BRYN MAWR, Pa., April 20, 2017 – Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported net income of $9.0 million and diluted earnings per share of $0.53 for the three months ended March 31, 2017, as compared to net income of $9.4 million, or $0.55 diluted earnings per share, for the three months ended December 31, 2016 and $8.3 million, or $0.49 diluted earnings per share, for the three months ended March 31, 2016.
On a non-GAAP basis, core net income, which excludes certain non-core income and expense items, as detailed in the appendix to this earnings release, was $9.4 million, or $0.55 diluted earnings per share, for the three months ended March 31, 2017 as compared to $9.4 million, or $0.55 diluted earnings per share, for the three months ended December 31, 2016 and $8.3 million, or $0.49 diluted earnings per share, for the three months ended March 31, 2016. 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.
“With our merger preparation efforts in full swing, we are pleased to report another strong quarter,” commented Frank Leto, President and Chief Executive Officer, continuing, “The uptick in our net interest margin contributed to the increase in net interest income on both a linked quarter as well as a year-over-year basis. And while net loan growth for the first quarter was relatively flat, at $20.2 million, originations were consistent with prior quarters. Net paydowns totaled $106.7 million for the first quarter of 2017.”
Mr. Leto also stated, “In keeping with our strategy of selectively expanding our brand into new market areas, we recently announced two new initiatives: the anticipated opening of a new wealth office in Princeton, New Jersey and the expected acquisition of the Hirshorn Boothby insurance agency in the Chestnut Hill section of Philadelphia. These initiatives seek to leverage the branch network we’ll be acquiring in the contemplated Royal Bancshares acquisition, and will enable us to offer a full range of financial solutions to the residents and businesses in the surrounding areas.”
Each of the opening of the Princeton office and the acquisitions of Hirshorn Boothby and Royal Bancshares of Pennsylvania, Inc. (“Royal” or “Royal Bancshares”) is subject to applicable regulatory approvals, and the acquisitions are also subject to certain closing conditions.
On April 20, 2017, the Board of Directors of the Corporation declared a quarterly dividend of $0.21 per share, payable June 1, 2017 to shareholders of record as of May 2, 2017.