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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bryn Mawr Bank Corporation | NASDAQ:BMTC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 45.01 | 44.00 | 45.24 | 0 | 01:00:00 |
BRYN MAWR, Pa., Oct. 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 $18.4 million, or $0.92 diluted earnings per share, for the three months ended September 30, 2021, as compared to $21.3 million, or $1.06 diluted earnings per share, for the three months ended June 30, 2021, and $13.2 million, or $0.66 diluted earnings per share, for the three months ended September 30, 2020.
On a non-GAAP basis, core net income, which excludes due diligence and merger-related expenses related to the pending merger with WSFS Financial Corporation (“WSFS”) and other non-core income and expense items, as detailed in the appendix to this earnings release, was $18.0 million, or $0.90 diluted earnings per share, for the three months ended September 30, 2021 as compared to $21.6 million, or $1.08 diluted earnings per share, for the three months ended June 30, 2021. There were no meaningful non-core income or expense items for the three months ended September 30, 2020. Management believes the core net income measure is important in evaluating the Corporation’s performance on a more comparable basis between periods. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.
“We are pleased with our third quarter results, which was led by strong fee income as well as continued improvements in our credit metrics,” commented Frank Leto, President and Chief Executive Officer. “As it relates to our pending merger with WSFS, we are awaiting final regulatory approval to complete our combination. As I mentioned previously, we remain focused on managing the business to deliver solid financial results for our shareholders and will continue to serve our customers in support of their banking and wealth needs. Staff and management continue to work on merger preparations to ensure a seamless integration upon closing of the merger.” The Office of the Comptroller of the Currency, the primary regulator of WSFS, approved the combination with WSFS on July 21st. Final approval from the Board of Governors of the Federal Reserve in Washington, D.C. is pending. In addition to regulatory approval, the merger with WSFS is subject to certain closing conditions.
On October 21, 2021, the Board of Directors of the Corporation declared a quarterly dividend of $0.28 per share, payable December 1, 2021 to shareholders of record as of November 1, 2021 provided that the merger has not been consummated on or before the record date.
SIGNIFICANT ITEMS OF NOTE
Results of Operations – Third Quarter 2021 Compared to Second Quarter 2021
Results of Operations – Third Quarter 2021 Compared to Third Quarter 2020
Financial Condition – September 30, 2021 Compared to December 31, 2020
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 “believe,” “intend,” “expect,” “anticipate,” “strategy,” “plan,” “estimate,” “approximately,” “target,” “project,” “propose,” “possible,” “potential,” “should” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (many of which are beyond the control of the Corporation) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, the possibility that the proposed transaction with WSFS does not close when expected or at all because required regulatory or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all; the delay in or failure to close for any other reason; the outcome of any legal proceedings that may be instituted against the Corporation; the occurrence of any event, change or other circumstance that could give rise to the right of one or both parties to terminate the merger agreement providing for the merger; the risk that the businesses of WSFS and the Corporation will not be integrated successfully; the possibility that the cost savings and any synergies or other anticipated benefits from the proposed transaction may not be fully realized or may take longer to realize than expected; disruption from the proposed transaction making it more difficult to maintain relationships with employees, customers or other parties with whom the Corporation has business relationships; diversion of management time on merger-related issues; the reaction to the proposed transaction of our customers, employees and counterparties; uncertainty as to the extent of the duration, scope, and impacts of the COVID-19 pandemic; and other factors, many of which are beyond the control of the Corporation. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2020 and any updates to those risk factors set forth in the Corporation’s Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings, which have been filed by the Corporation with the SEC and are available on the SEC’s website at www.sec.gov. All forward-looking statements, expressed or implied, included herein are expressly qualified in their entirety by the cautionary statements contained or referred to herein. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Corporation or its businesses or operations. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date on which they are made. The Corporation undertakes no obligation, and specifically declines any obligation, to revise or update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as specifically required by law.
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 Nine Months Ended | ||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||
Consolidated Balance Sheet (selected items) | |||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 39,213 | $ | 103,070 | $ | 37,089 | $ | 85,026 | $ | 241,763 | |||||||||||||||||
Investment securities | 676,171 | 749,536 | 761,877 | 1,198,346 | 584,529 | ||||||||||||||||||||||
Loans held for sale | 634 | 653 | 3,210 | 6,000 | 4,574 | ||||||||||||||||||||||
Portfolio loans and leases | 3,617,915 | 3,617,411 | 3,633,235 | 3,628,411 | 3,676,684 | ||||||||||||||||||||||
Allowance for credit losses ("ACL") on loans and leases | (36,546 | ) | (39,163 | ) | (47,562 | ) | (53,709 | ) | (56,428 | ) | |||||||||||||||||
Goodwill and other intangible assets | 197,068 | 197,903 | 198,738 | 199,576 | 200,445 | ||||||||||||||||||||||
Total assets | 4,879,079 | 4,958,700 | 4,914,508 | 5,432,022 | 5,046,939 | ||||||||||||||||||||||
Deposits - interest-bearing | 2,371,871 | 2,491,102 | 2,537,534 | 2,974,411 | 2,783,188 | ||||||||||||||||||||||
Deposits - non-interest-bearing | 1,443,661 | 1,468,643 | 1,364,716 | 1,401,843 | 1,230,391 | ||||||||||||||||||||||
Short-term borrowings | 96,965 | 21,553 | 60,027 | 72,161 | 23,456 | ||||||||||||||||||||||
Long-term FHLB advances | 25,000 | 39,976 | 39,941 | 39,906 | 44,872 | ||||||||||||||||||||||
Subordinated notes | 99,017 | 98,973 | 98,928 | 98,883 | 98,839 | ||||||||||||||||||||||
Jr. subordinated debentures | 22,079 | 22,030 | 21,983 | 21,935 | 21,889 | ||||||||||||||||||||||
Total liabilities | 4,224,324 | 4,314,688 | 4,291,412 | 4,809,700 | 4,434,322 | ||||||||||||||||||||||
Total shareholders' equity | 654,755 | 644,012 | 623,096 | 622,322 | 612,617 | ||||||||||||||||||||||
Average Balance Sheet (selected items) | |||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 67,665 | $ | 86,383 | $ | 110,972 | $ | 245,904 | $ | 336,225 | $ | 88,181 | $ | 194,652 | |||||||||||||
Investment securities | 714,371 | 766,574 | 760,625 | 701,258 | 574,094 | 747,021 | 553,174 | ||||||||||||||||||||
Loans and leases | 3,617,866 | 3,611,479 | 3,607,214 | 3,657,572 | 3,701,495 | 3,612,225 | 3,792,969 | ||||||||||||||||||||
Total interest-earning assets | 4,399,902 | 4,464,436 | 4,478,811 | 4,604,734 | 4,611,814 | 4,447,427 | 4,540,795 | ||||||||||||||||||||
Goodwill and intangible assets | 197,525 | 198,356 | 199,208 | 200,060 | 200,931 | 198,357 | 201,835 | ||||||||||||||||||||
Total assets | 4,900,845 | 4,937,707 | 4,968,542 | 5,124,702 | 5,157,588 | 4,935,449 | 5,076,490 | ||||||||||||||||||||
Deposits - interest-bearing | 2,441,079 | 2,520,270 | 2,613,004 | 2,765,941 | 2,891,652 | 2,524,154 | 2,904,777 | ||||||||||||||||||||
Short-term borrowings | 35,166 | 19,935 | 32,020 | 29,130 | 29,913 | 29,051 | 102,173 | ||||||||||||||||||||
Long-term FHLB advances | 33,795 | 39,956 | 39,921 | 43,634 | 44,849 | 37,868 | 46,110 | ||||||||||||||||||||
Subordinated notes | 98,993 | 98,949 | 98,904 | 98,860 | 98,815 | 98,949 | 98,770 | ||||||||||||||||||||
Jr. subordinated debentures | 22,051 | 22,002 | 21,955 | 21,905 | 21,859 | 22,003 | 21,814 | ||||||||||||||||||||
Total interest-bearing liabilities | 2,631,084 | 2,701,112 | 2,805,804 | 2,959,470 | 3,087,088 | 2,712,025 | 3,173,644 | ||||||||||||||||||||
Total liabilities | 4,248,121 | 4,305,637 | 4,343,552 | 4,507,444 | 4,548,395 | 4,298,753 | 4,468,231 | ||||||||||||||||||||
Total shareholders' equity | 652,724 | 632,070 | 624,990 | 617,258 | 609,193 | 636,696 | 608,259 | ||||||||||||||||||||
Income Statement | |||||||||||||||||||||||||||
Net interest income | $ | 34,887 | $ | 35,239 | $ | 34,781 | $ | 35,037 | $ | 35,032 | $ | 104,907 | $ | 108,750 | |||||||||||||
(Recovery of) provision for credit losses | (3,186 | ) | (6,581 | ) | (5,246 | ) | (1,209 | ) | 4,101 | (15,013 | ) | 42,886 | |||||||||||||||
Noninterest income | 22,587 | 20,966 | 19,841 | 22,006 | 21,099 | 63,394 | 59,965 | ||||||||||||||||||||
Noninterest expense | 36,840 | 35,467 | 37,703 | 38,624 | 35,197 | 110,010 | 104,103 | ||||||||||||||||||||
Income tax expense | 5,562 | 5,988 | 5,082 | 4,094 | 3,709 | 16,632 | 4,762 | ||||||||||||||||||||
Net income | 18,258 | 21,331 | 17,083 | 15,534 | 13,124 | 56,672 | 16,964 | ||||||||||||||||||||
Net loss attributable to noncontrolling interest | (124 | ) | (11 | ) | - | (3 | ) | (40 | ) | (135 | ) | (72 | ) | ||||||||||||||
Net income attributable to Bryn Mawr Bank Corporation | 18,382 | 21,342 | 17,083 | 15,537 | 13,164 | 56,807 | 17,036 | ||||||||||||||||||||
Basic earnings per share | 0.92 | 1.07 | 0.86 | 0.78 | 0.66 | 2.86 | 0.85 | ||||||||||||||||||||
Diluted earnings per share | 0.92 | 1.06 | 0.85 | 0.78 | 0.66 | 2.83 | 0.85 | ||||||||||||||||||||
Net income (core) (1) | 18,008 | 21,599 | 18,707 | 15,518 | 13,164 | 58,314 | 17,400 | ||||||||||||||||||||
Basic earnings per share (core) (1) | 0.91 | 1.09 | 0.94 | 0.78 | 0.66 | 2.93 | 0.87 | ||||||||||||||||||||
Diluted earnings per share (core) (1) | 0.90 | 1.08 | 0.93 | 0.77 | 0.66 | 2.91 | 0.87 | ||||||||||||||||||||
Dividends paid or accrued per share | 0.28 | 0.27 | 0.27 | 0.27 | 0.27 | 0.82 | 0.79 | ||||||||||||||||||||
Profitability Indicators | |||||||||||||||||||||||||||
Return on average assets | 1.49 | % | 1.73 | % | 1.39 | % | 1.21 | % | 1.02 | % | 1.54 | % | 0.45 | % | |||||||||||||
Return on average equity | 11.17 | % | 13.54 | % | 11.09 | % | 10.01 | % | 8.60 | % | 11.93 | % | 3.74 | % | |||||||||||||
Return on tangible equity(1) | 16.57 | % | 20.31 | % | 16.87 | % | 15.44 | % | 13.47 | % | 17.90 | % | 6.29 | % | |||||||||||||
Return on tangible equity (core)(1) | 16.24 | % | 20.55 | % | 18.42 | % | 15.42 | % | 13.47 | % | 18.36 | % | 6.41 | % | |||||||||||||
Return on average assets (core)(1) | 1.46 | % | 1.75 | % | 1.53 | % | 1.20 | % | 1.02 | % | 1.58 | % | 0.46 | % | |||||||||||||
Return on average equity (core)(1) | 10.95 | % | 13.71 | % | 12.14 | % | 10.00 | % | 8.60 | % | 12.25 | % | 3.82 | % | |||||||||||||
Tax-equivalent net interest margin | 3.15 | % | 3.17 | % | 3.16 | % | 3.04 | % | 3.03 | % | 3.16 | % | 3.21 | % | |||||||||||||
Efficiency ratio(1) | 63.18 | % | 61.14 | % | 64.48 | % | 64.81 | % | 61.16 | % | 62.92 | % | 61.33 | % | |||||||||||||
Share Data | |||||||||||||||||||||||||||
Closing share price | $ | 45.95 | $ | 42.19 | $ | 45.51 | $ | 30.60 | $ | 24.87 | |||||||||||||||||
Book value per common share | $ | 32.90 | $ | 32.40 | $ | 31.34 | $ | 31.18 | $ | 30.70 | |||||||||||||||||
Tangible book value per common share(1) | $ | 23.04 | $ | 22.48 | $ | 21.39 | $ | 21.22 | $ | 20.69 | |||||||||||||||||
Price / book value | 139.67 | % | 130.22 | % | 145.21 | % | 98.14 | % | 81.01 | % | |||||||||||||||||
Price / tangible book value(1) | 199.44 | % | 187.68 | % | 212.76 | % | 144.20 | % | 120.20 | % | |||||||||||||||||
Weighted average diluted shares outstanding | 20,062,018 | 20,050,819 | 20,050,736 | 20,027,658 | 20,021,617 | 20,056,415 | 20,062,108 | ||||||||||||||||||||
Shares outstanding, end of period | 19,900,823 | 19,877,892 | 19,878,993 | 19,960,294 | 19,958,186 | ||||||||||||||||||||||
Wealth Management Information: | |||||||||||||||||||||||||||
Wealth assets under mgmt, administration, supervision and brokerage (2) | $ | 21,386,682 | $ | 20,630,068 | $ | 20,059,371 | $ | 18,976,544 | $ | 17,244,307 | |||||||||||||||||
Fees for wealth management services | $ | 13,618 | $ | 14,031 | $ | 12,836 | $ | 12,588 | $ | 11,707 | |||||||||||||||||
Capital Ratios(3) | |||||||||||||||||||||||||||
Bryn Mawr Trust Company ("BMTC") | |||||||||||||||||||||||||||
Tier I capital to risk weighted assets ("RWA") | 13.12 | % | 12.50 | % | 12.01 | % | 11.53 | % | 12.02 | % | |||||||||||||||||
Total capital to RWA | 13.98 | % | 13.41 | % | 13.11 | % | 12.75 | % | 13.27 | % | |||||||||||||||||
Tier I leverage ratio | 10.45 | % | 9.96 | % | 9.47 | % | 8.79 | % | 9.16 | % | |||||||||||||||||
Tangible equity ratio (1) | 10.42 | % | 9.89 | % | 9.41 | % | 8.27 | % | 9.36 | % | |||||||||||||||||
Common equity Tier I capital to RWA | 13.12 | % | 12.50 | % | 12.01 | % | 11.53 | % | 12.02 | % | |||||||||||||||||
Bryn Mawr Bank Corporation ("BMBC") | |||||||||||||||||||||||||||
Tier I capital to RWA | 12.90 | % | 12.42 | % | 12.08 | % | 11.86 | % | 11.48 | % | |||||||||||||||||
Total capital to RWA | 16.08 | % | 15.79 | % | 15.65 | % | 15.55 | % | 15.19 | % | |||||||||||||||||
Tier I leverage ratio | 10.27 | % | 9.91 | % | 9.53 | % | 9.04 | % | 8.75 | % | |||||||||||||||||
Tangible equity ratio (1) | 9.79 | % | 9.39 | % | 9.02 | % | 8.09 | % | 8.52 | % | |||||||||||||||||
Common equity Tier I capital to RWA | 12.33 | % | 11.86 | % | 11.52 | % | 11.29 | % | 10.92 | % | |||||||||||||||||
Asset Quality Indicators | |||||||||||||||||||||||||||
Net loan and lease charge-offs ("NCO"s) | $ | (140 | ) | $ | 2,391 | $ | 642 | $ | 2,340 | $ | 2,187 | $ | 2,893 | $ | 9,658 | ||||||||||||
Loans and leases risk-rated Special Mention | $ | 91,750 | $ | 83,009 | $ | 74,595 | $ | 68,892 | $ | 48,267 | |||||||||||||||||
Total classified loans and leases | 64,303 | 90,153 | 129,120 | 153,011 | 175,501 | ||||||||||||||||||||||
Total criticized loans and leases | $ | 156,053 | $ | 173,162 | $ | 203,715 | $ | 221,903 | $ | 223,768 | |||||||||||||||||
Nonperforming loans and leases ("NPL"s) | $ | 8,047 | $ | 10,665 | $ | 5,197 | $ | 5,306 | $ | 8,597 | |||||||||||||||||
Other real estate owned ("OREO") | - | - | - | - | - | ||||||||||||||||||||||
Total nonperforming assets ("NPA"s) | $ | 8,047 | $ | 10,665 | $ | 5,197 | $ | 5,306 | $ | 8,597 | |||||||||||||||||
Nonperforming loans and leases 30 or more days past due | $ | 1,473 | $ | 3,041 | $ | 1,903 | $ | 2,001 | $ | 4,153 | |||||||||||||||||
Performing loans and leases 30 to 89 days past due | 3,360 | 3,168 | 5,396 | 10,847 | 9,351 | ||||||||||||||||||||||
Performing loans and leases 90 or more days past due | - | - | - | - | - | ||||||||||||||||||||||
Total delinquent loans and leases | $ | 4,833 | $ | 6,209 | $ | 7,299 | $ | 12,848 | $ | 13,504 | |||||||||||||||||
Delinquent loans and leases to total loans and leases | 0.13 | % | 0.17 | % | 0.20 | % | 0.35 | % | 0.37 | % | |||||||||||||||||
Delinquent performing loans and leases to total loans and leases | 0.09 | % | 0.09 | % | 0.15 | % | 0.30 | % | 0.25 | % | |||||||||||||||||
NCOs / average loans and leases (annualized) | (0.02 | )% | 0.27 | % | 0.07 | % | 0.25 | % | 0.24 | % | 0.11 | % | 0.34 | % | |||||||||||||
NPLs / total portfolio loans and leases | 0.22 | % | 0.29 | % | 0.14 | % | 0.15 | % | 0.23 | % | |||||||||||||||||
NPAs / total loans and leases and OREO | 0.22 | % | 0.29 | % | 0.14 | % | 0.15 | % | 0.23 | % | |||||||||||||||||
NPAs / total assets | 0.16 | % | 0.22 | % | 0.11 | % | 0.10 | % | 0.17 | % | |||||||||||||||||
ACL on loans and leases / NPLs | 454.16 | % | 367.21 | % | 915.18 | % | 1012.23 | % | 656.37 | % | |||||||||||||||||
ACL / classified loans and leases | 56.83 | % | 43.44 | % | 36.84 | % | 35.10 | % | 32.15 | % | |||||||||||||||||
ACL / criticized loans and leases | 23.42 | % | 22.62 | % | 23.35 | % | 24.20 | % | 25.22 | % | |||||||||||||||||
ACL on loans and leases / portfolio loans | 1.01 | % | 1.08 | % | 1.31 | % | 1.48 | % | 1.53 | % | |||||||||||||||||
ACL on loans and leases for originated loans and leases / Originated loans and leases (1) | 1.03 | % | 1.10 | % | 1.33 | % | 1.50 | % | 1.56 | % | |||||||||||||||||
(Total ACL on loans and leases + Loan mark) / Total Gross portfolio loans and leases (1) | 1.13 | % | 1.21 | % | 1.46 | % | 1.65 | % | 1.73 | % | |||||||||||||||||
Troubled debt restructurings ("TDR"s) included in NPLs | $ | 4,753 | $ | 893 | $ | 1,480 | $ | 1,737 | $ | 1,393 | |||||||||||||||||
TDRs in compliance with modified terms | 4,532 | 5,629 | 6,967 | 7,046 | 8,590 | ||||||||||||||||||||||
Total TDRs | $ | 9,285 | $ | 6,522 | $ | 8,447 | $ | 8,783 | $ | 9,983 | |||||||||||||||||
(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) | |||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||
Assets | |||||||||||||||||||
Cash and due from banks | $ | 9,458 | $ | 10,829 | $ | 10,311 | $ | 11,287 | $ | 15,670 | |||||||||
Interest-bearing deposits with banks | 39,213 | 103,070 | 37,089 | 85,026 | 241,763 | ||||||||||||||
Cash and cash equivalents | 48,671 | 113,899 | 47,400 | 96,313 | 257,433 | ||||||||||||||
Investment securities, available for sale | 656,501 | 728,738 | 738,974 | 1,174,964 | 564,774 | ||||||||||||||
Investment securities, held to maturity | 11,542 | 12,532 | 14,126 | 14,759 | 11,725 | ||||||||||||||
Investment securities, trading | 8,128 | 8,266 | 8,777 | 8,623 | 8,030 | ||||||||||||||
Loans held for sale | 634 | 653 | 3,210 | 6,000 | 4,574 | ||||||||||||||
Portfolio loans and leases, originated | 3,431,903 | 3,414,256 | 3,405,128 | 3,380,727 | 3,396,068 | ||||||||||||||
Portfolio loans and leases, acquired | 186,012 | 203,155 | 228,107 | 247,684 | 280,616 | ||||||||||||||
Total portfolio loans and leases | 3,617,915 | 3,617,411 | 3,633,235 | 3,628,411 | 3,676,684 | ||||||||||||||
Less: Allowance for credit losses on originated loan and leases | (35,218 | ) | (37,590 | ) | (45,285 | ) | (50,783 | ) | (52,968 | ) | |||||||||
Less: Allowance for credit losses on acquired loan and leases | (1,328 | ) | (1,573 | ) | (2,277 | ) | (2,926 | ) | (3,460 | ) | |||||||||
Total allowance for credit losses on loans and leases | (36,546 | ) | (39,163 | ) | (47,562 | ) | (53,709 | ) | (56,428 | ) | |||||||||
Net portfolio loans and leases | 3,581,369 | 3,578,248 | 3,585,673 | 3,574,702 | 3,620,256 | ||||||||||||||
Premises and equipment | 51,525 | 54,178 | 55,510 | 56,662 | 60,369 | ||||||||||||||
Operating lease right-of-use assets | 33,140 | 33,759 | 33,848 | 34,601 | 38,536 | ||||||||||||||
Accrued interest receivable | 12,872 | 13,519 | 15,058 | 15,440 | 16,609 | ||||||||||||||
Mortgage servicing rights | 2,057 | 2,173 | 2,493 | 2,626 | 2,881 | ||||||||||||||
Bank owned life insurance | 61,263 | 60,993 | 60,721 | 60,393 | 60,072 | ||||||||||||||
Federal Home Loan Bank ("FHLB") stock | 7,212 | 4,332 | 5,986 | 12,666 | 4,506 | ||||||||||||||
Goodwill | 184,012 | 184,012 | 184,012 | 184,012 | 184,012 | ||||||||||||||
Intangible assets | 13,056 | 13,891 | 14,726 | 15,564 | 16,433 | ||||||||||||||
Other investments | 18,300 | 18,206 | 17,811 | 17,742 | 17,129 | ||||||||||||||
Other assets | 188,797 | 131,301 | 126,183 | 156,955 | 179,600 | ||||||||||||||
Total assets | $ | 4,879,079 | $ | 4,958,700 | $ | 4,914,508 | $ | 5,432,022 | $ | 5,046,939 | |||||||||
Liabilities | |||||||||||||||||||
Deposits | |||||||||||||||||||
Noninterest-bearing | $ | 1,443,661 | $ | 1,468,643 | $ | 1,364,716 | $ | 1,401,843 | $ | 1,230,391 | |||||||||
Interest-bearing | 2,371,871 | 2,491,102 | 2,537,534 | 2,974,411 | 2,783,188 | ||||||||||||||
Total deposits | 3,815,532 | 3,959,745 | 3,902,250 | 4,376,254 | 4,013,579 | ||||||||||||||
Short-term borrowings | 96,965 | 21,553 | 60,027 | 72,161 | 23,456 | ||||||||||||||
Long-term FHLB advances | 25,000 | 39,976 | 39,941 | 39,906 | 44,872 | ||||||||||||||
Subordinated notes | 99,017 | 98,973 | 98,928 | 98,883 | 98,839 | ||||||||||||||
Jr. subordinated debentures | 22,079 | 22,030 | 21,983 | 21,935 | 21,889 | ||||||||||||||
Operating lease liabilities | 38,719 | 39,400 | 39,543 | 40,284 | 42,895 | ||||||||||||||
Accrued interest payable | 5,018 | 5,393 | 6,358 | 6,277 | 7,984 | ||||||||||||||
Other liabilities | 121,994 | 127,618 | 122,382 | 154,000 | 180,808 | ||||||||||||||
Total liabilities | 4,224,324 | 4,314,688 | 4,291,412 | 4,809,700 | 4,434,322 | ||||||||||||||
Shareholders' equity | |||||||||||||||||||
Common stock | 24,749 | 24,715 | 24,715 | 24,714 | 24,710 | ||||||||||||||
Paid-in capital in excess of par value | 383,401 | 382,655 | 382,202 | 381,653 | 380,770 | ||||||||||||||
Less: common stock held in treasury, at cost | (92,294 | ) | (91,825 | ) | (91,774 | ) | (89,164 | ) | (89,100 | ) | |||||||||
Accumulated other comprehensive income, net of tax | 2,545 | 4,798 | 154 | 8,948 | 10,139 | ||||||||||||||
Retained earnings | 337,259 | 324,450 | 308,569 | 296,941 | 286,865 | ||||||||||||||
Total Bryn Mawr Bank Corporation shareholders' equity | 655,660 | 644,793 | 623,866 | 623,092 | 613,384 | ||||||||||||||
Noncontrolling interest | (905 | ) | (781 | ) | (770 | ) | (770 | ) | (767 | ) | |||||||||
Total shareholders' equity | 654,755 | 644,012 | 623,096 | 622,322 | 612,617 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 4,879,079 | $ | 4,958,700 | $ | 4,914,508 | $ | 5,432,022 | $ | 5,046,939 | |||||||||
Bryn Mawr Bank Corporation | |||||||||||||||||||
Supplemental Balance Sheet Information (unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Portfolio Loans and Leases as of | |||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||
Commercial real estate - nonowner-occupied | $ | 1,464,534 | $ | 1,419,626 | $ | 1,408,240 | $ | 1,435,575 | $ | 1,382,757 | |||||||||
Commercial real estate - owner-occupied | 537,488 | 553,464 | 578,747 | 578,509 | 568,219 | ||||||||||||||
Home equity lines of credit | 146,752 | 151,692 | 157,418 | 169,337 | 179,125 | ||||||||||||||
Residential mortgage - 1st liens | 559,946 | 579,657 | 602,584 | 621,369 | 660,923 | ||||||||||||||
Residential mortgage - junior liens | 24,424 | 25,534 | 27,400 | 23,795 | 26,150 | ||||||||||||||
Construction | 235,418 | 204,358 | 187,472 | 161,308 | 186,415 | ||||||||||||||
Total real estate loans | 2,968,562 | 2,934,331 | 2,961,861 | 2,989,893 | 3,003,589 | ||||||||||||||
Commercial & Industrial | 467,979 | 498,097 | 486,824 | 446,438 | 465,315 | ||||||||||||||
Consumer | 46,428 | 44,814 | 39,226 | 39,683 | 47,043 | ||||||||||||||
Leases | 134,946 | 140,169 | 145,324 | 152,397 | 160,737 | ||||||||||||||
Total non-real estate loans and leases | 649,353 | 683,080 | 671,374 | 638,518 | 673,095 | ||||||||||||||
Total portfolio loans and leases | $ | 3,617,915 | $ | 3,617,411 | $ | 3,633,235 | $ | 3,628,411 | $ | 3,676,684 | |||||||||
Nonperforming Loans and Leases as of | |||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||
Commercial real estate - nonowner-occupied | $ | - | $ | 396 | $ | 56 | $ | 57 | $ | 849 | |||||||||
Commercial real estate - owner-occupied | 559 | 1,057 | 1,355 | 1,659 | 3,597 | ||||||||||||||
Home equity lines of credit | 912 | 945 | 532 | 729 | 890 | ||||||||||||||
Residential mortgage - 1st liens | 3,035 | 4,072 | 645 | 99 | 862 | ||||||||||||||
Residential mortgage - junior liens | 64 | 181 | 184 | 85 | 50 | ||||||||||||||
Construction | 216 | 216 | - | - | - | ||||||||||||||
Total nonperforming real estate loans | 4,786 | 6,867 | 2,772 | 2,629 | 6,248 | ||||||||||||||
Commercial & Industrial | 2,708 | 3,049 | 1,490 | 1,775 | 1,784 | ||||||||||||||
Consumer | 31 | 24 | 40 | 30 | 31 | ||||||||||||||
Leases | 522 | 725 | 895 | 872 | 534 | ||||||||||||||
Total nonperforming non-real estate loans and leases | 3,261 | 3,798 | 2,425 | 2,677 | 2,349 | ||||||||||||||
Total nonperforming portfolio loans and leases | $ | 8,047 | $ | 10,665 | $ | 5,197 | $ | 5,306 | $ | 8,597 | |||||||||
Net Loan and Lease Charge-Offs (Recoveries) for the Three Months Ended | |||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||
Commercial real estate - nonowner-occupied | $ | - | $ | - | $ | - | $ | 240 | $ | (2 | ) | ||||||||
Commercial real estate - owner-occupied | (22 | ) | (470 | ) | 189 | 382 | 494 | ||||||||||||
Home equity lines of credit | - | 46 | - | - | - | ||||||||||||||
Residential mortgage - 1st liens | (1 | ) | 23 | 1 | - | (13 | ) | ||||||||||||
Residential mortgage - junior liens | - | - | - | - | - | ||||||||||||||
Construction | (1 | ) | 115 | (1 | ) | (1 | ) | (1 | ) | ||||||||||
Total net charge-offs of real estate loans | (24 | ) | (286 | ) | 189 | 621 | 478 | ||||||||||||
Commercial & Industrial | (337 | ) | 2,323 | (54 | ) | 897 | 1,522 | ||||||||||||
Consumer | 87 | 145 | 107 | 409 | 134 | ||||||||||||||
Leases | 134 | 209 | 400 | 413 | 53 | ||||||||||||||
Total net charge-offs of non-real estate loans and leases | (116 | ) | 2,677 | 453 | 1,719 | 1,709 | |||||||||||||
Total net charge-offs | $ | (140 | ) | $ | 2,391 | $ | 642 | $ | 2,340 | $ | 2,187 | ||||||||
Bryn Mawr Bank Corporation | |||||||||||||||||||
Supplemental Balance Sheet Information (unaudited) | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Investment Securities Available for Sale, at Fair Value | |||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||
U.S. Treasury securities | $ | 100 | $ | 100 | $ | 100 | $ | 500,100 | $ | 100 | |||||||||
Obligations of the U.S. Government and agencies | 96,597 | 116,701 | 110,413 | 93,098 | 90,928 | ||||||||||||||
State & political subdivisions - tax-free | - | 2,168 | 2,168 | 2,171 | 3,178 | ||||||||||||||
Mortgage-backed securities | 439,182 | 482,585 | 497,328 | 453,857 | 431,822 | ||||||||||||||
Collateralized mortgage obligations | 13,566 | 15,145 | 17,073 | 19,263 | 22,253 | ||||||||||||||
Collateralized loan obligations | 94,651 | 99,635 | 99,666 | 94,404 | 6,500 | ||||||||||||||
Corporate bonds | 11,755 | 11,754 | 11,576 | 11,421 | 9,343 | ||||||||||||||
Other debt securities | 650 | 650 | 650 | 650 | 650 | ||||||||||||||
Total investment securities available for sale, at fair value | $ | 656,501 | $ | 728,738 | $ | 738,974 | $ | 1,174,964 | $ | 564,774 | |||||||||
Unrealized Gain (Loss) on Investment Securities Available for Sale | |||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||
U.S. Treasury securities | $ | - | $ | - | $ | - | $ | 5 | $ | - | |||||||||
Obligations of the U.S. Government and agencies | (1,347 | ) | (842 | ) | (2,597 | ) | 649 | 995 | |||||||||||
State & political subdivisions - tax-free | - | 12 | 16 | 22 | 27 | ||||||||||||||
Mortgage-backed securities | 7,322 | 8,432 | 8,957 | 12,282 | 12,901 | ||||||||||||||
Collateralized mortgage obligations | 374 | 458 | 522 | 583 | 662 | ||||||||||||||
Collateralized loan obligations | 151 | 120 | 151 | (96 | ) | - | |||||||||||||
Corporate bonds | 755 | 754 | 576 | 421 | 343 | ||||||||||||||
Total unrealized gains on investment securities available for sale | $ | 7,255 | $ | 8,934 | $ | 7,625 | $ | 13,866 | $ | 14,928 | |||||||||
Deposits | |||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||
Interest-bearing demand | $ | 681,560 | $ | 668,664 | $ | 671,854 | $ | 885,802 | $ | 815,561 | |||||||||
Money market | 1,121,155 | 1,183,252 | 1,201,115 | 1,163,620 | 1,199,429 | ||||||||||||||
Savings | 284,875 | 289,108 | 286,124 | 282,406 | 245,167 | ||||||||||||||
Retail time deposits | 238,597 | 270,926 | 301,702 | 331,527 | 366,245 | ||||||||||||||
Wholesale non-maturity deposits | 39,538 | 73,011 | 70,605 | 275,011 | 77,356 | ||||||||||||||
Wholesale time deposits | 6,146 | 6,141 | 6,134 | 36,045 | 79,430 | ||||||||||||||
Total interest-bearing deposits | 2,371,871 | 2,491,102 | 2,537,534 | 2,974,411 | 2,783,188 | ||||||||||||||
Noninterest-bearing deposits | 1,443,661 | 1,468,643 | 1,364,716 | 1,401,843 | 1,230,391 | ||||||||||||||
Total deposits | $ | 3,815,532 | $ | 3,959,745 | $ | 3,902,250 | $ | 4,376,254 | $ | 4,013,579 | |||||||||
Bryn Mawr Bank Corporation | |||||||||||||||||||||||||||
Detailed Income Statements (unaudited) | |||||||||||||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||
Interest and fees on loans and leases | $ | 34,332 | $ | 34,638 | $ | 34,578 | $ | 35,632 | $ | 36,799 | $ | 103,548 | $ | 120,284 | |||||||||||||
Interest on cash and cash equivalents | 20 | 16 | 22 | 62 | 85 | 58 | 233 | ||||||||||||||||||||
Interest on investment securities | 2,752 | 2,996 | 3,050 | 2,717 | 2,658 | 8,798 | 8,753 | ||||||||||||||||||||
Total interest income | 37,104 | 37,650 | 37,650 | 38,411 | 39,542 | 112,404 | 129,270 | ||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||
Interest on deposits | 808 | 958 | 1,424 | 1,891 | 2,967 | 3,190 | 15,080 | ||||||||||||||||||||
Interest on short-term borrowings | 16 | 5 | 10 | 9 | 8 | 31 | 693 | ||||||||||||||||||||
Interest on FHLB advances | 173 | 205 | 203 | 226 | 234 | 581 | 633 | ||||||||||||||||||||
Interest on jr. subordinated debentures | 198 | 199 | 198 | 205 | 207 | 595 | 731 | ||||||||||||||||||||
Interest on subordinated notes | 1,022 | 1,044 | 1,034 | 1,043 | 1,094 | 3,100 | 3,383 | ||||||||||||||||||||
Total interest expense | 2,217 | 2,411 | 2,869 | 3,374 | 4,510 | 7,497 | 20,520 | ||||||||||||||||||||
Net interest income | 34,887 | 35,239 | 34,781 | 35,037 | 35,032 | 104,907 | 108,750 | ||||||||||||||||||||
(Recovery of) provision for credit losses ("PCL") | (3,186 | ) | (6,581 | ) | (5,246 | ) | (1,209 | ) | 4,101 | (15,013 | ) | 42,886 | |||||||||||||||
Net interest income after PCL | 38,073 | 41,820 | 40,027 | 36,246 | 30,931 | 119,920 | 65,864 | ||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||
Fees for wealth management services | 13,618 | 14,031 | 12,836 | 12,588 | 11,707 | 40,485 | 31,944 | ||||||||||||||||||||
Insurance commissions | 1,524 | 1,249 | 1,464 | 1,393 | 1,682 | 4,237 | 4,518 | ||||||||||||||||||||
Capital markets revenue | 2,823 | 1,290 | 1,596 | 841 | 3,314 | 5,709 | 8,650 | ||||||||||||||||||||
Service charges on deposits | 751 | 733 | 696 | 756 | 663 | 2,180 | 2,112 | ||||||||||||||||||||
Loan servicing and other fees | 327 | 397 | 304 | 360 | 373 | 1,028 | 1,286 | ||||||||||||||||||||
Net gain on sale of loans | 671 | 525 | 250 | 842 | 1,021 | 1,446 | 4,937 | ||||||||||||||||||||
Net gain on sale of investment securities available for sale | 512 | - | - | - | - | 512 | - | ||||||||||||||||||||
Net gain on sale of long-lived assets | - | - | 6 | 2,297 | - | 6 | - | ||||||||||||||||||||
Net gain (loss) on sale of other real estate owned | - | - | - | - | - | - | 148 | ||||||||||||||||||||
Dividends on FHLB and FRB stocks | 202 | 239 | 222 | 337 | 127 | 663 | 814 | ||||||||||||||||||||
Other operating income | 2,159 | 2,502 | 2,467 | 2,592 | 2,212 | 7,128 | 5,556 | ||||||||||||||||||||
Total noninterest income | 22,587 | 20,966 | 19,841 | 22,006 | 21,099 | 63,394 | 59,965 | ||||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||||||
Salaries and wages | 16,751 | 16,700 | 16,830 | 17,730 | 17,201 | 50,281 | 51,116 | ||||||||||||||||||||
Employee benefits | 3,150 | 3,224 | 3,687 | 2,858 | 3,026 | 10,061 | 9,747 | ||||||||||||||||||||
Occupancy and bank premises | 2,514 | 2,629 | 2,892 | 3,624 | 3,055 | 8,035 | 9,103 | ||||||||||||||||||||
Furniture, fixtures and equipment | 2,624 | 2,188 | 2,242 | 2,400 | 2,481 | 7,054 | 7,032 | ||||||||||||||||||||
Impairment of long-lived assets | - | - | - | 1,605 | - | - | - | ||||||||||||||||||||
Advertising | 265 | 413 | 176 | 554 | 458 | 854 | 1,055 | ||||||||||||||||||||
Amortization of intangible assets | 835 | 835 | 838 | 869 | 870 | 2,508 | 2,698 | ||||||||||||||||||||
Due diligence, merger-related and merger integration expenses | 18 | 266 | 1,646 | - | - | 1,930 | - | ||||||||||||||||||||
Professional fees | 2,423 | 1,629 | 1,433 | 1,767 | 1,718 | 5,485 | 4,661 | ||||||||||||||||||||
Pennsylvania bank shares tax | 538 | 718 | 749 | (339 | ) | 115 | 2,005 | 347 | |||||||||||||||||||
Data processing | 1,421 | 1,444 | 1,404 | 1,501 | 1,403 | 4,269 | 4,276 | ||||||||||||||||||||
Other operating expenses | 6,301 | 5,421 | 5,806 | 6,055 | 4,870 | 17,528 | 14,068 | ||||||||||||||||||||
Total noninterest expense | 36,840 | 35,467 | 37,703 | 38,624 | 35,197 | 110,010 | 104,103 | ||||||||||||||||||||
Income before income taxes | 23,820 | 27,319 | 22,165 | 19,628 | 16,833 | 73,304 | 21,726 | ||||||||||||||||||||
Income tax expense | 5,562 | 5,988 | 5,082 | 4,094 | 3,709 | 16,632 | 4,762 | ||||||||||||||||||||
Net income | $ | 18,258 | $ | 21,331 | $ | 17,083 | $ | 15,534 | $ | 13,124 | $ | 56,672 | $ | 16,964 | |||||||||||||
Net (loss) attributable to noncontrolling interest | (124 | ) | (11 | ) | - | (3 | ) | (40 | ) | (135 | ) | (72 | ) | ||||||||||||||
Net income attributable to Bryn Mawr Bank Corporation | $ | 18,382 | $ | 21,342 | $ | 17,083 | $ | 15,537 | $ | 13,164 | $ | 56,807 | $ | 17,036 | |||||||||||||
Per share data: | |||||||||||||||||||||||||||
Weighted average shares outstanding | 19,891,618 | 19,878,981 | 19,907,873 | 19,958,567 | 19,945,634 | 19,892,764 | 19,975,069 | ||||||||||||||||||||
Dilutive common shares | 170,400 | 171,838 | 142,863 | 69,091 | 75,983 | 163,651 | 87,039 | ||||||||||||||||||||
Weighted average diluted shares | 20,062,018 | 20,050,819 | 20,050,736 | 20,027,658 | 20,021,617 | 20,056,415 | 20,062,108 | ||||||||||||||||||||
Basic earnings per common share | $ | 0.92 | $ | 1.07 | $ | 0.86 | $ | 0.78 | $ | 0.66 | $ | 2.86 | $ | 0.85 | |||||||||||||
Diluted earnings per common share | $ | 0.92 | $ | 1.06 | $ | 0.85 | $ | 0.78 | $ | 0.66 | $ | 2.83 | $ | 0.85 | |||||||||||||
Dividends paid or accrued per common share | $ | 0.28 | $ | 0.27 | $ | 0.27 | $ | 0.27 | $ | 0.27 | $ | 0.82 | $ | 0.79 | |||||||||||||
Effective tax rate | 23.35 | % | 21.92 | % | 22.93 | % | 20.86 | % | 22.03 | % | 22.69 | % | 21.92 | % | |||||||||||||
Bryn Mawr Bank Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-Equivalent Net Interest Margin (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 67,665 | $ | 20 | 0.12 | % | $ | 86,383 | $ | 16 | 0.07 | % | $ | 110,972 | $ | 22 | 0.08 | % | $ | 245,904 | $ | 62 | 0.10 | % | $ | 336,225 | $ | 85 | 0.10 | % | $ | 88,181 | $ | 58 | 0.09 | % | $ | 194,652 | $ | 233 | 0.16 | % | ||||||||||||||||
Investment securities - available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | 692,821 | 2,670 | 1.53 | % | 742,212 | 2,915 | 1.58 | % | 735,508 | 2,947 | 1.62 | % | 675,642 | 2,561 | 1.51 | % | 550,199 | 2,562 | 1.85 | % | 723,357 | 8,532 | 1.58 | % | 527,837 | 8,402 | 2.13 | % | ||||||||||||||||||||||||||||||
Tax-exempt | 1,109 | 8 | 2.86 | % | 2,168 | 14 | 2.59 | % | 2,170 | 14 | 2.62 | % | 2,490 | 16 | 2.56 | % | 3,690 | 23 | 2.48 | % | 1,812 | 36 | 2.66 | % | 4,388 | 77 | 2.34 | % | ||||||||||||||||||||||||||||||
Total investment securities - available for sale | 693,930 | 2,678 | 1.53 | % | 744,380 | 2,929 | 1.58 | % | 737,678 | 2,961 | 1.63 | % | 678,132 | 2,577 | 1.51 | % | 553,889 | 2,585 | 1.86 | % | 725,169 | 8,568 | 1.58 | % | 532,225 | 8,479 | 2.13 | % | ||||||||||||||||||||||||||||||
Investment securities - held to maturity | 12,179 | 54 | 1.76 | % | 13,414 | 49 | 1.47 | % | 14,329 | 73 | 2.07 | % | 15,093 | 57 | 1.50 | % | 12,248 | 57 | 1.85 | % | 13,300 | 176 | 1.77 | % | 12,854 | 217 | 2.26 | % | ||||||||||||||||||||||||||||||
Investment securities - trading | 8,262 | 21 | 1.01 | % | 8,780 | 21 | 0.96 | % | 8,618 | 19 | 0.89 | % | 8,033 | 86 | 4.26 | % | 7,957 | 21 | 1.05 | % | 8,552 | 61 | 0.95 | % | 8,095 | 70 | 1.16 | % | ||||||||||||||||||||||||||||||
Loans and leases * | 3,617,866 | 34,423 | 3.77 | % | 3,611,479 | 34,730 | 3.86 | % | 3,607,214 | 34,674 | 3.90 | % | 3,657,572 | 35,734 | 3.89 | % | 3,701,495 | 36,901 | 3.97 | % | 3,612,225 | 103,827 | 3.84 | % | 3,792,969 | 120,578 | 4.25 | % | ||||||||||||||||||||||||||||||
Total interest-earning assets | 4,399,902 | 37,196 | 3.35 | % | 4,464,436 | 37,745 | 3.39 | % | 4,478,811 | 37,749 | 3.42 | % | 4,604,734 | 38,516 | 3.33 | % | 4,611,814 | 39,649 | 3.42 | % | 4,447,427 | 112,690 | 3.39 | % | 4,540,795 | 129,577 | 3.81 | % | ||||||||||||||||||||||||||||||
Cash and due from banks | 9,799 | 9,741 | 10,824 | 13,192 | 16,557 | 10,117 | 15,145 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Less: allowance for credit losses on loans and leases | (39,218 | ) | (47,192 | ) | (53,582 | ) | (55,634 | ) | (55,285 | ) | (46,611 | ) | (45,099 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Other assets | 530,362 | 510,722 | 532,489 | 562,410 | 584,502 | 524,516 | 565,649 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 4,900,845 | $ | 4,937,707 | $ | 4,968,542 | $ | 5,124,702 | $ | 5,157,588 | $ | 4,935,449 | $ | 5,076,490 | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings, NOW and market rate deposits | $ | 2,111,767 | $ | 276 | 0.05 | % | $ | 2,154,206 | $ | 274 | 0.05 | % | $ | 2,178,730 | $ | 374 | 0.07 | % | $ | 2,285,807 | $ | 495 | 0.09 | % | $ | 2,282,591 | $ | 1,042 | 0.18 | % | $ | 2,147,989 | $ | 924 | 0.06 | % | $ | 2,264,407 | $ | 8,364 | 0.49 | % | ||||||||||||||||
Wholesale deposits | 73,497 | 74 | 0.40 | % | 78,936 | 76 | 0.39 | % | 117,710 | 257 | 0.89 | % | 130,660 | 293 | 0.89 | % | 223,527 | 465 | 0.83 | % | 89,885 | 407 | 0.61 | % | 240,571 | 1,928 | 1.07 | % | ||||||||||||||||||||||||||||||
Retail time deposits | 255,815 | 458 | 0.71 | % | 287,128 | 608 | 0.85 | % | 316,564 | 793 | 1.02 | % | 349,474 | 1,103 | 1.26 | % | 385,534 | 1,460 | 1.51 | % | 286,280 | 1,859 | 0.87 | % | 399,799 | 4,788 | 1.60 | % | ||||||||||||||||||||||||||||||
Total interest-bearing deposits | 2,441,079 | 808 | 0.13 | % | 2,520,270 | 958 | 0.15 | % | 2,613,004 | 1,424 | 0.22 | % | 2,765,941 | 1,891 | 0.27 | % | 2,891,652 | 2,967 | 0.41 | % | 2,524,154 | 3,190 | 0.17 | % | 2,904,777 | 15,080 | 0.69 | % | ||||||||||||||||||||||||||||||
Borrowings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 35,166 | 16 | 0.18 | % | 19,935 | 5 | 0.10 | % | 32,020 | 10 | 0.13 | % | 29,130 | 9 | 0.12 | % | 29,913 | 8 | 0.11 | % | 29,051 | 31 | 0.14 | % | 102,173 | 693 | 0.91 | % | ||||||||||||||||||||||||||||||
Long-term FHLB advances | 33,795 | 173 | 2.03 | % | 39,956 | 205 | 2.06 | % | 39,921 | 203 | 2.06 | % | 43,634 | 226 | 2.06 | % | 44,849 | 234 | 2.08 | % | 37,868 | 581 | 2.05 | % | 46,110 | 633 | 1.83 | % | ||||||||||||||||||||||||||||||
Subordinated notes | 98,993 | 1,022 | 4.10 | % | 98,949 | 1,044 | 4.23 | % | 98,904 | 1,034 | 4.24 | % | 98,860 | 1,043 | 4.20 | % | 98,815 | 1,094 | 4.40 | % | 98,949 | 3,100 | 4.19 | % | 98,770 | 3,383 | 4.58 | % | ||||||||||||||||||||||||||||||
Jr. subordinated debt | 22,051 | 198 | 3.56 | % | 22,002 | 199 | 3.63 | % | 21,955 | 198 | 3.66 | % | 21,905 | 205 | 3.72 | % | 21,859 | 207 | 3.77 | % | 22,003 | 595 | 3.62 | % | 21,814 | 731 | 4.48 | % | ||||||||||||||||||||||||||||||
Total borrowings | 190,005 | 1,409 | 2.94 | % | 180,842 | 1,453 | 3.22 | % | 192,800 | 1,445 | 3.04 | % | 193,529 | 1,483 | 3.05 | % | 195,436 | 1,543 | 3.14 | % | 187,871 | 4,307 | 3.07 | % | 268,867 | 5,440 | 2.70 | % | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 2,631,084 | 2,217 | 0.33 | % | 2,701,112 | 2,411 | 0.36 | % | 2,805,804 | 2,869 | 0.41 | % | 2,959,470 | 3,374 | 0.45 | % | 3,087,088 | 4,510 | 0.58 | % | 2,712,025 | 7,497 | 0.37 | % | 3,173,644 | 20,520 | 0.86 | % | ||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,439,672 | 1,437,442 | 1,345,253 | 1,267,795 | 1,220,570 | 1,407,802 | 1,080,837 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 177,365 | 167,083 | 192,495 | 280,179 | 240,737 | 178,926 | 213,750 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | 1,617,037 | 1,604,525 | 1,537,748 | 1,547,974 | 1,461,307 | 1,586,728 | 1,294,587 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 4,248,121 | 4,305,637 | 4,343,552 | 4,507,444 | 4,548,395 | 4,298,753 | 4,468,231 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 652,724 | 632,070 | 624,990 | 617,258 | 609,193 | 636,696 | 608,259 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 4,900,845 | $ | 4,937,707 | $ | 4,968,542 | $ | 5,124,702 | $ | 5,157,588 | $ | 4,935,449 | $ | 5,076,490 | ||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | 3.02 | % | 3.03 | % | 3.01 | % | 2.88 | % | 2.84 | % | 3.02 | % | 2.95 | % | ||||||||||||||||||||||||||||||||||||||||||||
Effect of noninterest-bearing sources | 0.13 | % | 0.14 | % | 0.15 | % | 0.16 | % | 0.19 | % | 0.14 | % | 0.26 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent net interest margin | $ | 34,979 | 3.15 | % | $ | 35,334 | 3.17 | % | $ | 34,880 | 3.16 | % | $ | 35,142 | 3.04 | % | $ | 35,139 | 3.03 | % | $ | 105,193 | 3.16 | % | $ | 109,057 | 3.21 | % | ||||||||||||||||||||||||||||||
Tax-equivalent adjustment | $ | 92 | 0.01 | % | $ | 95 | 0.01 | % | $ | 99 | 0.01 | % | $ | 105 | 0.01 | % | $ | 107 | 0.01 | % | $ | 286 | 0.01 | % | $ | 307 | 0.01 | % | ||||||||||||||||||||||||||||||
Supplemental Information Regarding Accretion of Fair Value Marks | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest | Increase (Decrease) | Effect on Yield or Rate | Interest | Increase (Decrease) | Effect on Yield or Rate | Interest | Increase (Decrease) | Effect on Yield or Rate | Interest | Increase (Decrease) | Effect on Yield or Rate | Interest | Increase (Decrease) | Effect on Yield or Rate | Increase (Decrease) | Effect on Yield or Rate | Increase (Decrease) | Effect on Yield or Rate | ||||||||||||||||||||||||||||||||||||||||
Loans and leases | Income | $ | 424 | 0.05 | % | $ | 950 | 0.11 | % | $ | 539 | 0.06 | % | $ | 921 | 0.10 | % | $ | 784 | 0.08 | % | $ | 1,913 | 0.07 | % | $ | 2,711 | 0.10 | % | |||||||||||||||||||||||||||||
Retail time deposits | Expense | $ | (33 | ) | (0.05 | )% | $ | (50 | ) | (0.07 | )% | $ | (58 | ) | (0.07 | )% | $ | (78 | ) | (0.09 | )% | $ | (96 | ) | (0.10 | )% | (141 | ) | (0.07 | )% | (317 | ) | (0.11 | )% | ||||||||||||||||||||||||
Long-term FHLB advances | Expense | $ | 24 | 0.28 | % | $ | 35 | 0.70 | % | $ | 35 | 0.36 | % | $ | 35 | 0.32 | % | $ | 34 | 0.30 | % | 94 | 0.33 | % | 103 | 0.30 | % | |||||||||||||||||||||||||||||||
Jr. subordinated debt | Expense | $ | 48 | 0.86 | % | $ | 48 | 0.88 | % | $ | 47 | 0.87 | % | $ | 46 | 0.84 | % | $ | 46 | 0.84 | % | 143 | 0.87 | % | 136 | 0.83 | % | |||||||||||||||||||||||||||||||
Net interest income from fair value marks | $ | 385 | $ | 917 | $ | 515 | $ | 918 | $ | 800 | $ | 1,817 | $ | 2,789 | ||||||||||||||||||||||||||||||||||||||||||||
Purchase accounting effect on tax-equivalent margin | 0.03 | % | 0.08 | % | 0.05 | % | 0.08 | % | 0.07 | % | 0.05 | % | 0.08 | % | ||||||||||||||||||||||||||||||||||||||||||||
* 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bryn Mawr Bank Corporation | |||||||||||||||||||||||||||
Appendix - Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Performance Measures (unaudited) | |||||||||||||||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||||||||||
Statement on Non-GAAP Measures: The Corporation believes the presentation of the following non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of the results of operations and financial condition of the Corporation. Management uses non-GAAP financial measures in its analysis of the Corporation’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. | |||||||||||||||||||||||||||
As of or For the Three Months Ended | As of or For the Nine Months Ended | ||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||
Reconciliation of Net Income to Net Income (core): | |||||||||||||||||||||||||||
Net income attributable to BMBC (a GAAP measure) | $ | 18,382 | $ | 21,342 | $ | 17,083 | $ | 15,537 | $ | 13,164 | $ | 56,807 | $ | 17,036 | |||||||||||||
Less: Tax-effected non-core noninterest income: | |||||||||||||||||||||||||||
Gain on sale of PPP loans | - | - | - | - | - | - | (1,905 | ) | |||||||||||||||||||
BMT Investment Advisers wind-down costs | - | - | - | - | - | - | 1,744 | ||||||||||||||||||||
Gain on sale of building | - | - | - | (1,813 | ) | - | - | - | |||||||||||||||||||
Gain on sale of investment securities available for sale | (404 | ) | - | - | - | - | (404 | ) | - | ||||||||||||||||||
Add: Tax-effected non-core noninterest expense items: | |||||||||||||||||||||||||||
Due diligence, merger-related and merger integration expenses | 30 | 257 | 1,624 | - | - | 1,911 | - | ||||||||||||||||||||
BMT Investment Advisers wind-down costs | - | - | - | - | - | - | 100 | ||||||||||||||||||||
Severance associated with staff reduction | - | - | - | - | - | - | 425 | ||||||||||||||||||||
Gain on early lease termination | - | - | - | (107 | ) | - | - | - | |||||||||||||||||||
Impairment of long-lived assets | - | - | - | 1,268 | - | - | - | ||||||||||||||||||||
Disposal expense of premises and equipment | - | - | - | 633 | - | - | - | ||||||||||||||||||||
Net income (core) (a non-GAAP measure) | $ | 18,008 | $ | 21,599 | $ | 18,707 | $ | 15,518 | $ | 13,164 | $ | 58,314 | $ | 17,400 | |||||||||||||
Calculation of Basic and Diluted Earnings per Common Share (core): | |||||||||||||||||||||||||||
Weighted average common shares outstanding | 19,891,618 | 19,878,981 | 19,907,873 | 19,958,567 | 19,945,634 | 19,892,764 | 19,975,069 | ||||||||||||||||||||
Dilutive common shares | 170,400 | 171,838 | 142,863 | 69,091 | 75,983 | 163,651 | 87,039 | ||||||||||||||||||||
Weighted average diluted shares | 20,062,018 | 20,050,819 | 20,050,736 | 20,027,658 | 20,021,617 | 20,056,415 | 20,062,108 | ||||||||||||||||||||
Basic earnings per common share (core) (a non-GAAP measure) | $ | 0.91 | $ | 1.09 | $ | 0.94 | $ | 0.78 | $ | 0.66 | $ | 2.93 | $ | 0.87 | |||||||||||||
Diluted earnings per common share (core) (a non-GAAP measure) | $ | 0.90 | $ | 1.08 | $ | 0.93 | $ | 0.77 | $ | 0.66 | $ | 2.91 | $ | 0.87 | |||||||||||||
Calculation of Return on Average Tangible Equity: | |||||||||||||||||||||||||||
Net income attributable to BMBC (a GAAP measure) | $ | 18,382 | $ | 21,342 | $ | 17,083 | $ | 15,537 | $ | 13,164 | $ | 56,807 | $ | 17,036 | |||||||||||||
Add: Tax-effected amortization and impairment of intangible assets | 660 | 660 | 662 | 687 | 687 | 1,981 | 2,131 | ||||||||||||||||||||
Net tangible income (numerator) | $ | 19,042 | $ | 22,002 | $ | 17,745 | $ | 16,224 | $ | 13,851 | $ | 58,788 | $ | 19,167 | |||||||||||||
Average shareholders' equity | $ | 652,724 | $ | 632,070 | $ | 624,990 | $ | 617,258 | $ | 609,193 | $ | 636,696 | $ | 608,259 | |||||||||||||
Less: Average Noncontrolling interest | 783 | 777 | 770 | 769 | 739 | 777 | 710 | ||||||||||||||||||||
Less: Average goodwill and intangible assets | (197,525 | ) | (198,356 | ) | (199,208 | ) | (200,060 | ) | (200,931 | ) | (198,357 | ) | (201,835 | ) | |||||||||||||
Net average tangible equity (denominator) | $ | 455,982 | $ | 434,491 | $ | 426,552 | $ | 417,967 | $ | 409,001 | $ | 439,116 | $ | 407,134 | |||||||||||||
Return on tangible equity (a non-GAAP measure) | 16.57 | % | 20.31 | % | 16.87 | % | 15.44 | % | 13.47 | % | 17.90 | % | 6.29 | % | |||||||||||||
Calculation of Return on Average Tangible Equity (core): | |||||||||||||||||||||||||||
Net income (core) (a non-GAAP measure) | $ | 18,008 | $ | 21,599 | $ | 18,707 | $ | 15,518 | $ | 13,164 | $ | 58,314 | $ | 17,400 | |||||||||||||
Add: Tax-effected amortization and impairment of intangible assets | 660 | 660 | 662 | 687 | 687 | 1,981 | 2,131 | ||||||||||||||||||||
Net tangible income (core) (numerator) | $ | 18,668 | $ | 22,259 | $ | 19,369 | $ | 16,205 | $ | 13,851 | $ | 60,295 | $ | 19,531 | |||||||||||||
Average shareholders' equity | $ | 652,724 | $ | 632,070 | $ | 624,990 | $ | 617,258 | $ | 609,193 | $ | 636,696 | $ | 608,259 | |||||||||||||
Less: Average Noncontrolling interest | 783 | 777 | 770 | 769 | 739 | 777 | 710 | ||||||||||||||||||||
Less: Average goodwill and intangible assets | (197,525 | ) | (198,356 | ) | (199,208 | ) | (200,060 | ) | (200,931 | ) | (198,357 | ) | (201,835 | ) | |||||||||||||
Net average tangible equity (denominator) | $ | 455,982 | $ | 434,491 | $ | 426,552 | $ | 417,967 | $ | 409,001 | $ | 439,116 | $ | 407,134 | |||||||||||||
Return on tangible equity (core) (a non-GAAP measure) | 16.24 | % | 20.55 | % | 18.42 | % | 15.42 | % | 13.47 | % | 18.36 | % | 6.41 | % | |||||||||||||
Calculation of Tangible Equity Ratio (BMBC): | |||||||||||||||||||||||||||
Total shareholders' equity | $ | 654,755 | $ | 644,012 | $ | 623,096 | $ | 622,322 | $ | 612,617 | |||||||||||||||||
Less: Noncontrolling interest | 905 | 781 | 770 | 770 | 767 | ||||||||||||||||||||||
Less: Goodwill and intangible assets | (197,068 | ) | (197,903 | ) | (198,738 | ) | (199,576 | ) | (200,445 | ) | |||||||||||||||||
Net tangible equity (numerator) | $ | 458,592 | $ | 446,890 | $ | 425,128 | $ | 423,516 | $ | 412,939 | |||||||||||||||||
Total assets | $ | 4,879,079 | $ | 4,958,700 | $ | 4,914,508 | $ | 5,432,022 | $ | 5,046,939 | |||||||||||||||||
Less: Goodwill and intangible assets | (197,068 | ) | (197,903 | ) | (198,738 | ) | (199,576 | ) | (200,445 | ) | |||||||||||||||||
Tangible assets (denominator) | $ | 4,682,011 | $ | 4,760,797 | $ | 4,715,770 | $ | 5,232,446 | $ | 4,846,494 | |||||||||||||||||
Tangible equity ratio (BMBC)(1) | 9.79 | % | 9.39 | % | 9.02 | % | 8.09 | % | 8.52 | % | |||||||||||||||||
Calculation of Tangible Equity Ratio (BMTC): | |||||||||||||||||||||||||||
Total shareholders' equity | $ | 683,682 | $ | 667,405 | $ | 641,034 | $ | 630,880 | $ | 653,317 | |||||||||||||||||
Less: Noncontrolling interest | 905 | 781 | 770 | 770 | 767 | ||||||||||||||||||||||
Less: Goodwill and intangible assets | (196,823 | ) | (197,657 | ) | (198,492 | ) | (199,330 | ) | (200,200 | ) | |||||||||||||||||
Net tangible equity (numerator) | $ | 487,764 | $ | 470,529 | $ | 443,312 | $ | 432,320 | $ | 453,499 | |||||||||||||||||
Total assets | $ | 4,875,979 | $ | 4,954,878 | $ | 4,911,259 | $ | 5,428,909 | $ | 5,043,099 | |||||||||||||||||
Less: Goodwill and intangible assets | (196,823 | ) | (197,657 | ) | (198,492 | ) | (199,330 | ) | (200,200 | ) | |||||||||||||||||
Tangible assets (denominator) | $ | 4,679,156 | $ | 4,757,221 | $ | 4,712,767 | $ | 5,229,579 | $ | 4,842,899 | |||||||||||||||||
Tangible equity ratio (BMTC)(1) | 10.42 | % | 9.89 | % | 9.41 | % | 8.27 | % | 9.36 | % | |||||||||||||||||
Calculation of tangible book value per common share: | |||||||||||||||||||||||||||
Total shareholders' equity | $ | 654,755 | $ | 644,012 | $ | 623,096 | $ | 622,322 | $ | 612,617 | |||||||||||||||||
Less: Noncontrolling interest | 905 | 781 | 770 | 770 | 767 | ||||||||||||||||||||||
Less: Goodwill and intangible assets | (197,068 | ) | (197,903 | ) | (198,738 | ) | (199,576 | ) | (200,445 | ) | |||||||||||||||||
Net tangible equity (numerator) | $ | 458,592 | $ | 446,890 | $ | 425,128 | $ | 423,516 | $ | 412,939 | |||||||||||||||||
Shares outstanding, end of period (denominator) | 19,900,823 | 19,877,892 | 19,878,993 | 19,960,294 | 19,958,186 | ||||||||||||||||||||||
Tangible book value per common share (a non-GAAP measure) | $ | 23.04 | $ | 22.48 | $ | 21.39 | $ | 21.22 | $ | 20.69 | |||||||||||||||||
Calculation of price / tangible book value: | |||||||||||||||||||||||||||
Closing share price | $ | 45.95 | $ | 42.19 | $ | 45.51 | $ | 30.60 | $ | 24.87 | |||||||||||||||||
Tangible book value per common share | $ | 23.04 | $ | 22.48 | $ | 21.39 | $ | 21.22 | $ | 20.69 | |||||||||||||||||
Price / tangible book value (a non-GAAP measure) | 199.44 | % | 187.68 | % | 212.76 | % | 144.20 | % | 120.20 | % | |||||||||||||||||
Calculation of Return on Average Assets (core) | |||||||||||||||||||||||||||
Return on average assets (GAAP) | 1.49 | % | 1.73 | % | 1.39 | % | 1.21 | % | 1.02 | % | 1.54 | % | 0.45 | % | |||||||||||||
Effect of adjustment to GAAP net income to core net income | (0.03 | )% | 0.02 | % | 0.14 | % | (0.01 | )% | 0.00 | % | 0.04 | % | 0.01 | % | |||||||||||||
Return on average assets (core) | 1.46 | % | 1.75 | % | 1.53 | % | 1.20 | % | 1.02 | % | 1.58 | % | 0.46 | % | |||||||||||||
Calculation of Return on Average Equity (core) | |||||||||||||||||||||||||||
Return on average equity (GAAP) | 11.17 | % | 13.54 | % | 11.09 | % | 10.01 | % | 8.60 | % | 11.93 | % | 3.74 | % | |||||||||||||
Effect of adjustment to GAAP net income to core net income | (0.22 | )% | 0.17 | % | 1.05 | % | (0.01 | )% | 0.00 | % | 0.32 | % | 0.08 | % | |||||||||||||
Return on average equity (core) | 10.95 | % | 13.71 | % | 12.14 | % | 10.00 | % | 8.60 | % | 12.25 | % | 3.82 | % | |||||||||||||
Calculation of Tax-equivalent net interest margin adjusting for the impact of purchase accounting: | |||||||||||||||||||||||||||
Tax-equivalent net interest margin | 3.15 | % | 3.17 | % | 3.16 | % | 3.04 | % | 3.03 | % | 3.16 | % | 3.21 | % | |||||||||||||
Effect of fair value marks | 0.03 | % | 0.08 | % | 0.05 | % | 0.08 | % | 0.07 | % | 0.05 | % | 0.08 | % | |||||||||||||
Tax-equivalent net interest margin adjusting for the impact of purchase accounting | 3.12 | % | 3.09 | % | 3.11 | % | 2.96 | % | 2.96 | % | 3.11 | % | 3.13 | % | |||||||||||||
(1) 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. | |||||||||||||||||||||||||||
Calculation of Tax-equivalent net interest income adjusting for the impact of purchase accounting: | |||||||||||||||||||||||||||
Tax-equivalent net interest income | $ | 34,979 | $ | 35,334 | $ | 34,880 | $ | 35,142 | $ | 35,139 | $ | 105,193 | $ | 109,057 | |||||||||||||
Effect of fair value marks | 385 | 917 | 515 | 918 | 800 | 1,817 | 2,789 | ||||||||||||||||||||
Tax-equivalent net interest income adjusting for the impact of purchase accounting | $ | 34,594 | $ | 34,417 | $ | 34,365 | $ | 34,224 | $ | 34,339 | $ | 103,376 | $ | 106,268 | |||||||||||||
Calculation of Efficiency Ratio*: | |||||||||||||||||||||||||||
Noninterest expense | $ | 36,840 | $ | 35,467 | $ | 37,703 | $ | 38,624 | $ | 35,197 | $ | 110,010 | $ | 104,103 | |||||||||||||
Less: certain noninterest expense items: | |||||||||||||||||||||||||||
Amortization of intangibles | (835 | ) | (835 | ) | (838 | ) | (869 | ) | (870 | ) | (2,508 | ) | (2,698 | ) | |||||||||||||
Due diligence, merger-related and merger integration expenses | (18 | ) | (266 | ) | (1,646 | ) | - | - | (1,930 | ) | - | ||||||||||||||||
BMT Investment Advisers, Inc. wind-down costs | - | - | - | - | - | - | (127 | ) | |||||||||||||||||||
Severance associated with staff reduction | - | - | - | - | - | - | (538 | ) | |||||||||||||||||||
Gain on early lease termination | - | - | - | 135 | - | - | - | ||||||||||||||||||||
Impairment of long-lived assets | - | - | - | (1,605 | ) | - | - | - | |||||||||||||||||||
Disposal expense of premises and equipment | - | - | - | (801 | ) | - | - | - | |||||||||||||||||||
Noninterest expense (adjusted) (numerator) | $ | 35,987 | $ | 34,366 | $ | 35,219 | $ | 35,484 | $ | 34,327 | $ | 105,572 | $ | 100,740 | |||||||||||||
Noninterest income | $ | 22,587 | $ | 20,966 | $ | 19,841 | $ | 22,006 | $ | 21,099 | $ | 63,394 | $ | 59,965 | |||||||||||||
Less: non-core noninterest income items: | |||||||||||||||||||||||||||
Gain on sale of PPP loans | - | - | - | - | - | - | (2,411 | ) | |||||||||||||||||||
BMT Investment Advisers, Inc. wind-down costs | - | - | - | - | - | - | 2,207 | ||||||||||||||||||||
Gain on sale of building | - | - | - | (2,295 | ) | - | - | - | |||||||||||||||||||
Gain on sale of investment securities available for sale | (512 | ) | - | - | - | - | (512 | ) | - | ||||||||||||||||||
Noninterest income (core) | $ | 22,075 | $ | 20,966 | $ | 19,841 | $ | 19,711 | $ | 21,099 | $ | 62,882 | $ | 59,761 | |||||||||||||
Net interest income | 34,887 | 35,239 | 34,781 | 35,037 | 35,032 | 104,907 | 108,750 | ||||||||||||||||||||
Noninterest income (core) and net interest income (denominator) | $ | 56,962 | $ | 56,205 | $ | 54,622 | $ | 54,748 | $ | 56,131 | $ | 167,789 | $ | 168,511 | |||||||||||||
Efficiency ratio | 63.18 | % | 61.14 | % | 64.48 | % | 64.81 | % | 61.16 | % | 62.92 | % | 59.78 | % | |||||||||||||
* In calculating the Corporation's efficiency ratio, which is used by Management to identify the cost of generating each dollar of core revenue, certain non-core income and expense items as well as the amortization of intangible assets, are excluded. | |||||||||||||||||||||||||||
Supplemental Loan and ACL on Loans and Leases Information Used to Calculate Non-GAAP Measures | |||||||||||||||||||||||||||
Total ACL on loans and leases | $ | 36,546 | $ | 39,163 | $ | 47,562 | $ | 53,709 | $ | 56,428 | |||||||||||||||||
Less: ACL on acquired loans and leases | 1,328 | 1,573 | 2,277 | 2,926 | 3,460 | ||||||||||||||||||||||
ACL on originated loans and leases | $ | 35,218 | $ | 37,590 | $ | 45,285 | $ | 50,783 | $ | 52,968 | |||||||||||||||||
Total ACL on loans and leases | $ | 36,546 | $ | 39,163 | $ | 47,562 | $ | 53,709 | $ | 56,428 | |||||||||||||||||
Loan mark on acquired loans and leases | 4,354 | 4,779 | 5,736 | 6,288 | 7,235 | ||||||||||||||||||||||
Total ACL on loans and leases + Loan mark | $ | 40,900 | $ | 43,942 | $ | 53,298 | $ | 59,997 | $ | 63,663 | |||||||||||||||||
Total Portfolio loans and leases | $ | 3,617,915 | $ | 3,617,411 | $ | 3,633,235 | $ | 3,628,411 | $ | 3,676,684 | |||||||||||||||||
Less: Originated loans and leases | 3,431,903 | 3,414,256 | 3,405,128 | 3,380,727 | 3,396,068 | ||||||||||||||||||||||
Net acquired loans | $ | 186,012 | $ | 203,155 | $ | 228,107 | $ | 247,684 | $ | 280,616 | |||||||||||||||||
Add: Loan mark on acquired loans | 4,354 | 4,779 | 5,736 | 6,288 | 7,235 | ||||||||||||||||||||||
Gross acquired loans (excludes loan mark) | $ | 190,366 | $ | 207,934 | $ | 233,843 | $ | 253,972 | $ | 287,851 | |||||||||||||||||
Originated loans and leases | 3,431,903 | 3,414,256 | 3,405,128 | 3,380,727 | 3,396,068 | ||||||||||||||||||||||
Total Gross portfolio loans and leases | $ | 3,622,269 | $ | 3,622,190 | $ | 3,638,971 | $ | 3,634,699 | $ | 3,683,919 |
1 Year Bryn Mawr Bank Chart |
1 Month Bryn Mawr Bank Chart |
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