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

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."

SIGNIFICANT ITEMS OF NOTE

  • Net income of $5.3 million for the three months ended December 31, 2012 increased $295 thousand, or 5.9%, from $5.0 million for the same period in 2011. The Corporation experienced significant increases in revenue for wealth management services and gain on sale of residential mortgage loans, as well as a substantial decrease in interest expense between the periods.  
  • Total assets as of December 31, 2012 were $2.04 billion, as compared to $1.77 billion as of December 31, 2011. Total portfolio loans and leases of $1.40 billion, as of December 31, 2012, increased $103 million, or 8.0%, as compared to $1.30 billion as of December 31, 2011. A significant portion of the loan growth was related to the November 17, 2012 acquisition of loans from the First Bank of Delaware, which totaled $80.2 million as of December 31, 2012.  
  • Revenue from the Wealth Management Division for the three months ended December 31, 2012 was $8.4 million, an increase of 32.7% from the $6.3 million generated in the same period in 2011. Wealth Management Division assets under management, administration, supervision and brokerage as of December 31, 2012 were $6.66 billion, an increase of $1.86 billion, or 38.4%, from December 31, 2011. The increase was partially due to the May 15, 2012 acquisition of the Davidson Trust Company, which initially added approximately $1.0 billion in assets under management, administration, supervision and brokerage. In addition, organic growth related to strategic initiatives within the division, along with market appreciation, contributed to the growth.  
  • Net interest income for the three months ended December 31, 2012 was $16.9 million, an increase of $941 thousand, or 5.9%, from $16.0 million for the same period in 2011. The increase in net interest income between the periods was related to a 4.6% increase in average portfolio loans, largely related to the acquisition of the First Bank of Delaware loans. In addition, the Corporation's strategic decision to prepay $22.5 million of subordinated debt during the third and fourth quarters of 2012 contributed significantly to the $986 thousand decrease in interest expense for the three months ended December 31, 2012, as compared to the same period in 2011.  
  • Non-interest income for the three months ended December 31, 2012 was $13.2 million as compared to $9.5 million for the same period in 2011, an increase of $3.7 million or 39.1%. The increase in non-interest income was attributable to the $2.1 million increase in fees for wealth management services mentioned above and a $1.7 million increase on the net gain on sale of residential mortgage loans. The volume of residential mortgage loans sold, for the three months ended December 31, 2012, increased $49.6 million, or 224.7%, from the same period in 2011.  
  • Non-interest expense for the three months ended December 31, 2012 increased $4.4 million, to $21.1 million, as compared to $16.7 million for the same period in 2011. Contributing to this increase were a $1.3 million increase in due diligence and merger-related expenses, a $602 thousand increase in other operating expenses and a $1.4 million increase in salaries and wages between the periods. Salaries and wages increased primarily due to the acquisition of the Davidson Trust Company in May 2012 and the addition of the branch and lending staff from the First Bank of Delaware in November 2012, coupled with the increase in incentive-based compensation related to residential mortgage loan sales. The increase in other operating expenses included $338 thousand in unamortized costs and prepayment penalties related to the early extinguishment of subordinated debt during the fourth quarter of 2012.  
  • The tax-equivalent net interest margin of 3.86% for the three months ended December 31, 2012 was a 5 basis point decrease from the 3.91% tax-equivalent net interest margin for the same period in 2011. The 5 basis point decrease was the result of increases in the average balances of both interest-earning assets and interest-bearing liabilities which were offset by declines in tax-equivalent yield earned, and rate paid, respectively, between periods.  
  • Deposits of $1.63 billion, as of December 31, 2012, increased $252.3 million from December 31, 2011. The 18.3% increase was the result of a $165.7 million increase in money market accounts and a $73.3 million increase in non-interest-bearing accounts, partially offset by decreases of $20.0 million in wholesale non-maturity deposits and $11.1 million in wholesale time deposits between the respective dates. The First Bank of Delaware transaction initially added $70.3 million of deposits, of which $43.3 million were time deposits.  
  • Nonperforming loans and leases as of December 31, 2012 were 1.06% of total portfolio loans and leases, as compared to 1.11% as of December 31, 2011. For the three months ended December 31, 2012, the Corporation recorded net loan and lease charge-offs of $214 thousand, as compared to net loan and lease recoveries of $43 thousand for the same period in 2011. The provision for loan and lease losses for the three months ended December 31, 2012 was $1.0 million, as compared with $1.1 million for the same period in 2011.  
  • The allowance for loan and lease losses (the "Allowance"), as of December 31, 2012, of $14.4 million, was 1.03% of portfolio loans and leases, as compared to $12.8 million or 0.98% of portfolio loans and leases as of December 31, 2011. The $1.7 million increase in the Allowance is primarily reflective of the growth of the Corporation's loan portfolio and management's analysis of qualitative factors affecting the loan portfolio.  
  • The capital ratios for the Bank and the Corporation, as shown in the table below, indicate levels well above the regulatory minimum to be considered "well capitalized."  
  • On December 21, 2012, the Corporation opened its newest branch in Bala Cynwyd, Pennsylvania, just outside Philadelphia. In addition, the Corporation continues to seek opportunities to expand in the state of Delaware in order to complement the recently opened branch location on Route 202 in Wilmington, which was acquired from the First Bank of Delaware, as well as our Lau Associates and Bryn Mawr Trust of Delaware offices located in Greenville, Delaware.

EARNINGS CONFERENCE CALL

The Corporation will hold an earnings conference call at 8:30 a.m. ET on Friday, January 25, 2013. Interested parties may participate by calling 1-888-317-6016, conference number 10022593. A taped replay of the conference call will be available one hour after the conclusion of the call and will remain available through February 11, 2013. The number to call for the taped replay is 1-877-344-7529 and the Replay Passcode is 10022593. 

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 one hour 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.

FORWARD LOOKING STATEMENTS AND SAFE HARBOR

This press release contains statements which, to the extent that they are not recitations of historical fact may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. 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," "are optimistic," "are looking," "are looking forward" 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; material differences in the actual financial results, cost savings and revenue enhancements associated with our acquisitions; and other factors as described in our securities filings. All forward-looking statements and information set forth 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 Statements of Income - (unaudited) **
(Dollars in thousands, except per share data)
           
           
  For The Three Months Ended
           
  Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
  2012 2012 2012 2012 2011
           
Interest income  $ 18,682  $ 18,081  $ 18,188  $ 18,372  $ 18,727
Interest expense  1,786  2,130  2,285  2,387  2,772
           
           
Net interest income  16,896  15,951  15,903  15,985  15,955
Provision for loan and lease losses  1,000  1,000  1,003  1,000  1,056
Net interest income after provision for loan and lease losses  15,896  14,951  14,900  14,985  14,899
           
Fees for wealth management services   8,365  7,993  7,211  6,229  6,306
Loan servicing and other fees  473  432  436  435  454
Service charges on deposits  654  634  609  580  654
Net gain on sale of residential mortgage loans  2,424  1,837  1,304  1,170  699
Net gain on sale of available for sale investments  283  416  716  --  373
Net loss on sale of other real estate owned ("OREO")  --  (45)  --  (41)  (38)
BOLI income  98  108  105  118  114
Other operating income  873  873  1,000  1,096  909
Non-interest income  13,170  12,248  11,381  9,587  9,471
           
Salaries and wages   8,848  8,703  8,075  7,505  7,404
Employee benefits   2,041  1,903  2,023  2,160  1,889
Occupancy and bank premises  1,616  1,488  1,395  1,375  1,424
Furniture fixtures and equipment  961  935  940  891  938
Advertising  363  267  359  320  257
Net impairment (recovery) of mortgage servicing rights  81  105  87  (110)  114
Amortization of mortgage servicing rights  248  243  256  219  225
Intangible asset amortization  673  669  560  509  522
FDIC insurance  255  262  234  219  218
Due diligence and merger-related expenses  1,190  316  914  209  (79)
Professional fees  1,031  609  571  657  647
Other operating expenses   3,782  3,389  2,714  2,841  3,180
Non-interest expense  21,089  18,889  18,128  16,795  16,739
           
Income before income taxes  7,977  8,310  8,153  7,777  7,631
Income tax expense   2,673  2,885  2,808  2,704  2,627
Net income   $ 5,304  $ 5,425  $ 5,345  $ 5,073  $ 5,004
           
Per share data:          
Weighted average shares outstanding  13,157,295  13,149,050  13,072,963  12,979,746  12,901,266
Dilutive common shares  205,545  146,377  158,570  147,502  99,964
Adjusted weighted average dilutive shares   13,362,840  13,295,427  13,231,533  13,127,248  13,001,230
           
Basic earnings per common share $0.40 $0.41 $0.41 $0.39 $0.39
           
Diluted earnings per common share $0.40 $0.41 $0.40 $0.39 $0.38
           
Dividend declared per share $0.16 $0.16 $0.16 $0.16 $0.15
           
Effective tax rate 33.5% 34.7% 34.4% 34.8% 34.4%
     
Bryn Mawr Bank Corporation
Consolidated Statements of Income - (unaudited) **
(Dollars in thousands, except per share data)
     
  For The Twelve Months Ended
     
     
  Dec 31, Dec 31,
  2012 2011
     
Interest income  $ 73,323  $ 74,562
Interest expense  8,588  11,661
     
Net interest income  64,735  62,901
Provision for loan and lease losses  4,003  6,088
Net interest income after provision for loan and lease losses  60,732  56,813
     
Fees for wealth management services   29,798  21,669
Loan servicing and other fees  1,776  1,824
Service charges on deposits  2,477  2,495
Net gain on sale of residential mortgage loans  6,735  2,517
Net gain on sale of available for sale investments  1,415  1,783
BOLI income  428  462
Net loss on sale of other real estate owned ("OREO")  (86)  (97)
Other operating income  3,843  3,406
Non-interest income  46,386  34,059
     
Salaries and wages   33,131  28,084
Employee benefits   8,127  6,889
Occupancy and bank premises  5,874  5,176
Furniture fixtures and equipment  3,727  3,509
Advertising  1,309  1,166
Net impairment of mortgage servicing rights  163  786
Amortization of mortgage servicing rights  966  749
Intangible asset amortization   2,411  1,490
FDIC insurance  970  1,186
Due diligence and merger-related expenses  2,629  537
Professional fees  2,868  2,311
Other operating expenses  12,726  9,846
Non-interest expense  74,901  61,729
     
Income before income taxes  32,217  29,143
Income tax expense  11,070  9,541
Net income  $ 21,147  $ 19,602
     
Per share data:    
Weighted average shares outstanding  13,090,110  12,659,824
Dilutive common shares  151,736  82,313
Adjusted weighted average shares   13,241,846  12,742,137
     
Basic earnings per common share $1.62 $1.55
     
Diluted earnings per common share $1.60 $1.54
     
Dividend declared per share $0.64 $0.60
     
Effective tax rate 34.4% 32.7%
           
Bryn Mawr Bank Corporation          
Consolidated Balance Sheets - (unaudited) **          
(Dollars in thousands)          
           
           
           
           
  Dec 31, Sep 30, June 30, Mar 31, Dec 31,
  2012 2012 2012 2012 2011
Assets          
           
Interest bearing deposits with banks  $ 159,483  $ 23,559  $ 68,324  $ 55,759  $ 57,369
Investment securities - available for sale  316,614  316,644  331,407  328,215  273,822
Investment securities - trading  1,447  1,399  1,342  1,556  1,436
           
           
Loans held for sale  3,412  3,420  1,668  5,784  1,588
           
Portfolio loans:          
Consumer  17,666  17,342  15,920  13,644  11,429
Commercial & industrial  291,620  274,351  264,116  270,766  267,204
Commercial mortgages  546,358  472,354  445,254  430,896  419,130
Construction  26,908  22,161  33,815  51,274  52,844
Residential mortgages  288,212  301,054  304,249  306,911  306,478
Home equity lines & loans  194,861  195,315  202,676  202,015  207,917
Leases  32,831  31,136  30,549  28,974  30,390
Total portfolio loans and leases  1,398,456  1,313,713  1,296,579  1,304,480  1,295,392
           
Earning assets  1,879,412  1,658,735  1,699,320  1,695,794  1,629,607
           
Cash and due from banks  16,203  13,526  13,147  11,939  11,771
Allowance for loan and lease losses  (14,424)  (13,638)  (13,140)  (13,040)  (12,753)
Premises and equipment  31,170  29,238  28,911  28,680  29,328
Accrued interest receivable  5,955  5,963  6,009  6,037  6,061
Mortgage servicing rights  4,491  4,257  4,220  4,217  4,041
Goodwill  32,897  29,588  29,752  24,689  24,689
Other intangible assets  21,998  22,351  22,855  17,504  18,014
Bank owned life insurance ("BOLI")  19,862  19,765  19,658  19,552  19,434
FHLB stock  10,761  10,717  10,746  11,009  11,588
Deferred income taxes  12,303  11,478  11,432  12,991  13,845
Other investments  4,346  4,438  4,424  4,095  4,107
Other assets  10,911  18,111  16,021  12,944  13,641
           
Total assets  $ 2,035,885  $ 1,814,529  $ 1,853,355  $ 1,836,411  $ 1,773,373
           
Liabilities and shareholders' equity          
           
Interest-bearing checking  $ 270,279  $ 226,206  $ 237,126  $ 235,841  $ 233,562
Money market  559,470  493,829  468,314  418,503  393,729
Savings  129,091  132,402  133,204  135,912  130,613
Wholesale non-maturity deposits  45,162  37,458  35,365  66,518  65,173
Wholesale time deposits  12,421  9,942  22,505  22,062  23,550
Time deposits  218,586  171,498  193,081  212,003  209,333
Interest-bearing deposits  1,235,009  1,071,335  1,089,595  1,090,839  1,055,960
           
Non-interest bearing deposits  399,673  327,214  336,972  334,918  326,409
Total deposits  1,634,682  1,398,549  1,426,567  1,425,757  1,382,369
           
FHLB advances and other borrowings  161,315  155,416  169,589  164,697  147,795
Short-term borrowings  9,402  19,029  14,675  13,254  12,863
Subordinated debentures  --  15,000  22,500  22,500  22,500
Other liabilities  26,921  25,280  23,956  20,538  23,466
Shareholders' equity  203,565  201,255  196,068  189,665  184,380
           
Total liabilities and shareholders' equity  $ 2,035,885  $ 1,814,529  $ 1,853,355  $ 1,836,411  $ 1,773,373
           
           
           
Bryn Mawr Bank Corporation          
Consolidated Quarterly Average Balance Sheets - (unaudited)        
(Dollars in thousands)          
           
  2012 2012 2012 2012 2011
  4Q 3Q 2Q 1Q 4Q
Assets          
           
Interest bearing deposits with banks  $ 91,234  $ 53,767  $ 57,734  $ 38,556  $ 56,679
Investment securities - available for sale  311,372  328,051  321,420  304,215  279,405
Investment securities - trading  1,400  1,343  1,546  1,437  1,319
Loans held for sale  4,047  2,972  3,810  3,935  3,888
Portfolio loans and leases  1,341,826  1,300,811  1,290,209  1,295,617  1,282,916
Earning assets  1,749,879  1,686,944  1,674,719  1,643,760  1,624,207
           
Cash and due from banks  14,817  12,922  12,259  11,539  11,516
Allowance for loan and lease losses  (14,063)  (13,337)  (13,383)  (13,089)  (12,110)
Premises and equipment  30,189  29,077  28,866  29,095  29,586
Goodwill  29,642  29,751  26,201  24,688  23,186
Other intangible assets  22,084  22,580  21,427  17,804  18,319
Bank owned life insurance  19,800  19,695  19,589  19,480  19,359
FHLB stock  10,572  10,717  10,553  11,223  11,588
Deferred income taxes  11,577  13,225  13,659  13,637  13,972
Other assets  23,800  21,229  22,651  25,512  24,077
           
Total assets  $ 1,898,297  $ 1,832,803  $ 1,816,541  $ 1,783,649  $ 1,763,700
           
Liabilities and shareholders' equity          
           
Interest-bearing checking  $ 241,730  $ 229,853  $ 236,131  $ 227,817  $ 224,648
Money market  516,174  486,798  436,717  406,972  394,150
Savings  132,725  133,315  133,105  132,451  132,617
Wholesale non-maturity deposits  38,932  35,956  47,463  65,117  65,127
Wholesale time deposits  10,689  13,809  22,280  22,354  27,749
Time deposits  190,332  178,711  203,344  210,973  214,684
Interest-bearing deposits  1,130,582  1,078,442  1,079,040  1,065,684  1,058,975
           
Non-interest bearing deposits  359,008  330,179  323,539  305,468  304,883
Total deposits  1,489,590  1,408,621  1,402,579  1,371,152  1,363,858
           
FHLB advances and other borrowings  159,559  167,251  163,908  165,402  140,177
Short-term borrowings  13,243  13,273  13,149  13,885  15,147
Subordinated debentures  7,283  21,114  22,500  22,500  22,500
Junior subordinated debentures  --  --  --  --  10,294
Other liabilities  27,175  25,354  23,158  25,259  24,991
Shareholders' equity  201,447  197,190  191,247  185,451  186,733
           
Total liabilities and shareholders' equity  $ 1,898,297  $ 1,832,803  $ 1,816,541  $ 1,783,649  $ 1,763,700
     
Bryn Mawr Bank Corporation    
Consolidated Average Balance Sheets - (unaudited)     
(Dollars in thousands)    
     
     
     
     
  For the Twelve Months Ended December 31, 
  2012 2011
Assets    
     
Interest bearing deposits with banks  $ 60,389  $ 52,390
Investment securities - available for sale  316,283  292,209
Investment securities - trading  1,431  1,339
Loans held for sale  3,743  4,196
Portfolio loans and leases  1,307,140  1,245,875
Earning assets  1,688,986  1,596,009
     
Cash and due from banks  12,890  12,078
Allowance for loan and lease losses  (13,469)  (11,397)
Premises and equipment  29,309  29,439
Goodwill  27,582  20,961
Intangible assets  20,981  14,007
Bank owned life insurance  19,642  19,187
FHLB stock  10,766  12,595
Deferred income taxes  12,147  14,093
Other assets  24,167  24,714
     
Total assets  $ 1,833,001  $ 1,731,686
     
Liabilities and shareholders' equity    
     
Interest-bearing checking  $ 233,893  $ 226,831
Money market  461,883  364,094
Savings  132,899  131,925
Wholesale non-maturity deposits  46,815  67,793
Wholesale time deposits  17,256  30,429
Time deposits  195,778  232,084
Interest-bearing deposits  1,088,524  1,053,156
     
Non-interest bearing deposits  329,631  287,553
Total deposits  1,418,155  1,340,709
     
FHLB advances and other borrowings  163,888  145,421
Short-term borrowings  13,525  11,380
Subordinated debentures  18,327  22,500
Junior subordinated debentures  --  11,580
Other liabilities  25,242  23,573
Shareholders' equity  193,864  176,523
     
Total liabilities and shareholders' equity  $ 1,833,001  $ 1,731,686
               
Bryn Mawr Bank Corporation              
Consolidated Selected Financial Data - (unaudited)              
(Dollars in thousands, except per share data )               
December 31, 2012              
               
               
For the period end:  2012 2012 2012 2012 2011    
  4Q 3Q 2Q 1Q 4Q    
Asset Quality Data              
               
Nonaccrual loans and leases  $ 14,040  $ 13,816  $ 14,929  $ 22,570  $ 14,315    
90 days or more, past due loans, still accruing  728  --  3,376  --  --    
Nonperforming loans and leases  14,768  13,816  18,305  22,570  14,315    
Other real estate owned   906  412  865  404  549    
Total nonperforming assets  $ 15,674  $ 14,228  $ 19,170  $ 22,974  $ 14,864    
               
Troubled debt restructurings included in nonperforming  $ 3,106  $ 3,740  $ 4,005  $ 4,223  $ 4,300    
Troubled debt restructurings in compliance with modified terms  8,008  8,379  8,302  7,970  7,166    
Total troubled debt restructurings  $ 11,114  $ 12,119  $ 12,307  $ 12,193  $ 11,466    
               
               
Nonperforming loans and leases / portfolio loans 1.06% 1.05% 1.41% 1.73% 1.11%    
Nonperforming assets / assets 0.77% 0.78% 1.03% 1.25% 0.84%    
               
Net loan charge-offs (recoveries) / average loans (annualized)  0.08% 0.16% 0.26% 0.21% -0.02%    
Net lease (recoveries) charge-offs / average leases (annualized)  -0.38% -0.23% 0.94% 0.67% 0.22%    
Net loan and lease charge-offs (recoveries) / average loans and leases (annualized)  0.07% 0.16% 0.28% 0.23% -0.01%    
               
               
Delinquency rate - loans and leases 30 days or more past due 1.02% 1.01% 1.36% 1.52% 1.37%    
               
Delinquent loans and leases - 30-89 days past due  $ 2,053  $ 1,954  $ 2,722  $ 5,468  $ 5,311    
               
Delinquency rate - loans and leases 30-89 days past due 0.15% 0.15% 0.21% 0.28% 0.29%    
               
               
               
Changes in the allowance for loan and lease losses:              
               
Balance, beginning of period  $ 13,638  $ 13,140  $ 13,040  $ 12,753  $ 11,654    
               
Charge-offs  (451)  (618)  (960)  (839)  (466)    
               
Recoveries  237  116  57  126  509    
               
Net (charge-offs) / recoveries  (214)  (502)  (903)  (713)  43    
               
Provision for loan and lease losses  1,000  1,000  1,003  1,000  1,056    
               
Balance, end of period  $ 14,424  $ 13,638  $ 13,140  $ 13,040  $ 12,753    
               
Allowance for loan and lease losses / loans and leases 1.03% 1.04% 1.01% 1.00% 0.98%    
Allowance for loan and lease losses / nonperforming loans and leases 97.7% 98.7% 71.8% 57.8% 89.1%    
               
               
Bryn Mawr Bank Corporation              
Consolidated Selected Financial Data - (unaudited)              
(Dollars in thousands, except per share data )               
 December 31, 2012              
               
For the period and period end:  2012 2012 2012 2012 2011    
  4Q 3Q 2Q 1Q 4Q    
Selected ratios (annualized):              
               
Return on average assets 1.11% 1.18% 1.18% 1.14% 1.13%    
Return on average shareholders' equity 10.47% 10.93% 11.24% 11.00% 10.63%    
Return on average tangible equity (2) 14.09% 14.89% 14.97% 14.27% 13.67%    
Yield on loans and leases*  5.24% 5.21% 5.31% 5.33% 5.45%    
Yield on interest earning assets*  4.27% 4.28% 4.39% 4.51% 4.59%    
Cost of interest bearing funds 0.54% 0.66% 0.72% 0.76% 0.88%    
Net interest margin* 3.86% 3.78% 3.84% 3.93% 3.91%    
Book value per share  $ 15.17  $ 15.02  $ 14.73  $ 14.40  $ 14.07    
Tangible book value per share  $ 11.08  $ 11.14  $ 10.77  $ 11.20  $ 10.78    
Period end shares outstanding  13,414,552  13,399,635  13,316,469  13,168,555  13,106,353    
               
Selected data:               
               
Mortgage loans originated  $ 82,458  $ 64,455  $ 51,427  $ 55,385  $ 60,467    
               
Mortgage loans sold - servicing retained  $ 71,596  $ 54,992  $ 41,986  $ 32,778  $ 20,883    
Mortgage loans sold - servicing released  --  --  2,238  1,223  1,164    
Total mortgage loans sold  $ 71,596  $ 54,992  $ 44,224  $ 34,001  $ 22,047    
               
Yield on loans sold 3.39% 3.34% 2.95% 3.44% 3.17%    
               
Mortgage loans serviced for others   $ 595,317  $ 583,859  $ 575,533  $ 571,440  $ 574,422    
               
               
               
Total wealth assets under management / administration / supervision / brokerage (1)  $ 6,663,212  $ 6,482,835  $ 6,275,940  $ 5,152,965  $ 4,831,631    
               
 * 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.    
 (2) Average tangible equity equals average shareholders' equity minus average goodwill and average other intangible assets.     
               
               
Bryn Mawr Bank Corporation              
Consolidated Selected Financial Data - (unaudited)              
(Dollars in thousands, except per share data )              
 December 31, 2012              
               
      2012   2011    
       Year-to-date     Year-to-date     
Selected ratios (annualized):              
               
Return on average assets     1.15%   1.14%    
Return on average shareholders' equity     10.91%   11.08%    
Return on average tangible equity (2)     14.55%   13.85%    
Yield on loans and leases*      5.27%   5.56%    
Yield on interest-earning assets*      4.36%   4.69%    
Cost of interest-bearing funds     0.67%   0.94%    
Net interest margin*     3.85%   3.97%    
               
Selected data:               
               
Mortgage loans originated      $ 253,725    $ 168,681    
               
Mortgage loans sold - servicing retained      $ 201,352    $ 75,232    
Mortgage loans sold - servicing released      3,461    6,230    
Total mortgage loans sold      $ 204,813    $ 81,462    
               
 * Yield on loans and leases, interest earning assets and net interest margin are calculated on a tax-equivalent basis.    
 (2) Average tangible equity equals average shareholders' equity minus average goodwill and average other intangible assets.     
               
               
               
               
Investment Portfolio - AFS As of December 31, 2012   As of December 31, 2011
($'s in thousands)              
      Net       Net
  Amortized Fair Unrealized   Amortized Fair Unrealized
SECURITY DESCRIPTION Cost Value Gain / (Loss)   Cost Value Gain / (Loss)
               
Obligations of U. S. government and agencies  $ 73,183  $ 73,872  $ 689    $ 104,252  $ 104,570  $ 318
               
State & political subdivisions  30,243  30,384  141    8,210  8,366  156
               
Mortgage backed securities  128,537  131,826  3,289    95,713  97,834  2,121
               
Collateralized mortgage obligations  62,116  62,703  587    32,418  32,623  205
               
Other debt securities  1,900  1,900  --    1,900  1,882  (18)
               
Bond - mutual funds  11,456  11,527  71    12,091  11,904  (187)
               
Investment CDs  2,350  2,364  14    2,411  2,420  9
               
Other investments  1,962  2,038  76    1,454  1,505  51
               
Corporate bonds  --  --  --    12,616  12,718  102
               
Total Investment Portfolio  $ 311,747  $ 316,614  $ 4,867    $ 271,065  $ 273,822  $ 2,757
               
               
               
Capital Ratios              
  Regulatory Minimum            
Bryn Mawr Trust Company Consolidated To Be            
  Well Capitalized 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011  
               
Tier I Capital to Risk Weighted Assets (RWA) 6.00% 11.20% 11.99% 11.75% 12.17% 11.76%  
Total (Tier II) Capital to RWA 10.00% 12.20% 14.09% 14.36% 14.78% 14.35%  
Tier I Leverage Ratio 5.00% 8.84% 9.23% 9.14% 9.56% 9.35%  
Tangible Equity Ratio   7.72% 8.85% 8.41% 8.70% 8.66%  
               
Bryn Mawr Bank Corporation              
               
Tier I Capital to Risk Weighted Assets (RWA) 6.00% 11.03% 11.64% 11.30% 11.52% 11.16%  
Total (Tier II) Capital to RWA 10.00% 12.02% 13.74% 13.90% 14.23% 13.74%  
Tier I Leverage Ratio 5.00% 8.72% 8.98% 8.80% 9.07% 8.89%  
Tangible Equity Ratio   7.60% 8.58% 8.07% 8.22% 8.19%  
               
                               
Bryn Mawr Bank Corporation        
Quarterly Average Balances and Tax-Equivalent Income and Expense and Tax-Equivalent Yields - (unaudited)        
                               
                               
  4th Quarter 2012  3rd Quarter 2012  2nd Quarter 2012  1st Quarter 2012  4th Quarter 2011 
           
(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 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  $ 91,234  $ 41 0.18%  $ 53,767  $ 34 0.25%  $ 57,734  $ 30 0.21%  $ 38,556  $ 23 0.24%  $ 56,679  $ 27 0.19%
Investment securities available for sale:                              
Taxable 286,889 897 1.24% 309,570 960 1.23% 307,371 1,067 1.40% 294,593 1,136 1.55% 272,869 1,055 1.53%
Tax-exempt 24,483 102 1.66% 18,481 82 1.77% 14,049 66 1.89% 9,622 53 2.22% 6,536 31 1.88%
Investment securities available for sale  311,372 999 1.28% 328,051 1,042 1.26% 321,420 1,133 1.42% 304,215 1,189 1.57% 279,405 1,086 1.54%
                               
Investment securities - trading 1,400 16 4.55% 1,343 5 1.48% 1,546 12 3.12% 1,437 4 1.12% 1,319 8 2.41%
                               
Loans and leases * 1,345,873 17,721 5.24% 1,303,783 17,089 5.21% 1,294,019 17,094 5.31% 1,299,552 17,234 5.33% 1,286,804 17,672 5.45%
                               
Total interest earning assets 1,749,879 18,777 4.27% 1,686,944 18,170 4.28% 1,674,719 18,269 4.39% 1,643,760 18,450 4.51% 1,624,207 18,793 4.59%
                               
Cash and due from banks 14,817     12,922     12,259     11,539     11,516    
Less allowance for loan and lease losses (14,063)     (13,337)     (13,383)     (13,089)     (12,110)    
Other assets  147,664     146,274     142,946     141,439     140,087    
                               
Total assets  $ 1,898,297      $ 1,832,803      $ 1,816,541      $ 1,783,649      $ 1,763,700    
                               
Liabilities:                              
                               
Savings, NOW and market rate deposits  $ 890,629  $ 557 0.25%  $ 849,966  $ 567 0.27%  $ 805,953  $ 586 0.29%  $ 767,240  $ 559 0.29%  $ 751,415  $ 711 0.38%
Other wholesale deposits 38,932 38 0.39% 35,956 34 0.38% 47,463 43 0.36% 65,117 53 0.33% 65,127 50 0.30%
Wholesale deposits 10,689 20 0.74% 13,809 21 0.60% 22,280 24 0.43% 22,354 24 0.43% 27,749 73 1.04%
Time deposits  190,332 290 0.61% 178,711 316 0.70% 203,344 412 0.81% 210,973 490 0.93% 214,684 520 0.96%
Total interest-bearing deposits 1,130,582 905 0.32% 1,078,442 938 0.35% 1,079,040 1,065 0.40% 1,065,684 1,126 0.42% 1,058,975 1,354 0.51%
                               
Subordinated debentures 7,283 79 4.32% 21,114 271 5.11% 22,500 291 5.20% 22,500 291 5.20% 22,500 287 5.06%
Junior subordinated debentures  --   --   --%   --   --   --%  --   --   --%  --   --   --% 10,294 236 9.10%
Short-term borrowings 13,243 3 0.09% 13,273 4 0.12% 13,149 5 0.15% 13,885 6 0.17% 15,147 6 0.16%
FHLB advances and other borrowings 159,559 798 1.99% 167,251 918 2.18% 163,908 924 2.27% 165,402 964 2.34% 140,177 889 2.52%
Total Borrowings 180,085 880 1.94% 201,638 1,193 2.35% 199,557 1,220 2.46% 201,787 1,261 2.51% 188,118 1,418 2.99%
                               
Total interest-bearing liabilities 1,310,667 1,785 0.54% 1,280,080 2,131 0.66% 1,278,597 2,285 0.72% 1,267,471 2,387 0.76% 1,247,093 2,772 0.88%
                               
Noninterest-bearing deposits 359,008     330,179     323,539     305,468     304,883    
Other liabilities 27,175     25,100     23,158     25,259     24,991    
Total noninterest-bearing liabilities 386,183     355,279     346,697     330,727     329,874    
                               
Total liabilities 1,696,850     1,635,359     1,625,294     1,598,198     1,576,967    
                               
Shareholders' equity  201,447     197,444     191,247     185,451     186,733    
                               
Total liabilities and shareholders' equity  $ 1,898,297      $ 1,832,803      $ 1,816,541      $ 1,783,649      $ 1,763,700    
                               
Interest income to earning assets     4.27%     4.28%     4.39%     4.51%     4.59%
                               
Net interest spread     3.73%     3.62%     3.67%     3.75%     3.71%
Effect of noninterest-bearing sources     0.13%     0.16%     0.17%     0.18%     0.20%
                               
Tax-equivalent net interest income/ margin on earning assets    $ 16,992 3.86%    $ 16,039 3.78%    $ 15,984 3.84%    $ 16,063 3.93%    $ 16,021 3.91%
                               
Tax-equivalent adjustment     $ 96 0.02%    $ 88 0.02%    $ 81 0.02%    $ 78 0.02%    $ 66 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.
         
Bryn Mawr Bank Corporation
Average Balances and Tax-Equivalent Income and Expense and Tax-Equivalent Yields 
For the Twelve Months ended December 31,
             
             
  2012 2011
             
(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  $ 60,389  126 0.21%  $ 52,390  $ 115 0.22%
Investment securities available for sale:            
Taxable  299,598  4,064 1.36% 281,970 4,879 1.73%
Tax-exempt  16,685  298 1.79% 10,239 318 3.11%
             
Investment securities - available for sale  316,283  4,362 1.38% 292,209 5,197 1.78%
             
Investment securities - trading  1,431  37 2.59% 1,339 32 2.39%
             
Loans and leases *  1,310,883  69,141 5.27% 1,250,071 69,554 5.56%
             
Total interest earning assets  1,688,986  73,666 4.36% 1,596,009 74,898 4.69%
             
Cash and due from banks  12,890     12,078    
Less allowance for loan and lease losses  (13,469)     (11,397)    
Other assets   144,594     134,996    
             
Total assets $1,833,001     $1,731,686    
             
Liabilities:            
             
Savings,NOW and market rate deposits $828,675  $ 2,269 0.27% $722,850  $ 2,958 0.41%
Other wholesale deposits  46,815  169 0.36%  67,793  224 0.33%
Wholesale deposits  17,256  88 0.51%  30,429  321 1.05%
Time deposits  195,778  1,507 0.77% 232,084 2,285 0.98%
Total interest-bearing deposits  1,088,524  4,033 0.37% 1,053,156 5,788 0.55%
             
FHLB advances and other borrowings  163,888  3,603 2.20% 145,421 3,677 2.53%
Short-term borrowings  13,525  21 0.16% 11,380 24 0.21%
Subordinated debt  18,327  931 5.08% 22,500 1,123 4.99%
Junior subordinated debentures  --  --  --% 11,580 1,049 9.06%
Total Borrowings  195,740  4,555 2.33%  190,881  5,873 3.08%
             
Total interest-bearing liabilities  1,284,264  8,588 0.67% 1,244,037 11,661 0.94%
             
             
Noninterest-bearing deposits  329,631     287,553    
Other liabilities   25,242     23,573    
Total noninterest-bearing liabilities  354,873     311,126    
             
Total liabilities  1,639,137     1,555,163    
             
Shareholders' equity   193,864     176,523    
             
Total liabilities and shareholders' equity  $ 1,833,001     $1,731,686    
             
Interest income to earning assets     4.36%     4.70%
             
Net interest spread     3.69%     3.76%
Effect of noninterest-bearing sources     0.16%     0.21%
             
Tax-equivalent net interest income/ margin on earning assets    $ 65,078 3.85%    $ 63,237 3.97%
             
Tax-equivalent adjustment     $ 343 0.02%    $ 336 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. 
                   
** Effect of Correction of an Immaterial Accounting Error
In September 2012, the Corporation identified and corrected an immaterial accounting error related to two of its deferred compensation plans, as disclosed in the Corporation's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 9, 2012. All periods presented in the tables accompanying this earnings release have been revised to reflect this correction.  The following table details the correction:
                   
Income Statement Effect      
(dollars in thousands except share data)        
  For The Three Months Ended June 30, 2012 For The Three Months Ended March 31, 2012 For The Three Months Ended December 31, 2011
                   
  Originally Reported Corrected Difference Originally Reported Corrected Difference Originally Reported Corrected Difference
                   
Net Income  $ 5,261  $ 5,345  $ 84  $ 5,235  $ 5,074  $ (161)  $ 5,170  $ 5,004  $ (166)
                   
Basic earnings per common share  $ 0.40  $ 0.41  $ 0.01  $ 0.40  $ 0.39  $ (0.01)  $ 0.40  $ 0.39  $ (0.01)
                   
Diluted earnings per common share  $ 0.40  $ 0.40  $ --   $ 0.40  $ 0.39  $ (0.01)  $ 0.39  $ 0.39  $ -- 
                   
                   
                   
                   
  For The Twelve Months Ended December 31, 2011            
                   
  Originally Reported Corrected Difference            
                   
Net Income  $ 19,713  $ 19,602  $ (111)            
                   
Basic earnings per common share  $ 1.55  $ 1.55  $ --             
                   
Diluted earnings per common share  $ 1.54  $ 1.54  $ --             
                   
                   
                   
Balance Sheet Effect
(dollars in thousands except share data)
  As of June 30, 2012 As of March 31, 2012 As of December 31, 2011
                   
  Originally Reported Corrected Difference Originally Reported Corrected Difference Originally Reported Corrected Difference
                   
Total assets  $ 1,854,885  $ 1,853,355  $ (1,530)  $ 1,838,075  $ 1,836,411  $ (1,664)  $ 1,774,907  $ 1,773,373  $ (1,534)
                   
Retained earnings  $ 132,837  $ 132,420  $ (417)  $ 129,702  $ 129,201  $ (501)  $ 126,582  $ 126,242  $ (340)
                   
Cost of treasury stock  $ 29,789  $ 30,901  $ 1,112  $ 29,833  $ 30,995  $ 1,162  $ 29,833  $ 31,027  $ 1,194
                   
Shares of treasury stock  2,905,293  2,988,561  83,268  2,909,542  2,995,681  86,139  2,909,542  2,997,628  88,086
                   
                   
                   
CONTACT: FOR MORE INFORMATION CONTACT:         Ted Peters, Chairman         610-581-4800         J. Duncan Smith, CFO         610-526-2466

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