Bryn Mawr Bank Corporation Reports a 37.5% Increase in Third 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 third 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 third quarter of 2005 was $2.876 million, an increase of 36.4% or $767 thousand, compared to $2.109 million in last year's third quarter. "The combination of rising short term interest rates and the strong growth of revenue in our Wealth Management group has resulted in an excellent quarter for the Corporation," commented Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Ted Peters. 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 September September: see month. 30, 2005, were 15.35% and 1.65%, respectively. ROE was 12.20% and ROA was 1.27% for the same period last year. The major factor contributing to the increase in earnings for the third quarter of 2005 compared to the same period last year was a 53 basis point or 11.8% increase in the Corporation's net interest margin to 5.01% from 4.48% in the same period last year. Net interest income for the three months ended September 30, 2005, increased $1.232 million or 18.1% to $8.046 million from $6.814 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 was a $482 thousand or 19.4% increase in Wealth Management revenue. On a year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. basis, diluted earnings per share were $0.97, an increase of $0.14 or 16.9%, compared with $0.83 in the same period last year. Net income for the nine months ended September 30, 2005, was $8.466 million, an increase of 16.6% or $1.208 million, compared to $7.258 million in the same period last year. ROE and ROA for the first nine months of 2005 were 15.58% and 1.66%, respectively. ROE was 14.31% and ROA was 1.52% for the same period last year. The major factor contributing to the increase in earnings for the first nine months of the year compared to the same period last year was a 41 basis point or 9.0% increase in the Corporation's net interest margin to 4.95% from 4.54%. Net interest income for the nine months ended September 30, 2005, increased $3.324 million or 16.8% to $23.056 million from $19.732 million in the same period last year. Additionally, fees for Wealth Management services increased 10.3% or $804 thousand to $8.593 million versus $7.789 million, partially offsetting declines in residential mortgage related revenues. In the first nine months of 2004, the Corporation sold mortgage-servicing rights ("MSRs") that contributed $572 thousand to after tax income and increased diluted earnings per share $0.06. There were no sales of MSRs in the first nine months of 2005. Net income and diluted earnings per share for the first nine months of 2004, excluding the after tax impact of the MSRs sale, would have been $6.686 million and $0.76 per share, respectively. Excluding the impact of the MSRs sale, 2005 nine month net income increased $1.780 million or 26.6% and diluted earnings per share increased $0.21 or 27.6% 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 $40.7 million or 7.4% to $591.5 million from $550.8 million over the past 12 months, and average loans for the third quarter of 2005 increased $10.5 million or 1.8% to $588.7 million compared to $578.2 million in the second quarter of 2005. However, loan totals at September 30, 2005, are $2.5 million or 0.4% lower than June June: see month. 30, 2005, due to increased liquidity by various commercial loan clients resulting in pay-downs of commercial loan totals, partially offset by increases in adjustable rate Adjustable rate Applies mainly to convertible securities. Refers to interest rate or dividend that is adjusted periodically, usually according to a standard market rate outside the control of the bank or savings institution, such as that prevailing on Treasury bonds or notes. residential mortgages. 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 0.05% at September 30, 2005. The Corporation continues to focus its new business development efforts on loans to small to mid-size companies. Total deposits grew $22.7 million or 3.9% over the past 12 months to $604.7 million at September 30, 2005, from $582.0 million at September 30, 2004. Total deposits declined $713 thousand from June 30, 2005 due to seasonality and higher non-interest bearing balances at the end of the second quarter. Average deposits for the third quarter of 2005 increased $9.3 million or 1.6% to $603.3 million compared to $594.0 million in the second quarter of 2005. Chairman Ted Peters stated: "Bryn Mawr Trust anticipates continued expansion of the 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. Our two recently opened retail branch locations in Exton Exton is the name of a number of settlements: In the United Kingdom:
Non-interest income for the third quarter of 2005 was $4.725 million, an increase of $465 thousand or 10.9% compared with $4.260 million in the same period last year. Fees for Wealth Management services grew $482 thousand or 19.4% to $2.972 million in the third quarter of 2005 from $2.490 million in same period last year. New business development efforts and estate settlement fees, 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 $304 million or 16.0% to $2.205 billion at September 30, 2005, compared to $1.901 billion at June 30, 2005. The increase in assets under management and administration is partly a result of a business acquisition by a significant client. Partially offsetting this increase were reduced fees from residential mortgage related activities and lower service charges on deposit accounts. Non-interest expense for the third quarter of 2005 increased $459 thousand or 5.9% to $8.187 million compared to $7.728 million for the same period last year. Increased incentive compensation and employee benefit 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 advertising, 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 the nine months ended September 30, 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 $669 thousand or 4.6% to $13.859 million from $14.528 million in the same period last year. Non-interest income was negatively impacted by the slow down in residential mortgage activity, especially in the refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. market. Residential mortgage originations declined 10.3% or $17.9 million in the first nine months of 2005 to $156.5 million from $174.4 million in the same period last year, while residential mortgage loans sold declined $21.4 million or 17.2% to $102.8 million from $124.2 million over the same time period. Non-interest income was also impacted by a $197 thousand or 14.1% 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 $804 thousand or 10.3% in fees for Wealth Management services over the same time period. Non-interest expense for the nine months ended September 30, 2005, excluding $266 thousand of expenses related to the sale of the MSRs, decreased $109 thousand or 0.5% to $23.435 million when compared to $23.544 million in the same period last year. The decrease is a combination of many factors including reduced mortgage related salary and benefit costs, offset by increased medical benefit costs, staff merit raises and incentive compensation. Also contributing are reduced professional fees and amortization of mortgage servicing rights, partially offset by increases 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 and furniture and fixtures related to the new Exton branch and technology-related expenses. 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 December December: see month. 1, 2005, to shareholders of record as of October October: see month. 31, 2005. 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 the first nine months of 2004. Management believes that the presentation excluding the impact of the sale of MSRs in the first nine months of 2004 provides useful supplementation 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 are an integral part of this press release.
Reconcilation of Non-GAAP Information
Nine Month Period Ended September 30,
(dollars in thousands except per share data)
Non-interest income Change
2005 2004 $ %
As reported $ 13,859 $ 15,673 $ (1,814) (11.6%)
MSRs sale income - 1,145 (1,145) -
MSRs sale expenses - - - -
----------- ----------- -----------
Adjusted for sale $ 13,859 $ 14,528 $ (669) (4.6%)
=========== =========== ===========
Non-interest expense Change
2005 2004 $ %
As reported $ 23,435 $ 23,810 $ (375) (1.6%)
MSRs sale income -
MSRs sale expenses - 266 (266) -
----------- ----------- -----------
Adjusted for sale $ 23,435 $ 23,544 $ (109) (0.5%)
=========== =========== ===========
Reconcilation of Non-GAAP Information
Nine Month Period Ended September 30,
(dollars in thousands except per share data)
Diluted
earnings per
Net Income Change share Change
2005 2004 $ % 2005 2004 $ %
As reported $8,466 $7,258 $1,208 16.6% $ 0.97 $0.83 $0.14 16.9%
After tax
effect of
MSRs sale(1) - (572) 572 - - (0.07) 0.07 -
------- ------- ------- ------- ------ ------
Adjusted for
sale $8,466 $6,686 $1,780 26.6% $ 0.97 $0.76 $0.21 27.6%
======= ======= ======= ======= ====== ======
(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.
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data)
September 30, 2005
(unaudited)
For The Three Months Ended
For the period: Sept 30, June 30, Mar 31, Dec 31, Sept 30,
2005 2005 2005 2004 2004
---------- ---------- ---------- ---------- ----------
Interest income $ 9,834 $ 9,186 $ 8,671 $ 8,328 $ 7,969
Interest
expense 1,788 1,544 1,303 1,232 1,155
---------- ---------- ---------- ---------- ----------
Net interest
income 8,046 7,642 7,368 7,096 6,814
Provision for
loan losses 209 193 187 338 187
---------- ---------- ---------- ---------- ----------
Net interest
income after
provision for
loan losses 7,837 7,449 7,181 6,758 6,627
Fees for wealth
management
services 2,972 2,967 2,654 2,513 2,490
Loan servicing
and late fees 321 339 339 360 361
Service charges
on deposits 408 398 395 429 444
Net gain on
sale of loans 456 464 458 352 495
Net gain on
sale of
mortgage
servicing
rights - - - - (1)
Other operating
income 568 552 568 467 471
---------- ---------- ---------- ---------- ----------
Noninterest
income 4,725 4,720 4,414 4,121 4,260
Salaries and
wages 4,414 3,758 3,507 3,702 3,635
Employee
benefits 998 936 1,141 1,022 1,069
Occupancy and
bank premises 564 581 556 539 531
Furniture
fixtures and
equipment 488 498 460 475 427
Advertising 195 312 176 173 264
Amortization of
mortgage
servicing
rights 115 210 189 193 152
Professional
fees 318 295 303 614 477
Other expenses 1,095 1,274 1,052 1,097 1,173
---------- ---------- ---------- ---------- ----------
Noninterest
expense 8,187 7,864 7,384 7,815 7,728
Income before
income taxes 4,375 4,305 4,211 3,064 3,159
Income tax
expense 1,499 1,517 1,409 977 1,050
---------- ---------- ---------- ---------- ----------
Net income $ 2,876 $ 2,788 $ 2,802 $ 2,087 $ 2,109
========== ========== ========== ========== ==========
Per share data:
Weighted
average shares
outstanding 8,555,037 8,549,675 8,591,622 8,596,888 8,595,229
Dilutive
potential
common shares 165,691 124,265 162,643 153,372 161,383
---------- ---------- ---------- ---------- ----------
Adjusted
weighted
average shares 8,720,728 8,673,940 8,754,265 8,750,260 8,756,612
Earnings per
common share $0.34 $0.33 $0.33 $0.24 $0.25
Diluted
earnings per
common share $0.33 $0.32 $0.32 $0.24 $0.24
Dividend
declared per
share $0.11 $0.10 $0.10 $0.10 $0.10
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data)
September 30, 2005
(unaudited)
For The Nine Months Reconcilation of Non-
Ended GAAP Information
Sale of
MSRs and Without
Related Sale of
Expenses MSRs
---------------------
For the period: Sept 30, Sept 30, Sept 30, Sept 30,
2005 2004 2004 2004
------------ ----------- ---------- ----------
Interest income $ 27,691 $ 23,053 - $ 23,053
Interest expense 4,635 3,321 - 3,321
------------ ----------- ---------- ----------
Net interest income 23,056 19,732 - 19,732
Provision for loan
losses 589 562 - 562
------------ ----------- ---------- ----------
Net interest income
after provision for
loan losses 22,467 19,170 - 19,170
Fees for wealth
management services 8,593 7,789 - 7,789
Loan servicing and late
fees 999 1,272 - 1,272
Service charges on
deposits 1,201 1,398 - 1,398
Net gain on sale of
loans 1,378 2,568 - 2,568
Net gain on sale of
mortgage servicing
rights - 1,145 1,145 -
Other operating income 1,688 1,501 - 1,501
------------ ----------- ---------- ----------
Noninterest
income 13,859 15,673 1,145 14,528
Salaries and wages 11,678 11,310 76 11,234
Employee benefits 3,076 3,276 - 3,276
Occupancy and bank
premises 1,701 1,622 - 1,622
Furniture fixtures and
equipment 1,446 1,310 - 1,310
Advertising 683 705 - 705
Amortization of
mortgage servicing
rights 513 646 - 646
Professional fees 917 1,185 89 1,096
Other expenses 3,421 3,756 101 3,655
------------ ----------- ---------- ----------
Noninterest
expense 23,435 23,810 266 23,544
Income before income
taxes 12,891 11,033 879 10,154
Income tax expense 4,425 3,775 307 3,468
------------ ----------- ---------- ----------
Net income $ 8,466 $ 7,258 $ 572 $ 6,686
============ =========== ========== ==========
Per share data:
Weighted average shares
outstanding 8,565,311 8,614,631 8,614,631 8,614,631
Dilutive potential
common shares 153,224 176,834 176,834 176,834
------------ ----------- ---------- ----------
Adjusted weighted
average shares 8,718,535 8,791,465 8,791,465 8,791,465
Earnings per common
share $0.99 $0.84 $0.07 $0.78
Diluted earnings per
common share $0.97 $0.83 $0.07 $0.76
Dividend declared per
share $0.31 $0.30
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data and ratios )
September 30, 2005
(unaudited)
For the
period: 2005 2005 2005 2004 2004
3Q 2Q 1Q 4Q 3Q
Asset Quality
Data
Nonaccrual
loans $ 273 678 1,432 1,353 1,373
90 + days past
due loans - - 92 22 13
----------- ---------- ---------- ---------- ----------
Nonperforming
loans 273 678 1,524 1,375 1,386
OREO - 210 591 357 475
----------- ---------- ---------- ---------- ----------
Nonperforming
assets $ 273 888 2,115 1,732 1,861
=========== ========== ========== ========== ==========
Allowance for
loan losses $ 7,392 7,252 7,125 6,927 6,860
Allowance for
loan losses /
loans 1.25% 1.22% 1.27% 1.23% 1.25%
Allowance for
loan losses /
nonperforming
loans 2,708% 817% 337% 400% 369%
Nonperforming
loans / loans 0.05% 0.15% 0.38% 0.31% 0.34%
Nonperforming
assets /
assets 0.04% 0.13% 0.32% 0.25% 0.28%
Net loan
charge-offs 69 66 (11) 271 292
Net loan
charge-offs
(annualized)/
average loans 0.05% 0.05% (0.01%) 0.20% 0.22%
2005 2005 2005 2004 2004
3Q 2Q 1Q 4Q 3Q
Selected
ratios
(annualized):
Return on
average
assets 1.65% 1.65% 1.70% 1.25% 1.27%
Return on
average
shareholders'
equity 15.35% 15.47% 15.94% 11.83% 12.20%
Yield on
earning
assets 6.13% 5.94% 5.76% 5.45% 5.24%
Cost of
interest
bearing funds 1.57% 1.37% 1.19% 1.10% 1.04%
Net interest
margin 5.01% 4.94% 4.89% 4.64% 4.48%
Leverage ratio 10.76% 10.63% 10.65% 10.59% 10.42%
Book value per
share $ 8.86 8.63 8.40 8.29 8.15
Tangible book
value per
share $ 8.86 8.63 8.40 8.29 8.15
Selected data:
Mortgage loans
originated $ 67,701 49,830 38,978 33,818 36,793
Mortgage loans
sold -
servicing
retained $ 11,016 9,972 13,787 8,345 18,631
Mortgage loans
sold -
servicing
released $ 27,598 16,817 20,209 12,338 11,374
Mortgage loans
serviced for
others $ 438,183 465,780 489,882 507,421 528,533
Assets under
management/
administration $2,205,380 1,900,928 1,919,493 1,938,195 1,829,167
2005 2004
Year-to- Year-to-
date date
Selected
ratios
(annualized):
Return on
average
assets 1.66% 1.52%
Return on
average
shareholders'
equity 15.58% 14.31%
Yield on
earning
assets 5.95% 5.31%
Cost of
interest
bearing funds 1.38% 1.08%
Net interest
margin 4.95% 4.54%
Mortgage loans
originated $ 156,510 174,435
Mortgage loans
sold -
servicing
retained $ 34,775 102,828
Mortgage loans
sold -
servicing
released $ 68,009 21,405
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands)
September 30, 2005
(unaudited)
As of
Balance Sheet
For the period Sept 30, June 30, Mar 31, Dec 31, Sept 30,
ended: 2005 2005 2005 2004 2004
--------- --------- --------- --------- ---------
Assets
Interest bearing
deposits with
banks $ 8,075 $ 314 $ 598 $ 15,293 $ 393
Fed funds sold - - 7,041 13,423 14,820
Investment
securities 35,442 35,681 35,156 35,441 33,562
Loans:
Consumer 8,791 9,482 9,407 10,291 10,145
Commercial 172,115 193,402 183,862 186,923 185,200
Real estate 401,487 382,949 365,265 358,675 349,107
Loans held for
sale, at fair
market value 9,072 8,147 4,287 8,708 6,387
--------- --------- --------- --------- ---------
Total Loans 591,465 593,980 562,821 564,597 550,839
--------- --------- --------- --------- ---------
Earning assets 634,982 629,975 605,616 628,754 599,614
Cash 30,976 33,979 31,536 26,526 38,400
Allowance for
loan losses (7,392) (7,252) (7,125) (6,927) (6,860)
Other assets 34,401 34,050 33,524 34,593 29,582
--------- --------- --------- --------- ---------
Total assets $692,967 $690,752 $663,551 $682,946 $660,736
========= ========= ========= ========= =========
Interest-bearing
checking $148,042 $140,271 $145,680 $166,901 $146,577
Money market 118,548 125,972 118,915 126,058 131,589
Savings 47,721 51,141 50,878 50,300 50,023
Time deposits 137,262 126,538 131,435 110,470 109,137
--------- --------- --------- --------- ---------
Interest-bearing
deposits 451,573 443,922 446,908 453,729 437,326
Non-interest
bearing
deposits 153,084 161,448 136,276 147,236 144,659
--------- --------- --------- --------- ---------
Total deposits 604,657 605,370 583,184 600,965 581,985
Borrowed funds - - - - -
Other liabilities 12,491 11,617 8,457 10,743 8,679
Shareholders'
equity 75,819 73,765 71,910 71,238 70,072
--------- --------- --------- --------- ---------
Total liabilities
and shareholders'
equity $692,967 $690,752 $663,551 $682,946 $660,736
========= ========= ========= ========= =========
Balance Sheet
(average)
2005 2005 2005 2004 2004
3Q 2Q 1Q 4Q 3Q
--------- --------- --------- --------- ---------
Assets
Interest bearing
deposits with
banks $ 4,729 $ 536 $ 3,147 $ 6,438 $ 2,328
Fed funds sold 7,420 5,119 4,415 17,214 20,689
Investment
securities 35,955 36,303 35,291 34,934 32,412
Loans 588,726 578,173 567,842 549,220 549,120
--------- --------- --------- --------- ---------
Earning assets 636,830 620,131 610,695 607,806 604,549
Cash 27,413 33,259 33,357 32,623 33,446
Allowance for
loan losses (7,359) (7,251) (7,058) (6,981) (7,076)
Other assets 33,559 33,500 32,697 29,508 29,000
--------- --------- --------- --------- ---------
Total assets $690,443 $679,639 $669,691 $662,956 $659,919
========= ========= ========= ========= =========
Interest-bearing
checking $142,400 $148,943 $152,343 $153,362 $157,278
Money market 126,127 119,261 123,441 132,692 134,727
Savings 49,695 50,897 50,763 49,881 51,322
Time deposits 133,052 128,777 117,375 108,890 100,365
--------- --------- --------- --------- ---------
Interest-bearing
deposits 451,274 447,878 443,922 444,825 443,692
Non-interest
bearing
deposits 152,048 146,140 143,434 138,367 138,609
--------- --------- --------- --------- ---------
Total deposits 603,322 594,018 587,356 583,192 582,301
Borrowed funds 516 3,540 1,250 - -
Other liabilities 12,303 9,803 9,791 9,572 8,843
Shareholders'
equity 74,302 72,278 71,294 70,192 68,775
--------- --------- --------- --------- ---------
Total liabilities
and shareholders'
equity $690,443 $679,639 $669,691 $662,956 $659,919
========= ========= ========= ========= =========
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data and ratios )
September 30, 2005
(unaudited)
For the
period: 2005 2005 2005 2004 2004
3Q 2Q 1Q 4Q 3Q
Asset Quality
Data
Nonaccrual
loans $ 273 678 1,432 1,353 1,373
90 + days past
due loans - - 92 22 13
----------- ---------- ---------- ---------- ----------
Nonperforming
loans 273 678 1,524 1,375 1,386
OREO - 210 591 357 475
----------- ---------- ---------- ---------- ----------
Nonperforming
assets $ 273 888 2,115 1,732 1,861
=========== ========== ========== ========== ==========
Allowance for
loan losses $ 7,392 7,252 7,125 6,927 6,860
Allowance for
loan losses /
loans 1.25% 1.22% 1.27% 1.23% 1.25%
Allowance for
loan losses /
nonperforming
loans 2,708% 817% 337% 400% 369%
Nonperforming
loans / loans 0.05% 0.15% 0.38% 0.31% 0.34%
Nonperforming
assets /
assets 0.04% 0.13% 0.32% 0.25% 0.28%
Net loan
charge-offs 69 66 (11) 271 292
Net loan
charge-offs
(annualized)/
average loans 0.05% 0.05% (0.01%) 0.20% 0.22%
2005 2005 2005 2004 2004
3Q 2Q 1Q 4Q 3Q
Selected
ratios
(annualized):
Return on
average
assets 1.65% 1.65% 1.70% 1.25% 1.27%
Return on
average
shareholders'
equity 15.35% 15.47% 15.94% 11.83% 12.20%
Yield on
earning
assets 6.13% 5.94% 5.76% 5.45% 5.24%
Cost of
interest
bearing funds 1.57% 1.37% 1.19% 1.10% 1.04%
Net interest
margin 5.01% 4.94% 4.89% 4.64% 4.48%
Leverage ratio 10.76% 10.63% 10.65% 10.59% 10.42%
Book value per
share $ 8.86 8.63 8.40 8.29 8.15
Tangible book
value per
share $ 8.86 8.63 8.40 8.29 8.15
Selected data:
Mortgage loans
originated $ 67,701 49,830 38,978 33,818 36,793
Mortgage loans
sold -
servicing
retained $ 11,016 9,972 13,787 8,345 18,631
Mortgage loans
sold -
servicing
released $ 27,598 16,817 20,209 12,338 11,374
Mortgage loans
serviced for
others $ 438,183 465,780 489,882 507,421 528,533
Assets under
management/
administration $2,205,380 1,900,928 1,919,493 1,938,195 1,829,167
2005 2004
Year-to- Year-to-
date date
Selected
ratios
(annualized):
Return on
average
assets 1.66% 1.52%
Return on
average
shareholders'
equity 15.58% 14.31%
Yield on
earning
assets 5.95% 5.31%
Cost of
interest
bearing funds 1.38% 1.08%
Net interest
margin 4.95% 4.54%
Mortgage loans
originated $ 156,510 174,435
Mortgage loans
sold -
servicing
retained $ 34,775 102,828
Mortgage loans
sold -
servicing
released $ 68,009 21,405
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands)
September 30, 2005
(unaudited)
As of
Balance Sheet
For the period Sept 30, June 30, Mar 31, Dec 31, Sept 30,
ended: 2005 2005 2005 2004 2004
--------- --------- --------- --------- ---------
Assets
Interest bearing
deposits with
banks $ 8,075 $ 314 $ 598 $ 15,293 $ 393
Fed funds sold - - 7,041 13,423 14,820
Investment
securities 35,442 35,681 35,156 35,441 33,562
Loans:
Consumer 8,791 9,482 9,407 10,291 10,145
Commercial 172,115 193,402 183,862 186,923 185,200
Real estate 401,487 382,949 365,265 358,675 349,107
Loans held for
sale, at fair
market value 9,072 8,147 4,287 8,708 6,387
--------- --------- --------- --------- ---------
Total Loans 591,465 593,980 562,821 564,597 550,839
--------- --------- --------- --------- ---------
Earning assets 634,982 629,975 605,616 628,754 599,614
Cash 30,976 33,979 31,536 26,526 38,400
Allowance for
loan losses (7,392) (7,252) (7,125) (6,927) (6,860)
Other assets 34,401 34,050 33,524 34,593 29,582
--------- --------- --------- --------- ---------
Total assets $692,967 $690,752 $663,551 $682,946 $660,736
========= ========= ========= ========= =========
Interest-bearing
checking $148,042 $140,271 $145,680 $166,901 $146,577
Money market 118,548 125,972 118,915 126,058 131,589
Savings 47,721 51,141 50,878 50,300 50,023
Time deposits 137,262 126,538 131,435 110,470 109,137
--------- --------- --------- --------- ---------
Interest-bearing
deposits 451,573 443,922 446,908 453,729 437,326
Non-interest
bearing
deposits 153,084 161,448 136,276 147,236 144,659
--------- --------- --------- --------- ---------
Total deposits 604,657 605,370 583,184 600,965 581,985
Borrowed funds - - - - -
Other liabilities 12,491 11,617 8,457 10,743 8,679
Shareholders'
equity 75,819 73,765 71,910 71,238 70,072
--------- --------- --------- --------- ---------
Total liabilities
and shareholders'
equity $692,967 $690,752 $663,551 $682,946 $660,736
========= ========= ========= ========= =========
Balance Sheet
(average)
2005 2005 2005 2004 2004
3Q 2Q 1Q 4Q 3Q
--------- --------- --------- --------- ---------
Assets
Interest bearing
deposits with
banks $ 4,729 $ 536 $ 3,147 $ 6,438 $ 2,328
Fed funds sold 7,420 5,119 4,415 17,214 20,689
Investment
securities 35,955 36,303 35,291 34,934 32,412
Loans 588,726 578,173 567,842 549,220 549,120
--------- --------- --------- --------- ---------
Earning assets 636,830 620,131 610,695 607,806 604,549
Cash 27,413 33,259 33,357 32,623 33,446
Allowance for
loan losses (7,359) (7,251) (7,058) (6,981) (7,076)
Other assets 33,559 33,500 32,697 29,508 29,000
--------- --------- --------- --------- ---------
Total assets $690,443 $679,639 $669,691 $662,956 $659,919
========= ========= ========= ========= =========
Interest-bearing
checking $142,400 $148,943 $152,343 $153,362 $157,278
Money market 126,127 119,261 123,441 132,692 134,727
Savings 49,695 50,897 50,763 49,881 51,322
Time deposits 133,052 128,777 117,375 108,890 100,365
--------- --------- --------- --------- ---------
Interest-bearing
deposits 451,274 447,878 443,922 444,825 443,692
Non-interest
bearing
deposits 152,048 146,140 143,434 138,367 138,609
--------- --------- --------- --------- ---------
Total deposits 603,322 594,018 587,356 583,192 582,301
Borrowed funds 516 3,540 1,250 - -
Other liabilities 12,303 9,803 9,791 9,572 8,843
Shareholders'
equity 74,302 72,278 71,294 70,192 68,775
--------- --------- --------- --------- ---------
Total liabilities
and shareholders'
equity $690,443 $679,639 $669,691 $662,956 $659,919
========= ========= ========= ========= =========
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data and ratios )
September 30, 2005
(unaudited)
For the
period: 2005 2005 2005 2004 2004
3Q 2Q 1Q 4Q 3Q
Asset Quality
Data
Nonaccrual
loans $ 273 678 1,432 1,353 1,373
90 + days past
due loans - - 92 22 13
----------- ---------- ---------- ---------- ----------
Nonperforming
loans 273 678 1,524 1,375 1,386
OREO - 210 591 357 475
----------- ---------- ---------- ---------- ----------
Nonperforming
assets $ 273 888 2,115 1,732 1,861
=========== ========== ========== ========== ==========
Allowance for
loan losses $ 7,392 7,252 7,125 6,927 6,860
Allowance for
loan losses /
loans 1.25% 1.22% 1.27% 1.23% 1.25%
Allowance for
loan losses /
nonperforming
loans 2,708% 817% 337% 400% 369%
Nonperforming
loans / loans 0.05% 0.15% 0.38% 0.31% 0.34%
Nonperforming
assets /
assets 0.04% 0.13% 0.32% 0.25% 0.28%
Net loan
charge-offs 69 66 (11) 271 292
Net loan
charge-offs
(annualized)/
average loans 0.05% 0.05% (0.01%) 0.20% 0.22%
2005 2005 2005 2004 2004
3Q 2Q 1Q 4Q 3Q
Selected
ratios
(annualized):
Return on
average
assets 1.65% 1.65% 1.70% 1.25% 1.27%
Return on
average
shareholders'
equity 15.35% 15.47% 15.94% 11.83% 12.20%
Yield on
earning
assets 6.13% 5.94% 5.76% 5.45% 5.24%
Cost of
interest
bearing funds 1.57% 1.37% 1.19% 1.10% 1.04%
Net interest
margin 5.01% 4.94% 4.89% 4.64% 4.48%
Leverage ratio 10.76% 10.63% 10.65% 10.59% 10.42%
Book value per
share $ 8.86 8.63 8.40 8.29 8.15
Tangible book
value per
share $ 8.86 8.63 8.40 8.29 8.15
Selected data:
Mortgage loans
originated $ 67,701 49,830 38,978 33,818 36,793
Mortgage loans
sold -
servicing
retained $ 11,016 9,972 13,787 8,345 18,631
Mortgage loans
sold -
servicing
released $ 27,598 16,817 20,209 12,338 11,374
Mortgage loans
serviced for
others $ 438,183 465,780 489,882 507,421 528,533
Assets under
management/
administration $2,205,380 1,900,928 1,919,493 1,938,195 1,829,167
2005 2004
Year-to- Year-to-
date date
Selected
ratios
(annualized):
Return on
average
assets 1.66% 1.52%
Return on
average
shareholders'
equity 15.58% 14.31%
Yield on
earning
assets 5.95% 5.31%
Cost of
interest
bearing funds 1.38% 1.08%
Net interest
margin 4.95% 4.54%
Mortgage loans
originated $ 156,510 174,435
Mortgage loans
sold -
servicing
retained $ 34,775 102,828
Mortgage loans
sold -
servicing
released $ 68,009 21,405
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands)
September 30, 2005
(unaudited)
As of
Balance Sheet
For the period Sept 30, June 30, Mar 31, Dec 31, Sept 30,
ended: 2005 2005 2005 2004 2004
--------- --------- --------- --------- ---------
Assets
Interest bearing
deposits with
banks $ 8,075 $ 314 $ 598 $ 15,293 $ 393
Fed funds sold - - 7,041 13,423 14,820
Investment
securities 35,442 35,681 35,156 35,441 33,562
Loans:
Consumer 8,791 9,482 9,407 10,291 10,145
Commercial 172,115 193,402 183,862 186,923 185,200
Real estate 401,487 382,949 365,265 358,675 349,107
Loans held for
sale, at fair
market value 9,072 8,147 4,287 8,708 6,387
--------- --------- --------- --------- ---------
Total Loans 591,465 593,980 562,821 564,597 550,839
--------- --------- --------- --------- ---------
Earning assets 634,982 629,975 605,616 628,754 599,614
Cash 30,976 33,979 31,536 26,526 38,400
Allowance for
loan losses (7,392) (7,252) (7,125) (6,927) (6,860)
Other assets 34,401 34,050 33,524 34,593 29,582
--------- --------- --------- --------- ---------
Total assets $692,967 $690,752 $663,551 $682,946 $660,736
========= ========= ========= ========= =========
Interest-bearing
checking $148,042 $140,271 $145,680 $166,901 $146,577
Money market 118,548 125,972 118,915 126,058 131,589
Savings 47,721 51,141 50,878 50,300 50,023
Time deposits 137,262 126,538 131,435 110,470 109,137
--------- --------- --------- --------- ---------
Interest-bearing
deposits 451,573 443,922 446,908 453,729 437,326
Non-interest
bearing
deposits 153,084 161,448 136,276 147,236 144,659
--------- --------- --------- --------- ---------
Total deposits 604,657 605,370 583,184 600,965 581,985
Borrowed funds - - - - -
Other liabilities 12,491 11,617 8,457 10,743 8,679
Shareholders'
equity 75,819 73,765 71,910 71,238 70,072
--------- --------- --------- --------- ---------
Total liabilities
and shareholders'
equity $692,967 $690,752 $663,551 $682,946 $660,736
========= ========= ========= ========= =========
Balance Sheet
(average)
2005 2005 2005 2004 2004
3Q 2Q 1Q 4Q 3Q
--------- --------- --------- --------- ---------
Assets
Interest bearing
deposits with
banks $ 4,729 $ 536 $ 3,147 $ 6,438 $ 2,328
Fed funds sold 7,420 5,119 4,415 17,214 20,689
Investment
securities 35,955 36,303 35,291 34,934 32,412
Loans 588,726 578,173 567,842 549,220 549,120
--------- --------- --------- --------- ---------
Earning assets 636,830 620,131 610,695 607,806 604,549
Cash 27,413 33,259 33,357 32,623 33,446
Allowance for
loan losses (7,359) (7,251) (7,058) (6,981) (7,076)
Other assets 33,559 33,500 32,697 29,508 29,000
--------- --------- --------- --------- ---------
Total assets $690,443 $679,639 $669,691 $662,956 $659,919
========= ========= ========= ========= =========
Interest-bearing
checking $142,400 $148,943 $152,343 $153,362 $157,278
Money market 126,127 119,261 123,441 132,692 134,727
Savings 49,695 50,897 50,763 49,881 51,322
Time deposits 133,052 128,777 117,375 108,890 100,365
--------- --------- --------- --------- ---------
Interest-bearing
deposits 451,274 447,878 443,922 444,825 443,692
Non-interest
bearing
deposits 152,048 146,140 143,434 138,367 138,609
--------- --------- --------- --------- ---------
Total deposits 603,322 594,018 587,356 583,192 582,301
Borrowed funds 516 3,540 1,250 - -
Other liabilities 12,303 9,803 9,791 9,572 8,843
Shareholders'
equity 74,302 72,278 71,294 70,192 68,775
--------- --------- --------- --------- ---------
Total liabilities
and shareholders'
equity $690,443 $679,639 $669,691 $662,956 $659,919
========= ========= ========= ========= =========
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