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Bryn Mawr Bank Corporation Reports Fourth Quarter Results, Incurs $17.4 Million Pension Termination Charge, Records Organic Loan Growth of 9.2% for 2015 and Declares Dividend of $0.20

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

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

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

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

SIGNIFICANT ITEMS OF NOTE

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

  • A net loss of $6.7 million for the three months ended December 31, 2015 was driven by the $17.4 million pre-tax loss on the termination of the pension plan. Net income for the same period in 2014 was $7.0 million.
  • Net interest income for the three months ended December 31, 2015 was $25.4 million, an increase of $5.9 million, or 30.5%, from $19.5 million for the same period in 2014. The increase in net interest income between the periods was related to the interest income generated by the $424.2 million of loans acquired in the January 1, 2015 merger with Continental Bank Holdings, Inc. (“CBHI” and the “Merger”) as well as organic loan growth that occurred during the year. Average loans for the three months ended December 31, 2015 increased by $592.5 million from the same period in 2014. The increase in interest income from loan growth was partially offset by an increase in interest expense on interest-bearing deposits as well as the additional interest expense associated with the $30 million of subordinated notes issued in the third quarter of 2015. Average interest-bearing deposits for the three months ended December 31, 2015 increased by $405.2 million as compared to the same period in 2014, largely related to the deposits acquired in the Merger.
  • The tax-equivalent net interest margin of 3.77% for the three months ended December 31, 2015 was a 7 basis point decrease from 3.84% for the same period in 2014. The decrease was largely the result of the 17 basis point decline in tax-equivalent yield on loans, accompanied by a $592.5 million increase in average loan balances. The decline in yield on loans was primarily related to the lower yields earned on the loans originated during the low-interest rate climate throughout the year. In addition, average interest-bearing deposits, which increased by $405.2 million, included a 1 basis point increase in the tax-equivalent rate paid. The contribution of fair value mark accretion to the tax equivalent net interest margin accounted for 13 basis points of the margin for the fourth quarter of 2015 as compared to 11 basis points for the same period in 2014.
  • Non-interest income for the three months ended December 31, 2015 increased $785 thousand as compared to the same period in 2014. Contributing to this increase was a $774 thousand increase in other operating income which included a $130 thousand increase in bank owned life insurance (“BOLI”) income, a $130 thousand increase in value of trading securities and a $319 thousand increase in income related to the full payoff of a purchased credit-impaired loan acquired in the Merger. In addition to the $12.1 million of BOLI acquired in the Merger, the Corporation also purchased $5.0 million of BOLI in the third quarter of 2015. Supplementing the increase in other operating income, a $280 thousand increase in net gain on sale of loans and a $119 thousand increase in dividends on Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stock, partially offset by a $268 thousand decrease in fees for wealth management services, contributed to the increase in non-interest income. Although wealth assets increased from December 31, 2014 by $664.9 million, the composition of the portfolio has shifted to lower yielding products.
  • Non-interest expense for the three months ended December 31, 2015 increased $25.0 million, to $47.0 million, as compared to $21.9 million for the same period in 2014. The termination on December 31, 2015, of the corporate pension plan resulted in a pre-tax loss of $17.4 million, as tax-effected losses previously recorded in other comprehensive income were recognized through the income statement. In addition, the closure of the former headquarters of Continental Bank resulted in lease termination penalties totaling $929 thousand, and required a $387 thousand impairment of a favorable lease intangible asset which had been recorded in connection with the headquarters location. Due diligence, merger-related and merger integration expenses increased by $903 thousand for the fourth quarter of 2015 as compared to the same period in 2014, as the conversion of the Continental Bank core system was completed in October 2015. Due diligence, merger-related and merger integration expenses include consultant costs, investment banker fees, contract breakage fees, retention bonuses for both retained and severed employees, as well as salary and wages for redundant staffing involved in the integration of the two institutions. Increases of $2.3 million, $368 thousand and $666 thousand, in salary and wages, employee benefits and occupancy expenses, respectively, much of which was related to the addition of the Continental Bank staff and offices, also contributed to the year-over-year increase. In addition to the salary and wage increases caused by staffing increases, the Corporation incurred severance costs of $218 thousand in connection with a management and staffing reorganization. Lastly, during the fourth quarter, the Corporation elected to unwind a $15 million forward interest rate swap which had been entered into in 2012 and was scheduled to become effective on November 30, 2015. The decision to unwind the swap, which was originally entered into in order to hedge an adjustable rate FHLB borrowing, was related to changes in the balance sheet over the interim period and the interest rate risk profile of the Corporation. The breakage fee to exit the swap was $611 thousand.
  • Nonperforming loans and leases totaled $9.8 million as of December 31, 2015, representing 0.43% of total portfolio loans and leases, as compared to $10.1 million, or 0.61% of total portfolio loans and leases as of December 31, 2014. For the three months ended December 31, 2015, the Corporation recorded net loan and lease charge-offs of $1.9 million, as compared to $697 thousand for the same period in 2014. The provision for loan and lease losses (the “Provision”) for the three months ended December 31, 2015 was $1.8 million as compared to a release from the allowance for loan and lease losses (the “Allowance”) of $316 thousand for the same period in 2014. The increase in Provision for the fourth quarter of 2015 was largely related to the level of charge-offs recorded during the quarter. Several of these charge-offs resulted from the receipt of new appraisals on certain non-performing loans deemed to be collateral-dependent, as well as the determination that certain loans previously expected to improve were not improving to the level Management had expected and therefore required partial write-downs.

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

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

  • Net interest income for the three months ended December 31, 2015 was $25.4 million, an increase of $596 thousand from $24.8 million for the three months ended September 30, 2015. The increase in net interest income between the periods was related to a $460 thousand increase in interest on loans and a $321 thousand increase in interest on available for sale investment securities. Partially offsetting these increases was a $139 thousand increase in interest expense on subordinated notes, related to the $30 million of 4.75% subordinated notes issued in August 2015. The increase in interest earned on loans, whose average balance increased by $56.1 million from the third quarter of 2015 to the fourth quarter of 2015, was the result of strong loan growth in the third and fourth quarters of 2015. Portfolio loans increased by 5.4% from June 30, 2015 to December 31, 2015.
  • The tax-equivalent net interest margin of 3.77% for the three months ended December 31, 2015 increased 12 basis points from 3.65% in the third quarter of 2015. Average loans for the fourth quarter of 2015 increased by $56.1 million, from the third quarter of 2015, with an average tax-equivalent yield of 4.62%. In addition, during the fourth quarter of 2015, the tax-equivalent yield earned on available for sale investment securities increased by 37 basis points. A portion of the increase was related to an available for sale mortgage-backed security which prepaid and resulted in a $112 thousand prepayment premium. The contribution of fair value mark accretion to the tax equivalent net interest margin accounted for 13 basis points of the margin for the fourth quarter of 2015 as compared to 15 basis points for the third quarter of 2015.
  • Non-interest income for the three months ended December 31, 2015 increased $318 thousand from the third quarter of 2015. The increase was related to a $325 thousand increase in other operating income, a $192 thousand increase in dividends on FRB and FHLB stocks, a $105 thousand increase in loan servicing fees and a $66 thousand increase in gain on loan sales. The $325 thousand increase in other operating income was primarily related to $319 thousand of income recorded in connection with the full payoff of a purchased credit-impaired loan acquired in the Merger. Partially offsetting these increases were decreases of $199 thousand and $223 thousand in wealth management fees and insurance revenues. Wealth assets, which increased $146.5 million from September 30, 2015 to December 31, 2015, experienced a significant portion of their growth toward the end of the fourth quarter and therefore the revenue effect was not realized during the quarter. The decrease in insurance income is related to the timing of policy renewals throughout the year.
  • Non-interest expense for the three months ended December 31, 2015 increased $21.5 million, to $47.0 million, as compared to $25.4 million for the third quarter of 2015. The increase was largely the result the one-time loss recorded on the pension plan termination, as well as an increase in severance expense, a lease termination fee, swap breakage penalty, the impairment of a favorable lease intangible asset, and an increase in due diligence, merger-related and merger integration expenses, all of which are discussed in the year-over-year comparison above.
  • For the three months ended December 31, 2015, the Corporation recorded net loan and lease charge-offs of $1.9 million, as compared to $224 thousand for the third quarter of 2015. The Provision for the three months ended December 31, 2015 was $1.8 million, as compared to $1.2 million for the third quarter of 2015.

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

  • Total portfolio loans and leases of $2.27 billion as of December 31, 2015 increased by $616.7 million from December 31, 2014. In addition to the $424.2 million of portfolio loans acquired in the Merger, strong organic loan growth of a net $192.5 million occurred during the twelve months ended December 31, 2015.
  • The Allowance, as of December 31, 2015, was $15.9 million, or 0.70% of portfolio loans as compared to $14.6 million, or 0.88% of portfolio loans and leases, as of December 31, 2014. The decrease in Allowance as a percentage of portfolio loans and leases was primarily the result of the increase in the balance of portfolio loans from the Merger. Loans acquired in the Merger were marked to their fair value at acquisition, and, as such, no additional Allowance was recorded for the acquired loan portfolio, in accordance with GAAP. In order to take this into account when evaluating the adequacy of the Allowance, in addition to other factors, management considers two non-GAAP measures: the Allowance as a percentage of originated loans and leases, which was 0.84% as of December 31, 2015 as compared to 0.94% as of December 31, 2014, and the Allowance plus the remaining loan mark, as a percentage of gross loans, which was 1.44% as of December 31, 2015, as compared to 1.27% as of December 31, 2014. The 10 basis point decrease in Allowance as a percentage of originated loans for the twelve months ended December 31, 2015 is a reflection of the overall improvement of the qualitative and quantitative factors affecting the estimate of incurred losses present in the loan and lease portfolio as of December 31, 2015.
  • Available for sale investment securities as of December 31, 2015 were $349.0 million, an increase of $119.4 million from December 31, 2014. In connection with the Merger, the Corporation acquired $181.8 million of available for sale investment securities. During the first quarter of 2015, the Corporation sold $63.2 million of these acquired available for sale investment securities in order to shorten the overall duration of the investment portfolio. Proceeds from the sale of available for sale investment securities along with excess cash were used to pay down $94.5 million of short-term FHLB advances assumed from CBHI, which matured shortly after the Merger was completed, as well as to prepay $19.5 million of long-term FHLB advances which had also been assumed in the Merger.
  • Total assets as of December 31, 2015 were $3.03 billion, an increase of $784.5 million from December 31, 2014. The Merger accounted for an initial increase in total assets of $742.6 million. Excluding the assets initially acquired in the Merger, portfolio loans and leases increased by $192.5 million, available for sale investment securities decreased by $62.4 million, and FHLB stock decreased by $3.6 million.
  • Wealth assets under management, administration, supervision and brokerage totaled $8.36 billion as of December 31, 2015, an increase of $664.9 million from December 31, 2014. The increase in wealth assets was primarily related to the success of strategic initiatives within the division, as well as the synergies which have developed between the Commercial Lending group and the Wealth division.
  • Deposits of $2.25 billion as of December 31, 2015 increased $564.7 million from December 31, 2014. The Merger accounted for an initial increase of $481.7 million of deposits, which included $93.9 million of non-interest-bearing deposits. As of December 31, 2015, non-interest-bearing deposits comprised 27.8% of total deposits as compared to 26.5% as of December 31, 2014.
  • The capital ratios for the Bank and the Corporation, as of December 31, 2015, as shown in the attached tables, indicate levels well above the regulatory minimum to be considered “well capitalized.” The Bank’s and the Corporation’s capital ratios have decreased from the levels present at December 31, 2014, largely as a result of the pension termination, whose previously unrealized loss had been excluded from the capital ratio calculations, as well as the effect of share repurchases during the third and fourth quarters of 2015. In addition, during the fourth quarter of 2015, for purposes of improving the liquidity of the Corporation, the Bank issued a $30 million dividend to the Corporation, further reducing the capital ratios at the Bank level. These decreases in capital were partially offset at both the Bank and Corporation levels as a result of the shares issued in the Merger.

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

The conference call will be simultaneously broadcast live over the Internet through a webcast on the investor relations portion of the Bryn Mawr Bank Corporation’s website. To access the call, please visit the website at http://services.choruscall.com/links/bmtc160122. An online archive of the webcast will be available within one hour of the conclusion of the call. The Corporation has also recently expanded its Investor Relations website to include added resources and information for shareholders and interested investors. Interested parties are encouraged to utilize the expanded resources of the site for more information on Bryn Mawr Bank Corporation.

FORWARD LOOKING STATEMENTS AND SAFE HARBOR
This press release contains statements which, to the extent that they are not recitations of historical fact may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Such forward-looking statements may include financial and other projections as well as statements regarding the Corporation’s future plans, objectives, performance, revenues, growth, profits, operating expenses or the Corporation’s underlying assumptions. The words “may,” “would,” “should,” “could,” “will,” “likely,” “possibly,” “expect,” “anticipate,” “intend,” “estimate,” “target,” “potentially,” “probably,” “outlook,” “predict,” “contemplate,” “continue,” “plan,” “forecast,” “project,” “are optimistic,” “are looking,” “are looking forward” and “believe” or other similar words and phrases may identify forward-looking statements. Persons reading this press release are cautioned that such statements are only predictions, and that the Corporation’s actual future results or performance may be materially different.

Such forward-looking statements involve known and unknown risks and uncertainties. A number of factors, many of which are beyond the Corporation's control, could cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments expressed, implied or anticipated by such forward-looking statements, and so our business and financial condition and results of operations could be materially and adversely affected. Such factors include, among others, that the integration of CBHI’s business with the Corporation may take longer than anticipated or be more costly to complete and that the anticipated benefits, including any anticipated cost savings or strategic gains may be significantly harder to achieve or take longer than anticipated or may not be achieved, our need for capital, our ability to control operating costs and expenses, and to manage loan and lease delinquency rates; the credit risks of lending activities and overall quality of the composition of our loan, lease and securities portfolio; the impact of economic conditions, consumer and business spending habits, and real estate market conditions on our business and in our market area; changes in the levels of general interest rates, deposit interest rates, or net interest margin and funding sources; changes in banking regulations and policies and the possibility that any banking agency approvals we might require for certain activities will not be obtained in a timely manner or at all or will be conditioned in a manner that would impair our ability to implement our business plans; changes in accounting policies and practices; the inability of key third-party providers to perform their obligations to us; our ability to attract and retain key personnel; competition in our marketplace; war or terrorist activities; material differences in the actual financial results, cost savings and revenue enhancements associated with our acquisitions; and other factors as described in our securities filings. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. The Corporation does not undertake to update forward-looking statements.

For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, as updated by our quarterly or other reports subsequently filed with the SEC.

Bryn Mawr Bank Corporation
Consolidated Statements of Income - (unaudited)
(dollars in thousands, except per share data)
For The Three Months Ended
December 31, September 30, June 30, March 31, December 31,
2015 2015 2015 2015 2014
Interest and fees on loans and leases $26,080 $25,620 $25,568 $25,164 $19,913
Interest on cash and cash equivalents 63 107 124 115 66
Interest on investment securities:
Taxable 1,402 1,135 1,161 1,320 891
Non-taxable 131 125 106 135 95
Dividends 90 42 34 20 90
Total interest income 27,766 27,029 26,993 26,754 21,055
Savings, NOW and market rate deposits 565 584 575 594 422
Wholesale deposits 186 203 195 188 190
Time deposits 295 289 292 246 143
Interest on deposits 1,046 1,076 1,062 1,028 755
Interest on short-term borrowings 9 8 10 21 4
Interest on FHLB advances and other borrowings 912 881 851 910 809
Interest on subordinated notes 370 231 - - -
Total interest expense 2,337 2,196 1,923 1,959 1,568
Net interest income 25,429 24,833 25,070 24,795 19,487
Provision for loan and lease losses 1,777 1,200 850 569 (316)
Net interest income after provision for loan and lease losses 23,652 23,633 24,220 24,226 19,803
Fees for wealth management services 8,995 9,194 9,600 9,105 9,263
Service charges on deposits 742 721 752 712 658
Loan servicing and other fees 502 397 597 591 450
Net gain on sale of loans 751 685 778 808 471
Net gain on sale of investment securities available for sale 58 60 3 810 390
Net gain on sale of other real estate owned 33 - 75 15 4
Dividends on bank stocks 330 138 299 615 211
Insurance revenue 842 1,065 817 1,021 795
Other operating income 1,415 1,090 1,256 1,088 641
Non-interest income 13,668 13,350 14,177 14,765 12,883
Salaries and wages 11,700 10,941 11,064 10,870 9,869
Employee benefits 2,268 2,590 2,618 2,729 1,900
Loss on pension termination 17,377 - - - -
Occupancy and bank premises 2,474 2,557 2,808 2,466 1,808
Branch lease termination expense 929 - - - -
Furniture, fixtures and equipment 2,129 1,712 1,488 1,512 1,358
Advertising 656 410 479 557 400
Amortization of intangible assets 937 953 955 982 753
Impairment of intangible assets 387 - - - -
Due diligence, merger-related and merger integration expenses 1,860 1,015 1,294 2,501 957
Professional fees 1,010 843 827 673 809
Pennsylvania bank shares tax (46) 433 433 433 64
Information technology 874 1,053 814 702 747
Other operating expenses 4,396 2,896 3,202 4,004 3,267
Non-interest expense 46,951 25,403 25,982 27,429 21,932
(Loss) income before income taxes (9,631) 11,580 12,415 11,562 10,754
Income tax (benefit) expense (3,276) 4,084 4,296 4,068 3,710
Net (loss) income $(6,355) $7,496 $8,119 $7,494 $7,044
Per share data:
Weighted average shares outstanding 17,129,234 17,572,421 17,713,794 17,545,802 13,646,098
Dilutive common shares - 261,877 340,869 357,456 296,682
Adjusted weighted average diluted shares 17,129,234 17,834,298 18,054,663 17,903,258 13,942,780
Basic earnings (loss) per common share $(0.37) $0.43 $0.46 $0.43 $0.52
Diluted earnings (loss) per common share $(0.37) $0.42 $0.45 $0.42 $0.51
Dividend declared per share $0.20 $0.20 $0.19 $0.19 $0.19
Effective tax rate 34.0% 35.3% 34.6% 35.2% 34.5%
Supplemental Non-GAAP Performance Measures* (Includes Reconciliation of Non-GAAP to GAAP Performance Measures)
Net (loss) income (a GAAP measure) $(6,355) $7,496 $8,119 $7,494 $7,044
less: tax-effected net gain on sale of available for sale investments (38) (39) (2) (527) (254)
add: tax-effected** loss on pension termination 11,295 - - - -
add: tax-effected** severance expense (Salaries and wages) 142 124 - - -
add: tax-effected** branch lease termination expense 604 - - - -
add: tax-effected** debt and swap prepayment penalty (Other operating expenses) 397 - - 339 -
add: tax-effected** impairment of intangible assets 252 - - - -
add: tax-effected** due diligence, merger-related and merger integration expenses 1,209 660 841 1,626 622
Net income (core) (a non-GAAP measure) $7,506 $8,241 $8,958 $8,932 $7,412
Weighted average shares outstanding 17,129,234 17,572,421 17,713,794 17,545,802 13,646,098
Dilutive common shares 112,783 261,877 340,869 357,456 296,682
Adjusted weighted average diluted shares 17,242,017 17,834,298 18,054,663 17,903,258 13,942,780
Basic earnings per common share (core) (a non-GAAP measure) $0.44 $0.47 $0.51 $0.51 $0.54
Diluted earnings per common share (core) (a non-GAAP measure) $0.44 $0.46 $0.50 $0.50 $0.53
*The Corporation believes the presentation of the above non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of the results of operations of the Corporation. Management uses these non-GAAP financial measures in its analysis of the Corporation’s performance. This non-GAAP disclosure should not be viewed as a substitute for the financial measures determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies
** assumed tax rate of 35%

Bryn Mawr Bank Corporation
Consolidated Statements of Income - (unaudited)
(dollars in thousands, except per share data)
For The Twelve Months Ended December 31,
2015 2014
Interest and fees on loans and leases $ 102,432 $ 78,541
Interest on cash and cash equivalents 409 193
Interest on investment securities:
Taxable 5,018 3,596
Non-taxable 497 399
Dividends 186 177
Total interest income $ 108,542 $ 82,906
Savings, NOW and market rate deposits 2,318 1,675
Wholesale deposits 772 627
Time deposits 1,122 596
Interest on deposits 4,212 2,898
Interest on short-term borrowings 48 17
Interest on FHLB advances and other borrowings 3,554 3,163
Interest on subordinated notes 601 -
Total interest expense 8,415 6,078
Net interest income 100,127 76,828
Provision for loan and lease losses 4,396 884
Net interest income after provision for loan and lease losses 95,731 75,944
Fees for wealth management services 36,894 36,774
Service charges on deposits 2,927 2,578
Loan servicing and other fees 2,087 1,755
Net gain on sale of loans 3,022 1,772
Net gain on sale of investment securities available for sale 931 471
Net gain on sale of other real estate owned 123 175
Dividends on bank stocks 1,382 615
Insurance revenue 3,745 1,210
Other operating income 4,849 2,972
Non-interest income 55,960 48,322
Salaries and wages 44,575 37,113
Employee benefits 10,205 7,340
Loss on pension termination 17,377 -
Occupancy and bank premises 10,305 7,305
Branch lease termination expense 929 -
Furniture fixtures and equipment 6,841 4,508
Advertising 2,102 1,504
Amortization of intangible assets 3,827 2,659
Impairment of intangible assets 387 -
Due diligence, merger-related and merger integration expenses 6,670 2,373
Professional fees 3,353 3,017
Pennsylvania bank shares tax 1,253 1,256
Information technology 3,443 2,771
Other operating expenses 14,498 11,572
Non-interest expense 125,765 81,418
Income before income taxes 25,926 42,848
Income tax expense 9,172 15,005
Net income $ 16,754 $ 27,843
Per share data:
Weighted average shares outstanding 17,488,325 13,566,239
Dilutive common shares 268,246 294,801
Adjusted weighted average shares 17,756,571 13,861,040
Basic earnings per common share $0.96 $2.05
Diluted earnings per common share $0.94 $2.01
Dividend declared per share $0.78 $0.74
Effective tax rate 35.4% 35.0%
Supplemental Non-GAAP Performance Measures* (Includes Reconciliation of Non-GAAP to GAAP Performance Measures)
Net income (a GAAP measure) $ 16,754 $ 27,843
less: tax-effected net gain on sale of available for sale investments (605) (306)
add: tax-effected** loss on pension termination 11,295 -
add: tax-effected** severance expense (Salaries and wages) 265 106
add: tax-effected** branch lease termination expense 604 -
add: tax-effected** debt and swap prepayment penalty (Other operating expenses) 735 -
add: tax-effected** impairment of intangible assets 252 -
add: tax-effected** due diligence, merger-related and merger integration expenses 4,336 1,542
Net income (core) (a non-GAAP measure) $ 33,636 $ 29,185
Weighted average shares outstanding 17,488,325 13,566,239
Dilutive common shares 268,246 294,801
Adjusted weighted average diluted shares 17,756,571 13,861,040
Basic earnings per common share (core) (a non-GAAP measure) $ 1.92 $ 2.15
Diluted earnings per common share (core) (a non-GAAP measure) $ 1.89 $ 2.11
*The Corporation believes the presentation of the above non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of the results of operations of the Corporation. Management uses these non-GAAP financial measures in its analysis of the Corporation’s performance. This non-GAAP disclosure should not be viewed as a substitute for the financial measures determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies
** assumed tax rate of 35%

Bryn Mawr Bank Corporation
Consolidated Balance Sheets - (unaudited)
(dollars in thousands)
December 31, September 30, June 30, March 31, December 31,
2015 2015 2015 2015 2014
Assets
Interest-bearing deposits with banks $ 124,615 $ 100,980 $ 156,282 $ 244,248 $ 202,552
Investment securities - available for sale 348,966 341,421 349,496 334,746 229,577
Investment securities - trading 3,950 3,451 4,029 4,035 3,896
Loans held for sale 8,987 8,721 15,363 6,656 3,882
Portfolio loans:
Consumer 22,129 22,350 25,123 20,204 18,480
Commercial & industrial 524,515 488,977 472,702 457,432 335,645
Commercial mortgages 964,259 971,983 924,161 892,675 689,528
Construction 90,421 82,820 88,122 81,408 66,267
Residential mortgages 406,404 399,730 381,323 379,363 313,442
Home equity lines & loans 209,473 212,258 211,982 209,037 182,082
Leases 51,787 50,646 49,850 48,412 46,813
Total portfolio loans and leases 2,268,988 2,228,764 2,153,263 2,088,531 1,652,257
Earning assets 2,755,506 2,683,337 2,678,433 2,678,216 2,092,164
Cash and due from banks 18,452 17,161 20,258 17,269 16,717
Allowance for loan and lease losses (15,857) (15,935) (14,959) (14,296) (14,586)
Premises and equipment 45,339 44,370 43,164 42,888 33,748
Accrued interest receivable 7,869 7,744 7,518 7,465 5,560
Mortgage servicing rights 5,142 5,031 4,970 4,815 4,765
Goodwill 104,765 104,338 104,322 101,619 35,502
Other intangible assets 23,903 25,356 26,309 26,522 22,998
Bank owned life insurance 38,371 38,157 32,941 32,772 20,535
FHLB stock 12,942 11,742 11,542 11,541 11,523
Deferred income taxes 11,137 11,216 11,066 12,057 7,011
Other investments 9,460 9,499 9,295 9,238 5,226
Other assets 13,968 10,726 15,155 13,073 5,343
Total assets $ 3,030,997 $ 2,952,742 $ 2,950,014 $ 2,943,179 $ 2,246,506
Liabilities and shareholders' equity
Interest-bearing deposits:
Interest-bearing checking $ 338,861 $ 330,683 $ 328,606 $ 349,582 $ 277,228
Money market 749,726 748,983 699,263 717,441 566,354
Savings 187,299 192,995 189,120 184,819 138,992
Wholesale non-maturity deposits 67,717 65,636 65,365 69,555 66,693
Wholesale time deposits 53,185 57,671 67,894 73,476 73,458
Retail time deposits 229,253 238,269 274,008 263,996 118,400
Total interest-bearing deposits 1,626,041 1,634,237 1,624,256 1,658,869 1,241,125
Non-interest-bearing deposits 626,684 605,607 636,390 582,495 446,903
Total deposits 2,252,725 2,239,844 2,260,646 2,241,364 1,688,028
Short-term borrowings 94,167 24,264 26,406 38,372 23,824
Long-term FHLB advances and other borrowings 254,863 254,893 244,923 250,088 260,146
Subordinated notes 29,479 29,466 - - -
Other liabilities 34,052 36,120 36,941 35,452 29,034
Shareholders' equity 365,711 368,155 381,098 377,903 245,474
Total liabilities and shareholders' equity $ 3,030,997 $ 2,952,742 $ 2,950,014 $ 2,943,179 $ 2,246,506
Bryn Mawr Bank Corporation
Consolidated Quarterly Average Balance Sheets - (unaudited)
(dollars in thousands)
For The Three Months Ended
December 31, September 30, June 30, March 31, December 31,
2015 2015 2015 2015 2014
Assets
Interest-bearing deposits with banks $ 90,832 $ 165,723 $ 182,099 $ 206,694 $ 115,276
Investment securities - available for sale 350,668 352,006 347,046 370,293 252,422
Investment securities - trading 3,571 4,022 4,034 3,897 3,804
Loans held for sale 7,531 10,527 6,735 3,470 982
Portfolio loans and leases 2,240,189 2,181,125 2,111,371 2,079,412 1,654,239
Earning assets 2,692,791 2,713,403 2,651,285 2,663,766 2,026,723
Cash and due from banks 18,005 17,160 16,222 19,092 13,795
Allowance for loan and lease losses (16,106) (15,066) (14,346) (14,866) (15,837)
Premises and equipment 45,075 43,699 43,172 44,681 33,290
Goodwill 104,342 104,323 102,237 98,744 35,539
Other intangible assets 24,950 25,918 26,879 26,316 23,392
Bank owned life insurance 38,231 38,015 32,830 32,655 20,478
FHLB stock 12,042 11,592 11,542 11,928 11,419
Deferred income taxes 11,344 10,684 11,819 10,449 2,941
Other assets 28,337 31,580 29,061 25,391 31,102
Total assets $ 2,959,011 $ 2,981,308 $ 2,910,701 $ 2,918,156 $ 2,182,842
Liabilities and shareholders' equity
Interest-bearing deposits:
Interest-bearing checking $ 327,520 $ 334,350 $ 339,101 $ 341,756 $ 259,408
Money market 742,416 735,842 699,100 724,806 553,708
Savings 190,639 190,337 186,343 185,848 143,650
Wholesale non-maturity deposits 66,856 65,671 61,306 66,677 60,197
Wholesale time deposits 52,538 67,606 69,191 73,443 68,525
Retail time deposits 231,605 251,170 273,718 267,800 120,855
Total interest-bearing deposits 1,611,574 1,644,976 1,628,759 1,660,330 1,206,343
Non-interest bearing deposits 634,969 625,547 580,240 534,403 446,252
Total deposits 2,246,543 2,270,523 2,208,999 2,194,733 1,652,595
Short-term borrowings 26,092 28,166 34,980 55,207 19,407
Long-term FHLB advances and other borrowings 254,880 248,606 249,678 266,342 237,835
Subordinated notes 29,471 18,190 - - -
Other liabilities 36,665 39,219 37,890 30,935 24,070
Shareholders' equity 365,360 376,604 379,154 370,939 248,935
Total liabilities and shareholders' equity $ 2,959,011 $ 2,981,308 $ 2,910,701 $ 2,918,156 $ 2,182,842

Bryn Mawr Bank Corporation
Consolidated Year-to-Date Average Balance Sheets - (unaudited)
(dollars in thousands)
For The Twelve Months Ended December 31,
2015 2014
Assets
Interest bearing deposits with banks $ 161,032 $ 83,163
Investment securities - available for sale 354,941 267,743
Investment securities - trading 3,881 3,591
Loans held for sale 7,086 972
Portfolio loans and leases 2,153,542 1,608,248
Earning assets 2,680,482 1,963,717
Cash and due from banks 17,615 12,730
Allowance for loan and lease losses (15,099) (15,836)
Premises and equipment 44,157 32,812
Goodwill 102,169 33,523
Intangible assets 26,012 19,698
Bank owned life insurance 35,455 20,365
FHLB stock 11,815 12,144
Deferred income taxes 11,339 5,960
Other assets 28,568 30,369
Total assets $ 2,942,513 $ 2,115,482
Liabilities and shareholders' equity
Interest-bearing deposits:
Interest-bearing checking $ 335,638 $ 260,652
Money market 725,619 555,267
Savings 188,310 142,210
Wholesale non-maturity deposits 65,130 47,103
Wholesale time deposits 65,643 51,956
Time deposits 255,961 126,097
Total interest-bearing deposits 1,636,301 1,183,285
Non-interest-bearing deposits 594,122 426,274
Total deposits 2,230,423 1,609,559
Short-term borrowings 36,010 227,137
Long-term FHLB advances and other borrowings 254,828 15,960
Subordinated notes 12,013 -
Other liabilities 36,151 22,048
Shareholders' equity 373,088 240,778
Total liabilities and shareholders' equity $ 2,942,513 $ 2,115,482

Bryn Mawr Bank Corporation
Quarterly Tax-Equivalent Net Interest Margin Calculation - (unaudited)
(dollars in thousands)
For The Three Months Ended
December 31, 2015September 30, 2015June 30, 2015March 31, 2015December 31, 2014
(dollars in thousands) Average BalanceInterest Income/ ExpenseAverage Rates Earned/ Paid Average BalanceInterest Income/ ExpenseAverage Rates Earned/ Paid Average BalanceInterest Income/ ExpenseAverage Rates Earned/ Paid Average BalanceInterest Income/ ExpenseAverage Rates Earned/ Paid Average BalanceInterest Income/ ExpenseAverage Rates Earned/ Paid
Assets:
Interest-bearing deposits with other banks $90,832 $63 0.28 %$165,723 $107 0.26 %$182,099 $124 0.27 %$206,694 $115 0.23 %$115,276 $65 0.22 %
Investment securities - available for sale:
Taxable 307,524 1,432 1.85 % 310,582 1,172 1.50 % 310,011 1,184 1.53 % 335,208 1,336 1.62 % 221,190 973 1.75 %
Tax-exempt 43,144 195 1.79 % 41,424 186 1.78 % 37,035 157 1.70 % 35,085 203 2.35 % 31,232 142 1.80 %
Total investment securities - available for sale 350,668 1,627 1.84 % 352,006 1,358 1.53 % 347,046 1,341 1.55 % 370,293 1,539 1.69 % 252,422 1,115 1.75 %
Investment securities - trading 3,571 60 6.67 % 4,022 5 0.49 % 4,034 11 1.09 % 3,897 4 0.42 % 3,804 9 0.94 %
Loans and leases * 2,247,720 26,158 4.62 % 2,191,652 25,698 4.65 % 2,118,106 25,623 4.85 % 2,082,882 25,226 4.91 % 1,655,221 19,972 4.79 %
Total interest-earning assets 2,692,791 27,908 4.11 % 2,713,403 27,168 3.97 % 2,651,285 27,099 4.10 % 2,663,766 26,884 4.09 % 2,026,723 21,161 4.14 %
Cash and due from banks 18,005 17,160 16,222 19,092 13,795
Less: allowance for loan and lease losses (16,106) (15,066) (14,346) (14,866) (15,837)
Other assets 264,321 265,811 257,540 250,164 158,161
Total assets $2,959,011 $2,981,308 $2,910,701 $2,918,156 $2,182,842
Liabilities:
Interest-bearing deposits:
Savings, NOW and market rate deposits $1,260,575 $565 0.18 %$1,260,529 $584 0.18 %$1,224,544 $575 0.19 %$1,252,410 $594 0.19 %$956,766 $422 0.17 %
Wholesale deposits 119,394 186 0.62 % 133,277 203 0.60 % 130,497 195 0.60 % 140,120 188 0.54 % 128,722 190 0.59 %
Time deposits 231,605 295 0.51 % 251,170 289 0.46 % 273,718 292 0.43 % 267,800 246 0.37 % 120,855 143 0.47 %
Total interest-bearing deposits 1,611,574 1,046 0.26 % 1,644,976 1,076 0.26 % 1,628,759 1,062 0.26 % 1,660,330 1,028 0.25 % 1,206,343 755 0.25 %
Borrowings:
Short-term borrowings 26,092 9 0.14 % 28,166 8 0.11 % 34,980 10 0.11 % 55,344 21 0.15 % 19,407 4 0.08 %
Long-term FHLB advances and other borrowings 254,880 912 1.42 % 248,606 881 1.41 % 249,678 851 1.37 % 266,205 910 1.39 % 237,835 809 1.35 %
Subordinated notes 29,471 370 4.98 % 18,190 231 5.04 % - - - % - - - % - - - %
Total borrowings 310,443 1,291 1.65 % 294,962 1,120 1.51 % 284,658 861 1.21 % 321,549 931 1.17 % 257,242 813 1.25 %
Total interest-bearing liabilities 1,922,017 2,337 0.48 % 1,939,938 2,196 0.45 % 1,913,417 1,923 0.40 % 1,981,879 1,959 0.40 % 1,463,585 1,568 0.43 %
Noninterest-bearing deposits 634,969 625,547 580,240 534,403 446,252
Other liabilities 36,665 39,219 37,890 30,935 24,070
Total noninterest-bearing liabilities 671,634 664,766 618,130 565,338 470,322
Total liabilities 2,593,651 2,604,704 2,531,547 2,547,217 1,933,907
Shareholders' equity 365,360 376,604 379,154 370,939 248,935
Total liabilities and shareholders' equity $2,959,011 $2,981,308 $2,910,701 $2,918,156 $2,182,842
Interest income to earning assets 4.11 % 3.97 % 4.10 % 4.09 % 4.14 %
Net interest spread 3.63 % 3.52 % 3.70 % 3.69 % 3.71 %
Effect of noninterest-bearing sources 0.14 % 0.13 % 0.11 % 0.10 % 0.13 %
Tax-equivalent net interest margin $25,571 3.77 % $24,972 3.65 % $25,176 3.81 % $24,925 3.79 % $19,593 3.84 %
Tax-equivalent adjustment $ 142 0.02 % $ 139 0.02 % $ 106 0.02 % $ 130 0.02 % $ 106 0.02 %
Supplemental Information Regarding Accretion of Fair Value Marks
Accretion of fair value marks on loans $707 0.10% $763 0.11% $1,246 0.19% $1,127 0.17% $513 0.10%
Accretion of fair value marks on time deposits 123 0.02% 188 0.03% 205 0.03% 245 0.04% 4 0.00%
Accretion of fair value marks on borrowings 65 0.01% 65 0.01% 65 0.01% 70 0.01% 30 0.01%
Net interest income from fair value marks $895 $1,016 $1,516 $1,442 $547
Effect of fair value mark accretion on tax-equivalent net interest margin 0.13% 0.15% 0.23% 0.22% 0.11%
* Average loans and leases include portfolio loans and leases, and loans held for sale. Non-accrual loans are also included in the average loan and leases balances.

Bryn Mawr Bank Corporation
Year-To-Date Tax-Equivalent Net Interest Margin Calculation - (unaudited)
(dollars in thousands)
For The Twelve Months Ended December 31,
2015 2014
Average
Balance
Interest
Income/
Expense
Average
Rates
Earned/
Paid
Average
Balance
Interest
Income/
Expense
Average
Rates
Earned/
Paid
Assets:
Interest-bearing deposits with other banks $161,032 409 0.25% $83,163 193 0.23%
Investment securities available for sale: %
Taxable 315,741 5,124 1.62% 233,054 3,740 1.60%
Tax-exempt 39,200 741 1.89% 34,689 594 1.71%
Investment securities - available for sale 354,941 5,865 1.65% 267,743 4,334 1.62%
Investment securities - trading 3,881 80 2.06% 3,591 33 0.92%
Loans and leases * 2,160,628 102,707 4.75% 1,609,220 78,781 4.90%
Total interest earning assets 2,680,482 109,061 4.07% 1,963,717 83,341 4.24%
Cash and due from banks 17,615 12,730
Less allowance for loan and lease losses (15,099) (15,836)
Other assets 259,515 154,871
Total assets $2,942,513 $2,115,482
Liabilities:
Savings,NOW and market rate deposits $1,249,567 $2,318 0.19% $958,129 $1,675 0.17%
Wholesale deposits 130,773 772 0.59% 99,059 627 0.63%
Time deposits 255,961 1,122 0.44% 126,097 596 0.47%
Total interest-bearing deposits 1,636,301 4,212 0.26% 1,183,285 2,898 0.24%
Short-term borrowings 36,010 48 0.13% 15,960 17 0.11%
Long-term FHLB advances and other borrowings 254,828 3,554 1.39% 227,137 3,163 1.39%
Subordinated notes 12,013 601 5.00% - - -%
Total Borrowings 302,851 4,203 1.39% 243,097 3,180 1.31%
Total interest-bearing liabilities 1,939,152 8,415 0.43% 1,426,382 6,078 0.43%
Noninterest-bearing deposits 594,122 426,274
Other liabilities 36,151 22,048
Total noninterest-bearing liabilities 630,273 448,322
Total liabilities 2,569,425 1,874,704
Shareholders' equity 373,088 240,778
Total liabilities and shareholders' equity $2,942,513 $2,115,482
Interest income to earning assets 4.07% 4.24%
Net interest spread 3.64% 3.81%
Effect of noninterest-bearing sources 0.11% 0.12%
Tax-equivalent net interest margin $100,646 3.75% $77,263 3.93%
Tax-equivalent adjustment $ 519 0.02 % $ 435 0.02 %
Supplemental Information Regarding Accretion of Fair Value Marks
Accretion of fair value marks on loans $3,843 $2,730
Accretion of fair value marks on time deposits 761 23
Accretion of fair value marks on borrowings 265 121
Net interest income from fair value marks $4,869 $2,874
Effect of fair value mark accretion on tax-equivalent net interest margin 0.18% 0.15%
* Average loans and leases include portfolio loans and leases, and loans held for sale. Non-accrual loans are also included in the average loan and lease balances

Bryn Mawr Bank Corporation
Consolidated Selected Financial Data - (unaudited)
(dollars in thousands, except per share data)
For The Three Months Ended or As Of
December 31, September 30, June 30, March 31, December 31,
2015 2015 2015 2015 2014
Asset Quality Data
Nonaccrual loans and leases $9,845 $12,315 $8,996 $9,130 $10,096
90 days or more past due loans, still accruing - - - - -
Nonperforming loans and leases 9,845 12,315 8,996 9,130 10,096
Other real estate owned 2,638 1,010 843 1,532 1,147
Total nonperforming assets $12,483 $13,325 $9,839 $10,662 $11,243
Troubled debt restructurings included in nonperforming assets $1,535 $3,711 $3,960 $4,217 $4,315
Troubled debt restructurings in compliance with modified terms 5,280 4,062 4,078 4,145 4,157
Total troubled debt restructurings $6,815 $7,773 $8,038 $8,362 $8,472
Nonperforming loans and leases / portfolio loans & leases 0.43% 0.55% 0.42% 0.44% 0.61%
Nonperforming assets / total assets 0.41% 0.45% 0.33% 0.36% 0.50%
Net loan and lease charge-offs / average loans and leases (annualized) 0.33% 0.04% 0.04% 0.16% 0.17%
Delinquency rate* - Performing and nonperforming loans and leases 30 days or more past due 0.52% 0.62% 0.58% 0.51% 0.50%
Performing loans and leases - 30-89 days past due $5,601 $4,960 $5,233 $3,361 $2,232
Delinquency rate* - Performing loans and leases - 30-89 days past due 0.25% 0.22% 0.24% 0.16% 0.13%
* as a percentage of total loans and leases
Changes in the allowance for loan and lease losses:
Balance, beginning of period $15,935 $14,959 $14,296 $14,586 $15,599
Charge-offs (1,906) (308) (312) (928) (864)
Recoveries 51 84 125 69 167
Net charge-offs (1,855) (224) (187) (859) (697)
Provision for loan and lease losses 1,777 1,200 850 569 (316)
Balance, end of period $15,857 $15,935 $14,959 $14,296 $14,586
Total Allowance / Total Portfolio loans and leases 0.70% 0.71% 0.69% 0.68% 0.88%
Allowance on originated loans and leases / Originated loans and leases (a non-GAAP measure) 0.84% 0.88% 0.88% 0.90% 0.94%
(Total Allowance + Loan mark) / Total Gross portfolio loans and leases (a non-GAAP measure) 1.44% 1.52% 1.60% 1.61% 1.27%
Total Allowance / nonperforming loans and leases 161.1% 129.4% 166.3% 156.6% 144.5%
Supplemental Loan and Allowance Information Used to Calculate Non-GAAP Measures
Total Allowance $15,857 $15,935 $14,959 $14,296 $14,586
less: Allowance on acquired loans - 35 22 125 86
Allowance on originated loans and leases $15,857 $15,900 $14,937 $14,171 $14,500
Total Allowance $15,857 $15,935 $14,959 $14,296 $14,586
Loan mark on acquired loans 17,108 18,179 19,816 19,708 6,422
Total Allowance + Loan mark $32,965 $34,114 $34,775 $34,004 $21,008
Total Portfolio loans and leases $2,268,988 $2,228,764 $2,153,263 $2,088,532 $1,652,257
less: Originated loans and leases 1,883,869 1,804,835 1,692,041 1,571,377 1,535,003
Net acquired loans $385,119 $423,929 $461,222 $517,155 $117,254
add: Loan mark on acquired loans 17,108 18,179 19,816 19,708 6,422
Gross acquired loans (excludes loan mark) $402,227 $442,108 $481,038 $536,863 $123,676
Originated loans and leases 1,883,869 1,804,835 1,692,041 1,571,377 1,535,003
Total Gross portfolio loans and leases $2,286,096 $2,246,943 $2,173,079 $2,108,240 $1,658,679
December 31, September 30, June 30, March 31, December 31,
2015 2015 2015 2015 2014
Selected ratios (annualized):
Return on average assets -0.85% 1.00% 1.12% 1.04% 1.28%
Return on average shareholders' equity -6.90% 7.90% 8.59% 8.19% 11.23%
Return on average tangible equity (2) -10.68% 12.07% 13.02% 12.36% 14.71%
Tax-equivalent yield on loans and leases 4.62% 4.65% 4.85% 4.91% 4.79%
Tax-equivalent yield on interest-earning assets 4.11% 3.97% 4.10% 4.09% 4.14%
Cost of interest-bearing funds 0.48% 0.45% 0.40% 0.40% 0.43%
Tax-equivalent net interest margin 3.77% 3.65% 3.81% 3.79% 3.84%
Book value per share $21.42 $21.45 $21.43 $21.26 $17.83
Tangible book value per share $13.89 $13.89 $14.08 $14.05 $13.59
Shares outstanding at end of period 17,071,523 17,166,323 17,786,293 17,777,628 13,769,336
Selected data:
Mortgage loans originated $55,867 $76,169 $63,285 $35,728 $29,929
Residential mortgage loans sold - servicing retained $24,063 $30,515 $28,204 $24,569 $14,382
Residential mortgage loans sold - servicing released 7,150 10,579 9,257 2,644 92
Total residential mortgage loans sold $31,213 $41,094 $37,461 $27,213 $14,474
Percentage gain on residential mortgage loans sold 1.57% 1.05% 2.08% 2.97% 3.25%
Residential mortgage loans serviced for others $601,939 $601,999 $595,440 $591,989 $590,659
Total wealth assets under management, administration, supervision and brokerage (1) $8,364,805 $8,218,276 $8,536,024 $7,816,441 $7,699,908
(1) Brokerage assets represent assets held at a registered broker dealer under a clearing agreement.
(2) Average tangible equity equals average shareholders' equity minus average goodwill and average other intangible assets.
For the Twelve Months Ended December 31,
Selected ratios (annualized): 2015 2014
Return on average assets 0.57% 1.32%
Return on average shareholders' equity 4.49% 11.56%
Return on average tangible equity (1) 6.84% 14.85%
Tax-equivalent yield on loans and leases 4.75% 4.90%
Tax-equivalent yield on interest-earning assets 4.07% 4.24%
Cost of interest-bearing liabilities 0.43% 0.43%
Tax-equivalent net interest margin 3.75% 3.93%
Selected data:
Residential mortgage loans originated $231,049 $117,257
Residential mortgage loans sold - servicing retained $107,351 $54,859
Residential mortgage loans sold - servicing released 29,630 783
Total residential mortgage loans sold $136,981 $55,642
(1) Average tangible equity equals average shareholders' equity minus average goodwill and average other intangible assets.
Investment Portfolio - Available for Sale As of December 31, 2015 As of December 31, 2014
Net Net
Amortized Fair Unrealized Amortized Fair Unrealized
SECURITY DESCRIPTION Cost Value Gain / (Loss) Cost Value Gain / (Loss)
U.S. Treasury securities $101 $101 $- $102 $100 $(2)
Obligations of the U.S. Government and agencies 101,342 101,495 153 66,881 66,762 (119)
State & political subdivisions - tax-free 41,367 41,442 75 28,955 29,045 90
State & political subdivisions - taxable 525 524 (1) - - -
Mortgage-backed securities 157,422 158,689 1,267 79,498 81,382 1,884
Collateralized mortgage obligations 29,756 29,799 43 34,618 34,797 179
Other debt securities 1,700 1,691 (9) 1,900 1,900 -
Bond mutual funds 11,956 11,810 (146) 11,956 11,835 (121)
Other investments 3,607 3,415 (192) 3,643 3,756 113
Total investment portfolio available for sale $347,776 $348,966 $1,190 $227,553 $229,577 $2,024
Capital Ratios
Regulatory Minimum
To Be December 31, September 30, June 30, March 31, December 31,
Bryn Mawr Trust Company Well Capitalized 2015 2015* 2015* 2015* 2014
Tier I capital to risk weighted assets ("RWA") 8.00% 10.12% 11.93% 12.00% 12.10% 11.32%
Total (Tier II) capital to RWA 10.00% 10.78% 12.61% 12.66% 12.46% 12.19%
Tier I leverage ratio 5.00% 8.51% 9.75% 9.77% 9.52% 8.98%
Tangible equity ratio N/A 7.74% 8.84% 8.54% 8.42% 8.19%
Common equity Tier I capital to RWA 6.50% 10.12% 11.93% 12.00% 12.10% N/A
Bryn Mawr Bank Corporation
Tier I capital to RWA 8.00% 10.72% 11.54% 12.50% 12.77% 12.00%
Total (Tier II) capital to RWA 10.00% 12.61% 13.47% 13.16% 13.42% 12.87%
Tier I leverage ratio 5.00% 9.02% 9.44% 10.20% 10.05% 9.43%
Tangible equity ratio N/A 8.17% 8.45% 8.88% 8.87% 8.61%
Common equity Tier I capital to RWA 6.50% 10.72% 11.54% 12.50% 12.77% 12.00%
* certain capital ratios differ from those previously reported due to an immaterial adjustment to risk weighted assets


Frank Leto, President, CEO 610-581-4730 Mike Harrington, CFO 610-526-2466

Source:Bryn Mawr Bank Corporation