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Bryn Mawr Bank Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 10, 2010 05:19PM
Bryn Mawr Bank Corp. (BMTC) filed Quarterly Report for the period ended 2010-03-31. Bryn Mawr Bank Corp. has a market cap of $157.97 million; its shares were traded at around $17.75 with a P/E ratio of 15.71 and P/S ratio of 1.85. The dividend yield of Bryn Mawr Bank Corp. stocks is 3.15%. Bryn Mawr Bank Corp. had an annual average earning growth of 4.9% over the past 10 years. GuruFocus rated Bryn Mawr Bank Corp. the business predictability rank of 3-star.BMTC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Total portfolio loans and leases at March 31, 2010 were $893.1 million, an increase of $7.4 million or 0.8% from the December 31, 2009 year-end balance of $885.7 million. Credit quality on the overall loan and lease portfolio is stable. Total non-performing loans and leases represented 77 basis points or $6.9 million of portfolio loans and leases at March 31, 2010. This compares with 78 basis points or $6.9 million at December 31, 2009.
For the quarter ended March 31, 2010, non-interest income was $7.3 million, in line with the $7.5 million for the same period last year. During the first quarter of 2010, fees for wealth management services were $3.8 million, loan servicing and late fees were $381 thousand and the net gain on the sale of investments was $1.5 million. The net gain on sale of residential mortgage loans of $525 thousand and other operating income of $529 thousand during the first quarter of 2010 declined from $1.9 million and $878 thousand, respectively, in the first quarter of 2009.
Wealth Management assets under management, administration, supervision and brokerage as of March 31, 2010 were $3.1 billion, up $239 million or 8.3% higher than the $2.9 billion at December 31, 2009 and up $1.1 billion or 58.8% from March 31, 2009. Success in the Wealth Management area is primarily attributable to improvements in the financial markets and the success of BMT Asset Management.
Non-interest expense for the quarter ended March 31, 2010 was $11.9 million, an increase of $437 thousand or 3.8% over the $11.5 million in the same period last year. The increase is mainly due to increases in due diligence and merger related expenses and professional fees associated with the First Keystone Transaction as well as a $152 thousand loss on the sale of OREO during the first quarter of 2010.
The tax equivalent net interest income for the three months ended March 31, 2010 of $11.3 million was $1.6 million or 16.2% higher than the tax equivalent net interest income for the same period in 2009 of $9.7 million. This increase was primarily attributable to a decrease in interest expense of $1.9 million or 40.5% from $4.7 million for the quarter ended March 31, 2009 to $2.8 million for the quarter ended March 31, 2010, average investment portfolio growth of $92.1 million or 84.9% from $108.4 million for the three month period ended March 31, 2009 to $200.5 million for the three month period ended March 31, 2010 and a reduction in average wholesale deposits of $47.8 million or 36.0% from $132.8 million for the quarter ended March 31, 2009 to $85.0 million for the quarter ended March 31, 2010.
Average interest bearing liabilities decreased $932 thousand or 0.1% to $877.9 million during the first quarter of 2010 compared to $878.8 million during first quarter of 2009. The rate on interest bearing liabilities decreased from 2.15% in the first quarter 2009 to 1.28% in the first quarter of 2010, largely due to higher rate wholesale deposits maturing, the increase in lower rate money market and savings accounts and prudent management of deposit pricing. Average total wholesale funding, which is defined as wholesale deposits (wholesale time deposits and other wholesale deposits) and borrowed funds (FHLB-P advances, Federal Reserve Bank borrowings and Federal Funds overnight borrowings), decreased $58.0 million or 20.2% to $229.0 million for the quarter ended March 31, 2010 compared to the same period in 2009. Average deposit balances for the first quarter of 2010 were $898.7 million, a $28.7 million increase or 3.3% above the $870.0 million at March 31, 2009.
Stocks Discussed: BMTC,