Yahoo Finance Bryn Mawr Bank Corporation Reports Fourth Quarter Net Income of $15.5 Million
BRYN MAWR, Pa., Jan. 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 $15.5 million, or $0.78 diluted earnings per share, for the three months ended December 31, 2020, as compared to $13.2 million, or $0.66 diluted earnings per share, for the three months ended September 30, 2020, and $16.4 million, or $0.81 diluted earnings per share, for the three months ended December 31, 2019.
As detailed in the appendix to this earnings release, management calculates core net income, a non-GAAP measure. Core net income for the three months ended December 31, 2020 excludes certain non-core noninterest income and expense items recognized in connection with the sale of owned office space, the early termination of leased office space, and the planned closure of a branch location. As detailed in the appendix to this earnings release, while the individual components of these items were meaningful, overall core net income of $15.5 million, or $0.77 diluted earnings per share, was relatively consistent as compared to GAAP net income. There were no meaningful non-core income or expense items for the three months ended September 30, 2020 or December 31, 2019. A reconciliation of core net income and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.
“We are pleased with how we concluded this challenging year,” commented Frank Leto, President and Chief Executive Officer, continuing, “We are excited to report that our prior investments in technology and the commitment of our people to quickly and successfully adapt to a sustainable remote working environment allowed us to execute on permanent office space reductions. The net earnings impact of the one-time gains and costs resulting from these occupancy decisions, coupled with the one-time costs associated with the forthcoming closure of one branch location was not material. We expect that these cost-saving decisions will positively impact our noninterest expense in 2021 and beyond.” Mr. Leto continued, “The number of loans within our COVID-19 deferral program at year-end has considerably decreased from prior quarters as borrowers have begun resuming payments. Lastly, our wealth division continues to perform strongly and finished the year with $19 billion in assets under management, an increase of $2.4 billion from a year ago, and linked quarter growth in revenue of over 7%.”
On January 21, 2021, the Board of Directors of the Corporation declared a quarterly dividend of $0.27 per share, payable March 1, 2021 to shareholders of record as of February 1, 2021.
SIGNIFICANT ITEMS OF NOTE
Results of Operations – Fourth Quarter 2020 Compared to Third Quarter 2020
Net income for the three months ended December 31, 2020 was $15.5 million, or $0.78 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 December 31, 2020 was $35.0 million, relatively unchanged 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 December 31, 2020 was a release of $1.2 million, as compared to a provision of $4.1 million for the three months ended September 30, 2020, a difference of $5.3 million. Total noninterest income increased $907 thousand, total noninterest expense increased $3.4 million, and income tax expense increased $385 thousand for the three months ended December 31, 2020, as compared to the three months ended September 30, 2020.
Net interest income for the three months ended December 31, 2020 was $35.0 million, relatively unchanged as compared to the linked quarter. Tax-equivalent net interest income for the three months ended December 31, 2020 was $35.1 million, relatively unchanged as compared to the linked quarter. Tax-equivalent net interest income for the fourth quarter of 2020 was positively impacted by the accretion of purchase accounting fair value marks of $918 thousand, an increase of $118 thousand as compared to $800 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 December 31, 2020 was $34.2 million, a decrease of $115 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 3.04% for the three months ended December 31, 2020 as compared to 3.03% 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 2.96% for both the three months ended December 31, 2020 and three months ended September 30, 2020, respectively. 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 a decrease of $1.3 million in tax-equivalent interest and fees earned on loans and leases partially offset by a decrease of $1.1 million in interest expense on deposits, for the three months ended December 31, 2020 as compared to the linked quarter.
Tax-equivalent interest and fees earned on loans and leases for the three months ended December 31, 2020 decreased $1.2 million as compared to the linked quarter. The tax-equivalent yield on average loans and leases for the three months ended December 31, 2020 was 3.89%, an eight basis point decrease as compared to the linked quarter. Average loans and leases decreased $43.9 million for the three months ended December 31, 2020 as compared to the linked quarter.
Interest expense on deposits for the three months ended December 31, 2020 decreased $1.1 million over the linked quarter. The rate paid on average interest-bearing deposits for the three months ended December 31, 2020 was 0.27%, a 14 basis point decrease as compared to the linked quarter. Average interest-bearing deposits for the three months ended December 31, 2020 decreased $125.7 million as compared to the linked quarter.
Noninterest income of $22.0 million for the three months ended December 31, 2020 represented a $907 thousand increase over the linked quarter. The increase was driven by the $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, as well as an $881 thousand increase in fees for wealth management services. These increases were partially offset by a decrease of $2.5 million in capital markets revenue primarily due to decreased volume and size of interest rate swap transactions with commercial loan customers for the three months ended December 31, 2020 as compared to the linked quarter.
Noninterest expense of $38.6 million for the three months ended December 31, 2020 represented a $3.4 million increase over the linked quarter. The increase was primarily driven by $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 facility driven charges, which are detailed in the appendix to this earnings release as non-core items, coupled with increases of $1.2 million and $529 thousand in other operating expenses and salaries and wages, respectively, were partially offset by a decrease of $454 thousand in Pennsylvania bank shares tax expense. The increase in other operating expenses included a $598 thousand increase in deferred compensation expense, which was primarily due to market fluctuations in the fourth quarter of 2020 affecting the Corporation's deferred compensation plan liability, and a $387 thousand increase in contributions. The increase in salaries and wages was primarily due to an increase in incentive accruals. The decrease in Pennsylvania bank shares tax was driven by an increase in tax credits and refunds recorded in the fourth quarter of 2020 in connection with contributions to qualified organizations under Pennsylvania tax credit programs.
A release of Provision of $1.2 million for the three months ended December 31, 2020 compared to a Provision of $4.1 million for the three months ended September 30, 2020, a difference of $5.3 million. A $629 thousand release of provision for credit losses on off-balance sheet exposures and a $379 thousand release of provision for credit losses on loans and leases for the three months ended December 31, 2020 were driven by improvements in the current and forward-looking economic conditions, primarily Pennsylvania unemployment, included in the estimation of expected credit losses as compared to September 30, 2020. A $201 thousand release of provision for credit losses on accrued interest receivable on COVID-19 deferrals for the three months ended December 31, 2020 was primarily driven by a decrease in loans and leases within a deferral period. Net loan and lease charge-offs for the fourth quarter of 2020 totaled $2.3 million, an increase of $153 thousand as compared to $2.2 million for the third quarter of 2020.
The effective tax rate for the fourth quarter of 2020 decreased to 20.86% as compared to 22.03% for the third quarter of 2020. The decrease in effective tax rate was primarily due to an $84 thousand decrease in discrete tax expense related to stock-based compensation coupled with a reduction in state income tax expense.
Results of Operations – Fourth Quarter 2020 Compared to Fourth Quarter 2019
Net income for the three months ended December 31, 2020 was $15.5 million, or $0.78 diluted earnings per share, as compared to $16.4 million, or $0.81 diluted earnings per share, for the three months ended December 31, 2019. Net interest income for the three months ended December 31, 2020 was $35.0 million, a decrease of $948 thousand as compared to the same period in 2019. The Provision for the three months ended December 31, 2020, as calculated under the Current Expected Credit Loss (“CECL”) framework, decreased $3.6 million as compared to the same period in 2019, which was calculated in accordance with previously-applicable GAAP. Total noninterest income decreased $1.2 million, total noninterest expense increased $2.4 million, and income tax expense decreased $108 thousand for the three months ended December 31, 2020 as compared to the three months ended December 31, 2019.
Net interest income for the three months ended December 31, 2020 was $35.0 million, a decrease of $948 thousand as compared to the same period in 2019. Tax-equivalent net interest income for the three months ended December 31, 2020 was $35.1 million, a decrease of $954 thousand as compared to the same period in 2019. Tax-equivalent net interest income for the fourth quarter of 2020 was positively impacted by the accretion of purchase accounting fair value marks of $918 thousand as compared to $1.1 million for the same period in 2019. Excluding the effects of these purchase accounting fair value marks, the adjusted tax-equivalent net interest income for the three months ended December 31, 2020 was $34.2 million, a decrease of $789 thousand as compared to the same period in 2019. 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 3.04% for the three months ended December 31, 2020 as compared to 3.36% for the same period in 2019. Adjusting for the impacts of the accretion of purchase accounting fair value marks, the adjusted tax-equivalent net interest margin was 2.96% and 3.26% for three months ended December 31, 2020 and 2019, respectively. The main drivers for the decrease in the adjusted tax-equivalent net interest margin were the rate and volume changes of interest-bearing assets and liabilities as discussed in the below bullet points. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.
Items contributing to the decrease in tax-equivalent net interest income adjusted for purchase accounting included decreases of $7.5 million and $790 thousand in tax-equivalent interest and fees earned on loans and leases and tax-equivalent interest income on available for sale investment securities, respectively, partially offset by decreases of $6.8 million and $546 thousand in interest paid on deposits and interest expense on short-term borrowings, respectively, for the three months ended December 31, 2020 as compared to the same period in 2019.
Tax-equivalent interest and fees earned on loans and leases for the three months ended December 31, 2020 decreased $7.6 million as compared to the same period in 2019. The tax-equivalent yield on average loans and leases for the three months ended December 31, 2020 was 3.89%, an 89 basis point decrease as compared to the same period in 2019. The effect of the decrease in the tax-equivalent yield was partially offset by an increase of $59.0 million in average loans and leases for the three months ended December 31, 2020 as compared to same period in 2019.
Tax-equivalent interest income on available for sale investment securities for the three months ended December 31, 2020 decreased $790 thousand as compared to the same period in 2019. The tax-equivalent yield on average available for sale investment securities for the three months ended December 31, 2020 was 1.51%, an 82 basis point decrease as compared to the same period in 2019. The effect of the decrease in the tax-equivalent yield was partially offset by an increase of $105.9 million in average available for sale investment securities for the three months ended December 31, 2020 as compared to the same period in 2019.
Interest expense on deposits for the three months ended December 31, 2020 decreased $6.8 million as compared to the same period in 2019. The rate paid on average interest-bearing deposits for the three months ended December 31, 2020 was 0.27%, a 96 basis point decrease as compared to the same period in 2019. Average interest-bearing deposits for the three months ended December 31, 2020 decreased $33.1 million as compared to the same period in 2019.
Interest expense on short-term borrowings for the three months ended December 31, 2020 decreased $546 thousand as compared to the same period in 2019. The decrease was primarily due to a $92.5 million decrease in average short-term borrowings for the three months ended December 31, 2020 as compared to the same period in 2019, coupled with a 169 basis point decrease in the rate paid for the three months ended December 31, 2020 as compared to the same period in 2019.
Noninterest income of $22.0 million for the three months ended December 31, 2020 represented a $1.2 million decrease over the same period in 2019. The decrease was driven by a $4.6 million decrease in capital markets revenue primarily due to decreased volume and size of interest rate swap transactions with commercial loan customers for the three months ended December 31, 2020 as compared to the same period in 2019. Partially offsetting the decrease was a $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, as well as a $916 thousand increase in fees for wealth management services.
Noninterest expense of $38.6 million for the three months ended December 31, 2020 represented a $2.4 million increase over the same period in 2019. The increase was primarily driven by $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 facility driven charges, which are detailed in the appendix to this earnings release as non-core items, coupled with an increase of $1.6 million in other operating expenses were partially offset by decreases of $937 thousand and $381 thousand in salaries and wages and Pennsylvania bank shares tax expense, respectively. The decrease in salaries and wages was primarily driven by reduced headcount. The decrease in Pennsylvania bank shares tax was driven by an increase in tax credits and refunds recorded in the fourth quarter of 2020 in connection with contributions to qualified organizations under Pennsylvania tax credit programs.
A release of Provision of $1.2 million for the three months ended December 31, 2020, as calculated under the CECL framework, compared to a Provision, calculated in accordance with previously-applicable GAAP, of $2.4 million for the same period in 2019, a difference of $3.6 million. A $629 thousand release of provision for credit losses on off-balance sheet exposures and a $379 thousand release of provision for credit losses on loans and leases for the three months ended December 31, 2020 were driven by improvements in the current and forward-looking economic conditions, primarily Pennsylvania unemployment, included in the estimation of expected credit losses. A $201 thousand release of provision for credit losses on accrued interest receivable on COVID-19 deferrals for the three months ended December 31, 2020 was primarily driven by a decrease in loans and leases within a deferral period. Net loan and lease charge-offs for the fourth quarter of 2020 totaled $2.3 million, an increase of $1.9 million as compared to $400 thousand for the fourth quarter in 2019.
The effective tax rate for the fourth quarter of 2020 increased to 20.86% as compared to 20.41% for the fourth quarter of 2019.
Financial Condition – December 31, 2020 Compared to December 31, 2019
Total assets as of December 31, 2020 were $5.43 billion, an increase of $168.8 million from December 31, 2019. Increases of $169.0 million, $71.3 million, and $42.4 million in available for sale investment securities, other assets, and cash balances, respectively, were partially offset by a decrease of $60.9 million in portfolio loans and leases and an increase of $31.1 million in the allowance for credit losses (“ACL”) on loans and leases. The changes in available for sale investment securities, portfolio loans and leases, and the ACL on loans and leases are discussed in the bullets below. The increase in other assets was primarily driven by a $66.2 million increase in the fair value of interest rate swaps.
Available for sale investment securities as of December 31, 2020 totaled $1.18 billion, an increase of $169.0 million from December 31, 2019. Increases of $94.4 million, $87.9 million, and $11.4 million in collateralized loan obligations, mortgage-backed securities, and corporate bonds, respectively, were partially offset by decreases of $12.6 million and $8.9 million in collateralized mortgage obligations and U.S. Government and agency securities, respectively.
Total portfolio loans and leases of $3.63 billion as of December 31, 2020 decreased $60.9 million, or 1.7%, from December 31, 2019. Decreases of $85.3 million, $54.9 million, $40.9 million, $17.6 million, $13.0 million and $12.7 million in residential mortgage 1st liens, home equity lines of credit, construction loans, consumer loans, residential mortgage 2nd liens and leases, respectively, were partially offset by increases of $98.4 million, $50.9 million and $14.2 million in nonowner-occupied commercial real estate loans, owner-occupied commercial real estate loans and commercial and industrial loans, respectively. In conjunction with the adoption of CECL, the Corporation has revised its portfolio segmentation to align with the methodology applied in determining the ACL for loans and leases under CECL, which is based on federal call report codes which classify loans based on the primary collateral supporting the loan. Portfolio segmentation prior to the adoption of CECL was based on product type or purpose. As such, certain reclassifications were made to conform previous years to the current year's presentation.
As of December 31, 2020, 66 consumer loans and leases in the amount of $7.3 million and 37 commercial loans in the amount of $67.7 million are within a deferral period under the Bank's modification programs, the total comprising 2.1% of the Bank’s portfolio loans and leases. Of those commercial loans within a deferral period, $59.0 million, or 87.2% of deferred commercial loans, continue to make interest-only payments.
The ACL on loans and leases was $22.6 million as of December 31, 2019. Effective January 1, 2020, the Corporation adopted CECL and recognized an increase in the ACL on loans and leases of approximately $3.2 million, as a cumulative effect of a change in accounting principle, with a corresponding decrease, net of tax, in retained earnings. The ACL on loans and leases was $53.7 million as of December 31, 2020, an increase of $31.1 million as compared to December 31, 2019. The significant increase was driven by the current and forward-looking adverse economic impacts of the COVID-19 pandemic included in the estimation of expected credit losses on loans and leases as of December 31, 2020 as compared to our initial adoption of CECL.
Deposits of $4.38 billion as of December 31, 2020 increased $534.0 million from December 31, 2019. Increases of $503.7 million, $97.1 million, $62.0 million, and $57.1 million in noninterest bearing deposits, wholesale non-maturity deposits, savings accounts, and money market accounts, respectively, were offset by decreases of $73.6 million, $59.1 million, and $53.2 million in retail time deposits, interest-bearing demand accounts, and wholesale time deposits, respectively. The increase in noninterest bearing deposits was primarily due to the Bank's Paycheck Protection Program loan customers depositing loan funds into Bank deposit accounts during the second quarter of 2020.
Borrowings of $232.9 million as of December 31, 2020, which include short-term borrowings, long-term FHLB advances, subordinated notes and junior subordinated debentures, decreased $433.1 million from December 31, 2019, primarily due to decreases of $421.1 million and $12.4 million in short-term borrowings and long-term FHLB advances, respectively. The increase in deposits reduced the need to obtain wholesale funding at December 31, 2020 as compared to December 31, 2019.
Wealth assets totaled $18.98 billion as of December 31, 2020, an increase of $2.43 billion from December 31, 2019. As of December 31, 2020, wealth assets consisted of $11.86 billion of wealth assets where fees are set at fixed amounts, an increase of $2.28 billion from December 31, 2019, and $7.12 billion of wealth assets where fees are predominantly determined based on the market value of the assets held in their accounts, an increase of $144.5 million from December 31, 2019.
The capital ratios for the Bank and the Corporation, as of December 31, 2020, 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.
EARNINGS CONFERENCE CALL
The Corporation will hold a fourth quarter 2020 earnings conference call at 8:30 a.m. Eastern Time on Friday, January 22, 2021. Interested parties may participate by calling 1-888-317-6016. A taped replay of the conference call will be available one hour after the conclusion of the call and will remain available through 9:00 a.m. Eastern Time on Monday, February 22, 2021. This recording may be obtained by calling 1-877-344-7529, referring to conference number 10151203.
The Corporation will simultaneously broadcast the earnings conference call live over the Internet through a webcast on the investor relations portion of the Corporation’s website. To access the call via the Internet, please visit the website at http://services.choruscall.com/links/bmtc210122.html. An online archive of the webcast will be available within one hour of the conclusion of the earnings conference call. Within 24 hours after the conclusion of the earnings conference call, an online transcript will be available at the following website: https://www.bmt.com/investors/presentations/.
The Corporation’s decision to hold an earnings conference call for the fourth quarter of 2020 is not indicative of the Corporation’s future plans with respect to earnings conference calls, and decisions regarding whether to continue holding earnings conference calls will be made at a future date.
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 “may,” “would,” “should,” “could,” “will,” “likely,” “possibly,” “expect,” “anticipate,” “intend,” “indicate,” “estimate,” “target,” “potentially,” “promising,” “probably,” “outlook,” “predict,” “contemplate,” “continue,” “plan,” “strategy,” “forecast,” “project,” “annualized,” “are optimistic,” “are looking,” “are looking forward” and “believe” or other similar words and phrases may identify forward-looking statements. Persons reading this communication are cautioned that such statements are only predictions, and that the Corporation’s actual future results or performance may be materially different.
Such forward-looking statements involve known and unknown risks and uncertainties. A number of factors, many of which are beyond the Corporation’s control, could cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments expressed, implied or anticipated by such forward-looking statements, and so our business and financial condition and results of operations could be materially and adversely affected. The COVID-19 pandemic (the “Pandemic”) is adversely affecting us, our clients, counterparties, employees, and third-party service providers, and the ultimate extent of the impacts on our business, financial position, results of operations, liquidity, and prospects is uncertain. Continued deterioration in general business and economic conditions, including further increases in unemployment rates, or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding, lead to a tightening of credit, and further increase stock price volatility. In addition, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to the Pandemic or changes in Presidential administration, could affect us in substantial and unpredictable ways. Other factors include, among others, our need for capital, our ability to control operating costs and expenses, and to manage loan and lease delinquency rates; the credit risks of lending activities and overall quality of the composition of our loan, lease and securities portfolio; the impact of economic conditions, consumer and business spending habits, and real estate market conditions on our business and in our market area; changes in the levels of general interest rates, deposit interest rates, or net interest margin and funding sources; changes in banking regulations and policies and the possibility that any banking agency approvals we might require for certain activities will not be obtained in a timely manner or at all or will be conditioned in a manner that would impair our ability to implement our business plans; changes in accounting policies and practices or accounting standards, including ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments,” commonly referenced as the Current Expected Credit Loss model, which has changed how we estimate credit losses and may result in further increases in the required level of our allowance for credit losses; unanticipated regulatory or legal proceedings, outcomes of litigation or other contingencies; cybersecurity events; the inability of key third-party providers to perform their obligations to us; our ability to attract and retain key personnel; competition in our marketplace; war or terrorist activities; social or civil unrest; material differences in the actual financial results, cost savings and revenue enhancements associated with our acquisitions; uncertainty regarding the future of LIBOR; the impact of public health issues and pandemics, and their effects on the economic and business environments in which we operate; the effect of the Pandemic, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; and other factors as described in our securities filings with the U.S. Securities and Exchange Commission (“SEC”). All forward-looking statements and information set forth herein are based on Corporation management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. The Corporation does not undertake to update forward-looking statements.
For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the SEC, including our most recent Annual Report on Form 10-K, as updated by our quarterly or other reports subsequently filed with the SEC, including our most recent Quarterly Report on Form 10-Q.
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 Twelve Months Ended | ||||||||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||
Consolidated Balance Sheet (selected items) | |||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 85,026 | $ | 241,763 | $ | 448,113 | $ | 69,239 | $ | 42,328 | |||||||||||||||||
Investment securities | 1,198,346 | 584,529 | 550,974 | 537,592 | 1,027,182 | ||||||||||||||||||||||
Loans held for sale | 6,000 | 4,574 | 4,116 | 2,785 | 4,249 | ||||||||||||||||||||||
Portfolio loans and leases | 3,628,411 | 3,676,684 | 3,722,165 | 3,767,166 | 3,689,313 | ||||||||||||||||||||||
Allowance for credit losses ("ACL") on loans and leases | (53,709 | ) | (56,428 | ) | (54,974 | ) | (54,070 | ) | (22,602 | ) | |||||||||||||||||
Goodwill and other intangible assets | 199,576 | 200,445 | 201,315 | 202,225 | 203,143 | ||||||||||||||||||||||
Total assets | 5,432,022 | 5,046,939 | 5,271,311 | 4,923,033 | 5,263,259 | ||||||||||||||||||||||
Deposits - interest-bearing | 2,974,411 | 2,783,188 | 3,026,152 | 2,850,986 | 2,944,072 | ||||||||||||||||||||||
Deposits - non-interest-bearing | 1,401,843 | 1,230,391 | 1,217,496 | 927,922 | 898,173 | ||||||||||||||||||||||
Short-term borrowings | 72,161 | 23,456 | 28,891 | 162,045 | 493,219 | ||||||||||||||||||||||
Long-term FHLB advances | 39,906 | 44,872 | 44,837 | 47,303 | 52,269 | ||||||||||||||||||||||
Subordinated notes | 98,883 | 98,839 | 98,794 | 98,750 | 98,705 | ||||||||||||||||||||||
Jr. subordinated debentures | 21,935 | 21,889 | 21,843 | 21,798 | 21,753 | ||||||||||||||||||||||
Total liabilities | 4,809,700 | 4,434,322 | 4,667,637 | 4,329,854 | 4,651,032 | ||||||||||||||||||||||
Total shareholders' equity | 622,322 | 612,617 | 603,674 | 593,179 | 612,227 | ||||||||||||||||||||||
Average Balance Sheet (selected items) | |||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 245,904 | $ | 336,225 | $ | 195,966 | $ | 50,330 | $ | 66,060 | $ | 207,535 | $ | 46,408 | |||||||||||||
Investment securities | 701,258 | 574,094 | 542,321 | 542,876 | 593,289 | 590,397 | 593,409 | ||||||||||||||||||||
Loans held for sale | 2,836 | 4,393 | 3,805 | 2,319 | 4,160 | 3,340 | 3,286 | ||||||||||||||||||||
Portfolio loans and leases | 3,654,736 | 3,697,102 | 3,936,227 | 3,736,067 | 3,594,449 | 3,755,595 | 3,530,416 | ||||||||||||||||||||
Total interest-earning assets | 4,604,734 | 4,611,814 | 4,678,319 | 4,331,592 | 4,257,958 | 4,556,867 | 4,173,519 | ||||||||||||||||||||
Goodwill and intangible assets | 200,060 | 200,931 | 201,823 | 202,760 | 203,663 | 201,389 | 205,143 | ||||||||||||||||||||
Total assets | 5,124,702 | 5,157,588 | 5,226,074 | 4,844,918 | 4,775,407 | 5,088,609 | 4,683,901 | ||||||||||||||||||||
Deposits - interest-bearing | 2,765,941 | 2,891,652 | 2,969,113 | 2,853,712 | 2,799,050 | 2,869,878 | 2,761,463 | ||||||||||||||||||||
Short-term borrowings | 29,130 | 29,913 | 136,816 | 140,585 | 121,612 | 83,813 | 129,457 | ||||||||||||||||||||
Long-term FHLB advances | 43,634 | 44,849 | 46,161 | 47,335 | 53,443 | 45,488 | 51,709 | ||||||||||||||||||||
Subordinated notes | 98,860 | 98,815 | 98,770 | 98,725 | 98,681 | 98,793 | 98,612 | ||||||||||||||||||||
Jr. subordinated debentures | 21,905 | 21,859 | 21,814 | 21,768 | 21,726 | 21,837 | 21,660 | ||||||||||||||||||||
Total interest-bearing liabilities | 2,959,470 | 3,087,088 | 3,272,674 | 3,162,125 | 3,094,512 | 3,119,809 | 3,062,901 | ||||||||||||||||||||
Total liabilities | 4,507,444 | 4,548,395 | 4,625,511 | 4,229,908 | 4,168,899 | 4,478,088 | 4,094,946 | ||||||||||||||||||||
Total shareholders' equity | 617,258 | 609,193 | 600,563 | 615,010 | 606,508 | 610,521 | 588,955 | ||||||||||||||||||||
Income Statement | |||||||||||||||||||||||||||
Net interest income | $ | 35,037 | $ | 35,032 | $ | 37,385 | $ | 36,333 | $ | 35,985 | $ | 143,787 | $ | 147,641 | |||||||||||||
(Release of) provision for credit losses | (1,209 | ) | 4,101 | 3,435 | 35,350 | 2,404 | 41,677 | 8,595 | |||||||||||||||||||
Noninterest income | 22,006 | 21,099 | 20,566 | 18,300 | 23,255 | 81,971 | 82,184 | ||||||||||||||||||||
Noninterest expense | 38,624 | 35,197 | 35,503 | 33,403 | 36,251 | 142,727 | 146,427 | ||||||||||||||||||||
Income tax expense (benefit) | 4,094 | 3,709 | 4,010 | (2,957 | ) | 4,202 | 8,856 | 15,607 | |||||||||||||||||||
Net income (loss) | 15,534 | 13,124 | 15,003 | (11,163 | ) | 16,383 | 32,498 | 59,196 | |||||||||||||||||||
Net loss attributable to noncontrolling interest | (3 | ) | (40 | ) | (32 | ) | - | (1 | ) | (75 | ) | (10 | ) | ||||||||||||||
Net income (loss) attributable to Bryn Mawr Bank Corporation | 15,537 | 13,164 | 15,035 | (11,163 | ) | 16,384 | 32,573 | 59,206 | |||||||||||||||||||
Basic earnings per share | 0.78 | 0.66 | 0.75 | (0.56 | ) | 0.81 | 1.63 | 2.94 | |||||||||||||||||||
Diluted earnings per share | 0.78 | 0.66 | 0.75 | (0.56 | ) | 0.81 | 1.63 | 2.93 | |||||||||||||||||||
Net income (loss) (core) (1) | 15,518 | 13,164 | 15,399 | (11,163 | ) | 16,384 | 32,918 | 62,759 | |||||||||||||||||||
Basic earnings per share (core) (1) | 0.78 | 0.66 | 0.77 | (0.56 | ) | 0.81 | 1.65 | 3.12 | |||||||||||||||||||
Diluted earnings per share (core) (1) | 0.77 | 0.66 | 0.77 | (0.56 | ) | 0.81 | 1.64 | 3.10 | |||||||||||||||||||
Dividends paid or accrued per share | 0.27 | 0.27 | 0.26 | 0.26 | 0.26 | 1.06 | 1.02 | ||||||||||||||||||||
Profitability Indicators | |||||||||||||||||||||||||||
Return on average assets | 1.21 | % | 1.02 | % | 1.16 | % | -0.93 | % | 1.36 | % | 0.64 | % | 1.26 | % | |||||||||||||
Return on average equity | 10.01 | % | 8.60 | % | 10.07 | % | -7.30 | % | 10.72 | % | 5.34 | % | 10.05 | % | |||||||||||||
Return on tangible equity(1) | 15.44 | % | 13.47 | % | 15.86 | % | -10.17 | % | 16.85 | % | 8.63 | % | 16.18 | % | |||||||||||||
Return on tangible equity (core)(1) | 15.42 | % | 13.47 | % | 16.23 | % | -10.17 | % | 16.85 | % | 8.72 | % | 17.10 | % | |||||||||||||
Return on average assets (core)(1) | 1.20 | % | 1.02 | % | 1.19 | % | -0.93 | % | 1.36 | % | 0.65 | % | 1.34 | % | |||||||||||||
Return on average equity (core)(1) | 10.00 | % | 8.60 | % | 10.31 | % | -7.30 | % | 10.72 | % | 5.39 | % | 10.66 | % | |||||||||||||
Tax-equivalent net interest margin | 3.04 | % | 3.03 | % | 3.22 | % | 3.38 | % | 3.36 | % | 3.16 | % | 3.55 | % | |||||||||||||
Efficiency ratio(1) | 64.81 | % | 61.16 | % | 58.75 | % | 59.46 | % | 59.58 | % | 60.96 | % | 60.10 | % | |||||||||||||
Share Data | |||||||||||||||||||||||||||
Closing share price | $ | 30.60 | $ | 24.87 | $ | 27.66 | $ | 28.38 | $ | 41.24 | |||||||||||||||||
Book value per common share | $ | 31.18 | $ | 30.70 | $ | 30.29 | $ | 29.78 | $ | 30.42 | |||||||||||||||||
Tangible book value per common share(1) | $ | 21.22 | $ | 20.69 | $ | 20.23 | $ | 19.66 | $ | 20.36 | |||||||||||||||||
Price / book value | 98.14 | % | 81.01 | % | 91.32 | % | 95.30 | % | 135.57 | % | |||||||||||||||||
Price / tangible book value(1) | 144.20 | % | 120.20 | % | 136.73 | % | 144.35 | % | 202.55 | % | |||||||||||||||||
Weighted average diluted shares outstanding | 20,027,658 | 20,021,617 | 20,008,219 | 20,053,159 | 20,213,008 | 20,042,345 | 20,233,371 | ||||||||||||||||||||
Shares outstanding, end of period | 19,960,294 | 19,958,186 | 19,927,893 | 19,921,524 | 20,126,296 | ||||||||||||||||||||||
Wealth Management Information: | |||||||||||||||||||||||||||
Wealth assets under mgmt, administration, supervision and brokerage (2) | $ | 18,976,544 | $ | 17,244,307 | $ | 17,012,903 | $ | 15,593,732 | $ | 16,548,060 | |||||||||||||||||
Fees for wealth management services | $ | 12,588 | $ | 11,707 | $ | 9,069 | $ | 11,168 | $ | 11,672 | |||||||||||||||||
Capital Ratios(3) | |||||||||||||||||||||||||||
Bryn Mawr Trust Company ("BMTC") | |||||||||||||||||||||||||||
Tier I capital to risk weighted assets ("RWA") | 11.53 | % | 12.02 | % | 11.68 | % | 11.10 | % | 11.47 | % | |||||||||||||||||
Total capital to RWA | 12.74 | % | 13.27 | % | 12.93 | % | 12.33 | % | 12.09 | % | |||||||||||||||||
Tier I leverage ratio | 8.78 | % | 9.16 | % | 8.75 | % | 9.12 | % | 9.37 | % | |||||||||||||||||
Tangible equity ratio (1) | 8.27 | % | 9.36 | % | 8.67 | % | 8.98 | % | 8.58 | % | |||||||||||||||||
Common equity Tier I capital to RWA | 11.53 | % | 12.02 | % | 11.68 | % | 11.10 | % | 11.47 | % | |||||||||||||||||
Bryn Mawr Bank Corporation ("BMBC") | |||||||||||||||||||||||||||
Tier I capital to RWA | 11.85 | % | 11.48 | % | 11.27 | % | 10.80 | % | 11.42 | % | |||||||||||||||||
Total capital to RWA | 15.54 | % | 15.19 | % | 15.14 | % | 14.62 | % | 14.69 | % | |||||||||||||||||
Tier I leverage ratio | 9.03 | % | 8.75 | % | 8.44 | % | 8.88 | % | 9.33 | % | |||||||||||||||||
Tangible equity ratio (1) | 8.09 | % | 8.52 | % | 7.95 | % | 8.30 | % | 8.10 | % | |||||||||||||||||
Common equity Tier I capital to RWA | 11.28 | % | 10.92 | % | 10.71 | % | 10.25 | % | 10.86 | % | |||||||||||||||||
Asset Quality Indicators | |||||||||||||||||||||||||||
Net loan and lease charge-offs ("NCO"s) | $ | 2,340 | $ | 2,187 | $ | 3,398 | $ | 4,073 | $ | 400 | $ | 7,925 | $ | 5,331 | |||||||||||||
Loans and leases risk-rated Special Mention | $ | 68,892 | $ | 48,267 | $ | 55,171 | $ | 14,833 | $ | 19,922 | |||||||||||||||||
Total classified loans and leases | 153,011 | 175,501 | 154,687 | 60,972 | 66,901 | ||||||||||||||||||||||
Total criticized loans and leases | $ | 221,903 | $ | 223,768 | $ | 209,858 | $ | 75,805 | $ | 86,823 | |||||||||||||||||
Nonperforming loans and leases ("NPL"s) | $ | 5,306 | $ | 8,597 | $ | 8,418 | $ | 7,557 | $ | 10,648 | |||||||||||||||||
Other real estate owned ("OREO") | - | - | - | - | - | ||||||||||||||||||||||
Total nonperforming assets ("NPA"s) | $ | 5,306 | $ | 8,597 | $ | 8,418 | $ | 7,557 | $ | 10,648 | |||||||||||||||||
Nonperforming loans and leases 30 or more days past due | $ | 2,001 | $ | 4,153 | $ | 3,223 | $ | 3,380 | $ | 6,314 | |||||||||||||||||
Performing loans and leases 30 to 89 days past due | 10,847 | 9,351 | 10,022 | 19,930 | 7,196 | ||||||||||||||||||||||
Performing loans and leases 90 or more days past due | - | - | - | - | - | ||||||||||||||||||||||
Total delinquent loans and leases | $ | 12,848 | $ | 13,504 | $ | 13,245 | $ | 23,310 | $ | 13,510 | |||||||||||||||||
Delinquent loans and leases to total loans and leases | 0.35 | % | 0.37 | % | 0.36 | % | 0.62 | % | 0.37 | % | |||||||||||||||||
Delinquent performing loans and leases to total loans and leases | 0.30 | % | 0.25 | % | 0.27 | % | 0.53 | % | 0.19 | % | |||||||||||||||||
NCOs / average loans and leases (annualized) | 0.25 | % | 0.24 | % | 0.35 | % | 0.44 | % | 0.04 | % | 0.21 | % | 0.15 | % | |||||||||||||
NPLs / total portfolio loans and leases | 0.15 | % | 0.23 | % | 0.23 | % | 0.20 | % | 0.29 | % | |||||||||||||||||
NPAs / total loans and leases and OREO | 0.15 | % | 0.23 | % | 0.23 | % | 0.20 | % | 0.29 | % | |||||||||||||||||
NPAs / total assets | 0.10 | % | 0.17 | % | 0.16 | % | 0.15 | % | 0.20 | % | |||||||||||||||||
ACL on loans and leases / NPLs | 1012.23 | % | 656.37 | % | 653.05 | % | 715.50 | % | 212.27 | % | |||||||||||||||||
ACL / classified loans and leases | 35.10 | % | 32.15 | % | 35.54 | % | 88.68 | % | 33.78 | % | |||||||||||||||||
ACL / criticized loans and leases | 24.20 | % | 25.22 | % | 26.20 | % | 71.33 | % | 26.03 | % | |||||||||||||||||
ACL on loans and leases / portfolio loans | 1.48 | % | 1.53 | % | 1.48 | % | 1.44 | % | 0.61 | % | |||||||||||||||||
ACL on loans and leases for originated loans and leases / Originated loans and leases (1) | 1.50 | % | 1.56 | % | 1.51 | % | 1.47 | % | 0.68 | % | |||||||||||||||||
(Total ACL on loans and leases + Loan mark) / Total Gross portfolio loans and leases (1) | 1.65 | % | 1.73 | % | 1.69 | % | 1.68 | % | 0.91 | % | |||||||||||||||||
Troubled debt restructurings ("TDR"s) included in NPLs | $ | 1,737 | $ | 1,393 | $ | 1,792 | $ | 3,248 | $ | 3,018 | |||||||||||||||||
TDRs in compliance with modified terms | 7,046 | 8,590 | 10,013 | 4,852 | 5,071 | ||||||||||||||||||||||
Total TDRs | $ | 8,783 | $ | 9,983 | $ | 11,805 | $ | 8,100 | $ | 8,089 | |||||||||||||||||
(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) | |||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
Assets | |||||||||||||||||||
Cash and due from banks | $ | 11,287 | $ | 15,670 | $ | 16,408 | $ | 17,803 | $ | 11,603 | |||||||||
Interest-bearing deposits with banks | 85,026 | 241,763 | 448,113 | 69,239 | 42,328 | ||||||||||||||
Cash and cash equivalents | 96,313 | 257,433 | 464,521 | 87,042 | 53,931 | ||||||||||||||
Investment securities, available for sale | 1,174,964 | 564,774 | 530,581 | 516,466 | 1,005,984 | ||||||||||||||
Investment securities, held to maturity | 14,759 | 11,725 | 12,592 | 13,369 | 12,577 | ||||||||||||||
Investment securities, trading | 8,623 | 8,030 | 7,801 | 7,757 | 8,621 | ||||||||||||||
Loans held for sale | 6,000 | 4,574 | 4,116 | 2,785 | 4,249 | ||||||||||||||
Portfolio loans and leases, originated | 3,380,727 | 3,396,068 | 3,422,890 | 3,424,601 | 3,320,816 | ||||||||||||||
Portfolio loans and leases, acquired | 247,684 | 280,616 | 299,275 | 342,565 | 368,497 | ||||||||||||||
Total portfolio loans and leases | 3,628,411 | 3,676,684 | 3,722,165 | 3,767,166 | 3,689,313 | ||||||||||||||
Less: Allowance for credit losses on originated loan and leases | (50,783 | ) | (52,968 | ) | (51,659 | ) | (50,365 | ) | (22,526 | ) | |||||||||
Less: Allowance for credit losses on acquired loan and leases | (2,926 | ) | (3,460 | ) | (3,315 | ) | (3,705 | ) | (76 | ) | |||||||||
Total allowance for credit losses on loans and leases | (53,709 | ) | (56,428 | ) | (54,974 | ) | (54,070 | ) | (22,602 | ) | |||||||||
Net portfolio loans and leases | 3,574,702 | 3,620,256 | 3,667,191 | 3,713,096 | 3,666,711 | ||||||||||||||
Premises and equipment | 56,662 | 60,369 | 61,778 | 63,144 | 64,965 | ||||||||||||||
Operating lease right-of-use assets | 34,601 | 38,536 | 39,348 | 40,157 | 40,961 | ||||||||||||||
Accrued interest receivable | 15,440 | 16,609 | 15,577 | 12,017 | 12,482 | ||||||||||||||
Mortgage servicing rights | 2,626 | 2,881 | 3,440 | 4,115 | 4,450 | ||||||||||||||
Bank owned life insurance | 60,393 | 60,072 | 59,728 | 59,399 | 59,079 | ||||||||||||||
Federal Home Loan Bank ("FHLB") stock | 12,666 | 4,506 | 4,506 | 11,928 | 23,744 | ||||||||||||||
Goodwill | 184,012 | 184,012 | 184,012 | 184,012 | 184,012 | ||||||||||||||
Intangible assets | 15,564 | 16,433 | 17,303 | 18,213 | 19,131 | ||||||||||||||
Other investments | 17,742 | 17,129 | 17,055 | 16,786 | 16,683 | ||||||||||||||
Other assets | 156,955 | 179,600 | 181,762 | 172,747 | 85,679 | ||||||||||||||
Total assets | $ | 5,432,022 | $ | 5,046,939 | $ | 5,271,311 | $ | 4,923,033 | $ | 5,263,259 | |||||||||
Liabilities | |||||||||||||||||||
Deposits | |||||||||||||||||||
Noninterest-bearing | $ | 1,401,843 | $ | 1,230,391 | $ | 1,217,496 | $ | 927,922 | $ | 898,173 | |||||||||
Interest-bearing | 2,974,411 | 2,783,188 | 3,026,152 | 2,850,986 | 2,944,072 | ||||||||||||||
Total deposits | 4,376,254 | 4,013,579 | 4,243,648 | 3,778,908 | 3,842,245 | ||||||||||||||
Short-term borrowings | 72,161 | 23,456 | 28,891 | 162,045 | 493,219 | ||||||||||||||
Long-term FHLB advances | 39,906 | 44,872 | 44,837 | 47,303 | 52,269 | ||||||||||||||
Subordinated notes | 98,883 | 98,839 | 98,794 | 98,750 | 98,705 | ||||||||||||||
Jr. subordinated debentures | 21,935 | 21,889 | 21,843 | 21,798 | 21,753 | ||||||||||||||
Operating lease liabilities | 40,284 | 42,895 | 43,693 | 44,482 | 45,258 | ||||||||||||||
Accrued interest payable | 6,277 | 7,984 | 7,907 | 7,230 | 6,248 | ||||||||||||||
Other liabilities | 154,000 | 180,808 | 178,024 | 169,338 | 91,335 | ||||||||||||||
Total liabilities | 4,809,700 | 4,434,322 | 4,667,637 | 4,329,854 | 4,651,032 | ||||||||||||||
Shareholders' equity | |||||||||||||||||||
Common stock | 24,714 | 24,710 | 24,662 | 24,655 | 24,650 | ||||||||||||||
Paid-in capital in excess of par value | 381,653 | 380,770 | 380,167 | 379,495 | 378,606 | ||||||||||||||
Less: common stock held in treasury, at cost | (89,164 | ) | (89,100 | ) | (88,612 | ) | (88,540 | ) | (81,174 | ) | |||||||||
Accumulated other comprehensive income, net of tax | 8,948 | 10,139 | 9,019 | 8,869 | 2,187 | ||||||||||||||
Retained earnings | 296,941 | 286,865 | 279,165 | 269,395 | 288,653 | ||||||||||||||
Total Bryn Mawr Bank Corporation shareholders' equity | 623,092 | 613,384 | 604,401 | 593,874 | 612,922 | ||||||||||||||
Noncontrolling interest | (770 | ) | (767 | ) | (727 | ) | (695 | ) | (695 | ) | |||||||||
Total shareholders' equity | 622,322 | 612,617 | 603,674 | 593,179 | 612,227 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 5,432,022 | $ | 5,046,939 | $ | 5,271,311 | $ | 4,923,033 | $ | 5,263,259 | |||||||||
Bryn Mawr Bank Corporation | |||||||||||||||||||
Supplemental Balance Sheet Information (unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Portfolio Loans and Leases(1) as of | |||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
Commercial real estate - nonowner-occupied | $ | 1,435,575 | $ | 1,382,757 | $ | 1,375,904 | $ | 1,354,416 | $ | 1,337,167 | |||||||||
Commercial real estate - owner-occupied | 578,509 | 568,219 | 542,688 | 530,667 | 527,607 | ||||||||||||||
Home equity lines of credit | 169,337 | 179,125 | 194,767 | 209,278 | 224,262 | ||||||||||||||
Residential mortgage - 1st liens | 621,369 | 660,923 | 695,270 | 710,495 | 706,690 | ||||||||||||||
Residential mortgage - junior liens | 23,795 | 26,150 | 33,644 | 35,583 | 36,843 | ||||||||||||||
Construction | 161,308 | 186,415 | 212,374 | 221,116 | 202,198 | ||||||||||||||
Total real estate loans | 2,989,893 | 3,003,589 | 3,054,647 | 3,061,555 | 3,034,767 | ||||||||||||||
Commercial & Industrial | 446,438 | 465,315 | 457,529 | 491,298 | 432,227 | ||||||||||||||
Consumer | 39,683 | 47,043 | 43,762 | 45,951 | 57,241 | ||||||||||||||
Leases | 152,397 | 160,737 | 166,227 | 168,362 | 165,078 | ||||||||||||||
Total non-real estate loans and leases | 638,518 | 673,095 | 667,518 | 705,611 | 654,546 | ||||||||||||||
Total portfolio loans and leases | $ | 3,628,411 | $ | 3,676,684 | $ | 3,722,165 | $ | 3,767,166 | $ | 3,689,313 | |||||||||
Nonperforming Loans and Leases(1) as of | |||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
Commercial real estate - nonowner-occupied | $ | 57 | $ | 849 | $ | 245 | $ | 181 | $ | 199 | |||||||||
Commercial real estate - owner-occupied | 1,659 | 3,597 | 4,046 | 2,543 | 4,159 | ||||||||||||||
Home equity lines of credit | 729 | 890 | 915 | 758 | 636 | ||||||||||||||
Residential mortgage - 1st liens | 99 | 862 | 912 | 1,080 | 2,447 | ||||||||||||||
Residential mortgage - junior liens | 85 | 50 | 72 | 79 | 83 | ||||||||||||||
Total nonperforming real estate loans | 2,629 | 6,248 | 6,190 | 4,641 | 7,524 | ||||||||||||||
Commercial & Industrial | 1,775 | 1,784 | 1,973 | 2,692 | 2,180 | ||||||||||||||
Consumer | 30 | 31 | 36 | 52 | 61 | ||||||||||||||
Leases | 872 | 534 | 219 | 172 | 883 | ||||||||||||||
Total nonperforming non-real estate loans and leases | 2,677 | 2,349 | 2,228 | 2,916 | 3,124 | ||||||||||||||
Total nonperforming portfolio loans and leases | $ | 5,306 | $ | 8,597 | $ | 8,418 | $ | 7,557 | $ | 10,648 | |||||||||
Net Loan and Lease Charge-Offs (Recoveries)(1) for the Three Months Ended | |||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
Commercial real estate - nonowner-occupied | $ | 240 | $ | (2 | ) | $ | (4 | ) | $ | (2 | ) | $ | (1,067 | ) | |||||
Commercial real estate - owner-occupied | 382 | 494 | 1,234 | - | 190 | ||||||||||||||
Home equity lines of credit | - | - | (4 | ) | 114 | 33 | |||||||||||||
Residential mortgage - 1st liens | - | (13 | ) | 420 | 727 | 378 | |||||||||||||
Residential mortgage - junior liens | - | - | - | - | - | ||||||||||||||
Construction | (1 | ) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||||
Total net charge-offs of real estate loans | 621 | 478 | 1,645 | 838 | (467 | ) | |||||||||||||
Commercial & Industrial | 897 | 1,522 | 499 | 612 | 57 | ||||||||||||||
Consumer | 409 | 134 | 238 | 261 | 227 | ||||||||||||||
Leases | 413 | 53 | 1,016 | 2,362 | 583 | ||||||||||||||
Total net charge-offs of non-real estate loans and leases | 1,719 | 1,709 | 1,753 | 3,235 | 867 | ||||||||||||||
Total net charge-offs | $ | 2,340 | $ | 2,187 | $ | 3,398 | $ | 4,073 | $ | 400 | |||||||||
(1) In conjunction with the adoption of CECL, the Corporation has revised its portfolio segmentation to align with the methodology applied in determining the ACL for loans and leases under CECL, which is based on federal call report codes, or collateral. Portfolio segmentation prior to the adoption of CECL was based on product type or purpose. As such, certain reclassifications were made to conform previous years to the current year's presentation. | |||||||||||||||||||
Bryn Mawr Bank Corporation | |||||||||||||||||||
Supplemental Balance Sheet Information (unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Investment Securities Available for Sale, at Fair Value | |||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
U.S. Treasury securities | $ | 500,100 | $ | 100 | $ | 100 | $ | 101 | $ | 500,101 | |||||||||
Obligations of the U.S. Government and agencies | 93,098 | 90,928 | 114,149 | 106,679 | 102,020 | ||||||||||||||
State & political subdivisions - tax-free | 2,171 | 3,178 | 4,583 | 4,562 | 5,379 | ||||||||||||||
Mortgage-backed securities | 453,857 | 431,822 | 377,204 | 374,775 | 366,002 | ||||||||||||||
Collateralized mortgage obligations | 19,263 | 22,253 | 25,873 | 29,699 | 31,832 | ||||||||||||||
Collateralized loan obligations | 94,404 | 6,500 | - | - | - | ||||||||||||||
Corporate bonds | 11,421 | 9,343 | 8,022 | - | - | ||||||||||||||
Other debt securities | 650 | 650 | 650 | 650 | 650 | ||||||||||||||
Total investment securities available for sale, at fair value | $ | 1,174,964 | $ | 564,774 | $ | 530,581 | $ | 516,466 | $ | 1,005,984 | |||||||||
Unrealized Gain (Loss) on Investment Securities Available for Sale | |||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
U.S. Treasury securities | $ | 5 | $ | - | $ | - | $ | 1 | $ | 35 | |||||||||
Obligations of the U.S. Government and agencies | 649 | 995 | 1,103 | 1,036 | (159 | ) | |||||||||||||
State & political subdivisions - tax-free | 22 | 27 | 30 | 10 | 13 | ||||||||||||||
Mortgage-backed securities | 12,282 | 12,901 | 11,683 | 11,554 | 5,025 | ||||||||||||||
Collateralized mortgage obligations | 583 | 662 | 702 | 778 | 36 | ||||||||||||||
Collateralized loan obligations | (96 | ) | - | - | - | - | |||||||||||||
Corporate bonds | 421 | 343 | 22 | - | - | ||||||||||||||
Total unrealized gains on investment securities available for sale | $ | 13,866 | $ | 14,928 | $ | 13,540 | $ | 13,379 | $ | 4,950 | |||||||||
Deposits | |||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||
Interest-bearing demand | $ | 885,802 | $ | 815,561 | $ | 910,441 | $ | 750,127 | $ | 944,915 | |||||||||
Money market | 1,163,620 | 1,199,429 | 1,239,523 | 1,133,952 | 1,106,478 | ||||||||||||||
Savings | 282,406 | 245,167 | 249,636 | 247,799 | 220,450 | ||||||||||||||
Retail time deposits | 331,527 | 366,245 | 400,186 | 406,828 | 405,123 | ||||||||||||||
Wholesale non-maturity deposits | 275,011 | 77,356 | 146,463 | 198,888 | 177,865 | ||||||||||||||
Wholesale time deposits | 36,045 | 79,430 | 79,903 | 113,392 | 89,241 | ||||||||||||||
Total interest-bearing deposits | 2,974,411 | 2,783,188 | 3,026,152 | 2,850,986 | 2,944,072 | ||||||||||||||
Noninterest-bearing deposits | 1,401,843 | 1,230,391 | 1,217,496 | 927,922 | 898,173 | ||||||||||||||
Total deposits | $ | 4,376,254 | $ | 4,013,579 | $ | 4,243,648 | $ | 3,778,908 | $ | 3,842,245 | |||||||||
Bryn Mawr Bank Corporation | |||||||||||||||||||||||||||
Detailed Income Statements (unaudited) | |||||||||||||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||
Interest and fees on loans and leases | $ | 35,632 | $ | 36,799 | $ | 40,690 | $ | 42,795 | $ | 43,220 | $ | 155,916 | $ | 178,367 | |||||||||||||
Interest on cash and cash equivalents | 62 | 85 | 37 | 111 | 195 | 295 | 543 | ||||||||||||||||||||
Interest on investment securities | 2,717 | 2,658 | 2,894 | 3,201 | 3,545 | 11,470 | 14,479 | ||||||||||||||||||||
Total interest income | 38,411 | 39,542 | 43,621 | 46,107 | 46,960 | 167,681 | 193,389 | ||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||
Interest on deposits | 1,891 | 2,967 | 4,476 | 7,637 | 8,674 | 16,971 | 35,936 | ||||||||||||||||||||
Interest on short-term borrowings | 9 | 8 | 232 | 453 | 555 | 702 | 2,792 | ||||||||||||||||||||
Interest on FHLB advances | 226 | 234 | 155 | 244 | 279 | 859 | 1,069 | ||||||||||||||||||||
Interest on jr. subordinated debentures | 205 | 207 | 229 | 295 | 323 | 936 | 1,373 | ||||||||||||||||||||
Interest on subordinated notes | 1,043 | 1,094 | 1,144 | 1,145 | 1,144 | 4,426 | 4,578 | ||||||||||||||||||||
Total interest expense | 3,374 | 4,510 | 6,236 | 9,774 | 10,975 | 23,894 | 45,748 | ||||||||||||||||||||
Net interest income | 35,037 | 35,032 | 37,385 | 36,333 | 35,985 | 143,787 | 147,641 | ||||||||||||||||||||
(Release of) provision for credit losses ("PCL") | (1,209 | ) | 4,101 | 3,435 | 35,350 | 2,404 | 41,677 | 8,595 | |||||||||||||||||||
Net interest income after PCL | 36,246 | 30,931 | 33,950 | 983 | 33,581 | 102,110 | 139,046 | ||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||
Fees for wealth management services | 12,588 | 11,707 | 9,069 | 11,168 | 11,672 | 44,532 | 44,400 | ||||||||||||||||||||
Insurance commissions | 1,393 | 1,682 | 1,303 | 1,533 | 1,666 | 5,911 | 6,877 | ||||||||||||||||||||
Capital markets revenue | 841 | 3,314 | 2,975 | 2,361 | 5,455 | 9,491 | 11,276 | ||||||||||||||||||||
Service charges on deposits | 756 | 663 | 603 | 846 | 858 | 2,868 | 3,374 | ||||||||||||||||||||
Loan servicing and other fees | 360 | 373 | 452 | 461 | 489 | 1,646 | 2,206 | ||||||||||||||||||||
Net gain on sale of loans | 842 | 1,021 | 3,134 | 782 | 597 | 5,779 | 2,342 | ||||||||||||||||||||
Net gain on sale of investment securities available for sale | - | - | - | - | - | - | - | ||||||||||||||||||||
Net gain on sale of long-lived assets | 2,297 | - | - | - | - | 2,297 | - | ||||||||||||||||||||
Net gain (loss) on sale of other real estate owned | - | - | - | 148 | (48 | ) | 148 | (84 | ) | ||||||||||||||||||
Dividends on FHLB and FRB stocks | 337 | 127 | 243 | 444 | 432 | 1,151 | 1,505 | ||||||||||||||||||||
Other operating income | 2,592 | 2,212 | 2,787 | 557 | 2,134 | 8,148 | 10,288 | ||||||||||||||||||||
Total noninterest income | 22,006 | 21,099 | 20,566 | 18,300 | 23,255 | 81,971 | 82,184 | ||||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||||||
Salaries and wages | 17,730 | 17,201 | 16,926 | 16,989 | 18,667 | 68,846 | 74,371 | ||||||||||||||||||||
Employee benefits | 2,858 | 3,026 | 3,221 | 3,500 | 2,685 | 12,605 | 13,456 | ||||||||||||||||||||
Occupancy and bank premises | 3,624 | 3,055 | 3,033 | 3,015 | 3,206 | 12,727 | 12,591 | ||||||||||||||||||||
Furniture, fixtures and equipment | 2,400 | 2,481 | 2,120 | 2,431 | 2,401 | 9,432 | 9,693 | ||||||||||||||||||||
Impairment of long-lived assets | 1,605 | - | - | - | - | 1,605 | - | ||||||||||||||||||||
Advertising | 554 | 458 | 196 | 401 | 599 | 1,609 | 2,105 | ||||||||||||||||||||
Amortization of intangible assets | 869 | 870 | 910 | 918 | 953 | 3,567 | 3,801 | ||||||||||||||||||||
Professional fees | 1,767 | 1,718 | 1,575 | 1,368 | 1,754 | 6,428 | 5,434 | ||||||||||||||||||||
Pennsylvania bank shares tax | (339 | ) | 115 | 116 | 116 | 42 | 8 | 1,478 | |||||||||||||||||||
Data processing | 1,501 | 1,403 | 1,479 | 1,394 | 1,517 | 5,777 | 5,517 | ||||||||||||||||||||
Other operating expenses | 6,055 | 4,870 | 5,927 | 3,271 | 4,427 | 20,123 | 17,981 | ||||||||||||||||||||
Total noninterest expense | 38,624 | 35,197 | 35,503 | 33,403 | 36,251 | 142,727 | 146,427 | ||||||||||||||||||||
Income (loss) before income taxes | 19,628 | 16,833 | 19,013 | (14,120 | ) | 20,585 | 41,354 | 74,803 | |||||||||||||||||||
Income tax expense (benefit) | 4,094 | 3,709 | 4,010 | (2,957 | ) | 4,202 | 8,856 | 15,607 | |||||||||||||||||||
Net income (loss) | $ | 15,534 | $ | 13,124 | $ | 15,003 | $ | (11,163 | ) | $ | 16,383 | $ | 32,498 | $ | 59,196 | ||||||||||||
Net (loss) attributable to noncontrolling interest | (3 | ) | (40 | ) | (32 | ) | - | (1 | ) | (75 | ) | (10 | ) | ||||||||||||||
Net income (loss) attributable to Bryn Mawr Bank Corporation | $ | 15,537 | $ | 13,164 | $ | 15,035 | $ | (11,163 | ) | $ | 16,384 | $ | 32,573 | $ | 59,206 | ||||||||||||
Per share data: | |||||||||||||||||||||||||||
Weighted average shares outstanding | 19,958,567 | 19,945,634 | 19,926,737 | 20,053,159 | 20,124,553 | 19,970,921 | 20,142,306 | ||||||||||||||||||||
Dilutive common shares | 69,091 | 75,983 | 81,482 | - | 88,455 | 71,424 | 91,065 | ||||||||||||||||||||
Weighted average diluted shares | 20,027,658 | 20,021,617 | 20,008,219 | 20,053,159 | 20,213,008 | 20,042,345 | 20,233,371 | ||||||||||||||||||||
Basic earnings per common share | $ | 0.78 | $ | 0.66 | $ | 0.75 | $ | (0.56 | ) | $ | 0.81 | $ | 1.63 | $ | 2.94 | ||||||||||||
Diluted earnings per common share | $ | 0.78 | $ | 0.66 | $ | 0.75 | $ | (0.56 | ) | $ | 0.81 | $ | 1.63 | $ | 2.93 | ||||||||||||
Dividends paid or accrued per common share | $ | 0.27 | $ | 0.27 | $ | 0.26 | $ | 0.26 | $ | 0.26 | $ | 1.06 | $ | 1.02 | |||||||||||||
Effective tax rate | 20.86 | % | 22.03 | % | 21.09 | % | 20.94 | % | 20.41 | % | 21.42 | % | 20.86 | % | |||||||||||||
Bryn Mawr Bank Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-Equivalent Net Interest Margin (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 245,904 | $ | 62 | 0.10 | % | $ | 336,225 | $ | 85 | 0.10 | % | $ | 195,966 | $ | 37 | 0.08 | % | $ | 50,330 | $ | 111 | 0.89 | % | $ | 66,060 | $ | 195 | 1.17 | % | $ | 207,535 | $ | 295 | 0.14 | % | $ | 46,408 | $ | 543 | 1.17 | % | ||||||||||||||||
Investment securities - available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | 675,642 | 2,561 | 1.51 | % | 550,199 | 2,562 | 1.85 | % | 516,823 | 2,775 | 2.16 | % | 516,244 | 3,065 | 2.39 | % | 566,359 | 3,334 | 2.34 | % | 564,990 | 10,963 | 1.94 | % | 566,645 | 13,862 | 2.45 | % | ||||||||||||||||||||||||||||||
Tax-exempt | 2,490 | 16 | 2.56 | % | 3,690 | 23 | 2.48 | % | 4,572 | 26 | 2.29 | % | 4,909 | 28 | 2.29 | % | 5,844 | 33 | 2.24 | % | 3,911 | 93 | 2.38 | % | 7,428 | 167 | 2.25 | % | ||||||||||||||||||||||||||||||
Total investment securities - available for sale | 678,132 | 2,577 | 1.51 | % | 553,889 | 2,585 | 1.86 | % | 521,395 | 2,801 | 2.16 | % | 521,153 | 3,093 | 2.39 | % | 572,203 | 3,367 | 2.33 | % | 568,901 | 11,056 | 1.94 | % | 574,073 | 14,029 | 2.44 | % | ||||||||||||||||||||||||||||||
Investment securities - held to maturity | 15,093 | 57 | 1.50 | % | 12,248 | 57 | 1.85 | % | 13,126 | 73 | 2.24 | % | 13,195 | 87 | 2.65 | % | 12,756 | 84 | 2.61 | % | 13,417 | 274 | 2.04 | % | 11,099 | 302 | 2.72 | % | ||||||||||||||||||||||||||||||
Investment securities - trading | 8,033 | 86 | 4.26 | % | 7,957 | 21 | 1.05 | % | 7,800 | 24 | 1.24 | % | 8,528 | 25 | 1.18 | % | 8,330 | 99 | 4.72 | % | 8,079 | 156 | 1.93 | % | 8,237 | 172 | 2.09 | % | ||||||||||||||||||||||||||||||
Loans and leases * | 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 | % | 3,598,609 | 43,326 | 4.78 | % | 3,758,935 | 156,312 | 4.16 | % | 3,533,702 | 178,829 | 5.06 | % | ||||||||||||||||||||||||||||||
Total interest-earning assets | 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 | % | 4,257,958 | 47,071 | 4.39 | % | 4,556,867 | 168,093 | 3.69 | % | 4,173,519 | 193,875 | 4.65 | % | ||||||||||||||||||||||||||||||
Cash and due from banks | 13,192 | 16,557 | 16,263 | 12,479 | 9,829 | 14,654 | 12,703 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Less: allowance for loan and lease losses | (55,634 | ) | (55,285 | ) | (54,113 | ) | (25,786 | ) | (21,124 | ) | (47,747 | ) | (20,828 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Other assets | 562,410 | 584,502 | 585,605 | 526,633 | 528,744 | 564,835 | 518,507 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 5,124,702 | $ | 5,157,588 | $ | 5,226,074 | $ | 4,844,918 | $ | 4,775,407 | $ | 5,088,609 | $ | 4,683,901 | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings, NOW and market rate deposits | $ | 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 | % | $ | 2,149,623 | $ | 5,659 | 1.04 | % | $ | 2,269,786 | $ | 8,859 | 0.39 | % | $ | 1,969,205 | $ | 19,908 | 1.01 | % | ||||||||||||||||
Wholesale deposits | 130,660 | 293 | 0.89 | % | 223,527 | 465 | 0.83 | % | 245,052 | 486 | 0.80 | % | 253,322 | 977 | 1.55 | % | 214,229 | 1,024 | 1.90 | % | 212,943 | 2,221 | 1.04 | % | 300,148 | 6,908 | 2.30 | % | ||||||||||||||||||||||||||||||
Retail time deposits | 349,474 | 1,103 | 1.26 | % | 385,534 | 1,460 | 1.51 | % | 410,911 | 1,649 | 1.61 | % | 403,111 | 1,679 | 1.68 | % | 435,198 | 1,991 | 1.82 | % | 387,149 | 5,891 | 1.52 | % | 492,110 | 9,120 | 1.85 | % | ||||||||||||||||||||||||||||||
Total interest-bearing deposits | 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 | % | 2,799,050 | 8,674 | 1.23 | % | 2,869,878 | 16,971 | 0.59 | % | 2,761,463 | 35,936 | 1.30 | % | ||||||||||||||||||||||||||||||
Borrowings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 29,130 | 9 | 0.12 | % | 29,913 | 8 | 0.11 | % | 136,816 | 232 | 0.68 | % | 140,585 | 453 | 1.30 | % | 121,612 | 555 | 1.81 | % | 83,813 | 702 | 0.84 | % | 129,457 | 2,792 | 2.16 | % | ||||||||||||||||||||||||||||||
Long-term FHLB advances | 43,634 | 226 | 2.06 | % | 44,849 | 234 | 2.08 | % | 46,161 | 155 | 1.35 | % | 47,335 | 244 | 2.07 | % | 53,443 | 279 | 2.07 | % | 45,488 | 859 | 1.89 | % | 51,709 | 1,069 | 2.07 | % | ||||||||||||||||||||||||||||||
Subordinated notes | 98,860 | 1,043 | 4.20 | % | 98,815 | 1,094 | 4.40 | % | 98,770 | 1,144 | 4.66 | % | 98,725 | 1,145 | 4.66 | % | 98,681 | 1,144 | 4.60 | % | 98,793 | 4,426 | 4.48 | % | 98,612 | 4,578 | 4.64 | % | ||||||||||||||||||||||||||||||
Jr. subordinated debt | 21,905 | 205 | 3.72 | % | 21,859 | 207 | 3.77 | % | 21,814 | 229 | 4.22 | % | 21,768 | 295 | 5.45 | % | 21,726 | 323 | 5.90 | % | 21,837 | 936 | 4.29 | % | 21,660 | 1,373 | 6.34 | % | ||||||||||||||||||||||||||||||
Total borrowings | 193,529 | 1,483 | 3.05 | % | 195,436 | 1,543 | 3.14 | % | 303,561 | 1,760 | 2.33 | % | 308,413 | 2,137 | 2.79 | % | 295,462 | 2,301 | 3.09 | % | 249,931 | 6,923 | 2.77 | % | 301,438 | 9,812 | 3.26 | % | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 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 | % | 3,094,512 | 10,975 | 1.41 | % | 3,119,809 | 23,894 | 0.77 | % | 3,062,901 | 45,748 | 1.49 | % | ||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,267,795 | 1,220,570 | 1,126,139 | 894,264 | 915,128 | 1,127,831 | 900,156 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 280,179 | 240,737 | 226,698 | 173,519 | 159,259 | 230,448 | 131,889 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | 1,547,974 | 1,461,307 | 1,352,837 | 1,067,783 | 1,074,387 | 1,358,279 | 1,032,045 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 4,507,444 | 4,548,395 | 4,625,511 | 4,229,908 | 4,168,899 | 4,478,088 | 4,094,946 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 617,258 | 609,193 | 600,563 | 615,010 | 606,508 | 610,521 | 588,955 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 5,124,702 | $ | 5,157,588 | $ | 5,226,074 | $ | 4,844,918 | $ | 4,775,407 | $ | 5,088,609 | $ | 4,683,901 | ||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | 2.88 | % | 2.84 | % | 2.99 | % | 3.05 | % | 2.98 | % | 2.92 | % | 3.16 | % | ||||||||||||||||||||||||||||||||||||||||||||
Effect of noninterest-bearing sources | 0.16 | % | 0.19 | % | 0.23 | % | 0.33 | % | 0.38 | % | 0.24 | % | 0.39 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent net interest margin | $ | 35,142 | 3.04 | % | $ | 35,139 | 3.03 | % | $ | 37,478 | 3.22 | % | $ | 36,440 | 3.38 | % | $ | 36,096 | 3.36 | % | $ | 144,199 | 3.16 | % | $ | 148,127 | 3.55 | % | ||||||||||||||||||||||||||||||
Tax-equivalent adjustment | $ | 105 | 0.01 | % | $ | 107 | 0.01 | % | $ | 93 | 0.01 | % | $ | 107 | 0.01 | % | $ | 111 | 0.01 | % | $ | 412 | 0.01 | % | $ | 486 | 0.01 | % | ||||||||||||||||||||||||||||||
Supplemental Information Regarding Accretion of Fair Value Marks | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest | Increase (Decrease) | Effect on Yield or Rate | Increase (Decrease) | Effect on Yield or Rate | Increase (Decrease) | Effect on Yield or Rate | Increase (Decrease) | Effect on Yield or Rate | 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 | $ | 921 | 0.10 | % | $ | 784 | 0.08 | % | $ | 1,017 | 0.10 | % | $ | 910 | 0.10 | % | $ | 1,027 | 0.11 | % | $ | 3,632 | 0.10 | % | $ | 5,718 | 0.16 | % | |||||||||||||||||||||||||||||
Retail time deposits | Expense | $ | (78 | ) | -0.09 | % | $ | (96 | ) | -0.10 | % | $ | (103 | ) | -0.10 | % | $ | (118 | ) | -0.12 | % | $ | (134 | ) | -0.12 | % | (395 | ) | -0.10 | % | (678 | ) | -0.14 | % | ||||||||||||||||||||||||
Long-term FHLB advances | Expense | $ | 35 | 0.32 | % | $ | 34 | 0.30 | % | $ | 35 | 0.30 | % | $ | 34 | 0.29 | % | $ | 34 | 0.25 | % | 138 | 0.30 | % | 135 | 0.26 | % | |||||||||||||||||||||||||||||||
Jr. subordinated debt | Expense | $ | 46 | 0.84 | % | $ | 46 | 0.84 | % | $ | 45 | 0.83 | % | $ | 45 | 0.83 | % | $ | 44 | 0.80 | % | 182 | 0.83 | % | 173 | 0.80 | % | |||||||||||||||||||||||||||||||
Net interest income from fair value marks | $ | 918 | $ | 800 | $ | 1,040 | $ | 949 | $ | 1,083 | $ | 3,707 | $ | 6,088 | ||||||||||||||||||||||||||||||||||||||||||||
Purchase accounting effect on tax-equivalent margin | 0.08 | % | 0.07 | % | 0.09 | % | 0.09 | % | 0.10 | % | 0.08 | % | 0.15 | % | ||||||||||||||||||||||||||||||||||||||||||||
* 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 Twelve Months Ended | ||||||||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||
Reconciliation of Net Income to Net Income (core): | |||||||||||||||||||||||||||
Net income (loss) attributable to BMBC (a GAAP measure) | $ | 15,537 | $ | 13,164 | $ | 15,035 | $ | (11,163 | ) | $ | 16,384 | $ | 32,573 | $ | 59,206 | ||||||||||||
Less: Tax-effected non-core noninterest income: | |||||||||||||||||||||||||||
Gain on sale of PPP loans | - | - | (1,905 | ) | - | - | (1,905 | ) | - | ||||||||||||||||||
BMT Investment Advisers wind-down costs | - | - | 1,744 | - | - | 1,744 | - | ||||||||||||||||||||
Gain on sale of building | (1,813 | ) | - | - | - | - | (1,813 | ) | - | ||||||||||||||||||
Add: Tax-effected non-core noninterest expense items: | |||||||||||||||||||||||||||
Voluntary years of service incentive program expenses | - | - | - | - | - | - | 3,553 | ||||||||||||||||||||
BMT Investment Advisers wind-down costs | - | - | 100 | - | - | 100 | - | ||||||||||||||||||||
Severance associated with staff reduction | - | - | 425 | - | - | 425 | - | ||||||||||||||||||||
Gain on early lease termination | (107 | ) | - | - | - | - | (107 | ) | - | ||||||||||||||||||
Impairment of long-lived assets | 1,268 | - | - | - | - | 1,268 | - | ||||||||||||||||||||
Disposal expense of premises and equipment | 633 | - | - | - | - | 633 | - | ||||||||||||||||||||
Net income (loss) (core) (a non-GAAP measure) | $ | 15,518 | $ | 13,164 | $ | 15,399 | $ | (11,163 | ) | $ | 16,384 | $ | 32,918 | $ | 62,759 | ||||||||||||
Calculation of Basic and Diluted Earnings per Common Share (core): | |||||||||||||||||||||||||||
Weighted average common shares outstanding | 19,958,567 | 19,945,634 | 19,926,737 | 20,053,159 | 20,124,553 | 19,970,921 | 20,142,306 | ||||||||||||||||||||
Dilutive common shares | 69,091 | 75,983 | 81,482 | - | 88,455 | 71,424 | 91,065 | ||||||||||||||||||||
Weighted average diluted shares | 20,027,658 | 20,021,617 | 20,008,219 | 20,053,159 | 20,213,008 | 20,042,345 | 20,233,371 | ||||||||||||||||||||
Basic earnings per common share (core) (a non-GAAP measure) | $ | 0.78 | $ | 0.66 | $ | 0.77 | $ | (0.56 | ) | $ | 0.81 | $ | 1.65 | $ | 3.12 | ||||||||||||
Diluted earnings per common share (core) (a non-GAAP measure) | $ | 0.77 | $ | 0.66 | $ | 0.77 | $ | (0.56 | ) | $ | 0.81 | $ | 1.64 | $ | 3.10 | ||||||||||||
Calculation of Return on Average Tangible Equity: | |||||||||||||||||||||||||||
Net income (loss) attributable to BMBC (a GAAP measure) | $ | 15,537 | $ | 13,164 | $ | 15,035 | $ | (11,163 | ) | $ | 16,384 | $ | 32,573 | $ | 59,206 | ||||||||||||
Add: Tax-effected amortization and impairment of intangible assets | 687 | 687 | 719 | 725 | 753 | 2,818 | 3,003 | ||||||||||||||||||||
Net tangible income (numerator) | $ | 16,224 | $ | 13,851 | $ | 15,754 | $ | (10,438 | ) | $ | 17,137 | $ | 35,391 | $ | 62,209 | ||||||||||||
Average shareholders' equity | $ | 617,258 | $ | 609,193 | $ | 600,563 | $ | 615,010 | $ | 606,508 | $ | 610,521 | $ | 588,955 | |||||||||||||
Less: Average Noncontrolling interest | 769 | 739 | 696 | 695 | 694 | 725 | 690 | ||||||||||||||||||||
Less: Average goodwill and intangible assets | (200,060 | ) | (200,931 | ) | (201,823 | ) | (202,760 | ) | (203,663 | ) | (201,389 | ) | (205,143 | ) | |||||||||||||
Net average tangible equity (denominator) | $ | 417,967 | $ | 409,001 | $ | 399,436 | $ | 412,945 | $ | 403,539 | $ | 409,857 | $ | 384,502 | |||||||||||||
Return on tangible equity (a non-GAAP measure) | 15.44 | % | 13.47 | % | 15.86 | % | -10.17 | % | 16.85 | % | 8.63 | % | 16.18 | % | |||||||||||||
Calculation of Return on Average Tangible Equity (core): | |||||||||||||||||||||||||||
Net income (loss) (core) (a non-GAAP measure) | $ | 15,518 | $ | 13,164 | $ | 15,399 | $ | (11,163 | ) | $ | 16,384 | $ | 32,918 | $ | 62,759 | ||||||||||||
Add: Tax-effected amortization and impairment of intangible assets | 687 | 687 | 719 | 725 | 753 | 2,818 | 3,003 | ||||||||||||||||||||
Net tangible income (loss) (core) (numerator) | $ | 16,205 | $ | 13,851 | $ | 16,118 | $ | (10,438 | ) | $ | 17,137 | $ | 35,736 | $ | 65,762 | ||||||||||||
Average shareholders' equity | $ | 617,258 | $ | 609,193 | $ | 600,563 | $ | 615,010 | $ | 606,508 | $ | 610,521 | $ | 588,955 | |||||||||||||
Less: Average Noncontrolling interest | 769 | 739 | 696 | 695 | 694 | 725 | 690 | ||||||||||||||||||||
Less: Average goodwill and intangible assets | (200,060 | ) | (200,931 | ) | (201,823 | ) | (202,760 | ) | (203,663 | ) | (201,389 | ) | (205,143 | ) | |||||||||||||
Net average tangible equity (denominator) | $ | 417,967 | $ | 409,001 | $ | 399,436 | $ | 412,945 | $ | 403,539 | $ | 409,857 | $ | 384,502 | |||||||||||||
Return on tangible equity (core) (a non-GAAP measure) | 15.42 | % | 13.47 | % | 16.23 | % | -10.17 | % | 16.85 | % | 8.72 | % | 17.10 | % | |||||||||||||
Calculation of Tangible Equity Ratio (BMBC): | |||||||||||||||||||||||||||
Total shareholders' equity | $ | 622,322 | $ | 612,617 | $ | 603,674 | $ | 593,179 | $ | 612,227 | |||||||||||||||||
Less: Noncontrolling interest | 770 | 767 | 727 | 695 | 695 | ||||||||||||||||||||||
Less: Goodwill and intangible assets | (199,576 | ) | (200,445 | ) | (201,315 | ) | (202,225 | ) | (203,143 | ) | |||||||||||||||||
Net tangible equity (numerator) | $ | 423,516 | $ | 412,939 | $ | 403,086 | $ | 391,649 | $ | 409,779 | |||||||||||||||||
Total assets | $ | 5,432,022 | $ | 5,046,939 | $ | 5,271,311 | $ | 4,923,033 | $ | 5,263,259 | |||||||||||||||||
Less: Goodwill and intangible assets | (199,576 | ) | (200,445 | ) | (201,315 | ) | (202,225 | ) | (203,143 | ) | |||||||||||||||||
Tangible assets (denominator) | $ | 5,232,446 | $ | 4,846,494 | $ | 5,069,996 | $ | 4,720,808 | $ | 5,060,116 | |||||||||||||||||
Tangible equity ratio (BMBC)(1) | 8.09 | % | 8.52 | % | 7.95 | % | 8.30 | % | 8.10 | % | |||||||||||||||||
Calculation of Tangible Equity Ratio (BMTC): | |||||||||||||||||||||||||||
Total shareholders' equity | $ | 630,880 | $ | 653,317 | $ | 639,711 | $ | 624,959 | $ | 624,030 | |||||||||||||||||
Less: Noncontrolling interest | 770 | 767 | 727 | 695 | 695 | ||||||||||||||||||||||
Less: Goodwill and intangible assets | (199,330 | ) | (200,200 | ) | (201,069 | ) | (201,979 | ) | (190,694 | ) | |||||||||||||||||
Net tangible equity (numerator) | $ | 432,320 | $ | 453,499 | $ | 439,369 | $ | 423,675 | $ | 434,031 | |||||||||||||||||
Total assets | $ | 5,428,909 | $ | 5,043,099 | $ | 5,267,536 | $ | 4,919,004 | $ | 5,247,649 | |||||||||||||||||
Less: Goodwill and intangible assets | (199,330 | ) | (200,200 | ) | (201,069 | ) | (201,979 | ) | (190,694 | ) | |||||||||||||||||
Tangible assets (denominator) | $ | 5,229,579 | $ | 4,842,899 | $ | 5,066,467 | $ | 4,717,025 | $ | 5,056,955 | |||||||||||||||||
Tangible equity ratio (BMTC)(1) | 8.27 | % | 9.36 | % | 8.67 | % | 8.98 | % | 8.58 | % | |||||||||||||||||
Calculation of tangible book value per common share: | |||||||||||||||||||||||||||
Total shareholders' equity | $ | 622,322 | $ | 612,617 | $ | 603,674 | $ | 593,179 | $ | 612,227 | |||||||||||||||||
Less: Noncontrolling interest | 770 | 767 | 727 | 695 | 695 | ||||||||||||||||||||||
Less: Goodwill and intangible assets | (199,576 | ) | (200,445 | ) | (201,315 | ) | (202,225 | ) | (203,143 | ) | |||||||||||||||||
Net tangible equity (numerator) | $ | 423,516 | $ | 412,939 | $ | 403,086 | $ | 391,649 | $ | 409,779 | |||||||||||||||||
Shares outstanding, end of period (denominator) | 19,960,294 | 19,958,186 | 19,927,893 | 19,921,524 | 20,126,296 | ||||||||||||||||||||||
Tangible book value per common share (a non-GAAP measure) | $ | 21.22 | $ | 20.69 | $ | 20.23 | $ | 19.66 | $ | 20.36 | |||||||||||||||||
Calculation of price / tangible book value: | |||||||||||||||||||||||||||
Closing share price | $ | 30.60 | $ | 24.87 | $ | 27.66 | $ | 28.38 | $ | 41.24 | |||||||||||||||||
Tangible book value per common share | $ | 21.22 | $ | 20.69 | $ | 20.23 | $ | 19.66 | $ | 20.36 | |||||||||||||||||
Price / tangible book value (a non-GAAP measure) | 144.20 | % | 120.20 | % | 136.73 | % | 144.35 | % | 202.55 | % | |||||||||||||||||
Calculation of Return on Average Assets (core) | |||||||||||||||||||||||||||
Return on average assets (GAAP) | 1.21 | % | 1.02 | % | 1.16 | % | -0.93 | % | 1.36 | % | 0.64 | % | 1.26 | % | |||||||||||||
Effect of adjustment to GAAP net income to core net income | -0.01 | % | 0.00 | % | 0.03 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.08 | % | |||||||||||||
Return on average assets (core) | 1.20 | % | 1.02 | % | 1.19 | % | -0.93 | % | 1.36 | % | 0.65 | % | 1.34 | % | |||||||||||||
Calculation of Return on Average Equity (core) | |||||||||||||||||||||||||||
Return on average equity (GAAP) | 10.01 | % | 8.60 | % | 10.07 | % | -7.30 | % | 10.72 | % | 5.34 | % | 10.05 | % | |||||||||||||
Effect of adjustment to GAAP net income to core net income | -0.01 | % | 0.00 | % | 0.24 | % | 0.00 | % | 0.00 | % | 0.05 | % | 0.61 | % | |||||||||||||
Return on average equity (core) | 10.00 | % | 8.60 | % | 10.31 | % | -7.30 | % | 10.72 | % | 5.39 | % | 10.66 | % | |||||||||||||
Calculation of Tax-equivalent net interest margin adjusting for the impact of purchase accounting: | |||||||||||||||||||||||||||
Tax-equivalent net interest margin | 3.04 | % | 3.03 | % | 3.22 | % | 3.38 | % | 3.36 | % | 3.16 | % | 3.55 | % | |||||||||||||
Effect of fair value marks | 0.08 | % | 0.07 | % | 0.09 | % | 0.09 | % | 0.10 | % | 0.08 | % | 0.15 | % | |||||||||||||
Tax-equivalent net interest margin adjusting for the impact of purchase accounting | 2.96 | % | 2.96 | % | 3.13 | % | 3.29 | % | 3.26 | % | 3.08 | % | 3.40 | % | |||||||||||||
(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 | $ | 35,142 | $ | 35,139 | $ | 37,478 | $ | 36,440 | $ | 36,096 | $ | 144,199 | $ | 148,127 | |||||||||||||
Effect of fair value marks | 918 | 800 | 1,040 | 949 | 1,083 | 3,707 | 6,088 | ||||||||||||||||||||
Tax-equivalent net interest income adjusting for the impact of purchase accounting | $ | 34,224 | $ | 34,339 | $ | 36,438 | $ | 35,491 | $ | 35,013 | $ | 140,492 | $ | 142,039 | |||||||||||||
Calculation of Efficiency Ratio*: | |||||||||||||||||||||||||||
Noninterest expense | $ | 38,624 | $ | 35,197 | $ | 35,503 | $ | 33,403 | $ | 36,251 | $ | 142,727 | $ | 146,427 | |||||||||||||
Less: certain noninterest expense items: | |||||||||||||||||||||||||||
Amortization of intangibles | (869 | ) | (870 | ) | (910 | ) | (918 | ) | (953 | ) | (3,567 | ) | (3,801 | ) | |||||||||||||
Voluntary years of service incentive program expenses | - | - | - | - | - | - | (4,498 | ) | |||||||||||||||||||
BMT Investment Advisers, Inc. wind-down costs | - | - | (127 | ) | - | - | (127 | ) | - | ||||||||||||||||||
Severance associated with staff reduction | - | - | (538 | ) | - | - | (538 | ) | - | ||||||||||||||||||
Gain on early lease termination | 135 | - | - | - | - | 135 | - | ||||||||||||||||||||
Impairment of long-lived assets | (1,605 | ) | - | - | - | - | (1,605 | ) | - | ||||||||||||||||||
Disposal expense of premises and equipment | (801 | ) | - | - | - | - | (801 | ) | - | ||||||||||||||||||
Noninterest expense (adjusted) (numerator) | $ | 35,484 | $ | 34,327 | $ | 33,928 | $ | 32,485 | $ | 35,298 | $ | 136,224 | $ | 138,128 | |||||||||||||
Noninterest income | $ | 22,006 | $ | 21,099 | $ | 20,566 | $ | 18,300 | $ | 23,255 | $ | 81,971 | $ | 82,184 | |||||||||||||
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 | ) | - | - | - | - | (2,295 | ) | - | ||||||||||||||||||
Noninterest income (core) | $ | 19,711 | $ | 21,099 | $ | 20,362 | $ | 18,300 | $ | 23,255 | $ | 79,676 | $ | 82,184 | |||||||||||||
Net interest income | 35,037 | 35,032 | 37,385 | 36,333 | 35,985 | 143,787 | 147,641 | ||||||||||||||||||||
Noninterest income (core) and net interest income (denominator) | $ | 54,748 | $ | 56,131 | $ | 57,747 | $ | 54,633 | $ | 59,240 | $ | 223,463 | $ | 229,825 | |||||||||||||
Efficiency ratio | 64.81 | % | 61.16 | % | 58.75 | % | 59.46 | % | 59.58 | % | 60.96 | % | 60.10 | % | |||||||||||||
* 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 | $ | 53,709 | $ | 56,428 | $ | 54,974 | $ | 54,070 | $ | 22,602 | |||||||||||||||||
Less: ACL on acquired loans and leases | 2,926 | 3,460 | 3,315 | 3,705 | 76 | ||||||||||||||||||||||
ACL on originated loans and leases | $ | 50,783 | $ | 52,968 | $ | 51,659 | $ | 50,365 | $ | 22,526 | |||||||||||||||||
Total ACL on loans and leases | $ | 53,709 | $ | 56,428 | $ | 54,974 | $ | 54,070 | $ | 22,602 | |||||||||||||||||
Loan mark on acquired loans and leases | 6,288 | 7,235 | 8,037 | 9,478 | 10,905 | ||||||||||||||||||||||
Total ACL on loans and leases + Loan mark | $ | 59,997 | $ | 63,663 | $ | 63,011 | $ | 63,548 | $ | 33,507 | |||||||||||||||||
Total Portfolio loans and leases | $ | 3,628,411 | $ | 3,676,684 | $ | 3,722,165 | $ | 3,767,166 | $ | 3,689,313 | |||||||||||||||||
Less: Originated loans and leases | 3,380,727 | 3,396,068 | 3,422,890 | 3,424,601 | 3,320,816 | ||||||||||||||||||||||
Net acquired loans | $ | 247,684 | $ | 280,616 | $ | 299,275 | $ | 342,565 | $ | 368,497 | |||||||||||||||||
Add: Loan mark on acquired loans | 6,288 | 7,235 | 8,037 | 9,478 | 10,905 | ||||||||||||||||||||||
Gross acquired loans (excludes loan mark) | $ | 253,972 | $ | 287,851 | $ | 307,312 | $ | 352,043 | $ | 379,402 | |||||||||||||||||
Originated loans and leases | 3,380,727 | 3,396,068 | 3,422,890 | 3,424,601 | 3,320,816 | ||||||||||||||||||||||
Total Gross portfolio loans and leases | $ | 3,634,699 | $ | 3,683,919 | $ | 3,730,202 | $ | 3,776,644 | $ | 3,700,218 | |||||||||||||||||
