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Bryn Mawr Bank

Financials

Price	36.74	EPS	3
Shares	20	P/E	12
MCap	743	P/FCF	59
Net Debt	-95	EBIT	117
TEV	649	TEV/EBIT	6
TTM 2019-09-30, in MM, except price, ratios

Filings

10-Q	2021-03-31	Filed 2021-05-07
10-K	2020-12-31	Filed 2021-03-01
10-Q	2020-09-30	Filed 2020-11-05
10-Q	2020-06-30	Filed 2020-08-10
10-Q	2020-03-31	Filed 2020-05-08
10-K	2019-12-31	Filed 2020-02-28
10-Q	2019-09-30	Filed 2019-11-06
10-Q	2019-06-30	Filed 2019-08-07
10-Q	2019-03-31	Filed 2019-05-08
10-K	2018-12-31	Filed 2019-03-01
10-Q	2018-09-30	Filed 2018-11-02
10-Q	2018-06-30	Filed 2018-08-03
10-Q	2018-03-31	Filed 2018-05-04
10-K	2017-12-31	Filed 2018-03-01
10-Q	2017-09-30	Filed 2017-11-03
10-Q	2017-06-30	Filed 2017-08-04
10-Q	2017-03-31	Filed 2017-05-05
10-K	2016-12-31	Filed 2017-03-10
10-Q	2016-09-30	Filed 2016-11-04
10-Q	2016-06-30	Filed 2016-08-05
10-Q	2016-03-31	Filed 2016-05-06
10-K	2015-12-31	Filed 2016-03-11
10-Q	2015-09-30	Filed 2015-11-06
10-Q	2015-06-30	Filed 2015-08-07
10-Q	2015-03-31	Filed 2015-05-08
10-K	2014-12-31	Filed 2015-03-12
10-Q	2014-09-30	Filed 2014-11-07
10-Q	2014-06-30	Filed 2014-08-08
10-Q	2014-03-31	Filed 2014-05-09
10-K	2013-12-31	Filed 2014-03-14
10-Q	2013-09-30	Filed 2013-11-08
10-Q	2013-06-30	Filed 2013-08-09
10-Q	2013-03-31	Filed 2013-05-10
10-K	2012-12-31	Filed 2013-03-15
10-Q	2012-09-30	Filed 2012-11-09
10-Q	2012-06-30	Filed 2012-08-09
10-Q	2012-03-31	Filed 2012-05-10
10-K	2011-12-31	Filed 2012-03-15
10-Q	2011-09-30	Filed 2011-11-09
10-Q	2011-06-30	Filed 2011-08-09
10-Q	2011-03-31	Filed 2011-05-10
10-K	2010-12-31	Filed 2011-03-16
10-Q	2010-09-30	Filed 2010-11-09
10-Q	2010-06-30	Filed 2010-08-09
10-Q	2010-03-31	Filed 2010-05-10
10-K	2009-12-31	Filed 2010-03-15

Reports

8-K	2020-10-22
8-K	2020-10-22
8-K	2020-09-21
8-K	2020-07-20
8-K	2020-07-20
8-K	2020-06-29
8-K	2020-04-20
8-K	2020-04-20
8-K	2020-04-16
8-K	2020-02-12
8-K	2020-01-16
8-K	2019-11-15
8-K	2019-10-17
8-K	2019-07-29
8-K	2019-07-18
8-K	2019-06-11
8-K	2019-04-18
8-K	2019-03-29
8-K	2019-02-13
8-K	2019-01-17
8-K	2018-10-31
8-K	2018-10-18
8-K	2018-07-27
8-K	2018-07-19
8-K	2018-05-25
8-K	2018-05-09
8-K	2018-04-19
8-K	2018-03-08
8-K	2018-02-07
8-K	2018-01-29
8-K	2018-01-18

Bryn Mawr Bank Earnings 2021-03-31

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

bmtc-20210331

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________________________________________________________________

Form 10-Q

____________________________________________________________________________________

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-35746

________________________________________________________________________________________

Bryn Mawr Bank Corporation

(Exact name of registrant as specified in its charter)

________________________________________________________________________________________


Pennsylvania			23-2434506
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

801 Lancaster Avenue, Bryn Mawr, Pennsylvania			19010
(Address of principal executive offices)			(Zip Code)

(610) 525-1700

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1 par value	BMTC	The NASDAQ Stock Market

________________________________________________________________________________

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☒

Non-accelerated filer ☐ Smaller reporting company ☐ 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. ☐

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Classes						Outstanding at May 4, 2021
Common Stock, par value $1						19,878,993

Table of Contents

BRYN MAWR BANK CORPORATION AND SUBSIDIARIES

FORM 10-Q

QUARTER ENDED March 31, 2021

Index


PART I -	FINANCIAL INFORMATION

ITEM 1.	Financial Statements (unaudited)

	Consolidated Financial Statements (unaudited)	Page 3

	Notes to Consolidated Financial Statements (unaudited)	Page 9

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	Page 46

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	Page 67

ITEM 4.	Controls and Procedures	Page 67

PART II -	OTHER INFORMATION	Page 68

ITEM 1.	Legal Proceedings	Page 68

ITEM 1A.	Risk Factors	Page 68

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	Page 69

ITEM 3.	Defaults Upon Senior Securities	Page 70

ITEM 4.	Mine Safety Disclosures	Page 70

ITEM 5.	Other Information	Page 70

ITEM 6.	Exhibits	Page 71

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

BRYN MAWR BANK CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets - Unaudited


(dollars in thousands)	March 31, 2021		December 31, 2020
Assets
Cash and due from banks	$	10,311	$	11,287
Interest bearing deposits with banks	37,089		85,026
Cash and cash equivalents	47,400		96,313
Investment securities available for sale, at fair value (amortized cost of $731,349 and $1,161,098 as of March 31, 2021 and December 31, 2020, respectively)	738,974		1,174,964
Investment securities held to maturity, at amortized cost (fair value of $14,371 and $15,186 as of March 31, 2021 and December 31, 2020, respectively)	14,126		14,759
Investment securities, trading	8,777		8,623
Loans held for sale	3,210		6,000
Portfolio loans and leases, originated	3,405,128		3,380,727
Portfolio loans and leases, acquired	228,107		247,684
Total portfolio loans and leases	3,633,235		3,628,411
Less: Allowance for credit losses on originated loans and leases	(45,285)		(50,783)
Less: Allowance for credit losses on acquired loans and leases	(2,277)		(2,926)
Total allowance for credit losses on loans and leases	(47,562)		(53,709)
Net portfolio loans and leases	3,585,673		3,574,702
Premises and equipment, net	55,510		56,662
Operating lease right-of-use assets	33,848		34,601
Accrued interest receivable	15,058		15,440
Mortgage servicing rights	2,493		2,626
Bank owned life insurance	60,721		60,393
Federal Home Loan Bank stock	5,986		12,666
Goodwill	184,012		184,012
Intangible assets	14,726		15,564
Other investments	17,811		17,742
Other assets	126,183		156,955
Total assets	$	4,914,508	$	5,432,022
Liabilities
Deposits:
Noninterest-bearing	$	1,364,716	$	1,401,843
Interest-bearing	2,537,534		2,974,411
Total deposits	3,902,250		4,376,254

Short-term borrowings	60,027		72,161
Long-term FHLB advances	39,941		39,906
Subordinated notes	98,928		98,883
Junior subordinated debentures	21,983		21,935
Operating lease liabilities	39,543		40,284
Accrued interest payable	6,358		6,277
Other liabilities	122,382		154,000
Total liabilities	4,291,412		4,809,700
Shareholders' equity
Common stock, par value $1; authorized 100,000,000 shares; issued 24,714,768 and 24,713,968 shares as of March 31, 2021 and December 31, 2020, respectively and outstanding of 19,878,993 and 19,960,294 as of March 31, 2021 and December 31, 2020, respectively	24,715		24,714
Paid-in capital in excess of par value	382,202		381,653
Less: Common stock in treasury at cost - 4,835,775 and 4,753,674 shares as of March 31, 2021 and December 31, 2020, respectively	(91,774)		(89,164)
Accumulated other comprehensive income, net of tax	154		8,948
Retained earnings	308,569		296,941
Total Bryn Mawr Bank Corporation shareholders' equity	623,866		623,092
Noncontrolling interest	(770)		(770)
Total shareholders' equity	623,096		622,322
Total liabilities and shareholders' equity	$	4,914,508	$	5,432,022

The accompanying notes are an integral part of the Unaudited Consolidated Financial Statements.

Page 3

Table of Contents

BRYN MAWR BANK CORPORATION AND SUBSIDIARIES

Consolidated Statements of Income - Unaudited


	Three Months Ended March 31,
(dollars in thousands, except share and per share data)	2021		2020
Interest income:
Interest and fees on loans and leases	$	34,578	$	42,795
Interest on cash and cash equivalents	22		111
Interest on investment securities:
Taxable	3,038		3,176
Non-taxable	11		24
Dividends	1		1
Total interest income	37,650		46,107
Interest expense:
Interest on deposits	1,424		7,637
Interest on short-term borrowings	10		453
Interest on FHLB advances and other borrowings	203		244
Interest on subordinated notes	1,034		1,145
Interest on junior subordinated debentures	198		295
Total interest expense	2,869		9,774
Net interest income	34,781		36,333
(Recovery of) provision for credit losses	(5,246)		35,350
Net interest income after (recovery of) provision for credit losses	40,027		983
Noninterest income:
Fees for wealth management services	12,836		11,168
Insurance commissions	1,464		1,533
Capital markets revenue	1,596		2,361
Service charges on deposits	696		846
Loan servicing and other fees	304		461
Net gain on sale of loans	250		782

Net gain on sale of other real estate owned ("OREO")	—		148
Dividends on FHLB and FRB stock	222		444
Other operating income	2,473		557
Total noninterest income	19,841		18,300
Noninterest expenses:
Salaries and wages	16,830		16,989
Employee benefits	3,687		3,500

Occupancy and bank premises	2,892		3,015

Furniture, fixtures, and equipment	2,242		2,431
Advertising	176		401
Amortization of intangible assets	838		918
Due diligence, merger-related and merger integration expenses	1,646		—
Professional fees	1,433		1,368
Pennsylvania bank shares tax	749		116
Data processing	1,404		1,394
Other operating expenses	5,806		3,271
Total noninterest expenses	37,703		33,403
Income (loss) before income taxes	22,165		(14,120)
Income tax expense (benefit)	5,082		(2,957)
Net income (loss)	17,083		(11,163)
Net loss attributable to noncontrolling interest	—		—
Net income (loss) attributable to Bryn Mawr Bank Corporation	$	17,083	$	(11,163)
Basic earnings per common share	$	0.86	$	(0.56)
Diluted earnings per common share	0.85		(0.56)
Dividends paid or accrued per common share	0.27		0.26
Weighted-average basic shares outstanding	19,907,873		20,053,159
Dilutive shares	142,863		—
Adjusted weighted-average diluted shares	20,050,736		20,053,159

The accompanying notes are an integral part of the Unaudited Consolidated Financial Statements.

Page 4

Table of Contents

BRYN MAWR BANK CORPORATION AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income - Unaudited


	Three Months Ended March 31,
(dollars in thousands)	2021		2020
Net income (loss) attributable to Bryn Mawr Bank Corporation	$	17,083	$	(11,163)

Other comprehensive income:
Net change in unrealized (losses) gains on investment securities available for sale:

EX-31.1	bmbcq12021ex311.htm
EX-31.2	bmbcq12021ex312.htm
EX-32.1	bmbcq12021ex321.htm
EX-32.2	bmbcq12021ex322.htm

BMTC 10Q Quarterly Report

Bryn Mawr Bank Earnings 2021-03-31