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Section 1: 8-K (8-K)

Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________

FORM 8-K
__________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 
Date of Report (date of earliest event reported): July 18, 2019
__________________

Bryn Mawr Bank Corporation
(Exact Name of Registrant as specified in its charter)

__________________

Pennsylvania
001-35746
23-2434506
(State or other jurisdiction
(Commission File Number)
(I.R.S. Employer
of incorporation)
 
Identification No.)
   
801 Lancaster Avenue, Bryn Mawr, PA 19010
Registrant's telephone number, including area code: 610-525-1700

Securities registered pursuant to Section 12(b) of the Act:
Title of class
Trading Symbol
Name of exchange on which registered
Common Stock, $1 par value
BMTC
The NASDAQ Stock Market

None
(Former name or former address, if changed since last report)
__________________

Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company      ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02    Results of Operations and Financial Condition.
 
On July 18, 2019, Bryn Mawr Bank Corporation (the “Corporation”), the parent of The Bryn Mawr Trust Company, issued a Press Release announcing the results of operations for the quarter ended June 30, 2019. The Press Release is attached as Exhibit 99.1 hereto and incorporated herein by reference.
 
The information furnished in this Item 2.02, including Exhibit 99.1 attached hereto and incorporated by reference herein, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, such information, including such Exhibit, shall not be deemed incorporated by reference into any of the Corporation’s reports or filings with the Securities and Exchange Commission, whether made before or after the date hereof, except as expressly set forth by specific reference in such report or filing.

Item 9.01     Financial Statements and Exhibits.
 
(d) Exhibit 99.1 – Press Release announcing the results of operations for the quarter ended June 30, 2019



SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
 
 
BRYN MAWR BANK CORPORATION
 
 
 
 
 
 
By:
/s/ Michael W. Harrington
 
 
 
Michael W. Harrington
 
 
 
Chief Financial Officer
 
               
 
Date:     July 18, 2019







EXHIBIT INDEX
 
Exhibit 99.1


(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
Exhibit 99.1
398795395_bmtclogoa01.jpg
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
Second Quarter Net Income of $15.8 Million,
Increases Dividend by 4% to $0.26 per share

BRYN MAWR, Pa., July 18, 2019 - Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported net income of $15.8 million, or $0.78 diluted earnings per share for the three months ended June 30, 2019, as compared to net income of $10.7 million, or $0.53 diluted earnings per share, for the three months ended March 31, 2019, and $14.7 million, or $0.72 diluted earnings per share, for the three months ended June 30, 2018.

On a non-GAAP basis, core net income, which excludes income tax charges incurred in connection with the Tax Cuts and Jobs Act ("Tax Reform"), due diligence and merger-related expenses, one-time costs associated with our voluntary Years of Service Incentive Program (the “Incentive Program”), and other non-core income and expense items, as detailed in the appendix to this earnings release, was $15.8 million, or $0.78 diluted earnings per share, for the three months ended June 30, 2019, as compared to $14.2 million, or $0.70 diluted earnings per share, for the three months ended March 31, 2019, and $17.0 million, or $0.83 diluted earnings per share, for the three months ended June 30, 2018. 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 continue to execute on our strategy as reflected in our second quarter results,” commented Frank Leto, President and Chief Executive Officer, continuing, “Despite the challenges of a flat yield curve and an increasingly competitive market for loans and deposits, we continue to produce solid results in both the Bank and Wealth businesses without compromising on the execution of longer term vision as demonstrated by our ongoing investments in talent and technology.”

Mr. Leto then continued, “I am also pleased to announce that the Board of Directors has approved a dividend increase of 4%, making this the ninth consecutive year the Corporation has raised its dividend.”

The Board of Directors of the Corporation declared a quarterly dividend of $0.26 per share, payable September 1, 2019 to shareholders of record as of August 1, 2019.

SIGNIFICANT ITEMS OF NOTE

Results of Operations – Second Quarter 2019 Compared to First Quarter 2019

Net income for the three months ended June 30, 2019 was $15.8 million, compared to net income of $10.7 million for the three months ended March 31, 2019. Net interest income for the three months ended June 30, 2019 was $36.6 million, a decrease of $1.0 million over the linked quarter. The provision for loan and lease losses (the “Provision”) for the three months ended June 30, 2019 decreased $2.1 million as compared to the first quarter of 2019. Total noninterest income increased $968 thousand, total noninterest expense decreased $4.5 million, and income tax expense increased $1.5 million for the three months ended June 30, 2019, as compared to the three months ended March 31, 2019.

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On a non-GAAP basis, core net income, which excludes income tax charges incurred in connection with Tax Reform, due diligence and merger-related expenses, one-time costs associated with the Incentive Program, and other non-core income and expense items, as detailed in the appendix to this earnings release, was $15.8 million, or $0.78 per diluted share, for the three months ended June 30, 2019, as compared to $14.2 million or $0.70 per diluted share, for the three months ended March 31, 2019. 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.

Net interest income for the three months ended June 30, 2019 was $36.6 million, a decrease of $1.0 million over the linked quarter. Tax-equivalent net interest income for the three months ended June 30, 2019 was $36.7 million, a decrease of $1.0 million over the linked quarter. Tax-equivalent net interest income for the second quarter of 2019 was impacted by the accretion of purchase accounting fair value marks of $1.3 million as compared to $2.1 million for the linked quarter. Excluding the effects of these purchase accounting fair value marks, the adjusted tax-equivalent net interest income for the three months ended June 30, 2019 was $35.4 million, a decrease of $182 thousand over the linked quarter. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release. Items contributing to the decrease in tax-equivalent net interest income adjusted for purchase accounting included an increase of $1.5 million in interest paid on deposits, partially offset by an increase of $749 thousand in tax-equivalent interest and fees earned on loans and leases and a decrease of $586 thousand of interest expense on short-term borrowings for the three months ended June 30, 2019 as compared to the linked quarter ended March 31, 2019.

Interest expense on deposits for the three months ended June 30, 2019 increased $1.6 million over the linked quarter. The increase was primarily due to a 16 basis point increase in the rate paid on deposits as compared to the linked quarter. The increase in rate paid was related to the competitive dynamics in the markets in which we operate and certain promotional interest rates offered during the first and second quarters of 2019. A $120.7 million increase in average interest-bearing deposits also contributed to the increase in interest expense on deposits.

Tax-equivalent interest and fees earned on loans and leases for the three months ended June 30, 2019 was relatively unchanged as compared to the linked quarter, decreasing $55 thousand. Average loans and leases for the three months ended June 30, 2019 increased $46.5 million over the linked quarter and experienced a 13 basis point decrease in tax-equivalent yield.

Tax-equivalent interest income on available for sale investment securities for the three months ended June 30, 2019 was relatively unchanged as compared to the linked quarter, increasing $25 thousand. Average available for sale investment securities increased by $15.0 million over the linked quarter and experienced a 7 basis point tax-equivalent yield decrease.

Interest expense on short-term borrowings for the three months ended June 30, 2019 decreased $586 thousand over the linked quarter. Average short-term borrowings decreased $89.1 million coupled with a 34 basis point decrease in the rate paid as compared to the linked quarter.

The tax-equivalent net interest margin was 3.55% for the three months ended June 30, 2019 as compared to 3.75% for the linked quarter. Adjusting for the impact of the accretion of purchase accounting fair value marks, the adjusted tax-equivalent net interest margin was 3.43% for the three months ended June 30, 2019 as compared to 3.54% for the linked quarter. The main drivers for the decrease in the adjusted tax-equivalent net interest margin were the rate and volume increases of interest-bearing deposits as discussed above. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

Noninterest income of $20.2 million for the three months ended June 30, 2019 increased $968 thousand as compared to the linked quarter. Contributing to the increase were increases of $1.1 million, $433 thousand, and $205 thousand in fees for wealth management services, net gain on sale of loans, and other operating income, respectively, partially offset by a decrease of $730 thousand in capital markets revenue.


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Noninterest expense of $35.2 million for the three months ended June 30, 2019 decreased $4.5 million as compared to $39.7 million for the first quarter of 2019. The decrease on a linked quarter basis was primarily due to decreases of $3.9 million and $849 thousand in salaries and wages and employee benefits, respectively, largely driven by the $4.5 million one-time expense from the Incentive Program recorded in the first quarter of 2019.

The Provision decreased $2.1 million for the three months ended June 30, 2019 to $1.6 million, as compared to $3.7 million for the first quarter of 2019. During the second quarter of 2019, net loan and lease charge-offs of $1.1 million represented a $1.5 million, or 58.3%, decrease from the first quarter of 2019. Contributing to net charge-offs for the second quarter of 2019 was $554 thousand in charge-offs recorded in conjunction with the sale of a group of nonperforming loans. The decrease in net charge-offs on a linked quarter basis was primarily related to the partial charge-off of a single commercial credit recorded in the first quarter of 2019. The effect of the decrease in net charge-offs on a linked quarter basis was partially offset by increases in certain qualitative factors used in the allowance for loan and lease losses (the "Allowance") calculation.

The effective tax rate for the second quarter of 2019 increased to 21.18% as compared to 20.57% for the first quarter of 2019. The increase was primarily related to a $97 thousand decrease in net discrete tax benefits for the second quarter of 2019 as compared to the first quarter of 2019. These discrete items were the result of excess tax benefits from stock-based compensation.

Results of Operations – Second Quarter 2019 Compared to Second Quarter 2018

Net income for the three months ended June 30, 2019 was $15.8 million, or $0.78 diluted earnings per share, as compared to net income of $14.7 million, or diluted earnings per share of $0.72 for the same period in 2018. Net interest income for the three months ended June 30, 2019 was $36.6 million, a decrease of $705 thousand as compared to the same period in 2018. The Provision for the three months ended June 30, 2019 decreased $1.5 million as compared to the same period in 2018. Total noninterest income increased $146 thousand, total noninterest expense decreased $648 thousand, and income tax expense increased $516 thousand for the three months ended June 30, 2019 as compared to the same period in 2018.

On a non-GAAP basis, core net income, which excludes income tax charges incurred in connection with Tax Reform, due diligence and merger-related expenses, one-time costs associated with the Incentive Program, and other non-core income and expense items, as detailed in the appendix to this earnings release, was $15.8 million, or $0.78 per diluted share, for the three months ended June 30, 2019 as compared to $17.0 million, or $0.83 per diluted share, for the same period in 2018. 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.

Net interest income for the three months ended June 30, 2019 was $36.6 million, a decrease of $705 thousand as compared to the same period in 2018. Tax-equivalent net interest income for the three months ended June 30, 2019 was $36.7 million, a decrease of $687 thousand as compared to the same period in 2018. Tax-equivalent net interest income for the second quarter of 2019 was impacted by the accretion of purchase accounting fair value marks of $1.3 million as compared to $2.2 million for the same period in 2018. Excluding the effects of these purchase accounting fair value marks, the adjusted tax-equivalent net interest income for the three months ended June 30, 2019 was $35.4 million, an increase of $244 thousand as compared to the same period in 2018. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release. Items contributing to the increase adjusted for purchase accounting included increases of $3.9 million and $507 thousand in tax-equivalent interest and fees earned on loans and leases and tax-equivalent interest earned on available for sale investment securities, respectively, as well as decreases of $628 thousand and $230 thousand in interest paid on short-term borrowings and long-term FHLB advances, respectively. These increases to tax-equivalent net interest income were partially offset by a $5.0 million increase in interest paid on deposits for the three months ended June 30, 2019 as compared to the same period in 2018.



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Tax-equivalent interest and fees earned on loans and leases increased $3.1 million for the three months ended June 30, 2019 as compared to the same period in 2018. Average loans and leases for the second quarter of 2019 increased $170.9 million from the same period in 2018 and experienced an 11 basis point increase in tax-equivalent yield.

Tax-equivalent interest income on available for sale investment securities increased $507 thousand for the three months ended June 30, 2019 as compared to the same period in 2018. Average available for sale investment securities increased by $35.3 million as compared to the same period in 2018 and experienced a 22 basis point tax-equivalent yield increase.

Interest expense on short-term borrowings and long-term FHLB advances for the three months ended June 30, 2019 decreased $628 thousand and $221 thousand, respectively as compared to the same period in 2018. Average short-term borrowings and average long-term FHLB advances decreased $136.8 million and $49.6 million, respectively, offset by a 17 and 13 basis point increase in the rate paid on short-term borrowings and long-term FHLB advances, respectively, as compared to the same period in 2018.

Interest expense on deposits for the three months ended June 30, 2019 increased $5.2 million as compared to the same period in 2018. The increase was primarily due to a 67 basis point increase in the rate paid on deposits as compared to the same period in 2018. The increase in rate paid was related to the competitive dynamics in the markets in which we operate and certain promotional interest rates offered during the first and second quarters of 2019. A $305.6 million increase in average interest-bearing deposits also contributed to the increase in interest expense on deposits.

The tax-equivalent net interest margin was 3.55% for the three months ended June 30, 2019 as compared to 3.81% for the same period in 2018. Adjusting for the impact of the accretion of purchase accounting fair value marks, the adjusted tax-equivalent net interest margin was 3.43% and 3.58% for three months ended June 30, 2019 and 2018, respectively. The main drivers for the decrease in the adjusted tax-equivalent net interest margin were the rate and volume increases of interest-bearing deposits as discussed above. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

Noninterest income of $20.2 million for the three months ended June 30, 2019 increased by $146 thousand as compared to the same period in 2018. Increases of $852 thousand and $224 thousand in fees for wealth management services and net gain on sale of loans, respectively, were partially offset by decreases of $616 thousand and $205 thousand of capital markets revenue and insurance commissions, respectively.

Noninterest expense of $35.2 million for the three months ended June 30, 2019 decreased $648 thousand as compared to the same period in 2018. Contributing to the decrease were decreases of $3.1 million and $448 thousand in due diligence, merger-related and merger integration expenses and other operating expenses, respectively. Partially offsetting these decreases were increases of $798 thousand, $499 thousand, $440 thousand, and $428 thousand in salaries and wages, furniture, fixtures and equipment expenses, employee benefits, and occupancy and bank premises expense, respectively.

The Provision decreased $1.5 million for the three months ended June 30, 2019 to $1.6 million, as compared to $3.1 million for the same period in 2018. The decrease in Provision was related to the smaller volume of loan and lease growth during the second quarter of 2019 as compared to the same period in 2018. Net loan and lease growth during the second quarter of 2019 totaled $11.2 million, as compared to $83.7 million for the same period in 2018. Net charge-offs of loans and leases decreased by $340 thousand for the second quarter of 2019 as compared to the same period in 2018.

The effective tax rate for the second quarter of 2019 increased to 21.18% as compared to 20.21% for the second quarter of 2018. The increase was primarily related to a $94 thousand decrease in net discrete tax benefits for the second quarter of 2019 as compared to the same period in 2018. These discrete items were the result of excess tax benefits from stock-based compensation as well as the re-measurement of deferred tax items related to Tax Reform.



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Financial Condition – June 30, 2019 Compared to December 31, 2018

Total assets as of June 30, 2019 were $4.74 billion, an increase of $84.1 million from December 31, 2018.
The increase was primarily due to a $107.5 million increase in portfolio loans and leases, a $61.3 million increase in other assets, and $43.1 million of operating lease right-of-use assets as of June 30, 2019 included on the balance sheet as a result of a recently adopted accounting pronouncement. The $61.3 million increase in other assets was primarily due to a $31.7 million increase in the fair value of interest rate swaps. Partially offsetting these increases was a decrease in available for sale investment securities of $149.3 million.

Available for sale investment securities as of June 30, 2019 totaled $588.1 million, a decrease of $149.3 million from December 31, 2018. The decrease was primarily related to the maturing of $200.0 million short-term U.S. Treasury securities in the first quarter of 2019, partially offset by a $59.1 million increase in mortgage-backed securities.

Total portfolio loans and leases of $3.53 billion as of June 30, 2019 increased by $107.5 million from December 31, 2018, an increase of 3.1%. Increases of $98.4 million, $18.3 million, $11.7 million, $8.6 million and $2.5 million in commercial mortgages, leases, residential mortgages, commercial and industrial loans and consumer loans, respectively, were offset by decreases of $28.5 million and $3.5 million in construction loans and home equity loans and lines, respectively.

The Allowance as of June 30, 2019 was $21.2 million, or 0.60% of portfolio loans and leases, as compared to $19.4 million, or 0.57% of portfolio loans and leases as of December 31, 2018. In addition to the ratio of Allowance to portfolio loans and leases, management also calculates two non-GAAP measures: the Allowance for originated loans and leases as a percentage of originated loans and leases, which was 0.68% as of June 30, 2019, as compared to 0.67% as of December 31, 2018, and the Allowance plus the remaining loan mark as a percentage of gross loans, which was 1.00% as of June 30, 2019, as compared to 1.08% as of December 31, 2018. A reconciliation of these and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

Deposits of $3.63 billion as of June 30, 2019 increased $33.3 million from December 31, 2018. Increases of $104.0 million, $80.4 million, $45.0 million, $39.3 million, and $16.7 million in money market accounts, interest-bearing demand accounts, wholesale non-maturity deposits, noninterest bearing deposits, and savings accounts, respectively, were offset by decreases of $212.1 million and $40.0 million in in wholesale time deposits and retail time deposits, respectively.

Borrowings of $376.1 million as of June 30, 2019, which include short-term borrowings, long-term FHLB advances, subordinated notes and junior subordinated debentures, decreased $51.8 million from December 31, 2018, primarily due to a $44.5 million decrease in short-term borrowings.

Wealth assets under management, administration, supervision and brokerage totaled $14.82 billion as of June 30, 2019, an increase of $1.39 billion from December 31, 2018.

The capital ratios for the Bank and the Corporation, as of June 30, 2019, as shown in the attached tables, indicate regulatory capital levels in excess of the regulatory minimums and the levels necessary for the Bank to be considered “well capitalized.”


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

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optimistic,” “are looking,” “are looking forward” and “believe” or other similar words and phrases may identify forward-looking statements. Persons reading this press release are cautioned that such statements are only predictions, and that the Corporation’s actual future results or performance may be materially different.

Such forward-looking statements involve known and unknown risks and uncertainties. A number of factors, many of which are beyond the Corporation's control, could cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments expressed, implied or anticipated by such forward-looking statements, and so our business and financial condition and results of operations could be materially and adversely affected. Such factors include, among others, our need for capital, our ability to control operating costs and expenses, and to manage loan and lease delinquency rates; the credit risks of lending activities and overall quality of the composition of our loan, lease and securities portfolio; the impact of economic conditions, consumer and business spending habits, and real estate market conditions on our business and in our market area; changes in the levels of general interest rates, deposit interest rates, or net interest margin and funding sources; changes in banking regulations and policies and the possibility that any banking agency approvals we might require for certain activities will not be obtained in a timely manner or at all or will be conditioned in a manner that would impair our ability to implement our business plans; changes in accounting policies and practices; unanticipated regulatory or legal proceedings, outcomes of litigation or other contingencies; cybersecurity events; 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.

# # # #

6

Bryn Mawr Bank Corporation
Summary Financial Information (unaudited)
(dollars in thousands, except per share data)


 
As of or For the Three Months Ended
 
For the Six Months Ended
 
June 30, 2019
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
 
June 30, 2019
 
June 30, 2018
Consolidated Balance Sheet (selected items)
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing deposits with banks
$
49,643

 
$
29,449

 
$
34,357

 
$
35,233

 
$
39,924

 
 
 
 
Investment securities
606,844

 
578,629

 
753,628

 
545,320

 
547,088

 
 
 
 
Loans held for sale
6,333

 
2,884

 
1,749

 
4,111

 
4,204

 
 
 
 
Portfolio loans and leases
3,534,665

 
3,523,514

 
3,427,154

 
3,381,475

 
3,389,501

 
 
 
 
Allowance for loan and lease losses ("ALLL")
(21,182
)
 
(20,616
)
 
(19,426
)
 
(18,684
)
 
(19,398
)
 
 
 
 
Goodwill and other intangible assets
205,050

 
206,006

 
207,467

 
208,165

 
208,139

 
 
 
 
Total assets
4,736,565

 
4,631,993

 
4,652,485

 
4,388,442

 
4,394,203

 
 
 
 
Deposits - interest-bearing
2,691,502

 
2,755,307

 
2,697,468

 
2,522,863

 
2,466,529

 
 
 
 
Deposits - non-interest-bearing
940,911

 
882,310

 
901,619

 
834,363

 
892,386

 
 
 
 
Short-term borrowings
207,828

 
124,214

 
252,367

 
226,498

 
227,059

 
 
 
 
Long-term FHLB advances
47,941

 
55,407

 
55,374

 
72,841

 
87,808

 
 
 
 
Subordinated notes
98,616

 
98,571

 
98,526

 
98,482

 
98,491

 
 
 
 
Jr. subordinated debentures
21,665

 
21,622

 
21,580

 
21,538

 
21,497

 
 
 
 
Total liabilities
4,146,410

 
4,056,886

 
4,087,781

 
3,837,017

 
3,851,700

 
 
 
 
Total shareholders' equity
590,155

 
575,107

 
564,704

 
551,425

 
542,503

 
 
 
 
Average Balance Sheet (selected items)
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing deposits with banks
37,843

 
32,742

 
38,957

 
37,467

 
37,215

 
35,306

 
37,627

Investment securities
587,518

 
569,915

 
554,265

 
546,998

 
549,249

 
578,765

 
542,398

Loans held for sale
3,353

 
1,214

 
2,005

 
4,932

 
4,413

 
2,289

 
3,635

Portfolio loans and leases
3,520,866

 
3,476,525

 
3,397,479

 
3,374,767

 
3,348,926

 
3,498,818

 
3,318,812

Total interest-earning assets
4,149,580

 
4,080,396

 
3,992,706

 
3,964,164

 
3,939,803

 
4,115,178

 
3,902,472

Goodwill and intangible assets
205,593

 
206,716

 
207,893

 
207,880

 
208,039

 
206,152

 
206,790

Total assets
4,651,625

 
4,545,129

 
4,413,000

 
4,376,148

 
4,344,541

 
4,598,672

 
4,295,637

Deposits - interest-bearing
2,794,854

 
2,674,194

 
2,602,412

 
2,493,213

 
2,489,296

 
2,734,857

 
2,464,618

Short-term borrowings
68,529

 
157,652

 
128,429

 
208,201

 
205,323

 
112,844

 
189,019

Long-term FHLB advances
52,397

 
55,385

 
67,363

 
81,460

 
102,023

 
53,883

 
112,911

Subordinated notes
98,587

 
98,542

 
98,497

 
98,457

 
98,463

 
98,564

 
98,447

Jr. subordinated debentures
21,637

 
21,595

 
21,553

 
21,511

 
21,470

 
21,616

 
21,450

Total interest-bearing liabilities
3,036,004

 
3,007,368

 
2,918,254

 
2,902,842

 
2,916,575

 
3,021,764

 
2,886,445

Total liabilities
4,070,160

 
3,973,043

 
3,856,694

 
3,828,241

 
3,810,640

 
4,021,870

 
3,769,498

Total shareholders' equity
581,465

 
572,086

 
556,306

 
547,907

 
533,901

 
576,802

 
526,139



7

Bryn Mawr Bank Corporation
Summary Financial Information (unaudited)
(dollars in thousands, except per share data)

 
As of or For the Three Months Ended
 
For the Six Months Ended
 
June 30, 2019
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
 
June 30, 2019
 
June 30, 2018
Income Statement
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
$
36,611

 
$
37,647

 
$
37,987

 
$
36,729

 
$
37,316

 
$
74,258

 
$
74,755

Provision for loan and lease losses
1,627

 
3,736

 
2,362

 
664

 
3,137

 
5,363

 
4,167

Noninterest income
20,221

 
19,253

 
18,097

 
18,274

 
20,075

 
39,474

 
39,611

Noninterest expense
35,188

 
39,724

 
34,845

 
33,592

 
35,836

 
74,912

 
71,866

Income tax expense
4,239

 
2,764

 
1,746

 
4,066

 
3,723

 
7,003

 
8,353

Net income
15,778

 
10,676

 
17,131

 
16,681

 
14,695

 
26,454

 
29,980

Net (loss) income attributable to noncontrolling interest
(7
)
 
(1
)
 
(5
)
 
(1
)
 
7

 
(8
)
 
6

Net income attributable to Bryn Mawr Bank Corporation
15,785

 
10,677

 
17,136

 
16,682

 
14,688

 
26,462

 
29,974

Basic earnings per share
0.78

 
0.53

 
0.85

 
0.82

 
0.73

 
1.31

 
1.48

Diluted earnings per share
0.78

 
0.53

 
0.84

 
0.82

 
0.72

 
1.31

 
1.47

Net income (core) (1)
15,785

 
14,230

 
17,167

 
17,140

 
17,031

 
30,015

 
36,313

Basic earnings per share (core) (1)
0.78

 
0.71

 
0.85

 
0.85

 
0.84

 
1.49

 
1.80

Diluted earnings per share (core) (1)
0.78

 
0.70

 
0.84

 
0.84

 
0.83

 
1.48

 
1.78

Dividends paid or accrued per share
0.26

 
0.25

 
0.25

 
0.25

 
0.22

 
0.51

 
0.44

Profitability Indicators
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on average assets
1.36
%
 
0.95
%
 
1.54
%
 
1.51
%
 
1.36
%
 
1.16
%
 
1.41
%
Return on average equity
10.89
%
 
7.57
%
 
12.22
%
 
12.08
%
 
11.03
%
 
9.25
%
 
11.49
%
Return on tangible equity(1)
17.62
%
 
12.65
%
 
20.37
%
 
20.25
%
 
18.90
%
 
15.18
%
 
19.77
%
Return on tangible equity (core)(1)
17.62
%
 
16.59
%
 
20.40
%
 
20.78
%
 
21.78
%
 
17.11
%
 
23.76
%
Return on average assets (core)(1)
1.36
%
 
1.27
%
 
1.54
%
 
1.55
%
 
1.57
%
 
1.32
%
 
1.70
%
Return on average equity (core)(1)
10.89
%
 
10.09
%
 
12.24
%
 
12.41
%
 
12.79
%
 
10.49
%
 
13.92
%
Tax-equivalent net interest margin
3.55
%
 
3.75
%
 
3.79
%
 
3.69
%
 
3.81
%
 
3.65
%
 
3.87
%
Efficiency ratio(1)
60.23
%
 
60.26
%
 
60.35
%
 
58.75
%
 
55.57
%
 
60.25
%
 
54.85
%
Share Data
 
 
 
 
 
 
 
 
 
 
 
 
 
Closing share price
$
37.32

 
$
36.13

 
$
34.40

 
$
46.90

 
$
46.30

 
 
 
 
Book value per common share
$
29.31

 
$
28.52

 
$
28.01

 
$
27.18

 
$
26.80

 
 
 
 
Tangible book value per common share
$
19.16

 
$
18.34

 
$
17.75

 
$
16.95

 
$
16.55

 
 
 
 
Price / book value
127.33
%
 
126.68
%
 
122.81
%
 
172.55
%
 
172.76
%
 
 
 
 
Price / tangible book value
194.78
%
 
197.00
%
 
193.80
%
 
276.70
%
 
279.74
%
 
 
 
 
Weighted average diluted shares outstanding
20,244,409

 
20,271,661

 
20,321,283

 
20,438,376

 
20,413,578

 
20,256,469

 
20,427,792

Shares outstanding, end of period
20,131,854

 
20,167,729

 
20,163,816

 
20,291,416

 
20,242,893

 
 
 
 
Wealth Management Information:
 
 
 
 
 
 
 
 
 
 
 
 
 
Wealth assets under mgmt, administration, supervision and brokerage (2)
$
14,815,298

 
$
14,736,512

 
$
13,429,544

 
$
13,913,265

 
$
13,404,723

 
 
 
 
Fees for wealth management services
$
11,510

 
$
10,392

 
$
11,017

 
$
10,343

 
$
10,658

 
 
 
 







8

Bryn Mawr Bank Corporation
Summary Financial Information (unaudited)
(dollars in thousands, except per share data)

 
As of or For the Three Months Ended
 
For the Six Months Ended
 
June 30, 2019
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
 
June 30, 2019
 
June 30, 2018
Capital Ratios(3)
 
 
 
 
 
 
 
 
 
 
 
 
 
Bryn Mawr Trust Company ("BMTC")
 
 
 
 
 
 
 
 
 
 
 
 
 
Tier I capital to risk weighted assets ("RWA")
11.71
%
 
11.30
%
 
11.42
%
 
11.55
%
 
11.34
%
 
 
 
 
Total capital to RWA
12.29
%
 
11.87
%
 
11.99
%
 
12.10
%
 
11.91
%
 
 
 
 
Tier I leverage ratio
9.61
%
 
9.48
%
 
9.48
%
 
9.47
%
 
9.49
%
 
 
 
 
Tangible equity ratio (1)
9.58
%
 
9.34
%
 
8.95
%
 
9.29
%
 
9.27
%
 
 
 
 
Common equity Tier I capital to RWA
11.71
%
 
11.30
%
 
11.42
%
 
11.55
%
 
11.34
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bryn Mawr Bank Corporation ("BMBC")
 
 
 
 
 
 
 
 
 
 
 
 
 
Tier I capital to RWA
11.01
%
 
10.72
%
 
10.92
%
 
10.90
%
 
10.46
%
 
 
 
 
Total capital to RWA
14.30
%
 
14.00
%
 
14.30
%
 
14.33
%
 
13.87
%
 
 
 
 
Tier I leverage ratio
9.04
%
 
8.99
%
 
9.06
%
 
8.94
%
 
8.75
%
 
 
 
 
Tangible equity ratio (1)
8.51
%
 
8.35
%
 
8.05
%
 
8.23
%
 
8.00
%
 
 
 
 
Common equity Tier I capital to RWA
10.43
%
 
10.14
%
 
10.32
%
 
10.29
%
 
9.86
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset Quality Indicators
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loan and lease charge-offs ("NCO"s)
$
1,061

 
$
2,546

 
$
1,620

 
$
1,378

 
$
1,401

 
$
3,607

 
$
3,578

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nonperforming loans and leases ("NPL"s)
$
12,179

 
$
19,283

 
$
12,820

 
$
8,990

 
$
9,448

 
 
 
 
Other real estate owned ("OREO")
155

 
84

 
417

 
529

 
531

 
 
 
 
Total nonperforming assets ("NPA"s)
$
12,334

 
$
19,367

 
$
13,237

 
$
9,519

 
$
9,979

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nonperforming loans and leases 30 or more days past due
$
8,224

 
$
8,489

 
$
7,765

 
$
4,906

 
$
6,749

 
 
 
 
Performing loans and leases 30 to 89 days past due
9,466

 
6,432

 
5,464

 
9,145

 
10,378

 
 
 
 
Performing loans and leases 90 or more days past due

 

 

 

 

 
 
 
 
Total delinquent loans and leases
$
17,690

 
$
14,921

 
$
13,229

 
$
14,051

 
$
17,127

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Delinquent loans and leases to total loans and leases
0.50
%
 
0.42
%
 
0.39
%
 
0.42
%
 
0.50
%
 
 
 
 
Delinquent performing loans and leases to total loans and leases
0.27
%
 
0.18
%
 
0.16
%
 
0.27
%
 
0.31
%
 
 
 
 
NCOs / average loans and leases (annualized)
0.12
%
 
0.30
%
 
0.19
%
 
0.16
%
 
0.17
%
 
0.21
%
 
0.22
%
NPLs / total portfolio loans and leases
0.34
%
 
0.55
%
 
0.37
%
 
0.27
%
 
0.28
%
 
 
 
 
NPAs / total loans and leases and OREO
0.35
%
 
0.55
%
 
0.39
%
 
0.28
%
 
0.29
%
 
 
 
 
NPAs / total assets
0.26
%
 
0.42
%
 
0.28
%
 
0.22
%
 
0.23
%
 
 
 
 
ALLL / NPLs
173.92
%
 
106.91
%
 
151.53
%
 
207.83
%
 
205.31
%
 
 
 
 
ALLL / portfolio loans
0.60
%
 
0.59
%
 
0.57
%
 
0.55
%
 
0.57
%
 
 
 
 
ALLL for originated loans and leases / Originated loans and leases (1)
0.68
%
 
0.68
%
 
0.67
%
 
0.68
%
 
0.71
%
 
 
 
 
(Total ALLL + Loan mark) / Total Gross portfolio loans and leases (1)
1.00
%
 
1.03
%
 
1.08
%
 
1.28
%
 
1.35
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Troubled debt restructurings ("TDR"s) included in NPLs
$
4,190

 
$
4,057

 
$
1,217

 
$
1,208

 
$
1,044

 
 
 
 
TDRs in compliance with modified terms
5,141

 
5,149

 
9,745

 
4,316

 
4,117

 
 
 
 
Total TDRs
$
9,331

 
$
9,206

 
$
10,962

 
$
5,524

 
$
5,161

 
 
 
 
(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.
(3)
Capital Ratios for the current quarter are to be considered preliminary until the Call Reports are filed.

9

Bryn Mawr Bank Corporation
Detailed Balance Sheets (unaudited)
(dollars in thousands)

 
June 30, 2019
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
Assets
 
 
 
 
 
 
 
 
 
Cash and due from banks
$
13,742

 
$
13,656

 
$
14,099

 
$
10,121

 
$
7,318

Interest-bearing deposits with banks
49,643

 
29,449

 
34,357

 
35,233

 
39,924

  Cash and cash equivalents
63,385

 
43,105

 
48,456

 
45,354

 
47,242

Investment securities, available for sale
588,119

 
559,983

 
737,442

 
528,064

 
531,075

Investment securities, held to maturity
10,209

 
10,457

 
8,684

 
8,916

 
7,838

Investment securities, trading
8,516

 
8,189

 
7,502

 
8,340

 
8,175

Loans held for sale
6,333

 
2,884

 
1,749

 
4,111

 
4,204

Portfolio loans and leases, originated
3,088,849

 
3,032,270

 
2,885,251

 
2,752,160

 
2,700,815

Portfolio loans and leases, acquired
445,816

 
491,244

 
541,903

 
629,315

 
688,686

  Total portfolio loans and leases
3,534,665

 
3,523,514

 
3,427,154

 
3,381,475

 
3,389,501

Less: Allowance for losses on originated loan and leases
(21,076
)
 
(20,519
)
 
(19,329
)
 
(18,612
)
 
(19,181
)
Less: Allowance for losses on acquired loan and leases
(106
)
 
(97
)
 
(97
)
 
(72
)
 
(217
)
  Total allowance for loan and lease losses
(21,182
)
 
(20,616
)
 
(19,426
)
 
(18,684
)
 
(19,398
)
    Net portfolio loans and leases
3,513,483

 
3,502,898

 
3,407,728

 
3,362,791

 
3,370,103

Premises and equipment
68,092

 
67,279

 
65,648

 
63,281

 
54,185

Operating lease right-of-use assets
43,116

 
43,985

 

 

 

Accrued interest receivable
13,312

 
13,123

 
12,585

 
13,232

 
13,115

Mortgage servicing rights
4,744

 
4,910

 
5,047

 
5,328

 
5,511

Bank owned life insurance
58,437

 
58,138

 
57,844

 
57,543

 
57,243

Federal Home Loan Bank ("FHLB") stock
14,677

 
10,526

 
14,530

 
14,678

 
16,678

Goodwill
184,012

 
184,012

 
184,012

 
183,864

 
183,162

Intangible assets
21,038

 
21,994

 
23,455

 
24,301

 
24,977

Other investments
16,517

 
16,526

 
16,526

 
16,529

 
16,774

Other assets
122,575

 
83,984

 
61,277

 
52,110

 
53,921

      Total assets
$
4,736,565

 
$
4,631,993

 
$
4,652,485

 
$
4,388,442

 
$
4,394,203

 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
Deposits
 
 
 
 
 
 
 
 
 
  Noninterest-bearing
$
940,911

 
$
882,310

 
$
901,619

 
$
834,363

 
$
892,386

  Interest-bearing
2,691,502

 
2,755,307

 
2,697,468

 
2,522,863

 
2,466,529

    Total deposits
3,632,413

 
3,637,617

 
3,599,087

 
3,357,226

 
3,358,915

Short-term borrowings
207,828

 
124,214

 
252,367

 
226,498

 
227,059

Long-term FHLB advances
47,941

 
55,407

 
55,374

 
72,841

 
87,808

Subordinated notes
98,616

 
98,571

 
98,526

 
98,482

 
98,491

Jr. subordinated debentures
21,665

 
21,622

 
21,580

 
21,538

 
21,497

Operating lease liabilities
47,393

 
48,224

 

 

 

Accrued interest payable
8,244

 
8,674

 
6,652

 
7,193

 
5,230

Other liabilities
82,310

 
62,557

 
54,195

 
53,239

 
52,700

      Total liabilities
4,146,410

 
4,056,886

 
4,087,781

 
3,837,017

 
3,851,700

 
 
 
 
 
 
 
 
 
 
Shareholders' equity
 
 
 
 
 
 
 
 
 
Common stock
24,583

 
24,577

 
24,545

 
24,533

 
24,453

Paid-in capital in excess of par value
376,652

 
375,655

 
374,010

 
373,205

 
372,227

Less: common stock held in treasury, at cost
(78,583
)
 
(76,974
)
 
(75,883
)
 
(70,437
)
 
(68,943
)
Accumulated other comprehensive income (loss), net of tax
1,700

 
(3,278
)
 
(7,513
)
 
(13,402
)
 
(11,191
)
Retained earnings
266,496

 
255,813

 
250,230

 
238,204

 
226,634

    Total Bryn Mawr Bank Corporation shareholders' equity
590,848

 
575,793

 
565,389

 
552,103

 
543,180

Noncontrolling interest
(693
)
 
(686
)
 
(685
)
 
(678
)
 
(677
)
    Total shareholders' equity
590,155

 
575,107

 
564,704

 
551,425

 
542,503

      Total liabilities and shareholders' equity
$
4,736,565

 
$
4,631,993

 
$
4,652,485

 
$
4,388,442

 
$
4,394,203


10

Bryn Mawr Bank Corporation
Supplemental Balance Sheet Information (unaudited)
(dollars in thousands)

 
Portfolio Loans and Leases as of
 
June 30, 2019
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
Commercial mortgages
$
1,755,798

 
$
1,746,695

 
$
1,657,436

 
$
1,618,493

 
$
1,613,721

Home equity loans and lines
203,852

 
204,791

 
207,351

 
207,806

 
206,429

Residential mortgages
506,093

 
502,379

 
494,355

 
467,402

 
449,060

Construction
152,554

 
159,761

 
181,078

 
178,493

 
190,874

  Total real estate loans
2,618,297

 
2,613,626

 
2,540,220

 
2,472,194

 
2,460,084

Commercial & Industrial
704,167

 
705,701

 
695,584

 
722,999

 
745,306

Consumer
49,335

 
47,821

 
46,814

 
47,809

 
51,462

Leases
162,866

 
156,366

 
144,536

 
138,473

 
132,649

  Total non-real estate loans and leases
916,368

 
909,888

 
886,934

 
909,281

 
929,417

    Total portfolio loans and leases
$
3,534,665

 
$
3,523,514

 
$
3,427,154

 
$
3,381,475

 
$
3,389,501

 
Nonperforming Loans and Leases as of
 
June 30, 2019
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
Commercial mortgages
$
6,072

 
$
5,558

 
$
2,568

 
$
735

 
$
1,011

Home equity loans and lines
49

 
6,904

 
3,616

 
1,933

 
2,323

Residential mortgages
701

 
2,863

 
3,452

 
2,770

 
2,647

Construction

 

 

 
291

 

  Total nonperforming real estate loans
6,822

 
15,325

 
9,636

 
5,729

 
5,980

Commercial & Industrial
4,495

 
2,965

 
2,101

 
1,782

 
1,585

Consumer
60

 
80

 
108

 
117

 

Leases
802

 
913

 
975

 
1,362

 
1,882

  Total nonperforming non-real estate loans and leases
5,357

 
3,958

 
3,184

 
3,261

 
3,468

    Total nonperforming portfolio loans and leases
$
12,179

 
$
19,283

 
$
12,820

 
$
8,990

 
$
9,448

 
Net Loan and Lease Charge-Offs (Recoveries) for the Three Months Ended
 
June 30, 2019
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
Commercial mortgage
$
(3
)
 
$
1,373

 
$
249

 
$
56

 
$
13

Home equity loans and lines
180

 
46

 
107

 

 
199

Residential
339

 
329

 
304

 
(12
)
 
(1
)
Construction
(1
)
 
(1
)
 

 

 
(1
)
  Total net charge-offs of real estate loans
515

 
1,747

 
660

 
44

 
210

Commercial & Industrial
(18
)
 
391

 
298

 
304

 
467

Consumer
119

 
94

 
147

 
71

 
41

Leases
445

 
314

 
515

 
959

 
683

  Total net charge-offs of non-real estate loans and leases
546

 
799

 
960

 
1,334

 
1,191

    Total net charge-offs
$
1,061

 
$
2,546

 
$
1,620

 
$
1,378

 
$
1,401


11

Bryn Mawr Bank Corporation
Supplemental Balance Sheet Information (unaudited)
(dollars in thousands)

 
Investment Securities Available for Sale, at Fair Value
 
June 30, 2019
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
U.S. Treasury securities
$
101

 
$
100

 
$
200,013

 
$
100

 
$
100

Obligations of the U.S. Government and agencies
192,799

 
186,746

 
195,855

 
190,453

 
183,256

State & political subdivisions - tax-free
6,700

 
8,468

 
11,162

 
15,629

 
17,254

State & political subdivisions - taxable
170

 
170

 
170

 
170

 
171

Mortgage-backed securities
348,975

 
322,913

 
289,890

 
284,421

 
292,563

Collateralized mortgage obligations
38,724

 
40,486

 
39,252

 
36,193

 
36,634

Other debt securities
650

 
1,100

 
1,100

 
1,098

 
1,097

  Total investment securities available for sale, at fair value
$
588,119

 
$
559,983

 
$
737,442

 
$
528,064

 
$
531,075

 
Unrealized Gain (Loss) on Investment Securities Available for Sale
 
June 30, 2019
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
U.S. Treasury securities
$
1

 
$

 
$
(13
)
 
$

 
$

Obligations of the U.S. Government and agencies
275

 
(1,334
)
 
(2,749
)
 
(5,881
)
 
(4,594
)
State & political subdivisions - tax-free
8

 
(5
)
 
(39
)
 
(90
)
 
(57
)
State & political subdivisions - taxable

 

 
(1
)
 
(1
)
 
(1
)
Mortgage-backed securities
3,364

 
(696
)
 
(4,186
)
 
(7,584
)
 
(6,141
)
Collateralized mortgage obligations
89

 
(510
)
 
(898
)
 
(1,618
)
 
(1,443
)
Other debt securities

 

 

 
(2
)
 
(3
)
  Total unrealized gains (losses) on investment securities available for sale
$
3,737

 
$
(2,545
)
 
$
(7,886
)
 
$
(15,176
)
 
$
(12,239
)
 
Deposits
 
June 30, 2019
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
Interest-bearing deposits:
 
 
 
 
 
 
 
 
 
  Interest-bearing demand
$
745,134

 
$
664,683

 
$
664,749

 
$
578,243

 
$
617,258

  Money market
966,596

 
961,348

 
862,644

 
812,027

 
814,530

  Savings
263,830

 
265,613

 
247,081

 
286,266

 
291,858

  Retail time deposits
502,745

 
531,522

 
542,702

 
561,123

 
536,287

  Wholesale non-maturity deposits
100,047

 
47,744

 
55,031

 
24,040

 
36,826

  Wholesale time deposits
113,150

 
284,397

 
325,261

 
261,164

 
169,770

    Total interest-bearing deposits
2,691,502

 
2,755,307

 
2,697,468

 
2,522,863

 
2,466,529

  Noninterest-bearing deposits
940,911

 
882,310

 
901,619

 
834,363

 
892,386

      Total deposits
$
3,632,413

 
$
3,637,617

 
$
3,599,087

 
$
3,357,226

 
$
3,358,915



12

Bryn Mawr Bank Corporation
Detailed Income Statements (unaudited)
(dollars in thousands, except per share data)

 
For the Three Months Ended
 
For the Six Months Ended
 
June 30, 2019
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
 
June 30, 2019
 
June 30, 2018
Interest income:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and fees on loans and leases
$
44,783

 
$
44,837

 
$
44,157

 
$
42,103

 
$
41,689

 
$
89,620

 
$
82,378

Interest on cash and cash equivalents
73

 
132

 
83

 
64

 
64

 
205

 
117

Interest on investment securities
3,532

 
3,499

 
3,294

 
3,066

 
3,001

 
7,031

 
5,793

  Total interest income
48,388

 
48,468

 
47,534

 
45,233

 
44,754

 
96,856

 
88,288

Interest expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on deposits
9,655

 
8,097

 
7,048

 
5,533

 
4,499

 
17,752

 
7,971

Interest on short-term borrowings
357

 
943

 
681

 
1,096

 
985

 
1,300

 
1,615

Interest on FHLB advances
269

 
278

 
331

 
394

 
490

 
547

 
1,052

Interest on jr. subordinated debentures
352

 
358

 
342

 
337

 
321

 
710

 
609

Interest on subordinated notes
1,144

 
1,145

 
1,145

 
1,144

 
1,143

 
2,289

 
2,286

Total interest expense
11,777

 
10,821

 
9,547

 
8,504

 
7,438

 
22,598

 
13,533

  Net interest income
36,611

 
37,647

 
37,987

 
36,729

 
37,316

 
74,258

 
74,755

Provision for loan and lease losses (the "Provision")
1,627

 
3,736

 
2,362

 
664

 
3,137