Bryn Mawr Bank Corp. (BMTC, Financial) filed Quarterly Report for the period ended 2009-06-30.
The Bryn Mawr Bank Corporation is a bank holding company. Bryn Mawr Bank Corp. has a market cap of $153.6 million; its shares were traded at around $17.83 with a P/E ratio of 16.8 and P/S ratio of 1.9. The dividend yield of Bryn Mawr Bank Corp. stocks is 3.2%. 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 increased $50.5 million or 46.7% to $158.8 million at June 30, 2009 from $108.3 million at December 31, 2008 due to the Corporations strong liquidity position. Money market fund balances grew to $38.3 million at June 30, 2009 from $5.1 million at December 31, 2008, a result of increased deposit, money market and savings account inflows and lower loan fundings.
For the quarter ended June 30, 2009, non-interest income was $7.8 million, an increase of $2.6 million or 49.1% over the $5.2 million for the same period last year. This increase was primarily due to the net gain on sale of residential mortgage loans and Wealth Management revenue. Mortgage originations for the second quarter of 2009 were $125.1 million compared to $25.8 million in the
Non-interest income in the first half of the year was $15.3 million, up approximately $4.4 million compared to the first half of 2008, mainly due to a $3.7 million increase on the sale of residential mortgages. Other operating income, fees for wealth management services and service charges on deposits of $954 thousand were up $133 thousand or 16.2% from $821 thousand in the same period of 2008. Decreases in traditional Bank Wealth Management revenue was due to market valuation declines in the second half of 2008 and first quarter of 2009, and were more than offset by the revenue from the Lau Associates acquisition.
Average interest bearing liabilities increased $122.8 million or 16.0% to $891.6 million during the second quarter of 2009 compared to $768.8 million during second quarter of 2008. The decrease in the rate on interest bearing liabilities from 2.58% in the second quarter 2009 to 1.94% in the second quarter of 2009 is largely due to higher rate wholesale deposits maturing, the increase of lower rate money market and savings accounts and aggressive management of deposit pricing. Average total wholesale funding increased $6.1 million or 2.1% to $298.1 million compared to the same period last year. The change in average deposit balances from the second quarter of 2008 was a $128.1 million increase or 16.8%.
Average interest bearing liabilities increased $152.0 million or 20.7% to $885.3 million during the first six months of 2009 compared to $733.2 million same period of 2008. The decrease in the rate on interest bearing liabilities from 2.85% in the first six months of 2008 to 2.04% in the first six months 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 $15 million of subordinated debt reset during the second quarter of 2009 resulting in a decrease of 69 basis points. The $7.5 million of subordinated debt raised on April 20, 2009 is priced at 90 day LIBOR plus 5.75% and resets on the 15th day of the last month of each quarter. The rate was reset on June 15, 2009. Average total wholesale funding increased $54.4 million or 22.2% to $299.2 million compared to the same period last year. The change in average deposit balances from the first six months of 2008 was a $112.0 million increase or 14.6%.
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The Bryn Mawr Bank Corporation is a bank holding company. Bryn Mawr Bank Corp. has a market cap of $153.6 million; its shares were traded at around $17.83 with a P/E ratio of 16.8 and P/S ratio of 1.9. The dividend yield of Bryn Mawr Bank Corp. stocks is 3.2%. 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 June 30, 2009 were $877.6 million, a decrease of $22.0 million or 2.4% from 2008 year-end balance of $899.6 million. The decrease in the balance 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 represented 41 basis points or $3.7 million of portfolio loans and leases at June 30, 2009. This compares with 65 basis points or $5.8 million at December 31, 2008. The Corporations other real estate owned (OREO) balance as of June 30, 2009 was $1.9 million due to the foreclosure of a site development loan and its transfer into OREO at its estimated net realizable value compared to $0 on December 31, 2008 and $0 as of June 30, 2008.The Corporations investment portfolio increased $50.5 million or 46.7% to $158.8 million at June 30, 2009 from $108.3 million at December 31, 2008 due to the Corporations strong liquidity position. Money market fund balances grew to $38.3 million at June 30, 2009 from $5.1 million at December 31, 2008, a result of increased deposit, money market and savings account inflows and lower loan fundings.
For the quarter ended June 30, 2009, non-interest income was $7.8 million, an increase of $2.6 million or 49.1% over the $5.2 million for the same period last year. This increase was primarily due to the net gain on sale of residential mortgage loans and Wealth Management revenue. Mortgage originations for the second quarter of 2009 were $125.1 million compared to $25.8 million in the
Non-interest income in the first half of the year was $15.3 million, up approximately $4.4 million compared to the first half of 2008, mainly due to a $3.7 million increase on the sale of residential mortgages. Other operating income, fees for wealth management services and service charges on deposits of $954 thousand were up $133 thousand or 16.2% from $821 thousand in the same period of 2008. Decreases in traditional Bank Wealth Management revenue was due to market valuation declines in the second half of 2008 and first quarter of 2009, and were more than offset by the revenue from the Lau Associates acquisition.
Average interest bearing liabilities increased $122.8 million or 16.0% to $891.6 million during the second quarter of 2009 compared to $768.8 million during second quarter of 2008. The decrease in the rate on interest bearing liabilities from 2.58% in the second quarter 2009 to 1.94% in the second quarter of 2009 is largely due to higher rate wholesale deposits maturing, the increase of lower rate money market and savings accounts and aggressive management of deposit pricing. Average total wholesale funding increased $6.1 million or 2.1% to $298.1 million compared to the same period last year. The change in average deposit balances from the second quarter of 2008 was a $128.1 million increase or 16.8%.
Average interest bearing liabilities increased $152.0 million or 20.7% to $885.3 million during the first six months of 2009 compared to $733.2 million same period of 2008. The decrease in the rate on interest bearing liabilities from 2.85% in the first six months of 2008 to 2.04% in the first six months 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 $15 million of subordinated debt reset during the second quarter of 2009 resulting in a decrease of 69 basis points. The $7.5 million of subordinated debt raised on April 20, 2009 is priced at 90 day LIBOR plus 5.75% and resets on the 15th day of the last month of each quarter. The rate was reset on June 15, 2009. Average total wholesale funding increased $54.4 million or 22.2% to $299.2 million compared to the same period last year. The change in average deposit balances from the first six months of 2008 was a $112.0 million increase or 14.6%.
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