Bryn Mawr Bank Corp. Reports Second Quarter Earnings up 19% Per Share and Declares 2-for-1 Stock Split.BRYN MAWR Bryn Mawr (brĭn mär), uninc. town (1990 est. pop. 10,000), Montgomery co., SE Pa., a residential suburb of Philadelphia. It is the seat of Bryn Mawr College (for women), opened in 1885 by the Society of Friends. , Pa.--(BUSINESS WIRE)--July 16, 1998--Bryn Mawr Mawr is both an electoral ward and a community of the City and County of Swansea, South Wales. Mawr has its own elected community council. The electoral ward consists of some or all of the following areas: Felindre, Craigcefnparc, Garnswllt, Rhydypandy and rural uplands of Bank Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BMTC BMTC Bremerton Metal Trades Council BMTC Bureau of Meteorology Training Centre BMTC Ballistic Missile Technical Collection BMTC Bangalore Metropolitian Transport Corporation BMTC Burning Man Travel Center ), parent of The Bryn Mawr Trust Company (the "Bank"), announced for the quarter ended June June: see month. 30, 1998, a 17% increase in net income to $1,628,000, and a 19% increase in earnings per basic common share to 75 cents compared to $1,390,000 or 63 cents per basic common share reported for the second quarter of 1997. The corporation's board of directors approved a regular quarterly dividend of 23 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , payable Sept. 1, 1998, to shareholders of record as of Aug. 3, 1998. The board also authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: a two-for-one stock split effective Sept. 1, 1998, for shareholders of record as of Aug. 3, 1998. For the first six months of 1998, net income was $3,374,000, an 18% increase over $2,848,000 for 1997. Earnings per basic common share was $1.55, a 20% increase over $1.29 reported for the first six months of 1997. Included in earnings for the first six months of 1998 were nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. gains of $196,000 related to sale by the Bank of other real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most ("OREO") compared to nonrecurring gains of $94,000 for the same period in 1997, and a recovery of $144,000 in disputed legal fees from a loan settlement. Exclusive of these nonrecurring items, the corporation's earnings grew 13%, the result of a 17% increase in the Bank's earnings, partially offset by losses of $151,000 from the corporation and $54,000 from the recently formed Bank subsidiary, Insurance Counsellors of Bryn Mawr Inc. Tax Counsellors of Bryn Mawr Inc. broke even for the six-month period. From June 30, 1997, to June 30, 1998, the loan portfolio grew 7% from $260,484,000 to $279,041,000, helping to increase net interest income by 13% from $8,922,000 to $10,038,000. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Robert L. Stevens Colonel Robert Livingston Stevens (October 18 1787 – April 20 1856 Hoboken, New Jersey) was the son of Colonel John Stevens. In 1807, the father and son built the Phœnix , corporation chairman, "Non-interest revenues were up 37% for the quarter and 30% for the six-month period. Comparing second quarter '97 to second quarter '98, fees for trust services grew 28% to $2,360,000, while other operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased by 55% to $1,476,000. "Revenues included in other operating income from both Tax Counsellors and Insurance Counsellors, not in operation during the first half of 1997, amounted to $280,000 of this increase." Due to the low level of loan delinquencies, less than 63 basis points (0.63%) of total loans at June 30, 1998, and the size of the loan loss reserve, 1.47% of total loans, the loan loss provision for the six-month period has been reduced from $100,000 in 1997 to $50,000 in 1998. Bank management continues to monitor the adequacy of the loan loss reserve on an ongoing basis. Salaries and employee benefit expenses for the six-month period were up $1,424,000, 25%, including an increase of $462,000, resulting from profitability and incentive plans, and $390,000 in salaries and benefits for the new subsidiaries, Tax Counsellors and Insurance Counsellors. Other operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased by $504,000 or 18%; $238,000 of this was a result of increased advertising activity. -0-
---------------------------------------------------------------------
COMPANY: SYMBOL: EXCHANGE:
BRYN MAWR BANK CORP. BMTC OTC
---------------------------------------------------------------------
2nd Qtr '98 2nd Qtr '97 %
ended 6/98 ended 6/97 Change
----------- ----------- ------
Income Statement
----------------
Net interest income (thousands) $5,056 $4,479 13%
Other income (thousands) 3,836 2,802 37%
Other expense (thousands) 6,369 5,156 24%
Net income (thousands) 1,628 1,390 17%
Earnings Per share- basic $0.75 $0.63 19%
Earnings Per share- diluted $0.71 $0.60 18%
Balance sheet at 6/30/98 at 6/30/97
------------- ---------- -----------
Total assets (thousands) $359,759 $347,035 4%
Total loans (thousands) 279,041 260,484 7%
Total earning assets (thousands) 323,550 310,571 4%
Total deposits (thousands) 314,325 304,623 3%
Total shareholders' equity
(thousands) 40,530 37,737 7%
Capital to assets ratio 11.3% 10.9%
Y-T-D Y-T-D %
6/30/98 6/30/97 Change
------- ------- ------
Income Statement
----------------
Net interest income (thousands) $10,038 $8,922 13%
Other income (thousands) 7,151 5,493 30%
Other expense (thousands) 12,025 10,062 20%
Net income (thousands) 3,374 2,848 18%
Earnings Per share- basic $1.55 $1.29 20%
Earnings Per share- diluted $1.48 $1.24 19%
CONTACT: Bryn Mawr Bank Corp. Robert L. Stevens, chairman, 610/526-2300 or 610/296-5539 (evening) or Joseph W. Rebl, treasurer TREASURER. An officer entrusted with the treasures or money either of a private individual, a corporation, a company, or a state. 2. It is his duty to use ordinary diligence in the performance of his office, and to account with those whose money he has. , 610/526-2466 or 610/828-7798 (evening) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion