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BRYN MAWR BANK CORP. ANNOUNCES EARNINGS

 BRYN MAWR BANK CORP. ANNOUNCES EARNINGS
 BRYN MAWR, Pa., July 16 /PRNewswire/ -- Bryn Mawr Bank Corp.


(NASDAQ: BMTC) today announced that its net income, inclusive of a $250,000 extraordinary tax credit, was $802,000, $.74 per share, for the second quarter 1992; compared to a net loss of $977,000, $.90 per share, for the second quarter 1991, based on 1,085,110 average shares outstanding.
 Second quarter income before the extraordinary tax credit was $552,000 or $.51 per share.
 The extraordinary tax credit of $250,000 resulted from the use of net operating loss carryforwards which arose in 1991. Because the corporation now expects to be fully taxable for the remainder of the year, generally accepted accounting principles require that the corporation utilize the remaining net operating loss carryforwards available and show the effect of this utilization in the related extraordinary tax credit. In addition to this tax credit, the income statement also reflects applicable income tax expense, based on operating income, on a fully taxable basis. The increase in the corporation's effective tax rate is primarily the result of the improved outlook for earnings in 1992 after the recent round of lower interest rates.
 Income before income taxes and the extraordinary tax credit was $872,000 for the quarter ended June 30, 1992, which compares to $919,000 for the first quarter of 1992. In the second quarter of 1992, the loan loss provision was $275,000, compared to $125,000 for the first quarter of 1992.
 Income before taxes and loan loss provision -- net interest income plus other income less other expense -- was $1,147,000 in the second quarter of 1992, a 10 percent increase over $1,044,000 reported for the first quarter of 1992 and $468,000 reported for the second quarter last year.
 For the first six months of 1992, the corporation's net income was $1,631,000 or $1.50 per share, in contrast to a net loss of $685,000 or $.63 per share for the first six months of 1991, based on 1,085,110 average shares outstanding. Excluding the extraordinary tax credit, income for the first six months of 1992 amounted to $1,381,000 or $1.27 per share.
 Though The Bryn Mawr Trust Company's outstanding commercial loans grew 18 percent, and consumer loans were up 14 percent, its loan portfolio decreased 6 percent, to $187,354,000 at June 30, 1992, from $199,905,000 at June 30, 1991, primarily the result of a decrease in construction loans.
 The investable funds made available by the reduction in the bank's loan portfolio was primarily responsible for a 19 percent increase in the bank's investment portfolio, to $45,232,000 at June 30, 1992, from $38,005,000 in 1991.
 Total assets were down 1 percent from $290,284,000 on June 30, 1991, to $286,247,000 on June 30, 1992.
 Corporation President Robert L. Stevens stated, "As of June 30, 1992, nonperforming assets had been reduced 35 percent, to $10,663,000 from June 30, 1991, levels of $16,496,000." Nonperforming assets included $3,734,000 in nonperforming loans and $6,929,000 in other real estate owned (OREO) at June 30, 1992, as compared to $9,468,000 in nonperforminq loans and $7,028,000 in OREO at June 30, 1991.
 Stevens further stated, "In addition to significantly reducing nonperforming assets, we have, as interest rates continued to plummet, been able to better our net interest margin." The annualized yield on earning assets has decreased 120 basis points, from 9.3 percent for the first six months of 1991 to 8.1 percent for 1992. The bank has responded to these lower yields by lowering rates paid on deposits. The average rate paid on deposits decreased 130 basis points, from 4.6 percent in 1991 to 3.3 percent in 1992. The change in the mix of the bank's earning assets and deposit balances combined with a decline in related interest rates resulted in an increase in the annualized net interest margin from 4.5 percent for the first six months of 1991 to 4.7 percent in 1992.
 Total deposits remained virtually level at $260,483,000 in June 1992, as compared to June 1991's total of $261,795,000. However, a more meaningful comparison, daily average balances, declined 4 percent, from $266,720,000 for the first six months 1991 to $257,240,000 for 1992. Average demand deposits declined 3 percent, from $58,653,000 to $56,965,000.
 As result of declining interest rates, the bank's certificates of deposit (CD) average balances for the first six months of 1992 decreased 44 percent to $47,350,000 from 1991 average balances of $84,016,000 for the same six-month period. The bank's savings account average balance, however, experienced a 54 percent increase, from $25,260,000 for the first half of 1991 to $38,983,000 for 1992. Average balances of all interest-bearing deposits decreased 4 percent, from $208,067,000 for the first half of 1991 to $200,274,000 for 1992.
 Declining interest rates and lower loan levels resulted in a 10 percent decrease in total interest income for second quarter 1992, to $5,415,000 from $6,006,000 for second quarter 1991. An increase in fees on loans included in total interest income helped to offset the effect of reduced interest income. These fees resulted from an increase in refinancing of existing residential mortgages and the origination of new residential mortgages.
 Interest expense on deposits decreased 33 percent, from $2,976,000 to $1,987,000 for the second quarter of 1992 compared to the second quarter of 1991. This decrease in interest expense for the quarter more than offset the decrease in interest income and resulted in a 13 percent increase in net interest income for the second quarter to $3,428,000 from $3,030,000 in 1991.
 The provision for loan loss was $275,000 for the second quarter of 1992, compared to the $2 million added to the loan loss provision in the second quarter of 1991 because of the effect of economic conditions on the residential real estate construction loan portfolio. The loan loss reserve amounted to 138 percent of nonperforming loans at June 31, 1992, compared to 53 percent a year ago.
 Total other income was up 9 percent, to $1,677,000 in the second quarter of 1992 from second quarter 1991's $1,539,000. This includes revenue from the Trust Department and other noninterest-related income.
 Other expenses decreased 3 percent, from $4,101,000 for the second quarter of 1991 to $3,958,000. Salaries and benefits decreased 10 percent, from $2,101,000 for second quarter 1991 to $1,900,000 for second quarter 1992. Other operating expenses increased by $72,000 in the second quarter of 1992, primarily resulting from increased consulting fees in order to enable the bank to effect long-range efficiencies and cost-savings.
 /delval/
 -0- 7/16/91
 /CONTACT: Robert L. Stevens, president, 215-526-2300, or evenings, 215-296-5539, or Joseph W. Rebl, treasurer and assistant secretary, 215-526-2466, or evenings, 215-828-7798, both of Bryn Mawr Bank/
 (BMTC) CO: Bryn Mawr Bank Corporation ST: Pennsylvania IN: FIN SU: ERN


MJ-MK -- PH015 -- 9740 07/16/92 12:24 EDT
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