EX-99.1 2 q32021exhibit991.htm EX-99.1 Document

Exhibit 99.1
bmtclogoa01.jpg
FOR RELEASE: IMMEDIATELYFrank Leto, President, CEO
FOR MORE INFORMATION CONTACT:610-581-4730
Mike Harrington, CFO
610-526-2466

Bryn Mawr Bank Corporation Reports
Quarterly Earnings of $18.4 Million,
Declares $0.28 Dividend

BRYN MAWR, Pa., October 21, 2021 - Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported net income of $18.4 million, or $0.92 diluted earnings per share, for the three months ended September 30, 2021, as compared to $21.3 million, or $1.06 diluted earnings per share, for the three months ended June 30, 2021, and $13.2 million, or $0.66 diluted earnings per share, for the three months ended September 30, 2020.

On a non-GAAP basis, core net income, which excludes due diligence and merger-related expenses related to the pending merger with WSFS Financial Corporation (“WSFS”) and other non-core income and expense items, as detailed in the appendix to this earnings release, was $18.0 million, or $0.90 diluted earnings per share, for the three months ended September 30, 2021 as compared to $21.6 million, or $1.08 diluted earnings per share, for the three months ended June 30, 2021. There were no meaningful non-core income or expense items for the three months ended September 30, 2020. Management believes the core net income measure is important in evaluating the Corporation’s performance on a more comparable basis between periods. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

“We are pleased with our third quarter results, which was led by strong fee income as well as continued improvements in our credit metrics,” commented Frank Leto, President and Chief Executive Officer. “As it relates to our pending merger with WSFS, we are awaiting final regulatory approval to complete our combination. As I mentioned previously, we remain focused on managing the business to deliver solid financial results for our shareholders and will continue to serve our customers in support of their banking and wealth needs. Staff and management continue to work on merger preparations to ensure a seamless integration upon closing of the merger.” The Office of the Comptroller of the Currency, the primary regulator of WSFS, approved the combination with WSFS on July 21st. Final approval from the Board of Governors of the Federal Reserve in Washington, D.C. is pending. In addition to regulatory approval, the merger with WSFS is subject to certain closing conditions.

On October 21, 2021, the Board of Directors of the Corporation declared a quarterly dividend of $0.28 per share, payable December 1, 2021 to shareholders of record as of November 1, 2021 provided that the merger has not been consummated on or before the record date.

SIGNIFICANT ITEMS OF NOTE

Results of Operations – Third Quarter 2021 Compared to Second Quarter 2021

•Net income for the three months ended September 30, 2021 was $18.4 million, or $0.92 diluted earnings per share, as compared to $21.3 million, or $1.06 diluted earnings per share, for the three months ended June 30, 2021. Net interest income for the three months ended September 30, 2021 was $34.9 million, a $352 thousand decrease as compared to the linked quarter. The provision for credit losses (the “Provision”), which includes the provision for credit losses on loans and leases, off-balance sheet credit exposures, and accrued interest receivable on COVID-19 deferrals, for the three months ended September 30, 2021 was a recovery of $3.2 million, as compared to a recovery of $6.6 million for the three months ended June 30, 2021. Total noninterest
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income increased $1.6 million, total noninterest expense increased $1.4 million, and income tax expense decreased $426 thousand for the three months ended September 30, 2021, as compared to the three months ended June 30, 2021.

•Net interest income for the three months ended September 30, 2021 was $34.9 million, a $352 thousand decrease as compared to the linked quarter. Tax-equivalent net interest income for the three months ended September 30, 2021 was $35.0 million, a $355 thousand decrease as compared to the linked quarter. Tax-equivalent net interest income for the third quarter of 2021 was positively impacted by the accretion of purchase accounting fair value marks of $385 thousand, a decrease of $532 thousand as compared to $917 thousand 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 September 30, 2021 was $34.6 million, an increase of $177 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.

The tax-equivalent net interest margin was 3.15% for the three months ended September 30, 2021 as compared to 3.17% 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 3.12% for the three months ended September 30, 2021 as compared to 3.09% for the linked quarter. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

The increase in tax-equivalent net interest income adjusted for purchase accounting was driven by an increase of $219 thousand in tax-equivalent interest and fees earned on loans and leases and a decrease of $167 thousand in interest expense on deposits partially offset by a decrease of $251 thousand in tax-equivalent interest income on available for sale investment securities for the three months ended September 30, 2021 as compared to the linked quarter.

Tax-equivalent interest and fees earned on loans and leases for the three months ended September 30, 2021 decreased $307 thousand as compared to the linked quarter. The tax-equivalent yield on average loans and leases for the three months ended September 30, 2021 was 3.77%, a decrease of 9 basis points as compared to the linked quarter. Average loans and leases increased $6.4 million for the three months ended September 30, 2021 as compared to the linked quarter.

Interest expense on deposits for the three months ended September 30, 2021 decreased $150 thousand as compared to the linked quarter. The rate paid on average interest-bearing deposits for the three months ended September 30, 2021 was 0.13%, a 2 basis point decrease as compared to the linked quarter. Average interest-bearing deposits for the three months ended September 30, 2021 decreased $79.2 million as compared to the linked quarter.

Tax-equivalent interest income on available for sale investment securities for the three months ended September 30, 2021 decreased $215 thousand as compared to the linked quarter. The tax-equivalent yield on average available for sale investment securities for the three months ended September 30, 2021 was 1.53%, a 5 basis point decrease as compared to the linked quarter. Average available for sale investment securities decreased $50.5 million for the three months ended September 30, 2021 as compared to the linked quarter.

•Noninterest income of $22.6 million for the three months ended September 30, 2021 increased $1.6 million as compared to the linked quarter. The increase was primarily driven by increases of $1.5 million, $512 thousand, $275 thousand, and $146 thousand in capital markets revenue, net gain on sale of investment securities available for sale, insurance commissions, and net gain on sale of loans, respectively, partially offset by decreases of $413 thousand and $343 thousand in fees for wealth management services and other operating income, respectively.

•Noninterest expense of $36.8 million for the three months ended September 30, 2021 increased $1.4 million as compared to the linked quarter. The increase was primarily driven by increases of $880 thousand, $794 thousand, and $436 thousand in other operating expenses, professional fees, and furniture, fixtures and equipment expenses, respectively, partially offset by decreases of $248 thousand, $180 thousand, $148
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thousand, and $115 thousand merger-related expenses, Pennsylvania bank shares tax expense, advertising expenses, and occupancy and bank premises expense, respectively.

•A recovery of Provision of $3.2 million was recorded for the three months ended September 30, 2021 as compared to a recovery of Provision of $6.6 million for the three months ended June 30, 2021. The recovery of Provision of $3.2 million for the three months ended September 30, 2021 was primarily comprised of a $2.8 million recovery of provision for credit losses on loans and leases and a $384 thousand recovery of provision for credit losses on off-balance sheet credit exposures. The difference in Provision between the two periods was driven by changes in current and forward-looking economic assumptions included in the estimation of expected credit losses on loans and leases as of September 30, 2021 as compared to June 30, 2021. The bank recorded net loan and lease recoveries of $140 thousand for the third quarter of 2021, a difference of $2.5 million, as compared net loan and lease charge-offs of $2.4 million for the second quarter of 2021.

•The effective tax rate for the third quarter of 2021 increased to 23.35% as compared to 21.92% for the second quarter of 2021.

Results of Operations – Third Quarter 2021 Compared to Third Quarter 2020

•Net income for the three months ended September 30, 2021 was $18.4 million, or $0.92 diluted earnings per share, as compared to $13.2 million, or $0.66 diluted earnings per share, for the three months ended September 30, 2020. Net interest income for the three months ended September 30, 2021 was $34.9 million, a decrease of $145 thousand as compared to the same period in 2020. A recovery of Provision of $3.2 million was recorded for the three months ended September 30, 2021 as compared to a Provision of $4.1 million for the three months ended September 30, 2020, a difference of $7.3 million. The difference in Provision between the two periods was driven by the current and forward-looking economic impacts of the COVID-19 pandemic included in the estimation of expected credit losses on loans and leases as of September 30, 2021 as compared to September 30, 2020. Total noninterest income increased $1.5 million, total noninterest expense increased $1.6 million, and income tax expense increased $1.9 million for the three months ended September 30, 2021 as compared to the three months ended September 30, 2020.

•Net interest income for the three months ended September 30, 2021 was $34.9 million, a decrease of $145 thousand as compared to the same period in 2020. Tax-equivalent net interest income for the three months ended September 30, 2021 was $35.0 million, a decrease of $160 thousand as compared to the same period in 2020. Tax-equivalent net interest income for the third quarter of 2021 was positively impacted by the accretion of purchase accounting fair value marks of $385 thousand as compared to $800 thousand for the same period in 2020. Excluding the effects of these purchase accounting fair value marks, the adjusted tax-equivalent net interest income for the three months ended September 30, 2021 was $34.6 million, an increase of $255 thousand as compared to the same period in 2020. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

The tax-equivalent net interest margin was 3.15% for the three months ended September 30, 2021 as compared to 3.03% for the same period in 2020. Adjusting for the impacts of the accretion of purchase accounting fair value marks, the adjusted tax-equivalent net interest margin was 3.12% for the three months ended September 30, 2021 as compared to 2.96% for the same period in 2020. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

The increase in tax-equivalent net interest income adjusted for purchase accounting was driven by a decrease of $2.2 million in interest paid on deposits partially offset by a decrease of $2.1 million in tax-equivalent interest and fees earned on loans and leases.

Tax-equivalent interest and fees earned on loans and leases for the three months ended September 30, 2021 decreased $2.5 million as compared to the same period in 2020. The tax-equivalent yield on average loans and leases for the three months ended September 30, 2021 was 3.77%, a 20 basis point decrease as compared to the same period in 2020. Average loans and leases decreased $83.6 million for the three months ended September 30, 2021 as compared to the same period in 2020.

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Interest expense on deposits for the three months ended September 30, 2021 decreased $2.2 million as compared to the same period in 2020. The rate paid on average interest-bearing deposits for the three months ended September 30, 2021 was 0.13%, a 28 basis point decrease as compared to the same period in 2020. Average interest-bearing deposits for the three months ended September 30, 2021 decreased $450.6 million as compared to the same period in 2020.

•Noninterest income of $22.6 million for the three months ended September 30, 2021 increased $1.5 million as compared to the same period in 2020. The increase was driven by increases of $1.9 million and $512 thousand in fees for wealth management services and net gain on sale of investment securities available for sale, respectively, partially offset by decreases of $491 thousand, $350 thousand, and $158 thousand in capital markets revenue, net gain on sale of loans, and insurance commissions, respectively.

•Noninterest expense of $36.8 million for the three months ended September 30, 2021 increased $1.6 million as compared to the same period in 2020. Increases of $1.4 million, $705 thousand, and $423 thousand in other operating expenses, professional fees, and Pennsylvania bank shares tax expense, respectively, were partially offset by decreases of $541 thousand, $450 thousand, and $193 thousand in occupancy and bank premises expense, salaries and wages, and advertising expenses, respectively.

•A recovery of Provision of $3.2 million was recorded for the three months ended September 30, 2021 as compared to a Provision of $4.1 million for the three months ended September 30, 2020, a decrease of $7.3 million. The difference in Provision between the two periods was driven by changes in the current and forward-looking economic impacts of the COVID-19 pandemic included in the estimation of expected credit losses on loans and leases as of September 30, 2021 as compared to September 30, 2020. The bank recorded net loan and lease recoveries of $140 thousand for the third quarter of 2021, a difference of $2.3 million, as compared net loan and lease charge-offs of $2.2 million for the third quarter of 2020.

•The effective tax rate for the third quarter of 2021 increased to 23.35% as compared to 22.03% for the third quarter of 2020.

Financial Condition – September 30, 2021 Compared to December 31, 2020

•Total assets as of September 30, 2021 were $4.88 billion, a decrease of $552.9 million from December 31, 2020. The decrease was primarily driven by a $518.5 million decrease in available for sale investment securities.

•Available for sale investment securities as of September 30, 2021 totaled $656.5 million, a decrease of $518.5 million from December 31, 2020. The decrease was primarily due to the maturing, in January 2021, of $500.0 million of short-term U.S. Treasury securities included on the balance sheet as of December 31, 2020.

•Total portfolio loans and leases of $3.62 billion as of September 30, 2021 decreased $10.5 million as compared to December 31, 2020. Decreases of $61.4 million, $41.0 million, $22.6 million, and $17.5 million in residential mortgage 1st liens, owner-occupied commercial mortgages, home equity lines of credit, and leases, respectively, were partially offset by increases of $74.1 million, $29.0 million, and $21.5 million in construction loans, nonowner-occupied commercial mortgages, and commercial and industrial loans, respectively.

As of the date of this earnings release, all loans and leases which had previously been granted payment deferrals related to COVID-19 have resumed regular payments.

•The allowance for credit losses (“ACL”) on loans and leases was $36.5 million as of September 30, 2021 as compared to an ACL on loans and leases of $53.7 million as of December 31, 2020, a decrease of $17.2 million. The difference in ACL on loans and leases between the two periods was driven by the current and forward-looking economic impacts of the COVID-19 pandemic, as well as projected prepayments, included in the estimation of expected credit losses on loans and leases as of September 30, 2021 as compared to December 31, 2020.

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•Deposits of $3.82 billion as of September 30, 2021 decreased $560.7 million from December 31, 2020. The decrease was primarily driven by decreases of $235.5 million, $204.2 million, $92.9 million, $42.5 million, and $29.9 million in wholesale non-maturity deposits, interest-bearing demand accounts, retail time deposits, money market accounts, and wholesale time deposits, respectively, offset by increases of $41.8 million and $2.5 million in noninterest-bearing deposits and savings accounts, respectively. The decrease in wholesale non-maturity deposits was primarily due to a decrease of approximately $200.0 million of wholesale deposits in the first quarter of 2021, which was used to partially fund the purchase of $500.0 million of short-term U.S. Treasury securities included on the balance sheet as of December 31, 2020. The decrease in interest-bearing demand deposits was primarily driven by management's active management of excess liquidity in this current interest rate environment.

•Borrowings of $243.1 million as of September 30, 2021, which include short-term borrowings, long-term FHLB advances, subordinated notes and junior subordinated debentures, decreased $10.2 million from December 31, 2020.

•Wealth assets under management, administration, supervision and brokerage (“wealth assets”) totaled $21.39 billion as of September 30, 2021, an increase of $2.41 billion from December 31, 2020. As of September 30, 2021, wealth assets consisted of $13.78 billion of wealth assets where fees are set at fixed amounts, an increase of $1.92 billion from December 31, 2020, and $7.61 billion of wealth assets where fees are predominantly determined based on the market value of the assets held in their accounts, an increase of $485.7 million from December 31, 2020.

•The capital ratios for the Bank and the Corporation, as of September 30, 2021, 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.” In September 2020, the U.S. banking agencies issued a final rule that provides banking organizations with an alternative option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period. This final rule is consistent with the interim final rule issued by the U.S. banking agencies in March 2020. The current and prior quarter ratios reflect the Corporation's election of the five-year transition provision.


FORWARD LOOKING STATEMENTS AND SAFE HARBOR

This communication 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 “believe,” “intend,” “expect,” “anticipate,” “strategy,” “plan,” “estimate,” “approximately,” “target,” “project,” “propose,” “possible,” “potential,” “should” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (many of which are beyond the control of the Corporation) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, the possibility that the proposed transaction with WSFS does not close when expected or at all because required regulatory or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all; the delay in or failure to close for any other reason; the outcome of any legal proceedings that may be instituted against the Corporation; the occurrence of any event, change or other circumstance that could give rise to the right of one or both parties to terminate the merger agreement providing for the merger; the risk that the businesses of WSFS and the Corporation will not be integrated successfully; the possibility that the cost savings and any synergies or other anticipated benefits from the proposed transaction may not be fully realized or may take longer to realize than expected; disruption from the proposed transaction making it more difficult to maintain relationships with employees, customers or other parties with whom the Corporation has business relationships; diversion of management time on merger-related issues; the reaction to the proposed transaction of our customers, employees and counterparties; uncertainty as to the extent of the duration, scope, and impacts of the COVID-19 pandemic; and other factors, many of which are beyond the control of the Corporation. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the
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Corporation's Annual Report on Form 10-K for the year ended December 31, 2020 and any updates to those risk factors set forth in the Corporation’s Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings, which have been filed by the Corporation with the SEC and are available on the SEC’s website at www.sec.gov. All forward-looking statements, expressed or implied, included herein are expressly qualified in their entirety by the cautionary statements contained or referred to herein. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Corporation or its businesses or operations. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date on which they are made. The Corporation undertakes no obligation, and specifically declines any obligation, to revise or update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as specifically required by law.


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

 As of or For the Three Months EndedFor the Nine Months Ended
 September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020		September 30,
2020		September 30,
2021		September 30,
2020
Consolidated Balance Sheet (selected items)
Interest-bearing deposits with banks$39,213 $103,070 $37,089 $85,026 $241,763 
Investment securities676,171 749,536 761,877 1,198,346 584,529 
Loans held for sale634 653 3,210 6,000 4,574 
Portfolio loans and leases3,617,915 3,617,411 3,633,235 3,628,411 3,676,684 
Allowance for credit losses ("ACL") on loans and leases(36,546)(39,163)(47,562)(53,709)(56,428)
Goodwill and other intangible assets197,068 197,903 198,738 199,576 200,445 
Total assets4,879,079 4,958,700 4,914,508 5,432,022 5,046,939 
Deposits - interest-bearing2,371,871 2,491,102 2,537,534 2,974,411 2,783,188 
Deposits - non-interest-bearing1,443,661 1,468,643 1,364,716 1,401,843 1,230,391 
Short-term borrowings96,965 21,553 60,027 72,161 23,456 
Long-term FHLB advances25,000 39,976 39,941 39,906 44,872 
Subordinated notes99,017 98,973 98,928 98,883 98,839 
Jr. subordinated debentures22,079 22,030 21,983 21,935 21,889 
Total liabilities4,224,324 4,314,688 4,291,412 4,809,700 4,434,322 
Total shareholders' equity654,755 644,012 623,096 622,322 612,617 
Average Balance Sheet (selected items)
Interest-bearing deposits with banks67,665 86,383 110,972 245,904 336,225 88,181 194,652 
Investment securities714,371 766,574 760,625 701,258 574,094 747,021 553,174 
Loans and leases3,617,866 3,611,479 3,607,214 3,657,572 3,701,495 3,612,225 3,792,969 
Total interest-earning assets4,399,902 4,464,436 4,478,811 4,604,734 4,611,814 4,447,427 4,540,795 
Goodwill and intangible assets197,525 198,356 199,208 200,060 200,931 198,357 201,835 
Total assets4,900,845 4,937,707 4,968,542 5,124,702 5,157,588 4,935,449 5,076,490 
Deposits - interest-bearing2,441,079 2,520,270 2,613,004 2,765,941 2,891,652 2,524,154 2,904,777 
Short-term borrowings35,166 19,935 32,020 29,130 29,913 29,051 102,173 
Long-term FHLB advances33,795 39,956 39,921 43,634 44,849 37,868 46,110 
Subordinated notes98,993 98,949 98,904 98,860 98,815 98,949 98,770 
Jr. subordinated debentures22,051 22,002 21,955 21,905 21,859 22,003 21,814 
Total interest-bearing liabilities2,631,084 2,701,112 2,805,804 2,959,470 3,087,088 2,712,025 3,173,644 
Total liabilities4,248,121 4,305,637 4,343,552 4,507,444 4,548,395 4,298,753 4,468,231 
Total shareholders' equity652,724 632,070 624,990 617,258 609,193 636,696 608,259 
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Bryn Mawr Bank Corporation
Summary Financial Information (unaudited)
(dollars in thousands, except per share data)
 As of or For the Three Months EndedFor the Nine Months Ended
 September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020		September 30,
2020		September 30,
2021		September 30,
2020
Income Statement
Net interest income$34,887 $35,239 $34,781 $35,037 $35,032 $104,907 $108,750 
(Recovery of) provision for credit losses(3,186)(6,581)(5,246)(1,209)4,101 (15,013)42,886 
Noninterest income22,587 20,966 19,841 22,006 21,099 63,394 59,965 
Noninterest expense36,840 35,467 37,703 38,624 35,197 110,010 104,103 
Income tax expense5,562 5,988 5,082 4,094 3,709 16,632 4,762 
Net income18,258 21,331 17,083 15,534 13,124 56,672 16,964 
Net loss attributable to noncontrolling interest(124)(11)— (3)(40)(135)(72)
Net income attributable to Bryn Mawr Bank Corporation18,382 21,342 17,083 15,537 13,164 56,807 17,036 
Basic earnings per share0.92 1.07 0.86 0.78 0.66 2.86 0.85 
Diluted earnings per share0.92 1.06 0.85 0.78 0.66 2.83 0.85 
Net income (core) (1)
18,008 21,599 18,707 15,518 13,164 58,314 17,400 
Basic earnings per share (core) (1)
0.91 1.09 0.94 0.78 0.66 2.93 0.87 
Diluted earnings per share (core) (1)
0.90 1.08 0.93 0.77 0.66 2.91 0.87 
Dividends paid or accrued per share0.28 0.27 0.27 0.27 0.27 0.82 0.79 
Profitability Indicators
Return on average assets1.49 %1.73 %1.39 %1.21 %1.02 %1.54 %0.45 %
Return on average equity11.17 %13.54 %11.09 %10.01 %8.60 %11.93 %3.74 %
Return on tangible equity(1)
16.57 %20.31 %16.87 %15.44 %13.47 %17.90 %6.29 %
Return on tangible equity (core)(1)
16.24 %20.55 %18.42 %15.42 %13.47 %18.36 %6.41 %
Return on average assets (core)(1)
1.46 %1.75 %1.53 %1.20 %1.02 %1.58 %0.46 %
Return on average equity (core)(1)
10.95 %13.71 %12.14 %10.00 %8.60 %12.25 %3.82 %
Tax-equivalent net interest margin3.15 %3.17 %3.16 %3.04 %3.03 %3.16 %3.21 %
Efficiency ratio(1)
63.18 %61.14 %64.48 %64.81 %61.16 %62.92 %61.33 %
Share Data
Closing share price$45.95 $42.19 $45.51 $30.60 $24.87 
Book value per common share$32.90 $32.40 $31.34 $31.18 $30.70 
Tangible book value per common share(1)
$23.04 $22.48 $21.39 $21.22 $20.69 
Price / book value139.67 %130.22 %145.21 %98.14 %81.01 %
Price / tangible book value(1)
199.44 %187.68 %212.76 %144.20 %120.20 %
Weighted average diluted shares outstanding20,062,018 20,050,819 20,050,736 20,027,658 20,021,617 20,056,415 20,062,108 
Shares outstanding, end of period19,900,823 19,877,892 19,878,993 19,960,294 19,958,186 
Wealth Management Information:
Wealth assets under mgmt, administration, supervision and brokerage (2)
$21,386,682 $20,630,068 $20,059,371 $18,976,544 $17,244,307 
Fees for wealth management services$13,618 $14,031 $12,836 $12,588 $11,707 





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Bryn Mawr Bank Corporation
Summary Financial Information (unaudited)
(dollars in thousands, except per share data)
 As of or For the Three Months EndedFor the Nine Months Ended
 September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020		September 30,
2020		September 30,
2021		September 30,
2020
Capital Ratios(3)
Bryn Mawr Trust Company ("BMTC")
Tier I capital to risk weighted assets ("RWA")13.12 %12.50 %12.01 %11.53 %12.02 %
Total capital to RWA13.98 %13.41 %13.11 %12.75 %13.27 %
Tier I leverage ratio10.45 %9.96 %9.47 %8.79 %9.16 %
Tangible equity ratio (1)
10.42 %9.89 %9.41 %8.27 %9.36 %
Common equity Tier I capital to RWA13.12 %12.50 %12.01 %11.53 %12.02 %
Bryn Mawr Bank Corporation ("BMBC")
Tier I capital to RWA12.90 %12.42 %12.08 %11.86 %11.48 %
Total capital to RWA16.08 %15.79 %15.65 %15.55 %15.19 %
Tier I leverage ratio10.27 %9.91 %9.53 %9.04 %8.75 %
Tangible equity ratio (1)
9.79 %9.39 %9.02 %8.09 %8.52 %
Common equity Tier I capital to RWA12.33 %11.86 %11.52 %11.29 %10.92 %
Asset Quality Indicators
Net loan and lease charge-offs ("NCO"s)$(140)$2,391 $642 $2,340 $2,187 $2,893 $9,658 
Loans and leases risk-rated Special Mention$91,750 $83,009 $74,595 $68,892 $48,267 
Total classified loans and leases64,303 90,153 129,120 153,011 175,501 
Total criticized loans and leases$156,053 $173,162 $203,715 $221,903 $223,768 
Nonperforming loans and leases ("NPL"s)$8,047 $10,665 $5,197 $5,306 $8,597 
Other real estate owned ("OREO")— — — — — 
Total nonperforming assets ("NPA"s)$8,047 $10,665 $5,197 $5,306 $8,597 
Nonperforming loans and leases 30 or more days past due$1,473 $3,041 $1,903 $2,001 $4,153 
Performing loans and leases 30 to 89 days past due3,360 3,168 5,396 10,847 9,351 
Performing loans and leases 90 or more days past due— — — — — 
Total delinquent loans and leases$4,833 $6,209 $7,299 $12,848 $13,504 
Delinquent loans and leases to total loans and leases0.13 %0.17 %0.20 %0.35 %0.37 %
Delinquent performing loans and leases to total loans and leases0.09 %0.09 %0.15 %0.30 %0.25 %
NCOs / average loans and leases (annualized)(0.02)%0.27 %0.07 %0.25 %0.24 %0.11 %0.34 %
NPLs / total portfolio loans and leases0.22 %0.29 %0.14 %0.15 %0.23 %
NPAs / total loans and leases and OREO0.22 %0.29 %0.14 %0.15 %0.23 %
NPAs / total assets0.16 %0.22 %0.11 %0.10 %0.17 %
ACL / NPLs454.16 %367.21 %915.18 %1,012.23 %656.37 %
ACL / classified loans and leases56.83 %43.44 %36.84 %35.10 %32.15 %
ACL / criticized loans and leases23.42 %22.62 %23.35 %24.20 %25.22 %
ACL / portfolio loans1.01 %1.08 %1.31 %1.48 %1.53 %
ACL for originated loans and leases / Originated loans and leases (1)
1.03 %1.10 %1.33 %1.50 %1.56 %
(Total ACL + Loan mark) / Total Gross portfolio loans and leases (1)
1.13 %1.21 %1.46 %1.65 %1.73 %
Troubled debt restructurings ("TDR"s) included in NPLs$4,753 $893 $1,480 $1,737 $1,393 
TDRs in compliance with modified terms4,532 5,629 6,967 7,046 8,590 
Total TDRs$9,285 $6,522 $8,447 $8,783 $9,983 
(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. Beginning with the March 31, 2020 call report, the capital ratios reflect the Corporation’s election of a five-year transition provision to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period.
9
Bryn Mawr Bank Corporation
Detailed Balance Sheets (unaudited)
(dollars in thousands)
September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020		September 30,
2020
Assets
Cash and due from banks$9,458 $10,829 $10,311 $11,287 $15,670 
Interest-bearing deposits with banks39,213 103,070 37,089 85,026 241,763 
  Cash and cash equivalents48,671 113,899 47,400 96,313 257,433 
Investment securities, available for sale656,501 728,738 738,974 1,174,964 564,774 
Investment securities, held to maturity11,542 12,532 14,126 14,759 11,725 
Investment securities, trading8,128 8,266 8,777 8,623 8,030 
Loans held for sale634 653 3,210 6,000 4,574 
Portfolio loans and leases, originated3,431,903 3,414,256 3,405,128 3,380,727 3,396,068 
Portfolio loans and leases, acquired186,012 203,155 228,107 247,684 280,616 
  Total portfolio loans and leases3,617,915 3,617,411 3,633,235 3,628,411 3,676,684 
Less: Allowance for credit losses on originated loans and leases(35,218)(37,590)(45,285)(50,783)(52,968)
Less: Allowance for credit losses on acquired loans and leases(1,328)(1,573)(2,277)(2,926)(3,460)
  Total allowance for credit losses on loans and lease(36,546)(39,163)(47,562)(53,709)(56,428)
    Net portfolio loans and leases3,581,369 3,578,248 3,585,673 3,574,702 3,620,256 
Premises and equipment51,525 54,178 55,510 56,662 60,369 
Operating lease right-of-use assets33,140 33,759 33,848 34,601 38,536 
Accrued interest receivable12,872 13,519 15,058 15,440 16,609 
Mortgage servicing rights2,057 2,173 2,493 2,626 2,881 
Bank owned life insurance61,263 60,993 60,721 60,393 60,072 
Federal Home Loan Bank ("FHLB") stock7,212 4,332 5,986 12,666 4,506 
Goodwill184,012 184,012 184,012 184,012 184,012 
Intangible assets13,056 13,891 14,726 15,564 16,433 
Other investments18,300 18,206 17,811 17,742 17,129 
Other assets188,797 131,301 126,183 156,955 179,600 
      Total assets$4,879,079 $4,958,700 $4,914,508 $5,432,022 $5,046,939 
Liabilities
Deposits
  Noninterest-bearing$1,443,661 $1,468,643 $1,364,716 $1,401,843 $1,230,391 
  Interest-bearing2,371,871 2,491,102 2,537,534 2,974,411 2,783,188 
    Total deposits3,815,532 3,959,745 3,902,250 4,376,254 4,013,579 
Short-term borrowings96,965 21,553 60,027 72,161 23,456 
Long-term FHLB advances25,000 39,976 39,941 39,906 44,872 
Subordinated notes99,017 98,973 98,928 98,883 98,839 
Jr. subordinated debentures22,079 22,030 21,983 21,935 21,889 
Operating lease liabilities38,719 39,400 39,543 40,284 42,895 
Accrued interest payable5,018 5,393 6,358 6,277 7,984 
Other liabilities121,994 127,618 122,382 154,000 180,808 
      Total liabilities4,224,324 4,314,688 4,291,412 4,809,700 4,434,322 
Shareholders' equity
Common stock24,749 24,715 24,715 24,714 24,710 
Paid-in capital in excess of par value383,401 382,655 382,202 381,653 380,770 
Less: common stock held in treasury, at cost(92,294)(91,825)(91,774)(89,164)(89,100)
Accumulated other comprehensive income, net of tax2,545 4,798 154 8,948 10,139 
Retained earnings337,259 324,450 308,569 296,941 286,865 
    Total Bryn Mawr Bank Corporation shareholders' equity655,660 644,793 623,866 623,092 613,384 
Noncontrolling interest(905)(781)(770)(770)(767)
    Total shareholders' equity654,755 644,012 623,096 622,322 612,617 
      Total liabilities and shareholders' equity$4,879,079 $4,958,700 $4,914,508 $5,432,022 $5,046,939 

10
Bryn Mawr Bank Corporation
Supplemental Balance Sheet Information (unaudited)
(dollars in thousands)
 Portfolio Loans and Leases as of
 September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020		September 30,
2020
Commercial real estate - nonowner-occupied$1,464,534 $1,419,626 $1,408,240 $1,435,575 $1,382,757 
Commercial real estate - owner-occupied537,488 553,464 578,747 578,509 568,219 
Home equity lines of credit146,752 151,692 157,418 169,337 179,125 
Residential mortgage - 1st liens559,946 579,657 602,584 621,369 660,923 
Residential mortgage - junior liens24,424 25,534 27,400 23,795 26,150 
Construction235,418 204,358 187,472 161,308 186,415 
  Total real estate loans2,968,562 2,934,331 2,961,861 2,989,893 3,003,589 
Commercial & Industrial467,979 498,097 486,824 446,438 465,315 
Consumer46,428 44,814 39,226 39,683 47,043 
Leases134,946 140,169 145,324 152,397 160,737 
  Total non-real estate loans and leases649,353 683,080 671,374 638,518 673,095 
    Total portfolio loans and leases$3,617,915 $3,617,411 $3,633,235 $3,628,411 $3,676,684 
 Nonperforming Loans and Leases as of
 September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020		September 30,
2020
Commercial real estate - nonowner-occupied$— $396 $56 $57 $849 
Commercial real estate - owner-occupied559 1,057 1,355 1,659 3,597 
Home equity lines of credit912 945 532 729 890 
Residential mortgage - 1st liens3,035 4,072 645 99 862 
Residential mortgage - junior liens64 181 184 85 50 
Construction216 216 — — — 
  Total nonperforming real estate loans4,786 6,867 2,772 2,629 6,248 
Commercial & Industrial2,708 3,049 1,490 1,775 1,784 
Consumer31 24 40 30 31 
Leases522 725 895 872 534 
  Total nonperforming non-real estate loans and leases3,261 3,798 2,425 2,677 2,349 
    Total nonperforming portfolio loans and leases$8,047 $10,665 $5,197 $5,306 $8,597 
 Net Loan and Lease Charge-Offs (Recoveries) for the Three Months Ended
 September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020		September 30,
2020
Commercial real estate - nonowner-occupied$— $— $— $240 $(2)
Commercial real estate - owner-occupied(22)(470)189 382 494 
Home equity lines of credit— 46 — — — 
Residential mortgage - 1st liens(1)23 1 — (13)
Residential mortgage - junior liens— — — — — 
Construction(1)115 (1)(1)(1)
  Total net charge-offs of real estate loans(24)(286)189 621 478 
Commercial & Industrial(337)2,323 (54)897 1,522 
Consumer87 145 107 409 134 
Leases134 209 400 413 53 
  Total net charge-offs of non-real estate loans and leases(116)2,677 453 1,719 1,709 
    Total net charge-offs$(140)$2,391 $642 $2,340 $2,187 
11
Bryn Mawr Bank Corporation
Supplemental Balance Sheet Information (unaudited)
(dollars in thousands)
 Investment Securities Available for Sale, at Fair Value
 September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020		September 30,
2020
U.S. Treasury securities $100 $100 $100 $500,100 $100 
Obligations of the U.S. Government and agencies 96,597 116,701 110,413 93,098 90,928 
State & political subdivisions - tax-free— 2,168 2,168 2,171 3,178 
Mortgage-backed securities439,182 482,585 497,328 453,857 431,822 
Collateralized mortgage obligations13,566 15,145 17,073 19,263 22,253 
Collateralized loan obligations94,651 99,635 99,666 94,404 6,500 
Corporate bonds11,755 11,754 11,576 11,421 9,343 
Other debt securities650 650 650 650 650 
  Total investment securities available for sale, at fair value$656,501 $728,738 $738,974 $1,174,964 $564,774 
 Unrealized Gain (Loss) on Investment Securities Available for Sale
 September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020		September 30,
2020
U.S. Treasury securities $— $— $— $5 $— 
Obligations of the U.S. Government and agencies (1,347)(842)(2,597)649 995 
State & political subdivisions - tax-free— 12 16 22 27 
Mortgage-backed securities7,322 8,432 8,957 12,282 12,901 
Collateralized mortgage obligations374 458 522 583 662 
Collateralized loan obligations151 120 151 (96)— 
Corporate bonds755 754 576 421 343 
  Total unrealized gains on investment securities available for sale$7,255 $8,934 $7,625 $13,866 $14,928 
 Deposits
 September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020		September 30,
2020
Interest-bearing deposits:
  Interest-bearing demand$681,560 $668,664 $671,854 $885,802 $815,561 
  Money market1,121,155 1,183,252 1,201,115 1,163,620 1,199,429 
  Savings284,875 289,108 286,124 282,406 245,167 
  Retail time deposits 238,597 270,926 301,702 331,527 366,245 
  Wholesale non-maturity deposits39,538 73,011 70,605 275,011 77,356 
  Wholesale time deposits6,146 6,141 6,134 36,045 79,430 
    Total interest-bearing deposits2,371,871 2,491,102 2,537,534 2,974,411 2,783,188 
  Noninterest-bearing deposits1,443,661 1,468,643 1,364,716 1,401,843 1,230,391 
      Total deposits$3,815,532 $3,959,745 $3,902,250 $4,376,254 $4,013,579 

12
Bryn Mawr Bank Corporation
Detailed Income Statements (unaudited)
(dollars in thousands, except per share data)
 For the Three Months EndedFor the Nine Months Ended
 September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020		September 30,
2020		September 30,
2021		September 30,
2020
Interest income:
Interest and fees on loans and leases$34,332 $34,638 $34,578 $35,632 $36,799 $103,548 $120,284 
Interest on cash and cash equivalents20 16 22 62 85 58 233 
Interest on investment securities2,752 2,996 3,050 2,717 2,658 8,798 8,753 
  Total interest income37,104 37,650 37,650 38,411 39,542 112,404 129,270 
Interest expense:
Interest on deposits808 958 1,424 1,891 2,967 3,190 15,080 
Interest on short-term borrowings16 5 10 9 8 31 693 
Interest on FHLB advances173 205 203 226 234 581 633 
Interest on jr. subordinated debentures198 199 198 205 207 595 731 
Interest on subordinated notes1,022 1,044 1,034 1,043 1,094 3,100 3,383 
Total interest expense2,217 2,411 2,869 3,374 4,510 7,497 20,520 
  Net interest income34,887 35,239 34,781 35,037 35,032 104,907 108,750 
(Recovery of) provision for credit losses ("PCL")(3,186)(6,581)(5,246)(1,209)4,101 (15,013)42,886 
  Net interest income after PCL38,073 41,820 40,027 36,246 30,931 119,920 65,864 
Noninterest income:
Fees for wealth management services 13,618 14,031 12,836 12,588 11,707 40,485 31,944 
Insurance commissions1,524 1,249 1,464 1,393 1,682 4,237 4,518 
Capital markets revenue2,823 1,290 1,596 841 3,314 5,709 8,650 
Service charges on deposits751 733 696 756 663 2,180 2,112 
Loan servicing and other fees327 397 304 360 373 1,028 1,286 
Net gain on sale of loans671 525 250 842 1,021 1,446 4,937 
Net gain on sale of investment securities available for sale512 — — — — 512 — 
Net gain on sale of long-lived assets— — 6 2,297 — 6 — 
Net gain (loss) on sale of other real estate owned— — — — — — 148 
Dividends on FHLB and FRB stocks202 239 222 337 127 663 814 
Other operating income2,159 2,502 2,467 2,592 2,212 7,128 5,556 
  Total noninterest income22,587 20,966 19,841 22,006 21,099 63,394 59,965 
Noninterest expense:
Salaries and wages 16,751 16,700 16,830 17,730 17,201 50,281 51,116 
Employee benefits 3,150 3,224 3,687 2,858 3,026 10,061 9,747 
Occupancy and bank premises2,514 2,629 2,892 3,624 3,055 8,035 9,103 
Furniture, fixtures and equipment2,624 2,188 2,242 2,400 2,481 7,054 7,032 
Impairment of long-lived assets— — — 1,605 — — — 
Advertising265 413 176 554 458 854 1,055 
Amortization of intangible assets835 835 838 869 870 2,508 2,698 
Due diligence, merger-related and merger integration expenses18 266 1,646 — — 1,930 — 
Professional fees2,423 1,629 1,433 1,767 1,718 5,485 4,661 
Pennsylvania bank shares tax538 718 749 (339)115 2,005 347 
Data processing1,421 1,444 1,404 1,501 1,403 4,269 4,276 
Other operating expenses 6,301 5,421 5,806 6,055 4,870 17,528 14,068 
  Total noninterest expense36,840 35,467 37,703 38,624 35,197 110,010 104,103 
Income before income taxes23,820 27,319 22,165 19,628 16,833 73,304 21,726 
Income tax expense5,562 5,988 5,082 4,094 3,709 16,632 4,762 
    Net income$18,258 $21,331 $17,083 $15,534 $13,124 $56,672 $16,964 
Net loss attributable to noncontrolling interest(124)(11)— (3)(40)(135)(72)
    Net income attributable to Bryn Mawr Bank Corporation$18,382 $21,342 $17,083 $15,537 $13,164 $56,807 $17,036 
Per share data:
Weighted average shares outstanding19,891,618 19,878,981 19,907,873 19,958,567 19,945,634 19,892,764 19,975,069 
Dilutive common shares170,400 171,838 142,863 69,091 75,983 163,651 87,039 
Weighted average diluted shares 20,062,018 20,050,819 20,050,736 20,027,658 20,021,617 20,056,415 20,062,108 
Basic earnings per common share$0.92 $1.07 $0.86 $0.78 $0.66 $2.86 $0.85 
Diluted earnings per common share$0.92 $1.06 $0.85 $0.78 $0.66 $2.83 $0.85 
Dividends paid or accrued per share$0.28 $0.27 $0.27 $0.27 $0.27 $0.82 $0.79 
Effective tax rate23.35 %21.92 %22.93 %20.86 %22.03 %22.69 %21.92 %

13
Bryn Mawr Bank Corporation
Tax-Equivalent Net Interest Margin (unaudited)
(dollars in thousands, except per share data)
 For the Three Months EndedFor the Nine Months Ended
 September 30, 2021June 30, 2021March 31, 2021December 31, 2020September 30, 2020September 30, 2021September 30, 2020
(dollars in thousands)Average
Balance		Interest
Income/
Expense		Average 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		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$67,665 $20 0.12 %$86,383 $16 0.07 %$110,972 $22 0.08 %$245,904 $62 0.10 %$336,225 $85 0.10 %$88,181 $58 0.09 %$194,652 $233 0.16 %
Investment securities - available for sale:
Taxable692,821 2,670 1.53 %742,212 2,915 1.58 %735,508 2,947 1.62 %675,642 2,561 1.51 %550,199 2,562 1.85 %723,357 8,532 1.58 %527,837 8,402 2.13 %
Tax-exempt1,109 8 2.86 %2,168 14 2.59 %2,170 14 2.62 %2,490 16 2.56 %3,690 23 2.48 %1,812 36 2.66 %4,388 77 2.34 %
Total investment securities - available for sale693,930 2,678 1.53 %744,380 2,929 1.58 %737,678 2,961 1.63 %678,132 2,577 1.51 %553,889 2,585 1.86 %725,169 8,568 1.58 %532,225 8,479 2.13 %
Investment securities - held to maturity12,179 54 1.76 %13,414 49 1.47 %14,329 73 2.07 %15,093 57 1.50 %12,248 57 1.85 %13,300 176 1.77 %12,854 217 2.26 %
Investment securities - trading8,262 21 1.01 %8,780 21 0.96 %8,618 19 0.89 %8,033 86 4.26 %7,957 21 1.05 %8,552 61 0.95 %8,095 70 1.16 %
Loans and leases *3,617,866 34,423 3.77 %3,611,479 34,730 3.86 %3,607,214 34,674 3.90 %3,657,572 35,734 3.89 %3,701,495 36,901 3.97 %3,612,225 103,827 3.84 %3,792,969 120,578 4.25 %
Total interest-earning assets4,399,902 37,196 3.35 %4,464,436 37,745 3.39 %4,478,811 37,749 3.42 %4,604,734 38,516 3.33 %4,611,814 39,649 3.42 %4,447,427 112,690 3.39 %4,540,795 129,577 3.81 %
Cash and due from banks9,799 9,741 10,824 13,192 16,557 10,117 15,145 
Less: allowance for loan and lease losses(39,218)(47,192)(53,582)(55,634)(55,285)(46,611)(45,099)
Other assets530,362 510,722 532,489 562,410 584,502 524,516 565,649 
Total assets$4,900,845 $4,937,707 $4,968,542 $5,124,702 $5,157,588 $4,935,449 $5,076,490 
Liabilities:
Interest-bearing deposits:
Savings, NOW and market rate deposits$2,111,767 $276 0.05 %$2,154,206 $274 0.05 %$2,178,730 $374 0.07 %$2,285,807 $495 0.09 %$2,282,591 $1,042 0.18 %$2,147,989 $924 0.06 %$2,264,407 $8,364 0.49 %
Wholesale deposits73,497 74 0.40 %78,936 76 0.39 %117,710 257 0.89 %130,660 293 0.89 %223,527 465 0.83 %89,885 407 0.61 %240,571 1,928 1.07 %
Retail time deposits255,815 458 0.71 %287,128 608 0.85 %316,564 793 1.02 %349,474 1,103 1.26 %385,534 1,460 1.51 %286,280 1,859 0.87 %399,799 4,788 1.60 %
Total interest-bearing deposits2,441,079 808 0.13 %2,520,270 958 0.15 %2,613,004 1,424 0.22 %2,765,941 1,891 0.27 %2,891,652 2,967 0.41 %2,524,154 3,190 0.17 %2,904,777 15,080 0.69 %
Borrowings:
Short-term borrowings35,166 16 0.18 %19,935 5 0.10 %32,020 10 0.13 %29,130 9 0.12 %29,913 8 0.11 %29,051 31 0.14 %102,173 693 0.91 %
Long-term FHLB advances33,795 173 2.03 %39,956 205 2.06 %39,921 203 2.06 %43,634 226 2.06 %44,849 234 2.08 %37,868 581 2.05 %46,110 633 1.83 %
Subordinated notes98,993 1,022 4.10 %98,949 1,044 4.23 %98,904 1,034 4.24 %98,860 1,043 4.20 %98,815 1,094 4.40 %98,949 3,100 4.19 %98,770 3,383 4.58 %
Jr. subordinated debt22,051 198 3.56 %22,002 199 3.63 %21,955 198 3.66 %21,905 205 3.72 %21,859 207 3.77 %22,003 595 3.62 %21,814 731 4.48 %
Total borrowings190,005 1,409 2.94 %180,842 1,453 3.22 %192,800 1,445 3.04 %193,529 1,483 3.05 %195,436 1,543 3.14 %187,871 4,307 3.07 %268,867 5,440 2.70 %
Total interest-bearing liabilities2,631,084 2,217 0.33 %2,701,112 2,411 0.36 %2,805,804 2,869 0.41 %2,959,470 3,374 0.45 %3,087,088 4,510 0.58 %2,712,025 7,497 0.37 %3,173,644 20,520 0.86 %
Noninterest-bearing deposits1,439,672 1,437,442 1,345,253 1,267,795 1,220,570 1,407,802 1,080,837 
Other liabilities177,365 167,083 192,495 280,179 240,737 178,926 213,750 
Total noninterest-bearing liabilities1,617,037 1,604,525 1,537,748 1,547,974 1,461,307 1,586,728 1,294,587 
Total liabilities4,248,121 4,305,637 4,343,552 4,507,444 4,548,395 4,298,753 4,468,231 
Shareholders' equity652,724 632,070 624,990 617,258 609,193 636,696 608,259 
Total liabilities and shareholders' equity$4,900,845 $4,937,707 $4,968,542 $5,124,702 $5,157,588 $4,935,449 $5,076,490 
Net interest spread3.02 %3.03 %3.01 %2.88 %2.84 %3.02 %2.95 %
Effect of noninterest-bearing sources0.13 %0.14 %0.15 %0.16 %0.19 %0.14 %0.26 %
Tax-equivalent net interest margin$34,979 3.15 %$35,334 3.17 %$34,880 3.16 %$35,142 3.04 %$35,139 3.03 %$105,193 3.16 %$109,057 3.21 %
Tax-equivalent adjustment$92 0.01 %$95 0.01 %$99 0.01 %$105 0.01 %$107 0.01 %$286 0.01 %$307 0.01 %
* 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.


Supplemental Information Regarding Accretion of Fair Value Marks
 For the Three Months EndedFor the Nine Months Ended
 September 30, 2021June 30, 2021March 31, 2021December 31, 2020September 30, 2020September 30, 2021September 30, 2020
(dollars in thousands)InterestInc. / (Dec.)Effect on Yield or RateInc. / (Dec.)Effect on Yield or RateInc. / (Dec.)Effect on Yield or RateInc. / (Dec.)Effect on Yield or RateInc. / (Dec.)Effect on Yield or RateInc. / (Dec.)Effect on Yield or RateInc. / (Dec.)Effect on Yield or Rate
Loans and leasesIncome$424 0.05 %$950 0.11 %$539 0.06 %$921 0.10 %$784 0.08 %$1,913 0.07 %$2,711 0.10 %
Retail time depositsExpense(33)(0.05)%(50)(0.07)%(58)(0.07)%(78)(0.09)%(96)(0.10)%(141)(0.07)%(317)(0.11)%
Long-term FHLB advancesExpense24 0.28 %35 0.70 %35 0.36 %35 0.32 %34 0.30 %94 0.33 %103 0.30 %
Jr. subordinated debtExpense48 0.86 %48 0.88 %47 0.87 %46 0.84 %46 0.84 %143 0.87 %136 0.83 %
Net interest income from fair value marks $385 $917 $515 $918 $800 $1,817 $2,789 
Purchase accounting effect on tax-equivalent margin 0.03 %0.08 %0.05 %0.08 %0.07 %0.05 %0.08 %

14
Bryn Mawr Bank Corporation
Appendix - Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Performance Measures (unaudited)
(dollars in thousands, except per share data)
Statement on Non-GAAP Measures: The Corporation believes the presentation of the following non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of the results of operations and financial condition of the Corporation. Management uses non-GAAP financial measures in its analysis of the Corporation’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
 As of or For the Three Months EndedAs of or For the Nine Months Ended
 September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020		September 30,
2020		September 30,
2021		September 30,
2020
Reconciliation of Net Income to Net Income (core):
Net income attributable to BMBC (a GAAP measure)$18,382 $21,342 $17,083 $15,537 $13,164 $56,807 $17,036 
Less: Tax-effected non-core noninterest income:
Gain on sale of PPP loans— — — — — — (1,905)
BMT Investment Advisers wind-down costs— — — — — — 1,744 
Gain on sale of buildings— — — (1,813)— — — 
Gain on sale of investment securities available for sale(404)— — — — (404)— 
Add: Tax-effected non-core noninterest expense items:
Due diligence, merger-related and merger integration expenses30 257 1,624 — — 1,911 — 
BMT Investment Advisers wind-down costs— — — — — — 100 
Severance associated with staff reduction— — — — — — 425 
Gain on early lease termination— — — (107)— — — 
Impairment of long-lived assets— — — 1,268 — — — 
Disposal expense of premises and equipment— — — 633 — — — 
Net income (core) (a non-GAAP measure)$18,008 $21,599 $18,707 $15,518 $13,164 $58,314 $17,400 
Calculation of Basic and Diluted Earnings per Common Share (core):
Weighted average common shares outstanding19,891,618 19,878,981 19,907,873 19,958,567 19,945,634 19,892,764 19,975,069 
Dilutive common shares170,400 171,838 142,863 69,091 75,983 163,651 87,039 
Weighted average diluted shares20,062,018 20,050,819 20,050,736 20,027,658 20,021,617 20,056,415 20,062,108 
Basic earnings per common share (core) (a non-GAAP measure)$0.91 $1.09 $0.94 $0.78 $0.66 $2.93 $0.87 
Diluted earnings per common share (core) (a non-GAAP measure)$0.90 $1.08 $0.93 $0.77 $0.66 $2.91 $0.87 
Calculation of Return on Average Tangible Equity:
Net income attributable to BMBC (a GAAP measure)$18,382 $21,342 $17,083 $15,537 $13,164 $56,807 $17,036 
Add: Tax-effected amortization and impairment of intangible assets
660 660 662 687 687 1,981 2,131 
Net tangible income (numerator)
$19,042 $22,002 $17,745 $16,224 $13,851 $58,788 $19,167 
Average shareholders' equity$652,724 $632,070 $624,990 $617,258 $609,193 $636,696 $608,259 
Less: Average Noncontrolling interest
783 777 770 769 739 777 710 
Less: Average goodwill and intangible assets
(197,525)(198,356)(199,208)(200,060)(200,931)(198,357)(201,835)
Net average tangible equity (denominator)
$455,982 $434,491 $426,552 $417,967 $409,001 $439,116 $407,134 
Return on tangible equity (a non-GAAP measure)16.57 %20.31 %16.87 %15.44 %13.47 %17.90 %6.29 %
Calculation of Return on Average Tangible Equity (core):
Net income (core) (a non-GAAP measure)$18,008 $21,599 $18,707 $15,518 $13,164 $58,314 $17,400 
Add: Tax-effected amortization and impairment of intangible assets
660 660 662 687 687 1,981 2,131 
Net tangible income (core) (numerator)
$18,668 $22,259 $19,369 $16,205 $13,851 $60,295 $19,531 
Average shareholders' equity$652,724 $632,070 $624,990 $617,258 $609,193 $636,696 $608,259 
Less: Average Noncontrolling interest
783 777 770 769 739 777 710 
Less: Average goodwill and intangible assets
(197,525)(198,356)(199,208)(200,060)(200,931)(198,357)(201,835)
Net average tangible equity (denominator)
$455,982 $434,491 $426,552 $417,967 $409,001 $439,116 $407,134 
Return on tangible equity (core) (a non-GAAP measure)16.24 %20.55 %18.42 %15.42 %13.47 %18.36 %6.41 %
15
Bryn Mawr Bank Corporation
Appendix - Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Performance Measures (unaudited)
(dollars in thousands, except per share data)
Statement on Non-GAAP Measures: The Corporation believes the presentation of the following non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of the results of operations and financial condition of the Corporation. Management uses non-GAAP financial measures in its analysis of the Corporation’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
 As of or For the Three Months EndedAs of or For the Nine Months Ended
 September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020		September 30,
2020		September 30,
2021		September 30,
2020
Calculation of Tangible Equity Ratio (BMBC):     
Total shareholders' equity$654,755 $644,012 $623,096 $622,322 $612,617 
Less: Noncontrolling interest905 781 770 770 767 
Less: Goodwill and intangible assets
(197,068)(197,903)(198,738)(199,576)(200,445)
Net tangible equity (numerator)
$458,592 $446,890 $425,128 $423,516 $412,939 
Total assets$4,879,079 $4,958,700 $4,914,508 $5,432,022 $5,046,939 
Less: Goodwill and intangible assets
(197,068)(197,903)(198,738)(199,576)(200,445)
Tangible assets (denominator)
$4,682,011 $4,760,797 $4,715,770 $5,232,446 $4,846,494 
Tangible equity ratio (BMBC)(1)
9.79 %9.39 %9.02 %8.09 %8.52 %
Calculation of Tangible Equity Ratio (BMTC):
Total shareholders' equity$683,682 $667,405 $641,034 $630,880 $653,317 
Less: Noncontrolling interest905 781 770 770 767 
Less: Goodwill and intangible assets
(196,823)(197,657)(198,492)(199,330)(200,200)
Net tangible equity (numerator)
$487,764 $470,529 $443,312 $432,320 $453,499 
Total assets$4,875,979 $4,954,878 $4,911,259 $5,428,909 $5,043,099 
Less: Goodwill and intangible assets
(196,823)(197,657)(198,492)(199,330)(200,200)
Tangible assets (denominator)
$4,679,156 $4,757,221 $4,712,767 $5,229,579 $4,842,899 
Tangible equity ratio (BMTC)(1)
10.42 %9.89 %9.41 %8.27 %9.36 %
Calculation of tangible book value per common share:
Total shareholders' equity$654,755 $644,012 $623,096 $622,322 $612,617 
Less: Noncontrolling interest905 781 770 770 767 
Less: Goodwill and intangible assets
(197,068)(197,903)(198,738)(199,576)(200,445)
Net tangible equity (numerator)
$458,592 $446,890 $425,128 $423,516 $412,939 
Shares outstanding, end of period (denominator)
19,900,823 19,877,892 19,878,993 19,960,294 19,958,186 
Tangible book value per common share (a non-GAAP measure)$23.04 $22.48 $21.39 $21.22 $20.69 
Calculation of price / tangible book value:
Closing share price$45.95 $42.19 $45.51 $30.60 $24.87 
Tangible book value per common share$23.04 $22.48 $21.39 $21.22 $20.69 
Price / tangible book value (a non-GAAP measure)199.44 %187.68 %212.76 %144.20 %120.20 %
(1) Capital Ratios for the current quarter are to be considered preliminary until the Call Reports are filed. Beginning with the March 31, 2020 call report, the capital ratios reflect the Corporation’s election of a five-year transition provision to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period.
Statement on Non-GAAP Measures: The Corporation believes the presentation of the following non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of the results of operations and financial condition of the Corporation. Management uses non-GAAP financial measures in its analysis of the Corporation’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
 As of or For the Three Months EndedAs of or For the Nine Months Ended
 September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020		September 30,
2020		September 30,
2021		September 30,
2020
Calculation of Return on Average Assets (core)
Return on average assets (GAAP)1.49 %1.73 %1.39 %1.21 %1.02 %1.54 %0.45 %
Effect of adjustment to GAAP net income to core net income(0.03)%0.02 %0.14 %(0.01)%— %0.04 %0.01 %
Return on average assets (core)1.46 %1.75 %1.53 %1.20 %1.02 %1.58 %0.46 %
Calculation of Return on Average Equity (core)
Return on average equity (GAAP)11.17 %13.54 %11.09 %10.01 %8.60 %11.93 %3.74 %
Effect of adjustment to GAAP net income to core net income(0.22)%0.17 %1.05 %(0.01)%— %0.32 %0.08 %
Return on average equity (core)10.95 %13.71 %12.14 %10.00 %8.60 %12.25 %3.82 %
Calculation of Tax-equivalent net interest margin adjusting for the impact of purchase accounting
Tax-equivalent net interest margin3.15 %3.17 %3.16 %3.04 %3.03 %3.16 %3.21 %
Effect of fair value marks0.03 %0.08 %0.05 %0.08 %0.07 %0.05 %0.08 %
Tax-equivalent net interest margin adjusting for the impact of purchase accounting3.12 %3.09 %3.11 %2.96 %2.96 %3.11 %3.13 %
Calculation of Tax-equivalent net interest income adjusting for the impact of purchase accounting
Tax-equivalent net interest income$34,979 $35,334 $34,880 $35,142 $35,139 $105,193 $109,057 
Effect of fair value marks385 917 515 918 800 1,817 2,789 
Tax-equivalent net interest income adjusting for the impact of purchase accounting$34,594 $34,417 $34,365 $34,224 $34,339 $103,376 $106,268 
Calculation of Efficiency Ratio*:
Noninterest expense$36,840 $35,467 $37,703 $38,624 $35,197 $110,010 $104,103 
Less: certain noninterest expense items:
Amortization of intangibles(835)(835)(838)(869)(870)(2,508)(2,698)
Due diligence, merger-related and merger integration expenses(18)(266)(1,646)— — (1,930)— 
BMT Investment Advisers, Inc. wind-down costs— — — — — — (127)
Severance associated with staff reduction— — — — — — (538)
Gain on early lease termination— — — 135 — — — 
Impairment of long-lived assets— — — (1,605)— — — 
Disposal expense of premises and equipment— — — (801)— — — 
Noninterest expense (adjusted) (numerator)
$35,987 $34,366 $35,219 $35,484 $34,327 $105,572 $100,740 
Noninterest income$22,587 $20,966 $19,841 $22,006 $21,099 $63,394 $59,965 
Less: non-core noninterest income items:
Gain on sale of PPP loans— — — — — — (2,411)
BMT Investment Advisers, Inc. wind-down costs— — — — — — 2,207 
Gain on sale of building— — — (2,295)— — — 
Gain on sale of investment securities available for sale(512)— — — — (512)— 
Noninterest income (core)$22,075 $20,966 $19,841 $19,711 $21,099 $62,882 $59,761 
Net interest income34,887 35,239 34,781 35,037 35,032 104,907 108,750 
Noninterest income (core) and net interest income (denominator)
$56,962 $56,205 $54,622 $54,748 $56,131 $167,789 $168,511 
Efficiency ratio63.18 %61.14 %64.48 %64.81 %61.16 %62.92 %59.78 %
*In calculating the Corporation's efficiency ratio, which is used by Management to identify the cost of generating each dollar of core revenue, certain non-core income and expense items as well as the amortization of intangible assets, are excluded.
16
Bryn Mawr Bank Corporation
Appendix - Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Performance Measures (unaudited)
(dollars in thousands, except per share data)
Statement on Non-GAAP Measures: The Corporation believes the presentation of the following non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of the results of operations and financial condition of the Corporation. Management uses non-GAAP financial measures in its analysis of the Corporation’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
 As of or For the Three Months EndedAs of or For the Nine Months Ended
 September 30,
2021		June 30,
2021		March 31,
2021		December 31,
2020		September 30,
2020		September 30,
2021		September 30,
2020
Supplemental Loan and ACL on Loans and Leases Information Used to Calculate Non-GAAP Measures     
Total ACL on loans and leases$36,546 $39,163 $47,562 $53,709 $56,428 
Less: ACL on acquired loans and leases1,328 1,573 2,277 2,926 3,460 
ACL on originated loans and leases$35,218 $37,590 $45,285 $50,783 $52,968 
Total ACL on loans and leases$36,546 $39,163 $47,562 $53,709 $56,428 
Loan mark on acquired loans4,354 4,779 5,736 6,288 7,235 
Total ACL on loans and leases + Loan mark$40,900 $43,942 $53,298 $59,997 $63,663 
Total Portfolio loans and leases$3,617,915 $3,617,411 $3,633,235 $3,628,411 $3,676,684 
Less: Originated loans and leases3,431,903 3,414,256 3,405,128 3,380,727 3,396,068 
Net acquired loans$186,012 $203,155 $228,107 $247,684 $280,616 
Add: Loan mark on acquired loans4,354 4,779 5,736 6,288 7,235 
Gross acquired loans (excludes loan mark)$190,366 $207,934 $233,843 $253,972 $287,851 
Originated loans and leases3,431,903 3,414,256 3,405,128 3,380,727 3,396,068 
Total Gross portfolio loans and leases$3,622,269 $3,622,190 $3,638,971 $3,634,699 $3,683,919 

17