BRYN MAWR, Pa., October 17, 2019 – Bryn Mawr Bank Corporation (NASDAQ: Bryn Mawr TrustC) (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 September 30, 2019, as compared to net income of $15.8 million, or $0.78 diluted earnings per share, for the three months ended June 30, 2019, and $16.7 million, or $0.82 diluted earnings per share, for the three months ended September 30, 2018.
On a non-GAAP basis, core net income, which excludes income tax charges incurred in connection with the Tax Cuts and Jobs Act (“Tax Reform”), due diligence and merger-related expenses, one-time costs associated with our voluntary Years of Service Incentive Program (the “Incentive Program”), and other non-core income and expense items, as detailed in the appendix to this earnings release, was $16.4 million, or $0.81 diluted earnings per share, for the three months ended September 30, 2019, as compared to $15.8 million, or $0.78 diluted earnings per share, for the three months ended June 30, 2019, and $17.1 million, or $0.84 diluted earnings per share, for the three months ended September 30, 2018. Management believes core net income is an important measure 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.
“This is an exciting time for Bryn Mawr Trust as the Board’s commitment to building a market-leading company continues to manifest through another quarter of solid earnings and strong credit performance,” commented Frank Leto, President and Chief Executive Officer. “Our wealth business continued its growth trajectory as assets under management surpassed $15 billion and we believe our strong sales pipeline in this and other business lines is indicative of our focus on new business development,” Mr. Leto continued. “Our client-focused team is going to market as One Bryn Mawr Trust, bringing a unified, full suite of banking and wealth financial solutions to the communities we serve enabling us to continue our momentum into year-end and 2020.”
The Board of Directors of the Corporation declared a quarterly dividend of $0.26 per share, payable December 1, 2019 to shareholders of record as of November 1, 2019.
