Bryn Mawr Bank Corporation Reports First Quarter Diluted Earnings Per Share up 13%.Business Editors 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)--April 15, 2003 Bryn Mawr Bank Corporation (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 ), (the "Corporation"), parent of The Bryn Mawr Trust Company (the "Bank"), announced for the quarter ended March 31, 2003, an 11% increase in net income to $2,669,000 from $2,409,000, and a 13% increase in diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of to $0.61 from $0.54 reported for the first quarter of 2002. 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. Corporation Chairman Ted Peters: "Despite a decline in interest rates, the Corporation experienced a 3% increase in net interest income from the first quarter of 2002 to first quarter 2003. This increase was primarily the result of a 20% growth in the Bank's loan portfolio and a 5% reduction in interest expense." Peters continued: "Our mortgage banking segment activity remained extremely vibrant. Over $181 million in residential mortgage loans were sold during the first three months of 2003. This is an 89% increase over the $96 million sold during the same period in 2002. Our Wealth Management Division continued its pattern of revenue growth. It has now had three consecutive quarters during which fee income increased over the same quarter for the previous year." In response to economic uncertainty brought on by the war in Iraq Iraq or Irak (both: ēräk`, ĭrăk`), officially Republic of Iraq, republic (2005 est. pop. 26,075,000), 167,924 sq mi (434,924 sq km), SW Asia. and a continued sluggish economy Sluggish Economy A state in the economy in which the growth is slow, flat or declining. The term can refer to the economy as a whole or a component of the economy, such as weak housing starts. , a $250,000 provision was added to the loan loss reserve in the first quarter of 2003 increasing the total loan loss reserve to $6,356,000. Non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. amounted to $88,000 at March 31, 2003 compared to $22,000 at March 31, 2002. Other income increased by 41% in the first quarter of 2003, spurred on by a 60% increase in 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. . This growth in total other income was a direct result of strong growth in gains on residential loan sales and an 11% increase in fees for trust services for the first quarter of 2003 over the same quarter in 2002. Other expenses increased 26%. Salaries and benefits increased 15% primarily as a result of increased costs for the Corporation's pension plan, an increase in incentive salaries related to corporate profitability, staff additions, and additional overtime Overtime is the amount of time someone works beyond normal working hours. Normal hours may be determined in several ways:
A 71% increase in 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. was primarily due to expenses incurred from the increased mortgage banking activity. In other business, the Corporation's Board of Directors approved a regular quarterly dividend of $0.20 per share, payable June June: see month. 1, 2003, to shareholders of record as of April 30, 2003.
Bryn Mawr Bank Corporation
Bryn Mawr, Pennsylvania
Consolidated Balance Sheets ($000 omitted(a))
(unaudited)
March 31 Change
2003 2002 $ %
---------- ---------- -------- -----
Assets
Cash and due from banks $34,719 $27,598 $7,121 26%
Interest-bearing deposits with
other banks 666 10,777 (10,111) -94%
Federal funds sold 22,000 12,000 10,000 83%
Investment securities 21,629 21,853 (224) -1%
Loans 482,134 402,573 79,561 20%
Less: Allowance for
possible loan losses (6,356) (5,167) (1,189) 23%
---------- ---------- --------
Net loans 475,778 397,406 78,372 20%
Premises and equipment, net 12,048 12,222 (174) -1%
Accrued interest receivable 2,247 2,106 141 7%
Goodwill 2,405 2,805 (400) -14%
Other assets 12,874 11,717 1,157 10%
---------- ---------- --------
Total Assets $584,366 $498,484 $85,882 17%
========== ========== ========
Liabilities and shareholders'
equity
Demand deposits $156,847 $132,692 $24,155 18%
Savings and time deposits 354,752 279,798 74,954 27%
---------- ---------- --------
Total Deposits 511,599 412,490 99,109 24%
Short term borrowings - 20,000 (20,000) -100%
Other liabilities 10,169 8,266 1,903 23%
Shareholders' equity
Common stock 5,545 5,351 194 4%
Surplus 11,333 7,184 4,149 58%
Accumulated other
Comprehensive income,
Net of Deferred
Income Taxes (33) 97 (130) -134%
Retained earnings 65,187 58,083 7,104 12%
---------- ---------- --------
82,032 70,715 11,317 16%
Less common stock in treasury, at
cost (19,434) (12,987) (6,447) 50%
---------- ---------- --------
Total shareholders' equity 62,598 57,728 4,870 8%
---------- ---------- --------
Total liabilities and
shareholders' equity $584,366 $498,484 $85,882 17%
========== ========== ========
Outstanding standby letters of
credit $9,865 $11,835 ($1,970) -17%
Quarter ended
Consolidated Statements of Income March 31 (unaudited)
($000 omitted(a))
Change
2003 2002(b) $ %
---------- ---------- -------- -----
Interest income:
Interest and fees on loans $7,011 $6,813 $198 3%
Interest on federal funds
sold 25 39 (14) -36%
Interest on investment
securities 229 310 (81) -26%
Dividend income 12 17 (5) -29%
---------- ---------- --------
Total interest
income 7,277 7,179 98 1%
Interest expense on
deposits 1,096 1,154 (58) -5%
---------- ---------- --------
Net interest income 6,181 6,025 156 3%
Loan loss provision 250 250 0 0%
---------- ---------- --------
Net interest income after
loan loss provision 5,931 5,775 156 3%
---------- ---------- --------
Other income:
Fees for trust services 2,325 2,103 222 11%
Other operating income 5,442 3,391 2,051 60%
---------- ---------- --------
Total other income 7,767 5,494 2,273 41%
---------- ---------- --------
Other expenses:
Salaries and employee
benefits 5,775 5,025 750 15%
Occupancy expense 1,006 944 62 7%
Other operating expenses 2,796 1,631 1,165 71%
---------- ---------- --------
Total other
expenses 9,577 7,600 1,977 26%
---------- ---------- --------
Income before income taxes 4,121 3,669 452 12%
Applicable income taxes 1,452 1,260 192 15%
---------- ---------- --------
Net Income $2,669 $2,409 $260 11%
========== ========== ========
Earnings per common share $0.61 $0.56 $0.05 9%
Diluted earnings per share $0.61 $0.54 $0.07 13%
Dividend declared per share of
common stock $0.20 $0.19 $0.01 5%
Weighted-average shares
outstanding 4,342,963 4,310,348 32,615 1%
Dilutive potential common shares 62,547 142,577 (80,030) -56%
---------- ---------- --------
Adjusted weighted-average shares 4,405,510 4,452,925 (47,415) -1%
(a) Except for share and per share data.
(b) Reclassified for comparative purposes.
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