Please wait

bmtclogoa011.jpg
FOR RELEASE: IMMEDIATELYFrank Leto, President, CEO
FOR MORE INFORMATION CONTACT:610-581-4730
Mike Harrington, CFO
610-526-2466

Bryn Mawr Bank Corporation Reports
First Quarter Net Income of $17.1 Million,
Wealth Assets Under Management Surpass $20 Billion

BRYN MAWR, Pa., April 22, 2021 - Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported net income of $17.1 million, or $0.85 diluted earnings per share, for the three months ended March 31, 2021, as compared to $15.5 million, or $0.78 diluted earnings per share, for the three months ended December 31, 2020, and a net loss of $11.2 million, or $(0.56) diluted earnings per share, for the three months ended March 31, 2020.

On a non-GAAP basis, core net income, which excludes due diligence and merger-related expenses related to the pending merger with WSFS Financial Corporation (“WSFS”) and other non-core income and expense items, as detailed in the appendix to this earnings release, was $18.7 million, or $0.93 diluted earnings per share, for the three months ended March 31, 2021 as compared to $15.5 million, or $0.77 diluted earnings per share, for the three months ended December 31, 2020. There were no meaningful non-core income or expense items for the three months ended March 31, 2020. Management believes the core net income measure is important 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.

“We are pleased with the start of 2021, posting another quarter of solid earnings and strong credit performance,” commented Frank Leto, President and Chief Executive Officer, continuing, “We saw modest improvement in the net interest margin and our wealth business continues to deliver consistent fee income as wealth assets under management surpassed the $20 billion milestone. While working through merger preparation efforts, we remain steadfast in our focus of achieving solid financial results for our shareholders, as well as serving our customers and communities in which we serve.”

On April 22, 2021, the Board of Directors of the Corporation declared a quarterly dividend of $0.27 per share, payable June 1, 2021 to shareholders of record as of May 4, 2021.

SIGNIFICANT ITEMS OF NOTE

Results of Operations – First Quarter 2021 Compared to Fourth Quarter 2020

•Net income for the three months ended March 31, 2021 was $17.1 million, or $0.85 diluted earnings per share, as compared to $15.5 million, or $0.78 diluted earnings per share, for the three months ended December 31, 2020. Net interest income for the three months ended March 31, 2021 was $34.8 million, a $256 thousand decrease as compared to the linked quarter. The provision for credit losses (the “Provision”), which includes the provision for credit losses on loans and leases, off-balance sheet credit exposures, and accrued interest receivable on COVID-19 deferrals, for the three months ended March 31, 2021 was a recovery of $5.2 million, as compared to a recovery of $1.2 million for the three months ended December 31, 2020. Total noninterest income decreased $2.2 million, total noninterest expense decreased $921 thousand, and income tax expense increased $988 thousand for the three months ended March 31, 2021, as compared to the three months ended December 31, 2020.

1

•Net interest income for the three months ended March 31, 2021 was $34.8 million, a $256 thousand decrease as compared to the linked quarter. Tax-equivalent net interest income for the three months ended March 31, 2021 was $34.9 million, a $262 thousand decrease as compared to the linked quarter. Tax-equivalent net interest income for the first quarter of 2021 was positively impacted by the accretion of purchase accounting fair value marks of $515 thousand, a decrease of $403 thousand as compared to $918 thousand for the linked quarter. Excluding the effects of these purchase accounting fair value marks, the adjusted tax-equivalent net interest income for the three months ended March 31, 2021 was $34.4 million, an increase of $141 thousand over the linked quarter. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

The tax-equivalent net interest margin was 3.16% for the three months ended March 31, 2021 as compared to 3.04% for the linked quarter. Adjusting for the impact of the accretion of purchase accounting fair value marks, the adjusted tax-equivalent net interest margin was 3.11% for the three months ended March 31, 2021 as compared to 2.96% for the linked quarter. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

The change in tax-equivalent net interest income adjusted for purchase accounting included an increase of $384 thousand in tax-equivalent interest income on available for sale investment securities, a decrease of $678 thousand in tax-equivalent interest and fees earned on loans and leases, and a decrease of $487 thousand in interest expense on deposits, for the three months ended March 31, 2021 as compared to the linked quarter.

Tax-equivalent interest income on available for sale investment securities for the three months ended March 31, 2021 increased $384 thousand as compared to the linked quarter. The tax-equivalent yield on average available for sale investment securities for the three months ended March 31, 2021 was 1.63%, a 12 basis point increase as compared to the linked quarter. Average available for sale investment securities increased $59.5 million for the three months ended March 31, 2020 as compared to the linked quarter.

Tax-equivalent interest and fees earned on loans and leases for the three months ended March 31, 2021 decreased $1.1 million as compared to the linked quarter. The tax-equivalent yield on average loans and leases for the three months ended March 31, 2021 was 3.90%, a one basis point increase as compared to the linked quarter. Average loans and leases decreased $50.4 million for the three months ended March 31, 2021 as compared to the linked quarter.

Interest expense on deposits for the three months ended March 31, 2021 decreased $467 thousand as compared to the linked quarter. The rate paid on average interest-bearing deposits for the three months ended March 31, 2021 was 0.22%, a 5 basis point decrease as compared to the linked quarter. Average interest-bearing deposits for the three months ended March 31, 2021 decreased $152.9 million as compared to the linked quarter.

•Noninterest income of $19.8 million for the three months ended March 31, 2021 declined $2.2 million as compared to the linked quarter. The decrease was primarily driven by a nonrecurring $2.3 million gain on sale of long-lived assets recognized in the fourth quarter of 2020 in connection with the sale of owned office space. This decrease, coupled with a decrease of $592 thousand in net gain on sale of loans was partially offset by increases of $755 thousand and $248 thousand in capital markets revenue and fees for wealth management services, respectively.

•Noninterest expense of $37.7 million for the three months ended March 31, 2021 declined $921 thousand as compared to the linked quarter. The decrease was primarily driven by the lack of nonrecurring facility charges recorded in the fourth quarter of 2020 which included $1.6 million of impairment of long-lived assets and $801 thousand of disposal expense of leasehold improvements and equipment associated with the sale of owned office space and the early termination of leased office space.

These prior quarter facility driven charges, which are detailed in the appendix to this earnings release as non-core items, were coupled with first quarter noninterest expense decreases of $900 thousand, $378 thousand, and $334 thousand in salaries and wages, advertising expense, and professional fees, respectively. Partially offsetting these decreases were $1.6 million of due diligence and merger-related expenses related to the pending
2

merger with WSFS and increases of $1.0 million and $829 thousand in Pennsylvania bank shares tax and employee benefits, respectively.

•A recovery of Provision of $5.2 million was recorded for the three months ended March 31, 2021 as compared to a recovery of Provision of $1.2 million for the three months ended December 31, 2020. The recovery of Provision of $5.2 million for the three months ended March 31, 2021 was primarily comprised of a $5.5 million recovery of provision for credit losses on loans and leases, partially offset by a $259 thousand provision for credit losses on off-balance sheet exposures. The difference in Provision between the two periods was driven by changes in current and forward-looking economic assumptions, as well as projected prepayments, included in the estimation of expected credit losses on loans and leases as of March 31, 2021 as compared to December 31, 2020. Net loan and lease charge-offs for the first quarter of 2021 totaled $642 thousand, a decrease of $1.7 million as compared to $2.3 million for the fourth quarter of 2020.

•The effective tax rate for the first quarter of 2021 increased to 22.93% as compared to 20.86% for the fourth quarter of 2020. The increase in effective tax rate was primarily due to a $323 thousand discrete tax item related to non-deductible merger-related expenses recognized in the first quarter of 2021.

Results of Operations – First Quarter 2021 Compared to First Quarter 2020

•Net income for the three months ended March 31, 2021 was $17.1 million, or $0.85 diluted earnings per share, as compared to a net loss of $11.4 million, or $(0.56) diluted earnings per share, for the three months ended March 31, 2020. Net interest income for the three months ended March 31, 2021 was $34.8 million, a decrease of $1.6 million as compared to the same period in 2020. A recovery of Provision of $5.2 million was recorded for the three months ended March 31, 2021 as compared to a Provision of $35.4 million for the three months ended March 31, 2020, a difference of $40.6 million. The difference in Provision between the two periods was driven by the current and forward-looking economic impacts of the COVID-19 pandemic included in the estimation of expected credit losses on loans and leases as of March 31, 2021 as compared to March 31, 2020. Total noninterest income increased $1.5 million, total noninterest expense increased $4.3 million, and income tax expense increased $8.0 million for the three months ended March 31, 2021 as compared to the three months ended March 31, 2020.

•Net interest income for the three months ended March 31, 2021 was $34.8 million, a decrease of $1.6 million as compared to the same period in 2020. Tax-equivalent net interest income for the three months ended March 31, 2021 was $34.9 million, a decrease of $1.6 million as compared to the same period in 2020. Tax-equivalent net interest income for the first quarter of 2021 was positively impacted by the accretion of purchase accounting fair value marks of $515 thousand as compared to $949 thousand for the same period in 2020. Excluding the effects of these purchase accounting fair value marks, the adjusted tax-equivalent net interest income for the three months ended March 31, 2021 was $34.3 million, a decrease of $1.1 million as compared to the same period in 2020. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

The tax-equivalent net interest margin was 3.16% for the three months ended March 31, 2021 as compared to 3.38% for the same period in 2020. Adjusting for the impacts of the accretion of purchase accounting fair value marks, the adjusted tax-equivalent net interest margin was 3.11% for the three months ended March 31, 2021 as compared to 3.29% for the same period in 2020. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

The change in tax-equivalent net interest income adjusted for purchase accounting included decreases of $7.8 million, $6.3 million, $443 thousand, and $132 thousand in tax-equivalent interest and fees earned on loans and leases, interest paid on deposits, interest expense on short-term borrowings, and tax-equivalent interest income on available for sale investment securities, respectively, for the three months ended March 31, 2021 as compared to the same period in 2020.

Tax-equivalent interest and fees earned on loans and leases for the three months ended March 31, 2021 decreased $8.2 million as compared to the same period in 2020. The tax-equivalent yield on average loans and leases for the three months ended March 31, 2021 was 3.90%, a 72 basis point decrease as compared to the
3

same period in 2020. Average loans and leases decreased $131.2 million for the three months ended March 31, 2021 as compared to the same period in 2020.

Tax-equivalent interest income on available for sale investment securities for the three months ended March 31, 2021 decreased $132 thousand as compared to the same period in 2020. The tax-equivalent yield on average available for sale investment securities for the three months ended March 31, 2021 was 1.63%, a 76 basis point decrease as compared to the same period in 2020. Average available for sale investment securities increased $216.5 million for the three months ended March 31, 2021 as compared to the same period in 2020.

Interest expense on deposits for the three months ended March 31, 2021 decreased $6.2 million as compared to the same period in 2020. The rate paid on average interest-bearing deposits for the three months ended March 31, 2021 was 0.22%, an 86 basis point decrease as compared to the same period in 2020. Average interest-bearing deposits for the three months ended March 31, 2021 decreased $240.7 million as compared to the same period in 2020.

Interest expense on short-term borrowings for the three months ended March 31, 2021 decreased $443 thousand as compared to the same period in 2020. The decrease was primarily due to a $108.6 million decrease in average short-term borrowings for the three months ended March 31, 2021 as compared to the same period in 2020, coupled with a 117 basis point decrease in the rate paid for the three months ended March 31, 2021 as compared to the same period in 2020.

•Noninterest income of $19.8 million for the three months ended March 31, 2021 represented a $1.5 million increase over the same period in 2020. The increase was driven by increases of $1.9 million and $1.7 million in other operating income and fees for wealth management services, respectively, partially offset by decreases of $765 thousand and $532 thousand in capital markets revenue and net gain on sale of loans, respectively. The $1.9 million increase in other operating income was primarily due to a $978 thousand loss on trading securities recorded in the first quarter of 2020 due to market fluctuations affecting the Corporation's executive and director supplemental retirement plan assets, as compared to a $137 thousand gain on trading securities recorded in the first quarter of 2021.

•Noninterest expense of $37.7 million for the three months ended March 31, 2021 represented a $4.3 million increase over the same period in 2020. Increases of $2.5 million, $1.6 million, and $633 thousand in other operating expenses, merger related expenses, and Pennsylvania bank shares tax expense, respectively, were partially offset by decreases of $225 thousand, $189 thousand, $159 thousand, and $123 thousand in advertising expense, furniture, fixtures and equipment expense, salaries and wages, and occupancy and bank premises expense, respectively. The $2.5 million increase in other operating expenses was driven by a $1.9 million increase in deferred compensation expense as market fluctuations resulted in a $1.1 million reduction in expense in the first quarter of 2020 as compared to $801 thousand of expense in the first quarter of 2021.

•A recovery of Provision of $5.2 million was recorded for the three months ended March 31, 2021 as compared to a Provision of $35.3 million for the three months ended March 31, 2020, a decrease of $40.6 million. The difference in Provision between the two periods was driven by changes in the current and forward-looking economic impacts of the COVID-19 pandemic included in the estimation of expected credit losses on loans and leases as of March 31, 2021 as compared to March 31, 2020. Net loan and lease charge-offs for the first quarter of 2021 totaled $642 thousand, a decrease of $3.4 million as compared to $4.1 million for the first quarter in 2020.

•The effective tax rate for the first quarter of 2021 increased to 22.93% as compared to 20.94% for the first quarter of 2020. The increase in effective tax rate was primarily due to a $323 thousand discrete tax item related to non-deductible merger-related expenses recognized in the first quarter of 2021.

Financial Condition – March 31, 2021 Compared to December 31, 2020

•Total assets as of March 31, 2021 were $4.91 billion, a decrease of $517.5 million from December 31, 2020. The decrease was primarily driven by decreases of $436.0 million, $48.9 million, and $30.8 million in available for sale investment securities, cash balances, and other assets, respectively.
4


•Available for sale investment securities as of March 31, 2021 totaled $739.0 million, a decrease of $436.0 million from December 31, 2020. The decrease was primarily due to the maturing, in January 2021, of $500.0 million of short-term U.S. Treasury securities included on the balance sheet as of December 31, 2020, partially offset by increases of $43.5 million and $17.3 million of mortgage-backed securities and U.S. Government and agency securities, respectively.

•Total portfolio loans and leases of $3.63 billion as of March 31, 2021 increased $4.8 million as compared to December 31, 2020. Increases of $40.4 million, $26.2 million and $3.6 million in commercial and industrial loans, construction loans and residential mortgage junior liens, respectively, were partially offset by decreases of $27.3 million, $18.8 million, $11.9 million and $7.1 million in nonowner-occupied commercial mortgages, residential mortgage 1st liens, home equity lines of credit and leases, respectively.

As of March 31, 2021, 31 consumer loans and leases in the amount of $4.5 million and 42 commercial loans in the amount of $61.5 million are within a deferral period under the Bank's modification programs, the total comprising 1.8% of the Bank’s portfolio loans and leases. Of those commercial loans within a deferral period, $57.0 million, or 92.6% of deferred commercial loans, continue to make interest-only payments.

•The ACL on loans and leases was $47.6 million as of March 31, 2021 as compared to an ACL on loans and leases of $53.7 million as of December 31, 2020, a decrease of $6.1 million. The difference in ACL on loans and leases between the two periods was driven by the current and forward-looking economic impacts of the COVID-19 pandemic, as well as projected prepayments, included in the estimation of expected credit losses on loans and leases as of March 31, 2021 as compared to December 31, 2020.

•Deposits of $3.90 billion as of March 31, 2021 decreased $474.0 million from December 31, 2020. The decrease was primarily driven by decreases of $213.9 million, $204.4 million, and $37.1 million in interest-bearing demand accounts, wholesale non-maturity deposits, and noninterest bearing deposits, respectively, partially offset by an increase of $37.5 million in money market accounts. The decrease in wholesale non-maturity deposits was primarily due to a decrease of approximately $200.0 million of wholesale deposits in the first quarter of 2021, which was used to partially fund the purchase of $500.0 million of short-term U.S. Treasury securities included on the balance sheet as of December 31, 2020. The decrease in interest-bearing demand deposits was primarily driven by management's active management of excess liquidity in this current interest rate environment.

•Borrowings of $220.9 million as of March 31, 2021, which include short-term borrowings, long-term FHLB advances, subordinated notes and junior subordinated debentures, decreased $12.0 million from December 31, 2020, primarily due to a decrease of $12.1 million in short-term borrowings.

•Wealth assets totaled $20.06 billion as of March 31, 2021, an increase of $1.08 billion from December 31, 2020. As of March 31, 2021, wealth assets consisted of $12.80 billion of wealth assets where fees are set at fixed amounts, an increase of $946.3 million from December 31, 2020, and $7.26 billion of wealth assets where fees are predominantly determined based on the market value of the assets held in their accounts, an increase of $136.5 million from December 31, 2020.

•The capital ratios for the Bank and the Corporation, as of March 31, 2021, as shown in the attached tables, indicate regulatory capital levels in excess of the regulatory minimums and the levels necessary for the Bank to be considered “well capitalized.” In September 2020, the U.S. banking agencies issued a final rule that provides banking organizations with an alternative option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period. This final rule is consistent with the interim final rule issued by the U.S. banking agencies in March 2020. The current and prior quarter ratios reflect the Corporation's election of the five-year transition provision.





5

FORWARD LOOKING STATEMENTS AND SAFE HARBOR

This communication contains statements which, to the extent that they are not recitations of historical fact, may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Such forward-looking statements may include financial and other projections as well as statements regarding the Corporation’s future plans, objectives, performance, revenues, growth, profits, operating expenses or the Corporation’s underlying assumptions. The words “believe,” “intend,” “expect,” “anticipate,” “strategy,” “plan,” “estimate,” “approximately,” “target,” “project,” “propose,” “possible,” “potential,” “should” and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (many of which are beyond the control of the Corporation) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, the possibility that the proposed acquisition with WSFS does not close when expected or at all because required regulatory, stockholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all; the delay in or failure to close for any other reason; the outcome of any legal proceedings that may be instituted against the Corporation; the occurrence of any event, change or other circumstance that could give rise to the right of one or both parties to terminate the merger agreement providing for the merger; the risk that the businesses of WSFS and the Corporation will not be integrated successfully; the possibility that the cost savings and any synergies or other anticipated benefits from the proposed acquisition may not be fully realized or may take longer to realize than expected; disruption from the proposed acquisition making it more difficult to maintain relationships with employees, customers or other parties with whom the Corporation has business relationships; diversion of management time on merger-related issues; the reaction to the proposed transaction of our customers, employees and counterparties; uncertainty as to the extent of the duration, scope, and impacts of the COVID-19 pandemic; and other factors, many of which are beyond the control of the Corporation. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2020 and any updates to those risk factors set forth in the Corporation’s Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings, which have been filed by the Corporation with the SEC and are available on the SEC’s website at www.sec.gov. All forward-looking statements, expressed or implied, included herein are expressly qualified in their entirety by the cautionary statements contained or referred to herein. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Corporation or its businesses or operations. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date on which they are made. The Corporation undertakes no obligation, and specifically declines any obligation, to revise or update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as specifically required by law.

Important Additional Information will be Filed with the SEC

In connection with the proposed merger transaction, WSFS has filed with the U.S. Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 (SEC File No. 333-255329) which includes a joint proxy statement of WSFS and the Corporation and a prospectus of WSFS (the “Joint Proxy/Prospectus”), and each of WSFS and the Corporation may file with the SEC other relevant documents concerning the proposed transaction. The definitive Joint Proxy/Prospectus will be mailed to stockholders of WSFS and the Corporation. SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY/PROSPECTUS REGARDING THE PROPOSED TRANSACTION CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BY WSFS AND THE CORPORATION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT WSFS, THE CORPORATION AND THE PROPOSED TRANSACTION.

Free copies of the Registration Statement and the Joint Proxy/Prospectus, as well as other filings containing information about WSFS and the Corporation, may be obtained at the SEC’s website (http://www.sec.gov) when they are filed. You will also be able to obtain these documents, when they are filed, free of charge, by directing a request to WSFS Financial Corporation, WSFS Bank Center, 500 Delaware Avenue, Wilmington, Delaware 19801 or by directing a request to Bryn Mawr Bank Corporation, 801 Lancaster Avenue, Bryn Mawr, Pennsylvania 19010.



6

Participants in the Solicitation

WSFS, the Corporation and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of WSFS or the Corporation in respect of the proposed transaction. Information about WSFS’s directors and executive officers is available in its proxy statement for its 2020 annual meeting of stockholders, which was filed with the SEC on March 23, 2020, and other documents filed by WSFS with the SEC. Information regarding the Corporation’s directors and executive officers is available in its proxy statement for its 2020 annual meeting of stockholders, which was filed with the SEC on March 6, 2020, and other documents filed by the Corporation with the SEC. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Joint Proxy/Prospectus and other relevant materials to be filed with the SEC when they become available. Free copies of this document may be obtained as described in the preceding paragraph.


# # # #
7
Bryn Mawr Bank Corporation
Summary Financial Information (unaudited)
(dollars in thousands, except per share data)


 As of or For the Three Months Ended
 March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Consolidated Balance Sheet (selected items)
Interest-bearing deposits with banks$37,089 $85,026 $241,763 $448,113 $69,239 
Investment securities761,877 1,198,346 584,529 550,974 537,592 
Loans held for sale3,210 6,000 4,574 4,116 2,785 
Portfolio loans and leases3,633,235 3,628,411 3,676,684 3,722,165 3,767,166 
Allowance for credit losses ("ACL") on loans and leases(47,562)(53,709)(56,428)(54,974)(54,070)
Goodwill and other intangible assets198,738 199,576 200,445 201,315 202,225 
Total assets4,914,508 5,432,022 5,046,939 5,271,311 4,923,033 
Deposits - interest-bearing2,537,534 2,974,411 2,783,188 3,026,152 2,850,986 
Deposits - non-interest-bearing1,364,716 1,401,843 1,230,391 1,217,496 927,922 
Short-term borrowings60,027 72,161 23,456 28,891 162,045 
Long-term FHLB advances39,941 39,906 44,872 44,837 47,303 
Subordinated notes98,928 98,883 98,839 98,794 98,750 
Jr. subordinated debentures21,983 21,935 21,889 21,843 21,798 
Total liabilities4,291,412 4,809,700 4,434,322 4,667,637 4,329,854 
Total shareholders' equity623,096 622,322 612,617 603,674 593,179 
Average Balance Sheet (selected items)
Interest-bearing deposits with banks110,972 245,904 336,225 195,966 50,330 
Investment securities760,625 701,258 574,094 542,321 542,876 
Loans held for sale1,203 2,836 4,393 3,805 2,319 
Portfolio loans and leases3,606,011 3,654,736 3,697,102 3,936,227 3,736,067 
Total interest-earning assets4,478,811 4,604,734 4,611,814 4,678,319 4,331,592 
Goodwill and intangible assets199,208 200,060 200,931 201,823 202,760 
Total assets4,968,542 5,124,702 5,157,588 5,226,074 4,844,918 
Deposits - interest-bearing2,613,004 2,765,941 2,891,652 2,969,113 2,853,712 
Short-term borrowings32,020 29,130 29,913 136,816 140,585 
Long-term FHLB advances39,921 43,634 44,849 46,161 47,335 
Subordinated notes98,904 98,860 98,815 98,770 98,725 
Jr. subordinated debentures21,955 21,905 21,859 21,814 21,768 
Total interest-bearing liabilities2,805,804 2,959,470 3,087,088 3,272,674 3,162,125 
Total liabilities4,343,552 4,507,444 4,548,395 4,625,511 4,229,908 
Total shareholders' equity624,990 617,258 609,193 600,563 615,010 

8
Bryn Mawr Bank Corporation
Summary Financial Information (unaudited)
(dollars in thousands, except per share data)
 As of or For the Three Months Ended
 March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Income Statement
Net interest income$34,781 $35,037 $35,032 $37,385 $36,333 
(Recovery of) provision for credit losses(5,246)(1,209)4,101 3,435 35,350 
Noninterest income19,841 22,006 21,099 20,566 18,300 
Noninterest expense37,703 38,624 35,197 35,503 33,403 
Income tax expense (benefit)5,082 4,094 3,709 4,010 (2,957)
Net income (loss)17,083 15,534 13,124 15,003 (11,163)
Net loss attributable to noncontrolling interest— (3)(40)(32)— 
Net income (loss) attributable to Bryn Mawr Bank Corporation17,083 15,537 13,164 15,035 (11,163)
Basic earnings per share0.86 0.78 0.66 0.75 (0.56)
Diluted earnings per share0.85 0.78 0.66 0.75 (0.56)
Net income (loss) (core) (1)
18,707 15,518 13,164 15,399 (11,163)
Basic earnings per share (core) (1)
0.94 0.78 0.66 0.77 (0.56)
Diluted earnings per share (core) (1)
0.93 0.77 0.66 0.77 (0.56)
Dividends paid or accrued per share0.27 0.27 0.27 0.26 0.26 
Profitability Indicators
Return on average assets1.39 %1.21 %1.02 %1.16 %(0.93)%
Return on average equity11.09 %10.01 %8.60 %10.07 %(7.30)%
Return on tangible equity(1)
16.87 %15.44 %13.47 %15.86 %(10.17)%
Return on tangible equity (core)(1)
18.42 %15.42 %13.47 %16.23 %(10.17)%
Return on average assets (core)(1)
1.53 %1.20 %1.02 %1.19 %(0.93)%
Return on average equity (core)(1)
12.14 %10.00 %8.60 %10.31 %(7.30)%
Tax-equivalent net interest margin3.16 %3.04 %3.03 %3.22 %3.38 %
Efficiency ratio(1)
64.48 %64.81 %61.16 %58.75 %59.46 %
Share Data
Closing share price$45.51 $30.60 $24.87 $27.66 $28.38 
Book value per common share$31.34 $31.18 $30.70 $30.29 $29.78 
Tangible book value per common share(1)
$21.39 $21.22 $20.69 $20.23 $19.66 
Price / book value145.21 %98.14 %81.01 %91.32 %95.30 %
Price / tangible book value(1)
212.76 %144.20 %120.20 %136.73 %144.35 %
Weighted average diluted shares outstanding20,050,736 20,027,658 20,021,617 20,008,219 20,053,159 
Shares outstanding, end of period19,878,993 19,960,294 19,958,186 19,927,893 19,921,524 
Wealth Management Information:
Wealth assets under mgmt, administration, supervision and brokerage (2)
$20,059,371 $18,976,544 $17,244,307 $17,012,903 $15,593,732 
Fees for wealth management services$12,836 $12,588 $11,707 $9,069 $11,168 






9
Bryn Mawr Bank Corporation
Summary Financial Information (unaudited)
(dollars in thousands, except per share data)
 As of or For the Three Months Ended
 March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Capital Ratios(3)
Bryn Mawr Trust Company ("BMTC")
Tier I capital to risk weighted assets ("RWA")12.08 %11.53 %12.02 %11.68 %11.10 %
Total capital to RWA13.18 %12.75 %13.27 %12.93 %12.33 %
Tier I leverage ratio9.47 %8.79 %9.16 %8.75 %9.12 %
Tangible equity ratio (1)
9.41 %8.27 %9.36 %8.67 %8.98 %
Common equity Tier I capital to RWA12.08 %11.53 %12.02 %11.68 %11.10 %
Bryn Mawr Bank Corporation ("BMBC")
Tier I capital to RWA12.15 %11.86 %11.48 %11.27 %10.80 %
Total capital to RWA15.73 %15.55 %15.19 %15.14 %14.62 %
Tier I leverage ratio9.53 %9.04 %8.75 %8.44 %8.88 %
Tangible equity ratio (1)
9.02 %8.09 %8.52 %7.95 %8.30 %
Common equity Tier I capital to RWA11.58 %11.29 %10.92 %10.71 %10.25 %
Asset Quality Indicators
Net loan and lease charge-offs ("NCO"s)$642 $2,340 $2,187 $3,398 $4,073 
Loans and leases risk-rated Special Mention$74,595 $68,892 $48,267 $55,171 $14,833 
Total classified loans and leases129,120 153,011 175,501 154,687 60,972 
Total criticized loans and leases$203,715 $221,903 $223,768 $209,858 $75,805 
Nonperforming loans and leases ("NPL"s)$5,197 $5,306 $8,597 $8,418 $7,557 
Other real estate owned ("OREO")— — — — — 
Total nonperforming assets ("NPA"s)$5,197 $5,306 $8,597 $8,418 $7,557 
Nonperforming loans and leases 30 or more days past due$1,903 $2,001 $4,153 $3,223 $3,380 
Performing loans and leases 30 to 89 days past due5,396 10,847 9,351 10,022 19,930 
Performing loans and leases 90 or more days past due— — — — — 
Total delinquent loans and leases$7,299 $12,848 $13,504 $13,245 $23,310 
Delinquent loans and leases to total loans and leases0.20 %0.35 %0.37 %0.36 %0.62 %
Delinquent performing loans and leases to total loans and leases0.15 %0.30 %0.25 %0.27 %0.53 %
NCOs / average loans and leases (annualized)0.07 %0.25 %0.24 %0.35 %0.44 %
NPLs / total portfolio loans and leases0.14 %0.15 %0.23 %0.23 %0.20 %
NPAs / total loans and leases and OREO0.14 %0.15 %0.23 %0.23 %0.20 %
NPAs / total assets0.11 %0.10 %0.17 %0.16 %0.15 %
ACL / NPLs915.18 %1,012.23 %656.37 %653.05 %715.50 %
ACL / classified loans and leases36.84 %35.10 %32.15 %35.54 %88.68 %
ACL / criticized loans and leases23.35 %24.20 %25.22 %26.20 %71.33 %
ACL / portfolio loans1.31 %1.48 %1.53 %1.48 %1.44 %
ACL for originated loans and leases / Originated loans and leases (1)
1.33 %1.50 %1.56 %1.51 %1.47 %
(Total ACL + Loan mark) / Total Gross portfolio loans and leases (1)
1.46 %1.65 %1.73 %1.69 %1.68 %
Troubled debt restructurings ("TDR"s) included in NPLs$1,480 $1,737 $1,393 $1,792 $3,248 
TDRs in compliance with modified terms6,967 7,046 8,590 10,013 4,852 
Total TDRs$8,447 $8,783 $9,983 $11,805 $8,100 
(1)Non-GAAP measure - see Appendix for Non-GAAP to GAAP reconciliation.
(2)Brokerage assets represent assets held at a registered broker dealer under a clearing agreement.
(3)Capital Ratios for the current quarter are to be considered preliminary until the Call Reports are filed. Beginning with the March 31, 2020 call report, the capital ratios reflect the Corporation’s election of a five-year transition provision to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period.
10
Bryn Mawr Bank Corporation
Detailed Balance Sheets (unaudited)
(dollars in thousands)

March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Assets
Cash and due from banks$10,311 $11,287 $15,670 $16,408 $17,803 
Interest-bearing deposits with banks37,089 85,026 241,763 448,113 69,239 
  Cash and cash equivalents47,400 96,313 257,433 464,521 87,042 
Investment securities, available for sale738,974 1,174,964 564,774 530,581 516,466 
Investment securities, held to maturity14,126 14,759 11,725 12,592 13,369 
Investment securities, trading8,777 8,623 8,030 7,801 7,757 
Loans held for sale3,210 6,000 4,574 4,116 2,785 
Portfolio loans and leases, originated3,405,128 3,380,727 3,396,068 3,422,890 3,424,601 
Portfolio loans and leases, acquired228,107 247,684 280,616 299,275 342,565 
  Total portfolio loans and leases3,633,235 3,628,411 3,676,684 3,722,165 3,767,166 
Less: Allowance for credit losses on originated loans and leases(45,285)(50,783)(52,968)(51,659)(50,365)
Less: Allowance for credit losses on acquired loans and leases(2,277)(2,926)(3,460)(3,315)(3,705)
  Total allowance for credit losses on loans and lease(47,562)(53,709)(56,428)(54,974)(54,070)
    Net portfolio loans and leases3,585,673 3,574,702 3,620,256 3,667,191 3,713,096 
Premises and equipment55,510 56,662 60,369 61,778 63,144 
Operating lease right-of-use assets33,848 34,601 38,536 39,348 40,157 
Accrued interest receivable15,058 15,440 16,609 15,577 12,017 
Mortgage servicing rights2,493 2,626 2,881 3,440 4,115 
Bank owned life insurance60,721 60,393 60,072 59,728 59,399 
Federal Home Loan Bank ("FHLB") stock5,986 12,666 4,506 4,506 11,928 
Goodwill184,012 184,012 184,012 184,012 184,012 
Intangible assets14,726 15,564 16,433 17,303 18,213 
Other investments17,811 17,742 17,129 17,055 16,786 
Other assets126,183 156,955 179,600 181,762 172,747 
      Total assets$4,914,508 $5,432,022 $5,046,939 $5,271,311 $4,923,033 
Liabilities
Deposits
  Noninterest-bearing$1,364,716 $1,401,843 $1,230,391 $1,217,496 $927,922 
  Interest-bearing2,537,534 2,974,411 2,783,188 3,026,152 2,850,986 
    Total deposits3,902,250 4,376,254 4,013,579 4,243,648 3,778,908 
Short-term borrowings60,027 72,161 23,456 28,891 162,045 
Long-term FHLB advances39,941 39,906 44,872 44,837 47,303 
Subordinated notes98,928 98,883 98,839 98,794 98,750 
Jr. subordinated debentures21,983 21,935 21,889 21,843 21,798 
Operating lease liabilities39,543 40,284 42,895 43,693 44,482 
Accrued interest payable6,358 6,277 7,984 7,907 7,230 
Other liabilities122,382 154,000 180,808 178,024 169,338 
      Total liabilities4,291,412 4,809,700 4,434,322 4,667,637 4,329,854 
Shareholders' equity
Common stock24,715 24,714 24,710 24,662 24,655 
Paid-in capital in excess of par value382,202 381,653 380,770 380,167 379,495 
Less: common stock held in treasury, at cost(91,774)(89,164)(89,100)(88,612)(88,540)
Accumulated other comprehensive income, net of tax154 8,948 10,139 9,019 8,869 
Retained earnings308,569 296,941 286,865 279,165 269,395 
    Total Bryn Mawr Bank Corporation shareholders' equity623,866 623,092 613,384 604,401 593,874 
Noncontrolling interest(770)(770)(767)(727)(695)
    Total shareholders' equity623,096 622,322 612,617 603,674 593,179 
      Total liabilities and shareholders' equity$4,914,508 $5,432,022 $5,046,939 $5,271,311 $4,923,033 

11
Bryn Mawr Bank Corporation
Supplemental Balance Sheet Information (unaudited)
(dollars in thousands)

 Portfolio Loans and Leases as of
 March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Commercial real estate - nonowner-occupied$1,408,240 $1,435,575 $1,382,757 $1,375,904 $1,354,416 
Commercial real estate - owner-occupied578,747 578,509 568,219 542,688 530,667 
Home equity lines of credit157,418 169,337 179,125 194,767 209,278 
Residential mortgage - 1st liens602,584 621,369 660,923 695,270 710,495 
Residential mortgage - junior liens27,400 23,795 26,150 33,644 35,583 
Construction187,472 161,308 186,415 212,374 221,116 
  Total real estate loans2,961,861 2,989,893 3,003,589 3,054,647 3,061,555 
Commercial & Industrial486,824 446,438 465,315 457,529 491,298 
Consumer39,226 39,683 47,043 43,762 45,951 
Leases145,324 152,397 160,737 166,227 168,362 
  Total non-real estate loans and leases671,374 638,518 673,095 667,518 705,611 
    Total portfolio loans and leases$3,633,235 $3,628,411 $3,676,684 $3,722,165 $3,767,166 

 Nonperforming Loans and Leases as of
 March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Commercial real estate - nonowner-occupied$56 $57 $849 $245 $181 
Commercial real estate - owner-occupied1,355 1,659 3,597 4,046 2,543 
Home equity lines of credit532 729 890 915 758 
Residential mortgage - 1st liens645 99 862 912 1,080 
Residential mortgage - junior liens184 85 50 72 79 
  Total nonperforming real estate loans2,772 2,629 6,248 6,190 4,641 
Commercial & Industrial1,490 1,775 1,784 1,973 2,692 
Consumer40 30 31 36 52 
Leases895 872 534 219 172 
  Total nonperforming non-real estate loans and leases2,425 2,677 2,349 2,228 2,916 
    Total nonperforming portfolio loans and leases$5,197 $5,306 $8,597 $8,418 $7,557 

 Net Loan and Lease Charge-Offs (Recoveries) for the Three Months Ended
 March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Commercial real estate - nonowner-occupied$— $240 $(2)$(4)$(2)
Commercial real estate - owner-occupied189 382 494 1,234 — 
Home equity lines of credit— — — (4)114 
Residential mortgage - 1st liens1 — (13)420 727 
Residential mortgage - junior liens— — — — — 
Construction(1)(1)(1)(1)(1)
  Total net charge-offs of real estate loans189 621 478 1,645 838 
Commercial & Industrial(54)897 1,522 499 612 
Consumer107 409 134 238 261 
Leases400 413 53 1,016 2,362 
  Total net charge-offs of non-real estate loans and leases453 1,719 1,709 1,753 3,235 
    Total net charge-offs$642 $2,340 $2,187 $3,398 $4,073 

12
Bryn Mawr Bank Corporation
Supplemental Balance Sheet Information (unaudited)
(dollars in thousands)
 Investment Securities Available for Sale, at Fair Value
 March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
U.S. Treasury securities $100 $500,100 $100 $100 $101 
Obligations of the U.S. Government and agencies 110,413 93,098 90,928 114,149 106,679 
State & political subdivisions - tax-free2,168 2,171 3,178 4,583 4,562 
Mortgage-backed securities497,328 453,857 431,822 377,204 374,775 
Collateralized mortgage obligations17,073 19,263 22,253 25,873 29,699 
Collateralized loan obligations99,666 94,404 6,500 — — 
Corporate bonds11,576 11,421 9,343 8,022 — 
Other debt securities650 650 650 650 650 
  Total investment securities available for sale, at fair value$738,974 $1,174,964 $564,774 $530,581 $516,466 

 Unrealized Gain (Loss) on Investment Securities Available for Sale
 March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
U.S. Treasury securities $— $5 $— $— $1 
Obligations of the U.S. Government and agencies (2,597)649 995 1,103 1,036 
State & political subdivisions - tax-free16 22 27 30 10 
Mortgage-backed securities8,957 12,282 12,901 11,683 11,554 
Collateralized mortgage obligations522 583 662 702 778 
Collateralized loan obligations151 (96)— — — 
Corporate bonds576 421 343 22 — 
  Total unrealized gains on investment securities available for sale$7,625 $13,866 $14,928 $13,540 $13,379 

 Deposits
 March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Interest-bearing deposits:
  Interest-bearing demand$671,854 $885,802 $815,561 $910,441 $750,127 
  Money market1,201,115 1,163,620 1,199,429 1,239,523 1,133,952 
  Savings286,124 282,406 245,167 249,636 247,799 
  Retail time deposits 301,702 331,527 366,245 400,186 406,828 
  Wholesale non-maturity deposits70,605 275,011 77,356 146,463 198,888 
  Wholesale time deposits6,134 36,045 79,430 79,903 113,392 
    Total interest-bearing deposits2,537,534 2,974,411 2,783,188 3,026,152 2,850,986 
  Noninterest-bearing deposits1,364,716 1,401,843 1,230,391 1,217,496 927,922 
      Total deposits$3,902,250 $4,376,254 $4,013,579 $4,243,648 $3,778,908 

13
Bryn Mawr Bank Corporation
Detailed Income Statements (unaudited)
(dollars in thousands, except per share data)

 For the Three Months Ended
 March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Interest income:
Interest and fees on loans and leases$34,578 $35,632 $36,799 $40,690 $42,795 
Interest on cash and cash equivalents22 62 85 37 111 
Interest on investment securities3,050 2,717 2,658 2,894 3,201 
  Total interest income37,650 38,411 39,542 43,621 46,107 
Interest expense:
Interest on deposits1,424 1,891 2,967 4,476 7,637 
Interest on short-term borrowings10 9 8 232 453 
Interest on FHLB advances203 226 234 155 244 
Interest on jr. subordinated debentures198 205 207 229 295 
Interest on subordinated notes1,034 1,043 1,094 1,144 1,145 
Total interest expense2,869 3,374 4,510 6,236 9,774 
  Net interest income34,781 35,037 35,032 37,385 36,333 
(Recovery of) provision for credit losses ("PCL")(5,246)(1,209)4,101 3,435 35,350 
  Net interest income after PCL40,027 36,246 30,931 33,950 983 
Noninterest income:
Fees for wealth management services 12,836 12,588 11,707 9,069 11,168 
Insurance commissions1,464 1,393 1,682 1,303 1,533 
Capital markets revenue1,596 841 3,314 2,975 2,361 
Service charges on deposits696 756 663 603 846 
Loan servicing and other fees304 360 373 452 461 
Net gain on sale of loans250 842 1,021 3,134 782 
Net gain on sale of long-lived assets6 2,297 — — — 
Net gain (loss) on sale of other real estate owned— — — — 148 
Dividends on FHLB and FRB stocks222 337 127 243 444 
Other operating income2,467 2,592 2,212 2,787 557 
  Total noninterest income19,841 22,006 21,099 20,566 18,300 
Noninterest expense:
Salaries and wages 16,830 17,730 17,201 16,926 16,989 
Employee benefits 3,687 2,858 3,026 3,221 3,500 
Occupancy and bank premises2,892 3,624 3,055 3,033 3,015 
Furniture, fixtures and equipment2,242 2,400 2,481 2,120 2,431 
Impairment of long-lived assets— 1,605 — — — 
Advertising176 554 458 196 401 
Amortization of intangible assets838 869 870 910 918 
Due diligence, merger-related and merger integration expenses1,646 — — — — 
Professional fees1,433 1,767 1,718 1,575 1,368 
Pennsylvania bank shares tax749 (339)115 116 116 
Data processing1,404 1,501 1,403 1,479 1,394 
Other operating expenses 5,806 6,055 4,870 5,927 3,271 
  Total noninterest expense37,703 38,624 35,197 35,503 33,403 
Income (loss) before income taxes22,165 19,628 16,833 19,013 (14,120)
Income tax expense (benefit)5,082 4,094 3,709 4,010 (2,957)
    Net income (loss)$17,083 $15,534 $13,124 $15,003 $(11,163)
Net loss attributable to noncontrolling interest— (3)(40)(32)— 
    Net income (loss) attributable to Bryn Mawr Bank Corporation$17,083 $15,537 $13,164 $15,035 $(11,163)
Per share data:
Weighted average shares outstanding19,907,873 19,958,567 19,945,634 19,926,737 20,053,159 
Dilutive common shares142,863 69,091 75,983 81,482 — 
Weighted average diluted shares 20,050,736 20,027,658 20,021,617 20,008,219 20,053,159 
Basic earnings per common share$0.86 $0.78 $0.66 $0.75 $(0.56)
Diluted earnings per common share$0.85 $0.78 $0.66 $0.75 $(0.56)
Dividends paid or accrued per share$0.27 $0.27 $0.27 $0.26 $0.26 
Effective tax rate22.93 %20.86 %22.03 %21.09 %20.94 %

14
Bryn Mawr Bank Corporation
Tax-Equivalent Net Interest Margin (unaudited)
(dollars in thousands, except per share data)

 For the Three Months Ended
 March 31, 2021December 31, 2020September 30, 2020June 30, 2020March 31, 2020
(dollars in thousands)Average
Balance		Interest
Income/
Expense		Average Rates
Earned/ Paid		Average BalanceInterest Income/ ExpenseAverage Rates
Earned/ Paid		Average BalanceInterest Income/ ExpenseAverage Rates
Earned/ Paid		Average BalanceInterest Income/ ExpenseAverage Rates
Earned/ Paid		Average BalanceInterest Income/ ExpenseAverage Rates
Earned/ Paid
Assets:   
Interest-bearing deposits with other banks$110,972 $22 0.08 %$245,904 $62 0.10 %$336,225 $85 0.10 %$195,966 $37 0.08 %$50,330 $111 0.89 %
Investment securities - available for sale:
Taxable735,508 2,947 1.62 %675,642 2,561 1.51 %550,199 2,562 1.85 %516,823 2,775 2.16 %516,244 3,065 2.39 %
Tax-exempt2,170 14 2.62 %2,490 16 2.56 %3,690 23 2.48 %4,572 26 2.29 %4,909 28 2.29 %
Total investment securities - available for sale737,678 2,961 1.63 %678,132 2,577 1.51 %553,889 2,585 1.86 %521,395 2,801 2.16 %521,153 3,093 2.39 %
Investment securities - held to maturity14,329 73 2.07 %15,093 57 1.50 %12,248 57 1.85 %13,126 73 2.24 %13,195 87 2.65 %
Investment securities - trading8,618 19 0.89 %8,033 86 4.26 %7,957 21 1.05 %7,800 24 1.24 %8,528 25 1.18 %
Loans and leases *3,607,214 34,674 3.90 %3,657,572 35,734 3.89 %3,701,495 36,901 3.97 %3,940,032 40,779 4.16 %3,738,386 42,898 4.62 %
Total interest-earning assets4,478,811 37,749 3.42 %4,604,734 38,516 3.33 %4,611,814 39,649 3.42 %4,678,319 43,714 3.76 %4,331,592 46,214 4.29 %
Cash and due from banks10,824 13,192 16,557 16,263 12,479 
Less: allowance for loan and lease losses(53,582)(55,634)(55,285)(54,113)(25,786)
Other assets532,489 562,410 584,502 585,605 526,633 
Total assets$4,968,542 $5,124,702 $5,157,588 $5,226,074 $4,844,918 
Liabilities:
Interest-bearing deposits:
Savings, NOW and market rate deposits$2,178,730 $374 0.07 %$2,285,807 $495 0.09 %$2,282,591 $1,042 0.18 %$2,313,150 $2,341 0.41 %$2,197,279 $4,981 0.91 %
Wholesale deposits117,710 257 0.89 %130,660 293 0.89 %223,527 465 0.83 %245,052 486 0.80 %253,322 977 1.55 %
Retail time deposits316,564 793 1.02 %349,474 1,103 1.26 %385,534 1,460 1.51 %410,911 1,649 1.61 %403,111 1,679 1.68 %
Total interest-bearing deposits2,613,004 1,424 0.22 %2,765,941 1,891 0.27 %2,891,652 2,967 0.41 %2,969,113 4,476 0.61 %2,853,712 7,637 1.08 %
Borrowings:
Short-term borrowings32,020 10 0.13 %29,130 9 0.12 %29,913 8 0.11 %136,816 232 0.68 %140,585 453 1.30 %
Long-term FHLB advances39,921 203 2.06 %43,634 226 2.06 %44,849 234 2.08 %46,161 155 1.35 %47,335 244 2.07 %
Subordinated notes98,904 1,034 4.24 %98,860 1,043 4.20 %98,815 1,094 4.40 %98,770 1,144 4.66 %98,725 1,145 4.66 %
Jr. subordinated debt21,955 198 3.66 %21,905 205 3.72 %21,859 207 3.77 %21,814 229 4.22 %21,768 295 5.45 %
Total borrowings192,800 1,445 3.04 %193,529 1,483 3.05 %195,436 1,543 3.14 %303,561 1,760 2.33 %308,413 2,137 2.79 %
Total interest-bearing liabilities2,805,804 2,869 0.41 %2,959,470 3,374 0.45 %3,087,088 4,510 0.58 %3,272,674 6,236 0.77 %3,162,125 9,774 1.24 %
Noninterest-bearing deposits1,345,253 1,267,795 1,220,570 1,126,139 894,264 
Other liabilities192,495 280,179 240,737 226,698 173,519 
Total noninterest-bearing liabilities1,537,748 1,547,974 1,461,307 1,352,837 1,067,783 
Total liabilities4,343,552 4,507,444 4,548,395 4,625,511 4,229,908 
Shareholders' equity624,990 617,258 609,193 600,563 615,010 
Total liabilities and shareholders' equity$4,968,542 $5,124,702 $5,157,588 $5,226,074 $4,844,918 
Net interest spread3.01 %2.88 %2.84 %2.99 %3.05 %
Effect of noninterest-bearing sources0.15 %0.16 %0.19 %0.23 %0.33 %
Tax-equivalent net interest margin$34,880 3.16 %$35,142 3.04 %$35,139 3.03 %$37,478 3.22 %$36,440 3.38 %
Tax-equivalent adjustment$99 0.01 %$105 0.01 %$107 0.01 %$93 0.01 %$107 0.01 %
* Average loans and leases include portfolio loans and leases, and loans held for sale. Non-accrual loans are also included in the average loan and leases balances.


Supplemental Information Regarding Accretion of Fair Value Marks
 For the Three Months Ended
 March 31, 2021December 31, 2020September 30, 2020June 30, 2020March 31, 2020
(dollars in thousands)InterestInc. / (Dec.)Effect on Yield or RateInc. / (Dec.)Effect on Yield or RateInc. / (Dec.)Effect on Yield or RateInc. / (Dec.)Effect on Yield or RateInc. / (Dec.)Effect on Yield or Rate
Loans and leasesIncome$539 0.06 %$921 0.10 %$784 0.08 %$1,017 0.10 %$910 0.10 %
Retail time depositsExpense(58)(0.07)%(78)(0.09)%(96)(0.10)%(103)(0.10)%(118)(0.12)%
Long-term FHLB advancesExpense35 0.36 %35 0.32 %34 0.30 %35 0.30 %34 0.29 %
Jr. subordinated debtExpense47 0.87 %46 0.84 %46 0.84 %45 0.83 %45 0.83 %
Net interest income from fair value marks $515 $918 $800 $1,040 $949 
Purchase accounting effect on tax-equivalent margin 0.05 %0.08 %0.07 %0.09 %0.09 %

15
Bryn Mawr Bank Corporation
Appendix - Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Performance Measures (unaudited)
(dollars in thousands, except per share data)

Statement on Non-GAAP Measures: The Corporation believes the presentation of the following non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of the results of operations and financial condition of the Corporation. Management uses non-GAAP financial measures in its analysis of the Corporation’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
 As of or For the Three Months Ended
 March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Reconciliation of Net Income to Net Income (core):
Net income (loss) attributable to BMBC (a GAAP measure)$17,083 $15,537 $13,164 $15,035 $(11,163)
Less: Tax-effected non-core noninterest income:
Gain on sale of PPP loans— — — (1,905)— 
BMT Investment Advisers wind-down costs— — — 1,744 — 
Gain on sale of buildings— (1,813)— — — 
Add: Tax-effected non-core noninterest expense items:
Due diligence, merger-related and merger integration expenses1,624 — — — — 
Voluntary years of service incentive program expenses— — — — — 
BMT Investment Advisers wind-down costs— — — 100 — 
Severance associated with staff reduction— — — 425 — 
Gain on early lease termination— (107)— — — 
Impairment of long-lived assets— 1,268 — — — 
Disposal expense of premises and equipment— 633 — — — 
Net income (loss) (core) (a non-GAAP measure)$18,707 $15,518 $13,164 $15,399 $(11,163)
Calculation of Basic and Diluted Earnings per Common Share (core):
Weighted average common shares outstanding19,907,873 19,958,567 19,945,634 19,926,737 20,053,159 
Dilutive common shares142,863 69,091 75,983 81,482 — 
Weighted average diluted shares20,050,736 20,027,658 20,021,617 20,008,219 20,053,159 
Basic earnings per common share (core) (a non-GAAP measure)$0.94 $0.78 $0.66 $0.77 $(0.56)
Diluted earnings per common share (core) (a non-GAAP measure)$0.93 $0.77 $0.66 $0.77 $(0.56)
Calculation of Return on Average Tangible Equity:
Net income (loss) attributable to BMBC (a GAAP measure)$17,083 $15,537 $13,164 $15,035 $(11,163)
Add: Tax-effected amortization and impairment of intangible assets
662 687 687 719 725 
Net tangible (loss) income (numerator)
$17,745 $16,224 $13,851 $15,754 $(10,438)
Average shareholders' equity$624,990 $617,258 $609,193 $600,563 $615,010 
Less: Average Noncontrolling interest
770 769 739 696 695 
Less: Average goodwill and intangible assets
(199,208)(200,060)(200,931)(201,823)(202,760)
Net average tangible equity (denominator)
$426,552 $417,967 $409,001 $399,436 $412,945 
Return on tangible equity (a non-GAAP measure)16.87 %15.44 %13.47 %15.86 %(10.17)%
Calculation of Return on Average Tangible Equity (core):
Net income (loss) (core) (a non-GAAP measure)$18,707 $15,518 $13,164 $15,399 $(11,163)
Add: Tax-effected amortization and impairment of intangible assets
662 687 687 719 725 
Net tangible income (loss) (core) (numerator)
$19,369 $16,205 $13,851 $16,118 $(10,438)
Average shareholders' equity$624,990 $617,258 $609,193 $600,563 $615,010 
Less: Average Noncontrolling interest
770 769 739 696 695 
Less: Average goodwill and intangible assets
(199,208)(200,060)(200,931)(201,823)(202,760)
Net average tangible equity (denominator)
$426,552 $417,967 $409,001 $399,436 $412,945 
Return on tangible equity (core) (a non-GAAP measure)18.42 %15.42 %13.47 %16.23 %(10.17)%
16
Bryn Mawr Bank Corporation
Appendix - Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Performance Measures (unaudited)
(dollars in thousands, except per share data)

Statement on Non-GAAP Measures: The Corporation believes the presentation of the following non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of the results of operations and financial condition of the Corporation. Management uses non-GAAP financial measures in its analysis of the Corporation’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
 As of or For the Three Months Ended
 March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Calculation of Tangible Equity Ratio (BMBC):     
Total shareholders' equity$623,096 $622,322 $612,617 $603,674 $593,179 
Less: Noncontrolling interest770 770 767 727 695 
Less: Goodwill and intangible assets
(198,738)(199,576)(200,445)(201,315)(202,225)
Net tangible equity (numerator)
$425,128 $423,516 $412,939 $403,086 $391,649 
Total assets$4,914,508 $5,432,022 $5,046,939 $5,271,311 $4,923,033 
Less: Goodwill and intangible assets
(198,738)(199,576)(200,445)(201,315)(202,225)
Tangible assets (denominator)
$4,715,770 $5,232,446 $4,846,494 $5,069,996 $4,720,808 
Tangible equity ratio (BMBC)(1)
9.02 %8.09 %8.52 %7.95 %8.30 %
Calculation of Tangible Equity Ratio (BMTC):
Total shareholders' equity$641,034 $630,880 $653,317 $639,711 $624,959 
Less: Noncontrolling interest770 770 767 727 695 
Less: Goodwill and intangible assets
(198,492)(199,330)(200,200)(201,069)(201,979)
Net tangible equity (numerator)
$443,312 $432,320 $453,499 $439,369 $423,675 
Total assets$4,911,259 $5,428,909 $5,043,099 $5,267,536 $4,919,004 
Less: Goodwill and intangible assets
(198,492)(199,330)(200,200)(201,069)(201,979)
Tangible assets (denominator)
$4,712,767 $5,229,579 $4,842,899 $5,066,467 $4,717,025 
Tangible equity ratio (BMTC)(1)
9.41 %8.27 %9.36 %8.67 %8.98 %
Calculation of tangible book value per common share:
Total shareholders' equity$623,096 $622,322 $612,617 $603,674 $593,179 
Less: Noncontrolling interest770 770 767 727 695 
Less: Goodwill and intangible assets
(198,738)(199,576)(200,445)(201,315)(202,225)
Net tangible equity (numerator)
$425,128 $423,516 $412,939 $403,086 $391,649 
Shares outstanding, end of period (denominator)
19,878,993 19,960,294 19,958,186 19,927,893 19,921,524 
Tangible book value per common share (a non-GAAP measure)$21.39 $21.22 $20.69 $20.23 $19.66 
Calculation of price / tangible book value:
Closing share price$45.51 $30.60 $24.87 $27.66 $28.38 
Tangible book value per common share$21.39 $21.22 $20.69 $20.23 $19.66 
Price / tangible book value (a non-GAAP measure)212.76 %144.20 %120.20 %136.73 %144.35 %
(1)Capital Ratios for the current quarter are to be considered preliminary until the Call Reports are filed. Beginning with the March 31, 2020 call report, the capital ratios reflect the Corporation’s election of a five-year transition provision to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period.
17
Bryn Mawr Bank Corporation
Appendix - Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Performance Measures (unaudited)
(dollars in thousands, except per share data)
Statement on Non-GAAP Measures: The Corporation believes the presentation of the following non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of the results of operations and financial condition of the Corporation. Management uses non-GAAP financial measures in its analysis of the Corporation’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
 As of or For the Three Months Ended
 March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Calculation of Return on Average Assets (core)
Return on average assets (GAAP)1.39 %1.21 %1.02 %1.16 %(0.93)%
Effect of adjustment to GAAP net income to core net income0.14 %(0.01)%— %0.03 %— %
Return on average assets (core)1.53 %1.20 %1.02 %1.19 %(0.93)%
Calculation of Return on Average Equity (core)
Return on average equity (GAAP)11.09 %10.01 %8.60 %10.07 %(7.30)%
Effect of adjustment to GAAP net income to core net income1.05 %(0.01)%— %0.24 %— %
Return on average equity (core)12.14 %10.00 %8.60 %10.31 %(7.30)%
Calculation of Tax-equivalent net interest margin adjusting for the impact of purchase accounting
Tax-equivalent net interest margin3.16 %3.04 %3.03 %3.22 %3.38 %
Effect of fair value marks0.05 %0.08 %0.07 %0.09 %0.09 %
Tax-equivalent net interest margin adjusting for the impact of purchase accounting3.11 %2.96 %2.96 %3.13 %3.29 %
Calculation of Tax-equivalent net interest income adjusting for the impact of purchase accounting
Tax-equivalent net interest income$34,880 $35,142 $35,139 $37,478 $36,440 
Effect of fair value marks515 918 800 1,040 949 
Tax-equivalent net interest income adjusting for the impact of purchase accounting$34,365 $34,224 $34,339 $36,438 $35,491 
Calculation of Efficiency Ratio*:
Noninterest expense$37,703 $38,624 $35,197 $35,503 $33,403 
Less: certain noninterest expense items:
Amortization of intangibles(838)(869)(870)(910)(918)
Due diligence, merger-related and merger integration expenses(1,646)— — — — 
Voluntary years of service incentive program expenses— — — — — 
BMT Investment Advisers, Inc. wind-down costs— — — (127)— 
Severance associated with staff reduction— — — (538)— 
Gain on early lease termination— 135 — — — 
Impairment of long-lived assets— (1,605)— — — 
Disposal expense of premises and equipment— (801)— — — 
Noninterest expense (adjusted) (numerator)
$35,219 $35,484 $34,327 $33,928 $32,485 
Noninterest income$19,841 $22,006 $21,099 $20,566 $18,300 
Less: non-core noninterest income items:
Gain on sale of PPP loans— — — (2,411)— 
BMT Investment Advisers, Inc. wind-down costs— — — 2,207 — 
Gain on sale of building— (2,295)— — — 
Noninterest income (core)$19,841 $19,711 $21,099 $20,362 $18,300 
Net interest income34,781 35,037 35,032 37,385 36,333 
Noninterest income (core) and net interest income (denominator)
$54,622 $54,748 $56,131 $57,747 $54,633 
Efficiency ratio64.48 %64.81 %61.16 %58.75 %59.46 %
*In calculating the Corporation's efficiency ratio, which is used by Management to identify the cost of generating each dollar of core revenue, certain non-core income and expense items as well as the amortization of intangible assets, are excluded.
18
Bryn Mawr Bank Corporation
Appendix - Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Performance Measures (unaudited)
(dollars in thousands, except per share data)

Statement on Non-GAAP Measures: The Corporation believes the presentation of the following non-GAAP financial measures provides useful supplemental information that is essential to an investor’s proper understanding of the results of operations and financial condition of the Corporation. Management uses non-GAAP financial measures in its analysis of the Corporation’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
 As of or For the Three Months Ended
 March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Supplemental Loan and ACL on Loans and Leases Information Used to Calculate Non-GAAP Measures     
Total ACL on loans and leases$47,562 $53,709 $56,428 $54,974 $54,070 
Less: ACL on acquired loans and leases2,277 2,926 3,460 3,315 3,705 
ACL on originated loans and leases$45,285 $50,783 $52,968 $51,659 $50,365 
Total ACL on loans and leases$47,562 $53,709 $56,428 $54,974 $54,070 
Loan mark on acquired loans5,736 6,288 7,235 8,037 9,478 
Total ACL on loans and leases + Loan mark$53,298 $59,997 $63,663 $63,011 $63,548 
Total Portfolio loans and leases$3,633,235 $3,628,411 $3,676,684 $3,722,165 $3,767,166 
Less: Originated loans and leases3,405,128 3,380,727 3,396,068 3,422,890 3,424,601 
Net acquired loans$228,107 $247,684 $280,616 $299,275 $342,565 
Add: Loan mark on acquired loans5,736 6,288 7,235 8,037 9,478 
Gross acquired loans (excludes loan mark)$233,843 $253,972 $287,851 $307,312 $352,043 
Originated loans and leases3,405,128 3,380,727 3,396,068 3,422,890 3,424,601 
Total Gross portfolio loans and leases$3,638,971 $3,634,699 $3,683,919 $3,730,202 $3,776,644 

19