GlobeNewswire Inc | Jan 21, 2021 04:45PM EST

January 21, 2021

BRYN MAWR, Pa., Jan. 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 $15.5 million, or $0.78 diluted earnings per share, for the three months ended December 31, 2020, as compared to $13.2 million, or $0.66 diluted earnings per share, for the three months ended September 30, 2020, and $16.4 million, or $0.81 diluted earnings per share, for the three months ended December 31, 2019.

As detailed in the appendix to this earnings release, management calculates core net income, a non-GAAP measure. Core net income for the three months ended December 31, 2020 excludes certain non-core noninterest income and expense items recognized in connection with the sale of owned office space, the early termination of leased office space, and the planned closure of a branch location. As detailed in the appendix to this earnings release, while the individual components of these items were meaningful, overall core net income of $15.5 million, or $0.77 diluted earnings per share, was relatively consistent as compared to GAAP net income. There were no meaningful non-core income or expense items for the three months ended September 30, 2020 or December 31, 2019. A reconciliation of core net income and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.

We are pleased with how we concluded this challenging year, commented Frank Leto, President and Chief Executive Officer, continuing, We are excited to report that our prior investments in technology and the commitment of our people to quickly and successfully adapt to a sustainable remote working environment allowed us to execute on permanent office space reductions. The net earnings impact of the one-time gains and costs resulting from these occupancy decisions, coupled with the one-time costs associated with the forthcoming closure of one branch location was not material. We expect that these cost-saving decisions will positively impact our noninterest expense in 2021 and beyond. Mr. Leto continued, The number of loans within our COVID-19 deferral program at year-end has considerably decreased from prior quarters as borrowers have begun resuming payments. Lastly, our wealth division continues to perform strongly and finished the year with $19 billion in assets under management, an increase of $2.4 billion from a year ago, and linked quarter growth in revenue of over 7%.

On January 21, 2021, the Board of Directors of the Corporation declared a quarterly dividend of $0.27 per share, payable March 1, 2021 to shareholders of record as of February 1, 2021.

SIGNIFICANT ITEMS OF NOTE

Results of Operations Fourth Quarter 2020 Compared to Third Quarter 2020

-- Net income for the three months ended December 31, 2020 was $15.5 million, or $0.78 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 December 31, 2020 was $35.0 million, relatively unchanged 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 December 31, 2020 was a release of $1.2 million, as compared to a provision of $4.1 million for the three months ended September 30, 2020, a difference of $5.3 million. Total noninterest income increased $907 thousand, total noninterest expense increased $3.4 million, and income tax expense increased $385 thousand for the three months ended December 31, 2020, as compared to the three months ended September 30, 2020. -- Net interest income for the three months ended December 31, 2020 was $35.0 million, relatively unchanged as compared to the linked quarter. Tax-equivalent net interest income for the three months ended December 31, 2020 was $35.1 million, relatively unchanged as compared to the linked quarter. Tax-equivalent net interest income for the fourth quarter of 2020 was positively impacted by the accretion of purchase accounting fair value marks of $918 thousand, an increase of $118 thousand as compared to $800 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 December 31, 2020 was $34.2 million, a decrease of $115 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 3.04% for the three months ended December 31, 2020 as compared to 3.03% 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 2.96% for both the three months ended December 31, 2020 and three months ended September 30, 2020, respectively. 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 a decrease of $1.3 million in tax-equivalent interest and fees earned on loans and leases partially offset by a decrease of $1.1 million in interest expense on deposits, for the three months ended December 31, 2020 as compared to the linked quarter.Tax-equivalent interest and fees earned on loans and leases for the three months ended December 31, 2020 decreased $1.2 million as compared to the linked quarter. The tax-equivalent yield on average loans and leases for the three months ended December 31, 2020 was 3.89%, an eight basis point decrease as compared to the linked quarter. Average loans and leases decreased $43.9 million for the three months ended December 31, 2020 as compared to the linked quarter.Interest expense on deposits for the three months ended December 31, 2020 decreased $1.1 million over the linked quarter. The rate paid on average interest-bearing deposits for the three months ended December 31, 2020 was 0.27%, a 14 basis point decrease as compared to the linked quarter. Average interest-bearing deposits for the three months ended December 31, 2020 decreased $125.7 million as compared to the linked quarter.

-- Noninterest income of $22.0 million for the three months ended December 31, 2020 represented a $907 thousand increase over the linked quarter. The increase was driven by the $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, as well as an $881 thousand increase in fees for wealth management services. These increases were partially offset by a decrease of $2.5 million in capital markets revenue primarily due to decreased volume and size of interest rate swap transactions with commercial loan customers for the three months ended December 31, 2020 as compared to the linked quarter. -- Noninterest expense of $38.6 million for the three months ended December 31, 2020 represented a $3.4 million increase over the linked quarter. The increase was primarily driven by $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 facility driven charges, which are detailed in the appendix to this earnings release as non-core items, coupled with increases of $1.2 million and $529 thousand in other operating expenses and salaries and wages, respectively, were partially offset by a decrease of $454 thousand in Pennsylvania bank shares tax expense. The increase in other operating expenses included a $598 thousand increase in deferred compensation expense, which was primarily due to market fluctuations in the fourth quarter of 2020 affecting the Corporation's deferred compensation plan liability, and a $387 thousand increase in contributions. The increase in salaries and wages was primarily due to an increase in incentive accruals. The decrease in Pennsylvania bank shares tax was driven by an increase in tax credits and refunds recorded in the fourth quarter of 2020 in connection with contributions to qualified organizations under Pennsylvania tax credit programs.

-- A release of Provision of $1.2 million for the three months ended December 31, 2020 compared to a Provision of $4.1 million for the three months ended September 30, 2020, a difference of $5.3 million. A $629 thousand release of provision for credit losses on off-balance sheet exposures and a $379 thousand release of provision for credit losses on loans and leases for the three months ended December 31, 2020 were driven by improvements in the current and forward-looking economic conditions, primarily Pennsylvania unemployment, included in the estimation of expected credit losses as compared to September 30, 2020. A $201 thousand release of provision for credit losses on accrued interest receivable on COVID-19 deferrals for the three months ended December 31, 2020 was primarily driven by a decrease in loans and leases within a deferral period. Net loan and lease charge-offs for the fourth quarter of 2020 totaled $2.3 million, an increase of $153 thousand as compared to $2.2 million for the third quarter of 2020. -- The effective tax rate for the fourth quarter of 2020 decreased to 20.86% as compared to 22.03% for the third quarter of 2020. The decrease in effective tax rate was primarily due to an $84 thousand decrease in discrete tax expense related to stock-based compensation coupled with a reduction in state income tax expense.

Results of Operations Fourth Quarter 2020 Compared to Fourth Quarter 2019

-- Net income for the three months ended December 31, 2020 was $15.5 million, or $0.78 diluted earnings per share, as compared to $16.4 million, or $0.81 diluted earnings per share, for the three months ended December 31, 2019. Net interest income for the three months ended December 31, 2020 was $35.0 million, a decrease of $948 thousand as compared to the same period in 2019. The Provision for the three months ended December 31, 2020, as calculated under the Current Expected Credit Loss (CECL) framework, decreased $3.6 million as compared to the same period in 2019, which was calculated in accordance with previously-applicable GAAP. Total noninterest income decreased $1.2 million, total noninterest expense increased $2.4 million, and income tax expense decreased $108 thousand for the three months ended December 31, 2020 as compared to the three months ended December 31, 2019. -- Net interest income for the three months ended December 31, 2020 was $35.0 million, a decrease of $948 thousand as compared to the same period in 2019. Tax-equivalent net interest income for the three months ended December 31, 2020 was $35.1 million, a decrease of $954 thousand as compared to the same period in 2019. Tax-equivalent net interest income for the fourth quarter of 2020 was positively impacted by the accretion of purchase accounting fair value marks of $918 thousand as compared to $1.1 million for the same period in 2019. Excluding the effects of these purchase accounting fair value marks, the adjusted tax-equivalent net interest income for the three months ended December 31, 2020 was $34.2 million, a decrease of $789 thousand as compared to the same period in 2019. 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 3.04% for the three months ended December 31, 2020 as compared to 3.36% for the same period in 2019. Adjusting for the impacts of the accretion of purchase accounting fair value marks, the adjusted tax-equivalent net interest margin was 2.96% and 3.26% for three months ended December 31, 2020 and 2019, respectively. The main drivers for the decrease in the adjusted tax-equivalent net interest margin were the rate and volume changes of interest-bearing assets and liabilities as discussed in the below bullet points. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.Items contributing to the decrease in tax-equivalent net interest income adjusted for purchase accounting included decreases of $7.5 million and $790 thousand in tax-equivalent interest and fees earned on loans and leases and tax-equivalent interest income on available for sale investment securities, respectively, partially offset by decreases of $6.8 million and $546 thousand in interest paid on deposits and interest expense on short-term borrowings, respectively, for the three months ended December 31, 2020 as compared to the same period in 2019.Tax-equivalent interest and fees earned on loans and leases for the three months ended December 31, 2020 decreased $7.6 million as compared to the same period in 2019. The tax-equivalent yield on average loans and leases for the three months ended December 31, 2020 was 3.89%, an 89 basis point decrease as compared to the same period in 2019. The effect of the decrease in the tax-equivalent yield was partially offset by an increase of $59.0 million in average loans and leases for the three months ended December 31, 2020 as compared to same period in 2019.Tax-equivalent interest income on available for sale investment securities for the three months ended December 31, 2020 decreased $790 thousand as compared to the same period in 2019. The tax-equivalent yield on average available for sale investment securities for the three months ended December 31, 2020 was 1.51%, an 82 basis point decrease as compared to the same period in 2019. The effect of the decrease in the tax-equivalent yield was partially offset by an increase of $105.9 million in average available for sale investment securities for the three months ended December 31, 2020 as compared to the same period in 2019.Interest expense on deposits for the three months ended December 31, 2020 decreased $6.8 million as compared to the same period in 2019. The rate paid on average interest-bearing deposits for the three months ended December 31, 2020 was 0.27%, a 96 basis point decrease as compared to the same period in 2019. Average interest-bearing deposits for the three months ended December 31, 2020 decreased $33.1 million as compared to the same period in 2019.Interest expense on short-term borrowings for the three months ended December 31, 2020 decreased $546 thousand as compared to the same period in 2019. The decrease was primarily due to a $92.5 million decrease in average short-term borrowings for the three months ended December 31, 2020 as compared to the same period in 2019, coupled with a 169 basis point decrease in the rate paid for the three months ended December 31, 2020 as compared to the same period in 2019.

-- Noninterest income of $22.0 million for the three months ended December 31, 2020 represented a $1.2 million decrease over the same period in 2019. The decrease was driven by a $4.6 million decrease in capital markets revenue primarily due to decreased volume and size of interest rate swap transactions with commercial loan customers for the three months ended December 31, 2020 as compared to the same period in 2019. Partially offsetting the decrease was a $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, as well as a $916 thousand increase in fees for wealth management services. -- Noninterest expense of $38.6 million for the three months ended December 31, 2020 represented a $2.4 million increase over the same period in 2019. The increase was primarily driven by $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 facility driven charges, which are detailed in the appendix to this earnings release as non-core items, coupled with an increase of $1.6 million in other operating expenses were partially offset by decreases of $937 thousand and $381 thousand in salaries and wages and Pennsylvania bank shares tax expense, respectively. The decrease in salaries and wages was primarily driven by reduced headcount. The decrease in Pennsylvania bank shares tax was driven by an increase in tax credits and refunds recorded in the fourth quarter of 2020 in connection with contributions to qualified organizations under Pennsylvania tax credit programs.

-- A release of Provision of $1.2 million for the three months ended December 31, 2020, as calculated under the CECL framework, compared to a Provision, calculated in accordance with previously-applicable GAAP, of $2.4 million for the same period in 2019, a difference of $3.6 million. A $629 thousand release of provision for credit losses on off-balance sheet exposures and a $379 thousand release of provision for credit losses on loans and leases for the three months ended December 31, 2020 were driven by improvements in the current and forward-looking economic conditions, primarily Pennsylvania unemployment, included in the estimation of expected credit losses. A $201 thousand release of provision for credit losses on accrued interest receivable on COVID-19 deferrals for the three months ended December 31, 2020 was primarily driven by a decrease in loans and leases within a deferral period. Net loan and lease charge-offs for the fourth quarter of 2020 totaled $2.3 million, an increase of $1.9 million as compared to $400 thousand for the fourth quarter in 2019. -- The effective tax rate for the fourth quarter of 2020 increased to 20.86% as compared to 20.41% for the fourth quarter of 2019.

Financial Condition December 31, 2020 Compared to December 31, 2019

-- Total assets as of December 31, 2020 were $5.43 billion, an increase of $168.8 million from December31, 2019. Increases of $169.0 million, $71.3 million, and $42.4 million in available for sale investment securities, other assets, and cash balances, respectively, were partially offset by a decrease of $60.9 million in portfolio loans and leases and an increase of $31.1 million in the allowance for credit losses (ACL) on loans and leases. The changes in available for sale investment securities, portfolio loans and leases, and the ACL on loans and leases are discussed in the bullets below. The increase in other assets was primarily driven by a $66.2 million increase in the fair value of interest rate swaps. -- Available for sale investment securities as of December 31, 2020 totaled $1.18 billion, an increase of $169.0 million from December 31, 2019. Increases of $94.4 million, $87.9 million, and $11.4 million in collateralized loan obligations, mortgage-backed securities, and corporate bonds, respectively, were partially offset by decreases of $12.6 million and $8.9 million in collateralized mortgage obligations and U.S. Government and agency securities, respectively. -- Total portfolio loans and leases of $3.63 billion as of December 31, 2020 decreased $60.9 million, or 1.7%, from December 31, 2019. Decreases of $85.3 million, $54.9 million, $40.9 million, $17.6 million, $13.0 million and $12.7 million in residential mortgage 1st liens, home equity lines of credit, construction loans, consumer loans, residential mortgage 2nd liens and leases, respectively, were partially offset by increases of $98.4 million, $50.9 million and $14.2 million in nonowner-occupied commercial real estate loans, owner-occupied commercial real estate loans and commercial and industrial loans, respectively. In conjunction with the adoption of CECL, the Corporation has revised its portfolio segmentation to align with the methodology applied in determining the ACL for loans and leases under CECL, which is based on federal call report codes which classify loans based on the primary collateral supporting the loan. Portfolio segmentation prior to the adoption of CECL was based on product type or purpose. As such, certain reclassifications were made to conform previous years to the current year's presentation.As of December 31, 2020, 66 consumer loans and leases in the amount of $7.3 million and 37 commercial loans in the amount of $67.7 million are within a deferral period under the Bank's modification programs, the total comprising 2.1% of the Banks portfolio loans and leases. Of those commercial loans within a deferral period, $59.0 million, or 87.2% of deferred commercial loans, continue to make interest-only payments.

-- The ACL on loans and leases was $22.6 million as of December 31, 2019. Effective January 1, 2020, the Corporation adopted CECL and recognized an increase in the ACL on loans and leases of approximately $3.2 million, as a cumulative effect of a change in accounting principle, with a corresponding decrease, net of tax, in retained earnings. The ACL on loans and leases was $53.7 million as of December 31, 2020, an increase of $31.1 million as compared to December 31, 2019. The significant increase was driven by the current and forward-looking adverse economic impacts of the COVID-19 pandemic included in the estimation of expected credit losses on loans and leases as of December 31, 2020 as compared to our initial adoption of CECL. -- Deposits of $4.38 billion as of December 31, 2020 increased $534.0 million from December 31, 2019. Increases of $503.7 million, $97.1 million, $62.0 million, and $57.1 million in noninterest bearing deposits, wholesale non-maturity deposits, savings accounts, and money market accounts, respectively, were offset by decreases of $73.6 million, $59.1 million, and $53.2 million in retail time deposits, interest-bearing demand accounts, and wholesale time deposits, respectively. The increase in noninterest bearing deposits was primarily due to the Bank's Paycheck Protection Program loan customers depositing loan funds into Bank deposit accounts during the second quarter of 2020. -- Borrowings of $232.9 million as of December 31, 2020, which include short-term borrowings, long-term FHLB advances, subordinated notes and junior subordinated debentures, decreased $433.1 million from December 31, 2019, primarily due to decreases of $421.1 million and $12.4 million in short-term borrowings and long-term FHLB advances, respectively. The increase in deposits reduced the need to obtain wholesale funding at December 31, 2020 as compared to December 31, 2019. -- Wealth assets totaled $18.98 billion as of December 31, 2020, an increase of $2.43 billion from December 31, 2019. As of December 31, 2020, wealth assets consisted of $11.86 billion of wealth assets where fees are set at fixed amounts, an increase of $2.28 billion from December 31, 2019, and $7.12 billion of wealth assets where fees are predominantly determined based on the market value of the assets held in their accounts, an increase of $144.5 million from December 31, 2019. -- The capital ratios for the Bank and the Corporation, as of December 31, 2020, 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 CECLs effect on regulatory capital, relative to the incurred loss methodologys 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.

EARNINGS CONFERENCE CALL

The Corporation will hold a fourth quarter 2020 earnings conference call at 8:30 a.m. Eastern Time on Friday, January 22, 2021. Interested parties may participate by calling 1-888-317-6016. A taped replay of the conference call will be available one hour after the conclusion of the call and will remain available through 9:00 a.m. Eastern Time on Monday, February 22, 2021. This recording may be obtained by calling 1-877-344-7529, referring to conference number 10151203.

The Corporation will simultaneously broadcast the earnings conference call live over the Internet through a webcast on the investor relations portion of the Corporations website. To access the call via the Internet, please visit the website at http://services.choruscall.com/links/bmtc210122.html. An online archive of the webcast will be available within one hour of the conclusion of the earnings conference call. Within 24 hours after the conclusion of the earnings conference call, an online transcript will be available at the following website: https://www.bmt.com/investors/presentations/.

The Corporations decision to hold an earnings conference call for the fourth quarter of 2020 is not indicative of the Corporations future plans with respect to earnings conference calls, and decisions regarding whether to continue holding earnings conference calls will be made at a future date.

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 Corporations future plans, objectives, performance, revenues, growth, profits, operating expenses or the Corporations underlying assumptions. The words may, would, should, could, will, likely, possibly, expect, anticipate, intend, indicate, estimate, target, potentially, promising, probably, outlook, predict, contemplate, continue, plan, strategy, forecast, project, annualized, are optimistic, are looking, are looking forward and believe or other similar words and phrases may identify forward-looking statements. Persons reading this communication are cautioned that such statements are only predictions, and that the Corporations 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 Corporations 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. The COVID-19 pandemic (the Pandemic) is adversely affecting us, our clients, counterparties, employees, and third-party service providers, and the ultimate extent of the impacts on our business, financial position, results of operations, liquidity, and prospects is uncertain. Continued deterioration in general business and economic conditions, including further increases in unemployment rates, or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding, lead to a tightening of credit, and further increase stock price volatility. In addition, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to the Pandemic or changes in Presidential administration, could affect us in substantial and unpredictable ways. Other factors include, among others, our need for capital, our ability to control operating costs and expenses, and 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 or accounting standards, including ASU 2016-13 (Topic 326), Measurement of Credit Losses on Financial Instruments, commonly referenced as the Current Expected Credit Loss model, which has changed how we estimate credit losses and may result in further increases in the required level of our allowance for credit losses; unanticipated regulatory or legal proceedings, outcomes of litigation or other contingencies; cybersecurity events; 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; social or civil unrest; material differences in the actual financial results, cost savings and revenue enhancements associated with our acquisitions; uncertainty regarding the future of LIBOR; the impact of public health issues and pandemics, and their effects on the economic and business environments in which we operate; the effect of the Pandemic, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; and other factors as described in our securities filings with the U.S. Securities and Exchange Commission (SEC). All forward-looking statements and information set forth herein are based on Corporation managements 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 SEC, including our most recent Annual Report on Form 10-K, as updated by our quarterly or other reports subsequently filed with the SEC, including our most recent Quarterly Report on Form 10-Q.

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

Bryn Mawr Bank CorporationSummary FinancialInformation (unaudited)(dollars inthousands, except per share data) As of or For the Three Months Ended For the Twelve Months Ended December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2020 2020 2020 2020 2019 2020 2019Consolidated BalanceSheet (selected items)Interest-bearing $ 85,026 $ 241,763 $ 448,113 $ 69,239 $ 42,328 deposits with banksInvestment 1,198,346 584,529 550,974 537,592 1,027,182 securitiesLoans held for sale 6,000 4,574 4,116 2,785 4,249 Portfolio loans and 3,628,411 3,676,684 3,722,165 3,767,166 3,689,313 leasesAllowance for creditlosses ("ACL") on (53,709 ) (56,428 ) (54,974 ) (54,070 ) (22,602 ) loans and leasesGoodwill and other 199,576 200,445 201,315 202,225 203,143 intangible assetsTotal assets 5,432,022 5,046,939 5,271,311 4,923,033 5,263,259 Deposits - 2,974,411 2,783,188 3,026,152 2,850,986 2,944,072 interest-bearingDeposits - 1,401,843 1,230,391 1,217,496 927,922 898,173 non-interest-bearingShort-term 72,161 23,456 28,891 162,045 493,219 borrowingsLong-term FHLB 39,906 44,872 44,837 47,303 52,269 advancesSubordinated notes 98,883 98,839 98,794 98,750 98,705 Jr. subordinated 21,935 21,889 21,843 21,798 21,753 debenturesTotal liabilities 4,809,700 4,434,322 4,667,637 4,329,854 4,651,032 Total shareholders' 622,322 612,617 603,674 593,179 612,227 equity Average BalanceSheet (selected items)Interest-bearing $ 245,904 $ 336,225 $ 195,966 $ 50,330 $ 66,060 $ 207,535 $ 46,408 deposits with banksInvestment 701,258 574,094 542,321 542,876 593,289 590,397 593,409 securitiesLoans held for sale 2,836 4,393 3,805 2,319 4,160 3,340 3,286 Portfolio loans and 3,654,736 3,697,102 3,936,227 3,736,067 3,594,449 3,755,595 3,530,416 leasesTotalinterest-earning 4,604,734 4,611,814 4,678,319 4,331,592 4,257,958 4,556,867 4,173,519 assetsGoodwill and 200,060 200,931 201,823 202,760 203,663 201,389 205,143 intangible assetsTotal assets 5,124,702 5,157,588 5,226,074 4,844,918 4,775,407 5,088,609 4,683,901 Deposits - 2,765,941 2,891,652 2,969,113 2,853,712 2,799,050 2,869,878 2,761,463 interest-bearingShort-term 29,130 29,913 136,816 140,585 121,612 83,813 129,457 borrowingsLong-term FHLB 43,634 44,849 46,161 47,335 53,443 45,488 51,709 advancesSubordinated notes 98,860 98,815 98,770 98,725 98,681 98,793 98,612 Jr. subordinated 21,905 21,859 21,814 21,768 21,726 21,837 21,660 debenturesTotalinterest-bearing 2,959,470 3,087,088 3,272,674 3,162,125 3,094,512 3,119,809 3,062,901 liabilitiesTotal liabilities 4,507,444 4,548,395 4,625,511 4,229,908 4,168,899 4,478,088 4,094,946 Total shareholders' 617,258 609,193 600,563 615,010 606,508 610,521 588,955 equity Income Statement Net interest income $ 35,037 $ 35,032 $ 37,385 $ 36,333 $ 35,985 $ 143,787 $ 147,641 (Release of)provision for credit (1,209 ) 4,101 3,435 35,350 2,404 41,677 8,595 lossesNoninterest income 22,006 21,099 20,566 18,300 23,255 81,971 82,184 Noninterest expense 38,624 35,197 35,503 33,403 36,251 142,727 146,427 Income tax expense 4,094 3,709 4,010 (2,957 ) 4,202 8,856 15,607 (benefit)Net income (loss) 15,534 13,124 15,003 (11,163 ) 16,383 32,498 59,196 Net lossattributable to (3 ) (40 ) (32 ) - (1 ) (75 ) (10 )noncontrollinginterestNet income (loss)attributable to Bryn 15,537 13,164 15,035 (11,163 ) 16,384 32,573 59,206 Mawr BankCorporationBasic earnings per 0.78 0.66 0.75 (0.56 ) 0.81 1.63 2.94 shareDiluted earnings per 0.78 0.66 0.75 (0.56 ) 0.81 1.63 2.93 shareNet income (loss) 15,518 13,164 15,399 (11,163 ) 16,384 32,918 62,759 (core) ^(1)Basic earnings per 0.78 0.66 0.77 (0.56 ) 0.81 1.65 3.12 share (core) ^(1)Diluted earnings per 0.77 0.66 0.77 (0.56 ) 0.81 1.64 3.10 share (core) ^(1)Dividends paid or 0.27 0.27 0.26 0.26 0.26 1.06 1.02 accrued per shareProfitability IndicatorsReturn on average 1.21 % 1.02 % 1.16 % -0.93 % 1.36 % 0.64 % 1.26 %assetsReturn on average 10.01 % 8.60 % 10.07 % -7.30 % 10.72 % 5.34 % 10.05 %equityReturn on tangible 15.44 % 13.47 % 15.86 % -10.17 % 16.85 % 8.63 % 16.18 %equity^(1)Return on tangible 15.42 % 13.47 % 16.23 % -10.17 % 16.85 % 8.72 % 17.10 %equity (core)^(1)Return on average 1.20 % 1.02 % 1.19 % -0.93 % 1.36 % 0.65 % 1.34 %assets (core)^(1)Return on average 10.00 % 8.60 % 10.31 % -7.30 % 10.72 % 5.39 % 10.66 %equity (core)^(1)Tax-equivalent net 3.04 % 3.03 % 3.22 % 3.38 % 3.36 % 3.16 % 3.55 %interest marginEfficiency ratio^(1) 64.81 % 61.16 % 58.75 % 59.46 % 59.58 % 60.96 % 60.10 %Share Data Closing share price $ 30.60 $ 24.87 $ 27.66 $ 28.38 $ 41.24 Book value per $ 31.18 $ 30.70 $ 30.29 $ 29.78 $ 30.42 common shareTangible book value $ 21.22 $ 20.69 $ 20.23 $ 19.66 $ 20.36 per common share^(1)Price / book value 98.14 % 81.01 % 91.32 % 95.30 % 135.57 % Price / tangible 144.20 % 120.20 % 136.73 % 144.35 % 202.55 % book value^(1)Weighted averagediluted shares 20,027,658 20,021,617 20,008,219 20,053,159 20,213,008 20,042,345 20,233,371 outstandingShares outstanding, 19,960,294 19,958,186 19,927,893 19,921,524 20,126,296 end of periodWealth Management Information:Wealth assets undermgmt,administration, $ 18,976,544 $ 17,244,307 $ 17,012,903 $ 15,593,732 $ 16,548,060 supervision andbrokerage ^(2)Fees for wealth $ 12,588 $ 11,707 $ 9,069 $ 11,168 $ 11,672 management servicesCapital Ratios^(3) Bryn Mawr Trust Company ("BMTC")Tier I capital torisk weighted assets 11.53 % 12.02 % 11.68 % 11.10 % 11.47 % ("RWA")Total capital to RWA 12.74 % 13.27 % 12.93 % 12.33 % 12.09 % Tier I leverage 8.78 % 9.16 % 8.75 % 9.12 % 9.37 % ratioTangible equity 8.27 % 9.36 % 8.67 % 8.98 % 8.58 % ratio ^(1)Common equity Tier I 11.53 % 12.02 % 11.68 % 11.10 % 11.47 % capital to RWA Bryn Mawr Bank Corporation ("BMBC")Tier I capital to 11.85 % 11.48 % 11.27 % 10.80 % 11.42 % RWATotal capital to RWA 15.54 % 15.19 % 15.14 % 14.62 % 14.69 % Tier I leverage 9.03 % 8.75 % 8.44 % 8.88 % 9.33 % ratioTangible equity 8.09 % 8.52 % 7.95 % 8.30 % 8.10 % ratio ^(1)Common equity Tier I 11.28 % 10.92 % 10.71 % 10.25 % 10.86 % capital to RWA Asset Quality IndicatorsNet loan and lease $ 2,340 $ 2,187 $ 3,398 $ 4,073 $ 400 $ 7,925 $ 5,331 charge-offs ("NCO"s) Loans and leasesrisk-rated Special $ 68,892 $ 48,267 $ 55,171 $ 14,833 $ 19,922 MentionTotal classified 153,011 175,501 154,687 60,972 66,901 loans and leasesTotal criticized $ 221,903 $ 223,768 $ 209,858 $ 75,805 $ 86,823 loans and leases Nonperforming loans $ 5,306 $ 8,597 $ 8,418 $ 7,557 $ 10,648 and leases ("NPL"s)Other real estate - - - - - owned ("OREO")Total nonperforming $ 5,306 $ 8,597 $ 8,418 $ 7,557 $ 10,648 assets ("NPA"s) Nonperforming loansand leases 30 or $ 2,001 $ 4,153 $ 3,223 $ 3,380 $ 6,314 more days past duePerforming loans andleases 30 to 89 days 10,847 9,351 10,022 19,930 7,196 past duePerforming loans andleases 90 or more - - - - - days past dueTotal delinquent $ 12,848 $ 13,504 $ 13,245 $ 23,310 $ 13,510 loans and leases Delinquent loans andleases to total 0.35 % 0.37 % 0.36 % 0.62 % 0.37 % loans and leasesDelinquentperforming loans and 0.30 % 0.25 % 0.27 % 0.53 % 0.19 % leases to totalloans and leasesNCOs / average loansand leases 0.25 % 0.24 % 0.35 % 0.44 % 0.04 % 0.21 % 0.15 %(annualized)NPLs / totalportfolio loans and 0.15 % 0.23 % 0.23 % 0.20 % 0.29 % leasesNPAs / total loans 0.15 % 0.23 % 0.23 % 0.20 % 0.29 % and leases and OREONPAs / total assets 0.10 % 0.17 % 0.16 % 0.15 % 0.20 % ACL on loans and 1012.23 % 656.37 % 653.05 % 715.50 % 212.27 % leases / NPLsACL / classified 35.10 % 32.15 % 35.54 % 88.68 % 33.78 % loans and leasesACL / criticized 24.20 % 25.22 % 26.20 % 71.33 % 26.03 % loans and leasesACL on loans andleases / portfolio 1.48 % 1.53 % 1.48 % 1.44 % 0.61 % loansACL on loans andleases fororiginated loans and 1.50 % 1.56 % 1.51 % 1.47 % 0.68 % leases / Originatedloans and leases^(1)(Total ACL on loansand leases + Loanmark) / Total Gross 1.65 % 1.73 % 1.69 % 1.68 % 0.91 % portfolio loans andleases ^(1) Troubled debtrestructurings $ 1,737 $ 1,393 $ 1,792 $ 3,248 $ 3,018 ("TDR"s) included inNPLsTDRs in compliance 7,046 8,590 10,013 4,852 5,071 with modified termsTotal TDRs $ 8,783 $ 9,983 $ 11,805 $ 8,100 $ 8,089 ^(1) Non-GAAP measure - see Appendix for Non-GAAP to GAAP reconciliation.

^(2) Brokerage assets represent assets held at a registered broker dealer undera clearing agreement.^(3) Capital Ratios for the current quarter are to be considered preliminaryuntil the Call Reports are filed. Beginning with the March 31, 2020 callreport, the capital ratios reflect the Corporation?s election of a five-yeartransition provision to delay for two years the full impact of CECL onregulatory capital, followed by a three-year transition period.

Bryn Mawr Bank CorporationDetailed Balance Sheets (unaudited)(dollars in thousands) December 31, September 30, June 30, March 31, December 31, 2020 2020 2020 2020 2019Assets Cash and due from $ 11,287 $ 15,670 $ 16,408 $ 17,803 $ 11,603 banksInterest-bearing 85,026 241,763 448,113 69,239 42,328 deposits with banksCash and cash 96,313 257,433 464,521 87,042 53,931 equivalentsInvestmentsecurities, 1,174,964 564,774 530,581 516,466 1,005,984 available for saleInvestmentsecurities, held to 14,759 11,725 12,592 13,369 12,577 maturityInvestment 8,623 8,030 7,801 7,757 8,621 securities, tradingLoans held for sale 6,000 4,574 4,116 2,785 4,249 Portfolio loans and 3,380,727 3,396,068 3,422,890 3,424,601 3,320,816 leases, originatedPortfolio loans and 247,684 280,616 299,275 342,565 368,497 leases, acquiredTotal portfolio 3,628,411 3,676,684 3,722,165 3,767,166 3,689,313 loans and leasesLess: Allowance forcredit losses on (50,783 ) (52,968 ) (51,659 ) (50,365 ) (22,526 )originated loan andleasesLess: Allowance forcredit losses on (2,926 ) (3,460 ) (3,315 ) (3,705 ) (76 )acquired loan andleasesTotal allowance forcredit losses on (53,709 ) (56,428 ) (54,974 ) (54,070 ) (22,602 )loans and leasesNet portfolio loans 3,574,702 3,620,256 3,667,191 3,713,096 3,666,711 and leasesPremises and 56,662 60,369 61,778 63,144 64,965 equipmentOperating lease 34,601 38,536 39,348 40,157 40,961 right-of-use assetsAccrued interest 15,440 16,609 15,577 12,017 12,482 receivableMortgage servicing 2,626 2,881 3,440 4,115 4,450 rightsBank owned life 60,393 60,072 59,728 59,399 59,079 insuranceFederal Home Loan 12,666 4,506 4,506 11,928 23,744 Bank ("FHLB") stockGoodwill 184,012 184,012 184,012 184,012 184,012 Intangible assets 15,564 16,433 17,303 18,213 19,131 Other investments 17,742 17,129 17,055 16,786 16,683 Other assets 156,955 179,600 181,762 172,747 85,679 Total assets $ 5,432,022 $ 5,046,939 $ 5,271,311 $ 4,923,033 $ 5,263,259 Liabilities Deposits Noninterest-bearing $ 1,401,843 $ 1,230,391 $ 1,217,496 $ 927,922 $ 898,173 Interest-bearing 2,974,411 2,783,188 3,026,152 2,850,986 2,944,072 Total deposits 4,376,254 4,013,579 4,243,648 3,778,908 3,842,245 Short-term 72,161 23,456 28,891 162,045 493,219 borrowingsLong-term FHLB 39,906 44,872 44,837 47,303 52,269 advancesSubordinated notes 98,883 98,839 98,794 98,750 98,705 Jr. subordinated 21,935 21,889 21,843 21,798 21,753 debenturesOperating lease 40,284 42,895 43,693 44,482 45,258 liabilitiesAccrued interest 6,277 7,984 7,907 7,230 6,248 payableOther liabilities 154,000 180,808 178,024 169,338 91,335 Total liabilities 4,809,700 4,434,322 4,667,637 4,329,854 4,651,032 Shareholders' equityCommon stock 24,714 24,710 24,662 24,655 24,650 Paid-in capital in 381,653 380,770 380,167 379,495 378,606 excess of par valueLess: common stockheld in treasury, (89,164 ) (89,100 ) (88,612 ) (88,540 ) (81,174 )at costAccumulated othercomprehensive 8,948 10,139 9,019 8,869 2,187 income, net of taxRetained earnings 296,941 286,865 279,165 269,395 288,653 Total Bryn MawrBank Corporation 623,092 613,384 604,401 593,874 612,922 shareholders'equityNoncontrolling (770 ) (767 ) (727 ) (695 ) (695 )interestTotal shareholders' 622,322 612,617 603,674 593,179 612,227 equityTotal liabilitiesand shareholders' $ 5,432,022 $ 5,046,939 $ 5,271,311 $ 4,923,033 $ 5,263,259 equity

Bryn Mawr Bank CorporationSupplementalBalance Sheet Information(unaudited)(dollars in thousands) Portfolio Loans and Leases^(1) as of December 31, September 30, June 30, March 31, December 31, 2020 2020 2020 2020 2019Commercial realestate - $ 1,435,575 $ 1,382,757 $ 1,375,904 $ 1,354,416 $ 1,337,167 nonowner-occupiedCommercial realestate - 578,509 568,219 542,688 530,667 527,607 owner-occupiedHome equity lines 169,337 179,125 194,767 209,278 224,262 of creditResidentialmortgage - 1st 621,369 660,923 695,270 710,495 706,690 liensResidentialmortgage - junior 23,795 26,150 33,644 35,583 36,843 liensConstruction 161,308 186,415 212,374 221,116 202,198 Total real estate 2,989,893 3,003,589 3,054,647 3,061,555 3,034,767 loansCommercial & 446,438 465,315 457,529 491,298 432,227 IndustrialConsumer 39,683 47,043 43,762 45,951 57,241 Leases 152,397 160,737 166,227 168,362 165,078 Total non-realestate loans and 638,518 673,095 667,518 705,611 654,546 leasesTotal portfolio $ 3,628,411 $ 3,676,684 $ 3,722,165 $ 3,767,166 $ 3,689,313 loans and leases Nonperforming Loans and Leases^(1) as of December 31, September 30, June 30, March 31, December 31, 2020 2020 2020 2020 2019Commercial realestate - $ 57 $ 849 $ 245 $ 181 $ 199 nonowner-occupiedCommercial realestate - 1,659 3,597 4,046 2,543 4,159 owner-occupiedHome equity lines 729 890 915 758 636 of creditResidentialmortgage - 1st 99 862 912 1,080 2,447 liensResidentialmortgage - junior 85 50 72 79 83 liensTotalnonperforming 2,629 6,248 6,190 4,641 7,524 real estate loansCommercial & 1,775 1,784 1,973 2,692 2,180 IndustrialConsumer 30 31 36 52 61 Leases 872 534 219 172 883 Totalnonperforming 2,677 2,349 2,228 2,916 3,124 non-real estateloans and leasesTotalnonperforming $ 5,306 $ 8,597 $ 8,418 $ 7,557 $ 10,648 portfolio loansand leases Net Loan and Lease Charge-Offs (Recoveries)^(1) for the Three Months Ended December 31, September 30, June 30, March 31, December 31, 2020 2020 2020 2020 2019Commercial realestate - $ 240 $ (2 ) $ (4 ) $ (2 ) $ (1,067 )nonowner-occupiedCommercial realestate - 382 494 1,234 - 190 owner-occupiedHome equity lines - - (4 ) 114 33 of creditResidentialmortgage - 1st - (13 ) 420 727 378 liensResidentialmortgage - junior - - - - - liensConstruction (1 ) (1 ) (1 ) (1 ) (1 )Total netcharge-offs of 621 478 1,645 838 (467 )real estate loansCommercial & 897 1,522 499 612 57 IndustrialConsumer 409 134 238 261 227 Leases 413 53 1,016 2,362 583 Total netcharge-offs of 1,719 1,709 1,753 3,235 867 non-real estateloans and leasesTotal net $ 2,340 $ 2,187 $ 3,398 $ 4,073 $ 400 charge-offs ^(1) In conjunction with the adoption of CECL, the Corporation has revised itsportfolio segmentation to align with the methodology applied in determining theACL for loans and leases under CECL, which is based on federal call reportcodes, or collateral. Portfolio segmentation prior to the adoption of CECL wasbased on product type or purpose. As such, certain reclassifications were madeto conform previous years to the current year's presentation.

Bryn Mawr Bank CorporationSupplementalBalance Sheet Information(unaudited)(dollars in thousands) Investment Securities Available for Sale, at Fair Value December 31, September June 30, March 31, December 31, 2020 30, 2020 2020 2019 2020U.S. Treasury $ 500,100 $ 100 $ 100 $ 101 $ 500,101 securitiesObligations of theU.S. Government and 93,098 90,928 114,149 106,679 102,020 agenciesState & politicalsubdivisions - 2,171 3,178 4,583 4,562 5,379 tax-freeMortgage-backed 453,857 431,822 377,204 374,775 366,002 securitiesCollateralizedmortgage 19,263 22,253 25,873 29,699 31,832 obligationsCollateralized loan 94,404 6,500 - - - obligationsCorporate bonds 11,421 9,343 8,022 - - Other debt 650 650 650 650 650 securitiesTotal investmentsecurities $ 1,174,964 $ 564,774 $ 530,581 $ 516,466 $ 1,005,984 available for sale,at fair value Unrealized Gain (Loss) on Investment Securities Available for Sale December 31, September June 30, March 31, December 31, 2020 30, 2020 2020 2019 2020U.S. Treasury $ 5 $ - $ - $ 1 $ 35 securitiesObligations of theU.S. Government and 649 995 1,103 1,036 (159 )agenciesState & politicalsubdivisions - 22 27 30 10 13 tax-freeMortgage-backed 12,282 12,901 11,683 11,554 5,025 securitiesCollateralizedmortgage 583 662 702 778 36 obligationsCollateralized loan (96 ) - - - - obligationsCorporate bonds 421 343 22 - - Total unrealizedgains on investment $ 13,866 $ 14,928 $ 13,540 $ 13,379 $ 4,950 securitiesavailable for sale Deposits December 31, September June 30, March 31, December 31, 2020 30, 2020 2020 2019 2020Interest-bearing deposits:Interest-bearing $ 885,802 $ 815,561 $ 910,441 $ 750,127 $ 944,915 demandMoney market 1,163,620 1,199,429 1,239,523 1,133,952 1,106,478 Savings 282,406 245,167 249,636 247,799 220,450 Retail time 331,527 366,245 400,186 406,828 405,123 depositsWholesalenon-maturity 275,011 77,356 146,463 198,888 177,865 depositsWholesale time 36,045 79,430 79,903 113,392 89,241 depositsTotalinterest-bearing 2,974,411 2,783,188 3,026,152 2,850,986 2,944,072 depositsNoninterest-bearing 1,401,843 1,230,391 1,217,496 927,922 898,173 depositsTotal deposits $ 4,376,254 $ 4,013,579 $ 4,243,648 $ 3,778,908 $ 3,842,245

Bryn Mawr Bank CorporationDetailedIncome Statements(unaudited)(dollars inthousands, except pershare data) For the Three Months Ended For the Twelve Months Ended December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2020 2020 2020 2020 2019 2020 2019Interest income:Interest andfees on loans $ 35,632 $ 36,799 $ 40,690 $ 42,795 $ 43,220 $ 155,916 $ 178,367 and leasesInterest oncash and cash 62 85 37 111 195 295 543 equivalentsInterest oninvestment 2,717 2,658 2,894 3,201 3,545 11,470 14,479 securitiesTotal interest 38,411 39,542 43,621 46,107 46,960 167,681 193,389 incomeInterest expense:Interest on 1,891 2,967 4,476 7,637 8,674 16,971 35,936 depositsInterest onshort-term 9 8 232 453 555 702 2,792 borrowingsInterest on 226 234 155 244 279 859 1,069 FHLB advancesInterest onjr. 205 207 229 295 323 936 1,373 subordinateddebenturesInterest onsubordinated 1,043 1,094 1,144 1,145 1,144 4,426 4,578 notesTotal interest 3,374 4,510 6,236 9,774 10,975 23,894 45,748 expenseNet interest 35,037 35,032 37,385 36,333 35,985 143,787 147,641 income(Release of)provision for (1,209 ) 4,101 3,435 35,350 2,404 41,677 8,595 credit losses("PCL")Net interestincome after 36,246 30,931 33,950 983 33,581 102,110 139,046 PCLNoninterest income:Fees forwealth 12,588 11,707 9,069 11,168 11,672 44,532 44,400 managementservicesInsurance 1,393 1,682 1,303 1,533 1,666 5,911 6,877 commissionsCapitalmarkets 841 3,314 2,975 2,361 5,455 9,491 11,276 revenueServicecharges on 756 663 603 846 858 2,868 3,374 depositsLoan servicing 360 373 452 461 489 1,646 2,206 and other feesNet gain on 842 1,021 3,134 782 597 5,779 2,342 sale of loansNet gain onsale ofinvestment - - - - - - - securitiesavailable forsaleNet gain onsale of 2,297 - - - - 2,297 - long-livedassetsNet gain(loss) on sale - - - 148 (48 ) 148 (84 )of other realestate ownedDividends onFHLB and FRB 337 127 243 444 432 1,151 1,505 stocksOtheroperating 2,592 2,212 2,787 557 2,134 8,148 10,288 incomeTotalnoninterest 22,006 21,099 20,566 18,300 23,255 81,971 82,184 incomeNoninterest expense:Salaries and 17,730 17,201 16,926 16,989 18,667 68,846 74,371 wagesEmployee 2,858 3,026 3,221 3,500 2,685 12,605 13,456 benefitsOccupancy and 3,624 3,055 3,033 3,015 3,206 12,727 12,591 bank premisesFurniture,fixtures and 2,400 2,481 2,120 2,431 2,401 9,432 9,693 equipmentImpairment oflong-lived 1,605 - - - - 1,605 - assetsAdvertising 554 458 196 401 599 1,609 2,105 Amortizationof intangible 869 870 910 918 953 3,567 3,801 assetsProfessional 1,767 1,718 1,575 1,368 1,754 6,428 5,434 feesPennsylvaniabank shares (339 ) 115 116 116 42 8 1,478 taxData 1,501 1,403 1,479 1,394 1,517 5,777 5,517 processingOtheroperating 6,055 4,870 5,927 3,271 4,427 20,123 17,981 expensesTotalnoninterest 38,624 35,197 35,503 33,403 36,251 142,727 146,427 expenseIncome (loss)before income 19,628 16,833 19,013 (14,120 ) 20,585 41,354 74,803 taxesIncome taxexpense 4,094 3,709 4,010 (2,957 ) 4,202 8,856 15,607 (benefit)Net $ 15,534 $ 13,124 $ 15,003 $ (11,163 ) $ 16,383 $ 32,498 $ 59,196 income (loss)Net (loss)attributableto (3 ) (40 ) (32 ) - (1 ) (75 ) (10 )noncontrollinginterestNetincome (loss)attributable $ 15,537 $ 13,164 $ 15,035 $ (11,163 ) $ 16,384 $ 32,573 $ 59,206 to Bryn MawrBankCorporation Per share data:Weightedaverage shares 19,958,567 19,945,634 19,926,737 20,053,159 20,124,553 19,970,921 20,142,306 outstandingDilutive 69,091 75,983 81,482 - 88,455 71,424 91,065 common sharesWeightedaverage 20,027,658 20,021,617 20,008,219 20,053,159 20,213,008 20,042,345 20,233,371 diluted sharesBasic earningsper common $ 0.78 $ 0.66 $ 0.75 $ (0.56 ) $ 0.81 $ 1.63 $ 2.94 shareDilutedearnings per $ 0.78 $ 0.66 $ 0.75 $ (0.56 ) $ 0.81 $ 1.63 $ 2.93 common shareDividends paidor accrued per $ 0.27 $ 0.27 $ 0.26 $ 0.26 $ 0.26 $ 1.06 $ 1.02 common shareEffective tax 20.86 % 22.03 % 21.09 % 20.94 % 20.41 % 21.42 % 20.86 %rate

Bryn Mawr Bank CorporationTax-Equivalent Net Interest Margin (unaudited)(dollars in thousands) For the Three Months Ended For the Twelve Months Ended December 31, September 30, June 30, March 31, December 31, December 31, 2020 2020 2020 2020 2019 2020December 31, 2019 Interest Interest Interest Interest Interest Average Interest Average Rates Earned/ PaidAverage Average Balance Income/ Average Rates Average Balance Income/ Average Rates Average Balance Income/ Average Rates Average Balance Income/ Average Rates Average Balance Income/ Rates Average Balance Income/ BalanceInterest Income/ ExpenseAverage Rates Expense Earned/ Paid Expense Earned/ Paid Expense Earned/ Paid Expense Earned/ Paid Expense Earned/ Expense Earned/ Paid Paid Assets: Interest-bearing deposits $ 245,904 $ 62 0.10 % $ 336,225 $ 85 0.10 % $ 195,966 $ 37 0.08 % $ 50,330 $ 111 0.89 % $ 66,060 $ 195 1.17 % $ 207,535 $ 295 0.14%$46,408$5431.17%with other banksInvestment securities - available for sale:Taxable 675,642 2,561 1.51 % 550,199 2,562 1.85 % 516,823 2,775 2.16 % 516,244 3,065 2.39 % 566,359 3,334 2.34 % 564,990 10,963 1.94%566,64513,8622.45%Tax-exempt 2,490 16 2.56 % 3,690 23 2.48 % 4,572 26 2.29 % 4,909 28 2.29 % 5,844 33 2.24 % 3,911 93 2.38%7,4281672.25%Total investmentsecurities - available 678,132 2,577 1.51 % 553,889 2,585 1.86 % 521,395 2,801 2.16 % 521,153 3,093 2.39 % 572,203 3,367 2.33 % 568,901 11,056 1.94%574,07314,0292.44%for sale Investment securities - 15,093 57 1.50 % 12,248 57 1.85 % 13,126 73 2.24 % 13,195 87 2.65 % 12,756 84 2.61 % 13,417 274 2.04%11,0993022.72%held to maturityInvestment securities - 8,033 86 4.26 % 7,957 21 1.05 % 7,800 24 1.24 % 8,528 25 1.18 % 8,330 99 4.72 % 8,079 156 1.93%8,2371722.09%trading Loans and leases * 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 % 3,598,609 43,326 4.78 % 3,758,935 156,312 4.16%3,533,702178,8295.06% Total interest-earning 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 % 4,257,958 47,071 4.39 % 4,556,867 168,093 3.69%4,173,519193,8754.65%assets Cash and due from banks 13,192 16,557 16,263 12,479 9,829 14,654 12,703Less: allowance for loan (55,634 ) (55,285 ) (54,113 ) (25,786 ) (21,124 ) (47,747 ) (20,828)and lease lossesOther assets 562,410 584,502 585,605 526,633 528,744 564,835 518,507 Total assets $ 5,124,702 $ 5,157,588 $ 5,226,074 $ 4,844,918 $ 4,775,407 $ 5,088,609 $4,683,901 Liabilities: Interest-bearing deposits:Savings, NOW and market $ 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 % $ 2,149,623 $ 5,659 1.04 % $ 2,269,786 $ 8,859 0.39%$1,969,205$19,9081.01%rate depositsWholesale deposits 130,660 293 0.89 % 223,527 465 0.83 % 245,052 486 0.80 % 253,322 977 1.55 % 214,229 1,024 1.90 % 212,943 2,221 1.04%300,1486,9082.30%Retail time deposits 349,474 1,103 1.26 % 385,534 1,460 1.51 % 410,911 1,649 1.61 % 403,111 1,679 1.68 % 435,198 1,991 1.82 % 387,149 5,891 1.52%492,1109,1201.85%Total interest-bearing 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 % 2,799,050 8,674 1.23 % 2,869,878 16,971 0.59%2,761,46335,9361.30%deposits Borrowings: Short-term borrowings 29,130 9 0.12 % 29,913 8 0.11 % 136,816 232 0.68 % 140,585 453 1.30 % 121,612 555 1.81 % 83,813 702 0.84%129,4572,7922.16%Long-term FHLB advances 43,634 226 2.06 % 44,849 234 2.08 % 46,161 155 1.35 % 47,335 244 2.07 % 53,443 279 2.07 % 45,488 859 1.89%51,7091,0692.07%Subordinated notes 98,860 1,043 4.20 % 98,815 1,094 4.40 % 98,770 1,144 4.66 % 98,725 1,145 4.66 % 98,681 1,144 4.60 % 98,793 4,426 4.48%98,6124,5784.64%Jr. subordinated debt 21,905 205 3.72 % 21,859 207 3.77 % 21,814 229 4.22 % 21,768 295 5.45 % 21,726 323 5.90 % 21,837 936 4.29%21,6601,3736.34%Total borrowings 193,529 1,483 3.05 % 195,436 1,543 3.14 % 303,561 1,760 2.33 % 308,413 2,137 2.79 % 295,462 2,301 3.09 % 249,931 6,923 2.77%301,4389,8123.26% Total interest-bearing 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 % 3,094,512 10,975 1.41 % 3,119,809 23,894 0.77%3,062,90145,7481.49%liabilities Noninterest-bearing 1,267,795 1,220,570 1,126,139 894,264 915,128 1,127,831 900,156depositsOther liabilities 280,179 240,737 226,698 173,519 159,259 230,448 131,889Total noninterest-bearing 1,547,974 1,461,307 1,352,837 1,067,783 1,074,387 1,358,279 1,032,045liabilities Total liabilities 4,507,444 4,548,395 4,625,511 4,229,908 4,168,899 4,478,088 4,094,946 Shareholders' equity 617,258 609,193 600,563 615,010 606,508 610,521 588,955 Total liabilities and $ 5,124,702 $ 5,157,588 $ 5,226,074 $ 4,844,918 $ 4,775,407 $ 5,088,609 $4,683,901shareholders' equity Net interest spread 2.88 % 2.84 % 2.99 % 3.05 % 2.98 % 2.92%3.16%Effect ofnoninterest-bearing 0.16 % 0.19 % 0.23 % 0.33 % 0.38 % 0.24%0.39%sources Tax-equivalent net $ 35,142 3.04 % $ 35,139 3.03 % $ 37,478 3.22 % $ 36,440 3.38 % $ 36,096 3.36 % $ 144,199 3.16%$148,1273.55%interest margin Tax-equivalent adjustment $ 105 0.01 % $ 107 0.01 % $ 93 0.01 % $ 107 0.01 % $ 111 0.01 % $ 412 0.01%$4860.01% Supplemental Information Regarding Accretion of Fair Value Marks Effect Interest Increase Effect on Increase Effect on Increase Effect on Increase Effect on Increase on Increase Effect on Yield or RateIncrease (Decrease) (Decrease) Yield or Rate (Decrease) Yield or Rate (Decrease) Yield or Rate (Decrease) Yield or Rate (Decrease) Yield (Decrease) Effect on Yield or Rate or RateLoans and leases Income $ 921 0.10 % $ 784 0.08 % $ 1,017 0.10 % $ 910 0.10 % $ 1,027 0.11 % $ 3,632 0.10%$5,7180.16%Retail time deposits Expense $ (78 ) -0.09 % $ (96 ) -0.10 % $ (103 ) -0.10 % $ (118 ) -0.12 % $ (134 ) -0.12 % (395 ) -0.10%(678)-0.14%Long-term FHLB advances Expense $ 35 0.32 % $ 34 0.30 % $ 35 0.30 % $ 34 0.29 % $ 34 0.25 % 138 0.30%1350.26%Jr. subordinated debt Expense $ 46 0.84 % $ 46 0.84 % $ 45 0.83 % $ 45 0.83 % $ 44 0.80 % 182 0.83%1730.80%Net interest income from $ 918 $ 800 $ 1,040 $ 949 $ 1,083 $ 3,707 $ 6,088fair value marksPurchase accounting effect 0.08 % 0.07 % 0.09 % 0.09 % 0.10 % 0.08%0.15%on tax-equivalent margin * Average loans and leases include portfolio loans and leases, and loans heldfor sale. Non-accrual loans are also included in the average loan and leasesbalances.

Bryn Mawr Bank CorporationAppendix - Non-GAAP to GAAP Reconciliationsand Calculation of Non-GAAP Performance Measures (unaudited)(dollars inthousands, except pershare data) Statement on Non-GAAP Measures: The Corporation believes the presentation ofthe following non-GAAP financial measures provides useful supplementalinformation that is essential to an investor?s proper understanding of theresults of operations and financial condition of the Corporation. Managementuses non-GAAP financial measures in its analysis of the Corporation?s performance. These non-GAAP measures should not be viewed as substitutes forthe financial measures determined in accordance with GAAP, nor are theynecessarily comparable to non-GAAP performance measures that may be presentedby other companies. As of or For the Three Months Ended As of or For the Twelve Months Ended December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2020 2020 2020 2020 2019 2020 2019Reconciliationof Net Income to Net Income(core):Net income(loss)attributable $ 15,537 $ 13,164 $ 15,035 $ (11,163 ) $ 16,384 $ 32,573 $ 59,206 to BMBC (aGAAP measure)Less:Tax-effectednon-core noninterestincome:Gain on sale - - (1,905 ) - - (1,905 ) - of PPP loansBMT InvestmentAdvisers - - 1,744 - - 1,744 - wind-downcostsGain on sale (1,813 ) - - - - (1,813 ) - of buildingAdd:Tax-effectednon-core noninterestexpense items:Voluntaryyears ofservice - - - - - - 3,553 incentiveprogramexpensesBMT InvestmentAdvisers - - 100 - - 100 - wind-downcostsSeveranceassociated - - 425 - - 425 - with staffreductionGain on earlylease (107 ) - - - - (107 ) - terminationImpairment oflong-lived 1,268 - - - - 1,268 - assetsDisposalexpense of 633 - - - - 633 - premises andequipmentNet income(loss) (core) $ 15,518 $ 13,164 $ 15,399 $ (11,163 ) $ 16,384 $ 32,918 $ 62,759 (a non-GAAPmeasure) Calculation ofBasic andDiluted Earnings perCommon Share(core):Weightedaverage common 19,958,567 19,945,634 19,926,737 20,053,159 20,124,553 19,970,921 20,142,306 sharesoutstandingDilutive 69,091 75,983 81,482 - 88,455 71,424 91,065 common sharesWeightedaverage 20,027,658 20,021,617 20,008,219 20,053,159 20,213,008 20,042,345 20,233,371 diluted sharesBasic earningsper commonshare (core) $ 0.78 $ 0.66 $ 0.77 $ (0.56 ) $ 0.81 $ 1.65 $ 3.12 (a non-GAAPmeasure)Dilutedearnings percommon share $ 0.77 $ 0.66 $ 0.77 $ (0.56 ) $ 0.81 $ 1.64 $ 3.10 (core) (anon-GAAPmeasure) Calculation ofReturn onAverage TangibleEquity:Net income(loss)attributable $ 15,537 $ 13,164 $ 15,035 $ (11,163 ) $ 16,384 $ 32,573 $ 59,206 to BMBC (aGAAP measure)Add:Tax-effectedamortization 687 687 719 725 753 2,818 3,003 and impairmentof intangibleassetsNet tangibleincome ( $ 16,224 $ 13,851 $ 15,754 $ (10,438 ) $ 17,137 $ 35,391 $ 62,209 numerator) Averageshareholders' $ 617,258 $ 609,193 $ 600,563 $ 615,010 $ 606,508 $ 610,521 $ 588,955 equityLess: AverageNoncontrolling 769 739 696 695 694 725 690 interestLess: Averagegoodwill and (200,060 ) (200,931 ) (201,823 ) (202,760 ) (203,663 ) (201,389 ) (205,143 )intangibleassetsNet averagetangible $ 417,967 $ 409,001 $ 399,436 $ 412,945 $ 403,539 $ 409,857 $ 384,502 equity (denominator) Return ontangibleequity (a 15.44 % 13.47 % 15.86 % -10.17 % 16.85 % 8.63 % 16.18 %non-GAAPmeasure) Calculation ofReturn onAverage TangibleEquity (core):Net income(loss) (core) $ 15,518 $ 13,164 $ 15,399 $ (11,163 ) $ 16,384 $ 32,918 $ 62,759 (a non-GAAPmeasure)Add:Tax-effectedamortization 687 687 719 725 753 2,818 3,003 and impairmentof intangibleassetsNet tangibleincome (loss) $ 16,205 $ 13,851 $ 16,118 $ (10,438 ) $ 17,137 $ 35,736 $ 65,762 (core) (numerator) Averageshareholders' $ 617,258 $ 609,193 $ 600,563 $ 615,010 $ 606,508 $ 610,521 $ 588,955 equityLess: AverageNoncontrolling 769 739 696 695 694 725 690 interestLess: Averagegoodwill and (200,060 ) (200,931 ) (201,823 ) (202,760 ) (203,663 ) (201,389 ) (205,143 )intangibleassetsNet averagetangible $ 417,967 $ 409,001 $ 399,436 $ 412,945 $ 403,539 $ 409,857 $ 384,502 equity (denominator) Return ontangibleequity (core) 15.42 % 13.47 % 16.23 % -10.17 % 16.85 % 8.72 % 17.10 %(a non-GAAPmeasure) Calculation ofTangible Equity Ratio(BMBC):Totalshareholders' $ 622,322 $ 612,617 $ 603,674 $ 593,179 $ 612,227 equityLess:Noncontrolling 770 767 727 695 695 interestLess: Goodwilland intangible (199,576 ) (200,445 ) (201,315 ) (202,225 ) (203,143 ) assetsNet tangibleequity ( $ 423,516 $ 412,939 $ 403,086 $ 391,649 $ 409,779 numerator) Total assets $ 5,432,022 $ 5,046,939 $ 5,271,311 $ 4,923,033 $ 5,263,259 Less: Goodwilland intangible (199,576 ) (200,445 ) (201,315 ) (202,225 ) (203,143 ) assetsTangibleassets ( $ 5,232,446 $ 4,846,494 $ 5,069,996 $ 4,720,808 $ 5,060,116 denominator) Tangibleequity ratio 8.09 % 8.52 % 7.95 % 8.30 % 8.10 % (BMBC)^(1) Calculation ofTangible Equity Ratio(BMTC):Totalshareholders' $ 630,880 $ 653,317 $ 639,711 $ 624,959 $ 624,030 equityLess:Noncontrolling 770 767 727 695 695 interestLess: Goodwilland intangible (199,330 ) (200,200 ) (201,069 ) (201,979 ) (190,694 ) assetsNet tangibleequity ( $ 432,320 $ 453,499 $ 439,369 $ 423,675 $ 434,031 numerator) Total assets $ 5,428,909 $ 5,043,099 $ 5,267,536 $ 4,919,004 $ 5,247,649 Less: Goodwilland intangible (199,330 ) (200,200 ) (201,069 ) (201,979 ) (190,694 ) assetsTangibleassets ( $ 5,229,579 $ 4,842,899 $ 5,066,467 $ 4,717,025 $ 5,056,955 denominator) Tangibleequity ratio 8.27 % 9.36 % 8.67 % 8.98 % 8.58 % (BMTC)^(1) Calculation oftangible book value percommon share:Totalshareholders' $ 622,322 $ 612,617 $ 603,674 $ 593,179 $ 612,227 equityLess:Noncontrolling 770 767 727 695 695 interestLess: Goodwilland intangible (199,576 ) (200,445 ) (201,315 ) (202,225 ) (203,143 ) assetsNet tangibleequity ( $ 423,516 $ 412,939 $ 403,086 $ 391,649 $ 409,779 numerator) Sharesoutstanding, 19,960,294 19,958,186 19,927,893 19,921,524 20,126,296 end of period(denominator) Tangible bookvalue percommon share $ 21.22 $ 20.69 $ 20.23 $ 19.66 $ 20.36 (a non-GAAPmeasure) Calculation ofprice / tangible bookvalue:Closing share $ 30.60 $ 24.87 $ 27.66 $ 28.38 $ 41.24 priceTangible bookvalue per $ 21.22 $ 20.69 $ 20.23 $ 19.66 $ 20.36 common sharePrice /tangible bookvalue (a 144.20 % 120.20 % 136.73 % 144.35 % 202.55 % non-GAAPmeasure) Calculation ofReturn on Average Assets(core)Return onaverage assets 1.21 % 1.02 % 1.16 % -0.93 % 1.36 % 0.64 % 1.26 %(GAAP)Effect ofadjustment toGAAP net -0.01 % 0.00 % 0.03 % 0.00 % 0.00 % 0.01 % 0.08 %income to corenet incomeReturn onaverage assets 1.20 % 1.02 % 1.19 % -0.93 % 1.36 % 0.65 % 1.34 %(core) Calculation ofReturn on Average Equity(core)Return onaverage equity 10.01 % 8.60 % 10.07 % -7.30 % 10.72 % 5.34 % 10.05 %(GAAP)Effect ofadjustment toGAAP net -0.01 % 0.00 % 0.24 % 0.00 % 0.00 % 0.05 % 0.61 %income to corenet incomeReturn onaverage equity 10.00 % 8.60 % 10.31 % -7.30 % 10.72 % 5.39 % 10.66 %(core) Calculation ofTax-equivalentnet interestmargin adjusting forthe impact ofpurchaseaccounting:Tax-equivalentnet interest 3.04 % 3.03 % 3.22 % 3.38 % 3.36 % 3.16 % 3.55 %marginEffect of fair 0.08 % 0.07 % 0.09 % 0.09 % 0.10 % 0.08 % 0.15 %value marksTax-equivalentnet interestmarginadjusting for 2.96 % 2.96 % 3.13 % 3.29 % 3.26 % 3.08 % 3.40 %the impact ofpurchaseaccounting ^(1)Capital Ratios for the current quarter are to be considered preliminaryuntil the Call Reports are filed. Beginning with the March 31, 2020 callreport, the capital ratios reflect the Corporation?s election of a five-yeartransition provision to delay for two years the full impact of CECL onregulatory capital, followed by a three-year transition period.Calculation ofTax-equivalentnet interestincome adjusting forthe impact ofpurchaseaccounting:Tax-equivalentnet interest $ 35,142 $ 35,139 $ 37,478 $ 36,440 $ 36,096 $ 144,199 $ 148,127 incomeEffect of fair 918 800 1,040 949 1,083 3,707 6,088 value marksTax-equivalentnet interestincomeadjusting for $ 34,224 $ 34,339 $ 36,438 $ 35,491 $ 35,013 $ 140,492 $ 142,039 the impact ofpurchaseaccounting Calculation ofEfficiency Ratio*:Noninterest $ 38,624 $ 35,197 $ 35,503 $ 33,403 $ 36,251 $ 142,727 $ 146,427 expenseLess: certainnoninterest expense items:Amortization (869 ) (870 ) (910 ) (918 ) (953 ) (3,567 ) (3,801 )of intangiblesVoluntaryyears ofservice - - - - - - (4,498 )incentiveprogramexpensesBMT InvestmentAdvisers, Inc. - - (127 ) - - (127 ) - wind-downcostsSeveranceassociated - - (538 ) - - (538 ) - with staffreductionGain on earlylease 135 - - - - 135 - terminationImpairment oflong-lived (1,605 ) - - - - (1,605 ) - assetsDisposalexpense of (801 ) - - - - (801 ) - premises andequipmentNoninterestexpense $ 35,484 $ 34,327 $ 33,928 $ 32,485 $ 35,298 $ 136,224 $ 138,128 (adjusted) (numerator) Noninterest $ 22,006 $ 21,099 $ 20,566 $ 18,300 $ 23,255 $ 81,971 $ 82,184 incomeLess: non-corenoninterest income items:Gain on sale - - (2,411 ) - - - - of PPP loansBMT InvestmentAdvisers, Inc. - - 2,207 - - - - wind-downcostsGain on sale (2,295 ) - - - - (2,295 ) - of buildingNoninterest $ 19,711 $ 21,099 $ 20,362 $ 18,300 $ 23,255 $ 79,676 $ 82,184 income (core)Net interest 35,037 35,032 37,385 36,333 35,985 143,787 147,641 incomeNoninterestincome (core)and net $ 54,748 $ 56,131 $ 57,747 $ 54,633 $ 59,240 $ 223,463 $ 229,825 interestincome (denominator) Efficiency 64.81 % 61.16 % 58.75 % 59.46 % 59.58 % 60.96 % 60.10 %ratio* In calculating the Corporation's efficiency ratio, which is used byManagement to identify the cost of generating each dollar of core revenue,certain non-core income and expense items as well as the amortization ofintangible assets, are excluded. Supplemental Loan and ACL onLoans and Leases Information Used to Calculate Non-GAAPMeasures Total ACL onloans and $ 53,709 $ 56,428 $ 54,974 $ 54,070 $ 22,602 leasesLess: ACL onacquired loans 2,926 3,460 3,315 3,705 76 and leasesACL onoriginated $ 50,783 $ 52,968 $ 51,659 $ 50,365 $ 22,526 loans andleases Total ACL onloans and $ 53,709 $ 56,428 $ 54,974 $ 54,070 $ 22,602 leasesLoan mark onacquired loans 6,288 7,235 8,037 9,478 10,905 and leasesTotal ACL onloans and $ 59,997 $ 63,663 $ 63,011 $ 63,548 $ 33,507 leases + Loanmark TotalPortfolio $ 3,628,411 $ 3,676,684 $ 3,722,165 $ 3,767,166 $ 3,689,313 loans andleasesLess:Originated 3,380,727 3,396,068 3,422,890 3,424,601 3,320,816 loans andleasesNet acquired $ 247,684 $ 280,616 $ 299,275 $ 342,565 $ 368,497 loansAdd: Loan markon acquired 6,288 7,235 8,037 9,478 10,905 loansGross acquiredloans $ 253,972 $ 287,851 $ 307,312 $ 352,043 $ 379,402 (excludes loanmark)Originatedloans and 3,380,727 3,396,068 3,422,890 3,424,601 3,320,816 leasesTotal Grossportfolio $ 3,634,699 $ 3,683,919 $ 3,730,202 $ 3,776,644 $ 3,700,218 loans andleases