BRYN MAWR, Pa., April 22, 2021 (GLOBE NEWSWIRE) --
Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”),
parent of The Bryn Mawr Trust Company (the
“Bank”), today reported net income of $17.1 million, or $0.85
diluted earnings per share, for the three months ended March 31,
2021, as compared to $15.5 million, or $0.78 diluted earnings per
share, for the three months ended December 31, 2020, and a net loss
of $11.2 million, or $(0.56) diluted earnings per share, for the
three months ended March 31, 2020.
On a non-GAAP basis, core net income, which excludes due
diligence and merger-related expenses related to the pending merger
with WSFS Financial Corporation (“WSFS”) and other non-core income
and expense items, as detailed in the appendix to this earnings
release, was $18.7 million, or $0.93 diluted earnings per share,
for the three months ended March 31, 2021 as compared to $15.5
million, or $0.77 diluted earnings per share, for the three months
ended December 31, 2020. There were no meaningful non-core income
or expense items for the three months ended March 31, 2020.
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.
“We are pleased with the start of 2021, posting another quarter
of solid earnings and strong credit performance,” commented Frank
Leto, President and Chief Executive Officer, continuing, “We saw
modest improvement in the net interest margin and our wealth
business continues to deliver consistent fee income as wealth
assets under management surpassed the $20 billion milestone. While
working through merger preparation efforts, we remain steadfast in
our focus of achieving solid financial results for our
shareholders, as well as serving our customers and communities in
which we serve.”
On April 22, 2021, the Board of Directors of the Corporation
declared a quarterly dividend of $0.27 per share, payable June 1,
2021 to shareholders of record as of May 4, 2021.
SIGNIFICANT ITEMS OF NOTE
Results of Operations – First Quarter 2021 Compared to
Fourth Quarter 2020
- Net income for the three months ended March 31, 2021 was $17.1
million, or $0.85 diluted earnings per share, as compared to $15.5
million, or $0.78 diluted earnings per share, for the three months
ended December 31, 2020. Net interest income for the three months
ended March 31, 2021 was $34.8 million, a $256 thousand decrease as
compared to the linked quarter. The provision for credit losses
(the “Provision”), which includes the provision for credit losses
on loans and leases, off-balance sheet credit exposures, and
accrued interest receivable on COVID-19 deferrals, for the three
months ended March 31, 2021 was a recovery of $5.2 million, as
compared to a recovery of $1.2 million for the three months ended
December 31, 2020. Total noninterest income decreased $2.2 million,
total noninterest expense decreased $921 thousand, and income tax
expense increased $988 thousand for the three months ended March
31, 2021, as compared to the three months ended December 31,
2020.
- Net interest income for the three months ended March 31, 2021
was $34.8 million, a $256 thousand decrease as compared to the
linked quarter. Tax-equivalent net interest income for the three
months ended March 31, 2021 was $34.9 million, a $262 thousand
decrease as compared to the linked quarter. Tax-equivalent net
interest income for the first quarter of 2021 was positively
impacted by the accretion of purchase accounting fair value marks
of $515 thousand, a decrease of $403 thousand as compared to $918
thousand for the linked quarter. Excluding the effects of these
purchase accounting fair value marks, the adjusted tax-equivalent
net interest income for the three months ended March 31, 2021 was
$34.4 million, an increase of $141 thousand over the linked
quarter. A reconciliation of this and other non-GAAP to GAAP
performance measures is included in the appendix to this earnings
release.
The tax-equivalent net interest margin was 3.16% for the three
months ended March 31, 2021 as compared to 3.04% for the linked
quarter. Adjusting for the impact of the accretion of purchase
accounting fair value marks, the adjusted tax-equivalent net
interest margin was 3.11% for the three months ended March 31, 2021
as compared to 2.96% for the linked quarter. A reconciliation of
this and other non-GAAP to GAAP performance measures is included in
the appendix to this earnings release.
The change in tax-equivalent net interest income adjusted for
purchase accounting included an increase of $384 thousand in
tax-equivalent interest income on available for sale investment
securities, a decrease of $678 thousand in tax-equivalent interest
and fees earned on loans and leases, and a decrease of $487
thousand in interest expense on deposits, for the three months
ended March 31, 2021 as compared to the linked quarter.
Tax-equivalent interest income on available for sale investment
securities for the three months ended March 31, 2021 increased $384
thousand as compared to the linked quarter. The tax-equivalent
yield on average available for sale investment securities for the
three months ended March 31, 2021 was 1.63%, a 12 basis point
increase as compared to the linked quarter. Average available for
sale investment securities increased $59.5 million for the three
months ended March 31, 2020 as compared to the linked quarter.
Tax-equivalent interest and fees earned on loans and leases for the
three months ended March 31, 2021 decreased $1.1 million as
compared to the linked quarter. The tax-equivalent yield on average
loans and leases for the three months ended March 31, 2021 was
3.90%, a one basis point increase as compared to the linked
quarter. Average loans and leases decreased $50.4 million for the
three months ended March 31, 2021 as compared to the linked
quarter.
Interest expense on deposits for the three months ended March 31,
2021 decreased $467 thousand as compared to the linked quarter. The
rate paid on average interest-bearing deposits for the three months
ended March 31, 2021 was 0.22%, a 5 basis point decrease as
compared to the linked quarter. Average interest-bearing deposits
for the three months ended March 31, 2021 decreased $152.9 million
as compared to the linked quarter.
- Noninterest income of $19.8 million for the three months ended
March 31, 2021 declined $2.2 million as compared to the linked
quarter. The decrease was primarily driven by a nonrecurring $2.3
million gain on sale of long-lived assets recognized in the fourth
quarter of 2020 in connection with the sale of owned office space.
This decrease, coupled with a decrease of $592 thousand in net gain
on sale of loans was partially offset by increases of $755 thousand
and $248 thousand in capital markets revenue and fees for wealth
management services, respectively.
- Noninterest expense of $37.7 million for the three months ended
March 31, 2021 declined $921 thousand as compared to the linked
quarter. The decrease was primarily driven by the lack of
nonrecurring facility charges recorded in the fourth quarter of
2020 which included $1.6 million of impairment of long-lived assets
and $801 thousand of disposal expense of leasehold improvements and
equipment associated with the sale of owned office space and the
early termination of leased office space.
These prior quarter facility driven charges, which are detailed in
the appendix to this earnings release as non-core items, were
coupled with first quarter noninterest expense decreases of $900
thousand, $378 thousand, and $334 thousand in salaries and wages,
advertising expense, and professional fees, respectively. Partially
offsetting these decreases were $1.6 million of due diligence and
merger-related expenses related to the pending merger with WSFS and
increases of $1.0 million and $829 thousand in Pennsylvania bank
shares tax and employee benefits, respectively.
- A recovery of Provision of $5.2 million was recorded for the
three months ended March 31, 2021 as compared to a recovery of
Provision of $1.2 million for the three months ended December 31,
2020. The recovery of Provision of $5.2 million for the three
months ended March 31, 2021 was primarily comprised of a $5.5
million recovery of provision for credit losses on loans and
leases, partially offset by a $259 thousand provision for credit
losses on off-balance sheet exposures. The difference in Provision
between the two periods was driven by changes in current and
forward-looking economic assumptions, as well as projected
prepayments, included in the estimation of expected credit losses
on loans and leases as of March 31, 2021 as compared to December
31, 2020. Net loan and lease charge-offs for the first quarter of
2021 totaled $642 thousand, a decrease of $1.7 million as compared
to $2.3 million for the fourth quarter of 2020.
- The effective tax rate for the first quarter of 2021 increased
to 22.93% as compared to 20.86% for the fourth quarter of 2020. The
increase in effective tax rate was primarily due to a $323 thousand
discrete tax item related to non-deductible merger-related expenses
recognized in the first quarter of 2021.
Results of Operations – First Quarter
2021 Compared to First Quarter 2020
- Net income for the three months ended March 31, 2021 was $17.1
million, or $0.85 diluted earnings per share, as compared to a net
loss of $11.4 million, or $(0.56) diluted earnings per share, for
the three months ended March 31, 2020. Net interest income for the
three months ended March 31, 2021 was $34.8 million, a decrease of
$1.6 million as compared to the same period in 2020. A recovery of
Provision of $5.2 million was recorded for the three months ended
March 31, 2021 as compared to a Provision of $35.4 million for the
three months ended March 31, 2020, a difference of $40.6 million.
The difference in Provision between the two periods was driven by
the current and forward-looking economic impacts of the COVID-19
pandemic included in the estimation of expected credit losses on
loans and leases as of March 31, 2021 as compared to March 31,
2020. Total noninterest income increased $1.5 million, total
noninterest expense increased $4.3 million, and income tax expense
increased $8.0 million for the three months ended March 31, 2021 as
compared to the three months ended March 31, 2020.
- Net interest income for the three months ended March 31, 2021
was $34.8 million, a decrease of $1.6 million as compared to the
same period in 2020. Tax-equivalent net interest income for the
three months ended March 31, 2021 was $34.9 million, a decrease of
$1.6 million as compared to the same period in 2020. Tax-equivalent
net interest income for the first quarter of 2021 was positively
impacted by the accretion of purchase accounting fair value marks
of $515 thousand as compared to $949 thousand for the same period
in 2020. Excluding the effects of these purchase accounting fair
value marks, the adjusted tax-equivalent net interest income for
the three months ended March 31, 2021 was $34.3 million, a decrease
of $1.1 million as compared to the same period in 2020. A
reconciliation of this and other non-GAAP to GAAP performance
measures is included in the appendix to this earnings release.
The tax-equivalent net interest margin was 3.16% for the three
months ended March 31, 2021 as compared to 3.38% for the same
period in 2020. Adjusting for the impacts of the accretion of
purchase accounting fair value marks, the adjusted tax-equivalent
net interest margin was 3.11% for the three months ended March 31,
2021 as compared to 3.29% for the same period in 2020. A
reconciliation of this and other non-GAAP to GAAP performance
measures is included in the appendix to this earnings release.
The change in tax-equivalent net interest income adjusted for
purchase accounting included decreases of $7.8 million, $6.3
million, $443 thousand, and $132 thousand in tax-equivalent
interest and fees earned on loans and leases, interest paid on
deposits, interest expense on short-term borrowings, and
tax-equivalent interest income on available for sale investment
securities, respectively, for the three months ended March 31, 2021
as compared to the same period in 2020.
Tax-equivalent interest and fees earned on loans and leases for the
three months ended March 31, 2021 decreased $8.2 million as
compared to the same period in 2020. The tax-equivalent yield on
average loans and leases for the three months ended March 31, 2021
was 3.90%, a 72 basis point decrease as compared to the same period
in 2020. Average loans and leases decreased $131.2 million for the
three months ended March 31, 2021 as compared to the same period in
2020.
Tax-equivalent interest income on available for sale investment
securities for the three months ended March 31, 2021 decreased $132
thousand as compared to the same period in 2020. The tax-equivalent
yield on average available for sale investment securities for the
three months ended March 31, 2021 was 1.63%, a 76 basis point
decrease as compared to the same period in 2020. Average available
for sale investment securities increased $216.5 million for the
three months ended March 31, 2021 as compared to the same period in
2020.
Interest expense on deposits for the three months ended March 31,
2021 decreased $6.2 million as compared to the same period in 2020.
The rate paid on average interest-bearing deposits for the three
months ended March 31, 2021 was 0.22%, an 86 basis point decrease
as compared to the same period in 2020. Average interest-bearing
deposits for the three months ended March 31, 2021 decreased $240.7
million as compared to the same period in 2020.
Interest expense on short-term borrowings for the three months
ended March 31, 2021 decreased $443 thousand as compared to the
same period in 2020. The decrease was primarily due to a $108.6
million decrease in average short-term borrowings for the three
months ended March 31, 2021 as compared to the same period in 2020,
coupled with a 117 basis point decrease in the rate paid for the
three months ended March 31, 2021 as compared to the same period in
2020.
- Noninterest income of $19.8 million for the three months ended
March 31, 2021 represented a $1.5 million increase over the same
period in 2020. The increase was driven by increases of $1.9
million and $1.7 million in other operating income and fees for
wealth management services, respectively, partially offset by
decreases of $765 thousand and $532 thousand in capital markets
revenue and net gain on sale of loans, respectively. The $1.9
million increase in other operating income was primarily due to a
$978 thousand loss on trading securities recorded in the first
quarter of 2020 due to market fluctuations affecting the
Corporation's executive and director supplemental retirement plan
assets, as compared to a $137 thousand gain on trading securities
recorded in the first quarter of 2021.
- Noninterest expense of $37.7 million for the three months ended
March 31, 2021 represented a $4.3 million increase over the same
period in 2020. Increases of $2.5 million, $1.6 million, and $633
thousand in other operating expenses, merger related expenses, and
Pennsylvania bank shares tax expense, respectively, were partially
offset by decreases of $225 thousand, $189 thousand, $159 thousand,
and $123 thousand in advertising expense, furniture, fixtures and
equipment expense, salaries and wages, and occupancy and bank
premises expense, respectively. The $2.5 million increase in other
operating expenses was driven by a $1.9 million increase in
deferred compensation expense as market fluctuations resulted in a
$1.1 million reduction in expense in the first quarter of 2020 as
compared to $801 thousand of expense in the first quarter of
2021.
- A recovery of Provision of $5.2 million was recorded for the
three months ended March 31, 2021 as compared to a Provision of
$35.3 million for the three months ended March 31, 2020, a decrease
of $40.6 million. The difference in Provision between the two
periods was driven by changes in the current and forward-looking
economic impacts of the COVID-19 pandemic included in the
estimation of expected credit losses on loans and leases as of
March 31, 2021 as compared to March 31, 2020. Net loan and lease
charge-offs for the first quarter of 2021 totaled $642 thousand, a
decrease of $3.4 million as compared to $4.1 million for the first
quarter in 2020.
- The effective tax rate for the first quarter of 2021 increased
to 22.93% as compared to 20.94% for the first quarter of 2020. The
increase in effective tax rate was primarily due to a $323 thousand
discrete tax item related to non-deductible merger-related expenses
recognized in the first quarter of 2021.
Financial Condition – March 31, 2021 Compared to
December 31, 2020
- Total assets as of March 31, 2021 were $4.91 billion, a
decrease of $517.5 million from December 31, 2020. The
decrease was primarily driven by decreases of $436.0 million, $48.9
million, and $30.8 million in available for sale investment
securities, cash balances, and other assets, respectively.
- Available for sale investment securities as of March 31, 2021
totaled $739.0 million, a decrease of $436.0 million from December
31, 2020. The decrease was primarily due to the maturing, in
January 2021, of $500.0 million of short-term U.S. Treasury
securities included on the balance sheet as of December 31, 2020,
partially offset by increases of $43.5 million and $17.3 million of
mortgage-backed securities and U.S. Government and agency
securities, respectively.
- Total portfolio loans and leases of $3.63 billion as of March
31, 2021 increased $4.8 million as compared to December 31, 2020.
Increases of $40.4 million, $26.2 million and $3.6 million in
commercial and industrial loans, construction loans and residential
mortgage junior liens, respectively, were partially offset by
decreases of $27.3 million, $18.8 million, $11.9 million and $7.1
million in nonowner-occupied commercial mortgages, residential
mortgage 1st liens, home equity lines of credit and leases,
respectively.
As of March 31, 2021, 31 consumer loans and leases in the amount of
$4.5 million and 42 commercial loans in the amount of $61.5 million
are within a deferral period under the Bank's modification
programs, the total comprising 1.8% of the Bank’s portfolio loans
and leases. Of those commercial loans within a deferral period,
$57.0 million, or 92.6% of deferred commercial loans, continue to
make interest-only payments.
- The ACL on loans and leases was $47.6 million as of March 31,
2021 as compared to an ACL on loans and leases of $53.7 million as
of December 31, 2020, a decrease of $6.1 million. The difference in
ACL on loans and leases between the two periods was driven by the
current and forward-looking economic impacts of the COVID-19
pandemic, as well as projected prepayments, included in the
estimation of expected credit losses on loans and leases as of
March 31, 2021 as compared to December 31, 2020.
- Deposits of $3.90 billion as of March 31, 2021 decreased $474.0
million from December 31, 2020. The decrease was primarily driven
by decreases of $213.9 million, $204.4 million, and $37.1 million
in interest-bearing demand accounts, wholesale non-maturity
deposits, and noninterest bearing deposits, respectively, partially
offset by an increase of $37.5 million in money market accounts.
The decrease in wholesale non-maturity deposits was primarily due
to a decrease of approximately $200.0 million of wholesale deposits
in the first quarter of 2021, which was used to partially fund the
purchase of $500.0 million of short-term U.S. Treasury securities
included on the balance sheet as of December 31, 2020. The decrease
in interest-bearing demand deposits was primarily driven by
management's active management of excess liquidity in this current
interest rate environment.
- Borrowings of $220.9 million as of March 31, 2021, which
include short-term borrowings, long-term FHLB advances,
subordinated notes and junior subordinated debentures, decreased
$12.0 million from December 31, 2020, primarily due to a decrease
of $12.1 million in short-term borrowings.
- Wealth assets totaled $20.06 billion as of March 31, 2021, an
increase of $1.08 billion from December 31, 2020. As of March 31,
2021, wealth assets consisted of $12.80 billion of wealth assets
where fees are set at fixed amounts, an increase of $946.3 million
from December 31, 2020, and $7.26 billion of wealth assets where
fees are predominantly determined based on the market value of the
assets held in their accounts, an increase of $136.5 million from
December 31, 2020.
- The capital ratios for the Bank and the Corporation, as of
March 31, 2021, as shown in the attached tables, indicate
regulatory capital levels in excess of the regulatory minimums and
the levels necessary for the Bank to be considered “well
capitalized.” In September 2020, the U.S. banking agencies issued a
final rule that provides banking organizations with an alternative
option to delay for two years an estimate of CECL’s effect on
regulatory capital, relative to the incurred loss methodology’s
effect on regulatory capital, followed by a three-year transition
period. This final rule is consistent with the interim final rule
issued by the U.S. banking agencies in March 2020. The current and
prior quarter ratios reflect the Corporation's election of the
five-year transition provision.
FORWARD LOOKING STATEMENTS AND SAFE
HARBOR
This communication 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 “believe,” “intend,” “expect,” “anticipate,” “strategy,”
“plan,” “estimate,” “approximately,” “target,” “project,”
“propose,” “possible,” “potential,” “should” and similar
expressions, among others, generally identify forward-looking
statements. Such forward-looking statements are based on various
assumptions (many of which are beyond the control of the
Corporation) and are subject to risks and uncertainties (which
change over time) and other factors which could cause actual
results to differ materially from those currently anticipated. Such
risks and uncertainties include, but are not limited to, the
possibility that the proposed acquisition with WSFS does not close
when expected or at all because required regulatory, stockholder or
other approvals and other conditions to closing are not received or
satisfied on a timely basis or at all; the delay in or failure to
close for any other reason; the outcome of any legal proceedings
that may be instituted against the Corporation; the occurrence of
any event, change or other circumstance that could give rise to the
right of one or both parties to terminate the merger agreement
providing for the merger; the risk that the businesses of WSFS and
the Corporation will not be integrated successfully; the
possibility that the cost savings and any synergies or other
anticipated benefits from the proposed acquisition may not be fully
realized or may take longer to realize than expected; disruption
from the proposed acquisition making it more difficult to maintain
relationships with employees, customers or other parties with whom
the Corporation has business relationships; diversion of management
time on merger-related issues; the reaction to the proposed
transaction of our customers, employees and counterparties;
uncertainty as to the extent of the duration, scope, and impacts of
the COVID-19 pandemic; and other factors, many of which are beyond
the control of the Corporation. We refer you to the “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” sections of the Corporation's Annual
Report on Form 10-K for the year ended December 31, 2020 and any
updates to those risk factors set forth in the Corporation’s
Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and
other filings, which have been filed by the Corporation with the
SEC and are available on the SEC’s website at www.sec.gov. All
forward-looking statements, expressed or implied, included herein
are expressly qualified in their entirety by the cautionary
statements contained or referred to herein. The actual results or
developments anticipated may not be realized or, even if
substantially realized, they may not have the expected consequences
to or effects on the Corporation or its businesses or operations.
We caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date on
which they are made. The Corporation undertakes no obligation, and
specifically declines any obligation, to revise or update any
forward-looking statements, whether as a result of new information,
future developments or otherwise, except as specifically required
by law.
Important Additional Information will be Filed with the
SEC
In connection with the proposed merger transaction, WSFS has
filed with the U.S. Securities and Exchange Commission (the “SEC”)
a Registration Statement on Form S-4 (SEC File No. 333-255329)
which includes a joint proxy statement of WSFS and the Corporation
and a prospectus of WSFS (the “Joint Proxy/Prospectus”), and each
of WSFS and the Corporation may file with the SEC other relevant
documents concerning the proposed transaction. The definitive Joint
Proxy/Prospectus will be mailed to stockholders of WSFS and the
Corporation. SHAREHOLDERS ARE URGED TO READ THE REGISTRATION
STATEMENT AND THE JOINT PROXY/PROSPECTUS REGARDING THE PROPOSED
TRANSACTION CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME
AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BY
WSFS AND THE CORPORATION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS
TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT WSFS, THE CORPORATION AND THE PROPOSED TRANSACTION.
Free copies of the Registration Statement and the Joint
Proxy/Prospectus, as well as other filings containing information
about WSFS and the Corporation, may be obtained at the SEC’s
website (http://www.sec.gov) when they are filed. You will also be
able to obtain these documents, when they are filed, free of
charge, by directing a request to WSFS Financial Corporation, WSFS
Bank Center, 500 Delaware Avenue, Wilmington, Delaware 19801 or by
directing a request to Bryn Mawr Bank Corporation, 801 Lancaster
Avenue, Bryn Mawr, Pennsylvania 19010.
Participants in the Solicitation
WSFS, the Corporation and certain of their respective directors
and executive officers may be deemed to be participants in the
solicitation of proxies from the stockholders of WSFS or the
Corporation in respect of the proposed transaction. Information
about WSFS’s directors and executive officers is available in its
proxy statement for its 2020 annual meeting of stockholders, which
was filed with the SEC on March 23, 2020, and other documents filed
by WSFS with the SEC. Information regarding the Corporation’s
directors and executive officers is available in its proxy
statement for its 2020 annual meeting of stockholders, which was
filed with the SEC on March 6, 2020, and other documents filed by
the Corporation with the SEC. Information regarding the persons who
may, under the rules of the SEC, be deemed participants in the
proxy solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, will be contained in
the Joint Proxy/Prospectus and other relevant materials to be filed
with the SEC when they become available. Free copies of this
document may be obtained as described in the preceding
paragraph.
Bryn Mawr Bank Corporation |
|
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|
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|
|
|
|
|
|
Summary Financial Information (unaudited) |
|
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
As of or For the Three Months Ended |
|
|
March 31,
2021 |
|
December 31,
2020 |
|
September 30,
2020 |
|
June 30,
2020 |
|
March 31,
2020 |
|
Consolidated Balance Sheet (selected items) |
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits with banks |
$ |
37,089 |
|
|
$ |
85,026 |
|
|
$ |
241,763 |
|
|
$ |
448,113 |
|
|
$ |
69,239 |
|
|
Investment securities |
|
761,877 |
|
|
|
1,198,346 |
|
|
|
584,529 |
|
|
|
550,974 |
|
|
|
537,592 |
|
|
Loans held for sale |
|
3,210 |
|
|
|
6,000 |
|
|
|
4,574 |
|
|
|
4,116 |
|
|
|
2,785 |
|
|
Portfolio loans and leases |
|
3,633,235 |
|
|
|
3,628,411 |
|
|
|
3,676,684 |
|
|
|
3,722,165 |
|
|
|
3,767,166 |
|
|
Allowance for credit losses ("ACL") on loans and leases |
|
(47,562 |
) |
|
|
(53,709 |
) |
|
|
(56,428 |
) |
|
|
(54,974 |
) |
|
|
(54,070 |
) |
|
Goodwill and other intangible assets |
|
198,738 |
|
|
|
199,576 |
|
|
|
200,445 |
|
|
|
201,315 |
|
|
|
202,225 |
|
|
Total assets |
|
4,914,508 |
|
|
|
5,432,022 |
|
|
|
5,046,939 |
|
|
|
5,271,311 |
|
|
|
4,923,033 |
|
|
Deposits - interest-bearing |
|
2,537,534 |
|
|
|
2,974,411 |
|
|
|
2,783,188 |
|
|
|
3,026,152 |
|
|
|
2,850,986 |
|
|
Deposits - non-interest-bearing |
|
1,364,716 |
|
|
|
1,401,843 |
|
|
|
1,230,391 |
|
|
|
1,217,496 |
|
|
|
927,922 |
|
|
Short-term borrowings |
|
60,027 |
|
|
|
72,161 |
|
|
|
23,456 |
|
|
|
28,891 |
|
|
|
162,045 |
|
|
Long-term FHLB advances |
|
39,941 |
|
|
|
39,906 |
|
|
|
44,872 |
|
|
|
44,837 |
|
|
|
47,303 |
|
|
Subordinated notes |
|
98,928 |
|
|
|
98,883 |
|
|
|
98,839 |
|
|
|
98,794 |
|
|
|
98,750 |
|
|
Jr. subordinated debentures |
|
21,983 |
|
|
|
21,935 |
|
|
|
21,889 |
|
|
|
21,843 |
|
|
|
21,798 |
|
|
Total liabilities |
|
4,291,412 |
|
|
|
4,809,700 |
|
|
|
4,434,322 |
|
|
|
4,667,637 |
|
|
|
4,329,854 |
|
|
Total shareholders' equity |
|
623,096 |
|
|
|
622,322 |
|
|
|
612,617 |
|
|
|
603,674 |
|
|
|
593,179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheet (selected items) |
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits with banks |
$ |
110,972 |
|
|
$ |
245,904 |
|
|
$ |
336,225 |
|
|
$ |
195,966 |
|
|
$ |
50,330 |
|
|
Investment securities |
|
760,625 |
|
|
|
701,258 |
|
|
|
574,094 |
|
|
|
542,321 |
|
|
|
542,876 |
|
|
Loans held for sale |
|
1,203 |
|
|
|
2,836 |
|
|
|
4,393 |
|
|
|
3,805 |
|
|
|
2,319 |
|
|
Portfolio loans and leases |
|
3,606,011 |
|
|
|
3,654,736 |
|
|
|
3,697,102 |
|
|
|
3,936,227 |
|
|
|
3,736,067 |
|
|
Total interest-earning assets |
|
4,478,811 |
|
|
|
4,604,734 |
|
|
|
4,611,814 |
|
|
|
4,678,319 |
|
|
|
4,331,592 |
|
|
Goodwill and intangible assets |
|
199,208 |
|
|
|
200,060 |
|
|
|
200,931 |
|
|
|
201,823 |
|
|
|
202,760 |
|
|
Total assets |
|
4,968,542 |
|
|
|
5,124,702 |
|
|
|
5,157,588 |
|
|
|
5,226,074 |
|
|
|
4,844,918 |
|
|
Deposits - interest-bearing |
|
2,613,004 |
|
|
|
2,765,941 |
|
|
|
2,891,652 |
|
|
|
2,969,113 |
|
|
|
2,853,712 |
|
|
Short-term borrowings |
|
32,020 |
|
|
|
29,130 |
|
|
|
29,913 |
|
|
|
136,816 |
|
|
|
140,585 |
|
|
Long-term FHLB advances |
|
39,921 |
|
|
|
43,634 |
|
|
|
44,849 |
|
|
|
46,161 |
|
|
|
47,335 |
|
|
Subordinated notes |
|
98,904 |
|
|
|
98,860 |
|
|
|
98,815 |
|
|
|
98,770 |
|
|
|
98,725 |
|
|
Jr. subordinated debentures |
|
21,955 |
|
|
|
21,905 |
|
|
|
21,859 |
|
|
|
21,814 |
|
|
|
21,768 |
|
|
Total interest-bearing liabilities |
|
2,805,804 |
|
|
|
2,959,470 |
|
|
|
3,087,088 |
|
|
|
3,272,674 |
|
|
|
3,162,125 |
|
|
Total liabilities |
|
4,343,552 |
|
|
|
4,507,444 |
|
|
|
4,548,395 |
|
|
|
4,625,511 |
|
|
|
4,229,908 |
|
|
Total shareholders' equity |
|
624,990 |
|
|
|
617,258 |
|
|
|
609,193 |
|
|
|
600,563 |
|
|
|
615,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement |
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
34,781 |
|
|
$ |
35,037 |
|
|
$ |
35,032 |
|
|
$ |
37,385 |
|
|
$ |
36,333 |
|
|
(Recovery of) provision for credit losses |
|
(5,246 |
) |
|
|
(1,209 |
) |
|
|
4,101 |
|
|
|
3,435 |
|
|
|
35,350 |
|
|
Noninterest income |
|
19,841 |
|
|
|
22,006 |
|
|
|
21,099 |
|
|
|
20,566 |
|
|
|
18,300 |
|
|
Noninterest expense |
|
37,703 |
|
|
|
38,624 |
|
|
|
35,197 |
|
|
|
35,503 |
|
|
|
33,403 |
|
|
Income tax expense (benefit) |
|
5,082 |
|
|
|
4,094 |
|
|
|
3,709 |
|
|
|
4,010 |
|
|
|
(2,957 |
) |
|
Net income (loss) |
|
17,083 |
|
|
|
15,534 |
|
|
|
13,124 |
|
|
|
15,003 |
|
|
|
(11,163 |
) |
|
Net loss attributable to noncontrolling interest |
|
- |
|
|
|
(3 |
) |
|
|
(40 |
) |
|
|
(32 |
) |
|
|
- |
|
|
Net income (loss) attributable to Bryn Mawr Bank Corporation |
|
17,083 |
|
|
|
15,537 |
|
|
|
13,164 |
|
|
|
15,035 |
|
|
|
(11,163 |
) |
|
Basic earnings per share |
|
0.86 |
|
|
|
0.78 |
|
|
|
0.66 |
|
|
|
0.75 |
|
|
|
(0.56 |
) |
|
Diluted earnings per share |
|
0.85 |
|
|
|
0.78 |
|
|
|
0.66 |
|
|
|
0.75 |
|
|
|
(0.56 |
) |
|
Net income (loss) (core) (1) |
|
18,707 |
|
|
|
15,518 |
|
|
|
13,164 |
|
|
|
15,399 |
|
|
|
(11,163 |
) |
|
Basic earnings per share (core) (1) |
|
0.94 |
|
|
|
0.78 |
|
|
|
0.66 |
|
|
|
0.77 |
|
|
|
(0.56 |
) |
|
Diluted earnings per share (core) (1) |
|
0.93 |
|
|
|
0.77 |
|
|
|
0.66 |
|
|
|
0.77 |
|
|
|
(0.56 |
) |
|
Dividends paid or accrued per share |
|
0.27 |
|
|
|
0.27 |
|
|
|
0.27 |
|
|
|
0.26 |
|
|
|
0.26 |
|
|
Profitability Indicators |
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
1.39 |
% |
|
|
1.21 |
% |
|
|
1.02 |
% |
|
|
1.16 |
% |
|
|
-0.93 |
% |
|
Return on average equity |
|
11.09 |
% |
|
|
10.01 |
% |
|
|
8.60 |
% |
|
|
10.07 |
% |
|
|
-7.30 |
% |
|
Return on tangible equity(1) |
|
16.87 |
% |
|
|
15.44 |
% |
|
|
13.47 |
% |
|
|
15.86 |
% |
|
|
-10.17 |
% |
|
Return on tangible equity (core)(1) |
|
18.42 |
% |
|
|
15.42 |
% |
|
|
13.47 |
% |
|
|
16.23 |
% |
|
|
-10.17 |
% |
|
Return on average assets (core)(1) |
|
1.53 |
% |
|
|
1.20 |
% |
|
|
1.02 |
% |
|
|
1.19 |
% |
|
|
-0.93 |
% |
|
Return on average equity (core)(1) |
|
12.14 |
% |
|
|
10.00 |
% |
|
|
8.60 |
% |
|
|
10.31 |
% |
|
|
-7.30 |
% |
|
Tax-equivalent net interest margin |
|
3.16 |
% |
|
|
3.04 |
% |
|
|
3.03 |
% |
|
|
3.22 |
% |
|
|
3.38 |
% |
|
Efficiency ratio(1) |
|
64.48 |
% |
|
|
64.81 |
% |
|
|
61.16 |
% |
|
|
58.75 |
% |
|
|
59.46 |
% |
|
Share Data |
|
|
|
|
|
|
|
|
|
|
Closing share price |
$ |
45.51 |
|
|
$ |
30.60 |
|
|
$ |
24.87 |
|
|
$ |
27.66 |
|
|
$ |
28.38 |
|
|
Book value per common share |
$ |
31.34 |
|
|
$ |
31.18 |
|
|
$ |
30.70 |
|
|
$ |
30.29 |
|
|
$ |
29.78 |
|
|
Tangible book value per common share(1) |
$ |
21.39 |
|
|
$ |
21.22 |
|
|
$ |
20.69 |
|
|
$ |
20.23 |
|
|
$ |
19.66 |
|
|
Price / book value |
|
145.21 |
% |
|
|
98.14 |
% |
|
|
81.01 |
% |
|
|
91.32 |
% |
|
|
95.30 |
% |
|
Price / tangible book value(1) |
|
212.76 |
% |
|
|
144.20 |
% |
|
|
120.20 |
% |
|
|
136.73 |
% |
|
|
144.35 |
% |
|
Weighted average diluted shares outstanding |
|
20,050,736 |
|
|
|
20,027,658 |
|
|
|
20,021,617 |
|
|
|
20,008,219 |
|
|
|
20,053,159 |
|
|
Shares outstanding, end of period |
|
19,878,993 |
|
|
|
19,960,294 |
|
|
|
19,958,186 |
|
|
|
19,927,893 |
|
|
|
19,921,524 |
|
|
Wealth Management Information: |
|
|
|
|
|
|
|
|
|
|
Wealth assets under mgmt, administration, supervision and brokerage
(2) |
$ |
20,059,371 |
|
|
$ |
18,976,544 |
|
|
$ |
17,244,307 |
|
|
$ |
17,012,903 |
|
|
$ |
15,593,732 |
|
|
Fees for wealth management services |
$ |
12,836 |
|
|
$ |
12,588 |
|
|
$ |
11,707 |
|
|
$ |
9,069 |
|
|
$ |
11,168 |
|
|
Capital Ratios(3) |
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Trust Company ("BMTC") |
|
|
|
|
|
|
|
|
|
|
Tier I capital to risk weighted assets ("RWA") |
|
12.08 |
% |
|
|
11.53 |
% |
|
|
12.02 |
% |
|
|
11.68 |
% |
|
|
11.10 |
% |
|
Total capital to RWA |
|
13.18 |
% |
|
|
12.75 |
% |
|
|
13.27 |
% |
|
|
12.93 |
% |
|
|
12.33 |
% |
|
Tier I leverage ratio |
|
9.47 |
% |
|
|
8.79 |
% |
|
|
9.16 |
% |
|
|
8.75 |
% |
|
|
9.12 |
% |
|
Tangible equity ratio (1) |
|
9.41 |
% |
|
|
8.27 |
% |
|
|
9.36 |
% |
|
|
8.67 |
% |
|
|
8.98 |
% |
|
Common equity Tier I capital to RWA |
|
12.08 |
% |
|
|
11.53 |
% |
|
|
12.02 |
% |
|
|
11.68 |
% |
|
|
11.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank Corporation ("BMBC") |
|
|
|
|
|
|
|
|
|
|
Tier I capital to RWA |
|
12.15 |
% |
|
|
11.86 |
% |
|
|
11.48 |
% |
|
|
11.27 |
% |
|
|
10.80 |
% |
|
Total capital to RWA |
|
15.73 |
% |
|
|
15.55 |
% |
|
|
15.19 |
% |
|
|
15.14 |
% |
|
|
14.62 |
% |
|
Tier I leverage ratio |
|
9.53 |
% |
|
|
9.04 |
% |
|
|
8.75 |
% |
|
|
8.44 |
% |
|
|
8.88 |
% |
|
Tangible equity ratio (1) |
|
9.02 |
% |
|
|
8.09 |
% |
|
|
8.52 |
% |
|
|
7.95 |
% |
|
|
8.30 |
% |
|
Common equity Tier I capital to RWA |
|
11.58 |
% |
|
|
11.29 |
% |
|
|
10.92 |
% |
|
|
10.71 |
% |
|
|
10.25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Indicators |
|
|
|
|
|
|
|
|
|
|
Net loan and lease charge-offs ("NCO"s) |
$ |
642 |
|
|
$ |
2,340 |
|
|
$ |
2,187 |
|
|
$ |
3,398 |
|
|
$ |
4,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases risk-rated Special Mention |
$ |
74,595 |
|
|
$ |
68,892 |
|
|
$ |
48,267 |
|
|
$ |
55,171 |
|
|
$ |
14,833 |
|
|
Total classified loans and leases |
|
129,120 |
|
|
|
153,011 |
|
|
|
175,501 |
|
|
|
154,687 |
|
|
|
60,972 |
|
|
Total criticized loans and leases |
$ |
203,715 |
|
|
$ |
221,903 |
|
|
$ |
223,768 |
|
|
$ |
209,858 |
|
|
$ |
75,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans and leases ("NPL"s) |
$ |
5,197 |
|
|
$ |
5,306 |
|
|
$ |
8,597 |
|
|
$ |
8,418 |
|
|
$ |
7,557 |
|
|
Other real estate owned ("OREO") |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total nonperforming assets ("NPA"s) |
$ |
5,197 |
|
|
$ |
5,306 |
|
|
$ |
8,597 |
|
|
$ |
8,418 |
|
|
$ |
7,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans and leases 30 or more days past due |
$ |
1,903 |
|
|
$ |
2,001 |
|
|
$ |
4,153 |
|
|
$ |
3,223 |
|
|
$ |
3,380 |
|
|
Performing loans and leases 30 to 89 days past due |
|
5,396 |
|
|
|
10,847 |
|
|
|
9,351 |
|
|
|
10,022 |
|
|
|
19,930 |
|
|
Performing loans and leases 90 or more days past due |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total delinquent loans and leases |
$ |
7,299 |
|
|
$ |
12,848 |
|
|
$ |
13,504 |
|
|
$ |
13,245 |
|
|
$ |
23,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquent loans and leases to total loans and leases |
|
0.20 |
% |
|
|
0.35 |
% |
|
|
0.37 |
% |
|
|
0.36 |
% |
|
|
0.62 |
% |
|
Delinquent performing loans and leases to total loans and
leases |
|
0.15 |
% |
|
|
0.30 |
% |
|
|
0.25 |
% |
|
|
0.27 |
% |
|
|
0.53 |
% |
|
NCOs / average loans and leases (annualized) |
|
0.07 |
% |
|
|
0.25 |
% |
|
|
0.24 |
% |
|
|
0.35 |
% |
|
|
0.44 |
% |
|
NPLs / total portfolio loans and leases |
|
0.14 |
% |
|
|
0.15 |
% |
|
|
0.23 |
% |
|
|
0.23 |
% |
|
|
0.20 |
% |
|
NPAs / total loans and leases and OREO |
|
0.14 |
% |
|
|
0.15 |
% |
|
|
0.23 |
% |
|
|
0.23 |
% |
|
|
0.20 |
% |
|
NPAs / total assets |
|
0.11 |
% |
|
|
0.10 |
% |
|
|
0.17 |
% |
|
|
0.16 |
% |
|
|
0.15 |
% |
|
ACL on loans and leases / NPLs |
|
915.18 |
% |
|
|
1012.23 |
% |
|
|
656.37 |
% |
|
|
653.05 |
% |
|
|
715.50 |
% |
|
ACL / classified loans and leases |
|
36.84 |
% |
|
|
35.10 |
% |
|
|
32.15 |
% |
|
|
35.54 |
% |
|
|
88.68 |
% |
|
ACL / criticized loans and leases |
|
23.35 |
% |
|
|
24.20 |
% |
|
|
25.22 |
% |
|
|
26.20 |
% |
|
|
71.33 |
% |
|
ACL on loans and leases / portfolio loans |
|
1.31 |
% |
|
|
1.48 |
% |
|
|
1.53 |
% |
|
|
1.48 |
% |
|
|
1.44 |
% |
|
ACL on loans and leases for originated loans and leases /
Originated loans and leases (1) |
|
1.33 |
% |
|
|
1.50 |
% |
|
|
1.56 |
% |
|
|
1.51 |
% |
|
|
1.47 |
% |
|
(Total ACL on loans and leases + Loan mark) / Total Gross portfolio
loans and leases (1) |
|
1.46 |
% |
|
|
1.65 |
% |
|
|
1.73 |
% |
|
|
1.69 |
% |
|
|
1.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt restructurings ("TDR"s) included in NPLs |
$ |
1,480 |
|
|
$ |
1,737 |
|
|
$ |
1,393 |
|
|
$ |
1,792 |
|
|
$ |
3,248 |
|
|
TDRs in compliance with modified terms |
|
6,967 |
|
|
|
7,046 |
|
|
|
8,590 |
|
|
|
10,013 |
|
|
|
4,852 |
|
|
Total TDRs |
$ |
8,447 |
|
|
$ |
8,783 |
|
|
$ |
9,983 |
|
|
$ |
11,805 |
|
|
$ |
8,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
(3) Capital Ratios for the current quarter
are to be considered preliminary until the Call Reports are filed.
Beginning with the March 31, 2020 call report, the capital ratios
reflect the Corporation’s election of a five-year transition
provision to delay for two years the full impact of CECL on
regulatory capital, followed by a three-year transition
period. |
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank Corporation |
|
|
|
|
|
|
|
|
|
|
Detailed Balance Sheets (unaudited) |
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2021 |
|
December 31,
2020 |
|
September 30,
2020 |
|
June 30,
2020 |
|
March 31,
2020 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
10,311 |
|
|
$ |
11,287 |
|
|
$ |
15,670 |
|
|
$ |
16,408 |
|
|
$ |
17,803 |
|
|
Interest-bearing deposits with banks |
|
37,089 |
|
|
|
85,026 |
|
|
|
241,763 |
|
|
|
448,113 |
|
|
|
69,239 |
|
|
Cash and cash equivalents |
|
47,400 |
|
|
|
96,313 |
|
|
|
257,433 |
|
|
|
464,521 |
|
|
|
87,042 |
|
|
Investment securities, available for sale |
|
738,974 |
|
|
|
1,174,964 |
|
|
|
564,774 |
|
|
|
530,581 |
|
|
|
516,466 |
|
|
Investment securities, held to maturity |
|
14,126 |
|
|
|
14,759 |
|
|
|
11,725 |
|
|
|
12,592 |
|
|
|
13,369 |
|
|
Investment securities, trading |
|
8,777 |
|
|
|
8,623 |
|
|
|
8,030 |
|
|
|
7,801 |
|
|
|
7,757 |
|
|
Loans held for sale |
|
3,210 |
|
|
|
6,000 |
|
|
|
4,574 |
|
|
|
4,116 |
|
|
|
2,785 |
|
|
Portfolio loans and leases, originated |
|
3,405,128 |
|
|
|
3,380,727 |
|
|
|
3,396,068 |
|
|
|
3,422,890 |
|
|
|
3,424,601 |
|
|
Portfolio loans and leases, acquired |
|
228,107 |
|
|
|
247,684 |
|
|
|
280,616 |
|
|
|
299,275 |
|
|
|
342,565 |
|
|
Total portfolio loans and leases |
|
3,633,235 |
|
|
|
3,628,411 |
|
|
|
3,676,684 |
|
|
|
3,722,165 |
|
|
|
3,767,166 |
|
|
Less: Allowance for credit losses on originated loan and
leases |
|
(45,285 |
) |
|
|
(50,783 |
) |
|
|
(52,968 |
) |
|
|
(51,659 |
) |
|
|
(50,365 |
) |
|
Less: Allowance for credit losses on acquired loan and leases |
|
(2,277 |
) |
|
|
(2,926 |
) |
|
|
(3,460 |
) |
|
|
(3,315 |
) |
|
|
(3,705 |
) |
|
Total allowance for credit losses on loans and
leases |
|
(47,562 |
) |
|
|
(53,709 |
) |
|
|
(56,428 |
) |
|
|
(54,974 |
) |
|
|
(54,070 |
) |
|
Net portfolio loans and leases |
|
3,585,673 |
|
|
|
3,574,702 |
|
|
|
3,620,256 |
|
|
|
3,667,191 |
|
|
|
3,713,096 |
|
|
Premises and equipment |
|
55,510 |
|
|
|
56,662 |
|
|
|
60,369 |
|
|
|
61,778 |
|
|
|
63,144 |
|
|
Operating lease right-of-use assets |
|
33,848 |
|
|
|
34,601 |
|
|
|
38,536 |
|
|
|
39,348 |
|
|
|
40,157 |
|
|
Accrued interest receivable |
|
15,058 |
|
|
|
15,440 |
|
|
|
16,609 |
|
|
|
15,577 |
|
|
|
12,017 |
|
|
Mortgage servicing rights |
|
2,493 |
|
|
|
2,626 |
|
|
|
2,881 |
|
|
|
3,440 |
|
|
|
4,115 |
|
|
Bank owned life insurance |
|
60,721 |
|
|
|
60,393 |
|
|
|
60,072 |
|
|
|
59,728 |
|
|
|
59,399 |
|
|
Federal Home Loan Bank ("FHLB") stock |
|
5,986 |
|
|
|
12,666 |
|
|
|
4,506 |
|
|
|
4,506 |
|
|
|
11,928 |
|
|
Goodwill |
|
184,012 |
|
|
|
184,012 |
|
|
|
184,012 |
|
|
|
184,012 |
|
|
|
184,012 |
|
|
Intangible assets |
|
14,726 |
|
|
|
15,564 |
|
|
|
16,433 |
|
|
|
17,303 |
|
|
|
18,213 |
|
|
Other investments |
|
17,811 |
|
|
|
17,742 |
|
|
|
17,129 |
|
|
|
17,055 |
|
|
|
16,786 |
|
|
Other assets |
|
126,183 |
|
|
|
156,955 |
|
|
|
179,600 |
|
|
|
181,762 |
|
|
|
172,747 |
|
|
Total assets |
$ |
4,914,508 |
|
|
$ |
5,432,022 |
|
|
$ |
5,046,939 |
|
|
$ |
5,271,311 |
|
|
$ |
4,923,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
$ |
1,364,716 |
|
|
$ |
1,401,843 |
|
|
$ |
1,230,391 |
|
|
$ |
1,217,496 |
|
|
$ |
927,922 |
|
|
Interest-bearing |
|
2,537,534 |
|
|
|
2,974,411 |
|
|
|
2,783,188 |
|
|
|
3,026,152 |
|
|
|
2,850,986 |
|
|
Total deposits |
|
3,902,250 |
|
|
|
4,376,254 |
|
|
|
4,013,579 |
|
|
|
4,243,648 |
|
|
|
3,778,908 |
|
|
Short-term borrowings |
|
60,027 |
|
|
|
72,161 |
|
|
|
23,456 |
|
|
|
28,891 |
|
|
|
162,045 |
|
|
Long-term FHLB advances |
|
39,941 |
|
|
|
39,906 |
|
|
|
44,872 |
|
|
|
44,837 |
|
|
|
47,303 |
|
|
Subordinated notes |
|
98,928 |
|
|
|
98,883 |
|
|
|
98,839 |
|
|
|
98,794 |
|
|
|
98,750 |
|
|
Jr. subordinated debentures |
|
21,983 |
|
|
|
21,935 |
|
|
|
21,889 |
|
|
|
21,843 |
|
|
|
21,798 |
|
|
Operating lease liabilities |
|
39,543 |
|
|
|
40,284 |
|
|
|
42,895 |
|
|
|
43,693 |
|
|
|
44,482 |
|
|
Accrued interest payable |
|
6,358 |
|
|
|
6,277 |
|
|
|
7,984 |
|
|
|
7,907 |
|
|
|
7,230 |
|
|
Other liabilities |
|
122,382 |
|
|
|
154,000 |
|
|
|
180,808 |
|
|
|
178,024 |
|
|
|
169,338 |
|
|
Total liabilities |
|
4,291,412 |
|
|
|
4,809,700 |
|
|
|
4,434,322 |
|
|
|
4,667,637 |
|
|
|
4,329,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
|
|
Common stock |
|
24,715 |
|
|
|
24,714 |
|
|
|
24,710 |
|
|
|
24,662 |
|
|
|
24,655 |
|
|
Paid-in capital in excess of par value |
|
382,202 |
|
|
|
381,653 |
|
|
|
380,770 |
|
|
|
380,167 |
|
|
|
379,495 |
|
|
Less: common stock held in treasury, at cost |
|
(91,774 |
) |
|
|
(89,164 |
) |
|
|
(89,100 |
) |
|
|
(88,612 |
) |
|
|
(88,540 |
) |
|
Accumulated other comprehensive income, net of tax |
|
154 |
|
|
|
8,948 |
|
|
|
10,139 |
|
|
|
9,019 |
|
|
|
8,869 |
|
|
Retained earnings |
|
308,569 |
|
|
|
296,941 |
|
|
|
286,865 |
|
|
|
279,165 |
|
|
|
269,395 |
|
|
Total Bryn Mawr Bank Corporation shareholders' equity |
|
623,866 |
|
|
|
623,092 |
|
|
|
613,384 |
|
|
|
604,401 |
|
|
|
593,874 |
|
|
Noncontrolling interest |
|
(770 |
) |
|
|
(770 |
) |
|
|
(767 |
) |
|
|
(727 |
) |
|
|
(695 |
) |
|
Total shareholders' equity |
|
623,096 |
|
|
|
622,322 |
|
|
|
612,617 |
|
|
|
603,674 |
|
|
|
593,179 |
|
|
Total liabilities and
shareholders' equity |
$ |
4,914,508 |
|
|
$ |
5,432,022 |
|
|
$ |
5,046,939 |
|
|
$ |
5,271,311 |
|
|
$ |
4,923,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank Corporation |
|
|
|
|
|
|
|
|
|
Supplemental Balance Sheet Information
(unaudited) |
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
Portfolio Loans and Leases as of |
|
March 31,
2021 |
|
December 31,
2020 |
|
September 30,
2020 |
|
June 30,
2020 |
|
March 31,
2020 |
Commercial real estate - nonowner-occupied |
$ |
1,408,240 |
|
|
$ |
1,435,575 |
|
|
$ |
1,382,757 |
|
|
$ |
1,375,904 |
|
|
$ |
1,354,416 |
|
Commercial real estate - owner-occupied |
|
578,747 |
|
|
|
578,509 |
|
|
|
568,219 |
|
|
|
542,688 |
|
|
|
530,667 |
|
Home equity lines of credit |
|
157,418 |
|
|
|
169,337 |
|
|
|
179,125 |
|
|
|
194,767 |
|
|
|
209,278 |
|
Residential mortgage - 1st liens |
|
602,584 |
|
|
|
621,369 |
|
|
|
660,923 |
|
|
|
695,270 |
|
|
|
710,495 |
|
Residential mortgage - junior liens |
|
27,400 |
|
|
|
23,795 |
|
|
|
26,150 |
|
|
|
33,644 |
|
|
|
35,583 |
|
Construction |
|
187,472 |
|
|
|
161,308 |
|
|
|
186,415 |
|
|
|
212,374 |
|
|
|
221,116 |
|
Total real estate loans |
|
2,961,861 |
|
|
|
2,989,893 |
|
|
|
3,003,589 |
|
|
|
3,054,647 |
|
|
|
3,061,555 |
|
Commercial & Industrial |
|
486,824 |
|
|
|
446,438 |
|
|
|
465,315 |
|
|
|
457,529 |
|
|
|
491,298 |
|
Consumer |
|
39,226 |
|
|
|
39,683 |
|
|
|
47,043 |
|
|
|
43,762 |
|
|
|
45,951 |
|
Leases |
|
145,324 |
|
|
|
152,397 |
|
|
|
160,737 |
|
|
|
166,227 |
|
|
|
168,362 |
|
Total non-real estate loans and leases |
|
671,374 |
|
|
|
638,518 |
|
|
|
673,095 |
|
|
|
667,518 |
|
|
|
705,611 |
|
Total portfolio loans and leases |
$ |
3,633,235 |
|
|
$ |
3,628,411 |
|
|
$ |
3,676,684 |
|
|
$ |
3,722,165 |
|
|
$ |
3,767,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans and Leases as of |
|
March 31,
2021 |
|
December 31,
2020 |
|
September 30,
2020 |
|
June 30,
2020 |
|
March 31,
2020 |
Commercial real estate - nonowner-occupied |
$ |
56 |
|
|
$ |
57 |
|
|
$ |
849 |
|
|
$ |
245 |
|
|
$ |
181 |
|
Commercial real estate - owner-occupied |
|
1,355 |
|
|
|
1,659 |
|
|
|
3,597 |
|
|
|
4,046 |
|
|
|
2,543 |
|
Home equity lines of credit |
|
532 |
|
|
|
729 |
|
|
|
890 |
|
|
|
915 |
|
|
|
758 |
|
Residential mortgage - 1st liens |
|
645 |
|
|
|
99 |
|
|
|
862 |
|
|
|
912 |
|
|
|
1,080 |
|
Residential mortgage - junior liens |
|
184 |
|
|
|
85 |
|
|
|
50 |
|
|
|
72 |
|
|
|
79 |
|
Total nonperforming real estate loans |
|
2,772 |
|
|
|
2,629 |
|
|
|
6,248 |
|
|
|
6,190 |
|
|
|
4,641 |
|
Commercial & Industrial |
|
1,490 |
|
|
|
1,775 |
|
|
|
1,784 |
|
|
|
1,973 |
|
|
|
2,692 |
|
Consumer |
|
40 |
|
|
|
30 |
|
|
|
31 |
|
|
|
36 |
|
|
|
52 |
|
Leases |
|
895 |
|
|
|
872 |
|
|
|
534 |
|
|
|
219 |
|
|
|
172 |
|
Total nonperforming non-real estate loans and
leases |
|
2,425 |
|
|
|
2,677 |
|
|
|
2,349 |
|
|
|
2,228 |
|
|
|
2,916 |
|
Total nonperforming portfolio loans and
leases |
$ |
5,197 |
|
|
$ |
5,306 |
|
|
$ |
8,597 |
|
|
$ |
8,418 |
|
|
$ |
7,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loan and Lease Charge-Offs (Recoveries) for the Three
Months Ended |
|
March 31,
2021 |
|
December 31,
2020 |
|
September 30,
2020 |
|
June 30,
2020 |
|
March 31,
2020 |
Commercial real estate - nonowner-occupied |
$ |
- |
|
|
$ |
240 |
|
|
$ |
(2 |
) |
|
$ |
(4 |
) |
|
$ |
(2 |
) |
Commercial real estate - owner-occupied |
|
189 |
|
|
|
382 |
|
|
|
494 |
|
|
|
1,234 |
|
|
|
- |
|
Home equity lines of credit |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(4 |
) |
|
|
114 |
|
Residential mortgage - 1st liens |
|
1 |
|
|
|
- |
|
|
|
(13 |
) |
|
|
420 |
|
|
|
727 |
|
Residential mortgage - junior liens |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Construction |
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
Total net charge-offs of real estate loans |
|
189 |
|
|
|
621 |
|
|
|
478 |
|
|
|
1,645 |
|
|
|
838 |
|
Commercial & Industrial |
|
(54 |
) |
|
|
897 |
|
|
|
1,522 |
|
|
|
499 |
|
|
|
612 |
|
Consumer |
|
107 |
|
|
|
409 |
|
|
|
134 |
|
|
|
238 |
|
|
|
261 |
|
Leases |
|
400 |
|
|
|
413 |
|
|
|
53 |
|
|
|
1,016 |
|
|
|
2,362 |
|
Total net charge-offs of non-real estate loans and
leases |
|
453 |
|
|
|
1,719 |
|
|
|
1,709 |
|
|
|
1,753 |
|
|
|
3,235 |
|
Total net charge-offs |
$ |
642 |
|
|
$ |
2,340 |
|
|
$ |
2,187 |
|
|
$ |
3,398 |
|
|
$ |
4,073 |
|
Bryn Mawr Bank Corporation |
|
|
|
|
|
|
|
|
|
Supplemental Balance Sheet Information
(unaudited) |
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
Investment Securities Available for Sale, at Fair
Value |
|
March 31,
2021 |
|
December 31,
2020 |
|
September 30,
2020 |
|
June 30,
2020 |
|
March 31,
2020 |
U.S. Treasury securities |
$ |
100 |
|
|
$ |
500,100 |
|
$ |
100 |
|
$ |
100 |
|
$ |
101 |
Obligations of the U.S. Government and agencies |
|
110,413 |
|
|
|
93,098 |
|
|
90,928 |
|
|
114,149 |
|
|
106,679 |
State & political subdivisions - tax-free |
|
2,168 |
|
|
|
2,171 |
|
|
3,178 |
|
|
4,583 |
|
|
4,562 |
Mortgage-backed securities |
|
497,328 |
|
|
|
453,857 |
|
|
431,822 |
|
|
377,204 |
|
|
374,775 |
Collateralized mortgage obligations |
|
17,073 |
|
|
|
19,263 |
|
|
22,253 |
|
|
25,873 |
|
|
29,699 |
Collateralized loan obligations |
|
99,666 |
|
|
|
94,404 |
|
|
6,500 |
|
|
- |
|
|
- |
Corporate bonds |
|
11,576 |
|
|
|
11,421 |
|
|
9,343 |
|
|
8,022 |
|
|
- |
Other debt securities |
|
650 |
|
|
|
650 |
|
|
650 |
|
|
650 |
|
|
650 |
Total investment securities available for sale, at fair
value |
$ |
738,974 |
|
|
$ |
1,174,964 |
|
$ |
564,774 |
|
$ |
530,581 |
|
$ |
516,466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized Gain (Loss) on Investment Securities Available
for Sale |
|
March 31,
2021 |
|
December 31,
2020 |
|
September 30,
2020 |
|
June 30,
2020 |
|
March 31,
2020 |
U.S. Treasury securities |
$ |
- |
|
|
$ |
5 |
|
$ |
- |
|
$ |
- |
|
$ |
1 |
Obligations of the U.S. Government and agencies |
|
(2,597 |
) |
|
|
649 |
|
|
995 |
|
|
1,103 |
|
|
1,036 |
State & political subdivisions - tax-free |
|
16 |
|
|
|
22 |
|
|
27 |
|
|
30 |
|
|
10 |
Mortgage-backed securities |
|
8,957 |
|
|
|
12,282 |
|
|
12,901 |
|
|
11,683 |
|
|
11,554 |
Collateralized mortgage obligations |
|
522 |
|
|
|
583 |
|
|
662 |
|
|
702 |
|
|
778 |
Corporate bonds |
|
576 |
|
|
|
421 |
|
|
343 |
|
|
22 |
|
|
- |
Total unrealized gains on investment securities
available for sale |
$ |
7,625 |
|
|
$ |
13,866 |
|
$ |
14,928 |
|
$ |
13,540 |
|
$ |
13,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
March 31,
2021 |
|
December 31,
2020 |
|
September 30,
2020 |
|
June 30,
2020 |
|
March 31,
2020 |
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
671,854 |
|
|
$ |
885,802 |
|
$ |
815,561 |
|
$ |
910,441 |
|
$ |
750,127 |
Money market |
|
1,201,115 |
|
|
|
1,163,620 |
|
|
1,199,429 |
|
|
1,239,523 |
|
|
1,133,952 |
Savings |
|
286,124 |
|
|
|
282,406 |
|
|
245,167 |
|
|
249,636 |
|
|
247,799 |
Retail time deposits |
|
301,702 |
|
|
|
331,527 |
|
|
366,245 |
|
|
400,186 |
|
|
406,828 |
Wholesale non-maturity deposits |
|
70,605 |
|
|
|
275,011 |
|
|
77,356 |
|
|
146,463 |
|
|
198,888 |
Wholesale time deposits |
|
6,134 |
|
|
|
36,045 |
|
|
79,430 |
|
|
79,903 |
|
|
113,392 |
Total interest-bearing deposits |
|
2,537,534 |
|
|
|
2,974,411 |
|
|
2,783,188 |
|
|
3,026,152 |
|
|
2,850,986 |
Noninterest-bearing deposits |
|
1,364,716 |
|
|
|
1,401,843 |
|
|
1,230,391 |
|
|
1,217,496 |
|
|
927,922 |
Total deposits |
$ |
3,902,250 |
|
|
$ |
4,376,254 |
|
$ |
4,013,579 |
|
$ |
4,243,648 |
|
$ |
3,778,908 |
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank Corporation |
|
|
|
|
|
|
|
|
|
Detailed Income Statements (unaudited) |
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
March 31,
2021 |
|
December 31,
2020 |
|
September 30,
2020 |
|
June 30,
2020 |
|
March 31,
2020 |
Interest income: |
|
|
|
|
|
|
|
|
|
Interest and fees on loans and leases |
$ |
34,578 |
|
|
$ |
35,632 |
|
|
$ |
36,799 |
|
|
$ |
40,690 |
|
|
$ |
42,795 |
|
Interest on cash and cash equivalents |
|
22 |
|
|
|
62 |
|
|
|
85 |
|
|
|
37 |
|
|
|
111 |
|
Interest on investment securities |
|
3,050 |
|
|
|
2,717 |
|
|
|
2,658 |
|
|
|
2,894 |
|
|
|
3,201 |
|
Total interest income |
|
37,650 |
|
|
|
38,411 |
|
|
|
39,542 |
|
|
|
43,621 |
|
|
|
46,107 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
1,424 |
|
|
|
1,891 |
|
|
|
2,967 |
|
|
|
4,476 |
|
|
|
7,637 |
|
Interest on short-term borrowings |
|
10 |
|
|
|
9 |
|
|
|
8 |
|
|
|
232 |
|
|
|
453 |
|
Interest on FHLB advances |
|
203 |
|
|
|
226 |
|
|
|
234 |
|
|
|
155 |
|
|
|
244 |
|
Interest on jr. subordinated debentures |
|
198 |
|
|
|
205 |
|
|
|
207 |
|
|
|
229 |
|
|
|
295 |
|
Interest on subordinated notes |
|
1,034 |
|
|
|
1,043 |
|
|
|
1,094 |
|
|
|
1,144 |
|
|
|
1,145 |
|
Total interest expense |
|
2,869 |
|
|
|
3,374 |
|
|
|
4,510 |
|
|
|
6,236 |
|
|
|
9,774 |
|
Net interest income |
|
34,781 |
|
|
|
35,037 |
|
|
|
35,032 |
|
|
|
37,385 |
|
|
|
36,333 |
|
(Recovery of) provision for credit losses ("PCL") |
|
(5,246 |
) |
|
|
(1,209 |
) |
|
|
4,101 |
|
|
|
3,435 |
|
|
|
35,350 |
|
Net interest income after PCL |
|
40,027 |
|
|
|
36,246 |
|
|
|
30,931 |
|
|
|
33,950 |
|
|
|
983 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
Fees for wealth management services |
|
12,836 |
|
|
|
12,588 |
|
|
|
11,707 |
|
|
|
9,069 |
|
|
|
11,168 |
|
Insurance commissions |
|
1,464 |
|
|
|
1,393 |
|
|
|
1,682 |
|
|
|
1,303 |
|
|
|
1,533 |
|
Capital markets revenue |
|
1,596 |
|
|
|
841 |
|
|
|
3,314 |
|
|
|
2,975 |
|
|
|
2,361 |
|
Service charges on deposits |
|
696 |
|
|
|
756 |
|
|
|
663 |
|
|
|
603 |
|
|
|
846 |
|
Loan servicing and other fees |
|
304 |
|
|
|
360 |
|
|
|
373 |
|
|
|
452 |
|
|
|
461 |
|
Net gain on sale of loans |
|
250 |
|
|
|
842 |
|
|
|
1,021 |
|
|
|
3,134 |
|
|
|
782 |
|
Net gain on sale of long-lived assets |
|
6 |
|
|
|
2,297 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net gain (loss) on sale of other real estate owned |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
148 |
|
Dividends on FHLB and FRB stocks |
|
222 |
|
|
|
337 |
|
|
|
127 |
|
|
|
243 |
|
|
|
444 |
|
Other operating income |
|
2,467 |
|
|
|
2,592 |
|
|
|
2,212 |
|
|
|
2,787 |
|
|
|
557 |
|
Total noninterest income |
|
19,841 |
|
|
|
22,006 |
|
|
|
21,099 |
|
|
|
20,566 |
|
|
|
18,300 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
Salaries and wages |
|
16,830 |
|
|
|
17,730 |
|
|
|
17,201 |
|
|
|
16,926 |
|
|
|
16,989 |
|
Employee benefits |
|
3,687 |
|
|
|
2,858 |
|
|
|
3,026 |
|
|
|
3,221 |
|
|
|
3,500 |
|
Occupancy and bank premises |
|
2,892 |
|
|
|
3,624 |
|
|
|
3,055 |
|
|
|
3,033 |
|
|
|
3,015 |
|
Furniture, fixtures and equipment |
|
2,242 |
|
|
|
2,400 |
|
|
|
2,481 |
|
|
|
2,120 |
|
|
|
2,431 |
|
Impairment of long-lived assets |
|
- |
|
|
|
1,605 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Advertising |
|
176 |
|
|
|
554 |
|
|
|
458 |
|
|
|
196 |
|
|
|
401 |
|
Amortization of intangible assets |
|
838 |
|
|
|
869 |
|
|
|
870 |
|
|
|
910 |
|
|
|
918 |
|
Due diligence, merger-related and merger integration expenses |
|
1,646 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Professional fees |
|
1,433 |
|
|
|
1,767 |
|
|
|
1,718 |
|
|
|
1,575 |
|
|
|
1,368 |
|
Pennsylvania bank shares tax |
|
749 |
|
|
|
(339 |
) |
|
|
115 |
|
|
|
116 |
|
|
|
116 |
|
Data processing |
|
1,404 |
|
|
|
1,501 |
|
|
|
1,403 |
|
|
|
1,479 |
|
|
|
1,394 |
|
Other operating expenses |
|
5,806 |
|
|
|
6,055 |
|
|
|
4,870 |
|
|
|
5,927 |
|
|
|
3,271 |
|
Total noninterest expense |
|
37,703 |
|
|
|
38,624 |
|
|
|
35,197 |
|
|
|
35,503 |
|
|
|
33,403 |
|
Income (loss) before income taxes |
|
22,165 |
|
|
|
19,628 |
|
|
|
16,833 |
|
|
|
19,013 |
|
|
|
(14,120 |
) |
Income tax expense (benefit) |
|
5,082 |
|
|
|
4,094 |
|
|
|
3,709 |
|
|
|
4,010 |
|
|
|
(2,957 |
) |
Net income (loss) |
$ |
17,083 |
|
|
$ |
15,534 |
|
|
$ |
13,124 |
|
|
$ |
15,003 |
|
|
$ |
(11,163 |
) |
Net (loss) attributable to noncontrolling
interest |
|
- |
|
|
|
(3 |
) |
|
|
(40 |
) |
|
|
(32 |
) |
|
|
- |
|
Net income (loss) attributable to
Bryn Mawr Bank Corporation |
$ |
17,083 |
|
|
$ |
15,537 |
|
|
$ |
13,164 |
|
|
$ |
15,035 |
|
|
$ |
(11,163 |
) |
|
|
|
|
|
|
|
|
|
|
Per share data: |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
19,907,873 |
|
|
|
19,958,567 |
|
|
|
19,945,634 |
|
|
|
19,926,737 |
|
|
|
20,053,159 |
|
Dilutive common shares |
|
142,863 |
|
|
|
69,091 |
|
|
|
75,983 |
|
|
|
81,482 |
|
|
|
- |
|
Weighted average diluted shares |
|
20,050,736 |
|
|
|
20,027,658 |
|
|
|
20,021,617 |
|
|
|
20,008,219 |
|
|
|
20,053,159 |
|
Basic earnings per common share |
$ |
0.86 |
|
|
$ |
0.78 |
|
|
$ |
0.66 |
|
|
$ |
0.75 |
|
|
$ |
(0.56 |
) |
Diluted earnings per common share |
$ |
0.85 |
|
|
$ |
0.78 |
|
|
$ |
0.66 |
|
|
$ |
0.75 |
|
|
$ |
(0.56 |
) |
Dividends paid or accrued per common share |
$ |
0.27 |
|
|
$ |
0.27 |
|
|
$ |
0.27 |
|
|
$ |
0.26 |
|
|
$ |
0.26 |
|
Effective tax rate |
|
22.93 |
% |
|
|
20.86 |
% |
|
|
22.03 |
% |
|
|
21.09 |
% |
|
|
20.94 |
% |
Bryn Mawr Bank Corporation |
Tax-Equivalent Net Interest Margin
(unaudited) |
(dollars in thousands) |
|
|
For the Three Months Ended |
|
|
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
June 30, 2020 |
March 31, 2020 |
|
|
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 |
|
$ |
110,972 |
|
$ |
22 |
|
0.08 |
% |
$ |
245,904 |
|
$ |
62 |
|
0.10 |
% |
$ |
336,225 |
|
$ |
85 |
|
0.10 |
% |
$ |
195,966 |
|
$ |
37 |
|
0.08 |
% |
$ |
50,330 |
|
$ |
111 |
|
0.89 |
% |
Investment securities - available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
735,508 |
|
|
2,947 |
|
1.62 |
% |
|
675,642 |
|
|
2,561 |
|
1.51 |
% |
|
550,199 |
|
|
2,562 |
|
1.85 |
% |
|
516,823 |
|
|
2,775 |
|
2.16 |
% |
|
516,244 |
|
|
3,065 |
|
2.39 |
% |
Tax-exempt |
|
|
2,170 |
|
|
14 |
|
2.62 |
% |
|
2,490 |
|
|
16 |
|
2.56 |
% |
|
3,690 |
|
|
23 |
|
2.48 |
% |
|
4,572 |
|
|
26 |
|
2.29 |
% |
|
4,909 |
|
|
28 |
|
2.29 |
% |
Total investment
securities - available
for sale |
|
|
737,678 |
|
|
2,961 |
|
1.63 |
% |
|
678,132 |
|
|
2,577 |
|
1.51 |
% |
|
553,889 |
|
|
2,585 |
|
1.86 |
% |
|
521,395 |
|
|
2,801 |
|
2.16 |
% |
|
521,153 |
|
|
3,093 |
|
2.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities - held to maturity |
|
|
14,329 |
|
|
73 |
|
2.07 |
% |
|
15,093 |
|
|
57 |
|
1.50 |
% |
|
12,248 |
|
|
57 |
|
1.85 |
% |
|
13,126 |
|
|
73 |
|
2.24 |
% |
|
13,195 |
|
|
87 |
|
2.65 |
% |
Investment securities - trading |
|
|
8,618 |
|
|
19 |
|
0.89 |
% |
|
8,033 |
|
|
86 |
|
4.26 |
% |
|
7,957 |
|
|
21 |
|
1.05 |
% |
|
7,800 |
|
|
24 |
|
1.24 |
% |
|
8,528 |
|
|
25 |
|
1.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases * |
|
|
3,607,214 |
|
|
34,674 |
|
3.90 |
% |
|
3,657,572 |
|
|
35,734 |
|
3.89 |
% |
|
3,701,495 |
|
|
36,901 |
|
3.97 |
% |
|
3,940,032 |
|
|
40,779 |
|
4.16 |
% |
|
3,738,386 |
|
|
42,898 |
|
4.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
|
4,478,811 |
|
|
37,749 |
|
3.42 |
% |
|
4,604,734 |
|
|
38,516 |
|
3.33 |
% |
|
4,611,814 |
|
|
39,649 |
|
3.42 |
% |
|
4,678,319 |
|
|
43,714 |
|
3.76 |
% |
|
4,331,592 |
|
|
46,214 |
|
4.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
10,824 |
|
|
|
|
13,192 |
|
|
|
|
16,557 |
|
|
|
|
16,263 |
|
|
|
|
12,479 |
|
|
|
Less: allowance for credit losses on loans and leases |
|
(53,582 |
) |
|
|
|
(55,634 |
) |
|
|
|
(55,285 |
) |
|
|
|
(54,113 |
) |
|
|
|
(25,786 |
) |
|
|
Other assets |
|
|
532,489 |
|
|
|
|
562,410 |
|
|
|
|
584,502 |
|
|
|
|
585,605 |
|
|
|
|
526,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
4,968,542 |
|
|
|
$ |
5,124,702 |
|
|
|
$ |
5,157,588 |
|
|
|
$ |
5,226,074 |
|
|
|
$ |
4,844,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW and market
rate deposits |
|
$ |
2,178,730 |
|
$ |
374 |
|
0.07 |
% |
$ |
2,285,807 |
|
$ |
495 |
|
0.09 |
% |
$ |
2,282,591 |
|
$ |
1,042 |
|
0.18 |
% |
$ |
2,313,150 |
|
$ |
2,341 |
|
0.41 |
% |
$ |
2,197,279 |
|
$ |
4,981 |
|
0.91 |
% |
Wholesale deposits |
|
|
117,710 |
|
|
257 |
|
0.89 |
% |
|
130,660 |
|
|
293 |
|
0.89 |
% |
|
223,527 |
|
|
465 |
|
0.83 |
% |
|
245,052 |
|
|
486 |
|
0.80 |
% |
|
253,322 |
|
|
977 |
|
1.55 |
% |
Retail time deposits |
|
|
316,564 |
|
|
793 |
|
1.02 |
% |
|
349,474 |
|
|
1,103 |
|
1.26 |
% |
|
385,534 |
|
|
1,460 |
|
1.51 |
% |
|
410,911 |
|
|
1,649 |
|
1.61 |
% |
|
403,111 |
|
|
1,679 |
|
1.68 |
% |
Total
interest-bearing
deposits |
|
|
2,613,004 |
|
|
1,424 |
|
0.22 |
% |
|
2,765,941 |
|
|
1,891 |
|
0.27 |
% |
|
2,891,652 |
|
|
2,967 |
|
0.41 |
% |
|
2,969,113 |
|
|
4,476 |
|
0.61 |
% |
|
2,853,712 |
|
|
7,637 |
|
1.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
32,020 |
|
|
10 |
|
0.13 |
% |
|
29,130 |
|
|
9 |
|
0.12 |
% |
|
29,913 |
|
|
8 |
|
0.11 |
% |
|
136,816 |
|
|
232 |
|
0.68 |
% |
|
140,585 |
|
|
453 |
|
1.30 |
% |
Long-term FHLB advances |
|
|
39,921 |
|
|
203 |
|
2.06 |
% |
|
43,634 |
|
|
226 |
|
2.06 |
% |
|
44,849 |
|
|
234 |
|
2.08 |
% |
|
46,161 |
|
|
155 |
|
1.35 |
% |
|
47,335 |
|
|
244 |
|
2.07 |
% |
Subordinated notes |
|
|
98,904 |
|
|
1,034 |
|
4.24 |
% |
|
98,860 |
|
|
1,043 |
|
4.20 |
% |
|
98,815 |
|
|
1,094 |
|
4.40 |
% |
|
98,770 |
|
|
1,144 |
|
4.66 |
% |
|
98,725 |
|
|
1,145 |
|
4.66 |
% |
Jr. subordinated debt |
|
|
21,955 |
|
|
198 |
|
3.66 |
% |
|
21,905 |
|
|
205 |
|
3.72 |
% |
|
21,859 |
|
|
207 |
|
3.77 |
% |
|
21,814 |
|
|
229 |
|
4.22 |
% |
|
21,768 |
|
|
295 |
|
5.45 |
% |
Total borrowings |
|
|
192,800 |
|
|
1,445 |
|
3.04 |
% |
|
193,529 |
|
|
1,483 |
|
3.05 |
% |
|
195,436 |
|
|
1,543 |
|
3.14 |
% |
|
303,561 |
|
|
1,760 |
|
2.33 |
% |
|
308,413 |
|
|
2,137 |
|
2.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities |
|
|
2,805,804 |
|
|
2,869 |
|
0.41 |
% |
|
2,959,470 |
|
|
3,374 |
|
0.45 |
% |
|
3,087,088 |
|
|
4,510 |
|
0.58 |
% |
|
3,272,674 |
|
|
6,236 |
|
0.77 |
% |
|
3,162,125 |
|
|
9,774 |
|
1.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
1,345,253 |
|
|
|
|
1,267,795 |
|
|
|
|
1,220,570 |
|
|
|
|
1,126,139 |
|
|
|
|
894,264 |
|
|
|
Other liabilities |
|
|
192,495 |
|
|
|
|
280,179 |
|
|
|
|
240,737 |
|
|
|
|
226,698 |
|
|
|
|
173,519 |
|
|
|
Total noninterest-bearing
liabilities |
|
|
1,537,748 |
|
|
|
|
1,547,974 |
|
|
|
|
1,461,307 |
|
|
|
|
1,352,837 |
|
|
|
|
1,067,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
4,343,552 |
|
|
|
|
4,507,444 |
|
|
|
|
4,548,395 |
|
|
|
|
4,625,511 |
|
|
|
|
4,229,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
624,990 |
|
|
|
|
617,258 |
|
|
|
|
609,193 |
|
|
|
|
600,563 |
|
|
|
|
615,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity |
|
$ |
4,968,542 |
|
|
|
$ |
5,124,702 |
|
|
|
$ |
5,157,588 |
|
|
|
$ |
5,226,074 |
|
|
|
$ |
4,844,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
3.01 |
% |
|
|
2.88 |
% |
|
|
2.84 |
% |
|
|
2.99 |
% |
|
|
3.05 |
% |
Effect of noninterest-bearing sources |
|
|
|
0.15 |
% |
|
|
0.16 |
% |
|
|
0.19 |
% |
|
|
0.23 |
% |
|
|
0.33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent net interest margin |
|
|
$ |
34,880 |
|
3.16 |
% |
|
$ |
35,142 |
|
3.04 |
% |
|
$ |
35,139 |
|
3.03 |
% |
|
$ |
37,478 |
|
3.22 |
% |
|
$ |
36,440 |
|
3.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent adjustment |
|
|
$ |
99 |
|
0.01 |
% |
|
$ |
105 |
|
0.01 |
% |
|
$ |
107 |
|
0.01 |
% |
|
$ |
93 |
|
0.01 |
% |
|
$ |
107 |
|
0.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Information Regarding Accretion of Fair Value
Marks
|
|
|
Interest |
Increase (Decrease) |
Effect on Yield or Rate |
Interest |
Increase (Decrease) |
Effect on Yield or Rate |
Interest |
Increase (Decrease) |
Effect on Yield or Rate |
|
Increase (Decrease) |
Effect on Yield or Rate |
|
Increase (Decrease) |
Effect on Yield or Rate |
Loans and leases |
|
Income |
$ |
539 |
|
0.06 |
% |
|
$ |
921 |
|
0.10 |
% |
|
$ |
784 |
|
0.08 |
% |
|
$ |
1,017 |
|
0.10 |
% |
|
$ |
910 |
|
0.10 |
% |
Retail time deposits |
|
Expense |
$ |
(58 |
) |
-0.07 |
% |
|
$ |
(78 |
) |
-0.09 |
% |
|
$ |
(96 |
) |
-0.10 |
% |
|
$ |
(103 |
) |
-0.10 |
% |
|
$ |
(118 |
) |
-0.12 |
% |
Long-term FHLB advances |
|
Expense |
$ |
35 |
|
0.36 |
% |
|
$ |
35 |
|
0.32 |
% |
|
$ |
34 |
|
0.30 |
% |
|
$ |
35 |
|
0.30 |
% |
|
$ |
34 |
|
0.29 |
% |
Jr. subordinated debt |
|
Expense |
$ |
47 |
|
0.87 |
% |
|
$ |
46 |
|
0.84 |
% |
|
$ |
46 |
|
0.84 |
% |
|
$ |
45 |
|
0.83 |
% |
|
$ |
45 |
|
0.83 |
% |
Net interest income from fair value marks |
|
|
$ |
515 |
|
|
|
$ |
918 |
|
|
|
$ |
800 |
|
|
|
$ |
1,040 |
|
|
|
$ |
949 |
|
|
Purchase accounting effect on tax-equivalent margin |
|
|
0.05 |
% |
|
|
0.08 |
% |
|
|
0.07 |
% |
|
|
0.09 |
% |
|
|
0.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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 |
|
March 31,
2021 |
|
December 31,
2020 |
|
September 30,
2020 |
|
June 30,
2020 |
|
March 31,
2020 |
Reconciliation of Net Income to Net Income
(core): |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to BMBC (a GAAP measure) |
$ |
17,083 |
|
|
$ |
15,537 |
|
|
$ |
13,164 |
|
|
$ |
15,035 |
|
|
$ |
(11,163 |
) |
Less: Tax-effected non-core noninterest income: |
|
|
|
|
|
|
|
|
|
Gain on sale of PPP loans |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,905 |
) |
|
|
- |
|
BMT Investment Advisers wind-down costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,744 |
|
|
|
- |
|
Gain on sale of building |
|
- |
|
|
|
(1,813 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Add: Tax-effected non-core noninterest expense items: |
|
|
|
|
|
|
|
|
|
Due diligence, merger-related and merger integration
expenses |
|
1,624 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Voluntary years of service incentive program
expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
BMT Investment Advisers wind-down costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
100 |
|
|
|
- |
|
Severance associated with staff reduction |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
425 |
|
|
|
- |
|
Gain on early lease termination |
|
- |
|
|
|
(107 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Impairment of long-lived assets |
|
- |
|
|
|
1,268 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Disposal expense of premises and equipment |
|
- |
|
|
|
633 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) (core) (a non-GAAP measure) |
$ |
18,707 |
|
|
$ |
15,518 |
|
|
$ |
13,164 |
|
|
$ |
15,399 |
|
|
$ |
(11,163 |
) |
|
|
|
|
|
|
|
|
|
|
Calculation of Basic and Diluted Earnings per Common Share
(core): |
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
19,907,873 |
|
|
|
19,958,567 |
|
|
|
19,945,634 |
|
|
|
19,926,737 |
|
|
|
20,053,159 |
|
Dilutive common shares |
|
142,863 |
|
|
|
69,091 |
|
|
|
75,983 |
|
|
|
81,482 |
|
|
|
- |
|
Weighted average diluted shares |
|
20,050,736 |
|
|
|
20,027,658 |
|
|
|
20,021,617 |
|
|
|
20,008,219 |
|
|
|
20,053,159 |
|
Basic earnings per common share (core) (a non-GAAP measure) |
$ |
0.94 |
|
|
$ |
0.78 |
|
|
$ |
0.66 |
|
|
$ |
0.77 |
|
|
$ |
(0.56 |
) |
Diluted earnings per common share (core) (a non-GAAP measure) |
$ |
0.93 |
|
|
$ |
0.77 |
|
|
$ |
0.66 |
|
|
$ |
0.77 |
|
|
$ |
(0.56 |
) |
|
|
|
|
|
|
|
|
|
|
Calculation of Return on Average Tangible
Equity: |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to BMBC (a GAAP measure) |
$ |
17,083 |
|
|
$ |
15,537 |
|
|
$ |
13,164 |
|
|
$ |
15,035 |
|
|
$ |
(11,163 |
) |
Add: Tax-effected amortization and impairment of
intangible assets |
|
662 |
|
|
|
687 |
|
|
|
687 |
|
|
|
719 |
|
|
|
725 |
|
Net tangible income (numerator) |
$ |
17,745 |
|
|
$ |
16,224 |
|
|
$ |
13,851 |
|
|
$ |
15,754 |
|
|
$ |
(10,438 |
) |
|
|
|
|
|
|
|
|
|
|
Average shareholders' equity |
$ |
624,990 |
|
|
$ |
617,258 |
|
|
$ |
609,193 |
|
|
$ |
600,563 |
|
|
$ |
615,010 |
|
Less: Average Noncontrolling interest |
|
770 |
|
|
|
769 |
|
|
|
739 |
|
|
|
696 |
|
|
|
695 |
|
Less: Average goodwill and intangible assets |
|
(199,208 |
) |
|
|
(200,060 |
) |
|
|
(200,931 |
) |
|
|
(201,823 |
) |
|
|
(202,760 |
) |
Net average tangible equity (denominator) |
$ |
426,552 |
|
|
$ |
417,967 |
|
|
$ |
409,001 |
|
|
$ |
399,436 |
|
|
$ |
412,945 |
|
|
|
|
|
|
|
|
|
|
|
Return on tangible equity (a non-GAAP
measure) |
|
16.87 |
% |
|
|
15.44 |
% |
|
|
13.47 |
% |
|
|
15.86 |
% |
|
|
-10.17 |
% |
|
|
|
|
|
|
|
|
|
|
Calculation of Return on Average Tangible Equity
(core): |
|
|
|
|
|
|
|
|
|
Net income (loss) (core) (a non-GAAP measure) |
$ |
18,707 |
|
|
$ |
15,518 |
|
|
$ |
13,164 |
|
|
$ |
15,399 |
|
|
$ |
(11,163 |
) |
Add: Tax-effected amortization and impairment of
intangible assets |
|
662 |
|
|
|
687 |
|
|
|
687 |
|
|
|
719 |
|
|
|
725 |
|
Net tangible income (loss) (core) (numerator) |
$ |
19,369 |
|
|
$ |
16,205 |
|
|
$ |
13,851 |
|
|
$ |
16,118 |
|
|
$ |
(10,438 |
) |
|
|
|
|
|
|
|
|
|
|
Average shareholders' equity |
$ |
624,990 |
|
|
$ |
617,258 |
|
|
$ |
609,193 |
|
|
$ |
600,563 |
|
|
$ |
615,010 |
|
Less: Average Noncontrolling interest |
|
770 |
|
|
|
769 |
|
|
|
739 |
|
|
|
696 |
|
|
|
695 |
|
Less: Average goodwill and intangible assets |
|
(199,208 |
) |
|
|
(200,060 |
) |
|
|
(200,931 |
) |
|
|
(201,823 |
) |
|
|
(202,760 |
) |
Net average tangible equity (denominator) |
$ |
426,552 |
|
|
$ |
417,967 |
|
|
$ |
409,001 |
|
|
$ |
399,436 |
|
|
$ |
412,945 |
|
|
|
|
|
|
|
|
|
|
|
Return on tangible equity (core) (a non-GAAP
measure) |
|
18.42 |
% |
|
|
15.42 |
% |
|
|
13.47 |
% |
|
|
16.23 |
% |
|
|
-10.17 |
% |
|
|
|
|
|
|
|
|
|
|
Calculation of Tangible Equity Ratio (BMBC): |
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
$ |
623,096 |
|
|
$ |
622,322 |
|
|
$ |
612,617 |
|
|
$ |
603,674 |
|
|
$ |
593,179 |
|
Less: Noncontrolling interest |
|
770 |
|
|
|
770 |
|
|
|
767 |
|
|
|
727 |
|
|
|
695 |
|
Less: Goodwill and intangible assets |
|
(198,738 |
) |
|
|
(199,576 |
) |
|
|
(200,445 |
) |
|
|
(201,315 |
) |
|
|
(202,225 |
) |
Net tangible equity (numerator) |
$ |
425,128 |
|
|
$ |
423,516 |
|
|
$ |
412,939 |
|
|
$ |
403,086 |
|
|
$ |
391,649 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
4,914,508 |
|
|
$ |
5,432,022 |
|
|
$ |
5,046,939 |
|
|
$ |
5,271,311 |
|
|
$ |
4,923,033 |
|
Less: Goodwill and intangible assets |
|
(198,738 |
) |
|
|
(199,576 |
) |
|
|
(200,445 |
) |
|
|
(201,315 |
) |
|
|
(202,225 |
) |
Tangible assets (denominator) |
$ |
4,715,770 |
|
|
$ |
5,232,446 |
|
|
$ |
4,846,494 |
|
|
$ |
5,069,996 |
|
|
$ |
4,720,808 |
|
|
|
|
|
|
|
|
|
|
|
Tangible equity ratio
(BMBC)(1) |
|
9.02 |
% |
|
|
8.09 |
% |
|
|
8.52 |
% |
|
|
7.95 |
% |
|
|
8.30 |
% |
|
|
|
|
|
|
|
|
|
|
Calculation of Tangible Equity Ratio (BMTC): |
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
$ |
641,034 |
|
|
$ |
630,880 |
|
|
$ |
653,317 |
|
|
$ |
639,711 |
|
|
$ |
624,959 |
|
Less: Noncontrolling interest |
|
770 |
|
|
|
770 |
|
|
|
767 |
|
|
|
727 |
|
|
|
695 |
|
Less: Goodwill and intangible assets |
|
(198,492 |
) |
|
|
(199,330 |
) |
|
|
(200,200 |
) |
|
|
(201,069 |
) |
|
|
(201,979 |
) |
Net tangible equity (numerator) |
$ |
443,312 |
|
|
$ |
432,320 |
|
|
$ |
453,499 |
|
|
$ |
439,369 |
|
|
$ |
423,675 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
4,911,259 |
|
|
$ |
5,428,909 |
|
|
$ |
5,043,099 |
|
|
$ |
5,267,536 |
|
|
$ |
4,919,004 |
|
Less: Goodwill and intangible assets |
|
(198,492 |
) |
|
|
(199,330 |
) |
|
|
(200,200 |
) |
|
|
(201,069 |
) |
|
|
(201,979 |
) |
Tangible assets (denominator) |
$ |
4,712,767 |
|
|
$ |
5,229,579 |
|
|
$ |
4,842,899 |
|
|
$ |
5,066,467 |
|
|
$ |
4,717,025 |
|
|
|
|
|
|
|
|
|
|
|
Tangible equity ratio
(BMTC)(1) |
|
9.41 |
% |
|
|
8.27 |
% |
|
|
9.36 |
% |
|
|
8.67 |
% |
|
|
8.98 |
% |
|
|
|
|
|
|
|
|
|
|
Calculation of tangible book value per common
share: |
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
$ |
623,096 |
|
|
$ |
622,322 |
|
|
$ |
612,617 |
|
|
$ |
603,674 |
|
|
$ |
593,179 |
|
Less: Noncontrolling interest |
|
770 |
|
|
|
770 |
|
|
|
767 |
|
|
|
727 |
|
|
|
695 |
|
Less: Goodwill and intangible assets |
|
(198,738 |
) |
|
|
(199,576 |
) |
|
|
(200,445 |
) |
|
|
(201,315 |
) |
|
|
(202,225 |
) |
Net tangible equity (numerator) |
$ |
425,128 |
|
|
$ |
423,516 |
|
|
$ |
412,939 |
|
|
$ |
403,086 |
|
|
$ |
391,649 |
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding, end of period (denominator) |
|
19,878,993 |
|
|
|
19,960,294 |
|
|
|
19,958,186 |
|
|
|
19,927,893 |
|
|
|
19,921,524 |
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per common share (a non-GAAP
measure) |
$ |
21.39 |
|
|
$ |
21.22 |
|
|
$ |
20.69 |
|
|
$ |
20.23 |
|
|
$ |
19.66 |
|
|
|
|
|
|
|
|
|
|
|
Calculation of price / tangible book value: |
|
|
|
|
|
|
|
|
|
Closing share price |
$ |
45.51 |
|
|
$ |
30.60 |
|
|
$ |
24.87 |
|
|
$ |
27.66 |
|
|
$ |
28.38 |
|
Tangible book value per common share |
$ |
21.39 |
|
|
$ |
21.22 |
|
|
$ |
20.69 |
|
|
$ |
20.23 |
|
|
$ |
19.66 |
|
Price / tangible book value (a non-GAAP
measure) |
|
212.76 |
% |
|
|
144.20 |
% |
|
|
120.20 |
% |
|
|
136.73 |
% |
|
|
144.35 |
% |
|
|
|
|
|
|
|
|
|
|
(1)Capital Ratios for the current quarter
are to be considered preliminary until the Call Reports are filed.
Beginning with the March 31, 2020 call report, the capital ratios
reflect the Corporation’s election of a five-year transition
provision to delay for two years the full impact of CECL on
regulatory capital, followed by a three-year transition
period. |
|
Calculation of Return on Average Assets
(core) |
|
|
|
|
|
|
|
|
|
Return on average assets (GAAP) |
|
1.39 |
% |
|
|
1.21 |
% |
|
|
1.02 |
% |
|
|
1.16 |
% |
|
|
-0.93 |
% |
Effect of adjustment to GAAP net income to core net income |
|
0.14 |
% |
|
|
-0.01 |
% |
|
|
0.00 |
% |
|
|
0.03 |
% |
|
|
0.00 |
% |
Return on average assets (core) |
|
1.53 |
% |
|
|
1.20 |
% |
|
|
1.02 |
% |
|
|
1.19 |
% |
|
|
-0.93 |
% |
|
|
|
|
|
|
|
|
|
|
Calculation of Return on Average Equity
(core) |
|
|
|
|
|
|
|
|
|
Return on average equity (GAAP) |
|
11.09 |
% |
|
|
10.01 |
% |
|
|
8.60 |
% |
|
|
10.07 |
% |
|
|
-7.30 |
% |
Effect of adjustment to GAAP net income to core net income |
|
1.05 |
% |
|
|
-0.01 |
% |
|
|
0.00 |
% |
|
|
0.24 |
% |
|
|
0.00 |
% |
Return on average equity (core) |
|
12.14 |
% |
|
|
10.00 |
% |
|
|
8.60 |
% |
|
|
10.31 |
% |
|
|
-7.30 |
% |
|
|
|
|
|
|
|
|
|
|
Calculation of Tax-equivalent net interest margin adjusting
for the impact of purchase accounting: |
|
|
|
|
|
|
|
|
|
Tax-equivalent net interest margin |
|
3.16 |
% |
|
|
3.04 |
% |
|
|
3.03 |
% |
|
|
3.22 |
% |
|
|
3.38 |
% |
Effect of fair value marks |
|
0.05 |
% |
|
|
0.08 |
% |
|
|
0.07 |
% |
|
|
0.09 |
% |
|
|
0.09 |
% |
Tax-equivalent net interest margin adjusting for the impact of
purchase accounting |
|
3.11 |
% |
|
|
2.96 |
% |
|
|
2.96 |
% |
|
|
3.13 |
% |
|
|
3.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
Calculation of Tax-equivalent net interest income adjusting
for the impact of purchase accounting: |
|
|
|
|
|
|
|
|
|
Tax-equivalent net interest income |
$ |
34,880 |
|
|
$ |
35,142 |
|
|
$ |
35,139 |
|
|
$ |
37,478 |
|
|
$ |
36,440 |
|
Effect of fair value marks |
|
515 |
|
|
|
918 |
|
|
|
800 |
|
|
|
1,040 |
|
|
|
949 |
|
Tax-equivalent net interest income adjusting for the impact of
purchase accounting |
$ |
34,365 |
|
|
$ |
34,224 |
|
|
$ |
34,339 |
|
|
$ |
36,438 |
|
|
$ |
35,491 |
|
|
|
|
|
|
|
|
|
|
|
Calculation of Efficiency Ratio*: |
|
|
|
|
|
|
|
|
|
Noninterest expense |
$ |
37,703 |
|
|
$ |
38,624 |
|
|
$ |
35,197 |
|
|
$ |
35,503 |
|
|
$ |
33,403 |
|
Less: certain noninterest expense items: |
|
|
|
|
|
|
|
|
|
Amortization of intangibles |
|
(838 |
) |
|
|
(869 |
) |
|
|
(870 |
) |
|
|
(910 |
) |
|
|
(918 |
) |
Due diligence, merger-related and merger integration
expenses |
|
(1,646 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Voluntary years of service incentive program
expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
BMT Investment Advisers, Inc. wind-down costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(127 |
) |
|
|
- |
|
Severance associated with staff reduction |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(538 |
) |
|
|
- |
|
Gain on early lease termination |
|
- |
|
|
|
135 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Impairment of long-lived assets |
|
- |
|
|
|
(1,605 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Disposal expense of premises and equipment |
|
- |
|
|
|
(801 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Noninterest expense (adjusted) (numerator) |
$ |
35,219 |
|
|
$ |
35,484 |
|
|
$ |
34,327 |
|
|
$ |
33,928 |
|
|
$ |
32,485 |
|
|
|
|
|
|
|
|
|
|
|
Noninterest income |
$ |
19,841 |
|
|
$ |
22,006 |
|
|
$ |
21,099 |
|
|
$ |
20,566 |
|
|
$ |
18,300 |
|
Less: non-core noninterest income items: |
|
|
|
|
|
|
|
|
|
Gain on sale of PPP loans |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,411 |
) |
|
|
- |
|
BMT Investment Advisers, Inc. wind-down costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,207 |
|
|
|
- |
|
Gain on sale of building |
|
- |
|
|
|
(2,295 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Noninterest income (core) |
$ |
19,841 |
|
|
$ |
19,711 |
|
|
$ |
21,099 |
|
|
$ |
20,362 |
|
|
$ |
18,300 |
|
Net interest income |
|
34,781 |
|
|
|
35,037 |
|
|
|
35,032 |
|
|
|
37,385 |
|
|
|
36,333 |
|
Noninterest income (core) and net interest income
(denominator) |
$ |
54,622 |
|
|
$ |
54,748 |
|
|
$ |
56,131 |
|
|
$ |
57,747 |
|
|
$ |
54,633 |
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
64.48 |
% |
|
|
64.81 |
% |
|
|
61.16 |
% |
|
|
58.75 |
% |
|
|
59.46 |
% |
|
* 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 ACL on Loans and Leases Information
Used to Calculate Non-GAAP Measures |
|
|
|
|
|
|
|
|
|
|
Total ACL on loans and leases |
$ |
47,562 |
|
|
$ |
53,709 |
|
|
$ |
56,428 |
|
|
$ |
54,974 |
|
|
$ |
54,070 |
|
Less: ACL on acquired loans and leases |
|
2,277 |
|
|
|
2,926 |
|
|
|
3,460 |
|
|
|
3,315 |
|
|
|
3,705 |
|
ACL on originated loans and leases |
$ |
45,285 |
|
|
$ |
50,783 |
|
|
$ |
52,968 |
|
|
$ |
51,659 |
|
|
$ |
50,365 |
|
|
|
|
|
|
|
|
|
|
|
Total ACL on loans and leases |
$ |
47,562 |
|
|
$ |
53,709 |
|
|
$ |
56,428 |
|
|
$ |
54,974 |
|
|
$ |
54,070 |
|
Loan mark on acquired loans and leases |
|
5,736 |
|
|
|
6,288 |
|
|
|
7,235 |
|
|
|
8,037 |
|
|
|
9,478 |
|
Total ACL on loans and leases + Loan mark |
$ |
53,298 |
|
|
$ |
59,997 |
|
|
$ |
63,663 |
|
|
$ |
63,011 |
|
|
$ |
63,548 |
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio loans and leases |
$ |
3,633,235 |
|
|
$ |
3,628,411 |
|
|
$ |
3,676,684 |
|
|
$ |
3,722,165 |
|
|
$ |
3,767,166 |
|
Less: Originated loans and leases |
|
3,405,128 |
|
|
|
3,380,727 |
|
|
|
3,396,068 |
|
|
|
3,422,890 |
|
|
|
3,424,601 |
|
Net acquired loans |
$ |
228,107 |
|
|
$ |
247,684 |
|
|
$ |
280,616 |
|
|
$ |
299,275 |
|
|
$ |
342,565 |
|
Add: Loan mark on acquired loans |
|
5,736 |
|
|
|
6,288 |
|
|
|
7,235 |
|
|
|
8,037 |
|
|
|
9,478 |
|
Gross acquired loans (excludes loan mark) |
$ |
233,843 |
|
|
$ |
253,972 |
|
|
$ |
287,851 |
|
|
$ |
307,312 |
|
|
$ |
352,043 |
|
Originated loans and leases |
|
3,405,128 |
|
|
|
3,380,727 |
|
|
|
3,396,068 |
|
|
|
3,422,890 |
|
|
|
3,424,601 |
|
Total Gross portfolio loans and leases |
$ |
3,638,971 |
|
|
$ |
3,634,699 |
|
|
$ |
3,683,919 |
|
|
$ |
3,730,202 |
|
|
$ |
3,776,644 |
|
FOR MORE INFORMATION CONTACT: |
|
Frank Leto, President, CEO |
|
|
610-581-4730 |
|
|
Mike Harrington, CFO |
|
|
610-526-2466 |
Bryn Mawr Bank (NASDAQ:BMTC)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Bryn Mawr Bank (NASDAQ:BMTC)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024