BRYN MAWR, Pa., Oct. 19, 2017 (GLOBE NEWSWIRE) -- Bryn Mawr Bank
Corporation (NASDAQ:BMTC) (the “Corporation”), parent of The
Bryn Mawr Trust Company (the
“Bank”), today reported net income of $10.7 million and diluted
earnings per share of $0.62 for the three months ended September
30, 2017, as compared to net income of $9.4 million, or $0.55
diluted earnings per share, for the three months ended June 30,
2017, and $9.4 million, or $0.55 diluted earnings per share, for
the three months ended September 30, 2016. Included in net income
for the three months ended September 30, 2017 and June 30, 2017
were pre-tax due diligence and merger-related expenses of $850
thousand and $1.2 million, respectively, primarily related to the
pending merger with Royal Bancshares of Pennsylvania, Inc. (“Royal
Bank”).
On a non-GAAP basis, core net income, which excludes certain
non-core income and expense items, as detailed in the appendix to
this earnings release, was $11.2 million, or $0.65 diluted earnings
per share, for the three months ended September 30, 2017 as
compared to $10.2 million, or $0.59 diluted earnings per share, for
the three months ended June 30, 2017 and $9.4 million, or $0.55
diluted earnings per share, for the three months ended September
30, 2016. Management believes the core net income measure is
important in evaluating the Corporation’s performance on a more
comparable basis between periods. A reconciliation of this and
other non-GAAP to GAAP performance measures is included in the
appendix to this earnings release.
“The Corporation continued to produce solid results in the
quarter, benefiting from our focus on new business development and
the strategic investments we have made over the last few years in
both revenue generation as well as enabling technologies,”
commented Frank Leto, President and Chief Executive Officer,
adding, “As a result, we saw growth in both net interest income as
well as fee income during the quarter with very little increase in
expenses, net of merger costs, driving our return on average equity
over one percent higher in the quarter, when compared to last
quarter.”
Mr. Leto continued, “The preparations for the merger with Royal
Bank continue as we await final regulatory approval. Staff and
management have been working diligently to ensure a smooth
transition and we expect the transaction to close during the fourth
quarter of 2017”. In addition to regulatory approval, the merger
with Royal Bank is subject to certain closing conditions.
On October 19, 2017, the Board of Directors of the Corporation
declared a quarterly dividend of $0.22 per share, payable December
1, 2017 to shareholders of record as of November 1, 2017.
SIGNIFICANT ITEMS OF NOTE
Results of Operations – Third Quarter 2017 Compared to
Second Quarter 2017
- Net income for the three months ended September 30, 2017 was
$10.7 million, or $0.62 diluted earnings per share, as compared to
$9.4 million, or $0.55 diluted earnings per share for the three
months ended June 30, 2017. Contributing to the increase was a $1.5
million increase in net interest income, a $430 thousand increase
in insurance revenues and a $279 thousand increase in gain on sale
of loans. In addition to these improving revenue items,
linked-quarter decreases of $386 thousand and $310 thousand in due
diligence and merger-related expenses and professional fees,
respectively, contributed to the improvement in net income. The
decrease in the effective tax rate from 34.2% for the second
quarter of 2017 to 30.7% for the third quarter of 2017 was the
result of a $581 thousand increase in excess tax benefit primarily
related to the vesting of restricted stock awards during the third
quarter of 2017. Partially offsetting these positive changes to net
income was a $1.4 million increase in the provision for loan and
lease losses (the “Provision”) from the second quarter to the third
quarter of 2017.
- Tax-equivalent net interest income for the three months ended
September 30, 2017 was $29.6 million, an increase of $1.5 million,
or 5.2%, from $28.1 million for the three months ended June 30,
2017. The accretion of purchase accounting adjustments
increased the tax-equivalent net interest income recorded for the
third quarter of 2017 by $753 thousand, as compared to an increase
of $450 thousand for the three months ended June 30,
2017.
Average loans and leases for the three months ended September 30,
2017 increased by $64.7 million from the three months ended June
30, 2017 and experienced an eleven basis point increase in
tax-equivalent yield. The increase in the prime rate, which
occurred toward the end of the second quarter, contributed to the
increase in tax-equivalent yield on loans, as did the accretion of
purchase accounting adjustments, which totaled $708 thousand for
the third quarter of 2017 as compared to $402 thousand for the
second quarter of 2017. Excluding the effect of the accretion of
purchase accounting adjustments on loans and leases, the
tax-equivalent yield on loans and leases increased by seven basis
points on a linked-quarter basis. The net effect of the yield and
volume increases on average loans and leases was a $1.7 million
increase in tax-equivalent interest income on loans and leases from
the second quarter of 2017 to the third quarter of 2017.
Average available for sale investment securities increased by $32.3
million for the three months ended September 30, 2017 as compared
to the three months ended June 30, 2017, and experienced a one
basis point tax-equivalent yield increase. The increase in volume
and yield on available for sale investment securities resulted in a
$204 thousand increase in tax-equivalent interest income for the
third quarter of 2017 as compared to the second quarter of
2017.
Partially offsetting the increase in average loans and leases and
available for sale investment securities was a $17.8 million
increase in average interest-bearing deposits accompanied by a four
basis point increase in rate paid on deposits resulting in a $215
thousand increase in interest expense on deposits for the third
quarter of 2017 as compared to the second quarter of 2017. In
addition to the increase in average deposits, average borrowings
increased $68.3 million for the three months ended September 30,
2017 as compared to the three months ended June 30, 2017, with the
rate paid decreasing by four basis points. The volume increase and
rate decrease resulted in a $273 thousand increase in interest
expense on borrowings on a linked-quarter basis.
- The tax-equivalent net interest margin of 3.71% for the third
quarter of 2017 increased three basis points from 3.68% for the
second quarter of 2017. During the third quarter of 2017, the
accretion of purchase accounting adjustments contributed nine basis
points to the tax-equivalent net interest margin as compared to a
contribution of six basis points for the three months ended June
30, 2017. As a result, excluding the effect of the accretion
of purchase accounting adjustments, the tax-equivalent net interest
margin remained unchanged on a linked-quarter basis.
- Noninterest income for the three months ended September 30,
2017 increased by $799 thousand from the second quarter of 2017.
Largely contributing to this increase was an increase of $430
thousand in insurance revenues, as the impact of the May 24, 2017
acquisition of Hirshorn Boothby was experienced for a full quarter,
and a $279 thousand increase in gain on sale of loans, primarily
related to the sale of SBA-guaranteed loans. Partially offsetting
these increases were decreases of $156 thousand in fees for wealth
management services, as some of the fees for tax-related services
during the second quarter of 2017 were not repeated in the third
quarter, and a $110 thousand linked-quarter decrease in capital
markets revenue.
- Noninterest expense for the three months ended September 30,
2017 decreased $311 thousand, to $28.2 million, as compared to
$28.5 million for the second quarter of 2017. The $310 thousand
decrease in professional fees was partially related to second
quarter 2017 initial start-up costs associated with BMT Investment
Advisers, a subsidiary established to advise the Corporation’s new
proprietary mutual fund, the BMT Multi-Cap Fund (MUTF:BMTMX). In
addition, due diligence and merger-related expenses decreased by
$386 thousand between the periods. These decreases were partially
offset by increases of $238 thousand and $211 thousand in occupancy
and bank premises expense and other operating expenses,
respectively.
- For the three months ended September 30, 2017, net loan and
lease charge-offs totaled $728 thousand, as compared to $625
thousand for the second quarter of 2017. The Provision for the
three months ended September 30, 2017 was $1.3 million, a $1.4
million increase from the $83 thousand release from the allowance
for loan and lease losses (the “Allowance”) for the second quarter
of 2017. The increase in the Provision was driven by loan growth as
well as changes to certain qualitative factors used to estimate the
incurred loan and lease losses in the loan portfolio as of
September 30, 2017.
- Income tax expense for the third quarter of 2017 decreased by
$139 thousand as compared to the second quarter of 2017. The 347
basis point decrease in the effective tax rate from the second
quarter of 2017 to the third quarter of 2017 was primarily the
result of recognizing excess tax benefits associated with the
vesting of restricted stock awards and the exercise of stock
options. Excess tax benefits totaled $694 thousand for the third
quarter of 2017 as compared to $113 thousand for the second quarter
of 2017.
Results of Operations – Third Quarter
2017 Compared to Third Quarter 2016
- Net income for the three months ended September 30, 2017 was
$10.7 million, or $0.62 diluted earnings per share, as compared to
$9.4 million, or diluted earnings per share of $0.55, for the same
period in 2016. Contributing to the increase in net income was an
increase of $2.7 million in net interest income and a $1.8 million
increase in noninterest income, with wealth management, insurance
and capital markets performance contributing to the increase.
Partially offsetting these increases was a $2.8 million increase in
noninterest expense, with increases in salaries and wages and due
diligence and merger-related expenses being offset by decreases in
Pennsylvania bank shares tax, amortization of intangible assets and
professional fees.
- Tax-equivalent net interest income for the three months ended
September 30, 2017 was $29.6 million, an increase of $2.7 million,
or 10.3%, from $26.9 million for the same period in 2016. The
accretion of purchase accounting adjustments increased the
tax-equivalent net interest income recorded for the third quarter
of 2017 by $753 thousand, as compared to an increase of $637
thousand for the same period in 2016.
Average loans and leases for the three months ended September 30,
2017 increased by $203.3 million from the same period in 2016 and
experienced a ten basis point increase in tax-equivalent yield. The
increase in the prime rate, which occurred toward the end of the
second quarter, contributed to the increase in tax-equivalent yield
on loans, as did the accretion of purchase accounting adjustments,
which totaled $708 thousand for the third quarter of 2017 as
compared to $578 thousand for the same period in 2017. Excluding
the effect of the accretion of purchase accounting adjustments on
loans and leases, the tax-equivalent yield on loans and leases
increased by nine basis points. The net effect of the yield and
volume increases on average loans and leases was a $3.0 million
increase in tax-equivalent interest income on loans.
Average available for sale investment securities increased by $85.2
million for the three months ended September 30, 2017 as compared
to the same period in 2016, and experienced a 26 basis point
tax-equivalent yield increase. The increase in volume and yield on
available for sale investment securities resulted in a $682
thousand increase in tax-equivalent interest income for the third
quarter of 2017 as compared to the same period in 2016.
Partially offsetting the increase in average loans and leases and
available for sale investment securities was a $141.8 million
increase in average interest-bearing deposits accompanied by an
eleven basis point increase in rate paid on deposits resulting in a
$623 thousand increase in interest expense on deposits for the
third quarter of 2017 as compared to the same period in 2016. In
addition to the increase in average deposits, average borrowings
increased $78.9 million for the three months ended September 30,
2017 as compared to the same period in 2016 with the rate paid
remaining unchanged, which resulted in a $340 thousand increase in
interest expense on borrowings.
- The tax-equivalent net interest margin of 3.71% for the three
months ended September 30, 2017 remained unchanged from the same
period in 2016. The contribution to the tax-equivalent margin from
the accretion of purchase accounting adjustments for both periods
also remained unchanged at nine basis points.
- Noninterest income for the three months ended September 30,
2017 increased by $1.8 million from the same period in 2016. An
increase of $551 thousand in fees for wealth management services
resulted as wealth assets under management, administration,
supervision and brokerage increased $2.46 billion from September
30, 2016 to September 30, 2017. Insurance revenue increased $487
thousand for the third quarter of 2017 as compared to the same
period in 2016, largely due to the May 2017 acquisition of Hirshorn
Boothby. In addition, revenue from our Capital Markets initiative,
which was launched in the second quarter of 2017, contributed $843
thousand to noninterest income.
- Noninterest expense for the three months ended September 30,
2017 increased $2.8 million from the same period in 2016. The
increase was largely related to a $2.0 million increase in salary
and wages due to staffing increases from our Capital Markets
initiative, the Hirshorn Boothby acquisition and the Princeton
wealth management office, annual salary and wage increases and
increases in incentive compensation. In addition, an $850 thousand
increase in due diligence, merger-related and merger integration
costs primarily related to the Royal Bank merger, and a $597
thousand increase in other operating expenses, which included a
$368 thousand increase in contributions, largely comprised of
contributions to local schools under the Pennsylvania Educational
Improvement Tax Credit (EITC) program, contributed to the increase.
Contributions made through the EITC program result in tax credits
towards the Bank’s Pennsylvania bank shares tax obligation.
- For the three months ended September 30, 2017, a Provision of
$1.3 million was recorded as compared to $1.4 million for the same
period in 2016. Net charge-offs for the third quarter of 2017 were
$728 thousand as compared to $704 thousand for the same period in
2016.
Financial Condition – September 30, 2017 Compared to
December 31, 2016
- Total portfolio loans and leases of $2.68 billion as of
September 30, 2017, increased by $141.9 million from
December 31, 2016. Loan growth was concentrated in the
commercial mortgage and commercial and industrial segments of the
portfolio, which increased by $113.7 million, or 10.2%, and $17.8
million, or 3.1%, respectively.
- The Allowance as of September 30, 2017 was $17.0 million, or
0.64% of portfolio loans as compared to $17.5 million, or 0.69% of
portfolio loans and leases as of December 31, 2016. In
addition to the ratio of Allowance to portfolio loans, management
also calculates two non-GAAP measures: the Allowance as a
percentage of originated loans and leases, which was 0.70% as of
September 30, 2017, as compared to 0.78% as of December 31, 2016,
and the Allowance plus the remaining loan mark as a percentage of
gross loans, which was 1.01% as of September 30, 2017, as compared
to 1.17% as of December 31, 2016. A reconciliation of these and
other non-GAAP to GAAP performance measures is included in the
appendix to this earnings release. The change in the Allowance
ratios was the result of the growth of the loan portfolio and
improvements in certain qualitative factors and economic
indicators, along with decreases in certain historic charge-off
rates over the lookback period.
- Available for sale investment securities as of September 30,
2017 totaled $471.7 million, a decrease of $95.3 million from
December 31, 2016. The decrease in available for sale investment
securities was primarily the result of the maturing, in January
2017, of $200 million of short-term U.S. Treasury bills. Partially
offsetting the effect of this decrease in U.S. Treasury bills were
increases of $104.7 million in available for sale investment
securities since December 31, 2016, primarily in U.S. government
and agency bonds and mortgage-backed securities. A portion of this
increase is related to the strategic repositioning of the
investment portfolio in anticipation of the Royal Bank merger.
- Total assets as of September 30, 2017 were $3.48 billion, an
increase of $55.3 million from December 31, 2016. Increases in
portfolio loans and leases were largely offset by a decrease in
available for sale investment securities discussed in the previous
bullet point.
- Wealth assets under management, administration, supervision and
brokerage totaled $12.43 billion as of September 30, 2017, an
increase of $1.10 billion from December 31, 2016. The increase in
wealth assets was comprised of a $456.9 million increase in account
balances whose fees are based on market value, and a $646.0 million
increase in fixed rate flat-fee account types.
- Deposits of $2.68 billion as of September 30, 2017 increased
$104.5 million from December 31, 2016. Over 76% of this
increase was in interest-bearing deposits, which grew by $80.1
million.
- Borrowings of $315.5 million as of September 30, 2017 decreased
$78.4 million from December 31, 2016. The decrease was comprised of
a $23.3 million decrease in short-term borrowings and a $55.1
million decrease in long-term FHLB advances. In January 2017,
$200.0 million of short-term borrowings associated with the
maturing of $200.0 million of short-term U.S. Treasury bills were
repaid. The net increase in short-term borrowings of $176.7
million was utilized to support loan growth, purchases of available
for sale investment securities and to replace $55.1 million of
long-term FHLB advances which matured during the first nine months
of 2017.
- The capital ratios for the Bank and the Corporation, as of
September 30, 2017, as shown in the attached tables, indicate
levels above the regulatory minimum to be considered “well
capitalized.”
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,” “indicate,”
“estimate,” “target,” “potentially,” “promising,” “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
inability to obtain applicable regulatory approvals with respect
to, or our inability to complete, the contemplated Royal Bank
acquisition, that the integration of acquired businesses with the
Corporation may take longer than anticipated or be more costly to
complete and that the anticipated benefits, including any
anticipated cost savings or strategic gains may be significantly
harder to achieve or take longer than anticipated or may not be
achieved, 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 updated by our
quarterly or other reports subsequently filed with the SEC.
FOR MORE INFORMATION CONTACT:
Frank Leto, President, CEO
610-581-4730
Mike Harrington, CFO
610-526-2466
Bryn Mawr Bank
Corporation |
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Summary
Financial Information (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or For the Three Months Ended |
|
For the Nine Months Ended |
|
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
September 30, 2017 |
|
September 30, 2016 |
|
Consolidated
Balance Sheet (selected items) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits with banks |
$ |
36,870 |
|
|
$ |
30,806 |
|
|
$ |
69,978 |
|
|
$ |
34,206 |
|
|
$ |
30,118 |
|
|
|
|
|
|
Investment securities
(AFS, HTM and Trading) |
|
482,399 |
|
|
|
452,869 |
|
|
|
400,360 |
|
|
|
573,763 |
|
|
|
373,508 |
|
|
|
|
|
|
Loans held for
sale |
|
6,327 |
|
|
|
8,590 |
|
|
|
3,015 |
|
|
|
9,621 |
|
|
|
11,506 |
|
|
|
|
|
|
Portfolio loans and
leases |
|
2,677,345 |
|
|
|
2,666,651 |
|
|
|
2,555,589 |
|
|
|
2,535,425 |
|
|
|
2,493,357 |
|
|
|
|
|
|
Allowance for loan and
lease losses ("ALLL") |
|
(17,004 |
) |
|
|
(16,399 |
) |
|
|
(17,107 |
) |
|
|
(17,486 |
) |
|
|
(17,744 |
) |
|
|
|
|
|
Goodwill and other
intangible assets |
|
128,534 |
|
|
|
129,211 |
|
|
|
124,629 |
|
|
|
125,170 |
|
|
|
126,000 |
|
|
|
|
|
|
Total assets |
|
3,476,821 |
|
|
|
3,438,219 |
|
|
|
3,292,617 |
|
|
|
3,421,530 |
|
|
|
3,174,080 |
|
|
|
|
|
|
Deposits -
interest-bearing |
|
1,923,567 |
|
|
|
1,863,288 |
|
|
|
1,865,009 |
|
|
|
1,843,495 |
|
|
|
1,759,862 |
|
|
|
|
|
|
Deposits -
non-interest-bearing |
|
760,614 |
|
|
|
818,475 |
|
|
|
771,556 |
|
|
|
736,180 |
|
|
|
718,015 |
|
|
|
|
|
|
Short-term
borrowings |
|
180,874 |
|
|
|
130,295 |
|
|
|
23,613 |
|
|
|
204,151 |
|
|
|
50,065 |
|
|
|
|
|
|
Long-term FHLB advances
and other borrowings |
|
134,651 |
|
|
|
164,681 |
|
|
|
174,711 |
|
|
|
189,742 |
|
|
|
204,772 |
|
|
|
|
|
|
Subordinated notes |
|
29,573 |
|
|
|
29,559 |
|
|
|
29,546 |
|
|
|
29,532 |
|
|
|
29,518 |
|
|
|
|
|
|
Total liabilities |
|
3,074,929 |
|
|
|
3,043,242 |
|
|
|
2,904,522 |
|
|
|
3,040,403 |
|
|
|
2,795,621 |
|
|
|
|
|
|
Shareholders'
equity |
|
401,892 |
|
|
|
394,977 |
|
|
|
388,095 |
|
|
|
381,127 |
|
|
|
378,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance
Sheet (selected items) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits with banks |
$ |
26,628 |
|
|
$ |
26,266 |
|
|
$ |
39,669 |
|
|
$ |
55,298 |
|
|
$ |
33,532 |
|
|
$ |
30,807 |
|
|
$ |
39,157 |
|
|
Investment securities
(AFS, HTM and Trading) |
|
462,700 |
|
|
|
429,400 |
|
|
|
393,306 |
|
|
|
386,658 |
|
|
|
373,616 |
|
|
|
428,723 |
|
|
|
368,594 |
|
|
Loans held for
sale |
|
3,728 |
|
|
|
3,855 |
|
|
|
4,238 |
|
|
|
11,591 |
|
|
|
12,887 |
|
|
|
3,938 |
|
|
|
8,752 |
|
|
Portfolio loans and
leases |
|
2,676,589 |
|
|
|
2,611,755 |
|
|
|
2,551,439 |
|
|
|
2,506,376 |
|
|
|
2,464,085 |
|
|
|
2,613,720 |
|
|
|
2,390,931 |
|
|
Total interest-earning
assets |
|
3,169,645 |
|
|
|
3,071,276 |
|
|
|
2,988,652 |
|
|
|
2,959,923 |
|
|
|
2,884,120 |
|
|
|
3,077,188 |
|
|
|
2,807,434 |
|
|
Goodwill and intangible
assets |
|
128,917 |
|
|
|
126,537 |
|
|
|
124,884 |
|
|
|
125,614 |
|
|
|
126,505 |
|
|
|
126,794 |
|
|
|
127,398 |
|
|
Total assets |
|
3,441,906 |
|
|
|
3,333,307 |
|
|
|
3,244,060 |
|
|
|
3,215,868 |
|
|
|
3,142,019 |
|
|
|
3,340,484 |
|
|
|
3,068,642 |
|
|
Deposits -
interest-bearing |
|
1,871,494 |
|
|
|
1,853,660 |
|
|
|
1,852,194 |
|
|
|
1,809,276 |
|
|
|
1,729,689 |
|
|
|
1,859,188 |
|
|
|
1,693,663 |
|
|
Short-term
borrowings |
|
182,845 |
|
|
|
98,869 |
|
|
|
47,603 |
|
|
|
40,629 |
|
|
|
40,966 |
|
|
|
110,268 |
|
|
|
35,836 |
|
|
Long-term FHLB
advances |
|
155,918 |
|
|
|
171,567 |
|
|
|
182,507 |
|
|
|
198,454 |
|
|
|
218,920 |
|
|
|
169,900 |
|
|
|
235,002 |
|
|
Subordinated notes |
|
29,564 |
|
|
|
29,550 |
|
|
|
29,537 |
|
|
|
29,523 |
|
|
|
29,509 |
|
|
|
29,550 |
|
|
|
29,496 |
|
|
Total interest-bearing
liabilities |
|
2,239,821 |
|
|
|
2,153,646 |
|
|
|
2,111,841 |
|
|
|
2,077,882 |
|
|
|
2,019,084 |
|
|
|
2,168,906 |
|
|
|
1,993,997 |
|
|
Total liabilities |
|
3,044,549 |
|
|
|
2,943,591 |
|
|
|
2,861,846 |
|
|
|
2,837,825 |
|
|
|
2,769,065 |
|
|
|
2,950,666 |
|
|
|
2,701,973 |
|
|
Shareholders'
equity |
|
397,357 |
|
|
|
389,716 |
|
|
|
382,214 |
|
|
|
378,043 |
|
|
|
372,954 |
|
|
|
389,818 |
|
|
|
366,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
$ |
29,438 |
|
|
$ |
27,965 |
|
|
$ |
27,403 |
|
|
$ |
26,990 |
|
|
$ |
26,717 |
|
|
$ |
84,806 |
|
|
$ |
79,246 |
|
|
Provision for loan and
lease losses |
|
1,333 |
|
|
|
(83 |
) |
|
|
291 |
|
|
|
1,059 |
|
|
|
1,412 |
|
|
|
1,541 |
|
|
|
3,267 |
|
|
Noninterest income |
|
15,584 |
|
|
|
14,785 |
|
|
|
13,227 |
|
|
|
13,248 |
|
|
|
13,786 |
|
|
|
43,596 |
|
|
|
40,920 |
|
|
Noninterest
expense |
|
28,184 |
|
|
|
28,495 |
|
|
|
26,660 |
|
|
|
25,087 |
|
|
|
25,371 |
|
|
|
83,339 |
|
|
|
76,787 |
|
|
Income tax expense |
|
4,766 |
|
|
|
4,905 |
|
|
|
4,635 |
|
|
|
4,684 |
|
|
|
4,346 |
|
|
|
14,306 |
|
|
|
13,484 |
|
|
Net income |
|
10,739 |
|
|
|
9,433 |
|
|
|
9,044 |
|
|
|
9,408 |
|
|
|
9,374 |
|
|
|
29,216 |
|
|
|
26,628 |
|
|
Basic earnings per
share |
|
0.63 |
|
|
|
0.56 |
|
|
|
0.53 |
|
|
|
0.56 |
|
|
|
0.56 |
|
|
|
1.72 |
|
|
|
1.58 |
|
|
Diluted earnings per
share |
|
0.62 |
|
|
|
0.55 |
|
|
|
0.53 |
|
|
|
0.55 |
|
|
|
0.55 |
|
|
|
1.70 |
|
|
|
1.57 |
|
|
Net income (core)
(1) |
|
11,245 |
|
|
|
10,236 |
|
|
|
9,375 |
|
|
|
9,402 |
|
|
|
9,392 |
|
|
|
30,857 |
|
|
|
26,684 |
|
|
Basic earnings per
share (core) (1) |
|
0.66 |
|
|
|
0.60 |
|
|
|
0.55 |
|
|
|
0.56 |
|
|
|
0.56 |
|
|
|
1.82 |
|
|
|
1.58 |
|
|
Diluted earnings per
share (core) (1) |
|
0.65 |
|
|
|
0.59 |
|
|
|
0.55 |
|
|
|
0.55 |
|
|
|
0.55 |
|
|
|
1.79 |
|
|
|
1.57 |
|
|
Cash dividends paid per
share |
|
0.22 |
|
|
|
0.21 |
|
|
|
0.21 |
|
|
|
0.21 |
|
|
|
0.21 |
|
|
|
0.64 |
|
|
|
0.61 |
|
|
Profitability
Indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
1.24 |
% |
|
|
1.14 |
% |
|
|
1.13 |
% |
|
|
1.16 |
% |
|
|
1.19 |
% |
|
|
1.17 |
% |
|
|
1.16 |
% |
|
Return on average
equity |
|
10.72 |
% |
|
|
9.71 |
% |
|
|
9.60 |
% |
|
|
9.90 |
% |
|
|
10.00 |
% |
|
|
10.02 |
% |
|
|
9.70 |
% |
|
Return on tangible
equity(1) |
|
16.52 |
% |
|
|
15.06 |
% |
|
|
14.96 |
% |
|
|
15.68 |
% |
|
|
16.06 |
% |
|
|
23.42 |
% |
|
|
15.83 |
% |
|
Tax-equivalent net
interest margin |
|
3.71 |
% |
|
|
3.68 |
% |
|
|
3.74 |
% |
|
|
3.65 |
% |
|
|
3.71 |
% |
|
|
3.71 |
% |
|
|
3.79 |
% |
|
Efficiency
ratio(1) |
|
59.30 |
% |
|
|
62.16 |
% |
|
|
62.66 |
% |
|
|
60.30 |
% |
|
|
60.41 |
% |
|
|
61.32 |
% |
|
|
61.64 |
% |
|
Mortgage
Banking Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans
originated |
$ |
48,159 |
|
|
$ |
46,848 |
|
|
$ |
48,550 |
|
|
$ |
78,749 |
|
|
$ |
84,885 |
|
|
$ |
143,557 |
|
|
$ |
201,310 |
|
|
Residential mortgage
loans sold - servicing retained |
|
28,224 |
|
|
|
21,790 |
|
|
|
27,690 |
|
|
|
44,763 |
|
|
|
40,462 |
|
|
|
77,704 |
|
|
|
93,371 |
|
|
Residential mortgage
loans sold - servicing released |
|
4,982 |
|
|
|
3,819 |
|
|
|
4,981 |
|
|
|
4,632 |
|
|
|
10,522 |
|
|
|
13,782 |
|
|
|
18,197 |
|
|
Total
residential mortgage loans sold |
$ |
33,206 |
|
|
$ |
25,609 |
|
|
$ |
32,671 |
|
|
$ |
49,395 |
|
|
$ |
50,984 |
|
|
$ |
91,486 |
|
|
$ |
111,568 |
|
|
Residential mortgage
loans serviced for others |
$ |
647,037 |
|
|
$ |
641,165 |
|
|
$ |
638,553 |
|
|
$ |
631,889 |
|
|
$ |
618,134 |
|
|
|
|
|
|
Share
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing share
price |
$ |
43.80 |
|
|
$ |
42.50 |
|
|
$ |
39.50 |
|
|
$ |
42.15 |
|
|
$ |
31.99 |
|
|
|
|
|
|
Book value per common
share |
$ |
23.57 |
|
|
$ |
23.25 |
|
|
$ |
22.87 |
|
|
$ |
22.50 |
|
|
$ |
22.40 |
|
|
|
|
|
|
Tangible book value per
common share |
$ |
16.03 |
|
|
$ |
15.64 |
|
|
$ |
15.53 |
|
|
$ |
15.11 |
|
|
$ |
14.94 |
|
|
|
|
|
|
Price / book value |
|
185.82 |
% |
|
|
182.81 |
% |
|
|
172.71 |
% |
|
|
187.34 |
% |
|
|
142.80 |
% |
|
|
|
|
|
Price / tangible book
value |
|
273.19 |
% |
|
|
271.69 |
% |
|
|
254.41 |
% |
|
|
278.96 |
% |
|
|
214.07 |
% |
|
|
|
|
|
Weighted average
diluted shares outstanding |
|
17,233,548 |
|
|
|
17,232,767 |
|
|
|
17,182,689 |
|
|
|
17,164,675 |
|
|
|
17,072,358 |
|
|
|
17,222,051 |
|
|
|
16,994,455 |
|
|
Shares outstanding, end
of period |
|
17,050,151 |
|
|
|
16,989,849 |
|
|
|
16,969,451 |
|
|
|
16,939,715 |
|
|
|
16,893,878 |
|
|
|
|
|
|
Wealth
Management Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth
assets under mgmt, administration, supervision and brokerage
(2) |
$ |
12,431,370 |
|
|
$ |
12,050,555 |
|
|
$ |
11,725,460 |
|
|
$ |
11,328,457 |
|
|
$ |
9,969,745 |
|
|
|
|
|
|
Fees for wealth
management services |
$ |
9,651 |
|
|
$ |
9,807 |
|
|
$ |
9,303 |
|
|
$ |
9,327 |
|
|
$ |
9,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Trust
Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I capital to risk
weighted assets ("RWA") |
|
10.78 |
% |
|
|
10.29 |
% |
|
|
10.58 |
% |
|
|
10.50 |
% |
|
|
10.99 |
% |
|
|
|
|
|
Total (Tier II) capital
to RWA |
|
11.42 |
% |
|
|
10.90 |
% |
|
|
11.25 |
% |
|
|
11.19 |
% |
|
|
11.70 |
% |
|
|
|
|
|
Tier I leverage
ratio |
|
8.75 |
% |
|
|
8.76 |
% |
|
|
8.83 |
% |
|
|
8.73 |
% |
|
|
9.17 |
% |
|
|
|
|
|
Tangible equity ratio
(1) |
|
8.46 |
% |
|
|
8.24 |
% |
|
|
8.46 |
% |
|
|
7.85 |
% |
|
|
8.85 |
% |
|
|
|
|
|
Common equity Tier I
capital to RWA |
|
10.78 |
% |
|
|
10.29 |
% |
|
|
10.58 |
% |
|
|
10.50 |
% |
|
|
10.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank
Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I capital to
RWA |
|
10.50 |
% |
|
|
10.10 |
% |
|
|
10.50 |
% |
|
|
10.51 |
% |
|
|
10.42 |
% |
|
|
|
|
|
Total (Tier II) capital
to RWA |
|
12.23 |
% |
|
|
11.79 |
% |
|
|
12.30 |
% |
|
|
12.35 |
% |
|
|
12.30 |
% |
|
|
|
|
|
Tier I leverage
ratio |
|
8.53 |
% |
|
|
8.63 |
% |
|
|
8.77 |
% |
|
|
8.73 |
% |
|
|
8.70 |
% |
|
|
|
|
|
Tangible equity ratio
(1) |
|
8.16 |
% |
|
|
8.03 |
% |
|
|
8.32 |
% |
|
|
7.76 |
% |
|
|
8.28 |
% |
|
|
|
|
|
Common equity Tier I
capital to RWA |
|
10.50 |
% |
|
|
10.10 |
% |
|
|
10.50 |
% |
|
|
10.51 |
% |
|
|
10.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan and lease
charge-offs ("NCO"s) |
$ |
728 |
|
|
$ |
625 |
|
|
$ |
670 |
|
|
$ |
1,317 |
|
|
$ |
704 |
|
|
$ |
2,023 |
|
|
$ |
1,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans and
leases ("NPL"s) |
$ |
4,472 |
|
|
$ |
7,237 |
|
|
$ |
7,329 |
|
|
$ |
8,363 |
|
|
$ |
9,883 |
|
|
|
|
|
|
Other real estate owned
("OREO") |
|
865 |
|
|
|
1,122 |
|
|
|
978 |
|
|
|
1,017 |
|
|
|
867 |
|
|
|
|
|
|
Total
nonperforming assets ("NPA"s) |
$ |
5,337 |
|
|
$ |
8,359 |
|
|
$ |
8,307 |
|
|
$ |
9,380 |
|
|
$ |
10,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans and
leases 30 or more days past due |
$ |
2,337 |
|
|
$ |
4,076 |
|
|
$ |
5,097 |
|
|
$ |
6,072 |
|
|
$ |
6,684 |
|
|
|
|
|
|
Performing loans and
leases 30 to 89 days past due |
|
4,558 |
|
|
|
6,258 |
|
|
|
6,077 |
|
|
|
3,062 |
|
|
|
2,537 |
|
|
|
|
|
|
Performing loans and
leases 90 or more days past due |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
Total
delinquent loans and leases |
$ |
6,895 |
|
|
$ |
10,334 |
|
|
$ |
11,174 |
|
|
$ |
9,134 |
|
|
$ |
9,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquent loans and
leases to total loans and leases |
|
0.26 |
% |
|
|
0.39 |
% |
|
|
0.44 |
% |
|
|
0.36 |
% |
|
|
0.37 |
% |
|
|
|
|
|
Delinquent performing
loans and leases to total loans and leases |
|
0.17 |
% |
|
|
0.23 |
% |
|
|
0.24 |
% |
|
|
0.12 |
% |
|
|
0.10 |
% |
|
|
|
|
|
NCOs / average loans
and leases (annualized) |
|
0.11 |
% |
|
|
0.10 |
% |
|
|
0.11 |
% |
|
|
0.21 |
% |
|
|
0.11 |
% |
|
|
0.10 |
% |
|
|
0.08 |
% |
|
NPLs / total portfolio
loans and leases |
|
0.17 |
% |
|
|
0.27 |
% |
|
|
0.29 |
% |
|
|
0.33 |
% |
|
|
0.40 |
% |
|
|
|
|
|
NPAs / total loans and
leases and OREO |
|
0.20 |
% |
|
|
0.31 |
% |
|
|
0.32 |
% |
|
|
0.37 |
% |
|
|
0.43 |
% |
|
|
|
|
|
NPAs / total
assets |
|
0.15 |
% |
|
|
0.24 |
% |
|
|
0.25 |
% |
|
|
0.27 |
% |
|
|
0.34 |
% |
|
|
|
|
|
ALLL / NPLs |
|
380.23 |
% |
|
|
226.60 |
% |
|
|
233.42 |
% |
|
|
209.09 |
% |
|
|
179.54 |
% |
|
|
|
|
|
ALLL / portfolio
loans |
|
0.64 |
% |
|
|
0.61 |
% |
|
|
0.67 |
% |
|
|
0.69 |
% |
|
|
0.71 |
% |
|
|
|
|
|
ALLL on originated
loans and leases / Originated loans and leases (1) |
|
0.70 |
% |
|
|
0.68 |
% |
|
|
0.75 |
% |
|
|
0.78 |
% |
|
|
0.81 |
% |
|
|
|
|
|
(Total Allowance + Loan
mark) / Total Gross portfolio loans and leases (1) |
|
1.01 |
% |
|
|
1.03 |
% |
|
|
1.12 |
% |
|
|
1.17 |
% |
|
|
1.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt
restructurings ("TDR"s) included in NPLs |
$ |
2,033 |
|
|
$ |
2,470 |
|
|
$ |
2,681 |
|
|
$ |
2,632 |
|
|
$ |
1,680 |
|
|
|
|
|
|
TDRs in compliance with
modified terms |
|
6,597 |
|
|
|
6,148 |
|
|
|
6,492 |
|
|
|
6,395 |
|
|
|
6,305 |
|
|
|
|
|
|
Total
TDRs |
$ |
8,630 |
|
|
$ |
8,618 |
|
|
$ |
9,173 |
|
|
$ |
9,027 |
|
|
$ |
7,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Non-GAAP measure - see Appendix for
Non-GAAP to GAAP reconciliation.
(2)Brokerage assets represent assets
held at a registered broker dealer under a clearing
agreement.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank
Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
Detailed
Balance Sheets (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
$ |
8,682 |
|
|
$ |
19,352 |
|
|
$ |
17,457 |
|
|
$ |
16,559 |
|
|
$ |
18,905 |
|
|
|
|
Interest-bearing
deposits with banks |
|
36,870 |
|
|
|
30,806 |
|
|
|
69,978 |
|
|
|
34,206 |
|
|
|
30,118 |
|
|
|
|
Cash and cash
equivalents |
|
45,552 |
|
|
|
50,158 |
|
|
|
87,435 |
|
|
|
50,765 |
|
|
|
49,023 |
|
|
|
|
Investment securities,
available for sale |
|
471,721 |
|
|
|
443,687 |
|
|
|
391,028 |
|
|
|
566,996 |
|
|
|
366,910 |
|
|
|
|
Investment securities,
held to maturity |
|
6,255 |
|
|
|
5,161 |
|
|
|
5,194 |
|
|
|
2,879 |
|
|
|
2,896 |
|
|
|
|
Investment securities,
trading |
|
4,423 |
|
|
|
4,021 |
|
|
|
4,138 |
|
|
|
3,888 |
|
|
|
3,702 |
|
|
|
|
Loans held for
sale |
|
6,327 |
|
|
|
8,590 |
|
|
|
3,015 |
|
|
|
9,621 |
|
|
|
11,506 |
|
|
|
|
Portfolio loans and
leases, originated |
|
2,433,054 |
|
|
|
2,409,964 |
|
|
|
2,286,814 |
|
|
|
2,240,987 |
|
|
|
2,176,549 |
|
|
|
|
Portfolio loans and
leases, acquired |
|
244,291 |
|
|
|
256,687 |
|
|
|
268,775 |
|
|
|
294,438 |
|
|
|
316,808 |
|
|
|
|
Total portfolio
loans and leases |
|
2,677,345 |
|
|
|
2,666,651 |
|
|
|
2,555,589 |
|
|
|
2,535,425 |
|
|
|
2,493,357 |
|
|
|
|
Less: Allowance for
losses on originated loan and leases |
|
(16,957 |
) |
|
|
(16,374 |
) |
|
|
(17,069 |
) |
|
|
(17,458 |
) |
|
|
(17,716 |
) |
|
|
|
Less: Allowance for
losses on acquired loan and leases |
|
(47 |
) |
|
|
(25 |
) |
|
|
(38 |
) |
|
|
(28 |
) |
|
|
(28 |
) |
|
|
|
Total allowance
for loan and lease losses |
|
(17,004 |
) |
|
|
(16,399 |
) |
|
|
(17,107 |
) |
|
|
(17,486 |
) |
|
|
(17,744 |
) |
|
|
|
Net portfolio
loans and leases |
|
2,660,341 |
|
|
|
2,650,252 |
|
|
|
2,538,482 |
|
|
|
2,517,939 |
|
|
|
2,475,613 |
|
|
|
|
Premises and
equipment |
|
44,544 |
|
|
|
44,446 |
|
|
|
40,515 |
|
|
|
41,778 |
|
|
|
42,559 |
|
|
|
|
Accrued interest
receivable |
|
9,287 |
|
|
|
8,717 |
|
|
|
8,392 |
|
|
|
8,533 |
|
|
|
8,066 |
|
|
|
|
Mortgage servicing
rights |
|
5,732 |
|
|
|
5,683 |
|
|
|
5,686 |
|
|
|
5,582 |
|
|
|
4,793 |
|
|
|
|
Bank owned life
insurance |
|
39,881 |
|
|
|
39,680 |
|
|
|
39,479 |
|
|
|
39,279 |
|
|
|
39,055 |
|
|
|
|
Federal Home Loan Bank
("FHLB") stock |
|
16,248 |
|
|
|
15,168 |
|
|
|
8,505 |
|
|
|
17,305 |
|
|
|
13,185 |
|
|
|
|
Goodwill |
|
107,127 |
|
|
|
107,127 |
|
|
|
104,765 |
|
|
|
104,765 |
|
|
|
104,765 |
|
|
|
|
Intangible assets |
|
21,407 |
|
|
|
22,084 |
|
|
|
19,864 |
|
|
|
20,405 |
|
|
|
21,235 |
|
|
|
|
Other investments |
|
8,941 |
|
|
|
8,682 |
|
|
|
8,716 |
|
|
|
8,627 |
|
|
|
9,121 |
|
|
|
|
Other assets |
|
29,035 |
|
|
|
24,763 |
|
|
|
27,403 |
|
|
|
23,168 |
|
|
|
21,651 |
|
|
|
|
Total
assets |
$ |
3,476,821 |
|
|
$ |
3,438,219 |
|
|
$ |
3,292,617 |
|
|
$ |
3,421,530 |
|
|
$ |
3,174,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
$ |
760,614 |
|
|
$ |
818,475 |
|
|
$ |
771,556 |
|
|
$ |
736,180 |
|
|
$ |
718,015 |
|
|
|
|
Interest-bearing |
|
1,923,567 |
|
|
|
1,863,288 |
|
|
|
1,865,009 |
|
|
|
1,843,495 |
|
|
|
1,759,862 |
|
|
|
|
Total
deposits |
|
2,684,181 |
|
|
|
2,681,763 |
|
|
|
2,636,565 |
|
|
|
2,579,675 |
|
|
|
2,477,877 |
|
|
|
|
Short-term
borrowings |
|
180,874 |
|
|
|
130,295 |
|
|
|
23,613 |
|
|
|
204,151 |
|
|
|
50,065 |
|
|
|
|
Long-term FHLB
advances |
|
134,651 |
|
|
|
164,681 |
|
|
|
174,711 |
|
|
|
189,742 |
|
|
|
204,772 |
|
|
|
|
Subordinated notes |
|
29,573 |
|
|
|
29,559 |
|
|
|
29,546 |
|
|
|
29,532 |
|
|
|
29,518 |
|
|
|
|
Accrued interest
payable |
|
2,267 |
|
|
|
2,830 |
|
|
|
2,722 |
|
|
|
2,734 |
|
|
|
1,854 |
|
|
|
|
Other liabilities |
|
43,383 |
|
|
|
34,114 |
|
|
|
37,365 |
|
|
|
34,569 |
|
|
|
31,535 |
|
|
|
|
Total
liabilities |
|
3,074,929 |
|
|
|
3,043,242 |
|
|
|
2,904,522 |
|
|
|
3,040,403 |
|
|
|
2,795,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
21,248 |
|
|
|
21,162 |
|
|
|
21,141 |
|
|
|
21,111 |
|
|
|
21,064 |
|
|
|
|
Paid-in capital in
excess of par value |
|
235,412 |
|
|
|
234,654 |
|
|
|
233,910 |
|
|
|
232,806 |
|
|
|
231,398 |
|
|
|
|
Less: common stock held
in treasury, at cost |
|
(68,134 |
) |
|
|
(67,091 |
) |
|
|
(66,969 |
) |
|
|
(66,950 |
) |
|
|
(66,895 |
) |
|
|
|
Accumulated other
comprehensive (loss) income, net of tax |
|
(1,400 |
) |
|
|
(1,564 |
) |
|
|
(1,990 |
) |
|
|
(2,409 |
) |
|
|
2,128 |
|
|
|
|
Retained earnings |
|
214,766 |
|
|
|
207,816 |
|
|
|
202,003 |
|
|
|
196,569 |
|
|
|
190,764 |
|
|
|
|
Total shareholders equity |
|
401,892 |
|
|
|
394,977 |
|
|
|
388,095 |
|
|
|
381,127 |
|
|
|
378,459 |
|
|
|
|
Total
liabilities and shareholders' equity |
$ |
3,476,821 |
|
|
$ |
3,438,219 |
|
|
$ |
3,292,617 |
|
|
$ |
3,421,530 |
|
|
$ |
3,174,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank
Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Balance Sheet Information (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Loans and Leases as of |
|
|
|
|
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
|
|
|
Commercial
mortgages |
$ |
1,224,571 |
|
|
$ |
1,197,936 |
|
|
$ |
1,137,870 |
|
|
$ |
1,110,897 |
|
|
$ |
1,089,621 |
|
|
|
|
|
Home equity loans and
lines |
|
206,974 |
|
|
|
208,480 |
|
|
|
203,962 |
|
|
|
208,000 |
|
|
|
206,578 |
|
|
|
|
|
Residential
mortgages |
|
422,524 |
|
|
|
416,488 |
|
|
|
418,264 |
|
|
|
413,540 |
|
|
|
418,408 |
|
|
|
|
|
Construction |
|
133,505 |
|
|
|
156,581 |
|
|
|
145,699 |
|
|
|
141,964 |
|
|
|
133,269 |
|
|
|
|
|
Total real
estate loans |
|
1,987,574 |
|
|
|
1,979,485 |
|
|
|
1,905,795 |
|
|
|
1,874,401 |
|
|
|
1,847,876 |
|
|
|
|
|
Commercial &
Industrial |
|
597,595 |
|
|
|
599,203 |
|
|
|
567,917 |
|
|
|
579,791 |
|
|
|
565,497 |
|
|
|
|
|
Consumer |
|
31,306 |
|
|
|
28,485 |
|
|
|
23,932 |
|
|
|
25,341 |
|
|
|
23,717 |
|
|
|
|
|
Leases |
|
60,870 |
|
|
|
59,478 |
|
|
|
57,945 |
|
|
|
55,892 |
|
|
|
56,267 |
|
|
|
|
|
Total non-real
estate loans and leases |
|
689,771 |
|
|
|
687,166 |
|
|
|
649,794 |
|
|
|
661,024 |
|
|
|
645,481 |
|
|
|
|
|
Total portfolio
loans and leases |
$ |
2,677,345 |
|
|
$ |
2,666,651 |
|
|
$ |
2,555,589 |
|
|
$ |
2,535,425 |
|
|
$ |
2,493,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans and Leases as
of |
|
|
|
|
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
|
|
|
Commercial
mortgages |
$ |
193 |
|
|
$ |
818 |
|
|
$ |
315 |
|
|
$ |
320 |
|
|
$ |
139 |
|
|
|
|
|
Home equity loans and
lines |
|
613 |
|
|
|
1,535 |
|
|
|
1,828 |
|
|
|
2,289 |
|
|
|
2,827 |
|
|
|
|
|
Residential
mortgages |
|
1,589 |
|
|
|
2,589 |
|
|
|
2,640 |
|
|
|
2,658 |
|
|
|
2,845 |
|
|
|
|
|
Construction |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
Total
nonperforming real estate loans |
|
2,395 |
|
|
|
4,942 |
|
|
|
4,783 |
|
|
|
5,267 |
|
|
|
5,811 |
|
|
|
|
|
Commercial &
Industrial |
|
1,977 |
|
|
|
2,112 |
|
|
|
2,471 |
|
|
|
2,957 |
|
|
|
3,960 |
|
|
|
|
|
Consumer |
|
- |
|
|
|
10 |
|
|
|
- |
|
|
|
2 |
|
|
|
2 |
|
|
|
|
|
Leases |
|
100 |
|
|
|
173 |
|
|
|
75 |
|
|
|
137 |
|
|
|
110 |
|
|
|
|
|
Total
nonperforming non-real estate loans and leases |
|
2,077 |
|
|
|
2,295 |
|
|
|
2,546 |
|
|
|
3,096 |
|
|
|
4,072 |
|
|
|
|
|
Total
nonperforming portfolio loans and leases |
$ |
4,472 |
|
|
$ |
7,237 |
|
|
$ |
7,329 |
|
|
$ |
8,363 |
|
|
$ |
9,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loan and Lease Charge-Offs (Recoveries)
for the Three Months Ended |
|
|
|
|
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
|
|
|
Commercial
mortgage |
$ |
(3 |
) |
|
$ |
(3 |
) |
|
$ |
(3 |
) |
|
$ |
(51 |
) |
|
$ |
(4 |
) |
|
|
|
|
Home equity loans and
lines |
|
69 |
|
|
|
169 |
|
|
|
438 |
|
|
|
69 |
|
|
|
375 |
|
|
|
|
|
Residential |
|
3 |
|
|
|
43 |
|
|
|
27 |
|
|
|
28 |
|
|
|
2 |
|
|
|
|
|
Construction |
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
- |
|
|
|
|
|
Total net
charge-offs of real estate loans |
|
68 |
|
|
|
208 |
|
|
|
461 |
|
|
|
45 |
|
|
|
373 |
|
|
|
|
|
Commercial &
Industrial |
|
298 |
|
|
|
185 |
|
|
|
59 |
|
|
|
1,128 |
|
|
|
95 |
|
|
|
|
|
Consumer |
|
36 |
|
|
|
16 |
|
|
|
39 |
|
|
|
42 |
|
|
|
58 |
|
|
|
|
|
Leases |
|
326 |
|
|
|
216 |
|
|
|
111 |
|
|
|
102 |
|
|
|
178 |
|
|
|
|
|
Total net
charge-offs of non-real estate loans and leases |
|
660 |
|
|
|
417 |
|
|
|
209 |
|
|
|
1,272 |
|
|
|
331 |
|
|
|
|
|
Total net
charge-offs |
$ |
728 |
|
|
$ |
625 |
|
|
$ |
670 |
|
|
$ |
1,317 |
|
|
$ |
704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank
Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Balance Sheet Information (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities Available for Sale, at
Fair Value |
|
|
|
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
|
|
U.S. Treasury
securities |
$ |
100 |
|
|
$ |
100 |
|
|
$ |
100 |
|
|
$ |
200,097 |
|
|
$ |
101 |
|
|
|
|
Obligations of the U.S.
Government and agencies |
|
142,711 |
|
|
|
126,468 |
|
|
|
100,476 |
|
|
|
82,198 |
|
|
|
76,598 |
|
|
|
|
State & political
subdivisions - tax-free |
|
23,556 |
|
|
|
26,958 |
|
|
|
30,416 |
|
|
|
33,005 |
|
|
|
36,735 |
|
|
|
|
State & political
subdivisions - taxable |
|
524 |
|
|
|
524 |
|
|
|
524 |
|
|
|
525 |
|
|
|
529 |
|
|
|
|
Mortgage-backed
securities |
|
260,680 |
|
|
|
230,617 |
|
|
|
197,420 |
|
|
|
185,951 |
|
|
|
184,919 |
|
|
|
|
Collateralized mortgage
obligations |
|
39,595 |
|
|
|
42,549 |
|
|
|
45,476 |
|
|
|
48,694 |
|
|
|
51,344 |
|
|
|
|
Other debt
securities |
|
1,100 |
|
|
|
1,099 |
|
|
|
1,299 |
|
|
|
1,299 |
|
|
|
1,450 |
|
|
|
|
Bond mutual funds |
|
- |
|
|
|
11,956 |
|
|
|
11,920 |
|
|
|
11,895 |
|
|
|
11,847 |
|
|
|
|
Other investments |
|
3,455 |
|
|
|
3,416 |
|
|
|
3,397 |
|
|
|
3,332 |
|
|
|
3,387 |
|
|
|
|
Total investment
securities available for sale, at fair value |
$ |
471,721 |
|
|
$ |
443,687 |
|
|
$ |
391,028 |
|
|
$ |
566,996 |
|
|
$ |
366,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized Gain (Loss) on Investment
Securities Available for Sale |
|
|
|
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
|
|
U.S. Treasury
securities |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
3 |
|
|
$ |
- |
|
|
|
|
Obligations of the U.S.
Government and agencies |
|
(920 |
) |
|
|
(699 |
) |
|
|
(803 |
) |
|
|
(913 |
) |
|
|
946 |
|
|
|
|
State & political
subdivisions - tax-free |
|
23 |
|
|
|
11 |
|
|
|
(10 |
) |
|
|
(96 |
) |
|
|
131 |
|
|
|
|
State & political
subdivisions - taxable |
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
5 |
|
|
|
|
Mortgage-backed
securities |
|
869 |
|
|
|
480 |
|
|
|
196 |
|
|
|
(47 |
) |
|
|
3,801 |
|
|
|
|
Collateralized mortgage
obligations |
|
(640 |
) |
|
|
(662 |
) |
|
|
(777 |
) |
|
|
(794 |
) |
|
|
253 |
|
|
|
|
Other debt
securities |
|
- |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
- |
|
|
|
|
Bond mutual funds |
|
- |
|
|
|
- |
|
|
|
(36 |
) |
|
|
(61 |
) |
|
|
(109 |
) |
|
|
|
Other investments |
|
230 |
|
|
|
203 |
|
|
|
132 |
|
|
|
13 |
|
|
|
34 |
|
|
|
|
Total unrealized
(losses) gains on investment securities available for sale |
$ |
(437 |
) |
|
$ |
(667 |
) |
|
$ |
(1,298 |
) |
|
$ |
(1,894 |
) |
|
$ |
5,061 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
|
|
Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
checking |
$ |
395,383 |
|
|
$ |
381,345 |
|
|
$ |
395,131 |
|
|
$ |
379,424 |
|
|
$ |
333,055 |
|
|
|
|
Money
market |
|
720,613 |
|
|
|
729,859 |
|
|
|
757,071 |
|
|
|
761,657 |
|
|
|
725,116 |
|
|
|
|
Savings |
|
264,273 |
|
|
|
254,903 |
|
|
|
255,791 |
|
|
|
232,193 |
|
|
|
228,391 |
|
|
|
|
Wholesale
non-maturity deposits |
|
48,620 |
|
|
|
54,675 |
|
|
|
69,471 |
|
|
|
74,272 |
|
|
|
64,664 |
|
|
|
|
Wholesale time
deposits |
|
178,610 |
|
|
|
120,524 |
|
|
|
68,164 |
|
|
|
73,037 |
|
|
|
99,052 |
|
|
|
|
Retail time
deposits |
|
316,068 |
|
|
|
321,982 |
|
|
|
319,381 |
|
|
|
322,912 |
|
|
|
309,584 |
|
|
|
|
Total
interest-bearing deposits |
|
1,923,567 |
|
|
|
1,863,288 |
|
|
|
1,865,009 |
|
|
|
1,843,495 |
|
|
|
1,759,862 |
|
|
|
|
Noninterest-bearing deposits |
|
760,614 |
|
|
|
818,475 |
|
|
|
771,556 |
|
|
|
736,180 |
|
|
|
718,015 |
|
|
|
|
Total
deposits |
$ |
2,684,181 |
|
|
$ |
2,681,763 |
|
|
$ |
2,636,565 |
|
|
$ |
2,579,675 |
|
|
$ |
2,477,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank
Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Detailed Income
Statements (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
September 30, 2017 |
|
September 30, 2016 |
|
Interest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans and leases |
$ |
30,892 |
|
|
$ |
29,143 |
|
|
$ |
28,482 |
|
|
$ |
28,230 |
|
|
$ |
27,931 |
|
|
$ |
88,517 |
|
|
$ |
82,306 |
|
|
Interest on cash and
cash equivalents |
|
36 |
|
|
|
35 |
|
|
|
66 |
|
|
|
53 |
|
|
|
27 |
|
|
|
137 |
|
|
|
115 |
|
|
Interest on investment
securities |
|
2,270 |
|
|
|
2,059 |
|
|
|
1,778 |
|
|
|
1,639 |
|
|
|
1,556 |
|
|
|
6,107 |
|
|
|
4,648 |
|
|
Total interest
income |
|
33,198 |
|
|
|
31,237 |
|
|
|
30,326 |
|
|
|
29,922 |
|
|
|
29,514 |
|
|
|
94,761 |
|
|
|
87,069 |
|
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits |
|
2,198 |
|
|
|
1,983 |
|
|
|
1,828 |
|
|
|
1,780 |
|
|
|
1,575 |
|
|
|
6,009 |
|
|
|
4,053 |
|
|
Interest on short-term
borrowings |
|
547 |
|
|
|
237 |
|
|
|
27 |
|
|
|
22 |
|
|
|
34 |
|
|
|
811 |
|
|
|
71 |
|
|
Interest on FHLB
advances and other borrowings |
|
645 |
|
|
|
682 |
|
|
|
698 |
|
|
|
760 |
|
|
|
818 |
|
|
|
2,025 |
|
|
|
2,593 |
|
|
Interest on
subordinated notes |
|
370 |
|
|
|
370 |
|
|
|
370 |
|
|
|
370 |
|
|
|
370 |
|
|
|
1,110 |
|
|
|
1,106 |
|
|
Total interest
expense |
|
3,760 |
|
|
|
3,272 |
|
|
|
2,923 |
|
|
|
2,932 |
|
|
|
2,797 |
|
|
|
9,955 |
|
|
|
7,823 |
|
|
Net interest
income |
|
29,438 |
|
|
|
27,965 |
|
|
|
27,403 |
|
|
|
26,990 |
|
|
|
26,717 |
|
|
|
84,806 |
|
|
|
79,246 |
|
|
Provision for loan and
lease losses (the "Provision") |
|
1,333 |
|
|
|
(83 |
) |
|
|
291 |
|
|
|
1,059 |
|
|
|
1,412 |
|
|
|
1,541 |
|
|
|
3,267 |
|
|
Net interest
income after Provision |
|
28,105 |
|
|
|
28,048 |
|
|
|
27,112 |
|
|
|
25,931 |
|
|
|
25,305 |
|
|
|
83,265 |
|
|
|
75,979 |
|
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees for wealth
management services |
|
9,651 |
|
|
|
9,807 |
|
|
|
9,303 |
|
|
|
9,327 |
|
|
|
9,100 |
|
|
|
28,761 |
|
|
|
27,363 |
|
|
Insurance revenue |
|
1,373 |
|
|
|
943 |
|
|
|
763 |
|
|
|
715 |
|
|
|
886 |
|
|
|
3,079 |
|
|
|
3,007 |
|
|
Capital markets
revenue |
|
843 |
|
|
|
953 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,796 |
|
|
|
- |
|
|
Service charges on
deposits |
|
676 |
|
|
|
630 |
|
|
|
647 |
|
|
|
688 |
|
|
|
688 |
|
|
|
1,953 |
|
|
|
2,103 |
|
|
Loan servicing and
other fees |
|
548 |
|
|
|
519 |
|
|
|
503 |
|
|
|
411 |
|
|
|
497 |
|
|
|
1,570 |
|
|
|
1,528 |
|
|
Net gain on sale of
loans |
|
799 |
|
|
|
520 |
|
|
|
629 |
|
|
|
607 |
|
|
|
879 |
|
|
|
1,948 |
|
|
|
2,440 |
|
|
Net gain (loss) on sale
of investment securities available for sale |
|
72 |
|
|
|
- |
|
|
|
1 |
|
|
|
9 |
|
|
|
(28 |
) |
|
|
73 |
|
|
|
(86 |
) |
|
Net (loss) gain on sale
of other real estate owned |
|
- |
|
|
|
(12 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(12 |
) |
|
|
(76 |
) |
|
Dividends on FHLB and
FRB stocks |
|
217 |
|
|
|
218 |
|
|
|
214 |
|
|
|
309 |
|
|
|
277 |
|
|
|
649 |
|
|
|
754 |
|
|
Other operating
income |
|
1,405 |
|
|
|
1,207 |
|
|
|
1,167 |
|
|
|
1,182 |
|
|
|
1,487 |
|
|
|
3,779 |
|
|
|
3,686 |
|
|
Total
noninterest income |
|
15,584 |
|
|
|
14,785 |
|
|
|
13,227 |
|
|
|
13,248 |
|
|
|
13,786 |
|
|
|
43,596 |
|
|
|
40,719 |
|
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
wages |
|
13,602 |
|
|
|
13,580 |
|
|
|
12,450 |
|
|
|
11,855 |
|
|
|
11,621 |
|
|
|
39,632 |
|
|
|
35,556 |
|
|
Employee
benefits |
|
2,631 |
|
|
|
2,475 |
|
|
|
2,559 |
|
|
|
2,207 |
|
|
|
2,420 |
|
|
|
7,665 |
|
|
|
7,341 |
|
|
Loss on pension
termination |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Occupancy and bank
premises |
|
2,485 |
|
|
|
2,247 |
|
|
|
2,526 |
|
|
|
2,407 |
|
|
|
2,349 |
|
|
|
7,258 |
|
|
|
7,204 |
|
|
Branch lease
termination expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Furniture, fixtures and
equipment |
|
1,726 |
|
|
|
1,869 |
|
|
|
1,974 |
|
|
|
1,869 |
|
|
|
1,837 |
|
|
|
5,569 |
|
|
|
5,651 |
|
|
Advertising |
|
277 |
|
|
|
405 |
|
|
|
386 |
|
|
|
391 |
|
|
|
334 |
|
|
|
1,068 |
|
|
|
990 |
|
|
Amortization of
intangible assets |
|
677 |
|
|
|
687 |
|
|
|
693 |
|
|
|
830 |
|
|
|
888 |
|
|
|
2,057 |
|
|
|
2,668 |
|
|
Impairment of
intangible assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Impairment (recovery)
of mortgage servicing rights ("MSRs") |
|
3 |
|
|
|
43 |
|
|
|
3 |
|
|
|
(580 |
) |
|
|
29 |
|
|
|
49 |
|
|
|
711 |
|
|
Due diligence,
merger-related and merger integration expenses |
|
850 |
|
|
|
1,236 |
|
|
|
511 |
|
|
|
- |
|
|
|
- |
|
|
|
2,597 |
|
|
|
- |
|
|
Professional fees |
|
739 |
|
|
|
1,049 |
|
|
|
711 |
|
|
|
963 |
|
|
|
937 |
|
|
|
2,499 |
|
|
|
2,696 |
|
|
Pennsylvania bank
shares tax |
|
317 |
|
|
|
297 |
|
|
|
664 |
|
|
|
(204 |
) |
|
|
675 |
|
|
|
1,278 |
|
|
|
1,953 |
|
|
Information
technology |
|
880 |
|
|
|
821 |
|
|
|
874 |
|
|
|
857 |
|
|
|
881 |
|
|
|
2,575 |
|
|
|
2,804 |
|
|
Other operating
expenses |
|
3,997 |
|
|
|
3,786 |
|
|
|
3,309 |
|
|
|
4,492 |
|
|
|
3,400 |
|
|
|
11,092 |
|
|
|
9,012 |
|
|
Total
noninterest expense |
|
28,184 |
|
|
|
28,495 |
|
|
|
26,660 |
|
|
|
25,087 |
|
|
|
25,371 |
|
|
|
83,339 |
|
|
|
76,586 |
|
|
Income before income
taxes |
|
15,505 |
|
|
|
14,338 |
|
|
|
13,679 |
|
|
|
14,092 |
|
|
|
13,720 |
|
|
|
43,522 |
|
|
|
40,112 |
|
|
Income tax expense |
|
4,766 |
|
|
|
4,905 |
|
|
|
4,635 |
|
|
|
4,684 |
|
|
|
4,346 |
|
|
|
14,306 |
|
|
|
13,484 |
|
|
Net income |
$ |
10,739 |
|
|
$ |
9,433 |
|
|
$ |
9,044 |
|
|
$ |
9,408 |
|
|
$ |
9,374 |
|
|
$ |
29,216 |
|
|
$ |
26,628 |
|
|
Per share
data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding |
|
17,023,046 |
|
|
|
16,984,563 |
|
|
|
16,954,132 |
|
|
|
16,916,705 |
|
|
|
16,860,727 |
|
|
|
16,987,499 |
|
|
|
16,840,457 |
|
|
Dilutive common
shares |
|
210,502 |
|
|
|
248,204 |
|
|
|
228,557 |
|
|
|
247,970 |
|
|
|
211,631 |
|
|
|
234,552 |
|
|
|
153,998 |
|
|
Weighted average
diluted shares |
|
17,233,548 |
|
|
|
17,232,767 |
|
|
|
17,182,689 |
|
|
|
17,164,675 |
|
|
|
17,072,358 |
|
|
|
17,222,051 |
|
|
|
16,994,455 |
|
|
Basic earnings (loss)
per common share |
$ |
0.63 |
|
|
$ |
0.56 |
|
|
$ |
0.53 |
|
|
$ |
0.56 |
|
|
$ |
0.56 |
|
|
$ |
1.72 |
|
|
$ |
1.58 |
|
|
Diluted earnings (loss)
per common share |
$ |
0.62 |
|
|
$ |
0.55 |
|
|
$ |
0.53 |
|
|
$ |
0.55 |
|
|
$ |
0.55 |
|
|
$ |
1.70 |
|
|
$ |
1.57 |
|
|
Dividend declared per
share |
$ |
0.22 |
|
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.64 |
|
|
$ |
0.61 |
|
|
Effective tax rate |
|
30.74 |
% |
|
|
34.21 |
% |
|
|
33.88 |
% |
|
|
33.24 |
% |
|
|
31.68 |
% |
|
|
32.87 |
% |
|
|
33.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
Tax-Equivalent Net Interest Margin
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended |
|
For The Nine Months Ended |
|
|
September 30, 2017 |
June 30, 2017 |
March 31, 2017 |
December 31, 2016 |
September 30, 2016 |
|
September 30, 2017 |
September 30, 2016 |
(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 |
|
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 |
|
$ |
26,628 |
|
$ |
36 |
|
0.54 |
% |
$ |
26,266 |
|
$ |
35 |
|
0.53 |
% |
$ |
39,669 |
|
$ |
66 |
|
0.67 |
% |
$ |
55,298 |
|
$ |
53 |
|
0.38 |
% |
$ |
33,532 |
|
$ |
27 |
|
0.32 |
% |
|
$ |
30,807 |
|
$ |
137 |
|
0.59 |
% |
$ |
39,157 |
|
$ |
115 |
|
0.39 |
% |
Investment securities - available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
427,106 |
|
|
2,160 |
|
2.01 |
% |
|
391,112 |
|
|
1,940 |
|
1.99 |
% |
|
354,229 |
|
|
1,653 |
|
1.89 |
% |
|
344,931 |
|
|
1,498 |
|
1.73 |
% |
|
329,293 |
|
|
1,423 |
|
1.72 |
% |
|
|
391,082 |
|
|
5,799 |
|
1.98 |
% |
|
323,866 |
|
|
4,263 |
|
1.76 |
% |
Tax-exempt |
|
|
25,268 |
|
|
134 |
|
2.10 |
% |
|
28,970 |
|
|
150 |
|
2.08 |
% |
|
31,485 |
|
|
164 |
|
2.11 |
% |
|
34,985 |
|
|
175 |
|
1.99 |
% |
|
37,893 |
|
|
189 |
|
1.98 |
% |
|
|
28,552 |
|
|
448 |
|
2.10 |
% |
|
39,243 |
|
|
567 |
|
1.93 |
% |
Total investment securities - available for sale |
|
|
452,374 |
|
|
2,294 |
|
2.01 |
% |
|
420,082 |
|
|
2,090 |
|
2.00 |
% |
|
385,714 |
|
|
1,817 |
|
1.91 |
% |
|
379,916 |
|
|
1,673 |
|
1.75 |
% |
|
367,186 |
|
|
1,612 |
|
1.75 |
% |
|
|
419,634 |
|
|
6,247 |
|
1.99 |
% |
|
363,109 |
|
|
4,830 |
|
1.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities - held to maturity |
|
|
6,044 |
|
|
11 |
|
0.72 |
% |
|
5,181 |
|
|
5 |
|
0.39 |
% |
|
3,702 |
|
|
7 |
|
0.77 |
% |
|
2,889 |
|
|
7 |
|
0.96 |
% |
|
2,907 |
|
|
6 |
|
0.82 |
% |
|
|
4,984 |
|
|
4 |
|
0.11 |
% |
|
1,782 |
|
|
4 |
|
0.30 |
% |
Investment securities - trading |
|
|
4,282 |
|
|
8 |
|
0.74 |
% |
|
4,137 |
|
|
13 |
|
1.26 |
% |
|
3,890 |
|
|
8 |
|
0.83 |
% |
|
3,853 |
|
|
16 |
|
1.65 |
% |
|
3,523 |
|
|
2 |
|
0.23 |
% |
|
|
4,105 |
|
|
2 |
|
0.07 |
% |
|
3,703 |
|
|
2 |
|
0.07 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
and leases * |
|
|
2,680,317 |
|
|
31,058 |
|
4.60 |
% |
|
2,615,610 |
|
|
29,309 |
|
4.49 |
% |
|
2,555,677 |
|
|
28,622 |
|
4.54 |
% |
|
2,517,967 |
|
|
28,354 |
|
4.48 |
% |
|
2,476,972 |
|
|
28,032 |
|
4.50 |
% |
|
|
2,617,658 |
|
|
88,989 |
|
4.55 |
% |
|
2,399,683 |
|
|
82,571 |
|
4.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning assets |
|
|
3,169,645 |
|
|
33,407 |
|
4.18 |
% |
|
3,071,276 |
|
|
31,452 |
|
4.11 |
% |
|
2,988,652 |
|
|
30,520 |
|
4.14 |
% |
|
2,959,923 |
|
|
30,103 |
|
4.05 |
% |
|
2,884,120 |
|
|
29,679 |
|
4.09 |
% |
|
|
3,077,188 |
|
|
95,379 |
|
4.14 |
% |
|
2,807,434 |
|
|
87,522 |
|
4.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
due from banks |
|
|
15,709 |
|
|
|
|
15,727 |
|
|
|
|
14,942 |
|
|
|
|
16,127 |
|
|
|
|
16,228 |
|
|
|
|
|
15,462 |
|
|
|
|
16,380 |
|
|
|
Less:
allowance for loan and lease losses |
|
|
(16,564 |
) |
|
|
|
(17,549 |
) |
|
|
|
(17,580 |
) |
|
|
|
(17,858 |
) |
|
|
|
(17,257 |
) |
|
|
|
|
(17,227 |
) |
|
|
|
(16,924 |
) |
|
|
Other
assets |
|
|
273,116 |
|
|
|
|
263,853 |
|
|
|
|
258,046 |
|
|
|
|
257,676 |
|
|
|
|
258,928 |
|
|
|
|
|
265,061 |
|
|
|
|
261,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
3,441,906 |
|
|
|
$ |
3,333,307 |
|
|
|
$ |
3,244,060 |
|
|
|
$ |
3,215,868 |
|
|
|
$ |
3,142,019 |
|
|
|
|
$ |
3,340,484 |
|
|
|
$ |
3,068,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW and market rate deposits |
|
$ |
1,359,293 |
|
$ |
823 |
|
0.24 |
% |
$ |
1,375,949 |
|
$ |
813 |
|
0.24 |
% |
$ |
1,388,561 |
|
$ |
756 |
|
0.22 |
% |
$ |
1,328,577 |
|
$ |
686 |
|
0.21 |
% |
$ |
1,286,404 |
|
$ |
641 |
|
0.20 |
% |
|
$ |
1,374,494 |
|
$ |
2,392 |
|
0.23 |
% |
$ |
1,280,023 |
|
$ |
1,799 |
|
0.19 |
% |
Wholesale deposits |
|
|
190,849 |
|
|
548 |
|
1.14 |
% |
|
154,424 |
|
|
378 |
|
0.98 |
% |
|
143,461 |
|
|
317 |
|
0.90 |
% |
|
156,541 |
|
|
319 |
|
0.81 |
% |
|
164,706 |
|
|
327 |
|
0.79 |
% |
|
|
163,086 |
|
|
1,243 |
|
1.02 |
% |
|
166,136 |
|
|
921 |
|
0.74 |
% |
Retail time deposits |
|
|
321,352 |
|
|
827 |
|
1.02 |
% |
|
323,287 |
|
|
792 |
|
0.98 |
% |
|
320,172 |
|
|
755 |
|
0.96 |
% |
|
324,158 |
|
|
775 |
|
0.95 |
% |
|
278,579 |
|
|
607 |
|
0.87 |
% |
|
|
321,608 |
|
|
2,374 |
|
0.99 |
% |
|
247,504 |
|
|
1,333 |
|
0.72 |
% |
Total interest-bearing deposits |
|
|
1,871,494 |
|
|
2,198 |
|
0.47 |
% |
|
1,853,660 |
|
|
1,983 |
|
0.43 |
% |
|
1,852,194 |
|
|
1,828 |
|
0.40 |
% |
|
1,809,276 |
|
|
1,780 |
|
0.39 |
% |
|
1,729,689 |
|
|
1,575 |
|
0.36 |
% |
|
|
1,859,188 |
|
|
6,009 |
|
0.43 |
% |
|
1,693,663 |
|
|
4,053 |
|
0.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
182,845 |
|
|
547 |
|
1.19 |
% |
|
98,869 |
|
|
237 |
|
0.96 |
% |
|
47,603 |
|
|
27 |
|
0.23 |
% |
|
40,629 |
|
|
22 |
|
0.22 |
% |
|
40,966 |
|
|
34 |
|
0.33 |
% |
|
|
110,268 |
|
|
811 |
|
0.98 |
% |
|
35,836 |
|
|
71 |
|
0.26 |
% |
Long-term FHLB advances |
|
|
155,918 |
|
|
645 |
|
1.64 |
% |
|
171,567 |
|
|
682 |
|
1.59 |
% |
|
182,507 |
|
|
698 |
|
1.55 |
% |
|
198,454 |
|
|
760 |
|
1.52 |
% |
|
218,920 |
|
|
818 |
|
1.49 |
% |
|
|
169,900 |
|
|
2,025 |
|
1.59 |
% |
|
235,002 |
|
|
2,593 |
|
1.47 |
% |
Subordinated notes |
|
|
29,564 |
|
|
370 |
|
4.97 |
% |
|
29,550 |
|
|
370 |
|
5.02 |
% |
|
29,537 |
|
|
370 |
|
5.08 |
% |
|
29,523 |
|
|
370 |
|
4.99 |
% |
|
29,509 |
|
|
370 |
|
4.99 |
% |
|
|
29,550 |
|
|
1,110 |
|
5.02 |
% |
|
29,496 |
|
|
1,106 |
|
5.01 |
% |
Total borrowings |
|
|
368,327 |
|
|
1,562 |
|
1.68 |
% |
|
299,986 |
|
|
1,289 |
|
1.72 |
% |
|
259,647 |
|
|
1,095 |
|
1.71 |
% |
|
268,606 |
|
|
1,152 |
|
1.71 |
% |
|
289,395 |
|
|
1,222 |
|
1.68 |
% |
|
|
309,718 |
|
|
3,946 |
|
1.70 |
% |
|
300,334 |
|
|
3,770 |
|
1.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities |
|
|
2,239,821 |
|
|
3,760 |
|
0.67 |
% |
|
2,153,646 |
|
|
3,272 |
|
0.61 |
% |
|
2,111,841 |
|
|
2,923 |
|
0.56 |
% |
|
2,077,882 |
|
|
2,932 |
|
0.56 |
% |
|
2,019,084 |
|
|
2,797 |
|
0.55 |
% |
|
|
2,168,906 |
|
|
9,955 |
|
0.61 |
% |
|
1,993,997 |
|
|
7,823 |
|
0.52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
764,562 |
|
|
|
|
755,597 |
|
|
|
|
711,794 |
|
|
|
|
724,465 |
|
|
|
|
716,581 |
|
|
|
|
|
744,178 |
|
|
|
|
674,601 |
|
|
|
Other
liabilities |
|
|
40,166 |
|
|
|
|
34,348 |
|
|
|
|
38,211 |
|
|
|
|
35,478 |
|
|
|
|
33,400 |
|
|
|
|
|
37,582 |
|
|
|
|
33,375 |
|
|
|
Total noninterest-bearing liabilities |
|
|
804,728 |
|
|
|
|
789,945 |
|
|
|
|
750,005 |
|
|
|
|
759,943 |
|
|
|
|
749,981 |
|
|
|
|
|
781,760 |
|
|
|
|
707,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
3,044,549 |
|
|
|
|
2,943,591 |
|
|
|
|
2,861,846 |
|
|
|
|
2,837,825 |
|
|
|
|
2,769,065 |
|
|
|
|
|
2,950,666 |
|
|
|
|
2,701,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
397,357 |
|
|
|
|
389,716 |
|
|
|
|
382,214 |
|
|
|
|
378,043 |
|
|
|
|
372,954 |
|
|
|
|
|
389,818 |
|
|
|
|
366,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
3,441,906 |
|
|
|
$ |
3,333,307 |
|
|
|
$ |
3,244,060 |
|
|
|
$ |
3,215,868 |
|
|
|
$ |
3,142,019 |
|
|
|
|
$ |
3,340,484 |
|
|
|
$ |
3,068,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread |
|
|
|
3.51 |
% |
|
|
3.50 |
% |
|
|
3.58 |
% |
|
|
3.49 |
% |
|
|
3.54 |
% |
|
|
|
3.53 |
% |
|
|
3.64 |
% |
Effect of
noninterest-bearing sources |
|
|
|
|
|
0.20 |
% |
|
|
|
|
0.18 |
% |
|
|
|
|
0.16 |
% |
|
|
|
|
0.16 |
% |
|
|
|
|
0.17 |
% |
|
|
|
|
|
0.18 |
% |
|
|
|
|
0.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent net interest margin |
|
|
$ |
29,647 |
|
3.71 |
% |
|
$ |
28,180 |
|
3.68 |
% |
|
$ |
27,597 |
|
3.74 |
% |
|
$ |
27,171 |
|
3.65 |
% |
|
$ |
26,882 |
|
3.71 |
% |
|
|
$ |
85,424 |
|
3.71 |
% |
|
$ |
79,699 |
|
3.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent
adjustment |
|
|
$ |
209 |
|
0.03 |
% |
|
$ |
215 |
|
0.03 |
% |
|
$ |
194 |
|
0.02 |
% |
|
$ |
181 |
|
0.02 |
% |
|
$ |
165 |
|
0.02 |
% |
|
|
$ |
618 |
|
0.03 |
% |
|
$ |
453 |
|
0.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Information Regarding Accretion of Fair Value
Marks |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income (Expense) Effect |
Effect on Yield or Rate |
|
Interest Income (Expense) Effect |
Effect on Yield or Rate |
|
Interest Income (Expense) Effect |
Effect on Yield or Rate |
|
Interest Income (Expense) Effect |
Effect on Yield or Rate |
|
Interest Income (Expense) Effect |
Effect on Yield or Rate |
|
|
Interest Income (Expense) Effect |
Effect on Yield or Rate |
|
Interest Income (Expense) Effect |
Effect on Yield or Rate |
Loans and leases |
|
|
$ |
708 |
|
0.10 |
% |
|
$ |
402 |
|
0.06 |
% |
|
$ |
726 |
|
0.12 |
% |
|
$ |
742 |
|
0.12 |
% |
|
$ |
578 |
|
0.09 |
% |
|
|
$ |
1,836 |
|
0.09 |
% |
|
$ |
2,607 |
|
0.15 |
% |
Retail time deposits |
|
|
|
(15 |
) |
-0.02 |
% |
|
|
(18 |
) |
-0.02 |
% |
|
|
(19 |
) |
-0.02 |
% |
|
|
(19 |
) |
-0.02 |
% |
|
|
(29 |
) |
-0.04 |
% |
|
|
|
(52 |
) |
-0.02 |
% |
|
|
(200 |
) |
-0.11 |
% |
Short-term borrowings |
|
|
|
- |
|
0.00 |
% |
|
|
- |
|
0.00 |
% |
|
|
- |
|
0.00 |
% |
|
|
- |
|
0.00 |
% |
|
|
- |
|
0.00 |
% |
|
|
|
- |
|
0.00 |
% |
|
|
(12 |
) |
-0.04 |
% |
Long-term FHLB advances and other borrowings |
|
|
|
(30 |
) |
-0.08 |
% |
|
|
(30 |
) |
-0.07 |
% |
|
|
(30 |
) |
-0.07 |
% |
|
|
(30 |
) |
-0.06 |
% |
|
|
(30 |
) |
-0.05 |
% |
|
|
|
(91 |
) |
-0.07 |
% |
|
|
(90 |
) |
-0.05 |
% |
Net interest income from fair value marks |
|
|
$ |
753 |
|
|
|
$ |
450 |
|
|
|
$ |
775 |
|
|
|
$ |
791 |
|
|
|
$ |
637 |
|
|
|
|
$ |
1,979 |
|
|
|
$ |
2,909 |
|
|
Purchase accounting effect on tax-equivalent
margin |
|
|
|
|
0.09 |
% |
|
|
|
|
0.06 |
% |
|
|
|
|
0.11 |
% |
|
|
|
|
0.11 |
% |
|
|
|
|
0.09 |
% |
|
|
|
|
|
0.09 |
% |
|
|
|
|
0.14 |
% |
* 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appendix - Non-GAAP to GAAP Reconciliations and Calculation
of Non-GAAP Performance Measures (unaudited) |
|
(dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement on Non-GAAP Measures: The
Corporation believes the presentation of the following non-GAAP
financial measures provides useful supplemental information that is
essential to an investor’s proper understanding of the results of
operations and financial condition of the Corporation. Management
uses non-GAAP financial measures in its analysis of the
Corporation’s performance. These non-GAAP measures should not be
viewed as substitutes for the financial measures determined in
accordance with GAAP, nor are they necessarily comparable to
non-GAAP performance measures that may be presented by other
companies. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or For the Three Months Ended |
|
As of or For the Nine Months Ended |
|
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
|
September 30, 2016 |
|
September 30, 2017 |
|
September 30, 2016 |
|
Reconciliation
of Net Income to Net Income (core): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (a GAAP
measure) |
$ |
10,739 |
|
|
$ |
9,433 |
|
|
$ |
9,044 |
|
|
$ |
9,408 |
|
|
$ |
9,374 |
|
|
$ |
29,216 |
|
|
$ |
26,628 |
|
|
Less:
Tax-effected non-core noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss (gain) on
sale of investment securities available for sale |
|
(47 |
) |
|
|
- |
|
|
|
(1 |
) |
|
|
(6 |
) |
|
|
18 |
|
|
|
(47 |
) |
|
|
56 |
|
|
Add:
Tax-effected non-core noninterest expense items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on pension
termination |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Severance
expense (Salaries and wages) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Branch lease
termination expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Debt and swap
prepayment penalty (Other operating expenses) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Impairment of
intangible assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Due diligence,
merger-related and merger integration expenses |
|
553 |
|
|
|
803 |
|
|
|
332 |
|
|
|
- |
|
|
|
- |
|
|
|
1,688 |
|
|
|
- |
|
|
Net income
(core) (a non-GAAP measure) |
$ |
11,245 |
|
|
$ |
10,236 |
|
|
$ |
9,375 |
|
|
$ |
9,402 |
|
|
$ |
9,392 |
|
|
$ |
30,857 |
|
|
$ |
26,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Basic and Diluted Earnings per Common Share
(core): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding |
|
17,023,046 |
|
|
|
16,984,563 |
|
|
|
16,954,132 |
|
|
|
16,916,705 |
|
|
|
16,860,727 |
|
|
|
16,987,499 |
|
|
|
16,840,457 |
|
|
Dilutive common
shares |
|
210,502 |
|
|
|
248,204 |
|
|
|
228,557 |
|
|
|
247,970 |
|
|
|
211,631 |
|
|
|
234,552 |
|
|
|
153,998 |
|
|
Weighted average
diluted shares |
|
17,233,548 |
|
|
|
17,232,767 |
|
|
|
17,182,689 |
|
|
|
17,164,675 |
|
|
|
17,072,358 |
|
|
|
17,222,051 |
|
|
|
16,994,455 |
|
|
Basic earnings per
common share (core) (a non-GAAP measure) |
$ |
0.66 |
|
|
$ |
0.60 |
|
|
$ |
0.55 |
|
|
$ |
0.56 |
|
|
$ |
0.56 |
|
|
$ |
1.82 |
|
|
$ |
1.58 |
|
|
Diluted earnings per
common share (core) (a non-GAAP measure) |
$ |
0.65 |
|
|
$ |
0.59 |
|
|
$ |
0.55 |
|
|
$ |
0.55 |
|
|
$ |
0.55 |
|
|
$ |
1.79 |
|
|
$ |
1.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Return on Average Tangible Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
10,739 |
|
|
$ |
9,433 |
|
|
$ |
9,044 |
|
|
$ |
9,408 |
|
|
$ |
9,374 |
|
|
$ |
29,216 |
|
|
$ |
26,628 |
|
|
Add:
Tax-effected amortization and impairment of intangible assets |
|
440 |
|
|
|
447 |
|
|
|
450 |
|
|
|
540 |
|
|
|
577 |
|
|
|
1,337 |
|
|
|
1,734 |
|
|
Net tangible income
(numerator) |
$ |
11,179 |
|
|
$ |
9,880 |
|
|
$ |
9,494 |
|
|
$ |
9,948 |
|
|
$ |
9,951 |
|
|
$ |
30,553 |
|
|
$ |
28,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity |
$ |
397,357 |
|
|
$ |
389,716 |
|
|
$ |
382,214 |
|
|
$ |
378,043 |
|
|
$ |
372,954 |
|
|
$ |
389,818 |
|
|
$ |
366,669 |
|
|
Less: Average
goodwill and intangible assets |
|
(128,917 |
) |
|
|
(126,537 |
) |
|
|
(124,884 |
) |
|
|
(125,614 |
) |
|
|
(126,505 |
) |
|
|
(126,794 |
) |
|
|
(127,398 |
) |
|
Net average tangible
equity (denominator) |
$ |
268,440 |
|
|
$ |
263,179 |
|
|
$ |
257,330 |
|
|
$ |
252,429 |
|
|
$ |
246,449 |
|
|
$ |
263,024 |
|
|
$ |
239,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
tangible equity (a non-GAAP measure) |
|
16.52 |
% |
|
|
15.06 |
% |
|
|
14.96 |
% |
|
|
15.68 |
% |
|
|
16.06 |
% |
|
|
15.53 |
% |
|
|
15.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Tangible Equity Ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity |
$ |
401,892 |
|
|
$ |
394,977 |
|
|
$ |
388,095 |
|
|
$ |
381,127 |
|
|
$ |
378,459 |
|
|
|
|
|
|
Less: Goodwill
and intangible assets |
|
(128,534 |
) |
|
|
(129,211 |
) |
|
|
(124,629 |
) |
|
|
(125,170 |
) |
|
|
(126,000 |
) |
|
|
|
|
|
Net tangible equity
(numerator) |
$ |
273,358 |
|
|
$ |
265,766 |
|
|
$ |
263,466 |
|
|
$ |
255,957 |
|
|
$ |
252,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
3,476,821 |
|
|
$ |
3,438,219 |
|
|
$ |
3,292,617 |
|
|
$ |
3,421,530 |
|
|
$ |
3,174,080 |
|
|
|
|
|
|
Less: Goodwill
and intangible assets |
|
(128,534 |
) |
|
|
(129,211 |
) |
|
|
(124,629 |
) |
|
|
(125,170 |
) |
|
|
(126,000 |
) |
|
|
|
|
|
Tangible assets
(denominator) |
$ |
3,348,287 |
|
|
$ |
3,309,008 |
|
|
$ |
3,167,988 |
|
|
$ |
3,296,360 |
|
|
$ |
3,048,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity
ratio |
|
8.16 |
% |
|
|
8.03 |
% |
|
|
8.32 |
% |
|
|
7.76 |
% |
|
|
8.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Efficiency Ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense |
$ |
28,184 |
|
|
$ |
28,495 |
|
|
$ |
26,660 |
|
|
$ |
25,087 |
|
|
$ |
25,371 |
|
|
$ |
83,339 |
|
|
$ |
76,787 |
|
|
Less: certain
noninterest expense items*: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on pension
termination |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Severance
expense (Salaries and wages) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Branch lease
termination expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Debt and swap
prepayment penalty (Other operating expenses) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Amortization of
intangibles |
|
(677 |
) |
|
|
(687 |
) |
|
|
(693 |
) |
|
|
(830 |
) |
|
|
(888 |
) |
|
|
(2,057 |
) |
|
|
(2,668 |
) |
|
Impairment of
intangible assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Due diligence,
merger-related and merger integration expenses |
|
(850 |
) |
|
|
(1,236 |
) |
|
|
(511 |
) |
|
|
- |
|
|
|
- |
|
|
|
(2,597 |
) |
|
|
- |
|
|
Noninterest expense
(adjusted) (numerator) |
$ |
26,657 |
|
|
$ |
26,572 |
|
|
$ |
25,456 |
|
|
$ |
24,257 |
|
|
$ |
24,483 |
|
|
$ |
78,685 |
|
|
$ |
74,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income |
$ |
15,584 |
|
|
$ |
14,785 |
|
|
$ |
13,227 |
|
|
$ |
13,248 |
|
|
$ |
13,786 |
|
|
$ |
43,596 |
|
|
$ |
40,920 |
|
|
Less: non-core
noninterest income items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss (gain) on
sale of investment securities available for sale |
|
(72 |
) |
|
|
- |
|
|
|
(2 |
) |
|
|
(9 |
) |
|
|
28 |
|
|
|
(73 |
) |
|
|
86 |
|
|
Noninterest income
(core) |
$ |
15,512 |
|
|
$ |
14,785 |
|
|
$ |
13,225 |
|
|
$ |
13,239 |
|
|
$ |
13,814 |
|
|
$ |
43,523 |
|
|
$ |
41,006 |
|
|
Net interest
income |
|
29,438 |
|
|
|
27,965 |
|
|
|
27,403 |
|
|
|
26,990 |
|
|
|
26,717 |
|
|
|
84,806 |
|
|
|
79,246 |
|
|
Noninterest income
(core) and net interest income (denominator) |
$ |
44,950 |
|
|
$ |
42,750 |
|
|
$ |
40,628 |
|
|
$ |
40,229 |
|
|
$ |
40,531 |
|
|
$ |
128,329 |
|
|
$ |
120,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio |
|
59.30 |
% |
|
|
62.16 |
% |
|
|
62.66 |
% |
|
|
60.30 |
% |
|
|
60.41 |
% |
|
|
61.32 |
% |
|
|
61.64 |
% |
|
* In
calculating the Corporation's efficiency ratio, which is used by
Management to identify the cost of generating each dollar of core
revenue, certain non-core income and expense items as well as the
amortization of intangible assets, are excluded. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Loan and Allowance Information Used to
Calculate Non-GAAP Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Allowance |
$ |
17,004 |
|
|
$ |
16,399 |
|
|
$ |
17,107 |
|
|
$ |
17,486 |
|
|
$ |
17,744 |
|
|
|
|
|
|
Less: Allowance on
acquired loans |
|
47 |
|
|
|
25 |
|
|
|
38 |
|
|
|
28 |
|
|
|
28 |
|
|
|
|
|
|
Allowance on originated
loans and leases |
$ |
16,957 |
|
|
$ |
16,374 |
|
|
$ |
17,069 |
|
|
$ |
17,458 |
|
|
$ |
17,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Allowance |
$ |
17,004 |
|
|
$ |
16,399 |
|
|
$ |
17,107 |
|
|
$ |
17,486 |
|
|
$ |
17,744 |
|
|
|
|
|
|
Loan mark on acquired
loans |
|
10,223 |
|
|
|
11,084 |
|
|
|
11,544 |
|
|
|
12,286 |
|
|
|
13,391 |
|
|
|
|
|
|
Total Allowance + Loan
mark |
$ |
27,227 |
|
|
$ |
27,483 |
|
|
$ |
28,651 |
|
|
$ |
29,772 |
|
|
$ |
31,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio loans
and leases |
$ |
2,677,345 |
|
|
$ |
2,666,651 |
|
|
$ |
2,555,589 |
|
|
$ |
2,535,425 |
|
|
$ |
2,493,357 |
|
|
|
|
|
|
Less: Originated loans
and leases |
|
2,433,054 |
|
|
|
2,409,964 |
|
|
|
2,286,814 |
|
|
|
2,240,987 |
|
|
|
2,176,549 |
|
|
|
|
|
|
Net acquired loans |
$ |
244,291 |
|
|
$ |
256,687 |
|
|
$ |
268,775 |
|
|
$ |
294,438 |
|
|
$ |
316,808 |
|
|
|
|
|
|
Add: Loan mark on
acquired loans |
|
10,223 |
|
|
|
11,084 |
|
|
|
11,544 |
|
|
|
12,286 |
|
|
|
13,391 |
|
|
|
|
|
|
Gross acquired loans
(excludes loan mark) |
$ |
254,514 |
|
|
$ |
267,771 |
|
|
$ |
280,319 |
|
|
$ |
306,724 |
|
|
$ |
330,199 |
|
|
|
|
|
|
Originated loans and
leases |
|
2,433,054 |
|
|
|
2,409,964 |
|
|
|
2,286,814 |
|
|
|
2,240,987 |
|
|
|
2,176,549 |
|
|
|
|
|
|
Total Gross portfolio
loans and leases |
$ |
2,687,568 |
|
|
$ |
2,677,735 |
|
|
$ |
2,567,133 |
|
|
$ |
2,547,711 |
|
|
$ |
2,506,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank (NASDAQ:BMTC)
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From Apr 2024 to May 2024
Bryn Mawr Bank (NASDAQ:BMTC)
Historical Stock Chart
From May 2023 to May 2024