BRYN MAWR, Pa., January 21, 2021 – Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported net income of $15.5 million, or $0.78 diluted earnings per share, for the three months ended December 31, 2020, as compared to $13.2 million, or $0.66 diluted earnings per share, for the three months ended September 30, 2020, and $16.4 million, or $0.81 diluted earnings per share, for the three months ended December 31, 2019.
As detailed in the appendix to this earnings release, management calculates core net income, a non-GAAP measure. Core net income for the three months ended December 31, 2020 excludes certain non-core noninterest income and expense items recognized in connection with the sale of owned office space, the early termination of leased office space, and the planned closure of a branch location. As detailed in the appendix to this earnings release, while the individual components of these items were meaningful, overall core net income of $15.5 million, or $0.77 diluted earnings per share, was relatively consistent as compared to GAAP net income. There were no meaningful non-core income or expense items for the three months ended September 30, 2020 or December 31, 2019. 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 pleased with how we concluded this challenging year,” commented Frank Leto, President and Chief Executive Officer, continuing, “We are excited to report that our prior investments in technology and the commitment of our people to quickly and successfully adapt to a sustainable remote working environment allowed us to execute on permanent office space reductions. The net earnings impact of the one-time gains and costs resulting from these occupancy decisions, coupled with the one-time costs associated with the forthcoming closure of one branch location was not material. We expect that these cost-saving decisions will positively impact our noninterest expense in 2021 and beyond.” Mr. Leto continued, “The number of loans within our COVID-19 deferral program at year-end has considerably decreased from prior quarters as borrowers have begun resuming payments. Lastly, our wealth division continues to perform strongly and finished the year with $19 billion in assets under management, an increase of $2.4 billion from a year ago, and linked quarter growth in revenue of over 7%.”
On January 21, 2021, the Board of Directors of the Corporation declared a quarterly dividend of $0.27 per share, payable March 1, 2021 to shareholders of record as of February 1, 2021.