Bryn Mawr Bank Corporation Reports Quarterly Earnings of $18.4 Million, Declares $0.28 Dividend

Bryn Mawr, Pennsylvania, UNITED STATES


BRYN MAWR, Pa., Oct. 21, 2021 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported net income of $18.4 million, or $0.92 diluted earnings per share, for the three months ended September 30, 2021, as compared to $21.3 million, or $1.06 diluted earnings per share, for the three months ended June 30, 2021, and $13.2 million, or $0.66 diluted earnings per share, for the three months ended September 30, 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 $18.0 million, or $0.90 diluted earnings per share, for the three months ended September 30, 2021 as compared to $21.6 million, or $1.08 diluted earnings per share, for the three months ended June 30, 2021. There were no meaningful non-core income or expense items for the three months ended September 30, 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 our third quarter results, which was led by strong fee income as well as continued improvements in our credit metrics,” commented Frank Leto, President and Chief Executive Officer. “As it relates to our pending merger with WSFS, we are awaiting final regulatory approval to complete our combination. As I mentioned previously, we remain focused on managing the business to deliver solid financial results for our shareholders and will continue to serve our customers in support of their banking and wealth needs. Staff and management continue to work on merger preparations to ensure a seamless integration upon closing of the merger.” The Office of the Comptroller of the Currency, the primary regulator of WSFS, approved the combination with WSFS on July 21st. Final approval from the Board of Governors of the Federal Reserve in Washington, D.C. is pending. In addition to regulatory approval, the merger with WSFS is subject to certain closing conditions.

On October 21, 2021, the Board of Directors of the Corporation declared a quarterly dividend of $0.28 per share, payable December 1, 2021 to shareholders of record as of November 1, 2021 provided that the merger has not been consummated on or before the record date.

SIGNIFICANT ITEMS OF NOTE

Results of Operations – Third Quarter 2021 Compared to Second Quarter 2021

  • Net income for the three months ended September 30, 2021 was $18.4 million, or $0.92 diluted earnings per share, as compared to $21.3 million, or $1.06 diluted earnings per share, for the three months ended June 30, 2021. Net interest income for the three months ended September 30, 2021 was $34.9 million, a $352 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 September 30, 2021 was a recovery of $3.2 million, as compared to a recovery of $6.6 million for the three months ended June 30, 2021. Total noninterest income increased $1.6 million, total noninterest expense increased $1.4 million, and income tax expense decreased $426 thousand for the three months ended September 30, 2021, as compared to the three months ended June 30, 2021.

  • Net interest income for the three months ended September 30, 2021 was $34.9 million, a $352 thousand decrease as compared to the linked quarter. Tax-equivalent net interest income for the three months ended September 30, 2021 was $35.0 million, a $355 thousand decrease as compared to the linked quarter. Tax-equivalent net interest income for the third quarter of 2021 was positively impacted by the accretion of purchase accounting fair value marks of $385 thousand, a decrease of $532 thousand as compared to $917 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 September 30, 2021 was $34.6 million, an increase of $177 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 3.15% for the three months ended September 30, 2021 as compared to 3.17% 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 3.12% for the three months ended September 30, 2021 as compared to 3.09% 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 increase in tax-equivalent net interest income adjusted for purchase accounting was driven by an increase of $219 thousand in tax-equivalent interest and fees earned on loans and leases and a decrease of $167 thousand in interest expense on deposits partially offset by a decrease of $251 thousand in tax-equivalent interest income on available for sale investment securities for the three months ended September 30, 2021 as compared to the linked quarter.

    Tax-equivalent interest and fees earned on loans and leases for the three months ended September 30, 2021 decreased $307 thousand as compared to the linked quarter. The tax-equivalent yield on average loans and leases for the three months ended September 30, 2021 was 3.77%, a decrease of 9 basis points as compared to the linked quarter. Average loans and leases increased $6.4 million for the three months ended September 30, 2021 as compared to the linked quarter.

    Interest expense on deposits for the three months ended September 30, 2021 decreased $150 thousand as compared to the linked quarter. The rate paid on average interest-bearing deposits for the three months ended September 30, 2021 was 0.13%, a 2 basis point decrease as compared to the linked quarter. Average interest-bearing deposits for the three months ended September 30, 2021 decreased $79.2 million as compared to the linked quarter.

    Tax-equivalent interest income on available for sale investment securities for the three months ended September 30, 2021 decreased $215 thousand as compared to the linked quarter. The tax-equivalent yield on average available for sale investment securities for the three months ended September 30, 2021 was 1.53%, a 5 basis point decrease as compared to the linked quarter. Average available for sale investment securities decreased $50.5 million for the three months ended September 30, 2021 as compared to the linked quarter.

  • Noninterest income of $22.6 million for the three months ended September 30, 2021 increased $1.6 million as compared to the linked quarter. The increase was primarily driven by increases of $1.5 million, $512 thousand, $275 thousand, and $146 thousand in capital markets revenue, net gain on sale of investment securities available for sale, insurance commissions, and net gain on sale of loans, respectively, partially offset by decreases of $413 thousand and $343 thousand in fees for wealth management services and other operating income, respectively.

  • Noninterest expense of $36.8 million for the three months ended September 30, 2021 increased $1.4 million as compared to the linked quarter. The increase was primarily driven by increases of $880 thousand, $794 thousand, and $436 thousand in other operating expenses, professional fees, and furniture, fixtures and equipment expenses, respectively, partially offset by decreases of $248 thousand, $180 thousand, $148 thousand, and $115 thousand merger-related expenses, Pennsylvania bank shares tax expense, advertising expenses, and occupancy and bank premises expense, respectively.

  • A recovery of Provision of $3.2 million was recorded for the three months ended September 30, 2021 as compared to a recovery of Provision of $6.6 million for the three months ended June 30, 2021. The recovery of Provision of $3.2 million for the three months ended September 30, 2021 was primarily comprised of a $2.8 million recovery of provision for credit losses on loans and leases and a $384 thousand recovery of provision for credit losses on off-balance sheet credit exposures. The difference in Provision between the two periods was driven by changes in current and forward-looking economic assumptions included in the estimation of expected credit losses on loans and leases as of September 30, 2021 as compared to June 30, 2021. The bank recorded net loan and lease recoveries of $140 thousand for the third quarter of 2021, a difference of $2.5 million, as compared net loan and lease charge-offs of $2.4 million for the second quarter of 2021.

  • The effective tax rate for the third quarter of 2021 increased to 23.35% as compared to 21.92% for the second quarter of 2021.

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

  • Net income for the three months ended September 30, 2021 was $18.4 million, or $0.92 diluted earnings per share, as compared to $13.2 million, or $0.66 diluted earnings per share, for the three months ended September 30, 2020. Net interest income for the three months ended September 30, 2021 was $34.9 million, a decrease of $145 thousand as compared to the same period in 2020. A recovery of Provision of $3.2 million was recorded for the three months ended September 30, 2021 as compared to a Provision of $4.1 million for the three months ended September 30, 2020, a difference of $7.3 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 September 30, 2021 as compared to September 30, 2020. Total noninterest income increased $1.5 million, total noninterest expense increased $1.6 million, and income tax expense increased $1.9 million for the three months ended September 30, 2021 as compared to the three months ended September 30, 2020.

  • Net interest income for the three months ended September 30, 2021 was $34.9 million, a decrease of $145 thousand as compared to the same period in 2020. Tax-equivalent net interest income for the three months ended September 30, 2021 was $35.0 million, a decrease of $160 thousand as compared to the same period in 2020. Tax-equivalent net interest income for the third quarter of 2021 was positively impacted by the accretion of purchase accounting fair value marks of $385 thousand as compared to $800 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 September 30, 2021 was $34.6 million, an increase of $255 thousand 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 3.15% for the three months ended September 30, 2021 as compared to 3.03% 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 3.12% for the three months ended September 30, 2021 as compared to 2.96% 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 increase in tax-equivalent net interest income adjusted for purchase accounting was driven by a decrease of $2.2 million in interest paid on deposits partially offset by a decrease of $2.1 million in tax-equivalent interest and fees earned on loans and leases.

    Tax-equivalent interest and fees earned on loans and leases for the three months ended September 30, 2021 decreased $2.5 million as compared to the same period in 2020. The tax-equivalent yield on average loans and leases for the three months ended September 30, 2021 was 3.77%, a 20 basis point decrease as compared to the same period in 2020. Average loans and leases decreased $83.6 million for the three months ended September 30, 2021 as compared to the same period in 2020.

    Interest expense on deposits for the three months ended September 30, 2021 decreased $2.2 million as compared to the same period in 2020. The rate paid on average interest-bearing deposits for the three months ended September 30, 2021 was 0.13%, a 28 basis point decrease as compared to the same period in 2020. Average interest-bearing deposits for the three months ended September 30, 2021 decreased $450.6 million as compared to the same period in 2020.

  • Noninterest income of $22.6 million for the three months ended September 30, 2021 increased $1.5 million as compared to the same period in 2020. The increase was driven by increases of $1.9 million and $512 thousand in fees for wealth management services and net gain on sale of investment securities available for sale, respectively, partially offset by decreases of $491 thousand, $350 thousand, and $158 thousand in capital markets revenue, net gain on sale of loans, and insurance commissions, respectively.

  • Noninterest expense of $36.8 million for the three months ended September 30, 2021 increased $1.6 million as compared to the same period in 2020. Increases of $1.4 million, $705 thousand, and $423 thousand in other operating expenses, professional fees, and Pennsylvania bank shares tax expense, respectively, were partially offset by decreases of $541 thousand, $450 thousand, and $193 thousand in occupancy and bank premises expense, salaries and wages, and advertising expenses, respectively.

  • A recovery of Provision of $3.2 million was recorded for the three months ended September 30, 2021 as compared to a Provision of $4.1 million for the three months ended September 30, 2020, a decrease of $7.3 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 September 30, 2021 as compared to September 30, 2020. The bank recorded net loan and lease recoveries of $140 thousand for the third quarter of 2021, a difference of $2.3 million, as compared net loan and lease charge-offs of $2.2 million for the third quarter of 2020.

  • The effective tax rate for the third quarter of 2021 increased to 23.35% as compared to 22.03% for the third quarter of 2020.

Financial Condition – September 30, 2021 Compared to December 31, 2020

  • Total assets as of September 30, 2021 were $4.88 billion, a decrease of $552.9 million from December 31, 2020. The decrease was primarily driven by a $518.5 million decrease in available for sale investment securities.

  • Available for sale investment securities as of September 30, 2021 totaled $656.5 million, a decrease of $518.5 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.

  • Total portfolio loans and leases of $3.62 billion as of September 30, 2021 decreased $10.5 million as compared to December 31, 2020. Decreases of $61.4 million, $41.0 million, $22.6 million, and $17.5 million in residential mortgage 1st liens, owner-occupied commercial mortgages, home equity lines of credit, and leases, respectively, were partially offset by increases of $74.1 million, $29.0 million, and $21.5 million in construction loans, nonowner-occupied commercial mortgages, and commercial and industrial loans, respectively.

    As of the date of this earnings release, all loans and leases which had previously been granted payment deferrals related to COVID-19 have resumed regular payments.

  • The allowance for credit losses (“ACL”) on loans and leases was $36.5 million as of September 30, 2021 as compared to an ACL on loans and leases of $53.7 million as of December 31, 2020, a decrease of $17.2 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 September 30, 2021 as compared to December 31, 2020.

  • Deposits of $3.82 billion as of September 30, 2021 decreased $560.7 million from December 31, 2020. The decrease was primarily driven by decreases of $235.5 million, $204.2 million, $92.9 million, $42.5 million, and $29.9 million in wholesale non-maturity deposits, interest-bearing demand accounts, retail time deposits, money market accounts, and wholesale time deposits, respectively, offset by increases of $41.8 million and $2.5 million in noninterest-bearing deposits and savings accounts, respectively. 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 $243.1 million as of September 30, 2021, which include short-term borrowings, long-term FHLB advances, subordinated notes and junior subordinated debentures, decreased $10.2 million from December 31, 2020.

  • Wealth assets under management, administration, supervision and brokerage (“wealth assets”) totaled $21.39 billion as of September 30, 2021, an increase of $2.41 billion from December 31, 2020. As of September 30, 2021, wealth assets consisted of $13.78 billion of wealth assets where fees are set at fixed amounts, an increase of $1.92 billion from December 31, 2020, and $7.61 billion of wealth assets where fees are predominantly determined based on the market value of the assets held in their accounts, an increase of $485.7 million from December 31, 2020.

  • The capital ratios for the Bank and the Corporation, as of September 30, 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.

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 transaction with WSFS does not close when expected or at all because required regulatory 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 transaction may not be fully realized or may take longer to realize than expected; disruption from the proposed transaction 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.

FOR MORE INFORMATION CONTACT:Frank Leto, President, CEO
 610-581-4730
 Mike Harrington, CFO
 610-526-2466
  


Bryn Mawr Bank Corporation             
Summary Financial Information (unaudited)             
(dollars in thousands, except per share data)             
              
 As of or For the Three Months Ended For the Nine Months Ended
 September 30,
2021
 June 30,
2021
 March 31,
2021
 December 31,
2020
 September 30,
2020
 September 30,
2021
 September 30,
2020
Consolidated Balance Sheet (selected items)             
Interest-bearing deposits with banks$39,213  $103,070  $37,089  $85,026  $241,763     
Investment securities 676,171   749,536   761,877   1,198,346   584,529     
Loans held for sale 634   653   3,210   6,000   4,574     
Portfolio loans and leases 3,617,915   3,617,411   3,633,235   3,628,411   3,676,684     
Allowance for credit losses ("ACL") on loans and leases (36,546)  (39,163)  (47,562)  (53,709)  (56,428)    
Goodwill and other intangible assets 197,068   197,903   198,738   199,576   200,445     
Total assets 4,879,079   4,958,700   4,914,508   5,432,022   5,046,939     
Deposits - interest-bearing 2,371,871   2,491,102   2,537,534   2,974,411   2,783,188     
Deposits - non-interest-bearing 1,443,661   1,468,643   1,364,716   1,401,843   1,230,391     
Short-term borrowings 96,965   21,553   60,027   72,161   23,456     
Long-term FHLB advances 25,000   39,976   39,941   39,906   44,872     
Subordinated notes 99,017   98,973   98,928   98,883   98,839     
Jr. subordinated debentures 22,079   22,030   21,983   21,935   21,889     
Total liabilities 4,224,324   4,314,688   4,291,412   4,809,700   4,434,322     
Total shareholders' equity 654,755   644,012   623,096   622,322   612,617     
              
Average Balance Sheet (selected items)             
Interest-bearing deposits with banks$67,665  $86,383  $110,972  $245,904  $336,225  $88,181  $194,652 
Investment securities 714,371   766,574   760,625   701,258   574,094   747,021   553,174 
Loans and leases 3,617,866   3,611,479   3,607,214   3,657,572   3,701,495   3,612,225   3,792,969 
Total interest-earning assets 4,399,902   4,464,436   4,478,811   4,604,734   4,611,814   4,447,427   4,540,795 
Goodwill and intangible assets 197,525   198,356   199,208   200,060   200,931   198,357   201,835 
Total assets 4,900,845   4,937,707   4,968,542   5,124,702   5,157,588   4,935,449   5,076,490 
Deposits - interest-bearing 2,441,079   2,520,270   2,613,004   2,765,941   2,891,652   2,524,154   2,904,777 
Short-term borrowings 35,166   19,935   32,020   29,130   29,913   29,051   102,173 
Long-term FHLB advances 33,795   39,956   39,921   43,634   44,849   37,868   46,110 
Subordinated notes 98,993   98,949   98,904   98,860   98,815   98,949   98,770 
Jr. subordinated debentures 22,051   22,002   21,955   21,905   21,859   22,003   21,814 
Total interest-bearing liabilities 2,631,084   2,701,112   2,805,804   2,959,470   3,087,088   2,712,025   3,173,644 
Total liabilities 4,248,121   4,305,637   4,343,552   4,507,444   4,548,395   4,298,753   4,468,231 
Total shareholders' equity 652,724   632,070   624,990   617,258   609,193   636,696   608,259 
              
Income Statement             
Net interest income$34,887  $35,239  $34,781  $35,037  $35,032  $104,907  $108,750 
(Recovery of) provision for credit losses (3,186)  (6,581)  (5,246)  (1,209)  4,101   (15,013)  42,886 
Noninterest income 22,587   20,966   19,841   22,006   21,099   63,394   59,965 
Noninterest expense 36,840   35,467   37,703   38,624   35,197   110,010   104,103 
Income tax expense 5,562   5,988   5,082   4,094   3,709   16,632   4,762 
Net income 18,258   21,331   17,083   15,534   13,124   56,672   16,964 
Net loss attributable to noncontrolling interest (124)  (11)  -   (3)  (40)  (135)  (72)
Net income attributable to Bryn Mawr Bank Corporation 18,382   21,342   17,083   15,537   13,164   56,807   17,036 
Basic earnings per share 0.92   1.07   0.86   0.78   0.66   2.86   0.85 
Diluted earnings per share 0.92   1.06   0.85   0.78   0.66   2.83   0.85 
Net income (core) (1) 18,008   21,599   18,707   15,518   13,164   58,314   17,400 
Basic earnings per share (core) (1) 0.91   1.09   0.94   0.78   0.66   2.93   0.87 
Diluted earnings per share (core) (1) 0.90   1.08   0.93   0.77   0.66   2.91   0.87 
Dividends paid or accrued per share 0.28   0.27   0.27   0.27   0.27   0.82   0.79 
Profitability Indicators             
Return on average assets 1.49%  1.73%  1.39%  1.21%  1.02%  1.54%  0.45%
Return on average equity 11.17%  13.54%  11.09%  10.01%  8.60%  11.93%  3.74%
Return on tangible equity(1) 16.57%  20.31%  16.87%  15.44%  13.47%  17.90%  6.29%
Return on tangible equity (core)(1) 16.24%  20.55%  18.42%  15.42%  13.47%  18.36%  6.41%
Return on average assets (core)(1) 1.46%  1.75%  1.53%  1.20%  1.02%  1.58%  0.46%
Return on average equity (core)(1) 10.95%  13.71%  12.14%  10.00%  8.60%  12.25%  3.82%
Tax-equivalent net interest margin 3.15%  3.17%  3.16%  3.04%  3.03%  3.16%  3.21%
Efficiency ratio(1) 63.18%  61.14%  64.48%  64.81%  61.16%  62.92%  61.33%
Share Data             
Closing share price$45.95  $42.19  $45.51  $30.60  $24.87     
Book value per common share$32.90  $32.40  $31.34  $31.18  $30.70     
Tangible book value per common share(1)$23.04  $22.48  $21.39  $21.22  $20.69     
Price / book value 139.67%  130.22%  145.21%  98.14%  81.01%    
Price / tangible book value(1) 199.44%  187.68%  212.76%  144.20%  120.20%    
Weighted average diluted shares outstanding 20,062,018   20,050,819   20,050,736   20,027,658   20,021,617   20,056,415   20,062,108 
Shares outstanding, end of period 19,900,823   19,877,892   19,878,993   19,960,294   19,958,186     
Wealth Management Information:             
Wealth assets under mgmt, administration, supervision and brokerage (2)$21,386,682  $20,630,068  $20,059,371  $18,976,544  $17,244,307     
Fees for wealth management services$13,618  $14,031  $12,836  $12,588  $11,707     
Capital Ratios(3)             
Bryn Mawr Trust Company ("BMTC")             
Tier I capital to risk weighted assets ("RWA") 13.12%  12.50%  12.01%  11.53%  12.02%    
Total capital to RWA 13.98%  13.41%  13.11%  12.75%  13.27%    
Tier I leverage ratio 10.45%  9.96%  9.47%  8.79%  9.16%    
Tangible equity ratio (1) 10.42%  9.89%  9.41%  8.27%  9.36%    
Common equity Tier I capital to RWA 13.12%  12.50%  12.01%  11.53%  12.02%    
              
Bryn Mawr Bank Corporation ("BMBC")             
Tier I capital to RWA 12.90%  12.42%  12.08%  11.86%  11.48%    
Total capital to RWA 16.08%  15.79%  15.65%  15.55%  15.19%    
Tier I leverage ratio 10.27%  9.91%  9.53%  9.04%  8.75%    
Tangible equity ratio (1) 9.79%  9.39%  9.02%  8.09%  8.52%    
Common equity Tier I capital to RWA 12.33%  11.86%  11.52%  11.29%  10.92%    
              
Asset Quality Indicators             
Net loan and lease charge-offs ("NCO"s)$(140) $2,391  $642  $2,340  $2,187  $2,893  $9,658 
              
Loans and leases risk-rated Special Mention$91,750  $83,009  $74,595  $68,892  $48,267     
Total classified loans and leases 64,303   90,153   129,120   153,011   175,501     
Total criticized loans and leases$156,053  $173,162  $203,715  $221,903  $223,768     
              
Nonperforming loans and leases ("NPL"s)$8,047  $10,665  $5,197  $5,306  $8,597     
Other real estate owned ("OREO") -   -   -   -   -     
Total nonperforming assets ("NPA"s)$ 8,047  $ 10,665  $ 5,197  $ 5,306  $ 8,597     
              
Nonperforming loans and leases 30 or more days past due$1,473  $3,041  $1,903  $2,001  $4,153     
Performing loans and leases 30 to 89 days past due 3,360   3,168   5,396   10,847   9,351     
Performing loans and leases 90 or more days past due -   -   -   -   -     
Total delinquent loans and leases$ 4,833  $ 6,209  $ 7,299  $ 12,848  $ 13,504     
              
Delinquent loans and leases to total loans and leases 0.13%  0.17%  0.20%  0.35%  0.37%    
Delinquent performing loans and leases to total loans and leases 0.09%  0.09%  0.15%  0.30%  0.25%    
NCOs / average loans and leases (annualized) (0.02)%  0.27%  0.07%  0.25%  0.24%  0.11%  0.34%
NPLs / total portfolio loans and leases 0.22%  0.29%  0.14%  0.15%  0.23%    
NPAs / total loans and leases and OREO 0.22%  0.29%  0.14%  0.15%  0.23%    
NPAs / total assets 0.16%  0.22%  0.11%  0.10%  0.17%    
ACL on loans and leases / NPLs 454.16%  367.21%  915.18%  1012.23%  656.37%    
ACL / classified loans and leases 56.83%  43.44%  36.84%  35.10%  32.15%    
ACL / criticized loans and leases 23.42%  22.62%  23.35%  24.20%  25.22%    
ACL on loans and leases / portfolio loans 1.01%  1.08%  1.31%  1.48%  1.53%    
ACL on loans and leases for originated loans and leases / Originated loans and leases (1) 1.03%  1.10%  1.33%  1.50%  1.56%    
(Total ACL on loans and leases + Loan mark) / Total Gross portfolio loans and leases (1) 1.13%  1.21%  1.46%  1.65%  1.73%    
              
Troubled debt restructurings ("TDR"s) included in NPLs$4,753  $893  $1,480  $1,737  $1,393     
TDRs in compliance with modified terms 4,532   5,629   6,967   7,046   8,590     
Total TDRs$ 9,285  $ 6,522  $ 8,447  $ 8,783  $ 9,983     
              
(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.
     


Bryn Mawr Bank Corporation
Detailed Balance Sheets (unaudited)
(dollars in thousands)
          
 September 30,
2021
 June 30,
2021
 March 31,
2021
 December 31,
2020
 September 30,
2020
Assets         
Cash and due from banks$9,458  $10,829  $10,311  $11,287  $15,670 
Interest-bearing deposits with banks 39,213   103,070   37,089   85,026   241,763 
Cash and cash equivalents 48,671   113,899   47,400   96,313   257,433 
Investment securities, available for sale 656,501   728,738   738,974   1,174,964   564,774 
Investment securities, held to maturity 11,542   12,532   14,126   14,759   11,725 
Investment securities, trading 8,128   8,266   8,777   8,623   8,030 
Loans held for sale 634   653   3,210   6,000   4,574 
Portfolio loans and leases, originated 3,431,903   3,414,256   3,405,128   3,380,727   3,396,068 
Portfolio loans and leases, acquired 186,012   203,155   228,107   247,684   280,616 
Total portfolio loans and leases 3,617,915   3,617,411   3,633,235   3,628,411   3,676,684 
Less: Allowance for credit losses on originated loan and leases (35,218)  (37,590)  (45,285)  (50,783)  (52,968)
Less: Allowance for credit losses on acquired loan and leases (1,328)  (1,573)  (2,277)  (2,926)  (3,460)
Total allowance for credit losses on loans and leases (36,546)  (39,163)  (47,562)  (53,709)  (56,428)
Net portfolio loans and leases 3,581,369   3,578,248   3,585,673   3,574,702   3,620,256 
Premises and equipment 51,525   54,178   55,510   56,662   60,369 
Operating lease right-of-use assets 33,140   33,759   33,848   34,601   38,536 
Accrued interest receivable 12,872   13,519   15,058   15,440   16,609 
Mortgage servicing rights 2,057   2,173   2,493   2,626   2,881 
Bank owned life insurance 61,263   60,993   60,721   60,393   60,072 
Federal Home Loan Bank ("FHLB") stock 7,212   4,332   5,986   12,666   4,506 
Goodwill 184,012   184,012   184,012   184,012   184,012 
Intangible assets 13,056   13,891   14,726   15,564   16,433 
Other investments 18,300   18,206   17,811   17,742   17,129 
Other assets 188,797   131,301   126,183   156,955   179,600 
   Total assets$4,879,079  $4,958,700  $4,914,508  $5,432,022  $5,046,939 
          
Liabilities         
Deposits         
Noninterest-bearing$1,443,661  $1,468,643  $1,364,716  $1,401,843  $1,230,391 
Interest-bearing 2,371,871   2,491,102   2,537,534   2,974,411   2,783,188 
Total deposits 3,815,532   3,959,745   3,902,250   4,376,254   4,013,579 
Short-term borrowings 96,965   21,553   60,027   72,161   23,456 
Long-term FHLB advances 25,000   39,976   39,941   39,906   44,872 
Subordinated notes 99,017   98,973   98,928   98,883   98,839 
Jr. subordinated debentures 22,079   22,030   21,983   21,935   21,889 
Operating lease liabilities 38,719   39,400   39,543   40,284   42,895 
Accrued interest payable 5,018   5,393   6,358   6,277   7,984 
Other liabilities 121,994   127,618   122,382   154,000   180,808 
   Total liabilities 4,224,324   4,314,688   4,291,412   4,809,700   4,434,322 
          
Shareholders' equity         
Common stock 24,749   24,715   24,715   24,714   24,710 
Paid-in capital in excess of par value 383,401   382,655   382,202   381,653   380,770 
Less: common stock held in treasury, at cost (92,294)  (91,825)  (91,774)  (89,164)  (89,100)
Accumulated other comprehensive income, net of tax 2,545   4,798   154   8,948   10,139 
Retained earnings 337,259   324,450   308,569   296,941   286,865 
Total Bryn Mawr Bank Corporation shareholders' equity 655,660   644,793   623,866   623,092   613,384 
Noncontrolling interest (905)  (781)  (770)  (770)  (767)
Total shareholders' equity 654,755   644,012   623,096   622,322   612,617 
   Total liabilities and shareholders' equity$4,879,079  $4,958,700  $4,914,508  $5,432,022  $5,046,939 
                    



Bryn Mawr Bank Corporation
Supplemental Balance Sheet Information (unaudited)
(dollars in thousands)
 
 Portfolio Loans and Leases as of
 September 30,
2021
 June 30,
2021
 March 31,
2021
 December 31,
2020
 September 30,
2020
Commercial real estate - nonowner-occupied$1,464,534  $1,419,626  $1,408,240  $1,435,575  $1,382,757 
Commercial real estate - owner-occupied 537,488   553,464   578,747   578,509   568,219 
Home equity lines of credit 146,752   151,692   157,418   169,337   179,125 
Residential mortgage - 1st liens 559,946   579,657   602,584   621,369   660,923 
Residential mortgage - junior liens 24,424   25,534   27,400   23,795   26,150 
Construction 235,418   204,358   187,472   161,308   186,415 
Total real estate loans 2,968,562   2,934,331   2,961,861   2,989,893   3,003,589 
Commercial & Industrial 467,979   498,097   486,824   446,438   465,315 
Consumer 46,428   44,814   39,226   39,683   47,043 
Leases 134,946   140,169   145,324   152,397   160,737 
Total non-real estate loans and leases 649,353   683,080   671,374   638,518   673,095 
Total portfolio loans and leases$3,617,915  $3,617,411  $3,633,235  $3,628,411  $3,676,684 
          
          
 Nonperforming Loans and Leases as of
 September 30,
2021
 June 30,
2021
 March 31,
2021
 December 31,
2020
 September 30,
2020
Commercial real estate - nonowner-occupied$-  $396  $56  $57  $849 
Commercial real estate - owner-occupied 559   1,057   1,355   1,659   3,597 
Home equity lines of credit 912   945   532   729   890 
Residential mortgage - 1st liens 3,035   4,072   645   99   862 
Residential mortgage - junior liens 64   181   184   85   50 
Construction 216   216   -   -   - 
Total nonperforming real estate loans 4,786   6,867   2,772   2,629   6,248 
Commercial & Industrial 2,708   3,049   1,490   1,775   1,784 
Consumer 31   24   40   30   31 
Leases 522   725   895   872   534 
Total nonperforming non-real estate loans and leases 3,261   3,798   2,425   2,677   2,349 
Total nonperforming portfolio loans and leases$8,047  $10,665  $5,197  $5,306  $8,597 
          
          
 Net Loan and Lease Charge-Offs (Recoveries) for the Three Months Ended
 September 30,
2021
 June 30,
2021
 March 31,
2021
 December 31,
2020
 September 30,
2020
Commercial real estate - nonowner-occupied$-  $-  $-  $240  $(2)
Commercial real estate - owner-occupied (22)  (470)  189   382   494 
Home equity lines of credit -   46   -   -   - 
Residential mortgage - 1st liens (1)  23   1   -   (13)
Residential mortgage - junior liens -   -   -   -   - 
Construction (1)  115   (1)  (1)  (1)
Total net charge-offs of real estate loans (24)  (286)  189   621   478 
Commercial & Industrial (337)  2,323   (54)  897   1,522 
Consumer 87   145   107   409   134 
Leases 134   209   400   413   53 
Total net charge-offs of non-real estate loans and leases (116)  2,677   453   1,719   1,709 
Total net charge-offs$(140) $2,391  $642  $2,340  $2,187 
                    



Bryn Mawr Bank Corporation
Supplemental Balance Sheet Information (unaudited)
(dollars in thousands)
          
 Investment Securities Available for Sale, at Fair Value
 September 30,
2021
 June 30,
2021
 March 31,
2021
 December 31,
2020
 September 30,
2020
U.S. Treasury securities$100  $100  $100  $500,100  $100 
Obligations of the U.S. Government and agencies 96,597   116,701   110,413   93,098   90,928 
State & political subdivisions - tax-free -   2,168   2,168   2,171   3,178 
Mortgage-backed securities 439,182   482,585   497,328   453,857   431,822 
Collateralized mortgage obligations 13,566   15,145   17,073   19,263   22,253 
Collateralized loan obligations 94,651   99,635   99,666   94,404   6,500 
Corporate bonds 11,755   11,754   11,576   11,421   9,343 
Other debt securities 650   650   650   650   650 
Total investment securities available for sale, at fair value$656,501  $728,738  $738,974  $1,174,964  $564,774 
          
          
 Unrealized Gain (Loss) on Investment Securities Available for Sale
 September 30,
2021
 June 30,
2021
 March 31,
2021
 December 31,
2020
 September 30,
2020
U.S. Treasury securities$-  $-  $-  $5  $- 
Obligations of the U.S. Government and agencies (1,347)  (842)  (2,597)  649   995 
State & political subdivisions - tax-free -   12   16   22   27 
Mortgage-backed securities 7,322   8,432   8,957   12,282   12,901 
Collateralized mortgage obligations 374   458   522   583   662 
Collateralized loan obligations 151   120   151   (96)  - 
Corporate bonds 755   754   576   421   343 
Total unrealized gains on investment securities available for sale$7,255  $8,934  $7,625  $13,866  $14,928 
          
          
 Deposits
 September 30,
2021
 June 30,
2021
 March 31,
2021
 December 31,
2020
 September 30,
2020
Interest-bearing deposits:         
Interest-bearing demand$681,560  $668,664  $671,854  $885,802  $815,561 
Money market 1,121,155   1,183,252   1,201,115   1,163,620   1,199,429 
Savings 284,875   289,108   286,124   282,406   245,167 
Retail time deposits 238,597   270,926   301,702   331,527   366,245 
Wholesale non-maturity deposits 39,538   73,011   70,605   275,011   77,356 
Wholesale time deposits 6,146   6,141   6,134   36,045   79,430 
Total interest-bearing deposits 2,371,871   2,491,102   2,537,534   2,974,411   2,783,188 
Noninterest-bearing deposits 1,443,661   1,468,643   1,364,716   1,401,843   1,230,391 
   Total deposits$3,815,532  $3,959,745  $3,902,250  $4,376,254  $4,013,579 
                    



Bryn Mawr Bank Corporation
Detailed Income Statements (unaudited)
(dollars in thousands, except per share data)
              
 For the Three Months Ended For the Nine Months Ended
 September 30,
2021
 June 30,
2021
 March 31,
2021
 December 31,
2020
 September 30,
2020
 September 30,
2021
 September 30,
2020
Interest income:             
Interest and fees on loans and leases$34,332  $34,638  $34,578  $35,632  $36,799  $103,548  $120,284 
Interest on cash and cash equivalents 20   16   22   62   85   58   233 
Interest on investment securities 2,752   2,996   3,050   2,717   2,658   8,798   8,753 
Total interest income 37,104   37,650   37,650   38,411   39,542   112,404   129,270 
Interest expense:             
Interest on deposits 808   958   1,424   1,891   2,967   3,190   15,080 
Interest on short-term borrowings 16   5   10   9   8   31   693 
Interest on FHLB advances 173   205   203   226   234   581   633 
Interest on jr. subordinated debentures 198   199   198   205   207   595   731 
Interest on subordinated notes 1,022   1,044   1,034   1,043   1,094   3,100   3,383 
Total interest expense 2,217   2,411   2,869   3,374   4,510   7,497   20,520 
Net interest income 34,887   35,239   34,781   35,037   35,032   104,907   108,750 
(Recovery of) provision for credit losses ("PCL") (3,186)  (6,581)  (5,246)  (1,209)  4,101   (15,013)  42,886 
Net interest income after PCL 38,073   41,820   40,027   36,246   30,931   119,920   65,864 
Noninterest income:             
Fees for wealth management services 13,618   14,031   12,836   12,588   11,707   40,485   31,944 
Insurance commissions 1,524   1,249   1,464   1,393   1,682   4,237   4,518 
Capital markets revenue 2,823   1,290   1,596   841   3,314   5,709   8,650 
Service charges on deposits 751   733   696   756   663   2,180   2,112 
Loan servicing and other fees 327   397   304   360   373   1,028   1,286 
Net gain on sale of loans 671   525   250   842   1,021   1,446   4,937 
Net gain on sale of investment securities available for sale 512   -   -   -   -   512   - 
Net gain on sale of long-lived assets -   -   6   2,297   -   6   - 
Net gain (loss) on sale of other real estate owned -   -   -   -   -   -   148 
Dividends on FHLB and FRB stocks 202   239   222   337   127   663   814 
Other operating income 2,159   2,502   2,467   2,592   2,212   7,128   5,556 
Total noninterest income 22,587   20,966   19,841   22,006   21,099   63,394   59,965 
Noninterest expense:             
Salaries and wages 16,751   16,700   16,830   17,730   17,201   50,281   51,116 
Employee benefits 3,150   3,224   3,687   2,858   3,026   10,061   9,747 
Occupancy and bank premises 2,514   2,629   2,892   3,624   3,055   8,035   9,103 
Furniture, fixtures and equipment 2,624   2,188   2,242   2,400   2,481   7,054   7,032 
Impairment of long-lived assets -   -   -   1,605   -   -   - 
Advertising 265   413   176   554   458   854   1,055 
Amortization of intangible assets 835   835   838   869   870   2,508   2,698 
Due diligence, merger-related and merger integration expenses 18   266   1,646   -   -   1,930   - 
Professional fees 2,423   1,629   1,433   1,767   1,718   5,485   4,661 
Pennsylvania bank shares tax 538   718   749   (339)  115   2,005   347 
Data processing 1,421   1,444   1,404   1,501   1,403   4,269   4,276 
Other operating expenses 6,301   5,421   5,806   6,055   4,870   17,528   14,068 
Total noninterest expense 36,840   35,467   37,703   38,624   35,197   110,010   104,103 
Income before income taxes 23,820   27,319   22,165   19,628   16,833   73,304   21,726 
Income tax expense 5,562   5,988   5,082   4,094   3,709   16,632   4,762 
Net income$18,258  $21,331  $17,083  $15,534  $13,124  $56,672  $16,964 
Net (loss) attributable to noncontrolling interest (124)  (11)  -   (3)  (40)  (135)  (72)
Net income attributable to Bryn Mawr Bank Corporation$18,382  $21,342  $17,083  $15,537  $13,164  $56,807  $17,036 
              
Per share data:             
Weighted average shares outstanding 19,891,618   19,878,981   19,907,873   19,958,567   19,945,634   19,892,764   19,975,069 
Dilutive common shares 170,400   171,838   142,863   69,091   75,983   163,651   87,039 
Weighted average diluted shares 20,062,018   20,050,819   20,050,736   20,027,658   20,021,617   20,056,415   20,062,108 
Basic earnings per common share$0.92  $1.07  $0.86  $0.78  $0.66  $2.86  $0.85 
Diluted earnings per common share$0.92  $1.06  $0.85  $0.78  $0.66  $2.83  $0.85 
Dividends paid or accrued per common share$0.28  $0.27  $0.27  $0.27  $0.27  $0.82  $0.79 
Effective tax rate 23.35%  21.92%  22.93%  20.86%  22.03%  22.69%  21.92%
                            


Bryn Mawr Bank Corporation
Tax-Equivalent Net Interest Margin (unaudited)
(dollars in thousands)
                        
  For the Three Months Ended For the Nine Months Ended
  September 30, 2021June 30, 2021March 31, 2021December 31, 2020September 30, 2020 September 30, 2021September 30, 2020
  Average BalanceInterest Income/ ExpenseAverage Rates Earned/ PaidAverage BalanceInterest Income/ ExpenseAverage Rates Earned/ PaidAverage BalanceInterest Income/ ExpenseAverage Rates Earned/ PaidAverage BalanceInterest Income/ ExpenseAverage Rates Earned/ PaidAverage BalanceInterest Income/ ExpenseAverage Rates Earned/ Paid Average BalanceInterest Income/ ExpenseAverage Rates Earned/ PaidAverage BalanceInterest Income/ ExpenseAverage Rates Earned/ Paid
                        
Assets:                       
Interest-bearing deposits with other banks $67,665 $20 0.12%$86,383 $16 0.07%$110,972 $22 0.08%$245,904 $62 0.10%$336,225 $85 0.10% $88,181 $58 0.09%$194,652 $233 0.16%
Investment securities - available for sale:                       
Taxable  692,821  2,670 1.53% 742,212  2,915 1.58% 735,508  2,947 1.62% 675,642  2,561 1.51% 550,199  2,562 1.85%  723,357  8,532 1.58% 527,837  8,402 2.13%
Tax-exempt  1,109  8 2.86% 2,168  14 2.59% 2,170  14 2.62% 2,490  16 2.56% 3,690  23 2.48%  1,812  36 2.66% 4,388  77 2.34%
Total investment securities - available for sale  693,930  2,678 1.53% 744,380  2,929 1.58% 737,678  2,961 1.63% 678,132  2,577 1.51% 553,889  2,585 1.86%  725,169  8,568 1.58% 532,225  8,479 2.13%
                        
Investment securities  - held to maturity  12,179  54 1.76% 13,414  49 1.47% 14,329  73 2.07% 15,093  57 1.50% 12,248  57 1.85%  13,300  176 1.77% 12,854  217 2.26%
Investment securities  - trading  8,262  21 1.01% 8,780  21 0.96% 8,618  19 0.89% 8,033  86 4.26% 7,957  21 1.05%  8,552  61 0.95% 8,095  70 1.16%
                        
Loans and leases *  3,617,866  34,423 3.77% 3,611,479  34,730 3.86% 3,607,214  34,674 3.90% 3,657,572  35,734 3.89% 3,701,495  36,901 3.97%  3,612,225  103,827 3.84% 3,792,969  120,578 4.25%
                        
Total interest-earning assets  4,399,902  37,196 3.35% 4,464,436  37,745 3.39% 4,478,811  37,749 3.42% 4,604,734  38,516 3.33% 4,611,814  39,649 3.42%  4,447,427  112,690 3.39% 4,540,795  129,577 3.81%
                        
Cash and due from banks  9,799    9,741    10,824    13,192    16,557     10,117    15,145   
Less: allowance for credit losses on loans and leases  (39,218)   (47,192)   (53,582)   (55,634)   (55,285)    (46,611)   (45,099)  
Other assets  530,362    510,722    532,489    562,410    584,502     524,516    565,649   
                        
Total assets $4,900,845   $4,937,707   $4,968,542   $5,124,702   $5,157,588    $4,935,449   $5,076,490   
                        
Liabilities:                       
                        
Interest-bearing deposits:                       
Savings, NOW and market rate deposits $2,111,767 $276 0.05%$2,154,206 $274 0.05%$2,178,730 $374 0.07%$2,285,807 $495 0.09%$2,282,591 $1,042 0.18% $2,147,989 $924 0.06%$2,264,407 $8,364 0.49%
Wholesale deposits  73,497  74 0.40% 78,936  76 0.39% 117,710  257 0.89% 130,660  293 0.89% 223,527  465 0.83%  89,885  407 0.61% 240,571  1,928 1.07%
Retail time deposits  255,815  458 0.71% 287,128  608 0.85% 316,564  793 1.02% 349,474  1,103 1.26% 385,534  1,460 1.51%  286,280  1,859 0.87% 399,799  4,788 1.60%
Total interest-bearing deposits  2,441,079  808 0.13% 2,520,270  958 0.15% 2,613,004  1,424 0.22% 2,765,941  1,891 0.27% 2,891,652  2,967 0.41%  2,524,154  3,190 0.17% 2,904,777  15,080 0.69%
                        
Borrowings:                       
Short-term borrowings  35,166  16 0.18% 19,935  5 0.10% 32,020  10 0.13% 29,130  9 0.12% 29,913  8 0.11%  29,051  31 0.14% 102,173  693 0.91%
Long-term FHLB advances  33,795  173 2.03% 39,956  205 2.06% 39,921  203 2.06% 43,634  226 2.06% 44,849  234 2.08%  37,868  581 2.05% 46,110  633 1.83%
Subordinated notes  98,993  1,022 4.10% 98,949  1,044 4.23% 98,904  1,034 4.24% 98,860  1,043 4.20% 98,815  1,094 4.40%  98,949  3,100 4.19% 98,770  3,383 4.58%
Jr. subordinated debt  22,051  198 3.56% 22,002  199 3.63% 21,955  198 3.66% 21,905  205 3.72% 21,859  207 3.77%  22,003  595 3.62% 21,814  731 4.48%
Total borrowings  190,005  1,409 2.94% 180,842  1,453 3.22% 192,800  1,445 3.04% 193,529  1,483 3.05% 195,436  1,543 3.14%  187,871  4,307 3.07% 268,867  5,440 2.70%
                        
Total interest-bearing liabilities  2,631,084  2,217 0.33% 2,701,112  2,411 0.36% 2,805,804  2,869 0.41% 2,959,470  3,374 0.45% 3,087,088  4,510 0.58%  2,712,025  7,497 0.37% 3,173,644  20,520 0.86%
                        
Noninterest-bearing deposits  1,439,672    1,437,442    1,345,253    1,267,795    1,220,570     1,407,802    1,080,837   
Other liabilities  177,365    167,083    192,495    280,179    240,737     178,926    213,750   
Total noninterest-bearing liabilities  1,617,037    1,604,525    1,537,748    1,547,974    1,461,307     1,586,728    1,294,587   
                        
Total liabilities  4,248,121    4,305,637    4,343,552    4,507,444    4,548,395     4,298,753    4,468,231   
                        
Shareholders' equity  652,724    632,070    624,990    617,258    609,193     636,696    608,259   
                        
Total liabilities and shareholders' equity $4,900,845   $4,937,707   $4,968,542   $5,124,702   $5,157,588    $4,935,449   $5,076,490   
                        
Net interest spread   3.02%  3.03%  3.01%  2.88%  2.84%   3.02%  2.95%
Effect of noninterest-bearing sources   0.13%  0.14%  0.15%  0.16%  0.19%   0.14%  0.26%
                        
Tax-equivalent net interest margin  $34,979 3.15% $35,334 3.17% $34,880 3.16% $35,142 3.04% $35,139 3.03%  $105,193 3.16% $109,057 3.21%
                        
Tax-equivalent adjustment  $92 0.01% $95 0.01% $99 0.01% $105 0.01% $107 0.01%  $286 0.01% $307 0.01%
                        
Supplemental Information Regarding Accretion of Fair Value Marks
 
   Interest  Increase (Decrease) Effect on Yield or Rate Interest  Increase (Decrease) Effect on Yield or Rate Interest  Increase (Decrease) Effect on Yield or Rate Interest  Increase (Decrease) Effect on Yield or Rate Interest  Increase (Decrease) Effect on Yield or Rate   Increase (Decrease) Effect on Yield or Rate  Increase (Decrease) Effect on Yield or Rate
Loans and leases Income$424 0.05% $950 0.11% $539 0.06% $921 0.10% $784 0.08%  $1,913 0.07% $2,711 0.10%
Retail time deposits Expense$(33)(0.05)% $(50)(0.07)% $(58)