BRYN MAWR BANK CORP - FORM 8-K - EX-99.1 - PRESS RELEASE

Attached files

file	filename
EX-99.3 - SCRIPT FOR FEBRUARY 2, 2011 EARNINGS CONFERENCE CALL - BRYN MAWR BANK CORP	dex993.htm
EX-99.2 - UPDATED SLIDE PRESENTATION - BRYN MAWR BANK CORP	dex992.htm
8-K - BRYN MAWR BANK CORPORATION - FORM 8-K - BRYN MAWR BANK CORP	d8k.htm

Exhibit 99.1

LOGO

Bryn Mawr Bank Corporation


FOR RELEASE: IMMEDIATELY		Ted Peters, Chairman
FOR MORE INFORMATION CONTACT:		610-581-4800
		J. Duncan Smith, CFO
		610-526-2466

Bryn Mawr Bank Corporation Reports Record Fourth Quarter Earnings, Wealth Asset

Growth of 18.9% and Increases Quarterly Dividend by 7.1%

BRYN MAWR, Pa., February 1, 2011 - Bryn Mawr Bank Corporation (NASDAQ: BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today announced diluted earnings per share of $0.46 for the fourth quarter of 2010, an increase of $0.16 per share, or 53.3%, over the fourth quarter 2009 diluted earnings per share of $0.30. Net income for the fourth quarter of 2010 was $5.57 million, an increase of $2.93 million, or 111.0%, over the fourth quarter 2009 net income of $2.64 million.

Additionally, on January 27, 2011, the Corporation declared a quarterly dividend of $0.15 per share, an increase of $0.01, or 7.1%, from the prior quarter. The dividend is payable March 1, 2011, to shareholders of record as of February 14, 2011.

Also, the Corporation reported diluted earnings per share for the twelve months ended December 31, 2010, of $0.85, a decrease of $0.33, or 28.0%, as compared to $1.18 for the same period in 2009. Net income for the twelve months ended December 31, 2010 of $9.17 million was $1.16 million, or 11.3%, lower than the $10.34 million reported for the same period in 2009. Net income for the twelve months ended December 31, 2010 includes pre-tax merger-related and due diligence expenses of $5.7 million.

The merger with First Keystone Financial, Inc. (“FKF”), and its primary subsidiary, First Keystone Bank (“FKB”), occurred on July 1, 2010, and included the acquisition of $275 million of loans, $101 million of investment securities, and deposits of $321 million. Accordingly, this

acquisition accounts for a significant portion of the increase in assets and liabilities at December 31, 2010, as compared to December 31, 2009. It also impacts the comparability of certain income statement line items for the quarter and year ended December 31, 2010, as compared to the same periods last year.

Ted Peters, Chairman and Chief Executive Officer, commented, “We had a strong finish to the year and are looking forward to 2011. The merger integration with First Keystone Bank, which began last summer, has gone extremely well, and Bryn Mawr Trust is now the largest community bank in the western suburbs of Philadelphia.”

Mr. Peters commented further, “The increase in the quarterly dividend of $0.01 per share, or 7.1%, to $0.15 per share, is indicative of the confidence we have in our business model of combining a high quality community bank with top notch wealth management services.”

SIGNIFICANT ITEMS OF NOTE

•

Revenue from the Wealth Management Division for the fourth quarter of 2010 was $4.1 million, an increase of 13.5% from fourth quarter 2009 revenue of $3.6 million. For the twelve months ended December 31, 2010, revenue from Wealth Management services was $15.5 million, an increase of $1.3 million, or 9.3%, from the same period last year. Wealth Management Division assets under management, administration, supervision and brokerage at December 31, 2010 were $3.41 billion, up approximately $122 million, or 3.7%, from September 30, 2010, and up approximately $541 million, or 18.9%, from December 31, 2009. These increases are due largely to the success of new initiatives within the division and asset appreciation resulting from improvements in the financial markets.

•

Net income for the fourth quarter 2010 increased $6.6 million, as compared to the quarter ended September 30, 2010. The increase was partially the result of a $3.9 million decrease in merger-related and due diligence expenses for the fourth quarter of 2010, as compared to the previous quarter. Other factors contributing to the improvement in net income include increases in fees for Wealth Management services, discussed above, along with an increase in gain on sale of residential mortgage loans, recovery in the value of mortgage servicing rights, and a decrease in the provision for loan and lease losses.

•

Net gain on the sale of residential mortgage loans for the quarter ended December 31, 2010 was $2.4 million. The increase of $1.5 million, or 179%, from $0.9 million for the quarter ended December 31, 2009, was largely due to the lower interest rate environment during the fourth quarter of 2010, which resulted in a 136% increase in mortgage loans sold from $33 million during the fourth quarter of 2009 to $78 million for the fourth quarter of 2010.

•

Asset quality remains strong at December 31, 2010; the allowance for loan and lease losses (the “allowance”) of $10.3 million was 0.86% of portfolio loans and leases, as compared to $10.3 million, or 0.88% of portfolio loans and leases, at September 30, 2010. This amount remained relatively unchanged during the quarter ended December 31, 2010, as a result of the stability of both asset quality and the level of non-performing loans. The calculation of the allowance, as a percentage of loans and leases, includes the acquired FKF loan portfolio which, in accordance with GAAP, was recorded at its fair value without its previously recorded allowance for loan and lease losses.

•

The provision for loan and lease losses for the fourth quarter of 2010 decreased $2.7 million, to $1.5 million, from $4.2 million in the third quarter of 2010. This decrease resulted from the increased provision for loan and lease losses that was recorded in the third quarter of 2010 related to two commercial relationships.

Capital ratios, as shown in the following table, reflect the impact of the FKF merger and the $24.6 million registered direct stock offering completed in May 2010.


	12/31/2010			9/30/2010			12/31/2009
Bryn Mawr Trust Company
Tier I Capital to Risk Weighted Assets (RWA)		11.05	%		10.37	%		9.06	%
Total (Tier II) Capital to RWA		13.47	%		12.77	%		12.20	%
Tier I Leverage Ratio		8.62	%		8.27	%		8.03	%
Tangible Common Equity Ratio		8.42	%		8.20	%		7.22	%

Bryn Mawr Bank Corporation
Tier I Capital to Risk Weighted Assets (RWA)		11.30	%		10.82	%		9.41	%
Total (Tier II) Capital to RWA		13.71	%		13.21	%		12.53	%
Tier I Leverage Ratio		8.85	%		8.65	%		8.35	%
Tangible Common Equity Ratio		8.01	%		7.95	%		7.51	%

•

Total portfolio loans and leases of $1.20 billion at December 31, 2010 increased $21 million, or 1.8%, as compared to $1.18 billion at September 30, 2010. The growth was primarily attributable to new business development efforts.

•

Deposits of $1.34 billion at December 31, 2010, increased $81 million, or 6.43%, from $1.26 billion at September 30, 2010. This growth was largely due to seasonal growth trends, continued strong branch activity and funding of accounts opened in previous quarters.

•

The tax equivalent net interest margin was 3.73% for the fourth quarter of 2010, up 7 basis points from the third quarter 2010 margin of 3.66% primarily due to the decline in the cost of interest bearing liabilities. The tax equivalent net interest margin for the fourth quarter of 2010 decreased 12 basis points from the fourth quarter 2009 margin of 3.85%, primarily due to the increase in lower-yielding cash balances, and a decline in the yield earned on the investment portfolio.

•

The Corporation’s investment portfolio at December 31, 2010 had a fair market value of $317.1 million, as compared to $356.8 million at September 30, 2010. This decrease of $39.7 million, or 11.1%, was the result of Management’s decision to use cash flows from the investment portfolio, along with deposit inflows, to reduce Federal Home Loan Bank advances.

•

The Corporation recognized a recovery in mortgage servicing rights of $356 thousand for the three months ended December 31, 2010, as compared to an impairment of $168 thousand for the three months ended September 30, 2010. The recovery is attributed primarily to the increase in interest rates, resulting in the projection of slower prepayment speeds at the end of the fourth quarter of 2010, as compared to the end of the prior quarter.

•

The Corporation’s effective tax rate for the quarter ended December 31, 2010 of 32.1% is 3.0% lower than the rate of 35.1% for the same period last year due, in part, to the utilization of capital loss carry-forwards, higher tax-free income from municipal securities, tax-free bank owned life insurance income and other items.

EARNINGS CONFERENCE CALL

The Corporation will hold an earnings conference call at 8:30 a.m. EST on Wednesday, February 2, 2011. Interested parties may participate by calling 1-877-317-6789, conference

number 447208. A taped replay of the conference call will be available within two hours of the conclusion of the call and will remain available through February 15, 2011. The number to call for the taped replay is 1-877-344-7529 and the Replay Passcode is 447208.

The conference call will be simultaneously broadcast live over the Internet through a webcast on the investor relations portion of the Bryn Mawr Bank Corporation’s website. To access the call, please visit the website at http://www.bmtc.com/investor_01.cfm. An online archive of the webcast will be available within one hour of the conclusion of the call. The Corporation has also recently expanded its Investor Relations website to include added resources and information for shareholders and interested investors. Interested parties are encouraged to utilize the expanded resources of the site for more information on Bryn Mawr Bank Corporation or by calling Aaron Strenkoski, Vice President – Finance/Investor Relations at 610-581-4822.

FORWARD LOOKING STATEMENTS AND SAFE HARBOR

This press release 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”, “estimate”, “target”, “potentially”, “probably”, “outlook”, “predict”, “contemplate”, “continue”, “plan”, “forecast”, “project” and “believe” or other similar words and phrases may identify forward-looking statements. Persons reading this press release 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. Such 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; 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 acquisition via the merger of First Keystone Financial, Inc. and First Keystone Bank; and other factors as described in our securities filings. All forward-looking statements and information set forth herein are based on 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 Securities and Exchange Commission, including our most recent annual report on Form 10-K, as well as any changes in risk factors that we may identify in our quarterly or other reports filed with the SEC.

# # # #

Bryn Mawr Bank Corporation

Consolidated Statements of Income - (unaudited)

(Dollars in thousands, except per share data)


	For The Three Months Ended
	Dec 31, 2010			Sept 30, 2010			June 30, 2010			Mar 31, 2010			Dec 31, 2009
Interest income	$	18,605		$	18,473		$	13,824		$	13,894		$	14,191
Interest expense		3,405			3,691			2,773			2,777			3,266

Net interest income		15,200			14,782			11,051			11,117			10,925
Provision for loan and lease losses		1,511			4,236			994			3,113			1,302

Net interest income after provision for loan and lease losses		13,689			10,546			10,057			8,004			9,623

Fees for wealth management services		4,081			3,689			3,898			3,831			3,597
Loan servicing and other fees		443			422			379			381			386
Service charges on deposits		645			672			488			501			504
Net gain on sale of residential mortgage loans		2,398			1,189			606			525			859
Net gain on sale of available for sale investments		398			259			—			1,544			603
Net gain on trading investment		—			—			—			—			15
Capital gains distributions		271			—			—			—			—
Net gain (loss) on sale of other real estate owned (“OREO”)		—			38			—			(152	)		—
BOLI income		135			131			—			—			—
Other operating income		902			653			519			529			577

Non-interest income		9,273			7,053			5,890			7,159			6,541

Salaries and wages		7,150			7,047			5,345			5,287			5,848
Employee benefits		1,416			1,646			1,364			1,558			1,253
Occupancy and bank premises		1,177			1,195			901			984			911
Furniture fixtures and equipment		931			695			557			595			575
Advertising		321			303			256			262			310
Net (recovery) impairment of mortgage servicing rights		(356	)		168			177			41			(175	)
Amortization of mortgage servicing rights		301			213			210			199			216
Intangible asset amortization		77			77			77			77			77
Core deposit intangible amortization		87			89			—			—			—
FDIC insurance		522			416			299			314			290
Merger related / due diligence expense		437			4,292			637			347			531
OREO expense		6			54			41			15			43
Impairment of OREO		—			381			—			—			—
Professional fees		603			459			459			619			702
Other operating expenses		2,092			2,337			1,780			1,455			1,517

Non-interest expense		14,764			19,372			12,103			11,753			12,098

Income (loss) before income taxes		8,198			(1,766	)		3,844			3,410			4,066
Income tax expense (benefit)		2,633			(746	)		1,438			1,187			1,429

Net income (loss)	$	5,565		$	(1,020	)	$	2,406		$	2,223		$	2,637

Per share data:
Weighted average shares outstanding		12,192,260			12,184,447			9,740,089			8,893,997			8,794,602
Dilutive potential common shares		10,742			—			12,476			11,017			9,112

Adjusted weighted average dilutive shares		12,203,002			12,184,447			9,752,565			8,905,014			8,803,714

Basic earnings per common share	$	0.46		$	(0.08	)	$	0.25		$	0.25		$	0.30
Diluted earnings per common share	$	0.46		$	(0.08	)	$	0.25		$	0.25		$	0.30
Dividend declared per share	$	0.14		$	0.14		$	0.14		$	0.14		$	0.14
Effective tax rate		32.1	%		(42.2	)%		37.4	%		34.8	%		35.1	%
Net interest margin		3.73	%		3.66	%		3.80	%		4.06	%		3.85	%

Bryn Mawr Bank Corporation

Consolidated Statements of Income - (unaudited)

(Dollars in thousands, except per share data)


	For The Twelve Months Ended
	December 31, 2010			December 31, 2009
Interest income	$	64,796		$	56,892
Interest expense		12,646			16,099

Net interest income		52,150			40,793
Provision for loan and lease losses		9,854			6,884

Net interest income after provision for loan and lease losses		42,296			33,909

Fees for wealth management services		15,499			14,178
Loan servicing and other fees		1,626			1,387
Service charges on deposits		2,307			1,951
Net gain on sale of residential mortgage loans		4,718			6,012
Net gain on sale of available for sale investments		2,201			1,923
Net gain on trading investment		—			255
Capital gains distributions		271			—
BOLI income		266			—
Net (loss) gain on sale of other real estate owned (“OREO”)		(114	)		6
Other operating income		2,601			2,758

Non-interest income		29,375			28,470

Salaries and wages		24,829			22,274
Employee benefits		5,984			5,578
Occupancy and bank premises		4,257			3,637
Furniture fixtures and equipment		2,778			2,407
Advertising		1,142			1,084
Net impairment (recovery) of mortgage servicing rights		30			(137	)
Amortization of mortgage servicing rights		923			853
Intangible asset amortization		308			308
Core deposit intangible amortization		176			—
FDIC insurance		1,551			1,234
FDIC insurance - special assessment		—			540
Merger related / due diligence expense		5,714			616
OREO expense		116			43
Impairment of OREO		381			—
Professional fees		2,140			2,008
Other operating expenses		7,656			6,097

Non-interest expense		57,985			46,542

Income before income taxes		13,686			15,837
Income tax expense		4,512			5,500

Net income	$	9,174		$	10,337

Per share data:
Weighted average shares outstanding		10,765,657			8,732,004
Dilutive potential common shares		12,312			16,719

Adjusted weighted average shares		10,777,969			8,748,723

Basic earnings per common share	$	0.85		$	1.18
Diluted earnings per common share	$	0.85		$	1.18
Dividend declared per share	$	0.56		$	0.56
Effective tax rate		33.0	%		34.7	%

Bryn Mawr Bank Corporation

Consolidated Selected Financial Data - (unaudited)

(Dollars in thousands, except per share data)

December 31, 2010


For the period end:	2010 4Q			2010 3Q			2010 2Q			2010 1Q			2009 4Q
Asset Quality Data
Nonaccrual loans and leases	$	9,781		$	8,709		$	9,072		$	5,880		$	6,246
90 + days past due loans - still accruing		10			902			892			1,015			668

Nonperforming loans and leases		9,791			9,611			9,964			6,895			6,914
Other non-performing assets		2,527			1,170			1,970			—			1,025

Total nonperforming assets	$	12,318		$	10,781		$	11,934		$	6,895		$	7,939


Troubled debt restructurings in compliance with modified terms	$	5,192		$	2,417		$	2,000		$	3,894		$	1,622
Nonperforming loans and leases / portfolio loans		0.82	%		0.82	%		1.11	%		0.77	%		0.78	%
Nonperforming assets / assets		0.71	%		0.63	%		0.93	%		0.56	%		0.64	%
Net loan and lease charge-offs (annualized)/ average loans		0.59	%		1.53	%		0.40	%		1.70	%		0.53	%
Delinquency rate - loans and leases >30 days		1.28	%		1.62	%		1.37	%		1.10	%		1.10	%
Delinquent loans and leases - 30-89 days	$	5,570		$	8,283		$	2,481		$	2,917		$	2,678
Delinquency rate - loans and leases 30-89 days		0.48	%		0.71	%		0.28	%		0.33	%		0.30	%

Changes in the Allowance for loan and lease losses
Balance, beginning of period	$	10,297		$	9,841		$	9,740		$	10,424		$	10,299
Charge-offs		(1,743	)		(3,934	)		(1,071	)		(3,946	)		(1,385	)
Recoveries		210			154			178			149			208

Net (charge-offs) / recoveries		(1,533	)		(3,780	)		(893	)		(3,797	)		(1,177	)
Provision for loan and lease losses		1,511			4,236			994			3,113			1,302

Balance, end of period	$	10,275		$	10,297		$	9,841		$	9,740		$	10,424


Allowance for loan and lease losses / loans and leases		0.86	%		0.88	%		1.09	%		1.09	%		1.18	%
Allowance for loan and lease losses / nonperforming loans and leases		104.9	%		107.1	%		98.8	%		141.3	%		150.8	%

Bryn Mawr Bank Corporation

Consolidated Selected Financial Data - (unaudited)

(Dollars in thousands, except per share data)

December 31, 2010


For the period and period end:	2010 4Q			2010 3Q			2010 2Q			2010 1Q			2009 4Q
Selected ratios (annualized):
Return on average assets		1.25	%		-0.29	%		0.77	%		0.76	%		0.87	%
Return on average shareholders’ equity		13.87	%		-3.16	%		8.10	%		8.59	%		10.22	%
Yield on loans and leases*		5.70	%		5.72	%		5.72	%		5.76	%		5.75	%
Yield on interest earning assets*		4.56	%		4.57	%		4.74	%		5.06	%		4.99	%
Cost of interest bearing funds		1.04	%		1.09	%		1.22	%		1.28	%		1.45	%
Net interest margin*		3.73	%		3.66	%		3.80	%		4.06	%		3.85	%
Book value per share	$	13.24		$	12.99		$	12.72		$	11.86		$	11.72
Tangible book value per share	$	11.21		$	11.03		$	11.62		$	10.56		$	10.40
Period end shares outstanding		12,195,240			12,190,991			10,550,619			8,958,970			8,866,420

Selected data:
Mortgage loans originated	$	107,905		$	67,304		$	28,349		$	24,346		$	34,975
Mortgage loans sold - servicing retained	$	77,448		$	34,874		$	17,358		$	18,737		$	31,503
Mortgage loans sold - servicing released		677			2,234			3,370			1,747			1,335

Total mortgage loans sold	$	78,125		$	37,108		$	20,728		$	20,484		$	32,838
Mortgage loans serviced for others	$	605,485		$	578,293		$	519,153		$	520,023		$	514,875

Total Wealth assets under management / administration / supervision / brokerage (1)	$	3,412,890		$	3,291,293		$	3,100,162		$	3,109,563		$	2,871,143

*	Yield on loans and leases, interest earning assets and net interest margin are calculated on a tax equivalent basis.

(1)	Brokerage Assets represent assets held at a registered broker dealer under a networking agreement.

Bryn Mawr Bank Corporation

Consolidated Selected Financial Data - (unaudited)

(Dollars in thousands, except per share data)

December 31, 2010


	2010			2009
	Year-to-date			Year-to-date
Selected ratios (annualized):
Return on average assets		0.61	%		0.88	%
Return on average shareholders’ equity		6.76	%		10.55	%
Yield on loans and leases*		5.72	%		5.81	%
Yield on interest earning assets*		4.70	%		5.14	%
Cost of interest bearing funds		1.14	%		1.81	%
Net interest margin*		3.79	%		3.70	%
Selected data:
Mortgage loans originated	$	227,904		$	291,613
Mortgage loans sold - servicing retained	$	148,417		$	266,759
Mortgage loans sold - servicing released		8,028			6,222

Total mortgage loans sold	$	156,445		$	272,981

*	Yield on loans and leases, interest earning assets and net interest margin are calculated on a tax equivalent basis.


Investment Portfolio ($’s in thousands)	As of December 31, 2010							As of December 31, 2009							As of September 30, 2010
SECURITY DESCRIPTION	Amortized Cost		Fair Value		Net Unrealized Gain / (Loss)			Amortized Cost		Fair Value		Net Unrealized Gain / (Loss)			Amortized Cost		Fair Value		Net Unrealized Gain / (Loss)
U. S. treasury obligations	$	5,011	$	5,145	$	134		$	—	$	—	$	—		$	5,012	$	5,227	$	215
U. S. government agency securities		156,301		156,638		337			85,462		85,061		(401	)		186,430		187,609		1,179
State & political subdivisions		28,273		28,430		157			24,859		25,024		165			29,959		30,614		655
State & political subdivisions - taxable		3,740		3,842		102			—		—		—			3,750		3,980		230
FNMA/FHLMC mortgage backed securities		48,554		49,213		659			49,318		50,952		1,634			41,632		42,431		799
GNMA mortgage backed securities		24,353		24,314		(39	)		8,607		8,718		111			19,392		19,402		10
CMO mortgage backed securities		2,068		2,098		30			—		—		—			2,461		2,490		29
Equity stocks		243		256		13			—		—		—			243		294		51
Foreign debt securities		1,750		1,750		—			1,500		1,499		(1	)		1,250		1,250		—
Bond - mutual funds		34,491		34,722		231			36,943		36,970		27			62,354		63,541		1,187
Corporate bonds		10,803		10,644		(159	)		—		—		—			—		—		—

Total Investment Portfolio	$	315,587	$	317,052	$	1,465		$	206,689	$	208,224	$	1,535		$	352,483	$	356,838	$	4,355


Capital Ratios
Bryn Mawr Trust Company Consolidated	Regulatory Minimum To Be Well Capitalized			12/31/2010			9/30/2010			6/30/2010			3/31/2010			12/31/2009
Tier I Capital to Risk Weighted Assets (RWA)		6.00	%		11.05	%		10.37	%		10.72	%		9.32	%		9.06	%
Total (Tier II) Capital to RWA		10.00	%		13.47	%		12.77	%		13.73	%		12.41	%		12.20	%
Tier I Leverage Ratio		5.00	%		8.62	%		8.27	%		9.29	%		8.28	%		8.03	%
Tangible Common Equity Ratio					8.42	%		8.20	%		8.65	%		7.50	%		7.22	%

Bryn Mawr Bank Corporation
Tier I Capital to Risk Weighted Assets (RWA)		6.00	%		11.30	%		10.82	%		11.95	%		9.70	%		9.41	%
Total (Tier II) Capital to RWA		10.00	%		13.71	%		13.21	%		14.95	%		12.78	%		12.53	%
Tier I Leverage Ratio		5.00	%		8.85	%		8.65	%		10.38	%		8.63	%		8.35	%
Tangible Common Equity Ratio					8.01	%		7.95	%		9.66	%		7.82	%		7.51	%

Bryn Mawr Bank Corporation

Consolidated Balance Sheets - (unaudited)

(Dollars in thousands)


For the period ended:	Dec 31, 2010			Sept 30, 2010			June 30, 2010			Mar 31, 2010			Dec 31, 2009
Assets
Interest bearing deposits with banks	$	78,410		$	42,089		$	43,943		$	71,680		$	58,472
Money market funds		113			223			86			402			9,175
Investment securities - AFS		317,052			356,838			254,888			173,816			208,224
Loans held for sale		4,838			4,686			4,254			2,214			3,007
Portfolio loans:
Consumer		12,200			13,255			12,272			12,059			12,717
Commercial & industrial		239,366			239,823			235,080			234,300			233,288
Commercial mortgages		385,615			358,486			278,614			275,068			265,023
Construction		45,303			48,674			43,787			41,506			38,444
Residential mortgages		261,983			251,836			108,009			110,412			110,653
Home equity lines & loans		216,853			226,765			180,826			175,748			177,863
Leases		35,397			37,599			40,702			44,007			47,751

Total portfolio loans and leases		1,196,717			1,176,438			899,290			893,100			885,739

Earning assets		1,597,130			1,580,274			1,202,461			1,141,212			1,164,617
Cash and due from banks		10,961			11,090			14,593			17,995			11,670
Allowance for loan and lease losses		(10,275	)		(10,297	)		(9,841	)		(9,740	)		(10,424	)
Premises and equipment		29,158			29,340			21,779			21,724			21,438
Goodwill		17,660			16,671			6,301			6,301			6,301
Intangible assets		5,113			5,190			5,267			5,344			5,421
Core deposit intangible		1,951			2,038			—			—			—
Bank owned life insurance (“BOLI”)		18,972			18,838			—			—			—
FHLB stock		14,227			14,976			7,916			7,916			7,916
Deferred income taxes		14,551			15,071			4,596			4,960			4,991
Other assets		32,320			30,993			27,600			25,499			26,891

Total assets	$	1,731,768		$	1,714,184		$	1,280,672		$	1,221,211		$	1,238,821

Liabilities and shareholders’ equity
Interest-bearing checking	$	234,107		$	206,091		$	149,762		$	143,735		$	151,432
Money market		327,824			324,384			261,578			244,747			229,836
Savings		134,163			140,296			98,760			103,233			101,719
Other wholesale deposits		80,112			63,376			63,260			47,687			52,174
Wholesale deposits		37,201			36,582			33,421			43,352			36,118
Time deposits		245,669			261,839			141,803			136,927			153,705

Interest-bearing deposits		1,059,076			1,032,568			748,584			719,681			724,984
Non-interest bearing deposits		282,356			227,080			204,898			194,697			212,903

Total deposits		1,341,432			1,259,648			953,482			914,378			937,887
Subordinated debentures		22,500			22,500			22,500			22,500			22,500
Junior subordinated debentures		12,029			12,041			—			—			—
Repurchase agreements		10,051			11,883			—			—			—
Borrowed funds		158,144			221,793			139,640			142,244			144,826
Mortgage payable		2,000			2,016			2,031			2,046			2,062
Other liabilities		24,194			25,976			28,838			33,772			27,610
Shareholders’ equity		161,418			158,327			134,181			106,271			103,936

Total liabilities and shareholders’ equity	$	1,731,768		$	1,714,184		$	1,280,672		$	1,221,211		$	1,238,821

Consolidated Quarterly Average Balance Sheets - (unaudited)
	2010 4Q			2010 3Q			2010 2Q			2010 1Q			2009 4Q
Assets
Interest bearing deposits with banks	$	108,278		$	95,226		$	60,317		$	27,300		$	52,958
Money market funds		138			106			248			1,426			14,334
Trading securities		—			—			—			—			1,502
Investment securities		334,252			346,275			223,901			200,482			182,925
Loans held for sale		5,981			3,741			3,107			2,975			4,441
Portfolio loans and leases		1,185,456			1,171,605			894,657			892,184			882,956

Earning assets		1,634,105			1,616,953			1,182,230			1,124,367			1,139,116
Cash and due from banks		13,583			12,668			10,079			10,627			11,713
Allowance for loan and lease losses		(10,403	)		(10,068	)		(9,904	)		(10,620	)		(10,557	)
Premises and equipment		29,159			29,685			21,860			21,578			21,358
Goodwill		16,682			16,671			6,302			6,302			4,840
Intangible assets		5,157			5,234			5,311			5,388			5,465
Core deposit intangible		2,007			2,097			—			—			—
Bank owned life insurance		18,885			18,750			—			—			—
Deferred tax asset		15,143			13,310			4,800			4,734			5,173
Other assets		43,817			44,748			31,924			31,183			27,294

Total assets	$	1,768,135		$	1,750,048		$	1,252,602		$	1,167,247		$	1,177,871

Liabilities and shareholders’ equity
Interest-bearing checking	$	237,776		$	215,846		$	150,604		$	143,935		$	139,494
Money market		329,601			318,943			253,425			240,542			218,691
Savings		142,434			141,180			101,444			99,925			93,687
Other wholesale deposits		74,330			67,596			65,576			42,030			53,617
Wholesale deposits		38,863			36,864			36,387			43,026			56,447
Time deposits		253,631			269,653			142,552			139,959			162,300

Interest-bearing deposits		1,076,635			1,050,082			749,988			709,417			724,236
Non-interest bearing deposits		280,944			226,439			193,118			189,314			185,133

Total deposits		1,357,579			1,276,521			943,106			898,731			909,369
Subordinated debentures		22,500			22,500			22,500			22,500			22,500
Junior subordinated debentures		12,037			12,066			—			—			—
Repurchase agreements		11,827			10,848			—			—			—
Borrowed funds		176,362			241,672			140,836			143,939			145,994
Mortgage payable		2,010			2,026			2,040			2,056			2,070
Other liabilities		26,601			25,434			24,982			21,315			22,150
Shareholders’ equity		159,219			158,981			119,138			105,018			102,319

Total liabilities and shareholders’ equity	$	1,768,135		$	1,750,048		$	1,252,602		$	1,193,559		$	1,204,402

Bryn Mawr Bank Corporation

Consolidated Average Balance Sheets - (unaudited)

(Dollars in thousands)


	2010 Year-to-date			2009 Year-to-date
Assets
Interest bearing deposits with banks	$	73,046		$	34,946
Fed funds sold		—			548
Money market funds		475			38,662
Trading securities		—			2,294
Investment securities		276,887			145,304
Loans held for sale		3,951			5,611
Portfolio loans and leases		1,037,158			886,907

Earning assets		1,391,517			1,114,272

Cash and due from banks		11,750			11,248
Allowance for loan and lease losses		(10,248	)		(10,421	)
Premises and equipment		25,603			21,392
Goodwill		11,531			4,798
Intangible assets		5,273			5,580
Core deposit intangible		1,034			—
Bank owned life insurance		9,486			1,665
FHLB stock		10,838			7,916
Deferred tax asset		9,535			5,364
Other assets		27,051			18,681

Total assets	$	1,493,370		$	1,180,495

Liabilities and shareholders’ equity
Interest-bearing checking	$	187,376		$	136,202
Money market		285,963			185,225
Savings		121,417			87,096
Other wholesale deposits		62,875			33,988
Wholesale deposits		38,379			83,277
Time deposits		201,947			190,071

Interest-bearing deposits		897,957			715,859

Non-interest bearing deposits		222,715			172,469

Total deposits		1,120,672			888,328

Subordinated debentures		22,500			20,260
Borrowed funds		175,972			149,936
Junior subordinated debentures		6,075			—
Repurchase agreements		5,715			—
Mortgage payable		2,033			1,450
Other liabilities		24,602			22,502
Shareholders’ equity		135,801			98,019

Total liabilities and shareholders’ equity	$	1,493,370		$	1,180,495

Quarterly Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields - (unaudited)


	4th Quarter 2010								3rd Quarter 2010								2nd Quarter 2010								1st Quarter 2010								4th Quarter 2009
(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
Assets:
Interest-bearing deposits with other banks	$	108,208		$	66		0.24	%	$	95,226		$	61		0.25	%	$	60,317		$	37		0.25	%	$	27,300		$	14		0.21	%	$	52,958		$	30		0.22	%
Money market funds		138			—		—			106			—		—			248			—		—			1,426			1		0.28	%		14,334			9		0.25	%
Investment securities available for sale:
Taxable		305,281			1,315		1.71	%		316,276			1,351		1.69	%		199,106			867		1.75	%		175,632			1,021		2.36	%		159,015			1,144		2.85	%
Tax-exempt		28,971			273		3.74	%		29,999			272		3.60	%		24,796			271		4.38	%		24,850			278		4.54	%		25,412			278		4.34	%

Investment securities available for sale		334,252			1,588		1.88	%		346,275			1,623		1.86	%		223,902			1,138		2.04	%		200,482			1,299		2.63	%		184,427			1,422		3.06	%
Loans and leases *		1,191,437			17,110		5.70	%		1,175,346			16,944		5.72	%		897,764			12,801		5.72	%		895,159			12,724		5.76	%		887,397			12,860		5.75	%

Total interest earning assets		1,634,035			18,764		4.56	%		1,616,953			18,628		4.57	%		1,182,231			13,976		4.74	%		1,124,367			14,038		5.06	%		1,139,116			14,321		4.99	%
Cash and due from banks		13,583								12,668								10,079								10,627								11,713
Less allowance for loan and lease losses		(10,403	)							(10,068	)							(9,904	)							(10,620	)							(10,557	)
Other assets		130,920								130,495								70,196								69,185								64,130

Total assets	$	1,768,135							$	1,750,048							$	1,252,602							$	1,193,559							$	1,204,402

Liabilities:
Savings, NOW and market rate deposits	$	709,811		$	793		0.44	%	$	675,969		$	841		0.49	%	$	505,473		$	666		0.53	%	$	484,402		$	656		0.55	%	$	451,873		$	752		0.66	%
Other wholesale deposits		74,331			88		0.47	%		67,596			81		0.48	%		65,576			79		0.48	%		42,030			51		0.49	%		53,617			60		0.44	%
Wholesale deposits		38,862			145		1.48	%		36,864			161		1.73	%		36,387			162		1.79	%		43,026			185		1.74	%		56,446			278		1.95	%
Time deposits		253,631			626		0.98	%		269,653			654		0.96	%		142,552			458		1.29	%		139,959			454		1.32	%		162,300			681		1.66	%

Total interest-bearing deposits		1,076,635			1,652		0.61	%		1,050,082			1,737		0.66	%		749,988			1,365		0.73	%		709,417			1,346		0.77	%		724,236			1,771		0.97	%
Subordinated debt		22,500			282		4.97	%		22,500			293		5.17	%		22,500			280		4.99	%		22,500			273		4.92	%		22,500			282		4.97	%
Junior subordinated debentures		12,037			272		8.97	%		12,066			223		7.33	%		—			—		—			—			—		—			—			—		—
Repurchase agreements		11,827			7		0.23	%		10,848			8		0.29	%		—			—		—			—			—		—			—			—		—
Mortgage payable		2,010			28		5.53	%		2,026			29		5.68	%		2,040			29		5.70	%		2,056			28		5.52	%		2,070			29		5.56	%
Borrowed funds		176,362			1,164		2.62	%		241,672			1,401		2.30	%		140,836			1,099		3.13	%		143,939			1,130		3.18	%		145,995			1,184		3.22	%

Total interest-bearing liabilities		1,301,371			3,405		1.04	%		1,339,194			3,691		1.09	%		915,364			2,773		1.22	%		877,912			2,777		1.28	%		894,801			3,266		1.45	%
Noninterest-bearing deposits		280,944								226,439								193,118								189,314								185,133
Other liabilities		26,601								25,434								24,982								21,315								22,149

Total noninterest-bearing liabilities		307,545								251,873								218,100								210,629								207,282
Total liabilities		1,608,916								1,591,067								1,133,464								1,088,541								1,102,083
Shareholders’ equity		159,219								158,981								119,138								105,018								102,319

Total liabilities and shareholders’ equity	$	1,768,135							$	1,750,048							$	1,252,602							$	1,193,559							$	1,204,402

Interest income to earning assets							4.56	%							4.57	%							4.74	%							5.06	%							4.99	%
Net interest spread							3.52	%							3.48	%							3.52	%							3.78	%							3.54	%
Effect of noninterest-bearing sources							0.21	%							0.18	%							0.32	%							0.28	%							0.31	%

Net interest income/ margin on earning assets				$	15,359		3.73	%				$	14,937		3.66	%				$	11,203		3.84	%				$	11,261		4.06	%				$	11,055		3.85	%

Tax equivalent adjustment				$	159		0.04	%				$	155		0.04	%				$	144		0.05	%				$	144		0.05	%				$	130		0.04	%

*	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.

Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields

For the Twelve months ended December 31,


	2010								2009
(dollars in thousands)	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	$	73,046			178		0.24	%	$	34,946		$	74		0.21	%
Federal funds sold		—			—		—			548			1		0.18	%
Money market funds		475			1		0.21	%		38,662			197		0.51	%
Investment securities available for sale:
Taxable		249,714			4,555		1.82	%		129,780			4,398		3.39	%
Tax-exempt		27,173			1,094		4.03	%		17,818			776		4.36	%

Investment securities available for sale		276,887			5,649		2.04	%		147,598			5,174		3.51	%
Loans and leases *		1,041,109			59,579		5.72	%		892,518			51,835		5.81	%

Total interest earning assets		1,391,517			65,407		4.70	%		1,114,272			57,281		5.14	%
Cash and due from banks		11,750								11,249
Less allowance for loan and lease losses		(10,248	)							(10,421	)
Other assets		100,351								65,395

Total assets	$	1,493,370							$	1,180,495

Liabilities:
Savings,NOW and market rate deposits	$	594,756		$	2,957		0.50	%	$	408,523		$	3,094		0.76	%
IND / IDC deposits		62,875			301		0.48	%		33,988			148		0.44	%
Wholesale deposits		38,379			651		1.70	%		83,277			2,084		2.50	%
Time deposits		201,947			2,192		1.09	%		190,071			4,644		2.44	%

Total interest-bearing deposits		897,957			6,101		0.68	%		715,859			9,970		1.39	%
Subordinated debt		22,500			1,129		5.02	%		20,260			1,108		5.47	%
Junior subordinated debentures		6,076			494		8.13	%		—			—		—
Repurchase agreements		5,715			16		0.28	%		—			—		—
Mortgage payable		2,033			114		5.61	%		1,450			82		5.66	%
Borrowed funds		175,972			4,792		2.72	%		149,937			4,939		3.29	%

Total interest-bearing liabilities		1,110,253			12,646		1.14	%		887,506			16,099		1.81	%
Noninterest-bearing deposits		222,715								172,468
Other liabilities		24,601								22,502

Total noninterest-bearing liabilities		247,316								194,970
Total liabilities		1,357,569								1,082,476
Shareholders’ equity		135,801								98,019

Total liabilities and shareholders’ equity	$	1,493,370							$	1,180,495

Interest income to earning assets							4.70	%							5.14	%
Net interest spread							3.56	%							3.33	%
Effect of noninterest-bearing sources							0.23	%							0.37	%

Net interest income/ margin on earning assets				$	52,761		3.79	%				$	41,182		3.70	%

Tax equivalent adjustment				$	611		0.04	%				$	389		0.04	%

*	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.

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BRYN MAWR BANK CORP Reports