Bryn Mawr Bank Corporation Reports Fourth Quarter Net Income of $15.5 Million

Bryn Mawr Bank Corporation
·35-min read

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,
2020

September 30,
2020

June 30,
2020

March 31,
2020

December 31,
2019

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,
2020

September 30,
2020

June 30,
2020

March 31,
2020

December 31,
2019

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,
2020

September 30,
2020

June 30,
2020

March 31,
2020

December 31,
2019

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,
2020

September 30,
2020

June 30,
2020

March 31,
2020

December 31,
2019

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,
2020

September 30,
2020

June 30,
2020

March 31,
2020

December 31,
2019

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,
2020

September 30,
2020

June 30,
2020

March 31,
2020

December 31,
2019

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,
2020

September 30,
2020

June 30,
2020

March 31,
2020

December 31,
2019

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,
2020

September 30,
2020

June 30,
2020

March 31,
2020

December 31,
2019

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,
2020

September 30,
2020

June 30,
2020

March 31,
2020

December 31,
2019

December 31,
2020

December 31,
2019

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,
2020

September 30,
2020

June 30,
2020

March 31,
2020

December 31,
2019

December 31,
2020

December 31,
2019

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

%