BRYN MAWR, Pa., July 20, 2020 – Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported net income of $15.0 million, or $0.75 diluted earnings per share for the three months ended June 30, 2020, as compared to a net loss of $11.2 million, or $(0.56) diluted earnings per share, for the three months ended March 31, 2020, and net income of $15.8 million, or $0.78 diluted earnings per share, for the three months ended June 30, 2019.
On a non-GAAP basis, core net income, which excludes gain on sale of Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans, one-time costs associated with the wind-down of BMT Investment Advisers, a wholly-owned subsidiary of the Corporation, and severance associated with certain staff reductions, as detailed in the appendix to this earnings release, was $15.4 million, or $0.77 diluted earnings per share, for the three months ended June 30, 2020. There were no meaningful non-core income or expense items for the three months ended March 31, 2020 or June 30, 2019. 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.
“In this time of unprecedented uncertainty, I am pleased with our second quarter results. This is truly a testament to BMT’s strong foundation and focus on people, process, technology and diversification of revenue streams. The hard work and dedication our employees showed in this time of crisis deserves special recognition,” commented Frank Leto, President and Chief Executive Officer, continuing, “Our transition to remote work was seamless and will offer us future efficiencies in both occupancy and personnel expenses. We entered this pandemic in a position of strength. Management remains diligent in the execution of our heightened risk management and credit monitoring processes.”
On July 20, 2020, the Board of Directors of the Corporation declared a quarterly dividend of $0.27 per share, payable September 1, 2020 to shareholders of record as of August 3, 2020.