BRYN MAWR BANK CORP - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - FORM 8-K - BRYN MAWR BANK CORP	bmtc20160121_8k.htm

Exhibit 99.1

Bryn Mawr Bank Corporation

FOR RELEASE: IMMEDIATELY	Frank Leto, President, CEO
FOR MORE INFORMATION CONTACT:	610-581-4730
	Mike Harrington, CFO
	610-526-2466

Bryn Mawr Bank Corporation Reports Fourth Quarter Results,

Incurs $17.4 Million Pension Termination Charge,

Records Organic Loan Growth of 9.2% for 2015

and Declares Dividend of $0.20

BRYN MAWR, Pa., January 21, 2016 - Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported a net loss of $6.4 million and diluted earnings per share of ($0.37) for the three months ended December 31, 2015, as compared to net income of $7.0 million and diluted earnings per share of $0.51 for the same period in 2014.

On a non-GAAP basis, core net income, which excludes net gain on sale of available for sale investment securities, the effects of the previously announced pension plan termination at December 31, 2015, severance expense, branch lease termination penalties, debt prepayment and swap termination penalties, impairment of favorable lease intangible asset, and due diligence, merger-related and merger integration expenses, was $7.5 million, or $0.44 per diluted share, for the fourth quarter of 2015 as compared to $7.4 million, or $0.53 per diluted share, for the same period in 2014. Management believes these non-GAAP measures are important in evaluating the Corporation’s performance on a more comparative basis between periods. A reconciliation of the non-GAAP to GAAP performance measures is included in the schedules accompanying this earnings release.

“2015 was truly a transitional year for the Corporation,” commented Frank Leto, President and Chief Executive Officer, continuing, “With our acquisition of Continental Bank, the successes of several of our strategic initiatives, numerous infrastructure and systems improvements, and the bank-wide management and staffing reorganization which was effectuated during the year, we are poised to face 2016 with a more efficient and effective organization.” Mr. Leto continued, “Our decision to terminate the corporate pension plan will eliminate the earnings volatility associated with this defined-benefit program. Our Wealth Management division continues to grow and diversify, increasing assets under management by 8.6% during 2015. While a portion of this growth is subject to fixed fees, the remainder is well positioned to benefit from improvements in the equity markets. In addition, the steady loan growth we experienced during the quarter is encouraging, as well as the consistent performance of our non-interest revenue sources, which contribute significantly to our bottom line.”

On January 21, 2016, the Board of Directors of the Corporation declared a quarterly dividend of $0.20 per share, payable March 1, 2016 to shareholders of record as of February 2, 2016.

SIGNIFICANT ITEMS OF NOTE

Results of Operations – 4th Quarter 2015 Compared to 4th Quarter 2014

●	A net loss of $6.7 million for the three months ended December 31, 2015 was driven by the $17.4 million pre-tax loss on the termination of the pension plan. Net income for the same period in 2014 was $7.0 million.

●

Net interest income for the three months ended December 31, 2015 was $25.4 million, an increase of $5.9 million, or 30.5%, from $19.5 million for the same period in 2014. The increase in net interest income between the periods was related to the interest income generated by the $424.2 million of loans acquired in the January 1, 2015 merger with Continental Bank Holdings, Inc. (“CBHI” and the “Merger”) as well as organic loan growth that occurred during the year. Average loans for the three months ended December 31, 2015 increased by $592.5 million from the same period in 2014. The increase in interest income from loan growth was partially offset by an increase in interest expense on interest-bearing deposits as well as the additional interest expense associated with the $30 million of subordinated notes issued in the third quarter of 2015. Average interest-bearing deposits for the three months ended December 31, 2015 increased by $405.2 million as compared to the same period in 2014, largely related to the deposits acquired in the Merger.

●

The tax-equivalent net interest margin of 3.77% for the three months ended December 31, 2015 was a 7 basis point decrease from 3.84% for the same period in 2014. The decrease was largely the result of the 17 basis point decline in tax-equivalent yield on loans, accompanied by a $592.5 million increase in average loan balances. The decline in yield on loans was primarily related to the lower yields earned on the loans originated during the low-interest rate climate throughout the year. In addition, average interest-bearing deposits, which increased by $405.2 million, included a 1 basis point increase in the tax-equivalent rate paid. The contribution of fair value mark accretion to the tax equivalent net interest margin accounted for 13 basis points of the margin for the fourth quarter of 2015 as compared to 11 basis points for the same period in 2014.

●

Non-interest income for the three months ended December 31, 2015 increased $785 thousand as compared to the same period in 2014. Contributing to this increase was a $774 thousand increase in other operating income which included a $130 thousand increase in bank owned life insurance (“BOLI”) income, a $130 thousand increase in value of trading securities and a $319 thousand increase in income related to the full payoff of a purchased credit-impaired loan acquired in the Merger. In addition to the $12.1 million of BOLI acquired in the Merger, the Corporation also purchased $5.0 million of BOLI in the third quarter of 2015. Supplementing the increase in other operating income, a $280 thousand increase in net gain on sale of loans and a $119 thousand increase in dividends on Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stock, partially offset by a $268 thousand decrease in fees for wealth management services, contributed to the increase in non-interest income. Although wealth assets increased from December 31, 2014 by $664.9 million, the composition of the portfolio has shifted to lower yielding products.

●

Non-interest expense for the three months ended December 31, 2015 increased $25.0 million, to $47.0 million, as compared to $21.9 million for the same period in 2014. The termination on December 31, 2015, of the corporate pension plan resulted in a pre-tax loss of $17.4 million, as tax-effected losses previously recorded in other comprehensive income were recognized through the income statement. In addition, the closure of the former headquarters of Continental Bank resulted in lease termination penalties totaling $929 thousand, and required a $387 thousand impairment of a favorable lease intangible asset which had been recorded in connection with the headquarters location. Due diligence, merger-related and merger integration expenses increased by $903 thousand for the fourth quarter of 2015 as compared to the same period in 2014, as the conversion of the Continental Bank core system was completed in October 2015. Due diligence, merger-related and merger integration expenses include consultant costs, investment banker fees, contract breakage fees, retention bonuses for both retained and severed employees, as well as salary and wages for redundant staffing involved in the integration of the two institutions. Increases of $2.3 million, $368 thousand and $666 thousand, in salary and wages, employee benefits and occupancy expenses, respectively, much of which was related to the addition of the Continental Bank staff and offices, also contributed to the year-over-year increase. In addition to the salary and wage increases caused by staffing increases, the Corporation incurred severance costs of $218 thousand in connection with a management and staffing reorganization. Lastly, during the fourth quarter, the Corporation elected to unwind a $15 million forward interest rate swap which had been entered into in 2012 and was scheduled to become effective on November 30, 2015. The decision to unwind the swap, which was originally entered into in order to hedge an adjustable rate FHLB borrowing, was related to changes in the balance sheet over the interim period and the interest rate risk profile of the Corporation. The breakage fee to exit the swap was $611 thousand.

●

Nonperforming loans and leases totaled $9.8 million as of December 31, 2015, representing 0.43% of total portfolio loans and leases, as compared to $10.1 million, or 0.61% of total portfolio loans and leases as of December 31, 2014. For the three months ended December 31, 2015, the Corporation recorded net loan and lease charge-offs of $1.9 million, as compared to $697 thousand for the same period in 2014. The provision for loan and lease losses (the “Provision”) for the three months ended December 31, 2015 was $1.8 million as compared to a release from the allowance for loan and lease losses (the “Allowance”) of $316 thousand for the same period in 2014. The increase in Provision for the fourth quarter of 2015 was largely related to the level of charge-offs recorded during the quarter. Several of these charge-offs resulted from the receipt of new appraisals on certain non-performing loans deemed to be collateral-dependent, as well as the determination that certain loans previously expected to improve were not improving to the level Management had expected and therefore required partial write-downs.

Results of Operations – 4th Quarter 2015 Compared to 3rd Quarter 2015

●

A net loss of $6.7 million for the three months ended December 31, 2015 was recorded, as compared to net income of $7.5 million for the three months ended September 30, 2015, a decrease of $14.2 million. As discussed previously, the loss was driven by the pre-tax loss of $17.4 million on the pension plan termination.

●

Net interest income for the three months ended December 31, 2015 was $25.4 million, an increase of $596 thousand from $24.8 million for the three months ended September 30, 2015. The increase in net interest income between the periods was related to a $460 thousand increase in interest on loans and a $321 thousand increase in interest on available for sale investment securities. Partially offsetting these increases was a $139 thousand increase in interest expense on subordinated notes, related to the $30 million of 4.75% subordinated notes issued in August 2015. The increase in interest earned on loans, whose average balance increased by $56.1 million from the third quarter of 2015 to the fourth quarter of 2015, was the result of strong loan growth in the third and fourth quarters of 2015. Portfolio loans increased by 5.4% from June 30, 2015 to December 31, 2015.

●

The tax-equivalent net interest margin of 3.77% for the three months ended December 31, 2015 increased 12 basis points from 3.65% in the third quarter of 2015. Average loans for the fourth quarter of 2015 increased by $56.1 million, from the third quarter of 2015, with an average tax-equivalent yield of 4.62%. In addition, during the fourth quarter of 2015, the tax-equivalent yield earned on available for sale investment securities increased by 37 basis points. A portion of the increase was related to an available for sale mortgage-backed security which prepaid and resulted in a $112 thousand prepayment premium. The contribution of fair value mark accretion to the tax equivalent net interest margin accounted for 13 basis points of the margin for the fourth quarter of 2015 as compared to 15 basis points for the third quarter of 2015.

●

Non-interest income for the three months ended December 31, 2015 increased $318 thousand from the third quarter of 2015. The increase was related to a $325 thousand increase in other operating income, a $192 thousand increase in dividends on FRB and FHLB stocks, a $105 thousand increase in loan servicing fees and a $66 thousand increase in gain on loan sales. The $325 thousand increase in other operating income was primarily related to $319 thousand of income recorded in connection with the full payoff of a purchased credit-impaired loan acquired in the Merger. Partially offsetting these increases were decreases of $199 thousand and $223 thousand in wealth management fees and insurance revenues. Wealth assets, which increased $146.5 million from September 30, 2015 to December 31, 2015, experienced a significant portion of their growth toward the end of the fourth quarter and therefore the revenue effect was not realized during the quarter. The decrease in insurance income is related to the timing of policy renewals throughout the year.

●

Non-interest expense for the three months ended December 31, 2015 increased $21.5 million, to $47.0 million, as compared to $25.4 million for the third quarter of 2015. The increase was largely the result the one-time loss recorded on the pension plan termination, as well as an increase in severance expense, a lease termination fee, swap breakage penalty, the impairment of a favorable lease intangible asset, and an increase in due diligence, merger-related and merger integration expenses, all of which are discussed in the year-over-year comparison above.

●

For the three months ended December 31, 2015, the Corporation recorded net loan and lease charge-offs of $1.9 million, as compared to $224 thousand for the third quarter of 2015. The Provision for the three months ended December 31, 2015 was $1.8 million, as compared to $1.2 million for the third quarter of 2015.

Financial Condition – December 31, 2015 Compared to December 31, 2014

●

Total portfolio loans and leases of $2.27 billion as of December 31, 2015 increased by $616.7 million from December 31, 2014. In addition to the $424.2 million of portfolio loans acquired in the Merger, strong organic loan growth of a net $192.5 million occurred during the twelve months ended December 31, 2015.

●

The Allowance, as of December 31, 2015, was $15.9 million, or 0.70% of portfolio loans as compared to $14.6 million, or 0.88% of portfolio loans and leases, as of December 31, 2014. The decrease in Allowance as a percentage of portfolio loans and leases was primarily the result of the increase in the balance of portfolio loans from the Merger. Loans acquired in the Merger were marked to their fair value at acquisition, and, as such, no additional Allowance was recorded for the acquired loan portfolio, in accordance with GAAP. In order to take this into account when evaluating the adequacy of the Allowance, in addition to other factors, management considers two non-GAAP measures: the Allowance as a percentage of originated loans and leases, which was 0.84% as of December 31, 2015 as compared to 0.94% as of December 31, 2014, and the Allowance plus the remaining loan mark, as a percentage of gross loans, which was 1.44% as of December 31, 2015, as compared to 1.27% as of December 31, 2014. The 10 basis point decrease in Allowance as a percentage of originated loans for the twelve months ended December 31, 2015 is a reflection of the overall improvement of the qualitative and quantitative factors affecting the estimate of incurred losses present in the loan and lease portfolio as of December 31, 2015.

●

Available for sale investment securities as of December 31, 2015 were $349.0 million, an increase of $119.4 million from December 31, 2014. In connection with the Merger, the Corporation acquired $181.8 million of available for sale investment securities. During the first quarter of 2015, the Corporation sold $63.2 million of these acquired available for sale investment securities in order to shorten the overall duration of the investment portfolio. Proceeds from the sale of available for sale investment securities along with excess cash were used to pay down $94.5 million of short-term FHLB advances assumed from CBHI, which matured shortly after the Merger was completed, as well as to prepay $19.5 million of long-term FHLB advances which had also been assumed in the Merger.

●

Total assets as of December 31, 2015 were $3.03 billion, an increase of $784.5 million from December 31, 2014. The Merger accounted for an initial increase in total assets of $742.6 million. Excluding the assets initially acquired in the Merger, portfolio loans and leases increased by $192.5 million, available for sale investment securities decreased by $62.4 million, and FHLB stock decreased by $3.6 million.

●

Wealth assets under management, administration, supervision and brokerage totaled $8.36 billion as of December 31, 2015, an increase of $664.9 million from December 31, 2014. The increase in wealth assets was primarily related to the success of strategic initiatives within the division, as well as the synergies which have developed between the Commercial Lending group and the Wealth division.

●

Deposits of $2.25 billion as of December 31, 2015 increased $564.7 million from December 31, 2014. The Merger accounted for an initial increase of $481.7 million of deposits, which included $93.9 million of non-interest-bearing deposits. As of December 31, 2015, non-interest-bearing deposits comprised 27.8% of total deposits as compared to 26.5% as of December 31, 2014.

●

The capital ratios for the Bank and the Corporation, as of December 31, 2015, as shown in the attached tables, indicate levels well above the regulatory minimum to be considered “well capitalized.” The Bank’s and the Corporation’s capital ratios have decreased from the levels present at December 31, 2014, largely as a result of the pension termination, whose previously unrealized loss had been excluded from the capital ratio calculations, as well as the effect of share repurchases during the third and fourth quarters of 2015. In addition, during the fourth quarter of 2015, for purposes of improving the liquidity of the Corporation, the Bank issued a $30 million dividend to the Corporation, further reducing the capital ratios at the Bank level. These decreases in capital were partially offset at both the Bank and Corporation levels as a result of the shares issued in the Merger.

EARNINGS CONFERENCE CALL

The Corporation will hold an earnings conference call at 8:30 a.m. Eastern Time on Friday, January 22, 2016. Interested parties may participate by dialing (toll-free) 1-877-504-8812 (international (toll) 1-412-902-6656). A recorded replay of the conference call will be available one hour after the conclusion of the call and will remain available through February 5, 2016. The recorded replay may be accessed by dialing (toll-free) 1-877-344-7529 (international (toll) 1-412-317-0088) and the conference number is 10077462.

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://services.choruscall.com/links/bmtc160122. 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.

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, that the integration of CBHI’s business with the Corporation may take longer than anticipated or be more costly to complete and that the anticipated benefits, including any anticipated cost savings or strategic gains may be significantly harder to achieve or take longer than anticipated or may not be achieved, 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; 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 updated by our quarterly or other reports subsequently 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
	December 31,			September 30,			June 30,			March 31,			December 31,
	2015			2015			2015			2015			2014

Interest and fees on loans and leases	$	26,080		$	25,620		$	25,568		$	25,164		$	19,913
Interest on cash and cash equivalents		63			107			124			115			66
Interest on investment securities:
Taxable		1,402			1,135			1,161			1,320			891
Non-taxable		131			125			106			135			95
Dividends		90			42			34			20			90
Total interest income		27,766			27,029			26,993			26,754			21,055

Savings, NOW and market rate deposits		565			584			575			594			422
Wholesale deposits		186			203			195			188			190
Time deposits		295			289			292			246			143
Interest on deposits		1,046			1,076			1,062			1,028			755
Interest on short-term borrowings		9			8			10			21			4
Interest on FHLB advances and other borrowings		912			881			851			910			809
Interest on subordinated notes		370			231			-			-			-
Total interest expense		2,337			2,196			1,923			1,959			1,568

Net interest income		25,429			24,833			25,070			24,795			19,487
Provision for loan and lease losses		1,777			1,200			850			569			(316	)
Net interest income after provision for loan and lease losses		23,652			23,633			24,220			24,226			19,803

Fees for wealth management services		8,995			9,194			9,600			9,105			9,263
Service charges on deposits		742			721			752			712			658
Loan servicing and other fees		502			397			597			591			450
Net gain on sale of loans		751			685			778			808			471
Net gain on sale of investment securities available for sale		58			60			3			810			390
Net gain on sale of other real estate owned		33			-			75			15			4
Dividends on bank stocks		330			138			299			615			211
Insurance revenue		842			1,065			817			1,021			795
Other operating income		1,415			1,090			1,256			1,088			641
Non-interest income		13,668			13,350			14,177			14,765			12,883

Salaries and wages		11,700			10,941			11,064			10,870			9,869
Employee benefits		2,268			2,590			2,618			2,729			1,900
Loss on pension termination		17,377			-			-			-			-
Occupancy and bank premises		2,474			2,557			2,808			2,466			1,808
Branch lease termination expense		929			-			-			-			-
Furniture, fixtures and equipment		2,129			1,712			1,488			1,512			1,358
Advertising		656			410			479			557			400
Amortization of intangible assets		937			953			955			982			753
Impairment of intangible assets		387			-			-			-			-
Due diligence, merger-related and merger integration expenses		1,860			1,015			1,294			2,501			957
Professional fees		1,010			843			827			673			809
Pennsylvania bank shares tax		(46	)		433			433			433			64
Information technology		874			1,053			814			702			747
Other operating expenses		4,396			2,896			3,202			4,004			3,267
Non-interest expense		46,951			25,403			25,982			27,429			21,932

(Loss) income before income taxes		(9,631	)		11,580			12,415			11,562			10,754
Income tax (benefit) expense		(3,276	)		4,084			4,296			4,068			3,710
Net (loss) income	$	(6,355	)	$	7,496		$	8,119		$	7,494		$	7,044

Per share data:
Weighted average shares outstanding		17,129,234			17,572,421			17,713,794			17,545,802			13,646,098
Dilutive common shares		-			261,877			340,869			357,456			296,682
Adjusted weighted average diluted shares		17,129,234			17,834,298			18,054,663			17,903,258			13,942,780

Basic earnings (loss) per common share	$	(0.37	)	$	0.43		$	0.46		$	0.43		$	0.52

Diluted earnings (loss) per common share	$	(0.37	)	$	0.42		$	0.45		$	0.42		$	0.51

Dividend declared per share	$	0.20		$	0.20		$	0.19		$	0.19		$	0.19

Effective tax rate		34.0	%		35.3	%		34.6	%		35.2	%		34.5	%

*Supplemental Non-GAAP Performance Measures (Includes Reconciliation of Non-GAAP to GAAP Performance Measures)**
Net (loss) income (a GAAP measure)	$	(6,355	)	$	7,496		$	8,119		$	7,494		$	7,044
less: tax-effected net gain on sale of available for sale investments		(38	)		(39	)		(2	)		(527	)		(254	)
add: tax-effected** loss on pension termination		11,295			-			-			-			-
add: tax-effected** severance expense (Salaries and wages)		142			124			-			-			-
add: tax-effected** branch lease termination expense		604			-			-			-			-
add: tax-effected** debt and swap prepayment penalty (Other operating expenses)		397			-			-			339			-
add: tax-effected** impairment of intangible assets		252			-			-			-			-
add: tax-effected** due diligence, merger-related and merger integration expenses		1,209			660			841			1,626			622
Net income (core) (a non-GAAP measure)	$	7,506		$	8,241		$	8,958		$	8,932		$	7,412

Weighted average shares outstanding		17,129,234			17,572,421			17,713,794			17,545,802			13,646,098
Dilutive common shares		112,783			261,877			340,869			357,456			296,682
Adjusted weighted average diluted shares		17,242,017			17,834,298			18,054,663			17,903,258			13,942,780
Basic earnings per common share (core) (a non-GAAP measure)	$	0.44		$	0.47		$	0.51		$	0.51		$	0.54
Diluted earnings per common share (core) (a non-GAAP measure)	$	0.44		$	0.46		$	0.50		$	0.50		$	0.53

*The Corporation believes the presentation of the above non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of the results of operations of the Corporation. Management uses these non-GAAP financial measures in its analysis of the Corporation’s performance. This non-GAAP disclosure should not be viewed as a substitute for the financial measures determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies

** assumed tax rate of 35%

Bryn Mawr Bank Corporation

Consolidated Statements of Income - (unaudited)

(dollars in thousands, except per share data)

	For The Twelve Months Ended December 31,
	2015			2014

Interest and fees on loans and leases	$	102,432		$	78,541
Interest on cash and cash equivalents		409			193
Interest on investment securities:
Taxable		5,018			3,596
Non-taxable		497			399
Dividends		186			177
Total interest income	$	108,542		$	82,906

Savings, NOW and market rate deposits		2,318			1,675
Wholesale deposits		772			627
Time deposits		1,122			596
Interest on deposits		4,212			2,898
Interest on short-term borrowings		48			17
Interest on FHLB advances and other borrowings		3,554			3,163
Interest on subordinated notes		601			-
Total interest expense		8,415			6,078

Net interest income		100,127			76,828
Provision for loan and lease losses		4,396			884

Net interest income after provision for loan and lease losses		95,731			75,944

Fees for wealth management services		36,894			36,774
Service charges on deposits		2,927			2,578
Loan servicing and other fees		2,087			1,755
Net gain on sale of loans		3,022			1,772
Net gain on sale of investment securities available for sale		931			471
Net gain on sale of other real estate owned		123			175
Dividends on bank stocks		1,382			615
Insurance revenue		3,745			1,210
Other operating income		4,849			2,972
Non-interest income		55,960			48,322

Salaries and wages		44,575			37,113
Employee benefits		10,205			7,340
Loss on pension termination		17,377			-
Occupancy and bank premises		10,305			7,305
Branch lease termination expense		929			-
Furniture fixtures and equipment		6,841			4,508
Advertising		2,102			1,504
Amortization of intangible assets		3,827			2,659
Impairment of intangible assets		387			-
Due diligence, merger-related and merger integration expenses		6,670			2,373
Professional fees		3,353			3,017
Pennsylvania bank shares tax		1,253			1,256
Information technology		3,443			2,771
Other operating expenses		14,498			11,572
Non-interest expense		125,765			81,418

Income before income taxes		25,926			42,848
Income tax expense		9,172			15,005
Net income	$	16,754		$	27,843

Per share data:
Weighted average shares outstanding		17,488,325			13,566,239
Dilutive common shares		268,246			294,801
Adjusted weighted average shares		17,756,571			13,861,040

Basic earnings per common share	$	0.96		$	2.05

Diluted earnings per common share	$	0.94		$	2.01

Dividend declared per share	$	0.78		$	0.74

Effective tax rate		35.4	%		35.0	%

*Supplemental Non-GAAP Performance Measures (Includes Reconciliation of Non-GAAP to GAAP Performance Measures)**
Net income (a GAAP measure)	$	16,754		$	27,843
less: tax-effected net gain on sale of available for sale investments		(605	)		(306	)
add: tax-effected** loss on pension termination		11,295			-
add: tax-effected** severance expense (Salaries and wages)		265			106
add: tax-effected** branch lease termination expense		604			-
add: tax-effected** debt and swap prepayment penalty (Other operating expenses)		735			-
add: tax-effected** impairment of intangible assets		252			-
add: tax-effected** due diligence, merger-related and merger integration expenses		4,336			1,542
Net income (core) (a non-GAAP measure)	$	33,636		$	29,185

Weighted average shares outstanding		17,488,325			13,566,239
Dilutive common shares		268,246			294,801
Adjusted weighted average diluted shares		17,756,571			13,861,040
Basic earnings per common share (core) (a non-GAAP measure)	$	1.92		$	2.15
Diluted earnings per common share (core) (a non-GAAP measure)	$	1.89		$	2.11

** assumed tax rate of 35%

Bryn Mawr Bank Corporation

Consolidated Balance Sheets - (unaudited)

(dollars in thousands)

	December 31,			September 30,			June 30,			March 31,			December 31,
	2015			2015			2015			2015			2014
Assets

Interest-bearing deposits with banks	$	124,615		$	100,980		$	156,282		$	244,248		$	202,552
Investment securities - available for sale		348,966			341,421			349,496			334,746			229,577
Investment securities - trading		3,950			3,451			4,029			4,035			3,896
Loans held for sale		8,987			8,721			15,363			6,656			3,882
Portfolio loans:
Consumer		22,129			22,350			25,123			20,204			18,480
Commercial & industrial		524,515			488,977			472,702			457,432			335,645
Commercial mortgages		964,259			971,983			924,161			892,675			689,528
Construction		90,421			82,820			88,122			81,408			66,267
Residential mortgages		406,404			399,730			381,323			379,363			313,442
Home equity lines & loans		209,473			212,258			211,982			209,037			182,082
Leases		51,787			50,646			49,850			48,412			46,813
Total portfolio loans and leases		2,268,988			2,228,764			2,153,263			2,088,531			1,652,257

Earning assets		2,755,506			2,683,337			2,678,433			2,678,216			2,092,164

Cash and due from banks		18,452			17,161			20,258			17,269			16,717
Allowance for loan and lease losses		(15,857	)		(15,935	)		(14,959	)		(14,296	)		(14,586	)
Premises and equipment		45,339			44,370			43,164			42,888			33,748
Accrued interest receivable		7,869			7,744			7,518			7,465			5,560
Mortgage servicing rights		5,142			5,031			4,970			4,815			4,765
Goodwill		104,765			104,338			104,322			101,619			35,502
Other intangible assets		23,903			25,356			26,309			26,522			22,998
Bank owned life insurance		38,371			38,157			32,941			32,772			20,535
FHLB stock		12,942			11,742			11,542			11,541			11,523
Deferred income taxes		11,137			11,216			11,066			12,057			7,011
Other investments		9,460			9,499			9,295			9,238			5,226
Other assets		13,968			10,726			15,155			13,073			5,343

Total assets	$	3,030,997		$	2,952,742		$	2,950,014		$	2,943,179		$	2,246,506

Liabilities and shareholders' equity

Interest-bearing deposits:
Interest-bearing checking	$	338,861		$	330,683		$	328,606		$	349,582		$	277,228
Money market		749,726			748,983			699,263			717,441			566,354
Savings		187,299			192,995			189,120			184,819			138,992
Wholesale non-maturity deposits		67,717			65,636			65,365			69,555			66,693
Wholesale time deposits		53,185			57,671			67,894			73,476			73,458
Retail time deposits		229,253			238,269			274,008			263,996			118,400
Total interest-bearing deposits		1,626,041			1,634,237			1,624,256			1,658,869			1,241,125

Non-interest-bearing deposits		626,684			605,607			636,390			582,495			446,903
Total deposits		2,252,725			2,239,844			2,260,646			2,241,364			1,688,028

Short-term borrowings		94,167			24,264			26,406			38,372			23,824
Long-term FHLB advances and other borrowings		254,863			254,893			244,923			250,088			260,146
Subordinated notes		29,479			29,466			-			-			-
Other liabilities		34,052			36,120			36,941			35,452			29,034
Shareholders' equity		365,711			368,155			381,098			377,903			245,474

Total liabilities and shareholders' equity	$	3,030,997		$	2,952,742		$	2,950,014		$	2,943,179		$	2,246,506

Bryn Mawr Bank Corporation

Consolidated Quarterly Average Balance Sheets - (unaudited)

(dollars in thousands)

	For The Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2015			2015			2015			2015			2014
Assets

Interest-bearing deposits with banks	$	90,832		$	165,723		$	182,099		$	206,694		$	115,276
Investment securities - available for sale		350,668			352,006			347,046			370,293			252,422
Investment securities - trading		3,571			4,022			4,034			3,897			3,804
Loans held for sale		7,531			10,527			6,735			3,470			982
Portfolio loans and leases		2,240,189			2,181,125			2,111,371			2,079,412			1,654,239
Earning assets		2,692,791			2,713,403			2,651,285			2,663,766			2,026,723

Cash and due from banks		18,005			17,160			16,222			19,092			13,795
Allowance for loan and lease losses		(16,106	)		(15,066	)		(14,346	)		(14,866	)		(15,837	)
Premises and equipment		45,075			43,699			43,172			44,681			33,290
Goodwill		104,342			104,323			102,237			98,744			35,539
Other intangible assets		24,950			25,918			26,879			26,316			23,392
Bank owned life insurance		38,231			38,015			32,830			32,655			20,478
FHLB stock		12,042			11,592			11,542			11,928			11,419
Deferred income taxes		11,344			10,684			11,819			10,449			2,941
Other assets		28,337			31,580			29,061			25,391			31,102

Total assets	$	2,959,011		$	2,981,308		$	2,910,701		$	2,918,156		$	2,182,842

Liabilities and shareholders' equity

Interest-bearing deposits:
Interest-bearing checking	$	327,520		$	334,350		$	339,101		$	341,756		$	259,408
Money market		742,416			735,842			699,100			724,806			553,708
Savings		190,639			190,337			186,343			185,848			143,650
Wholesale non-maturity deposits		66,856			65,671			61,306			66,677			60,197
Wholesale time deposits		52,538			67,606			69,191			73,443			68,525
Retail time deposits		231,605			251,170			273,718			267,800			120,855
Total interest-bearing deposits		1,611,574			1,644,976			1,628,759			1,660,330			1,206,343

Non-interest bearing deposits		634,969			625,547			580,240			534,403			446,252
Total deposits		2,246,543			2,270,523			2,208,999			2,194,733			1,652,595

Short-term borrowings		26,092			28,166			34,980			55,207			19,407
Long-term FHLB advances and other borrowings		254,880			248,606			249,678			266,342			237,835
Subordinated notes		29,471			18,190			-			-			-
Other liabilities		36,665			39,219			37,890			30,935			24,070
Shareholders' equity		365,360			376,604			379,154			370,939			248,935

Total liabilities and shareholders' equity	$	2,959,011		$	2,981,308		$	2,910,701		$	2,918,156		$	2,182,842

Bryn Mawr Bank Corporation

Consolidated Year-to-Date Average Balance Sheets - (unaudited)

(dollars in thousands)

	For The Twelve Months Ended December 31,
	2015			2014
Assets

Interest bearing deposits with banks	$	161,032		$	83,163
Investment securities - available for sale		354,941			267,743
Investment securities - trading		3,881			3,591
Loans held for sale		7,086			972
Portfolio loans and leases		2,153,542			1,608,248
Earning assets		2,680,482			1,963,717

Cash and due from banks		17,615			12,730
Allowance for loan and lease losses		(15,099	)		(15,836	)
Premises and equipment		44,157			32,812
Goodwill		102,169			33,523
Intangible assets		26,012			19,698
Bank owned life insurance		35,455			20,365
FHLB stock		11,815			12,144
Deferred income taxes		11,339			5,960
Other assets		28,568			30,369

Total assets	$	2,942,513		$	2,115,482

Liabilities and shareholders' equity

Interest-bearing deposits:
Interest-bearing checking	$	335,638		$	260,652
Money market		725,619			555,267
Savings		188,310			142,210
Wholesale non-maturity deposits		65,130			47,103
Wholesale time deposits		65,643			51,956
Time deposits		255,961			126,097
Total interest-bearing deposits		1,636,301			1,183,285

Non-interest-bearing deposits		594,122			426,274
Total deposits		2,230,423			1,609,559

Short-term borrowings		36,010			227,137
Long-term FHLB advances and other borrowings		254,828			15,960
Subordinated notes		12,013			-
Other liabilities		36,151			22,048
Shareholders' equity		373,088			240,778

Total liabilities and shareholders' equity	$	2,942,513		$	2,115,482

Bryn Mawr Bank Corporation

Quarterly Tax-Equivalent Net Interest Margin Calculation - (unaudited)

(dollars in thousands)

	For The Three Months Ended
	December 31, 2015									September 30, 2015									June 30, 2015									March 31, 2015									December 31, 2014
(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	$	90,832		$	63			0.28	%	$	165,723		$	107			0.26	%	$	182,099		$	124			0.27	%	$	206,694		$	115			0.23	%	$	115,276		$	65			0.22	%
Investment securities - available for sale:
Taxable		307,524			1,432			1.85	%		310,582			1,172			1.50	%		310,011			1,184			1.53	%		335,208			1,336			1.62	%		221,190			973			1.75	%
Tax-exempt		43,144			195			1.79	%		41,424			186			1.78	%		37,035			157			1.70	%		35,085			203			2.35	%		31,232			142			1.80	%
Total investment securities - available for sale		350,668			1,627			1.84	%		352,006			1,358			1.53	%		347,046			1,341			1.55	%		370,293			1,539			1.69	%		252,422			1,115			1.75	%

Investment securities - trading		3,571			60			6.67	%		4,022			5			0.49	%		4,034			11			1.09	%		3,897			4			0.42	%		3,804			9			0.94	%

Loans and leases *		2,247,720			26,158			4.62	%		2,191,652			25,698			4.65	%		2,118,106			25,623			4.85	%		2,082,882			25,226			4.91	%		1,655,221			19,972			4.79	%

Total interest-earning assets		2,692,791			27,908			4.11	%		2,713,403			27,168			3.97	%		2,651,285			27,099			4.10	%		2,663,766			26,884			4.09	%		2,026,723			21,161			4.14	%

Cash and due from banks		18,005									17,160									16,222									19,092									13,795
Less: allowance for loan and lease losses		(16,106	)								(15,066	)								(14,346	)								(14,866	)								(15,837	)
Other assets		264,321									265,811									257,540									250,164									158,161

Total assets	$	2,959,011								$	2,981,308								$	2,910,701								$	2,918,156								$	2,182,842

Liabilities:

Interest-bearing deposits:
Savings, NOW and market rate deposits	$	1,260,575		$	565			0.18	%	$	1,260,529		$	584			0.18	%	$	1,224,544		$	575			0.19	%	$	1,252,410		$	594			0.19	%	$	956,766		$	422			0.17	%
Wholesale deposits		119,394			186			0.62	%		133,277			203			0.60	%		130,497			195			0.60	%		140,120			188			0.54	%		128,722			190			0.59	%
Time deposits		231,605			295			0.51	%		251,170			289			0.46	%		273,718			292			0.43	%		267,800			246			0.37	%		120,855			143			0.47	%
Total interest-bearing deposits		1,611,574			1,046			0.26	%		1,644,976			1,076			0.26	%		1,628,759			1,062			0.26	%		1,660,330			1,028			0.25	%		1,206,343			755			0.25	%

Borrowings:
Short-term borrowings		26,092			9			0.14	%		28,166			8			0.11	%		34,980			10			0.11	%		55,344			21			0.15	%		19,407			4			0.08	%
Long-term FHLB advances and other borrowings		254,880			912			1.42	%		248,606			881			1.41	%		249,678			851			1.37	%		266,205			910			1.39	%		237,835			809			1.35	%
Subordinated notes		29,471			370			4.98	%		18,190			231			5.04	%		-			-			-	%		-			-			-	%		-			-			-	%
Total borrowings		310,443			1,291			1.65	%		294,962			1,120			1.51	%		284,658			861			1.21	%		321,549			931			1.17	%		257,242			813			1.25	%

Total interest-bearing liabilities		1,922,017			2,337			0.48	%		1,939,938			2,196			0.45	%		1,913,417			1,923			0.40	%		1,981,879			1,959			0.40	%		1,463,585			1,568			0.43	%

Noninterest-bearing deposits		634,969									625,547									580,240									534,403									446,252
Other liabilities		36,665									39,219									37,890									30,935									24,070
Total noninterest-bearing liabilities		671,634									664,766									618,130									565,338									470,322

Total liabilities		2,593,651									2,604,704									2,531,547									2,547,217									1,933,907

Shareholders' equity		365,360									376,604									379,154									370,939									248,935

Total liabilities and shareholders' equity	$	2,959,011								$	2,981,308								$	2,910,701								$	2,918,156								$	2,182,842

Interest income to earning assets								4.11	%								3.97	%								4.10	%								4.09	%								4.14	%

Net interest spread								3.63	%								3.52	%								3.70	%								3.69	%								3.71	%
Effect of noninterest-bearing sources								0.14	%								0.13	%								0.11	%								0.10	%								0.13	%

Tax-equivalent net interest margin				$	25,571			3.77	%				$	24,972			3.65	%				$	25,176			3.81	%				$	24,925			3.79	%				$	19,593			3.84	%

Tax-equivalent adjustment				$	142			0.02	%				$	139			0.02	%				$	106			0.02	%				$	130			0.02	%				$	106			0.02	%


Supplemental Information Regarding Accretion of Fair Value Marks
Accretion of fair value marks on loans				$	707			0.10	%				$	763			0.11	%				$	1,246			0.19	%				$	1,127			0.17	%				$	513			0.10	%
Accretion of fair value marks on time deposits					123			0.02	%					188			0.03	%					205			0.03	%					245			0.04	%					4			0.00	%
Accretion of fair value marks on borrowings					65			0.01	%					65			0.01	%					65			0.01	%					70			0.01	%					30			0.01	%
Net interest income from fair value marks				$	895								$	1,016								$	1,516								$	1,442								$	547
Effect of fair value mark accretion on tax-equivalent net interest margin					0.13	%								0.15	%								0.23	%								0.22	%								0.11	%

* 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

Year-To-Date Tax-Equivalent Net Interest Margin Calculation - (unaudited)

(dollars in thousands)

	For The Twelve Months Ended December 31,
	2015									2014
	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	$	161,032			409			0.25	%	$	83,163			193			0.23	%
Investment securities available for sale:																%
Taxable		315,741			5,124			1.62	%		233,054			3,740			1.60	%
Tax-exempt		39,200			741			1.89	%		34,689			594			1.71	%

Investment securities - available for sale		354,941			5,865			1.65	%		267,743			4,334			1.62	%

Investment securities - trading		3,881			80			2.06	%		3,591			33			0.92	%

Loans and leases *		2,160,628			102,707			4.75	%		1,609,220			78,781			4.90	%

Total interest earning assets		2,680,482			109,061			4.07	%		1,963,717			83,341			4.24	%

Cash and due from banks		17,615									12,730
Less allowance for loan and lease losses		(15,099	)								(15,836	)
Other assets		259,515									154,871

Total assets	$	2,942,513								$	2,115,482

Liabilities:

Savings,NOW and market rate deposits	$	1,249,567		$	2,318			0.19	%	$	958,129		$	1,675			0.17	%
Wholesale deposits		130,773			772			0.59	%		99,059			627			0.63	%
Time deposits		255,961			1,122			0.44	%		126,097			596			0.47	%
Total interest-bearing deposits		1,636,301			4,212			0.26	%		1,183,285			2,898			0.24	%

Short-term borrowings		36,010			48			0.13	%		15,960			17			0.11	%
Long-term FHLB advances and other borrowings		254,828			3,554			1.39	%		227,137			3,163			1.39	%
Subordinated notes		12,013			601			5.00	%		-			-			-	%
Total Borrowings		302,851			4,203			1.39	%		243,097			3,180			1.31	%

Total interest-bearing liabilities		1,939,152			8,415			0.43	%		1,426,382			6,078			0.43	%


Noninterest-bearing deposits		594,122									426,274
Other liabilities		36,151									22,048
Total noninterest-bearing liabilities		630,273									448,322

Total liabilities		2,569,425									1,874,704

Shareholders' equity		373,088									240,778

Total liabilities and shareholders' equity	$	2,942,513								$	2,115,482

Interest income to earning assets								4.07	%								4.24	%

Net interest spread								3.64	%								3.81	%
Effect of noninterest-bearing sources								0.11	%								0.12	%

Tax-equivalent net interest margin				$	100,646			3.75	%				$	77,263			3.93	%

Tax-equivalent adjustment				$	519			0.02	%				$	435			0.02	%


Supplemental Information Regarding Accretion of Fair Value Marks
Accretion of fair value marks on loans				$	3,843								$	2,730
Accretion of fair value marks on time deposits					761									23
Accretion of fair value marks on borrowings					265									121
Net interest income from fair value marks				$	4,869								$	2,874
Effect of fair value mark accretion on tax-equivalent net interest margin					0.18	%								0.15	%

* 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 lease balances

Bryn Mawr Bank Corporation

Consolidated Selected Financial Data - (unaudited)

(dollars in thousands, except per share data)

	For The Three Months Ended or As Of
	December 31,			September 30,			June 30,			March 31,			December 31,
	2015			2015			2015			2015			2014
Asset Quality Data

Nonaccrual loans and leases	$	9,845		$	12,315		$	8,996		$	9,130		$	10,096
90 days or more past due loans, still accruing		-			-			-			-			-
Nonperforming loans and leases		9,845			12,315			8,996			9,130			10,096
Other real estate owned		2,638			1,010			843			1,532			1,147
Total nonperforming assets	$	12,483		$	13,325		$	9,839		$	10,662		$	11,243

Troubled debt restructurings included in nonperforming assets	$	1,535		$	3,711		$	3,960		$	4,217		$	4,315
Troubled debt restructurings in compliance with modified terms		5,280			4,062			4,078			4,145			4,157
Total troubled debt restructurings	$	6,815		$	7,773		$	8,038		$	8,362		$	8,472


Nonperforming loans and leases / portfolio loans & leases		0.43	%		0.55	%		0.42	%		0.44	%		0.61	%
Nonperforming assets / total assets		0.41	%		0.45	%		0.33	%		0.36	%		0.50	%
Net loan and lease charge-offs / average loans and leases (annualized)		0.33	%		0.04	%		0.04	%		0.16	%		0.17	%

Delinquency rate* - Performing and nonperforming loans and leases 30 days or more past due		0.52	%		0.62	%		0.58	%		0.51	%		0.50	%
Performing loans and leases - 30-89 days past due	$	5,601		$	4,960		$	5,233		$	3,361		$	2,232
Delinquency rate* - Performing loans and leases - 30-89 days past due		0.25	%		0.22	%		0.24	%		0.16	%		0.13	%

* as a percentage of total loans and leases

Changes in the allowance for loan and lease losses:

Balance, beginning of period	$	15,935		$	14,959		$	14,296		$	14,586		$	15,599
Charge-offs		(1,906	)		(308	)		(312	)		(928	)		(864	)
Recoveries		51			84			125			69			167
Net charge-offs		(1,855	)		(224	)		(187	)		(859	)		(697	)
Provision for loan and lease losses		1,777			1,200			850			569			(316	)
Balance, end of period	$	15,857		$	15,935		$	14,959		$	14,296		$	14,586

Total Allowance / Total Portfolio loans and leases		0.70	%		0.71	%		0.69	%		0.68	%		0.88	%
Allowance on originated loans and leases / Originated loans and leases (a non-GAAP measure)		0.84	%		0.88	%		0.88	%		0.90	%		0.94	%
(Total Allowance + Loan mark) / Total Gross portfolio loans and leases (a non-GAAP measure)		1.44	%		1.52	%		1.60	%		1.61	%		1.27	%
Total Allowance / nonperforming loans and leases		161.1	%		129.4	%		166.3	%		156.6	%		144.5	%

Supplemental Loan and Allowance Information Used to Calculate Non-GAAP Measures

Total Allowance	$	15,857		$	15,935		$	14,959		$	14,296		$	14,586
less: Allowance on acquired loans		-			35			22			125			86
Allowance on originated loans and leases	$	15,857		$	15,900		$	14,937		$	14,171		$	14,500

Total Allowance	$	15,857		$	15,935		$	14,959		$	14,296		$	14,586
Loan mark on acquired loans		17,108			18,179			19,816			19,708			6,422
Total Allowance + Loan mark	$	32,965		$	34,114		$	34,775		$	34,004		$	21,008
Total Portfolio loans and leases	$	2,268,988		$	2,228,764		$	2,153,263		$	2,088,532		$	1,652,257
less: Originated loans and leases		1,883,869			1,804,835			1,692,041			1,571,377			1,535,003
Net acquired loans	$	385,119		$	423,929		$	461,222		$	517,155		$	117,254
add: Loan mark on acquired loans		17,108			18,179			19,816			19,708			6,422
Gross acquired loans (excludes loan mark)	$	402,227		$	442,108		$	481,038		$	536,863		$	123,676
Originated loans and leases		1,883,869			1,804,835			1,692,041			1,571,377			1,535,003
Total Gross portfolio loans and leases	$	2,286,096		$	2,246,943		$	2,173,079		$	2,108,240		$	1,658,679

Bryn Mawr Bank Corporation

Consolidated Selected Financial Data - (unaudited)

(dollars in thousands, except per share data)

	December 31,			September 30,			June 30,			March 31,			December 31,
	2015			2015			2015			2015			2014
Selected ratios (annualized):

Return on average assets		-0.85	%		1.00	%		1.12	%		1.04	%		1.28	%
Return on average shareholders' equity		-6.90	%		7.90	%		8.59	%		8.19	%		11.23	%
Return on average tangible equity⁽²⁾		-10.68	%		12.07	%		13.02	%		12.36	%		14.71	%
Tax-equivalent yield on loans and leases		4.62	%		4.65	%		4.85	%		4.91	%		4.79	%
Tax-equivalent yield on interest-earning assets		4.11	%		3.97	%		4.10	%		4.09	%		4.14	%
Cost of interest-bearing funds		0.48	%		0.45	%		0.40	%		0.40	%		0.43	%
Tax-equivalent net interest margin		3.77	%		3.65	%		3.81	%		3.79	%		3.84	%
Book value per share	$	21.42		$	21.45		$	21.43		$	21.26		$	17.83
Tangible book value per share	$	13.89		$	13.89		$	14.08		$	14.05		$	13.59
Shares outstanding at end of period		17,071,523			17,166,323			17,786,293			17,777,628			13,769,336

Selected data:

Mortgage loans originated	$	55,867		$	76,169		$	63,285		$	35,728		$	29,929

Residential mortgage loans sold - servicing retained	$	24,063		$	30,515		$	28,204		$	24,569		$	14,382
Residential mortgage loans sold - servicing released		7,150			10,579			9,257			2,644			92
Total residential mortgage loans sold	$	31,213		$	41,094		$	37,461		$	27,213		$	14,474

Percentage gain on residential mortgage loans sold		1.57	%		1.05	%		2.08	%		2.97	%		3.25	%

Residential mortgage loans serviced for others	$	601,939		$	601,999		$	595,440		$	591,989		$	590,659


Total wealth assets under management, administration, supervision and brokerage ⁽¹⁾	$	8,364,805		$	8,218,276		$	8,536,024		$	7,816,441		$	7,699,908

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

(2) Average tangible equity equals average shareholders' equity minus average goodwill and average other intangible assets.

	For the Twelve Months Ended December 31,
Selected ratios (annualized):	2015			2014

Return on average assets		0.57	%		1.32	%
Return on average shareholders' equity		4.49	%		11.56	%
Return on average tangible equity ⁽¹⁾		6.84	%		14.85	%
Tax-equivalent yield on loans and leases		4.75	%		4.90	%
Tax-equivalent yield on interest-earning assets		4.07	%		4.24	%
Cost of interest-bearing liabilities		0.43	%		0.43	%
Tax-equivalent net interest margin		3.75	%		3.93	%

Selected data:

Residential mortgage loans originated	$	231,049		$	117,257

Residential mortgage loans sold - servicing retained	$	107,351		$	54,859
Residential mortgage loans sold - servicing released		29,630			783
Total residential mortgage loans sold	$	136,981		$	55,642

(1) Average tangible equity equals average shareholders' equity minus average goodwill and average other intangible assets.

Bryn Mawr Bank Corporation

Consolidated Selected Financial Data - (unaudited)

(dollars in thousands, except per share data)

Investment Portfolio - Available for Sale	As of December 31, 2015												As of December 31, 2014

							Net												Net
	Amortized			Fair			Unrealized						Amortized			Fair			Unrealized
SECURITY DESCRIPTION	Cost			Value			Gain / (Loss)						Cost			Value			Gain / (Loss)

U.S. Treasury securities	$	101		$	101		$	-					$	102		$	100		$	(2	)
Obligations of the U.S. Government and agencies		101,342			101,495			153						66,881			66,762			(119	)
State & political subdivisions - tax-free		41,367			41,442			75						28,955			29,045			90
State & political subdivisions - taxable		525			524			(1	)					-			-			-
Mortgage-backed securities		157,422			158,689			1,267						79,498			81,382			1,884
Collateralized mortgage obligations		29,756			29,799			43						34,618			34,797			179
Other debt securities		1,700			1,691			(9	)					1,900			1,900			-
Bond mutual funds		11,956			11,810			(146	)					11,956			11,835			(121	)
Other investments		3,607			3,415			(192	)					3,643			3,756			113
Total investment portfolio available for sale	$	347,776		$	348,966		$	1,190					$	227,553		$	229,577		$	2,024


Capital Ratios
	Regulatory Minimum
	To Be Well			December 31,			September 30,			June 30,			March 31,			December 31,
Bryn Mawr Trust Company	Capitalized			2015			2015*			2015*			2015*			2014

Tier I capital to risk weighted assets ("RWA")		8.00	%		10.12	%		11.93	%		12.00	%		12.10	%		11.32	%
Total (Tier II) capital to RWA		10.00	%		10.78	%		12.61	%		12.66	%		12.46	%		12.19	%
Tier I leverage ratio		5.00	%		8.51	%		9.75	%		9.77	%		9.52	%		8.98	%
Tangible equity ratio	N/A				7.74	%		8.84	%		8.54	%		8.42	%		8.19	%
Common equity Tier I capital to RWA		6.50	%		10.12	%		11.93	%		12.00	%		12.10	%	N/A

Bryn Mawr Bank Corporation

Tier I capital to RWA		8.00	%		10.72	%		11.54	%		12.50	%		12.77	%		12.00	%
Total (Tier II) capital to RWA		10.00	%		12.61	%		13.47	%		13.16	%		13.42	%		12.87	%
Tier I leverage ratio		5.00	%		9.02	%		9.44	%		10.20	%		10.05	%		9.43	%
Tangible equity ratio	N/A				8.17	%		8.45	%		8.88	%		8.87	%		8.61	%
Common equity Tier I capital to RWA		6.50	%		10.72	%		11.54	%		12.50	%		12.77	%		12.00	%

* certain capital ratios differ from those previously reported due to an immaterial adjustment to risk weighted assets

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BRYN MAWR BANK CORP Reports