BRYN MAWR, Pa., Jan. 21, 2016 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (NASDAQ:BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported a net loss of $6.4 million and diluted earnings per share of ($0.37) for the three months ended December 31, 2015, as compared to net income of $7.0 million and diluted earnings per share of $0.51 for the same period in 2014.
On a non-GAAP basis, core net income, which excludes net gain on sale of available for sale investment securities, the effects of the previously announced pension plan termination at December 31, 2015, severance expense, branch lease termination penalties, debt prepayment and swap termination penalties, impairment of favorable lease intangible asset, and due diligence, merger-related and merger integration expenses, was $7.5 million, or $0.44 per diluted share, for the fourth quarter of 2015 as compared to $7.4 million, or $0.53 per diluted share, for the same period in 2014. Management believes these non-GAAP measures are important in evaluating the Corporation’s performance on a more comparative basis between periods. A reconciliation of the non-GAAP to GAAP performance measures is included in the schedules accompanying this earnings release.
“2015 was truly a transitional year for the Corporation,” commented Frank Leto, President and Chief Executive Officer, continuing, “With our acquisition of Continental Bank, the successes of several of our strategic initiatives, numerous infrastructure and systems improvements, and the bank-wide management and staffing reorganization which was effectuated during the year, we are poised to face 2016 with a more efficient and effective organization.” Mr. Leto continued, “Our decision to terminate the corporate pension plan will eliminate the earnings volatility associated with this defined-benefit program. Our Wealth Management division continues to grow and diversify, increasing assets under management by 8.6% during 2015. While a portion of this growth is subject to fixed fees, the remainder is well positioned to benefit from improvements in the equity markets. In addition, the steady loan growth we experienced during the quarter is encouraging, as well as the consistent performance of our non-interest revenue sources, which contribute significantly to our bottom line.”
On January 21, 2016, the Board of Directors of the Corporation declared a quarterly dividend of $0.20 per share, payable March 1, 2016 to shareholders of record as of February 2, 2016.
SIGNIFICANT ITEMS OF NOTE
Results of Operations – 4th Quarter 2015 Compared to 4th Quarter 2014
- A net loss of $6.7 million for the three months ended December 31, 2015 was driven by the $17.4 million pre-tax loss on the termination of the pension plan. Net income for the same period in 2014 was $7.0 million.
- Net interest income for the three months ended December 31, 2015 was $25.4 million, an increase of $5.9 million, or 30.5%, from $19.5 million for the same period in 2014. The increase in net interest income between the periods was related to the interest income generated by the $424.2 million of loans acquired in the January 1, 2015 merger with Continental Bank Holdings, Inc. (“CBHI” and the “Merger”) as well as organic loan growth that occurred during the year. Average loans for the three months ended December 31, 2015 increased by $592.5 million from the same period in 2014. The increase in interest income from loan growth was partially offset by an increase in interest expense on interest-bearing deposits as well as the additional interest expense associated with the $30 million of subordinated notes issued in the third quarter of 2015. Average interest-bearing deposits for the three months ended December 31, 2015 increased by $405.2 million as compared to the same period in 2014, largely related to the deposits acquired in the Merger.
- The tax-equivalent net interest margin of 3.77% for the three months ended December 31, 2015 was a 7 basis point decrease from 3.84% for the same period in 2014. The decrease was largely the result of the 17 basis point decline in tax-equivalent yield on loans, accompanied by a $592.5 million increase in average loan balances. The decline in yield on loans was primarily related to the lower yields earned on the loans originated during the low-interest rate climate throughout the year. In addition, average interest-bearing deposits, which increased by $405.2 million, included a 1 basis point increase in the tax-equivalent rate paid. The contribution of fair value mark accretion to the tax equivalent net interest margin accounted for 13 basis points of the margin for the fourth quarter of 2015 as compared to 11 basis points for the same period in 2014.
- Non-interest income for the three months ended December 31, 2015 increased $785 thousand as compared to the same period in 2014. Contributing to this increase was a $774 thousand increase in other operating income which included a $130 thousand increase in bank owned life insurance (“BOLI”) income, a $130 thousand increase in value of trading securities and a $319 thousand increase in income related to the full payoff of a purchased credit-impaired loan acquired in the Merger. In addition to the $12.1 million of BOLI acquired in the Merger, the Corporation also purchased $5.0 million of BOLI in the third quarter of 2015. Supplementing the increase in other operating income, a $280 thousand increase in net gain on sale of loans and a $119 thousand increase in dividends on Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stock, partially offset by a $268 thousand decrease in fees for wealth management services, contributed to the increase in non-interest income. Although wealth assets increased from December 31, 2014 by $664.9 million, the composition of the portfolio has shifted to lower yielding products.
- Non-interest expense for the three months ended December 31, 2015 increased $25.0 million, to $47.0 million, as compared to $21.9 million for the same period in 2014. The termination on December 31, 2015, of the corporate pension plan resulted in a pre-tax loss of $17.4 million, as tax-effected losses previously recorded in other comprehensive income were recognized through the income statement. In addition, the closure of the former headquarters of Continental Bank resulted in lease termination penalties totaling $929 thousand, and required a $387 thousand impairment of a favorable lease intangible asset which had been recorded in connection with the headquarters location. Due diligence, merger-related and merger integration expenses increased by $903 thousand for the fourth quarter of 2015 as compared to the same period in 2014, as the conversion of the Continental Bank core system was completed in October 2015. Due diligence, merger-related and merger integration expenses include consultant costs, investment banker fees, contract breakage fees, retention bonuses for both retained and severed employees, as well as salary and wages for redundant staffing involved in the integration of the two institutions. Increases of $2.3 million, $368 thousand and $666 thousand, in salary and wages, employee benefits and occupancy expenses, respectively, much of which was related to the addition of the Continental Bank staff and offices, also contributed to the year-over-year increase. In addition to the salary and wage increases caused by staffing increases, the Corporation incurred severance costs of $218 thousand in connection with a management and staffing reorganization. Lastly, during the fourth quarter, the Corporation elected to unwind a $15 million forward interest rate swap which had been entered into in 2012 and was scheduled to become effective on November 30, 2015. The decision to unwind the swap, which was originally entered into in order to hedge an adjustable rate FHLB borrowing, was related to changes in the balance sheet over the interim period and the interest rate risk profile of the Corporation. The breakage fee to exit the swap was $611 thousand.
- Nonperforming loans and leases totaled $9.8 million as of December 31, 2015, representing 0.43% of total portfolio loans and leases, as compared to $10.1 million, or 0.61% of total portfolio loans and leases as of December 31, 2014. For the three months ended December 31, 2015, the Corporation recorded net loan and lease charge-offs of $1.9 million, as compared to $697 thousand for the same period in 2014. The provision for loan and lease losses (the “Provision”) for the three months ended December 31, 2015 was $1.8 million as compared to a release from the allowance for loan and lease losses (the “Allowance”) of $316 thousand for the same period in 2014. The increase in Provision for the fourth quarter of 2015 was largely related to the level of charge-offs recorded during the quarter. Several of these charge-offs resulted from the receipt of new appraisals on certain non-performing loans deemed to be collateral-dependent, as well as the determination that certain loans previously expected to improve were not improving to the level Management had expected and therefore required partial write-downs.
Results of Operations – 4th Quarter 2015 Compared to 3rd Quarter 2015
- A net loss of $6.7 million for the three months ended December 31, 2015 was recorded, as compared to net income of $7.5 million for the three months ended September 30, 2015, a decrease of $14.2 million. As discussed previously, the loss was driven by the pre-tax loss of $17.4 million dollars on the pension plan termination.
- Net interest income for the three months ended December 31, 2015 was $25.4 million, an increase of $596 thousand from $24.8 million for the three months ended September 30, 2015. The increase in net interest income between the periods was related to a $460 thousand increase in interest on loans and a $321 thousand increase in interest on available for sale investment securities. Partially offsetting these increases was a $139 thousand increase in interest expense on subordinated notes, related to the $30 million of 4.75% subordinated notes issued in August 2015. The increase in interest earned on loans, whose average balance increased by $56.1 million from the third quarter of 2015 to the fourth quarter of 2015, was the result of strong loan growth in the third and fourth quarters of 2015. Portfolio loans increased by 5.4% from June 30, 2015 to December 31, 2015.
- The tax-equivalent net interest margin of 3.77% for the three months ended December 31, 2015 increased 12 basis points from 3.65% in the third quarter of 2015. Average loans for the fourth quarter of 2015 increased by $56.1 million, from the third quarter of 2015, with an average tax-equivalent yield of 4.62%. In addition, during the fourth quarter of 2015, the tax-equivalent yield earned on available for sale investment securities increased by 37 basis points. A portion of the increase was related to an available for sale mortgage-backed security which prepaid and resulted in a $112 thousand prepayment premium. The contribution of fair value mark accretion to the tax equivalent net interest margin accounted for 13 basis points of the margin for the fourth quarter of 2015 as compared to 15 basis points for the third quarter of 2015.
- Non-interest income for the three months ended December 31, 2015 increased $318 thousand from the third quarter of 2015. The increase was related to a $325 thousand increase in other operating income, a $192 thousand increase in dividends on FRB and FHLB stocks, a $105 thousand increase in loan servicing fees and a $66 thousand increase in gain on loan sales. The $325 thousand increase in other operating income was primarily related to $319 thousand of income recorded in connection with the full payoff of a purchased credit-impaired loan acquired in the Merger. Partially offsetting these increases were decreases of $199 thousand and $223 thousand in wealth management fees and insurance revenues. Wealth assets, which increased $146.5 million from September 30, 2015 to December 31, 2015, experienced a significant portion of their growth toward the end of the fourth quarter and therefore the revenue effect was not realized during the quarter. The decrease in insurance income is related to the timing of policy renewals throughout the year.
- Non-interest expense for the three months ended December 31, 2015 increased $21.5 million, to $47.0 million, as compared to $25.4 million for the third quarter of 2015. The increase was largely the result the one-time loss recorded on the pension plan termination, as well as an increase in severance expense, a lease termination fee, swap breakage penalty, the impairment of a favorable lease intangible asset, and an increase in due diligence, merger-related and merger integration expenses, all of which are discussed in the year-over-year comparison above.
- For the three months ended December 31, 2015, the Corporation recorded net loan and lease charge-offs of $1.9 million, as compared to $224 thousand for the third quarter of 2015. The Provision for the three months ended December 31, 2015 was $1.8 million, as compared to $1.2 million for the third quarter of 2015.
Financial Condition – December 31, 2015 Compared to December 31, 2014
- Total portfolio loans and leases of $2.27 billion as of December 31, 2015 increased by $616.7 million from December 31, 2014. In addition to the $424.2 million of portfolio loans acquired in the Merger, strong organic loan growth of a net $192.5 million occurred during the twelve months ended December 31, 2015.
- The Allowance, as of December 31, 2015, was $15.9 million, or 0.70% of portfolio loans as compared to $14.6 million, or 0.88% of portfolio loans and leases, as of December 31, 2014. The decrease in Allowance as a percentage of portfolio loans and leases was primarily the result of the increase in the balance of portfolio loans from the Merger. Loans acquired in the Merger were marked to their fair value at acquisition, and, as such, no additional Allowance was recorded for the acquired loan portfolio, in accordance with GAAP. In order to take this into account when evaluating the adequacy of the Allowance, in addition to other factors, management considers two non-GAAP measures: the Allowance as a percentage of originated loans and leases, which was 0.84% as of December 31, 2015 as compared to 0.94% as of December 31, 2014, and the Allowance plus the remaining loan mark, as a percentage of gross loans, which was 1.44% as of December 31, 2015, as compared to 1.27% as of December 31, 2014. The 10 basis point decrease in Allowance as a percentage of originated loans for the twelve months ended December 31, 2015 is a reflection of the overall improvement of the qualitative and quantitative factors affecting the estimate of incurred losses present in the loan and lease portfolio as of December 31, 2015.
- Available for sale investment securities as of December 31, 2015 were $349.0 million, an increase of $119.4 million from December 31, 2014. In connection with the Merger, the Corporation acquired $181.8 million of available for sale investment securities. During the first quarter of 2015, the Corporation sold $63.2 million of these acquired available for sale investment securities in order to shorten the overall duration of the investment portfolio. Proceeds from the sale of available for sale investment securities along with excess cash were used to pay down $94.5 million of short-term FHLB advances assumed from CBHI, which matured shortly after the Merger was completed, as well as to prepay $19.5 million of long-term FHLB advances which had also been assumed in the Merger.
- Total assets as of December 31, 2015 were $3.03 billion, an increase of $784.5 million from December 31, 2014. The Merger accounted for an initial increase in total assets of $742.6 million. Excluding the assets initially acquired in the Merger, portfolio loans and leases increased by $192.5 million, available for sale investment securities decreased by $62.4 million, and FHLB stock decreased by $3.6 million.
- Wealth assets under management, administration, supervision and brokerage totaled $8.36 billion as of December 31, 2015, an increase of $664.9 million from December 31, 2014. The increase in wealth assets was primarily related to the success of strategic initiatives within the division, as well as the synergies which have developed between the Commercial Lending group and the Wealth division.
- Deposits of $2.25 billion as of December 31, 2015 increased $564.7 million from December 31, 2014. The Merger accounted for an initial increase of $481.7 million of deposits, which included $93.9 million of non-interest-bearing deposits. As of December 31, 2015, non-interest-bearing deposits comprised 27.8% of total deposits as compared to 26.5% as of December 31, 2014.
- The capital ratios for the Bank and the Corporation, as of December 31, 2015, as shown in the attached tables, indicate levels well above the regulatory minimum to be considered “well capitalized.” The Bank’s and the Corporation’s capital ratios have decreased from the levels present at December 31, 2014, largely as a result of the pension termination, whose previously unrealized loss had been excluded from the capital ratio calculations, as well as the effect of share repurchases during the third and fourth quarters of 2015. In addition, during the fourth quarter of 2015, for purposes of improving the liquidity of the Corporation, the Bank issued a $30 million dividend to the Corporation, further reducing the capital ratios at the Bank level. These decreases in capital were partially offset at both the Bank and Corporation levels as a result of the shares issued in the Merger.
EARNINGS CONFERENCE CALL
The Corporation will hold an earnings conference call at 8:30 a.m. Eastern Time on Friday, January 22, 2016. Interested parties may participate by dialing (toll-free) 1-877-504-8812 (international (toll) 1-412-902-6656). A recorded replay of the conference call will be available one hour after the conclusion of the call and will remain available through February 5, 2016. The recorded replay may be accessed by dialing (toll-free) 1-877-344-7529 (international (toll) 1-412-317-0088) and the conference number is 10077462.
The conference call will be simultaneously broadcast live over the Internet through a webcast on the investor relations portion of the Bryn Mawr Bank Corporation’s website. To access the call, please visit the website at http://services.choruscall.com/links/bmtc160122. An online archive of the webcast will be available within one hour of the conclusion of the call. The Corporation has also recently expanded its Investor Relations website to include added resources and information for shareholders and interested investors. Interested parties are encouraged to utilize the expanded resources of the site for more information on Bryn Mawr Bank Corporation.
FORWARD LOOKING STATEMENTS AND SAFE HARBOR
This press release contains statements which, to the extent that they are not recitations of historical fact may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Such forward-looking statements may include financial and other projections as well as statements regarding the Corporation’s future plans, objectives, performance, revenues, growth, profits, operating expenses or the Corporation’s underlying assumptions. The words “may,” “would,” “should,” “could,” “will,” “likely,” “possibly,” “expect,” “anticipate,” “intend,” “estimate,” “target,” “potentially,” “probably,” “outlook,” “predict,” “contemplate,” “continue,” “plan,” “forecast,” “project,” “are optimistic,” “are looking,” “are looking forward” and “believe” or other similar words and phrases may identify forward-looking statements. Persons reading this press release are cautioned that such statements are only predictions, and that the Corporation’s actual future results or performance may be materially different.
Such forward-looking statements involve known and unknown risks and uncertainties. A number of factors, many of which are beyond the Corporation's control, could cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments expressed, implied or anticipated by such forward-looking statements, and so our business and financial condition and results of operations could be materially and adversely affected. Such factors include, among others, that the integration of CBHI’s business with the Corporation may take longer than anticipated or be more costly to complete and that the anticipated benefits, including any anticipated cost savings or strategic gains may be significantly harder to achieve or take longer than anticipated or may not be achieved, our need for capital, our ability to control operating costs and expenses, and to manage loan and lease delinquency rates; the credit risks of lending activities and overall quality of the composition of our loan, lease and securities portfolio; the impact of economic conditions, consumer and business spending habits, and real estate market conditions on our business and in our market area; changes in the levels of general interest rates, deposit interest rates, or net interest margin and funding sources; changes in banking regulations and policies and the possibility that any banking agency approvals we might require for certain activities will not be obtained in a timely manner or at all or will be conditioned in a manner that would impair our ability to implement our business plans; changes in accounting policies and practices; the inability of key third-party providers to perform their obligations to us; our ability to attract and retain key personnel; competition in our marketplace; war or terrorist activities; material differences in the actual financial results, cost savings and revenue enhancements associated with our acquisitions; and other factors as described in our securities filings. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. The Corporation does not undertake to update forward-looking statements.
For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, as updated by our quarterly or other reports subsequently filed with the SEC.
| Bryn Mawr Bank Corporation | ||||||||||||||||||||
| Consolidated Statements of Income - (unaudited) | ||||||||||||||||||||
| (dollars in thousands, except per share data) | ||||||||||||||||||||
| For The Three Months Ended | ||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
| 2015 | 2015 | 2015 | 2015 | 2014 | ||||||||||||||||
| Interest and fees on loans and leases | $ | 26,080 | $ | 25,620 | $ | 25,568 | $ | 25,164 | $ | 19,913 | ||||||||||
| Interest on cash and cash equivalents | 63 | 107 | 124 | 115 | 66 | |||||||||||||||
| Interest on investment securities: | ||||||||||||||||||||
| Taxable | 1,402 | 1,135 | 1,161 | 1,320 | 891 | |||||||||||||||
| Non-taxable | 131 | 125 | 106 | 135 | 95 | |||||||||||||||
| Dividends | 90 | 42 | 34 | 20 | 90 | |||||||||||||||
| Total interest income | 27,766 | 27,029 | 26,993 | 26,754 | 21,055 | |||||||||||||||
| Savings, NOW and market rate deposits | 565 | 584 | 575 | 594 | 422 | |||||||||||||||
| Wholesale deposits | 186 | 203 | 195 | 188 | 190 | |||||||||||||||
| Time deposits | 295 | 289 | 292 | 246 | 143 | |||||||||||||||
| Interest on deposits | 1,046 | 1,076 | 1,062 | 1,028 | 755 | |||||||||||||||
| Interest on short-term borrowings | 9 | 8 | 10 | 21 | 4 | |||||||||||||||
| Interest on FHLB advances and other borrowings | 912 | 881 | 851 | 910 | 809 | |||||||||||||||
| Interest on subordinated notes | 370 | 231 | - | - | - | |||||||||||||||
| Total interest expense | 2,337 | 2,196 | 1,923 | 1,959 | 1,568 | |||||||||||||||
| Net interest income | 25,429 | 24,833 | 25,070 | 24,795 | 19,487 | |||||||||||||||
| Provision for loan and lease losses | 1,777 | 1,200 | 850 | 569 | (316 | ) | ||||||||||||||
| Net interest income after provision for loan and lease losses | 23,652 | 23,633 | 24,220 | 24,226 | 19,803 | |||||||||||||||
| Fees for wealth management services | 8,995 | 9,194 | 9,600 | 9,105 | 9,263 | |||||||||||||||
| Service charges on deposits | 742 | 721 | 752 | 712 | 658 | |||||||||||||||
| Loan servicing and other fees | 502 | 397 | 597 | 591 | 450 | |||||||||||||||
| Net gain on sale of loans | 751 | 685 | 778 | 808 | 471 | |||||||||||||||
| Net gain on sale of investment securities available for sale | 58 | 60 | 3 | 810 | 390 | |||||||||||||||
| Net gain on sale of other real estate owned | 33 | - | 75 | 15 | 4 | |||||||||||||||
| Dividends on bank stocks | 330 | 138 | 299 | 615 | 211 | |||||||||||||||
| Insurance revenue | 842 | 1,065 | 817 | 1,021 | 795 | |||||||||||||||
| Other operating income | 1,415 | 1,090 | 1,256 | 1,088 | 641 | |||||||||||||||
| Non-interest income | 13,668 | 13,350 | 14,177 | 14,765 | 12,883 | |||||||||||||||
| Salaries and wages | 11,700 | 10,941 | 11,064 | 10,870 | 9,869 | |||||||||||||||
| Employee benefits | 2,268 | 2,590 | 2,618 | 2,729 | 1,900 | |||||||||||||||
| Loss on pension termination | 17,377 | - | - | - | - | |||||||||||||||
| Occupancy and bank premises | 2,474 | 2,557 | 2,808 | 2,466 | 1,808 | |||||||||||||||
| Branch lease termination expense | 929 | - | - | - | - | |||||||||||||||
| Furniture, fixtures and equipment | 2,129 | 1,712 | 1,488 | 1,512 | 1,358 | |||||||||||||||
| Advertising | 656 | 410 | 479 | 557 | 400 | |||||||||||||||
| Amortization of intangible assets | 937 | 953 | 955 | 982 | 753 | |||||||||||||||
| Impairment of intangible assets | 387 | - | - | - | - | |||||||||||||||
| Due diligence, merger-related and merger integration expenses | 1,860 | 1,015 | 1,294 | 2,501 | 957 | |||||||||||||||
| Professional fees | 1,010 | 843 | 827 | 673 | 809 | |||||||||||||||
| Pennsylvania bank shares tax | (46 | ) | 433 | 433 | 433 | 64 | ||||||||||||||
| Information technology | 874 | 1,053 | 814 | 702 | 747 | |||||||||||||||
| Other operating expenses | 4,396 | 2,896 | 3,202 | 4,004 | 3,267 | |||||||||||||||
| Non-interest expense | 46,951 | 25,403 | 25,982 | 27,429 | 21,932 | |||||||||||||||
| (Loss) income before income taxes | (9,631 | ) | 11,580 | 12,415 | 11,562 | 10,754 | ||||||||||||||
| Income tax (benefit) expense | (3,276 | ) | 4,084 | 4,296 | 4,068 | 3,710 | ||||||||||||||
| Net (loss) income | $ | (6,355 | ) | $ | 7,496 | $ | 8,119 | $ | 7,494 | $ | 7,044 | |||||||||
| Per share data: | ||||||||||||||||||||
| Weighted average shares outstanding | 17,129,234 | 17,572,421 | 17,713,794 | 17,545,802 | 13,646,098 | |||||||||||||||
| Dilutive common shares | - | 261,877 | 340,869 | 357,456 | 296,682 | |||||||||||||||
| Adjusted weighted average diluted shares | 17,129,234 | 17,834,298 | 18,054,663 | 17,903,258 | 13,942,780 | |||||||||||||||
| Basic earnings (loss) per common share | $ | (0.37 | ) | $ | 0.43 | $ | 0.46 | $ | 0.43 | $ | 0.52 | |||||||||
| Diluted earnings (loss) per common share | $ | (0.37 | ) | $ | 0.42 | $ | 0.45 | $ | 0.42 | $ | 0.51 | |||||||||
| Dividend declared per share | $ | 0.20 | $ | 0.20 | $ | 0.19 | $ | 0.19 | $ | 0.19 | ||||||||||
| Effective tax rate | 34.0 | % | 35.3 | % | 34.6 | % | 35.2 | % | 34.5 | % | ||||||||||
| Supplemental Non-GAAP Performance Measures* (Includes Reconciliation of Non-GAAP to GAAP Performance Measures) | ||||||||||||||||||||
| Net (loss) income (a GAAP measure) | $ | (6,355 | ) | $ | 7,496 | $ | 8,119 | $ | 7,494 | $ | 7,044 | |||||||||
| less: tax-effected net gain on sale of available for sale investments | (38 | ) | (39 | ) | (2 | ) | (527 | ) | (254 | ) | ||||||||||
| add: tax-effected** loss on pension termination | 11,295 | - | - | - | - | |||||||||||||||
| add: tax-effected** severance expense (Salaries and wages) | 142 | 124 | - | - | - | |||||||||||||||
| add: tax-effected** branch lease termination expense | 604 | - | - | - | - | |||||||||||||||
| add: tax-effected** debt and swap prepayment penalty (Other operating expenses) | 397 | - | - | 339 | - | |||||||||||||||
| add: tax-effected** impairment of intangible assets | 252 | - | - | - | - | |||||||||||||||
| add: tax-effected** due diligence, merger-related and merger integration expenses | 1,209 | 660 | 841 | 1,626 | 622 | |||||||||||||||
| Net income (core) (a non-GAAP measure) | $ | 7,506 | $ | 8,241 | $ | 8,958 | $ | 8,932 | $ | 7,412 | ||||||||||
| Weighted average shares outstanding | 17,129,234 | 17,572,421 | 17,713,794 | 17,545,802 | 13,646,098 | |||||||||||||||
| Dilutive common shares | 112,783 | 261,877 | 340,869 | 357,456 | 296,682 | |||||||||||||||
| Adjusted weighted average diluted shares | 17,242,017 | 17,834,298 | 18,054,663 | 17,903,258 | 13,942,780 | |||||||||||||||
| Basic earnings per common share (core) (a non-GAAP measure) | $ | 0.44 | $ | 0.47 | $ | 0.51 | $ | 0.51 | $ | 0.54 | ||||||||||
| Diluted earnings per common share (core) (a non-GAAP measure) | $ | 0.44 | $ | 0.46 | $ | 0.50 | $ | 0.50 | $ | 0.53 | ||||||||||
| *The Corporation believes the presentation of the above non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of the results of operations of the Corporation. Management uses these non-GAAP financial measures in its analysis of the Corporation’s performance. This non-GAAP disclosure should not be viewed as a substitute for the financial measures determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies | ||||||||||||||||||||
| ** assumed tax rate of 35% | ||||||||||||||||||||
| Bryn Mawr Bank Corporation | ||||||||||||
| Consolidated Statements of Income - (unaudited) | ||||||||||||
| (dollars in thousands, except per share data) | ||||||||||||
| For The Twelve Months Ended December 31, | ||||||||||||
| 2015 | 2014 | |||||||||||
| Interest and fees on loans and leases | $ | 102,432 | $ | 78,541 | ||||||||
| Interest on cash and cash equivalents | 409 | 193 | ||||||||||
| Interest on investment securities: | ||||||||||||
| Taxable | 5,018 | 3,596 | ||||||||||
| Non-taxable | 497 | 399 | ||||||||||
| Dividends | 186 | 177 | ||||||||||
| Total interest income | $ | 108,542 | $ | 82,906 | ||||||||
| Savings, NOW and market rate deposits | 2,318 | 1,675 | ||||||||||
| Wholesale deposits | 772 | 627 | ||||||||||
| Time deposits | 1,122 | 596 | ||||||||||
| Interest on deposits | 4,212 | 2,898 | ||||||||||
| Interest on short-term borrowings | 48 | 17 | ||||||||||
| Interest on FHLB advances and other borrowings | 3,554 | 3,163 | ||||||||||
| Interest on subordinated notes | 601 | - | ||||||||||
| Total interest expense | 8,415 | 6,078 | ||||||||||
| Net interest income | 100,127 | 76,828 | ||||||||||
| Provision for loan and lease losses | 4,396 | 884 | ||||||||||
| Net interest income after provision for loan and lease losses | 95,731 | 75,944 | ||||||||||
| Fees for wealth management services | 36,894 | 36,774 | ||||||||||
| Service charges on deposits | 2,927 | 2,578 | ||||||||||
| Loan servicing and other fees | 2,087 | 1,755 | ||||||||||
| Net gain on sale of loans | 3,022 | 1,772 | ||||||||||
| Net gain on sale of investment securities available for sale | 931 | 471 | ||||||||||
| Net gain on sale of other real estate owned | 123 | 175 | ||||||||||
| Dividends on bank stocks | 1,382 | 615 | ||||||||||
| Insurance revenue | 3,745 | 1,210 | ||||||||||
| Other operating income | 4,849 | 2,972 | ||||||||||
| Non-interest income | 55,960 | 48,322 | ||||||||||
| Salaries and wages | 44,575 | 37,113 | ||||||||||
| Employee benefits | 10,205 | 7,340 | ||||||||||
| Loss on pension termination | 17,377 | - | ||||||||||
| Occupancy and bank premises | 10,305 | 7,305 | ||||||||||
| Branch lease termination expense | 929 | - | ||||||||||
| Furniture fixtures and equipment | 6,841 | 4,508 | ||||||||||
| Advertising | 2,102 | 1,504 | ||||||||||
| Amortization of intangible assets | 3,827 | 2,659 | ||||||||||
| Impairment of intangible assets | 387 | - | ||||||||||
| Due diligence, merger-related and merger integration expenses | 6,670 | 2,373 | ||||||||||
| Professional fees | 3,353 | 3,017 | ||||||||||
| Pennsylvania bank shares tax | 1,253 | 1,256 | ||||||||||
| Information technology | 3,443 | 2,771 | ||||||||||
| Other operating expenses | 14,498 | 11,572 | ||||||||||
| Non-interest expense | 125,765 | 81,418 | ||||||||||
| Income before income taxes | 25,926 | 42,848 | ||||||||||
| Income tax expense | 9,172 | 15,005 | ||||||||||
| Net income | $ | 16,754 | $ | 27,843 | ||||||||
| Per share data: | ||||||||||||
| Weighted average shares outstanding | 17,488,325 | 13,566,239 | ||||||||||
| Dilutive common shares | 268,246 | 294,801 | ||||||||||
| Adjusted weighted average shares | 17,756,571 | 13,861,040 | ||||||||||
| Basic earnings per common share | $ | 0.96 | $ | 2.05 | ||||||||
| Diluted earnings per common share | $ | 0.94 | $ | 2.01 | ||||||||
| Dividend declared per share | $ | 0.78 | $ | 0.74 | ||||||||
| Effective tax rate | 35.4 | % | 35.0 | % | ||||||||
| Supplemental Non-GAAP Performance Measures* (Includes Reconciliation of Non-GAAP to GAAP Performance Measures) | ||||||||||||
| Net income (a GAAP measure) | $ | 16,754 | $ | 27,843 | ||||||||
| less: tax-effected net gain on sale of available for sale investments | (605 | ) | (306 | ) | ||||||||
| add: tax-effected** loss on pension termination | 11,295 | - | ||||||||||
| add: tax-effected** severance expense (Salaries and wages) | 265 | 106 | ||||||||||
| add: tax-effected** branch lease termination expense | 604 | - | ||||||||||
| add: tax-effected** debt and swap prepayment penalty (Other operating expenses) | 735 | - | ||||||||||
| add: tax-effected** impairment of intangible assets | 252 | - | ||||||||||
| add: tax-effected** due diligence, merger-related and merger integration expenses | 4,336 | 1,542 | ||||||||||
| Net income (core) (a non-GAAP measure) | $ | 33,636 | $ | 29,185 | ||||||||
| Weighted average shares outstanding | 17,488,325 | 13,566,239 | ||||||||||
| Dilutive common shares | 268,246 | 294,801 | ||||||||||
| Adjusted weighted average diluted shares | 17,756,571 | 13,861,040 | ||||||||||
| Basic earnings per common share (core) (a non-GAAP measure) | $ | 1.92 | $ | 2.15 | ||||||||
| Diluted earnings per common share (core) (a non-GAAP measure) | $ | 1.89 | $ | 2.11 | ||||||||
| *The Corporation believes the presentation of the above non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of the results of operations of the Corporation. Management uses these non-GAAP financial measures in its analysis of the Corporation’s performance. This non-GAAP disclosure should not be viewed as a substitute for the financial measures determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies | ||||||||||||
| ** assumed tax rate of 35% | ||||||||||||
| Bryn Mawr Bank Corporation | |||||||||||||||||||||
| Consolidated Balance Sheets - (unaudited) | |||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||||
| 2015 | 2015 | 2015 | 2015 | 2014 | |||||||||||||||||
| Assets | |||||||||||||||||||||
| Interest-bearing deposits with banks | $ | 124,615 | $ | 100,980 | $ | 156,282 | $ | 244,248 | $ | 202,552 | |||||||||||
| Investment securities - available for sale | 348,966 | 341,421 | 349,496 | 334,746 | 229,577 | ||||||||||||||||
| Investment securities - trading | 3,950 | 3,451 | 4,029 | 4,035 | 3,896 | ||||||||||||||||
| Loans held for sale | 8,987 | 8,721 | 15,363 | 6,656 | 3,882 | ||||||||||||||||
| Portfolio loans: | |||||||||||||||||||||
| Consumer | 22,129 | 22,350 | 25,123 | 20,204 | 18,480 | ||||||||||||||||
| Commercial & industrial | 524,515 | 488,977 | 472,702 | 457,432 | 335,645 | ||||||||||||||||
| Commercial mortgages | 964,259 | 971,983 | 924,161 | 892,675 | 689,528 | ||||||||||||||||
| Construction | 90,421 | 82,820 | 88,122 | 81,408 | 66,267 | ||||||||||||||||
| Residential mortgages | 406,404 | 399,730 | 381,323 | 379,363 | 313,442 | ||||||||||||||||
| Home equity lines & loans | 209,473 | 212,258 | 211,982 | 209,037 | 182,082 | ||||||||||||||||
| Leases | 51,787 | 50,646 | 49,850 | 48,412 | 46,813 | ||||||||||||||||
| Total portfolio loans and leases | 2,268,988 | 2,228,764 | 2,153,263 | 2,088,531 | 1,652,257 | ||||||||||||||||
| Earning assets | 2,755,506 | 2,683,337 | 2,678,433 | 2,678,216 | 2,092,164 | ||||||||||||||||
| Cash and due from banks | 18,452 | 17,161 | 20,258 | 17,269 | 16,717 | ||||||||||||||||
| Allowance for loan and lease losses | (15,857 | ) | (15,935 | ) | (14,959 | ) | (14,296 | ) | (14,586 | ) | |||||||||||
| Premises and equipment | 45,339 | 44,370 | 43,164 | 42,888 | 33,748 | ||||||||||||||||
| Accrued interest receivable | 7,869 | 7,744 | 7,518 | 7,465 | 5,560 | ||||||||||||||||
| Mortgage servicing rights | 5,142 | 5,031 | 4,970 | 4,815 | 4,765 | ||||||||||||||||
| Goodwill | 104,765 | 104,338 | 104,322 | 101,619 | 35,502 | ||||||||||||||||
| Other intangible assets | 23,903 | 25,356 | 26,309 | 26,522 | 22,998 | ||||||||||||||||
| Bank owned life insurance | 38,371 | 38,157 | 32,941 | 32,772 | 20,535 | ||||||||||||||||
| FHLB stock | 12,942 | 11,742 | 11,542 | 11,541 | 11,523 | ||||||||||||||||
| Deferred income taxes | 11,137 | 11,216 | 11,066 | 12,057 | 7,011 | ||||||||||||||||
| Other investments | 9,460 | 9,499 | 9,295 | 9,238 | 5,226 | ||||||||||||||||
| Other assets | 13,968 | 10,726 | 15,155 | 13,073 | 5,343 | ||||||||||||||||
| Total assets | $ | 3,030,997 | $ | 2,952,742 | $ | 2,950,014 | $ | 2,943,179 | $ | 2,246,506 | |||||||||||
| Liabilities and shareholders' equity | |||||||||||||||||||||
| Interest-bearing deposits: | |||||||||||||||||||||
| Interest-bearing checking | $ | 338,861 | $ | 330,683 | $ | 328,606 | $ | 349,582 | $ | 277,228 | |||||||||||
| Money market | 749,726 | 748,983 | 699,263 | 717,441 | 566,354 | ||||||||||||||||
| Savings | 187,299 | 192,995 | 189,120 | 184,819 | 138,992 | ||||||||||||||||
| Wholesale non-maturity deposits | 67,717 | 65,636 | 65,365 | 69,555 | 66,693 | ||||||||||||||||
| Wholesale time deposits | 53,185 | 57,671 | 67,894 | 73,476 | 73,458 | ||||||||||||||||
| Retail time deposits | 229,253 | 238,269 | 274,008 | 263,996 | 118,400 | ||||||||||||||||
| Total interest-bearing deposits | 1,626,041 | 1,634,237 | 1,624,256 | 1,658,869 | 1,241,125 | ||||||||||||||||
| Non-interest-bearing deposits | 626,684 | 605,607 | 636,390 | 582,495 | 446,903 | ||||||||||||||||
| Total deposits | 2,252,725 | 2,239,844 | 2,260,646 | 2,241,364 | 1,688,028 | ||||||||||||||||
| Short-term borrowings | 94,167 | 24,264 | 26,406 | 38,372 | 23,824 | ||||||||||||||||
| Long-term FHLB advances and other borrowings | 254,863 | 254,893 | 244,923 | 250,088 | 260,146 | ||||||||||||||||
| Subordinated notes | 29,479 | 29,466 | - | - | - | ||||||||||||||||
| Other liabilities | 34,052 | 36,120 | 36,941 | 35,452 | 29,034 | ||||||||||||||||
| Shareholders' equity | 365,711 | 368,155 | 381,098 | 377,903 | 245,474 | ||||||||||||||||
| Total liabilities and shareholders' equity | $ | 3,030,997 | $ | 2,952,742 | $ | 2,950,014 | $ | 2,943,179 | $ | 2,246,506 | |||||||||||
| Bryn Mawr Bank Corporation | |||||||||||||||||||||
| Consolidated Quarterly Average Balance Sheets - (unaudited) | |||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||
| For The Three Months Ended | |||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||||
| 2015 | 2015 | 2015 | 2015 | 2014 | |||||||||||||||||
| Assets | |||||||||||||||||||||
| Interest-bearing deposits with banks | $ | 90,832 | $ | 165,723 | $ | 182,099 | $ | 206,694 | $ | 115,276 | |||||||||||
| Investment securities - available for sale | 350,668 | 352,006 | 347,046 | 370,293 | 252,422 | ||||||||||||||||
| Investment securities - trading | 3,571 | 4,022 | 4,034 | 3,897 | 3,804 | ||||||||||||||||
| Loans held for sale | 7,531 | 10,527 | 6,735 | 3,470 | 982 | ||||||||||||||||
| Portfolio loans and leases | 2,240,189 | 2,181,125 | 2,111,371 | 2,079,412 | 1,654,239 | ||||||||||||||||
| Earning assets | 2,692,791 | 2,713,403 | 2,651,285 | 2,663,766 | 2,026,723 | ||||||||||||||||
| Cash and due from banks | 18,005 | 17,160 | 16,222 | 19,092 | 13,795 | ||||||||||||||||
| Allowance for loan and lease losses | (16,106 | ) | (15,066 | ) | (14,346 | ) | (14,866 | ) | (15,837 | ) | |||||||||||
| Premises and equipment | 45,075 | 43,699 | 43,172 | 44,681 | 33,290 | ||||||||||||||||
| Goodwill | 104,342 | 104,323 | 102,237 | 98,744 | 35,539 | ||||||||||||||||
| Other intangible assets | 24,950 | 25,918 | 26,879 | 26,316 | 23,392 | ||||||||||||||||
| Bank owned life insurance | 38,231 | 38,015 | 32,830 | 32,655 | 20,478 | ||||||||||||||||
| FHLB stock | 12,042 | 11,592 | 11,542 | 11,928 | 11,419 | ||||||||||||||||
| Deferred income taxes | 11,344 | 10,684 | 11,819 | 10,449 | 2,941 | ||||||||||||||||
| Other assets | 28,337 | 31,580 | 29,061 | 25,391 | 31,102 | ||||||||||||||||
| Total assets | $ | 2,959,011 | $ | 2,981,308 | $ | 2,910,701 | $ | 2,918,156 | $ | 2,182,842 | |||||||||||
| Liabilities and shareholders' equity | |||||||||||||||||||||
| Interest-bearing deposits: | |||||||||||||||||||||
| Interest-bearing checking | $ | 327,520 | $ | 334,350 | $ | 339,101 | $ | 341,756 | $ | 259,408 | |||||||||||
| Money market | 742,416 | 735,842 | 699,100 | 724,806 | 553,708 | ||||||||||||||||
| Savings | 190,639 | 190,337 | 186,343 | 185,848 | 143,650 | ||||||||||||||||
| Wholesale non-maturity deposits | 66,856 | 65,671 | 61,306 | 66,677 | 60,197 | ||||||||||||||||
| Wholesale time deposits | 52,538 | 67,606 | 69,191 | 73,443 | 68,525 | ||||||||||||||||
| Retail time deposits | 231,605 | 251,170 | 273,718 | 267,800 | 120,855 | ||||||||||||||||
| Total interest-bearing deposits | 1,611,574 | 1,644,976 | 1,628,759 | 1,660,330 | 1,206,343 | ||||||||||||||||
| Non-interest bearing deposits | 634,969 | 625,547 | 580,240 | 534,403 | 446,252 | ||||||||||||||||
| Total deposits | 2,246,543 | 2,270,523 | 2,208,999 | 2,194,733 | 1,652,595 | ||||||||||||||||
| Short-term borrowings | 26,092 | 28,166 | 34,980 | 55,207 | 19,407 | ||||||||||||||||
| Long-term FHLB advances and other borrowings | 254,880 | 248,606 | 249,678 | 266,342 | 237,835 | ||||||||||||||||
| Subordinated notes | 29,471 | 18,190 | - | - | - | ||||||||||||||||
| Other liabilities | 36,665 | 39,219 | 37,890 | 30,935 | 24,070 | ||||||||||||||||
| Shareholders' equity | 365,360 | 376,604 | 379,154 | 370,939 | 248,935 | ||||||||||||||||
| Total liabilities and shareholders' equity | $ | 2,959,011 | $ | 2,981,308 | $ | 2,910,701 | $ | 2,918,156 | $ | 2,182,842 | |||||||||||
| Bryn Mawr Bank Corporation | ||||||||||||
| Consolidated Year-to-Date Average Balance Sheets - (unaudited) | ||||||||||||
| (dollars in thousands) | ||||||||||||
| For The Twelve Months Ended December 31, | ||||||||||||
| 2015 | 2014 | |||||||||||
| Assets | ||||||||||||
| Interest bearing deposits with banks | $ | 161,032 | $ | 83,163 | ||||||||
| Investment securities - available for sale | 354,941 | 267,743 | ||||||||||
| Investment securities - trading | 3,881 | 3,591 | ||||||||||
| Loans held for sale | 7,086 | 972 | ||||||||||
| Portfolio loans and leases | 2,153,542 | 1,608,248 | ||||||||||
| Earning assets | 2,680,482 | 1,963,717 | ||||||||||
| Cash and due from banks | 17,615 | 12,730 | ||||||||||
| Allowance for loan and lease losses | (15,099 | ) | (15,836 | ) | ||||||||
| Premises and equipment | 44,157 | 32,812 | ||||||||||
| Goodwill | 102,169 | 33,523 | ||||||||||
| Intangible assets | 26,012 | 19,698 | ||||||||||
| Bank owned life insurance | 35,455 | 20,365 | ||||||||||
| FHLB stock | 11,815 | 12,144 | ||||||||||
| Deferred income taxes | 11,339 | 5,960 | ||||||||||
| Other assets | 28,568 | 30,369 | ||||||||||
| Total assets | $ | 2,942,513 | $ | 2,115,482 | ||||||||
| Liabilities and shareholders' equity | ||||||||||||
| Interest-bearing deposits: | ||||||||||||
| Interest-bearing checking | $ | 335,638 | $ | 260,652 | ||||||||
| Money market | 725,619 | 555,267 | ||||||||||
| Savings | 188,310 | 142,210 | ||||||||||
| Wholesale non-maturity deposits | 65,130 | 47,103 | ||||||||||
| Wholesale time deposits | 65,643 | 51,956 | ||||||||||
| Time deposits | 255,961 | 126,097 | ||||||||||
| Total interest-bearing deposits | 1,636,301 | 1,183,285 | ||||||||||
| Non-interest-bearing deposits | 594,122 | 426,274 | ||||||||||
| Total deposits | 2,230,423 | 1,609,559 | ||||||||||
| Short-term borrowings | 36,010 | 227,137 | ||||||||||
| Long-term FHLB advances and other borrowings | 254,828 | 15,960 | ||||||||||
| Subordinated notes | 12,013 | - | ||||||||||
| Other liabilities | 36,151 | 22,048 | ||||||||||
| Shareholders' equity | 373,088 | 240,778 | ||||||||||
| Total liabilities and shareholders' equity | $ | 2,942,513 | $ | 2,115,482 | ||||||||
| Bryn Mawr Bank Corporation | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Tax-Equivalent Net Interest Margin Calculation - (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| For The Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | ||||||||||||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing deposits with other banks | $ | 90,832 | $ | 63 | 0.28 | % | $ | 165,723 | $ | 107 | 0.26 | % | $ | 182,099 | $ | 124 | 0.27 | % | $ | 206,694 | $ | 115 | 0.23 | % | $ | 115,276 | $ | 65 | 0.22 | % | |||||||||||||||||||||
| Investment securities - available for sale: | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxable | 307,524 | 1,432 | 1.85 | % | 310,582 | 1,172 | 1.50 | % | 310,011 | 1,184 | 1.53 | % | 335,208 | 1,336 | 1.62 | % | 221,190 | 973 | 1.75 | % | |||||||||||||||||||||||||||||||
| Tax-exempt | 43,144 | 195 | 1.79 | % | 41,424 | 186 | 1.78 | % | 37,035 | 157 | 1.70 | % | 35,085 | 203 | 2.35 | % | 31,232 | 142 | 1.80 | % | |||||||||||||||||||||||||||||||
| Total investment securities - available for sale | 350,668 | 1,627 | 1.84 | % | 352,006 | 1,358 | 1.53 | % | 347,046 | 1,341 | 1.55 | % | 370,293 | 1,539 | 1.69 | % | 252,422 | 1,115 | 1.75 | % | |||||||||||||||||||||||||||||||
| Investment securities - trading | 3,571 | 60 | 6.67 | % | 4,022 | 5 | 0.49 | % | 4,034 | 11 | 1.09 | % | 3,897 | 4 | 0.42 | % | 3,804 | 9 | 0.94 | % | |||||||||||||||||||||||||||||||
| Loans and leases * | 2,247,720 | 26,158 | 4.62 | % | 2,191,652 | 25,698 | 4.65 | % | 2,118,106 | 25,623 | 4.85 | % | 2,082,882 | 25,226 | 4.91 | % | 1,655,221 | 19,972 | 4.79 | % | |||||||||||||||||||||||||||||||
| Total interest-earning assets | 2,692,791 | 27,908 | 4.11 | % | 2,713,403 | 27,168 | 3.97 | % | 2,651,285 | 27,099 | 4.10 | % | 2,663,766 | 26,884 | 4.09 | % | 2,026,723 | 21,161 | 4.14 | % | |||||||||||||||||||||||||||||||
| Cash and due from banks | 18,005 | 17,160 | 16,222 | 19,092 | 13,795 | ||||||||||||||||||||||||||||||||||||||||||||||
| Less: allowance for loan and lease losses | (16,106 | ) | (15,066 | ) | (14,346 | ) | (14,866 | ) | (15,837 | ) | |||||||||||||||||||||||||||||||||||||||||
| Other assets | 264,321 | 265,811 | 257,540 | 250,164 | 158,161 | ||||||||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 2,959,011 | $ | 2,981,308 | $ | 2,910,701 | $ | 2,918,156 | $ | 2,182,842 | |||||||||||||||||||||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Savings, NOW and market rate deposits | $ | 1,260,575 | $ | 565 | 0.18 | % | $ | 1,260,529 | $ | 584 | 0.18 | % | $ | 1,224,544 | $ | 575 | 0.19 | % | $ | 1,252,410 | $ | 594 | 0.19 | % | $ | 956,766 | $ | 422 | 0.17 | % | |||||||||||||||||||||
| Wholesale deposits | 119,394 | 186 | 0.62 | % | 133,277 | 203 | 0.60 | % | 130,497 | 195 | 0.60 | % | 140,120 | 188 | 0.54 | % | 128,722 | 190 | 0.59 | % | |||||||||||||||||||||||||||||||
| Time deposits | 231,605 | 295 | 0.51 | % | 251,170 | 289 | 0.46 | % | 273,718 | 292 | 0.43 | % | 267,800 | 246 | 0.37 | % | 120,855 | 143 | 0.47 | % | |||||||||||||||||||||||||||||||
| Total interest-bearing deposits | 1,611,574 | 1,046 | 0.26 | % | 1,644,976 | 1,076 | 0.26 | % | 1,628,759 | 1,062 | 0.26 | % | 1,660,330 | 1,028 | 0.25 | % | 1,206,343 | 755 | 0.25 | % | |||||||||||||||||||||||||||||||
| Borrowings: | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Short-term borrowings | 26,092 | 9 | 0.14 | % | 28,166 | 8 | 0.11 | % | 34,980 | 10 | 0.11 | % | 55,344 | 21 | 0.15 | % | 19,407 | 4 | 0.08 | % | |||||||||||||||||||||||||||||||
| Long-term FHLB advances and other borrowings | 254,880 | 912 | 1.42 | % | 248,606 | 881 | 1.41 | % | 249,678 | 851 | 1.37 | % | 266,205 | 910 | 1.39 | % | 237,835 | 809 | 1.35 | % | |||||||||||||||||||||||||||||||
| Subordinated notes | 29,471 | 370 | 4.98 | % | 18,190 | 231 | 5.04 | % | - | - | - | % | - | - | - | % | - | - | - | % | |||||||||||||||||||||||||||||||
| Total borrowings | 310,443 | 1,291 | 1.65 | % | 294,962 | 1,120 | 1.51 | % | 284,658 | 861 | 1.21 | % | 321,549 | 931 | 1.17 | % | 257,242 | 813 | 1.25 | % | |||||||||||||||||||||||||||||||
| Total interest-bearing liabilities | 1,922,017 | 2,337 | 0.48 | % | 1,939,938 | 2,196 | 0.45 | % | 1,913,417 | 1,923 | 0.40 | % | 1,981,879 | 1,959 | 0.40 | % | 1,463,585 | 1,568 | 0.43 | % | |||||||||||||||||||||||||||||||
| Noninterest-bearing deposits | 634,969 | 625,547 | 580,240 | 534,403 | 446,252 | ||||||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | 36,665 | 39,219 | 37,890 | 30,935 | 24,070 | ||||||||||||||||||||||||||||||||||||||||||||||
| Total noninterest-bearing liabilities | 671,634 | 664,766 | 618,130 | 565,338 | 470,322 | ||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities | 2,593,651 | 2,604,704 | 2,531,547 | 2,547,217 | 1,933,907 | ||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' equity | 365,360 | 376,604 | 379,154 | 370,939 | 248,935 | ||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 2,959,011 | $ | 2,981,308 | $ | 2,910,701 | $ | 2,918,156 | $ | 2,182,842 | |||||||||||||||||||||||||||||||||||||||||
| Interest income to earning assets | 4.11 | % | 3.97 | % | 4.10 | % | 4.09 | % | 4.14 | % | |||||||||||||||||||||||||||||||||||||||||
| Net interest spread | 3.63 | % | 3.52 | % | 3.70 | % | 3.69 | % | 3.71 | % | |||||||||||||||||||||||||||||||||||||||||
| Effect of noninterest-bearing sources | 0.14 | % | 0.13 | % | 0.11 | % | 0.10 | % | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||
| Tax-equivalent net interest margin | $ | 25,571 | 3.77 | % | $ | 24,972 | 3.65 | % | $ | 25,176 | 3.81 | % | $ | 24,925 | 3.79 | % | $ | 19,593 | 3.84 | % | |||||||||||||||||||||||||||||||
| Tax-equivalent adjustment | $ | 142 | 0.02 | % | $ | 139 | 0.02 | % | $ | 106 | 0.02 | % | $ | 130 | 0.02 | % | $ | 106 | 0.02 | % | |||||||||||||||||||||||||||||||
| Supplemental Information Regarding Accretion of Fair Value Marks | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Accretion of fair value marks on loans | $ | 707 | 0.10 | % | $ | 763 | 0.11 | % | $ | 1,246 | 0.19 | % | $ | 1,127 | 0.17 | % | $ | 513 | 0.10 | % | |||||||||||||||||||||||||||||||
| Accretion of fair value marks on time deposits | 123 | 0.02 | % | 188 | 0.03 | % | 205 | 0.03 | % | 245 | 0.04 | % | 4 | 0.00 | % | ||||||||||||||||||||||||||||||||||||
| Accretion of fair value marks on borrowings | 65 | 0.01 | % | 65 | 0.01 | % | 65 | 0.01 | % | 70 | 0.01 | % | 30 | 0.01 | % | ||||||||||||||||||||||||||||||||||||
| Net interest income from fair value marks | $ | 895 | $ | 1,016 | $ | 1,516 | $ | 1,442 | $ | 547 | |||||||||||||||||||||||||||||||||||||||||
| Effect of fair value mark accretion on tax-equivalent net interest margin | 0.13 | % | 0.15 | % | 0.23 | % | 0.22 | % | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||
| * 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 | ||||||||||||||||||
| Year-To-Date Tax-Equivalent Net Interest Margin Calculation - (unaudited) | ||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||
| For The Twelve Months Ended December 31, | ||||||||||||||||||
| 2015 | 2014 | |||||||||||||||||
| 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 | $ | 161,032 | 409 | 0.25 | % | $ | 83,163 | 193 | 0.23 | % | ||||||||
| Investment securities available for sale: | % | |||||||||||||||||
| Taxable | 315,741 | 5,124 | 1.62 | % | 233,054 | 3,740 | 1.60 | % | ||||||||||
| Tax-exempt | 39,200 | 741 | 1.89 | % | 34,689 | 594 | 1.71 | % | ||||||||||
| Investment securities - available for sale | 354,941 | 5,865 | 1.65 | % | 267,743 | 4,334 | 1.62 | % | ||||||||||
| Investment securities - trading | 3,881 | 80 | 2.06 | % | 3,591 | 33 | 0.92 | % | ||||||||||
| Loans and leases * | 2,160,628 | 102,707 | 4.75 | % | 1,609,220 | 78,781 | 4.90 | % | ||||||||||
| Total interest earning assets | 2,680,482 | 109,061 | 4.07 | % | 1,963,717 | 83,341 | 4.24 | % | ||||||||||
| Cash and due from banks | 17,615 | 12,730 | ||||||||||||||||
| Less allowance for loan and lease losses | (15,099 | ) | (15,836 | ) | ||||||||||||||
| Other assets | 259,515 | 154,871 | ||||||||||||||||
| Total assets | $ | 2,942,513 | $ | 2,115,482 | ||||||||||||||
| Liabilities: | ||||||||||||||||||
| Savings,NOW and market rate deposits | $ | 1,249,567 | $ | 2,318 | 0.19 | % | $ | 958,129 | $ | 1,675 | 0.17 | % | ||||||
| Wholesale deposits | 130,773 | 772 | 0.59 | % | 99,059 | 627 | 0.63 | % | ||||||||||
| Time deposits | 255,961 | 1,122 | 0.44 | % | 126,097 | 596 | 0.47 | % | ||||||||||
| Total interest-bearing deposits | 1,636,301 | 4,212 | 0.26 | % | 1,183,285 | 2,898 | 0.24 | % | ||||||||||
| Short-term borrowings | 36,010 | 48 | 0.13 | % | 15,960 | 17 | 0.11 | % | ||||||||||
| Long-term FHLB advances and other borrowings | 254,828 | 3,554 | 1.39 | % | 227,137 | 3,163 | 1.39 | % | ||||||||||
| Subordinated notes | 12,013 | 601 | 5.00 | % | - | - | - | % | ||||||||||
| Total Borrowings | 302,851 | 4,203 | 1.39 | % | 243,097 | 3,180 | 1.31 | % | ||||||||||
| Total interest-bearing liabilities | 1,939,152 | 8,415 | 0.43 | % | 1,426,382 | 6,078 | 0.43 | % | ||||||||||
| Noninterest-bearing deposits | 594,122 | 426,274 | ||||||||||||||||
| Other liabilities | 36,151 | 22,048 | ||||||||||||||||
| Total noninterest-bearing liabilities | 630,273 | 448,322 | ||||||||||||||||
| Total liabilities | 2,569,425 | 1,874,704 | ||||||||||||||||
| Shareholders' equity | 373,088 | 240,778 | ||||||||||||||||
| Total liabilities and shareholders' equity | $ | 2,942,513 | $ | 2,115,482 | ||||||||||||||
| Interest income to earning assets | 4.07 | % | 4.24 | % | ||||||||||||||
| Net interest spread | 3.64 | % | 3.81 | % | ||||||||||||||
| Effect of noninterest-bearing sources | 0.11 | % | 0.12 | % | ||||||||||||||
| Tax-equivalent net interest margin | $ | 100,646 | 3.75 | % | $ | 77,263 | 3.93 | % | ||||||||||
| Tax-equivalent adjustment | $ | 519 | 0.02 | % | $ | 435 | 0.02 | % | ||||||||||
| Supplemental Information Regarding Accretion of Fair Value Marks | ||||||||||||||||||
| Accretion of fair value marks on loans | $ | 3,843 | $ | 2,730 | ||||||||||||||
| Accretion of fair value marks on time deposits | 761 | 23 | ||||||||||||||||
| Accretion of fair value marks on borrowings | 265 | 121 | ||||||||||||||||
| Net interest income from fair value marks | $ | 4,869 | $ | 2,874 | ||||||||||||||
| Effect of fair value mark accretion on tax-equivalent net interest margin | 0.18 | % | 0.15 | % | ||||||||||||||
| * 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 lease balances | ||||||||||||||||||
| Bryn Mawr Bank Corporation | |||||||||||||||||||||||||||||
| Consolidated Selected Financial Data - (unaudited) | |||||||||||||||||||||||||||||
| (dollars in thousands, except per share data) | |||||||||||||||||||||||||||||
| For The Three Months Ended or As Of | |||||||||||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||||||||||||
| 2015 | 2015 | 2015 | 2015 | 2014 | |||||||||||||||||||||||||
| Asset Quality Data | |||||||||||||||||||||||||||||
| Nonaccrual loans and leases | $ | 9,845 | $ | 12,315 | $ | 8,996 | $ | 9,130 | $ | 10,096 | |||||||||||||||||||
| 90 days or more past due loans, still accruing | - | - | - | - | - | ||||||||||||||||||||||||
| Nonperforming loans and leases | 9,845 | 12,315 | 8,996 | 9,130 | 10,096 | ||||||||||||||||||||||||
| Other real estate owned | 2,638 | 1,010 | 843 | 1,532 | 1,147 | ||||||||||||||||||||||||
| Total nonperforming assets | $ | 12,483 | $ | 13,325 | $ | 9,839 | $ | 10,662 | $ | 11,243 | |||||||||||||||||||
| Troubled debt restructurings included in nonperforming assets | $ | 1,535 | $ | 3,711 | $ | 3,960 | $ | 4,217 | $ | 4,315 | |||||||||||||||||||
| Troubled debt restructurings in compliance with modified terms | 5,280 | 4,062 | 4,078 | 4,145 | 4,157 | ||||||||||||||||||||||||
| Total troubled debt restructurings | $ | 6,815 | $ | 7,773 | $ | 8,038 | $ | 8,362 | $ | 8,472 | |||||||||||||||||||
| Nonperforming loans and leases / portfolio loans & leases | 0.43 | % | 0.55 | % | 0.42 | % | 0.44 | % | 0.61 | % | |||||||||||||||||||
| Nonperforming assets / total assets | 0.41 | % | 0.45 | % | 0.33 | % | 0.36 | % | 0.50 | % | |||||||||||||||||||
| Net loan and lease charge-offs / average loans and leases (annualized) | 0.33 | % | 0.04 | % | 0.04 | % | 0.16 | % | 0.17 | % | |||||||||||||||||||
| Delinquency rate* - Performing and nonperforming loans and leases 30 days or more past due | 0.52 | % | 0.62 | % | 0.58 | % | 0.51 | % | 0.50 | % | |||||||||||||||||||
| Performing loans and leases - 30-89 days past due | $ | 5,601 | $ | 4,960 | $ | 5,233 | $ | 3,361 | $ | 2,232 | |||||||||||||||||||
| Delinquency rate* - Performing loans and leases - 30-89 days past due | 0.25 | % | 0.22 | % | 0.24 | % | 0.16 | % | 0.13 | % | |||||||||||||||||||
| * as a percentage of total loans and leases | |||||||||||||||||||||||||||||
| Changes in the allowance for loan and lease losses: | |||||||||||||||||||||||||||||
| Balance, beginning of period | $ | 15,935 | $ | 14,959 | $ | 14,296 | $ | 14,586 | $ | 15,599 | |||||||||||||||||||
| Charge-offs | (1,906 | ) | (308 | ) | (312 | ) | (928 | ) | (864 | ) | |||||||||||||||||||
| Recoveries | 51 | 84 | 125 | 69 | 167 | ||||||||||||||||||||||||
| Net charge-offs | (1,855 | ) | (224 | ) | (187 | ) | (859 | ) | (697 | ) | |||||||||||||||||||
| Provision for loan and lease losses | 1,777 | 1,200 | 850 | 569 | (316 | ) | |||||||||||||||||||||||
| Balance, end of period | $ | 15,857 | $ | 15,935 | $ | 14,959 | $ | 14,296 | $ | 14,586 | |||||||||||||||||||
| Total Allowance / Total Portfolio loans and leases | 0.70 | % | 0.71 | % | 0.69 | % | 0.68 | % | 0.88 | % | |||||||||||||||||||
| Allowance on originated loans and leases / Originated loans and leases (a non-GAAP measure) | 0.84 | % | 0.88 | % | 0.88 | % | 0.90 | % | 0.94 | % | |||||||||||||||||||
| (Total Allowance + Loan mark) / Total Gross portfolio loans and leases (a non-GAAP measure) | 1.44 | % | 1.52 | % | 1.60 | % | 1.61 | % | 1.27 | % | |||||||||||||||||||
| Total Allowance / nonperforming loans and leases | 161.1 | % | 129.4 | % | 166.3 | % | 156.6 | % | 144.5 | % | |||||||||||||||||||
| Supplemental Loan and Allowance Information Used to Calculate Non-GAAP Measures | |||||||||||||||||||||||||||||
| Total Allowance | $ | 15,857 | $ | 15,935 | $ | 14,959 | $ | 14,296 | $ | 14,586 | |||||||||||||||||||
| less: Allowance on acquired loans | - | 35 | 22 | 125 | 86 | ||||||||||||||||||||||||
| Allowance on originated loans and leases | $ | 15,857 | $ | 15,900 | $ | 14,937 | $ | 14,171 | $ | 14,500 | |||||||||||||||||||
| Total Allowance | $ | 15,857 | $ | 15,935 | $ | 14,959 | $ | 14,296 | $ | 14,586 | |||||||||||||||||||
| Loan mark on acquired loans | 17,108 | 18,179 | 19,816 | 19,708 | 6,422 | ||||||||||||||||||||||||
| Total Allowance + Loan mark | $ | 32,965 | $ | 34,114 | $ | 34,775 | $ | 34,004 | $ | 21,008 | |||||||||||||||||||
| Total Portfolio loans and leases | $ | 2,268,988 | $ | 2,228,764 | $ | 2,153,263 | $ | 2,088,532 | $ | 1,652,257 | |||||||||||||||||||
| less: Originated loans and leases | 1,883,869 | 1,804,835 | 1,692,041 | 1,571,377 | 1,535,003 | ||||||||||||||||||||||||
| Net acquired loans | $ | 385,119 | $ | 423,929 | $ | 461,222 | $ | 517,155 | $ | 117,254 | |||||||||||||||||||
| add: Loan mark on acquired loans | 17,108 | 18,179 | 19,816 | 19,708 | 6,422 | ||||||||||||||||||||||||
| Gross acquired loans (excludes loan mark) | $ | 402,227 | $ | 442,108 | $ | 481,038 | $ | 536,863 | $ | 123,676 | |||||||||||||||||||
| Originated loans and leases | 1,883,869 | 1,804,835 | 1,692,041 | 1,571,377 | 1,535,003 | ||||||||||||||||||||||||
| Total Gross portfolio loans and leases | $ | 2,286,096 | $ | 2,246,943 | $ | 2,173,079 | $ | 2,108,240 | $ | 1,658,679 | |||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||||||||||||
| 2015 | 2015 | 2015 | 2015 | 2014 | |||||||||||||||||||||||||
| Selected ratios (annualized): | |||||||||||||||||||||||||||||
| Return on average assets | -0.85 | % | 1.00 | % | 1.12 | % | 1.04 | % | 1.28 | % | |||||||||||||||||||
| Return on average shareholders' equity | -6.90 | % | 7.90 | % | 8.59 | % | 8.19 | % | 11.23 | % | |||||||||||||||||||
| Return on average tangible equity (2) | -10.68 | % | 12.07 | % | 13.02 | % | 12.36 | % | 14.71 | % | |||||||||||||||||||
| Tax-equivalent yield on loans and leases | 4.62 | % | 4.65 | % | 4.85 | % | 4.91 | % | 4.79 | % | |||||||||||||||||||
| Tax-equivalent yield on interest-earning assets | 4.11 | % | 3.97 | % | 4.10 | % | 4.09 | % | 4.14 | % | |||||||||||||||||||
| Cost of interest-bearing funds | 0.48 | % | 0.45 | % | 0.40 | % | 0.40 | % | 0.43 | % | |||||||||||||||||||
| Tax-equivalent net interest margin | 3.77 | % | 3.65 | % | 3.81 | % | 3.79 | % | 3.84 | % | |||||||||||||||||||
| Book value per share | $ | 21.42 | $ | 21.45 | $ | 21.43 | $ | 21.26 | $ | 17.83 | |||||||||||||||||||
| Tangible book value per share | $ | 13.89 | $ | 13.89 | $ | 14.08 | $ | 14.05 | $ | 13.59 | |||||||||||||||||||
| Shares outstanding at end of period | 17,071,523 | 17,166,323 | 17,786,293 | 17,777,628 | 13,769,336 | ||||||||||||||||||||||||
| Selected data: | |||||||||||||||||||||||||||||
| Mortgage loans originated | $ | 55,867 | $ | 76,169 | $ | 63,285 | $ | 35,728 | $ | 29,929 | |||||||||||||||||||
| Residential mortgage loans sold - servicing retained | $ | 24,063 | $ | 30,515 | $ | 28,204 | $ | 24,569 | $ | 14,382 | |||||||||||||||||||
| Residential mortgage loans sold - servicing released | 7,150 | 10,579 | 9,257 | 2,644 | 92 | ||||||||||||||||||||||||
| Total residential mortgage loans sold | $ | 31,213 | $ | 41,094 | $ | 37,461 | $ | 27,213 | $ | 14,474 | |||||||||||||||||||
| Percentage gain on residential mortgage loans sold | 1.57 | % | 1.05 | % | 2.08 | % | 2.97 | % | 3.25 | % | |||||||||||||||||||
| Residential mortgage loans serviced for others | $ | 601,939 | $ | 601,999 | $ | 595,440 | $ | 591,989 | $ | 590,659 | |||||||||||||||||||
| Total wealth assets under management, administration, supervision and brokerage (1) | $ | 8,364,805 | $ | 8,218,276 | $ | 8,536,024 | $ | 7,816,441 | $ | 7,699,908 | |||||||||||||||||||
| (1) Brokerage assets represent assets held at a registered broker dealer under a clearing agreement. | |||||||||||||||||||||||||||||
| (2) Average tangible equity equals average shareholders' equity minus average goodwill and average other intangible assets. | |||||||||||||||||||||||||||||
| For the Twelve Months Ended December 31, | |||||||||||||||||||||||||||||
| Selected ratios (annualized): | 2015 | 2014 | |||||||||||||||||||||||||||
| Return on average assets | 0.57 | % | 1.32 | % | |||||||||||||||||||||||||
| Return on average shareholders' equity | 4.49 | % | 11.56 | % | |||||||||||||||||||||||||
| Return on average tangible equity (1) | 6.84 | % | 14.85 | % | |||||||||||||||||||||||||
| Tax-equivalent yield on loans and leases | 4.75 | % | 4.90 | % | |||||||||||||||||||||||||
| Tax-equivalent yield on interest-earning assets | 4.07 | % | 4.24 | % | |||||||||||||||||||||||||
| Cost of interest-bearing liabilities | 0.43 | % | 0.43 | % | |||||||||||||||||||||||||
| Tax-equivalent net interest margin | 3.75 | % | 3.93 | % | |||||||||||||||||||||||||
| Selected data: | |||||||||||||||||||||||||||||
| Residential mortgage loans originated | $ | 231,049 | $ | 117,257 | |||||||||||||||||||||||||
| Residential mortgage loans sold - servicing retained | $ | 107,351 | $ | 54,859 | |||||||||||||||||||||||||
| Residential mortgage loans sold - servicing released | 29,630 | 783 | |||||||||||||||||||||||||||
| Total residential mortgage loans sold | $ | 136,981 | $ | 55,642 | |||||||||||||||||||||||||
| (1) Average tangible equity equals average shareholders' equity minus average goodwill and average other intangible assets. | |||||||||||||||||||||||||||||
| Investment Portfolio - Available for Sale | As of December 31, 2015 | As of December 31, 2014 | |||||||||||||||||||||||||||
| Net | Net | ||||||||||||||||||||||||||||
| Amortized | Fair | Unrealized | Amortized | Fair | Unrealized | ||||||||||||||||||||||||
| SECURITY DESCRIPTION | Cost | Value | Gain / (Loss) | Cost | Value | Gain / (Loss) | |||||||||||||||||||||||
| U.S. Treasury securities | $ | 101 | $ | 101 | $ | - | $ | 102 | $ | 100 | $ | (2 | ) | ||||||||||||||||
| Obligations of the U.S. Government and agencies | 101,342 | 101,495 | 153 | 66,881 | 66,762 | (119 | ) | ||||||||||||||||||||||
| State & political subdivisions - tax-free | 41,367 | 41,442 | 75 | 28,955 | 29,045 | 90 | |||||||||||||||||||||||
| State & political subdivisions - taxable | 525 | 524 | (1 | ) | - | - | - | ||||||||||||||||||||||
| Mortgage-backed securities | 157,422 | 158,689 | 1,267 | 79,498 | 81,382 | 1,884 | |||||||||||||||||||||||
| Collateralized mortgage obligations | 29,756 | 29,799 | 43 | 34,618 | 34,797 | 179 | |||||||||||||||||||||||
| Other debt securities | 1,700 | 1,691 | (9 | ) | 1,900 | 1,900 | - | ||||||||||||||||||||||
| Bond mutual funds | 11,956 | 11,810 | (146 | ) | 11,956 | 11,835 | (121 | ) | |||||||||||||||||||||
| Other investments | 3,607 | 3,415 | (192 | ) | 3,643 | 3,756 | 113 | ||||||||||||||||||||||
| Total investment portfolio available for sale | $ | 347,776 | $ | 348,966 | $ | 1,190 | $ | 227,553 | $ | 229,577 | $ | 2,024 | |||||||||||||||||
| Capital Ratios | |||||||||||||||||||||||||||||
| Regulatory Minimum | |||||||||||||||||||||||||||||
| To Be | December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||||||||||
| Bryn Mawr Trust Company | Well Capitalized | 2015 | 2015* | 2015* | 2015* | 2014 | |||||||||||||||||||||||
| Tier I capital to risk weighted assets ("RWA") | 8.00 | % | 10.12 | % | 11.93 | % | 12.00 | % | 12.10 | % | 11.32 | % | |||||||||||||||||
| Total (Tier II) capital to RWA | 10.00 | % | 10.78 | % | 12.61 | % | 12.66 | % | 12.46 | % | 12.19 | % | |||||||||||||||||
| Tier I leverage ratio | 5.00 | % | 8.51 | % | 9.75 | % | 9.77 | % | 9.52 | % | 8.98 | % | |||||||||||||||||
| Tangible equity ratio | N/A | 7.74 | % | 8.84 | % | 8.54 | % | 8.42 | % | 8.19 | % | ||||||||||||||||||
| Common equity Tier I capital to RWA | 6.50 | % | 10.12 | % | 11.93 | % | 12.00 | % | 12.10 | % | N/A | ||||||||||||||||||
| Bryn Mawr Bank Corporation | |||||||||||||||||||||||||||||
| Tier I capital to RWA | 8.00 | % | 10.72 | % | 11.54 | % | 12.50 | % | 12.77 | % | 12.00 | % | |||||||||||||||||
| Total (Tier II) capital to RWA | 10.00 | % | 12.61 | % | 13.47 | % | 13.16 | % | 13.42 | % | 12.87 | % | |||||||||||||||||
| Tier I leverage ratio | 5.00 | % | 9.02 | % | 9.44 | % | 10.20 | % | 10.05 | % | 9.43 | % | |||||||||||||||||
| Tangible equity ratio | N/A | 8.17 | % | 8.45 | % | 8.88 | % | 8.87 | % | 8.61 | % | ||||||||||||||||||
| Common equity Tier I capital to RWA | 6.50 | % | 10.72 | % | 11.54 | % | 12.50 | % | 12.77 | % | 12.00 | % | |||||||||||||||||
| * certain capital ratios differ from those previously reported due to an immaterial adjustment to risk weighted assets | |||||||||||||||||||||||||||||