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

Rhea-AI Summary

Bryn Mawr Bank Corporation (NASDAQ: BMTC) reported a net income of $15.5 million, or $0.78 diluted earnings per share, for Q4 2020, a rise from $13.2 million ($0.66 per share) in Q3 2020 but down from $16.4 million ($0.81 per share) in Q4 2019. Core net income remained stable at $15.5 million. The quarter saw a release of $1.2 million in credit loss provisions compared to $4.1 million in Q3. Noninterest income rose by $907 thousand, while noninterest expenses increased by $3.4 million. A quarterly dividend of $0.27 per share was declared, payable March 1, 2021.

Positive

• Net income increased to $15.5 million in Q4 2020 from $13.2 million in Q3 2020.
• Core net income was consistent at $15.5 million.
• Wealth division assets under management grew by $2.4 billion to $19 billion.
• The number of loans in the COVID-19 deferral program significantly decreased.
• A quarterly dividend of $0.27 per share was declared.

Negative

• Net income declined from $16.4 million in Q4 2019.
• Average loans and leases decreased by $43.9 million compared to the prior quarter.
• Tax-equivalent net interest income adjusted for purchase accounting fell by $115 thousand.

BRYN MAWR, Pa., Jan. 21, 2021 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported net income of $15.5 million, or $0.78 diluted earnings per share, for the three months ended December 31, 2020, as compared to $13.2 million, or $0.66 diluted earnings per share, for the three months ended September 30, 2020, and $16.4 million, or $0.81 diluted earnings per share, for the three months ended December 31, 2019.

As detailed in the appendix to this earnings release, management calculates core net income, a non-GAAP measure. Core net income for the three months ended December 31, 2020 excludes certain non-core noninterest income and expense items recognized in connection with the sale of owned office space, the early termination of leased office space, and the planned closure of a branch location. As detailed in the appendix to this earnings release, while the individual components of these items were meaningful, overall core net income of $15.5 million, or $0.77 diluted earnings per share, was relatively consistent as compared to GAAP net income. There were no meaningful non-core income or expense items for the three months ended September 30, 2020 or December 31, 2019. A reconciliation of core net income and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

“We are pleased with how we concluded this challenging year,” commented Frank Leto, President and Chief Executive Officer, continuing, “We are excited to report that our prior investments in technology and the commitment of our people to quickly and successfully adapt to a sustainable remote working environment allowed us to execute on permanent office space reductions. The net earnings impact of the one-time gains and costs resulting from these occupancy decisions, coupled with the one-time costs associated with the forthcoming closure of one branch location was not material. We expect that these cost-saving decisions will positively impact our noninterest expense in 2021 and beyond.” Mr. Leto continued, “The number of loans within our COVID-19 deferral program at year-end has considerably decreased from prior quarters as borrowers have begun resuming payments. Lastly, our wealth division continues to perform strongly and finished the year with $19 billion in assets under management, an increase of $2.4 billion from a year ago, and linked quarter growth in revenue of over 7%.”

On January 21, 2021, the Board of Directors of the Corporation declared a quarterly dividend of $0.27 per share, payable March 1, 2021 to shareholders of record as of February 1, 2021.

SIGNIFICANT ITEMS OF NOTE

Results of Operations – Fourth Quarter 2020 Compared to Third Quarter 2020

• Net income for the three months ended December 31, 2020 was $15.5 million, or $0.78 diluted earnings per share, as compared to $13.2 million, or $0.66 diluted earnings per share, for the three months ended September 30, 2020. Net interest income for the three months ended December 31, 2020 was $35.0 million, relatively unchanged as compared to the linked quarter. The provision for credit losses (the “Provision”), which includes the provision for credit losses on loans and leases, off-balance sheet credit exposures, and accrued interest receivable on COVID-19 deferrals, for the three months ended December 31, 2020 was a release of $1.2 million, as compared to a provision of $4.1 million for the three months ended September 30, 2020, a difference of $5.3 million. Total noninterest income increased $907 thousand, total noninterest expense increased $3.4 million, and income tax expense increased $385 thousand for the three months ended December 31, 2020, as compared to the three months ended September 30, 2020.
  
  
• Net interest income for the three months ended December 31, 2020 was $35.0 million, relatively unchanged as compared to the linked quarter. Tax-equivalent net interest income for the three months ended December 31, 2020 was $35.1 million, relatively unchanged as compared to the linked quarter. Tax-equivalent net interest income for the fourth quarter of 2020 was positively impacted by the accretion of purchase accounting fair value marks of $918 thousand, an increase of $118 thousand as compared to $800 thousand for the linked quarter. Excluding the effects of these purchase accounting fair value marks, the adjusted tax-equivalent net interest income for the three months ended December 31, 2020 was $34.2 million, a decrease of $115 thousand over the linked quarter. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.
  
  The tax-equivalent net interest margin was 3.04% for the three months ended December 31, 2020 as compared to 3.03% for the linked quarter. Adjusting for the impact of the accretion of purchase accounting fair value marks, the adjusted tax-equivalent net interest margin was 2.96% for both the three months ended December 31, 2020 and three months ended September 30, 2020, respectively. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.
  
  The change in tax-equivalent net interest income adjusted for purchase accounting included a decrease of $1.3 million in tax-equivalent interest and fees earned on loans and leases partially offset by a decrease of $1.1 million in interest expense on deposits, for the three months ended December 31, 2020 as compared to the linked quarter.
  
  Tax-equivalent interest and fees earned on loans and leases for the three months ended December 31, 2020 decreased $1.2 million as compared to the linked quarter. The tax-equivalent yield on average loans and leases for the three months ended December 31, 2020 was 3.89%, an eight basis point decrease as compared to the linked quarter. Average loans and leases decreased $43.9 million for the three months ended December 31, 2020 as compared to the linked quarter.
  
  Interest expense on deposits for the three months ended December 31, 2020 decreased $1.1 million over the linked quarter. The rate paid on average interest-bearing deposits for the three months ended December 31, 2020 was 0.27%, a 14 basis point decrease as compared to the linked quarter. Average interest-bearing deposits for the three months ended December 31, 2020 decreased $125.7 million as compared to the linked quarter.

• Noninterest income of $22.0 million for the three months ended December 31, 2020 represented a $907 thousand increase over the linked quarter. The increase was driven by the $2.3 million gain on sale of long-lived assets recognized in the fourth quarter of 2020 in connection with the sale of owned office space, as well as an $881 thousand increase in fees for wealth management services. These increases were partially offset by a decrease of $2.5 million in capital markets revenue primarily due to decreased volume and size of interest rate swap transactions with commercial loan customers for the three months ended December 31, 2020 as compared to the linked quarter.
  
  
• Noninterest expense of $38.6 million for the three months ended December 31, 2020 represented a $3.4 million increase over the linked quarter. The increase was primarily driven by $1.6 million of impairment of long-lived assets and $801 thousand of disposal expense of leasehold improvements and equipment associated with the sale of owned office space and the early termination of leased office space.
  
  These facility driven charges, which are detailed in the appendix to this earnings release as non-core items, coupled with increases of $1.2 million and $529 thousand in other operating expenses and salaries and wages, respectively, were partially offset by a decrease of $454 thousand in Pennsylvania bank shares tax expense. The increase in other operating expenses included a $598 thousand increase in deferred compensation expense, which was primarily due to market fluctuations in the fourth quarter of 2020 affecting the Corporation's deferred compensation plan liability, and a $387 thousand increase in contributions. The increase in salaries and wages was primarily due to an increase in incentive accruals. The decrease in Pennsylvania bank shares tax was driven by an increase in tax credits and refunds recorded in the fourth quarter of 2020 in connection with contributions to qualified organizations under Pennsylvania tax credit programs.

• A release of Provision of $1.2 million for the three months ended December 31, 2020 compared to a Provision of $4.1 million for the three months ended September 30, 2020, a difference of $5.3 million. A $629 thousand release of provision for credit losses on off-balance sheet exposures and a $379 thousand release of provision for credit losses on loans and leases for the three months ended December 31, 2020 were driven by improvements in the current and forward-looking economic conditions, primarily Pennsylvania unemployment, included in the estimation of expected credit losses as compared to September 30, 2020. A $201 thousand release of provision for credit losses on accrued interest receivable on COVID-19 deferrals for the three months ended December 31, 2020 was primarily driven by a decrease in loans and leases within a deferral period. Net loan and lease charge-offs for the fourth quarter of 2020 totaled $2.3 million, an increase of $153 thousand as compared to $2.2 million for the third quarter of 2020.
  
  
• The effective tax rate for the fourth quarter of 2020 decreased to 20.86% as compared to 22.03% for the third quarter of 2020. The decrease in effective tax rate was primarily due to an $84 thousand decrease in discrete tax expense related to stock-based compensation coupled with a reduction in state income tax expense.
  

Results of Operations – Fourth Quarter 2020 Compared to Fourth Quarter 2019

• Net income for the three months ended December 31, 2020 was $15.5 million, or $0.78 diluted earnings per share, as compared to $16.4 million, or $0.81 diluted earnings per share, for the three months ended December 31, 2019. Net interest income for the three months ended December 31, 2020 was $35.0 million, a decrease of $948 thousand as compared to the same period in 2019. The Provision for the three months ended December 31, 2020, as calculated under the Current Expected Credit Loss (“CECL”) framework, decreased $3.6 million as compared to the same period in 2019, which was calculated in accordance with previously-applicable GAAP. Total noninterest income decreased $1.2 million, total noninterest expense increased $2.4 million, and income tax expense decreased $108 thousand for the three months ended December 31, 2020 as compared to the three months ended December 31, 2019.
  
  
• Net interest income for the three months ended December 31, 2020 was $35.0 million, a decrease of $948 thousand as compared to the same period in 2019. Tax-equivalent net interest income for the three months ended December 31, 2020 was $35.1 million, a decrease of $954 thousand as compared to the same period in 2019. Tax-equivalent net interest income for the fourth quarter of 2020 was positively impacted by the accretion of purchase accounting fair value marks of $918 thousand as compared to $1.1 million for the same period in 2019. Excluding the effects of these purchase accounting fair value marks, the adjusted tax-equivalent net interest income for the three months ended December 31, 2020 was $34.2 million, a decrease of $789 thousand as compared to the same period in 2019. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.
  
  The tax-equivalent net interest margin was 3.04% for the three months ended December 31, 2020 as compared to 3.36% for the same period in 2019. Adjusting for the impacts of the accretion of purchase accounting fair value marks, the adjusted tax-equivalent net interest margin was 2.96% and 3.26% for three months ended December 31, 2020 and 2019, respectively. The main drivers for the decrease in the adjusted tax-equivalent net interest margin were the rate and volume changes of interest-bearing assets and liabilities as discussed in the below bullet points. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.
  
  Items contributing to the decrease in tax-equivalent net interest income adjusted for purchase accounting included decreases of $7.5 million and $790 thousand in tax-equivalent interest and fees earned on loans and leases and tax-equivalent interest income on available for sale investment securities, respectively, partially offset by decreases of $6.8 million and $546 thousand in interest paid on deposits and interest expense on short-term borrowings, respectively, for the three months ended December 31, 2020 as compared to the same period in 2019.
  
  Tax-equivalent interest and fees earned on loans and leases for the three months ended December 31, 2020 decreased $7.6 million as compared to the same period in 2019. The tax-equivalent yield on average loans and leases for the three months ended December 31, 2020 was 3.89%, an 89 basis point decrease as compared to the same period in 2019. The effect of the decrease in the tax-equivalent yield was partially offset by an increase of $59.0 million in average loans and leases for the three months ended December 31, 2020 as compared to same period in 2019.
  
  Tax-equivalent interest income on available for sale investment securities for the three months ended December 31, 2020 decreased $790 thousand as compared to the same period in 2019. The tax-equivalent yield on average available for sale investment securities for the three months ended December 31, 2020 was 1.51%, an 82 basis point decrease as compared to the same period in 2019. The effect of the decrease in the tax-equivalent yield was partially offset by an increase of $105.9 million in average available for sale investment securities for the three months ended December 31, 2020 as compared to the same period in 2019.
  
  Interest expense on deposits for the three months ended December 31, 2020 decreased $6.8 million as compared to the same period in 2019. The rate paid on average interest-bearing deposits for the three months ended December 31, 2020 was 0.27%, a 96 basis point decrease as compared to the same period in 2019. Average interest-bearing deposits for the three months ended December 31, 2020 decreased $33.1 million as compared to the same period in 2019.
  
  Interest expense on short-term borrowings for the three months ended December 31, 2020 decreased $546 thousand as compared to the same period in 2019. The decrease was primarily due to a $92.5 million decrease in average short-term borrowings for the three months ended December 31, 2020 as compared to the same period in 2019, coupled with a 169 basis point decrease in the rate paid for the three months ended December 31, 2020 as compared to the same period in 2019.

• Noninterest income of $22.0 million for the three months ended December 31, 2020 represented a $1.2 million decrease over the same period in 2019. The decrease was driven by a $4.6 million decrease in capital markets revenue primarily due to decreased volume and size of interest rate swap transactions with commercial loan customers for the three months ended December 31, 2020 as compared to the same period in 2019. Partially offsetting the decrease was a $2.3 million gain on sale of long-lived assets recognized in the fourth quarter of 2020 in connection with the sale of owned office space, as well as a $916 thousand increase in fees for wealth management services.
  
  
• Noninterest expense of $38.6 million for the three months ended December 31, 2020 represented a $2.4 million increase over the same period in 2019. The increase was primarily driven by $1.6 million of impairment of long-lived assets and $801 thousand of disposal expense of leasehold improvements and equipment associated with the sale of owned office space and the early termination of leased office space.
  
  These facility driven charges, which are detailed in the appendix to this earnings release as non-core items, coupled with an increase of $1.6 million in other operating expenses were partially offset by decreases of $937 thousand and $381 thousand in salaries and wages and Pennsylvania bank shares tax expense, respectively. The decrease in salaries and wages was primarily driven by reduced headcount. The decrease in Pennsylvania bank shares tax was driven by an increase in tax credits and refunds recorded in the fourth quarter of 2020 in connection with contributions to qualified organizations under Pennsylvania tax credit programs.

• A release of Provision of $1.2 million for the three months ended December 31, 2020, as calculated under the CECL framework, compared to a Provision, calculated in accordance with previously-applicable GAAP, of $2.4 million for the same period in 2019, a difference of $3.6 million. A $629 thousand release of provision for credit losses on off-balance sheet exposures and a $379 thousand release of provision for credit losses on loans and leases for the three months ended December 31, 2020 were driven by improvements in the current and forward-looking economic conditions, primarily Pennsylvania unemployment, included in the estimation of expected credit losses. A $201 thousand release of provision for credit losses on accrued interest receivable on COVID-19 deferrals for the three months ended December 31, 2020 was primarily driven by a decrease in loans and leases within a deferral period. Net loan and lease charge-offs for the fourth quarter of 2020 totaled $2.3 million, an increase of $1.9 million as compared to $400 thousand for the fourth quarter in 2019.
  
  
• The effective tax rate for the fourth quarter of 2020 increased to 20.86% as compared to 20.41% for the fourth quarter of 2019.
  

Financial Condition – December 31, 2020 Compared to December 31, 2019

• Total assets as of December 31, 2020 were $5.43 billion, an increase of $168.8 million from December 31, 2019. Increases of $169.0 million, $71.3 million, and $42.4 million in available for sale investment securities, other assets, and cash balances, respectively, were partially offset by a decrease of $60.9 million in portfolio loans and leases and an increase of $31.1 million in the allowance for credit losses (“ACL”) on loans and leases. The changes in available for sale investment securities, portfolio loans and leases, and the ACL on loans and leases are discussed in the bullets below. The increase in other assets was primarily driven by a $66.2 million increase in the fair value of interest rate swaps.
  
  
• Available for sale investment securities as of December 31, 2020 totaled $1.18 billion, an increase of $169.0 million from December 31, 2019. Increases of $94.4 million, $87.9 million, and $11.4 million in collateralized loan obligations, mortgage-backed securities, and corporate bonds, respectively, were partially offset by decreases of $12.6 million and $8.9 million in collateralized mortgage obligations and U.S. Government and agency securities, respectively.
  
  
• Total portfolio loans and leases of $3.63 billion as of December 31, 2020 decreased $60.9 million, or 1.7%, from December 31, 2019. Decreases of $85.3 million, $54.9 million, $40.9 million, $17.6 million, $13.0 million and $12.7 million in residential mortgage 1st liens, home equity lines of credit, construction loans, consumer loans, residential mortgage 2nd liens and leases, respectively, were partially offset by increases of $98.4 million, $50.9 million and $14.2 million in nonowner-occupied commercial real estate loans, owner-occupied commercial real estate loans and commercial and industrial loans, respectively. In conjunction with the adoption of CECL, the Corporation has revised its portfolio segmentation to align with the methodology applied in determining the ACL for loans and leases under CECL, which is based on federal call report codes which classify loans based on the primary collateral supporting the loan. Portfolio segmentation prior to the adoption of CECL was based on product type or purpose. As such, certain reclassifications were made to conform previous years to the current year's presentation.
  
  As of December 31, 2020, 66 consumer loans and leases in the amount of $7.3 million and 37 commercial loans in the amount of $67.7 million are within a deferral period under the Bank's modification programs, the total comprising 2.1% of the Bank’s portfolio loans and leases. Of those commercial loans within a deferral period, $59.0 million, or 87.2% of deferred commercial loans, continue to make interest-only payments.

• The ACL on loans and leases was $22.6 million as of December 31, 2019. Effective January 1, 2020, the Corporation adopted CECL and recognized an increase in the ACL on loans and leases of approximately $3.2 million, as a cumulative effect of a change in accounting principle, with a corresponding decrease, net of tax, in retained earnings. The ACL on loans and leases was $53.7 million as of December 31, 2020, an increase of $31.1 million as compared to December 31, 2019. The significant increase was driven by the current and forward-looking adverse economic impacts of the COVID-19 pandemic included in the estimation of expected credit losses on loans and leases as of December 31, 2020 as compared to our initial adoption of CECL.
  
  
• Deposits of $4.38 billion as of December 31, 2020 increased $534.0 million from December 31, 2019. Increases of $503.7 million, $97.1 million, $62.0 million, and $57.1 million in noninterest bearing deposits, wholesale non-maturity deposits, savings accounts, and money market accounts, respectively, were offset by decreases of $73.6 million, $59.1 million, and $53.2 million in retail time deposits, interest-bearing demand accounts, and wholesale time deposits, respectively. The increase in noninterest bearing deposits was primarily due to the Bank's Paycheck Protection Program loan customers depositing loan funds into Bank deposit accounts during the second quarter of 2020.
  
  
• Borrowings of $232.9 million as of December 31, 2020, which include short-term borrowings, long-term FHLB advances, subordinated notes and junior subordinated debentures, decreased $433.1 million from December 31, 2019, primarily due to decreases of $421.1 million and $12.4 million in short-term borrowings and long-term FHLB advances, respectively. The increase in deposits reduced the need to obtain wholesale funding at December 31, 2020 as compared to December 31, 2019.
  
  
• Wealth assets totaled $18.98 billion as of December 31, 2020, an increase of $2.43 billion from December 31, 2019. As of December 31, 2020, wealth assets consisted of $11.86 billion of wealth assets where fees are set at fixed amounts, an increase of $2.28 billion from December 31, 2019, and $7.12 billion of wealth assets where fees are predominantly determined based on the market value of the assets held in their accounts, an increase of $144.5 million from December 31, 2019.
  
  
• The capital ratios for the Bank and the Corporation, as of December 31, 2020, as shown in the attached tables, indicate regulatory capital levels in excess of the regulatory minimums and the levels necessary for the Bank to be considered “well capitalized.” In September 2020, the U.S. banking agencies issued a final rule that provides banking organizations with an alternative option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period. This final rule is consistent with the interim final rule issued by the U.S. banking agencies in March 2020. The current and prior quarter ratios reflect the Corporation's election of the five-year transition provision.
  

EARNINGS CONFERENCE CALL

The Corporation will hold a fourth quarter 2020 earnings conference call at 8:30 a.m. Eastern Time on Friday, January 22, 2021. Interested parties may participate by calling 1-888-317-6016. A taped replay of the conference call will be available one hour after the conclusion of the call and will remain available through 9:00 a.m. Eastern Time on Monday, February 22, 2021. This recording may be obtained by calling 1-877-344-7529, referring to conference number 10151203.

The Corporation will simultaneously broadcast the earnings conference call live over the Internet through a webcast on the investor relations portion of the Corporation’s website. To access the call via the Internet, please visit the website at http://services.choruscall.com/links/bmtc210122.html. An online archive of the webcast will be available within one hour of the conclusion of the earnings conference call. Within 24 hours after the conclusion of the earnings conference call, an online transcript will be available at the following website: https://www.bmt.com/investors/presentations/.

The Corporation’s decision to hold an earnings conference call for the fourth quarter of 2020 is not indicative of the Corporation’s future plans with respect to earnings conference calls, and decisions regarding whether to continue holding earnings conference calls will be made at a future date.

FORWARD LOOKING STATEMENTS AND SAFE HARBOR

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

Such forward-looking statements involve known and unknown risks and uncertainties. A number of factors, many of which are beyond the Corporation’s control, could cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments expressed, implied or anticipated by such forward-looking statements, and so our business and financial condition and results of operations could be materially and adversely affected. The COVID-19 pandemic (the “Pandemic”) is adversely affecting us, our clients, counterparties, employees, and third-party service providers, and the ultimate extent of the impacts on our business, financial position, results of operations, liquidity, and prospects is uncertain. Continued deterioration in general business and economic conditions, including further increases in unemployment rates, or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding, lead to a tightening of credit, and further increase stock price volatility. In addition, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to the Pandemic or changes in Presidential administration, could affect us in substantial and unpredictable ways. Other factors include, among others, our need for capital, our ability to control operating costs and expenses, and to manage loan and lease delinquency rates; the credit risks of lending activities and overall quality of the composition of our loan, lease and securities portfolio; the impact of economic conditions, consumer and business spending habits, and real estate market conditions on our business and in our market area; changes in the levels of general interest rates, deposit interest rates, or net interest margin and funding sources; changes in banking regulations and policies and the possibility that any banking agency approvals we might require for certain activities will not be obtained in a timely manner or at all or will be conditioned in a manner that would impair our ability to implement our business plans; changes in accounting policies and practices or accounting standards, including ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments,” commonly referenced as the Current Expected Credit Loss model, which has changed how we estimate credit losses and may result in further increases in the required level of our allowance for credit losses; unanticipated regulatory or legal proceedings, outcomes of litigation or other contingencies; cybersecurity events; the inability of key third-party providers to perform their obligations to us; our ability to attract and retain key personnel; competition in our marketplace; war or terrorist activities; social or civil unrest; material differences in the actual financial results, cost savings and revenue enhancements associated with our acquisitions; uncertainty regarding the future of LIBOR; the impact of public health issues and pandemics, and their effects on the economic and business environments in which we operate; the effect of the Pandemic, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; and other factors as described in our securities filings with the U.S. Securities and Exchange Commission (“SEC”). All forward-looking statements and information set forth herein are based on Corporation management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. The Corporation does not undertake to update forward-looking statements.

For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the SEC, including our most recent Annual Report on Form 10-K, as updated by our quarterly or other reports subsequently filed with the SEC, including our most recent Quarterly Report on Form 10-Q.

FOR MORE INFORMATION CONTACT:		Frank Leto, President, CEO
		610-581-4730
		Mike Harrington, CFO
		610-526-2466

Bryn Mawr Bank Corporation
Summary Financial Information (unaudited)
(dollars in thousands, except per share data)
	As of or For the Three Months Ended																				For the Twelve Months Ended
	December 31, 2020				September 30, 2020				June 30, 2020				March 31, 2020				December 31, 2019				December 31, 2020				December 31, 2019
Consolidated Balance Sheet (selected items)
Interest-bearing deposits with banks	$	85,026			$	241,763			$	448,113			$	69,239			$	42,328
Investment securities		1,198,346				584,529				550,974				537,592				1,027,182
Loans held for sale		6,000				4,574				4,116				2,785				4,249
Portfolio loans and leases		3,628,411				3,676,684				3,722,165				3,767,166				3,689,313
Allowance for credit losses ("ACL") on loans and leases		(53,709	)			(56,428	)			(54,974	)			(54,070	)			(22,602	)
Goodwill and other intangible assets		199,576				200,445				201,315				202,225				203,143
Total assets		5,432,022				5,046,939				5,271,311				4,923,033				5,263,259
Deposits - interest-bearing		2,974,411				2,783,188				3,026,152				2,850,986				2,944,072
Deposits - non-interest-bearing		1,401,843				1,230,391				1,217,496				927,922				898,173
Short-term borrowings		72,161				23,456				28,891				162,045				493,219
Long-term FHLB advances		39,906				44,872				44,837				47,303				52,269
Subordinated notes		98,883				98,839				98,794				98,750				98,705
Jr. subordinated debentures		21,935				21,889				21,843				21,798				21,753
Total liabilities		4,809,700				4,434,322				4,667,637				4,329,854				4,651,032
Total shareholders' equity		622,322				612,617				603,674				593,179				612,227
Average Balance Sheet (selected items)
Interest-bearing deposits with banks	$	245,904			$	336,225			$	195,966			$	50,330			$	66,060			$	207,535			$	46,408
Investment securities		701,258				574,094				542,321				542,876				593,289				590,397				593,409
Loans held for sale		2,836				4,393				3,805				2,319				4,160				3,340				3,286
Portfolio loans and leases		3,654,736				3,697,102				3,936,227				3,736,067				3,594,449				3,755,595				3,530,416
Total interest-earning assets		4,604,734				4,611,814				4,678,319				4,331,592				4,257,958				4,556,867				4,173,519
Goodwill and intangible assets		200,060				200,931				201,823				202,760				203,663				201,389				205,143
Total assets		5,124,702				5,157,588				5,226,074				4,844,918				4,775,407				5,088,609				4,683,901
Deposits - interest-bearing		2,765,941				2,891,652				2,969,113				2,853,712				2,799,050				2,869,878				2,761,463
Short-term borrowings		29,130				29,913				136,816				140,585				121,612				83,813				129,457
Long-term FHLB advances		43,634				44,849				46,161				47,335				53,443				45,488				51,709
Subordinated notes		98,860				98,815				98,770				98,725				98,681				98,793				98,612
Jr. subordinated debentures		21,905				21,859				21,814				21,768				21,726				21,837				21,660
Total interest-bearing liabilities		2,959,470				3,087,088				3,272,674				3,162,125				3,094,512				3,119,809				3,062,901
Total liabilities		4,507,444				4,548,395				4,625,511				4,229,908				4,168,899				4,478,088				4,094,946
Total shareholders' equity		617,258				609,193				600,563				615,010				606,508				610,521				588,955
Income Statement
Net interest income	$	35,037			$	35,032			$	37,385			$	36,333			$	35,985			$	143,787			$	147,641
(Release of) provision for credit losses		(1,209	)			4,101				3,435				35,350				2,404				41,677				8,595
Noninterest income		22,006				21,099				20,566				18,300				23,255				81,971				82,184
Noninterest expense		38,624				35,197				35,503				33,403				36,251				142,727				146,427
Income tax expense (benefit)		4,094				3,709				4,010				(2,957	)			4,202				8,856				15,607
Net income (loss)		15,534				13,124				15,003				(11,163	)			16,383				32,498				59,196
Net loss attributable to noncontrolling interest		(3	)			(40	)			(32	)			-				(1	)			(75	)			(10	)
Net income (loss) attributable to Bryn Mawr Bank Corporation		15,537				13,164				15,035				(11,163	)			16,384				32,573				59,206
Basic earnings per share		0.78				0.66				0.75				(0.56	)			0.81				1.63				2.94
Diluted earnings per share		0.78				0.66				0.75				(0.56	)			0.81				1.63				2.93
Net income (loss) (core) (1)		15,518				13,164				15,399				(11,163	)			16,384				32,918				62,759
Basic earnings per share (core) (1)		0.78				0.66				0.77				(0.56	)			0.81				1.65				3.12
Diluted earnings per share (core) (1)		0.77				0.66				0.77				(0.56	)			0.81				1.64				3.10
Dividends paid or accrued per share		0.27				0.27				0.26				0.26				0.26				1.06				1.02
Profitability Indicators
Return on average assets		1.21	%			1.02	%			1.16	%			-0.93	%			1.36	%			0.64	%			1.26	%
Return on average equity		10.01	%			8.60	%			10.07	%			-7.30	%			10.72	%			5.34	%			10.05	%
Return on tangible equity(1)		15.44	%			13.47	%			15.86	%			-10.17	%			16.85	%			8.63	%			16.18	%
Return on tangible equity (core)(1)		15.42	%			13.47	%			16.23	%			-10.17	%			16.85	%			8.72	%			17.10	%
Return on average assets (core)(1)		1.20	%			1.02	%			1.19	%			-0.93	%			1.36	%			0.65	%			1.34	%
Return on average equity (core)(1)		10.00	%			8.60	%			10.31	%			-7.30	%			10.72	%			5.39	%			10.66	%
Tax-equivalent net interest margin		3.04	%			3.03	%			3.22	%			3.38	%			3.36	%			3.16	%			3.55	%
Efficiency ratio(1)		64.81	%			61.16	%			58.75	%			59.46	%			59.58	%			60.96	%			60.10	%
Share Data
Closing share price	$	30.60			$	24.87			$	27.66			$	28.38			$	41.24
Book value per common share	$	31.18			$	30.70			$	30.29			$	29.78			$	30.42
Tangible book value per common share(1)	$	21.22			$	20.69			$	20.23			$	19.66			$	20.36
Price / book value		98.14	%			81.01	%			91.32	%			95.30	%			135.57	%
Price / tangible book value(1)		144.20	%			120.20	%			136.73	%			144.35	%			202.55	%
Weighted average diluted shares outstanding		20,027,658				20,021,617				20,008,219				20,053,159				20,213,008				20,042,345				20,233,371
Shares outstanding, end of period		19,960,294				19,958,186				19,927,893				19,921,524				20,126,296
Wealth Management Information:
Wealth assets under mgmt, administration, supervision and brokerage (2)	$	18,976,544			$	17,244,307			$	17,012,903			$	15,593,732			$	16,548,060
Fees for wealth management services	$	12,588			$	11,707			$	9,069			$	11,168			$	11,672
Capital Ratios(3)
Bryn Mawr Trust Company ("BMTC")
Tier I capital to risk weighted assets ("RWA")		11.53	%			12.02	%			11.68	%			11.10	%			11.47	%
Total capital to RWA		12.74	%			13.27	%			12.93	%			12.33	%			12.09	%
Tier I leverage ratio		8.78	%			9.16	%			8.75	%			9.12	%			9.37	%
Tangible equity ratio (1)		8.27	%			9.36	%			8.67	%			8.98	%			8.58	%
Common equity Tier I capital to RWA		11.53	%			12.02	%			11.68	%			11.10	%			11.47	%
Bryn Mawr Bank Corporation ("BMBC")
Tier I capital to RWA		11.85	%			11.48	%			11.27	%			10.80	%			11.42	%
Total capital to RWA		15.54	%			15.19	%			15.14	%			14.62	%			14.69	%
Tier I leverage ratio		9.03	%			8.75	%			8.44	%			8.88	%			9.33	%
Tangible equity ratio (1)		8.09	%			8.52	%			7.95	%			8.30	%			8.10	%
Common equity Tier I capital to RWA		11.28	%			10.92	%			10.71	%			10.25	%			10.86	%
Asset Quality Indicators
Net loan and lease charge-offs ("NCO"s)	$	2,340			$	2,187			$	3,398			$	4,073			$	400			$	7,925			$	5,331
Loans and leases risk-rated Special Mention	$	68,892			$	48,267			$	55,171			$	14,833			$	19,922
Total classified loans and leases		153,011				175,501				154,687				60,972				66,901
Total criticized loans and leases	$	221,903			$	223,768			$	209,858			$	75,805			$	86,823
Nonperforming loans and leases ("NPL"s)	$	5,306			$	8,597			$	8,418			$	7,557			$	10,648
Other real estate owned ("OREO")		-				-				-				-				-
Total nonperforming assets ("NPA"s)	$	5,306			$	8,597			$	8,418			$	7,557			$	10,648
Nonperforming loans and leases 30 or more days past due	$	2,001			$	4,153			$	3,223			$	3,380			$	6,314
Performing loans and leases 30 to 89 days past due		10,847				9,351				10,022				19,930				7,196
Performing loans and leases 90 or more days past due		-				-				-				-				-
Total delinquent loans and leases	$	12,848			$	13,504			$	13,245			$	23,310			$	13,510
Delinquent loans and leases to total loans and leases		0.35	%			0.37	%			0.36	%			0.62	%			0.37	%
Delinquent performing loans and leases to total loans and leases		0.30	%			0.25	%			0.27	%			0.53	%			0.19	%
NCOs / average loans and leases (annualized)		0.25	%			0.24	%			0.35	%			0.44	%			0.04	%			0.21	%			0.15	%
NPLs / total portfolio loans and leases		0.15	%			0.23	%			0.23	%			0.20	%			0.29	%
NPAs / total loans and leases and OREO		0.15	%			0.23	%			0.23	%			0.20	%			0.29	%
NPAs / total assets		0.10	%			0.17	%			0.16	%			0.15	%			0.20	%
ACL on loans and leases / NPLs		1012.23	%			656.37	%			653.05	%			715.50	%			212.27	%
ACL / classified loans and leases		35.10	%			32.15	%			35.54	%			88.68	%			33.78	%
ACL / criticized loans and leases		24.20	%			25.22	%			26.20	%			71.33	%			26.03	%
ACL on loans and leases / portfolio loans		1.48	%			1.53	%			1.48	%			1.44	%			0.61	%
ACL on loans and leases for originated loans and leases / Originated loans and leases (1)		1.50	%			1.56	%			1.51	%			1.47	%			0.68	%
(Total ACL on loans and leases + Loan mark) / Total Gross portfolio loans and leases (1)		1.65	%			1.73	%			1.69	%			1.68	%			0.91	%
Troubled debt restructurings ("TDR"s) included in NPLs	$	1,737			$	1,393			$	1,792			$	3,248			$	3,018
TDRs in compliance with modified terms		7,046				8,590				10,013				4,852				5,071
Total TDRs	$	8,783			$	9,983			$	11,805			$	8,100			$	8,089
(1) Non-GAAP measure - see Appendix for Non-GAAP to GAAP reconciliation.
(2) Brokerage assets represent assets held at a registered broker dealer under a clearing agreement.
(3) Capital Ratios for the current quarter are to be considered preliminary until the Call Reports are filed. Beginning with the March 31, 2020 call report, the capital ratios reflect the Corporation’s election of a five-year transition provision to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period.

Bryn Mawr Bank Corporation
Detailed Balance Sheets (unaudited)
(dollars in thousands)
	December 31, 2020				September 30, 2020				June 30, 2020				March 31, 2020				December 31, 2019
Assets
Cash and due from banks	$	11,287			$	15,670			$	16,408			$	17,803			$	11,603
Interest-bearing deposits with banks		85,026				241,763				448,113				69,239				42,328
Cash and cash equivalents		96,313				257,433				464,521				87,042				53,931
Investment securities, available for sale		1,174,964				564,774				530,581				516,466				1,005,984
Investment securities, held to maturity		14,759				11,725				12,592				13,369				12,577
Investment securities, trading		8,623				8,030				7,801				7,757				8,621
Loans held for sale		6,000				4,574				4,116				2,785				4,249
Portfolio loans and leases, originated		3,380,727				3,396,068				3,422,890				3,424,601				3,320,816
Portfolio loans and leases, acquired		247,684				280,616				299,275				342,565				368,497
Total portfolio loans and leases		3,628,411				3,676,684				3,722,165				3,767,166				3,689,313
Less: Allowance for credit losses on originated loan and leases		(50,783	)			(52,968	)			(51,659	)			(50,365	)			(22,526	)
Less: Allowance for credit losses on acquired loan and leases		(2,926	)			(3,460	)			(3,315	)			(3,705	)			(76	)
Total allowance for credit losses on loans and leases		(53,709	)			(56,428	)			(54,974	)			(54,070	)			(22,602	)
Net portfolio loans and leases		3,574,702				3,620,256				3,667,191				3,713,096				3,666,711
Premises and equipment		56,662				60,369				61,778				63,144				64,965
Operating lease right-of-use assets		34,601				38,536				39,348				40,157				40,961
Accrued interest receivable		15,440				16,609				15,577				12,017				12,482
Mortgage servicing rights		2,626				2,881				3,440				4,115				4,450
Bank owned life insurance		60,393				60,072				59,728				59,399				59,079
Federal Home Loan Bank ("FHLB") stock		12,666				4,506				4,506				11,928				23,744
Goodwill		184,012				184,012				184,012				184,012				184,012
Intangible assets		15,564				16,433				17,303				18,213				19,131
Other investments		17,742				17,129				17,055				16,786				16,683
Other assets		156,955				179,600				181,762				172,747				85,679
Total assets	$	5,432,022			$	5,046,939			$	5,271,311			$	4,923,033			$	5,263,259
Liabilities
Deposits
Noninterest-bearing	$	1,401,843			$	1,230,391			$	1,217,496			$	927,922			$	898,173
Interest-bearing		2,974,411				2,783,188				3,026,152				2,850,986				2,944,072
Total deposits		4,376,254				4,013,579				4,243,648				3,778,908				3,842,245
Short-term borrowings		72,161				23,456				28,891				162,045				493,219
Long-term FHLB advances		39,906				44,872				44,837				47,303				52,269
Subordinated notes		98,883				98,839				98,794				98,750				98,705
Jr. subordinated debentures		21,935				21,889				21,843				21,798				21,753
Operating lease liabilities		40,284				42,895				43,693				44,482				45,258
Accrued interest payable		6,277				7,984				7,907				7,230				6,248
Other liabilities		154,000				180,808				178,024				169,338				91,335
Total liabilities		4,809,700				4,434,322				4,667,637				4,329,854				4,651,032
Shareholders' equity
Common stock		24,714				24,710				24,662				24,655				24,650
Paid-in capital in excess of par value		381,653				380,770				380,167				379,495				378,606
Less: common stock held in treasury, at cost		(89,164	)			(89,100	)			(88,612	)			(88,540	)			(81,174	)
Accumulated other comprehensive income, net of tax		8,948				10,139				9,019				8,869				2,187
Retained earnings		296,941				286,865				279,165				269,395				288,653
Total Bryn Mawr Bank Corporation shareholders' equity		623,092				613,384				604,401				593,874				612,922
Noncontrolling interest		(770	)			(767	)			(727	)			(695	)			(695	)
Total shareholders' equity		622,322				612,617				603,674				593,179				612,227
Total liabilities and shareholders' equity	$	5,432,022			$	5,046,939			$	5,271,311			$	4,923,033			$	5,263,259

Bryn Mawr Bank Corporation
Supplemental Balance Sheet Information (unaudited)
(dollars in thousands)
	Portfolio Loans and Leases(1) as of
	December 31, 2020				September 30, 2020				June 30, 2020				March 31, 2020				December 31, 2019
Commercial real estate - nonowner-occupied	$	1,435,575			$	1,382,757			$	1,375,904			$	1,354,416			$	1,337,167
Commercial real estate - owner-occupied		578,509				568,219				542,688				530,667				527,607
Home equity lines of credit		169,337				179,125				194,767				209,278				224,262
Residential mortgage - 1st liens		621,369				660,923				695,270				710,495				706,690
Residential mortgage - junior liens		23,795				26,150				33,644				35,583				36,843
Construction		161,308				186,415				212,374				221,116				202,198
Total real estate loans		2,989,893				3,003,589				3,054,647				3,061,555				3,034,767
Commercial & Industrial		446,438				465,315				457,529				491,298				432,227
Consumer		39,683				47,043				43,762				45,951				57,241
Leases		152,397				160,737				166,227				168,362				165,078
Total non-real estate loans and leases		638,518				673,095				667,518				705,611				654,546
Total portfolio loans and leases	$	3,628,411			$	3,676,684			$	3,722,165			$	3,767,166			$	3,689,313
	Nonperforming Loans and Leases(1) as of
	December 31, 2020				September 30, 2020				June 30, 2020				March 31, 2020				December 31, 2019
Commercial real estate - nonowner-occupied	$	57			$	849			$	245			$	181			$	199
Commercial real estate - owner-occupied		1,659				3,597				4,046				2,543				4,159
Home equity lines of credit		729				890				915				758				636
Residential mortgage - 1st liens		99				862				912				1,080				2,447
Residential mortgage - junior liens		85				50				72				79				83
Total nonperforming real estate loans		2,629				6,248				6,190				4,641				7,524
Commercial & Industrial		1,775				1,784				1,973				2,692				2,180
Consumer		30				31				36				52				61
Leases		872				534				219				172				883
Total nonperforming non-real estate loans and leases		2,677				2,349				2,228				2,916				3,124
Total nonperforming portfolio loans and leases	$	5,306			$	8,597			$	8,418			$	7,557			$	10,648
	Net Loan and Lease Charge-Offs (Recoveries)(1) for the Three Months Ended
	December 31, 2020				September 30, 2020				June 30, 2020				March 31, 2020				December 31, 2019
Commercial real estate - nonowner-occupied	$	240			$	(2	)		$	(4	)		$	(2	)		$	(1,067	)
Commercial real estate - owner-occupied		382				494				1,234				-				190
Home equity lines of credit		-				-				(4	)			114				33
Residential mortgage - 1st liens		-				(13	)			420				727				378
Residential mortgage - junior liens		-				-				-				-				-
Construction		(1	)			(1	)			(1	)			(1	)			(1	)
Total net charge-offs of real estate loans		621				478				1,645				838				(467	)
Commercial & Industrial		897				1,522				499				612				57
Consumer		409				134				238				261				227
Leases		413				53				1,016				2,362				583
Total net charge-offs of non-real estate loans and leases		1,719				1,709				1,753				3,235				867
Total net charge-offs	$	2,340			$	2,187			$	3,398			$	4,073			$	400
(1) In conjunction with the adoption of CECL, the Corporation has revised its portfolio segmentation to align with the methodology applied in determining the ACL for loans and leases under CECL, which is based on federal call report codes, or collateral. Portfolio segmentation prior to the adoption of CECL was based on product type or purpose. As such, certain reclassifications were made to conform previous years to the current year's presentation.

Bryn Mawr Bank Corporation
Supplemental Balance Sheet Information (unaudited)
(dollars in thousands)
	Investment Securities Available for Sale, at Fair Value
	December 31, 2020				September 30, 2020				June 30, 2020				March 31, 2020				December 31, 2019
U.S. Treasury securities	$	500,100			$	100			$	100			$	101			$	500,101
Obligations of the U.S. Government and agencies		93,098				90,928				114,149				106,679				102,020
State & political subdivisions - tax-free		2,171				3,178				4,583				4,562				5,379
Mortgage-backed securities		453,857				431,822				377,204				374,775				366,002
Collateralized mortgage obligations		19,263				22,253				25,873				29,699				31,832
Collateralized loan obligations		94,404				6,500				-				-				-
Corporate bonds		11,421				9,343				8,022				-				-
Other debt securities		650				650				650				650				650
Total investment securities available for sale, at fair value	$	1,174,964			$	564,774			$	530,581			$	516,466			$	1,005,984
	Unrealized Gain (Loss) on Investment Securities Available for Sale
	December 31, 2020				September 30, 2020				June 30, 2020				March 31, 2020				December 31, 2019
U.S. Treasury securities	$	5			$	-			$	-			$	1			$	35
Obligations of the U.S. Government and agencies		649				995				1,103				1,036				(159	)
State & political subdivisions - tax-free		22				27				30				10				13
Mortgage-backed securities		12,282				12,901				11,683				11,554				5,025
Collateralized mortgage obligations		583				662				702				778				36
Collateralized loan obligations		(96	)			-				-				-				-
Corporate bonds		421				343				22				-				-
Total unrealized gains on investment securities available for sale	$	13,866			$	14,928			$	13,540			$	13,379			$	4,950
	Deposits
	December 31, 2020				September 30, 2020				June 30, 2020				March 31, 2020				December 31, 2019
Interest-bearing deposits:
Interest-bearing demand	$	885,802			$	815,561			$	910,441			$	750,127			$	944,915
Money market		1,163,620				1,199,429				1,239,523				1,133,952				1,106,478
Savings		282,406				245,167				249,636				247,799				220,450
Retail time deposits		331,527				366,245				400,186				406,828				405,123
Wholesale non-maturity deposits		275,011				77,356				146,463				198,888				177,865
Wholesale time deposits		36,045				79,430				79,903				113,392				89,241
Total interest-bearing deposits		2,974,411				2,783,188				3,026,152				2,850,986				2,944,072
Noninterest-bearing deposits		1,401,843				1,230,391				1,217,496				927,922				898,173
Total deposits	$	4,376,254			$	4,013,579			$	4,243,648			$	3,778,908			$	3,842,245

Bryn Mawr Bank Corporation
Detailed Income Statements (unaudited)
(dollars in thousands, except per share data)
	For the Three Months Ended																				For the Twelve Months Ended
	December 31, 2020				September 30, 2020				June 30, 2020				March 31, 2020				December 31, 2019				December 31, 2020				December 31, 2019
Interest income:
Interest and fees on loans and leases	$	35,632			$	36,799			$	40,690			$	42,795			$	43,220			$	155,916			$	178,367
Interest on cash and cash equivalents		62				85				37				111				195				295				543
Interest on investment securities		2,717				2,658				2,894				3,201				3,545				11,470				14,479
Total interest income		38,411				39,542				43,621				46,107				46,960				167,681				193,389
Interest expense:
Interest on deposits		1,891				2,967				4,476				7,637				8,674				16,971				35,936
Interest on short-term borrowings		9				8				232				453				555				702				2,792
Interest on FHLB advances		226				234				155				244				279				859				1,069
Interest on jr. subordinated debentures		205				207				229				295				323				936				1,373
Interest on subordinated notes		1,043				1,094				1,144				1,145				1,144				4,426				4,578
Total interest expense		3,374				4,510				6,236				9,774				10,975				23,894				45,748
Net interest income		35,037				35,032				37,385				36,333				35,985				143,787				147,641
(Release of) provision for credit losses ("PCL")		(1,209	)			4,101				3,435				35,350				2,404				41,677				8,595
Net interest income after PCL		36,246				30,931				33,950				983				33,581				102,110				139,046
Noninterest income:
Fees for wealth management services		12,588				11,707				9,069				11,168				11,672				44,532				44,400
Insurance commissions		1,393				1,682				1,303				1,533				1,666				5,911				6,877
Capital markets revenue		841				3,314				2,975				2,361				5,455				9,491				11,276
Service charges on deposits		756				663				603				846				858				2,868				3,374
Loan servicing and other fees		360				373				452				461				489				1,646				2,206
Net gain on sale of loans		842				1,021				3,134				782				597				5,779				2,342
Net gain on sale of investment securities available for sale		-				-				-				-				-				-				-
Net gain on sale of long-lived assets		2,297				-				-				-				-				2,297				-
Net gain (loss) on sale of other real estate owned		-				-				-				148				(48	)			148				(84	)
Dividends on FHLB and FRB stocks		337				127				243				444				432				1,151				1,505
Other operating income		2,592				2,212				2,787				557				2,134				8,148				10,288
Total noninterest income		22,006				21,099				20,566				18,300				23,255				81,971				82,184
Noninterest expense:
Salaries and wages		17,730				17,201				16,926				16,989				18,667				68,846				74,371
Employee benefits		2,858				3,026				3,221				3,500				2,685				12,605				13,456
Occupancy and bank premises		3,624				3,055				3,033				3,015				3,206				12,727				12,591
Furniture, fixtures and equipment		2,400				2,481				2,120				2,431				2,401				9,432				9,693
Impairment of long-lived assets		1,605				-				-				-				-				1,605				-
Advertising		554				458				196				401				599				1,609				2,105
Amortization of intangible assets		869				870				910				918				953				3,567				3,801
Professional fees		1,767				1,718				1,575				1,368				1,754				6,428				5,434
Pennsylvania bank shares tax		(339	)			115				116				116				42				8				1,478
Data processing		1,501				1,403				1,479				1,394				1,517				5,777				5,517
Other operating expenses		6,055				4,870				5,927				3,271				4,427				20,123				17,981
Total noninterest expense		38,624				35,197				35,503				33,403				36,251				142,727				146,427
Income (loss) before income taxes		19,628				16,833				19,013				(14,120	)			20,585				41,354				74,803
Income tax expense (benefit)		4,094				3,709				4,010				(2,957	)			4,202				8,856				15,607
Net income (loss)	$	15,534			$	13,124			$	15,003			$	(11,163	)		$	16,383			$	32,498			$	59,196
Net (loss) attributable to noncontrolling interest		(3	)			(40	)			(32	)			-				(1	)			(75	)			(10	)
Net income (loss) attributable to Bryn Mawr Bank Corporation	$	15,537			$	13,164			$	15,035			$	(11,163	)		$	16,384			$	32,573			$	59,206
Per share data:
Weighted average shares outstanding		19,958,567				19,945,634				19,926,737				20,053,159				20,124,553				19,970,921				20,142,306
Dilutive common shares		69,091				75,983				81,482				-				88,455				71,424				91,065
Weighted average diluted shares		20,027,658				20,021,617				20,008,219				20,053,159				20,213,008				20,042,345				20,233,371
Basic earnings per common share	$	0.78			$	0.66			$	0.75			$	(0.56	)		$	0.81			$	1.63			$	2.94
Diluted earnings per common share	$	0.78			$	0.66			$	0.75			$	(0.56	)		$	0.81			$	1.63			$	2.93
Dividends paid or accrued per common share	$	0.27			$	0.27			$	0.26			$	0.26			$	0.26			$	1.06			$	1.02
Effective tax rate		20.86	%			22.03	%			21.09	%			20.94	%			20.41	%			21.42	%			20.86	%

Bryn Mawr Bank Corporation
Tax-Equivalent Net Interest Margin (unaudited)
(dollars in thousands)
		For the Three Months Ended																																									For the Twelve Months Ended
		December 31, 2020								September 30, 2020								June 30, 2020								March 31, 2020								December 31, 2019									December 31, 2020								December 31, 2019
		Average Balance			Interest Income/ Expense			Average Rates Earned/ Paid		Average Balance			Interest Income/ Expense			Average Rates Earned/ Paid		Average Balance			Interest Income/ Expense			Average Rates Earned/ Paid		Average Balance			Interest Income/ Expense			Average Rates Earned/ Paid		Average Balance			Interest Income/ Expense			Average Rates Earned/ Paid			Average Balance			Interest Income/ Expense			Average Rates Earned/ Paid		Average Balance			Interest Income/ Expense			Average Rates Earned/ Paid
Assets:
Interest-bearing deposits with other banks		$	245,904		$	62		0.10	%	$	336,225		$	85		0.10	%	$	195,966		$	37		0.08	%	$	50,330		$	111		0.89	%	$	66,060		$	195		1.17	%		$	207,535		$	295		0.14	%	$	46,408		$	543		1.17	%
Investment securities - available for sale:
Taxable			675,642			2,561		1.51	%		550,199			2,562		1.85	%		516,823			2,775		2.16	%		516,244			3,065		2.39	%		566,359			3,334		2.34	%			564,990			10,963		1.94	%		566,645			13,862		2.45	%
Tax-exempt			2,490			16		2.56	%		3,690			23		2.48	%		4,572			26		2.29	%		4,909			28		2.29	%		5,844			33		2.24	%			3,911			93		2.38	%		7,428			167		2.25	%
Total investment securities - available for sale			678,132			2,577		1.51	%		553,889			2,585		1.86	%		521,395			2,801		2.16	%		521,153			3,093		2.39	%		572,203			3,367		2.33	%			568,901			11,056		1.94	%		574,073			14,029		2.44	%
Investment securities - held to maturity			15,093			57		1.50	%		12,248			57		1.85	%		13,126			73		2.24	%		13,195			87		2.65	%		12,756			84		2.61	%			13,417			274		2.04	%		11,099			302		2.72	%
Investment securities - trading			8,033			86		4.26	%		7,957			21		1.05	%		7,800			24		1.24	%		8,528			25		1.18	%		8,330			99		4.72	%			8,079			156		1.93	%		8,237			172		2.09	%
Loans and leases *			3,657,572			35,734		3.89	%		3,701,495			36,901		3.97	%		3,940,032			40,779		4.16	%		3,738,386			42,898		4.62	%		3,598,609			43,326		4.78	%			3,758,935			156,312		4.16	%		3,533,702			178,829		5.06	%
Total interest-earning assets			4,604,734			38,516		3.33	%		4,611,814			39,649		3.42	%		4,678,319			43,714		3.76	%		4,331,592			46,214		4.29	%		4,257,958			47,071		4.39	%			4,556,867			168,093		3.69	%		4,173,519			193,875		4.65	%
Cash and due from banks			13,192								16,557								16,263								12,479								9,829									14,654								12,703
Less: allowance for loan and lease losses			(55,634	)							(55,285	)							(54,113	)							(25,786	)							(21,124	)								(47,747	)							(20,828	)
Other assets			562,410								584,502								585,605								526,633								528,744									564,835								518,507
Total assets		$	5,124,702							$	5,157,588							$	5,226,074							$	4,844,918							$	4,775,407								$	5,088,609							$	4,683,901
Liabilities:
Interest-bearing deposits:
Savings, NOW and market rate deposits		$	2,285,807		$	495		0.09	%	$	2,282,591		$	1,042		0.18	%	$	2,313,150		$	2,341		0.41	%	$	2,197,279		$	4,981		0.91	%	$	2,149,623		$	5,659		1.04	%		$	2,269,786		$	8,859		0.39	%	$	1,969,205		$	19,908		1.01	%
Wholesale deposits			130,660			293		0.89	%		223,527			465		0.83	%		245,052			486		0.80	%		253,322			977		1.55	%		214,229			1,024		1.90	%			212,943			2,221		1.04	%		300,148			6,908		2.30	%
Retail time deposits			349,474			1,103		1.26	%		385,534			1,460		1.51	%		410,911			1,649		1.61	%		403,111			1,679		1.68	%		435,198			1,991		1.82	%			387,149			5,891		1.52	%		492,110			9,120		1.85	%
Total interest-bearing deposits			2,765,941			1,891		0.27	%		2,891,652			2,967		0.41	%		2,969,113			4,476		0.61	%		2,853,712			7,637		1.08	%		2,799,050			8,674		1.23	%			2,869,878			16,971		0.59	%		2,761,463			35,936		1.30	%
Borrowings:
Short-term borrowings			29,130			9		0.12	%		29,913			8		0.11	%		136,816			232		0.68	%		140,585			453		1.30	%		121,612			555		1.81	%			83,813			702		0.84	%		129,457			2,792		2.16	%
Long-term FHLB advances			43,634			226		2.06	%		44,849			234		2.08	%		46,161			155		1.35	%		47,335			244		2.07	%		53,443			279		2.07	%			45,488			859		1.89	%		51,709			1,069		2.07	%
Subordinated notes			98,860			1,043		4.20	%		98,815			1,094		4.40	%		98,770			1,144		4.66	%		98,725			1,145		4.66	%		98,681			1,144		4.60	%			98,793			4,426		4.48	%		98,612			4,578		4.64	%
Jr. subordinated debt			21,905			205		3.72	%		21,859			207		3.77	%		21,814			229		4.22	%		21,768			295		5.45	%		21,726			323		5.90	%			21,837			936		4.29	%		21,660			1,373		6.34	%
Total borrowings			193,529			1,483		3.05	%		195,436			1,543		3.14	%		303,561			1,760		2.33	%		308,413			2,137		2.79	%		295,462			2,301		3.09	%			249,931			6,923		2.77	%		301,438			9,812		3.26	%
Total interest-bearing liabilities			2,959,470			3,374		0.45	%		3,087,088			4,510		0.58	%		3,272,674			6,236		0.77	%		3,162,125			9,774		1.24	%		3,094,512			10,975		1.41	%			3,119,809			23,894		0.77	%		3,062,901			45,748		1.49	%
Noninterest-bearing deposits			1,267,795								1,220,570								1,126,139								894,264								915,128									1,127,831								900,156
Other liabilities			280,179								240,737								226,698								173,519								159,259									230,448								131,889
Total noninterest-bearing liabilities			1,547,974								1,461,307								1,352,837								1,067,783								1,074,387									1,358,279								1,032,045
Total liabilities			4,507,444								4,548,395								4,625,511								4,229,908								4,168,899									4,478,088								4,094,946
Shareholders' equity			617,258								609,193								600,563								615,010								606,508									610,521								588,955
Total liabilities and shareholders' equity		$	5,124,702							$	5,157,588							$	5,226,074							$	4,844,918							$	4,775,407								$	5,088,609							$	4,683,901
Net interest spread								2.88	%							2.84	%							2.99	%							3.05	%							2.98	%								2.92	%							3.16	%
Effect of noninterest-bearing sources								0.16	%							0.19	%							0.23	%							0.33	%							0.38	%								0.24	%							0.39	%
Tax-equivalent net interest margin					$	35,142		3.04	%				$	35,139		3.03	%				$	37,478		3.22	%				$	36,440		3.38	%				$	36,096		3.36	%					$	144,199		3.16	%				$	148,127		3.55	%
Tax-equivalent adjustment					$	105		0.01	%				$	107		0.01	%				$	93		0.01	%				$	107		0.01	%				$	111		0.01	%					$	412		0.01	%				{ "@context": "https://schema.org", "@type": "FAQPage", "name": "Bryn Mawr Bank Corporation Reports Fourth Quarter Net Income of $15.5 Million FAQs", "mainEntity": [ { "@type": "Question", "name": "What was Bryn Mawr Bank Corporation's net income for Q4 2020?", "acceptedAnswer": { "@type": "Answer", "text": "Bryn Mawr Bank Corporation reported a net income of $15.5 million for Q4 2020." } }, { "@type": "Question", "name": "How much did earnings per share increase in Q4 2020 compared to Q3 2020?", "acceptedAnswer": { "@type": "Answer", "text": "Earnings per share increased to $0.78 in Q4 2020 from $0.66 in Q3 2020." } }, { "@type": "Question", "name": "What is the dividend declared by BMTC for March 2021?", "acceptedAnswer": { "@type": "Answer", "text": "BMTC declared a quarterly dividend of $0.27 per share, payable on March 1, 2021." } }, { "@type": "Question", "name": "How did noninterest income change in Q4 2020?", "acceptedAnswer": { "@type": "Answer", "text": "Noninterest income increased by $907 thousand in Q4 2020." } }, { "@type": "Question", "name": "What was the performance of BMTC's wealth division in 2020?", "acceptedAnswer": { "@type": "Answer", "text": "BMTC's wealth division finished 2020 with $19 billion in assets under management, an increase of $2.4 billion from the previous year." } } ] } FAQ What was Bryn Mawr Bank Corporation's net income for Q4 2020? Bryn Mawr Bank Corporation reported a net income of $15.5 million for Q4 2020. How much did earnings per share increase in Q4 2020 compared to Q3 2020? Earnings per share increased to $0.78 in Q4 2020 from $0.66 in Q3 2020. What is the dividend declared by BMTC for March 2021? BMTC declared a quarterly dividend of $0.27 per share, payable on March 1, 2021. How did noninterest income change in Q4 2020? Noninterest income increased by $907 thousand in Q4 2020. What was the performance of BMTC's wealth division in 2020? BMTC's wealth division finished 2020 with $19 billion in assets under management, an increase of $2.4 billion from the previous year. BMTC NASDAQ:BMTC BMTC Rankings N/A Ranked by Market Cap N/A Ranked by Dividends BMTC Latest News Oct 21, 2021 Bryn Mawr Bank Corporation Reports Quarterly Earnings of $18.4 Million, Declares $0.28 Dividend Jul 22, 2021 Bryn Mawr Bank Corporation Reports Record Quarterly Earnings of $21.3 Million, Declares $0.28 Dividend Jul 9, 2021 Bryn Mawr Bank Corporation Announces Date of Second Quarter 2021 Financial Results Jun 10, 2021 WSFS and BMTC Receive Stockholder Approval to Combine Apr 22, 2021 Bryn Mawr Bank Corporation Reports First Quarter Net Income of $17.1 Million, Wealth Assets Under Management Surpass $20 Billion BMTC Stock Data Float 19.63M Short Percent 1.17% Industry Commercial Banking Sector Finance and Insurance Website Link Country US City Bryn Mawr Explore About Rhea-AI Sitemap Legal Terms of Use Cookie Notice Privacy Policy Links RSS feed Patreon Discord Server Facebook Reddit Google News © 2020-2024 StockTitan.net