Bryn Mawr Bank Corporation Reports Quarterly Earnings of $18.4 Million, Declares $0.28 Dividend
October 21 2021 - 4:30PM
BRYN MAWR, Pa., Oct. 21, 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 $18.4 million, or $0.92
diluted earnings per share, for the three months ended September
30, 2021, as compared to $21.3 million, or $1.06 diluted earnings
per share, for the three months ended June 30, 2021, and $13.2
million, or $0.66 diluted earnings per share, for the three months
ended September 30, 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 $18.0 million, or $0.90 diluted earnings per share,
for the three months ended September 30, 2021 as compared to $21.6
million, or $1.08 diluted earnings per share, for the three months
ended June 30, 2021. There were no meaningful non-core income or
expense items for the three months ended September 30, 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 our third quarter results, which was led by
strong fee income as well as continued improvements in our credit
metrics,” commented Frank Leto, President and Chief Executive
Officer. “As it relates to our pending merger with WSFS, we are
awaiting final regulatory approval to complete our combination. As
I mentioned previously, we remain focused on managing the business
to deliver solid financial results for our shareholders and will
continue to serve our customers in support of their banking and
wealth needs. Staff and management continue to work on merger
preparations to ensure a seamless integration upon closing of the
merger.” The Office of the Comptroller of the Currency, the primary
regulator of WSFS, approved the combination with WSFS on July 21st.
Final approval from the Board of Governors of the Federal Reserve
in Washington, D.C. is pending. In addition to regulatory approval,
the merger with WSFS is subject to certain closing conditions.
On October 21, 2021, the Board of Directors of the Corporation
declared a quarterly dividend of $0.28 per share, payable December
1, 2021 to shareholders of record as of November 1, 2021 provided
that the merger has not been consummated on or before the record
date.
SIGNIFICANT ITEMS OF NOTE
Results of Operations – Third Quarter 2021 Compared to
Second Quarter 2021
- Net income for the three months ended September 30, 2021 was
$18.4 million, or $0.92 diluted earnings per share, as compared to
$21.3 million, or $1.06 diluted earnings per share, for the three
months ended June 30, 2021. Net interest income for the three
months ended September 30, 2021 was $34.9 million, a $352 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 September 30, 2021 was a recovery of
$3.2 million, as compared to a recovery of $6.6 million for the
three months ended June 30, 2021. Total noninterest income
increased $1.6 million, total noninterest expense increased $1.4
million, and income tax expense decreased $426 thousand for the
three months ended September 30, 2021, as compared to the three
months ended June 30, 2021.
- Net interest income for the three months ended September 30,
2021 was $34.9 million, a $352 thousand decrease as compared to the
linked quarter. Tax-equivalent net interest income for the three
months ended September 30, 2021 was $35.0 million, a $355 thousand
decrease as compared to the linked quarter. Tax-equivalent net
interest income for the third quarter of 2021 was positively
impacted by the accretion of purchase accounting fair value marks
of $385 thousand, a decrease of $532 thousand as compared to $917
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 September 30, 2021
was $34.6 million, an increase of $177 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 3.15% for the three
months ended September 30, 2021 as compared to 3.17% 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 3.12% for the three months ended September 30,
2021 as compared to 3.09% 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 increase in tax-equivalent net interest income adjusted for
purchase accounting was driven by an increase of $219 thousand in
tax-equivalent interest and fees earned on loans and leases and a
decrease of $167 thousand in interest expense on deposits partially
offset by a decrease of $251 thousand in tax-equivalent interest
income on available for sale investment securities for the three
months ended September 30, 2021 as compared to the linked
quarter.
Tax-equivalent interest and fees earned on loans and leases for the
three months ended September 30, 2021 decreased $307 thousand as
compared to the linked quarter. The tax-equivalent yield on average
loans and leases for the three months ended September 30, 2021 was
3.77%, a decrease of 9 basis points as compared to the linked
quarter. Average loans and leases increased $6.4 million for the
three months ended September 30, 2021 as compared to the linked
quarter.
Interest expense on deposits for the three months ended September
30, 2021 decreased $150 thousand as compared to the linked quarter.
The rate paid on average interest-bearing deposits for the three
months ended September 30, 2021 was 0.13%, a 2 basis point decrease
as compared to the linked quarter. Average interest-bearing
deposits for the three months ended September 30, 2021 decreased
$79.2 million as compared to the linked quarter.
Tax-equivalent interest income on available for sale investment
securities for the three months ended September 30, 2021 decreased
$215 thousand as compared to the linked quarter. The tax-equivalent
yield on average available for sale investment securities for the
three months ended September 30, 2021 was 1.53%, a 5 basis point
decrease as compared to the linked quarter. Average available for
sale investment securities decreased $50.5 million for the three
months ended September 30, 2021 as compared to the linked
quarter.
- Noninterest income of $22.6 million for the three months ended
September 30, 2021 increased $1.6 million as compared to the linked
quarter. The increase was primarily driven by increases of $1.5
million, $512 thousand, $275 thousand, and $146 thousand in capital
markets revenue, net gain on sale of investment securities
available for sale, insurance commissions, and net gain on sale of
loans, respectively, partially offset by decreases of $413 thousand
and $343 thousand in fees for wealth management services and other
operating income, respectively.
- Noninterest expense of $36.8 million for the three months ended
September 30, 2021 increased $1.4 million as compared to the linked
quarter. The increase was primarily driven by increases of $880
thousand, $794 thousand, and $436 thousand in other operating
expenses, professional fees, and furniture, fixtures and equipment
expenses, respectively, partially offset by decreases of $248
thousand, $180 thousand, $148 thousand, and $115 thousand
merger-related expenses, Pennsylvania bank shares tax expense,
advertising expenses, and occupancy and bank premises expense,
respectively.
- A recovery of Provision of $3.2 million was recorded for the
three months ended September 30, 2021 as compared to a recovery of
Provision of $6.6 million for the three months ended June 30, 2021.
The recovery of Provision of $3.2 million for the three months
ended September 30, 2021 was primarily comprised of a $2.8 million
recovery of provision for credit losses on loans and leases and a
$384 thousand recovery of provision for credit losses on
off-balance sheet credit exposures. The difference in Provision
between the two periods was driven by changes in current and
forward-looking economic assumptions included in the estimation of
expected credit losses on loans and leases as of September 30, 2021
as compared to June 30, 2021. The bank recorded net loan and lease
recoveries of $140 thousand for the third quarter of 2021, a
difference of $2.5 million, as compared net loan and lease
charge-offs of $2.4 million for the second quarter of 2021.
- The effective tax rate for the third quarter of 2021 increased
to 23.35% as compared to 21.92% for the second quarter of
2021.
Results of Operations – Third Quarter
2021 Compared to Third Quarter 2020
- Net income for the three months ended September 30, 2021 was
$18.4 million, or $0.92 diluted earnings per share, as compared to
$13.2 million, or $0.66 diluted earnings per share, for the three
months ended September 30, 2020. Net interest income for the three
months ended September 30, 2021 was $34.9 million, a decrease of
$145 thousand as compared to the same period in 2020. A recovery of
Provision of $3.2 million was recorded for the three months ended
September 30, 2021 as compared to a Provision of $4.1 million for
the three months ended September 30, 2020, a difference of $7.3
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 September 30, 2021 as compared to
September 30, 2020. Total noninterest income increased $1.5
million, total noninterest expense increased $1.6 million, and
income tax expense increased $1.9 million for the three months
ended September 30, 2021 as compared to the three months ended
September 30, 2020.
- Net interest income for the three months ended September 30,
2021 was $34.9 million, a decrease of $145 thousand as compared to
the same period in 2020. Tax-equivalent net interest income for the
three months ended September 30, 2021 was $35.0 million, a decrease
of $160 thousand as compared to the same period in 2020.
Tax-equivalent net interest income for the third quarter of 2021
was positively impacted by the accretion of purchase accounting
fair value marks of $385 thousand as compared to $800 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 September 30, 2021 was
$34.6 million, an increase of $255 thousand 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 3.15% for the three
months ended September 30, 2021 as compared to 3.03% 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 3.12% for the three months ended September
30, 2021 as compared to 2.96% 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 increase in tax-equivalent net interest income adjusted for
purchase accounting was driven by a decrease of $2.2 million in
interest paid on deposits partially offset by a decrease of $2.1
million in tax-equivalent interest and fees earned on loans and
leases.
Tax-equivalent interest and fees earned on loans and leases for the
three months ended September 30, 2021 decreased $2.5 million as
compared to the same period in 2020. The tax-equivalent yield on
average loans and leases for the three months ended September 30,
2021 was 3.77%, a 20 basis point decrease as compared to the same
period in 2020. Average loans and leases decreased $83.6 million
for the three months ended September 30, 2021 as compared to the
same period in 2020.
Interest expense on deposits for the three months ended September
30, 2021 decreased $2.2 million as compared to the same period in
2020. The rate paid on average interest-bearing deposits for the
three months ended September 30, 2021 was 0.13%, a 28 basis point
decrease as compared to the same period in 2020. Average
interest-bearing deposits for the three months ended September 30,
2021 decreased $450.6 million as compared to the same period in
2020.
- Noninterest income of $22.6 million for the three months ended
September 30, 2021 increased $1.5 million as compared to the same
period in 2020. The increase was driven by increases of $1.9
million and $512 thousand in fees for wealth management services
and net gain on sale of investment securities available for sale,
respectively, partially offset by decreases of $491 thousand, $350
thousand, and $158 thousand in capital markets revenue, net gain on
sale of loans, and insurance commissions, respectively.
- Noninterest expense of $36.8 million for the three months ended
September 30, 2021 increased $1.6 million as compared to the same
period in 2020. Increases of $1.4 million, $705 thousand, and $423
thousand in other operating expenses, professional fees, and
Pennsylvania bank shares tax expense, respectively, were partially
offset by decreases of $541 thousand, $450 thousand, and $193
thousand in occupancy and bank premises expense, salaries and
wages, and advertising expenses, respectively.
- A recovery of Provision of $3.2 million was recorded for the
three months ended September 30, 2021 as compared to a Provision of
$4.1 million for the three months ended September 30, 2020, a
decrease of $7.3 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 September 30, 2021 as compared to September 30, 2020. The bank
recorded net loan and lease recoveries of $140 thousand for the
third quarter of 2021, a difference of $2.3 million, as compared
net loan and lease charge-offs of $2.2 million for the third
quarter of 2020.
- The effective tax rate for the third quarter of 2021 increased
to 23.35% as compared to 22.03% for the third quarter of
2020.
Financial Condition – September 30, 2021 Compared to
December 31, 2020
- Total assets as of September 30, 2021 were $4.88 billion, a
decrease of $552.9 million from December 31, 2020. The
decrease was primarily driven by a $518.5 million decrease in
available for sale investment securities.
- Available for sale investment securities as of September 30,
2021 totaled $656.5 million, a decrease of $518.5 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.
- Total portfolio loans and leases of $3.62 billion as of
September 30, 2021 decreased $10.5 million as compared to December
31, 2020. Decreases of $61.4 million, $41.0 million, $22.6 million,
and $17.5 million in residential mortgage 1st liens, owner-occupied
commercial mortgages, home equity lines of credit, and leases,
respectively, were partially offset by increases of $74.1 million,
$29.0 million, and $21.5 million in construction loans,
nonowner-occupied commercial mortgages, and commercial and
industrial loans, respectively.
As of the date of this earnings release, all loans and leases which
had previously been granted payment deferrals related to COVID-19
have resumed regular payments.
- The allowance for credit losses (“ACL”) on loans and leases was
$36.5 million as of September 30, 2021 as compared to an ACL on
loans and leases of $53.7 million as of December 31, 2020, a
decrease of $17.2 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 September 30, 2021 as
compared to December 31, 2020.
- Deposits of $3.82 billion as of September 30, 2021 decreased
$560.7 million from December 31, 2020. The decrease was primarily
driven by decreases of $235.5 million, $204.2 million, $92.9
million, $42.5 million, and $29.9 million in wholesale non-maturity
deposits, interest-bearing demand accounts, retail time deposits,
money market accounts, and wholesale time deposits, respectively,
offset by increases of $41.8 million and $2.5 million in
noninterest-bearing deposits and savings accounts, respectively.
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 $243.1 million as of September 30, 2021, which
include short-term borrowings, long-term FHLB advances,
subordinated notes and junior subordinated debentures, decreased
$10.2 million from December 31, 2020.
- Wealth assets under management, administration, supervision and
brokerage (“wealth assets”) totaled $21.39 billion as of September
30, 2021, an increase of $2.41 billion from December 31, 2020. As
of September 30, 2021, wealth assets consisted of $13.78 billion of
wealth assets where fees are set at fixed amounts, an increase of
$1.92 billion from December 31, 2020, and $7.61 billion of wealth
assets where fees are predominantly determined based on the market
value of the assets held in their accounts, an increase of $485.7
million from December 31, 2020.
- The capital ratios for the Bank and the Corporation, as of
September 30, 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 transaction with WSFS does not close
when expected or at all because required regulatory 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 transaction may not be fully
realized or may take longer to realize than expected; disruption
from the proposed transaction 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.
FOR MORE INFORMATION CONTACT: |
Frank Leto, President, CEO |
|
610-581-4730 |
|
Mike Harrington, CFO |
|
610-526-2466 |
|
|
Bryn Mawr Bank
Corporation |
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,
2021 |
|
June 30,
2021 |
|
March 31,
2021 |
|
December 31,
2020 |
|
September 30,
2020 |
|
September 30,
2021 |
|
September 30,
2020 |
Consolidated Balance Sheet (selected items) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits with banks |
$ |
39,213 |
|
|
$ |
103,070 |
|
|
$ |
37,089 |
|
|
$ |
85,026 |
|
|
$ |
241,763 |
|
|
|
|
|
Investment securities |
|
676,171 |
|
|
|
749,536 |
|
|
|
761,877 |
|
|
|
1,198,346 |
|
|
|
584,529 |
|
|
|
|
|
Loans held for sale |
|
634 |
|
|
|
653 |
|
|
|
3,210 |
|
|
|
6,000 |
|
|
|
4,574 |
|
|
|
|
|
Portfolio loans and leases |
|
3,617,915 |
|
|
|
3,617,411 |
|
|
|
3,633,235 |
|
|
|
3,628,411 |
|
|
|
3,676,684 |
|
|
|
|
|
Allowance for credit losses ("ACL") on loans and leases |
|
(36,546 |
) |
|
|
(39,163 |
) |
|
|
(47,562 |
) |
|
|
(53,709 |
) |
|
|
(56,428 |
) |
|
|
|
|
Goodwill and other intangible assets |
|
197,068 |
|
|
|
197,903 |
|
|
|
198,738 |
|
|
|
199,576 |
|
|
|
200,445 |
|
|
|
|
|
Total assets |
|
4,879,079 |
|
|
|
4,958,700 |
|
|
|
4,914,508 |
|
|
|
5,432,022 |
|
|
|
5,046,939 |
|
|
|
|
|
Deposits - interest-bearing |
|
2,371,871 |
|
|
|
2,491,102 |
|
|
|
2,537,534 |
|
|
|
2,974,411 |
|
|
|
2,783,188 |
|
|
|
|
|
Deposits - non-interest-bearing |
|
1,443,661 |
|
|
|
1,468,643 |
|
|
|
1,364,716 |
|
|
|
1,401,843 |
|
|
|
1,230,391 |
|
|
|
|
|
Short-term borrowings |
|
96,965 |
|
|
|
21,553 |
|
|
|
60,027 |
|
|
|
72,161 |
|
|
|
23,456 |
|
|
|
|
|
Long-term FHLB advances |
|
25,000 |
|
|
|
39,976 |
|
|
|
39,941 |
|
|
|
39,906 |
|
|
|
44,872 |
|
|
|
|
|
Subordinated notes |
|
99,017 |
|
|
|
98,973 |
|
|
|
98,928 |
|
|
|
98,883 |
|
|
|
98,839 |
|
|
|
|
|
Jr. subordinated debentures |
|
22,079 |
|
|
|
22,030 |
|
|
|
21,983 |
|
|
|
21,935 |
|
|
|
21,889 |
|
|
|
|
|
Total liabilities |
|
4,224,324 |
|
|
|
4,314,688 |
|
|
|
4,291,412 |
|
|
|
4,809,700 |
|
|
|
4,434,322 |
|
|
|
|
|
Total shareholders' equity |
|
654,755 |
|
|
|
644,012 |
|
|
|
623,096 |
|
|
|
622,322 |
|
|
|
612,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheet (selected items) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits with banks |
$ |
67,665 |
|
|
$ |
86,383 |
|
|
$ |
110,972 |
|
|
$ |
245,904 |
|
|
$ |
336,225 |
|
|
$ |
88,181 |
|
|
$ |
194,652 |
|
Investment securities |
|
714,371 |
|
|
|
766,574 |
|
|
|
760,625 |
|
|
|
701,258 |
|
|
|
574,094 |
|
|
|
747,021 |
|
|
|
553,174 |
|
Loans and leases |
|
3,617,866 |
|
|
|
3,611,479 |
|
|
|
3,607,214 |
|
|
|
3,657,572 |
|
|
|
3,701,495 |
|
|
|
3,612,225 |
|
|
|
3,792,969 |
|
Total interest-earning assets |
|
4,399,902 |
|
|
|
4,464,436 |
|
|
|
4,478,811 |
|
|
|
4,604,734 |
|
|
|
4,611,814 |
|
|
|
4,447,427 |
|
|
|
4,540,795 |
|
Goodwill and intangible assets |
|
197,525 |
|
|
|
198,356 |
|
|
|
199,208 |
|
|
|
200,060 |
|
|
|
200,931 |
|
|
|
198,357 |
|
|
|
201,835 |
|
Total assets |
|
4,900,845 |
|
|
|
4,937,707 |
|
|
|
4,968,542 |
|
|
|
5,124,702 |
|
|
|
5,157,588 |
|
|
|
4,935,449 |
|
|
|
5,076,490 |
|
Deposits - interest-bearing |
|
2,441,079 |
|
|
|
2,520,270 |
|
|
|
2,613,004 |
|
|
|
2,765,941 |
|
|
|
2,891,652 |
|
|
|
2,524,154 |
|
|
|
2,904,777 |
|
Short-term borrowings |
|
35,166 |
|
|
|
19,935 |
|
|
|
32,020 |
|
|
|
29,130 |
|
|
|
29,913 |
|
|
|
29,051 |
|
|
|
102,173 |
|
Long-term FHLB advances |
|
33,795 |
|
|
|
39,956 |
|
|
|
39,921 |
|
|
|
43,634 |
|
|
|
44,849 |
|
|
|
37,868 |
|
|
|
46,110 |
|
Subordinated notes |
|
98,993 |
|
|
|
98,949 |
|
|
|
98,904 |
|
|
|
98,860 |
|
|
|
98,815 |
|
|
|
98,949 |
|
|
|
98,770 |
|
Jr. subordinated debentures |
|
22,051 |
|
|
|
22,002 |
|
|
|
21,955 |
|
|
|
21,905 |
|
|
|
21,859 |
|
|
|
22,003 |
|
|
|
21,814 |
|
Total interest-bearing liabilities |
|
2,631,084 |
|
|
|
2,701,112 |
|
|
|
2,805,804 |
|
|
|
2,959,470 |
|
|
|
3,087,088 |
|
|
|
2,712,025 |
|
|
|
3,173,644 |
|
Total liabilities |
|
4,248,121 |
|
|
|
4,305,637 |
|
|
|
4,343,552 |
|
|
|
4,507,444 |
|
|
|
4,548,395 |
|
|
|
4,298,753 |
|
|
|
4,468,231 |
|
Total shareholders' equity |
|
652,724 |
|
|
|
632,070 |
|
|
|
624,990 |
|
|
|
617,258 |
|
|
|
609,193 |
|
|
|
636,696 |
|
|
|
608,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
34,887 |
|
|
$ |
35,239 |
|
|
$ |
34,781 |
|
|
$ |
35,037 |
|
|
$ |
35,032 |
|
|
$ |
104,907 |
|
|
$ |
108,750 |
|
(Recovery of) provision for credit losses |
|
(3,186 |
) |
|
|
(6,581 |
) |
|
|
(5,246 |
) |
|
|
(1,209 |
) |
|
|
4,101 |
|
|
|
(15,013 |
) |
|
|
42,886 |
|
Noninterest income |
|
22,587 |
|
|
|
20,966 |
|
|
|
19,841 |
|
|
|
22,006 |
|
|
|
21,099 |
|
|
|
63,394 |
|
|
|
59,965 |
|
Noninterest expense |
|
36,840 |
|
|
|
35,467 |
|
|
|
37,703 |
|
|
|
38,624 |
|
|
|
35,197 |
|
|
|
110,010 |
|
|
|
104,103 |
|
Income tax expense |
|
5,562 |
|
|
|
5,988 |
|
|
|
5,082 |
|
|
|
4,094 |
|
|
|
3,709 |
|
|
|
16,632 |
|
|
|
4,762 |
|
Net income |
|
18,258 |
|
|
|
21,331 |
|
|
|
17,083 |
|
|
|
15,534 |
|
|
|
13,124 |
|
|
|
56,672 |
|
|
|
16,964 |
|
Net loss attributable to noncontrolling interest |
|
(124 |
) |
|
|
(11 |
) |
|
|
- |
|
|
|
(3 |
) |
|
|
(40 |
) |
|
|
(135 |
) |
|
|
(72 |
) |
Net income attributable to Bryn Mawr Bank Corporation |
|
18,382 |
|
|
|
21,342 |
|
|
|
17,083 |
|
|
|
15,537 |
|
|
|
13,164 |
|
|
|
56,807 |
|
|
|
17,036 |
|
Basic earnings per share |
|
0.92 |
|
|
|
1.07 |
|
|
|
0.86 |
|
|
|
0.78 |
|
|
|
0.66 |
|
|
|
2.86 |
|
|
|
0.85 |
|
Diluted earnings per share |
|
0.92 |
|
|
|
1.06 |
|
|
|
0.85 |
|
|
|
0.78 |
|
|
|
0.66 |
|
|
|
2.83 |
|
|
|
0.85 |
|
Net income (core) (1) |
|
18,008 |
|
|
|
21,599 |
|
|
|
18,707 |
|
|
|
15,518 |
|
|
|
13,164 |
|
|
|
58,314 |
|
|
|
17,400 |
|
Basic earnings per share (core) (1) |
|
0.91 |
|
|
|
1.09 |
|
|
|
0.94 |
|
|
|
0.78 |
|
|
|
0.66 |
|
|
|
2.93 |
|
|
|
0.87 |
|
Diluted earnings per share (core) (1) |
|
0.90 |
|
|
|
1.08 |
|
|
|
0.93 |
|
|
|
0.77 |
|
|
|
0.66 |
|
|
|
2.91 |
|
|
|
0.87 |
|
Dividends paid or accrued per share |
|
0.28 |
|
|
|
0.27 |
|
|
|
0.27 |
|
|
|
0.27 |
|
|
|
0.27 |
|
|
|
0.82 |
|
|
|
0.79 |
|
Profitability Indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
1.49 |
% |
|
|
1.73 |
% |
|
|
1.39 |
% |
|
|
1.21 |
% |
|
|
1.02 |
% |
|
|
1.54 |
% |
|
|
0.45 |
% |
Return on average equity |
|
11.17 |
% |
|
|
13.54 |
% |
|
|
11.09 |
% |
|
|
10.01 |
% |
|
|
8.60 |
% |
|
|
11.93 |
% |
|
|
3.74 |
% |
Return on tangible equity(1) |
|
16.57 |
% |
|
|
20.31 |
% |
|
|
16.87 |
% |
|
|
15.44 |
% |
|
|
13.47 |
% |
|
|
17.90 |
% |
|
|
6.29 |
% |
Return on tangible equity (core)(1) |
|
16.24 |
% |
|
|
20.55 |
% |
|
|
18.42 |
% |
|
|
15.42 |
% |
|
|
13.47 |
% |
|
|
18.36 |
% |
|
|
6.41 |
% |
Return on average assets (core)(1) |
|
1.46 |
% |
|
|
1.75 |
% |
|
|
1.53 |
% |
|
|
1.20 |
% |
|
|
1.02 |
% |
|
|
1.58 |
% |
|
|
0.46 |
% |
Return on average equity (core)(1) |
|
10.95 |
% |
|
|
13.71 |
% |
|
|
12.14 |
% |
|
|
10.00 |
% |
|
|
8.60 |
% |
|
|
12.25 |
% |
|
|
3.82 |
% |
Tax-equivalent net interest margin |
|
3.15 |
% |
|
|
3.17 |
% |
|
|
3.16 |
% |
|
|
3.04 |
% |
|
|
3.03 |
% |
|
|
3.16 |
% |
|
|
3.21 |
% |
Efficiency ratio(1) |
|
63.18 |
% |
|
|
61.14 |
% |
|
|
64.48 |
% |
|
|
64.81 |
% |
|
|
61.16 |
% |
|
|
62.92 |
% |
|
|
61.33 |
% |
Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing share price |
$ |
45.95 |
|
|
$ |
42.19 |
|
|
$ |
45.51 |
|
|
$ |
30.60 |
|
|
$ |
24.87 |
|
|
|
|
|
Book value per common share |
$ |
32.90 |
|
|
$ |
32.40 |
|
|
$ |
31.34 |
|
|
$ |
31.18 |
|
|
$ |
30.70 |
|
|
|
|
|
Tangible book value per common share(1) |
$ |
23.04 |
|
|
$ |
22.48 |
|
|
$ |
21.39 |
|
|
$ |
21.22 |
|
|
$ |
20.69 |
|
|
|
|
|
Price / book value |
|
139.67 |
% |
|
|
130.22 |
% |
|
|
145.21 |
% |
|
|
98.14 |
% |
|
|
81.01 |
% |
|
|
|
|
Price / tangible book value(1) |
|
199.44 |
% |
|
|
187.68 |
% |
|
|
212.76 |
% |
|
|
144.20 |
% |
|
|
120.20 |
% |
|
|
|
|
Weighted average diluted shares outstanding |
|
20,062,018 |
|
|
|
20,050,819 |
|
|
|
20,050,736 |
|
|
|
20,027,658 |
|
|
|
20,021,617 |
|
|
|
20,056,415 |
|
|
|
20,062,108 |
|
Shares outstanding, end of period |
|
19,900,823 |
|
|
|
19,877,892 |
|
|
|
19,878,993 |
|
|
|
19,960,294 |
|
|
|
19,958,186 |
|
|
|
|
|
Wealth Management Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth assets under mgmt, administration, supervision and brokerage
(2) |
$ |
21,386,682 |
|
|
$ |
20,630,068 |
|
|
$ |
20,059,371 |
|
|
$ |
18,976,544 |
|
|
$ |
17,244,307 |
|
|
|
|
|
Fees for wealth management services |
$ |
13,618 |
|
|
$ |
14,031 |
|
|
$ |
12,836 |
|
|
$ |
12,588 |
|
|
$ |
11,707 |
|
|
|
|
|
Capital Ratios(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Trust Company ("BMTC") |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I capital to risk weighted assets ("RWA") |
|
13.12 |
% |
|
|
12.50 |
% |
|
|
12.01 |
% |
|
|
11.53 |
% |
|
|
12.02 |
% |
|
|
|
|
Total capital to RWA |
|
13.98 |
% |
|
|
13.41 |
% |
|
|
13.11 |
% |
|
|
12.75 |
% |
|
|
13.27 |
% |
|
|
|
|
Tier I leverage ratio |
|
10.45 |
% |
|
|
9.96 |
% |
|
|
9.47 |
% |
|
|
8.79 |
% |
|
|
9.16 |
% |
|
|
|
|
Tangible equity ratio (1) |
|
10.42 |
% |
|
|
9.89 |
% |
|
|
9.41 |
% |
|
|
8.27 |
% |
|
|
9.36 |
% |
|
|
|
|
Common equity Tier I capital to RWA |
|
13.12 |
% |
|
|
12.50 |
% |
|
|
12.01 |
% |
|
|
11.53 |
% |
|
|
12.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank Corporation ("BMBC") |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I capital to RWA |
|
12.90 |
% |
|
|
12.42 |
% |
|
|
12.08 |
% |
|
|
11.86 |
% |
|
|
11.48 |
% |
|
|
|
|
Total capital to RWA |
|
16.08 |
% |
|
|
15.79 |
% |
|
|
15.65 |
% |
|
|
15.55 |
% |
|
|
15.19 |
% |
|
|
|
|
Tier I leverage ratio |
|
10.27 |
% |
|
|
9.91 |
% |
|
|
9.53 |
% |
|
|
9.04 |
% |
|
|
8.75 |
% |
|
|
|
|
Tangible equity ratio (1) |
|
9.79 |
% |
|
|
9.39 |
% |
|
|
9.02 |
% |
|
|
8.09 |
% |
|
|
8.52 |
% |
|
|
|
|
Common equity Tier I capital to RWA |
|
12.33 |
% |
|
|
11.86 |
% |
|
|
11.52 |
% |
|
|
11.29 |
% |
|
|
10.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan and lease charge-offs ("NCO"s) |
$ |
(140 |
) |
|
$ |
2,391 |
|
|
$ |
642 |
|
|
$ |
2,340 |
|
|
$ |
2,187 |
|
|
$ |
2,893 |
|
|
$ |
9,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases risk-rated Special Mention |
$ |
91,750 |
|
|
$ |
83,009 |
|
|
$ |
74,595 |
|
|
$ |
68,892 |
|
|
$ |
48,267 |
|
|
|
|
|
Total classified loans and leases |
|
64,303 |
|
|
|
90,153 |
|
|
|
129,120 |
|
|
|
153,011 |
|
|
|
175,501 |
|
|
|
|
|
Total criticized loans and leases |
$ |
156,053 |
|
|
$ |
173,162 |
|
|
$ |
203,715 |
|
|
$ |
221,903 |
|
|
$ |
223,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans and leases ("NPL"s) |
$ |
8,047 |
|
|
$ |
10,665 |
|
|
$ |
5,197 |
|
|
$ |
5,306 |
|
|
$ |
8,597 |
|
|
|
|
|
Other real estate owned ("OREO") |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
Total nonperforming assets ("NPA"s) |
$ |
8,047 |
|
|
$ |
10,665 |
|
|
$ |
5,197 |
|
|
$ |
5,306 |
|
|
$ |
8,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans and leases 30 or more days past due |
$ |
1,473 |
|
|
$ |
3,041 |
|
|
$ |
1,903 |
|
|
$ |
2,001 |
|
|
$ |
4,153 |
|
|
|
|
|
Performing loans and leases 30 to 89 days past due |
|
3,360 |
|
|
|
3,168 |
|
|
|
5,396 |
|
|
|
10,847 |
|
|
|
9,351 |
|
|
|
|
|
Performing loans and leases 90 or more days past due |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
Total delinquent loans and leases |
$ |
4,833 |
|
|
$ |
6,209 |
|
|
$ |
7,299 |
|
|
$ |
12,848 |
|
|
$ |
13,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquent loans and leases to total loans and leases |
|
0.13 |
% |
|
|
0.17 |
% |
|
|
0.20 |
% |
|
|
0.35 |
% |
|
|
0.37 |
% |
|
|
|
|
Delinquent performing loans and leases to total loans and
leases |
|
0.09 |
% |
|
|
0.09 |
% |
|
|
0.15 |
% |
|
|
0.30 |
% |
|
|
0.25 |
% |
|
|
|
|
NCOs / average loans and leases (annualized) |
|
(0.02 |
)% |
|
|
0.27 |
% |
|
|
0.07 |
% |
|
|
0.25 |
% |
|
|
0.24 |
% |
|
|
0.11 |
% |
|
|
0.34 |
% |
NPLs / total portfolio loans and leases |
|
0.22 |
% |
|
|
0.29 |
% |
|
|
0.14 |
% |
|
|
0.15 |
% |
|
|
0.23 |
% |
|
|
|
|
NPAs / total loans and leases and OREO |
|
0.22 |
% |
|
|
0.29 |
% |
|
|
0.14 |
% |
|
|
0.15 |
% |
|
|
0.23 |
% |
|
|
|
|
NPAs / total assets |
|
0.16 |
% |
|
|
0.22 |
% |
|
|
0.11 |
% |
|
|
0.10 |
% |
|
|
0.17 |
% |
|
|
|
|
ACL on loans and leases / NPLs |
|
454.16 |
% |
|
|
367.21 |
% |
|
|
915.18 |
% |
|
|
1012.23 |
% |
|
|
656.37 |
% |
|
|
|
|
ACL / classified loans and leases |
|
56.83 |
% |
|
|
43.44 |
% |
|
|
36.84 |
% |
|
|
35.10 |
% |
|
|
32.15 |
% |
|
|
|
|
ACL / criticized loans and leases |
|
23.42 |
% |
|
|
22.62 |
% |
|
|
23.35 |
% |
|
|
24.20 |
% |
|
|
25.22 |
% |
|
|
|
|
ACL on loans and leases / portfolio loans |
|
1.01 |
% |
|
|
1.08 |
% |
|
|
1.31 |
% |
|
|
1.48 |
% |
|
|
1.53 |
% |
|
|
|
|
ACL on loans and leases for originated loans and leases /
Originated loans and leases (1) |
|
1.03 |
% |
|
|
1.10 |
% |
|
|
1.33 |
% |
|
|
1.50 |
% |
|
|
1.56 |
% |
|
|
|
|
(Total ACL on loans and leases + Loan mark) / Total Gross portfolio
loans and leases (1) |
|
1.13 |
% |
|
|
1.21 |
% |
|
|
1.46 |
% |
|
|
1.65 |
% |
|
|
1.73 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt restructurings ("TDR"s) included in NPLs |
$ |
4,753 |
|
|
$ |
893 |
|
|
$ |
1,480 |
|
|
$ |
1,737 |
|
|
$ |
1,393 |
|
|
|
|
|
TDRs in compliance with modified terms |
|
4,532 |
|
|
|
5,629 |
|
|
|
6,967 |
|
|
|
7,046 |
|
|
|
8,590 |
|
|
|
|
|
Total TDRs |
$ |
9,285 |
|
|
$ |
6,522 |
|
|
$ |
8,447 |
|
|
$ |
8,783 |
|
|
$ |
9,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
|
|
|
September 30,
2021 |
|
June 30,
2021 |
|
March 31,
2021 |
|
December 31,
2020 |
|
September 30,
2020 |
Assets |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
9,458 |
|
|
$ |
10,829 |
|
|
$ |
10,311 |
|
|
$ |
11,287 |
|
|
$ |
15,670 |
|
Interest-bearing deposits with banks |
|
39,213 |
|
|
|
103,070 |
|
|
|
37,089 |
|
|
|
85,026 |
|
|
|
241,763 |
|
Cash and cash equivalents |
|
48,671 |
|
|
|
113,899 |
|
|
|
47,400 |
|
|
|
96,313 |
|
|
|
257,433 |
|
Investment securities, available for sale |
|
656,501 |
|
|
|
728,738 |
|
|
|
738,974 |
|
|
|
1,174,964 |
|
|
|
564,774 |
|
Investment securities, held to maturity |
|
11,542 |
|
|
|
12,532 |
|
|
|
14,126 |
|
|
|
14,759 |
|
|
|
11,725 |
|
Investment securities, trading |
|
8,128 |
|
|
|
8,266 |
|
|
|
8,777 |
|
|
|
8,623 |
|
|
|
8,030 |
|
Loans held for sale |
|
634 |
|
|
|
653 |
|
|
|
3,210 |
|
|
|
6,000 |
|
|
|
4,574 |
|
Portfolio loans and leases, originated |
|
3,431,903 |
|
|
|
3,414,256 |
|
|
|
3,405,128 |
|
|
|
3,380,727 |
|
|
|
3,396,068 |
|
Portfolio loans and leases, acquired |
|
186,012 |
|
|
|
203,155 |
|
|
|
228,107 |
|
|
|
247,684 |
|
|
|
280,616 |
|
Total portfolio loans and leases |
|
3,617,915 |
|
|
|
3,617,411 |
|
|
|
3,633,235 |
|
|
|
3,628,411 |
|
|
|
3,676,684 |
|
Less: Allowance for credit losses on originated loan and
leases |
|
(35,218 |
) |
|
|
(37,590 |
) |
|
|
(45,285 |
) |
|
|
(50,783 |
) |
|
|
(52,968 |
) |
Less: Allowance for credit losses on acquired loan and leases |
|
(1,328 |
) |
|
|
(1,573 |
) |
|
|
(2,277 |
) |
|
|
(2,926 |
) |
|
|
(3,460 |
) |
Total allowance for credit losses on loans and leases |
|
(36,546 |
) |
|
|
(39,163 |
) |
|
|
(47,562 |
) |
|
|
(53,709 |
) |
|
|
(56,428 |
) |
Net portfolio loans and leases |
|
3,581,369 |
|
|
|
3,578,248 |
|
|
|
3,585,673 |
|
|
|
3,574,702 |
|
|
|
3,620,256 |
|
Premises and equipment |
|
51,525 |
|
|
|
54,178 |
|
|
|
55,510 |
|
|
|
56,662 |
|
|
|
60,369 |
|
Operating lease right-of-use assets |
|
33,140 |
|
|
|
33,759 |
|
|
|
33,848 |
|
|
|
34,601 |
|
|
|
38,536 |
|
Accrued interest receivable |
|
12,872 |
|
|
|
13,519 |
|
|
|
15,058 |
|
|
|
15,440 |
|
|
|
16,609 |
|
Mortgage servicing rights |
|
2,057 |
|
|
|
2,173 |
|
|
|
2,493 |
|
|
|
2,626 |
|
|
|
2,881 |
|
Bank owned life insurance |
|
61,263 |
|
|
|
60,993 |
|
|
|
60,721 |
|
|
|
60,393 |
|
|
|
60,072 |
|
Federal Home Loan Bank ("FHLB") stock |
|
7,212 |
|
|
|
4,332 |
|
|
|
5,986 |
|
|
|
12,666 |
|
|
|
4,506 |
|
Goodwill |
|
184,012 |
|
|
|
184,012 |
|
|
|
184,012 |
|
|
|
184,012 |
|
|
|
184,012 |
|
Intangible assets |
|
13,056 |
|
|
|
13,891 |
|
|
|
14,726 |
|
|
|
15,564 |
|
|
|
16,433 |
|
Other investments |
|
18,300 |
|
|
|
18,206 |
|
|
|
17,811 |
|
|
|
17,742 |
|
|
|
17,129 |
|
Other assets |
|
188,797 |
|
|
|
131,301 |
|
|
|
126,183 |
|
|
|
156,955 |
|
|
|
179,600 |
|
Total assets |
$ |
4,879,079 |
|
|
$ |
4,958,700 |
|
|
$ |
4,914,508 |
|
|
$ |
5,432,022 |
|
|
$ |
5,046,939 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
$ |
1,443,661 |
|
|
$ |
1,468,643 |
|
|
$ |
1,364,716 |
|
|
$ |
1,401,843 |
|
|
$ |
1,230,391 |
|
Interest-bearing |
|
2,371,871 |
|
|
|
2,491,102 |
|
|
|
2,537,534 |
|
|
|
2,974,411 |
|
|
|
2,783,188 |
|
Total deposits |
|
3,815,532 |
|
|
|
3,959,745 |
|
|
|
3,902,250 |
|
|
|
4,376,254 |
|
|
|
4,013,579 |
|
Short-term borrowings |
|
96,965 |
|
|
|
21,553 |
|
|
|
60,027 |
|
|
|
72,161 |
|
|
|
23,456 |
|
Long-term FHLB advances |
|
25,000 |
|
|
|
39,976 |
|
|
|
39,941 |
|
|
|
39,906 |
|
|
|
44,872 |
|
Subordinated notes |
|
99,017 |
|
|
|
98,973 |
|
|
|
98,928 |
|
|
|
98,883 |
|
|
|
98,839 |
|
Jr. subordinated debentures |
|
22,079 |
|
|
|
22,030 |
|
|
|
21,983 |
|
|
|
21,935 |
|
|
|
21,889 |
|
Operating lease liabilities |
|
38,719 |
|
|
|
39,400 |
|
|
|
39,543 |
|
|
|
40,284 |
|
|
|
42,895 |
|
Accrued interest payable |
|
5,018 |
|
|
|
5,393 |
|
|
|
6,358 |
|
|
|
6,277 |
|
|
|
7,984 |
|
Other liabilities |
|
121,994 |
|
|
|
127,618 |
|
|
|
122,382 |
|
|
|
154,000 |
|
|
|
180,808 |
|
Total liabilities |
|
4,224,324 |
|
|
|
4,314,688 |
|
|
|
4,291,412 |
|
|
|
4,809,700 |
|
|
|
4,434,322 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
|
Common stock |
|
24,749 |
|
|
|
24,715 |
|
|
|
24,715 |
|
|
|
24,714 |
|
|
|
24,710 |
|
Paid-in capital in excess of par value |
|
383,401 |
|
|
|
382,655 |
|
|
|
382,202 |
|
|
|
381,653 |
|
|
|
380,770 |
|
Less: common stock held in treasury, at cost |
|
(92,294 |
) |
|
|
(91,825 |
) |
|
|
(91,774 |
) |
|
|
(89,164 |
) |
|
|
(89,100 |
) |
Accumulated other comprehensive income, net of tax |
|
2,545 |
|
|
|
4,798 |
|
|
|
154 |
|
|
|
8,948 |
|
|
|
10,139 |
|
Retained earnings |
|
337,259 |
|
|
|
324,450 |
|
|
|
308,569 |
|
|
|
296,941 |
|
|
|
286,865 |
|
Total Bryn Mawr Bank Corporation shareholders' equity |
|
655,660 |
|
|
|
644,793 |
|
|
|
623,866 |
|
|
|
623,092 |
|
|
|
613,384 |
|
Noncontrolling interest |
|
(905 |
) |
|
|
(781 |
) |
|
|
(770 |
) |
|
|
(770 |
) |
|
|
(767 |
) |
Total shareholders' equity |
|
654,755 |
|
|
|
644,012 |
|
|
|
623,096 |
|
|
|
622,322 |
|
|
|
612,617 |
|
Total liabilities and shareholders' equity |
$ |
4,879,079 |
|
|
$ |
4,958,700 |
|
|
$ |
4,914,508 |
|
|
$ |
5,432,022 |
|
|
$ |
5,046,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank Corporation |
Supplemental Balance Sheet Information
(unaudited) |
(dollars in thousands) |
|
|
Portfolio Loans and Leases as of |
|
September 30,
2021 |
|
June 30,
2021 |
|
March 31,
2021 |
|
December 31,
2020 |
|
September 30,
2020 |
Commercial real estate - nonowner-occupied |
$ |
1,464,534 |
|
|
$ |
1,419,626 |
|
|
$ |
1,408,240 |
|
|
$ |
1,435,575 |
|
|
$ |
1,382,757 |
|
Commercial real estate - owner-occupied |
|
537,488 |
|
|
|
553,464 |
|
|
|
578,747 |
|
|
|
578,509 |
|
|
|
568,219 |
|
Home equity lines of credit |
|
146,752 |
|
|
|
151,692 |
|
|
|
157,418 |
|
|
|
169,337 |
|
|
|
179,125 |
|
Residential mortgage - 1st liens |
|
559,946 |
|
|
|
579,657 |
|
|
|
602,584 |
|
|
|
621,369 |
|
|
|
660,923 |
|
Residential mortgage - junior liens |
|
24,424 |
|
|
|
25,534 |
|
|
|
27,400 |
|
|
|
23,795 |
|
|
|
26,150 |
|
Construction |
|
235,418 |
|
|
|
204,358 |
|
|
|
187,472 |
|
|
|
161,308 |
|
|
|
186,415 |
|
Total real estate loans |
|
2,968,562 |
|
|
|
2,934,331 |
|
|
|
2,961,861 |
|
|
|
2,989,893 |
|
|
|
3,003,589 |
|
Commercial & Industrial |
|
467,979 |
|
|
|
498,097 |
|
|
|
486,824 |
|
|
|
446,438 |
|
|
|
465,315 |
|
Consumer |
|
46,428 |
|
|
|
44,814 |
|
|
|
39,226 |
|
|
|
39,683 |
|
|
|
47,043 |
|
Leases |
|
134,946 |
|
|
|
140,169 |
|
|
|
145,324 |
|
|
|
152,397 |
|
|
|
160,737 |
|
Total non-real estate loans and leases |
|
649,353 |
|
|
|
683,080 |
|
|
|
671,374 |
|
|
|
638,518 |
|
|
|
673,095 |
|
Total portfolio loans and leases |
$ |
3,617,915 |
|
|
$ |
3,617,411 |
|
|
$ |
3,633,235 |
|
|
$ |
3,628,411 |
|
|
$ |
3,676,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans and Leases as of |
|
September 30,
2021 |
|
June 30,
2021 |
|
March 31,
2021 |
|
December 31,
2020 |
|
September 30,
2020 |
Commercial real estate - nonowner-occupied |
$ |
- |
|
|
$ |
396 |
|
|
$ |
56 |
|
|
$ |
57 |
|
|
$ |
849 |
|
Commercial real estate - owner-occupied |
|
559 |
|
|
|
1,057 |
|
|
|
1,355 |
|
|
|
1,659 |
|
|
|
3,597 |
|
Home equity lines of credit |
|
912 |
|
|
|
945 |
|
|
|
532 |
|
|
|
729 |
|
|
|
890 |
|
Residential mortgage - 1st liens |
|
3,035 |
|
|
|
4,072 |
|
|
|
645 |
|
|
|
99 |
|
|
|
862 |
|
Residential mortgage - junior liens |
|
64 |
|
|
|
181 |
|
|
|
184 |
|
|
|
85 |
|
|
|
50 |
|
Construction |
|
216 |
|
|
|
216 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total nonperforming real estate loans |
|
4,786 |
|
|
|
6,867 |
|
|
|
2,772 |
|
|
|
2,629 |
|
|
|
6,248 |
|
Commercial & Industrial |
|
2,708 |
|
|
|
3,049 |
|
|
|
1,490 |
|
|
|
1,775 |
|
|
|
1,784 |
|
Consumer |
|
31 |
|
|
|
24 |
|
|
|
40 |
|
|
|
30 |
|
|
|
31 |
|
Leases |
|
522 |
|
|
|
725 |
|
|
|
895 |
|
|
|
872 |
|
|
|
534 |
|
Total nonperforming non-real estate loans and leases |
|
3,261 |
|
|
|
3,798 |
|
|
|
2,425 |
|
|
|
2,677 |
|
|
|
2,349 |
|
Total nonperforming portfolio loans and leases |
$ |
8,047 |
|
|
$ |
10,665 |
|
|
$ |
5,197 |
|
|
$ |
5,306 |
|
|
$ |
8,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loan and Lease Charge-Offs (Recoveries) for the Three
Months Ended |
|
September 30,
2021 |
|
June 30,
2021 |
|
March 31,
2021 |
|
December 31,
2020 |
|
September 30,
2020 |
Commercial real estate - nonowner-occupied |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
240 |
|
|
$ |
(2 |
) |
Commercial real estate - owner-occupied |
|
(22 |
) |
|
|
(470 |
) |
|
|
189 |
|
|
|
382 |
|
|
|
494 |
|
Home equity lines of credit |
|
- |
|
|
|
46 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Residential mortgage - 1st liens |
|
(1 |
) |
|
|
23 |
|
|
|
1 |
|
|
|
- |
|
|
|
(13 |
) |
Residential mortgage - junior liens |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Construction |
|
(1 |
) |
|
|
115 |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
Total net charge-offs of real estate loans |
|
(24 |
) |
|
|
(286 |
) |
|
|
189 |
|
|
|
621 |
|
|
|
478 |
|
Commercial & Industrial |
|
(337 |
) |
|
|
2,323 |
|
|
|
(54 |
) |
|
|
897 |
|
|
|
1,522 |
|
Consumer |
|
87 |
|
|
|
145 |
|
|
|
107 |
|
|
|
409 |
|
|
|
134 |
|
Leases |
|
134 |
|
|
|
209 |
|
|
|
400 |
|
|
|
413 |
|
|
|
53 |
|
Total net charge-offs of non-real estate loans and leases |
|
(116 |
) |
|
|
2,677 |
|
|
|
453 |
|
|
|
1,719 |
|
|
|
1,709 |
|
Total net charge-offs |
$ |
(140 |
) |
|
$ |
2,391 |
|
|
$ |
642 |
|
|
$ |
2,340 |
|
|
$ |
2,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank Corporation |
Supplemental Balance Sheet Information
(unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Investment Securities Available for Sale, at Fair
Value |
|
September 30,
2021 |
|
June 30,
2021 |
|
March 31,
2021 |
|
December 31,
2020 |
|
September 30,
2020 |
U.S. Treasury securities |
$ |
100 |
|
|
$ |
100 |
|
|
$ |
100 |
|
|
$ |
500,100 |
|
|
$ |
100 |
|
Obligations of the U.S. Government and agencies |
|
96,597 |
|
|
|
116,701 |
|
|
|
110,413 |
|
|
|
93,098 |
|
|
|
90,928 |
|
State & political subdivisions - tax-free |
|
- |
|
|
|
2,168 |
|
|
|
2,168 |
|
|
|
2,171 |
|
|
|
3,178 |
|
Mortgage-backed securities |
|
439,182 |
|
|
|
482,585 |
|
|
|
497,328 |
|
|
|
453,857 |
|
|
|
431,822 |
|
Collateralized mortgage obligations |
|
13,566 |
|
|
|
15,145 |
|
|
|
17,073 |
|
|
|
19,263 |
|
|
|
22,253 |
|
Collateralized loan obligations |
|
94,651 |
|
|
|
99,635 |
|
|
|
99,666 |
|
|
|
94,404 |
|
|
|
6,500 |
|
Corporate bonds |
|
11,755 |
|
|
|
11,754 |
|
|
|
11,576 |
|
|
|
11,421 |
|
|
|
9,343 |
|
Other debt securities |
|
650 |
|
|
|
650 |
|
|
|
650 |
|
|
|
650 |
|
|
|
650 |
|
Total investment securities available for sale, at fair value |
$ |
656,501 |
|
|
$ |
728,738 |
|
|
$ |
738,974 |
|
|
$ |
1,174,964 |
|
|
$ |
564,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized Gain (Loss) on Investment Securities Available
for Sale |
|
September 30,
2021 |
|
June 30,
2021 |
|
March 31,
2021 |
|
December 31,
2020 |
|
September 30,
2020 |
U.S. Treasury securities |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
5 |
|
|
$ |
- |
|
Obligations of the U.S. Government and agencies |
|
(1,347 |
) |
|
|
(842 |
) |
|
|
(2,597 |
) |
|
|
649 |
|
|
|
995 |
|
State & political subdivisions - tax-free |
|
- |
|
|
|
12 |
|
|
|
16 |
|
|
|
22 |
|
|
|
27 |
|
Mortgage-backed securities |
|
7,322 |
|
|
|
8,432 |
|
|
|
8,957 |
|
|
|
12,282 |
|
|
|
12,901 |
|
Collateralized mortgage obligations |
|
374 |
|
|
|
458 |
|
|
|
522 |
|
|
|
583 |
|
|
|
662 |
|
Collateralized loan obligations |
|
151 |
|
|
|
120 |
|
|
|
151 |
|
|
|
(96 |
) |
|
|
- |
|
Corporate bonds |
|
755 |
|
|
|
754 |
|
|
|
576 |
|
|
|
421 |
|
|
|
343 |
|
Total unrealized gains on investment securities available for
sale |
$ |
7,255 |
|
|
$ |
8,934 |
|
|
$ |
7,625 |
|
|
$ |
13,866 |
|
|
$ |
14,928 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
September 30,
2021 |
|
June 30,
2021 |
|
March 31,
2021 |
|
December 31,
2020 |
|
September 30,
2020 |
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
681,560 |
|
|
$ |
668,664 |
|
|
$ |
671,854 |
|
|
$ |
885,802 |
|
|
$ |
815,561 |
|
Money market |
|
1,121,155 |
|
|
|
1,183,252 |
|
|
|
1,201,115 |
|
|
|
1,163,620 |
|
|
|
1,199,429 |
|
Savings |
|
284,875 |
|
|
|
289,108 |
|
|
|
286,124 |
|
|
|
282,406 |
|
|
|
245,167 |
|
Retail time deposits |
|
238,597 |
|
|
|
270,926 |
|
|
|
301,702 |
|
|
|
331,527 |
|
|
|
366,245 |
|
Wholesale non-maturity deposits |
|
39,538 |
|
|
|
73,011 |
|
|
|
70,605 |
|
|
|
275,011 |
|
|
|
77,356 |
|
Wholesale time deposits |
|
6,146 |
|
|
|
6,141 |
|
|
|
6,134 |
|
|
|
36,045 |
|
|
|
79,430 |
|
Total interest-bearing deposits |
|
2,371,871 |
|
|
|
2,491,102 |
|
|
|
2,537,534 |
|
|
|
2,974,411 |
|
|
|
2,783,188 |
|
Noninterest-bearing deposits |
|
1,443,661 |
|
|
|
1,468,643 |
|
|
|
1,364,716 |
|
|
|
1,401,843 |
|
|
|
1,230,391 |
|
Total deposits |
$ |
3,815,532 |
|
|
$ |
3,959,745 |
|
|
$ |
3,902,250 |
|
|
$ |
4,376,254 |
|
|
$ |
4,013,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
2021 |
|
June 30,
2021 |
|
March 31,
2021 |
|
December 31,
2020 |
|
September 30,
2020 |
|
September 30,
2021 |
|
September 30,
2020 |
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans and leases |
$ |
34,332 |
|
|
$ |
34,638 |
|
|
$ |
34,578 |
|
|
$ |
35,632 |
|
|
$ |
36,799 |
|
|
$ |
103,548 |
|
|
$ |
120,284 |
|
Interest on cash and cash equivalents |
|
20 |
|
|
|
16 |
|
|
|
22 |
|
|
|
62 |
|
|
|
85 |
|
|
|
58 |
|
|
|
233 |
|
Interest on investment securities |
|
2,752 |
|
|
|
2,996 |
|
|
|
3,050 |
|
|
|
2,717 |
|
|
|
2,658 |
|
|
|
8,798 |
|
|
|
8,753 |
|
Total interest income |
|
37,104 |
|
|
|
37,650 |
|
|
|
37,650 |
|
|
|
38,411 |
|
|
|
39,542 |
|
|
|
112,404 |
|
|
|
129,270 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
808 |
|
|
|
958 |
|
|
|
1,424 |
|
|
|
1,891 |
|
|
|
2,967 |
|
|
|
3,190 |
|
|
|
15,080 |
|
Interest on short-term borrowings |
|
16 |
|
|
|
5 |
|
|
|
10 |
|
|
|
9 |
|
|
|
8 |
|
|
|
31 |
|
|
|
693 |
|
Interest on FHLB advances |
|
173 |
|
|
|
205 |
|
|
|
203 |
|
|
|
226 |
|
|
|
234 |
|
|
|
581 |
|
|
|
633 |
|
Interest on jr. subordinated debentures |
|
198 |
|
|
|
199 |
|
|
|
198 |
|
|
|
205 |
|
|
|
207 |
|
|
|
595 |
|
|
|
731 |
|
Interest on subordinated notes |
|
1,022 |
|
|
|
1,044 |
|
|
|
1,034 |
|
|
|
1,043 |
|
|
|
1,094 |
|
|
|
3,100 |
|
|
|
3,383 |
|
Total interest expense |
|
2,217 |
|
|
|
2,411 |
|
|
|
2,869 |
|
|
|
3,374 |
|
|
|
4,510 |
|
|
|
7,497 |
|
|
|
20,520 |
|
Net interest income |
|
34,887 |
|
|
|
35,239 |
|
|
|
34,781 |
|
|
|
35,037 |
|
|
|
35,032 |
|
|
|
104,907 |
|
|
|
108,750 |
|
(Recovery of) provision for credit losses ("PCL") |
|
(3,186 |
) |
|
|
(6,581 |
) |
|
|
(5,246 |
) |
|
|
(1,209 |
) |
|
|
4,101 |
|
|
|
(15,013 |
) |
|
|
42,886 |
|
Net interest income after PCL |
|
38,073 |
|
|
|
41,820 |
|
|
|
40,027 |
|
|
|
36,246 |
|
|
|
30,931 |
|
|
|
119,920 |
|
|
|
65,864 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees for wealth management services |
|
13,618 |
|
|
|
14,031 |
|
|
|
12,836 |
|
|
|
12,588 |
|
|
|
11,707 |
|
|
|
40,485 |
|
|
|
31,944 |
|
Insurance commissions |
|
1,524 |
|
|
|
1,249 |
|
|
|
1,464 |
|
|
|
1,393 |
|
|
|
1,682 |
|
|
|
4,237 |
|
|
|
4,518 |
|
Capital markets revenue |
|
2,823 |
|
|
|
1,290 |
|
|
|
1,596 |
|
|
|
841 |
|
|
|
3,314 |
|
|
|
5,709 |
|
|
|
8,650 |
|
Service charges on deposits |
|
751 |
|
|
|
733 |
|
|
|
696 |
|
|
|
756 |
|
|
|
663 |
|
|
|
2,180 |
|
|
|
2,112 |
|
Loan servicing and other fees |
|
327 |
|
|
|
397 |
|
|
|
304 |
|
|
|
360 |
|
|
|
373 |
|
|
|
1,028 |
|
|
|
1,286 |
|
Net gain on sale of loans |
|
671 |
|
|
|
525 |
|
|
|
250 |
|
|
|
842 |
|
|
|
1,021 |
|
|
|
1,446 |
|
|
|
4,937 |
|
Net gain on sale of investment securities available for sale |
|
512 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
512 |
|
|
|
- |
|
Net gain on sale of long-lived assets |
|
- |
|
|
|
- |
|
|
|
6 |
|
|
|
2,297 |
|
|
|
- |
|
|
|
6 |
|
|
|
- |
|
Net gain (loss) on sale of other real estate owned |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
148 |
|
Dividends on FHLB and FRB stocks |
|
202 |
|
|
|
239 |
|
|
|
222 |
|
|
|
337 |
|
|
|
127 |
|
|
|
663 |
|
|
|
814 |
|
Other operating income |
|
2,159 |
|
|
|
2,502 |
|
|
|
2,467 |
|
|
|
2,592 |
|
|
|
2,212 |
|
|
|
7,128 |
|
|
|
5,556 |
|
Total noninterest income |
|
22,587 |
|
|
|
20,966 |
|
|
|
19,841 |
|
|
|
22,006 |
|
|
|
21,099 |
|
|
|
63,394 |
|
|
|
59,965 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and wages |
|
16,751 |
|
|
|
16,700 |
|
|
|
16,830 |
|
|
|
17,730 |
|
|
|
17,201 |
|
|
|
50,281 |
|
|
|
51,116 |
|
Employee benefits |
|
3,150 |
|
|
|
3,224 |
|
|
|
3,687 |
|
|
|
2,858 |
|
|
|
3,026 |
|
|
|
10,061 |
|
|
|
9,747 |
|
Occupancy and bank premises |
|
2,514 |
|
|
|
2,629 |
|
|
|
2,892 |
|
|
|
3,624 |
|
|
|
3,055 |
|
|
|
8,035 |
|
|
|
9,103 |
|
Furniture, fixtures and equipment |
|
2,624 |
|
|
|
2,188 |
|
|
|
2,242 |
|
|
|
2,400 |
|
|
|
2,481 |
|
|
|
7,054 |
|
|
|
7,032 |
|
Impairment of long-lived assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,605 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Advertising |
|
265 |
|
|
|
413 |
|
|
|
176 |
|
|
|
554 |
|
|
|
458 |
|
|
|
854 |
|
|
|
1,055 |
|
Amortization of intangible assets |
|
835 |
|
|
|
835 |
|
|
|
838 |
|
|
|
869 |
|
|
|
870 |
|
|
|
2,508 |
|
|
|
2,698 |
|
Due diligence, merger-related and merger integration expenses |
|
18 |
|
|
|
266 |
|
|
|
1,646 |
|
|
|
- |
|
|
|
- |
|
|
|
1,930 |
|
|
|
- |
|
Professional fees |
|
2,423 |
|
|
|
1,629 |
|
|
|
1,433 |
|
|
|
1,767 |
|
|
|
1,718 |
|
|
|
5,485 |
|
|
|
4,661 |
|
Pennsylvania bank shares tax |
|
538 |
|
|
|
718 |
|
|
|
749 |
|
|
|
(339 |
) |
|
|
115 |
|
|
|
2,005 |
|
|
|
347 |
|
Data processing |
|
1,421 |
|
|
|
1,444 |
|
|
|
1,404 |
|
|
|
1,501 |
|
|
|
1,403 |
|
|
|
4,269 |
|
|
|
4,276 |
|
Other operating expenses |
|
6,301 |
|
|
|
5,421 |
|
|
|
5,806 |
|
|
|
6,055 |
|
|
|
4,870 |
|
|
|
17,528 |
|
|
|
14,068 |
|
Total noninterest expense |
|
36,840 |
|
|
|
35,467 |
|
|
|
37,703 |
|
|
|
38,624 |
|
|
|
35,197 |
|
|
|
110,010 |
|
|
|
104,103 |
|
Income before income taxes |
|
23,820 |
|
|
|
27,319 |
|
|
|
22,165 |
|
|
|
19,628 |
|
|
|
16,833 |
|
|
|
73,304 |
|
|
|
21,726 |
|
Income tax expense |
|
5,562 |
|
|
|
5,988 |
|
|
|
5,082 |
|
|
|
4,094 |
|
|
|
3,709 |
|
|
|
16,632 |
|
|
|
4,762 |
|
Net income |
$ |
18,258 |
|
|
$ |
21,331 |
|
|
$ |
17,083 |
|
|
$ |
15,534 |
|
|
$ |
13,124 |
|
|
$ |
56,672 |
|
|
$ |
16,964 |
|
Net (loss) attributable to noncontrolling
interest |
|
(124 |
) |
|
|
(11 |
) |
|
|
- |
|
|
|
(3 |
) |
|
|
(40 |
) |
|
|
(135 |
) |
|
|
(72 |
) |
Net income attributable to Bryn Mawr Bank
Corporation |
$ |
18,382 |
|
|
$ |
21,342 |
|
|
$ |
17,083 |
|
|
$ |
15,537 |
|
|
$ |
13,164 |
|
|
$ |
56,807 |
|
|
$ |
17,036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
19,891,618 |
|
|
|
19,878,981 |
|
|
|
19,907,873 |
|
|
|
19,958,567 |
|
|
|
19,945,634 |
|
|
|
19,892,764 |
|
|
|
19,975,069 |
|
Dilutive common shares |
|
170,400 |
|
|
|
171,838 |
|
|
|
142,863 |
|
|
|
69,091 |
|
|
|
75,983 |
|
|
|
163,651 |
|
|
|
87,039 |
|
Weighted average diluted shares |
|
20,062,018 |
|
|
|
20,050,819 |
|
|
|
20,050,736 |
|
|
|
20,027,658 |
|
|
|
20,021,617 |
|
|
|
20,056,415 |
|
|
|
20,062,108 |
|
Basic earnings per common share |
$ |
0.92 |
|
|
$ |
1.07 |
|
|
$ |
0.86 |
|
|
$ |
0.78 |
|
|
$ |
0.66 |
|
|
$ |
2.86 |
|
|
$ |
0.85 |
|
Diluted earnings per common share |
$ |
0.92 |
|
|
$ |
1.06 |
|
|
$ |
0.85 |
|
|
$ |
0.78 |
|
|
$ |
0.66 |
|
|
$ |
2.83 |
|
|
$ |
0.85 |
|
Dividends paid or accrued per common share |
$ |
0.28 |
|
|
$ |
0.27 |
|
|
$ |
0.27 |
|
|
$ |
0.27 |
|
|
$ |
0.27 |
|
|
$ |
0.82 |
|
|
$ |
0.79 |
|
Effective tax rate |
|
23.35 |
% |
|
|
21.92 |
% |
|
|
22.93 |
% |
|
|
20.86 |
% |
|
|
22.03 |
% |
|
|
22.69 |
% |
|
|
21.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryn Mawr Bank Corporation |
Tax-Equivalent Net Interest Margin
(unaudited) |
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
|
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
|
September 30, 2021 |
September 30, 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 |
|
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 |
|
$ |
67,665 |
|
$ |
20 |
|
0.12 |
% |
$ |
86,383 |
|
$ |
16 |
|
0.07 |
% |
$ |
110,972 |
|
$ |
22 |
|
0.08 |
% |
$ |
245,904 |
|
$ |
62 |
|
0.10 |
% |
$ |
336,225 |
|
$ |
85 |
|
0.10 |
% |
|
$ |
88,181 |
|
$ |
58 |
|
0.09 |
% |
$ |
194,652 |
|
$ |
233 |
|
0.16 |
% |
Investment securities - available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
692,821 |
|
|
2,670 |
|
1.53 |
% |
|
742,212 |
|
|
2,915 |
|
1.58 |
% |
|
735,508 |
|
|
2,947 |
|
1.62 |
% |
|
675,642 |
|
|
2,561 |
|
1.51 |
% |
|
550,199 |
|
|
2,562 |
|
1.85 |
% |
|
|
723,357 |
|
|
8,532 |
|
1.58 |
% |
|
527,837 |
|
|
8,402 |
|
2.13 |
% |
Tax-exempt |
|
|
1,109 |
|
|
8 |
|
2.86 |
% |
|
2,168 |
|
|
14 |
|
2.59 |
% |
|
2,170 |
|
|
14 |
|
2.62 |
% |
|
2,490 |
|
|
16 |
|
2.56 |
% |
|
3,690 |
|
|
23 |
|
2.48 |
% |
|
|
1,812 |
|
|
36 |
|
2.66 |
% |
|
4,388 |
|
|
77 |
|
2.34 |
% |
Total investment securities - available for sale |
|
|
693,930 |
|
|
2,678 |
|
1.53 |
% |
|
744,380 |
|
|
2,929 |
|
1.58 |
% |
|
737,678 |
|
|
2,961 |
|
1.63 |
% |
|
678,132 |
|
|
2,577 |
|
1.51 |
% |
|
553,889 |
|
|
2,585 |
|
1.86 |
% |
|
|
725,169 |
|
|
8,568 |
|
1.58 |
% |
|
532,225 |
|
|
8,479 |
|
2.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities - held to maturity |
|
|
12,179 |
|
|
54 |
|
1.76 |
% |
|
13,414 |
|
|
49 |
|
1.47 |
% |
|
14,329 |
|
|
73 |
|
2.07 |
% |
|
15,093 |
|
|
57 |
|
1.50 |
% |
|
12,248 |
|
|
57 |
|
1.85 |
% |
|
|
13,300 |
|
|
176 |
|
1.77 |
% |
|
12,854 |
|
|
217 |
|
2.26 |
% |
Investment securities - trading |
|
|
8,262 |
|
|
21 |
|
1.01 |
% |
|
8,780 |
|
|
21 |
|
0.96 |
% |
|
8,618 |
|
|
19 |
|
0.89 |
% |
|
8,033 |
|
|
86 |
|
4.26 |
% |
|
7,957 |
|
|
21 |
|
1.05 |
% |
|
|
8,552 |
|
|
61 |
|
0.95 |
% |
|
8,095 |
|
|
70 |
|
1.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases * |
|
|
3,617,866 |
|
|
34,423 |
|
3.77 |
% |
|
3,611,479 |
|
|
34,730 |
|
3.86 |
% |
|
3,607,214 |
|
|
34,674 |
|
3.90 |
% |
|
3,657,572 |
|
|
35,734 |
|
3.89 |
% |
|
3,701,495 |
|
|
36,901 |
|
3.97 |
% |
|
|
3,612,225 |
|
|
103,827 |
|
3.84 |
% |
|
3,792,969 |
|
|
120,578 |
|
4.25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning assets |
|
|
4,399,902 |
|
|
37,196 |
|
3.35 |
% |
|
4,464,436 |
|
|
37,745 |
|
3.39 |
% |
|
4,478,811 |
|
|
37,749 |
|
3.42 |
% |
|
4,604,734 |
|
|
38,516 |
|
3.33 |
% |
|
4,611,814 |
|
|
39,649 |
|
3.42 |
% |
|
|
4,447,427 |
|
|
112,690 |
|
3.39 |
% |
|
4,540,795 |
|
|
129,577 |
|
3.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
9,799 |
|
|
|
|
9,741 |
|
|
|
|
10,824 |
|
|
|
|
13,192 |
|
|
|
|
16,557 |
|
|
|
|
|
10,117 |
|
|
|
|
15,145 |
|
|
|
Less: allowance for credit losses on loans and leases |
|
|
(39,218 |
) |
|
|
|
(47,192 |
) |
|
|
|
(53,582 |
) |
|
|
|
(55,634 |
) |
|
|
|
(55,285 |
) |
|
|
|
|
(46,611 |
) |
|
|
|
(45,099 |
) |
|
|
Other assets |
|
|
530,362 |
|
|
|
|
510,722 |
|
|
|
|
532,489 |
|
|
|
|
562,410 |
|
|
|
|
584,502 |
|
|
|
|
|
524,516 |
|
|
|
|
565,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
4,900,845 |
|
|
|
$ |
4,937,707 |
|
|
|
$ |
4,968,542 |
|
|
|
$ |
5,124,702 |
|
|
|
$ |
5,157,588 |
|
|
|
|
$ |
4,935,449 |
|
|
|
$ |
5,076,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW and market rate deposits |
|
$ |
2,111,767 |
|
$ |
276 |
|
0.05 |
% |
$ |
2,154,206 |
|
$ |
274 |
|
0.05 |
% |
$ |
2,178,730 |
|
$ |
374 |
|
0.07 |
% |
$ |
2,285,807 |
|
$ |
495 |
|
0.09 |
% |
$ |
2,282,591 |
|
$ |
1,042 |
|
0.18 |
% |
|
$ |
2,147,989 |
|
$ |
924 |
|
0.06 |
% |
$ |
2,264,407 |
|
$ |
8,364 |
|
0.49 |
% |
Wholesale deposits |
|
|
73,497 |
|
|
74 |
|
0.40 |
% |
|
78,936 |
|
|
76 |
|
0.39 |
% |
|
117,710 |
|
|
257 |
|
0.89 |
% |
|
130,660 |
|
|
293 |
|
0.89 |
% |
|
223,527 |
|
|
465 |
|
0.83 |
% |
|
|
89,885 |
|
|
407 |
|
0.61 |
% |
|
240,571 |
|
|
1,928 |
|
1.07 |
% |
Retail time deposits |
|
|
255,815 |
|
|
458 |
|
0.71 |
% |
|
287,128 |
|
|
608 |
|
0.85 |
% |
|
316,564 |
|
|
793 |
|
1.02 |
% |
|
349,474 |
|
|
1,103 |
|
1.26 |
% |
|
385,534 |
|
|
1,460 |
|
1.51 |
% |
|
|
286,280 |
|
|
1,859 |
|
0.87 |
% |
|
399,799 |
|
|
4,788 |
|
1.60 |
% |
Total interest-bearing deposits |
|
|
2,441,079 |
|
|
808 |
|
0.13 |
% |
|
2,520,270 |
|
|
958 |
|
0.15 |
% |
|
2,613,004 |
|
|
1,424 |
|
0.22 |
% |
|
2,765,941 |
|
|
1,891 |
|
0.27 |
% |
|
2,891,652 |
|
|
2,967 |
|
0.41 |
% |
|
|
2,524,154 |
|
|
3,190 |
|
0.17 |
% |
|
2,904,777 |
|
|
15,080 |
|
0.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
35,166 |
|
|
16 |
|
0.18 |
% |
|
19,935 |
|
|
5 |
|
0.10 |
% |
|
32,020 |
|
|
10 |
|
0.13 |
% |
|
29,130 |
|
|
9 |
|
0.12 |
% |
|
29,913 |
|
|
8 |
|
0.11 |
% |
|
|
29,051 |
|
|
31 |
|
0.14 |
% |
|
102,173 |
|
|
693 |
|
0.91 |
% |
Long-term FHLB advances |
|
|
33,795 |
|
|
173 |
|
2.03 |
% |
|
39,956 |
|
|
205 |
|
2.06 |
% |
|
39,921 |
|
|
203 |
|
2.06 |
% |
|
43,634 |
|
|
226 |
|
2.06 |
% |
|
44,849 |
|
|
234 |
|
2.08 |
% |
|
|
37,868 |
|
|
581 |
|
2.05 |
% |
|
46,110 |
|
|
633 |
|
1.83 |
% |
Subordinated notes |
|
|
98,993 |
|
|
1,022 |
|
4.10 |
% |
|
98,949 |
|
|
1,044 |
|
4.23 |
% |
|
98,904 |
|
|
1,034 |
|
4.24 |
% |
|
98,860 |
|
|
1,043 |
|
4.20 |
% |
|
98,815 |
|
|
1,094 |
|
4.40 |
% |
|
|
98,949 |
|
|
3,100 |
|
4.19 |
% |
|
98,770 |
|
|
3,383 |
|
4.58 |
% |
Jr. subordinated debt |
|
|
22,051 |
|
|
198 |
|
3.56 |
% |
|
22,002 |
|
|
199 |
|
3.63 |
% |
|
21,955 |
|
|
198 |
|
3.66 |
% |
|
21,905 |
|
|
205 |
|
3.72 |
% |
|
21,859 |
|
|
207 |
|
3.77 |
% |
|
|
22,003 |
|
|
595 |
|
3.62 |
% |
|
21,814 |
|
|
731 |
|
4.48 |
% |
Total borrowings |
|
|
190,005 |
|
|
1,409 |
|
2.94 |
% |
|
180,842 |
|
|
1,453 |
|
3.22 |
% |
|
192,800 |
|
|
1,445 |
|
3.04 |
% |
|
193,529 |
|
|
1,483 |
|
3.05 |
% |
|
195,436 |
|
|
1,543 |
|
3.14 |
% |
|
|
187,871 |
|
|
4,307 |
|
3.07 |
% |
|
268,867 |
|
|
5,440 |
|
2.70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities |
|
|
2,631,084 |
|
|
2,217 |
|
0.33 |
% |
|
2,701,112 |
|
|
2,411 |
|
0.36 |
% |
|
2,805,804 |
|
|
2,869 |
|
0.41 |
% |
|
2,959,470 |
|
|
3,374 |
|
0.45 |
% |
|
3,087,088 |
|
|
4,510 |
|
0.58 |
% |
|
|
2,712,025 |
|
|
7,497 |
|
0.37 |
% |
|
3,173,644 |
|
|
20,520 |
|
0.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
1,439,672 |
|
|
|
|
1,437,442 |
|
|
|
|
1,345,253 |
|
|
|
|
1,267,795 |
|
|
|
|
1,220,570 |
|
|
|
|
|
1,407,802 |
|
|
|
|
1,080,837 |
|
|
|
Other liabilities |
|
|
177,365 |
|
|
|
|
167,083 |
|
|
|
|
192,495 |
|
|
|
|
280,179 |
|
|
|
|
240,737 |
|
|
|
|
|
178,926 |
|
|
|
|
213,750 |
|
|
|
Total noninterest-bearing liabilities |
|
|
1,617,037 |
|
|
|
|
1,604,525 |
|
|
|
|
1,537,748 |
|
|
|
|
1,547,974 |
|
|
|
|
1,461,307 |
|
|
|
|
|
1,586,728 |
|
|
|
|
1,294,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
4,248,121 |
|
|
|
|
4,305,637 |
|
|
|
|
4,343,552 |
|
|
|
|
4,507,444 |
|
|
|
|
4,548,395 |
|
|
|
|
|
4,298,753 |
|
|
|
|
4,468,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
652,724 |
|
|
|
|
632,070 |
|
|
|
|
624,990 |
|
|
|
|
617,258 |
|
|
|
|
609,193 |
|
|
|
|
|
636,696 |
|
|
|
|
608,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
4,900,845 |
|
|
|
$ |
4,937,707 |
|
|
|
$ |
4,968,542 |
|
|
|
$ |
5,124,702 |
|
|
|
$ |
5,157,588 |
|
|
|
|
$ |
4,935,449 |
|
|
|
$ |
5,076,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
3.02 |
% |
|
|
3.03 |
% |
|
|
3.01 |
% |
|
|
2.88 |
% |
|
|
2.84 |
% |
|
|
|
3.02 |
% |
|
|
2.95 |
% |
Effect of noninterest-bearing
sources |
|
|
|
0.13 |
% |
|
|
0.14 |
% |
|
|
0.15 |
% |
|
|
0.16 |
% |
|
|
0.19 |
% |
|
|
|
0.14 |
% |
|
|
0.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent net interest margin |
|
|
$ |
34,979 |
|
3.15 |
% |
|
$ |
35,334 |
|
3.17 |
% |
|
$ |
34,880 |
|
3.16 |
% |
|
$ |
35,142 |
|
3.04 |
% |
|
$ |
35,139 |
|
3.03 |
% |
|
|
$ |
105,193 |
|
3.16 |
% |
|
$ |
109,057 |
|
3.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent adjustment |
|
|
$ |
92 |
|
0.01 |
% |
|
$ |
95 |
|
0.01 |
% |
|
$ |
99 |
|
0.01 |
% |
|
$ |
105 |
|
0.01 |
% |
|
$ |
107 |
|
0.01 |
% |
|
|
$ |
286 |
|
0.01 |
% |
|
$ |
307 |
|
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 |
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 |
$ |
424 |
|
0.05 |
% |
|
$ |
950 |
|
0.11 |
% |
|
$ |
539 |
|
0.06 |
% |
|
$ |
921 |
|
0.10 |
% |
|
$ |
784 |
|
0.08 |
% |
|
|
$ |
1,913 |
|
0.07 |
% |
|
$ |
2,711 |
|
0.10 |
% |
Retail time deposits |
|
Expense |
$ |
(33 |
) |
(0.05 |
)% |
|
$ |
(50 |
) |
(0.07 |
)% |
|
$ |
(58 |
) |
(0.07 |
)% |
|
$ |
(78 |
) |
(0.09 |
)% |
|
$ |
(96 |
) |
(0.10 |
)% |
|
|
|
(141 |
) |
(0.07 |
)% |
|
|
(317 |
) |
(0.11 |
)% |
Long-term FHLB advances |
|
Expense |
$ |
24 |
|
0.28 |
% |
|
$ |
35 |
|
0.70 |
% |
|
$ |
35 |
|
0.36 |
% |
|
$ |
35 |
|
0.32 |
% |
|
$ |
34 |
|
0.30 |
% |
|
|
|
94 |
|
0.33 |
% |
|
|
103 |
|
0.30 |
% |
Jr. subordinated debt |
|
Expense |
$ |
48 |
|
0.86 |
% |
|
$ |
48 |
|
0.88 |
% |
|
$ |
47 |
|
0.87 |
% |
|
$ |
46 |
|
0.84 |
% |
|
$ |
46 |
|
0.84 |
% |
|
|
|
143 |
|
0.87 |
% |
|
|
136 |
|
0.83 |
% |
Net interest income from fair
value marks |
|
|
$ |
385 |
|
|
|
$ |
917 |
|
|
|
$ |
515 |
|
|
|
$ |
918 |
|
|
|
$ |
800 |
|
|
|
|
$ |
1,817 |
|
|
|
$ |
2,789 |
|
|
Purchase accounting effect on tax-equivalent margin |
|
|
|
0.03 |
% |
|
|
0.08 |
% |
|
|
0.05 |
% |
|
|
0.08 |
% |
|
|
0.07 |
% |
|
|
|
0.05 |
% |
|
|
0.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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,
2021 |
|
June 30,
2021 |
|
March 31,
2021 |
|
December 31,
2020 |
|
September 30,
2020 |
|
September 30,
2021 |
|
September 30,
2020 |
Reconciliation of Net
Income to Net Income (core): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to BMBC (a GAAP measure) |
$ |
18,382 |
|
|
$ |
21,342 |
|
|
$ |
17,083 |
|
|
$ |
15,537 |
|
|
$ |
13,164 |
|
|
$ |
56,807 |
|
|
$ |
17,036 |
|
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 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Gain on sale of investment securities available for sale |
|
(404 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(404 |
) |
|
|
- |
|
Add: Tax-effected
non-core noninterest expense items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Due diligence, merger-related and merger integration expenses |
|
30 |
|
|
|
257 |
|
|
|
1,624 |
|
|
|
- |
|
|
|
- |
|
|
|
1,911 |
|
|
|
- |
|
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 (core) (a
non-GAAP measure) |
$ |
18,008 |
|
|
$ |
21,599 |
|
|
$ |
18,707 |
|
|
$ |
15,518 |
|
|
$ |
13,164 |
|
|
$ |
58,314 |
|
|
$ |
17,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Basic
and Diluted Earnings per Common Share (core): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding |
|
19,891,618 |
|
|
|
19,878,981 |
|
|
|
19,907,873 |
|
|
|
19,958,567 |
|
|
|
19,945,634 |
|
|
|
19,892,764 |
|
|
|
19,975,069 |
|
Dilutive common shares |
|
170,400 |
|
|
|
171,838 |
|
|
|
142,863 |
|
|
|
69,091 |
|
|
|
75,983 |
|
|
|
163,651 |
|
|
|
87,039 |
|
Weighted average diluted
shares |
|
20,062,018 |
|
|
|
20,050,819 |
|
|
|
20,050,736 |
|
|
|
20,027,658 |
|
|
|
20,021,617 |
|
|
|
20,056,415 |
|
|
|
20,062,108 |
|
Basic earnings per common
share (core) (a non-GAAP measure) |
$ |
0.91 |
|
|
$ |
1.09 |
|
|
$ |
0.94 |
|
|
$ |
0.78 |
|
|
$ |
0.66 |
|
|
$ |
2.93 |
|
|
$ |
0.87 |
|
Diluted earnings per common
share (core) (a non-GAAP measure) |
$ |
0.90 |
|
|
$ |
1.08 |
|
|
$ |
0.93 |
|
|
$ |
0.77 |
|
|
$ |
0.66 |
|
|
$ |
2.91 |
|
|
$ |
0.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Return
on Average Tangible Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
BMBC (a GAAP measure) |
$ |
18,382 |
|
|
$ |
21,342 |
|
|
$ |
17,083 |
|
|
$ |
15,537 |
|
|
$ |
13,164 |
|
|
$ |
56,807 |
|
|
$ |
17,036 |
|
Add: Tax-effected
amortization and impairment of intangible assets |
|
660 |
|
|
|
660 |
|
|
|
662 |
|
|
|
687 |
|
|
|
687 |
|
|
|
1,981 |
|
|
|
2,131 |
|
Net tangible income
(numerator) |
$ |
19,042 |
|
|
$ |
22,002 |
|
|
$ |
17,745 |
|
|
$ |
16,224 |
|
|
$ |
13,851 |
|
|
$ |
58,788 |
|
|
$ |
19,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity |
$ |
652,724 |
|
|
$ |
632,070 |
|
|
$ |
624,990 |
|
|
$ |
617,258 |
|
|
$ |
609,193 |
|
|
$ |
636,696 |
|
|
$ |
608,259 |
|
Less: Average
Noncontrolling interest |
|
783 |
|
|
|
777 |
|
|
|
770 |
|
|
|
769 |
|
|
|
739 |
|
|
|
777 |
|
|
|
710 |
|
Less: Average
goodwill and intangible assets |
|
(197,525 |
) |
|
|
(198,356 |
) |
|
|
(199,208 |
) |
|
|
(200,060 |
) |
|
|
(200,931 |
) |
|
|
(198,357 |
) |
|
|
(201,835 |
) |
Net average tangible equity
(denominator) |
$ |
455,982 |
|
|
$ |
434,491 |
|
|
$ |
426,552 |
|
|
$ |
417,967 |
|
|
$ |
409,001 |
|
|
$ |
439,116 |
|
|
$ |
407,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on tangible
equity (a non-GAAP measure) |
|
16.57 |
% |
|
|
20.31 |
% |
|
|
16.87 |
% |
|
|
15.44 |
% |
|
|
13.47 |
% |
|
|
17.90 |
% |
|
|
6.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Return
on Average Tangible Equity (core): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (core) (a non-GAAP
measure) |
$ |
18,008 |
|
|
$ |
21,599 |
|
|
$ |
18,707 |
|
|
$ |
15,518 |
|
|
$ |
13,164 |
|
|
$ |
58,314 |
|
|
$ |
17,400 |
|
Add: Tax-effected
amortization and impairment of intangible assets |
|
660 |
|
|
|
660 |
|
|
|
662 |
|
|
|
687 |
|
|
|
687 |
|
|
|
1,981 |
|
|
|
2,131 |
|
Net tangible income (core)
(numerator) |
$ |
18,668 |
|
|
$ |
22,259 |
|
|
$ |
19,369 |
|
|
$ |
16,205 |
|
|
$ |
13,851 |
|
|
$ |
60,295 |
|
|
$ |
19,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity |
$ |
652,724 |
|
|
$ |
632,070 |
|
|
$ |
624,990 |
|
|
$ |
617,258 |
|
|
$ |
609,193 |
|
|
$ |
636,696 |
|
|
$ |
608,259 |
|
Less: Average
Noncontrolling interest |
|
783 |
|
|
|
777 |
|
|
|
770 |
|
|
|
769 |
|
|
|
739 |
|
|
|
777 |
|
|
|
710 |
|
Less: Average
goodwill and intangible assets |
|
(197,525 |
) |
|
|
(198,356 |
) |
|
|
(199,208 |
) |
|
|
(200,060 |
) |
|
|
(200,931 |
) |
|
|
(198,357 |
) |
|
|
(201,835 |
) |
Net average tangible equity
(denominator) |
$ |
455,982 |
|
|
$ |
434,491 |
|
|
$ |
426,552 |
|
|
$ |
417,967 |
|
|
$ |
409,001 |
|
|
$ |
439,116 |
|
|
$ |
407,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on tangible
equity (core) (a non-GAAP measure) |
|
16.24 |
% |
|
|
20.55 |
% |
|
|
18.42 |
% |
|
|
15.42 |
% |
|
|
13.47 |
% |
|
|
18.36 |
% |
|
|
6.41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Tangible Equity Ratio (BMBC): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity |
$ |
654,755 |
|
|
$ |
644,012 |
|
|
$ |
623,096 |
|
|
$ |
622,322 |
|
|
$ |
612,617 |
|
|
|
|
|
Less: Noncontrolling
interest |
|
905 |
|
|
|
781 |
|
|
|
770 |
|
|
|
770 |
|
|
|
767 |
|
|
|
|
|
Less: Goodwill and
intangible assets |
|
(197,068 |
) |
|
|
(197,903 |
) |
|
|
(198,738 |
) |
|
|
(199,576 |
) |
|
|
(200,445 |
) |
|
|
|
|
Net tangible equity
(numerator) |
$ |
458,592 |
|
|
$ |
446,890 |
|
|
$ |
425,128 |
|
|
$ |
423,516 |
|
|
$ |
412,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
4,879,079 |
|
|
$ |
4,958,700 |
|
|
$ |
4,914,508 |
|
|
$ |
5,432,022 |
|
|
$ |
5,046,939 |
|
|
|
|
|
Less: Goodwill and
intangible assets |
|
(197,068 |
) |
|
|
(197,903 |
) |
|
|
(198,738 |
) |
|
|
(199,576 |
) |
|
|
(200,445 |
) |
|
|
|
|
Tangible assets
(denominator) |
$ |
4,682,011 |
|
|
$ |
4,760,797 |
|
|
$ |
4,715,770 |
|
|
$ |
5,232,446 |
|
|
$ |
4,846,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity ratio
(BMBC)(1) |
|
9.79 |
% |
|
|
9.39 |
% |
|
|
9.02 |
% |
|
|
8.09 |
% |
|
|
8.52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Tangible Equity Ratio (BMTC): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity |
$ |
683,682 |
|
|
$ |
667,405 |
|
|
$ |
641,034 |
|
|
$ |
630,880 |
|
|
$ |
653,317 |
|
|
|
|
|
Less: Noncontrolling
interest |
|
905 |
|
|
|
781 |
|
|
|
770 |
|
|
|
770 |
|
|
|
767 |
|
|
|
|
|
Less: Goodwill and
intangible assets |
|
(196,823 |
) |
|
|
(197,657 |
) |
|
|
(198,492 |
) |
|
|
(199,330 |
) |
|
|
(200,200 |
) |
|
|
|
|
Net tangible equity
(numerator) |
$ |
487,764 |
|
|
$ |
470,529 |
|
|
$ |
443,312 |
|
|
$ |
432,320 |
|
|
$ |
453,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
4,875,979 |
|
|
$ |
4,954,878 |
|
|
$ |
4,911,259 |
|
|
$ |
5,428,909 |
|
|
$ |
5,043,099 |
|
|
|
|
|
Less: Goodwill and
intangible assets |
|
(196,823 |
) |
|
|
(197,657 |
) |
|
|
(198,492 |
) |
|
|
(199,330 |
) |
|
|
(200,200 |
) |
|
|
|
|
Tangible assets
(denominator) |
$ |
4,679,156 |
|
|
$ |
4,757,221 |
|
|
$ |
4,712,767 |
|
|
$ |
5,229,579 |
|
|
$ |
4,842,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity ratio
(BMTC)(1) |
|
10.42 |
% |
|
|
9.89 |
% |
|
|
9.41 |
% |
|
|
8.27 |
% |
|
|
9.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
tangible book value per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity |
$ |
654,755 |
|
|
$ |
644,012 |
|
|
$ |
623,096 |
|
|
$ |
622,322 |
|
|
$ |
612,617 |
|
|
|
|
|
Less: Noncontrolling
interest |
|
905 |
|
|
|
781 |
|
|
|
770 |
|
|
|
770 |
|
|
|
767 |
|
|
|
|
|
Less: Goodwill and
intangible assets |
|
(197,068 |
) |
|
|
(197,903 |
) |
|
|
(198,738 |
) |
|
|
(199,576 |
) |
|
|
(200,445 |
) |
|
|
|
|
Net tangible equity
(numerator) |
$ |
458,592 |
|
|
$ |
446,890 |
|
|
$ |
425,128 |
|
|
$ |
423,516 |
|
|
$ |
412,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding, end of
period (denominator) |
|
19,900,823 |
|
|
|
19,877,892 |
|
|
|
19,878,993 |
|
|
|
19,960,294 |
|
|
|
19,958,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
per common share (a non-GAAP measure) |
$ |
23.04 |
|
|
$ |
22.48 |
|
|
$ |
21.39 |
|
|
$ |
21.22 |
|
|
$ |
20.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of price /
tangible book value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing share price |
$ |
45.95 |
|
|
$ |
42.19 |
|
|
$ |
45.51 |
|
|
$ |
30.60 |
|
|
$ |
24.87 |
|
|
|
|
|
Tangible book value per common
share |
$ |
23.04 |
|
|
$ |
22.48 |
|
|
$ |
21.39 |
|
|
$ |
21.22 |
|
|
$ |
20.69 |
|
|
|
|
|
Price / tangible book
value (a non-GAAP measure) |
|
199.44 |
% |
|
|
187.68 |
% |
|
|
212.76 |
% |
|
|
144.20 |
% |
|
|
120.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Return
on Average Assets (core) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
(GAAP) |
|
1.49 |
% |
|
|
1.73 |
% |
|
|
1.39 |
% |
|
|
1.21 |
% |
|
|
1.02 |
% |
|
|
1.54 |
% |
|
|
0.45 |
% |
Effect of adjustment to GAAP
net income to core net income |
|
(0.03 |
)% |
|
|
0.02 |
% |
|
|
0.14 |
% |
|
|
(0.01 |
)% |
|
|
0.00 |
% |
|
|
0.04 |
% |
|
|
0.01 |
% |
Return on average assets
(core) |
|
1.46 |
% |
|
|
1.75 |
% |
|
|
1.53 |
% |
|
|
1.20 |
% |
|
|
1.02 |
% |
|
|
1.58 |
% |
|
|
0.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Return
on Average Equity (core) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity
(GAAP) |
|
11.17 |
% |
|
|
13.54 |
% |
|
|
11.09 |
% |
|
|
10.01 |
% |
|
|
8.60 |
% |
|
|
11.93 |
% |
|
|
3.74 |
% |
Effect of adjustment to GAAP
net income to core net income |
|
(0.22 |
)% |
|
|
0.17 |
% |
|
|
1.05 |
% |
|
|
(0.01 |
)% |
|
|
0.00 |
% |
|
|
0.32 |
% |
|
|
0.08 |
% |
Return on average equity
(core) |
|
10.95 |
% |
|
|
13.71 |
% |
|
|
12.14 |
% |
|
|
10.00 |
% |
|
|
8.60 |
% |
|
|
12.25 |
% |
|
|
3.82 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Tax-equivalent net interest margin adjusting for the impact of
purchase accounting: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent net interest
margin |
|
3.15 |
% |
|
|
3.17 |
% |
|
|
3.16 |
% |
|
|
3.04 |
% |
|
|
3.03 |
% |
|
|
3.16 |
% |
|
|
3.21 |
% |
Effect of fair value
marks |
|
0.03 |
% |
|
|
0.08 |
% |
|
|
0.05 |
% |
|
|
0.08 |
% |
|
|
0.07 |
% |
|
|
0.05 |
% |
|
|
0.08 |
% |
Tax-equivalent net interest
margin adjusting for the impact of purchase accounting |
|
3.12 |
% |
|
|
3.09 |
% |
|
|
3.11 |
% |
|
|
2.96 |
% |
|
|
2.96 |
% |
|
|
3.11 |
% |
|
|
3.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
Tax-equivalent net interest income adjusting for the impact of
purchase accounting: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent net interest
income |
$ |
34,979 |
|
|
$ |
35,334 |
|
|
$ |
34,880 |
|
|
$ |
35,142 |
|
|
$ |
35,139 |
|
|
$ |
105,193 |
|
|
$ |
109,057 |
|
Effect of fair value
marks |
|
385 |
|
|
|
917 |
|
|
|
515 |
|
|
|
918 |
|
|
|
800 |
|
|
|
1,817 |
|
|
|
2,789 |
|
Tax-equivalent net interest
income adjusting for the impact of purchase accounting |
$ |
34,594 |
|
|
$ |
34,417 |
|
|
$ |
34,365 |
|
|
$ |
34,224 |
|
|
$ |
34,339 |
|
|
$ |
103,376 |
|
|
$ |
106,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Efficiency Ratio*: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
$ |
36,840 |
|
|
$ |
35,467 |
|
|
$ |
37,703 |
|
|
$ |
38,624 |
|
|
$ |
35,197 |
|
|
$ |
110,010 |
|
|
$ |
104,103 |
|
Less: certain
noninterest expense items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangibles |
|
(835 |
) |
|
|
(835 |
) |
|
|
(838 |
) |
|
|
(869 |
) |
|
|
(870 |
) |
|
|
(2,508 |
) |
|
|
(2,698 |
) |
Due diligence, merger-related and merger integration expenses |
|
(18 |
) |
|
|
(266 |
) |
|
|
(1,646 |
) |
|
|
- |
|
|
|
- |
|
|
|
(1,930 |
) |
|
|
- |
|
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) |
$ |
35,987 |
|
|
$ |
34,366 |
|
|
$ |
35,219 |
|
|
$ |
35,484 |
|
|
$ |
34,327 |
|
|
$ |
105,572 |
|
|
$ |
100,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income |
$ |
22,587 |
|
|
$ |
20,966 |
|
|
$ |
19,841 |
|
|
$ |
22,006 |
|
|
$ |
21,099 |
|
|
$ |
63,394 |
|
|
$ |
59,965 |
|
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 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Gain on sale of investment securities available for sale |
|
(512 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(512 |
) |
|
|
- |
|
Noninterest income (core) |
$ |
22,075 |
|
|
$ |
20,966 |
|
|
$ |
19,841 |
|
|
$ |
19,711 |
|
|
$ |
21,099 |
|
|
$ |
62,882 |
|
|
$ |
59,761 |
|
Net interest income |
|
34,887 |
|
|
|
35,239 |
|
|
|
34,781 |
|
|
|
35,037 |
|
|
|
35,032 |
|
|
|
104,907 |
|
|
|
108,750 |
|
Noninterest income (core) and
net interest income (denominator) |
$ |
56,962 |
|
|
$ |
56,205 |
|
|
$ |
54,622 |
|
|
$ |
54,748 |
|
|
$ |
56,131 |
|
|
$ |
167,789 |
|
|
$ |
168,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio |
|
63.18 |
% |
|
|
61.14 |
% |
|
|
64.48 |
% |
|
|
64.81 |
% |
|
|
61.16 |
% |
|
|
62.92 |
% |
|
|
59.78 |
% |
|
|
|
|
|
* 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 |
$ |
36,546 |
|
|
$ |
39,163 |
|
|
$ |
47,562 |
|
|
$ |
53,709 |
|
|
$ |
56,428 |
|
|
|
|
|
Less: ACL on acquired loans
and leases |
|
1,328 |
|
|
|
1,573 |
|
|
|
2,277 |
|
|
|
2,926 |
|
|
|
3,460 |
|
|
|
|
|
ACL on originated loans and
leases |
$ |
35,218 |
|
|
$ |
37,590 |
|
|
$ |
45,285 |
|
|
$ |
50,783 |
|
|
$ |
52,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total ACL on loans and
leases |
$ |
36,546 |
|
|
$ |
39,163 |
|
|
$ |
47,562 |
|
|
$ |
53,709 |
|
|
$ |
56,428 |
|
|
|
|
|
Loan mark on acquired loans
and leases |
|
4,354 |
|
|
|
4,779 |
|
|
|
5,736 |
|
|
|
6,288 |
|
|
|
7,235 |
|
|
|
|
|
Total ACL on loans and leases
+ Loan mark |
$ |
40,900 |
|
|
$ |
43,942 |
|
|
$ |
53,298 |
|
|
$ |
59,997 |
|
|
$ |
63,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio loans and
leases |
$ |
3,617,915 |
|
|
$ |
3,617,411 |
|
|
$ |
3,633,235 |
|
|
$ |
3,628,411 |
|
|
$ |
3,676,684 |
|
|
|
|
|
Less: Originated loans and
leases |
|
3,431,903 |
|
|
|
3,414,256 |
|
|
|
3,405,128 |
|
|
|
3,380,727 |
|
|
|
3,396,068 |
|
|
|
|
|
Net acquired loans |
$ |
186,012 |
|
|
$ |
203,155 |
|
|
$ |
228,107 |
|
|
$ |
247,684 |
|
|
$ |
280,616 |
|
|
|
|
|
Add: Loan mark on acquired
loans |
|
4,354 |
|
|
|
4,779 |
|
|
|
5,736 |
|
|
|
6,288 |
|
|
|
7,235 |
|
|
|
|
|
Gross acquired loans (excludes
loan mark) |
$ |
190,366 |
|
|
$ |
207,934 |
|
|
$ |
233,843 |
|
|
$ |
253,972 |
|
|
$ |
287,851 |
|
|
|
|
|
Originated loans and
leases |
|
3,431,903 |
|
|
|
3,414,256 |
|
|
|
3,405,128 |
|
|
|
3,380,727 |
|
|
|
3,396,068 |
|
|
|
|
|
Total Gross portfolio loans
and leases |
$ |
3,622,269 |
|
|
$ |
3,622,190 |
|
|
$ |
3,638,971 |
|
|
$ |
3,634,699 |
|
|
$ |
3,683,919 |
|
|
|
|
|
Bryn Mawr Bank (NASDAQ:BMTC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bryn Mawr Bank (NASDAQ:BMTC)
Historical Stock Chart
From Jul 2023 to Jul 2024