Bryn Mawr Bank Corp. (BMTC, Financial) filed Quarterly Report for the period ended 2009-03-31.
The Bryn Mawr Bank Corporation is a bank holding company. Bryn Mawr Bank Corp. has a market cap of $163.7 million; its shares were traded at around $19.01 with a P/E ratio of 17.9 and P/S ratio of 2.1. The dividend yield of Bryn Mawr Bank Corp. stocks is 2.9%. Bryn Mawr Bank Corp. had an annual average earning growth of 11.6% over the past 10 years. GuruFocus rated Bryn Mawr Bank Corp. the business predictability rank of 2.5-star.
The Corporations investment portfolio decreased $2.2 million or 2.0% to $106.2 million at March 31, 2009 from $108.3 million at December 31, 2008 due to the maturity of investments and the paydown of mortgage backed securities that were not replaced. On March 31, 2009, the fair value of the Corporations investment security portfolio was $106.2 million compared with its amortized cost of $105.2 million. Money market fund balances grew to $72.4 million at March 31, 2009 from $5.1 million at December 31, 2008. These excess funds were the result of increased deposit, money market and savings account activity and lower loan fundings. These funds provide a higher yield than the Federal Reserve and other depository institutions. The Corporation continues to place a strong emphasis on overnight liquidity without taking undue risk.
Average total interest bearing deposits were up $78.1 million or 12.4% from the year ago period. Over the past 12 months the Corporation had significant increases in money market and savings accounts. Funding from wholesale sources, which includes wholesale deposits, Insured Network Deposits (IND) deposits, subordinated debt and borrowings, at March 31, 2009 of approximately $283.7 million was $37.2 million lower than the $320.9 million at December 31, 2008. The increase in deposit activity during the first quarter of 2009 reduced the Corporations dependency on more expensive wholesale funding.
For the quarter ended March 31, 2009, non-interest income was $7.5 million, an increase of $1.9 million or 32.9% from the $5.6 million in the same period last year. This increase was primarily due to the net gain on sale of residential mortgage loans increasing $1.5 million or 465.4% from a year ago and the gain on sale of investments which increased $250 thousand or 112.6% from the first quarter of 2008. Mortgage originations for the first quarter of 2009 were $96.5 million compared to $25.8 million in the fourth quarter
The tax equivalent net interest income for the three months ended March 31, 2009 of $9.7 million was $1.0 million or 11.7% higher than the net interest income for the same period in 2008 of $8.6 million. This increase was substantially volume driven as average loan growth of $93.1 million or 11.5% and investment portfolio growth of $51.5 million or 90.4% were able to offset several prime rate decreases and the impact of a higher level of wholesale funds, which includes wholesale deposits, subordinated debt and borrowings.
Average interest bearing liabilities increased $181.2 million or 26.0% to $878.8 million during the first quarter of 2009 compared to $697.7 million during first quarter of 2008. The decrease in the rate on interest bearing liabilities from 3.14% in the first quarter 2008 to 2.15% in the first quarter of 2009 is due to higher rate wholesale deposits maturing, the increase of lower rate money market and savings accounts and aggressive management of deposit pricing. The interest rate on the subordinated debt reset during the first quarter of 2009 resulting in a decrease of 84 basis points. Average total wholesale funding increased $104.4 million or 52.8% to $302.0 million compared to the same period last year. The change in average deposit balances from the first quarter of 2008 was a $95.9 million increase or 12.4%.
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The Bryn Mawr Bank Corporation is a bank holding company. Bryn Mawr Bank Corp. has a market cap of $163.7 million; its shares were traded at around $19.01 with a P/E ratio of 17.9 and P/S ratio of 2.1. The dividend yield of Bryn Mawr Bank Corp. stocks is 2.9%. Bryn Mawr Bank Corp. had an annual average earning growth of 11.6% over the past 10 years. GuruFocus rated Bryn Mawr Bank Corp. the business predictability rank of 2.5-star.
Highlight of Business Operations:
Total portfolio loans and leases at March 31, 2009 were $893.5 million, a decrease of $6.1 million or less than 1% from 2008 year-end balance of $899.6 million. The decrease from year end was primarily in construction loans and leases. Credit quality on the overall loan and lease portfolio remains strong as total non-performing loans and leases represents 45 basis points or $4.0 million of portfolio loans and leases at March 31, 2009. This compares with 65 basis points or $5.8 million at December 31, 2008. The provision for loan and lease losses for the quarter ended March 31, 2009 and 2008 was $1.6 million and $854 thousand, respectively. At March 31, 2009, the allowance for loan and lease losses (allowance) of $10.1 million represents 1.13% of portfolio loans and leases compared with 1.15% at December 31, 2008 and 1.02% at March 31, 2008. The decrease in the allowance from 1.15% to 1.13% at March 31, 2009 is due in part to the charge-off related to the site development loan transfered to OREO. Substantially all of the charge-off on the site development loan was included in the allowance for loan and lease losses at December 31, 2008.The Corporations investment portfolio decreased $2.2 million or 2.0% to $106.2 million at March 31, 2009 from $108.3 million at December 31, 2008 due to the maturity of investments and the paydown of mortgage backed securities that were not replaced. On March 31, 2009, the fair value of the Corporations investment security portfolio was $106.2 million compared with its amortized cost of $105.2 million. Money market fund balances grew to $72.4 million at March 31, 2009 from $5.1 million at December 31, 2008. These excess funds were the result of increased deposit, money market and savings account activity and lower loan fundings. These funds provide a higher yield than the Federal Reserve and other depository institutions. The Corporation continues to place a strong emphasis on overnight liquidity without taking undue risk.
Average total interest bearing deposits were up $78.1 million or 12.4% from the year ago period. Over the past 12 months the Corporation had significant increases in money market and savings accounts. Funding from wholesale sources, which includes wholesale deposits, Insured Network Deposits (IND) deposits, subordinated debt and borrowings, at March 31, 2009 of approximately $283.7 million was $37.2 million lower than the $320.9 million at December 31, 2008. The increase in deposit activity during the first quarter of 2009 reduced the Corporations dependency on more expensive wholesale funding.
For the quarter ended March 31, 2009, non-interest income was $7.5 million, an increase of $1.9 million or 32.9% from the $5.6 million in the same period last year. This increase was primarily due to the net gain on sale of residential mortgage loans increasing $1.5 million or 465.4% from a year ago and the gain on sale of investments which increased $250 thousand or 112.6% from the first quarter of 2008. Mortgage originations for the first quarter of 2009 were $96.5 million compared to $25.8 million in the fourth quarter
The tax equivalent net interest income for the three months ended March 31, 2009 of $9.7 million was $1.0 million or 11.7% higher than the net interest income for the same period in 2008 of $8.6 million. This increase was substantially volume driven as average loan growth of $93.1 million or 11.5% and investment portfolio growth of $51.5 million or 90.4% were able to offset several prime rate decreases and the impact of a higher level of wholesale funds, which includes wholesale deposits, subordinated debt and borrowings.
Average interest bearing liabilities increased $181.2 million or 26.0% to $878.8 million during the first quarter of 2009 compared to $697.7 million during first quarter of 2008. The decrease in the rate on interest bearing liabilities from 3.14% in the first quarter 2008 to 2.15% in the first quarter of 2009 is due to higher rate wholesale deposits maturing, the increase of lower rate money market and savings accounts and aggressive management of deposit pricing. The interest rate on the subordinated debt reset during the first quarter of 2009 resulting in a decrease of 84 basis points. Average total wholesale funding increased $104.4 million or 52.8% to $302.0 million compared to the same period last year. The change in average deposit balances from the first quarter of 2008 was a $95.9 million increase or 12.4%.
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