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

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8-K - BRYN MAWR BANK CORPORATION -- FORM 8-K - BRYN MAWR BANK CORP	d247939d8k.htm
EX-99.3 - SLIDE PRESENTATION - BRYN MAWR BANK CORP	d247939dex993.htm
EX-99.2 - SCRIPT FOR OCTOBER 28, 2011 EARNINGS CONFERENCE CALL - BRYN MAWR BANK CORP	d247939dex992.htm

Exhibit 99.1

LOGO

Bryn Mawr Bank Corporation

Bryn Mawr Bank Corporation Reports a Strong Third Quarter with

Net Income of $5.0 million and Year to Date Net Income of $14.5 Million

BRYN MAWR, Pa., October 27, 2011 - Bryn Mawr Bank Corporation (NASDAQ: BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported its fourth consecutive quarter with annualized return on average assets of over 1.1% and annualized return on average equity of over 10.0%. The Corporation posted net income of $5.0 million and diluted earnings per share of $0.39 for the three months ended September 30, 2011 as compared to a net loss of $1.0 million and diluted loss per share of $0.08 for the same period in 2010. Net income for the three months ended September 30, 2010 included pre-tax, due diligence and merger-related expenses of $4.3 million related to the July 1, 2010 merger with First Keystone Financial, Inc. (the “FKF Merger”), as compared to pre-tax due diligence and merger-related expenses of $135 thousand for the three months ended September 30, 2011. Net income exclusive of due diligence and merger-related expenses (a non-GAAP measure¹) for the three months ended September 30, 2011 was $5.1 million, an increase of $3.3 million, or 183.4%, as compared to $1.8 million for the same period in 2010, primarily the result of a $2.4 million decrease in the provision for loan and lease losses between periods.

For the nine months ended September 30, 2011, the Corporation reported net income of $14.5 million and diluted earnings per share of $1.15, as compared to net income of $3.6 million and diluted earnings per share of $0.35 for the same period in 2010. Net income for the nine months ended September 30, 2010 included pre-tax due diligence and merger-related expenses of $5.3 million related to the FKF Merger, as compared to pre-tax due diligence and merger-related expenses of $616 thousand for the nine months ended September 30, 2011. Net income

¹	See “Non-GAAP Financial Measures (Quarterly)” on page 14.

exclusive of due diligence and merger-related expenses (a non-GAAP measure²) for the nine months ended September 30, 2011 was $14.9 million, an increase of $7.9 million, or 112.9%, as compared to $7.0 million for the same period in 2010, primarily related to the FKF Merger.

Total assets as of September 30, 2011 were $1.76 billion, as compared to $1.73 billion and $1.71 billion as of December 31, 2010 and September 30, 2010, respectively.

On October 27, 2011, the Board of Directors of the Corporation declared a quarterly dividend of $0.15 per share. The dividend is payable December 1, 2011 to shareholders of record as of November 8, 2011.

The financial results for the three months ended September 30, 2011, as compared to the same period in 2010, reflect the impact of the May 27, 2011 acquisition of the Private Wealth Management Group of the Hershey Trust Company (“PWMG”); whereas the financial results for the nine months ended September 30, 2011, as compared to the same period in 2010, reflect the significant impact of the FKF Merger, which closed on July 1, 2010.

Ted Peters, Chairman and Chief Executive Officer, commented, “We are pleased to report another solid quarter of earnings, as we have managed to weather these difficult economic times extremely well. We are looking forward to continued growth and profitability in the coming quarters.” Mr. Peters continued, “Our acquisitions of First Keystone Bank and The Private Wealth Management Group of Hershey Trust have both been nicely accretive to earnings.”

²	See “Non-GAAP Financial Measures (“Year-to-Date”) on page 15.

SIGNIFICANT ITEMS OF NOTE

•

Net income of $5.0 million for the three months ended September 30, 2011 increased $6.0 million from a net loss of $1.0 million for the same period in 2010. The increase was largely due to decreases of $4.2 million and $2.4 million in due diligence and merger-related expenses and provision for loan and lease losses, respectively, for the three months ended September 30, 2011, as compared to the same period in 2010. In addition to the reduction in due diligence and merger-related costs and provision for loan and lease losses, fees for wealth management services for the three months ended September 30, 2011 increased $2.4 million as compared to the same period in 2010. Fees for wealth management service attributable to the May 27, 2011 acquisition of PWMG accounted for $2.0 million of this increase.

•

Net interest income for the three months ended September 30, 2011 was $15.7 million, an increase of $872 thousand, or 5.9 %, from $14.8 million for the same period in 2010. The primary reasons for the increase were a 7.2% increase in average portfolio loans along with a 38.9% decrease in average Federal Home Loan Bank (“FHLB”) advances for the three months ended September 30, 2011 as compared to the same period in 2010.

•

Non-interest income for the three months ended September 30, 2011 was $9.3 million as compared to $7.1 million for the same period in 2010, an increase of $2.2 million or 31.5%. The increase in non-interest income was largely attributable to the $2.4 million increase in fees for wealth management services mentioned above, partially offset by a $424 thousand decrease in gain on sale of residential mortgage loans for the three months ended September 30, 2011, as compared to the same period in 2010, as residential mortgage loan refinancings declined from the levels seen during the same period in 2010.

•

Non-interest expense for the three months ended September 30, 2011 decreased $3.4 million, to $16.0 million as compared to $19.4 million for the same period in 2010. Contributing to the decrease was a $4.2 million decrease in due diligence and merger-related expenses, which was partially offset by increases of $300 thousand, $592 thousand and $374 thousand in impairment of mortgage servicing rights, salary and benefits,

and amortization of intangible assets, respectively, for the three months ended September 30, 2011, as compared to the same period in 2010, the latter two of which were largely due to our May 27, 2011 acquisition of PWMG.

•

Revenue from the Wealth Management Division for the three months ended September 30, 2011 was $6.1 million, an increase of 65.3% from the $3.7 million generated in the same period in 2010. Wealth Management Division assets under management, administration, supervision and brokerage as of September 30, 2011 were $4.5 billion, an increase of $1.1 billion, or 31.9%, from December 31, 2010, and a $1.2 billion, or 36.8%, increase from September 30, 2010. The increases are primarily due to the acquisition of PWMG and the continued successes of strategic initiatives within the division.

•

The allowance for loan and lease losses (the “Allowance”), as of September 30, 2011, of $11.6 million, was 0.91% of portfolio loans and leases, as compared to $10.3 million or 0.86% of portfolio loans and leases as of December 31, 2010. In calculating the Allowance as a percentage of portfolio loans and leases, portfolio loans and leases include those originated by the Bank (“originated loans and leases”), as well as loans acquired in the FKF Merger. In accordance with accounting principles generally accepted in the United States (“GAAP”), the loan portfolio acquired in the FKF Merger was recorded at its fair value without its previously recorded Allowance. The Allowance related to originated loans and leases, as a percentage of originated loans and leases (a non-GAAP measure¹), was 1.08% as of both September 30, 2011 and December 31, 2010.

•

Nonperforming loans and leases as of September 30, 2011 were 1.11% of total portfolio loans and leases, as compared to 0.79% as of December 31, 2010. Net loan and lease charge-offs for the three months ended September 30, 2011 totaled $1.5 million, as compared to net loan and lease charge-offs of $3.8 million for the three months ended September 30, 2010. The provision for loan and lease losses (the “Provision”) for the three months ended September 30, 2011 was $1.8 million, a decrease of $2.4 million as compared to the same period in 2010.

•

Total portfolio loans and leases of $1.28 billion, as of September 30, 2011, increased $81.6 million, or 6.8%, as compared to $1.20 billion as of December 31, 2010. The

¹	See “Non-GAAP Financial Measures (Quarterly)” on page 14.

growth was concentrated primarily in the commercial and industrial, commercial mortgage, construction and residential mortgage categories of the portfolio.

•

Deposits of $1.4 billion, as of September 30, 2011, increased $9.7 million from December 31, 2010. This slight increase was the result of a $56.6 million increase in money market accounts, partially offset by a $22.9 million decrease in wholesale deposits and a $21.3 million decrease in time deposits between the respective dates.

•

The tax-equivalent net interest margin of 3.90% for the three months ended September 30, 2011 was a 24 basis point increase from the 3.66% tax-equivalent net interest margin for the same period in 2010. The increase was largely due to a $91.5 million decrease in average interest-bearing liabilities, mainly FHLB advances, for the three months ended September 30, 2011, as compared to the same period in 2010. Partially replacing the FHLB advances was an increase of $64.0 million in average non-interest-bearing deposits for the three months ended September 30, 2011, as compared to the same period in 2010.

•

The capital ratios for the Bank and the Corporation, as of September 30, 2011, as shown in the table on page 15, indicate levels above those deemed to be considered “well capitalized.” The Corporation’s tangible common equity ratio, as of September 30, 2011, increased 47 basis points, to 8.48%, as compared to 8.01% as of December 31, 2010. The increase was largely attributable to stock issued in the PWMG acquisition as well as stock issued through the Corporation’s Dividend Reinvestment and Stock Purchase Plan, and to a lesser extent, an increase in the Corporation’s retained earnings.

EARNINGS CONFERENCE CALL

The Corporation will hold an earnings conference call at 8:30 a.m. ET on Friday, October 28, 2011. Interested parties may participate by calling 1-877-317-6789, conference number 10004718. A taped replay of the conference call will be available one hour after the conclusion of the call and will remain available through November 14, 2011. The number to call for the taped replay is 1-877-344-7529 and the Replay Passcode is 10004718.

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 – Investments / Shareholder 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”, “are optimistic”, “are looking”, “are looking forward”, 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 including our acquisition of the Private Wealth Management Group of the Hershey Trust Company; 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
	Sept 30, 2011		June 30, 2011			Mar 31, 2011			Dec 31, 2010			Sept 30, 2010
Interest income	$	18,672	$	18,851		$	18,226		$	18,605		$	18,473
Interest expense		3,018		3,052			2,819			3,405			3,691


Net interest income		15,654		15,799			15,407			15,200			14,782
Provision for loan and lease losses		1,828		1,919			1,285			1,511			4,236

Net interest income after provision for loan and lease losses		13,826		13,880			14,122			13,689			10,546

Fees for wealth management services		6,098		5,075			4,190			4,081			3,689
Loan servicing and other fees		449		460			461			443			422
Service charges on deposits		646		615			580			645			672
Net gain on sale of residential mortgage loans		764		656			398			2,398			1,189
Net gain on sale of available for sale investments		343		577			490			669			259
Net gain (loss) on sale of other real estate owned (“OREO”)		70		(110	)		(19	)		—			38
BOLI income		115		118			115			135			131
Other operating income		791		774			995			902			653

Non-interest income		9,276		8,165			7,210			9,273			7,053

Salaries and wages		7,639		6,700			6,341			7,150			7,047
Employee benefits		1,674		1,591			1,735			1,416			1,646
Occupancy and bank premises		1,225		1,241			1,286			1,177			1,195
Furniture fixtures and equipment		865		810			896			931			695
Advertising		204		441			264			321			303
Net impairment (recovery) of mortgage servicing rights		468		196			8			(356	)		168
Amortization of mortgage servicing rights		197		158			169			301			206
Intangible asset amortization		541		266			161			164			166
FDIC insurance		238		250			480			522			416
Merger related / due diligence expense		135		174			307			437			4,292
Impairment of OREO		—		—			127			—			381
Professional fees		516		738			410			603			459
Other operating expenses		2,283		2,304			2,013			2,098			2,391

Non-interest expense		15,985		14,869			14,197			14,764			19,365

Income (loss) before income taxes		7,117		7,176			7,135			8,198			(1,766	)
Income tax expense (benefit)		2,095		2,371			2,419			2,633			(746	)

Net income (loss)	$	5,022	$	4,805		$	4,716		$	5,565		$	(1,020	)


Per share data:
Weighted average shares outstanding		12,948,979		12,693,782			12,344,710			12,192,260			12,184,447
Dilutive common shares		28,643		24,491			14,401			10,742			—

Adjusted weighted average dilutive shares		12,977,622		12,718,273			12,359,111			12,203,002			12,184,447


Basic earnings per common share	$	0.39	$	0.38		$	0.38		$	0.46		$	(0.08	)

Diluted earnings per common share	$	0.39	$	0.38		$	0.38		$	0.46		$	(0.08	)

Dividend declared per share	$	0.15	$	0.15		$	0.15		$	0.14		$	0.14

Bryn Mawr Bank Corporation

Consolidated Statements of Income - (unaudited)

(Dollars in thousands, except per share data)


	For The Nine Months Ended
	Sept 30, 2011			Sept 30, 2010
Interest income	$	55,749		$	46,191
Interest expense		8,889			9,241


Net interest income		46,860			36,950
Provision for loan and lease losses		5,032			8,343

Net interest income after provision for loan and lease losses		41,828			28,607

Fees for wealth management services		15,363			11,418
Loan servicing and other fees		1,370			1,183
Service charges on deposits		1,841			1,662
Net gain on sale of residential mortgage loans		1,818			2,320
Net gain on sale of available for sale investments		1,410			1,803
BOLI income		348			131
Net (loss) gain on sale of other real estate owned (“OREO”)		(59	)		(114	)
Other operating income		2,560			1,699

Non-interest income		24,651			20,102

Salaries and wages		20,680			17,679
Employee benefits		5,000			4,568
Occupancy and bank premises		3,752			3,080
Furniture fixtures and equipment		2,571			1,847
Advertising		909			821
Net impairment (recovery) of mortgage servicing rights		672			386
Amortization of mortgage servicing rights		524			615
Intangible asset amortization		968			320
FDIC insurance		968			1,029
Merger related / due diligence expense		616			5,277
Impairment of OREO		127			381
Professional fees		1,664			1,537
Other operating expenses		6,600			5,681

Non-interest expense		45,051			43,221

Income before income taxes		21,428			5,488
Income tax expense		6,885			1,879

Net income	$	14,543		$	3,609


Per share data:
Weighted average shares outstanding		12,664,704			10,284,897
Dilutive common shares		22,512			12,836

Adjusted weighted average shares		12,687,216			10,297,733


Basic earnings per common share	$	1.15		$	0.35

Diluted earnings per common share	$	1.15		$	0.35

Dividend declared per share	$	0.45		$	0.42

Bryn Mawr Bank Corporation

Consolidated Balance Sheets - (unaudited)

(Dollars in thousands)


	Sept 30, 2011			June 30, 2011			Mar 31, 2011			Dec 31, 2010			Sept 30, 2010
Assets

Interest bearing deposits with banks	$	52,205		$	34,780		$	68,568		$	78,410		$	42,089
Money market funds		106			113			401			113			223
Investment securities - AFS		275,729			289,762			289,491			317,052			356,838

Loans held for sale		4,857			5,923			1,554			4,838			4,686

Portfolio loans:
Consumer		12,235			12,116			11,594			12,200			13,255
Commercial & industrial		271,228			257,771			240,313			239,366			239,823
Commercial mortgages		414,656			404,000			391,642			385,615			358,486
Construction		59,303			55,804			55,823			45,303			48,674
Residential mortgages		279,696			280,093			277,571			261,983			251,836
Home equity lines & loans		209,687			210,477			208,107			216,853			226,765
Leases		31,552			33,187			34,399			35,397			37,599

Total portfolio loans and leases		1,278,357			1,253,448			1,219,449			1,196,717			1,176,438
Earning assets		1,611,254			1,584,026			1,579,463			1,597,130			1,580,274

Cash and due from banks		10,801			20,620			11,609			10,961			11,090
Allowance for loan and lease losses		(11,654	)		(11,341	)		(10,649	)		(10,275	)		(10,297	)
Premises and equipment		29,615			29,469			28,996			29,158			29,340
Accrued interest receivable		6,075			6,103			6,151			6,470			6,623
Mortgage servicing rights		4,206			4,662			4,879			4,925			4,008
Goodwill		23,169			23,169			17,659			17,660			16,671
Other intangible assets		18,536			19,077			6,902			7,064			7,228
Bank owned life insurance (“BOLI”)		19,321			19,205			19,087			18,972			18,838
FHLB stock		12,198			12,840			13,516			14,227			14,976
Deferred income taxes		13,781			13,400			14,527			14,551			15,071
Other investments		4,982			5,229			5,203			5,156			3,246
Other assets		14,835			14,268			16,598			15,769			17,116


Total assets	$	1,757,119		$	1,740,727		$	1,713,941		$	1,731,768		$	1,714,184

Liabilities and shareholders’ equity

Interest-bearing checking	$	224,609		$	222,128		$	227,256		$	234,107		$	206,091
Money market		384,463			350,285			345,703			327,824			324,384
Savings		130,910			129,684			131,671			134,163			140,296
Other wholesale deposits		65,428			65,185			65,574			80,112			63,376
Wholesale time deposits		28,992			31,818			34,639			37,201			36,582
Time deposits		224,331			242,683			240,207			245,669			261,839

Interest-bearing deposits		1,058,733			1,041,783			1,045,050			1,059,076			1,032,568

Non-interest bearing deposits		292,415			295,656			271,010			282,356			227,080

Total deposits		1,351,148			1,337,439			1,316,060			1,341,432			1,259,648

Subordinated debentures		22,500			22,500			22,500			22,500			22,500
Junior subordinated debentures		11,992			12,004			12,017			12,029			12,041
Short-term borrowings		22,535			9,541			23,326			10,051			11,883
FHLB advances and other borrowings		140,532			152,501			147,238			160,144			223,809
Other liabilities		21,278			23,359			22,161			24,194			25,976
Shareholders’ equity		187,134			183,383			170,639			161,418			158,327

Total liabilities and shareholders’ equity	$	1,757,119		$	1,740,727		$	1,713,941		$	1,731,768		$	1,714,184

Bryn Mawr Bank Corporation

Consolidated Quarterly Average Balance Sheets - (unaudited)

(Dollars in thousands)


	2011 3Q			2011 2Q			2011 1Q			2010 4Q			2010 3Q
Assets

Interest bearing deposits with banks	$	57,855		$	47,159		$	47,203		$	108,278		$	95,226
Money market funds		108			217			177			138			106
Trading securities		—			—			—			—			—
Investment securities		281,567			292,097			311,181			334,252			346,275
Loans held for sale		6,060			4,347			2,315			5,981			3,741
Portfolio loans and leases		1,253,804			1,244,140			1,201,797			1,185,456			1,171,605

Earning assets		1,599,394			1,587,960			1,562,673			1,634,105			1,616,953

Cash and due from banks		11,905			12,224			12,627			13,583			12,668
Allowance for loan and lease losses		(11,790	)		(11,091	)		(10,577	)		(10,403	)		(10,068	)
Premises and equipment		29,706			29,335			29,120			29,159			29,685
Goodwill		23,169			19,745			17,659			16,682			16,671
Other intangible assets		18,860			11,669			7,001			7,164			7,331
Bank owned life insurance		19,246			19,128			19,011			18,885			18,750
Deferred income taxes		13,200			14,105			14,566			15,143			13,310
Other assets		40,266			42,805			44,651			43,817			44,748


Total assets	$	1,743,956		$	1,725,880		$	1,696,731		$	1,768,135		$	1,750,048


Liabilities and shareholders’ equity

Interest-bearing checking	$	225,569		$	229,451		$	227,703		$	237,776		$	215,846
Money market		367,276			355,740			338,565			329,601			318,943
Savings		131,421			132,046			131,610			142,434			141,180
Other wholesale deposits		65,177			65,129			75,884			74,330			67,596
Wholesale deposits		29,187			34,106			30,723			38,863			36,864
Time deposits		234,645			237,771			241,503			253,631			269,653

Interest-bearing deposits		1,053,275			1,054,243			1,045,988			1,076,635			1,050,082

Non-interest bearing deposits		290,468			279,210			275,295			280,944			226,439

Total deposits		1,343,743			1,333,453			1,321,283			1,357,579			1,276,521

Subordinated debentures		22,500			22,500			22,500			22,500			22,500
Junior subordinated debentures		12,000			12,012			12,025			12,037			12,066
Short-term borrowings		10,908			9,260			10,155			11,827			10,848
FHLB advances and other borrowings		148,963			149,215			143,327			178,372			243,698
Other liabilities		21,481			24,562			23,259			26,601			25,434
Shareholders’ equity		184,361			174,878			164,182			159,219			158,981


Total liabilities and shareholders’ equity	$	1,743,956		$	1,725,880		$	1,696,731		$	1,768,135		$	1,750,048

Bryn Mawr Bank Corporation

Consolidated Average Balance Sheets - (unaudited)

(Dollars in thousands)


	2011 Year-to-date			2010 Year-to-date
Assets

Interest bearing deposits with banks	$	50,778		$	43,900
Money market funds		167			834
Investment securities		294,840			212,257
Loans held for sale		4,299			3,041
Portfolio loans and leases		1,233,393			893,428

Earning assets		1,583,477			1,153,460

Cash and due from banks		12,249			10,297
Allowance for loan and lease losses		(11,157	)		(10,260	)
Premises and equipment		29,389			11,651
Goodwill		20,211			6,302
Intangible assets		12,554			5,259
Bank owned life insurance		19,130			—
FHLB stock		12,851			7,916
Deferred tax asset		13,952			4,596
Other assets		29,706			33,969


Total assets	$	1,722,362		$	1,223,190


Liabilities and shareholders’ equity

Interest-bearing checking	$	227,566		$	147,288
Money market		353,965			247,019
Savings		131,692			100,689
Other wholesale deposits		68,691			53,868
Wholesale deposits		31,333			39,688
Time deposits		237,948			141,263

Interest-bearing deposits		1,051,195			729,815

Non-interest bearing deposits		281,714			191,226

Total deposits		1,332,909			921,041

Subordinated debentures		22,500			22,500
FHLB advances and other borrowings		147,189			144,426
Junior subordinated debentures		12,012			—
Short-term borrowings		10,110			—
Other liabilities		23,095			23,160
Shareholders’ equity		174,547			112,063


Total liabilities and shareholders’ equity	$	1,722,362		$	1,223,190

Bryn Mawr Bank Corporation

Consolidated Selected Financial Data - (unaudited)

(Dollars in thousands, except per share data)

September 30, 2011


For the period end:	2011 3Q			2011 2Q			2011 1Q			2010 4Q			2010 3Q
Asset Quality Data

Nonaccrual loans and leases	$	14,208		$	16,128		$	10,776		$	9,497		$	8,709
90 + days past due loans - still accruing		—			—			5			10			902

Nonperforming loans and leases		14,208			16,128			10,781			9,507			9,611
Other real estate owned		1,301			811			2,341			2,527			1,170

Total nonperforming assets	$	15,509		$	16,939		$	13,122		$	12,034		$	10,781


Troubled debt restructurings included in nonperforming	$	901		$	1,478		$	2,229		$	1,879		$	657
Troubled debt restructurings in compliance with modified terms		5,847			5,469			4,766			4,693			2,417

Total troubled debt restructurings	$	6,748		$	6,947		$	6,995		$	6,572		$	3,074

Nonperforming loans and leases / portfolio loans		1.11	%		1.29	%		0.88	%		0.79	%		0.82	%
Nonperforming assets / assets		0.88	%		0.97	%		0.77	%		0.69	%		0.63	%

Net loan charge-offs (annualized)/ average loans		0.49	%		0.36	%		0.22	%		0.46	%		1.17	%
Net lease charge-offs (annualized)/ average leases		0.37	%		1.81	%		3.26	%		2.16	%		4.81	%
Net loan and lease charge-offs (annualized)/ average loans and leases		0.49	%		0.40	%		0.30	%		0.52	%		1.29	%

Delinquency rate - loans and leases >30days		1.33	%		1.35	%		1.14	%		1.28	%		1.62	%

Delinquent loans and leases - 30-89 days	$	4,480		$	3,492		$	2,604		$	5,570		$	8,283

Delinquency rate - loans and leases 30-89 days		0.35	%		0.28	%		0.22	%		0.48	%		0.71	%

Changes in the Allowance for loan and lease losses

Balance, beginning of period	$	11,341		$	10,648		$	10,275		$	10,297		$	9,841

Charge-offs		(1,817	)		(1,325	)		(1,040	)		(1,743	)		(3,934	)

Recoveries		302			99			128			210			154


Net (charge-offs) / recoveries		(1,515	)		(1,226	)		(912	)		(1,533	)		(3,780	)

Provision for loan and lease losses		1,828			1,919			1,285			1,511			4,236


Balance, end of period	$	11,654		$	11,341		$	10,648		$	10,275		$	10,297


Allowance for loan and lease losses / loans and leases		0.91	%		0.90	%		0.87	%		0.86	%		0.88	%
Allowance for originated loan and lease losses / total originated loans and leases (a non-GAAP measure)¹		1.08	%		1.09	%		1.08	%		1.08	%		1.12	%
Allowance for loan and lease losses / nonperforming loans and leases		82.0	%		70.3	%		98.8	%		108.1	%		107.1	%

¹	See “Non-GAAP Financial Measures (Quarterly)” on page 14.

Bryn Mawr Bank Corporation

Consolidated Selected Financial Data - (unaudited)

(Dollars in thousands, except per share data)

September 30, 2011


For the period and period end:	2011 3Q			2011 2Q			2011 1Q			2010 4Q			2010 3Q
Selected ratios (annualized):

Return on average assets		1.14	%		1.12	%		1.13	%		1.25	%		-0.29	%
Return on average shareholders’ equity		10.81	%		11.02	%		11.65	%		13.87	%		-2.55	%
Yield on loans and leases*		5.52	%		5.63	%		5.65	%		5.70	%		5.72	%
Yield on interest earning assets*		4.65	%		4.78	%		4.76	%		4.56	%		4.57	%
Cost of interest bearing funds		0.96	%		0.98	%		0.93	%		1.04	%		1.09	%
Net interest margin*		3.90	%		4.01	%		4.03	%		3.73	%		3.66	%
Book value per share	$	14.30		$	14.17		$	13.61		$	13.24		$	12.99
Tangible book value per share	$	11.11		$	10.91		$	11.65		$	11.21		$	11.03
Period end shares outstanding		13,086,770			12,941,320			12,538,926			12,195,240			12,190,991

Selected data:

Mortgage loans originated	$	38,998		$	31,072		$	38,144		$	107,905		$	67,304

Mortgage loans sold - servicing retained	$	26,090		$	14,957		$	13,302		$	77,448		$	34,874
Mortgage loans sold - servicing released		1,922			2,196			948			677			2,234

Total mortgage loans sold	$	28,012		$	17,153		$	14,250		$	78,125		$	37,108

Basis point yield on loans sold		273			382			279			307			320

Mortgage loans serviced for others	$	593,125		$	595,196		$	596,655		$	605,485		$	578,293

Total Wealth assets under management / administration / supervision / brokerage¹	$	4,501,433		$	4,830,417		$	3,600,649		$	3,412,890		$	3,291,293

*	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.


Non-GAAP Financial Measures (Quarterly):²

Net income, exclusive of due diligence and merger related expense (a non-GAAP measure)

Net income as reported (GAAP measure)	$	5,022		$	4,805		$	4,716		$	5,565		$	(1,020	)
Tax effected due diligence and merger related expense (tax rate of 35%)		88			113			200			284			2,790

Net income, exclusive of due diligence and merger related expense (non-GAAP measure)	$	5,110		$	4,918		$	4,916		$	5,849		$	1,770


Allowance for originated loan and lease losses / total originated loans and leases (a non-GAAP measure)

Allowance for loan and lease losses (GAAP measure)	$	11,654		$	11,341		$	10,648		$	10,275		$	10,297
Less: allowance for loan and lease losses related to acquired loans		123			104			28			—			—

Allowance for loan and lease losses related to originated loans and leases (non-GAAP measure)	$	11,531		$	11,237		$	10,620		$	10,275		$	10,297

Total portfolio loans and leases (GAAP measure)	$	1,278,357		$	1,253,448		$	1,219,449		$	1,196,717		$	1,176,438
Less: acquired loans		211,445			223,459			233,435			244,833			259,982

Total originated loans and leases (non-GAAP measure)	$	1,066,912		$	1,029,989		$	986,014		$	951,884		$	916,456


Allowance for loan and lease losses / total portfolio loans and leases (GAAP measure)		0.91	%		0.90	%		0.87	%		0.86	%		0.88	%
Allowance related to originated loan and lease losses / total originated loans and leases (non-GAAP measure)		1.08	%		1.09	%		1.08	%		1.08	%		1.12	%

The Corporation believes that the presentation of these non-GAAP financial measures provide useful supplemental information that is essential to an investor’s proper understanding of the financial condition of the Corporation. These non-GAAP measures should not be viewed as a substitute for the financial measures determined in accordance with GAAP, nor is it necessarily comparable to a non-GAAP performance measure that may be presented by other companies. The reconciliation of the GAAP to non-GAAP measure is included above.

Bryn Mawr Bank Corporation

Consolidated Selected Financial Data - (unaudited)

(Dollars in thousands, except per share data)

September 30, 2011


	2011 Year-to-date			2010 Year-to-date
Selected ratios (annualized):

Return on average assets		1.13	%		0.34	%
Return on average shareholders’ equity		11.14	%		3.77	%
Yield on loans and leases*		5.59	%		5.73	%
Yield on interest earning assets*		4.73	%		4.76	%
Cost of interest bearing funds		0.96	%		1.18	%
Net interest margin*		3.98	%		3.82	%

Selected data:

Mortgage loans originated	$	108,214		$	119,999

Mortgage loans sold - servicing retained	$	54,349		$	70,969
Mortgage loans sold - servicing released		5,066			7,351

Total mortgage loans sold	$	59,415		$	78,320

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

Non-GAAP Financial Measures (Year-to-Date): ⁽²⁾

Net income, exclusive of due diligence and merger related expense (a non-GAAP measure)

Net income as reported (GAAP measure)	$	14,543		$	3,609
Tax effected due diligence and merger related expense (tax rate of 35%)		400			3,430

Net income, exclusive of due diligence and merger related expense (non-GAAP measure)	$	14,943		$	7,039


Investment Portfolio

	As of Sept 30, 2011							As of December 31, 2010							As of Sept 30, 2010
($’s in thousands)	Amortized Cost		Fair Value		Net Unrealized Gain /(Loss)			Amortized Cost		Fair Value		Net Unrealized Gain /(Loss)			Amortized Cost		Fair Value		Net Unrealized Gain /(Loss)
SECURITY DESCRIPTION
U. S. treasury obligations	$	—	$	—	$	—		$	5,011	$	5,145	$	134		$	5,012	$	5,227	$	215
Obligations of U. S. government and agencies		114,072		114,509		437			156,301		156,638		337			186,430		187,609		1,179
State & political subdivisions		3,428		3,467		39			32,013		32,272		259			33,709		34,594		885
Mortgage backed securities		104,783		107,097		2,314			72,907		73,527		620			61,024		61,833		809
Collateralized mortgage obligations		21,695		21,920		225			2,068		2,098		30			2,461		2,490		29
Equity securities		243		284		41			243		256		13			243		294		51
Other debt securities		1,400		1,400		—			1,750		1,750		—			1,250		1,250		—
Bond - mutual funds		11,940		11,860		(80	)		34,491		34,722		231			62,354		63,541		1,187
Investment CD’s		2,425		2,430		5			—		—		—			—		—		—
Corporate bonds		12,664		12,762		98			10,803		10,644		(159	)		—		—		—

Total Investment Portfolio	$	272,650	$	275,729	$	3,079		$	315,587	$	317,052	$	1,465		$	352,483	$	356,838	$	4,355


Capital Ratios
	Regulatory Minimum To Be Well Capitalized			9/30/2011			6/30/2011			3/31/2011			12/31/2010			9/30/2010
Bryn Mawr Trust Company Consolidated

Tier I Capital to Risk Weighted Assets (RWA)		6.00	%		11.32	%		11.05	%		11.45	%		11.05	%		10.37	%
Total (Tier II) Capital to RWA		10.00	%		13.82	%		13.56	%		13.91	%		13.47	%		12.77	%
Tier I Leverage Ratio		5.00	%		9.15	%		8.94	%		9.29	%		8.62	%		8.27	%
Tangible Common Equity Ratio		N/A			8.79	%		8.54	%		8.78	%		8.42	%		8.20	%

Bryn Mawr Bank Corporation

Tier I Capital to Risk Weighted Assets (RWA)		6.00	%		11.70	%		11.55	%		12.07	%		11.30	%		10.82	%
Total (Tier II) Capital to RWA		10.00	%		14.19	%		14.05	%		14.52	%		13.71	%		13.21	%
Tier I Leverage Ratio		5.00	%		9.47	%		9.36	%		9.80	%		8.85	%		8.65	%
Tangible Common Equity Ratio		N/A			8.48	%		8.31	%		8.65	%		8.01	%		7.95	%

Bryn Mawr Bank Corporation

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


	3rd Quarter 2011								2nd Quarter 2011								1st Quarter 2011								4th Quarter 2010								3rd Quarter 2010
(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	$	57,855		$	29		0.20	%	$	47,159		$	27		0.23	%	$	47,203		$	32		0.27	%	$	108,208		$	66		0.24	%	$	95,226		$	61		0.25	%
Money market funds		108			—		—			217			—		—			177			—		—			138			—		—			106			—		—
Investment securities available for sale:
Taxable		277,634			1,159		1.66	%		287,007			1,357		1.90	%		285,506			1,312		1.86	%		305,281			1,315		1.71	%		316,276			1,351		1.69	%
Tax-exempt		3,933			18		1.82	%		5,090			25		1.97	%		25,675			244		3.85	%		28,971			273		3.74	%		29,999			272		3.60	%

Investment securities available for sale		281,567			1,177		1.66	%		292,097			1,382		1.90	%		311,181			1,556		2.03	%		334,252			1,588		1.88	%		346,275			1,623		1.86	%

Loans and leases *		1,259,864			17,529		5.52	%		1,248,487			17,516		5.63	%		1,204,112			16,771		5.65	%		1,191,437			17,110		5.70	%		1,175,346			16,944		5.72	%


Total interest earning assets		1,599,394			18,735		4.65	%		1,587,960			18,925		4.78	%		1,562,673			18,359		4.76	%		1,634,035			18,764		4.56	%		1,616,953			18,628		4.57	%

Cash and due from banks		11,905								12,224								12,627								13,583								12,668
Less allowance for loan and lease losses		(11,790	)							(11,091	)							(10,577	)							(10,403	)							(10,068	)
Other assets		144,447								136,787								132,008								130,920								130,495


Total assets	$	1,743,956							$	1,725,880							$	1,696,731							$	1,768,135							$	1,750,048


Liabilities:

Savings, NOW and market rate deposits	$	724,266		$	772		0.42	%	$	717,237		$	759		0.42	%	$	697,878		$	718		0.42	%	$	709,811		$	793		0.44	%	$	675,969		$	841		0.49	%
Other wholesale deposits		65,177			51		0.31	%		65,129			52		0.32	%		75,884			70		0.37	%		74,331			88		0.47	%		67,596			81		0.48	%
Wholesale deposits		29,187			86		1.17	%		34,106			87		1.02	%		30,723			75		0.99	%		38,862			145		1.48	%		36,864			161		1.73	%
Time deposits		234,645			585		0.99	%		237,771			620		1.05	%		241,503			560		0.94	%		253,631			626		0.98	%		269,653			654		0.96	%

Total interest-bearing deposits		1,053,275			1,494		0.56	%		1,054,243			1,518		0.58	%		1,045,988			1,423		0.55	%		1,076,635			1,652		0.61	%		1,050,082			1,737		0.66	%

Subordinated debentures		22,500			279		4.92	%		22,500			279		4.97	%		22,500			277		4.99	%		22,500			282		4.97	%		22,500			293		5.17	%
Junior subordinated debentures		12,000			271		8.96	%		12,012			271		9.05	%		12,024			271		9.14	%		12,037			272		8.97	%		12,066			223		7.33	%
Short-term borrowings		10,908			6		0.22	%		9,260			6		0.26	%		10,155			6		0.24	%		11,827			7		0.23	%		10,848			8		0.29	%
FHLB advances and other borrowings		148,963			968		2.58	%		149,215			978		2.63	%		143,328			842		2.38	%		178,309			1,192		2.65	%		243,698			1,430		2.33	%

Total interest-bearing liabilities		1,247,646			3,018		0.96	%		1,247,230			3,052		0.98	%		1,233,995			2,819		0.93	%		1,301,308			3,405		1.04	%		1,339,194			3,691		1.09	%

Noninterest-bearing deposits		290,468								279,210								275,295								280,944								226,439
Other liabilities		21,481								24,562								23,259								26,601								25,434

Total noninterest-bearing liabilities		311,949								303,772								298,554								307,545								251,873

Total liabilities		1,559,595								1,551,002								1,532,549								1,608,853								1,591,067

Shareholders’ equity		184,361								174,878								164,182								159,219								158,981


Total liabilities and shareholders’ equity	$	1,743,956							$	1,725,880							$	1,696,731							$	1,768,072							$	1,750,048


Interest income to earning assets							4.65	%							4.78	%							4.76	%							4.56	%							4.57	%

Net interest spread							3.69	%							3.80	%							3.83	%							3.52	%							3.48	%
Effect of noninterest-bearing sources							0.21	%							0.21	%							0.20	%							0.21	%							0.18	%

Net interest income/ margin on earning assets				$	15,717		3.90	%				$	15,873		4.01	%				$	15,540		4.03	%				$	15,359		3.73	%				$	14,937		3.66	%


Tax equivalent adjustment				$	64		0.02	%				$	74		0.02	%				$	133		0.04	%				$	159		0.04	%				$	155		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.

Bryn Mawr Bank Corporation

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

For the nine months ended September 30,


	2011								2010
(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	$	50,778			88		0.23	%	$	61,196		$	112		0.24	%
Federal funds sold		—			—		—			—			—		—	%
Money market funds		167			1		0.80	%		589			1		0.23	%
Investment securities available for sale:
Taxable		283,354			3,762		1.78	%		230,887			3,240		1.88	%
Tax-exempt		11,486			403		4.69	%		26,567			821		4.13	%


Investment securities available for sale		294,840			4,165		1.89	%		257,454			4,061		2.11	%

Loans and leases *		1,237,692			51,765		5.59	%		990,449			42,468		5.73	%


Total interest earning assets		1,583,477			56,019		4.73	%		1,309,688			46,642		4.76	%

Cash and due from banks		12,249								11,132
Less allowance for loan and lease losses		(11,157	)							(10,195	)
Other assets		137,793								90,150


Total assets	$	1,722,362							$	1,400,775


Liabilities:

Savings,NOW and market rate deposits	$	713,223		$	2,247		0.42	%	$	555,982		$	2,164		0.52	%
IND / IDC deposits		68,691			174		0.34	%		57,317			213		0.50	%
Wholesale deposits		31,333			248		1.06	%		39,914			506		1.69	%
Time deposits		237,948			1,765		0.99	%		184,530			1,566		1.13	%

Total interest-bearing deposits		1,051,195			4,434		0.56	%		837,743			4,449		0.71	%

Subordinated debt		22,500			835		4.96	%		22,500			846		5.03	%
Junior subordinated debentures		12,012			814		9.06	%		4,066			223		7.33
Short-term borrowings		10,110			19		0.25	%		3,656			8		0.29
FHLB advances and other borrowings		147,189			2,787		2.53	%		177,881			3,715		2.79	%

Total interest-bearing liabilities		1,243,006			8,889		0.96	%		1,045,846			9,241		1.18	%

Noninterest-bearing deposits		281,714								203,093
Other liabilities		23,095								23,926

Total noninterest-bearing liabilities		304,809								227,019

Total liabilities		1,547,815								1,272,865

Shareholders’ equity		174,547								127,910


Total liabilities and shareholders’ equity	$	1,722,362							$	1,400,775


Interest income to earning assets							4.73	%							4.76	%

Net interest spread							3.77	%							3.58	%
Effect of noninterest-bearing sources							0.21	%							0.24	%


Net interest income/ margin on earning assets				$	47,130		3.98	%				$	37,401		3.82	%

Tax equivalent adjustment				$	270		0.02	%				$	451		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.

FOR RELEASE: IMMEDIATELY

Ted Peters, Chairman

FOR MORE INFORMATION CONTACT:

J. Duncan Smith, CFO