BRYN MAWR, Pa., January 17, 2019 – Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”) today reported net income of $17.1 million, or $0.84 diluted earnings per share for the three months ended December 31, 2018, as compared to net income of $16.7 million, or $0.82 diluted earnings per share, for the three months ended September 30, 2018, and a net loss of $6.2 million, or ($0.35) diluted earnings per share, for the three months ended December 31, 2017.
On a non-GAAP basis, core net income, which excludes Tax Cuts and Jobs Act (“Tax Reform”) related income tax charges, due diligence and merger-related expenses and other non-core income and expense items, as detailed in the appendix to this earnings release, was $17.2 million, or $0.84 diluted earnings per share, for the three months ended December 31, 2018, as compared to $17.1 million, or $0.84 diluted earnings per share, for the three months ended September 30, 2018, and $11.3 million, or $0.63 diluted earnings per share, for the three months ended December 31, 2017. 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 were pleased to conclude 2018 on a positive note, with fourth quarter and annual net income reaching all-time highs,” commented Frank Leto, President and Chief Executive Officer, continuing, “Contributions from our Royal Bank acquisition, continued momentum in our wealth division and capital markets area, and solid organic growth are reflected in our year-end results. During 2018 and early 2019 we have welcomed several key additions to our senior leadership team. The depth of knowledge and innovative ideas these new team members bring to BMT will enhance our customer experience, bring greater efficiencies to existing business processes and have us well positioned to execute our strategy as we enter 2019.”
The Board of Directors of the Corporation declared a quarterly dividend of $0.25 per share, payable March 1, 2019 to shareholders of record as of February 1, 2019.