Bryn Mawr Bank Corporation Reports a 37.5% Increase in Fourth Quarter Earnings Per Share.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. -- 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 fourth quarter 2005 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 of $0.33, an increase of $0.09 or 37.5% compared to $0.24 in the same period last year. Net income for the fourth quarter of 2005 was $2.884 million, an increase of 38.2% or $797 thousand, compared to $2.087 million in last year's fourth quarter. "Our strategy of sticking to the basics and concentrating on our core competencies A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
Return on average equity (ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. ) and return on average assets (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ) for the quarter ended December December: see month. 31, 2005, were 15.04% and 1.65%, respectively. ROE was 11.83% and ROA was 1.25% for the same period last year. The major factor contributing to the increase in earnings for the fourth quarter of 2005 compared to the same period last year was a 51 basis point or 11.0% increase in the Corporation's net interest margin to 5.15% from 4.64% in the same period last year. Net interest income for the three months ended December 31, 2005, increased $1.216 million or 17.1% to $8.312 million from $7.096 million in the same period last year, as the Corporation's asset sensitive loan portfolio continued to benefit from a series of Federal Reserve interest rate increases. Also contributing to the improvement in earnings for the quarter was a $432 thousand or 17.2% increase in Wealth Management revenue. Diluted earnings per share for the year ended December 31, 2005, was $1.31, an increase of $0.24 or 22.4%, compared with $1.07 in 2004. Net income for year ended December 31, 2005, was $11.350 million, an increase of 21.5% or $2.005 million, compared to $9.345 million in the same period last year. ROE and ROA for the 2005 were 15.44% and 1.66%, respectively. ROE was 13.67% and ROA was 1.45% for the same period last year. The major factor contributing to the increase in earnings for 2005 compared to 2004 was a 43 basis point or 9.4% increase in the Corporation's net interest margin to 5.00% from 4.57%. Net interest income for 2005 increased $4.540 million or 16.9%, to $31.368 million from $26.828 million in the same period last year. Additionally, fees for Wealth Management services increased 12.0% or $1.236 million to $11.539 million in 2005 versus $10.303 million in 2004, partially offsetting declines in residential mortgage-related revenues. In 2004, the Corporation sold mortgage-servicing rights ("MSRs") that contributed $572 thousand to after tax income and increased diluted earnings per share $0.07. There were no sales of MSRs in 2005. Net income and diluted earnings per share for 2004, excluding the after tax impact of the MSRs sale, would have been $8.773 million and $1.01 per share, respectively. Excluding the impact of the MSRs sale, 2005 net income increased $2.577 million or 29.4% and diluted earnings per share increased $0.30 or 29.7% over the same period last year. (See accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. reconcilement rec·on·cile v. rec·on·ciled, rec·on·cil·ing, rec·on·ciles v.tr. 1. To reestablish a close relationship between. 2. To settle or resolve. 3. of GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net income and diluted earnings per share to net income and diluted earnings per share that exclude the MSRs sale). Total loans increased $33.3 million or 5.9% to $597.9 million from $564.6 million over the past 12 months and average loans for 2005 increased $43.6 million or 8.1% to $582.4 million compared to $538.8 million in 2004. The Corporation's asset quality remains strong as 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. as a percent of total loans was 0.07% at December 31, 2005. The Corporation continues its business development efforts on building banking relationships with privately held family owned businesses, non-profits, quality residential builders and owners of commercial real estate. In addition, the Corporation continues to provide high-touch retail lending services to consumers in the Delaware Valley The Delaware Valley is the name of the metropolitan area centered on the city of Philadelphia in the United States. The region is named for the Delaware River which flows through it. . Total deposits grew $35.3 million or 5.9% over the past 12 months to $636.3 million at December 31, 2005 from $601.0 million at December 31, 2004. Average deposits for 2005 increased $32.7 million or 5.8% to $596.4 million compared to $563.7 million in 2004. Deposit balances typically spike A burst of extra voltage in a power line that lasts only a few nanoseconds. See power surge, power swell, sag and surge suppression. (jargon) spike - To defeat a selection mechanism by introducing a (sometimes temporary) device that forces a specific result. near year end as evidenced by an increase in deposits of $31.603 million at December 31, 2005 compared to September September: see month. 30, 2005. Average deposits for the fourth quarter of 2005 were $600.6 million compared to 3rd quarter 2005 average deposits of $603.3 million reflecting the competitive nature of the deposit gathering business in our market area. Chairman Ted Peters stated "The Bryn Mawr Trust Company will continue with the expansion of its retail banking footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. with controlled de novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. expansion in the suburban Philadelphia Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. market. We anticipate the announcement of two branch initiatives in 2006 to complement our recently opened Exton Exton is the name of a number of settlements: In the United Kingdom:
Non-interest income for the fourth quarter of 2005 was $4.386 million, an increase of $265 thousand or 6.43% compared with $4.121 million in the same period last year. Fees for Wealth Management services grew $433 thousand or 17.2% to $2.946 million in the fourth quarter of 2005 from $2.513 million in same period last year. Wealth revenues for the fourth quarter of 2005 of $2.945 million were comparable to the third and second quarter wealth revenues of $2.972 million and $2.967 million, respectively. New business development efforts and the combination of settlement fees and brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. activity, partially offset by soft market conditions, contributed to these results. Wealth assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. and administration increased $310 million or 16.0% to $2.248 billion at December 31, 2005, compared to $1.938 billion at December 31, 2004. The increase in assets under management and administration is partly a result of a business acquisition by a significant client in the third quarter of 2005. Partially offsetting this higher Wealth Division revenue were reduced fees from residential mortgage-related activities and lower services charges on deposit accounts. Non-interest expense for the fourth quarter of 2005 increased $323 thousand or 4.1% to $8.138 million compared to $7.815 million in the same period last year. Increased incentive compensation and advertising costs were the primary contributors to this increase, along with additional 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. related to the opening of the Exton branch in March, 2005. Partially offsetting the increases were reductions in the amortization of mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. rights and professional fees. Non-interest income for 2005, excluding the $1.145 million gain on MSR MSR Microsoft Research MSR Montserrat (ISO Country code) MSR Mountain Safety Research (outdoor goods manufacturer) MSR Magnetic Stripe Reader MSR Egyptair (ICAO code) sales in 2004, decreased $404 thousand or 2.2% to $18.245 million from $18.649 million in the same period last year. Non-interest income was negatively impacted by the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in residential mortgage activity, as residential mortgage originations declined 7.2% or $15.0 million in 2005 to $193.3 million from $208.3 million in the same period last year. The decline in residential mortgage activity along with very competitive pricing resulted in a reduction in the gain on sale of loans of 44.5% or $1.298 million to $1.622 million in 2005 from $2.920 million in 2004. Non-interest income was also impacted by a $234 thousand or 12.8% decrease in service charges on deposit accounts reflecting the impact of higher earnings credits on commercial checking accounts and the industry trend toward "free" checking. Partially offsetting this decrease was an increase of $1.236 million or 12.0% in fees for Wealth Management services over the same time period. Non-interest expense for 2005, excluding $266 thousand of expenses related to the sale of the MSRs, increased $214 thousand or 0.7% to $31.573 million when compared to $31.359 million in the same period last year. The increase is a combination of many factors including increased medical benefit costs, staff merit raises, incentive compensation, and 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 and furniture and fixtures related to the new Exton branch. Partially offsetting these increases were reduced levels of professional fees, lower amortization of mortgage servicing rights, and reduced residential mortgage staffing levels. In other business, the Corporation's Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a regular quarterly dividend of $0.11 per share, payable March 1, 2006, to shareholders of record as of February February: see month. 6, 2006. This release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words believe, expect, anticipate, intend, plan, estimate or words of similar meaning. Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors, many of which are beyond the Corporation's control, could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements speak only as of the date they are made. The Corporation does not undertake to update forward-looking statements. This release contains financial information determined by methods other than in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ("GAAP"). The Corporation's Management uses these non-GAAP measures in its analysis of the Corporation's performance. These non-GAAP measures consist of adjusting net income determined in accordance with GAAP to exclude the effects of the sale of MSRs in 2004. Management believes that the presentation excluding the impact of the sale of MSRs in 2004 provides useful supplemental information essential to the proper understanding of the operating results of the Corporation's core business. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures, which may be presented by other companies. The accompanying financial statements and reconciliation statement are an integral part of this press release.
Reconciliation of Non-GAAP Information
Twelve Month Period Ended December 31,
(dollars in thousands except per share data)
Non-interest income Change
2005 2004 $ %
As reported $18,245 $19,794 ($1,549) (7.8%)
MSRs sale income - 1,145 (1,145) -
MSRs sale expenses - - - -
Adjusted for sale $18,245 $18,649 ($404) (2.2%)
Non-interest expense Change
2005 2004 $ %
As reported $31,573 $31,625 $(52) (0.2%)
MSRs sale income -
MSRs sale expenses - 266 (266) -
Adjusted for sale $31,573 $31,359 $214 0.7%
Reconciliation of Non-GAAP Information
Twelve Month Period Ended December 31,
(dollars in thousands except per share data)
Net Income Change
2005 2004 $ %
As reported $11,350 $9,345 $2,005 21.5%
After tax effect of
MSRs sale(1) - ($572) $572 -
Adjusted for sale $11,350 $8,773 $2,577 29.4%
Diluted (2)
earnings per share Change
2005 2004* $ %
As reported $1.31 $1.07 $0.24 22.4%
After tax effect of
MSRs sale(1) - (0.07) 0.07 -
Adjusted for sale $1.31 $1.01 $0.30 29.7%
(1) MSRs gain was calculated as follows: Revenues of $1,145,000,
direct expenses of $266,000 and allocated income taxes of $307,000
netting to $572,000.
* Dilutive potential common shares have been adjusted to reflect the
tax benefit of non-qualified stock options. This resulted in an
increase to diluted earnings per share for the year 2004 of $0.01
per share.
(2) Difference in the diluted earnings per share adjusted for MSRs
sale is due to rounding.
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data)
December 31, 2005
(unaudited)
For The Three Months Ended
For the period: Dec 31, Sept 30,* June 30,* Mar 31,* Dec 31,*
2005 2005 2005 2005 2004
---------- ---------- ---------- ---------- ----------
Interest income $ 10,277 $ 9,834 $ 9,186 $ 8,671 $ 8,328
Interest
expense 1,965 1,788 1,544 1,303 1,232
---------- ---------- ---------- ---------- ----------
Net interest
income 8,312 8,046 7,642 7,368 7,096
Provision for
loan losses 173 209 193 187 338
---------- ---------- ---------- ---------- ----------
Net interest
income after
provision for
loan losses 8,139 7,837 7,449 7,181 6,758
Fees for wealth
management
services 2,946 2,972 2,967 2,654 2,513
Loan servicing
and late fees 304 321 339 339 360
Service charges
on deposits 392 408 398 395 429
Net gain on
sale of loans 244 456 464 458 352
Net gain on
sale of
mortgage
servicing
rights - - - - -
Other operating
income 500 568 552 568 467
---------- ---------- ---------- ---------- ----------
Noninterest
income 4,386 4,725 4,720 4,414 4,121
Salaries and
wages 4,183 4,414 3,758 3,507 3,702
Employee
benefits 999 998 936 1,141 1,022
Occupancy and
bank premises 571 564 581 556 539
Furniture
fixtures and
equipment 495 488 498 460 475
Advertising 277 195 312 176 173
Amortization of
mortgage
servicing
rights 92 115 210 189 193
Professional
fees 386 318 295 303 614
Other expenses 1,135 1,095 1,274 1,052 1,097
---------- ---------- ---------- ---------- ----------
Noninterest
expense 8,138 8,187 7,864 7,384 7,815
Income before
income taxes 4,387 4,375 4,305 4,211 3,064
Income tax
expense 1,503 1,499 1,517 1,409 977
---------- ---------- ---------- ---------- ----------
Net income $ 2,884 $ 2,876 $ 2,788 $ 2,802 $ 2,087
========== ========== ========== ========== ==========
Per share data:
Weighted
average shares
outstanding 8,556,250 8,555,037 8,549,675 8,591,622 8,596,888
Dilutive
potential
common shares 110,576 107,699 80,772 105,718 99,692
---------- ---------- ---------- ---------- ----------
Adjusted
weighted
average shares 8,666,826 8,662,736 8,630,447 8,697,340 8,696,580
Earnings per
common share $0.34 $0.34 $0.33 $0.33 $0.24
Diluted
earnings per
common share $0.33 $0.33 $0.32 $0.32 $0.24
Dividend
declared per
share $0.11 $0.11 $0.10 $0.10 $0.10
* Dilutive potential common shares have been adjusted to reflect the
tax benefit of non-qualified stock options.
This adjustment did not change previously reported diluted
earnings per share.
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data)
December 31, 2005
(unaudited)
For The Twelve Months Reconciliation of Non-
Ended GAAP Information
Sale of MSRs Without
and Related Sale of
Expenses MSRs
-----------------------
For the period: Dec 31, Dec 31,* Dec 31,*(1) Dec 31,*
2005 2004 2004 2004
---------- ---------- ------------ ----------
Interest income $ 37,968 $ 31,381 $ - $ 31,381
Interest expense 6,600 4,553 - 4,553
---------- ---------- ------------ ----------
Net interest income 31,368 26,828 - 26,828
Provision for loan
losses 762 900 - 900
---------- ---------- ------------ ----------
Net interest income
after provision for
loan losses 30,606 25,928 - 25,928
Fees for wealth
management services 11,539 10,303 - 10,303
Loan servicing and late
fees 1,303 1,632 - 1,632
Service charges on
deposits 1,593 1,827 - 1,827
Net gain on sale of
loans 1,622 2,920 - 2,920
Net gain on sale of
mortgage servicing
rights - 1,145 1,145 -
Other operating income 2,188 1,967 - 1,967
---------- ---------- ------------ ----------
Noninterest income 18,245 19,794 1,145 18,649
Salaries and wages 15,862 15,013 76 14,937
Employee benefits 4,074 4,297 - 4,297
Occupancy and bank
premises 2,272 2,161 - 2,161
Furniture fixtures and
equipment 1,941 1,785 - 1,785
Advertising 960 879 - 879
Amortization of mortgage
servicing rights 606 839 - 839
Professional fees 1,302 1,799 89 1,710
Other expenses 4,556 4,852 101 4,751
---------- ---------- ------------ ----------
Noninterest expense 31,573 31,625 266 31,359
Income before income
taxes 17,278 14,097 879 13,218
Income tax expense 5,928 4,752 307 4,445
---------- ---------- ------------ ----------
Net income $ 11,350 $ 9,345 $ 572 $ 8,773
========== ========== ============ ==========
Per share data:
Weighted average shares
outstanding 8,563,027 8,610,171 8,610,171 8,610,171
Dilutive potential
common shares 101,200 110,854 110,854 110,854
---------- ---------- ------------ ----------
Adjusted weighted
average shares 8,664,227 8,721,025 8,721,025 8,721,025
Earnings per common
share $1.33 $1.09 $0.07 $1.02
Diluted earnings per
common share $1.31 $1.07 $0.07 $1.01
Dividend declared per
share $0.42 $0.40
* Dilutive potential common shares have been adjusted to reflect the
tax benefit of non-qualified stock options.
This resulted in an increase to diluted earnings per share for the
year 2004 of $0.01 per share.
(1) Difference in the diluted earnings per share adjusted for MSRs
sale is due to rounding.
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data and ratios)
December 31, 2005
(unaudited)
For the period: 2005 2005 2005 2005 2004
4Q 3Q 2Q 1Q 4Q
Asset Quality
Data
Nonaccrual
loans $ 390 $ 273 $ 678 $ 1,432 $ 1,353
90 + days past
due loans - - - 92 22
---------- ---------- ---------- ---------- ----------
Nonperforming
loans 390 273 678 1,524 1,375
OREO 25 - 210 591 357
---------- ---------- ---------- ---------- ----------
Nonperforming
assets $ 415 $ 273 $ 888 $ 2,115 $ 1,732
========== ========== ========== ========== ==========
Allowance for
loan losses $ 7,402 $ 7,392 $ 7,252 $ 7,125 $ 6,927
Allowance for
loan losses /
loans 1.24% 1.25% 1.22% 1.27% 1.23%
Allowance for
loan losses /
nonperforming
loans 1,898% 2,708% 1,070% 468% 504%
Nonperforming
loans / loans 0.07% 0.05% 0.11% 0.27% 0.24%
Nonperforming
assets /
assets 0.06% 0.04% 0.13% 0.32% 0.25%
Net loan
charge-offs 162 69 66 (11) 271
Net loan charge-
offs
(annualized)/
average loans 0.11% 0.05% 0.05% (0.01%) 0.20%
2005 2005 2005 2005 2004
4Q 3Q 2Q 1Q 4Q
Selected ratios
(annualized):
Return on
average
assets 1.65% 1.65% 1.65% 1.70% 1.25%
Return on
average
shareholders'
equity 15.04% 15.35% 15.47% 15.94% 11.83%
Yield on
earning
assets 6.37% 6.13% 5.94% 5.76% 5.45%
Cost of
interest
bearing funds 1.72% 1.57% 1.37% 1.19% 1.10%
Net interest
margin 5.15% 5.01% 4.94% 4.89% 4.64%
Leverage ratio 11.00% 10.76% 10.63% 10.65% 10.59%
Book value per
share $ 9.06 $ 8.86 $ 8.63 $ 8.40 $ 8.29
Tangible book
value per
share $ 9.06 $ 8.86 $ 8.63 $ 8.40 $ 8.29
Selected data:
Mortgage loans
originated $ 36,815 $ 67,701 $ 49,830 $ 38,978 $ 33,818
Mortgage loans
sold -
servicing
retained $ 6,889 $ 11,016 $ 9,972 $ 13,787 $ 8,345
Mortgage loans
sold -
servicing
released $ 13,913 $ 27,598 $ 16,817 $ 20,209 $ 12,338
Mortgage loans
serviced for
others $ 417,649 $ 438,183 $ 465,780 $ 489,882 $ 507,421
Assets under
management /
administration $2,247,630 $2,205,380 $1,900,928 $1,919,493 $1,938,195
2005 2004
Year-to-date Year-to-date
Selected
ratios
(annualized):
Return on
average
assets 1.66% 1.45%
Return on
average
shareholders'
equity 15.44% 13.67%
Yield on
earning
assets 6.06% 5.34%
Cost of
interest
bearing funds 1.46% 1.07%
Net interest
margin 5.00% 4.57%
Mortgage loans
originated $ 193,325 $208,253
Mortgage loans
sold -
servicing
retained $ 41,664 $111,173
Mortgage loans
sold -
servicing
released $ 90,001 $ 33,743
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands)
December 31, 2005
(unaudited)
As of
Balance Sheet
For the period
ended: Dec 31, Sept 30, June 30, Mar 31, Dec 31,
2005 2005 2005 2005 2004
--------- --------- --------- --------- ---------
Assets
Interest bearing
deposits with
banks $ 405 $ 8,075 $ 314 $ 598 $ 15,293
Fed funds sold 32,341 - - 7,041 13,423
Investment
securities 34,991 35,442 35,681 35,156 35,441
Loans:
Consumer 9,437 8,791 9,482 9,407 10,291
Commercial &
industrial 170,283 172,115 193,402 183,862 186,923
Commercial
mortgages 162,621 162,187 149,604 141,957 137,141
Construction 45,523 37,386 42,842 40,957 36,941
Residential
mortgages 99,602 95,351 84,176 78,642 75,081
Home equity
lines & loans 107,699 106,562 106,327 103,709 109,512
Loans held for
sale, at fair
market value 2,765 9,072 8,147 4,287 8,708
--------- --------- --------- --------- ---------
Total Loans 597,930 591,465 593,980 562,821 564,597
--------- --------- --------- --------- ---------
Earning assets 665,667 634,982 629,975 605,616 628,754
Cash and due
from 33,896 30,976 33,979 31,536 26,526
Allowance for
loan losses (7,402) (7,392) (7,252) (7,125) (6,927)
Other assets 35,065 34,401 34,050 33,524 34,593
--------- --------- --------- --------- ---------
Total assets $727,226 $692,967 $690,752 $663,551 $682,946
========= ========= ========= ========= =========
Interest-bearing
checking $154,319 $148,042 $140,271 $145,680 $166,901
Money market 112,319 118,548 125,972 118,915 126,058
Savings 46,258 47,721 51,141 50,878 50,300
Time deposits 155,322 137,262 126,538 131,435 110,470
--------- --------- --------- --------- ---------
Interest-bearing
deposits 468,218 451,573 443,922 446,908 453,729
Non-interest
bearing
deposits 168,042 153,084 161,448 136,276 147,236
--------- --------- --------- --------- ---------
Total deposits 636,260 604,657 605,370 583,184 600,965
Borrowed funds - - - - -
Other liabilities 13,453 12,491 11,617 8,457 10,743
Shareholders'
equity 77,513 75,819 73,765 71,910 71,238
--------- --------- --------- --------- ---------
Total liabilities
and shareholders'
equity $727,226 $692,967 $690,752 $663,551 $682,946
========= ========= ========= ========= =========
Balance Sheet (average)
2005 2005 2005 2005 2004
4Q 3Q 2Q 1Q 4Q
--------- --------- --------- --------- ---------
Assets
Interest bearing
deposits with
banks $ 1,176 $ 4,729 $ 536 $ 3,147 $ 6,438
Fed funds sold 8,115 7,420 5,119 4,415 17,214
Investment
securities 36,115 35,955 36,303 35,291 34,934
Loans 594,437 588,726 578,173 567,842 549,220
--------- --------- --------- --------- ---------
Earning assets 639,843 636,830 620,131 610,695 607,806
Cash and due
from 25,754 27,413 33,259 33,357 32,623
Allowance for
loan losses (7,460) (7,359) (7,251) (7,058) (6,981)
Other assets 33,547 33,559 33,500 32,697 29,508
--------- --------- --------- --------- ---------
Total assets $691,684 $690,443 $679,639 $669,691 $662,956
========= ========= ========= ========= =========
Interest-bearing
checking $141,441 $142,400 $148,943 $152,343 $153,362
Money market 117,033 126,127 119,261 123,441 132,692
Savings 46,699 49,695 50,897 50,763 49,881
Time deposits 143,156 133,052 128,777 117,375 108,890
--------- --------- --------- --------- ---------
Interest-bearing
deposits 448,329 451,274 447,878 443,922 444,825
Non-interest
bearing
deposits 152,230 152,048 146,140 143,434 138,367
--------- --------- --------- --------- ---------
Total deposits 600,559 603,322 594,018 587,356 583,192
Borrowed funds 1,505 516 3,540 1,250 -
Other liabilities 13,534 12,303 9,803 9,791 9,572
Shareholders'
equity 76,086 74,302 72,278 71,294 70,192
--------- --------- --------- --------- ---------
Total liabilities
and shareholders'
equity $691,684 $690,443 $679,639 $669,691 $662,956
========= ========= ========= ========= =========
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands)
December 31, 2005
(unaudited)
Balance Sheet
(average)
2005 2004
Year-to-date Year-to-date
------------ ------------
Assets
Interest bearing deposits
with banks $ 2,398 $ 3,079
Fed funds sold 6,281 13,052
Investment
securities 35,918 32,243
Loans 582,386 538,775
------------ ------------
Earning assets 626,983 587,149
Cash and due
from 29,918 32,774
Allowance for
loan losses (7,283) (6,957)
Other assets 33,312 29,827
------------ ------------
Total assets $ 682,930 $ 642,793
============ ============
Interest-bearing
checking $ 146,848 $ 149,118
Money market 120,854 123,591
Savings 49,503 51,263
Time deposits 130,668 102,369
------------ ------------
Interest-bearing
deposits 447,873 426,341
Non-interest
bearing
deposits 148,495 137,336
------------ ------------
Total deposits 596,368 563,677
Borrowed funds 1,700 849
Other liabilities 11,370 9,900
Shareholders'
equity 73,492 68,367
------------ ------------
Total liabilities and
shareholders' equity $ 682,930 $ 642,793
============ ============
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