Brywn Mawr Trust reports record earnings

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Bryn Mawr Bank Corporation, parent of The Bryn Mawr Trust Company, reported net income of $6.3 million for the three months ended June 30. That compares to net income of $5.3 million for r the same period in 2012. The earnings set a record.

Contributing to the results for the three months ended June 30 were increases in wealth management revenues and net interest income, which were partially offset by increases in salaries and benefits expense, occupancy costs and other operating expenses.

For the six months ended June 30, 2013, net income was $11.6 million was a $1.2 million increase from the $10.4 million recorded for the same period in 2012. Diluted earnings per share for the six months ended June 30, 2013 increased $0.07, to $0.86, as compared to $0.79 for the same period last year.

Ted Peters, CEO, said: “We are pleased with our continued strong quarterly results. The uptick in our net interest margin and the steady increase in wealth management revenues are encouraging signs.” He added, “The acquisition of Davidson Trust and the First Bank of Delaware transaction, both in 2012, have been nicely accretive to earnings.”

On July 25, 2013, the Board of Directors of the Corporation declared a quarterly dividend of $0.17 per share. The dividend is payable September 1 to shareholders of record as of August 6.

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Brwyn Mawr Trust was profiled in a story in last week’s edition of the Business Bulletin.

The bank is poised to grow in Delaware with the planned acquisition of MidCoast Community Bank, Wilmington and its four branches. The transaction is valued at $33 million. The bank currently operates a branch in north Wilmington.

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