BRYN MAWR, Pa., January 16, 2020 – Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported net income of $16.4 million, or $0.81 diluted earnings per share for the three months ended December 31, 2019, as compared to net income of $16.4 million, or $0.81 diluted earnings per share, for the three months ended September 30, 2019, and $17.1 million, or $0.84 diluted earnings per share, for the three months ended December 31, 2018.
As detailed in the appendix to this earnings release, management calculates core net income, a non-GAAP measure, which excludes income tax charges incurred in connection with the Tax Cuts and Jobs Act, due diligence and merger-related expenses, one-time costs associated with our voluntary Years of Service Incentive Program, and other non-core income and expense items. There were no meaningful non-core income or expense items for the three months ended December 31, 2019, September 30, 2019, or December 31, 2018. A reconciliation of core net income and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.
“We are excited to report a strong conclusion to 2019,” commented Frank Leto, President and Chief Executive Officer. “We believe loan growth of 4.2% over the prior quarter and 7.6% over the prior year, along with strong fee income from both wealth and capital markets are evidence of the continued success of our One BMT market strategy” Mr. Leto continued, “As we look to 2020 and what is shaping up to be a very challenging operating environment, our entire organization is focused on realizing the value of the investments in talent and technology we have made over the last few years to remain a market leader while controlling future increases in expenses until such time as the environment improves,” Mr. Leto concluded.
On January 16, 2020, the Board of Directors of the Corporation declared a quarterly dividend of $0.26 per share, payable March 1, 2020 to shareholders of record as of January 31, 2020.