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

Attached files

Attached files

Stock widget

Investing forum

BRYN MAWR BANK CORP Reports

file	filename
8-K - BRYN MAWR BANK CORPORATION -- FORM 8-K - BRYN MAWR BANK CORP	d341027d8k.htm

Exhibit 99.1

LOGO

Bryn Mawr Bank Corporation

Bryn Mawr Bank Corporation Opens 2012 With a Record Quarter,

Reports Net Income of $5.2 Million and Wealth Assets of $5.2 Billion

BRYN MAWR, Pa., April 26, 2012 - Bryn Mawr Bank Corporation (NASDAQ: BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today announced net income for the three months ended March 31, 2012 of $5.2 million, an increase of $519 thousand, or 11.0%, from net income of $4.7 million for the same period in 2011. Diluted earnings per share of $0.40 for the three months ended March 31, 2012 was an increase of $0.02 per share, or 5.3%, as compared to diluted earnings per share of $0.38 for the same period in 2011.

Ted Peters, Chairman and Chief Executive Officer commented, “We are pleased to report record earnings for the first quarter of 2012,” noting that, “Increases in revenue from our Wealth Management Division, the strong performance of our mortgage company and a lower cost of funds were all major contributors to these excellent results.”

As of March 31, 2012, Wealth Management Division assets under management, administration, supervision and brokerage were $5.2 billion. The previously announced acquisition of Davidson Trust Company is expected to close in the second quarter of 2012 and to add approximately $1.0 billion of wealth assets.

Mr. Peters continued, “We look forward to the completion of the Davidson acquisition and are confident that the transition will go smoothly,” adding that, “Davidson’s clients will continue to enjoy the same level of high-quality service and advice from their current relationship team as they have in the past.”

SIGNIFICANT ITEMS OF NOTE

•

The financial results for the three months ended March 31, 2012, as compared to the same period in 2011 reflect, in part, the impact of the May 27, 2011 acquisition of the Private Wealth Management Group of the Hershey Trust Company (“PWMG”).

•

Net income for the three months ended March 31, 2012 increased $519 thousand, as compared to the same period in 2011. The Corporation experienced increases in net interest income, fees for wealth management services and gain on sale of residential mortgage loans, as well as decreases in the provision for loan and lease losses and FDIC insurance for the three months ended March 31, 2012, as compared to the same period in 2011. These improvements were partially offset by a decrease in the gain on sale of available for sale investment securities, and increases in salaries and employee benefits, intangible asset amortization and other operating expenses between the periods.

•

Tax equivalent net interest income for the three months ended March 31, 2012 increased $505 thousand, as compared to the same period in 2011. This increase was primarily the result of a $78.1 million increase in average interest-earning assets between the periods, which was partially offset by a $33.5 million increase in average interest-bearing liabilities. The increase in average interest-earning assets was the result of a $95.4 million increase in average portfolio loans, partially offset by an $8.5 million decrease in available for sale investment securities between the periods. The tax equivalent net interest margin for the three months ended March 31, 2012 was 3.93%, a decrease of 10 basis points from the 4.03% tax equivalent net interest margin for the same period in 2011.

•

Fees for wealth management services for the three months ended March 31, 2012 were $6.2 million, an increase of 47.6% from the $4.2 million generated in the same period in 2011. Wealth Management Division assets under management, administration, supervision and brokerage as of March 31, 2012 were $5.2 billion, an increase of $1.6 billion, or 43.1%, from March 31, 2011. This increase was the result of the May 27, 2011 acquisition of PWMG coupled with the continued success of strategic initiatives within the division and financial asset appreciation due to improvements in the financial markets.

•

Net gain on sale of residential mortgage loans for the three months ended March 31, 2012 was $1.2 million as compared to $398 thousand for the same period in 2011. The 194.0% increase was attributable to a 45.2% increase in residential mortgage loan originations between the periods, coupled with the Corporation’s decision to sell a larger portion of these originated residential mortgage loans, rather than hold them in portfolio. The Corporation sold $34.0 million of residential mortgage loans in the three months ended March 31, 2012, as compared to $14.3 million for the same period in 2011.

•

FDIC insurance for the three months ended March 31, 2012 of $219 thousand was a decrease of $261 thousand, or 54.4% from the same period in 2011, as the revised premium calculation, which became effective April 1, 2011, has reduced the burden faced by community banks.

•

There were no gains on sale of available for sale investment securities for the three months ended March 31, 2012, as compared to gains of $490 thousand for the same period in 2011. No investment securities were sold during the quarter.

•

Salaries and employee benefits for the three months ended March 31, 2012 of $9.7 million increased $1.6 million, or 19.7%, as compared to the same period in 2011. The increase between the periods primarily related to annual salary increases, the staffing increases resulting from the May 27, 2011 acquisition of PWMG, as well as increases in health insurance costs.

•

Amortization of intangible assets for the three months ended March 31, 2012 increased $348 thousand, or 216.1%, as compared to the same period in 2011 due to the $12.4 million of amortizable intangible assets acquired in the May 27, 2011 acquisition of PWMG. The amortizable intangible assets acquired from PWMG included $8.6 million in customer relationships and $3.8 million in non-competition agreements, which amortize over periods of 15 years and 5.5 years, respectively.

•

Other operating expense for the three months ended March 31, 2012 increased $448 thousand as compared to the same period in 2011. The increase was partially related to an additional accrual for a contingent liability for secondary market sold-loan repurchase demands, as well as a $150 thousand reserve for unfunded loan commitments and increases of $84 thousand and $78 thousand in computer processing expense and bank shares tax, respectively, for the three months ended March 31, 2012, as compared to the same period in 2011.

•

Loan and lease delinquency rates (i.e. loans and leases over 30 days past due) as of March 31, 2012 increased to 1.52% of portfolio loans from 1.37% of portfolio loans as of December 31, 2011. Related to this increase, nonperforming loans and leases, as of March 31, 2012 totaled $22.6 million, or 1.73% of portfolio loans and leases, as compared to $14.3 million, or 1.11% of portfolio loans and leases, as of December 31, 2011. The $8.3 million increase in nonperforming loans and leases was concentrated in the commercial and industrial, construction and residential segments of the portfolio, which are generally collateralized or secured by real estate.

•

The allowance for loan and lease losses as of March 31, 2012, of $13.0 million, was 1.00% of portfolio loans and leases, as compared to $12.8 million or 0.98% of portfolio loans and leases as of December 31, 2011.

•

The provision for loan and lease losses for the three months ended March 31, 2012 was $1.0 million, as compared to $1.3 million for the same period in 2011. The decrease was primarily related to the $199 thousand decrease in net loan and lease charge-offs between the periods.

•

Total portfolio loans and leases of $1.30 billion, as of March 31, 2012, increased $9.1 million, or 0.7%, as compared to $1.29 billion as of December 31, 2011. Loan growth during the three months ended March 31, 2012 was primarily concentrated in the commercial and industrial and commercial mortgage segments of the portfolio, partially offset by a decrease in home equity loans and lines of credit.

•

Deposits of $1.43 billion, as of March 31, 2012, increased $43.4 million, or 3.1%, from $1.38 billion as of December 31, 2011. Primarily contributing to this increase was a $24.8 million, or 6.3%, increase in money market deposits and an $8.5 million, or 2.6%, increase in non-interest bearing deposits. Non-interest bearing deposits were 23.5% of total deposits at March 31, 2012 as compared to 23.6% as of December 31, 2011.

•

Available for sale investment securities as of March 31, 2012 totaled $326.6 million, as compared to $272.3 million as of December 31, 2011, as cash inflows from deposit increases and Federal Home Loan Bank borrowings were utilized to fund investment purchases. The $54.3 million increase during the three months ended March 31, 2012 was largely concentrated in the mortgage-related segment of the portfolio, which increased $46.7 million between December 31, 2011 and March 31, 2012.

•

The capital ratios for the Bank and the Corporation, as shown in the table on page 13, indicate levels well above the regulatory minimum to be considered “well capitalized”. The Corporation’s tangible equity ratio, as of March 31, 2012, increased 3 basis points, to 8.30%, as compared to 8.27% as of December 31, 2011. The Corporation’s equity grew $5.4 million or 2.9% from December 31, 2011 to March 31, 2012.

•

We are excited to announce our plans to open a new, full-service branch in Bala Cynwyd, Pennsylvania, just outside Philadelphia. The branch is projected to be completed and open for business, pending certain approvals, during the fourth quarter of 2012.

EARNINGS CONFERENCE CALL

The Corporation will hold an earnings conference call at 8:30 a.m. EDT on Friday, April 27, 2012. Interested parties may participate by calling 1-877-317-6789, conference number 10012186. A taped replay of the conference call will be available within one hour after the conclusion of the call and will remain available through May 10, 2012. The number to call for the taped replay is 1-877-344-7529 and the Replay Passcode is 10012186.

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”, “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 acquisitions including our acquisition of the Private Wealth Management Group of the Hershey Trust Company and the anticipated acquisition of Davidson 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 more 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
	Mar 31, 2012			Dec 31, 2011			Sept 30, 2011			June 30, 2011			Mar 31, 2011
Interest income	$	18,353		$	18,690		$	18,672		$	18,851		$	18,226
Interest expense		2,387			2,772			3,018			3,052			2,819


Net interest income		15,966			15,918			15,654			15,799			15,407
Provision for loan and lease losses		1,000			1,056			1,828			1,919			1,285

Net interest income after provision for loan and lease losses		14,966			14,862			13,826			13,880			14,122
Fees for wealth management services		6,229			6,306			6,098			5,075			4,190
Loan servicing and other fees		435			454			449			460			461
Service charges on deposits		580			654			646			615			580
Net gain on sale of residential mortgage loans		1,170			699			764			656			398
Net gain on sale of available for sale investments		—			373			343			577			490
Net gain (loss) on sale of other real estate owned ("OREO")		(41	)		(38	)		70			(110	)		(19	)
BOLI income		118			114			115			118			115
Other operating income		1,111			937			791			774			995

Non-interest income		9,602			9,499			9,276			8,165			7,210

Salaries and wages		7,505			7,404			7,639			6,700			6,341
Employee benefits		2,160			1,889			1,674			1,591			1,735
Occupancy and bank premises		1,375			1,424			1,225			1,241			1,286
Furniture fixtures and equipment		891			938			865			810			896
Advertising		320			257			204			441			264
Net (recovery) impairment of mortgage servicing rights		(110	)		114			468			196			8
Amortization of mortgage servicing rights		219			225			197			158			169
Intangible asset amortization		509			522			541			266			161
FDIC insurance		219			218			238			250			480
Merger related / due diligence expense		209			(79	)		135			174			307
Professional fees		657			647			516			738			410
Other operating expenses		2,588			2,916			2,283			2,304			2,140

Non-interest expense		16,542			16,475			15,985			14,869			14,197

Income before income taxes		8,026			7,886			7,117			7,176			7,135
Income tax expense		2,791			2,716			2,095			2,371			2,419

Net income	$	5,235		$	5,170		$	5,022		$	4,805		$	4,716


Per share data:
Weighted average shares outstanding		13,065,885			12,989,352			12,948,979			12,693,782			12,344,710
Dilutive common shares		147,502			99,464			36,306			24,491			14,401

Adjusted weighted average dilutive shares		13,213,387			13,088,816			12,985,285			12,718,273			12,359,111


Basic earnings per common share	$	0.40		$	0.40		$	0.39		$	0.38		$	0.38

Diluted earnings per common share	$	0.40		$	0.39		$	0.39		$	0.38		$	0.38

Dividend declared per share	$	0.16		$	0.15		$	0.15		$	0.15		$	0.15

Effective tax rate		34.8	%		34.4	%		29.4	%		33.0	%		33.9	%

Bryn Mawr Bank Corporation

Consolidated Balance Sheets - (unaudited)

(Dollars in thousands)


	Mar 31, 2012			Dec 31, 2011			Sept 30, 2011			June 30, 2011			Mar 31, 2011
Assets

Interest bearing deposits with banks	$	55,548		$	57,265		$	52,205		$	34,780		$	68,568
Money market funds		211			104			106			113			401
Investment securities - AFS		326,601			272,317			275,729			289,762			289,491

Loans held for sale		5,784			1,588			4,857			5,923			1,554
Portfolio loans:
Consumer		13,644			11,429			12,235			12,116			11,594
Commercial & industrial		270,766			267,204			271,228			257,771			240,313
Commercial mortgages		430,896			419,130			414,656			404,000			391,642
Construction		51,274			52,844			59,303			55,804			55,823
Residential mortgages		306,911			306,478			279,696			280,093			277,571
Home equity lines & loans		202,015			207,917			209,687			210,477			208,107
Leases		28,974			30,390			31,552			33,187			34,399

Total portfolio loans and leases		1,304,480			1,295,392			1,278,357			1,253,448			1,219,449

Earning assets		1,692,624			1,626,666			1,611,254			1,584,026			1,579,463

Cash and due from banks		11,939			11,771			10,801			20,620			11,609
Allowance for loan and lease losses		(13,040	)		(12,753	)		(11,654	)		(11,341	)		(10,649	)
Premises and equipment		28,680			29,328			29,615			29,469			28,996
Accrued interest receivable		6,037			6,061			6,075			6,103			6,151
Mortgage servicing rights		4,217			4,041			4,206			4,662			4,879
Goodwill		24,689			24,689			23,169			23,169			17,659
Other intangible assets		17,505			18,014			18,536			19,077			6,902
Bank owned life insurance ("BOLI")		19,552			19,434			19,321			19,205			19,087
FHLB stock		11,009			11,588			12,198			12,840			13,516
Deferred income taxes		12,721			13,662			13,781			13,400			14,527
Other investments		5,710			5,612			4,982			5,229			5,203
Other assets		16,432			16,794			14,835			14,268			16,598


Total assets	$	1,838,075		$	1,774,907		$	1,757,119		$	1,740,727		$	1,713,941


Liabilities and shareholders' equity
Interest-bearing checking	$	235,841		$	233,562		$	224,609		$	222,128		$	227,256
Money market		418,503			393,729			384,463			350,285			345,703
Savings		135,912			130,613			130,910			129,684			131,671
Wholesale non-maturity deposits		66,518			65,173			65,428			65,185			65,574
Wholesale time deposits		22,062			23,550			28,992			31,818			34,639
Time deposits		212,003			209,333			224,331			242,683			240,207

Interest-bearing deposits		1,090,839			1,055,960			1,058,733			1,041,783			1,045,050

Non-interest bearing deposits		334,918			326,409			292,415			295,656			271,010

Total deposits		1,425,757			1,382,369			1,351,148			1,337,439			1,316,060

Subordinated debentures		22,500			22,500			22,500			22,500			22,500
Junior subordinated debentures		—			—			11,992			12,004			12,017
Short-term borrowings		13,254			12,863			22,535			9,541			23,326
FHLB advances and other borrowings		164,698			147,795			140,532			152,501			147,238
Other liabilities		20,537			23,467			21,278			23,359			22,161
Shareholders' equity		191,329			185,913			187,134			183,383			170,639


Total liabilities and shareholders' equity	$	1,838,075		$	1,774,907		$	1,757,119		$	1,740,727		$	1,713,941

Bryn Mawr Bank Corporation

Consolidated Quarterly Average Balance Sheets - (unaudited)

(Dollars in thousands)


	2012 1Q			2011 4Q			2011 3Q			2011 2Q			2011 1Q
Assets

Interest bearing deposits with banks	$	38,337		$	56,570		$	57,855		$	47,159		$	47,203
Money market funds		219			109			108			217			177
Investment securities		302,708			277,946			281,567			292,097			311,181
Loans held for sale		3,935			3,888			6,060			4,347			2,315
Portfolio loans and leases		1,295,617			1,282,916			1,253,804			1,244,140			1,201,797

Earning assets		1,640,816			1,621,429			1,599,394			1,587,960			1,562,673

Cash and due from banks		11,539			11,516			11,905			12,224			12,627
Allowance for loan and lease losses		(13,089	)		(12,110	)		(11,790	)		(11,091	)		(10,577	)
Premises and equipment		29,095			29,586			29,706			29,335			29,120
Goodwill		24,688			23,190			23,169			19,745			17,659
Other intangible assets		17,804			18,319			18,860			11,669			7,001
Bank owned life insurance		19,480			19,359			19,246			19,128			19,011
Deferred income taxes		13,454			13,878			13,200			14,105			14,566
Other assets		41,397			39,884			40,266			42,805			44,651


Total assets	$	1,785,184		$	1,765,051		$	1,743,956		$	1,725,880		$	1,696,731


Liabilities and shareholders' equity

Interest-bearing checking	$	227,817		$	224,648		$	225,569		$	229,451		$	227,703
Money market		406,972			394,150			367,276			355,740			338,565
Savings		132,451			132,617			131,421			132,046			131,610
Wholesale non-maturity deposits		65,117			65,127			65,177			65,129			75,884
Wholesale deposits		22,354			27,749			29,187			34,106			30,723
Time deposits		210,973			214,684			234,645			237,771			241,503

Interest-bearing deposits		1,065,684			1,058,975			1,053,275			1,054,243			1,045,988

Non-interest bearing deposits		305,468			304,883			290,468			279,210			275,295

Total deposits		1,371,152			1,363,858			1,343,743			1,333,453			1,321,283

Subordinated debentures		22,500			22,500			22,500			22,500			22,500
Junior subordinated debentures		—			10,294			12,000			12,012			12,025
Short-term borrowings		13,929			15,147			10,908			9,260			10,155
FHLB advances and other borrowings		165,358			140,177			148,963			149,215			143,327
Other liabilities		25,258			24,991			21,481			24,562			23,259
Shareholders' equity		186,987			188,084			184,361			174,878			164,182


Total liabilities and shareholders' equity	$	1,785,184		$	1,765,051		$	1,743,956		$	1,725,880		$	1,696,731

Bryn Mawr Bank Corporation

Consolidated Selected Financial Data - (unaudited)

(Dollars in thousands, except per share data )

March 31, 2012


For the period end:	2012 1Q			2011 4Q			2011 3Q			2011 2Q			2011 1Q
Asset Quality Data

Nonaccrual loans and leases	$	22,570		$	14,315		$	14,208		$	16,128		$	10,776
90 + days past due loans - still accruing		—			—			—			—			5

Nonperforming loans and leases		22,570			14,315			14,208			16,128			10,781
Other real estate owned		404			549			1,301			811			2,341

Total nonperforming assets	$	22,974		$	14,864		$	15,509		$	16,939		$	13,122


Troubled debt restructurings included in nonperforming	$	4,223		$	4,300		$	901		$	1,478		$	2,229
Troubled debt restructurings in compliance with modified terms		7,970			7,166			7,182			5,469			4,766

Total troubled debt restructurings	$	12,193		$	11,466		$	8,083		$	6,947		$	6,995

Nonperforming loans and leases / portfolio loans		1.73	%		1.11	%		1.11	%		1.29	%		0.88	%
Nonperforming assets / assets		1.25	%		0.84	%		0.88	%		0.97	%		0.77	%

Net loan (recoveries) charge-offs (annualized)/ average loans		0.21	%		-0.02	%		0.49	%		0.36	%		0.22	%
Net lease charge-offs (annualized)/ average leases		0.67	%		0.22	%		0.37	%		1.81	%		3.26	%
Net loan and lease (recoveries) charge-offs (annualized)/ average loans and leases		0.23	%		-0.01	%		0.49	%		0.40	%		0.30	%

Delinquency rate - loans and leases > 30days		1.52	%		1.37	%		1.33	%		1.35	%		1.14	%

Delinquent loans and leases - 30-89 days	$	5,468		$	5,311		$	4,480		$	3,492		$	2,604

Delinquency rate - loans and leases 30-89 days		0.28	%		0.29	%		0.35	%		0.28	%		0.22	%

Changes in the Allowance for loan and lease losses

Balance, beginning of period	$	12,753		$	11,654		$	11,341		$	10,648		$	10,275

Charge-offs		(839	)		(466	)		(1,817	)		(1,325	)		(1,040	)

Recoveries		126			509			302			99			128


Net (charge-offs) / recoveries		(713	)		43			(1,515	)		(1,226	)		(912	)

Provision for loan and lease losses		1,000			1,056			1,828			1,919			1,285


Balance, end of period	$	13,040		$	12,753		$	11,654		$	11,341		$	10,648


Allowance for loan and lease losses / loans and leases		1.00	%		0.98	%		0.91	%		0.90	%		0.87	%
Allowance for loan and lease losses / nonperforming loans and leases		57.8	%		89.1	%		82.0	%		70.3	%		98.8	%

Bryn Mawr Bank Corporation

Consolidated Selected Financial Data - (unaudited)

(Dollars in thousands, except per share data )

March 31, 2012


For the period and period end:	2012 1Q			2011 4Q			2011 3Q			2011 2Q			2011 1Q
Selected ratios (annualized):

Return on average assets		1.18	%		1.16	%		1.14	%		1.12	%		1.13	%
Return on average shareholders’ equity		11.26	%		10.91	%		10.81	%		11.02	%		11.65	%
Return on average tangible equity (a non-GAAP measure) ⁽²⁾		14.57	%		14.00	%		14.00	%		13.44	%		13.71	%
Yield on loans and leases*		5.33	%		5.46	%		5.52	%		5.63	%		5.65	%
Yield on interest earning assets*		4.52	%		4.59	%		4.65	%		4.78	%		4.76	%
Cost of interest bearing funds		0.76	%		0.88	%		0.96	%		0.98	%		0.93	%
Net interest margin*		3.93	%		3.91	%		3.90	%		4.01	%		4.03	%
Book value per share	$	14.43		$	14.09		$	14.30		$	14.17		$	13.61
Tangible book value per share	$	11.25		$	10.82		$	11.11		$	10.91		$	11.65
Period end shares outstanding		13,254,694			13,194,439			13,086,770			12,941,320			12,538,926

Selected data:

Mortgage loans originated	$	55,385		$	60,467		$	38,998		$	31,072		$	38,144

Mortgage loans sold - servicing retained	$	32,778		$	20,883		$	26,090		$	14,957		$	13,302
Mortgage loans sold - servicing released		1,223			1,164			1,922			2,196			948

Total mortgage loans sold	$	34,001		$	22,047		$	28,012		$	17,153		$	14,250

Basis point yield on loans sold		344			317			273			382			279

Mortgage loans serviced for others	$	571,440		$	574,422		$	593,125		$	595,196		$	596,655

Total Wealth assets under management / administration / supervision / brokerage⁽¹⁾	$	5,152,965		$	4,831,631		$	4,501,433		$	4,830,417		$	3,600,649

*	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.

(2)	Tangible equity equals shareholders' equity minus goodwill and other intangible assets.

Investment Portfolio


	As of March 31, 2012							As of December 31, 2011
($’s in thousands)	Amortized Cost		Fair Value		Net Unrealized Gain / (Loss)			Amortized Cost		Fair Value		Net Unrealized Gain / (Loss)
SECURITY DESCRIPTION
U. S. treasury obligations	$	—	$	—	$	—		$	—	$	—	$	—
Obligations of U. S. government and agencies		106,801		107,127		326			104,252		104,570		318
State & political subdivisions		12,951		13,061		110			8,210		8,366		156
Mortgage backed securities		125,611		128,150		2,539			95,713		97,834		2,121
Collateralized mortgage obligations		48,674		49,039		365			32,418		32,623		205
Equity securities		—		—		—			—		—		—
Other debt securities		1,900		1,900		—			1,900		1,882		(18	)
Bond—mutual funds		12,096		12,047		(49	)		12,091		11,904		(187	)
Investment CD's		2,396		2,413		17			2,411		2,420		9
Corporate bonds		12,568		12,864		296			12,616		12,718		102

Total Investment Portfolio	$	322,997	$	326,601	$	3,604		$	269,611	$	272,317	$	2,706


Capital Ratios
	Regulatory Minimum To Be Well Capitalized			3/31/2012			12/31/2011			9/30/2011			6/30/2011			3/31/2011
Bryn Mawr Trust Company Consolidated

Tier I Capital to Risk Weighted Assets (RWA)		6.00	%		12.19	%		11.78	%		11.32	%		11.05	%		11.45	%
Total (Tier II) Capital to RWA		10.00	%		14.80	%		14.37	%		13.82	%		13.56	%		13.91	%
Tier I Leverage Ratio		5.00	%		9.58	%		9.37	%		9.15	%		8.94	%		9.29	%
Tangible Equity Ratio					8.72	%		8.67	%		8.79	%		8.54	%		8.78	%

Bryn Mawr Bank Corporation

Tier I Capital to Risk Weighted Assets (RWA)		6.00	%		11.63	%		11.26	%		11.71	%		11.55	%		12.07	%
Total (Tier II) Capital to RWA		10.00	%		14.23	%		13.83	%		14.19	%		14.05	%		14.52	%
Tier I Leverage Ratio		5.00	%		9.16	%		8.97	%		9.47	%		9.36	%		9.80	%
Tangible Equity Ratio					8.30	%		8.27	%		8.48	%		8.31	%		8.65	%

Bryn Mawr Bank Corporation

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


	1st Quarter 2012								4th Quarter 2011								3rd Quarter 2011								2nd Quarter 2011								1st Quarter 2011
(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	$	38,337		$	23		0.24	%	$	56,570		$	27		0.19	%	$	57,855		$	29		0.20	%	$	47,159		$	27		0.23	%	$	47,203		$	32		0.27	%
Money market funds		219			—		—			109			—		—			108			—		—			217			—		—			177			—		—
Investment securities available for sale:
Taxable		293,086			1,122		1.54	%		271,410			998		1.46	%		277,634			1,159		1.66	%		287,007			1,357		1.90	%		285,506			1,312		1.86	%
Tax-exempt		9,622			53		2.22	%		6,536			32		1.94	%		3,933			18		1.82	%		5,090			25		1.97	%		25,675			244		3.85	%

Investment securities available for sale		302,708			1,175		1.56	%		277,946			1,030		1.47	%		281,567			1,177		1.66	%		292,097			1,382		1.90	%		311,181			1,556		2.03	%
Loans and leases *		1,299,552			17,234		5.33	%		1,286,804			17,699		5.46	%		1,259,864			17,529		5.52	%		1,248,487			17,516		5.63	%		1,204,112			16,771		5.65	%

Total interest earning assets		1,640,816			18,432		4.52	%		1,621,429			18,756		4.59	%		1,599,394			18,735		4.65	%		1,587,960			18,925		4.78	%		1,562,673			18,359		4.76	%
Cash and due from banks		11,539								11,516								11,905								12,224								12,627
Less allowance for loan and lease losses		(13,089	)							(12,110	)							(11,790	)							(11,091	)							(10,577	)
Other assets		145,918								144,216								144,447								136,787								132,008

Total assets	$	1,785,184							$	1,765,051							$	1,743,956							$	1,725,880							$	1,696,731

Liabilities:
Savings, NOW and market rate deposits	$	767,240		$	559		0.29	%	$	751,415		$	711		0.38	%	$	724,266		$	772		0.42	%	$	717,237		$	759		0.42	%	$	697,878		$	718		0.42	%
Other wholesale deposits		65,117			53		0.33	%		65,127			50		0.30	%		65,177			51		0.31	%		65,129			52		0.32	%		75,884			70		0.37	%
Wholesale deposits		22,354			24		0.43	%		27,749			73		1.04	%		29,187			86		1.17	%		34,106			87		1.02	%		30,723			75		0.99	%
Time deposits		210,973			490		0.93	%		214,684			520		0.96	%		234,645			585		0.99	%		237,771			620		1.05	%		241,503			560		0.94	%

Total interest-bearing deposits		1,065,684			1,126		0.42	%		1,058,975			1,354		0.51	%		1,053,275			1,494		0.56	%		1,054,243			1,518		0.58	%		1,045,988			1,423		0.55	%
Subordinated debentures		22,500			291		5.20	%		22,500			287		5.06	%		22,500			279		4.92	%		22,500			279		4.97	%		22,500			277		4.99	%
Junior subordinated debentures		—			—		—	%		10,294			236		9.10	%		12,000			271		8.96	%		12,012			271		9.05	%		12,024			271		9.14	%
Short-term borrowings		13,929			6		0.17	%		15,147			6		0.16	%		10,908			6		0.22	%		9,260			6		0.26	%		10,155			6		0.24	%
FHLB advances and other borrowings		165,358			964		2.34	%		140,177			889		2.52	%		148,963			968		2.58	%		149,215			978		2.63	%		143,328			842		2.38	%

Total interest-bearing liabilities		1,267,471			2,387		0.76	%		1,247,093			2,772		0.88	%		1,247,646			3,018		0.96	%		1,247,230			3,052		0.98	%		1,233,995			2,819		0.93	%
Noninterest-bearing deposits		305,468								304,883								290,468								279,210								275,295
Other liabilities		25,258								24,991								21,481								24,562								23,259

Total noninterest-bearing liabilities		330,726								329,874								311,949								303,772								298,554
Total liabilities		1,598,197								1,576,967								1,559,595								1,551,002								1,532,549
Shareholders' equity		186,987								188,084								184,361								174,878								164,182

Total liabilities and shareholders' equity	$	1,785,184							$	1,765,051							$	1,743,956							$	1,725,880							$	1,696,731

Interest income to earning assets							4.52	%							4.59	%							4.65	%							4.78	%							4.76	%
Net interest spread							3.76	%							3.71	%							3.69	%							3.80	%							3.83	%
Effect of noninterest-bearing sources							0.17	%							0.20	%							0.21	%							0.21	%							0.20	%

Net interest income/ margin on earning assets				$	16,045		3.93	%				$	15,984		3.91	%				$	15,717		3.90	%				$	15,873		4.01	%				$	15,540		4.03	%

Tax equivalent adjustment				$	79		0.02	%				$	66		0.02	%				$	64		0.02	%				$	74		0.02	%				$	133		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