Bryn Mawr Bank Corp. increases dividend based on record earnings in 1996.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)--Jan. 16, 1996--Based on record earnings for the year 1996, Bryn Mawr 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"), increased the quarterly dividend 20% from 15 cents to 18 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 March 1, 1997, to shareholders of record as of Feb. 3, 1997. Net income for the year ended Dec. 31, 1996, was $6,042,000, a 30% increase over $4,643,000 reported for 1995. Included in 1996 revenues, was a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta profit of $1.07 million from the first quarter sale of a commercial property in the Bank's 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"). Exclusive of this gain, certain non-recurring expense items, and applicable federal income taxes, which combined to increase 1996's earnings by $545,000, net income would have been $5,497,000 for 1996 -- an 18% increase over net income for 1995. Earnings per share was $2.67 for the year 1996, a 28% increase over $2.08 for 1995. Exclusive of the gain on the sale of OREO, certain non-recurring expense items, and applicable federal income taxes, earnings per share would have been $2.43, a 17% gain over 1995. Net income for the fourth quarter of 1996 was $1,511,000, a 36% increase over $1,110,000 reported for the fourth quarter of 1995. Earnings per share was 66 cents for the fourth quarter of 1996, a 35% increase over 49 cents per share for the fourth quarter of 1995. 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, "The fourth quarter earnings increase was the result of a terrific performance from traditional banking activity. Net interest income was up 7% to $4,527,000 from $4,247,000 in 1995, primarily due to a reduction in interest expense resulting from a decrease in higher costing `Premier' certificates of deposit during the first quarter of 1996. "The provision for loan loss decreased 40% to $75,000 for the fourth quarter of 1996 from $125,000 in the fourth quarter of 1995, because of the size of the loan loss reserve and the low level of delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. in the loan portfolio. Overall delinquencies were .74% of outstanding loans at the end of 1996." Stevens Stevens, family of U.S. inventors. John Stevens, 1749–1838, b. New York City, was graduated from King's College (now Columbia Univ.) in 1768. continued, "The $237,000 fourth quarter reduction in total other expenses, primarily salaries and employee benefits, more than offset a $93,000 decrease in fourth quarter 1996 non-interest revenue, primarily due to the elimination of revenues related to OREO disposed dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. of in 1996. "Employee benefit expenses were reduced in fourth quarter 1996 as compared to fourth quarter 1995, when actuarially computed pension expenses increased." A 22% increase of $130,000 in occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy expenses for the fourth quarter of 1996 was primarily related to depreciation associated with the installation of an in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. computer system early in 1996, and was somewhat offset by lower computer processing fees. -0-
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COMPANY: SYMBOL: EXCHANGE:
BRYN MAWR BANK CORP. BMTC OTC
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4th Qtr '96 4th Qtr '95 %
ended 12/96 ended 12/95 Change
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Income Statement
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Net interest income (thousands) $4,527 $4,247 7%
Other income (thousands) 2,394 2,487 -4%
Other expense (thousands) 4,661 4,898 -5%
Net income (thousands) 1,511 1,110 36%
Per share:
Net income $0.66 $0.49 35%
Balance sheet at 12/31/96 at 12/31/95
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Total assets (thousands) $345,747 $354,956 -3%
Total loans (thousands) 259,427 235,353 10%
Total earning assets (thousands) 305,911 314,089 -3%
Total deposits (thousands) 303,183 317,601 -5%
Total shareholders' equity
(thousands) 35,808 31,903 12%
Capital to assets ratio 10.4% 9.0% --
Y-T-D Y-T-D %
12/31/96 12/31/95 Change
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Income Statement
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Net interest income (thousands) $17,847 $16,371 9%
Other income (thousands) 10,423 9,197 13%
Other expense (thousands) 18,978 18,325 4%
Net income (thousands) 6,042 4,643 30%
Per share:
Net income(a) $2.67 $2.08 28%
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CONTACT: Bryn Mawr Bank Corp., Bryn Mawr Robert L. Stevens, chairman, 610/526-2300, or 610/296-5539 (evening) or Joseph W. Rebl, treasurer, 610/526-2466, or 610/828-7798 (evening) |
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