As of or For the Three Months Ended | For the Nine Months Ended | |||||||||
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
September 30, 2021 |
September 30, 2020 | ||||
Consolidated Balance Sheet (selected items) | ||||||||||
Interest-bearing deposits with banks | $ | 39,213 | $ | 103,070 | $ | 37,089 | $ | 85,026 | $ | 241,763 |
Investment securities | 676,171 | 749,536 | 761,877 | 1,198,346 | 584,529 | |||||
Loans held for sale | 634 | 653 | 3,210 | 6,000 | 4,574 | |||||
Portfolio loans and leases | 3,617,915 | 3,617,411 | 3,633,235 | 3,628,411 | 3,676,684 | |||||
Allowance for credit losses ("ACL") on loans and leases | (36,546) | (39,163) | (47,562) | (53,709) | (56,428) | |||||
Goodwill and other intangible assets | 197,068 | 197,903 | 198,738 | 199,576 | 200,445 | |||||
Total assets | 4,879,079 | 4,958,700 | 4,914,508 | 5,432,022 | 5,046,939 | |||||
Deposits - interest-bearing | 2,371,871 | 2,491,102 | 2,537,534 | 2,974,411 | 2,783,188 | |||||
Deposits - non-interest-bearing | 1,443,661 | 1,468,643 | 1,364,716 | 1,401,843 | 1,230,391 | |||||
Short-term borrowings | 96,965 | 21,553 | 60,027 | 72,161 | 23,456 | |||||
Long-term FHLB advances | 25,000 | 39,976 | 39,941 | 39,906 | 44,872 | |||||
Subordinated notes | 99,017 | 98,973 | 98,928 | 98,883 | 98,839 | |||||
Jr. subordinated debentures | 22,079 | 22,030 | 21,983 | 21,935 | 21,889 | |||||
Total liabilities | 4,224,324 | 4,314,688 | 4,291,412 | 4,809,700 | 4,434,322 | |||||
Total shareholders' equity | 654,755 | 644,012 | 623,096 | 622,322 | 612,617 | |||||
Average Balance Sheet (selected items) | ||||||||||
Interest-bearing deposits with banks | 67,665 | 86,383 | 110,972 | 245,904 | 336,225 | 88,181 | 194,652 | |||
Investment securities | 714,371 | 766,574 | 760,625 | 701,258 | 574,094 | 747,021 | 553,174 | |||
Loans and leases | 3,617,866 | 3,611,479 | 3,607,214 | 3,657,572 | 3,701,495 | 3,612,225 | 3,792,969 | |||
Total interest-earning assets | 4,399,902 | 4,464,436 | 4,478,811 | 4,604,734 | 4,611,814 | 4,447,427 | 4,540,795 | |||
Goodwill and intangible assets | 197,525 | 198,356 | 199,208 | 200,060 | 200,931 | 198,357 | 201,835 | |||
Total assets | 4,900,845 | 4,937,707 | 4,968,542 | 5,124,702 | 5,157,588 | 4,935,449 | 5,076,490 | |||
Deposits - interest-bearing | 2,441,079 | 2,520,270 | 2,613,004 | 2,765,941 | 2,891,652 | 2,524,154 | 2,904,777 | |||
Short-term borrowings | 35,166 | 19,935 | 32,020 | 29,130 | 29,913 | 29,051 | 102,173 | |||
Long-term FHLB advances | 33,795 | 39,956 | 39,921 | 43,634 | 44,849 | 37,868 | 46,110 | |||
Subordinated notes | 98,993 | 98,949 | 98,904 | 98,860 | 98,815 | 98,949 | 98,770 | |||
Jr. subordinated debentures | 22,051 | 22,002 | 21,955 | 21,905 | 21,859 | 22,003 | 21,814 | |||
Total interest-bearing liabilities | 2,631,084 | 2,701,112 | 2,805,804 | 2,959,470 | 3,087,088 | 2,712,025 | 3,173,644 | |||
Total liabilities | 4,248,121 | 4,305,637 | 4,343,552 | 4,507,444 | 4,548,395 | 4,298,753 | 4,468,231 | |||
Total shareholders' equity | 652,724 | 632,070 | 624,990 | 617,258 | 609,193 | 636,696 | 608,259 |
As of or For the Three Months Ended | For the Nine Months Ended | |||||||||||||
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
September 30, 2021 |
September 30, 2020 | ||||||||
Income Statement | ||||||||||||||
Net interest income | $ | 34,887 | $ | 35,239 | $ | 34,781 | $ | 35,037 | $ | 35,032 | $ | 104,907 | $ | 108,750 |
(Recovery of) provision for credit losses | (3,186) | (6,581) | (5,246) | (1,209) | 4,101 | (15,013) | 42,886 | |||||||
Noninterest income | 22,587 | 20,966 | 19,841 | 22,006 | 21,099 | 63,394 | 59,965 | |||||||
Noninterest expense | 36,840 | 35,467 | 37,703 | 38,624 | 35,197 | 110,010 | 104,103 | |||||||
Income tax expense | 5,562 | 5,988 | 5,082 | 4,094 | 3,709 | 16,632 | 4,762 | |||||||
Net income | 18,258 | 21,331 | 17,083 | 15,534 | 13,124 | 56,672 | 16,964 | |||||||
Net loss attributable to noncontrolling interest | (124) | (11) | - | (3) | (40) | (135) | (72) | |||||||
Net income attributable to Bryn Mawr Bank Corporation | 18,382 | 21,342 | 17,083 | 15,537 | 13,164 | 56,807 | 17,036 | |||||||
Basic earnings per share | 0.92 | 1.07 | 0.86 | 0.78 | 0.66 | 2.86 | 0.85 | |||||||
Diluted earnings per share | 0.92 | 1.06 | 0.85 | 0.78 | 0.66 | 2.83 | 0.85 | |||||||
Net income (core) (1)
| 18,008 | 21,599 | 18,707 | 15,518 | 13,164 | 58,314 | 17,400 | |||||||
Basic earnings per share (core) (1)
| 0.91 | 1.09 | 0.94 | 0.78 | 0.66 | 2.93 | 0.87 | |||||||
Diluted earnings per share (core) (1)
| 0.90 | 1.08 | 0.93 | 0.77 | 0.66 | 2.91 | 0.87 | |||||||
Dividends paid or accrued per share | 0.28 | 0.27 | 0.27 | 0.27 | 0.27 | 0.82 | 0.79 | |||||||
Profitability Indicators | ||||||||||||||
Return on average assets | 1.49 | % | 1.73 | % | 1.39 | % | 1.21 | % | 1.02 | % | 1.54 | % | 0.45 | % |
Return on average equity | 11.17 | % | 13.54 | % | 11.09 | % | 10.01 | % | 8.60 | % | 11.93 | % | 3.74 | % |
Return on tangible equity(1)
| 16.57 | % | 20.31 | % | 16.87 | % | 15.44 | % | 13.47 | % | 17.90 | % | 6.29 | % |
Return on tangible equity (core)(1)
| 16.24 | % | 20.55 | % | 18.42 | % | 15.42 | % | 13.47 | % | 18.36 | % | 6.41 | % |
Return on average assets (core)(1)
| 1.46 | % | 1.75 | % | 1.53 | % | 1.20 | % | 1.02 | % | 1.58 | % | 0.46 | % |
Return on average equity (core)(1)
| 10.95 | % | 13.71 | % | 12.14 | % | 10.00 | % | 8.60 | % | 12.25 | % | 3.82 | % |
Tax-equivalent net interest margin | 3.15 | % | 3.17 | % | 3.16 | % | 3.04 | % | 3.03 | % | 3.16 | % | 3.21 | % |
Efficiency ratio(1)
| 63.18 | % | 61.14 | % | 64.48 | % | 64.81 | % | 61.16 | % | 62.92 | % | 61.33 | % |
Share Data | ||||||||||||||
Closing share price | $ | 45.95 | $ | 42.19 | $ | 45.51 | $ | 30.60 | $ | 24.87 | ||||
Book value per common share | $ | 32.90 | $ | 32.40 | $ | 31.34 | $ | 31.18 | $ | 30.70 | ||||
Tangible book value per common share(1)
| $ | 23.04 | $ | 22.48 | $ | 21.39 | $ | 21.22 | $ | 20.69 | ||||
Price / book value | 139.67 | % | 130.22 | % | 145.21 | % | 98.14 | % | 81.01 | % | ||||
Price / tangible book value(1)
| 199.44 | % | 187.68 | % | 212.76 | % | 144.20 | % | 120.20 | % | ||||
Weighted average diluted shares outstanding | 20,062,018 | 20,050,819 | 20,050,736 | 20,027,658 | 20,021,617 | 20,056,415 | 20,062,108 | |||||||
Shares outstanding, end of period | 19,900,823 | 19,877,892 | 19,878,993 | 19,960,294 | 19,958,186 | |||||||||
Wealth Management Information: | ||||||||||||||
Wealth assets under mgmt, administration, supervision and brokerage (2)
| $ | 21,386,682 | $ | 20,630,068 | $ | 20,059,371 | $ | 18,976,544 | $ | 17,244,307 | ||||
Fees for wealth management services | $ | 13,618 | $ | 14,031 | $ | 12,836 | $ | 12,588 | $ | 11,707 |
As of or For the Three Months Ended | For the Nine Months Ended | |||||||||||||
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
September 30, 2021 |
September 30, 2020 | ||||||||
Capital Ratios(3)
| ||||||||||||||
Bryn Mawr Trust Company ("BMTC") | ||||||||||||||
Tier I capital to risk weighted assets ("RWA") | 13.12 | % | 12.50 | % | 12.01 | % | 11.53 | % | 12.02 | % | ||||
Total capital to RWA | 13.98 | % | 13.41 | % | 13.11 | % | 12.75 | % | 13.27 | % | ||||
Tier I leverage ratio | 10.45 | % | 9.96 | % | 9.47 | % | 8.79 | % | 9.16 | % | ||||
Tangible equity ratio (1)
| 10.42 | % | 9.89 | % | 9.41 | % | 8.27 | % | 9.36 | % | ||||
Common equity Tier I capital to RWA | 13.12 | % | 12.50 | % | 12.01 | % | 11.53 | % | 12.02 | % | ||||
Bryn Mawr Bank Corporation ("BMBC") | ||||||||||||||
Tier I capital to RWA | 12.90 | % | 12.42 | % | 12.08 | % | 11.86 | % | 11.48 | % | ||||
Total capital to RWA | 16.08 | % | 15.79 | % | 15.65 | % | 15.55 | % | 15.19 | % | ||||
Tier I leverage ratio | 10.27 | % | 9.91 | % | 9.53 | % | 9.04 | % | 8.75 | % | ||||
Tangible equity ratio (1)
| 9.79 | % | 9.39 | % | 9.02 | % | 8.09 | % | 8.52 | % | ||||
Common equity Tier I capital to RWA | 12.33 | % | 11.86 | % | 11.52 | % | 11.29 | % | 10.92 | % | ||||
Asset Quality Indicators | ||||||||||||||
Net loan and lease charge-offs ("NCO"s) | $ | (140) | $ | 2,391 | $ | 642 | $ | 2,340 | $ | 2,187 | $ | 2,893 | $ | 9,658 |
Loans and leases risk-rated Special Mention | $ | 91,750 | $ | 83,009 | $ | 74,595 | $ | 68,892 | $ | 48,267 | ||||
Total classified loans and leases | 64,303 | 90,153 | 129,120 | 153,011 | 175,501 | |||||||||
Total criticized loans and leases | $ | 156,053 | $ | 173,162 | $ | 203,715 | $ | 221,903 | $ | 223,768 | ||||
Nonperforming loans and leases ("NPL"s) | $ | 8,047 | $ | 10,665 | $ | 5,197 | $ | 5,306 | $ | 8,597 | ||||
Other real estate owned ("OREO") | - | - | - | - | - | |||||||||
Total nonperforming assets ("NPA"s) | $ | 8,047 | $ | 10,665 | $ | 5,197 | $ | 5,306 | $ | 8,597 | ||||
Nonperforming loans and leases 30 or more days past due | $ | 1,473 | $ | 3,041 | $ | 1,903 | $ | 2,001 | $ | 4,153 | ||||
Performing loans and leases 30 to 89 days past due | 3,360 | 3,168 | 5,396 | 10,847 | 9,351 | |||||||||
Performing loans and leases 90 or more days past due | - | - | - | - | - | |||||||||
Total delinquent loans and leases | $ | 4,833 | $ | 6,209 | $ | 7,299 | $ | 12,848 | $ | 13,504 | ||||
Delinquent loans and leases to total loans and leases | 0.13 | % | 0.17 | % | 0.20 | % | 0.35 | % | 0.37 | % | ||||
Delinquent performing loans and leases to total loans and leases | 0.09 | % | 0.09 | % | 0.15 | % | 0.30 | % | 0.25 | % | ||||
NCOs / average loans and leases (annualized) | (0.02) | % | 0.27 | % | 0.07 | % | 0.25 | % | 0.24 | % | 0.11 | % | 0.34 | % |
NPLs / total portfolio loans and leases | 0.22 | % | 0.29 | % | 0.14 | % | 0.15 | % | 0.23 | % | ||||
NPAs / total loans and leases and OREO | 0.22 | % | 0.29 | % | 0.14 | % | 0.15 | % | 0.23 | % | ||||
NPAs / total assets | 0.16 | % | 0.22 | % | 0.11 | % | 0.10 | % | 0.17 | % | ||||
ACL / NPLs | 454.16 | % | 367.21 | % | 915.18 | % | 1,012.23 | % | 656.37 | % | ||||
ACL / classified loans and leases | 56.83 | % | 43.44 | % | 36.84 | % | 35.10 | % | 32.15 | % | ||||
ACL / criticized loans and leases | 23.42 | % | 22.62 | % | 23.35 | % | 24.20 | % | 25.22 | % | ||||
ACL / portfolio loans | 1.01 | % | 1.08 | % | 1.31 | % | 1.48 | % | 1.53 | % | ||||
ACL for originated loans and leases / Originated loans and leases (1)
| 1.03 | % | 1.10 | % | 1.33 | % | 1.50 | % | 1.56 | % | ||||
(Total ACL + Loan mark) / Total Gross portfolio loans and leases (1)
| 1.13 | % | 1.21 | % | 1.46 | % | 1.65 | % | 1.73 | % | ||||
Troubled debt restructurings ("TDR"s) included in NPLs | $ | 4,753 | $ | 893 | $ | 1,480 | $ | 1,737 | $ | 1,393 | ||||
TDRs in compliance with modified terms | 4,532 | 5,629 | 6,967 | 7,046 | 8,590 | |||||||||
Total TDRs | $ | 9,285 | $ | 6,522 | $ | 8,447 | $ | 8,783 | $ | 9,983 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 | ||||||
Assets | ||||||||||
Cash and due from banks | $ | 9,458 | $ | 10,829 | $ | 10,311 | $ | 11,287 | $ | 15,670 |
Interest-bearing deposits with banks | 39,213 | 103,070 | 37,089 | 85,026 | 241,763 | |||||
Cash and cash equivalents | 48,671 | 113,899 | 47,400 | 96,313 | 257,433 | |||||
Investment securities, available for sale | 656,501 | 728,738 | 738,974 | 1,174,964 | 564,774 | |||||
Investment securities, held to maturity | 11,542 | 12,532 | 14,126 | 14,759 | 11,725 | |||||
Investment securities, trading | 8,128 | 8,266 | 8,777 | 8,623 | 8,030 | |||||
Loans held for sale | 634 | 653 | 3,210 | 6,000 | 4,574 | |||||
Portfolio loans and leases, originated | 3,431,903 | 3,414,256 | 3,405,128 | 3,380,727 | 3,396,068 | |||||
Portfolio loans and leases, acquired | 186,012 | 203,155 | 228,107 | 247,684 | 280,616 | |||||
Total portfolio loans and leases | 3,617,915 | 3,617,411 | 3,633,235 | 3,628,411 | 3,676,684 | |||||
Less: Allowance for credit losses on originated loans and leases | (35,218) | (37,590) | (45,285) | (50,783) | (52,968) | |||||
Less: Allowance for credit losses on acquired loans and leases | (1,328) | (1,573) | (2,277) | (2,926) | (3,460) | |||||
Total allowance for credit losses on loans and lease | (36,546) | (39,163) | (47,562) | (53,709) | (56,428) | |||||
Net portfolio loans and leases | 3,581,369 | 3,578,248 | 3,585,673 | 3,574,702 | 3,620,256 | |||||
Premises and equipment | 51,525 | 54,178 | 55,510 | 56,662 | 60,369 | |||||
Operating lease right-of-use assets | 33,140 | 33,759 | 33,848 | 34,601 | 38,536 | |||||
Accrued interest receivable | 12,872 | 13,519 | 15,058 | 15,440 | 16,609 | |||||
Mortgage servicing rights | 2,057 | 2,173 | 2,493 | 2,626 | 2,881 | |||||
Bank owned life insurance | 61,263 | 60,993 | 60,721 | 60,393 | 60,072 | |||||
Federal Home Loan Bank ("FHLB") stock | 7,212 | 4,332 | 5,986 | 12,666 | 4,506 | |||||
Goodwill | 184,012 | 184,012 | 184,012 | 184,012 | 184,012 | |||||
Intangible assets | 13,056 | 13,891 | 14,726 | 15,564 | 16,433 | |||||
Other investments | 18,300 | 18,206 | 17,811 | 17,742 | 17,129 | |||||
Other assets | 188,797 | 131,301 | 126,183 | 156,955 | 179,600 | |||||
Total assets | $ | 4,879,079 | $ | 4,958,700 | $ | 4,914,508 | $ | 5,432,022 | $ | 5,046,939 |
Liabilities | ||||||||||
Deposits | ||||||||||
Noninterest-bearing | $ | 1,443,661 | $ | 1,468,643 | $ | 1,364,716 | $ | 1,401,843 | $ | 1,230,391 |
Interest-bearing | 2,371,871 | 2,491,102 | 2,537,534 | 2,974,411 | 2,783,188 | |||||
Total deposits | 3,815,532 | 3,959,745 | 3,902,250 | 4,376,254 | 4,013,579 | |||||
Short-term borrowings | 96,965 | 21,553 | 60,027 | 72,161 | 23,456 | |||||
Long-term FHLB advances | 25,000 | 39,976 | 39,941 | 39,906 | 44,872 | |||||
Subordinated notes | 99,017 | 98,973 | 98,928 | 98,883 | 98,839 | |||||
Jr. subordinated debentures | 22,079 | 22,030 | 21,983 | 21,935 | 21,889 | |||||
Operating lease liabilities | 38,719 | 39,400 | 39,543 | 40,284 | 42,895 | |||||
Accrued interest payable | 5,018 | 5,393 | 6,358 | 6,277 | 7,984 | |||||
Other liabilities | 121,994 | 127,618 | 122,382 | 154,000 | 180,808 | |||||
Total liabilities | 4,224,324 | 4,314,688 | 4,291,412 | 4,809,700 | 4,434,322 | |||||
Shareholders' equity | ||||||||||
Common stock | 24,749 | 24,715 | 24,715 | 24,714 | 24,710 | |||||
Paid-in capital in excess of par value | 383,401 | 382,655 | 382,202 | 381,653 | 380,770 | |||||
Less: common stock held in treasury, at cost | (92,294) | (91,825) | (91,774) | (89,164) | (89,100) | |||||
Accumulated other comprehensive income, net of tax | 2,545 | 4,798 | 154 | 8,948 | 10,139 | |||||
Retained earnings | 337,259 | 324,450 | 308,569 | 296,941 | 286,865 | |||||
Total Bryn Mawr Bank Corporation shareholders' equity | 655,660 | 644,793 | 623,866 | 623,092 | 613,384 | |||||
Noncontrolling interest | (905) | (781) | (770) | (770) | (767) | |||||
Total shareholders' equity | 654,755 | 644,012 | 623,096 | 622,322 | 612,617 | |||||
Total liabilities and shareholders' equity | $ | 4,879,079 | $ | 4,958,700 | $ | 4,914,508 | $ | 5,432,022 | $ | 5,046,939 |
Portfolio Loans and Leases as of | ||||||||||
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 | ||||||
Commercial real estate - nonowner-occupied | $ | 1,464,534 | $ | 1,419,626 | $ | 1,408,240 | $ | 1,435,575 | $ | 1,382,757 |
Commercial real estate - owner-occupied | 537,488 | 553,464 | 578,747 | 578,509 | 568,219 | |||||
Home equity lines of credit | 146,752 | 151,692 | 157,418 | 169,337 | 179,125 | |||||
Residential mortgage - 1st liens | 559,946 | 579,657 | 602,584 | 621,369 | 660,923 | |||||
Residential mortgage - junior liens | 24,424 | 25,534 | 27,400 | 23,795 | 26,150 | |||||
Construction | 235,418 | 204,358 | 187,472 | 161,308 | 186,415 | |||||
Total real estate loans | 2,968,562 | 2,934,331 | 2,961,861 | 2,989,893 | 3,003,589 | |||||
Commercial & Industrial | 467,979 | 498,097 | 486,824 | 446,438 | 465,315 | |||||
Consumer | 46,428 | 44,814 | 39,226 | 39,683 | 47,043 | |||||
Leases | 134,946 | 140,169 | 145,324 | 152,397 | 160,737 | |||||
Total non-real estate loans and leases | 649,353 | 683,080 | 671,374 | 638,518 | 673,095 | |||||
Total portfolio loans and leases | $ | 3,617,915 | $ | 3,617,411 | $ | 3,633,235 | $ | 3,628,411 | $ | 3,676,684 |
Nonperforming Loans and Leases as of | ||||||||||
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 | ||||||
Commercial real estate - nonowner-occupied | $ | - | $ | 396 | $ | 56 | $ | 57 | $ | 849 |
Commercial real estate - owner-occupied | 559 | 1,057 | 1,355 | 1,659 | 3,597 | |||||
Home equity lines of credit | 912 | 945 | 532 | 729 | 890 | |||||
Residential mortgage - 1st liens | 3,035 | 4,072 | 645 | 99 | 862 | |||||
Residential mortgage - junior liens | 64 | 181 | 184 | 85 | 50 | |||||
Construction | 216 | 216 | - | - | - | |||||
Total nonperforming real estate loans | 4,786 | 6,867 | 2,772 | 2,629 | 6,248 | |||||
Commercial & Industrial | 2,708 | 3,049 | 1,490 | 1,775 | 1,784 | |||||
Consumer | 31 | 24 | 40 | 30 | 31 | |||||
Leases | 522 | 725 | 895 | 872 | 534 | |||||
Total nonperforming non-real estate loans and leases | 3,261 | 3,798 | 2,425 | 2,677 | 2,349 | |||||
Total nonperforming portfolio loans and leases | $ | 8,047 | $ | 10,665 | $ | 5,197 | $ | 5,306 | $ | 8,597 |
Net Loan and Lease Charge-Offs (Recoveries) for the Three Months Ended | ||||||||||
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 | ||||||
Commercial real estate - nonowner-occupied | $ | - | $ | - | $ | - | $ | 240 | $ | (2) |
Commercial real estate - owner-occupied | (22) | (470) | 189 | 382 | 494 | |||||
Home equity lines of credit | - | 46 | - | - | - | |||||
Residential mortgage - 1st liens | (1) | 23 | 1 | - | (13) | |||||
Residential mortgage - junior liens | - | - | - | - | - | |||||
Construction | (1) | 115 | (1) | (1) | (1) | |||||
Total net charge-offs of real estate loans | (24) | (286) | 189 | 621 | 478 | |||||
Commercial & Industrial | (337) | 2,323 | (54) | 897 | 1,522 | |||||
Consumer | 87 | 145 | 107 | 409 | 134 | |||||
Leases | 134 | 209 | 400 | 413 | 53 | |||||
Total net charge-offs of non-real estate loans and leases | (116) | 2,677 | 453 | 1,719 | 1,709 | |||||
Total net charge-offs | $ | (140) | $ | 2,391 | $ | 642 | $ | 2,340 | $ | 2,187 |
Investment Securities Available for Sale, at Fair Value | ||||||||||
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 | ||||||
U.S. Treasury securities | $ | 100 | $ | 100 | $ | 100 | $ | 500,100 | $ | 100 |
Obligations of the U.S. Government and agencies | 96,597 | 116,701 | 110,413 | 93,098 | 90,928 | |||||
State & political subdivisions - tax-free | - | 2,168 | 2,168 | 2,171 | 3,178 | |||||
Mortgage-backed securities | 439,182 | 482,585 | 497,328 | 453,857 | 431,822 | |||||
Collateralized mortgage obligations | 13,566 | 15,145 | 17,073 | 19,263 | 22,253 | |||||
Collateralized loan obligations | 94,651 | 99,635 | 99,666 | 94,404 | 6,500 | |||||
Corporate bonds | 11,755 | 11,754 | 11,576 | 11,421 | 9,343 | |||||
Other debt securities | 650 | 650 | 650 | 650 | 650 | |||||
Total investment securities available for sale, at fair value | $ | 656,501 | $ | 728,738 | $ | 738,974 | $ | 1,174,964 | $ | 564,774 |
Unrealized Gain (Loss) on Investment Securities Available for Sale | ||||||||||
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 | ||||||
U.S. Treasury securities | $ | - | $ | - | $ | - | $ | 5 | $ | - |
Obligations of the U.S. Government and agencies | (1,347) | (842) | (2,597) | 649 | 995 | |||||
State & political subdivisions - tax-free | - | 12 | 16 | 22 | 27 | |||||
Mortgage-backed securities | 7,322 | 8,432 | 8,957 | 12,282 | 12,901 | |||||
Collateralized mortgage obligations | 374 | 458 | 522 | 583 | 662 | |||||
Collateralized loan obligations | 151 | 120 | 151 | (96) | - | |||||
Corporate bonds | 755 | 754 | 576 | 421 | 343 | |||||
Total unrealized gains on investment securities available for sale | $ | 7,255 | $ | 8,934 | $ | 7,625 | $ | 13,866 | $ | 14,928 |
Deposits | ||||||||||
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 | ||||||
Interest-bearing deposits: | ||||||||||
Interest-bearing demand | $ | 681,560 | $ | 668,664 | $ | 671,854 | $ | 885,802 | $ | 815,561 |
Money market | 1,121,155 | 1,183,252 | 1,201,115 | 1,163,620 | 1,199,429 | |||||
Savings | 284,875 | 289,108 | 286,124 | 282,406 | 245,167 | |||||
Retail time deposits | 238,597 | 270,926 | 301,702 | 331,527 | 366,245 | |||||
Wholesale non-maturity deposits | 39,538 | 73,011 | 70,605 | 275,011 | 77,356 | |||||
Wholesale time deposits | 6,146 | 6,141 | 6,134 | 36,045 | 79,430 | |||||
Total interest-bearing deposits | 2,371,871 | 2,491,102 | 2,537,534 | 2,974,411 | 2,783,188 | |||||
Noninterest-bearing deposits | 1,443,661 | 1,468,643 | 1,364,716 | 1,401,843 | 1,230,391 | |||||
Total deposits | $ | 3,815,532 | $ | 3,959,745 | $ | 3,902,250 | $ | 4,376,254 | $ | 4,013,579 |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
September 30, 2021 |
September 30, 2020 | ||||||||
Interest income: | ||||||||||||||
Interest and fees on loans and leases | $ | 34,332 | $ | 34,638 | $ | 34,578 | $ | 35,632 | $ | 36,799 | $ | 103,548 | $ | 120,284 |
Interest on cash and cash equivalents | 20 | 16 | 22 | 62 | 85 | 58 | 233 | |||||||
Interest on investment securities | 2,752 | 2,996 | 3,050 | 2,717 | 2,658 | 8,798 | 8,753 | |||||||
Total interest income | 37,104 | 37,650 | 37,650 | 38,411 | 39,542 | 112,404 | 129,270 | |||||||
Interest expense: | ||||||||||||||
Interest on deposits | 808 | 958 | 1,424 | 1,891 | 2,967 | 3,190 | 15,080 | |||||||
Interest on short-term borrowings | 16 | 5 | 10 | 9 | 8 | 31 | 693 | |||||||
Interest on FHLB advances | 173 | 205 | 203 | 226 | 234 | 581 | 633 | |||||||
Interest on jr. subordinated debentures | 198 | 199 | 198 | 205 | 207 | 595 | 731 | |||||||
Interest on subordinated notes | 1,022 | 1,044 | 1,034 | 1,043 | 1,094 | 3,100 | 3,383 | |||||||
Total interest expense | 2,217 | 2,411 | 2,869 | 3,374 | 4,510 | 7,497 | 20,520 | |||||||
Net interest income | 34,887 | 35,239 | 34,781 | 35,037 | 35,032 | 104,907 | 108,750 | |||||||
(Recovery of) provision for credit losses ("PCL") | (3,186) | (6,581) | (5,246) | (1,209) | 4,101 | (15,013) | 42,886 | |||||||
Net interest income after PCL | 38,073 | 41,820 | 40,027 | 36,246 | 30,931 | 119,920 | 65,864 | |||||||
Noninterest income: | ||||||||||||||
Fees for wealth management services | 13,618 | 14,031 | 12,836 | 12,588 | 11,707 | 40,485 | 31,944 | |||||||
Insurance commissions | 1,524 | 1,249 | 1,464 | 1,393 | 1,682 | 4,237 | 4,518 | |||||||
Capital markets revenue | 2,823 | 1,290 | 1,596 | 841 | 3,314 | 5,709 | 8,650 | |||||||
Service charges on deposits | 751 | 733 | 696 | 756 | 663 | 2,180 | 2,112 | |||||||
Loan servicing and other fees | 327 | 397 | 304 | 360 | 373 | 1,028 | 1,286 | |||||||
Net gain on sale of loans | 671 | 525 | 250 | 842 | 1,021 | 1,446 | 4,937 | |||||||
Net gain on sale of investment securities available for sale | 512 | - | - | - | - | 512 | - | |||||||
Net gain on sale of long-lived assets | - | - | 6 | 2,297 | - | 6 | - | |||||||
Net gain (loss) on sale of other real estate owned | - | - | - | - | - | - | 148 | |||||||
Dividends on FHLB and FRB stocks | 202 | 239 | 222 | 337 | 127 | 663 | 814 | |||||||
Other operating income | 2,159 | 2,502 | 2,467 | 2,592 | 2,212 | 7,128 | 5,556 | |||||||
Total noninterest income | 22,587 | 20,966 | 19,841 | 22,006 | 21,099 | 63,394 | 59,965 | |||||||
Noninterest expense: | ||||||||||||||
Salaries and wages | 16,751 | 16,700 | 16,830 | 17,730 | 17,201 | 50,281 | 51,116 | |||||||
Employee benefits | 3,150 | 3,224 | 3,687 | 2,858 | 3,026 | 10,061 | 9,747 | |||||||
Occupancy and bank premises | 2,514 | 2,629 | 2,892 | 3,624 | 3,055 | 8,035 | 9,103 | |||||||
Furniture, fixtures and equipment | 2,624 | 2,188 | 2,242 | 2,400 | 2,481 | 7,054 | 7,032 | |||||||
Impairment of long-lived assets | - | - | - | 1,605 | - | - | - | |||||||
Advertising | 265 | 413 | 176 | 554 | 458 | 854 | 1,055 | |||||||
Amortization of intangible assets | 835 | 835 | 838 | 869 | 870 | 2,508 | 2,698 | |||||||
Due diligence, merger-related and merger integration expenses | 18 | 266 | 1,646 | - | - | 1,930 | - | |||||||
Professional fees | 2,423 | 1,629 | 1,433 | 1,767 | 1,718 | 5,485 | 4,661 | |||||||
Pennsylvania bank shares tax | 538 | 718 | 749 | (339) | 115 | 2,005 | 347 | |||||||
Data processing | 1,421 | 1,444 | 1,404 | 1,501 | 1,403 | 4,269 | 4,276 | |||||||
Other operating expenses | 6,301 | 5,421 | 5,806 | 6,055 | 4,870 | 17,528 | 14,068 | |||||||
Total noninterest expense | 36,840 | 35,467 | 37,703 | 38,624 | 35,197 | 110,010 | 104,103 | |||||||
Income before income taxes | 23,820 | 27,319 | 22,165 | 19,628 | 16,833 | 73,304 | 21,726 | |||||||
Income tax expense | 5,562 | 5,988 | 5,082 | 4,094 | 3,709 | 16,632 | 4,762 | |||||||
Net income | $ | 18,258 | $ | 21,331 | $ | 17,083 | $ | 15,534 | $ | 13,124 | $ | 56,672 | $ | 16,964 |
Net loss attributable to noncontrolling interest | (124) | (11) | - | (3) | (40) | (135) | (72) | |||||||
Net income attributable to Bryn Mawr Bank Corporation | $ | 18,382 | $ | 21,342 | $ | 17,083 | $ | 15,537 | $ | 13,164 | $ | 56,807 | $ | 17,036 |
Per share data: | ||||||||||||||
Weighted average shares outstanding | 19,891,618 | 19,878,981 | 19,907,873 | 19,958,567 | 19,945,634 | 19,892,764 | 19,975,069 | |||||||
Dilutive common shares | 170,400 | 171,838 | 142,863 | 69,091 | 75,983 | 163,651 | 87,039 | |||||||
Weighted average diluted shares | 20,062,018 | 20,050,819 | 20,050,736 | 20,027,658 | 20,021,617 | 20,056,415 | 20,062,108 | |||||||
Basic earnings per common share | $ | 0.92 | $ | 1.07 | $ | 0.86 | $ | 0.78 | $ | 0.66 | $ | 2.86 | $ | 0.85 |
Diluted earnings per common share | $ | 0.92 | $ | 1.06 | $ | 0.85 | $ | 0.78 | $ | 0.66 | $ | 2.83 | $ | 0.85 |
Dividends paid or accrued per share | $ | 0.28 | $ | 0.27 | $ | 0.27 | $ | 0.27 | $ | 0.27 | $ | 0.82 | $ | 0.79 |
Effective tax rate | 23.35 | % | 21.92 | % | 22.93 | % | 20.86 | % | 22.03 | % | 22.69 | % | 21.92 | % |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) |
Average Balance |
Interest Income/ Expense |
Average Rates Earned/ Paid | Average Balance | Interest Income/ Expense |
Average Rates Earned/ Paid | Average Balance | Interest Income/ Expense |
Average Rates Earned/ Paid | Average Balance | Interest Income/ Expense |
Average Rates Earned/ Paid | Average Balance | Interest Income/ Expense |
Average Rates Earned/ Paid |
Average Balance |
Interest Income/ Expense |
Average Rates Earned/ Paid |
Average Balance |
Interest Income/ Expense |
Average Rates Earned/ Paid | |||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits with other banks | $ | 67,665 | $ | 20 | 0.12 | % | $ | 86,383 | $ | 16 | 0.07 | % | $ | 110,972 | $ | 22 | 0.08 | % | $ | 245,904 | $ | 62 | 0.10 | % | $ | 336,225 | $ | 85 | 0.10 | % | $ | 88,181 | $ | 58 | 0.09 | % | $ | 194,652 | $ | 233 | 0.16 | % |
Investment securities - available for sale: | ||||||||||||||||||||||||||||||||||||||||||
Taxable | 692,821 | 2,670 | 1.53 | % | 742,212 | 2,915 | 1.58 | % | 735,508 | 2,947 | 1.62 | % | 675,642 | 2,561 | 1.51 | % | 550,199 | 2,562 | 1.85 | % | 723,357 | 8,532 | 1.58 | % | 527,837 | 8,402 | 2.13 | % | ||||||||||||||
Tax-exempt | 1,109 | 8 | 2.86 | % | 2,168 | 14 | 2.59 | % | 2,170 | 14 | 2.62 | % | 2,490 | 16 | 2.56 | % | 3,690 | 23 | 2.48 | % | 1,812 | 36 | 2.66 | % | 4,388 | 77 | 2.34 | % | ||||||||||||||
Total investment securities - available for sale | 693,930 | 2,678 | 1.53 | % | 744,380 | 2,929 | 1.58 | % | 737,678 | 2,961 | 1.63 | % | 678,132 | 2,577 | 1.51 | % | 553,889 | 2,585 | 1.86 | % | 725,169 | 8,568 | 1.58 | % | 532,225 | 8,479 | 2.13 | % | ||||||||||||||
Investment securities - held to maturity | 12,179 | 54 | 1.76 | % | 13,414 | 49 | 1.47 | % | 14,329 | 73 | 2.07 | % | 15,093 | 57 | 1.50 | % | 12,248 | 57 | 1.85 | % | 13,300 | 176 | 1.77 | % | 12,854 | 217 | 2.26 | % | ||||||||||||||
Investment securities - trading | 8,262 | 21 | 1.01 | % | 8,780 | 21 | 0.96 | % | 8,618 | 19 | 0.89 | % | 8,033 | 86 | 4.26 | % | 7,957 | 21 | 1.05 | % | 8,552 | 61 | 0.95 | % | 8,095 | 70 | 1.16 | % | ||||||||||||||
Loans and leases * | 3,617,866 | 34,423 | 3.77 | % | 3,611,479 | 34,730 | 3.86 | % | 3,607,214 | 34,674 | 3.90 | % | 3,657,572 | 35,734 | 3.89 | % | 3,701,495 | 36,901 | 3.97 | % | 3,612,225 | 103,827 | 3.84 | % | 3,792,969 | 120,578 | 4.25 | % | ||||||||||||||
Total interest-earning assets | 4,399,902 | 37,196 | 3.35 | % | 4,464,436 | 37,745 | 3.39 | % | 4,478,811 | 37,749 | 3.42 | % | 4,604,734 | 38,516 | 3.33 | % | 4,611,814 | 39,649 | 3.42 | % | 4,447,427 | 112,690 | 3.39 | % | 4,540,795 | 129,577 | 3.81 | % | ||||||||||||||
Cash and due from banks | 9,799 | 9,741 | 10,824 | 13,192 | 16,557 | 10,117 | 15,145 | |||||||||||||||||||||||||||||||||||
Less: allowance for loan and lease losses | (39,218) | (47,192) | (53,582) | (55,634) | (55,285) | (46,611) | (45,099) | |||||||||||||||||||||||||||||||||||
Other assets | 530,362 | 510,722 | 532,489 | 562,410 | 584,502 | 524,516 | 565,649 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 4,900,845 | $ | 4,937,707 | $ | 4,968,542 | $ | 5,124,702 | $ | 5,157,588 | $ | 4,935,449 | $ | 5,076,490 | ||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||||||
Savings, NOW and market rate deposits | $ | 2,111,767 | $ | 276 | 0.05 | % | $ | 2,154,206 | $ | 274 | 0.05 | % | $ | 2,178,730 | $ | 374 | 0.07 | % | $ | 2,285,807 | $ | 495 | 0.09 | % | $ | 2,282,591 | $ | 1,042 | 0.18 | % | $ | 2,147,989 | $ | 924 | 0.06 | % | $ | 2,264,407 | $ | 8,364 | 0.49 | % |
Wholesale deposits | 73,497 | 74 | 0.40 | % | 78,936 | 76 | 0.39 | % | 117,710 | 257 | 0.89 | % | 130,660 | 293 | 0.89 | % | 223,527 | 465 | 0.83 | % | 89,885 | 407 | 0.61 | % | 240,571 | 1,928 | 1.07 | % | ||||||||||||||
Retail time deposits | 255,815 | 458 | 0.71 | % | 287,128 | 608 | 0.85 | % | 316,564 | 793 | 1.02 | % | 349,474 | 1,103 | 1.26 | % | 385,534 | 1,460 | 1.51 | % | 286,280 | 1,859 | 0.87 | % | 399,799 | 4,788 | 1.60 | % | ||||||||||||||
Total interest-bearing deposits | 2,441,079 | 808 | 0.13 | % | 2,520,270 | 958 | 0.15 | % | 2,613,004 | 1,424 | 0.22 | % | 2,765,941 | 1,891 | 0.27 | % | 2,891,652 | 2,967 | 0.41 | % | 2,524,154 | 3,190 | 0.17 | % | 2,904,777 | 15,080 | 0.69 | % | ||||||||||||||
Borrowings: | ||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 35,166 | 16 | 0.18 | % | 19,935 | 5 | 0.10 | % | 32,020 | 10 | 0.13 | % | 29,130 | 9 | 0.12 | % | 29,913 | 8 | 0.11 | % | 29,051 | 31 | 0.14 | % | 102,173 | 693 | 0.91 | % | ||||||||||||||
Long-term FHLB advances | 33,795 | 173 | 2.03 | % | 39,956 | 205 | 2.06 | % | 39,921 | 203 | 2.06 | % | 43,634 | 226 | 2.06 | % | 44,849 | 234 | 2.08 | % | 37,868 | 581 | 2.05 | % | 46,110 | 633 | 1.83 | % | ||||||||||||||
Subordinated notes | 98,993 | 1,022 | 4.10 | % | 98,949 | 1,044 | 4.23 | % | 98,904 | 1,034 | 4.24 | % | 98,860 | 1,043 | 4.20 | % | 98,815 | 1,094 | 4.40 | % | 98,949 | 3,100 | 4.19 | % | 98,770 | 3,383 | 4.58 | % | ||||||||||||||
Jr. subordinated debt | 22,051 | 198 | 3.56 | % | 22,002 | 199 | 3.63 | % | 21,955 | 198 | 3.66 | % | 21,905 | 205 | 3.72 | % | 21,859 | 207 | 3.77 | % | 22,003 | 595 | 3.62 | % | 21,814 | 731 | 4.48 | % | ||||||||||||||
Total borrowings | 190,005 | 1,409 | 2.94 | % | 180,842 | 1,453 | 3.22 | % | 192,800 | 1,445 | 3.04 | % | 193,529 | 1,483 | 3.05 | % | 195,436 | 1,543 | 3.14 | % | 187,871 | 4,307 | 3.07 | % | 268,867 | 5,440 | 2.70 | % | ||||||||||||||
Total interest-bearing liabilities | 2,631,084 | 2,217 | 0.33 | % | 2,701,112 | 2,411 | 0.36 | % | 2,805,804 | 2,869 | 0.41 | % | 2,959,470 | 3,374 | 0.45 | % | 3,087,088 | 4,510 | 0.58 | % | 2,712,025 | 7,497 | 0.37 | % | 3,173,644 | 20,520 | 0.86 | % | ||||||||||||||
Noninterest-bearing deposits | 1,439,672 | 1,437,442 | 1,345,253 | 1,267,795 | 1,220,570 | 1,407,802 | 1,080,837 | |||||||||||||||||||||||||||||||||||
Other liabilities | 177,365 | 167,083 | 192,495 | 280,179 | 240,737 | 178,926 | 213,750 | |||||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | 1,617,037 | 1,604,525 | 1,537,748 | 1,547,974 | 1,461,307 | 1,586,728 | 1,294,587 | |||||||||||||||||||||||||||||||||||
Total liabilities | 4,248,121 | 4,305,637 | 4,343,552 | 4,507,444 | 4,548,395 | 4,298,753 | 4,468,231 | |||||||||||||||||||||||||||||||||||
Shareholders' equity | 652,724 | 632,070 | 624,990 | 617,258 | 609,193 | 636,696 | 608,259 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 4,900,845 | $ | 4,937,707 | $ | 4,968,542 | $ | 5,124,702 | $ | 5,157,588 | $ | 4,935,449 | $ | 5,076,490 | ||||||||||||||||||||||||||||
Net interest spread | 3.02 | % | 3.03 | % | 3.01 | % | 2.88 | % | 2.84 | % | 3.02 | % | 2.95 | % | ||||||||||||||||||||||||||||
Effect of noninterest-bearing sources | 0.13 | % | 0.14 | % | 0.15 | % | 0.16 | % | 0.19 | % | 0.14 | % | 0.26 | % | ||||||||||||||||||||||||||||
Tax-equivalent net interest margin | $ | 34,979 | 3.15 | % | $ | 35,334 | 3.17 | % | $ | 34,880 | 3.16 | % | $ | 35,142 | 3.04 | % | $ | 35,139 | 3.03 | % | $ | 105,193 | 3.16 | % | $ | 109,057 | 3.21 | % | ||||||||||||||
Tax-equivalent adjustment | $ | 92 | 0.01 | % | $ | 95 | 0.01 | % | $ | 99 | 0.01 | % | $ | 105 | 0.01 | % | $ | 107 | 0.01 | % | $ | 286 | 0.01 | % | $ | 307 | 0.01 | % | ||||||||||||||
* Average loans and leases include portfolio loans and leases, and loans held for sale. Non-accrual loans are also included in the average loan and leases balances. |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||
(dollars in thousands) | Interest | Inc. / (Dec.) | Effect on Yield or Rate | Inc. / (Dec.) | Effect on Yield or Rate | Inc. / (Dec.) | Effect on Yield or Rate | Inc. / (Dec.) | Effect on Yield or Rate | Inc. / (Dec.) | Effect on Yield or Rate | Inc. / (Dec.) | Effect on Yield or Rate | Inc. / (Dec.) | Effect on Yield or Rate | ||||||||||||||
Loans and leases | Income | $ | 424 | 0.05 | % | $ | 950 | 0.11 | % | $ | 539 | 0.06 | % | $ | 921 | 0.10 | % | $ | 784 | 0.08 | % | $ | 1,913 | 0.07 | % | $ | 2,711 | 0.10 | % |
Retail time deposits | Expense | (33) | (0.05) | % | (50) | (0.07) | % | (58) | (0.07) | % | (78) | (0.09) | % | (96) | (0.10) | % | (141) | (0.07) | % | (317) | (0.11) | % | |||||||
Long-term FHLB advances | Expense | 24 | 0.28 | % | 35 | 0.70 | % | 35 | 0.36 | % | 35 | 0.32 | % | 34 | 0.30 | % | 94 | 0.33 | % | 103 | 0.30 | % | |||||||
Jr. subordinated debt | Expense | 48 | 0.86 | % | 48 | 0.88 | % | 47 | 0.87 | % | 46 | 0.84 | % | 46 | 0.84 | % | 143 | 0.87 | % | 136 | 0.83 | % | |||||||
Net interest income from fair value marks | $ | 385 | $ | 917 | $ | 515 | $ | 918 | $ | 800 | $ | 1,817 | $ | 2,789 | |||||||||||||||
Purchase accounting effect on tax-equivalent margin | 0.03 | % | 0.08 | % | 0.05 | % | 0.08 | % | 0.07 | % | 0.05 | % | 0.08 | % |
Statement on Non-GAAP Measures: The Corporation believes the presentation of the following non-GAAP financial measures provides useful supplemental information that is essential to an investor's proper understanding of the results of operations and financial condition of the Corporation. Management uses non-GAAP financial measures in its analysis of the Corporation's performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
| ||||||||||||||
As of or For the Three Months Ended | As of or For the Nine Months Ended | |||||||||||||
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
September 30, 2021 |
September 30, 2020 | ||||||||
Reconciliation of Net Income to Net Income (core): | ||||||||||||||
Net income attributable to BMBC (a GAAP measure) | $ | 18,382 | $ | 21,342 | $ | 17,083 | $ | 15,537 | $ | 13,164 | $ | 56,807 | $ | 17,036 |
Less: Tax-effected non-core noninterest income:
| ||||||||||||||
Gain on sale of PPP loans | - | - | - | - | - | - | (1,905) | |||||||
BMT Investment Advisers wind-down costs | - | - | - | - | - | - | 1,744 | |||||||
Gain on sale of buildings | - | - | - | (1,813) | - | - | - | |||||||
Gain on sale of investment securities available for sale | (404) | - | - | - | - | (404) | - | |||||||
Add: Tax-effected non-core noninterest expense items:
| ||||||||||||||
Due diligence, merger-related and merger integration expenses | 30 | 257 | 1,624 | - | - | 1,911 | - | |||||||
BMT Investment Advisers wind-down costs | - | - | - | - | - | - | 100 | |||||||
Severance associated with staff reduction | - | - | - | - | - | - | 425 | |||||||
Gain on early lease termination | - | - | - | (107) | - | - | - | |||||||
Impairment of long-lived assets | - | - | - | 1,268 | - | - | - | |||||||
Disposal expense of premises and equipment | - | - | - | 633 | - | - | - | |||||||
Net income (core) (a non-GAAP measure) | $ | 18,008 | $ | 21,599 | $ | 18,707 | $ | 15,518 | $ | 13,164 | $ | 58,314 | $ | 17,400 |
Calculation of Basic and Diluted Earnings per Common Share (core): | ||||||||||||||
Weighted average common shares outstanding | 19,891,618 | 19,878,981 | 19,907,873 | 19,958,567 | 19,945,634 | 19,892,764 | 19,975,069 | |||||||
Dilutive common shares | 170,400 | 171,838 | 142,863 | 69,091 | 75,983 | 163,651 | 87,039 | |||||||
Weighted average diluted shares | 20,062,018 | 20,050,819 | 20,050,736 | 20,027,658 | 20,021,617 | 20,056,415 | 20,062,108 | |||||||
Basic earnings per common share (core) (a non-GAAP measure) | $ | 0.91 | $ | 1.09 | $ | 0.94 | $ | 0.78 | $ | 0.66 | $ | 2.93 | $ | 0.87 |
Diluted earnings per common share (core) (a non-GAAP measure) | $ | 0.90 | $ | 1.08 | $ | 0.93 | $ | 0.77 | $ | 0.66 | $ | 2.91 | $ | 0.87 |
Calculation of Return on Average Tangible Equity: | ||||||||||||||
Net income attributable to BMBC (a GAAP measure) | $ | 18,382 | $ | 21,342 | $ | 17,083 | $ | 15,537 | $ | 13,164 | $ | 56,807 | $ | 17,036 |
Add: Tax-effected amortization and impairment of intangible assets
| 660 | 660 | 662 | 687 | 687 | 1,981 | 2,131 | |||||||
Net tangible income (numerator)
| $ | 19,042 | $ | 22,002 | $ | 17,745 | $ | 16,224 | $ | 13,851 | $ | 58,788 | $ | 19,167 |
Average shareholders' equity | $ | 652,724 | $ | 632,070 | $ | 624,990 | $ | 617,258 | $ | 609,193 | $ | 636,696 | $ | 608,259 |
Less: Average Noncontrolling interest
| 783 | 777 | 770 | 769 | 739 | 777 | 710 | |||||||
Less: Average goodwill and intangible assets
| (197,525) | (198,356) | (199,208) | (200,060) | (200,931) | (198,357) | (201,835) | |||||||
Net average tangible equity (denominator)
| $ | 455,982 | $ | 434,491 | $ | 426,552 | $ | 417,967 | $ | 409,001 | $ | 439,116 | $ | 407,134 |
Return on tangible equity (a non-GAAP measure) | 16.57 | % | 20.31 | % | 16.87 | % | 15.44 | % | 13.47 | % | 17.90 | % | 6.29 | % |
Calculation of Return on Average Tangible Equity (core): | ||||||||||||||
Net income (core) (a non-GAAP measure) | $ | 18,008 | $ | 21,599 | $ | 18,707 | $ | 15,518 | $ | 13,164 | $ | 58,314 | $ | 17,400 |
Add: Tax-effected amortization and impairment of intangible assets
| 660 | 660 | 662 | 687 | 687 | 1,981 | 2,131 | |||||||
Net tangible income (core) (numerator)
| $ | 18,668 | $ | 22,259 | $ | 19,369 | $ | 16,205 | $ | 13,851 | $ | 60,295 | $ | 19,531 |
Average shareholders' equity | $ | 652,724 | $ | 632,070 | $ | 624,990 | $ | 617,258 | $ | 609,193 | $ | 636,696 | $ | 608,259 |
Less: Average Noncontrolling interest
| 783 | 777 | 770 | 769 | 739 | 777 | 710 | |||||||
Less: Average goodwill and intangible assets
| (197,525) | (198,356) | (199,208) | (200,060) | (200,931) | (198,357) | (201,835) | |||||||
Net average tangible equity (denominator)
| $ | 455,982 | $ | 434,491 | $ | 426,552 | $ | 417,967 | $ | 409,001 | $ | 439,116 | $ | 407,134 |
Return on tangible equity (core) (a non-GAAP measure) | 16.24 | % | 20.55 | % | 18.42 | % | 15.42 | % | 13.47 | % | 18.36 | % | 6.41 | % |
Statement on Non-GAAP Measures: The Corporation believes the presentation of the following non-GAAP financial measures provides useful supplemental information that is essential to an investor's proper understanding of the results of operations and financial condition of the Corporation. Management uses non-GAAP financial measures in its analysis of the Corporation's performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
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As of or For the Three Months Ended | As of or For the Nine Months Ended | |||||||||
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
September 30, 2021 |
September 30, 2020 | ||||
Calculation of Tangible Equity Ratio (BMBC): | ||||||||||
Total shareholders' equity | $ | 654,755 | $ | 644,012 | $ | 623,096 | $ | 622,322 | $ | 612,617 |
Less: Noncontrolling interest | 905 | 781 | 770 | 770 | 767 | |||||
Less: Goodwill and intangible assets
| (197,068) | (197,903) | (198,738) | (199,576) | (200,445) | |||||
Net tangible equity (numerator)
| $ | 458,592 | $ | 446,890 | $ | 425,128 | $ | 423,516 | $ | 412,939 |
Total assets | $ | 4,879,079 | $ | 4,958,700 | $ | 4,914,508 | $ | 5,432,022 | $ | 5,046,939 |
Less: Goodwill and intangible assets
| (197,068) | (197,903) | (198,738) | (199,576) | (200,445) | |||||
Tangible assets (denominator)
| $ | 4,682,011 | $ | 4,760,797 | $ | 4,715,770 | $ | 5,232,446 | $ | 4,846,494 |
Tangible equity ratio (BMBC)(1)
| 9.79 | % | 9.39 | % | 9.02 | % | 8.09 | % | 8.52 | % |
Calculation of Tangible Equity Ratio (BMTC): | ||||||||||
Total shareholders' equity | $ | 683,682 | $ | 667,405 | $ | 641,034 | $ | 630,880 | $ | 653,317 |
Less: Noncontrolling interest | 905 | 781 | 770 | 770 | 767 | |||||
Less: Goodwill and intangible assets
| (196,823) | (197,657) | (198,492) | (199,330) | (200,200) | |||||
Net tangible equity (numerator)
| $ | 487,764 | $ | 470,529 | $ | 443,312 | $ | 432,320 | $ | 453,499 |
Total assets | $ | 4,875,979 | $ | 4,954,878 | $ | 4,911,259 | $ | 5,428,909 | $ | 5,043,099 |
Less: Goodwill and intangible assets
| (196,823) | (197,657) | (198,492) | (199,330) | (200,200) | |||||
Tangible assets (denominator)
| $ | 4,679,156 | $ | 4,757,221 | $ | 4,712,767 | $ | 5,229,579 | $ | 4,842,899 |
Tangible equity ratio (BMTC)(1)
| 10.42 | % | 9.89 | % | 9.41 | % | 8.27 | % | 9.36 | % |
Calculation of tangible book value per common share: | ||||||||||
Total shareholders' equity | $ | 654,755 | $ | 644,012 | $ | 623,096 | $ | 622,322 | $ | 612,617 |
Less: Noncontrolling interest | 905 | 781 | 770 | 770 | 767 | |||||
Less: Goodwill and intangible assets
| (197,068) | (197,903) | (198,738) | (199,576) | (200,445) | |||||
Net tangible equity (numerator)
| $ | 458,592 | $ | 446,890 | $ | 425,128 | $ | 423,516 | $ | 412,939 |
Shares outstanding, end of period (denominator)
| 19,900,823 | 19,877,892 | 19,878,993 | 19,960,294 | 19,958,186 | |||||
Tangible book value per common share (a non-GAAP measure) | $ | 23.04 | $ | 22.48 | $ | 21.39 | $ | 21.22 | $ | 20.69 |
Calculation of price / tangible book value: | ||||||||||
Closing share price | $ | 45.95 | $ | 42.19 | $ | 45.51 | $ | 30.60 | $ | 24.87 |
Tangible book value per common share | $ | 23.04 | $ | 22.48 | $ | 21.39 | $ | 21.22 | $ | 20.69 |
Price / tangible book value (a non-GAAP measure) | 199.44 | % | 187.68 | % | 212.76 | % | 144.20 | % | 120.20 | % |
(1) Capital Ratios for the current quarter are to be considered preliminary until the Call Reports are filed. Beginning with the March 31, 2020 call report, the capital ratios reflect the Corporation's election of a five-year transition provision to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period.
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Statement on Non-GAAP Measures: The Corporation believes the presentation of the following non-GAAP financial measures provides useful supplemental information that is essential to an investor's proper understanding of the results of operations and financial condition of the Corporation. Management uses non-GAAP financial measures in its analysis of the Corporation's performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
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As of or For the Three Months Ended | As of or For the Nine Months Ended | |||||||||||||
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
September 30, 2021 |
September 30, 2020 | ||||||||
Calculation of Return on Average Assets (core) | ||||||||||||||
Return on average assets (GAAP) | 1.49 | % | 1.73 | % | 1.39 | % | 1.21 | % | 1.02 | % | 1.54 | % | 0.45 | % |
Effect of adjustment to GAAP net income to core net income | (0.03) | % | 0.02 | % | 0.14 | % | (0.01) | % | - | % | 0.04 | % | 0.01 | % |
Return on average assets (core) | 1.46 | % | 1.75 | % | 1.53 | % | 1.20 | % | 1.02 | % | 1.58 | % | 0.46 | % |
Calculation of Return on Average Equity (core) | ||||||||||||||
Return on average equity (GAAP) | 11.17 | % | 13.54 | % | 11.09 | % | 10.01 | % | 8.60 | % | 11.93 | % | 3.74 | % |
Effect of adjustment to GAAP net income to core net income | (0.22) | % | 0.17 | % | 1.05 | % | (0.01) | % | - | % | 0.32 | % | 0.08 | % |
Return on average equity (core) | 10.95 | % | 13.71 | % | 12.14 | % | 10.00 | % | 8.60 | % | 12.25 | % | 3.82 | % |
Calculation of Tax-equivalent net interest margin adjusting for the impact of purchase accounting | ||||||||||||||
Tax-equivalent net interest margin | 3.15 | % | 3.17 | % | 3.16 | % | 3.04 | % | 3.03 | % | 3.16 | % | 3.21 | % |
Effect of fair value marks | 0.03 | % | 0.08 | % | 0.05 | % | 0.08 | % | 0.07 | % | 0.05 | % | 0.08 | % |
Tax-equivalent net interest margin adjusting for the impact of purchase accounting | 3.12 | % | 3.09 | % | 3.11 | % | 2.96 | % | 2.96 | % | 3.11 | % | 3.13 | % |
Calculation of Tax-equivalent net interest income adjusting for the impact of purchase accounting | ||||||||||||||
Tax-equivalent net interest income | $ | 34,979 | $ | 35,334 | $ | 34,880 | $ | 35,142 | $ | 35,139 | $ | 105,193 | $ | 109,057 |
Effect of fair value marks | 385 | 917 | 515 | 918 | 800 | 1,817 | 2,789 | |||||||
Tax-equivalent net interest income adjusting for the impact of purchase accounting | $ | 34,594 | $ | 34,417 | $ | 34,365 | $ | 34,224 | $ | 34,339 | $ | 103,376 | $ | 106,268 |
Calculation of Efficiency Ratio*: | ||||||||||||||
Noninterest expense | $ | 36,840 | $ | 35,467 | $ | 37,703 | $ | 38,624 | $ | 35,197 | $ | 110,010 | $ | 104,103 |
Less: certain noninterest expense items:
| ||||||||||||||
Amortization of intangibles | (835) | (835) | (838) | (869) | (870) | (2,508) | (2,698) | |||||||
Due diligence, merger-related and merger integration expenses | (18) | (266) | (1,646) | - | - | (1,930) | - | |||||||
BMT Investment Advisers, Inc. wind-down costs | - | - | - | - | - | - | (127) | |||||||
Severance associated with staff reduction | - | - | - | - | - | - | (538) | |||||||
Gain on early lease termination | - | - | - | 135 | - | - | - | |||||||
Impairment of long-lived assets | - | - | - | (1,605) | - | - | - | |||||||
Disposal expense of premises and equipment | - | - | - | (801) | - | - | - | |||||||
Noninterest expense (adjusted) (numerator)
| $ | 35,987 | $ | 34,366 | $ | 35,219 | $ | 35,484 | $ | 34,327 | $ | 105,572 | $ | 100,740 |
Noninterest income | $ | 22,587 | $ | 20,966 | $ | 19,841 | $ | 22,006 | $ | 21,099 | $ | 63,394 | $ | 59,965 |
Less: non-core noninterest income items:
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Gain on sale of PPP loans | - | - | - | - | - | - | (2,411) | |||||||
BMT Investment Advisers, Inc. wind-down costs | - | - | - | - | - | - | 2,207 | |||||||
Gain on sale of building | - | - | - | (2,295) | - | - | - | |||||||
Gain on sale of investment securities available for sale | (512) | - | - | - | - | (512) | - | |||||||
Noninterest income (core) | $ | 22,075 | $ | 20,966 | $ | 19,841 | $ | 19,711 | $ | 21,099 | $ | 62,882 | $ | 59,761 |
Net interest income | 34,887 | 35,239 | 34,781 | 35,037 | 35,032 | 104,907 | 108,750 | |||||||
Noninterest income (core) and net interest income (denominator)
| $ | 56,962 | $ | 56,205 | $ | 54,622 | $ | 54,748 | $ | 56,131 | $ | 167,789 | $ | 168,511 |
Efficiency ratio | 63.18 | % | 61.14 | % | 64.48 | % | 64.81 | % | 61.16 | % | 62.92 | % | 59.78 | % |
Statement on Non-GAAP Measures: The Corporation believes the presentation of the following non-GAAP financial measures provides useful supplemental information that is essential to an investor's proper understanding of the results of operations and financial condition of the Corporation. Management uses non-GAAP financial measures in its analysis of the Corporation's performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
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As of or For the Three Months Ended | As of or For the Nine Months Ended | |||||||||
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
September 30, 2021 |
September 30, 2020 | ||||
Supplemental Loan and ACL on Loans and Leases Information Used to Calculate Non-GAAP Measures | ||||||||||
Total ACL on loans and leases | $ | 36,546 | $ | 39,163 | $ | 47,562 | $ | 53,709 | $ | 56,428 |
Less: ACL on acquired loans and leases | 1,328 | 1,573 | 2,277 | 2,926 | 3,460 | |||||
ACL on originated loans and leases | $ | 35,218 | $ | 37,590 | $ | 45,285 | $ | 50,783 | $ | 52,968 |
Total ACL on loans and leases | $ | 36,546 | $ | 39,163 | $ | 47,562 | $ | 53,709 | $ | 56,428 |
Loan mark on acquired loans | 4,354 | 4,779 | 5,736 | 6,288 | 7,235 | |||||
Total ACL on loans and leases + Loan mark | $ | 40,900 | $ | 43,942 | $ | 53,298 | $ | 59,997 | $ | 63,663 |
Total Portfolio loans and leases | $ | 3,617,915 | $ | 3,617,411 | $ | 3,633,235 | $ | 3,628,411 | $ | 3,676,684 |
Less: Originated loans and leases | 3,431,903 | 3,414,256 | 3,405,128 | 3,380,727 | 3,396,068 | |||||
Net acquired loans | $ | 186,012 | $ | 203,155 | $ | 228,107 | $ | 247,684 | $ | 280,616 |
Add: Loan mark on acquired loans | 4,354 | 4,779 | 5,736 | 6,288 | 7,235 | |||||
Gross acquired loans (excludes loan mark) | $ | 190,366 | $ | 207,934 | $ | 233,843 | $ | 253,972 | $ | 287,851 |
Originated loans and leases | 3,431,903 | 3,414,256 | 3,405,128 | 3,380,727 | 3,396,068 | |||||
Total Gross portfolio loans and leases | $ | 3,622,269 | $ | 3,622,190 | $ | 3,638,971 | $ | 3,634,699 | $ | 3,683,919 |
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Bryn Mawr Bank Corporation published this content on 21 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 October 2021 20:43:04 UTC.