BRYN MAWR, PA — Bryn Mawr Bank Corporation (NASDAQ: BMTC), parent of The Bryn Mawr Trust Company, recently reported net income of $21.3 million, or $1.06 diluted earnings per share, for the three months ended June 30, 2021, as compared to $17.1 million, or $0.85 diluted earnings per share, for the three months ended March 31, 2021, and $15.0 million, or $0.75 diluted earnings per share, for the three months ended June 30, 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 $21.6 million, or $1.08 diluted earnings per share, for the three months ended June 30, 2021 as compared to $18.7 million, or $0.93 diluted earnings per share, for the three months ended March 31, 2021. There were no meaningful non-core income or expense items for the three months ended June 30, 2020. Management believes the core net income measure is important in evaluating the Corporation’s performance on a more comparable basis between periods. A reconciliation of this and other non-GAAP to GAAP performance measures is included in the appendix to this earnings release.
“We are excited to report record results, with second quarter net income exceeding $20 million for the first time in the Corporation’s history,” commented Frank Leto, President and Chief Executive Officer, continuing, “The hard work and dedication of our employees combined with an improving economy are reflected in our results. Preparation for the pending merger with WSFS are ongoing as management and staff are working diligently to ensure a smooth transition as we await regulatory approval.” In addition to regulatory approval, the merger with WSFS is subject to certain closing conditions.
On July 22, 2021, the Board of Directors of the Corporation declared a quarterly dividend of $0.28 per share, payable September 1, 2021 to shareholders of record as of August 2, 2021.
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