BRYN MAWR, Pa., April 28, 2016 (GLOBE NEWSWIRE) — Bryn Mawr Bank Corporation (NASDAQ:BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported net income of $8.3 million and diluted earnings per share of $0.49 for the three months ended March 31, 2016, as compared to a net loss of $6.4 million, or $(0.37) diluted loss per share for the three months ended December 31, 2015 and net income of $7.5 million, or $0.42 diluted earnings per share for the three months ended March 31, 2015.
On a non-GAAP basis, core net income, which excludes certain non-core income and expense items, as detailed in the appendix to this earnings release, was also $8.3 million for the three months ended March 31, 2016 as compared to $7.5 million for the three months ended December 31, 2015 and $8.9 million for the three months ended March 31, 2015. Management believes the core net income measure is important in evaluating the Corporation’s performance on a more comparable basis between periods. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.
“We are very pleased to start the new year on a positive note,” commented Frank Leto, President and Chief Executive Officer, continuing, “Many of the decisions we made in 2015, which included the addition of new teams and talent, branch and office consolidations, significant investments in technology, and the settlement of our corporate pension plan, to name a few, positioned the Corporation well for a strong start to the new year and provide a solid foundation from which we will drive long-term performance.” Mr. Leto added, “The outstanding loan growth during the first quarter of 2016, which exceeded 19% annualized, along with a 41% increase in mortgage originations during the first quarter of 2016, compared to the first quarter of 2015, as well as the continued growth in our wealth assets are all promising indicators for the remainder of 2016.”
On April 28, 2016, the Board of Directors of the Corporation declared a quarterly dividend of $0.20 per share, payable June 1, 2016 to shareholders of record as of May 10, 2016.
SIGNIFICANT ITEMS OF NOTE
Results of Operations –First Quarter 2016 Compared to Fourth Quarter 2015
- Net income for the three months ended March 31, 2016 was $8.3 million, as compared to a net loss of $6.4 million for the three months ended December 31, 2015. The primary driver of the loss in the fourth quarter of 2015 was the loss on settlement of the corporate pension plan, which resulted in a $17.4 million pre-tax charge. On a core basis (a non-GAAP measure detailed in the appendix to this earnings release), core net income for the first quarter of 2016 of $8.3 million was a $778 thousand increase from core net income of $7.5 million for the fourth quarter of 2015. The increase in core net income was primarily driven by a $473 thousand increase in net interest income and a $367 thousand decrease in the provision for loan and lease losses (the “Provision”).
- Net interest income for the three months ended March 31, 2016 was $25.9 million, an increase of $473 thousand from $25.4 million for the three months ended December 31, 2015. The increase in net interest income between the periods was largely related to loan growth during the first quarter of 2016. Average loans and leases for the three months ended March 31, 2016 increased by $60.9 million as compared to the fourth quarter of 2015. The increase in average loans was accompanied by a 5 basis point increase in tax-equivalent yield earned on loans, resulting in a $616 thousand increase in interest income on loans and leases. Partially offsetting the increase in average loans and leases was a $51.8 million decrease in average interest-bearing deposits with banks. This decrease in cash deposits resulted in a $17 thousand decrease in interest earned on deposits with banks. On the liability side, average interest-bearing deposits increased by $22.1 million, resulting in a $30 thousand increase in interest expense on deposits.
- The tax-equivalent net interest margin of 3.87% for the three months ended March 31, 2016 increased 10 basis points from 3.77% for the fourth quarter of 2015. The increase was primarily the result of a $60.9 million increase in average loans and leases during the first quarter of 2016. The tax equivalent yield earned on loans and leases during the first quarter of 2016 was 4.67%. The increase in average loans and leases was largely offset by a $51.8 million decrease in average interest-bearing deposits with banks, which earned interest at a rate of 0.47% during the first quarter of 2016 and 0.28% during the fourth quarter of 2015. The contribution of fair value mark accretion to the tax equivalent net interest margin accounted for 16 basis points of the margin for the first quarter of 2016 as compared to 13 basis points for the fourth quarter of 2015.
- Non-interest income for the three months ended March 31, 2016 decreased $460 thousand from the fourth quarter of 2015. The decrease was related to a decrease in fees for wealth management services of $163 thousand, a $76 thousand loss on sale of other real estate owned, a $116 thousand decrease in dividends on Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) stocks, and a $392 thousand decrease in other operating income. The decrease in other operating income was related to the $319 thousand of noninterest income recorded in the fourth quarter of 2015 in connection with the full payoff of a purchased credit-impaired loan. Partially offsetting the decreases was an increase of $434 thousand in insurance revenues related to contingent commissions received from insurance carriers.
- Non-interest expense for the three months ended March 31, 2016 decreased $21.9 million, to $25.1 million, as compared to $47.0 million for the fourth quarter of 2015. The primary cause for the decrease was a $17.4 million loss on settlement of the corporate pension plan and a $929 thousand branch lease termination expense recorded in the fourth quarter of 2015, both of which did not reoccur, and a $1.9 million decrease in due diligence, merger-related and merger integration costs between the periods. Partially offsetting these decreases was a $684 thousand increase in Pennsylvania bank shares tax. The Pennsylvania bank shares tax is based on the Bank’s equity base as of December 31, 2015, which increased due to the acquisition of Continental Bank. In addition, during the fourth quarter of 2015, the Bank received tax credits related to its contributions under the Pennsylvania Educational Improvement Tax Credit (EITC) program.
- For the three months ended March 31, 2016, the Corporation recorded net loan and lease charge-offs of $422 thousand, as compared to $1.9 million for the fourth quarter of 2015. The Provision for the three months ended March 31, 2016 was $1.4 million, as compared to $1.8 million for the fourth quarter of 2015. The disparity between the $367 thousand, or 20.7%, decrease in Provision from the fourth quarter of 2015 to the first quarter of 2016, relative to the $1.4 million, or 77.3%, decrease in net charge-offs between the periods was primarily driven by the loan growth between the dates.
Results of Operations –First Quarter 2016 Compared to First Quarter 2015
- Net income for the three months ended March 31, 2016 was $8.3 million, as compared to $7.5 million for the same period in 2015. Significantly contributing to the increase was a $1.1 million increase in net interest income and a $2.5 million reduction in due diligence, merger-related and merger integration costs, partially offset by an $841 thousand increase in the Provision, an $825 thousand decrease in gain on sale of available for sale investment securities and an $868 thousand increase in salaries and wages.
- Net interest income for the three months ended March 31, 2016 was $25.9 million, an increase of $1.1 million, or 4.5%, from $24.8 million for the same period in 2015. The increase in net interest income between the periods was largely related to loan growth between the periods. Average loans and leases for the three months ended March 31, 2016 increased by $225.7 million from the same period in 2015. The increase in average balances was offset by a 24 basis point decrease in tax-equivalent yield earned on loans and leases. The net effect of the yield decrease and volume increase on average loans and leases was a $1.5 million increase in interest income on loans. On the liability side, a $26.7 million decrease in average interest-bearing deposits was offset by a $29.5 million increase in average subordinated notes, related to the issuance, during the third quarter of 2015, of $30 million of 4.5% fixed-to-floating rate subordinated notes. The interest expense effect of the decrease in interest-bearing deposits, which saw a rate decrease of 1 basis point, combined with the increase in average subordinated notes, which paid interest at 4.99%, was a net increase in interest expense of $408 thousand.
- The tax-equivalent net interest margin of 3.87% for the three months ended March 31, 2016 was an 8 basis point increase from 3.79% for the same period in 2015. The increase was largely the result of the $167.6 million reduction in low-yielding interest-bearing deposits with banks and the $225.7 million increase in average loans and leases. The tax-equivalent yield earned on loans and leases for the three months ended March 31, 2016 was 4.67%. Partially offsetting the effect of the loan growth on the tax-equivalent interest margin was the $29.5 million increase in average subordinated notes at a rate of 4.99% for the first quarter of 2016 as compared to the same period in 2015. The contribution of fair value mark accretion to the tax equivalent net interest margin accounted for 16 basis points of the margin for the first quarter of 2016 as compared to 22 basis points for the first quarter of 2015.
- Non-interest income for the three months ended March 31, 2016 decreased $1.6 million as compared to the same period in 2015. Largely contributing to this decrease was an $825 thousand decrease in net gain on sale of available for sale investment securities, a $401 thousand decrease in dividends on FHLB and FRB stocks and a $273 thousand decrease in fees for wealth management services. During the three months ended March 31, 2016, $80 thousand of available for sale investment securities, related to a rabbi trust, were sold, resulting in a net loss of $15 thousand as compared to the $63.2 million of available for sale investment securities sold during the first quarter of 2015, much of which had been acquired from Continental Bank, and which resulted in a net gain on sale of $810 thousand. The decrease in dividends on FHLB and FRB stocks was related to the $448 thousand special dividend issued by the FHLB in the first quarter of 2015 which was not repeated in 2016. The decrease in wealth revenue largely related to the shifting of the composition of the wealth portfolio to lower-yielding, fixed-fee accounts. Although assets under management administration, supervision and brokerage increased by $1.47 billion from March 31, 2015 to March 31, 2016, the portion of the portfolio which derives its fees from market value changes declined, offset by increases in the lower-yielding fixed-fee accounts. This shift serves to reduce the earnings volatility associated with market movement.
- Non-interest expense for the three months ended March 31, 2016 decreased $2.4 million, to $25.0 million, as compared to $27.4 million for the same period in 2015. Largely accounting for the decrease was a $2.5 million decrease in due diligence, merger-related and merger integration costs, a $273 thousand decrease in advertising expense and a $244 thousand decrease in employee benefits. The merger expense and higher advertising expense during the first quarter of 2015 were related to the January 1, 2015 Continental Bank acquisition. The decrease in employee benefits was related to the December 2015 settlement of the corporate pension plan, not only due to the elimination of the recurring pension costs associated with a defined benefits plan, but also due to the excess assets remaining in the plan at settlement. For the three months ended March 31, 2016, excess assets from the settled pension plan were used to reduce 401(k) contribution costs by $300 thousand. Partially offsetting these decreases were increases of $868 thousand in salaries related to staff additions, which included the April 2015 Robert J. McAllister Agency acquisition, the October 2015 formation of the Key Capital Mortgage, Inc. subsidiary, and additions to our lending teams in our residential mortgage operation and our Hershey office, as well as the addition of a number of key senior management positions which had become vacant since the first quarter of 2015.
- Nonperforming loans and leases totaled $9.6 million as of March 31, 2016, representing 0.41% of total portfolio loans and leases, as compared to $9.1 million, or 0.44% of total portfolio loans and leases as of March 31, 2015. For the three months ended March 31, 2016, the Corporation recorded net loan and lease charge-offs of $422 thousand, as compared to $859 thousand for the same period in 2015. The decrease of net charge-offs between periods was the result of impairment analyses on collateral-dependent loans which identified collateral shortfalls and determined appropriate charge-offs. Based on the analyses performed as of March 31, 2016, and the full or partial charge-offs recorded, management believes there is sufficient collateral to cover the principal balances of the collateral-dependent loans. The Provision for the three months ended March 31, 2016 was $1.4 million as compared to $569 thousand for the same period in 2015. The increase in the Provision for the first quarter of 2016 was largely driven by the increases in loan volume which were concentrated in the commercial mortgage and construction segments of the portfolio.
Financial Condition – March 31, 2016 Compared to December 31, 2015
- Total portfolio loans and leases of $2.38 billion as of March 31, 2016 increased by $109.9 million from December 31, 2015. Loan growth was concentrated in the commercial mortgage and construction categories, which increased $80.2 million and $28.8 million, respectively, during the first quarter of 2016.
- The allowance for loan and lease losses (the “Allowance”) as of March 31, 2016 was $16.8 million, or 0.71% of portfolio loans as compared to $15.9 million, or 0.70% of portfolio loans and leases, as of December 31, 2015. In addition to the ratio of Allowance to portfolio loans, management considers two non-GAAP measures: the Allowance as a percentage of originated loans and leases, which was 0.83% as of March 31, 2016, as compared to 0.84% as of December 31, 2015, and the Allowance plus the remaining loan mark as a percentage of gross loans, which was 1.37% as of March 31, 2016, as compared to 1.44% as of December 31, 2015. A reconciliation of these and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.
- Available for sale investment securities as of March 31, 2016 were $365.8 million, an increase of $16.9 million from December 31, 2015. Increases of $23.7 million in mortgage-related securities were partially offset by decreases of $5.4 million in U.S. government securities.
- Total assets as of March 31, 2016 were $3.06 billion, an increase of $27.3 million from December 31, 2015. Increases in loans and leases and available for sale investment securities were partially offset by reductions in interest-bearing deposits with banks, which decreased by $90.7 million.
- Wealth assets under management, administration, supervision and brokerage totaled $9.28 billion as of March 31, 2016, an increase of $916.9 million from December 31, 2015. However, due to the change in the composition of the assets held in the wealth portfolio, fees for wealth management services did not grow proportionately, as more of the portfolio was comprised of assets held in lower-yielding fixed-fee accounts.
- Deposits of $2.34 billion as of March 31, 2016 increased $91.3 million from December 31, 2015. A significant portion of the growth in deposits was in the wholesale sector, which grew by $72.7 million.
- The capital ratios for the Bank and the Corporation, as of March 31, 2016, as shown in the attached tables, indicate levels well above the regulatory minimum to be considered “well capitalized.” The capital ratios of the Bank increased from the fourth quarter of 2015 primarily as a result of a $15.0 million downstream of capital from the Corporation during the first quarter. The capital ratios of the Corporation decreased from the fourth quarter of 2015, as shareholders’ equity decreased $534 thousand, while total assets increased by $27.3 million. The decrease in shareholders’ equity occurred as a result of dividend payments and the repurchase, during the first quarter of 2016, of $8.0 million of treasury shares.
EARNINGS CONFERENCE CALL
The Corporation will hold an earnings conference call at 8:30 a.m. Eastern Time on Friday, April 29, 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 May 13, 2016. The recorded replay may be accessed by dialing (toll-free) 1-877-344-7529 (international (toll) 1-412-317-0088).The conference number is 10083628.
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 website. To access the call, please visit the website at http://services.choruscall.com/links/bmtc160429. 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,” “indicate,” “estimate,” “target,” “potentially,” “promising,” “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 acquired businesses with the Corporation’s 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 | ||||||||||||||||||||||
| Summary Financial Information (unaudited) | ||||||||||||||||||||||
| (dollars in thousands, except per share data) | ||||||||||||||||||||||
| As of or For the Three Months Ended | ||||||||||||||||||||||
| March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | ||||||||||||||||||
| Consolidated Balance Sheet (selected items) | ||||||||||||||||||||||
| Interest-bearing deposits with banks | $ | 33,954 | $ | 124,615 | $ | 100,980 | $ | 156,282 | $ | 244,248 | ||||||||||||
| Investment securities (available for sale and trading) | 369,461 | 352,916 | 344,872 | 353,525 | 338,781 | |||||||||||||||||
| Loans held for sale | 7,807 | 8,987 | 8,721 | 15,363 | 6,656 | |||||||||||||||||
| Portfolio loans and leases | 2,378,841 | 2,268,988 | 2,228,764 | 2,153,263 | 2,088,531 | |||||||||||||||||
| Allowance for loan and lease losses (“ALLL”) | (16,845 | ) | (15,857 | ) | (15,935 | ) | (14,959 | ) | (14,296 | ) | ||||||||||||
| Goodwill and other intangible assets | 127,777 | 128,668 | 129,694 | 130,631 | 128,141 | |||||||||||||||||
| Total assets | 3,058,247 | 3,030,997 | 2,952,742 | 2,950,014 | 2,943,179 | |||||||||||||||||
| Deposits – interest-bearing | 1,700,550 | 1,626,041 | 1,634,237 | 1,624,257 | 1,658,869 | |||||||||||||||||
| Deposits – non-interest-bearing | 643,492 | 626,684 | 605,607 | 636,390 | 582,495 | |||||||||||||||||
| Short-term borrowings | 37,010 | 94,167 | 24,264 | 26,406 | 38,372 | |||||||||||||||||
| Long-term FHLB advances and other borrowings | 249,832 | 254,863 | 254,893 | 244,923 | 250,088 | |||||||||||||||||
| Subordinated notes | 29,491 | 29,479 | 29,466 | – | – | |||||||||||||||||
| Total liabilities | 2,693,070 | 2,665,286 | 2,584,587 | 2,568,916 | 2,565,276 | |||||||||||||||||
| Shareholders’ equity | 365,177 | 365,711 | 368,155 | 381,098 | 377,903 | |||||||||||||||||
| Average Balance Sheet (selected items) | ||||||||||||||||||||||
| Interest-bearing deposits with banks | $ | 39,050 | $ | 90,832 | $ | 165,723 | $ | 182,099 | $ | 206,694 | ||||||||||||
| Investment securities (available for sale and trading) | 360,957 | 354,239 | 356,028 | 351,080 | 374,190 | |||||||||||||||||
| Loans held for sale | 5,481 | 7,531 | 10,527 | 6,735 | 3,470 | |||||||||||||||||
| Portfolio loans and leases | 2,303,103 | 2,240,189 | 2,181,125 | 2,111,371 | 2,079,412 | |||||||||||||||||
| Total interest-earning assets | 2,708,591 | 2,713,403 | 2,651,285 | 2,663,766 | ||||||||||||||||||
| Goodwill and intangible assets | 128,296 | 129,292 | 130,241 | 129,116 | 125,060 | |||||||||||||||||
| Total assets | 2,973,148 | 2,959,011 | 2,981,308 | 2,910,701 | 2,918,156 | |||||||||||||||||
| Deposits – interest-bearing | 1,633,651 | 1,611,574 | 1,644,976 | 1,628,759 | 1,660,330 | |||||||||||||||||
| Short-term borrowings | 34,158 | 26,092 | 28,166 | 34,980 | 55,207 | |||||||||||||||||
| Long-term FHLB advances and other borrowings | 250,015 | 254,880 | 248,606 | 249,678 | 266,342 | |||||||||||||||||
| Subordinated notes | 29,482 | 29,471 | 18,190 | – | – | |||||||||||||||||
| Total interest-bearing liabilities | 1,947,306 | 1,922,017 | 1,939,938 | 1,913,417 | 1,981,879 | |||||||||||||||||
| Total liabilities | 2,612,276 | 2,593,651 | 2,604,704 | 2,531,547 | 2,547,217 | |||||||||||||||||
| Shareholders’ equity | 360,872 | 365,360 | 376,604 | 379,154 | 370,939 | |||||||||||||||||
| Income Statement | ||||||||||||||||||||||
| Net interest income | $ | 25,902 | $ | 25,429 | $ | 24,833 | $ | 25,070 | $ | 24,795 | ||||||||||||
| Provision for loan and lease losses | 1,410 | 1,777 | 1,200 | 850 | 569 | |||||||||||||||||
| Noninterest income | 13,208 | 13,668 | 13,350 | 14,177 | 14,765 | |||||||||||||||||
| Noninterest expense | 25,051 | 46,951 | 25,403 | 25,982 | 27,429 | |||||||||||||||||
| Income tax expense (benefit) | 4,375 | (3,276 | ) | 4,084 | 4,296 | 4,068 | ||||||||||||||||
| Net income (loss) | 8,274 | (6,355 | ) | 7,496 | 8,119 | 7,494 | ||||||||||||||||
| Basic earnings per share | 0.49 | (0.37 | ) | 0.43 | 0.46 | 0.43 | ||||||||||||||||
| Diluted earnings per share | 0.49 | (0.37 | ) | 0.42 | 0.45 | 0.42 | ||||||||||||||||
| Net income (core) (1) | 8,284 | 7,506 | 8,241 | 8,958 | 8,932 | |||||||||||||||||
| Basic earnings per share (core) (1) | 0.49 | 0.44 | 0.47 | 0.51 | 0.51 | |||||||||||||||||
| Diluted earnings per share (core) (1) | 0.49 | 0.44 | 0.46 | 0.50 | 0.50 | |||||||||||||||||
| Cash dividends paid per share | 0.20 | 0.20 | 0.20 | 0.19 | 0.19 | |||||||||||||||||
| Profitability Indicators | ||||||||||||||||||||||
| Return on average assets | 1.12 | % | -0.86 | % | 1.01 | % | 1.12 | % | 1.03 | % | ||||||||||||
| Return on average equity | 9.22 | % | -7.00 | % | 8.01 | % | 8.61 | % | 8.13 | % | ||||||||||||
| Return on tangible equity(1) | 15.31 | % | -9.36 | % | 13.25 | % | 14.06 | % | 13.30 | % | ||||||||||||
| Tax-equivalent net interest margin | 3.87 | % | 3.77 | % | 3.65 | % | 3.81 | % | 3.79 | % | ||||||||||||
| Efficiency ratio(1) | 61.75 | % | 63.09 | % | 60.97 | % | 60.48 | % | 60.45 | % | ||||||||||||
| Mortgage Banking Information | ||||||||||||||||||||||
| Mortgage loans originated | $ | 50,416 | $ | 55,867 | $ | 76,169 | $ | 63,285 | $ | 35,728 | ||||||||||||
| Residential mortgage loans sold – servicing retained | 25,965 | 24,063 | 30,515 | 28,204 | 24,569 | |||||||||||||||||
| Residential mortgage loans sold – servicing released | 2,397 | 7,150 | 10,579 | 9,257 | 2,644 | |||||||||||||||||
| Total residential mortgage loans sold | $ | 28,362 | $ | 31,213 | $ | 41,094 | $ | 37,461 | $ | 27,213 | ||||||||||||
| Residential mortgage loans serviced for others | $ | 605,366 | $ | 601,939 | $ | 601,999 | $ | 595,440 | $ | 591,989 | ||||||||||||
| Share Data | ||||||||||||||||||||||
| Closing share price | $ | 25.73 | $ | 28.72 | $ | 31.07 | $ | 30.16 | $ | 30.41 | ||||||||||||
| Book value per common share | $ | 21.48 | $ | 21.40 | $ | 21.94 | $ | 21.32 | $ | 20.87 | ||||||||||||
| Tangible book value per common share | $ | 13.87 | $ | 13.86 | $ | 14.38 | $ | 13.97 | $ | 13.66 | ||||||||||||
| Price / book value | 119.80 | % | 134.19 | % | 141.62 | % | 141.48 | % | 145.74 | % | ||||||||||||
| Price / tangible book value | 185.47 | % | 207.14 | % | 216.01 | % | 215.85 | % | 222.66 | % | ||||||||||||
| Weighted average diluted shares outstanding | 16,883,193 | 17,129,234 | 17,834,298 | 18,054,663 | 17,903,258 | |||||||||||||||||
| Shares outstanding, end of period | 16,801,801 | 17,071,523 | 17,166,323 | 17,786,293 | 17,777,628 | |||||||||||||||||
| Wealth Management Information: | ||||||||||||||||||||||
| Wealth assets under mgmt, administration, supervision and brokerage (2) | $ | 9,281,743 | $ | 8,364,805 | $ | 8,218,276 | $ | 8,536,024 | $ | 7,816,441 | ||||||||||||
| Fees for wealth management services | $ | 8,832 | $ | 8,995 | $ | 9,194 | $ | 9,600 | $ | 9,105 | ||||||||||||
| Capital Ratios | ||||||||||||||||||||||
| Bryn Mawr Trust Company | ||||||||||||||||||||||
| Tier I capital to risk weighted assets (“RWA”) | 10.69 | % | 10.12 | % | 11.96 | % | 12.04 | % | 12.12 | % | ||||||||||||
| Total (Tier II) capital to RWA | 11.39 | % | 10.78 | % | 12.64 | % | 12.71 | % | 12.78 | % | ||||||||||||
| Tier I leverage ratio | 9.15 | % | 8.51 | % | 9.75 | % | 9.77 | % | 9.52 | % | ||||||||||||
| Tangible equity ratio (1) | 8.53 | % | 7.74 | % | 8.84 | % | 8.54 | % | 8.42 | % | ||||||||||||
| Common equity Tier I capital to RWA | 10.69 | % | 10.12 | % | 11.96 | % | 12.04 | % | 12.12 | % | ||||||||||||
| Bryn Mawr Bank Corporation | ||||||||||||||||||||||
| Tier I capital to RWA | 10.22 | % | 10.72 | % | 11.56 | % | 12.55 | % | 12.79 | % | ||||||||||||
| Total (Tier II) capital to RWA | 12.13 | % | 12.61 | % | 13.50 | % | 13.21 | % | 13.44 | % | ||||||||||||
| Tier I leverage ratio | 8.76 | % | 9.02 | % | 9.44 | % | 10.20 | % | 10.05 | % | ||||||||||||
| Tangible equity ratio (1) | 8.10 | % | 8.17 | % | 8.45 | % | 8.88 | % | 8.87 | % | ||||||||||||
| Common equity Tier I capital to RWA | 10.22 | % | 10.72 | % | 11.54 | % | 12.50 | % | 12.77 | % | ||||||||||||
| Asset Quality Indicators | ||||||||||||||||||||||
| Net loan and lease charge-offs (“NCO”s) | $ | 422 | $ | 1,855 | $ | 224 | $ | 187 | $ | 859 | ||||||||||||
| Nonperforming loans and leases (“NPL”s) | $ | 9,636 | $ | 10,244 | $ | 12,315 | $ | 8,996 | $ | 9,130 | ||||||||||||
| Other real estate owned (“OREO”) | 756 | 2,638 | 1,010 | 843 | 1,532 | |||||||||||||||||
| Total nonperforming assets (“NPA”s) | $ | 10,392 | $ | 12,882 | $ | 13,325 | $ | 9,839 | $ | 10,662 | ||||||||||||
| Nonperforming loans and leases 30 or more days past due | $ | 6,193 | $ | 5,678 | $ | 8,854 | $ | 7,302 | $ | 7,426 | ||||||||||||
| Performing loans and leases 30 to 89 days past due | 6,296 | 5,601 | 4,960 | 5,233 | 3,361 | |||||||||||||||||
| Performing loans and leases 90 or more days past due | – | – | – | – | – | |||||||||||||||||
| Total delinquent loans and leases | $ | 12,489 | $ | 11,279 | $ | 13,814 | $ | 12,535 | $ | 10,787 | ||||||||||||
| Delinquent loans and leases to total loans and leases | 0.52 | % | 0.50 | % | 0.62 | % | 0.58 | % | 0.51 | % | ||||||||||||
| Delinquent performing loans and leases to total loans and leases | 0.26 | % | 0.25 | % | 0.22 | % | 0.24 | % | 0.16 | % | ||||||||||||
| NCOs / average loans and leases (annualized) | 0.07 | % | 0.33 | % | 0.04 | % | 0.04 | % | 0.17 | % | ||||||||||||
| NPLs / total portfolio loans and leases | 0.41 | % | 0.45 | % | 0.55 | % | 0.42 | % | 0.44 | % | ||||||||||||
| NPAs / total loans and leases and OREO | 0.44 | % | 0.56 | % | 0.60 | % | 0.45 | % | 0.51 | % | ||||||||||||
| ALLL / NPLs | 174.81 | % | 154.79 | % | 129.40 | % | 166.29 | % | 156.58 | % | ||||||||||||
| ALLL / portfolio loans | 0.71 | % | 0.70 | % | 0.71 | % | 0.69 | % | 0.68 | % | ||||||||||||
| ALLL on originated loans and leases / Originated loans and leases (1) | 0.83 | % | 0.84 | % | 0.88 | % | 0.88 | % | 0.90 | % | ||||||||||||
| (Total Allowance + Loan mark) / Total Gross portfolio loans and leases (1) | 1.37 | % | 1.44 | % | 1.52 | % | 1.60 | % | 1.61 | % | ||||||||||||
| Troubled debt restructurings (“TDR”s) included in NPLs | $ | 1,756 | $ | 1,935 | $ | 3,711 | $ | 3,960 | $ | 4,217 | ||||||||||||
| TDRs in compliance with modified terms | 4,893 | 4,880 | 4,062 | 4,078 | 4,145 | |||||||||||||||||
| Total TDRs | $ | 6,649 | $ | 6,815 | $ | 7,773 | $ | 8,038 | $ | 8,362 | ||||||||||||
| (1)Non-GAAP measure – see Appendix for Non-GAAP to GAAP reconciliation | ||||||||||||||||||||||
| (2)Brokerage assets represent assets held at a registered broker dealer under a clearing agreement. | ||||||||||||||||||||||
| Bryn Mawr Bank Corporation | |||||||||||||||||||||
| Detailed Balance Sheets (unaudited) | |||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||
| As of or For the Three Months Ended | |||||||||||||||||||||
| March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | |||||||||||||||||
| Assets | |||||||||||||||||||||
| Cash and due from banks | $ | 15,594 | $ | 18,452 | $ | 17,161 | $ | 20,258 | $ | 17,269 | |||||||||||
| Interest-bearing deposits with banks | 33,954 | 124,615 | 100,980 | 156,282 | 244,248 | ||||||||||||||||
| Cash and cash equivalents | 49,548 | 143,067 | 118,141 | 176,540 | 261,517 | ||||||||||||||||
| Investment securities, available for sale | 365,819 | 348,966 | 341,421 | 349,496 | 334,746 | ||||||||||||||||
| Investment securities, trading | 3,642 | 3,950 | 3,451 | 4,029 | 4,035 | ||||||||||||||||
| Loans held for sale | 7,807 | 8,987 | 8,721 | 15,363 | 6,656 | ||||||||||||||||
| Portfolio loans and leases, originated | 2,015,683 | 1,883,869 | 1,804,834 | 1,692,027 | 1,571,375 | ||||||||||||||||
| Portfolio loans and leases, acquired | 363,158 | 385,119 | 423,930 | 461,236 | 517,156 | ||||||||||||||||
| Total portfolio loans and leases | 2,378,841 | 2,268,988 | 2,228,764 | 2,153,263 | 2,088,531 | ||||||||||||||||
| Less: All owance for losses on originated loan and leases |
(16,817 | ) | (15,857 | ) | (15,900 | ) | (14,937 | ) | (14,173 | ) | |||||||||||
| Less: Allowance for losses on acquired loan and leases | (28 | ) | – | (35 | ) | (22 | ) | (123 | ) | ||||||||||||
| Total allowance for loan and lease losses | (16,845 | ) | (15,857 | ) | (15,935 | ) | (14,959 | ) | (14,296 | ) | |||||||||||
| Net portfolio loans and leases | 2,361,996 | 2,253,131 | 2,212,829 | 2,138,304 | 2,074,235 | ||||||||||||||||
| Premises and equipment | 44,712 | 45,339 | 44,370 | 43,164 | 42,888 | ||||||||||||||||
| Accrued interest receivable | 8,205 | 7,869 | 7,744 | 7,518 | 7,465 | ||||||||||||||||
| Deferred income taxes | 10,155 | 11,137 | 11,216 | 11,066 | 12,057 | ||||||||||||||||
| Mortgage servicing rights | 5,182 | 5,142 | 5,031 | 4,970 | 4,815 | ||||||||||||||||
| Bank owned life insurance | 38,616 | 38,371 | 38,157 | 32,941 | 32,772 | ||||||||||||||||
| Federal Home Loan Bank (“FHLB”) stock | 12,142 | 12,942 | 11,742 | 11,542 | 11,541 | ||||||||||||||||
| Goodwill | 104,765 | 104,765 | 104,338 | 104,322 | 101,619 | ||||||||||||||||
| Intangible assets | 23,012 | 23,903 | 25,356 | 26,309 | 26,522 | ||||||||||||||||
| Other investments | 8,487 | 9,460 | 9,499 | 9,295 | 9,238 | ||||||||||||||||
| Other assets | 14,159 | 13,968 | 10,726 | 15,155 | 13,073 | ||||||||||||||||
| Total assets | $ | 3,058,247 | $ | 3,030,997 | $ | 2,952,742 | $ | 2,950,014 | $ | 2,943,179 | |||||||||||
| Liabilities | |||||||||||||||||||||
| Deposits | |||||||||||||||||||||
| Noninterest-bearing | $ | 643,492 | $ | 626,684 | $ | 605,607 | $ | 636,390 | $ | 582,495 | |||||||||||
| Interest-bearing | 1,700,550 | 1,626,041 | 1,634,237 | 1,624,257 | 1,658,869 | ||||||||||||||||
| Total deposits | 2,344,042 | 2,252,725 | 2,239,844 | 2,260,647 | 2,241,364 | ||||||||||||||||
| Short-term borrowings | 37,010 | 94,167 | 24,264 | 26,406 | 38,372 | ||||||||||||||||
| Long-term FHLB advances and other borrowings | 249,832 | 254,863 | 254,893 | 244,923 | 250,088 | ||||||||||||||||
| Subordinated notes | 29,491 | 29,479 | 29,466 | – | – | ||||||||||||||||
| Accrued interest payable | 1,294 | 1,851 | 1,444 | 1,292 | 1,201 | ||||||||||||||||
| Other liabilities | 31,401 | 32,201 | 34,676 | 35,648 | 34,251 | ||||||||||||||||
| Total liabilities | 2,693,070 | 2,665,286 | 2,584,587 | 2,568,916 | |||||||||||||||||
| Shareholders’ equity | |||||||||||||||||||||
| Common stock | 20,949 | 20,931 | 20,854 | 20,848 | 20,750 | ||||||||||||||||
| Paid-in capital in excess of par value | 229,479 | 228,814 | 226,980 | 225,837 | 223,389 | ||||||||||||||||
| Less: common stock held in treasury, at cost | (66,140 | ) | (58,144 | ) | (53,000 | ) | (34,346 | ) | (31,646 | ) | |||||||||||
| Accumulated other comprehensive income (loss), net of tax | 1,502 | (412 | ) | (11,040 | ) | (11,634 | ) | (10,287 | ) | ||||||||||||
| Retained earnings | 179,387 | 174,522 | 184,361 | 180,393 | 175,697 | ||||||||||||||||
| Total shareholders equity | 365,177 | 365,711 | 368,155 | 381,098 | 377,903 | ||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 3,058,247 | $ | 3,030,997 | $ | 2,952,742 | $ | 2,950,014 | $ | 2,943,179 | |||||||||||
| Bryn Mawr Bank Corporation | |||||||||||||||||||||
| Supplemental Balance Sheet Information (unaudited) | |||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||
| Portfolio Loans and Leases as of | |||||||||||||||||||||
| March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | |||||||||||||||||
| Commercial mortgages | $ | 1,044,415 | $ | 964,259 | $ | 971,983 | $ | 924,161 | $ | 892,675 | |||||||||||
| Home equity loans and lines | 205,896 | 209,473 | 212,258 | 211,982 | 209,037 | ||||||||||||||||
| Residential mortgages | 412,006 | 406,404 | 399,730 | 381,323 | 379,363 | ||||||||||||||||
| Construction | 119,193 | 90,421 | 82,820 | 88,122 | 81,408 | ||||||||||||||||
| Total real estate loans | 1,781,510 | 1,670,557 | 1,666,791 | 1,605,588 | 1,562,483 | ||||||||||||||||
| Commercial & Industrial | 523,053 | 524,515 | 488,977 | 472,702 | 457,432 | ||||||||||||||||
| Consumer | 21,427 | 22,129 | 22,350 | 25,123 | 20,204 | ||||||||||||||||
| Leases | 52,851 | 51,787 | 50,646 | 49,850 | 48,412 | ||||||||||||||||
| Total non-real estate loans and leases | 597,331 | 598,431 | 561,973 | 547,675 | 526,048 | ||||||||||||||||
| Total portfolio loans and leases | $ | 2,378,841 | $ | 2,268,988 | $ | 2,228,764 | $ | 2,153,263 | $ | 2,088,531 | |||||||||||
| Nonperforming Loans and Leases as of | |||||||||||||||||||||
| March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | |||||||||||||||||
| Commercial mortgages | $ | 872 | $ | 829 | $ | 931 | $ | 592 | $ | 600 | |||||||||||
| Home equity loans and lines | 1,953 | 2,027 | 1,661 | 1,605 | 923 | ||||||||||||||||
| Residential mortgages | 2,923 | 3,212 | 5,249 | 5,320 | 5,130 | ||||||||||||||||
| Construction | 12 | 34 | 34 | 139 | 201 | ||||||||||||||||
| Total nonperforming real estate loans | 5,760 | 6,102 | 7,875 | 7,656 | 6,854 | ||||||||||||||||
| Commercial & Industrial | 3,822 | 4,133 | 4,337 | 1,283 | 2,218 | ||||||||||||||||
| Consumer | – | – | 2 | – | 9 | ||||||||||||||||
| Leases | 54 | 9 | 101 | 57 | 49 | ||||||||||||||||
| Total nonperforming non-real estate loans and leases | 3,876 | 4,142 | 4,440 | 1,340 | 2,276 | ||||||||||||||||
| Total noperforming portfolio loans and leases | $ | 9,636 | $ | 10,244 | $ | 12,315 | $ | 8,996 | $ | 9,130 | |||||||||||
| Net Loan and Lease Charge-Offs (Recoveries) for the Three Months Ended | |||||||||||||||||||||
| March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | |||||||||||||||||
| Commercial mortgage | $ | 107 | $ | (4 | ) | $ | – | $ | 48 | $ | (21 | ) | |||||||||
| Home equity loans and lines | 71 | 561 | (21 | ) | 11 | 125 | |||||||||||||||
| Residential | (35 | ) | 239 | 11 | 43 | 463 | |||||||||||||||
| Construction | – | (1 | ) | (1 | ) | (1 | ) | (1 | ) | ||||||||||||
| Total net charge-offs (recoveries) of real estate loans | 143 | 795 | (11 | ) | 101 | 566 | |||||||||||||||
| Commercial & Industrial | 25 | 902 | 38 | (10 | ) | 255 | |||||||||||||||
| Consumer | 20 | 55 | 26 | 35 | 32 | ||||||||||||||||
| Leases | 234 | 103 | 171 | 61 | 6 | ||||||||||||||||
| Total net charge-offs of non-real estate loans and leases | 279 | 1,060 | 235 | 86 | 293 | ||||||||||||||||
| Total net charge-offs | $ | 422 | $ | 1,855 | $ | 224 | $ | 187 | $ | 859 | |||||||||||
| Bryn Mawr Bank Corporation | |||||||||||||||||||||
| Supplemental Balance Sheet Information (unaudited) | |||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||
| Investment Securities Available for Sale, at Fair Value | |||||||||||||||||||||
| March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | |||||||||||||||||
| U.S. Treasury securities | $ | 102 | $ | 101 | $ | 102 | $ | 101 | $ | 102 | |||||||||||
| Obligations of the U.S. Government and agencies | 96,080 | 101,495 | 91,639 | 93,125 | 89,669 | ||||||||||||||||
| State & political subdivisions – tax-free | 39,502 | 41,442 | 43,388 | 40,967 | 32,261 | ||||||||||||||||
| State & political subdivisions – taxable | 1,093 | 524 | 742 | 351 | – | ||||||||||||||||
| Mortgage-backed securities | 183,127 | 158,689 | 155,509 | 161,283 | 162,370 | ||||||||||||||||
| Collateralized mortgage obligations | 29,106 | 29,799 | 32,953 | 36,094 | 32,759 | ||||||||||||||||
| Other debt securities | 1,700 | 1,691 | 1,896 | 1,894 | 1,900 | ||||||||||||||||
| Bond mutual funds | 11,725 | 11,810 | 11,798 | 11,920 | 11,883 | ||||||||||||||||
| Other investments | 3,384 | 3,415 | 3,394 | 3,761 | 3,802 | ||||||||||||||||
| Total | $ | 365,819 | $ | 348,966 | $ | 341,421 | $ | 349,496 | $ | 334,746 | |||||||||||
| Unrealized Gain (Loss) on Investment Securities Available for Sale | |||||||||||||||||||||
| March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | |||||||||||||||||
| U.S. Treasury securities | $ | 1 | $ | – | $ | 1 | $ | – | $ | – | |||||||||||
| Obligations of the U.S. Government and agencies | 984 | 153 | 712 | 182 | 591 | ||||||||||||||||
| State & political subdivisions – tax-free | 173 | 75 | 153 | 49 | 133 | ||||||||||||||||
| State & political subdivisions – taxable | 18 | (1 | ) | 2 | 1 | – | |||||||||||||||
| Mortgage-backed securities | 3,026 | 1,267 | 2,591 | 1,542 | 2,898 | ||||||||||||||||
| Collateralized mortgage obligations | 330 | 43 | 339 | 223 | 347 | ||||||||||||||||
| Other debt securities | – | (9 | ) | (4 | ) | (6 | ) | – | |||||||||||||
| Bond mutual funds | (231 | ) | (146 | ) | (158 | ) | (36 | ) | (73 | ) | |||||||||||
| Other investments | (155 | ) | (192 | ) | (193 | ) | 111 | 128 | |||||||||||||
| Total | $ | 4,146 | $ | 1,190 | $ | 3,443 | $ | 2,066 | $ | 4,024 | |||||||||||
| Deposits | |||||||||||||||||||||
| March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | |||||||||||||||||
| Interest-bearing deposits: | |||||||||||||||||||||
| Interest-bearing checking | $ | 335,240 | $ | 338,861 | $ | 330,683 | $ | 328,606 | $ | 349,582 | |||||||||||
| Money market | 773,637 | 749,726 | 748,983 | 699,264 | 717,441 | ||||||||||||||||
| Savings | 190,477 | 187,299 | 192,995 | 189,120 | 184,819 | ||||||||||||||||
| Wholesale non-maturity deposits | 62,454 | 67,717 | 65,636 | 65,365 | 69,555 | ||||||||||||||||
| Wholesale time deposits | 131,145 | 53,185 | 57,671 | 67,894 | 73,476 | ||||||||||||||||
| Retail time deposits | 207,597 | 229,253 | 238,269 | 274,008 | 263,996 | ||||||||||||||||
| Total interest-bearing deposits | 1,700,550 | 1,626,041 | 1,634,237 | 1,624,257 | 1,658,869 | ||||||||||||||||
| Noninterest-bearing deposits | 643,492 | 626,684 | 605,607 | 636,390 | 582,495 | ||||||||||||||||
| Total deposits | $ | 2,344,042 | $ | 2,252,725 | $ | 2,239,844 | $ | 2,260,647 | $ | 2,241,364 | |||||||||||
| Bryn Mawr Bank Corporation | |||||||||||||||||||||
| Detailed Income Statements (unaudited) | |||||||||||||||||||||
| (dollars in thousands, except per share data) | |||||||||||||||||||||
| As of or For the Three Months Ended | |||||||||||||||||||||
| March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | |||||||||||||||||
| Interest income: | |||||||||||||||||||||
| Interest and fees on loans and leases | $ | 26,696 | $ | 26,080 | $ | 25,620 | $ | 25,568 | $ | 25,164 | |||||||||||
| Interest on cash and cash equivalents | 46 | 63 | 107 | 124 | 115 | ||||||||||||||||
| Interest on investment securities: | 1,527 | 1,623 | 1,302 | 1,301 | 1,475 | ||||||||||||||||
| Total interest income | 28,269 | 27,766 | 27,029 | 26,993 | 26,754 | ||||||||||||||||
| Interest expense: | |||||||||||||||||||||
| Interest on deposits | 1,076 | 1,046 | 1,076 | 1,062 | 1,028 | ||||||||||||||||
| Interest on short-term borrowings | 17 | 9 | 8 | 10 | 21 | ||||||||||||||||
| Interest on FHLB advances and other borrowings | 908 | 912 | 881 | 851 | 910 | ||||||||||||||||
| Interest on subordinated notes | 366 | 370 | 231 | – | – | ||||||||||||||||
| Total interest expense | 2,367 | 2,337 | 2,196 | 1,923 | 1,959 | ||||||||||||||||
| Net interest income | 25,902 | 25,429 | 24,833 | 25,070 | 24,795 | ||||||||||||||||
| Provision for loan and lease losses (the “Provision”) | 1,410 | 1,777 | 1,200 | 850 | 569 | ||||||||||||||||
| Net interest income after Provision | 24,492 | 23,652 | 23,633 | 24,220 | 24,226 | ||||||||||||||||
| Noninterest income: | |||||||||||||||||||||
| Fees for wealth management services | 8,832 | 8,995 | 9,194 | 9,600 | 9,105 | ||||||||||||||||
| Insurance revenue | 1,276 | 842 | 1,065 | 817 | 1,021 | ||||||||||||||||
| Service charges on deposits | 702 | 742 | 721 | 752 | 712 | ||||||||||||||||
| Loan servicing and other fees | 492 | 502 | 397 | 597 | 591 | ||||||||||||||||
| Net gain on sale of loans | 760 | 751 | 685 | 778 | 808 | ||||||||||||||||
| Net (loss) gain on sale of investment securities available for sale | (15 | ) | 58 | 60 | 3 | 810 | |||||||||||||||
| Net (loss) gain on sale of other real estate owned | (76 | ) | 33 | – | 75 | 15 | |||||||||||||||
| Dividends on FHLB and FRB stocks | 214 | 330 | 138 | 299 | 615 | ||||||||||||||||
| Other operating income | 1,023 | 1,415 | 1,090 | 1,256 | 1,088 | ||||||||||||||||
| Total noninterest income | 13,208 | 13,668 | 13,350 | 14,177 | 14,765 | ||||||||||||||||
| Noninterest expense: | |||||||||||||||||||||
| Salaries and wages | 11,738 | 11,700 | 10,941 | 11,064 | 10,870 | ||||||||||||||||
| Employee benefits | 2,485 | 2,268 | 2,590 | 2,618 | 2,729 | ||||||||||||||||
| Loss on pension termination | – | 17,377 | – | – | – | ||||||||||||||||
| Occupancy and bank premises | 2,488 | 2,474 | 2,557 | 2,808 | 2,466 | ||||||||||||||||
| Branch lease termination expense | – | 929 | – | – | – | ||||||||||||||||
| Furniture, fixtures and equipment | 1,919 | 2,129 | 1,712 | 1,488 | 1,512 | ||||||||||||||||
| Advertising | 284 | 656 | 410 | 479 | 557 | ||||||||||||||||
| Amortization of intangible assets | 891 | 937 | 953 | 955 | 982 | ||||||||||||||||
| Impairment of intangible assets | – | 387 | – | – | – | ||||||||||||||||
| Due diligence, merger-related and merger integration expenses | – | 1,860 | 1,015 | 1,294 | 2,501 | ||||||||||||||||
| Professional fees | 813 | 1,010 | 843 | 827 | 673 | ||||||||||||||||
| Pennsylvania bank shares tax | 638 | (46 | ) | 433 | 433 | 433 | |||||||||||||||
| Information technology | 1,048 | 874 | 1,053 | 814 | 702 | ||||||||||||||||
| Other operating expenses | 2,747 | 4,396 | 2,896 | 3,202 | 4,004 | ||||||||||||||||
| Total noninterest expense | 25,051 | 46,951 | 25,403 | 25,982 | 27,429 | ||||||||||||||||
| Income (loss) before income taxes | 12,649 | (9,631 | ) | 11,580 | 12,415 | 11,562 | |||||||||||||||
| Income tax expense (benefit) | 4,375 | (3,276 | ) | 4,084 | 4,296 | 4,068 | |||||||||||||||
| Net income (loss) | $ | 8,274 | $ | (6,355 | ) | $ | 7,496 | $ | 8,119 | $ | 7,494 | ||||||||||
| Per share data: | |||||||||||||||||||||
| Weighted average shares outstanding | 16,848,202 | 17,129,234 | 17,572,421 | 17,713,794 | 17,545,802 | ||||||||||||||||
| Dilutive common shares | 34,991 | – | 261,877 | 340,869 | 357,456 | ||||||||||||||||
| Adjusted weighted average diluted shares | 16,883,193 | 17,129,234 | 17,834,298 | 18,054,663 | 17,903,258 | ||||||||||||||||
| Basic earnings (loss) per common share | $ | 0.49 | $ | (0.37 | ) | $ | 0.43 | $ | 0.46 | $ | 0.43 | ||||||||||
| Diluted earnings (loss) per common share | $ | 0.49 | $ | (0.37 | ) | $ | 0.42 | $ | 0.45 | $ | 0.42 | ||||||||||
| Dividend declared per share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.19 | $ | 0.19 | |||||||||||
| Effective tax rate | 34.59 | % | 34.02 | % | 35.27 | % | 34.60 | % | 35.18 | % | |||||||||||
| Bryn Mawr Bank Corporation | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax-Equivalent Net Interest Margin (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| For The Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
| March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||
| (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 | $ | 39,050 | $ | 46 | 0.47 | % | $ | 90,832 | $ | 63 | 0.28 | % | $ | 165,723 | $ | 107 | 0.26 | % | $ | 182,099 | $ | 124 | 0.27 | % | $ | 206,694 | $ | 115 | 0.23 | % | |||||||||||||||||||||
| Investment securities – available for sale: | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxable | 316,353 | 1,397 | 1.78 | % | 307,524 | 1,432 | 1.85 | % | 310,582 | 1,172 | 1.50 | % | 310,011 | 1,184 | 1.53 | % | 335,208 | 1,336 | 1.62 | % | |||||||||||||||||||||||||||||||
| Tax-exempt | 40,658 | 191 | 1.89 | % | 43,144 | 195 | 1.79 | % | 41,424 | 186 | 1.78 | % | 37,035 | 157 | 1.70 | % | 35,085 | 203 | 2.35 | % | |||||||||||||||||||||||||||||||
| Total investment securities – available for sale | 357,011 | 1,588 | 1.79 | % | 350,668 | 1,627 | 1.84 | % | 352,006 | 1,358 | 1.53 | % | 347,046 | 1,341 | 1.55 | % | 370,293 | 1,539 | 1.69 | % | |||||||||||||||||||||||||||||||
| Investment securities – trading | 3,946 | 2 | 0.20 | % | 3,571 | 60 | 6.67 | % | 4,022 | 5 | 0.49 | % | 4,034 | 11 | 1.09 | % | 3,897 | 4 | 0.42 | % | |||||||||||||||||||||||||||||||
| Loans and leases * | 2,308,584 | 26,778 | 4.67 | % | 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 | % | |||||||||||||||||||||||||||||||
| Total interest-earning assets | 2,708,591 | 28,414 | 4.22 | % | 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 | % | |||||||||||||||||||||||||||||||
| Cash and due from banks | 16,501 | 18,005 | 17,160 | 16,222 | 19,092 | ||||||||||||||||||||||||||||||||||||||||||||||
| Less: allowance for loan and lease losses | (16,239 | ) | (16,106 | ) | (15,066 | ) | (14,346 | ) | (14,866 | ) | |||||||||||||||||||||||||||||||||||||||||
| Other assets | 264,295 | 264,321 | 265,811 | 257,540 | 250,164 | ||||||||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 2,973,148 | $ | 2,959,011 | $ | 2,981,308 | $ | 2,910,701 | $ | 2,918,156 | |||||||||||||||||||||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Savings, NOW and market rate deposits | $ | 1,279,630 | $ | 569 | 0.18 | % | $ | 1,260,575 | $ | 565 | 0.18 | % | $ | 1,260,529 | $ | 584 | 0.18 | % | $ | 1,224,544 | $ | 575 | 0.19 | % | $ | 1,252,410 | $ | 594 | 0.19 | % | |||||||||||||||||||||
| Wholesale deposits | 137,201 | 233 | 0.68 | % | 119,394 | 186 | 0.62 | % | 133,277 | 203 | 0.60 | % | 130,497 | 195 | 0.60 | % | 140,120 | 188 | 0.54 | % | |||||||||||||||||||||||||||||||
| Retail time deposits | 216,820 | 274 | 0.51 | % | 231,605 | 295 | 0.51 | % | 251,170 | 289 | 0.46 | % | 273,718 | 292 | 0.43 | % | 267,800 | 246 | 0.37 | % | |||||||||||||||||||||||||||||||
| Total interest-bearing deposits | 1,633,651 | 1,076 | 0.26 | % | 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 | % | |||||||||||||||||||||||||||||||
| Borrowings: | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Short-term borrowings | 34,158 | 17 | 0.20 | % | 26,092 | 9 | 0.14 | % | 28,166 | 8 | 0.11 | % | 34,980 | 10 | 0.11 | % | 55,344 | 21 | 0.15 | % | |||||||||||||||||||||||||||||||
| Long-term FHLB advances and other borrowings | 250,015 | 908 | 1.46 | % | 254,880 | 912 | 1.42 | % | 248,606 | 881 | 1.41 | % | 249,678 | 851 | 1.37 | % | 266,205 | 910 | 1.39 | % | |||||||||||||||||||||||||||||||
| Subordinated notes | 29,482 | 366 | 4.99 | % | 29,471 | 370 | 4.98 | % | 18,190 | 231 | 5.04 | % | – | – | 0.00 | % | – | – | 0.00 | % | |||||||||||||||||||||||||||||||
| Total borrowings | 313,655 | 1,291 | 1.66 | % | 310,443 | 1,291 | 1.65 | % | 294,962 | 1,120 | 1.51 | % | 284,658 | 861 | 1.21 | % | 321,549 | 931 | 1.17 | % | |||||||||||||||||||||||||||||||
| Total interest-bearing liabilities | 1,947,306 | 2,367 | 0.49 | % | 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 | % | |||||||||||||||||||||||||||||||
| Noninterest-bearing deposits | 631,047 | 634,969 | 625,547 | 580,240 | 534,403 | ||||||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | 33,923 | 36,665 | 39,219 | 37,890 | 30,935 | ||||||||||||||||||||||||||||||||||||||||||||||
| Total noninterest-bearing liabilities | 664,970 | 671,634 | 664,766 | 618,130 | 565,338 | ||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities | 2,612,276 | 2,593,651 | 2,604,704 | 2,531,547 | 2,547,217 | ||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders’ equity | 360,872 | 365,360 | 376,604 | 379,154 | 370,939 | ||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 2,973,148 | $ | 2,959,011 | $ | 2,981,308 | $ | 2,910,701 | $ | 2,918,156 | |||||||||||||||||||||||||||||||||||||||||
| Interest income to earning assets | 4.22 | % | 4.11 | % | 3.97 | % | 4.10 | % | 4.09 | % | |||||||||||||||||||||||||||||||||||||||||
| Net interest spread | 3.73 | % | 3.63 | % | 3.52 | % | 3.70 | % | 3.69 | % | |||||||||||||||||||||||||||||||||||||||||
| Effect of noninterest-bearing sources | 0.14 | % | 0.14 | % | 0.13 | % | 0.11 | % | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||
| Tax-equivalent net interest margin | $ | 26,047 | 3.87 | % | $ | 25,571 | 3.77 | % | $ | 24,972 | 3.65 | % | $ | 25,176 | 3.81 | % | $ | 24,925 | 3.79 | % | |||||||||||||||||||||||||||||||
| Tax-equivalent adjustment | $ | 145 | 0.02 | % | $ | 142 | 0.02 | % | $ | 139 | 0.02 | % | $ | 106 | 0.02 | % | $ | 130 | 0.02 | % | |||||||||||||||||||||||||||||||
| Supplemental Information Regarding Accretion of Fair Value Marks | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Income (Expense) Effect | Effect on Yield or Rate | Interest Income (Expense) Effect | Effect on Yield or Rate | Interest Income (Expense) Effect | Effect on Yield or Rate | Interest Income (Expense) Effect | Effect on Yield or Rate | Interest Income (Expense) Effect | Effect on Yield or Rate | ||||||||||||||||||||||||||||||||||||||||||
| Loans and leases | $ | 953 | 0.17 | % | $ | 707 | 0.12 | % | $ | 763 | 0.14 | % | $ | 1,246 | 0.24 | % | $ | 1,127 | 0.22 | % | |||||||||||||||||||||||||||||||
| Retail time deposits | (110 | ) | -0.20 | % | (123 | ) | -0.21 | % | (188 | ) | -0.30 | % | (205 | ) | -0.30 | % | (245 | ) | -0.37 | % | |||||||||||||||||||||||||||||||
| Short-term borrowings | (12 | ) | -0.14 | % | (35 | ) | -0.53 | % | (35 | ) | -0.49 | % | (35 | ) | -0.40 | % | (35 | ) | -0.26 | % | |||||||||||||||||||||||||||||||
| Long-term FHLB advances and other borrowings | (30 | ) | -0.05 | % | (30 | ) | -0.05 | % | (30 | ) | -0.05 | % | (30 | ) | -0.05 | % | (35 | ) | -0.05 | % | |||||||||||||||||||||||||||||||
| Net interest income from fair value marks | $ | 1,105 | $ | 895 | $ | 1,016 | $ | 1,516 | $ | 1,442 | |||||||||||||||||||||||||||||||||||||||||
| Purchase accounting effect on tax-equivalent margin | 0.16 | % | 0.13 | % | 0.15 | % | 0.23 | % | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||
| * Average loans and leases include portfolio loans and leases, and loans held for sale. Non-accrual loans are also included in the average loan and leases balances. | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Bryn Mawr Bank Corporation | |||||||||||||||||||
| Appendix – Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Performance Measures (unaudited) | |||||||||||||||||||
| (dollars in thousands, except per share data) | |||||||||||||||||||
| Statement on Non-GAAP Measures: The Corporation believes the presentation of the following non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of th e results of operations and financial condition of the Corporation. Management uses non-GAAP financial measures in its analysis of the Corporation’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. |
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| As of or For the Three Months Ended | |||||||||||||||||||
| March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | |||||||||||||||
| Reconciliation of Net Income to Net Income (core): | |||||||||||||||||||
| Net income (loss) (a GAAP measure) | $ | 8,274 | $ | (6,355 | ) | $ | 7,496 | $ | 8,119 | $ | 7,494 | ||||||||
| Less: Tax-effected non-core noninterest income: | |||||||||||||||||||
| Loss (gain) on sale of investment securities available for sale | 10 | (38 | ) | (39 | ) | (2 | ) | (527 | ) | ||||||||||
| Add: Tax-effected non-core noninterest expense items: | |||||||||||||||||||
| Loss on pension termination | – | 11,295 | – | – | – | ||||||||||||||
| Severance expense (Salaries and wages) | – | 142 | 124 | – | – | ||||||||||||||
| Branch lease termination expense | – | 604 | – | – | – | ||||||||||||||
| Debt and swap prepayment penalty (Other operating expenses) | – | 397 | – | – | 339 | ||||||||||||||
| Impairment of intangible assets | – | 252 | – | – | – | ||||||||||||||
| Due diligence, merger-related and merger integration expenses | – | 1,209 | 660 | 841 | 1,626 | ||||||||||||||
| Net income (core) (a non-GAAP measure) | $ | 8,284 | $ | 7,506 | $ | 8,241 | $ | 8,958 | $ | 8,932 | |||||||||
| Calculation of Basic and Diluted Earnings per Common Share (core): | |||||||||||||||||||
| Weighted average common shares outstanding | 16,848,202 | 17,129,234 | 17,572,421 | 17,713,794 | 17,545,802 | ||||||||||||||
| Dilutive common shares | 63,617 | 112,783 | 261,877 | 340,869 | 357,456 | ||||||||||||||
| Adjusted weighted average diluted shares | 16,911,819 | 17,242,017 | 17,834,298 | 18,054,663 | 17,903,258 | ||||||||||||||
| Basic earnings per common share (core) (a non-GAAP measure) | $ | 0.49 | $ | 0.44 | $ | 0.47 | $ | 0.51 | $ | 0.51 | |||||||||
| Diluted earnings per common share (core) (a non-GAAP measure) | $ | 0.49 | $ | 0.44 | $ | 0.46 | $ | 0.50 | $ | 0.50 | |||||||||
| Calculation of Return on Average Tangible Equity: | |||||||||||||||||||
| Net income (loss) | $ | 8,274 | $ | (6,355 | ) | $ | 7,496 | $ | 8,119 | $ | 7,494 | ||||||||
| Add: Tax-effected amortization and impairment of intangible assets | 579 | 861 | 619 | 621 | 638 | ||||||||||||||
| Net tangible income (numerator) | $ | 8,853 | $ | (5,494 | ) | $ | 8,115 | $ | 8,740 | $ | 8,132 | ||||||||
| Average shareholders’ equity | $ | 360,872 | $ | 365,360 | < /td> | $ | 376,604 | $ | 379,154 | $ | 370,939 | ||||||||
| Less: Average goodwill and intangible assets | (128,296 | ) | (129,292 | ) | (130,241 | ) | (129,116 | ) | (125,060 | ) | |||||||||
| Net average tangible equity (denominator) | $ | 232,576 | $ | 236,068 | $ | 246,363 | $ | 250,038 | $ | 245,879 | |||||||||
| Return on tangible equity (a non-GAAP measure) | 15.31 | % | -9.23 | % | 13.07 | % | 14.02 | % | 13.41 | % | |||||||||
| Calculation of Tangible Equity Ratio: | |||||||||||||||||||
| Total shareholders’ equity | $ | 365,177 | $ | 365,711 | $ | 368,155 | $ | 381,098 | $ | 377,903 | |||||||||
| Less: Goodwill and intangible assets | (127,777 | ) | (128,668 | ) | (129,694 | ) | (130,631 | ) | (128,141 | ) | |||||||||
| Net tangible equity (numerator) | $ | 237,400 | $ | 237,043 | $ | 238,461 | $ | 250,467 | $ | 249,762 | |||||||||
| Total assets | $ | 3,058,247 | $ | 3,030,997 | $ | 2,952,742 | $ | 2,950,014 | $ | 2,943,179 | |||||||||
| Less: Goodwill and intangible assets | (127,777 | ) | (128,668 | ) | (129,694 | ) | (130,631 | ) | (128,141 | ) | |||||||||
| Tangible assets (denominator) | $ | 2,930,470 | $ | 2,902,329 | $ | 2,823,048 | $ | 2,819,383 | $ | 2,815,038 | |||||||||
| Tangible equity ratio | 8.10 | % | 8.17 | % | 8.45 | % | 8.88 | % | 8.87 | % | |||||||||
| Calculation of Efficiency Ratio: | |||||||||||||||||||
| Noninterest expense | $ | 25,051 | $ | 46,951 | $ | 25,403 | $ | 25,982 | $ | 27,429 | |||||||||
| Less: certain noninterest expense items*: | |||||||||||||||||||
| Loss on pension termination | – | (17,377 | ) | – | – | – | |||||||||||||
| Severance expense (Salaries and wages) | – | (218 | ) | (191 | ) | – | – | ||||||||||||
| Branch lease termination expense | – | (929 | ) | – | – | – | |||||||||||||
| Debt and swap prepayment penalty (Other operating expenses) | – | (611 | ) | – | – | (522 | ) | ||||||||||||
| Amortization of intangibles | (891 | ) | (937 | ) | (953 | ) | (955 | ) | (982 | ) | |||||||||
| Impairment of intangible assets | – | (388 | ) | – | – | – | |||||||||||||
| Due diligence, merger-related and merger integration expenses | – | (1,860 | ) | (1,015 | ) | (1,294 | ) | (2,501 | ) | ||||||||||
| Noninterest expense (adjusted) (numerator) | $ | 24,160 | $ | 24,631 | $ | 23,244 | $ | 23,733 | $ | 23,424 | |||||||||
| Noninterest income | $ | 13,208 | $ | 13,668 | $ | 13,350 | $ | 14,177 | $ | 14,765 | |||||||||
| Less: non-core noninterest income items: | |||||||||||||||||||
| Loss (gain) on sale of investment securities available for sale | 15 | (58 | ) | (60 | ) | (3 | ) | (811 | ) | ||||||||||
| Noninterest income (core) | $ | 13,223 | $ | 13,610 | $ | 13,290 | $ | 14,174 | $ | 13,954 | |||||||||
| Net interest income | 25,902 | 25,429 | 24,833 | 25,070 | 24,795 | ||||||||||||||
| Noninterest income (core) and net interest income (denominator) | $ | 39,125 | $ | 39,039 | $ | 38,123 | $ | 39,244 | $ | 38,749 | |||||||||
| Efficiency ratio | 61.75 | % | 63.09 | % | 60.97 | % | 60.48 | % | 60.45 | % | |||||||||
| * In calculating the Corporation’s efficiency ratio, which is used by Management to identify the cost of generating each dollar of core revenue, certain non-core income and expense items as well as the amortization of intangible assets, are excluded. | |||||||||||||||||||
| Supplemental Loan and Allowance Information Used to Calculate Non-GAAP Measures | |||||||||||||||||||
| Total Allowance | $ | 16,817 | $ | 15,857 | $ | 15,935 | $ | 14,959 | $ | 14,296 | |||||||||
| less: Allowance on acquired loans | 28 | – | 35 | 22 | 125 | ||||||||||||||
| Allowance on originated loans and leases | $ | 16,789 | $ | 15,857 | $ | 15,900 | $ | 14,937 | $ | 14,171 | |||||||||
| Total Allowance | $ | 16,789 | $ | 15,857 | $ | 15,935 | $ | 14,959 | $ | 14,296 | |||||||||
| Loan mark on acquired loans | 15,930 | 17,108 | 18,179 | 19,816 | 19,708 | ||||||||||||||
| Total Allowance + Loan mark | $ | 32,719 | $ | 32,965 | $ | 34,114 | $ | 34,775 | $ | 34,004 | |||||||||
| Total Portfolio loans and leases | $ | 2,378,841 | $ | 2,268,988 | $ | 2,228,764 | $ | 2,153,263 | $ | 2,088,532 | |||||||||
| less: Originated loans and leases | 2,015,683 | 1,883,869 | 1,804,835 | 1,692,041 | 1,571,377 | ||||||||||||||
| Net acquired loans | $ | 363,158 | $ | 385,119 | $ | 423,929 | $ | 461,222 | $ | 517,155 | |||||||||
| add: Loan mark on acquired loans | 15,930 | 17,108 | 18,179 | 19,816 | 19,708 | ||||||||||||||
| Gross acquired loans (excludes loan mark) | $ | 379,088 | $ | 402,227 | $ | 442,108 | $ | 481,038 | $ | 536,863 | |||||||||
| Originated loans and leases | 2,015,683 | 1,883,869 | 1,804,835 | 1,692,041 | 1,571,377 | ||||||||||||||
| Total Gross portfolio loans and leases | $ | 2,394,771 | $ | 2,286,096 | $ | 2,246,943 | $ | 2,173,079 | $ | 2,108,240 | |||||||||
FOR MORE INFORMATION CONTACT:Frank Leto, President, CEO610-581-4730 Mike Harrington, CFO610-526-2466