Printer Friendly

BRYN MAWR BANK CORPORATION ANNOUNCES EARNINGS

 BRYN MAWR BANK CORPORATION ANNOUNCES EARNINGS
 BRYN MAWR, Pa., Jan. 16 /PRNewswire/ -- Bryn Mawr Bank Corporation


(NASDAQ: BMTC) today reported net profit of $738,000 for the fourth quarter of 1991, compared to a net loss of $983,000 for the fourth quarter of 1990.
 The net income per share was $.68, compared to a net loss of $.91 reported for the fourth quarter of 1990, based on 1,085,110 average shares outstanding for each period.
 The corporation experienced a net loss of $5,443,000 or $5.02 per share for the 12 months ended Dec. 31, 1991, in contrast to a net income of $600,000 or $.55 per share attained for 1990, based on 1,085,110 average shares outstanding in 1991 and 1,084,677 average shares outstanding in 1990.
 According to corporation President Robert L. Stevens, "We've turned the corner. As of December 31, 1991, non-performing assets are down to $13,342,000, a 27 percent reduction from $18,188,000 at September 30, 1991. Non-performing assets now amount to 4.6 percent of total assets, as opposed to 6.2 percent at the end of the third quarter. The loan loss reserve is 163 percent of non-performing loans, a level we believe to be adequate to see us through this painfully slow economic recovery. And we earned a solid $.68 per share for the fourth quarter."
 Stevens attributed the significant improvement in 1991 fourth quarter net income compared to 1990's fourth quarter loss, after adjusting for the $1,984,000 decrease in the provision for loan losses, to the following: a reduction of total other expenses by $441,000 and an increase of $70,000 in trust services income, both partially offset by a $179,000 decrease in net interest income. Thus, the 1991 fourth quarter core banking business produced an earnings improvement of $332,000 before taxes, compared to fourth quarter 1990 results.
 Total assets decreased 3 percent to $292,929,000, down from $302,010,000 at Dec. 31, 1990. The decrease was the result of lower deposits and the loss sustained in 1991.
 Total deposits decreased 1 percent, from $273,636,000 at Dec. 31, 1990, to $269,828,000 in 1991. Demand deposits showed a 7 percent decrease in 1991, from $67,594,000 to $62,534,000. Savings and time deposits remained relatively unchanged at $207,294,000 in 1991, up from $206,042,000 at year-end 1990. The bank's loan portfolio showed an 11 percent decrease in 1991 to $185,278,000 from $207,606,000 in 1990. Included in the decrease were $5,342,000 in net loan write-offs against the loan loss reserve as well as $10,443,000 transferred to other real estate owned, which grew 78 percent, from $5,426,000 at Dec. 31, 1990, to $9,654,000.
 The bank's non-performing assets decreased 27 percent, from $18,346,000 at Dec. 31, 1990, to $13,342,000 at Dec. 31, 1991. Included in non-performing assets were non-performing loans of $12,920,000 at year-end 1990, which decreased by $9,232,000 or 71 percent to $3,688,000 at year-end 1991. The remainder of non-performing assets, other real estate owned, rose 78 percent, from $5,426,000 at year-end 1990 to $9,654,000 at year-end 1991. Loans transferred to other real estate owned were valued using a discounted cash flow analysis to project what management believes to be realistic market values at the time of the transfer to other real estate owned.
 Offsetting this decrease in the loan portfolio and providing liquidity for the bank was a 108 percent increase in the bank's investment portfolio, from $20,782,000 at year-end 1990 to $43,320,000 at year-end 1991. Federal funds sold decreased 36 percent, to $19,788,000 in 1991 as compared to $30,967,000 in 1990.
 Total interest income was down 10 percent, from $26,448,000 in 1990 to $23,785,000 for 1991. Interest and fees on loans decreased 17 percent, from $24,207,000 to $20,149,000, due to both decreasing interest rates and an 11 percent decline in loan balances. Partially offsetting the decrease in interest income was a 63 percent increase in interest income on federal funds sold, from $700,000 to $1,140,000; a 58 percent increase in interest income on investment securities, from $1,504,000 to $2,382,000; and a 208 percent increase in dividend income, from $37,000 to $114,000, due to dividends earned on Federal Home Loan Bank stock for a full year in 1991 compared to a partial year in 1990.
 Interest expense on deposits remained stable, decreasing $25,000 in 1991, from $11,552,000 in 1990 to $11,527,000. The overall result of these changes was an 18 percent decrease in net interest income, from $14,896,000 in 1990 to $12,258,000 in 1991. The loan loss provision for 1991 was $7,459,000 vs. $3,184,000 for 1990, the result of the bank's internal loan review and loan loss reserve allocation process, as well as the effect of a continued decline in the local real estate economy on the bank's construction loan portfolio.
 Other income rose 9 percent, to $6,028,000 in 1991 from $5,514,000 in 1990. Fees for trust services increased 11 percent, to $3,610,000 from $3,248,000 in 1990. Other operating income grew 7 percent, from $2,266,000 to $2,418,000.
 Total other expenses grew 13 percent, from $16,856,000 in 1990 to $18,965,000 in 1991. Salaries and employee benefits decreased 2 percent for the year, to $8,685,000 from $8,903,000 in 1990. Because of the expenses attendant to the 1991 staffing reduction, included in 1991 salaries and benefits expense, the full effect of the 1991 staff reduction will not be realized until 1992.
 Occupancy expense grew only 2 percent, from $2,210,000 in 1990 to $2,258,000 in 1991.
 Primarily as a result of write-downs of other real estate owned, other operating expenses grew 40 percent, from $5,743,000 in 1990 to $8,022,000 in 1991. Affecting 1991 other operating expenses was an 86 percent rise in the bank's FDIC premiums, from $290,000 in 1990 to $538,000 in 1991. Write-downs of other real estate owned, net of any gains on disposition, amounted to $2,403,000. Exclusive of these write- downs of other real estate owned in 1991, other operating expenses decreased $124,000 or 2 percent in 1991.
 In 1990, the corporation recorded a $230,000 tax benefit as compared to a $2,695,000 tax benefit resulting from the 1991 net loss.
 /delval/
 -0- 1/16/92
 /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 Corporation/
 (BMTC) CO: Bryn Mawr Bank Corporation ST: Pennsylvania IN: FIN SU: ERN


CC-MK -- PH028 -- 0573 01/16/92 13:50 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 16, 1992
Words:1184
Previous Article:DIAGNON CORPORATION REPORTS RESULTS
Next Article:UNION TEXAS PETROLEUM SETS $315 MILLION CAPITAL SPENDING BUDGET FOR 1992
Topics:


Related Articles
BRYN MAWR BANK CORP. ANNOUNCES EARNINGS
BRYN MAWR BANK CORPORATION ANNOUNCES EARNINGS
BRYN MAWR BANK CORPORATION ANNOUNCES EARNINGS
BRYN MAWR BANK CORPORATION ANNOUNCES EARNINGS
BRYN MAWR BANK CORPORATION INCREASES DIVIDEND AND ANNOUNCES INCREASE IN NET INTEREST INCOME AND DECREASE IN TOTAL THIRD QUARTER EARNINGS
BRYN MAWR BANK CORPORATION INCREASES DIVIDEND BASED ON STRONG EARNINGS
BRYN MAWR BANK CORPORATION REPORTS FIRST QUARTER EARNINGS UP 15%
BRYN MAWR BANK CORPORATION REPORTS SECOND QUARTER EARNINGS UP 16%
BRYN MAWR BANK CORPORATION REPORTS THIRD QUARTER EARNINGS UP 30% AND DECLARES 2-FOR-1 STOCK SPLIT
BRYN MAWR BANK CORPORATION INCREASES DIVIDEND BASED ON RECORD EARNINGS IN 1995

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters