BRYN MAWR BANK CORP

CIK:0000802681|SEC Filings

Consolidated Statements of Income - Unaudited - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest income:
Interest and fees on loans and leases	$ 34,332	$ 36,799	$ 103,548	$ 120,284
Interest on cash and cash equivalents	20	85	58	233
Interest on investment securities:
Taxable	2,745	2,639	8,767	8,685
Non-taxable	7	18	29	64
Dividends	0	1	2	4
Total interest income	37,104	39,542	112,404	129,270
Interest expense:
Interest on deposits	808	2,967	3,190	15,080
Interest on short-term borrowings	16	8	31	693
Interest on FHLB advances and other borrowings	173	234	581	633
Interest on subordinated notes	1,022	1,094	3,100	3,383
Interest on junior subordinated debentures	198	207	595	731
Total interest expense	2,217	4,510	7,497	20,520
Net interest income	34,887	35,032	104,907	108,750
(Recovery of) provision for credit losses	(3,186)	4,101	(15,013)	42,886
Net interest income after (recovery of) provision for credit losses	38,073	30,931	119,920	65,864
Noninterest income:
Fees for wealth management services	13,618	11,707	40,485	31,944
Insurance commissions	1,524	1,682	4,237	4,518
Capital markets revenue	2,823	3,314	5,709	8,650
Service charges on deposits	751	663	2,180	2,112
Loan servicing and other fees	327	373	1,028	1,286
Net gain on sale of loans	671	1,021	1,446	4,937
Net gain on sale of investment securities available for sale	512	0	512	0
Net gain on sale of OREO	0	0	0	148
Dividends on FHLB and FRB stock	202	127	663	814
Other operating income	2,159	2,212	7,134	5,556
Total noninterest income	22,587	21,099	63,394	59,965
Noninterest expenses:
Salaries and wages	16,751	17,201	50,281	51,116
Employee benefits	3,150	3,026	10,061	9,747
Occupancy and bank premises	2,514	3,055	8,035	9,103
Furniture, fixtures, and equipment	2,624	2,481	7,054	7,032
Advertising	265	458	854	1,055
Amortization of intangible assets	835	870	2,508	2,698
Due diligence, merger-related and merger integration expenses	18	0	1,930	0
Professional fees	2,423	1,718	5,485	4,661
Pennsylvania bank shares tax	538	115	2,005	347
Data processing	1,421	1,403	4,269	4,276
Other operating expenses	6,301	4,870	17,528	14,068
Total noninterest expenses	36,840	35,197	110,010	104,103
Income before income taxes	23,820	16,833	73,304	21,726
Income tax expense	5,562	3,709	16,632	4,762
Net income	18,258	13,124	56,672	16,964
Net loss attributable to noncontrolling interest	(124)	(40)	(135)	(72)
Net income attributable to Bryn Mawr Bank Corporation	$ 18,382	$ 13,164	$ 56,807	$ 17,036
Basic earnings per common share (in dollars per share)	$ 0.92	$ 0.66	$ 2.86	$ 0.85
Diluted earnings per common share (in dollars per share)	0.92	0.66	2.83	0.85
Dividends paid or accrued per common share (in dollars per share)	$ 0.28	$ 0.27	$ 0.82	$ 0.79
Weighted-average basic shares outstanding (in shares)	19,891,618	19,945,634	19,892,764	19,975,069
Dilutive shares (in shares)	170,400	75,983	163,651	87,039
Adjusted weighted-average diluted shares (in shares)	20,062,018	20,021,617	20,056,415	20,062,108

Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Net income attributable to Bryn Mawr Bank Corporation	$ 56,807	$ 17,036
Adjustments to reconcile net income to net cash provided by operating activities:
(Recovery of) provision for credit losses	(15,013)	42,886
Depreciation of fixed assets	4,646	6,028
Non-cash operating lease expense	2,079	2,425
Net amortization of investment premiums and discounts	5,451	3,384
Net gain on sale of investment securities available for sale	(512)	0
Net gain on sale of loans	(1,446)	(4,937)
Stock based compensation	1,779	2,157
Amortization and net impairment of mortgage servicing rights	569	1,569
Net accretion of fair value adjustments	(1,817)	(2,789)
Amortization of intangible assets	2,508	2,698
Net gain on sale of OREO	0	(148)
Net increase in cash surrender value of bank owned life insurance ("BOLI")	(870)	(993)
Other, net	2,272	1,102
Loans originated for sale	(25,908)	(80,695)
Proceeds from loans sold	32,862	82,719
Provision for deferred income taxes	6,501	476
Change in income taxes payable/receivable, net	(1,004)	(5,323)
Change in accrued interest receivable	2,616	(4,127)
Change in accrued interest payable	(1,259)	1,736
Change in operating lease liabilities	(2,183)	(2,363)
Change in other assets	(36,963)	(95,577)
Change in other liabilities	(32,079)	84,925
Net cash (used in) provided by operating activities	(964)	52,189
Investing activities:
Purchases of investment securities available for sale	(158,069)	(238,008)
Purchases of investment securities held to maturity	0	(1,103)
Proceeds from maturity and paydowns of investment securities available for sale	622,308	594,650
Proceeds from maturity and paydowns of investment securities held to maturity	3,101	1,842
Proceeds from sale of investment securities available for sale	17,060	0
Net change in FHLB stock	5,454	19,238
Proceeds from calls of investment securities	25,730	97,775
Net change in other investments	(558)	(446)
Net portfolio loan and lease originations	9,516	(293,873)
Proceeds from sales of loans originally classified as portfolio loans and leases	0	302,169
Purchases of premises and equipment	(740)	(1,430)
Proceeds from sale of OREO	0	534
Net cash provided by investing activities	523,802	481,348
Financing activities:
Change in deposits	(560,580)	171,651
Change in short-term borrowings	24,804	(469,763)
Dividends paid	(16,428)	(15,957)
Change in long-term FHLB advances and other borrowings	(15,000)	(7,500)
Payment of contingent consideration for business combinations	(150)	(507)
Cash payments to taxing authorities on employees' behalf from shares withheld from stock-based compensation	(441)	(594)
Net purchase of treasury stock for deferred compensation plans	(122)	(128)
Net purchase of treasury stock through publicly announced plans	(2,567)	(7,249)
Proceeds from exercise of stock options	4	12
Net cash used in financing activities	(570,480)	(330,035)
Change in cash and cash equivalents	(47,642)	203,502
Cash and cash equivalents at beginning of period	96,313	53,931
Cash and cash equivalents at end of period	48,671	257,433
Supplemental cash flow information:
Income taxes	11,129	9,613
Interest	8,756	18,784
Non-cash information:
Available for sale securities purchased, not settled	0	6,500
Change in other comprehensive income	(6,403)	7,952
Change in deferred tax due to change in comprehensive income	(1,703)	2,114
Transfer of loans to OREO and repossessed assets	$ 0	$ 386

Consolidated Balance Sheets - Unaudited - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 9,458	$ 11,287
Interest bearing deposits with banks	39,213	85,026
Cash and cash equivalents	48,671	96,313
Investment securities available for sale, at fair value (amortized cost of $649,246 and $1,161,098 as of September 30, 2021 and December 31, 2020, respectively)	656,501	1,174,964
Investment securities held to maturity, at amortized cost (fair value of $11,733 and $15,186 as of September 30, 2021 and December 31, 2020, respectively)	11,542	14,759
Investment securities, trading	8,128	8,623
Loans held for sale	634	6,000
Portfolio loans and leases, originated	3,431,903	3,380,727
Portfolio loans and leases, acquired	186,012	247,684
Total Loans and Leases	3,617,915	3,628,411
Less: Allowance for credit losses on originated loans and leases	(35,218)	(50,783)
Less: Allowance for credit losses on acquired loans and leases	(1,328)	(2,926)
Total allowance for credit losses on loans and leases	(36,546)	(53,709)
Net portfolio loans and leases	3,581,369	3,574,702
Premises and equipment, net	51,525	56,662
Operating lease right-of-use assets	33,140	34,601
Accrued interest receivable	12,872	15,440
Mortgage servicing rights	2,057	2,626
Bank owned life insurance	61,263	60,393
Federal Home Loan Bank stock	7,212	12,666
Goodwill	184,012	184,012
Intangible assets	13,056	15,564
Other investments	18,300	17,742
Other assets	188,797	156,955
Total assets	4,879,079	5,432,022
Deposits:
Noninterest-bearing	1,443,661	1,401,843
Interest-bearing	2,371,871	2,974,411
Total deposits	3,815,532	4,376,254
Short-term borrowings	96,965	72,161
Long-term FHLB advances	25,000	39,906
Subordinated notes	99,017	98,883
Junior subordinated debentures	22,079	21,935
Operating lease liabilities	38,719	40,284
Accrued interest payable	5,018	6,277
Other liabilities	121,994	154,000
Total liabilities	4,224,324	4,809,700
Shareholders' equity
Common stock, par value $1; authorized 100,000,000 shares; issued 24,749,309 and 24,713,968 shares as of September 30, 2021 and December 31, 2020, respectively and outstanding of 19,900,823 and 19,960,294 as of September 30, 2021 and December 31, 2020, respectively	24,749	24,714
Paid-in capital in excess of par value	383,401	381,653
Less: Common stock in treasury at cost - 4,848,486 and 4,753,674 shares as of September 30, 2021 and December 31, 2020, respectively	(92,294)	(89,164)
Accumulated other comprehensive income, net of tax	2,545	8,948
Retained earnings	337,259	296,941
Total Bryn Mawr Bank Corporation shareholders' equity	655,660	623,092
Noncontrolling interest	(905)	(770)
Total shareholders' equity	654,755	622,322
Total liabilities and shareholders' equity	$ 4,879,079	$ 5,432,022