BRYN MAWR BANK CORP - FORM 8-K - EX-99.1 - PRESS RELEASE

Attached files

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EX-99.2 - SCRIPT FOR APRIL 29, 2011 EARNINGS CONFERENCE CALL - BRYN MAWR BANK CORP	dex992.htm
8-K - BRYN MAWR BANK CORPORATION -- FORM 8-K - BRYN MAWR BANK CORP	d8k.htm
EX-99.3 - UPDATED SLIDE PRESENTATION - BRYN MAWR BANK CORP	dex993.htm

Exhibit 99.1

LOGO

Bryn Mawr Bank Corporation

FOR RELEASE: IMMEDIATELY

Ted Peters, Chairman

FOR MORE INFORMATION CONTACT:

610-581-4800

J. Duncan Smith, CFO

610-526-2466

Bryn Mawr Bank Corporation Opens 2011 with a Strong First Quarter

BRYN MAWR, Pa., April 28, 2011—Bryn Mawr Bank Corporation (NASDAQ: BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today announced diluted earnings per share of $0.38 for the three months ended March 31, 2011, an increase of $0.13 per share, or 52%, as compared to diluted earnings per share of $0.25 for the same period in 2010. Net income for the three months ended March 31, 2011 was $4.7 million, an increase of $2.5 million, or 112.1%, as compared to net income of $2.2 million for the same period in 2010. Total assets as of March 31, 2011 were $1.71 billion as compared to $1.73 billion and $1.22 billion as of December 31, 2010 and March 31, 2010, respectively.

On April 27, 2011, the Board of Directors of the Corporation declared a quarterly dividend of $0.15 per share. The dividend is payable June 1, 2011, to shareholders of record as of May 10, 2011.

The merger with First Keystone Financial, Inc., (the “Merger”), which was completed on July 1, 2010, is the primary cause of the increases in assets and liabilities between March 31, 2011 and March 31, 2010. In addition, the Merger, which included the acquisition of $275 million of loans, $101 million of investment securities, $321 million of deposits and $106 million of borrowings, as well as eight full-service branch locations, accounts for a significant portion of the increases in both income and expense items for the three months ended March 31, 2011, as compared to the same period in 2010.

Ted Peters, Chairman and Chief Executive Officer, commented, “We are very pleased with our first quarter earnings which were a result of lower credit costs, an improved net interest margin, a healthy increase in our Wealth division’s revenue, and the successful integration of the First Keystone branches.” Mr. Peters added, “Loan demand is starting to pick up, and we are optimistic about maintaining this positive momentum for the remainder of 2011.”

On February 18, 2011, the Corporation entered into a definitive agreement to acquire the Private Wealth Management Group of the Hershey Trust Company. The acquisition, which is anticipated to close in the second quarter of 2011, subject to certain conditions and regulatory approvals, is expected to increase the assets under management of the Corporation’s Wealth Management Division by approximately $1.1 billion. Mr. Peters commented, “We are very excited about the pending Hershey transaction,” adding that, “it steers us firmly in the direction of attaining our goal of $5 billion in wealth assets under management.” As of March 31, 2011, Wealth Management Division assets under management, administration, brokerage and supervision were $3.6 billion.

SIGNIFICANT ITEMS OF NOTE

•

Net income for the three months ended March 31, 2011 increased $2.5 million, as compared to the same period in 2010. The increase is attributable to a $4.3 million increase in net interest income, a $1.8 million decrease in the provision for loan and lease losses, a $359 thousand increase in fees for wealth management services, a $209 thousand decrease in professional fees and a $466 thousand increase in other operating income. These increases were partially offset by a $1.1 million decrease in the gain on sale of available for sale securities, a $127 thousand decrease in the gain on sale of residential mortgage loans and a $543 thousand increase in other operating expenses. In addition, directly related to the operation of the newly-acquired First Keystone branches, were increases of $1.2 million in salaries and benefits expenses and $603 thousand in occupancy-related expenses for the three months ended March 31, 2011, as compared to the same period in 2010.

•

Revenue from the Wealth Management Division for the three months ended March 31, 2011 was $4.2 million, an increase of 9.4% from the $3.8 million generated in the same period in 2010. Wealth Management Division assets under management, administration,

supervision and brokerage as of March 31, 2011 were $3.6 billion, an increase of $187.8 million, or 5.5%, from December 31, 2010, and a $491.1 million, or 15.8%, increase from March 31, 2010. These increases are due largely to the continued successes of new initiatives within the division as well as asset appreciation resulting from improvements in the financial markets.

•

Net gain on the sale of residential mortgage loans for the three months ended March 31, 2011 was $398 thousand as compared to $525 thousand for the same period in 2010. The 24.2% decrease is attributable to the Corporation’s decision to retain a larger portion of originated residential mortgage loans in its portfolio, rather than sell them, thus decreasing the net gain on their sales.

•

The allowance for loan and lease losses (the “Allowance”), as of March 31, 2011, of $10.6 million, was 0.87% of portfolio loans and leases, as compared to $10.3 million or 0.86% of portfolio loans and leases and $9.7 million or 1.09% of portfolio loans and leases as of December 31, 2010 and March 31, 2010, respectively. In calculating the Allowance as a percentage of portfolio loans and leases, portfolio loans and leases include loans and leases originated by the Bank (“originated loans and leases”), as well as loans acquired in the Merger. In accordance with accounting principles generally accepted in the United States (“GAAP”), the loan portfolio acquired in the Merger was recorded at its fair value without its previously recorded Allowance. The Allowance related to originated loans and leases, as a percentage of originated loans and leases (a non-GAAP measure*), was 1.08%, as of both March 31, 2011 and December 31, 2010.

*see non-GAAP measure to GAAP measure reconciliation on page 9, below.

•

Asset quality as of March 31, 2011 remained relatively stable, with nonperforming loans and leases comprising 0.88%, 0.79% and 0.82% of total portfolio loans as of March 31, 2011, December 31, 2010 and September 30, 2010, respectively. Net loan and lease charge-offs for the three months ended March 31, 2011 totaled $911 thousand, as compared to net loan and lease charge-offs of $1.5 million and $3.8 million for the three month periods ended December 31, 2010 and March 31, 2010, respectively. This reduction in net charge-offs, along with the relatively stable loan quality, resulted in a $226 thousand decrease, to $1.3 million, in the provision for loan and lease losses (the “Provision”) for the three months ended March 31, 2011, as compared to the $1.5 million

Provision recorded for the three months ended December 31, 2010, and a $1.8 million decrease from the $3.1 million Provision recorded for the three months ended March 31, 2010.

•

Total portfolio loans and leases of $1.22 billion, as of March 31, 2011, increased $22.7 million, or 1.9%, as compared to $1.20 billion as of December 31, 2010. The growth was concentrated in the residential mortgage, commercial mortgage and construction loan categories of the portfolio.

•

Deposits of $1.32 billion, as of March 31, 2011, decreased $25.4 million, or 1.9%, from $1.34 billion as of December 31, 2010. Significantly contributing to this decline was a $17.1 million decrease in wholesale deposits, as the Corporation has reduced its dependence on these higher-cost funding sources. In addition, declines in other deposit types, which have been observed in prior years, and are considered seasonal, are due to the reduction, during the three months ended March 31, 2011, of temporary year-end deposit inflows.

•

The tax equivalent net interest margin of 4.03%, for the three months ended March 31, 2011, was an increase of 30 basis points from the 3.73% tax equivalent net interest margin for the three months ended December 31, 2010. The primary cause of this increase was the utilization, during the three months ended March 31, 2011, of lower-yielding cash balances to originate higher-yielding loans and to pay off maturing Federal Home Loan Bank advances, along with a continued decline in the cost of interest-bearing liabilities. As compared to the three months ended March 31, 2010, the tax equivalent net interest margin for the three months ended March 31, 2011 remained relatively unchanged, with a 3 basis point decline from 4.06%.

•

Gains on the sale of available for sale investment securities for the three months ended March 31, 2011 were $448 thousand, a decrease of $1.1 million from the $1.5 million recognized in the same period in 2010. The gains recorded during the current quarter resulted primarily from the sale of $26 million of municipal obligations, which helped reduce the credit risk and interest rate risk exposure in the investment portfolio. The municipal sector of the investment portfolio decreased from 10.1% of investment portfolio assets as of December 31, 2010, to 2.2%, as of March 31, 2011.

•

The capital ratios for the Bank and the Corporation, as shown in the table on page 10, indicate levels well above those deemed to be considered “well capitalized”. The

Corporation’s tangible common equity ratio, as of March 31, 2011, increased 64 basis points, to 8.65%, as compared to 8.01% as of December 31, 2010. The increase was largely due to the $2.9 million increase in retained earnings, along with the $5.7 million in additional capital raised through the Corporation’s Dividend Reinvestment and Stock Purchase Plan during the first quarter of 2011.

EARNINGS CONFERENCE CALL

The Corporation will hold an earnings conference call at 8:30 a.m. EST on Friday, April 29, 2011. Interested parties may participate by calling 1-877-317-6789, conference number 449967. A taped replay of the conference call will be available within two hours of the conclusion of the call and will remain available through May 16, 2011. The number to call for the taped replay is 1-877-344-7529 and the Replay Passcode is 449967.

The conference call will be simultaneously broadcast live over the Internet through a webcast on the investor relations portion of the Bryn Mawr Bank Corporation’s website. To access the call, please visit the website at http://www.bmtc.com/investor_01.cfm. An online archive of the webcast will be available within one hour of the conclusion of the call. The Corporation has also recently expanded its Investor Relations website to include added resources and information for shareholders and interested investors. Interested parties are encouraged to utilize the expanded resources of the site for more information on Bryn Mawr Bank Corporation or by calling Aaron Strenkoski, Vice President – Finance/Investor Relations at 610-581-4822.

FORWARD LOOKING STATEMENTS AND SAFE HARBOR

This press release contains statements which, to the extent that they are not recitations of historical fact may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Such forward-looking statements may include financial and other projections as well as statements regarding the Corporation’s future plans, objectives, performance, revenues, growth, profits, operating expenses or the Corporation’s underlying assumptions. The words “may”, “would”, “should”, “could”, “will”, “likely”, “possibly”, “expect,” “anticipate,” “intend”, “estimate”, “target”, “potentially”, “probably”, “outlook”, “predict”, “contemplate”, “continue”, “plan”, “forecast”, “project” ,”are optimistic” and “believe” or other similar words and phrases may identify forward-looking statements. Persons reading this press release are cautioned that such statements

are only predictions, and that the Corporation’s actual future results or performance may be materially different.

Such forward-looking statements involve known and unknown risks and uncertainties. A number of factors, many of which are beyond the Corporation’s control, could cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments expressed, implied or anticipated by such forward-looking statements, and so our business and financial condition and results of operations could be materially and adversely affected. Such factors include, among others, our need for capital, our ability to control operating costs and expenses, and to manage loan and lease delinquency rates; the credit risks of lending activities and overall quality of the composition of our loan, lease and securities portfolio; the impact of economic conditions, consumer and business spending habits, and real estate market conditions on our business and in our market area; changes in the levels of general interest rates, deposit interest rates, or net interest margin and funding sources; changes in banking regulations and policies and the possibility that any banking agency approvals we might require for certain activities will not be obtained in a timely manner or at all or will be conditioned in a manner that would impair our ability to implement our business plans; changes in accounting policies and practices; the inability of key third-party providers to perform their obligations to us; our ability to attract and retain key personnel; competition in our marketplace; war or terrorist activities; material differences in the actual financial results, cost savings and revenue enhancements associated with our acquisition of First Keystone Financial, Inc. and First Keystone Bank and the anticipated acquisition of the Private Wealth Management Group of the Hershey Trust Company; and other factors as described in our securities filings. All forward-looking statements and information set forth herein are based on Management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. The Corporation does not undertake to update forward-looking statements.

For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K, as well as any changes in risk factors that we may identify in our quarterly or other reports filed with the SEC.

# # # #

Bryn Mawr Bank Corporation

Consolidated Statements of Income—(unaudited)

(Dollars in thousands, except per share data)


	For The Three Months Ended
	Mar 31, 2011			Dec 31, 2010			Sept 30, 2010			June 30, 2010			Mar 31, 2010
Interest income	$	18,226		$	18,605		$	18,473		$	13,824		$	13,894
Interest expense		2,819			3,405			3,691			2,773			2,777

Net interest income		15,407			15,200			14,782			11,051			11,117
Provision for loan and lease losses		1,285			1,511			4,236			994			3,113

Net interest income after provision for loan and lease losses		14,122			13,689			10,546			10,057			8,004
Fees for wealth management services		4,190			4,081			3,689			3,898			3,831
Loan servicing and other fees		461			443			422			379			381
Service charges on deposits		580			645			672			488			501
Net gain on sale of residential mortgage loans		398			2,398			1,189			606			525
Net gain on sale of available for sale investments		448			398			259			—			1,544
Capital gains distributions		42			271			—			—			—
Net (loss) gain on sale of other real estate owned (‘OREO’)		(19	)		—			38			—			(152	)
BOLI income		115			135			131			—			—
Other operating income		995			902			653			519			529

Non-interest income		7,210			9,273			7,053			5,890			7,159

Salaries and wages		6,341			7,150			7,047			5,345			5,287
Employee benefits		1,735			1,416			1,646			1,364			1,558
Occupancy and bank premises		1,286			1,177			1,195			901			984
Furniture fixtures and equipment		896			931			695			557			595
Advertising		264			321			303			256			262
Net impairment (recovery) of mortgage servicing rights		8			(356	)		168			177			41
Amortization of mortgage servicing rights		169			301			206			210			199
Intangible asset amortization		161			164			166			77			77
FDIC insurance		480			522			416			299			314
Merger related / due diligence expense		307			437			4,292			637			347
Impairment of OREO		127			—			381			—			—
Professional fees		410			603			459			459			619
Other operating expenses		2,013			2,098			2,391			1,821			1,470

Non-interest expense		14,197			14,764			19,365			12,103			11,753

Income (loss) before income taxes		7,135			8,198			(1,766	)		3,844			3,410
Income tax expense (benefit)		2,419			2,633			(746	)		1,438			1,187

Net income (loss)	$	4,716		$	5,565		$	(1,020	)	$	2,406		$	2,223


Per share data:
Weighted average shares outstanding		12,344,710			12,192,260			12,184,447			9,740,089			8,893,997
Dilutive potential common shares		14,401			10,742			—			12,476			11,017

Adjusted weighted average dilutive shares		12,359,111			12,203,002			12,184,447			9,752,565			8,905,014


Basic earnings per common share	$	0.38		$	0.46		$	(0.08	)	$	0.25		$	0.25

Diluted earnings per common share	$	0.38		$	0.46		$	(0.08	)	$	0.25		$	0.25

Dividend declared per share	$	0.15		$	0.14		$	0.14		$	0.14		$	0.14

Effective tax rate		33.9	%		32.1	%		(42.2	)%		37.4	%		34.8	%

Net interest margin		4.03	%		3.73	%		3.66	%		3.80	%		4.06	%
Net income, exclusive of merger-related expense (a non-GAAP measure)*	$	4,916		$	5,849		$	1,770		$	2,820		$	2,449

*	See non-GAAP Financial Measures below

Bryn Mawr Bank Corporation

Consolidated Selected Financial Data—(unaudited)

(Dollars in thousands, except per share data )

March 31, 2011


For the period end:	2011 1Q			2010 4Q			2010 3Q			2010 2Q			2010 1Q

Asset Quality Data

Nonaccrual loans and leases	$	10,776		$	9,497		$	8,709		$	9,072		$	5,880
90 + days past due loans—still accruing		5			10			902			892			1,015

Nonperforming loans and leases		10,781			9,507			9,611			9,964			6,895
Other real estate owned		2,341			2,527			1,170			1,970			—

Total nonperforming assets	$	13,122		$	12,034		$	10,781		$	11,934		$	6,895

Troubled debt restructurings included in nonperforming	$	2,229		$	1,879		$	657		$	2,711		$	1,844
Troubled debt restructurings in compliance with modified terms		4,766			4,693			2,417			2,000			3,894

Total troubled debt restructurings	$	6,995		$	6,572		$	3,074		$	4,711		$	5,738

Nonperforming loans and leases / portfolio loans		0.88	%		0.79	%		0.82	%		1.11	%		0.77	%
Nonperforming assets / assets		0.77	%		0.69	%		0.63	%		0.93	%		0.56	%

Net loan charge-offs (annualized)/ average loans		0.22	%		0.46	%		1.17	%		0.18	%		1.52	%
Net lease charge-offs (annualized)/ average leases		3.26	%		2.16	%		4.81	%		5.90	%		6.32	%
Net loan and lease charge-offs (annualized)/ average loans and leases		0.30	%		0.52	%		1.29	%		0.40	%		1.70	%

Delinquency rate—loans and leases >30days		1.14	%		1.28	%		1.62	%		1.37	%		1.10	%

Delinquent loans and leases—30-89 days	$	2,604		$	5,570		$	8,283		$	2,481		$	2,917

Delinquency rate—loans and leases 30-89 days		0.22	%		0.48	%		0.71	%		0.28	%		0.33	%

Changes in the Allowance for loan and lease losses

Balance, beginning of period	$	10,275		$	10,297		$	9,841		$	9,740		$	10,424

Charge-offs		(1,042	)		(1,743	)		(3,934	)		(1,071	)		(3,946	)

Recoveries		131			210			154			178			149


Net (charge-offs) / recoveries		(911	)		(1,533	)		(3,780	)		(893	)		(3,797	)

Provision for loan and lease losses		1,285			1,511			4,236			994			3,113


Balance, end of period	$	10,649		$	10,275		$	10,297		$	9,841		$	9,740


Allowance for loan and lease losses / loans and leases		0.87	%		0.86	%		0.88	%		1.09	%		1.09	%
Allowance for originated loan and lease losses / total originated loans and leases(2)		1.08	%		1.08	%		1.12	%		1.09	%		1.09	%
Allowance for loan and lease losses / nonperforming loans and leases		98.8	%		108.1	%		107.1	%		98.8	%		141.3	%

Bryn Mawr Bank Corporation

Consolidated Selected Financial Data—(unaudited)

(Dollars in thousands, except per share data )

March 31, 2011


For the period and period end:	2011 1Q			2010 4Q			2010 3Q			2010 2Q			2010 1Q

Selected ratios (annualized):

Return on average assets		1.13	%		1.25	%		-0.29	%		0.77	%		0.76	%
Return on average shareholders' equity		11.65	%		13.87	%		-2.55	%		8.10	%		8.59	%
Yield on loans and leases*		5.65	%		5.70	%		5.72	%		5.72	%		5.76	%
Yield on interest earning assets*		4.76	%		4.56	%		4.57	%		4.74	%		5.06	%
Cost of interest bearing funds		0.93	%		1.04	%		1.09	%		1.22	%		1.28	%
Net interest margin*		4.03	%		3.73	%		3.66	%		3.80	%		4.06	%
Book value per share	$	13.61		$	13.24		$	12.99		$	12.72		$	11.86
Tangible book value per share	$	11.65		$	11.21		$	11.03		$	11.62		$	10.56
Period end shares outstanding		12,538,926			12,195,240			12,190,991			10,550,619			8,958,970

Selected data:

Mortgage loans originated	$	38,144		$	107,905		$	67,304		$	28,349		$	24,346
Mortgage loans sold—servicing retained	$	13,302		$	77,448		$	34,874		$	17,358		$	18,737
Mortgage loans sold—servicing released		948			677			2,234			3,370			1,747

Total mortgage loans sold	$	14,250		$	78,125		$	37,108		$	20,728		$	20,484
Mortgage loans serviced for others	$	596,655		$	605,485		$	578,293		$	519,153		$	520,023
Total Wealth assets under management / administration / supervision / brokerage(1)	$	3,600,649		$	3,412,890		$	3,291,293		$	3,100,162		$	3,109,563

*	Yield on loans and leases, interest earning assets and net interest margin are calculated on a tax equivalent basis.

(1)	Brokerage Assets represent assets held at a registered broker dealer under a networking agreement.

Non-GAAP Financial Measures: (2)

Net income, exclusive of due diligence and merger related expense (a non-GAAP measure)


Net income as reported (GAAP measure)	$	4,716	$	5,565	$	(1,020	)	$	2,406	$	2,223
Tax effected due diligence and merger related expense (tax rate of 35%)		200		284		2,790			414		226

Net income, exclusive of due diligence and merger related expense (non-GAAP measure)	$	4,916	$	5,849	$	1,770		$	2,820	$	2,449

Allowance for originated loan and lease losses / total originated loans and leases (a non-GAAP measure)


Allowance for loan and lease losses (GAAP measure)	$	10,649		$	10,275		$	10,297		$	9,841		$	9,740
Less: allowance for loan and lease losses related to acquired loans		28			—			—			—			—

Allowance for loan and lease losses related to originated loans and leases (non-GAAP measure)	$	10,621		$	10,275		$	10,297		$	9,841		$	9,740
Total portfolio loans and leases (GAAP measure)	$	1,219,449		$	1,196,717		$	1,176,438		$	899,290		$	893,100
Less: acquired loans		233,435			244,833			259,982			—			—

Total originated loans and leases (non-GAAP measure)	$	986,014		$	951,884		$	916,456		$	899,290		$	893,100


Allowance for loan and lease losses / total portfolio loans and leases (GAAP measure)		0.87	%		0.86	%		0.88	%		1.09	%		1.09	%
Allowance related to originated loan and lease losses / total originated loans and leases (non-GAAP measure)		1.08	%		1.08	%		1.12	%		1.09	%		1.09	%

(2)

The Corporation believes that the presentation of these non-GAAP financial measures provide useful supplemental information that is essential to an investor's proper understanding of the financial condition of the Corporation. These non-GAAP measures should not be viewed as a substitute for the financial measures determined in accordance with GAAP, nor is it necessarily comparable to a non-GAAP performance measure that may be presented by other companies. The reconcilation of the GAAP to non-GAAP measure is included above.

Bryn Mawr Bank Corporation

Consolidated Selected Financial Data—(unaudited)

(Dollars in thousands, except per share data )

March 31, 2011


Investment Portfolio ($'s in thousands)	As of March 31, 2011							As of December 31, 2010							As of March 31, 2010
SECURITY DESCRIPTION	Amortized Cost		Fair Value		Net Unrealized Gain / (Loss)			Amortized Cost		Fair Value		Net Unrealized Gain / (Loss)			Amortized Cost		Fair Value		Net Unrealized Gain / Loss)
U. S. treasury obligations	$	5,010	$	5,119	$	109		$	5,011	$	5,145	$	134		$	—	$	—	$	—
Obligations of U. S. government and agencies		136,685		136,553		(132	)		156,301		156,638		337			94,774		94,808		34
State & political subdivisions		6,386		6,436		50			32,013		32,272		259			24,270		24,431		161
Mortgage backed securities		91,721		92,347		626			72,907		73,527		620			15,503		15,904		401
Collateralized mortgage obligations		1,744		1,773		29			2,068		2,098		30			—		—		—
Equity securities		243		264		21			243		256		13			—		—		—
Other debt securities		1,400		1,400		—			1,750		1,750		—			1,250		1,250		—
Bond—mutual funds		34,729		34,993		264			34,491		34,722		231			37,115		37,423		308
Corporate bonds		10,756		10,606		(150	)		10,803		10,644		(159	)		—		—		—

Total Investment Portfolio	$	288,674	$	289,491	$	817		$	315,587	$	317,052	$	1,465		$	172,912	$	173,816	$	904

Capital Ratios


Bryn Mawr Trust Company Consolidated	Regulatory Minimum To Be Well Capitalized			3/31/2011			12/31/2010			9/30/2010			6/30/2010			3/31/2010

Tier I Capital to Risk Weighted Assets (RWA)		6.00	%		11.45	%		11.05	%		10.37	%		10.72	%		9.32	%
Total (Tier II) Capital to RWA		10.00	%		13.91	%		13.47	%		12.77	%		13.73	%		12.41	%
Tier I Leverage Ratio		5.00	%		9.29	%		8.62	%		8.27	%		9.29	%		8.28	%
Tangible Common Equity Ratio					8.78	%		8.42	%		8.20	%		8.65	%		7.50	%

Bryn Mawr Bank Corporation

Tier I Capital to Risk Weighted Assets (RWA)		6.00	%		12.07	%		11.30	%		10.82	%		11.95	%		9.70	%
Total (Tier II) Capital to RWA		10.00	%		14.52	%		13.71	%		13.21	%		14.95	%		12.78	%
Tier I Leverage Ratio		5.00	%		9.80	%		8.85	%		8.65	%		10.38	%		8.63	%
Tangible Common Equity Ratio					8.65	%		8.01	%		7.95	%		9.66	%		7.82	%

Bryn Mawr Bank Corporation

Consolidated Balance Sheets—(unaudited)

(Dollars in thousands)


For the period ended:	Mar 31, 2011			Dec 31, 2010			Sept 30, 2010			June 30, 2010			Mar 31, 2010

Assets

Interest bearing deposits with banks	$	68,568		$	78,410		$	42,089		$	43,943		$	71,680
Money market funds		401			113			223			86			402
Investment securities—AFS		289,491			317,052			356,838			254,888			173,816

Loans held for sale		1,554			4,838			4,686			4,254			2,214

Portfolio loans:
Consumer		11,594			12,200			13,255			12,272			12,059
Commercial & industrial		240,313			239,366			239,823			235,080			234,300
Commercial mortgages		391,642			385,615			358,486			278,614			275,068
Construction		55,823			45,303			48,674			43,787			41,506
Residential mortgages		277,571			261,983			251,836			108,009			110,412
Home equity lines & loans		208,107			216,853			226,765			180,826			175,748
Leases		34,399			35,397			37,599			40,702			44,007

Total portfolio loans and leases		1,219,449			1,196,717			1,176,438			899,290			893,100

Earning assets		1,579,463			1,597,130			1,580,274			1,202,461			1,141,212

Cash and due from banks		11,609			10,961			11,090			14,593			17,995
Allowance for loan and lease losses		(10,649	)		(10,275	)		(10,297	)		(9,841	)		(9,740	)
Premises and equipment		28,996			29,158			29,340			21,779			21,724
Accrued interest receivable		6,151			6,470			6,623			4,773			4,498
Mortgage servicing rights		4,879			4,925			4,008			3,759			3,994
Goodwill		17,659			17,660			16,671			6,301			6,301
Other intangible assets		6,902			7,064			7,228			5,267			5,344
Bank owned life insurance ("BOLI")		19,087			18,972			18,838			—			—
FHLB stock		13,516			14,227			14,976			7,916			7,916
Deferred income taxes		14,527			14,551			15,071			4,596			4,960
Other investments		5,203			5,156			3,246			3,086			3,145
Other assets		16,598			15,769			17,116			15,982			13,862

Total assets	$	1,713,941		$	1,731,768		$	1,714,184		$	1,280,672		$	1,221,211


Liabilities and shareholders' equity

Interest-bearing checking	$	227,256		$	234,107		$	206,091		$	149,762		$	143,735
Money market		345,703			327,824			324,384			261,578			244,747
Savings		131,671			134,163			140,296			98,760			103,233
Other wholesale deposits		65,574			80,112			63,376			63,260			47,687
Wholesale time deposits		34,639			37,201			36,582			33,421			43,352
Time deposits		240,207			245,669			261,839			141,803			136,927

Interest-bearing deposits		1,045,050			1,059,076			1,032,568			748,584			719,681
Non-interest bearing deposits		271,010			282,356			227,080			204,898			194,697

Total deposits		1,316,060			1,341,432			1,259,648			953,482			914,378

Subordinated debentures		22,500			22,500			22,500			22,500			22,500
Junior subordinated debentures		12,017			12,029			12,041			—			—
Short-term borrowings		23,326			10,051			11,883			—			—
FHLB advances and other borrowings		147,238			160,144			223,809			141,671			144,290
Other liabilities		22,161			24,194			25,976			28,838			33,772
Shareholders' equity		170,639			161,418			158,327			134,181			106,271

Total liabilities and shareholders' equity	$	1,713,941		$	1,731,768		$	1,714,184		$	1,280,672		$	1,221,211

Consolidated Quarterly Average Balance Sheets—(unaudited)


	2011 1Q			2010 4Q			2010 3Q			2010 2Q			2010 1Q
Assets
Interest bearing deposits with banks	$	47,203		$	108,278		$	95,226		$	60,317		$	27,300
Money market funds		177			138			106			248			1,426
Investment securities		311,181			334,252			346,275			223,901			200,482
Loans held for sale		2,315			5,981			3,741			3,107			2,975
Portfolio loans and leases		1,201,797			1,185,456			1,171,605			894,657			892,184

Earning assets		1,562,673			1,634,105			1,616,953			1,182,230			1,124,367
Cash and due from banks		12,627			13,583			12,668			10,079			10,627
Allowance for loan and lease losses		(10,577	)		(10,403	)		(10,068	)		(9,904	)		(10,620	)
Premises and equipment		29,120			29,159			29,685			21,860			21,578
Goodwill		17,659			16,682			16,671			6,302			6,302
Other intangible assets		7,001			7,164			7,331			5,311			5,388
Bank owned life insurance		19,011			18,885			18,750			—			—
Deferred income taxes		14,566			15,143			13,310			4,800			4,734
Other assets		44,651			43,817			44,748			31,924			31,183

Total assets	$	1,696,731		$	1,768,135		$	1,750,048		$	1,252,602		$	1,193,559


Liabilities and shareholders' equity

Interest-bearing checking	$	227,703		$	237,776		$	215,846		$	150,604		$	143,935
Money market		338,565			329,601			318,943			253,425			240,542
Savings		131,610			142,434			141,180			101,444			99,925
Other wholesale deposits		75,884			74,330			67,596			65,576			42,030
Wholesale deposits		30,723			38,863			36,864			36,387			43,026
Time deposits		241,503			253,631			269,653			142,552			139,959

Interest-bearing deposits		1,045,988			1,076,635			1,050,082			749,988			709,417
Non-interest bearing deposits		275,295			280,944			226,439			193,118			189,314

Total deposits		1,321,283			1,357,579			1,276,521			943,106			898,731

Subordinated debentures		22,500			22,500			22,500			22,500			22,500
Junior subordinated debentures		12,025			12,037			12,066			—			—
Short-term borrowings		10,155			11,827			10,848			—			—
FHLB advances and other borrowings		143,327			178,372			243,698			142,876			145,995
Other liabilities		23,259			26,601			25,434			24,982			21,315
Shareholders' equity		164,182			159,219			158,981			119,138			105,018

Total liabilities and shareholders' equity	$	1,696,731		$	1,768,135		$	1,750,048		$	1,252,602		$	1,193,559

Quarterly Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields—(unaudited)


	1st Quarter 2011								4th Quarter 2010								3rd Quarter 2010								2nd Quarter 2010								1st Quarter 2010
(dollars in thousands)	Average Balance			Interest Income/ Expense		Average Rates Earned/ Paid			Average Balance			Interest Income/ Expense		Average Rates Earned/ Paid			Average Balance			Interest Income/ Expense		Average Rates Earned/ Paid			Average Balance			Interest Income/ Expense		Average Rates Earned/ Paid			Average Balance			Interest Income/ Expense		Average Rates Earned/ Paid
Assets:
Interest-bearing deposits with other banks	$	47,203		$	32		0.27	%	$	108,208		$	66		0.24	%	$	95,226		$	61		0.25	%	$	60,317		$	37		0.25	%	$	27,300		$	14		0.21	%
Money market funds		177			—		—			138			—		—			106			—		—			248			—		—			1,426			1		0.28	%
Investment securities available for sale:
Taxable		285,506			1,312		1.86	%		305,281			1,315		1.71	%		316,276			1,351		1.69	%		199,106			867		1.75	%		175,632			1,021		2.36	%
Tax-exempt		25,675			244		3.85	%		28,971			273		3.74	%		29,999			272		3.60	%		24,796			271		4.38	%		24,850			278		4.54	%

Investment securities available for sale		311,181			1,556		2.03	%		334,252			1,588		1.88	%		346,275			1,623		1.86	%		223,902			1,138		2.04	%		200,482			1,299		2.63	%
Loans and leases *		1,204,112			16,771		5.65	%		1,191,437			17,110		5.70	%		1,175,346			16,944		5.72	%		897,764			12,801		5.72	%		895,159			12,724		5.76	%

Total interest earning assets		1,562,673			18,359		4.76	%		1,634,035			18,764		4.56	%		1,616,953			18,628		4.57	%		1,182,231			13,976		4.74	%		1,124,367			14,038		5.06	%
Cash and due from banks		12,627								13,583								12,668								10,079								10,627
Less allowance for loan and lease losses		(10,577	)							(10,403	)							(10,068	)							(9,904	)							(10,620	)
Other assets		132,008								130,920								130,495								70,196								69,185

Total assets	$	1,696,731							$	1,768,135							$	1,750,048							$	1,252,602							$	1,193,559

Liabilities:
Savings, NOW and market rate deposits	$	697,878		$	718		0.42	%	$	709,811		$	793		0.44	%	$	675,969		$	841		0.49	%	$	505,473		$	666		0.53	%	$	484,402		$	656		0.55	%
Other wholesale deposits		75,884			70		0.37	%		74,331			88		0.47	%		67,596			81		0.48	%		65,576			79		0.48	%		42,030			51		0.49	%
Wholesale deposits		30,723			75		0.99	%		38,862			145		1.48	%		36,864			161		1.73	%		36,387			162		1.79	%		43,026			185		1.74	%
Time deposits		241,503			560		0.94	%		253,631			626		0.98	%		269,653			654		0.96	%		142,552			458		1.29	%		139,959			454		1.32	%

Total interest-bearing deposits		1,045,988			1,423		0.55	%		1,076,635			1,652		0.61	%		1,050,082			1,737		0.66	%		749,988			1,365		0.73	%		709,417			1,346		0.77	%
Subordinated debentures		22,500			277		4.99	%		22,500			282		4.97	%		22,500			293		5.17	%		22,500			280		4.99	%		22,500			273		4.92	%
Junior subordinated debentures		12,025			271		9.14	%		12,037			272		8.97	%		12,066			223		7.33	%		—			—		—			—			—		—
Short-term borrowings		10,155			6		0.24	%		11,827			7		0.23	%		10,848			8		0.29	%		—			—		—			—			—		—
FHLB advances and other borrowings		143,327			842		2.38	%		178,309			1,192		2.65	%		243,698			1,430		2.33	%		142,876			1,128		3.17	%		145,995			1,158		3.22	%

Total interest-bearing liabilities		1,233,995			2,819		0.93	%		1,301,308			3,405		1.04	%		1,339,194			3,691		1.09	%		915,364			2,773		1.22	%		877,912			2,777		1.28	%
Noninterest-bearing deposits		275,295								280,944								226,439								193,118								189,314
Other liabilities		23,259								26,601								25,434								24,982								21,315

Total noninterest-bearing liabilities		298,554								307,545								251,873								218,100								210,629
Total liabilities		1,532,549								1,608,853								1,591,067								1,133,464								1,088,541
Shareholders' equity		164,182								159,219								158,981								119,138								105,018

Total liabilities and shareholders' equity	$	1,696,731							$	1,768,072							$	1,750,048							$	1,252,602							$	1,193,559

Interest income to earning assets							4.76	%							4.56	%							4.57	%							4.74	%							5.06	%
Net interest spread							3.83	%							3.52	%							3.48	%							3.52	%							3.78	%
Effect of noninterest-bearing sources							0.20	%							0.21	%							0.18	%							0.32	%							0.28	%

Net interest income/ margin on earning assets				$	15,540		4.03	%				$	15,359		3.73	%				$	14,937		3.66	%				$	11,203		3.80	%				$	11,261		4.06	%

Tax equivalent adjustment				$	133		0.04	%				$	159		0.04	%				$	155		0.04	%				$	144		0.05	%				$	144		0.05	%

*	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.

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BRYN MAWR BANK CORP Reports