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 (GLOBE NEWSWIRE) -- 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.
  
  
  
  
• 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 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 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.
  
  
  
  
• 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.
  
  

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.

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.

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 securities		761,877				1,198,346				584,529				550,974				537,592
Loans held for sale		3,210				6,000				4,574				4,116				2,785
Portfolio loans and leases		3,633,235				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 assets		198,738				199,576				200,445				201,315				202,225
Total assets		4,914,508				5,432,022				5,046,939				5,271,311				4,923,033
Deposits - interest-bearing		2,537,534				2,974,411				2,783,188				3,026,152				2,850,986
Deposits - non-interest-bearing		1,364,716				1,401,843				1,230,391				1,217,496				927,922
Short-term borrowings		60,027				72,161				23,456				28,891				162,045
Long-term FHLB advances		39,941				39,906				44,872				44,837				47,303
Subordinated notes		98,928				98,883				98,839				98,794				98,750
Jr. subordinated debentures		21,983				21,935				21,889				21,843				21,798
Total liabilities		4,291,412				4,809,700				4,434,322				4,667,637				4,329,854
Total shareholders' equity		623,096				622,322				612,617				603,674				593,179
Average Balance Sheet (selected items)
Interest-bearing deposits with banks	$	110,972			$	245,904			$	336,225			$	195,966			$	50,330
Investment securities		760,625				701,258				574,094				542,321				542,876
Loans held for sale		1,203				2,836				4,393				3,805				2,319
Portfolio loans and leases		3,606,011				3,654,736				3,697,102				3,936,227				3,736,067
Total interest-earning assets		4,478,811				4,604,734				4,611,814				4,678,319				4,331,592
Goodwill and intangible assets		199,208				200,060				200,931				201,823				202,760
Total assets		4,968,542				5,124,702				5,157,588				5,226,074				4,844,918
Deposits - interest-bearing		2,613,004				2,765,941				2,891,652				2,969,113				2,853,712
Short-term borrowings		32,020				29,130				29,913				136,816				140,585
Long-term FHLB advances		39,921				43,634				44,849				46,161				47,335
Subordinated notes		98,904				98,860				98,815				98,770				98,725
Jr. subordinated debentures		21,955				21,905				21,859				21,814				21,768
Total interest-bearing liabilities		2,805,804				2,959,470				3,087,088				3,272,674				3,162,125
Total liabilities		4,343,552				4,507,444				4,548,395				4,625,511				4,229,908
Total shareholders' equity		624,990				617,258				609,193				600,563				615,010
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 income		19,841				22,006				21,099				20,566				18,300
Noninterest expense		37,703				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 Corporation		17,083				15,537				13,164				15,035				(11,163	)
Basic earnings per share		0.86				0.78				0.66				0.75				(0.56	)
Diluted earnings per share		0.85				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 share		0.27				0.27				0.27				0.26				0.26
Profitability Indicators
Return on average assets		1.39	%			1.21	%			1.02	%			1.16	%			-0.93	%
Return on average equity		11.09	%			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 margin		3.16	%			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 value		145.21	%			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 outstanding		20,050,736				20,027,658				20,021,617				20,008,219				20,053,159
Shares outstanding, end of period		19,878,993				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
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 RWA		13.18	%			12.75	%			13.27	%			12.93	%			12.33	%
Tier I leverage ratio		9.47	%			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 RWA		12.08	%			11.53	%			12.02	%			11.68	%			11.10	%
Bryn Mawr Bank Corporation ("BMBC")
Tier I capital to RWA		12.15	%			11.86	%			11.48	%			11.27	%			10.80	%
Total capital to RWA		15.73	%			15.55	%			15.19	%			15.14	%			14.62	%
Tier I leverage ratio		9.53	%			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 RWA		11.58	%			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 leases		129,120				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 due		5,396				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 leases		0.20	%			0.35	%			0.37	%			0.36	%			0.62	%
Delinquent performing loans and leases to total loans and leases		0.15	%			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 leases		0.14	%			0.15	%			0.23	%			0.23	%			0.20	%
NPAs / total loans and leases and OREO		0.14	%			0.15	%			0.23	%			0.23	%			0.20	%
NPAs / total assets		0.11	%			0.10	%			0.17	%			0.16	%			0.15	%
ACL on loans and leases / NPLs		915.18	%			1012.23	%			656.37	%			653.05	%			715.50	%
ACL / classified loans and leases		36.84	%			35.10	%			32.15	%			35.54	%			88.68	%
ACL / criticized loans and leases		23.35	%			24.20	%			25.22	%			26.20	%			71.33	%
ACL on loans and leases / portfolio loans		1.31	%			1.48	%			1.53	%			1.48	%			1.44	%
ACL on loans and leases for originated loans and leases / Originated loans and leases (1)		1.33	%			1.50	%			1.56	%			1.51	%			1.47	%
(Total ACL on loans and leases + 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 terms		6,967				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.

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 banks		37,089				85,026				241,763				448,113				69,239
Cash and cash equivalents		47,400				96,313				257,433				464,521				87,042
Investment securities, available for sale		738,974				1,174,964				564,774				530,581				516,466
Investment securities, held to maturity		14,126				14,759				11,725				12,592				13,369
Investment securities, trading		8,777				8,623				8,030				7,801				7,757
Loans held for sale		3,210				6,000				4,574				4,116				2,785
Portfolio loans and leases, originated		3,405,128				3,380,727				3,396,068				3,422,890				3,424,601
Portfolio loans and leases, acquired		228,107				247,684				280,616				299,275				342,565
Total portfolio loans and leases		3,633,235				3,628,411				3,676,684				3,722,165				3,767,166
Less: Allowance for credit losses on originated loan and leases		(45,285	)			(50,783	)			(52,968	)			(51,659	)			(50,365	)
Less: Allowance for credit losses on acquired loan and leases		(2,277	)			(2,926	)			(3,460	)			(3,315	)			(3,705	)
Total allowance for credit losses on loans and leases		(47,562	)			(53,709	)			(56,428	)			(54,974	)			(54,070	)
Net portfolio loans and leases		3,585,673				3,574,702				3,620,256				3,667,191				3,713,096
Premises and equipment		55,510				56,662				60,369				61,778				63,144
Operating lease right-of-use assets		33,848				34,601				38,536				39,348				40,157
Accrued interest receivable		15,058				15,440				16,609				15,577				12,017
Mortgage servicing rights		2,493				2,626				2,881				3,440				4,115
Bank owned life insurance		60,721				60,393				60,072				59,728				59,399
Federal Home Loan Bank ("FHLB") stock		5,986				12,666				4,506				4,506				11,928
Goodwill		184,012				184,012				184,012				184,012				184,012
Intangible assets		14,726				15,564				16,433				17,303				18,213
Other investments		17,811				17,742				17,129				17,055				16,786
Other assets		126,183				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-bearing		2,537,534				2,974,411				2,783,188				3,026,152				2,850,986
Total deposits		3,902,250				4,376,254				4,013,579				4,243,648				3,778,908
Short-term borrowings		60,027				72,161				23,456				28,891				162,045
Long-term FHLB advances		39,941				39,906				44,872				44,837				47,303
Subordinated notes		98,928				98,883				98,839				98,794				98,750
Jr. subordinated debentures		21,983				21,935				21,889				21,843				21,798
Operating lease liabilities		39,543				40,284				42,895				43,693				44,482
Accrued interest payable		6,358				6,277				7,984				7,907				7,230
Other liabilities		122,382				154,000				180,808				178,024				169,338
Total liabilities		4,291,412				4,809,700				4,434,322				4,667,637				4,329,854
Shareholders' equity
Common stock		24,715				24,714				24,710				24,662				24,655
Paid-in capital in excess of par value		382,202				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 tax		154				8,948				10,139				9,019				8,869
Retained earnings		308,569				296,941				286,865				279,165				269,395
Total Bryn Mawr Bank Corporation shareholders' equity		623,866				623,092				613,384				604,401				593,874
Noncontrolling interest		(770	)			(770	)			(767	)			(727	)			(695	)
Total shareholders' equity		623,096				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

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-occupied		578,747				578,509				568,219				542,688				530,667
Home equity lines of credit		157,418				169,337				179,125				194,767				209,278
Residential mortgage - 1st liens		602,584				621,369				660,923				695,270				710,495
Residential mortgage - junior liens		27,400				23,795				26,150				33,644				35,583
Construction		187,472				161,308				186,415				212,374				221,116
Total real estate loans		2,961,861				2,989,893				3,003,589				3,054,647				3,061,555
Commercial & Industrial		486,824				446,438				465,315				457,529				491,298
Consumer		39,226				39,683				47,043				43,762				45,951
Leases		145,324				152,397				160,737				166,227				168,362
Total non-real estate loans and leases		671,374				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-occupied		1,355				1,659				3,597				4,046				2,543
Home equity lines of credit		532				729				890				915				758
Residential mortgage - 1st liens		645				99				862				912				1,080
Residential mortgage - junior liens		184				85				50				72				79
Total nonperforming real estate loans		2,772				2,629				6,248				6,190				4,641
Commercial & Industrial		1,490				1,775				1,784				1,973				2,692
Consumer		40				30				31				36				52
Leases		895				872				534				219				172
Total nonperforming non-real estate loans and leases		2,425				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-occupied		189				382				494				1,234				-
Home equity lines of credit		-				-				-				(4	)			114
Residential mortgage - 1st liens		1				-				(13	)			420				727
Residential mortgage - junior liens		-				-				-				-				-
Construction		(1	)			(1	)			(1	)			(1	)			(1	)
Total net charge-offs of real estate loans		189				621				478				1,645				838
Commercial & Industrial		(54	)			897				1,522				499				612
Consumer		107				409				134				238				261
Leases		400				413				53				1,016				2,362
Total net charge-offs of non-real estate loans and leases		453				1,719				1,709				1,753				3,235
Total net charge-offs	$	642			$	2,340			$	2,187			$	3,398			$	4,073

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-free		2,168				2,171			3,178			4,583			4,562
Mortgage-backed securities		497,328				453,857			431,822			377,204			374,775
Collateralized mortgage obligations		17,073				19,263			22,253			25,873			29,699
Collateralized loan obligations		99,666				94,404			6,500			-			-
Corporate bonds		11,576				11,421			9,343			8,022			-
Other debt securities		650				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-free		16				22			27			30			10
Mortgage-backed securities		8,957				12,282			12,901			11,683			11,554
Collateralized mortgage obligations		522				583			662			702			778
Corporate bonds		576				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 market		1,201,115				1,163,620			1,199,429			1,239,523			1,133,952
Savings		286,124				282,406			245,167			249,636			247,799
Retail time deposits		301,702				331,527			366,245			400,186			406,828
Wholesale non-maturity deposits		70,605				275,011			77,356			146,463			198,888
Wholesale time deposits		6,134				36,045			79,430			79,903			113,392
Total interest-bearing deposits		2,537,534				2,974,411			2,783,188			3,026,152			2,850,986
Noninterest-bearing deposits		1,364,716				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

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 equivalents		22				62				85				37				111
Interest on investment securities		3,050				2,717				2,658				2,894				3,201
Total interest income		37,650				38,411				39,542				43,621				46,107
Interest expense:
Interest on deposits		1,424				1,891				2,967				4,476				7,637
Interest on short-term borrowings		10				9				8				232				453
Interest on FHLB advances		203				226				234				155				244
Interest on jr. subordinated debentures		198				205				207				229				295
Interest on subordinated notes		1,034				1,043				1,094				1,144				1,145
Total interest expense		2,869				3,374				4,510				6,236				9,774
Net interest income		34,781				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 PCL		40,027				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 commissions		1,464				1,393				1,682				1,303				1,533
Capital markets revenue		1,596				841				3,314				2,975				2,361
Service charges on deposits		696				756				663				603				846
Loan servicing and other fees		304				360				373				452				461
Net gain on sale of loans		250				842				1,021				3,134				782
Net gain on sale of long-lived assets		6				2,297				-				-				-
Net gain (loss) on sale of other real estate owned		-				-				-				-				148
Dividends on FHLB and FRB stocks		222				337				127				243				444
Other operating income		2,467				2,592				2,212				2,787				557
Total noninterest income		19,841				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 premises		2,892				3,624				3,055				3,033				3,015
Furniture, fixtures and equipment		2,242				2,400				2,481				2,120				2,431
Impairment of long-lived assets		-				1,605				-				-				-
Advertising		176				554				458				196				401
Amortization of intangible assets		838				869				870				910				918
Due diligence, merger-related and merger integration expenses		1,646				-				-				-				-
Professional fees		1,433				1,767				1,718				1,575				1,368
Pennsylvania bank shares tax		749				(339	)			115				116				116
Data processing		1,404				1,501				1,403				1,479				1,394
Other operating expenses		5,806				6,055				4,870				5,927				3,271
Total noninterest expense		37,703				38,624				35,197				35,503				33,403
Income (loss) before income taxes		22,165				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 outstanding		19,907,873				19,958,567				19,945,634				19,926,737				20,053,159
Dilutive common shares		142,863				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 common share	$	0.27			$	0.27			$	0.27			$	0.26			$	0.26
Effective tax rate		22.93	%			20.86	%			22.03	%			21.09	%			20.94	%

Bryn Mawr Bank Corporation
Tax-Equivalent Net Interest Margin (unaudited)
(dollars in thousands)
		For the Three Months Ended
		March 31, 2021								December 31, 2020								September 30, 2020								June 30, 2020								March 31, 2020
		Average Balance			Interest Income/ Expense			Average Rates Earned/ Paid		Average Balance			Interest Income/ Expense			Average Rates Earned/ Paid		Average Balance			Interest Income/ Expense			Average Rates Earned/ Paid		Average Balance			Interest Income/ Expense			Average Rates Earned/ Paid		Average Balance			Interest Income/ Expense			Average 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:
Taxable			735,508			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-exempt			2,170			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 sale			737,678			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 maturity			14,329			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 - trading			8,618			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       assets			4,478,811			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 banks			10,824								13,192								16,557								16,263								12,479
Less: allowance for credit losses on loans and leases			(53,582	)							(55,634	)							(55,285	)							(54,113	)							(25,786	)
Other assets			532,489								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 deposits			117,710			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 deposits			316,564			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        deposits			2,613,004			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 borrowings			32,020			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 advances			39,921			203		2.06	%		43,634			226		2.06	%		44,849			234		2.08	%		46,161			155		1.35	%		47,335			244		2.07	%
Subordinated notes			98,904			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 debt			21,955			198		3.66	%		21,905			205		3.72	%		21,859			207		3.77	%		21,814			229		4.22	%		21,768			295		5.45	%
Total borrowings			192,800			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        liabilities			2,805,804			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 deposits			1,345,253								1,267,795								1,220,570								1,126,139								894,264
Other liabilities			192,495								280,179								240,737								226,698								173,519
Total noninterest-bearing       liabilities			1,537,748								1,547,974								1,461,307								1,352,837								1,067,783
Total liabilities			4,343,552								4,507,444								4,548,395								4,625,511								4,229,908
Shareholders' equity			624,990								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 spread								3.01	%							2.88	%							2.84	%							2.99	%							3.05	%
Effect of noninterest-bearing sources								0.15	%							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	%
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					Increase (Decrease)			Effect on Yield or Rate					Increase (Decrease)			Effect on Yield or Rate
Loans and leases		Income			$	539		0.06	%				$	921		0.10	%				$	784		0.08	%				$	1,017		0.10	%				$	910		0.10	%
Retail time deposits		Expense			$	(58	)	-0.07	%				$	(78	)	-0.09	%				$	(96	)	-0.10	%				$	(103	)	-0.10	%				$	(118	)	-0.12	%
Long-term FHLB advances		Expense			$	35		0.36	%				$	35		0.32	%				$	34		0.30	%				$	35		0.30	%				$	34		0.29	%
Jr. subordinated debt		Expense			$	47		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	%
* 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.

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 building		-				(1,813	)			-				-				-
Add: Tax-effected non-core noninterest expense items:
Due diligence, merger-related and merger integration expenses		1,624				-				-				-				-
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 outstanding		19,907,873				19,958,567				19,945,634				19,926,737				20,053,159
Dilutive common shares		142,863				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 (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 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	%
Calculation of Tangible Equity Ratio (BMBC):
Total shareholders' equity	$	623,096			$	622,322			$	612,617			$	603,674			$	593,179
Less: Noncontrolling interest		770				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 interest		770				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 interest		770				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.
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 income		0.14	%			-0.01	%			0.00	%			0.03	%			0.00	%
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 income		1.05	%			-0.01	%			0.00	%			0.24	%			0.00	%
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 margin		3.16	%			3.04	%			3.03	%			3.22	%			3.38	%
Effect of fair value marks		0.05	%			0.08	%			0.07	%			0.09	%			0.09	%
Tax-equivalent net interest margin adjusting for the impact of purchase accounting		3.11	%			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 marks		515				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 income		34,781				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 ratio		64.48	%			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.
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 leases		2,277				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 loans and leases		5,736				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 leases		3,405,128				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 loans		5,736				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 leases		3,405,128				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

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