(Source: PrimeNewswire)BRYN MAWR, Pa., Aug. 3, 2009 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (Nasdaq:BMTC), (the "Corporation"), parent of The Bryn Mawr Trust Company (the "Bank"), today announced financial results for the second quarter ended June 30, 2009. The Corporation reported second quarter 2009 diluted earnings per share of $0.28 and net income of $2.4 million which includes a $0.04 per diluted share or $351 thousand after-tax cost of the FDIC insurance special assessment. In the first quarter of 2009, the Corporation reported diluted earnings per share of $0.31 and net income of $2.6 million. There was no FDIC insurance special assessment in the first quarter of 2009.

Ted Peters, Chairman and Chief Executive Officer, stated, "We are pleased with the results for the second quarter and year to date. Growth in net interest income and revenue from mortgage refinance activity were among the highlights for the quarter. Loan quality remains strong, however, challenges continue in our leasing portfolio."

Mr. Peters continued, "During the second quarter as previously reported, the Corporation enhanced its capital position through the sale of $2.5 million of common shares and the issuance of $7.5 million in subordinated debt in a private transaction. Additionally, the Corporation has established a Dividend Reinvestment and Stock Purchase Plan ("Plan") which is intended to allow both existing shareholders and new investors to easily and conveniently increase their investment in the Corporation without incurring many of the fees and commissions normally associated with brokerage transactions. On July 20, 2009, the Corporation made a 424(b)(2) filing with the Securities and Exchange Commission relating to securities to be taken down from the Corporation's S-3 shelf registration statement in connection with the Plan. A copy of the Plan as filed in our July 20, 2009 424 (b)(2) filing can be found under "SEC filings" at our website, www.bmtc.com, by clicking on "About Us" and then "Investor Relations".

    HIGHLIGHTS FOR THE QUARTER   * Second quarter 2009 deposit levels were $894.0 million, up     $24.5 million or 2.8% from December 31, 2008 and up $140.2 million     or 18.6% from June 30, 2008.     * Total quarter end portfolio loans and leases were down 2.4% or     $22.0 million to $877.6 million compared to $899.6 million at     December 31, 2008 as construction loans decreased $17.6 million or     30.1% as planned and leases declined $3.8 million or 6.3%.     * Mortgage originations for the second quarter of 2009 were     $125.1 million compared with $96.5 million in the first quarter of     2009 and $25.8 million in the fourth quarter of 2008.  The net gain     on the sale of residential mortgage loans of approximately     $2.5 million was up significantly from approximately $1.9 million     in the first quarter of 2009 and $300 thousand in the fourth     quarter of 2008.  Operating expenses include variable costs     associated with this mortgage revenue of approximately 36%.   * The value of our Mortgage Servicing Rights (MSR's) increased to     $3.6 million from $2.2 million at December 31, 2008.  This increase     is primarily the result of mortgage refinancing activity during the     first quarter of 2009 in which the mortgages were sold with     servicing retained along with a slight increase in value.  Second     quarter results contained a $115 thousand MSR impairment recovery.    * Revenue from Wealth Management services (which includes Lau     Associates revenue which was acquired on July 15, 2008) for the     second quarter 2009 was $3.6 million, up slightly from first     quarter 2009 revenue of $3.5 million, and in line with fourth     quarter 2008 results, reflecting the improved financial markets     over the past 3 months.    * The Corporation had an unused borrowing capacity of $258.4 million     at the Federal Home Loan Bank of Pittsburgh, $82.9 million at the     Federal Reserve and $75 million of Fed Funds lines at June 30, 2009.      Additionally, liquidity remains strong with approximately     $90 million in overnight money market funds and other short-term     investments at the end of the second quarter.   * The net interest margin was 3.59% for the second quarter of 2009,     down 3 basis points from the first quarter 2009 and 4 basis points     from the fourth quarter of 2008 primarily due to the low interest     rates the Corporation is earning on its excess cash balances.    * The provision for loan and lease losses for the quarter ended     June 30, 2009 was $1.69 million, compared with $1.59 million in the     first quarter of 2009, primarily due to  leasing portfolio     charge-offs.   * At June 30, 2009, the allowance for loan and lease losses of     $10.39 million was 1.18% of portfolio loans and leases compared     with $10.14 million or 1.13% and $10.33 million or 1.15% of     portfolio loans and leases at March 31, 2009 and December 31, 2008,     respectively.  The allowance as a percentage of non-performing     loans and leases increased to 284% at June 30, 2009 from 178% at     December 31, 2008, due to the foreclosure of a site development     loan and its transfer into other real estate owned ("OREO") at its     estimated net realizable value.    * The FDIC insurance special assessment charge of approximately     $540 thousand ($0.04 per diluted share or $351 thousand after-tax)     to replenish the FDIC Insurance Fund was accrued as of June 30,     2009 and is payable on September 30, 2009.   * Second quarter 2009 non-interest expense increased $819 thousand or     7.1% over the first quarter of 2009 due in part to the variable     costs associated with higher residential mortgage activity, the     FDIC insurance special assessment charge and increased advertising     and professional fees.  Excluding the FDIC insurance special     assessment, non-interest expense increased $279 thousand or 2.4%     from the first quarter of 2009.    * Regulatory capital levels at June 30, 2009 exceed the regulatory     minimum for "well capitalized" at both the Bank and Corporate level     by over $19 million.                                      Regulatory                                       Minimum                 Actual                                     to be Well    Actual      ------                                     Capitalized  6/30/2009  12/31/2008                                     -----------  ---------  ----------  Bryn Mawr Trust Company   Consolidated  ------------------------  Tier I Capital to Risk   Weighted Assets (RWA)                 6.00%       8.71%       8.49%  Total (Tier II) Capital    to RWA                              10.00%      11.89%      10.98%  Tier I Leverage Ratio                  5.00%       7.72%       7.70%   Bryn Mawr Bank Corporation  --------------------------  Tier I Capital to Risk   Weighted Assets (RWA)                 6.00%       9.27%       8.81%  Total (Tier II) Capital   to RWA                               10.00%      12.43%      11.29%  Tier I Leverage Ratio                  5.00%       8.22%       8.03%  Tangible Common Equity Ratio            N/A        7.43%       7.13% 

DIVIDEND DECLARED

On July 23, 2009, the Corporation's Board of Directors declared a quarterly dividend of $0.14 per share, payable September 1, 2009 to shareholders of record as of August 14, 2009.

The Corporation will hold an earnings conference call at 8:30 a.m. EDT on Tuesday, August 4, 2009. Interested parties may participate by calling 800-860-2442 at 8:30 a.m. EDT. A taped replay of the conference call will be available within two hours of the conclusion of the call and will remain available through Wednesday, August 12, 2009. The number to call for the taped replay is 877-344-7529 and the Replay Passcode is 431710.

The conference call will be simultaneously broadcast live over the Internet through a web cast on the investor relations portion of the Bryn Mawr Bank Corporation's website. To access the call, please visit the website at http://www.bmtc.com/investor_01.cfm. An online archive of the web cast will be available within two hours of the conclusion of the call. The Corporation has also recently expanded its Investor Relations website to include added resources and information for shareholders and interested investors. Interested parties are encouraged to utilize the expanded resources of the site for more information on Bryn Mawr Bank Corporation.

This press release contains statements which, to the extent that they are not recitations of historical fact may constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. 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 "may", "would", "should", "could", "will", "likely", "expect," "anticipate," "intend", "estimate", "target", "potentially", "probably", "outlook", "predict", "contemplate", "continue", "plan", "forecast", "project" and "believe" or other similar words and phrases may identify forward-looking statements. Persons reading this press release are cautioned that such statements are only predictions, and that the Corporation's actual future results or performance may be materially different.

Such forward-looking statements involve known and unknown risks and uncertainties. A number of factors, many of which are beyond the Corporation's control, could cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments expressed, implied or anticipated by such forward-looking statements, and so our business and financial condition and results of operations could be materially and adversely affected. Such factors include, among others, our need for capital, ability to control operating costs and expenses, and ability to manage loan and lease delinquency rates; the credit risks of lending activities and overall quality of the composition of our loan, lease and securities portfolio; the impact of economic conditions, consumer and business spending habits, and real estate market conditions on our business and in our market area; changes in the levels of general interest rates, deposit interest rates, or net interest margin and funding sources; changes in banking regulations and policies and the possibility that any banking agency approvals we might require for certain activities will not be obtained in a timely manner or at all or will be conditioned in a manner that would impair our ability to implement our business plans; changes in accounting policies and practices; the inability of key third-party providers to perform their obligations to us; our ability to attract and retain key personnel; competition in our marketplace; war or terrorist activities; and other factors as described in our securities filings. All forward-looking statements and information made herein are based on Management's current beliefs and assumptions as of the date hereof and speak only as of the date they are made. The Corporation does not undertake to update forward-looking statements.

For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K, as well as any changes in risk factors that we may identify in our quarterly or other reports filed with the SEC.