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

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8-K - BRYN MAWR BANK CORPORATION -- FORM 8-K - BRYN MAWR BANK CORP	d8k.htm
EX-99.3 - SLIDE PRESENTATION - BRYN MAWR BANK CORP	dex993.htm
EX-99.2 - SCRIPT - EARNINGS CONFERENCE CALL - BRYN MAWR BANK CORP	dex992.htm

Exhibit 99.1

LOGO

Bryn Mawr Bank Corporation

Bryn Mawr Bank Corporation Reports Strong Second Quarter Earnings with Wealth Management Services Revenue up 30.2% From Same Period Last Year

BRYN MAWR, Pa., July 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 June 30, 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 June 30, 2011 was $4.8 million, an increase of $2.4 million, or 99.8%, as compared to net income of $2.4 million for the same period in 2010. Total assets as of June 30, 2011 were $1.74 billion as compared to $1.73 billion and $1.28 billion as of December 31, 2010 and June 30, 2010, respectively.

On July 28, 2011, the Board of Directors of the Corporation declared a quarterly dividend of $0.15 per share. The dividend is payable September 1, 2011, to shareholders of record as of August 9, 2011.

The merger with First Keystone Financial, Inc., (the “Merger”), which was completed on July 1, 2010, resulted in significant increases in both assets and liabilities between June 30, 2011 and June 30, 2010. The Merger, which included the acquisition of $275 million of loans and $321 million of deposits, 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 and six month periods ended June 30, 2011, as compared to the same periods in 2010.

Ted Peters, Chairman and Chief Executive Officer, commented, “We were pleased to post another strong quarter. Loan growth was almost 9% on an annualized basis and our tax-equivalent net interest margin remains above 4.00%.”

On May 27, 2011, the Corporation completed its previously announced acquisition of the Private Wealth Management Group (“PWMG”) of the Hershey Trust Company. The acquisition increased the Corporation’s Wealth Management Division assets under management by approximately $1.1 billion. Mr. Peters commented, “The PWMG acquisition is anticipated to be accretive to earnings its first year. Initial client retention has met our expectations and we are now looking to grow the business in the central Pennsylvania market.” As of June 30, 2011, Wealth Management Division assets under management, administration, brokerage and supervision were $4.8 billion.

SIGNIFICANT ITEMS OF NOTE

•

Net income of $4.8 million for the three months ended June 30, 2011 increased $2.4 million, or 99.8%, as compared to the same period in 2010. The increase in net income for the three months ended June 30, 2011, as compared to the same period in 2010, was attributable to a $4.7 million increase in net interest income, a $1.2 million increase in fees for wealth management services, a $577 thousand increase in the gain on sale of available for sale investment securities, a $255 thousand increase in other operating income and a $463 thousand decrease in merger-related and due diligence expenses between the two periods. These increases were partially offset by a $925 thousand increase in the provision for loan and lease losses and a $484 thousand increase in other operating expenses.

•

Net income of $4.8 million for the three months ended June 30, 2011 increased $89 thousand, or 1.9%, as compared to the first quarter 2011. The increase in net income for the three months ended June 30, 2011, as compared to the three months ended March 31, 2011, was partially attributable to a $392 thousand or 2.5% increase in net interest income and a $955 thousand or 13.2% increase in non-interest income. The increase in non-interest income is attributable to an $855 thousand or 21.1% increase in fees for Wealth Management Services which are primarily the result of the PWMG acquisition from Hershey Trust on May 27, 2011. These increases were partially offset by a $634 thousand

increase in the provision for loan and lease losses and a $672 thousand or 4.7% increase in non-interest expenses due in part to the acquisition of PWMG, impairment of mortgage servicing rights and increased professional fees.

•

Largely related to the operation of the newly-acquired First Keystone branches and, to a lesser extent, the operation of the newly-acquired PWMG offices, were increases of $1.6 million in salaries and benefits expenses and $593 thousand in occupancy-related expenses for the three months ended June 30, 2011, as compared to the same period in 2010.

•

Revenue from the Wealth Management Division for the three months ended June 30, 2011 was $5.1 million, an increase of 30.2% from the $3.9 million generated in the same period in 2010. Wealth Management Division assets under management, administration, supervision and brokerage as of June 30, 2011 were $4.8 billion, an increase of $1.4 billion, or 41.5%, from December 31, 2010, and a $1.7 billion, or 55.8%, increase from June 30, 2010. These increases are due largely to the acquisition of PWMG and the continued successes of strategic initiatives within the division.

•

The allowance for loan and lease losses (the “Allowance”), as of June 30, 2011, of $11.3 million, was 0.90% of portfolio loans and leases, as compared to $10.3 million or 0.86% as of December 31, 2010. In calculating the Allowance as a percentage of portfolio loans and leases, portfolio loans and leases include those 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 1.10% as of June 30, 2011, as compared to 1.08% as of December 31, 2010.

*see non-GAAP measure outlined in non-GAAP Financial Measures on page 10, below.

•

As of June 30, 2011, nonperforming loans and leases were 1.29% of total portfolio loans and leases, as compared to 0.88% and 0.79% as of March 31, 2011 and December 31, 2010, respectively. The increase is largely attributable to the Bank’s $4.2 million participation in a construction loan that became nonperforming during the three months ended June 30, 2011. The loan accounted for 80% of the 41 basis point increase from the March 31, 2011 level. Net loan and lease charge-offs for the three months ended June 30, 2011 totaled $1.2 million, as compared to net loan and lease charge-offs of $1.5 million

and $893 thousand for the three month periods ended December 31, 2010 and June 30, 2010, respectively. The provision for loan and lease losses (the “Provision”) for the three months ended June 30, 2011 was $1.9 million, an increase of $925 thousand as compared to the same period in 2010. The increase in the Provision was primarily due to the increased charge-off activity and nonperforming loan levels for the three months ended June 30, 2011, as compared to the same period in 2010.

•

Total portfolio loans and leases of $1.25 billion, as of June 30, 2011, increased $56.7 million, or 4.7%, as compared to $1.20 billion as of December 31, 2010. The growth was concentrated in the commercial and industrial, commercial mortgage, construction and residential mortgage categories of the portfolio. Total portfolio loans and leases of $1.25 billion, as of June 30, 2011, increased $34.0 million, or 2.8%, as compared to $1.22 billion as of March 31, 2011. The growth was concentrated in the commercial and industrial and commercial mortgage of the portfolio.

•

Deposits of $1.34 billion, as of June 30, 2011, remained relatively unchanged from December 31, 2010. This consistency was due in part to the $20.3 million decrease in wholesale deposits which was substantially offset by a $22.5 million increase in market rate account deposits between the respective periods.

•

The tax-equivalent net interest margin of 4.01%, for the three months ended June 30, 2011, was a 21 basis point increase from the 3.80% tax-equivalent net interest margin for the same period in 2010. The increase was largely attributable to the 15 basis point decrease in average rate paid on interest-bearing deposits for the three months ended June 30, 2011, as compared to the same period in 2010, which resulted from the Bank’s continuing to prudently price its deposit products.

•

The tax-equivalent net interest margin of 4.01%, for the three months ended June 30, 2011, was a 2 basis point decrease from the 4.03% tax-equivalent net interest margin for the three months ended March 31, 2011 due to a slight increase in the cost of interest bearing liabilities.

•

The capital ratios for the Bank and the Corporation, as of June 30, 2011, as shown in the table on page 11, indicate levels above those deemed to be considered “well capitalized.” The Corporation’s tangible common equity ratio, as of June 30, 2011, increased 30 basis points, to 8.31%, as compared to 8.01% as of December 31, 2010. The increase was largely attributable to stock issued in the PWMG acquisition as well as stock issued

through the Corporation’s Dividend Reinvestment and Stock Purchase Plan, and to a lesser extent, the increase in the Corporation’s retained earnings. The Bank’s tangible common equity ratio, as of June 30, 2011, increased 12 basis points, to 8.54%, as compared to 8.42% as of December 31, 2010, largely due to a net capital infusion of $8.5 million from the Corporation. Partially offsetting the capital increases were the goodwill and other intangibles recorded in connection with the PWMG acquisition.

EARNINGS CONFERENCE CALL

The Corporation will hold an earnings conference call at 8:30 a.m. EST on Friday, July 29, 2011. Interested parties may participate by calling 1-877-317-6789, conference number 10001917. A taped replay of the conference call will be available one hour after of the conclusion of the call and will remain available through August 16, 2011. The number to call for the taped replay is 1-877-344-7529 and the Replay Passcode is 10001917.

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 – Investments / Shareholder 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”, “are looking” 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 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
	June 30, 2011			Mar 31, 2011			Dec 31, 2010			Sept 30, 2010			June 30, 2010
	June 30, 2011			Mar 31, 2011			Dec 31, 2010			Sept 30, 2010			June 30, 2010
Interest income	$	18,851		$	18,226		$	18,605		$	18,473		$	13,824
Interest expense		3,052			2,819			3,405			3,691			2,773


Net interest income		15,799			15,407			15,200			14,782			11,051
Provision for loan and lease losses		1,919			1,285			1,511			4,236			994

Net interest income after provision for loan and lease losses		13,880			14,122			13,689			10,546			10,057

Fees for wealth management services		5,075			4,190			4,081			3,689			3,898
Loan servicing and other fees		460			461			443			422			379
Service charges on deposits		615			580			645			672			488
Net gain on sale of residential mortgage loans		656			398			2,398			1,189			606
Net gain on sale of available for sale investments		577			490			669			259			—
Net (loss) gain on sale of other real estate owned (“OREO”)		(110	)		(19	)		—			38			—
BOLI income		118			115			135			131			—
Other operating income		774			995			902			653			519

Non-interest income		8,165			7,210			9,273			7,053			5,890

Salaries and wages		6,700			6,341			7,150			7,047			5,345
Employee benefits		1,591			1,735			1,416			1,646			1,364
Occupancy and bank premises		1,241			1,286			1,177			1,195			901
Furniture fixtures and equipment		810			896			931			695			557
Advertising		441			264			321			303			256
Net impairment (recovery) of mortgage servicing rights		196			8			(356	)		168			177
Amortization of mortgage servicing rights		158			169			301			206			210
Intangible asset amortization		266			161			164			166			77
FDIC insurance		250			480			522			416			299
Merger related / due diligence expense		174			307			437			4,292			637
Impairment of OREO		—			127			—			381			—
Professional fees		738			410			603			459			459
Other operating expenses		2,304			2,013			2,098			2,391			1,821

Non-interest expense		14,869			14,197			14,764			19,365			12,103

Income (loss) before income taxes		7,176			7,135			8,198			(1,766	)		3,844
Income tax expense (benefit)		2,371			2,419			2,633			(746	)		1,438

Net income (loss)	$	4,805		$	4,716		$	5,565		$	(1,020	)	$	2,406


Per share data:
Weighted average shares outstanding		12,693,782			12,344,710			12,192,260			12,184,447			9,740,089
Dilutive potential common shares		24,491			14,401			10,742			—			12,476

Adjusted weighted average dilutive shares		12,718,273			12,359,111			12,203,002			12,184,447			9,752,565


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

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

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

Effective tax rate		33.0	%		33.9	%		32.1	%		(42.2	)%		37.4	%

Net interest margin		4.01	%		4.03	%		3.73	%		3.66	%		3.80	%

Net income, exclusive of merger-related expense (a non-GAAP measure)*	$	4,858		$	4,919		$	5,862		$	1,976		$	2,805

*	Net income, exclusive of merger-related expense, is calculated by adding back to reported income, which is a GAAP measure, the tax effected due diligence and merger related expense

Bryn Mawr Bank Corporation

Consolidated Statements of Income - (unaudited)

(Dollars in thousands, except per share data)


	For The Six Months Ended
	June 30, 2011			June 30, 2010
	June 30, 2011			June 30, 2010
Interest income	$	37,077		$	27,718
Interest expense		5,871			5,550


Net interest income		31,206			22,168
Provision for loan and lease losses		3,204			4,107

Net interest income after provision for loan and lease losses		28,002			18,061

Fees for wealth management services		9,265			7,729
Loan servicing and other fees		921			761
Service charges on deposits		1,195			990
Net gain on sale of residential mortgage loans		1,054			1,131
Net gain on sale of available for sale investments		1,067			1,544
BOLI income		233			—
Net (loss) gain on sale of other real estate owned (“OREO”)		(129	)		—
Other operating income		1,769			1,046

Non-interest income		15,375			13,201

Salaries and wages		13,041			10,632
Employee benefits		3,326			2,922
Occupancy and bank premises		2,527			1,885
Furniture fixtures and equipment		1,706			1,152
Advertising		705			518
Net impairment (recovery) of mortgage servicing rights		204			218
Amortization of mortgage servicing rights		327			409
Intangible asset amortization		427			154
FDIC insurance		730			613
Merger related / due diligence expense		481			985
Impairment of OREO		127			—
Professional fees		1,148			1,078
Other operating expenses		4,317			3,442

Non-interest expense		29,066			24,008

Income before income taxes		14,311			7,254
Income tax expense		4,790			2,625

Net income	$	9,521		$	4,629


Per share data:
Weighted average shares outstanding		12,520,211			9,319,380
Dilutive potential common shares		19,446			11,747

Adjusted weighted average shares		12,539,657			9,331,127


Basic earnings per common share	$	0.76		$	0.50

Diluted earnings per common share	$	0.76		$	0.50

Dividend declared per share	$	0.30		$	0.28

Effective tax rate		33.5	%		36.2	%

Bryn Mawr Bank Corporation

Consolidated Selected Financial Data - (unaudited)

(Dollars in thousands, except per share data )

June 30, 2011


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

Nonaccrual loans and leases	$	16,128		$	10,776		$	9,497		$	8,709		$	9,072
90 + days past due loans - still accruing		—			5			10			902			892

Nonperforming loans and leases		16,128			10,781			9,507			9,611			9,964
Other real estate owned		811			2,341			2,527			1,170			1,970

Total nonperforming assets	$	16,939		$	13,122		$	12,034		$	10,781		$	11,934


Troubled debt restructurings included in nonperforming	$	1,478		$	2,229		$	1,879		$	657		$	2,711
Troubled debt restructurings in compliance with modified terms		5,469			4,766			4,693			2,417			2,000

Total troubled debt restructurings	$	6,947		$	6,995		$	6,572		$	3,074		$	4,711

Nonperforming loans and leases / portfolio loans		1.29	%		0.88	%		0.79	%		0.82	%		1.11	%
Nonperforming assets / assets		0.97	%		0.77	%		0.69	%		0.63	%		0.93	%

Net loan charge-offs (annualized)/ average loans		0.36	%		0.22	%		0.46	%		1.17	%		0.18	%
Net lease charge-offs (annualized)/ average leases		1.81	%		3.26	%		2.16	%		4.81	%		5.90	%
Net loan and lease charge-offs (annualized)/ average loans and leases		0.40	%		0.30	%		0.52	%		1.29	%		0.40	%

Delinquency rate - loans and leases >30days		1.35	%		1.14	%		1.28	%		1.62	%		1.37	%

Delinquent loans and leases - 30-89 days	$	3,492		$	2,604		$	5,570		$	8,283		$	2,481

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

Changes in the Allowance for loan and lease losses

Balance, beginning of period	$	10,648		$	10,275		$	10,297		$	9,841		$	9,740

Charge-offs		(1,325	)		(1,040	)		(1,743	)		(3,934	)		(1,071	)

Recoveries		99			128			210			154			178


Net (charge-offs) / recoveries		(1,226	)		(912	)		(1,533	)		(3,780	)		(893	)

Provision for loan and lease losses		1,919			1,285			1,511			4,236			994


Balance, end of period	$	11,341		$	10,648		$	10,275		$	10,297		$	9,841


Allowance for loan and lease losses / loans and leases		0.90	%		0.87	%		0.86	%		0.88	%		1.09	%
Allowance for originated loan and lease losses / total originated loans and leases⁽²⁾		1.10	%		1.08	%		1.08	%		1.12	%		1.09	%
Allowance for loan and lease losses / nonperforming loans and leases		70.3	%		98.8	%		108.1	%		107.1	%		98.8	%

Bryn Mawr Bank Corporation

Consolidated Selected Financial Data - (unaudited)

(Dollars in thousands, except per share data )

June 30, 2011


For the period and period end:	2011 2Q			2011 1Q			2010 4Q			2010 3Q			2010 2Q
For the period and period end:	2011 2Q			2011 1Q			2010 4Q			2010 3Q			2010 2Q
Selected ratios (annualized):

Return on average assets		1.12	%		1.13	%		1.25	%		-0.29	%		0.77	%
Return on average shareholders’ equity		11.02	%		11.65	%		13.87	%		-2.55	%		8.10	%
Yield on loans and leases*		5.63	%		5.65	%		5.70	%		5.72	%		5.72	%
Yield on interest earning assets*		4.78	%		4.76	%		4.56	%		4.57	%		4.74	%
Cost of interest bearing funds		0.98	%		0.93	%		1.04	%		1.09	%		1.22	%
Net interest margin*		4.01	%		4.03	%		3.73	%		3.66	%		3.80	%
Book value per share	$	14.18		$	13.61		$	13.24		$	12.99		$	12.72
Tangible book value per share	$	10.91		$	11.65		$	11.21		$	11.03		$	11.62
Period end shares outstanding		12,941,320			12,538,926			12,195,240			12,190,991			10,550,619

Selected data:

Mortgage loans originated	$	31,072		$	38,144		$	107,905		$	67,304		$	28,349

Mortgage loans sold - servicing retained	$	14,957		$	13,302		$	77,448		$	34,874		$	17,358
Mortgage loans sold - servicing released		2,196			948			677			2,234			3,370

Total mortgage loans sold	$	17,153		$	14,250		$	78,125		$	37,108		$	20,728

Mortgage loans serviced for others	$	595,196		$	596,655		$	605,485		$	578,293		$	519,153

Total Wealth assets under management / administration / supervision / brokerage (1)	$	4,830,417		$	3,600,649		$	3,412,890		$	3,291,293		$	3,100,162

*	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)	$	4,883		$	4,716		$	5,565		$	(1,020	)	$	2,406
Tax effected due diligence and merger related expense (tax rate of 35%)		113			200			284			2,790			414

Net income, exclusive of due diligence and merger related expense (non-GAAP measure)	$	4,996		$	4,916		$	5,849		$	1,770		$	2,820


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

Allowance for loan and lease losses (GAAP measure)	$	11,341		$	10,648		$	10,275		$	10,297		$	9,841
Less: allowance for loan and lease losses related to acquired loans		55			28			—			—			—

Allowance for loan and lease losses related to originated loans and leases (non-GAAP measure)	$	11,286		$	10,620		$	10,275		$	10,297		$	9,841


Total portfolio loans and leases (GAAP measure)	$	1,253,448		$	1,219,449		$	1,196,717		$	1,176,438		$	899,290
Less: acquired loans		223,459			233,435			244,833			259,982			—

Total originated loans and leases (non-GAAP measure)	$	1,029,989		$	986,014		$	951,884		$	916,456		$	899,290


Allowance for loan and lease losses / total portfolio loans and leases (GAAP measure)		0.90	%		0.87	%		0.86	%		0.88	%		1.09	%
Allowance related to originated loan and lease losses / total originated loans and leases (non-GAAP measure)		1.10	%		1.08	%		1.08	%		1.12	%		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 )

June 30, 2011


	2011 Year-to-date			2010 Year-to-date
	2011 Year-to-date			2010 Year-to-date
Selected ratios (annualized):

Return on average assets		1.12	%		0.76	%
Return on average shareholders’ equity		11.32	%		8.33	%
Yield on loans and leases*		5.63	%		5.74	%
Yield on interest earning assets*		4.77	%		4.90	%
Cost of interest bearing funds		0.95	%		1.25	%
Net interest margin*		4.02	%		3.93	%

Selected data:

Mortgage loans originated	$	69,216		$	52,611

Mortgage loans sold - servicing retained	$	28,259		$	36,095
Mortgage loans sold - servicing released		3,145			5,117

Total mortgage loans sold	$	31,404		$	41,212

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


Investment Portfolio

	As of June 30, 2011							As of December 31, 2010							As of June 30, 2010
($’s in thousands)	Amortized Cost		Fair Value		Net Unrealized Gain / (Loss)			Amortized Cost		Fair Value		Net Unrealized Gain / (Loss)			Amortized Cost		Fair Value		Net Unrealized Gain / (Loss)
SECURITY DESCRIPTION
U. S. treasury obligations	$	—	$	—	$	—		$	5,011	$	5,145	$	134		$	5,013	$	5,148	$	135
Obligations of U. S. government and agencies		124,933		125,594		661			156,301		156,638		337			167,455		168,440		985
State & political subdivisions		4,528		4,575		47			32,013		32,272		259			25,978		26,316		338
Mortgage backed securities		109,468		111,217		1,749			72,907		73,527		620			14,155		14,611		456
Collateralized mortgage obligations		21,418		21,537		119			2,068		2,098		30			—		—		—
Equity securities		243		295		52			243		256		13			—		—		—
Other debt securities		1,400		1,400		—			1,750		1,750		—			1,250		1,250		—
Bond - mutual funds		11,900		11,953		53			34,491		34,722		231			38,584		39,123		539
Investment CD’s		2,441		2,439		(2	)		—		—		—			—		—		—
Corporate bonds		10,708		10,752		44			10,803		10,644		(159	)		—		—		—

Total Investment Portfolio	$	287,039	$	289,762	$	2,723		$	315,587	$	317,052	$	1,465		$	252,435	$	254,888	$	2,453


Capital Ratios

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

Tier I Capital to Risk Weighted Assets (RWA)		6.00	%		11.05	%		11.45	%		11.05	%		10.37	%		10.72	%
Total (Tier II) Capital to RWA		10.00	%		13.56	%		13.91	%		13.47	%		12.77	%		13.73	%
Tier I Leverage Ratio		5.00	%		8.94	%		9.29	%		8.62	%		8.27	%		9.29	%
Tangible Common Equity Ratio					8.54	%		8.78	%		8.42	%		8.20	%		8.65	%

Bryn Mawr Bank Corporation

Tier I Capital to Risk Weighted Assets (RWA)		6.00	%		11.55	%		12.07	%		11.30	%		10.82	%		11.95	%
Total (Tier II) Capital to RWA		10.00	%		14.05	%		14.52	%		13.71	%		13.21	%		14.95	%
Tier I Leverage Ratio		5.00	%		9.36	%		9.80	%		8.85	%		8.65	%		10.38	%
Tangible Common Equity Ratio					8.31	%		8.65	%		8.01	%		7.95	%		9.66	%

Bryn Mawr Bank Corporation

Consolidated Balance Sheets - (unaudited)

(Dollars in thousands)


	June 30, 2011			Mar 31, 2011			Dec 31, 2010			Sept 30, 2010			June 30, 2010
Assets

Interest bearing deposits with banks	$	34,780		$	68,568		$	78,410		$	42,089		$	43,943
Money market funds		113			401			113			223			86
Investment securities - AFS		289,762			289,491			317,052			356,838			254,888

Loans held for sale		5,923			1,554			4,838			4,686			4,254

Portfolio loans:
Consumer		12,116			11,594			12,200			13,255			12,272
Commercial & industrial		257,771			240,313			239,366			239,823			235,080
Commercial mortgages		404,000			391,642			385,615			358,486			278,614
Construction		55,804			55,823			45,303			48,674			43,787
Residential mortgages		280,093			277,571			261,983			251,836			108,009
Home equity lines & loans		210,477			208,107			216,853			226,765			180,826
Leases		33,187			34,399			35,397			37,599			40,702

Total portfolio loans and leases		1,253,448			1,219,449			1,196,717			1,176,438			899,290
Earning assets		1,584,026			1,579,463			1,597,130			1,580,274			1,202,461

Cash and due from banks		20,620			11,609			10,961			11,090			14,593
Allowance for loan and lease losses		(11,341	)		(10,649	)		(10,275	)		(10,297	)		(9,841	)
Premises and equipment		29,469			28,996			29,158			29,340			21,779
Accrued interest receivable		6,103			6,151			6,470			6,623			4,773
Mortgage servicing rights		4,662			4,879			4,925			4,008			3,759
Goodwill		23,169			17,659			17,660			16,671			6,301
Other intangible assets		19,077			6,902			7,064			7,228			5,267
Bank owned life insurance (“BOLI”)		19,205			19,087			18,972			18,838			—
FHLB stock		12,840			13,516			14,227			14,976			7,916
Deferred income taxes		13,400			14,527			14,551			15,071			4,596
Other investments		5,229			5,203			5,156			3,246			3,086
Other assets		14,268			16,598			15,769			17,116			15,982


Total assets	$	1,740,727		$	1,713,941		$	1,731,768		$	1,714,184		$	1,280,672

Liabilities and shareholders’ equity

Interest-bearing checking	$	222,128		$	227,256		$	234,107		$	206,091		$	149,762
Money market		350,285			345,703			327,824			324,384			261,578
Savings		129,684			131,671			134,163			140,296			98,760
Other wholesale deposits		65,185			65,574			80,112			63,376			63,260
Wholesale time deposits		31,818			34,639			37,201			36,582			33,421
Time deposits		242,683			240,207			245,669			261,839			141,803

Interest-bearing deposits		1,041,783			1,045,050			1,059,076			1,032,568			748,584

Non-interest bearing deposits		295,656			271,010			282,356			227,080			204,898

Total deposits		1,337,439			1,316,060			1,341,432			1,259,648			953,482

Subordinated debentures		22,500			22,500			22,500			22,500			22,500
Junior subordinated debentures		12,004			12,017			12,029			12,041			—
Short-term borrowings		9,541			23,326			10,051			11,883			—
FHLB advances and other borrowings		152,501			147,238			160,144			223,809			141,671
Other liabilities		23,359			22,161			24,194			25,976			28,838
Shareholders’ equity		183,383			170,639			161,418			158,327			134,181

Total liabilities and shareholders’ equity	$	1,740,727		$	1,713,941		$	1,731,768		$	1,714,184		$	1,280,672

Consolidated Quarterly Average Balance Sheets - (unaudited)


	2011 2Q			2011 1Q			2010 4Q			2010 3Q			2010 2Q
Assets

Interest bearing deposits with banks	$	47,159		$	47,203		$	108,278		$	95,226		$	60,317
Money market funds		217			177			138			106			248
Trading securities		—			—			—			—			—
Investment securities		292,097			311,181			334,252			346,275			223,901
Loans held for sale		4,347			2,315			5,981			3,741			3,107
Portfolio loans and leases		1,244,140			1,201,797			1,185,456			1,171,605			894,657

Earning assets		1,587,960			1,562,673			1,634,105			1,616,953			1,182,230

Cash and due from banks		12,224			12,627			13,583			12,668			10,079
Allowance for loan and lease losses		(11,091	)		(10,577	)		(10,403	)		(10,068	)		(9,904	)
Premises and equipment		29,335			29,120			29,159			29,685			21,860
Goodwill		19,745			17,659			16,682			16,671			6,302
Other intangible assets		11,669			7,001			7,164			7,331			5,311
Bank owned life insurance		19,128			19,011			18,885			18,750			—
Deferred income taxes		14,105			14,566			15,143			13,310			4,800
Other assets		42,805			44,651			43,817			44,748			31,924


Total assets	$	1,725,880		$	1,696,731		$	1,768,135		$	1,750,048		$	1,252,602


Liabilities and shareholders’ equity

Interest-bearing checking	$	229,451		$	227,703		$	237,776		$	215,846		$	150,604
Money market		355,740			338,565			329,601			318,943			253,425
Savings		132,046			131,610			142,434			141,180			101,444
Other wholesale deposits		65,129			75,884			74,330			67,596			65,576
Wholesale deposits		34,106			30,723			38,863			36,864			36,387
Time deposits		237,771			241,503			253,631			269,653			142,552

Interest-bearing deposits		1,054,243			1,045,988			1,076,635			1,050,082			749,988

Non-interest bearing deposits		279,210			275,295			280,944			226,439			193,118

Total deposits		1,333,453			1,321,283			1,357,579			1,276,521			943,106

Subordinated debentures		22,500			22,500			22,500			22,500			22,500
Junior subordinated debentures		12,012			12,025			12,037			12,066			—
Short-term borrowings		9,260			10,155			11,827			10,848			—
FHLB advances and other borrowings		149,215			143,327			178,372			243,698			142,876
Other liabilities		24,562			23,259			26,601			25,434			24,982
Shareholders’ equity		174,878			164,182			159,219			158,981			119,138


Total liabilities and shareholders’ equity	$	1,725,880		$	1,696,731		$	1,768,135		$	1,750,048		$	1,252,602

Bryn Mawr Bank Corporation

Consolidated Average Balance Sheets - (unaudited)

(Dollars in thousands)


	2011 Year-to-date			2010 Year-to-date
Assets

Interest bearing deposits with banks	$	47,180		$	43,900
Money market funds		197			834
Investment securities		301,586			212,257
Loans held for sale		3,418			3,041
Portfolio loans and leases		1,223,004			893,428

Earning assets		1,575,385			1,153,460

Cash and due from banks		12,424			10,297
Allowance for loan and lease losses		(10,835	)		(10,260	)
Premises and equipment		29,228			11,651
Goodwill		18,708			6,302
Intangible assets		9,348			5,259
Bank owned life insurance		19,070			—
FHLB stock		13,178			7,916
Deferred tax asset		14,334			4,596
Other assets		30,546			33,969


Total assets	$	1,711,386		$	1,223,190


Liabilities and shareholders’ equity

Interest-bearing checking	$	228,582		$	147,288
Money market		347,200			247,019
Savings		131,829			100,689
Other wholesale deposits		70,478			53,868
Wholesale deposits		32,423			39,688
Time deposits		239,626			141,263

Interest-bearing deposits		1,050,138			729,815

Non-interest bearing deposits		277,264			191,226

Total deposits		1,327,402			921,041

Subordinated debentures		22,500			22,500
FHLB advances and other borrowings		146,287			144,426
Junior subordinated debentures		12,019			—
Short-term borrowings		9,705			—
Other liabilities		23,914			23,160
Shareholders’ equity		169,559			112,063


Total liabilities and shareholders’ equity	$	1,711,386		$	1,223,190

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


	2nd Quarter 2011								1st Quarter 2011								4th Quarter 2010								3rd Quarter 2010								2nd 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	$	47,159		$	27		0.23	%	$	47,203		$	32		0.27	%	$	108,208		$	66		0.24	%	$	95,226		$	61		0.25	%	$	60,317		$	37		0.25	%
Money market funds		217			—		—			177			—		—			138			—		—			106			—		—			248			—		—
Investment securities available for sale:
Taxable		287,007			1,357		1.90	%		285,506			1,312		1.86	%		305,281			1,315		1.71	%		316,276			1,351		1.69	%		199,106			867		1.75	%
Tax-exempt		5,090			25		1.97	%		25,675			244		3.85	%		28,971			273		3.74	%		29,999			272		3.60	%		24,796			271		4.38	%

Investment securities available for sale		292,097			1,382		1.90	%		311,181			1,556		2.03	%		334,252			1,588		1.88	%		346,275			1,623		1.86	%		223,902			1,138		2.04	%

Loans and leases *		1,248,487			17,516		5.63	%		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	%


Total interest earning assets		1,587,960			18,925		4.78	%		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	%

Cash and due from banks		12,224								12,627								13,583								12,668								10,079
Less allowance for loan and lease losses		(11,091	)							(10,577	)							(10,403	)							(10,068	)							(9,904	)
Other assets		136,787								132,008								130,920								130,495								70,196


Total assets	$	1,725,880							$	1,696,731							$	1,768,135							$	1,750,048							$	1,252,602


Liabilities:

Savings, NOW and market rate deposits	$	717,237		$	759		0.42	%	$	697,878		$	718		0.42	%	$	709,811		$	793		0.44	%	$	675,969		$	841		0.49	%	$	505,473		$	666		0.53	%
Other wholesale deposits		65,129			52		0.32	%		75,884			70		0.37	%		74,331			88		0.47	%		67,596			81		0.48	%		65,576			79		0.48	%
Wholesale deposits		34,106			87		1.02	%		30,723			75		0.99	%		38,862			145		1.48	%		36,864			161		1.73	%		36,387			162		1.79	%
Time deposits		237,771			620		1.05	%		241,503			560		0.94	%		253,631			626		0.98	%		269,653			654		0.96	%		142,552			458		1.29	%

Total interest-bearing deposits		1,054,243			1,518		0.58	%		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	%

Subordinated debentures		22,500			279		4.97	%		22,500			277		4.99	%		22,500			282		4.97	%		22,500			293		5.17	%		22,500			280		4.99	%
Junior subordinated debentures		12,012			271		9.05	%		12,024			271		9.14	%		12,037			272		8.97	%		12,066			223		7.33	%		—			—		—
Short-term borrowings		9,260			6		0.26	%		10,155			6		0.24	%		11,827			7		0.23	%		10,848			8		0.29	%		—			—		—
FHLB advances and other borrowings		149,215			978		2.63	%		143,328			842		2.38	%		178,309			1,192		2.65	%		243,698			1,430		2.33	%		142,876			1,128		3.17	%

Total interest-bearing liabilities		1,247,230			3,052		0.98	%		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	%

Noninterest-bearing deposits		279,210								275,295								280,944								226,439								193,118
Other liabilities		24,562								23,259								26,601								25,434								24,982

Total noninterest-bearing liabilities		303,772								298,554								307,545								251,873								218,100

Total liabilities		1,551,002								1,532,549								1,608,853								1,591,067								1,133,464

Shareholders’ equity		174,878								164,182								159,219								158,981								119,138


Total liabilities and shareholders’ equity	$	1,725,880							$	1,696,731							$	1,768,072							$	1,750,048							$	1,252,602


Interest income to earning assets							4.78	%							4.76	%							4.56	%							4.57	%							4.74	%

Net interest spread							3.80	%							3.83	%							3.52	%							3.48	%							3.52	%
Effect of noninterest-bearing sources							0.21	%							0.20	%							0.21	%							0.18	%							0.32	%

Net interest income/ margin on earning assets				$	15,873		4.01	%				$	15,540		4.03	%				$	15,359		3.73	%				$	14,937		3.66	%				$	11,203		3.84	%


Tax equivalent adjustment				$	74		0.02	%				$	133		0.04	%				$	159		0.04	%				$	155		0.04	%				$	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.

Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields

For the Six months ended June 30,


	2011								2010
(dollars in thousands)	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	$	47,180			178		0.76	%	$	43,900		$	51		0.23	%
Federal funds sold		—			—		—			—			—		—	%
Money market funds		197			1		1.02	%		834			1		0.24	%
Investment securities available for sale:
Taxable		286,260			2,602		1.83	%		187,434			1,889		2.03	%
Tax-exempt		15,326			269		3.54	%		24,823			548		4.45	%


Investment securities available for sale		301,586			2,871		1.92	%		212,257			2,437		2.32	%

Loans and leases *		1,226,422			34,233		5.63	%		896,469			25,525		5.74	%


Total interest earning assets		1,575,385			37,283		4.77	%		1,153,460			28,014		4.90	%

Cash and due from banks		12,424								10,297
Less allowance for loan and lease losses		(10,835	)							(10,260	)
Other assets		134,412								69,693


Total assets	$	1,711,386							$	1,223,190


Liabilities:

Savings, NOW and market rate deposits	$	707,611		$	1,476		0.42	%	$	494,996		$	1,323		0.54	%
IND / IDC deposits		70,478			123		0.35	%		53,868			130		0.49	%
Wholesale deposits		32,423			162		1.01	%		39,688			347		1.76	%
Time deposits		239,626			1,180		0.99	%		141,263			911		1.30	%

Total interest-bearing deposits		1,050,138			2,941		0.56	%		729,815			2,711		0.75	%

Subordinated debt		22,500			556		4.98	%		22,500			553		4.96	%
Junior subordinated debentures		12,019			543		9.11	%		—			—		—
Short-term borrowings		9,705			12		0.25	%		—			—		—
FHLB advances and other borrowings		146,287			1,819		2.51	%		144,426			2,286		3.19	%

Total interest-bearing liabilities		1,240,649			5,871		0.95	%		896,741			5,550		1.25	%

Noninterest-bearing deposits		277,264								191,226
Other liabilities		23,914								23,160

Total noninterest-bearing liabilities		301,178								214,386

Total liabilities		1,541,827								1,111,127

Shareholders’ equity		169,559								112,063


Total liabilities and shareholders’ equity	$	1,711,386							$	1,223,190


Interest income to earning assets							4.77	%							4.90	%

Net interest spread							3.82	%							3.65	%
Effect of noninterest-bearing sources							0.20	%							0.28	%


Net interest income/ margin on earning assets				$	31,412		4.02	%				$	22,464		3.93	%


Tax equivalent adjustment				$	207		0.03	%				$	296		0.04	%

*	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.

FOR RELEASE: IMMEDIATELY

Ted Peters, Chairman

FOR MORE INFORMATION CONTACT:

J. Duncan Smith, CFO