GlobeNewswire Inc | Apr 22, 2021 09:00AM EDT

April 22, 2021

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 Corporations 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 December31, 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 Banks 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 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.

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 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 Managements 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 Corporations 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 SECs 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 SECs 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 WSFSs 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 Corporations 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 CorporationSummary FinancialInformation (unaudited)(dollars inthousands, except per share data) As of or For the Three Months Ended March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020Consolidated BalanceSheet (selected items)Interest-bearing $ 37,089 $ 85,026 $ 241,763 $ 448,113 $ 69,239 deposits with banksInvestment 761,877 1,198,346 584,529 550,974 537,592 securitiesLoans held for sale 3,210 6,000 4,574 4,116 2,785 Portfolio loans and 3,633,235 3,628,411 3,676,684 3,722,165 3,767,166 leasesAllowance for creditlosses ("ACL") on (47,562 ) (53,709 ) (56,428 ) (54,974 ) (54,070 ) loans and leasesGoodwill and other 198,738 199,576 200,445 201,315 202,225 intangible assetsTotal assets 4,914,508 5,432,022 5,046,939 5,271,311 4,923,033 Deposits - 2,537,534 2,974,411 2,783,188 3,026,152 2,850,986 interest-bearingDeposits - 1,364,716 1,401,843 1,230,391 1,217,496 927,922 non-interest-bearingShort-term 60,027 72,161 23,456 28,891 162,045 borrowingsLong-term FHLB 39,941 39,906 44,872 44,837 47,303 advancesSubordinated notes 98,928 98,883 98,839 98,794 98,750 Jr. subordinated 21,983 21,935 21,889 21,843 21,798 debenturesTotal liabilities 4,291,412 4,809,700 4,434,322 4,667,637 4,329,854 Total shareholders' 623,096 622,322 612,617 603,674 593,179 equity Average BalanceSheet (selected items)Interest-bearing $ 110,972 $ 245,904 $ 336,225 $ 195,966 $ 50,330 deposits with banksInvestment 760,625 701,258 574,094 542,321 542,876 securitiesLoans held for sale 1,203 2,836 4,393 3,805 2,319 Portfolio loans and 3,606,011 3,654,736 3,697,102 3,936,227 3,736,067 leasesTotalinterest-earning 4,478,811 4,604,734 4,611,814 4,678,319 4,331,592 assetsGoodwill and 199,208 200,060 200,931 201,823 202,760 intangible assetsTotal assets 4,968,542 5,124,702 5,157,588 5,226,074 4,844,918 Deposits - 2,613,004 2,765,941 2,891,652 2,969,113 2,853,712 interest-bearingShort-term 32,020 29,130 29,913 136,816 140,585 borrowingsLong-term FHLB 39,921 43,634 44,849 46,161 47,335 advancesSubordinated notes 98,904 98,860 98,815 98,770 98,725 Jr. subordinated 21,955 21,905 21,859 21,814 21,768 debenturesTotalinterest-bearing 2,805,804 2,959,470 3,087,088 3,272,674 3,162,125 liabilitiesTotal liabilities 4,343,552 4,507,444 4,548,395 4,625,511 4,229,908 Total shareholders' 624,990 617,258 609,193 600,563 615,010 equity Income Statement Net interest income $ 34,781 $ 35,037 $ 35,032 $ 37,385 $ 36,333 (Recovery of)provision for credit (5,246 ) (1,209 ) 4,101 3,435 35,350 lossesNoninterest 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 5,082 4,094 3,709 4,010 (2,957 ) (benefit)Net income (loss) 17,083 15,534 13,124 15,003 (11,163 ) Net lossattributable to - (3 ) (40 ) (32 ) - noncontrollinginterestNet income (loss)attributable to Bryn 17,083 15,537 13,164 15,035 (11,163 ) Mawr BankCorporationBasic earnings per 0.86 0.78 0.66 0.75 (0.56 ) shareDiluted earnings per 0.85 0.78 0.66 0.75 (0.56 ) shareNet income (loss) 18,707 15,518 13,164 15,399 (11,163 ) (core) ^(1)Basic earnings per 0.94 0.78 0.66 0.77 (0.56 ) share (core) ^(1)Diluted earnings per 0.93 0.77 0.66 0.77 (0.56 ) share (core) ^(1)Dividends paid or 0.27 0.27 0.27 0.26 0.26 accrued per shareProfitability IndicatorsReturn on average 1.39 % 1.21 % 1.02 % 1.16 % -0.93 % assetsReturn on average 11.09 % 10.01 % 8.60 % 10.07 % -7.30 % equityReturn on tangible 16.87 % 15.44 % 13.47 % 15.86 % -10.17 % equity^(1)Return on tangible 18.42 % 15.42 % 13.47 % 16.23 % -10.17 % equity (core)^(1)Return on average 1.53 % 1.20 % 1.02 % 1.19 % -0.93 % assets (core)^(1)Return on average 12.14 % 10.00 % 8.60 % 10.31 % -7.30 % equity (core)^(1)Tax-equivalent net 3.16 % 3.04 % 3.03 % 3.22 % 3.38 % interest marginEfficiency 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 $ 31.34 $ 31.18 $ 30.70 $ 30.29 $ 29.78 common shareTangible book value $ 21.39 $ 21.22 $ 20.69 $ 20.23 $ 19.66 per common share^(1)Price / book value 145.21 % 98.14 % 81.01 % 91.32 % 95.30 % Price / tangible 212.76 % 144.20 % 120.20 % 136.73 % 144.35 % book value^(1)Weighted averagediluted shares 20,050,736 20,027,658 20,021,617 20,008,219 20,053,159 outstandingShares outstanding, 19,878,993 19,960,294 19,958,186 19,927,893 19,921,524 end of periodWealth Management Information:Wealth assets undermgmt,administration, $ 20,059,371 $ 18,976,544 $ 17,244,307 $ 17,012,903 $ 15,593,732 supervision andbrokerage ^(2)Fees for wealth $ 12,836 $ 12,588 $ 11,707 $ 9,069 $ 11,168 management servicesCapital Ratios^(3) Bryn Mawr Trust Company ("BMTC")Tier I capital torisk weighted assets 12.08 % 11.53 % 12.02 % 11.68 % 11.10 % ("RWA")Total capital to RWA 13.18 % 12.75 % 13.27 % 12.93 % 12.33 % Tier I leverage 9.47 % 8.79 % 9.16 % 8.75 % 9.12 % ratioTangible equity 9.41 % 8.27 % 9.36 % 8.67 % 8.98 % ratio ^(1)Common equity Tier I 12.08 % 11.53 % 12.02 % 11.68 % 11.10 % capital to RWA Bryn Mawr Bank Corporation ("BMBC")Tier I capital to 12.15 % 11.86 % 11.48 % 11.27 % 10.80 % RWATotal capital to RWA 15.73 % 15.55 % 15.19 % 15.14 % 14.62 % Tier I leverage 9.53 % 9.04 % 8.75 % 8.44 % 8.88 % ratioTangible equity 9.02 % 8.09 % 8.52 % 7.95 % 8.30 % ratio ^(1)Common equity Tier I 11.58 % 11.29 % 10.92 % 10.71 % 10.25 % capital to RWA Asset Quality IndicatorsNet loan and lease $ 642 $ 2,340 $ 2,187 $ 3,398 $ 4,073 charge-offs ("NCO"s) Loans and leasesrisk-rated Special $ 74,595 $ 68,892 $ 48,267 $ 55,171 $ 14,833 MentionTotal classified 129,120 153,011 175,501 154,687 60,972 loans and leasesTotal criticized $ 203,715 $ 221,903 $ 223,768 $ 209,858 $ 75,805 loans and leases Nonperforming loans $ 5,197 $ 5,306 $ 8,597 $ 8,418 $ 7,557 and leases ("NPL"s)Other real estate - - - - - owned ("OREO")Total nonperforming $ 5,197 $ 5,306 $ 8,597 $ 8,418 $ 7,557 assets ("NPA"s) Nonperforming loansand leases 30 or $ 1,903 $ 2,001 $ 4,153 $ 3,223 $ 3,380 more days past duePerforming loans andleases 30 to 89 days 5,396 10,847 9,351 10,022 19,930 past duePerforming loans andleases 90 or more - - - - - days past dueTotal delinquent $ 7,299 $ 12,848 $ 13,504 $ 13,245 $ 23,310 loans and leases Delinquent loans andleases to total 0.20 % 0.35 % 0.37 % 0.36 % 0.62 % loans and leasesDelinquentperforming loans and 0.15 % 0.30 % 0.25 % 0.27 % 0.53 % leases to totalloans and leasesNCOs / average loansand leases 0.07 % 0.25 % 0.24 % 0.35 % 0.44 % (annualized)NPLs / totalportfolio loans and 0.14 % 0.15 % 0.23 % 0.23 % 0.20 % leasesNPAs / total loans 0.14 % 0.15 % 0.23 % 0.23 % 0.20 % and leases and OREONPAs / total assets 0.11 % 0.10 % 0.17 % 0.16 % 0.15 % ACL on loans and 915.18 % 1012.23 % 656.37 % 653.05 % 715.50 % leases / NPLsACL / classified 36.84 % 35.10 % 32.15 % 35.54 % 88.68 % loans and leasesACL / criticized 23.35 % 24.20 % 25.22 % 26.20 % 71.33 % loans and leasesACL on loans andleases / portfolio 1.31 % 1.48 % 1.53 % 1.48 % 1.44 % loansACL on loans andleases fororiginated loans and 1.33 % 1.50 % 1.56 % 1.51 % 1.47 % leases / Originatedloans and leases^(1)(Total ACL on loansand leases + Loanmark) / Total Gross 1.46 % 1.65 % 1.73 % 1.69 % 1.68 % portfolio loans andleases ^(1) Troubled debtrestructurings $ 1,480 $ 1,737 $ 1,393 $ 1,792 $ 3,248 ("TDR"s) included inNPLsTDRs in compliance 6,967 7,046 8,590 10,013 4,852 with modified termsTotal TDRs $ 8,447 $ 8,783 $ 9,983 $ 11,805 $ 8,100 ^(1) Non-GAAPmeasure - seeAppendix for Non-GAAP to GAAPreconciliation.^(2) Brokerageassets representassets held at a registered brokerdealer under aclearing 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-year transition 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) March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020Assets Cash and due from banks $ 10,311 $ 11,287 $ 15,670 $ 16,408 $ 17,803 Interest-bearing 37,089 85,026 241,763 448,113 69,239 deposits with banksCash and cash 47,400 96,313 257,433 464,521 87,042 equivalentsInvestment securities, 738,974 1,174,964 564,774 530,581 516,466 available for saleInvestment securities, 14,126 14,759 11,725 12,592 13,369 held to maturityInvestment securities, 8,777 8,623 8,030 7,801 7,757 tradingLoans held for sale 3,210 6,000 4,574 4,116 2,785 Portfolio loans and 3,405,128 3,380,727 3,396,068 3,422,890 3,424,601 leases, originatedPortfolio loans and 228,107 247,684 280,616 299,275 342,565 leases, acquiredTotal portfolio 3,633,235 3,628,411 3,676,684 3,722,165 3,767,166 loans and leasesLess: Allowance forcredit losses on (45,285 ) (50,783 ) (52,968 ) (51,659 ) (50,365 ) originated loan andleasesLess: Allowance forcredit losses on (2,277 ) (2,926 ) (3,460 ) (3,315 ) (3,705 ) acquired loan andleasesTotal allowance forcredit losses on loans (47,562 ) (53,709 ) (56,428 ) (54,974 ) (54,070 ) and leasesNet portfolio 3,585,673 3,574,702 3,620,256 3,667,191 3,713,096 loans and leasesPremises and equipment 55,510 56,662 60,369 61,778 63,144 Operating lease 33,848 34,601 38,536 39,348 40,157 right-of-use assetsAccrued interest 15,058 15,440 16,609 15,577 12,017 receivableMortgage servicing 2,493 2,626 2,881 3,440 4,115 rightsBank owned life 60,721 60,393 60,072 59,728 59,399 insuranceFederal Home Loan Bank 5,986 12,666 4,506 4,506 11,928 ("FHLB") stockGoodwill 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 $ 4,914,508 $ 5,432,022 $ 5,046,939 $ 5,271,311 $ 4,923,033 assets 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 21,983 21,935 21,889 21,843 21,798 debenturesOperating lease 39,543 40,284 42,895 43,693 44,482 liabilitiesAccrued interest 6,358 6,277 7,984 7,907 7,230 payableOther liabilities 122,382 154,000 180,808 178,024 169,338 Total 4,291,412 4,809,700 4,434,322 4,667,637 4,329,854 liabilities Shareholders' equity Common stock 24,715 24,714 24,710 24,662 24,655 Paid-in capital in 382,202 381,653 380,770 380,167 379,495 excess of par valueLess: common stock held (91,774 ) (89,164 ) (89,100 ) (88,612 ) (88,540 ) in treasury, at costAccumulated othercomprehensive income, 154 8,948 10,139 9,019 8,869 net of taxRetained earnings 308,569 296,941 286,865 279,165 269,395 Total Bryn Mawr BankCorporation 623,866 623,092 613,384 604,401 593,874 shareholders' equityNoncontrolling interest (770 ) (770 ) (767 ) (727 ) (695 ) Total 623,096 622,322 612,617 603,674 593,179 shareholders' equityTotalliabilities and $ 4,914,508 $ 5,432,022 $ 5,046,939 $ 5,271,311 $ 4,923,033 shareholders' equity

Bryn Mawr Bank CorporationSupplementalBalance Sheet Information(unaudited)(dollars in thousands) Portfolio Loans and Leases as of March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020Commercial realestate - $ 1,408,240 $ 1,435,575 $ 1,382,757 $ 1,375,904 $ 1,354,416 nonowner-occupiedCommercial realestate - 578,747 578,509 568,219 542,688 530,667 owner-occupiedHome equity lines 157,418 169,337 179,125 194,767 209,278 of creditResidentialmortgage - 1st 602,584 621,369 660,923 695,270 710,495 liensResidentialmortgage - junior 27,400 23,795 26,150 33,644 35,583 liensConstruction 187,472 161,308 186,415 212,374 221,116 Total real 2,961,861 2,989,893 3,003,589 3,054,647 3,061,555 estate loansCommercial & 486,824 446,438 465,315 457,529 491,298 IndustrialConsumer 39,226 39,683 47,043 43,762 45,951 Leases 145,324 152,397 160,737 166,227 168,362 Totalnon-real estate 671,374 638,518 673,095 667,518 705,611 loans and leasesTotalportfolio loans $ 3,633,235 $ 3,628,411 $ 3,676,684 $ 3,722,165 $ 3,767,166 and leases Nonperforming Loans and Leases as of March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020Commercial realestate - $ 56 $ 57 $ 849 $ 245 $ 181 nonowner-occupiedCommercial realestate - 1,355 1,659 3,597 4,046 2,543 owner-occupiedHome equity lines 532 729 890 915 758 of creditResidentialmortgage - 1st 645 99 862 912 1,080 liensResidentialmortgage - junior 184 85 50 72 79 liensTotalnonperforming 2,772 2,629 6,248 6,190 4,641 real estate loansCommercial & 1,490 1,775 1,784 1,973 2,692 IndustrialConsumer 40 30 31 36 52 Leases 895 872 534 219 172 Totalnonperforming 2,425 2,677 2,349 2,228 2,916 non-real estateloans and leasesTotalnonperforming $ 5,197 $ 5,306 $ 8,597 $ 8,418 $ 7,557 portfolio loansand leases Net Loan and Lease Charge-Offs (Recoveries) for the Three Months Ended March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020Commercial realestate - $ - $ 240 $ (2 ) $ (4 ) $ (2 )nonowner-occupiedCommercial realestate - 189 382 494 1,234 - owner-occupiedHome equity lines - - - (4 ) 114 of creditResidentialmortgage - 1st 1 - (13 ) 420 727 liensResidentialmortgage - junior - - - - - liensConstruction (1 ) (1 ) (1 ) (1 ) (1 )Total netcharge-offs of 189 621 478 1,645 838 real estate loansCommercial & (54 ) 897 1,522 499 612 IndustrialConsumer 107 409 134 238 261 Leases 400 413 53 1,016 2,362 Total netcharge-offs of 453 1,719 1,709 1,753 3,235 non-real estateloans and leasesTotal net $ 642 $ 2,340 $ 2,187 $ 3,398 $ 4,073 charge-offs

Bryn Mawr Bank CorporationSupplemental BalanceSheet Information (unaudited)(dollars in thousands) Investment Securities Available for Sale, at Fair Value March 31, December 31, September June 30, March 31, 2021 2020 30, 2020 2020 2020U.S. Treasury $ 100 $ 500,100 $ 100 $ 100 $ 101securitiesObligations of the U.S. 110,413 93,098 90,928 114,149 106,679Government and agenciesState & political 2,168 2,171 3,178 4,583 4,562subdivisions - tax-freeMortgage-backed 497,328 453,857 431,822 377,204 374,775securitiesCollateralized mortgage 17,073 19,263 22,253 25,873 29,699obligationsCollateralized loan 99,666 94,404 6,500 - -obligationsCorporate bonds 11,576 11,421 9,343 8,022 -Other debt securities 650 650 650 650 650Total investmentsecurities available $ 738,974 $ 1,174,964 $ 564,774 $ 530,581 $ 516,466for sale, at fair value Unrealized Gain (Loss) on Investment Securities Available for Sale March 31, December 31, September June 30, March 31, 2021 2020 30, 2020 2020 2020U.S. Treasury $ - $ 5 $ - $ - $ 1securitiesObligations of the U.S. (2,597 ) 649 995 1,103 1,036Government and agenciesState & political 16 22 27 30 10subdivisions - tax-freeMortgage-backed 8,957 12,282 12,901 11,683 11,554securitiesCollateralized mortgage 522 583 662 702 778obligationsCorporate bonds 576 421 343 22 -Total unrealizedgains on investment $ 7,625 $ 13,866 $ 14,928 $ 13,540 $ 13,379securities availablefor sale Deposits March 31, December 31, September June 30, March 31, 2021 2020 30, 2020 2020 2020Interest-bearing deposits:Interest-bearing $ 671,854 $ 885,802 $ 815,561 $ 910,441 $ 750,127demandMoney market 1,201,115 1,163,620 1,199,429 1,239,523 1,133,952Savings 286,124 282,406 245,167 249,636 247,799Retail time 301,702 331,527 366,245 400,186 406,828depositsWholesale 70,605 275,011 77,356 146,463 198,888non-maturity depositsWholesale time 6,134 36,045 79,430 79,903 113,392depositsTotalinterest-bearing 2,537,534 2,974,411 2,783,188 3,026,152 2,850,986depositsNoninterest-bearing 1,364,716 1,401,843 1,230,391 1,217,496 927,922depositsTotal $ 3,902,250 $ 4,376,254 $ 4,013,579 $ 4,243,648 $ 3,778,908deposits

Bryn Mawr Bank CorporationDetailedIncome Statements(unaudited)(dollars inthousands, except pershare data) For the Three Months Ended March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020Interest income:Interest andfees on loans $ 34,578 $ 35,632 $ 36,799 $ 40,690 $ 42,795 and leasesInterest oncash and cash 22 62 85 37 111 equivalentsInterest oninvestment 3,050 2,717 2,658 2,894 3,201 securitiesTotalinterest 37,650 38,411 39,542 43,621 46,107 incomeInterest expense:Interest on 1,424 1,891 2,967 4,476 7,637 depositsInterest onshort-term 10 9 8 232 453 borrowingsInterest on 203 226 234 155 244 FHLB advancesInterest onjr. 198 205 207 229 295 subordinateddebenturesInterest onsubordinated 1,034 1,043 1,094 1,144 1,145 notesTotal interest 2,869 3,374 4,510 6,236 9,774 expenseNetinterest 34,781 35,037 35,032 37,385 36,333 income(Recovery of)provision for (5,246 ) (1,209 ) 4,101 3,435 35,350 credit losses("PCL")Netinterest 40,027 36,246 30,931 33,950 983 income afterPCLNoninterest income:Fees forwealth 12,836 12,588 11,707 9,069 11,168 managementservicesInsurance 1,464 1,393 1,682 1,303 1,533 commissionsCapitalmarkets 1,596 841 3,314 2,975 2,361 revenueServicecharges on 696 756 663 603 846 depositsLoan servicing 304 360 373 452 461 and other feesNet gain on 250 842 1,021 3,134 782 sale of loansNet gain onsale of 6 2,297 - - - long-livedassetsNet gain(loss) on sale - - - - 148 of other realestate ownedDividends onFHLB and FRB 222 337 127 243 444 stocksOtheroperating 2,467 2,592 2,212 2,787 557 incomeTotalnoninterest 19,841 22,006 21,099 20,566 18,300 incomeNoninterest expense:Salaries and 16,830 17,730 17,201 16,926 16,989 wagesEmployee 3,687 2,858 3,026 3,221 3,500 benefitsOccupancy and 2,892 3,624 3,055 3,033 3,015 bank premisesFurniture,fixtures and 2,242 2,400 2,481 2,120 2,431 equipmentImpairment oflong-lived - 1,605 - - - assetsAdvertising 176 554 458 196 401 Amortizationof intangible 838 869 870 910 918 assetsDue diligence,merger-relatedand merger 1,646 - - - - integrationexpensesProfessional 1,433 1,767 1,718 1,575 1,368 feesPennsylvaniabank shares 749 (339 ) 115 116 116 taxData 1,404 1,501 1,403 1,479 1,394 processingOtheroperating 5,806 6,055 4,870 5,927 3,271 expensesTotalnoninterest 37,703 38,624 35,197 35,503 33,403 expenseIncome (loss)before income 22,165 19,628 16,833 19,013 (14,120 )taxesIncome taxexpense 5,082 4,094 3,709 4,010 (2,957 )(benefit)Net $ 17,083 $ 15,534 $ 13,124 $ 15,003 $ (11,163 )income (loss)Net (loss)attributableto - (3 ) (40 ) (32 ) - noncontrollinginterestNetincome (loss)attributable $ 17,083 $ 15,537 $ 13,164 $ 15,035 $ (11,163 )to Bryn MawrBankCorporation Per share data:Weightedaverage shares 19,907,873 19,958,567 19,945,634 19,926,737 20,053,159 outstandingDilutive 142,863 69,091 75,983 81,482 - common sharesWeightedaverage 20,050,736 20,027,658 20,021,617 20,008,219 20,053,159 diluted sharesBasic earningsper common $ 0.86 $ 0.78 $ 0.66 $ 0.75 $ (0.56 )shareDilutedearnings per $ 0.85 $ 0.78 $ 0.66 $ 0.75 $ (0.56 )common shareDividends paidor accrued per $ 0.27 $ 0.27 $ 0.27 $ 0.26 $ 0.26 common shareEffective tax 22.93 % 20.86 % 22.03 % 21.09 % 20.94 %rate

Bryn Mawr Bank CorporationTax-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 Interest Average Interest Average Interest Average Interest Average Interest Average Average Balance Income/ Rates Average Balance Income/ Rates Average Balance Income/ Rates Average Balance Income/ Rates Average Balance Income/ Rates Expense Earned/ Expense Earned/ Expense Earned/ Expense Earned/ Expense Earned/ Paid Paid Paid Paid Paid Assets: Interest-bearing deposits with other $ 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 %banksInvestment 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 - 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 %available for sale 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 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 % assets Cash and due from banks 10,824 13,192 16,557 16,263 12,479 Less: allowance for credit losses on loans (53,582 ) (55,634 ) (55,285 ) (54,113 ) (25,786 ) and leasesOther 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 $ 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 % rate depositsWholesale 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 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 % deposits 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 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 % liabilities 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 1,537,748 1,547,974 1,461,307 1,352,837 1,067,783 liabilities 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 $ 4,968,542 $ 5,124,702 $ 5,157,588 $ 5,226,074 $ 4,844,918 shareholders' equity 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 Effect on Effect on Effect on Effect on Effect Interest Increase Yield or Interest Increase Yield or Interest Increase Yield or Increase Yield or Increase on (Decrease) Rate (Decrease) Rate (Decrease) Rate (Decrease) Rate (Decrease) Yield or RateLoans 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 0.05 % 0.08 % 0.07 % 0.09 % 0.09 %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?sperformance. 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 March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020Reconciliationof Net Income to Net Income(core):Net income(loss)attributable $ 17,083 $ 15,537 $ 13,164 $ 15,035 $ (11,163 )to BMBC (aGAAP measure)Less:Tax-effectednon-core noninterestincome:Gain on sale - - - (1,905 ) - of PPP loansBMTInvestmentAdvisers - - - 1,744 - wind-downcostsGain on sale - (1,813 ) - - - of buildingAdd:Tax-effectednon-core noninterestexpense items:Duediligence,merger-related 1,624 - - - - and mergerintegrationexpensesVoluntaryyears ofservice - - - - - incentiveprogramexpensesBMTInvestmentAdvisers - - - 100 - wind-downcostsSeveranceassociated - - - 425 - with staffreductionGain onearly lease - (107 ) - - - terminationImpairmentof long-lived - 1,268 - - - assetsDisposalexpense of - 633 - - - premises andequipmentNet income(loss) (core) $ 18,707 $ 15,518 $ 13,164 $ 15,399 $ (11,163 )(a non-GAAPmeasure) Calculation ofBasic andDiluted Earnings perCommon Share(core):Weightedaverage common 19,907,873 19,958,567 19,945,634 19,926,737 20,053,159 sharesoutstandingDilutive 142,863 69,091 75,983 81,482 - common sharesWeightedaverage 20,050,736 20,027,658 20,021,617 20,008,219 20,053,159 diluted sharesBasic earningsper commonshare (core) $ 0.94 $ 0.78 $ 0.66 $ 0.77 $ (0.56 )(a non-GAAPmeasure)Dilutedearnings percommon share $ 0.93 $ 0.77 $ 0.66 $ 0.77 $ (0.56 )(core) (anon-GAAPmeasure) Calculation ofReturn onAverage TangibleEquity:Net income(loss)attributable $ 17,083 $ 15,537 $ 13,164 $ 15,035 $ (11,163 )to BMBC (aGAAP measure)Add:Tax-effectedamortization 662 687 687 719 725 and impairmentof intangibleassetsNet tangibleincome ( $ 17,745 $ 16,224 $ 13,851 $ 15,754 $ (10,438 )numerator) Averageshareholders' $ 624,990 $ 617,258 $ 609,193 $ 600,563 $ 615,010 equityLess: AverageNoncontrolling 770 769 739 696 695 interestLess: Averagegoodwill and (199,208 ) (200,060 ) (200,931 ) (201,823 ) (202,760 )intangibleassetsNet averagetangible $ 426,552 $ 417,967 $ 409,001 $ 399,436 $ 412,945 equity (denominator) Return ontangibleequity (a 16.87 % 15.44 % 13.47 % 15.86 % -10.17 %non-GAAPmeasure) Calculation ofReturn onAverage TangibleEquity (core):Net income(loss) (core) $ 18,707 $ 15,518 $ 13,164 $ 15,399 $ (11,163 )(a non-GAAPmeasure)Add:Tax-effectedamortization 662 687 687 719 725 and impairmentof intangibleassetsNet tangibleincome (loss) $ 19,369 $ 16,205 $ 13,851 $ 16,118 $ (10,438 )(core) (numerator) Averageshareholders' $ 624,990 $ 617,258 $ 609,193 $ 600,563 $ 615,010 equityLess: AverageNoncontrolling 770 769 739 696 695 interestLess: Averagegoodwill and (199,208 ) (200,060 ) (200,931 ) (201,823 ) (202,760 )intangibleassetsNet averagetangible $ 426,552 $ 417,967 $ 409,001 $ 399,436 $ 412,945 equity (denominator) Return ontangibleequity (core) 18.42 % 15.42 % 13.47 % 16.23 % -10.17 %(a non-GAAPmeasure) Calculation ofTangible Equity Ratio(BMBC):Totalshareholders' $ 623,096 $ 622,322 $ 612,617 $ 603,674 $ 593,179 equityLess:Noncontrolling 770 770 767 727 695 interestLess: Goodwilland intangible (198,738 ) (199,576 ) (200,445 ) (201,315 ) (202,225 )assetsNet tangibleequity ( $ 425,128 $ 423,516 $ 412,939 $ 403,086 $ 391,649 numerator) Total assets $ 4,914,508 $ 5,432,022 $ 5,046,939 $ 5,271,311 $ 4,923,033 Less: Goodwilland intangible (198,738 ) (199,576 ) (200,445 ) (201,315 ) (202,225 )assetsTangibleassets ( $ 4,715,770 $ 5,232,446 $ 4,846,494 $ 5,069,996 $ 4,720,808 denominator) Tangibleequity ratio 9.02 % 8.09 % 8.52 % 7.95 % 8.30 %(BMBC)^(1) Calculation ofTangible Equity Ratio(BMTC):Totalshareholders' $ 641,034 $ 630,880 $ 653,317 $ 639,711 $ 624,959 equityLess:Noncontrolling 770 770 767 727 695 interestLess: Goodwilland intangible (198,492 ) (199,330 ) (200,200 ) (201,069 ) (201,979 )assetsNet tangibleequity ( $ 443,312 $ 432,320 $ 453,499 $ 439,369 $ 423,675 numerator) Total assets $ 4,911,259 $ 5,428,909 $ 5,043,099 $ 5,267,536 $ 4,919,004 Less: Goodwilland intangible (198,492 ) (199,330 ) (200,200 ) (201,069 ) (201,979 )assetsTangibleassets ( $ 4,712,767 $ 5,229,579 $ 4,842,899 $ 5,066,467 $ 4,717,025 denominator) Tangibleequity ratio 9.41 % 8.27 % 9.36 % 8.67 % 8.98 %(BMTC)^(1) Calculation oftangible book value percommon share:Totalshareholders' $ 623,096 $ 622,322 $ 612,617 $ 603,674 $ 593,179 equityLess:Noncontrolling 770 770 767 727 695 interestLess: Goodwilland intangible (198,738 ) (199,576 ) (200,445 ) (201,315 ) (202,225 )assetsNet tangibleequity ( $ 425,128 $ 423,516 $ 412,939 $ 403,086 $ 391,649 numerator) Sharesoutstanding, 19,878,993 19,960,294 19,958,186 19,927,893 19,921,524 end of period(denominator) Tangible bookvalue percommon share $ 21.39 $ 21.22 $ 20.69 $ 20.23 $ 19.66 (a non-GAAPmeasure) Calculation ofprice / tangible bookvalue:Closing share $ 45.51 $ 30.60 $ 24.87 $ 27.66 $ 28.38 priceTangible bookvalue per $ 21.39 $ 21.22 $ 20.69 $ 20.23 $ 19.66 common sharePrice /tangible bookvalue (a 212.76 % 144.20 % 120.20 % 136.73 % 144.35 %non-GAAPmeasure) ^(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 ofReturn on Average Assets(core)Return onaverage assets 1.39 % 1.21 % 1.02 % 1.16 % -0.93 %(GAAP)Effect ofadjustment toGAAP net 0.14 % -0.01 % 0.00 % 0.03 % 0.00 %income to corenet incomeReturn onaverage assets 1.53 % 1.20 % 1.02 % 1.19 % -0.93 %(core) Calculation ofReturn on Average Equity(core)Return onaverage equity 11.09 % 10.01 % 8.60 % 10.07 % -7.30 %(GAAP)Effect ofadjustment toGAAP net 1.05 % -0.01 % 0.00 % 0.24 % 0.00 %income to corenet incomeReturn onaverage equity 12.14 % 10.00 % 8.60 % 10.31 % -7.30 %(core) Calculation ofTax-equivalentnet interestmargin adjusting forthe impact ofpurchaseaccounting:Tax-equivalentnet interest 3.16 % 3.04 % 3.03 % 3.22 % 3.38 %marginEffect of fair 0.05 % 0.08 % 0.07 % 0.09 % 0.09 %value marksTax-equivalentnet interestmarginadjusting for 3.11 % 2.96 % 2.96 % 3.13 % 3.29 %the impact ofpurchaseaccounting

Calculation ofTax-equivalentnet interestincome adjusting forthe impact ofpurchaseaccounting:Tax-equivalentnet interest $ 34,880 $ 35,142 $ 35,139 $ 37,478 $ 36,440 incomeEffect of fair 515 918 800 1,040 949 value marksTax-equivalentnet interestincomeadjusting for $ 34,365 $ 34,224 $ 34,339 $ 36,438 $ 35,491 the impact ofpurchaseaccounting Calculation ofEfficiency Ratio*:Noninterest $ 37,703 $ 38,624 $ 35,197 $ 35,503 $ 33,403 expenseLess: certainnoninterest expense items:Amortization (838 ) (869 ) (870 ) (910 ) (918 )of intangiblesDuediligence,merger-related (1,646 ) - - - - and mergerintegrationexpensesVoluntaryyears ofservice - - - - - incentiveprogramexpensesBMTInvestmentAdvisers, Inc. - - - (127 ) - wind-downcostsSeveranceassociated - - - (538 ) - with staffreductionGain onearly lease - 135 - - - terminationImpairmentof long-lived - (1,605 ) - - - assetsDisposalexpense of - (801 ) - - - premises andequipmentNoninterestexpense $ 35,219 $ 35,484 $ 34,327 $ 33,928 $ 32,485 (adjusted) (numerator) Noninterest $ 19,841 $ 22,006 $ 21,099 $ 20,566 $ 18,300 incomeLess: non-corenoninterest income items:Gain on sale - - - (2,411 ) - of PPP loansBMTInvestmentAdvisers, Inc. - - - 2,207 - wind-downcostsGain on sale - (2,295 ) - - - of buildingNoninterest $ 19,841 $ 19,711 $ 21,099 $ 20,362 $ 18,300 income (core)Net interest 34,781 35,037 35,032 37,385 36,333 incomeNoninterestincome (core)and net $ 54,622 $ 54,748 $ 56,131 $ 57,747 $ 54,633 interestincome (denominator) Efficiency 64.48 % 64.81 % 61.16 % 58.75 % 59.46 %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 on Loans and Leases Information Used to CalculateNon-GAAP Measures Total ACL onloans and $ 47,562 $ 53,709 $ 56,428 $ 54,974 $ 54,070 leasesLess: ACL onacquired loans 2,277 2,926 3,460 3,315 3,705 and leasesACL onoriginated $ 45,285 $ 50,783 $ 52,968 $ 51,659 $ 50,365 loans andleases Total ACL onloans and $ 47,562 $ 53,709 $ 56,428 $ 54,974 $ 54,070 leasesLoan mark onacquired loans 5,736 6,288 7,235 8,037 9,478 and leasesTotal ACL onloans and $ 53,298 $ 59,997 $ 63,663 $ 63,011 $ 63,548 leases + Loanmark TotalPortfolio $ 3,633,235 $ 3,628,411 $ 3,676,684 $ 3,722,165 $ 3,767,166 loans andleasesLess:Originated 3,405,128 3,380,727 3,396,068 3,422,890 3,424,601 loans andleasesNet acquired $ 228,107 $ 247,684 $ 280,616 $ 299,275 $ 342,565 loansAdd: Loan markon acquired 5,736 6,288 7,235 8,037 9,478 loansGross acquiredloans $ 233,843 $ 253,972 $ 287,851 $ 307,312 $ 352,043 (excludes loanmark)Originatedloans and 3,405,128 3,380,727 3,396,068 3,422,890 3,424,601 leasesTotal Grossportfolio $ 3,638,971 $ 3,634,699 $ 3,683,919 $ 3,730,202 $ 3,776,644 loans andleases

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