 159,015 1,144 2.85% 144,073 1,079 2.97% 116,968 1,058 3.63%
Tax-exempt 25,412 278 4.34% 21,481 236 4.36% 13,996 155 4.44%
Investment securities available for sale  184,427 1,422 3.06% 165,554 1,315 3.15% 130,964 1,213 3.72%
                   
Loans and leases * 887,397 12,860 5.75% 886,826 12,943 5.79% 892,399 12,999 5.84%
                   
Total interest earning assets  1,139,116 14,321 4.99% 1,114,817 14,298 5.09% 1,117,884 14,304 5.13%
                   
Cash and due from banks 11,713     11,191     10,386    
Less allowance for loan and lease losses (10,557)     (10,529)     (10,242)    
Other assets  64,130     63,984     64,367    
                   
Total assets $1,204,402     $1,179,463     $1,182,395    
                   
Liabilities:                  
                   
Savings, NOW and market rate deposits $451,873 $752 0.66% $416,982 $729 0.69% $395,317 $798 0.81%
IND / IDC deposits 53,617 60 0.44% 27,790 37 0.53% 25,057 24 0.38%
Wholesale deposits 56,446 278 1.95% 74,347 428 2.28% 99,371 592 2.39%
Time deposits  162,300 681 1.66% 192,275 1,094 2.26% 198,221 1,316 2.66%
Total interest-bearing deposits 724,236 1,771 0.97% 711,394 2,288 1.28% 717,966 2,730 1.53%
                   
Subordinated debt 22,500 282 4.97% 22,500 299 5.27% 20,934 306 5.86%
Mortgage payable 2,070 29 5.56% 2,085 30 5.71% 1,614 23 5.72%
Borrowed funds 145,995 1,184 3.22% 148,632 1,239 3.31% 151,109 1,251 3.32%
Total interest-bearing liabilities 894,801 3,266 1.45% 884,611 3,856 1.73% 891,623 4,310 1.94%
                   
Noninterest-bearing deposits 185,133     172,257     171,918    
Other liabilities 22,149     22,602     21,714    
Total noninterest-bearing liabilities 207,282     194,859     193,632    
                   
Total liabilities 1,102,083     1,079,470     1,085,255    
                   
Shareholders' equity  102,319     99,993     97,140    
                   
Total liabilities and shareholders' equity  $1,204,402     $1,179,463     $1,182,395    
                   
Interest income to earning assets     4.99%     5.09%     5.13%
                   
Net interest spread     3.54%     3.36%     3.19%
Effect of noninterest-bearing sources     0.31%     0.36%     0.40%
                   
Net interest income/ margin on earning assets    $ 11,055 3.85%    $ 10,442 3.72%    $ 9,994 3.59%
                   
Tax equivalent adjustment     $ 130 0.04%    $ 112 0.02%    $ 82 0.02%
                   
* 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. 
 
 
Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields 
For the Six months ended June 30,
             
       
  2010 2009
(dollars in thousands) 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  $ 43,900  $ 51 0.23%  $ 26,495  $ 29 0.22%
Federal funds sold  --  --   1,105 1 0.18%
Money market funds 834 1 0.24%  56,001  162 0.58%
Investment securities available for sale:            
Taxable 187,434 1,889 2.03% 107,656 2,174 4.07%
Tax-exempt 24,823 548 4.45% 12,095 261 4.35%
             
Investment securities available for sale 212,257 2,437 2.32% 119,751 2,435 4.10%
             
Loans and leases * 896,469 25,525 5.74% 898,015 26,034 5.85%
             
Total interest earning assets 1,153,460 28,014 4.90% 1,101,367 28,661 5.25%
             
Cash and due from banks 10,297     11,042    
Less allowance for loan and lease losses (10,260)     (10,297)    
Other assets  69,693     66,757    
             
Total assets $1,223,190     $1,168,869    
             
Liabilities:            
             
Savings,NOW and market rate deposits $494,996  $ 1,323 0.54% $382,190  $ 1,614 0.85%
IND / IDC deposits  53,868  130 0.49%  27,161  51 0.38%
Wholesale deposits  39,688  347 1.76%  101,454  1,378 2.74%
Time deposits 141,263 911 1.30%  203,065  2,869 2.85%
Total interest-bearing deposits 729,815 2,711 0.75%  713,870  5,912 1.67%
             
Subordinated debt 22,500 553 4.96%  17,983  527 5.91%
Mortgage payable 2,048 57 5.61%  811  23 5.72%
Borrowed funds 142,378 2,229 3.16%  152,604  2,515 3.32%
Total interest-bearing liabilities 896,741 5,550 1.25%  885,268  8,977 2.04%
             
             
Noninterest-bearing deposits 191,226     166,140    
Other liabilities  23,160     22,631    
Total noninterest-bearing liabilities 214,386     188,771    
             
Total liabilities  1,111,127     1,074,039    
             
Shareholders' equity  112,063     94,830    
             
Total liabilities and shareholders' equity $1,223,190     $1,168,869    
             
Interest income to earning assets     4.90%     5.25%
             
Net interest spread     3.65%     3.21%
Effect of noninterest-bearing sources     0.28%     0.39%
             
Net interest income/ margin on earning assets    $22,464 3.93%    $ 19,684 3.60%
             
Tax equivalent adjustment     $ 296 0.05%    $ 267 0.03%
             
* 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. 
CONTACT:  Bryn Mawr Bank Corporation          Ted Peters, Chairman            610-581-4800          J. Duncan Smith, CFO            610-526-2466

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