Bryn Mawr Bank Corporation Reports Second Quarter Net Income of $15.0 Million Nasdaq:BMTC

Bryn Mawr Bank Corporation Reports Second Quarter Net Income of $15.0 Million Nasdaq:BMTC

BRYN MAWR, Pa., July 20, 2020 (GLOBE NEWSWIRE) — Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported net income of $15.0 million, or $0.75 diluted earnings per share for the three months ended June 30, 2020, as compared to a net loss of $11.2 million, or $(0.56) diluted earnings per share, for the three months ended March 31, 2020, and net income of $15.8 million, or $0.78 diluted earnings per share, for the three months ended June 30, 2019.

On a non-GAAP basis, core net income, which excludes gain on sale of Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans, one-time costs associated with the wind-down of BMT Investment Advisers, a wholly-owned subsidiary of the Corporation, and severance associated with certain staff reductions, as detailed in the appendix to this earnings release, was $15.4 million, or $0.77 diluted earnings per share, for the three months ended June 30, 2020. There were no meaningful non-core income or expense items for the three months ended March 31, 2020 or June 30, 2019. Management believes the core net income measure is important in evaluating the Corporation’s performance on a more comparable basis between periods. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

“In this time of unprecedented uncertainty, I am pleased with our second quarter results. This is truly a testament to BMT’s strong foundation and focus on people, process, technology and diversification of revenue streams. The hard work and dedication our employees showed in this time of crisis deserves special recognition,” commented Frank Leto, President and Chief Executive Officer, continuing, “Our transition to remote work was seamless and will offer us future efficiencies in both occupancy and personnel expenses. We entered this pandemic in a position of strength. Management remains diligent in the execution of our heightened risk management and credit monitoring processes.”

On July 20, 2020, the Board of Directors of the Corporation declared a quarterly dividend of $0.27 per share, payable September 1, 2020 to shareholders of record as of August 3, 2020.

SIGNIFICANT ITEMS OF NOTE

Results of Operations – Second Quarter 2020 Compared to First Quarter 2020

  • Net income for the three months ended June 30, 2020 was $15.0 million, or $0.75 diluted earnings per share, as compared to a net loss of $11.2 million, or $(0.56) diluted earnings per share, for the three months ended March 31, 2020. The net loss for the three months ended March 31, 2020 was primarily due to the $32.3 million in provision for credit losses on loans and leases (the “Provision”) recorded in the first quarter of 2020 as a result of reserve builds driven by the COVID-19 pandemic. The Provision for the three months ended June 30, 2020 was $4.3 million. Other factors impacting the increase in net income included increases of $1.1 million and $4.5 million in net interest income and noninterest income, respectively, partially offset by increases of $425 thousand and $7.0 million in noninterest expense and income tax expense, respectively, for the three months ended June 30, 2020 as compared to the three months ended March 31, 2020.
     
  • Net interest income for the three months ended June 30, 2020 was $37.4 million, an increase of $1.1 million over the linked quarter. Tax-equivalent net interest income for the three months ended June 30, 2020 was $37.5 million, an increase of $1.0 million over the linked quarter. Tax-equivalent net interest income for the second quarter of 2020 was positively impacted by the accretion of purchase accounting fair value marks of $1.0 million, an increase of $91 thousand as compared to $949 thousand for the linked quarter. Excluding the effects of these purchase accounting fair value marks, the adjusted tax-equivalent net interest income for the three months ended June 30, 2020 was $36.4 million, an increase of $947 thousand over the linked quarter. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

    The tax-equivalent net interest margin was 3.22% for the three months ended June 30, 2020 as compared to 3.38% for the linked quarter. Adjusting for the impact of the accretion of purchase accounting fair value marks, the adjusted tax-equivalent net interest margin was 3.13% for the three months ended June 30, 2020 as compared to 3.29% for the linked quarter. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

    Items contributing to the increase in tax-equivalent net interest income adjusted for purchase accounting included decreases of $3.2 million and $221 thousand in interest paid on deposits and interest expense on short-term borrowings, respectively, partially offset by decreases of $2.2 million and $292 thousand in tax-equivalent interest and fees earned on loans and leases and tax-equivalent interest income on available for sale investment securities, respectively, for the three months ended June 30, 2020 as compared to the linked quarter ended March 31, 2020. These decreases were primarily due to reduced interest rates during the second quarter of 2020 as compared to the first quarter of 2020 and driven by management’s active balance sheet management in this current interest rate environment.

    Interest expense on deposits for the three months ended June 30, 2020 decreased $3.2 million over the linked quarter. The decrease was primarily due to a 47 basis point decrease in the tax-equivalent rate paid on average interest-bearing deposits for the three months ended June 30, 2020 as compared to the linked quarter. The effect of the decrease in the tax-equivalent rate paid was partially offset by an increase of $115.4 million in average interest-bearing deposits for the three months ended June 30, 2020 as compared to the linked quarter.

    Interest expense on short-term borrowings for the three months ended June 30, 2020 decreased $221 thousand over the linked quarter. The decrease was primarily due to a 62 basis point decrease in the rate paid as compared to the linked quarter coupled with a $3.8 million decrease in average short-term borrowings as compared to the linked quarter.

    Tax-equivalent interest and fees earned on loans and leases for the three months ended June 30, 2020 decreased $2.1 million as compared to the linked quarter. The decrease was primarily due to a 46 basis point decrease in the tax-equivalent yield on average loans and leases for the three months ended June 30, 2020 as compared to the linked quarter. The effect of the decrease in the tax-equivalent yield was partially offset by an increase of $201.6 million in average loans and leases for the three months ended June 30, 2020 as compared to the linked quarter. The increase in average loan and lease balances was primarily the result of the addition of $307.9 million PPP loans originated during the second quarter of 2020. The majority of these PPP loans were sold prior to quarter-end.

    Tax-equivalent interest income on available for sale investment securities for the three months ended June 30, 2020 decreased $292 thousand as compared to the linked quarter. The decrease was primarily due to a 23 basis point decrease in the tax-equivalent yield on average available for sale investment securities. The effect of the decrease in the tax-equivalent yield was partially offset by an increase of $242 thousand in average available for sale investment securities for the three months ended June 30, 2020 as compared to the linked quarter.

  • Noninterest income of $22.8 million for the three months ended June 30, 2020 represented a $4.5 million increase over the linked quarter. The increase was primarily due to increases of $2.4 million, $2.2 million, and $614 thousand in net gain on sale of loans, other operating income, and capital markets revenue, respectively, partially offset by decreases of $243 thousand, $230 thousand, and $201 thousand in service charges on deposits, insurance commissions, and dividends on the Corporation’s equity stocks issued by the Federal Home Loan Bank (“FHLB”) and the Federal Reserve Bank, respectively. The increase in net gain on sale of loans was driven by a $2.4 million gain on the sale of approximately $292.1 million of PPP loans in the second quarter of 2020. The increase in other operating income was primarily due to a $1.0 million gain on trading securities recorded in the second quarter of 2020, as compared to a $978 thousand loss on trading securities recorded in the first quarter of 2020. Trading security gains and losses are due to market fluctuations in the Corporation’s trading securities held in deferred compensation trust accounts.
  • Noninterest expense of $36.8 million for the three months ended June 30, 2020 represented a $425 thousand increase over the linked quarter. Increases of $990 thousand and $207 thousand in other operating expenses and professional fees, respectively, were partially offset by decreases of $311 thousand, $279 thousand, and $205 thousand in furniture, fixtures and equipment expenses, employee benefits, and advertising expenses, respectively. The increase in other operating expenses was primarily driven by $2.3 million of other operating expenses recorded in the second quarter of 2020 associated with the wind-down of BMT Investment Advisers, as well as a $1.7 million increase in deferred compensation expense which was primarily due to market fluctuations in the first and second quarters of 2020 affecting the Corporation’s deferred compensation plan liability. These increases in other operating expenses were partially offset by a decrease of $3.9 million in provision for credit losses on off-balance sheet credit exposures. During the first quarter of 2020, a $3.0 million provision for credit losses on off-balance sheet credit exposures was recorded driven by the expected adverse economic impacts of the COVID-19 pandemic.
  • The Provision of $4.3 million for the three months ended June 30, 2020 decreased $28.0 million as compared to $32.3 million for the three months ended March 31, 2020. The Provisions recorded in the first and second quarters of 2020 were driven by the current and forward-looking adverse economic impacts of the COVID-19 pandemic included in the estimation of expected credit losses on loans and leases as of March 31, 2020 and June 30, 2020, respectively. Net loan and lease charge-offs for the second quarter of 2020 totaled $3.4 million, a decrease of $675 thousand as compared to $4.1 million for the first quarter of 2020.
  • The effective tax rate for the second quarter of 2020 increased to 21.09% as compared to 20.94% for the first quarter of 2020.

Results of Operations – Second Quarter 2020 Compared to Second Quarter 2019

  • Net income for the three months ended June 30, 2020 was $15.0 million, or $0.75 diluted earnings per share, as compared to $15.8 million, or $0.78 diluted earnings per share, for the three months ended June 30, 2019. Net interest income for the three months ended June 30, 2020 was $37.4 million, an increase of $774 thousand over the same period in 2019. The Provision for the three months ended June 30, 2020, as calculated under the Current Expected Credit Loss (“CECL”) framework, increased $2.7 million as compared to the same period in 2019, which was calculated in accordance with previously applicable GAAP. Total noninterest income increased $2.6 million, total noninterest expense increased $1.7 million, and income tax expense decreased $229 thousand for the three months ended June 30, 2020 as compared to the three months ended June 30, 2019.
     
  • Net interest income for the three months ended June 30, 2020 was $37.4 million, an increase of $774 thousand as compared to the same period in 2019. Tax-equivalent net interest income for the three months ended June 30, 2020 was $37.5 million, an increase of $741 thousand as compared to the same period in 2019. Tax-equivalent net interest income for the first quarter of 2020 was positively impacted by the accretion of purchase accounting fair value marks of $1.0 million as compared to $1.3 million for the same period in 2019. Excluding the effects of these purchase accounting fair value marks, the adjusted tax-equivalent net interest income for the three months ended June 30, 2020 was $36.4 million, an increase of $988 thousand as compared to the same period in 2019. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

    The tax-equivalent net interest margin was 3.22% for the three months ended June 30, 2020 as compared to 3.55% for the same period in 2019. Adjusting for the impacts of the accretion of purchase accounting fair value marks, the adjusted tax-equivalent net interest margin was 3.13% and 3.43% for three months ended June 30, 2020 and 2019, respectively. The main drivers for the decrease in the adjusted tax-equivalent net interest margin were the rate and volume changes of interest-bearing assets and liabilities as discussed in the below bullet points. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

    Items contributing to the increase in tax-equivalent net interest income adjusted for purchase accounting included a decrease of $5.3 million in interest paid on deposits, partially offset by decreases of $3.9 million and $642 thousand in tax-equivalent interest and fees earned on loans and leases and tax-equivalent interest income on available for sale investment securities, respectively, for the three months ended June 30, 2020 as compared to the same period in 2019. These decreases were all primarily due to reduced interest rates observed during the second quarter of 2020 as compared to the same period in 2019 driven by the current interest rate environment.

    Interest expense on deposits for the three months ended June 30, 2020 decreased $5.2 million as compared to the same period in 2019. The decrease was primarily due to a 78 basis point decrease in the tax-equivalent rate paid on average interest-bearing deposits for the three months ended June 30, 2020 as compared  to the same period in 2019. The effect of the decrease in the tax-equivalent rate paid was partially offset by an increase of $174.3 million in average interest-bearing deposits for the three months ended June 30, 2020 as compared to the same period in 2019.

    Tax-equivalent interest and fees earned on loans and leases for the three months ended June 30, 2020 decreased $4.1 million as compared to the same period in 2019. The decrease was primarily due to a 95 basis point decrease in the tax-equivalent yield on average loans and leases for the three months ended June 30, 2020 as compared to the same period in 2019. The effect of the decrease in the tax-equivalent yield was partially offset by an increase of $415.8 million in average loans and leases for the three months ended June 30, 2020 as compared to same period in 2019.

    Tax-equivalent interest income on available for sale investment securities for the three months ended June 30, 2020 decreased $642 thousand as compared to the same period in 2019. The decrease was primarily due to a 27 basis point decrease in the tax-equivalent yield on average available for sale investment securities for the three months ended June 30, 2020 as compared to the same period in 2019 coupled with a decrease of $47.1 million in average available for sale investment securities for the three months ended June 30, 2020 as compared to the same period in 2019.

  • Noninterest income of $22.8 million for the three months ended June 30, 2020 represented a $2.6 million increase over the same period in 2019. The increase was primarily due to increases of $2.4 million and $1.5 million in net gain on sale of loans and capital markets revenue, respectively, partially offset by decreases of $394 thousand, $265 thousand, $249 thousand, and $234 thousand in insurance commissions, other operating income, service charges on deposits, and fees for wealth management services, respectively. The increase in net gain on sale of loans was driven by a $2.4 million gain on the sale of approximately $292.1 million of PPP loans in the second quarter of 2020. The increase in capital markets revenue was primarily due to increased volume and size of interest rate swap transactions with commercial loan customers for the three months ended June 30, 2020 as compared to the same period in 2019.
  • Noninterest expense of $36.8 million for the three months ended June 30, 2020 represented a $1.7 million increase over the same period in 2019. Increases of $2.5 million, $259 thousand, and $212 thousand in other operating expenses, professional fees, and impairment of mortgage servicing rights, respectively, were partially offset by decreases of $448 thousand, $397 thousand, and $308 thousand in furniture, fixtures and equipment expenses, Pennsylvania bank shares tax, and advertising expenses, respectively. The increase in other operating expenses was primarily driven by $2.3 million of other operating expenses recorded in the second quarter of 2020 associated with the wind-down of BMT Investment Advisers, as well as a $476 thousand increase in deferred compensation expense. These increases in other operating expenses were partially offset by an $867 thousand release of reserves for credit losses on off-balance sheet credit exposures recorded in the second quarter of 2020 based on lower future line usage estimates.
  • The Provision of $4.3 million for the three months ended June 30, 2020, as calculated under the CECL framework, increased $2.7 million as compared to the same period in 2019, which was calculated in accordance with previously applicable GAAP. The Provision recorded in the second quarter of 2020 was driven by the current and forward-looking adverse economic impacts of the COVID-19 pandemic included in the estimation of expected credit losses on loans and leases as of June 30, 2020. Net loan and lease charge-offs for the second quarter of 2020 totaled $3.4 million, an increase of $2.3 million as compared to $1.1 million for the second quarter in 2019.
  • The effective tax rate for the second quarter of 2020 decreased to 21.09% as compared to 21.18% for the second quarter of 2019.

Financial Condition – June 30, 2020 Compared to December 31, 2019

  • Total assets as of June 30, 2020 were $5.27 billion, an increase of $8.1 million from December 31, 2019. Cash balances increased $410.6 million primarily due to the sale of approximately $292.1 million of PPP loans in the second quarter of 2020 coupled with higher deposit balances resulting from PPP loan funds deposited with the Bank. Other assets increased $96.1 million primarily driven by a $96.4 million increase in the fair value of interest rate swaps. Partially offsetting these increases was a $475.4 million decrease in available for sale investment securities as discussed in the bullet point below.
     
  • Available for sale investment securities as of June 30, 2020 totaled $530.6 million, a decrease of $475.4 million from December 31, 2019. The decrease was primarily due to the maturing of $500.0 million of short-term U.S. Treasury securities in the first quarter of 2020, partially offset by increases of  $12.1 million, $11.2 million, and $8.0 million of U.S. government and agency securities, mortgage-backed securities, and corporate bonds, respectively.
     
  • Total portfolio loans and leases of $3.72 billion as of June 30, 2020 increased by $32.9 million from December 31, 2019, an increase of 0.9%. Increases of $38.7 million, $25.3 million, $15.1 million, and $10.2 million in commercial real estate loans (nonowner-occupied), commercial and industrial loans, commercial real estate loans (owner-occupied), and construction loans, respectively, were partially offset by decreases of $29.5 million, $13.5 million, and $11.4 million in home equity lines of credit, consumer loans, and residential mortgage loans (1st liens), respectively. In conjunction with the adoption of CECL, the Corporation has revised its portfolio segmentation to align with the methodology applied in determining the allowance for credit losses (“ACL”) for loans and leases under CECL, which is based on federal call report codes which classify loans based on the primary collateral supporting the loan. Portfolio segmentation prior to the adoption of CECL was based on product type or purpose. As such, certain reclassifications were made to conform previous years to the current year’s presentation.

    As of June 30, 2020, 1,668 loans and leases in the amount of $767.1 million, approximately 20.6% of the Corporation’s portfolio loans and leases, are within a deferral period under the Corporation’s consumer and commercial loan and lease modification programs.

  • The ACL on loans and leases was $22.6 million as of December 31, 2019. Effective January 1, 2020, the Corporation adopted CECL and recognized an increase in the ACL on loans and leases of approximately $3.2 million, as a cumulative effect of a change in accounting principle, with a corresponding decrease, net of tax, in retained earnings. The ACL on loans and leases was $55.0 million as of June 30, 2020, an increase of $32.4 million as compared to December 31, 2019. The significant increase was driven by the current and forward-looking adverse economic impacts of the COVID-19 pandemic included in the estimation of expected credit losses on loans and leases as of June 30, 2020 as compared to our initial adoption of CECL.
  • Deposits of $4.24 billion as of June 30, 2020 increased $401.4 million from December 31, 2019. Increases of $319.3 million, $133.0 million, and $29.2 million in noninterest bearing deposits, money market accounts, and savings accounts, respectively, were partially offset by decreases of $34.5 million and $31.4 million in interest-bearing demand accounts and wholesale non-maturity deposits, respectively. The increase in noninterest bearing deposits was primarily due to the Bank’s funding of PPP loans to its depositors during the second quarter of 2020.
  • Borrowings of $194.4 million as of June 30, 2020, which include short-term borrowings, long-term FHLB advances, subordinated notes and junior subordinated debentures decreased $471.6 million from December 31, 2019. The decrease was primarily due to the maturing of $500.0 million of short-term borrowings in the first quarter of 2020, which was used to fund the purchase of $500.0 million of short-term U.S. Treasury securities included on the balance sheet as of December 31, 2019.
  • Wealth assets totaled $17.01 billion as of June 30, 2020, an increase of $464.8 million from December 31, 2019. As of June 30, 2020, wealth assets consisted of $10.35 billion of wealth assets where fees are set at fixed amounts, an increase of $779.9 million from December 31, 2019, and $6.66 billion of wealth assets where fees are predominantly determined based on the market value of the assets held in their accounts, a decrease of $315.0 million from December 31, 2019.
  • The capital ratios for the Bank and the Corporation, as of June 30, 2020, as shown in the attached tables, indicate regulatory capital levels in excess of the regulatory minimums and the levels necessary for the Bank to be considered “well capitalized.” In March 2020, the U.S. banking agencies issued an interim final rule that provides banking organizations with an alternative option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period. The current and prior quarter ratios reflect the Corporation’s election of the five-year transition provision.

EARNINGS CONFERENCE CALL

The Corporation will hold an earnings conference call at 8:30 a.m. Eastern Time on Tuesday, July 21, 2020. Interested parties may participate by calling 1-888-317-6016.  A taped replay of the conference call will be available one hour after the conclusion of the call and will remain available through 9:00 a.m. Eastern Time on Friday, August 21, 2020.  This recording may be obtained by calling 1-877-344-7529, referring to conference number 10145764.

The Corporation will simultaneously broadcast the earnings conference call live over the Internet through a webcast on the investor relations portion of the Corporation’s website. To access the call via the Internet, please visit the website at http://services.choruscall.com/links/bmtc200721.html. An online archive of the webcast will be available within one hour of the conclusion of the earnings conference call. Within 24 hours after the conclusion of the earnings conference call, an online transcript will be available at the following website:
https://platform.mi.spglobal.com/web/client?auth=inherit&overridecdc=1&#company/transcripts?id=100154.

The Corporation’s decision to hold an earnings conference call for the second quarter of 2020 is not indicative of the Corporation’s future plans with respect to earnings conference calls, and decisions regarding whether to continue holding earnings conference calls will be made at a future date.

FORWARD LOOKING STATEMENTS AND SAFE HARBOR

This communication contains statements which, to the extent that they are not recitations of historical fact may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Such forward-looking statements may include financial and other projections as well as statements regarding the Corporation’s future plans, objectives, performance, revenues, growth, profits, operating expenses or the Corporation’s underlying assumptions. The words “may,” “would,” “should,” “could,” “will,” “likely,” “possibly,” “expect,” “anticipate,” “intend,” “indicate,” “estimate,” “target,” “potentially,” “promising,” “probably,” “outlook,” “predict,” “contemplate,” “continue,” “plan,” “strategy,” “forecast,” “project,” “annualized,” “are optimistic,” “are looking,” “are looking forward” and “believe” or other similar words and phrases may identify forward-looking statements. Persons reading this communication are cautioned that such statements are only predictions, and that the Corporation’s actual future results or performance may be materially different.

Such forward-looking statements involve known and unknown risks and uncertainties. A number of factors, many of which are beyond the Corporation’s control, could cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments expressed, implied or anticipated by such forward-looking statements, and so our business and financial condition and results of operations could be materially and adversely affected.  The COVID-19 pandemic (the “Pandemic”) is adversely affecting us, our clients, counterparties, employees, and third-party service providers, and the ultimate extent of the impacts on our business, financial position, results of operations, liquidity, and prospects is uncertain. Continued deterioration in general business and economic conditions, including further increases in unemployment rates, or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding, lead to a tightening of credit, and further increase stock price volatility. In addition, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to the Pandemic, could affect us in substantial and unpredictable ways. Other factors include, among others, our need for capital, our ability to control operating costs and expenses, and to manage loan and lease delinquency rates; the credit risks of lending activities and overall quality of the composition of our loan, lease and securities portfolio; the impact of economic conditions, consumer and business spending habits, and real estate market conditions on our business and in our market area; changes in the levels of general interest rates, deposit interest rates, or net interest margin and funding sources; changes in banking regulations and policies and the possibility that any banking agency approvals we might require for certain activities will not be obtained in a timely manner or at all or will be conditioned in a manner that would impair our ability to implement our business plans; changes in accounting policies and practices or accounting standards, including ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments,” commonly referenced as the Current Expected Credit Loss model, which has changed how we estimate credit losses and may result in further increases in the required level of our allowance for credit losses; unanticipated regulatory or legal proceedings, outcomes of litigation or other contingencies; cybersecurity events; the inability of key third-party providers to perform their obligations to us; our ability to attract and retain key personnel; competition in our marketplace; war or terrorist activities; material differences in the actual financial results, cost savings and revenue enhancements associated with our acquisitions; uncertainty regarding the future of LIBOR; the impact of public health issues and pandemics, and their effects on the economic and business environments in which we operate, the effect of the Pandemic, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; and other factors as described in our securities filings with the U.S. Securities and Exchange Commission (“SEC”). All forward-looking statements and information set forth herein are based on Corporation management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. The Corporation does not undertake to update forward-looking statements.

For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the SEC, including our most recent Annual Report on Form 10-K, as updated by our quarterly or other reports subsequently filed with the SEC, including our most recent Quarterly Report on Form 10-Q.

FOR MORE INFORMATION CONTACT:   Frank Leto, President, CEO
    610-581-4730
    Mike Harrington, CFO
    610-526-2466
                           
Bryn Mawr Bank Corporation
Summary Financial Information (unaudited)
(dollars in thousands, except per share data)
                                                       
  As of or For the Three Months Ended   For the Six Months Ended
  June 30,
2020
  March 31,
2020
  December 31,
2019
  September 30,
2019
  June 30,
2019
  June 30,
2020
  June 30,
2019
Consolidated Balance Sheet (selected items)                          
Interest-bearing deposits with banks $ 448,113     $ 69,239     $ 42,328     $ 86,158     $ 49,643          
Investment securities   550,974       537,592       1,027,182       625,452       606,844          
Loans held for sale   4,116       2,785       4,249       5,767       6,333          
Portfolio loans and leases   3,722,165       3,767,166       3,689,313       3,540,747       3,534,665          
Allowance for credit losses (“ACL”) on loans and leases   (54,974 )     (54,070 )     (22,602 )     (20,777 )     (21,182 )        
Goodwill and other intangible assets   201,315       202,225       203,143       204,096       205,050          
Total assets   5,271,311       4,923,033       5,263,259       4,828,641       4,736,565          
Deposits – interest-bearing   3,026,152       2,850,986       2,944,072       2,794,079       2,691,502          
Deposits – non-interest-bearing   1,217,496       927,922       898,173       904,409       940,911          
Short-term borrowings   28,891       162,045       493,219       203,471       207,828          
Long-term FHLB advances   44,837       47,303       52,269       44,735       47,941          
Subordinated notes   98,794       98,750       98,705       98,660       98,616          
Jr. subordinated debentures   21,843       21,798       21,753       21,709       21,665          
Total liabilities   4,667,637       4,329,854       4,651,032       4,227,706       4,146,410          
Total shareholders’ equity   603,674       593,179       612,227       600,935       590,155          
                           
Average Balance Sheet (selected items)                          
Interest-bearing deposits with banks $ 195,966     $ 50,330     $ 66,060     $ 48,597     $ 37,843     $ 123,148     $ 35,306  
Investment securities   542,321       542,876       593,289       622,336       587,518       542,598       578,765  
Loans held for sale   3,805       2,319       4,160       4,375       3,353       3,062       2,289  
Portfolio loans and leases   3,936,227       3,736,067       3,594,449       3,528,548       3,520,866       3,836,146       3,498,818  
Total interest-earning assets   4,678,319       4,331,592       4,257,958       4,203,856       4,149,580       4,504,954       4,115,178  
Goodwill and intangible assets   201,823       202,760       203,663       204,637       205,593       202,292       206,152  
Total assets   5,226,074       4,844,918       4,775,407       4,760,074       4,651,625       5,035,495       4,598,672  
Deposits – interest-bearing   2,969,113       2,853,712       2,799,050       2,776,226       2,794,854       2,911,412       2,734,857  
Short-term borrowings   136,816       140,585       121,612       169,985       68,529       138,700       112,844  
Long-term FHLB advances   46,161       47,335       53,443       45,698       52,397       46,748       53,883  
Subordinated notes   98,770       98,725       98,681       98,634       98,587       98,748       98,564  
Jr. subordinated debentures   21,814       21,768       21,726       21,680       21,637       21,791       21,616  
Total interest-bearing liabilities   3,272,674       3,162,125       3,094,512       3,112,223       3,036,004       3,217,399       3,021,764  
Total liabilities   4,625,511       4,229,908       4,168,899       4,164,763       4,070,160       4,427,708       4,021,870  
Total shareholders’ equity   600,563       615,010       606,508       595,311       581,465       607,787       576,802  
                           
Income Statement                          
Net interest income $ 37,385     $ 36,333     $ 35,985     $ 37,398     $ 36,611     $ 73,718     $ 74,258  
Provision for loan and lease losses   4,302       32,335       2,225       919       1,627       36,637       5,363  
Noninterest income   22,773       18,300       23,255       19,455       20,221       41,073       39,474  
Noninterest expense   36,843       36,418       36,430       35,173       35,188       73,261       74,912  
Income tax expense (benefit)   4,010       (2,957 )     4,202       4,402       4,239       1,053       7,003  
Net income (loss)   15,003       (11,163 )     16,383       16,359       15,778       3,840       26,454  
Net loss attributable to noncontrolling interest   (32 )           (1 )     (1 )     (7 )     (32 )     (8 )
Net income (loss) attributable to Bryn Mawr Bank Corporation   15,035       (11,163 )     16,384       16,360       15,785       3,872       26,462  
Basic earnings per share   0.75       (0.56 )     0.81       0.81       0.78       0.19       1.31  
Diluted earnings per share   0.75       (0.56 )     0.81       0.81       0.78       0.19       1.31  
Net income (loss) (core) (1)   15,399       (11,163 )     16,384       16,360       15,785       4,236       30,015  
Basic earnings per share (core) (1)   0.77       (0.56 )     0.81       0.81       0.78       0.21       1.49  
Diluted earnings per share (core) (1)   0.77       (0.56 )     0.81       0.81       0.78       0.21       1.48  
Dividends paid or accrued per share   0.26       0.26       0.26       0.26       0.25       0.52       0.50  
Profitability Indicators                          
Return on average assets   1.16 %     -0.93 %     1.36 %     1.36 %     1.36 %     0.15 %     1.16 %
Return on average equity   10.07 %     -7.30 %     10.72 %     10.90 %     10.89 %     1.28 %     9.25 %
Return on tangible equity(1)   15.86 %     -10.17 %     16.85 %     17.35 %     17.62 %     2.63 %     15.18 %
Return on tangible equity (core)(1)   16.23 %     -10.17 %     16.85 %     17.35 %     17.62 %     2.81 %     17.11 %
Return on average assets (core)(1)   1.19 %     -0.93 %     1.36 %     1.36 %     1.36 %     0.17 %     1.32 %
Return on average equity (core)(1)   10.31 %     -7.30 %     10.72 %     10.90 %     10.89 %     1.40 %     10.49 %
Tax-equivalent net interest margin   3.22 %     3.38 %     3.36 %     3.54 %     3.55 %     3.30 %     3.65 %
Efficiency ratio(1)   57.25 %     64.98 %     59.89 %     60.19 %     60.23 %     61.01 %     60.25 %
Share Data                          
Closing share price $ 27.66     $ 28.38     $ 41.24     $ 36.51     $ 37.32          
Book value per common share $ 30.29     $ 29.78     $ 30.42     $ 29.86     $ 29.31          
Tangible book value per common share $ 20.23     $ 19.66     $ 20.36     $ 19.75     $ 19.16          
Price / book value   91.32 %     95.30 %     135.57 %     122.27 %     127.33 %        
Price / tangible book value   136.73 %     144.35 %     202.55 %     184.86 %     194.78 %        
Weighted average diluted shares outstanding   20,008,219       20,053,159       20,213,008       20,208,630       20,244,409       20,077,159       20,256,469  
Shares outstanding, end of period   19,927,893       19,921,524       20,126,296       20,124,193       20,131,854          
Wealth Management Information:                          
Wealth assets under mgmt, administration, supervision and brokerage (2) $ 17,012,903     $ 15,593,732     $ 16,548,060     $ 15,609,786     $ 14,815,298          
Fees for wealth management services $ 11,276     $ 11,168     $ 11,672     $ 10,826     $ 11,510          
Capital Ratios(3)                          
Bryn Mawr Trust Company (“BMTC”)                          
Tier I capital to risk weighted assets (“RWA”)   11.68 %     11.10 %     11.47 %     12.17 %     11.83 %        
Total capital to RWA   12.93 %     12.33 %     12.09 %     12.75 %     12.42 %        
Tier I leverage ratio   8.75 %     9.12 %     9.37 %     9.75 %     9.61 %        
Tangible equity ratio (1)   8.67 %     8.98 %     8.58 %     9.75 %     9.58 %        
Common equity Tier I capital to RWA   11.68 %     11.10 %     11.47 %     12.17 %     11.83 %        
                           
Bryn Mawr Bank Corporation (“BMBC”)                          
Tier I capital to RWA   11.27 %     10.80 %     11.42 %     11.33 %     11.12 %        
Total capital to RWA   15.14 %     14.62 %     14.69 %     14.61 %     14.44 %        
Tier I leverage ratio   8.44 %     8.88 %     9.33 %     9.07 %     9.04 %        
Tangible equity ratio (1)   7.95 %     8.30 %     8.10 %     8.60 %     8.51 %        
Common equity Tier I capital to RWA   10.71 %     10.25 %     10.86 %     10.75 %     10.54 %        
                           
Asset Quality Indicators                          
Net loan and lease charge-offs (“NCO”s) $ 3,398     $ 4,073     $ 400     $ 1,324     $ 1,061     $ 7,471     $ 3,607  
                           
Loans and leases risk-rated Special Mention $ 55,171     $ 14,833     $ 19,922     $ 40,494     $ 14,232          
Total classified loans and leases   154,687       60,972       66,901       36,192       40,908          
Total criticized loans and leases $ 209,858     $ 75,805     $ 86,823     $ 76,686     $ 55,140          
                           
Nonperforming loans and leases (“NPL”s) $ 8,418     $ 7,557     $ 10,648     $ 14,119     $ 12,179          
Other real estate owned (“OREO”)                     72       155          
Total nonperforming assets (“NPA”s) $ 8,418     $ 7,557     $ 10,648     $ 14,191     $ 12,334          
                           
Nonperforming loans and leases 30 or more days past due $ 3,223     $ 3,380     $ 6,314     $ 4,940     $ 8,224          
Performing loans and leases 30 to 89 days past due   10,022       19,930       7,196       5,273       9,466          
Performing loans and leases 90 or more days past due                                    
Total delinquent loans and leases $ 13,245     $ 23,310     $ 13,510     $ 10,213     $ 17,690          
                           
Delinquent loans and leases to total loans and leases   0.36 %     0.62 %     0.37 %     0.29 %     0.50 %        
Delinquent performing loans and leases to total loans and leases   0.27 %     0.53 %     0.19 %     0.15 %     0.27 %        
NCOs / average loans and leases (annualized)   0.35 %     0.44 %     0.04 %     0.15 %     0.12 %     0.39 %     0.21 %
NPLs / total portfolio loans and leases   0.23 %     0.20 %     0.29 %     0.40 %     0.34 %        
NPAs / total loans and leases and OREO   0.23 %     0.20 %     0.29 %     0.40 %     0.35 %        
NPAs / total assets   0.16 %     0.15 %     0.20 %     0.29 %     0.26 %        
ACL on loans and leases / NPLs   653.05 %     715.50 %     212.27 %     147.16 %     173.92 %        
ACL / classified loans and leases   35.54 %     88.68 %     33.78 %     57.41 %     51.78 %        
ACL / criticized loans and leases   26.20 %     71.33 %     26.03 %     27.09 %     38.42 %        
ACL on loans and leases / portfolio loans   1.48 %     1.44 %     0.61 %     0.59 %     0.60 %        
ACL on loans and leases for originated loans and leases / Originated loans and leases (1)   1.51 %     1.47 %     0.68 %     0.66 %     0.68 %        
(Total ACL on loans and leases + Loan mark) / Total Gross portfolio loans and leases (1)   1.69 %     1.68 %     0.91 %     0.92 %     1.00 %        
                           
Troubled debt restructurings (“TDR”s) included in NPLs $ 1,792     $ 3,248     $ 3,018     $ 5,755     $ 4,190          
TDRs in compliance with modified terms   10,013       4,852       5,071       5,069       5,141          
Total TDRs $ 11,805     $ 8,100     $ 8,089     $ 10,824     $ 9,331          
                           
(1) Non-GAAP measure – see Appendix for Non-GAAP to GAAP reconciliation.
(2) Brokerage assets represent assets held at a registered broker dealer under a clearing agreement.
(3) Capital Ratios for the current quarter are to be considered preliminary until the Call Reports are filed. The March 31, 2020 and June 30, 2020 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.
         
                   
Bryn Mawr Bank Corporation
Detailed Balance Sheets (unaudited)
(dollars in thousands)
                   
  June 30,
2020
  March 31,
2020
  December 31,
2019
  September 30,
2019
  June 30,
2019
Assets                  
Cash and due from banks $ 16,408     $ 17,803     $ 11,603     $ 8,582     $ 13,742  
Interest-bearing deposits with banks   448,113       69,239       42,328       86,158       49,643  
Cash and cash equivalents   464,521       87,042       53,931       94,740       63,385  
Investment securities, available for sale   530,581       516,466       1,005,984       604,181       588,119  
Investment securities, held to maturity   12,592       13,369       12,577       12,947       10,209  
Investment securities, trading   7,801       7,757       8,621       8,324       8,516  
Loans held for sale   4,116       2,785       4,249       5,767       6,333  
Portfolio loans and leases, originated   3,422,890       3,424,601       3,320,816       3,137,769       3,088,849  
Portfolio loans and leases, acquired   299,275       342,565       368,497       402,978       445,816  
Total portfolio loans and leases   3,722,165       3,767,166       3,689,313       3,540,747       3,534,665  
Less: Allowance for credit losses on originated loan and leases   (51,659 )     (50,365 )     (22,526 )     (20,675 )     (21,076 )
Less: Allowance for credit losses on acquired loan and leases   (3,315 )     (3,705 )     (76 )     (102 )     (106 )
Total allowance for credit losses on loans and leases   (54,974 )     (54,070 )     (22,602 )     (20,777 )     (21,182 )
Net portfolio loans and leases   3,667,191       3,713,096       3,666,711       3,519,970       3,513,483  
Premises and equipment   61,778       63,144       64,965       66,439       68,092  
Operating lease right-of-use assets   39,348       40,157       40,961       42,200       43,116  
Accrued interest receivable   15,577       12,017       12,482       12,746       13,312  
Mortgage servicing rights   3,440       4,115       4,450       4,580       4,744  
Bank owned life insurance   59,728       59,399       59,079       58,749       58,437  
Federal Home Loan Bank (“FHLB”) stock   4,506       11,928       23,744       16,148       14,677  
Goodwill   184,012       184,012       184,012       184,012       184,012  
Intangible assets   17,303       18,213       19,131       20,084       21,038  
Other investments   17,055       16,786       16,683       16,683       16,517  
Other assets   181,762       172,747       85,679       161,071       122,575  
Total assets $ 5,271,311     $ 4,923,033     $ 5,263,259     $ 4,828,641     $ 4,736,565  
                   
Liabilities                  
Deposits                  
Noninterest-bearing $ 1,217,496     $ 927,922     $ 898,173     $ 904,409     $ 940,911  
Interest-bearing   3,026,152       2,850,986       2,944,072       2,794,079       2,691,502  
Total deposits   4,243,648       3,778,908       3,842,245       3,698,488       3,632,413  
Short-term borrowings   28,891       162,045       493,219       203,471       207,828  
Long-term FHLB advances   44,837       47,303       52,269       44,735       47,941  
Subordinated notes   98,794       98,750       98,705       98,660       98,616  
Jr. subordinated debentures   21,843       21,798       21,753       21,709       21,665  
Operating lease liabilities   43,693       44,482       45,258       46,506       47,393  
Accrued interest payable   7,907       7,230       6,248       9,015       8,244  
Other liabilities   178,024       169,338       91,335       105,122       82,310  
Total liabilities   4,667,637       4,329,854       4,651,032       4,227,706       4,146,410  
                   
Shareholders’ equity                  
Common stock   24,662       24,655       24,650       24,646       24,583  
Paid-in capital in excess of par value   380,167       379,495       378,606       377,806       376,652  
Less: common stock held in treasury, at cost   (88,612 )     (88,540 )     (81,174 )     (81,089 )     (78,583 )
Accumulated other comprehensive income, net of tax   9,019       8,869       2,187       2,698       1,700  
Retained earnings   279,165       269,395       288,653       277,568       266,496  
Total Bryn Mawr Bank Corporation shareholders’ equity   604,401       593,874       612,922       601,629       590,848  
Noncontrolling interest   (727 )     (695 )     (695 )     (694 )     (693 )
Total shareholders’ equity   603,674       593,179       612,227       600,935       590,155  
Total liabilities and shareholders’ equity $ 5,271,311     $ 4,923,033     $ 5,263,259     $ 4,828,641     $ 4,736,565  
                                       
                   
Bryn Mawr Bank Corporation
Supplemental Balance Sheet Information (unaudited)
(dollars in thousands)
  Portfolio Loans and Leases(1) as of
  June 30,
2020
  March 31,
2020
  December 31,
2019
  September 30,
2019
  June 30,
2019
Commercial real estate – nonowner-occupied $ 1,375,904     $ 1,354,416     $ 1,337,167     $ 1,238,881     $ 1,217,763  
Commercial real estate – owner-occupied   542,688       530,667       527,607       499,202       514,013  
Home equity lines of credit   194,767       209,278       224,262       227,682       231,697  
Residential mortgage – 1st liens   695,270       710,495       706,690       702,588       704,605  
Residential mortgage – junior liens   33,644       35,583       36,843       37,240       39,063  
Construction   212,374       221,116       202,198       195,161       195,269  
Total real estate loans   3,054,647       3,061,555       3,034,767       2,900,754       2,902,410  
Commercial & Industrial   457,529       491,298       432,227       426,084       419,936  
Consumer   43,762       45,951       57,241       50,760       49,453  
Leases   166,227       168,362       165,078       163,149       162,866  
Total non-real estate loans and leases   667,518       705,611       654,546       639,993       632,255  
Total portfolio loans and leases $ 3,722,165     $ 3,767,166     $ 3,689,313     $ 3,540,747     $ 3,534,665  
                   
                   
  Nonperforming Loans and Leases(1) as of
  June 30,
2020
  March 31,
2020
  December 31,
2019
  September 30,
2019
  June 30,
2019
Commercial real estate – nonowner-occupied $ 245     $ 181     $ 199     $ 3,055     $ 3,147  
Commercial real estate – owner-occupied   4,046       2,543       4,159       4,535       2,470  
Home equity lines of credit   915       758       636       693       470  
Residential mortgage – 1st liens   912       1,080       2,447       2,693       3,102  
Residential mortgage – junior liens   72       79       83       84       72  
Total nonperforming real estate loans   6,190       4,641       7,524       11,060       9,261  
Commercial & Industrial   1,973       2,692       2,180       1,991       2,056  
Consumer   36       52       61       75       60  
Leases   219       172       883       993       802  
Total nonperforming non-real estate loans and leases   2,228       2,916       3,124       3,059       2,918  
Total nonperforming portfolio loans and leases $ 8,418     $ 7,557     $ 10,648     $ 14,119     $ 12,179  
                   
                   
  Net Loan and Lease Charge-Offs (Recoveries)(1) for the Three Months Ended
  June 30,
2020
  March 31,
2020
  December 31,
2019
  September 30,
2019
  June 30,
2019
Commercial real estate – nonowner-occupied $ (4 )   $ (2 )   $ (1,067 )   $ (7 )   $ (4 )
Commercial real estate – owner-occupied   1,234             190       680        
Home equity lines of credit   (4 )     114       33       (22 )     128  
Residential mortgage – 1st liens   420       727       378       (7 )     339  
Residential mortgage – junior liens                           52  
Construction   (1 )     (1 )     (1 )     (1 )     (1 )
Total net charge-offs of real estate loans   1,645       838       (467 )     643       514  
Commercial & Industrial   499       612       57       (15 )     (17 )
Consumer   238       261       227       187       119  
Leases   1,016       2,362       583       509       445  
Total net charge-offs of non-real estate loans and leases   1,753       3,235       867       681       547  
Total net charge-offs $ 3,398     $ 4,073     $ 400     $ 1,324     $ 1,061  
                   
(1) In conjunction with the adoption of CECL, the Corporation has revised its portfolio segmentation to align with the methodology applied in determining the ACL for loans and leases under CECL, which is based on federal call report codes, or collateral. Portfolio segmentation prior to the adoption of CECL was based on product type or purpose. As such, certain reclassifications were made to conform previous years to the current year’s presentation.
                   
                   
Bryn Mawr Bank Corporation
Supplemental Balance Sheet Information (unaudited)
(dollars in thousands)
  Investment Securities Available for Sale, at Fair Value
  June 30,
2020
  March 31,
2020
  December 31,
2019
  September 30,
2019
  June 30,
2019
U.S. Treasury securities $ 100     $ 101     $ 500,101     $ 101     $ 101  
Obligations of the U.S. Government and agencies   114,149       106,679       102,020       172,753       192,799  
State & political subdivisions – tax-free   4,583       4,562       5,379       6,327       6,700  
State & political subdivisions – taxable                           170  
Mortgage-backed securities   377,204       374,775       366,002       388,891       348,975  
Collateralized mortgage obligations   25,873       29,699       31,832       35,459       38,724  
Corporate bonds   8,022                          
Other debt securities   650       650       650       650       650  
Total investment securities available for sale, at fair value $ 530,581     $ 516,466     $ 1,005,984     $ 604,181     $ 588,119  
                   
                   
  Unrealized Gain (Loss) on Investment Securities Available for Sale
  June 30,
2020
  March 31,
2020
  December 31,
2019
  September 30,
2019
  June 30,
2019
U.S. Treasury securities $     $ 1     $ 35     $ 1     $ 1  
Obligations of the U.S. Government and agencies   1,103       1,036       (159 )     188       275  
State & political subdivisions – tax-free   30       10       13       8       8  
Mortgage-backed securities   11,683       11,554       5,025       4,605       3,364  
Collateralized mortgage obligations   702       778       36       180       89  
Corporate bonds   22                          
Total unrealized gains (losses) on investment securities available for sale $ 13,540     $ 13,379     $ 4,950     $ 4,982     $ 3,737  
                   
                   
  Deposits                
  June 30,
2020
  March 31,
2020
  December 31,
2019
  September 30,
2019
  June 30,
2019
Interest-bearing deposits:                  
Interest-bearing demand $ 910,441     $ 750,127     $ 944,915     $ 778,809     $ 745,134  
Money market   1,239,523       1,133,952       1,106,478       983,170       966,596  
Savings   249,636       247,799       220,450       248,539       263,830  
Retail time deposits   400,186       406,828       405,123       467,346       502,745  
Wholesale non-maturity deposits   146,463       198,888       177,865       274,121       100,047  
Wholesale time deposits   79,903       113,392       89,241       42,094       113,150  
Total interest-bearing deposits   3,026,152       2,850,986       2,944,072       2,794,079       2,691,502  
Noninterest-bearing deposits   1,217,496       927,922       898,173       904,409       940,911  
Total deposits $ 4,243,648     $ 3,778,908     $ 3,842,245     $ 3,698,488     $ 3,632,413  
                   
                           
Bryn Mawr Bank Corporation
Detailed Income Statements (unaudited)
(dollars in thousands, except per share data)
  For the Three Months Ended   For the Six Months Ended
  June 30,
2020
  March 31,
2020
  December 31,
2019
  September 30,
2019
  June 30,
2019
  June 30,
2020
  June 30,
2019
Interest income:                          
Interest and fees on loans and leases $ 40,690     $ 42,795     $ 43,220     $ 45,527     $ 44,783     $ 83,485     $ 89,620  
Interest on cash and cash equivalents   37       111       195       143       73       148       205  
Interest on investment securities   2,894       3,201       3,545       3,903       3,532       6,095       7,031  
Total interest income   43,621       46,107       46,960       49,573       48,388       89,728       96,856  
Interest expense:                          
Interest on deposits   4,476       7,637       8,674       9,510       9,655       12,113       17,752  
Interest on short-term borrowings   232       453       555       937       357       685       1,300  
Interest on FHLB advances   155       244       279       243       269       399       547  
Interest on jr. subordinated debentures   229       295       323       340       352       524       710  
Interest on subordinated notes   1,144       1,145       1,144       1,145       1,144       2,289       2,289  
Total interest expense   6,236       9,774       10,975       12,175       11,777       16,010       22,598  
Net interest income   37,385       36,333       35,985       37,398       36,611       73,718       74,258  
Provision for credit losses (“PCL”) on loans and leases   4,302       32,335       2,225       919       1,627       36,637       5,363  
Net interest income after PCL on loans and leases   33,083       3,998       33,760       36,479       34,984       37,081       68,895  
Noninterest income:                          
Fees for wealth management services   11,276       11,168       11,672       10,826       11,510       22,444       21,902  
Insurance commissions   1,303       1,533       1,666       1,842       1,697       2,836       3,369  
Capital markets revenue   2,975       2,361       5,455       2,113       1,489       5,336       3,708  
Service charges on deposits   603       846       858       856       852       1,449       1,660  
Loan servicing and other fees   452       461       489       555       553       913       1,162  
Net gain on sale of loans   3,134       782       597       674       752       3,916       1,071  
Net gain (loss) on sale of other real estate owned         148       (48 )     (12 )           148       (24 )
Dividends on FHLB and FRB stocks   243       444       432       346       316       687       727  
Other operating income   2,787       557       2,134       2,255       3,052       3,344       5,899  
Total noninterest income   22,773       18,300       23,255       19,455       20,221       41,073       39,474  
Noninterest expense:                          
Salaries and wages   16,926       16,989       18,667       17,765       17,038       33,915       37,939  
Employee benefits   3,221       3,500       2,685       3,288       3,317       6,721       7,483  
Occupancy and bank premises   3,033       3,015       3,206       3,008       3,125       6,048       6,377  
Furniture, fixtures and equipment   2,120       2,431       2,401       2,335       2,568       4,551       4,957  
Advertising   196       401       599       587       504       597       919  
Amortization of intangible assets   910       918       953       954       956       1,828       1,894  
Impairment (recovery) of mortgage servicing rights (“MSRs”)   222       231       13       (19 )     10       453       27  
Professional fees   1,575       1,368       1,754       1,044       1,316       2,943       2,636  
Pennsylvania bank shares tax   116       116       42       514       513       232       922  
Data processing   1,479       1,394       1,517       1,377       1,303       2,873       2,623  
Other operating expenses   7,045       6,055       4,593       4,320       4,538       13,100       9,135  
Total noninterest expense   36,843       36,418       36,430       35,173       35,188       73,261       74,912  
Income (loss) before income taxes   19,013       (14,120 )     20,585       20,761       20,017       4,893       33,457  
Income tax expense (benefit)   4,010       (2,957 )     4,202       4,402       4,239       1,053       7,003  
Net income (loss) $ 15,003     $ (11,163 )   $ 16,383     $ 16,359     $ 15,778     $ 3,840     $ 26,454  
Net (loss) attributable to noncontrolling interest   (32 )           (1 )     (1 )     (7 )     (32 )     (8 )
Net income (loss) attributable to Bryn Mawr Bank Corporation $ 15,035     $ (11,163 )   $ 16,384     $ 16,360     $ 15,785     $ 3,872     $ 26,462  
                           
Per share data:                          
Weighted average shares outstanding   19,926,737       20,053,159       20,124,553       20,132,117       20,144,651       19,989,948       20,156,509  
Dilutive common shares   81,482             88,455       76,513       99,758       87,211       99,960  
Weighted average diluted shares   20,008,219       20,053,159       20,213,008       20,208,630       20,244,409       20,077,159       20,256,469  
Basic earnings per common share $ 0.75     $ (0.56 )   $ 0.81     $ 0.81     $ 0.78     $ 0.19     $ 1.31  
Diluted earnings per common share $ 0.75     $ (0.56 )   $ 0.81     $ 0.81     $ 0.78     $ 0.19     $ 1.31  
Dividends paid or accrued per common share $ 0.26     $ 0.26     $ 0.26     $ 0.26     $ 0.25     $ 0.52     $ 0.50  
Effective tax rate   21.09 %     20.94 %     20.41 %     21.20 %     21.18 %     21.52 %     20.93 %
                                                       
                                             
Bryn Mawr Bank Corporation 
Tax-Equivalent Net Interest Margin (unaudited)
(dollars in thousands)
                                             
  For the Three Months Ended   For the Six Months Ended
  June 30,
2020
March 31,
2020
December 31,
2019
September 30,
2019
June 30,
2019
  June 30,
2020
June 30,
2019
  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 $ 195,966   $ 37   0.08 % $ 50,330   $ 111   0.89 % $ 66,060   $ 195   1.17 % $ 48,597   $ 143   1.17 % $ 37,843   $ 73   0.77 %   $ 123,148   $ 148   0.24 % $ 35,306   $ 205   1.17 %
Investment securities – available for sale:                                            
Taxable   516,823     2,775   2.16 %   516,244     3,065   2.39 %   566,359     3,334   2.34 %   594,975     3,765   2.51 %   560,999     3,400   2.43 %     516,534     5,840   2.27 %   552,391     6,763   2.47 %
Tax-exempt   4,572     26   2.29 %   4,909     28   2.29 %   5,844     33   2.24 %   6,594     36   2.17 %   7,530     43   2.29 %     4,740     54   2.29 %   8,656     98   2.28 %
Total investment securities – available for sale   521,395     2,801   2.16 %   521,153     3,093   2.39 %   572,203     3,367   2.33 %   601,569     3,801   2.51 %   568,529     3,443   2.43 %     521,274     5,894   2.27 %   561,047     6,861   2.47 %
                                             
Investment securities – held to maturity   13,126     73   2.24 %   13,195     87   2.65 %   12,756     84   2.61 %   12,360     80   2.57 %   10,417     71   2.73 %     13,160     160   2.44 %   9,615     138   2.89 %
Investment securities – trading   7,800     24   1.24 %   8,528     25   1.18 %   8,330     99   4.72 %   8,407     27   1.27 %   8,572     24   1.12 %     8,164     49   1.21 %   8,103     46   1.14 %
                                             
Loans and leases *   3,940,032     40,779   4.16 %   3,738,386     42,898   4.62 %   3,598,609     43,326   4.78 %   3,532,923     45,642   5.13 %   3,524,219     44,903   5.11 %     3,839,208     83,677   4.38 %   3,501,107     89,861   5.18 %
                                             
Total interest-earning assets   4,678,319     43,714   3.76 %   4,331,592     46,214   4.29 %   4,257,958     47,071   4.39 %   4,203,856     49,693   4.69 %   4,149,580     48,514   4.69 %     4,504,954     89,928   4.01 %   4,115,178     97,111   4.76 %
                                             
Cash and due from banks   16,263         12,479         9,829         12,890         13,725           14,371         14,068      
Less: allowance for loan and lease losses   (54,113 )       (25,786 )       (21,124 )       (21,438 )       (20,844 )         (39,950 )       (20,368 )    
Other assets   585,605         526,633         528,744         564,766         509,164           556,120         489,794      
                                             
Total assets $ 5,226,074       $ 4,844,918       $ 4,775,407       $ 4,760,074       $ 4,651,625         $ 5,035,495       $ 4,598,672      
                                             
Liabilities:                                            
                                             
Interest-bearing deposits:                                            
Savings, NOW and market rate deposits $ 2,313,150   $ 2,341   0.41 % $ 2,197,279   $ 4,981   0.91 % $ 2,149,623   $ 5,659   1.04 % $ 1,996,181   $ 5,445   1.08 % $ 1,928,755   $ 5,040   1.05 %   $ 2,255,215   $ 7,322   0.65 % $ 1,863,790   $ 8,804   0.95 %
Wholesale deposits   245,052     486   0.80 %   253,322     977   1.55 %   214,229     1,024   1.90 %   299,309     1,729   2.29 %   345,782     2,143   2.49 %     249,186     1,463   1.18 %   344,247     4,155   2.43 %
Retail time deposits   410,911     1,649   1.61 %   403,111     1,679   1.68 %   435,198     1,991   1.82 %   480,736     2,336   1.93 %   520,317     2,472   1.91 %     407,011     3,328   1.64 %   526,820     4,793   1.83 %
Total interest-bearing deposits   2,969,113     4,476   0.61 %   2,853,712     7,637   1.08 %   2,799,050     8,674   1.23 %   2,776,226     9,510   1.36 %   2,794,854     9,655   1.39 %     2,911,412     12,113   0.84 %   2,734,857     17,752   1.31 %
                                             
Borrowings:                                            
Short-term borrowings   136,816     232   0.68 %   140,585     453   1.30 %   121,612     555   1.81 %   169,985     937   2.19 %   68,529     357   2.09 %     138,700     685   0.99 %   112,844     1,300   2.32 %
Long-term FHLB advances   46,161     155   1.35 %   47,335     244   2.07 %   53,443     279   2.07 %   45,698     243   2.11 %   52,397     269   2.06 %     46,748     399   1.72 %   53,883     547   2.05 %
Subordinated notes   98,770     1,144   4.66 %   98,725     1,145   4.66 %   98,681     1,144   4.60 %   98,634     1,145   4.61 %   98,587     1,144   4.65 %     98,748     2,289   4.66 %   98,564     2,289   4.68 %
Jr. subordinated debt   21,814     229   4.22 %   21,768     295   5.45 %   21,726     323   5.90 %   21,680     340   6.22 %   21,637     352   6.53 %     21,791     524   4.84 %   21,616     710   6.62 %
Total borrowings   303,561     1,760   2.33 %   308,413     2,137   2.79 %   295,462     2,301   3.09 %   335,997     2,665   3.15 %   241,150     2,122   3.53 %     305,987     3,897   2.56 %   286,907     4,846   3.41 %
                                             
Total interest-bearing liabilities   3,272,674     6,236   0.77 %   3,162,125     9,774   1.24 %   3,094,512     10,975   1.41 %   3,112,223     12,175   1.55 %   3,036,004     11,777   1.56 %     3,217,399     16,010   1.00 %   3,021,764     22,598   1.51 %
                                             
Noninterest-bearing deposits   1,126,139         894,264         915,128         903,314         909,945           1,010,202         890,941      
Other liabilities   226,698         173,519         159,259         149,226         124,211           200,107         109,165      
Total noninterest-bearing liabilities   1,352,837         1,067,783         1,074,387         1,052,540         1,034,156           1,210,309         1,000,106      
                                             
Total liabilities   4,625,511         4,229,908         4,168,899         4,164,763         4,070,160           4,427,708         4,021,870      
                                             
Shareholders’ equity   600,563         615,010         606,508         595,311         581,465           607,787         576,802      
                                             
Total liabilities and shareholders’ equity $ 5,226,074       $ 4,844,918       $ 4,775,407       $ 4,760,074       $ 4,651,625         $ 5,035,495       $ 4,598,672      
                                             
Net interest spread     2.99 %     3.05 %     2.98 %     3.14 %     3.13 %       3.01 %     3.25 %
Effect of noninterest-bearing sources     0.23 %     0.33 %     0.38 %     0.40 %     0.42 %       0.29 %     0.40 %
                                             
Tax-equivalent net interest margin   $ 37,478   3.22 %   $ 36,440   3.38 %   $ 36,096   3.36 %   $ 37,518   3.54 %   $ 36,737   3.55 %     $ 73,918   3.30 %   $ 74,513   3.65 %
                                             
Tax-equivalent adjustment   $ 93   0.01 %   $ 107   0.01 %   $ 111   0.01 %   $ 120   0.01 %   $ 126   0.01 %     $ 200   0.01 %   $ 255   0.01 %
                                             
Supplemental Information Regarding Accretion of Fair Value Marks
                                             
  Interest Increase
(Decrease)
Effect on Yield or Rate   Increase
(Decrease)
Effect on Yield or Rate   Increase
(Decrease)
Effect on Yield or Rate   Increase
(Decrease)
Effect on Yield or Rate   Increase
(Decrease)
Effect on Yield or Rate     Increase
(Decrease)
Effect on Yield or Rate   Increase
(Decrease)
Effect on Yield or Rate
Loans and leases Income $ 1,017   0.10 %   $ 910   0.10 %   $ 1,027   0.11 %   $ 1,501   0.17 %   $ 1,193   0.14 %     $ 1,927   0.10 %   $ 3,190   0.18 %
Retail time deposits Expense $ (103 ) -0.10 %   $ (118 ) -0.12 %   $ (134 ) -0.12 %   $ (151 ) -0.12 %   $ (171 ) -0.13 %       (221 ) -0.11 %     (393 ) -0.15 %
Long-term FHLB advances Expense $ 35   0.30 %   $ 34   0.29 %   $ 34   0.25 %   $ 34   0.30 %   $ 34   0.26 %       69   0.30 %     67   0.25 %
Jr. subordinated debt Expense $ 45   0.83 %   $ 45   0.83 %   $ 44   0.80 %   $ 44   0.81 %   $ 43   0.80 %       90   0.83 %     85   0.79 %
Net interest income from fair value marks   $ 1,040       $ 949       $ 1,083       $ 1,574       $ 1,287         $ 1,989       $ 3,431    
Purchase accounting effect on tax-equivalent margin     0.09 %     0.09 %     0.10 %     0.15 %     0.12 %       0.09 %     0.17 %
                                             
* 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.
 
                           
Bryn Mawr Bank Corporation
Appendix – Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Performance Measures (unaudited)
(dollars in thousands, except per share data)
                           
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 Six Months Ended
  June 30,
2020
  March 31,
2020
  December 31,
2019
  September 30,
2019
  June 30,
2019
  June 30,
2020
  June 30,
2019
Reconciliation of Net Income to Net Income (core):                          
Net income (loss) attributable to BMBC (a GAAP measure) $ 15,035     $ (11,163 )   $ 16,384     $ 16,360     $ 15,785     $ 3,872     $ 26,462  
Less: Tax-effected non-core noninterest income:                          
Gain on sale of PPP loans   (1,905 )                             (1,905 )      
Add: Tax-effected non-core noninterest expense items:                          
Voluntary years of service incentive program expenses                                       3,553  
BMT Investment Advisers wind-down costs   1,844                               1,844        
Severance associated with staff reduction   425                               425        
Net income (loss) (core) (a non-GAAP measure) $ 15,399     $ (11,163 )   $ 16,384     $ 16,360     $ 15,785     $ 4,236     $ 30,015  
                           
Calculation of Basic and Diluted Earnings per Common Share (core):                          
Weighted average common shares outstanding   19,926,737       20,053,159       20,124,553       20,132,117       20,144,651       19,989,948       20,156,509  
Dilutive common shares   81,482             88,455       76,513       99,758       87,211       99,960  
Weighted average diluted shares   20,008,219       20,053,159       20,213,008       20,208,630       20,244,409       20,077,159       20,256,469  
Basic earnings per common share (core) (a non-GAAP measure) $ 0.77     $ (0.56 )   $ 0.81     $ 0.81     $ 0.78     $ 0.21     $ 1.49  
Diluted earnings per common share (core) (a non-GAAP measure) $ 0.77     $ (0.56 )   $ 0.81     $ 0.81     $ 0.78     $ 0.21     $ 1.48  
                           
Calculation of Return on Average Tangible Equity:                          
Net income (loss) attributable to BMBC (a GAAP measure) $ 15,035     $ (11,163 )   $ 16,384     $ 16,360     $ 15,785     $ 3,872     $ 26,462  
Add: Tax-effected amortization and impairment of intangible assets   719       725       753       754       755       1,444       1,496  
Net tangible income (numerator) $ 15,754     $ (10,438 )   $ 17,137     $ 17,114     $ 16,540     $ 5,316     $ 27,958  
                           
Average shareholders’ equity $ 600,563     $ 615,010     $ 606,508     $ 595,311     $ 581,465     $ 607,787     $ 576,802  
Less: Average Noncontrolling interest   696       695       694       693       688       695       687  
Less: Average goodwill and intangible assets   (201,823 )     (202,760 )     (203,663 )     (204,637 )     (205,593 )     (202,292 )     (206,152 )
Net average tangible equity (denominator) $ 399,436     $ 412,945     $ 403,539     $ 391,367     $ 376,560     $ 406,190     $ 371,337  
                           
Return on tangible equity (a non-GAAP measure)   15.86 %     -10.17 %     16.85 %     17.35 %     17.62 %     2.63 %     15.18 %
                           
Calculation of Return on Average Tangible Equity (core):                          
Net income (loss) (core) (a non-GAAP measure) $ 15,399     $ (11,163 )   $ 16,384     $ 16,360     $ 15,785     $ 4,236     $ 30,015  
Add: Tax-effected amortization and impairment of intangible assets   719       725       753       754       755       1,444       1,496  
Net tangible income (loss) (core) (numerator) $ 16,118     $ (10,438 )   $ 17,137     $ 17,114     $ 16,540     $ 5,680     $ 31,511  
                           
Average shareholders’ equity $ 600,563     $ 615,010     $ 606,508     $ 595,311     $ 581,465     $ 607,787     $ 576,802  
Less: Average Noncontrolling interest   696       695       694       693       688       695       687  
Less: Average goodwill and intangible assets   (201,823 )     (202,760 )     (203,663 )     (204,637 )     (205,593 )     (202,292 )     (206,152 )
Net average tangible equity (denominator) $ 399,436     $ 412,945     $ 403,539     $ 391,367     $ 376,560     $ 406,190     $ 371,337  
                           
Return on tangible equity (core) (a non-GAAP measure)   16.23 %     -10.17 %     16.85 %     17.35 %     17.62 %     2.81 %     17.11 %
                           
Calculation of Tangible Equity Ratio (BMBC):                          
Total shareholders’ equity $ 603,674     $ 593,179     $ 612,227     $ 600,935     $ 590,155          
Less: Noncontrolling interest   727       695       695       694       693          
Less: Goodwill and intangible assets   (201,315 )     (202,225 )     (203,143 )     (204,096 )     (205,050 )        
Net tangible equity (numerator) $ 403,086     $ 391,649     $ 409,779     $ 397,533     $ 385,798          
                           
Total assets $ 5,271,311     $ 4,923,033     $ 5,263,259     $ 4,828,641     $ 4,736,565          
Less: Goodwill and intangible assets   (201,315 )     (202,225 )     (203,143 )     (204,096 )     (205,050 )        
Tangible assets (denominator) $ 5,069,996     $ 4,720,808     $ 5,060,116     $ 4,624,545     $ 4,531,515          
                           
Tangible equity ratio (BMBC)(1)   7.95 %     8.30 %     8.10 %     8.60 %     8.51 %        
                           
Calculation of Tangible Equity Ratio (BMTC):                          
Total shareholders’ equity $ 639,711     $ 624,959     $ 624,030     $ 641,565     $ 625,464          
Less: Noncontrolling interest   727       695       695       694       693          
Less: Goodwill and intangible assets   (201,069 )     (201,979 )     (190,694 )     (191,572 )     (192,450 )        
Net tangible equity (numerator) $ 439,369     $ 423,675     $ 434,031     $ 450,687     $ 433,707          
                           
Total assets $ 5,267,536     $ 4,919,004     $ 5,247,649     $ 4,813,704     $ 4,721,394          
Less: Goodwill and intangible assets   (201,069 )     (201,979 )     (190,694 )     (191,572 )     (192,450 )        
Tangible assets (denominator) $ 5,066,467     $ 4,717,025     $ 5,056,955     $ 4,622,132     $ 4,528,944          
                           
Tangible equity ratio (BMTC)(1)   8.67 %     8.98 %     8.58 %     9.75 %     9.58 %        
                           
Calculation of Return on Average Assets (core)                          
Return on average assets (GAAP)   1.16 %     -0.93 %     1.36 %     1.36 %     1.36 %     0.15 %     1.16 %
Effect of adjustment to GAAP net income to core net income   0.03 %     0.00 %     0.00 %     0.00 %     0.00 %     0.02 %     0.16 %
Return on average assets (core)   1.19 %     -0.93 %     1.36 %     1.36 %     1.36 %     0.17 %     1.32 %
                           
Calculation of Return on Average Equity (core)                          
Return on average equity (GAAP)   10.07 %     -7.30 %     10.72 %     10.90 %     10.89 %     1.28 %     9.25 %
Effect of adjustment to GAAP net income to core net income   0.24 %     0.00 %     0.00 %     0.00 %     0.00 %     0.12 %     1.24 %
Return on average equity (core)   10.31 %     -7.30 %     10.72 %     10.90 %     10.89 %     1.40 %     10.49 %
                           
Calculation of Tax-equivalent net interest margin adjusting for the impact of purchase accounting:                          
Tax-equivalent net interest margin   3.22 %     3.38 %     3.36 %     3.54 %     3.55 %     3.30 %     3.65 %
Effect of fair value marks   0.09 %     0.09 %     0.10 %     0.15 %     0.12 %     0.09 %     0.17 %
Tax-equivalent net interest margin adjusting for the impact of purchase accounting   3.13 %     3.29 %     3.26 %     3.39 %     3.43 %     3.21 %     3.48 %
                           
(1)Capital Ratios for the current quarter are to be considered preliminary until the Call Reports are filed. The March 31, 2020 and June 30, 2020 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.
 
 
Calculation of Tax-equivalent net interest income adjusting for the impact of purchase accounting:
Tax-equivalent net interest income $ 37,478     $ 36,440     $ 36,096     $ 37,518     $ 36,737     $ 73,918     $ 74,513  
Effect of fair value marks   1,040       949       1,083       1,574       1,287       1,989       3,431  
Tax-equivalent net interest income adjusting for the impact of purchase accounting $ 36,438     $ 35,491     $ 35,013     $ 35,944     $ 35,450     $ 71,929     $ 71,082  
                           
Calculation of Efficiency Ratio:                          
Noninterest expense $ 36,843     $ 36,418     $ 36,430     $ 35,173     $ 35,188     $ 73,261     $ 74,912  
Less: certain noninterest expense items*:                          
Amortization of intangibles   (910 )     (918 )     (953 )     (954 )     (956 )     (1,828 )     (1,894 )
Voluntary years of service incentive program expenses                                       (4,498 )
BMT Investment Advisers, Inc. wind-down costs   (2,334 )                             (2,334 )      
Severance associated with staff reduction   (538 )                             (538 )      
Noninterest expense (adjusted) (numerator) $ 33,061     $ 35,500     $ 35,477     $ 34,219     $ 34,232     $ 68,561     $ 68,520  
                           
Noninterest income $ 22,773     $ 18,300     $ 23,255     $ 19,455     $ 20,221     $ 41,073     $ 39,474  
Less: non-core noninterest income items:                          
Gain on sale of PPP loans   (2,411 )                             (2,411 )      
Noninterest income (core) $ 20,362     $ 18,300     $ 23,255     $ 19,455     $ 20,221     $ 38,662     $ 39,474  
Net interest income   37,385       36,333       35,985       37,398       36,611       73,718       74,258  
Noninterest income (core) and net interest income (denominator) $ 57,747     $ 54,633     $ 59,240     $ 56,853     $ 56,832     $ 112,380     $ 113,732  
                           
Efficiency ratio   57.25 %     64.98 %     59.89 %     60.19 %     60.23 %     61.01 %     60.25 %
* In calculating the Corporation’s efficiency ratio, which is used by Management to identify the cost of generating each dollar of core revenue, certain non-core income and expense items as well as the amortization of intangible assets, are excluded.
                           
Supplemental Loan and ACL on Loans and Leases Information Used to Calculate Non-GAAP Measures
                           
Total ACL on loans and leases $ 54,974     $ 54,070     $ 22,602     $ 20,777     $ 21,182          
Less: ACL on acquired loans and leases   3,315       3,705       76       102       106          
ACL on originated loans and leases $ 51,659     $ 50,365     $ 22,526     $ 20,675     $ 21,076          
                           
Total ACL on loans and leases $ 54,974     $ 54,070     $ 22,602     $ 20,777     $ 21,182          
Loan mark on acquired loans and leases   8,037       9,478       10,905       11,948       14,174          
Total ACL on loans and leases + Loan mark $ 63,011     $ 63,548     $ 33,507     $ 32,725     $ 35,356          
                           
Total Portfolio loans and leases $ 3,722,165     $ 3,767,166     $ 3,689,313     $ 3,540,747     $ 3,534,665          
Less: Originated loans and leases   3,422,890       3,424,601       3,320,816       3,137,769       3,088,849          
Net acquired loans $ 299,275     $ 342,565     $ 368,497     $ 402,978     $ 445,816          
Add: Loan mark on acquired loans   8,037       9,478       10,905       11,948       14,174          
Gross acquired loans (excludes loan mark) $ 307,312     $ 352,043     $ 379,402     $ 414,926     $ 459,990          
Originated loans and leases   3,422,890       3,424,601       3,320,816       3,137,769       3,088,849          
Total Gross portfolio loans and leases $ 3,730,202     $ 3,776,644     $ 3,700,218     $ 3,552,695     $ 3,548,839          
                                               

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