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8-K - BRYN MAWR BANK CORPORATION -- FORM 8-K - BRYN MAWR BANK CORP | d472698d8k.htm |
Exhibit 99.1
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 Reports Record Earnings for 2012, Boosts Wealth Assets by 38.4% to $6.7 Billion
BRYN MAWR, Pa., January 24, 2013 - Bryn Mawr Bank Corporation (NASDAQ: BMTC), (the Corporation), parent of The Bryn Mawr Trust Company (the Bank), today reported net income of $5.3 million and diluted earnings per share of $0.40 for the three months ended December 31, 2012, as compared to net income of $5.0 million and diluted earnings per share of $0.38 for the same period in 2011. Net income for the twelve months ended December 31, 2012 was $21.1 million, or $1.60 per diluted share, as compared to net income of $19.6 million, or $1.54 per diluted share for the same period in 2011.
Net income for the twelve months ended December 31, 2012 included pre-tax due diligence and merger-related expenses of $2.6 million as compared to pre-tax due diligence and merger-related expenses of $537 thousand for the same period in 2011. Significant factors contributing to the outstanding results for the twelve months ended December 31, 2012, as compared to 2011, included a 37.5% increase in wealth management revenues and a 167.6% increase in the net gain on sale of residential mortgage loans.
Ted Peters, Chairman and Chief Executive Officer, commented, Our strategic transactions this year, which included the acquisition of the Davidson Trust Company and the acquisition of certain loans and deposits and a branch location from the First Bank of Delaware, have begun to produce the positive results we had anticipated. In addition, our mortgage banking division has continued to produce outstanding results driven by the ongoing low-interest-rate environment.
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On January 24, 2013, the Board of Directors of the Corporation declared a quarterly dividend of $0.17 per share, an increase of $0.01, or 6.3%, from the previous quarters dividend. The dividend is payable March 1, 2013 to shareholders of record as of February 5, 2013.
Mr. Peters continued, I am confident in our business model and expect continued solid results in 2013, as we experience the full-year impact of our 2012 acquisitions.
SIGNIFICANT ITEMS OF NOTE
| Net income of $5.3 million for the three months ended December 31, 2012 increased $295 thousand, or 5.9%, from $5.0 million for the same period in 2011. The Corporation experienced significant increases in revenue for wealth management services and gain on sale of residential mortgage loans, as well as a substantial decrease in interest expense between the periods. |
| Total assets as of December 31, 2012 were $2.04 billion, as compared to $1.77 billion as of December 31, 2011. Total portfolio loans and leases of $1.40 billion, as of December 31, 2012, increased $103 million, or 8.0%, as compared to $1.30 billion as of December 31, 2011. A significant portion of the loan growth was related to the November 17, 2012 acquisition of loans from the First Bank of Delaware, which totaled $80.2 million as of December 31, 2012. |
| Revenue from the Wealth Management Division for the three months ended December 31, 2012 was $8.4 million, an increase of 32.7% from the $6.3 million generated in the same period in 2011. Wealth Management Division assets under management, administration, supervision and brokerage as of December 31, 2012 were $6.66 billion, an increase of $1.86 billion, or 38.4%, from December 31, 2011. The increase was partially due to the May 15, 2012 acquisition of the Davidson Trust Company, which initially added approximately $1.0 billion in assets under management, administration, supervision and brokerage. In addition, organic growth related to strategic initiatives within the division, along with market appreciation, contributed to the growth. |
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| Net interest income for the three months ended December 31, 2012 was $16.9 million, an increase of $941 thousand, or 5.9%, from $16.0 million for the same period in 2011. The increase in net interest income between the periods was related to a 4.6% increase in average portfolio loans, largely related to the acquisition of the First Bank of Delaware loans. In addition, the Corporations strategic decision to prepay $22.5 million of subordinated debt during the third and fourth quarters of 2012 contributed significantly to the $986 thousand decrease in interest expense for the three months ended December 31, 2012, as compared to the same period in 2011. |
| Non-interest income for the three months ended December 31, 2012 was $13.2 million as compared to $9.5 million for the same period in 2011, an increase of $3.7 million or 39.1%. The increase in non-interest income was attributable to the $2.1 million increase in fees for wealth management services mentioned above and a $1.7 million increase on the net gain on sale of residential mortgage loans. The volume of residential mortgage loans sold, for the three months ended December 31, 2012, increased $49.6 million, or 224.7%, from the same period in 2011. |
| Non-interest expense for the three months ended December 31, 2012 increased $4.4 million, to $21.1 million, as compared to $16.7 million for the same period in 2011. Contributing to this increase were a $1.3 million increase in due diligence and merger-related expenses, a $602 thousand increase in other operating expenses and a $1.4 million increase in salaries and wages between the periods. Salaries and wages increased primarily due to the acquisition of the Davidson Trust Company in May 2012 and the addition of the branch and lending staff from the First Bank of Delaware in November 2012, coupled with the increase in incentive-based compensation related to residential mortgage loan sales. The increase in other operating expenses included $338 thousand in unamortized costs and prepayment penalties related to the early extinguishment of subordinated debt during the fourth quarter of 2012. |
| The tax-equivalent net interest margin of 3.86% for the three months ended December 31, 2012 was a 5 basis point decrease from the 3.91% tax-equivalent net interest margin |
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for the same period in 2011. The 5 basis point decrease was the result of increases in the average balances of both interest-earning assets and interest-bearing liabilities which were offset by declines in tax-equivalent yield earned, and rate paid, respectively, between periods. |
| Deposits of $1.63 billion, as of December 31, 2012, increased $252.3 million from December 31, 2011. The 18.3% increase was the result of a $165.7 million increase in money market accounts and a $73.3 million increase in non-interest-bearing accounts, partially offset by decreases of $20.0 million in wholesale non-maturity deposits and $11.1 million in wholesale time deposits between the respective dates. The First Bank of Delaware transaction initially added $70.3 million of deposits, of which $43.3 million were time deposits. |
| Nonperforming loans and leases as of December 31, 2012 were 1.06% of total portfolio loans and leases, as compared to 1.11% as of December 31, 2011. For the three months ended December 31, 2012, the Corporation recorded net loan and lease charge-offs of $214 thousand, as compared to net loan and lease recoveries of $43 thousand for the same period in 2011. The provision for loan and lease losses for the three months ended December 31, 2012 was $1.0 million, as compared with $1.1 million for the same period in 2011. |
| The allowance for loan and lease losses (the Allowance), as of December 31, 2012, of $14.4 million, was 1.03% of portfolio loans and leases, as compared to $12.8 million or 0.98% of portfolio loans and leases as of December 31, 2011. The $1.7 million increase in the Allowance is primarily reflective of the growth of the Corporations loan portfolio and managements analysis of qualitative factors affecting the loan portfolio. |
| The capital ratios for the Bank and the Corporation, as shown in the table at page 15 below, indicate levels well above the regulatory minimum to be considered well capitalized. |
| On December 21, 2012, the Corporation opened its newest branch in Bala Cynwyd, Pennsylvania, just outside Philadelphia. In addition, the Corporation continues to seek opportunities to expand in the state of Delaware in order to complement the recently opened branch location on Route 202 in Wilmington, which was acquired from the First Bank of Delaware, as well as our Lau Associates and Bryn Mawr Trust of Delaware offices located in Greenville, Delaware. |
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EARNINGS CONFERENCE CALL
The Corporation will hold an earnings conference call at 8:30 a.m. ET on Friday, January 25, 2013. Interested parties may participate by calling 1-888-317-6016, conference number 10022593. A taped replay of the conference call will be available one hour after the conclusion of the call and will remain available through February 11, 2013. The number to call for the taped replay is 1-877-344-7529 and the Replay Passcode is 10022593.
The conference call will be simultaneously broadcast live over the Internet through a webcast on the investor relations portion of the Bryn Mawr Bank Corporations 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.
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 Corporations future plans, objectives, performance, revenues, growth, profits, operating expenses or the Corporations 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, are looking forward and believe or other similar
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words and phrases may identify forward-looking statements. Persons reading this press release are cautioned that such statements are only predictions, and that the Corporations 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 Corporations 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 acquisitions; and other factors as described in our securities filings. All forward-looking statements and information set forth herein are based on Managements 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.
# # # #
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Bryn Mawr Bank Corporation
Consolidated Statements of Income - (unaudited) **
(Dollars in thousands, except per share data)
For The Three Months Ended | ||||||||||||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | ||||||||||||||||
2012 | 2012 | 2012 | 2012 | 2011 | ||||||||||||||||
Interest income |
$ | 18,682 | $ | 18,081 | $ | 18,188 | $ | 18,372 | $ | 18,727 | ||||||||||
Interest expense |
1,786 | 2,130 | 2,285 | 2,387 | 2,772 | |||||||||||||||
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Net interest income |
16,896 | 15,951 | 15,903 | 15,985 | 15,955 | |||||||||||||||
Provision for loan and lease losses |
1,000 | 1,000 | 1,003 | 1,000 | 1,056 | |||||||||||||||
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Net interest income after provision for loan and lease losses |
15,896 | 14,951 | 14,900 | 14,985 | 14,899 | |||||||||||||||
Fees for wealth management services |
8,365 | 7,993 | 7,211 | 6,229 | 6,306 | |||||||||||||||
Loan servicing and other fees |
473 | 432 | 436 | 435 | 454 | |||||||||||||||
Service charges on deposits |
654 | 634 | 609 | 580 | 654 | |||||||||||||||
Net gain on sale of residential mortgage loans |
2,424 | 1,837 | 1,304 | 1,170 | 699 | |||||||||||||||
Net gain on sale of available for sale investments |
283 | 416 | 716 | | 373 | |||||||||||||||
Net loss on sale of other real estate owned (OREO) |
| (45 | ) | | (41 | ) | (38 | ) | ||||||||||||
BOLI income |
98 | 108 | 105 | 118 | 114 | |||||||||||||||
Other operating income |
873 | 873 | 1,000 | 1,096 | 909 | |||||||||||||||
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Non-interest income |
13,170 | 12,248 | 11,381 | 9,587 | 9,471 | |||||||||||||||
Salaries and wages |
8,848 | 8,703 | 8,075 | 7,505 | 7,404 | |||||||||||||||
Employee benefits |
2,041 | 1,903 | 2,023 | 2,160 | 1,889 | |||||||||||||||
Occupancy and bank premises |
1,616 | 1,488 | 1,395 | 1,375 | 1,424 | |||||||||||||||
Furniture fixtures and equipment |
961 | 935 | 940 | 891 | 938 | |||||||||||||||
Advertising |
363 | 267 | 359 | 320 | 257 | |||||||||||||||
Net impairment (recovery) of mortgage servicing rights |
81 | 105 | 87 | (110 | ) | 114 | ||||||||||||||
Amortization of mortgage servicing rights |
248 | 243 | 256 | 219 | 225 | |||||||||||||||
Intangible asset amortization |
673 | 669 | 560 | 509 | 522 | |||||||||||||||
FDIC insurance |
255 | 262 | 234 | 219 | 218 | |||||||||||||||
Due diligence and merger-related expenses |
1,190 | 316 | 914 | 209 | (79 | ) | ||||||||||||||
Professional fees |
1,031 | 609 | 571 | 657 | 647 | |||||||||||||||
Other operating expenses |
3,782 | 3,389 | 2,714 | 2,841 | 3,180 | |||||||||||||||
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Non-interest expense |
21,089 | 18,889 | 18,128 | 16,795 | 16,739 | |||||||||||||||
Income before income taxes |
7,977 | 8,310 | 8,153 | 7,777 | 7,631 | |||||||||||||||
Income tax expense |
2,673 | 2,885 | 2,808 | 2,704 | 2,627 | |||||||||||||||
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Net income |
$ | 5,304 | $ | 5,425 | $ | 5,345 | $ | 5,073 | $ | 5,004 | ||||||||||
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Per share data: |
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Weighted average shares outstanding |
13,157,295 | 13,149,050 | 13,072,963 | 12,979,746 | 12,901,266 | |||||||||||||||
Dilutive common shares |
205,545 | 146,377 | 158,570 | 147,502 | 99,964 | |||||||||||||||
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Adjusted weighted average dilutive shares |
13,362,840 | 13,295,427 | 13,231,533 | 13,127,248 | 13,001,230 | |||||||||||||||
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Basic earnings per common share |
$ | 0.40 | $ | 0.41 | $ | 0.41 | $ | 0.39 | $ | 0.39 | ||||||||||
Diluted earnings per common share |
$ | 0.40 | $ | 0.41 | $ | 0.40 | $ | 0.39 | $ | 0.38 | ||||||||||
Dividend declared per share |
$ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.15 | ||||||||||
Effective tax rate |
33.5 | % | 34.7 | % | 34.4 | % | 34.8 | % | 34.4 | % |
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Bryn Mawr Bank Corporation
Consolidated Statements of Income - (unaudited) **
(Dollars in thousands, except per share data)
For The Twelve Months Ended | ||||||||
Dec 31, | Dec 31, | |||||||
2012 | 2011 | |||||||
Interest income |
$ | 73,323 | $ | 74,562 | ||||
Interest expense |
8,588 | 11,661 | ||||||
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Net interest income |
64,735 | 62,901 | ||||||
Provision for loan and lease losses |
4,003 | 6,088 | ||||||
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Net interest income after provision for loan and lease losses |
60,732 | 56,813 | ||||||
Fees for wealth management services |
29,798 | 21,669 | ||||||
Loan servicing and other fees |
1,776 | 1,824 | ||||||
Service charges on deposits |
2,477 | 2,495 | ||||||
Net gain on sale of residential mortgage loans |
6,735 | 2,517 | ||||||
Net gain on sale of available for sale investments |
1,415 | 1,783 | ||||||
BOLI income |
428 | 462 | ||||||
Net loss on sale of other real estate owned (OREO) |
(86 | ) | (97 | ) | ||||
Other operating income |
3,843 | 3,406 | ||||||
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Non-interest income |
46,386 | 34,059 | ||||||
Salaries and wages |
33,131 | 28,084 | ||||||
Employee benefits |
8,127 | 6,889 | ||||||
Occupancy and bank premises |
5,874 | 5,176 | ||||||
Furniture fixtures and equipment |
3,727 | 3,509 | ||||||
Advertising |
1,309 | 1,166 | ||||||
Net impairment of mortgage servicing rights |
163 | 786 | ||||||
Amortization of mortgage servicing rights |
966 | 749 | ||||||
Intangible asset amortization |
2,411 | 1,490 | ||||||
FDIC insurance |
970 | 1,186 | ||||||
Due diligence and merger-related expenses |
2,629 | 537 | ||||||
Professional fees |
2,868 | 2,311 | ||||||
Other operating expenses |
12,726 | 9,846 | ||||||
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Non-interest expense |
74,901 | 61,729 | ||||||
Income before income taxes |
32,217 | 29,143 | ||||||
Income tax expense |
11,070 | 9,541 | ||||||
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Net income |
$ | 21,147 | $ | 19,602 | ||||
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Per share data: |
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Weighted average shares outstanding |
13,090,110 | 12,659,824 | ||||||
Dilutive common shares |
151,736 | 82,313 | ||||||
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Adjusted weighted average shares |
13,241,846 | 12,742,137 | ||||||
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Basic earnings per common share |
$ | 1.62 | $ | 1.55 | ||||
Diluted earnings per common share |
$ | 1.60 | $ | 1.54 | ||||
Dividend declared per share |
$ | 0.64 | $ | 0.60 | ||||
Effective tax rate |
34.4 | % | 32.7 | % |
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Bryn Mawr Bank Corporation
Consolidated Balance Sheets - (unaudited) **
(Dollars in thousands)
Dec 31, | Sep 30, | June 30, | Mar 31, | Dec 31, | ||||||||||||||||
2012 | 2012 | 2012 | 2012 | 2011 | ||||||||||||||||
Assets |
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Interest bearing deposits with banks |
$ | 159,483 | $ | 23,559 | $ | 68,324 | $ | 55,759 | $ | 57,369 | ||||||||||
Investment securities - available for sale |
316,614 | 316,644 | 331,407 | 328,215 | 273,822 | |||||||||||||||
Investment securities - trading |
1,447 | 1,399 | 1,342 | 1,556 | 1,436 | |||||||||||||||
Loans held for sale |
3,412 | 3,420 | 1,668 | 5,784 | 1,588 | |||||||||||||||
Portfolio loans: |
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Consumer |
17,666 | 17,342 | 15,920 | 13,644 | 11,429 | |||||||||||||||
Commercial & industrial |
291,620 | 274,351 | 264,116 | 270,766 | 267,204 | |||||||||||||||
Commercial mortgages |
546,358 | 472,354 | 445,254 | 430,896 | 419,130 | |||||||||||||||
Construction |
26,908 | 22,161 | 33,815 | 51,274 | 52,844 | |||||||||||||||
Residential mortgages |
288,212 | 301,054 | 304,249 | 306,911 | 306,478 | |||||||||||||||
Home equity lines & loans |
194,861 | 195,315 | 202,676 | 202,015 | 207,917 | |||||||||||||||
Leases |
32,831 | 31,136 | 30,549 | 28,974 | 30,390 | |||||||||||||||
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Total portfolio loans and leases |
1,398,456 | 1,313,713 | 1,296,579 | 1,304,480 | 1,295,392 | |||||||||||||||
Earning assets |
1,879,412 | 1,658,735 | 1,699,320 | 1,695,794 | 1,629,607 | |||||||||||||||
Cash and due from banks |
16,203 | 13,526 | 13,147 | 11,939 | 11,771 | |||||||||||||||
Allowance for loan and lease losses |
(14,424 | ) | (13,638 | ) | (13,140 | ) | (13,040 | ) | (12,753 | ) | ||||||||||
Premises and equipment |
31,170 | 29,238 | 28,911 | 28,680 | 29,328 | |||||||||||||||
Accrued interest receivable |
5,955 | 5,963 | 6,009 | 6,037 | 6,061 | |||||||||||||||
Mortgage servicing rights |
4,491 | 4,257 | 4,220 | 4,217 | 4,041 | |||||||||||||||
Goodwill |
32,897 | 29,588 | 29,752 | 24,689 | 24,689 | |||||||||||||||
Other intangible assets |
21,998 | 22,351 | 22,855 | 17,504 | 18,014 | |||||||||||||||
Bank owned life insurance (BOLI) |
19,862 | 19,765 | 19,658 | 19,552 | 19,434 | |||||||||||||||
FHLB stock |
10,761 | 10,717 | 10,746 | 11,009 | 11,588 | |||||||||||||||
Deferred income taxes |
12,303 | 11,478 | 11,432 | 12,991 | 13,845 | |||||||||||||||
Other investments |
4,346 | 4,438 | 4,424 | 4,095 | 4,107 | |||||||||||||||
Other assets |
10,911 | 18,111 | 16,021 | 12,944 | 13,641 | |||||||||||||||
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Total assets |
$ | 2,035,885 | $ | 1,814,529 | $ | 1,853,355 | $ | 1,836,411 | $ | 1,773,373 | ||||||||||
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Liabilities and shareholders equity |
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Interest-bearing checking |
$ | 270,279 | $ | 226,206 | $ | 237,126 | $ | 235,841 | $ | 233,562 | ||||||||||
Money market |
559,470 | 493,829 | 468,314 | 418,503 | 393,729 | |||||||||||||||
Savings |
129,091 | 132,402 | 133,204 | 135,912 | 130,613 | |||||||||||||||
Wholesale non-maturity deposits |
45,162 | 37,458 | 35,365 | 66,518 | 65,173 | |||||||||||||||
Wholesale time deposits |
12,421 | 9,942 | 22,505 | 22,062 | 23,550 | |||||||||||||||
Time deposits |
218,586 | 171,498 | 193,081 | 212,003 | 209,333 | |||||||||||||||
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Interest-bearing deposits |
1,235,009 | 1,071,335 | 1,089,595 | 1,090,839 | 1,055,960 | |||||||||||||||
Non-interest bearing deposits |
399,673 | 327,214 | 336,972 | 334,918 | 326,409 | |||||||||||||||
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Total deposits |
1,634,682 | 1,398,549 | 1,426,567 | 1,425,757 | 1,382,369 | |||||||||||||||
FHLB advances and other borrowings |
161,315 | 155,416 | 169,589 | 164,697 | 147,795 | |||||||||||||||
Short-term borrowings |
9,402 | 19,029 | 14,675 | 13,254 | 12,863 | |||||||||||||||
Subordinated debentures |
| 15,000 | 22,500 | 22,500 | 22,500 | |||||||||||||||
Other liabilities |
26,921 | 25,280 | 23,956 | 20,538 | 23,466 | |||||||||||||||
Shareholders equity |
203,565 | 201,255 | 196,068 | 189,665 | 184,380 | |||||||||||||||
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Total liabilities and shareholders equity |
$ | 2,035,885 | $ | 1,814,529 | $ | 1,853,355 | $ | 1,836,411 | $ | 1,773,373 | ||||||||||
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Bryn Mawr Bank Corporation
Consolidated Quarterly Average Balance Sheets - (unaudited)
(Dollars in thousands)
2012 | 2012 | 2012 | 2012 | 2011 | ||||||||||||||||
4Q | 3Q | 2Q | 1Q | 4Q | ||||||||||||||||
Assets |
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Interest bearing deposits with banks |
$ | 91,234 | $ | 53,767 | $ | 57,734 | $ | 38,556 | $ | 56,679 | ||||||||||
Investment securities - available for sale |
311,372 | 328,051 | 321,420 | 304,215 | 279,405 | |||||||||||||||
Investment securities - trading |
1,400 | 1,343 | 1,546 | 1,437 | 1,319 | |||||||||||||||
Loans held for sale |
4,047 | 2,972 | 3,810 | 3,935 | 3,888 | |||||||||||||||
Portfolio loans and leases |
1,341,826 | 1,300,811 | 1,290,209 | 1,295,617 | 1,282,916 | |||||||||||||||
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Earning assets |
1,749,879 | 1,686,944 | 1,674,719 | 1,643,760 | 1,624,207 | |||||||||||||||
Cash and due from banks |
14,817 | 12,922 | 12,259 | 11,539 | 11,516 | |||||||||||||||
Allowance for loan and lease losses |
(14,063 | ) | (13,337 | ) | (13,383 | ) | (13,089 | ) | (12,110 | ) | ||||||||||
Premises and equipment |
30,189 | 29,077 | 28,866 | 29,095 | 29,586 | |||||||||||||||
Goodwill |
29,642 | 29,751 | 26,201 | 24,688 | 23,186 | |||||||||||||||
Other intangible assets |
22,084 | 22,580 | 21,427 | 17,804 | 18,319 | |||||||||||||||
Bank owned life insurance |
19,800 | 19,695 | 19,589 | 19,480 | 19,359 | |||||||||||||||
FHLB stock |
10,572 | 10,717 | 10,553 | 11,223 | 11,588 | |||||||||||||||
Deferred income taxes |
11,577 | 13,225 | 13,659 | 13,637 | 13,972 | |||||||||||||||
Other assets |
23,800 | 21,229 | 22,651 | 25,512 | 24,077 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets |
$ | 1,898,297 | $ | 1,832,803 | $ | 1,816,541 | $ | 1,783,649 | $ | 1,763,700 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Liabilities and shareholders equity |
||||||||||||||||||||
Interest-bearing checking |
$ | 241,730 | $ | 229,853 | $ | 236,131 | $ | 227,817 | $ | 224,648 | ||||||||||
Money market |
516,174 | 486,798 | 436,717 | 406,972 | 394,150 | |||||||||||||||
Savings |
132,725 | 133,315 | 133,105 | 132,451 | 132,617 | |||||||||||||||
Wholesale non-maturity deposits |
38,932 | 35,956 | 47,463 | 65,117 | 65,127 | |||||||||||||||
Wholesale time deposits |
10,689 | 13,809 | 22,280 | 22,354 | 27,749 | |||||||||||||||
Time deposits |
190,332 | 178,711 | 203,344 | 210,973 | 214,684 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest-bearing deposits |
1,130,582 | 1,078,442 | 1,079,040 | 1,065,684 | 1,058,975 | |||||||||||||||
Non-interest bearing deposits |
359,008 | 330,179 | 323,539 | 305,468 | 304,883 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total deposits |
1,489,590 | 1,408,621 | 1,402,579 | 1,371,152 | 1,363,858 | |||||||||||||||
FHLB advances and other borrowings |
159,559 | 167,251 | 163,908 | 165,402 | 140,177 | |||||||||||||||
Short-term borrowings |
13,243 | 13,273 | 13,149 | 13,885 | 15,147 | |||||||||||||||
Subordinated debentures |
7,283 | 21,114 | 22,500 | 22,500 | 22,500 | |||||||||||||||
Junior subordinated debentures |
| | | | 10,294 | |||||||||||||||
Other liabilities |
27,175 | 25,354 | 23,158 | 25,259 | 24,991 | |||||||||||||||
Shareholders equity |
201,447 | 197,190 | 191,247 | 185,451 | 186,733 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total liabilities and shareholders equity |
$ | 1,898,297 | $ | 1,832,803 | $ | 1,816,541 | $ | 1,783,649 | $ | 1,763,700 | ||||||||||
|
|
|
|
|
|
|
|
|
|
10
Bryn Mawr Bank Corporation
Consolidated Average Balance Sheets - (unaudited)
(Dollars in thousands)
For the Twelve Months Ended December 31, | ||||||||
2012 | 2011 | |||||||
Assets |
||||||||
Interest bearing deposits with banks |
$ | 60,389 | $ | 52,390 | ||||
Investment securities - available for sale |
316,283 | 292,209 | ||||||
Investment securities - trading |
1,431 | 1,339 | ||||||
Loans held for sale |
3,743 | 4,196 | ||||||
Portfolio loans and leases |
1,307,140 | 1,245,875 | ||||||
|
|
|
|
|||||
Earning assets |
1,688,986 | 1,596,009 | ||||||
Cash and due from banks |
12,890 | 12,078 | ||||||
Allowance for loan and lease losses |
(13,469 | ) | (11,397 | ) | ||||
Premises and equipment |
29,309 | 29,439 | ||||||
Goodwill |
27,582 | 20,961 | ||||||
Intangible assets |
20,981 | 14,007 | ||||||
Bank owned life insurance |
19,642 | 19,187 | ||||||
FHLB stock |
10,766 | 12,595 | ||||||
Deferred income taxes |
12,147 | 14,093 | ||||||
Other assets |
24,167 | 24,714 | ||||||
|
|
|
|
|||||
Total assets |
$ | 1,833,001 | $ | 1,731,686 | ||||
|
|
|
|
|||||
Liabilities and shareholders equity |
||||||||
Interest-bearing checking |
$ | 233,893 | $ | 226,831 | ||||
Money market |
461,883 | 364,094 | ||||||
Savings |
132,899 | 131,925 | ||||||
Wholesale non-maturity deposits |
46,815 | 67,793 | ||||||
Wholesale time deposits |
17,256 | 30,429 | ||||||
Time deposits |
195,778 | 232,084 | ||||||
|
|
|
|
|||||
Interest-bearing deposits |
1,088,524 | 1,053,156 | ||||||
Non-interest bearing deposits |
329,631 | 287,553 | ||||||
|
|
|
|
|||||
Total deposits |
1,418,155 | 1,340,709 | ||||||
FHLB advances and other borrowings |
163,888 | 145,421 | ||||||
Short-term borrowings |
13,525 | 11,380 | ||||||
Subordinated debentures |
18,327 | 22,500 | ||||||
Junior subordinated debentures |
| 11,580 | ||||||
Other liabilities |
25,242 | 23,573 | ||||||
Shareholders equity |
193,864 | 176,523 | ||||||
|
|
|
|
|||||
Total liabilities and shareholders equity |
$ | 1,833,001 | $ | 1,731,686 | ||||
|
|
|
|
11
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data - (unaudited)
(Dollars in thousands, except per share data)
December 31, 2012
For the period end: | 2012 | 2012 | 2012 | 2012 | 2011 | |||||||||||||||
4Q | 3Q | 2Q | 1Q | 4Q | ||||||||||||||||
Asset Quality Data |
||||||||||||||||||||
Nonaccrual loans and leases |
$ | 14,040 | $ | 13,816 | $ | 14,929 | $ | 22,570 | $ | 14,315 | ||||||||||
90 days or more past due loans, still accruing |
728 | | 3,376 | | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Nonperforming loans and leases |
14,768 | 13,816 | 18,305 | 22,570 | 14,315 | |||||||||||||||
Other real estate owned |
906 | 412 | 865 | 404 | 549 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total nonperforming assets |
$ | 15,674 | $ | 14,228 | $ | 19,170 | $ | 22,974 | $ | 14,864 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Troubled debt restructurings included in nonperforming |
$ | 3,106 | $ | 3,740 | $ | 4,005 | $ | 4,223 | $ | 4,300 | ||||||||||
Troubled debt restructurings in compliance with modified terms |
8,008 | 8,379 | 8,302 | 7,970 | 7,166 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total troubled debt restructurings |
$ | 11,114 | $ | 12,119 | $ | 12,307 | $ | 12,193 | $ | 11,466 | ||||||||||
Nonperforming loans and leases / portfolio loans |
1.06 | % | 1.05 | % | 1.41 | % | 1.73 | % | 1.11 | % | ||||||||||
Nonperforming assets / assets |
0.77 | % | 0.78 | % | 1.03 | % | 1.25 | % | 0.84 | % | ||||||||||
Net loan charge-offs (recoveries) / average loans (annualized) |
0.08 | % | 0.16 | % | 0.26 | % | 0.21 | % | 0.02 | % | ||||||||||
Net lease (recoveries) charge-offs / average leases (annualized) |
0.38 | % | 0.23 | % | 0.94 | % | 0.67 | % | 0.22 | % | ||||||||||
Net loan and lease charge-offs (recoveries) / average loans and leases (annualized) |
0.07 | % | 0.16 | % | 0.28 | % | 0.23 | % | 0.01 | % | ||||||||||
Delinquency rate - loans and leases 30 days or more past due |
1.02 | % | 1.01 | % | 1.36 | % | 1.52 | % | 1.37 | % | ||||||||||
Delinquent loans and leases - 30-89 days past due |
$ | 2,053 | $ | 1,954 | $ | 2,722 | $ | 5,468 | $ | 5,311 | ||||||||||
Delinquency rate - loans and leases 30-89 days past due |
0.15 | % | 0.15 | % | 0.21 | % | 0.28 | % | 0.29 | % | ||||||||||
Changes in the allowance for loan and lease losses: |
||||||||||||||||||||
Balance, beginning of period |
$ | 13,638 | $ | 13,140 | $ | 13,040 | $ | 12,753 | $ | 11,654 | ||||||||||
Charge-offs |
(451 | ) | (618 | ) | (960 | ) | (839 | ) | (466 | ) | ||||||||||
Recoveries |
237 | 116 | 57 | 126 | 509 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net (charge-offs) / recoveries |
(214 | ) | (502 | ) | (903 | ) | (713 | ) | 43 | |||||||||||
Provision for loan and lease losses |
1,000 | 1,000 | 1,003 | 1,000 | 1,056 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance, end of period |
$ | 14,424 | $ | 13,638 | $ | 13,140 | $ | 13,040 | $ | 12,753 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Allowance for loan and lease losses / loans and leases |
1.03 | % | 1.04 | % | 1.01 | % | 1.00 | % | 0.98 | % | ||||||||||
Allowance for loan and lease losses / nonperforming loans and leases |
97.7 | % | 98.7 | % | 71.8 | % | 57.8 | % | 89.1 | % |
12
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data - (unaudited)
(Dollars in thousands, except per share data)
December 31, 2012
For the period and period end: | 2012 | 2012 | 2012 | 2012 | 2011 | |||||||||||||||
4Q | 3Q | 2Q | 1Q | 4Q | ||||||||||||||||
Selected ratios (annualized): |
||||||||||||||||||||
Return on average assets |
1.11 | % | 1.18 | % | 1.18 | % | 1.14 | % | 1.13 | % | ||||||||||
Return on average shareholders equity |
10.47 | % | 10.93 | % | 11.24 | % | 11.00 | % | 10.63 | % | ||||||||||
Return on average tangible equity (2) |
14.09 | % | 14.89 | % | 14.97 | % | 14.27 | % | 13.67 | % | ||||||||||
Yield on loans and leases* |
5.24 | % | 5.21 | % | 5.31 | % | 5.33 | % | 5.45 | % | ||||||||||
Yield on interest earning assets* |
4.27 | % | 4.28 | % | 4.39 | % | 4.51 | % | 4.59 | % | ||||||||||
Cost of interest bearing funds |
0.54 | % | 0.66 | % | 0.72 | % | 0.76 | % | 0.88 | % | ||||||||||
Net interest margin* |
3.86 | % | 3.78 | % | 3.84 | % | 3.93 | % | 3.91 | % | ||||||||||
Book value per share |
$ | 15.17 | $ | 15.02 | $ | 14.73 | $ | 14.40 | $ | 14.07 | ||||||||||
Tangible book value per share |
$ | 11.08 | $ | 11.14 | $ | 10.77 | $ | 11.20 | $ | 10.78 | ||||||||||
Period end shares outstanding |
13,414,552 | 13,399,635 | 13,316,469 | 13,168,555 | 13,106,353 | |||||||||||||||
Selected data: |
||||||||||||||||||||
Mortgage loans originated |
$ | 82,458 | $ | 64,455 | $ | 51,427 | $ | 55,385 | $ | 60,467 | ||||||||||
Mortgage loans sold - servicing retained |
$ | 71,596 | $ | 54,992 | $ | 41,986 | $ | 32,778 | $ | 20,883 | ||||||||||
Mortgage loans sold - servicing released |
| | 2,238 | 1,223 | 1,164 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total mortgage loans sold |
$ | 71,596 | $ | 54,992 | $ | 44,224 | $ | 34,001 | $ | 22,047 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Yield on loans sold |
3.39 | % | 3.34 | % | 2.95 | % | 3.44 | % | 3.17 | % | ||||||||||
Mortgage loans serviced for others |
$ | 595,317 | $ | 583,859 | $ | 575,533 | $ | 571,440 | $ | 574,422 | ||||||||||
Total wealth assets under management / administration / supervision / brokerage (1) |
$ | 6,663,212 | $ | 6,482,835 | $ | 6,275,940 | $ | 5,152,965 | $ | 4,831,631 | ||||||||||
|
|
|
|
|
|
|
|
|
|
* | 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. |
(2) | Average tangible equity equals average shareholders equity minus average goodwill and average other intangible assets. |
13
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data - (unaudited)
(Dollars in thousands, except per share data)
December 31, 2012
2012 | 2011 | |||||||
Year-to-date | Year-to-date | |||||||
Selected ratios (annualized): |
||||||||
Return on average assets |
1.15 | % | 1.14 | % | ||||
Return on average shareholders equity |
10.91 | % | 11.08 | % | ||||
Return on average tangible equity (2) |
14.55 | % | 13.85 | % | ||||
Yield on loans and leases* |
5.27 | % | 5.56 | % | ||||
Yield on interest-earning assets* |
4.36 | % | 4.69 | % | ||||
Cost of interest-bearing funds |
0.67 | % | 0.94 | % | ||||
Net interest margin* |
3.85 | % | 3.97 | % | ||||
Selected data: |
||||||||
Mortgage loans originated |
$ | 253,725 | $ | 168,681 | ||||
Mortgage loans sold - servicing retained |
$ | 201,352 | $ | 75,232 | ||||
Mortgage loans sold - servicing released |
3,461 | 6,230 | ||||||
|
|
|
|
|||||
Total mortgage loans sold |
$ | 204,813 | $ | 81,462 | ||||
|
|
|
|
* | Yield on loans and leases, interest earning assets and net interest margin are calculated on a tax-equivalent basis. |
(2) | Average tangible equity equals average shareholders equity minus average goodwill and average other intangible assets. |
Investment Portfolio - AFS | As of December 31, 2012 | As of December 31, 2011 | ||||||||||||||||||||||
($s in thousands) | ||||||||||||||||||||||||
SECURITY DESCRIPTION |
Amortized Cost |
Fair Value |
Net Unrealized Gain / (Loss) |
Amortized Cost |
Fair Value |
Net Unrealized Gain / (Loss) |
||||||||||||||||||
Obligations of U. S. government and agencies |
$ | 73,183 | $ | 73,872 | $ | 689 | $ | 104,252 | $ | 104,570 | $ | 318 | ||||||||||||
State & political subdivisions |
30,243 | 30,384 | 141 | 8,210 | 8,366 | 156 | ||||||||||||||||||
Mortgage backed securities |
128,537 | 131,826 | 3,289 | 95,713 | 97,834 | 2,121 | ||||||||||||||||||
Collateralized mortgage obligations |
62,116 | 62,703 | 587 | 32,418 | 32,623 | 205 | ||||||||||||||||||
Other debt securities |
1,900 | 1,900 | | 1,900 | 1,882 | (18 | ) | |||||||||||||||||
Bond - mutual funds |
11,456 | 11,527 | 71 | 12,091 | 11,904 | (187 | ) | |||||||||||||||||
Investment CDs |
2,350 | 2,364 | 14 | 2,411 | 2,420 | 9 | ||||||||||||||||||
Other investments |
1,962 | 2,038 | 76 | 1,454 | 1,505 | 51 | ||||||||||||||||||
Corporate bonds |
| | | 12,616 | 12,718 | 102 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Investment Portfolio |
$ | 311,747 | $ | 316,614 | $ | 4,867 | $ | 271,065 | $ | 273,822 | $ | 2,757 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios | ||||||||||||||||||||||||
Regulatory Minimum To Be Well Capitalized |
12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | |||||||||||||||||||
Bryn Mawr Trust Company Consolidated |
||||||||||||||||||||||||
Tier I Capital to Risk Weighted Assets (RWA) |
6.00 | % | 11.20 | % | 11.99 | % | 11.75 | % | 12.17 | % | 11.76 | % | ||||||||||||
Total (Tier II) Capital to RWA |
10.00 | % | 12.20 | % | 14.09 | % | 14.36 | % | 14.78 | % | 14.35 | % | ||||||||||||
Tier I Leverage Ratio |
5.00 | % | 8.84 | % | 9.23 | % | 9.14 | % | 9.56 | % | 9.35 | % | ||||||||||||
Tangible Equity Ratio |
7.72 | % | 8.85 | % | 8.41 | % | 8.70 | % | 8.66 | % | ||||||||||||||
Bryn Mawr Bank Corporation |
||||||||||||||||||||||||
Tier I Capital to Risk Weighted Assets (RWA) |
6.00 | % | 11.03 | % | 11.64 | % | 11.30 | % | 11.52 | % | 11.16 | % | ||||||||||||
Total (Tier II) Capital to RWA |
10.00 | % | 12.02 | % | 13.74 | % | 13.90 | % | 14.23 | % | 13.74 | % | ||||||||||||
Tier I Leverage Ratio |
5.00 | % | 8.72 | % | 8.98 | % | 8.80 | % | 9.07 | % | 8.89 | % | ||||||||||||
Tangible Equity Ratio |
7.60 | % | 8.58 | % | 8.07 | % | 8.22 | % | 8.19 | % |
14
Bryn Mawr Bank Corporation
Quarterly Average Balances and Tax-Equivalent Income and Expense and Tax Equivalent Yields - (unaudited)
4th Quarter 2012 | 3rd Quarter 2012 | 2nd Quarter 2012 | 1st Quarter 2012 | 4th Quarter 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 |
$ | 91,234 | $ | 41 | 0.18 | % | $ | 53,767 | $ | 34 | 0.25 | % | $ | 57,734 | $ | 30 | 0.21 | % | $ | 38,556 | $ | 23 | 0.24 | % | $ | 56,679 | $ | 27 | 0.19 | % | ||||||||||||||||||||||||||||||
Investment securities available for sale: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable |
286,889 | 897 | 1.24 | % | 309,570 | 960 | 1.23 | % | 307,371 | 1,067 | 1.40 | % | 294,593 | 1,136 | 1.55 | % | 272,869 | 1,055 | 1.53 | % | ||||||||||||||||||||||||||||||||||||||||
Tax-exempt |
24,483 | 102 | 1.66 | % | 18,481 | 82 | 1.77 | % | 14,049 | 66 | 1.89 | % | 9,622 | 53 | 2.22 | % | 6,536 | 31 | 1.88 | % | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale |
311,372 | 999 | 1.28 | % | 328,051 | 1,042 | 1.26 | % | 321,420 | 1,133 | 1.42 | % | 304,215 | 1,189 | 1.57 | % | 279,405 | 1,086 | 1.54 | % | ||||||||||||||||||||||||||||||||||||||||
Investment securities - trading |
1,400 | 16 | 4.55 | % | 1,343 | 5 | 1.48 | % | 1,546 | 12 | 3.12 | % | 1,437 | 4 | 1.12 | % | 1,319 | 8 | 2.41 | % | ||||||||||||||||||||||||||||||||||||||||
Loans and leases * |
1,345,873 | 17,721 | 5.24 | % | 1,303,783 | 17,089 | 5.21 | % | 1,294,019 | 17,094 | 5.31 | % | 1,299,552 | 17,234 | 5.33 | % | 1,286,804 | 17,672 | 5.45 | % | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||
Total interest earning assets |
1,749,879 | 18,777 | 4.27 | % | 1,686,944 | 18,170 | 4.28 | % | 1,674,719 | 18,269 | 4.39 | % | 1,643,760 | 18,450 | 4.51 | % | 1,624,207 | 18,793 | 4.59 | % | ||||||||||||||||||||||||||||||||||||||||
Cash and due from banks |
14,817 | 12,922 | 12,259 | 11,539 | 11,516 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less allowance for loan and lease losses |
(14,063 | ) | (13,337 | ) | (13,383 | ) | (13,089 | ) | (12,110 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets |
147,664 | 146,274 | 142,946 | 141,439 | 140,087 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets |
$ | 1,898,297 | $ | 1,832,803 | $ | 1,816,541 | $ | 1,783,649 | $ | 1,763,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings, NOW and market rate deposits |
$ | 890,629 | $ | 557 | 0.25 | % | $ | 849,966 | $ | 567 | 0.27 | % | $ | 805,953 | $ | 586 | 0.29 | % | $ | 767,240 | $ | 559 | 0.29 | % | $ | 751,415 | $ | 711 | 0.38 | % | ||||||||||||||||||||||||||||||
Other wholesale deposits |
38,932 | 38 | 0.39 | % | 35,956 | 34 | 0.38 | % | 47,463 | 43 | 0.36 | % | 65,117 | 53 | 0.33 | % | 65,127 | 50 | 0.30 | % | ||||||||||||||||||||||||||||||||||||||||
Wholesale deposits |
10,689 | 20 | 0.74 | % | 13,809 | 21 | 0.60 | % | 22,280 | 24 | 0.43 | % | 22,354 | 24 | 0.43 | % | 27,749 | 73 | 1.04 | % | ||||||||||||||||||||||||||||||||||||||||
Time deposits |
190,332 | 290 | 0.61 | % | 178,711 | 316 | 0.70 | % | 203,344 | 412 | 0.81 | % | 210,973 | 490 | 0.93 | % | 214,684 | 520 | 0.96 | % | ||||||||||||||||||||||||||||||||||||||||
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Total interest-bearing deposits |
1,130,582 | 905 | 0.32 | % | 1,078,442 | 938 | 0.35 | % | 1,079,040 | 1,065 | 0.40 | % | 1,065,684 | 1,126 | 0.42 | % | 1,058,975 | 1,354 | 0.51 | % | ||||||||||||||||||||||||||||||||||||||||
Subordinated debentures |
7,283 | 79 | 4.32 | % | 21,114 | 271 | 5.11 | % | 22,500 | 291 | 5.20 | % | 22,500 | 291 | 5.20 | % | 22,500 | 287 | 5.06 | % | ||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures |
| | | % | | | | % | | | | % | | | | % | 10,294 | 236 | 9.10 | % | ||||||||||||||||||||||||||||||||||||||||
Short-term borrowings |
13,243 | 3 | 0.09 | % | 13,273 | 4 | 0.12 | % | 13,149 | 5 | 0.15 | % | 13,885 | 6 | 0.17 | % | 15,147 | 6 | 0.16 | % | ||||||||||||||||||||||||||||||||||||||||
FHLB advances and other borrowings |
159,559 | 798 | 1.99 | % | 167,251 | 918 | 2.18 | % | 163,908 | 924 | 2.27 | % | 165,402 | 964 | 2.34 | % | 140,177 | 889 | 2.52 | % | ||||||||||||||||||||||||||||||||||||||||
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Total Borrowings |
180,085 | 880 | 1.94 | % | 201,638 | 1,193 | 2.35 | % | 199,557 | 1,220 | 2.46 | % | 201,787 | 1,261 | 2.51 | % | 188,118 | 1,418 | 2.99 | % | ||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities |
1,310,667 | 1,785 | 0.54 | % | 1,280,080 | 2,131 | 0.66 | % | 1,278,597 | 2,285 | 0.72 | % | 1,267,471 | 2,387 | 0.76 | % | 1,247,093 | 2,772 | 0.88 | % | ||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits |
359,008 | 330,179 | 323,539 | 305,468 | 304,883 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities |
27,175 | 25,100 | 23,158 | 25,259 | 24,991 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Total noninterest-bearing liabilities |
386,183 | 355,279 | 346,697 | 330,727 | 329,874 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities |
1,696,850 | 1,635,359 | 1,625,294 | 1,598,198 | 1,576,967 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders equity |
201,447 | 197,444 | 191,247 | 185,451 | 186,733 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Total liabilities and shareholders equity |
$ | 1,898,297 | $ | 1,832,803 | $ | 1,816,541 | $ | 1,783,649 | $ | 1,763,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Interest income to earning assets |
4.27 | % | 4.28 | % | 4.39 | % | 4.51 | % | 4.59 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread |
3.73 | % | 3.62 | % | 3.67 | % | 3.75 | % | 3.71 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of noninterest-bearing sources |
0.13 | % | 0.16 | % | 0.17 | % | 0.18 | % | 0.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Tax-equivalent net interest income/ margin on earning assets |
$ | 16,992 | 3.86 | % | $ | 16,039 | 3.78 | % | $ | 15,984 | 3.84 | % | $ | 16,063 | 3.93 | % | $ | 16,021 | 3.91 | % | ||||||||||||||||||||||||||||||||||||||||
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Tax-equivalent adjustment |
$ | 96 | 0.02 | % | $ | 88 | 0.02 | % | $ | 81 | 0.02 | % | $ | 78 | 0.02 | % | $ | 66 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||
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* | 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. |
15
Bryn Mawr Bank Corporation
Average Balances and Tax-Equivalent Income and Expense and Tax-Equivalent Yields
For the Twelve Months ended December 31,
2012 | 2011 | |||||||||||||||||||||||
(dollars in thousands) | Average Balance |
Interest Income/ Expense |
Average Rates Earned/ Paid |
Average Balance |
Interest Income/ Expense |
Average Rates Earned/ Paid |
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Assets: |
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Interest-bearing deposits with other banks |
$ | 60,389 | 126 | 0.21 | % | $ | 52,390 | $ | 115 | 0.22 | % | |||||||||||||
Investment securities available for sale: |
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Taxable |
299,598 | 4,064 | 1.36 | % | 281,970 | 4,879 | 1.73 | % | ||||||||||||||||
Tax-exempt |
16,685 | 298 | 1.79 | % | 10,239 | 318 | 3.11 | % | ||||||||||||||||
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Investment securities - available for sale |
316,283 | 4,362 | 1.38 | % | 292,209 | 5,197 | 1.78 | % | ||||||||||||||||
Investment securities - trading |
1,431 | 37 | 2.59 | % | 1,339 | 32 | 2.39 | % | ||||||||||||||||
Loans and leases * |
1,310,883 | 69,141 | 5.27 | % | 1,250,071 | 69,554 | 5.56 | % | ||||||||||||||||
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Total interest earning assets |
1,688,986 | 73,666 | 4.36 | % | 1,596,009 | 74,898 | 4.69 | % | ||||||||||||||||
Cash and due from banks |
12,890 | 12,078 | ||||||||||||||||||||||
Less allowance for loan and lease losses |
(13,469 | ) | (11,397 | ) | ||||||||||||||||||||
Other assets |
144,594 | 134,996 | ||||||||||||||||||||||
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Total assets |
$ | 1,833,001 | $ | 1,731,686 | ||||||||||||||||||||
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Liabilities: |
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Savings, NOW and market rate deposits |
$ | 828,675 | $ | 2,269 | 0.27 | % | $ | 722,850 | $ | 2,958 | 0.41 | % | ||||||||||||
Other wholesale deposits |
46,815 | 169 | 0.36 | % | 67,793 | 224 | 0.33 | % | ||||||||||||||||
Wholesale deposits |
17,256 | 88 | 0.51 | % | 30,429 | 321 | 1.05 | % | ||||||||||||||||
Time deposits |
195,778 | 1,507 | 0.77 | % | 232,084 | 2,285 | 0.98 | % | ||||||||||||||||
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Total interest-bearing deposits |
1,088,524 | 4,033 | 0.37 | % | 1,053,156 | 5,788 | 0.55 | % | ||||||||||||||||
FHLB advances and other borrowings |
163,888 | 3,603 | 2.20 | % | 145,421 | 3,677 | 2.53 | % | ||||||||||||||||
Short-term borrowings |
13,525 | 21 | 0.16 | % | 11,380 | 24 | 0.21 | % | ||||||||||||||||
Subordinated debt |
18,327 | 931 | 5.08 | % | 22,500 | 1,123 | 4.99 | % | ||||||||||||||||
Junior subordinated debentures |
| | | 11,580 | 1,049 | 9.06 | % | |||||||||||||||||
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Total Borrowings |
195,740 | 4,555 | 2.33 | % | 190,881 | 5,873 | 3.08 | % | ||||||||||||||||
Total interest-bearing liabilities |
1,284,264 | 8,588 | 0.67 | % | 1,244,037 | 11,661 | 0.94 | % | ||||||||||||||||
Noninterest-bearing deposits |
329,631 | 287,553 | ||||||||||||||||||||||
Other liabilities |
25,242 | 23,573 | ||||||||||||||||||||||
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Total noninterest-bearing liabilities |
354,873 | 311,126 | ||||||||||||||||||||||
Total liabilities |
1,639,137 | 1,555,163 | ||||||||||||||||||||||
Shareholders equity |
193,864 | 176,523 | ||||||||||||||||||||||
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Total liabilities and shareholders equity |
$ | 1,833,001 | $ | 1,731,686 | ||||||||||||||||||||
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Interest income to earning assets |
4.36 | % | 4.70 | % | ||||||||||||||||||||
Net interest spread |
3.69 | % | 3.76 | % | ||||||||||||||||||||
Effect of noninterest-bearing sources |
0.16 | % | 0.21 | % | ||||||||||||||||||||
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Tax-equivalent net interest income/ margin on earning assets |
$ | 65,078 | 3.85 | % | $ | 63,237 | 3.97 | % | ||||||||||||||||
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Tax-equivalent adjustment |
$ | 343 | 0.02 | % | $ | 336 | 0.02 | % | ||||||||||||||||
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* | 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. |
16
** Effect of Correction of an Immaterial Accounting Error
In September 2012, the Corporation identified and corrected an immaterial accounting error related to two of its deferred compensation plans, as disclosed in the Corporations Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 9, 2012. All periods presented in the tables accompanying this earnings release have been revised to reflect this correction. The following tables detail the corrections:
Income Statement Effect
(dollars in thousands except share data)
For The Three Months Ended June 30, 2012 | For The Three Months Ended March 31, 2012 | For The Three Months Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||
Originally Reported |
Corrected | Difference | Originally Reported |
Corrected | Difference | Originally Reported |
Corrected | Difference | ||||||||||||||||||||||||||||
Net Income |
$ | 5,261 | $ | 5,345 | $ | 84 | $ | 5,235 | $ | 5,074 | $ | (161 | ) | $ | 5,170 | $ | 5,004 | $ | (166 | ) | ||||||||||||||||
Basic earnings per common share |
$ | 0.40 | $ | 0.41 | $ | 0.01 | $ | 0.40 | $ | 0.39 | $ | (0.01 | ) | $ | 0.40 | $ | 0.39 | $ | (0.01 | ) | ||||||||||||||||
Diluted earnings per common share |
$ | 0.40 | $ | 0.40 | $ | | $ | 0.40 | $ | 0.39 | $ | (0.01 | ) | $ | 0.39 | $ | 0.39 | $ | |
For The Twelve Months Ended December 31, 2011 | ||||||||||||
Originally Reported |
Corrected | Difference | ||||||||||
Net Income |
$ | 19,713 | $ | 19,602 | $ | (111 | ) | |||||
Basic earnings per common share |
$ | 1.55 | $ | 1.55 | $ | | ||||||
Diluted earnings per common share |
$ | 1.54 | $ | 1.54 | $ | |
Balance Sheet Effect
(dollars in thousands except share data)
As of June 30, 2012 | As of March 31, 2012 | As of December 31, 2011 | ||||||||||||||||||||||||||||||||||
Originally Reported |
Corrected | Difference | Originally Reported |
Corrected | Difference | Originally Reported |
Corrected | Difference | ||||||||||||||||||||||||||||
Total assets |
$ | 1,854,885 | $ | 1,853,355 | $ | (1,530 | ) | $ | 1,838,075 | $ | 1,836,411 | $ | (1,664 | ) | $ | 1,774,907 | $ | 1,773,373 | $ | (1,534 | ) | |||||||||||||||
Retained earnings |
$ | 132,837 | $ | 132,420 | $ | (417 | ) | $ | 129,702 | $ | 129,201 | $ | (501 | ) | $ | 126,582 | $ | 126,242 | $ | (340 | ) | |||||||||||||||
Cost of treasury stock |
$ | 29,789 | $ | 30,901 | $ | 1,112 | $ | 29,833 | $ | 30,995 | $ | 1,162 | $ | 29,833 | $ | 31,027 | $ | 1,194 | ||||||||||||||||||
Shares of treasury stock |
2,905,293 | 2,988,561 | 83,268 | 2,909,542 | 2,995,681 | 86,139 | 2,909,542 | 2,997,628 | 88,086 |
17