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Bryn Mawr Bank Corporation Reports Strong Third Quarter 2012 Earnings, Led by Robust Wealth Management Revenues and Residential



Bryn Mawr Bank Corporation Reports Strong Third Quarter 2012 Earnings, Led by
Robust Wealth Management Revenues and Residential Mortgage Gains

BRYN MAWR, Pa., Oct. 25, 2012 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation
(Nasdaq:BMTC), (the "Corporation"), parent of The Bryn Mawr Trust Company (the
"Bank"), today announced net income for the three months ended September 30,
2012 of $5.4 million, an increase of $195 thousand, or 3.7%, as compared to
net income of $5.2 million for the same period in 2011. Diluted earnings per
share of $0.41 for the three months ended September 30, 2012 remained
unchanged from the same period in 2011. Included in the net income for the
quarter were due diligence and merger-related expenses of $316 thousand and
$188 thousand in prepayment penalties related to the early extinguishment of
$9.4 million of debt. Contributing significantly to the Corporation's solid
performance for the quarter was a $1.9 million increase in revenue for Wealth
Management services along with a $1.1 million increase in gain on sale of
mortgage loans for the three months ended September 30, 2012, as compared to
the same period in 2011.

On October 25, 2012, the Board of Directors of the Corporation declared a
quarterly dividend of $0.16 per share. The dividend is payable December 1,
2012, to shareholders of record as of November 6, 2012.

Ted Peters, Chairman and Chief Executive Officer commented, "The Corporation
has posted yet another excellent quarter driven by strong non-interest
revenue, which was able to offset increases in non-interest expense during the
quarter. The revenue from Wealth Management services reported during the
quarter demonstrated the impact of the May 15, 2012 acquisition of the
Davidson Trust Company." Mr. Peters added, "The continuing low-interest- rate
environment has helped sustain the residential mortgage refinancing trend,
allowing the Corporation to record its third consecutive quarterly increase in
gain on sale of residential mortgage loans. We are pleased that these sources
of non-interest income have more than compensated for the continuing pressure
on our net interest margin."

The previously announced acquisition of consumer and business deposit and loan
accounts, as well as a branch location in Wilmington, Delaware, from the First
Bank of Delaware, which is anticipated to increase loans by approximately $90
million and deposits by approximately $60 million, is expected to close during
the fourth quarter of 2012. An amendment to the original purchase agreement
between the Corporation and the First Bank of Delaware was filed on Form 8-K
on October 18, 2012 with the Securities and Exchange Commission.

Mr. Peters continued, "We are looking forward to completing the First Bank of
Delaware transaction. The acquisition will expand our footprint in Delaware,
complementing Lau Associates and the Bryn Mawr Trust Company of Delaware, and
enable us to establish a commercial banking foothold in the attractive
Delaware market."

SIGNIFICANT ITEMS OF NOTE

  o Net income for the three months ended September 30, 2012 increased $195
    thousand, or 3.7%, as compared to the same period in 2011. The Corporation
    experienced significant increases in revenue for Wealth Management
    services and gain on sale of residential mortgage loans, as well as a
    substantial decrease in the provision for loan and lease losses for the
    three months ended September 30, 2012, as compared to the same period in
    2011. These improvements were partially offset by increases in salaries
    and employee benefits, occupancy, intangible asset amortization, due
    diligence and merger-related expense and other operating expenses.
  o Non-interest income of $12.2 million for the three months ended September
    30, 2012, represented 43.4% of total revenue (net interest income plus
    non-interest income) and was a $3.0 million, or 32.2%, increase from the
    same period in 2011. Non-interest income represented 37.1% of total
    revenue for the three months ended September 30, 2011.
  o Comprising a significant portion of non-interest income, revenue from
    Wealth Management services for the three months ended September 30, 2012
    was $8.0 million, an increase of 31.1% from the $6.1 million generated
    during the same period in 2011, reflecting the effects of the May 15, 2012
    acquisition of the Davidson Trust Company ("DTC"). Wealth Management
    Division assets under management, administration, supervision and
    brokerage as of September 30, 2012 were $6.5 billion, an increase of $1.7
    billion, or 34.2 %, from December 31, 2011, and a $2.0 billion, or 44.0%
    increase, from September 30, 2011. A significant portion of this increase
    was the result of the DTC acquisition, along with additional organic
    growth from within the Wealth Management division.
  o Non-interest expense for the three months ended September 30, 2012 totaled
    $18.9 million, an increase of $3.2 million from the same period in 2011.
    Factors contributing to this increase included a $1.3 million increase in
    salaries and employee benefits and a $333 thousand increase in
    occupancy-related costs, largely related to the acquisition of DTC. In
    addition, due diligence and merger-related expenses increased by $180
    thousand related to the pending First Bank of Delaware transaction. Other
    increases in non-interest expense between the periods included a $433
    thousand increase in deferred compensation expense which totaled $120
    thousand for the three months ended September 30, 2012 as compared to a
    credit of $313 thousand for the same period in 2011.  This deferred
    compensation expense is discussed below under the heading, "Correction of
    an Immaterial Accounting Error." In addition, the Corporation incurred a
    $188 thousand prepayment penalty resulting from the early extinguishment
    of $9.4 million of debt.
  o Tax-equivalent net interest income of $16.0 million for the three months
    ended September 30, 2012 increased $278 thousand, or 1.8%, from the $15.7
    million of tax-equivalent net interest income for the same period in 2011.
  o The tax-equivalent net interest margin of 3.78% for the three months ended
    September 30, 2012 declined 12 basis points from 3.90% for the same period
    in 2011. The effect of this decline in tax-equivalent net interest margin
    was more than offset by an $84.5 million increase in average
    interest-earning assets, relative to a $32.4 million increase in average
    interest-bearing liabilities, between the two periods. In addition, the
    average balance of non-interest-bearing deposits increased by $39.7
    million between the two periods.
  o The Corporation took strategic steps during the quarter to reduce certain
    of its higher rate interest-bearing liabilities. In particular, at the end
    of the third quarter, the Corporation prepaid $7.5 million of subordinated
    debt in addition to a $1.9 million commercial mortgage. These early
    extinguishments of debt generated a prepayment penalty of $188 thousand.
  o Net gain on sale of residential mortgage loans for the three months ended
    September 30, 2012 was $1.8 million as compared to $764 thousand for the
    same period in 2011. The 140.4% increase was attributable to a significant
    increase in residential mortgage loan originations between the periods as
    the low-rate environment continued to spur refinancing activity.
  o Deposits of $1.40 billion as of September 30, 2012 increased $16.2
    million, or 1.2%, from $1.38 billion as of December 31, 2011. Primarily
    contributing to this slight increase was a $100.1 million increase in
    money market accounts, offset by decreases of $27.7 million in wholesale
    non-maturity deposits, $13.6 million in wholesale time deposits and $37.8
    million in time deposits. Non-interest-bearing deposits continue to be
    strong, representing 23.4% of total deposits as of September 30, 2012.
  o Total portfolio loans and leases of $1.31 billion as of September 30, 2012
    increased by $18.3 million from December 31, 2011. Loan growth was
    primarily concentrated in the commercial mortgage segment of the
    portfolio, partially offset by decreases in the construction and home
    equity segments of the portfolio.
  o Nonperforming loans and leases as of September 30, 2012 totaled $13.8
    million, or 1.05% of portfolio loans and leases, as compared to $14.3
    million, or 1.11% of portfolio loans and leases as of December 31, 2011.
    More recently, however, nonperforming loans and leases have declined
    significantly from $22.6 million at March 31, 2012 and $18.3 million at
    June 30, 2012.
  o The provision for loan and lease losses (the "Provision") for the three
    months ended September 30, 2012 was $1.0 million, a decrease of $828
    thousand as compared to the same period in 2011. The decrease in the
    Provision between periods was primarily due to a $1.0 million reduction in
    net charge-offs for the three months ended September 30, 2012, as compared
    to the same period in 2011.
  o The allowance for loan and lease losses, as of September 30, 2012, of
    $13.6 million, was 1.04% of portfolio loans and leases, as compared to
    $12.8 million, or 0.98% of portfolio loans and leases as of December 31,
    2011.  
  o Available for sale investment securities as of September 30, 2012 totaled
    $316.6 million, as compared to $273.8 million as of December 31, 2011. The
    net gain on sale of available for sale investment securities for the three
    months ended September 30, 2012 was $416 thousand, as compared to a gain
    of $343 thousand for the same period in 2011. 
  o The capital ratios for the Bank and the Corporation, as shown in the table
    below, indicate levels well above the regulatory minimum to be considered
    "well capitalized".
  o Construction is well underway on our full-service branch in Bala Cynwyd,
    Pennsylvania, just outside Philadelphia. The branch is projected to be
    completed and open for business before the end of the year. The
    Corporation is continuing to look for additional opportunities to expand
    in the state of Delaware in order to complement the Lau Associates and
    Bryn Mawr Trust of Delaware offices and the soon-to-be-acquired First Bank
    of Delaware branch location.

OTHER INFORMATION

Correction of an Immaterial Accounting Error

In September 2012, the Corporation identified an immaterial accounting error
related to two of its deferred compensation plans. The provisions of the
deferred compensation plans enabled certain executives and directors to have
bonus payments and director fees deferred, and allowed the participants to
direct the investment of these deferred amounts. Because one of the investment
choices offered to the participants was the Corporation's common stock, this
stock was placed in a trust owned by the Corporation whose fair market value
was periodically adjusted to reflect changes in the stock's price. The portion
of this trust that contained the Corporation's common stock was incorrectly
reported as an asset on the Corporation's balance sheet. Changes in the fair
market value of the asset were reflected as increases or decreases in the
value of the asset, as well as increases or decreases in the value of the
liability to the participants. The stock held in the trust should have been
classified as treasury stock and should have been reported in the
stockholders' equity section of the Corporation's balance sheet, at cost. The
resulting corrections involved adjustments to assets and stockholders' equity,
as well as adjustments to other operating expense, as changes in the fair
market value of the Corporation's common stock held in the trust are charged
to deferred compensation expense, a component of other operating expense. All
periods presented in the tables accompanying this earnings release have been
revised to reflect this correction. In addition, a reconciliation of net
income, basic and diluted earnings per common share, total assets, retained
earnings, and number of shares and cost of treasury stock, indicating their
originally reported amounts and their corrected amounts, is included in the
table below.

EARNINGS CONFERENCE CALL

The Corporation will hold an earnings conference call at 8:30 a.m. EDT on
Friday, October 26, 2012. Interested parties may participate by calling
1-877-317-6789, conference number 10018204. A taped replay of the conference
call will be available within one hour after the conclusion of the call and
will remain available through November 12, 2012. The number to call for the
taped replay is 1-877-344-7529 and the Replay Passcode is 10018204. 

The conference call will be simultaneously broadcast live over the Internet
through a webcast on the investor relations portion of the Bryn Mawr Bank
Corporation's website. To access the call, please visit the website at
http://www.bmtc.com/investor_01.cfm.   An online archive of the webcast will
be available within one hour of the conclusion of the call. The Corporation
has also recently expanded its Investor Relations website to include added
resources and information for shareholders and interested
investors. Interested parties are encouraged to utilize the expanded resources
of the site for more information on Bryn Mawr Bank Corporation or by calling
Aaron Strenkoski, Vice President – Finance/Investor Relations at
610-581-4822. 

FORWARD LOOKING STATEMENTS AND SAFE HARBOR

This press release contains statements which, to the extent that they are not
recitations of historical fact may constitute forward-looking statements for
purposes of the Securities Act of 1933, as amended, and the Securities
Exchange Act of 1934, as amended. Such forward-looking statements may include
financial and other projections as well as statements regarding the
Corporation's future plans, objectives, performance, revenues, growth,
profits, operating expenses or the Corporation's underlying assumptions. The
words "may," "would," "should," "could," "will," "likely," "possibly,"
"expect," "anticipate," "intend," "estimate," "target," "potentially,"
"probably," "outlook," "predict," "contemplate," "continue," "plan,"
"forecast," "project," "are optimistic," "are looking," "are looking forward"
and "believe" or other similar words and phrases may identify forward-looking
statements. Persons reading this press release are cautioned that such
statements are only predictions, and that the Corporation's 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
Corporation's 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. Such 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; 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;
material differences in the actual financial results, cost savings and revenue
enhancements associated with our acquisitions including our acquisition of
Davidson Trust Company and the anticipated acquisition of First Bank of
Delaware; and other factors as described in our securities filings. All
forward-looking statements and information set forth herein are based on
management's 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 more complete discussion of the assumptions, risks and uncertainties
related to our business, you are encouraged to review our filings with the
Securities and Exchange Commission, including our most recent annual report on
Form 10-K, as well as any changes in risk factors that we may identify in our
quarterly or other reports filed with the SEC.

 
Bryn Mawr Bank Corporation
Consolidated Statements of Income - (unaudited) 
(Dollars in thousands, except per share data)
                                                                    
                                                                    
                   For The Three Months Ended
                                                                    
                   Sep 30,     Jun 30,     Mar 31,     Dec 31,     Sept 30,
                   2012        2012        2012        2011        2011
                                                                    
Interest income     $ 18,081    $ 18,188    $ 18,372    $ 18,727    $ 18,691
Interest expense    2,130       2,285       2,387       2,772       3,018
                                                                    
                                                                    
Net interest        15,951      15,903      15,985      15,955      15,673
income
Provision for loan  1,000       1,003       1,000       1,056       1,828
and lease losses
Net interest
income after        14,951      14,900      14,985      14,899      13,845
provision for loan
and lease losses
                                                                    
Fees for wealth
management          7,993       7,211       6,229       6,306       6,098
services 
Loan servicing and  432         436         435         454         449
other fees
Service charges on  634         609         580         654         646
deposits
Net gain on sale
of residential      1,837       1,304       1,170       699         764
mortgage loans
Net gain on sale
of available for    416         716         --          373         343
sale investments
Net (loss) gain on
sale of other real  (45)        --          (41)        (38)        70
estate owned
("OREO")
BOLI income         107         105         118         114         115
Other operating     874         1,000       1,096       909         779
income
 Non-interest       12,248      11,381      9,587       9,471       9,264
income
                                                                    
Salaries and        8,703       8,075       7,505       7,404       7,639
wages 
Employee benefits   1,903       2,023       2,160       1,889       1,674
Occupancy and bank  1,488       1,395       1,375       1,424       1,225
premises
Furniture fixtures  935         940         891         938         865
and equipment
Advertising         267         359         320         257         204
Net impairment
(recovery) of       105         87          (110)       114         468
mortgage servicing
rights
Amortization of
mortgage servicing  243         256         219         225         197
rights
Intangible asset    669         560         509         522         541
amortization
FDIC insurance      262         234         219         218         238
Merger related /
due diligence       316         914         209         (79)        135
expense
Professional fees   609         571         657         647         516
Other operating     3,389       2,714       2,841       3,180       1,970
expenses 
 Non-interest       18,889      18,128      16,795      16,739      15,672
expense
                                                                    
Income before       8,310       8,153       7,777       7,631       7,437
income taxes
Income tax          2,885       2,808       2,704       2,627       2,207
expense 
 Net income         $ 5,425     $ 5,345     $ 5,073     $ 5,004     $ 5,230
                                                                    
Per share data:                                                     
Weighted average    13,149,050  13,072,963  12,979,746  12,901,266  12,861,926
shares outstanding
Dilutive common     146,377     158,570     147,502     99,964      36,306
shares
Adjusted weighted
average dilutive    13,295,427  13,231,533  13,127,248  13,001,230  12,898,232
shares 
                                                                    
Basic earnings per $0.41       $0.41       $0.39       $0.39       $0.41
common share
                                                                    
Diluted earnings   $0.41       $0.40       $0.39       $0.38       $0.41
per common share
                                                                    
Dividend declared  $0.16       $0.16       $0.16       $0.15       $0.15
per share
                                                                    
Effective tax rate 34.7%       34.4%       34.8%       34.4%       29.7%

 
 
Bryn Mawr Bank Corporation
Consolidated Statements of Income - (unaudited) 
(Dollars in thousands, except per share data)
                                                                   
                                                                   
                                                     For The Nine Months Ended
                                                                   
                                                     Sep 30,      Sep 30,
                                                     2012         2011
                                                                   
Interest income                                       $ 54,641     $ 55,836
Interest expense                                      6,802        8,889
                                                                   
Net interest income                                   47,839       46,947
Provision for loan and lease losses                   3,003        5,032
Net interest income after provision for loan and      44,836       41,915
lease losses
                                                                   
Fees for wealth management services                   21,433       15,363
Loan servicing and other fees                         1,303        1,370
Service charges on deposits                           1,823        1,841
Net gain on sale of residential mortgage loans        4,311        1,818
Net gain on sale of available for sale investments    1,132        1,410
BOLI income                                           330          348
Net loss on sale of other real estate owned ("OREO")  (86)         (59)
Other operating income                                2,970        2,497
 Non-interest income                                  33,216       24,588
                                                                   
Salaries and wages                                    24,283       20,680
Employee benefits                                     6,086        5,000
Occupancy and bank premises                           4,258        3,752
Furniture fixtures and equipment                      2,766        2,571
Advertising                                           946          909
Net impairment of mortgage servicing rights           82           672
Amortization of mortgage servicing rights             718          524
Intangible asset amortization                         1,738        968
FDIC insurance                                        715          968
Merger expense                                        1,410        457
Due diligence                                         29           159
Merger related / due diligence expense                1,439        616
Professional fees                                     1,837        1,664
Other operating expenses                              8,944        6,666
 Non-interest expense                                 53,812       44,990
                                                                   
Income before income taxes                            24,240       21,513
Income tax expense                                    8,397        6,915
 Net income                                           $ 15,843     $ 14,598
                                                                   
Per share data:                                                    
Weighted average shares outstanding                   13,067,551   12,578,460
Dilutive common shares                                133,799      22,512
Adjusted weighted average shares                      13,201,350   12,600,972
                                                                   
Basic earnings per common share                      $1.21        $1.16
                                                                   
Diluted earnings per common share                    $1.20        $1.16
                                                                   
Dividend declared per share                          $0.48        $0.45
                                                                   
Effective tax rate                                   34.6%        32.1%

 
Bryn Mawr Bank Corporation
Consolidated Balance Sheets - (unaudited) 
(Dollars in thousands)
                                                                       
                                                                       
                  Sep 30,      June 30,     Mar 31,      Dec 31,      Sept 30,
                  2012         2012         2012         2011         2011
Assets                                                                 
                                                                       
 Interest bearing
deposits with      $ 23,455     $ 68,133     $ 55,548     $ 57,265     $ 52,205
banks
 Money market      104          191          211          104          106
funds
 Investment
securities -       316,644      331,407      328,215      273,822      277,187
available for
sale
 Investment
securities -       1,399        1,342        1,556        1,436        1,318
trading
                                                                       
 Loans held for    3,420        1,668        5,784        1,588        4,857
sale
                                                                       
 Portfolio loans:                                                      
 Consumer          17,342       15,920       13,644       11,429       12,235
 Commercial &      274,351      264,116      270,766      267,204      271,228
industrial
 Commercial        472,354      445,254      430,896      419,130      414,656
mortgages
 Construction      22,161       33,815       51,274       52,844       59,303
 Residential       301,054      304,249      306,911      306,478      279,696
mortgages
 Home equity       195,315      202,676      202,015      207,917      209,687
lines & loans
 Leases            31,136       30,549       28,974       30,390       31,552
Total portfolio    1,313,713    1,296,579    1,304,480    1,295,392    1,278,357
loans and leases
                                                                       
Earning assets     1,658,735    1,699,320    1,695,794    1,629,607    1,614,030
                                                                       
 Cash and due      13,526       13,147       11,939       11,771       10,801
from banks
 Allowance for
loan and lease     (13,638)     (13,140)     (13,040)     (12,753)     (11,654)
losses
 Premises and      29,238       28,911       28,680       29,328       29,615
equipment 
 Accrued interest  5,963        6,009        6,037        6,061        6,075
receivable 
 Mortgage          4,257        4,220        4,217        4,041        4,206
servicing rights
 Goodwill          29,588       29,752       24,689       24,689       23,169
 Other intangible  22,351       22,855       17,504       18,014       18,536
assets
 Bank owned life
insurance          19,765       19,658       19,552       19,434       19,321
("BOLI")
 FHLB stock        10,717       10,746       11,009       11,588       12,198
 Net Deferred      11,478       11,432       12,991       13,845       13,874
income tax asset
 Other             4,438        4,424        4,095        4,107        3,524
investments
 Other assets      18,111       16,021       12,944       13,641       12,075
                                                                       
Total assets       $ 1,814,529  $ 1,853,355  $ 1,836,411  $ 1,773,373  $ 1,755,770
                                                                       
Liabilities and
shareholders'                                                          
equity
                                                                       
 Interest-bearing  $ 226,206    $ 237,126    $ 235,841    $ 233,562    $ 224,609
checking
 Money market      493,829      468,314      418,503      393,729      384,463
 Savings           132,402      133,204      135,912      130,613      130,910
 Wholesale
non-maturity       37,458       35,365       66,518       65,173       65,428
deposits
 Wholesale time    9,942        22,505       22,062       23,550       28,992
deposits
 Time deposits     171,498      193,081      212,003      209,333      224,331
Interest-bearing   1,071,335    1,089,595    1,090,839    1,055,960    1,058,733
deposits
                                                                       
 Non-interest      327,214      336,972      334,918      326,409      292,415
bearing deposits
Total deposits     1,398,549    1,426,567    1,425,757    1,382,369    1,351,148
                                                                       
 Subordinated      15,000       22,500       22,500       22,500       22,500
debentures
 Junior
subordinated       --           --           --           --           11,992
debentures
 Short-term        11,629       14,675       13,254       12,863       22,535
borrowings
 FHLB advances
and other          162,816      169,589      164,697      147,795      140,532
borrowings
 Other             25,280       23,956       20,538       23,466       21,278
liabilities
 Shareholders'     201,255      196,068      189,665      184,380      185,785
equity
                                                                       
Total liabilities
and shareholders'  $ 1,814,529  $ 1,853,355  $ 1,836,411  $ 1,773,373  $ 1,755,770
equity
                                                                       
                                                                       
Bryn Mawr Bank                                                         
Corporation
Consolidated Quarterly Average                                         
Balance Sheets - (unaudited)
(Dollars in                                                            
thousands)
                                                                       
                  2012         2012         2012         2011         2011
                  3Q           2Q           1Q           4Q           3Q
Assets                                                                 
                                                                       
 Interest bearing
deposits with      $ 53,576     $ 57,542     $ 38,337     $ 56,570     $ 57,855
banks
 Money market      191          192          219          109          108
funds
 Investment
securities -       328,051      321,420      304,215      279,405      283,254
available for
sale
 Investment
securities -       1,343        1,546        1,437        1,319        1,338
trading
 Loans held for    2,972        3,810        3,935        3,888        6,060
sale
 Portfolio loans   1,300,811    1,290,209    1,295,617    1,282,916    1,253,804
and leases 
Earning assets     1,686,944    1,674,719    1,643,760    1,624,207    1,602,419
                                                                       
 Cash and due      12,922       12,259       11,539       11,516       11,905
from banks
 Allowance for
loan and lease     (13,337)     (13,383)     (13,089)     (12,110)     (11,790)
losses
 Premises and      29,077       28,866       29,095       29,586       29,706
equipment
 Goodwill          29,751       26,201       24,688       23,186       23,169
 Other intangible  22,580       21,427       17,804       18,319       18,860
assets
 Bank owned life   19,695       19,589       19,480       19,359       19,246
insurance
 Deferred income   11,179       12,212       13,637       13,972       13,404
taxes
 Other assets      33,992       34,651       36,735       35,665       35,501
                                                                       
Total assets       $ 1,832,803  $ 1,816,541  $ 1,783,649  $ 1,763,700  $ 1,742,420
                                                                       
Liabilities and
shareholders'                                                          
equity
                                                                       
 Interest-bearing  $ 229,853    $ 236,131    $ 227,817    $ 224,648    $ 225,569
checking
 Money market      486,798      436,717      406,972      394,150      367,276
 Savings           133,315      133,105      132,451      132,617      131,421
 Wholesale
non-maturity       35,956       47,463       65,117       65,127       65,177
deposits
 Wholesale time    13,809       22,280       22,354       27,749       29,187
deposits
 Time deposits     178,711      203,344      210,973      214,684      234,645
Interest-bearing   1,078,442    1,079,040    1,065,684    1,058,975    1,053,275
deposits
                                                                       
 Non-interest      330,179      323,539      305,468      304,883      290,468
bearing deposits
Total deposits     1,408,621    1,402,579    1,371,152    1,363,858    1,343,743
                                                                       
Subordinated       21,114       22,500       22,500       22,500       22,500
debentures
Junior
subordinated       --           --           --           10,294       12,000
debentures
Short-term         13,273       13,149       13,885       15,147       10,908
borrowings
FHLB advances and  167,251      163,908      165,402      140,177      148,963
other borrowings
Other liabilities  25,100       23,158       25,259       24,991       21,482
Shareholders'      197,444      191,247      185,451      186,733      182,824
equity
                                                                       
Total liabilities
and shareholders'  $ 1,832,803  $ 1,816,541  $ 1,783,649  $ 1,763,700  $ 1,742,420
equity

                                                            
Bryn Mawr Bank Corporation                                  
Consolidated Average Balance Sheets - (unaudited)           
(Dollars in thousands)                                      
                                                            
                                                            
                                                            
                                            2012           2011
                                             Year-to-Date   Year-to-Date 
Assets                                                      
                                                            
 Interest bearing deposits with banks        $ 49,832       $ 50,778
 Money market funds                          201            167
 Investment securities - available for sale  317,932        296,524
 Investment securities - trading             1,442          1,345
 Loans held for sale                         3,435          4,299
 Portfolio loans and leases                  1,295,700      1,233,393
Earning assets                               1,668,542      1,586,506
                                                            
 Cash and due from banks                     12,242         12,249
 Allowance for loan and lease losses         (13,270)       (11,157)
 Premises and equipment                      29,013         29,389
 Goodwill                                    26,890         20,211
 Intangible assets                           20,611         12,554
 Bank owned life insurance                   19,588         19,130
 FHLB stock                                  10,824         12,851
 Deferred tax asset                          12,339         14,133
 Other assets                                24,298         25,013
                                                            
Total assets                                 $ 1,811,077    $ 1,720,879
                                                            
Liabilities and shareholders' equity                        
                                                            
 Interest-bearing checking                   $ 231,262      $ 227,566
 Money market                                443,654        353,965
 Savings                                     132,958        131,692
 Wholesale non-maturity deposits             49,462         68,691
 Wholesale time deposits                     19,460         31,333
 Time deposits                               197,607        237,948
Interest-bearing deposits                    1,074,403      1,051,195
                                                            
 Non-interest bearing deposits               319,767        281,714
Total deposits                               1,394,170      1,332,909
                                                            
 Subordinated debentures                     22,035         22,500
 FHLB advances and other borrowings          165,717        147,189
 Junior subordinated debentures              --             12,012
 Short-term borrowings                       13,244         10,110
 Other liabilities                           24,508         23,095
 Shareholders' equity                        191,403        173,064
                                                            
Total liabilities and shareholders' equity   $ 1,811,077    $ 1,720,879

                                                                                                                          
Bryn Mawr Bank Corporation                                                                                                
Consolidated Selected Financial Data - (unaudited)                                                                        
(Dollars in thousands, except per share data )                                                                            
September 30, 2012                                                                                                        
                                                                                                                                                            
                                                                                                                                                            
For the period end:       2012         2012         2012           2011         2011                                                                        
                          3Q           2Q           1Q             4Q           3Q                                                                          
Asset Quality Data                                                                                                                                          
                                                                                                                                                            
Nonaccrual loans and       $ 13,816     $ 14,929     $ 22,570       $ 14,315     $ 14,208                                                                   
leases
90 + days past due loans   --           3,376        --             --           --                                                                         
- still accruing
Nonperforming loans and    13,816       18,305       22,570         14,315       14,208                                                                     
leases
Other real estate owned    412          865          404            549          1,301                                                                      
Total nonperforming        $ 14,228     $ 19,170     $ 22,974       $ 14,864     $ 15,509                                                                   
assets
                                                                                                                                                            
Troubled debt
restructurings included    $ 3,740      $ 4,005      $ 4,223        $ 4,300      $ 901                                                                      
in nonperforming
Troubled debt
restructurings in          8,379        8,302        7,970          7,166        7,182                                                                      
compliance with modified
terms
Total troubled debt        $ 12,119     $ 12,307     $ 12,193       $ 11,466     $ 8,083                                                                    
restructurings
                                                                                                                                                            
Nonperforming loans and   1.05%        1.41%        1.73%          1.11%        1.11%                                                                       
leases / portfolio loans
Nonperforming assets /    0.78%        1.03%        1.25%          0.84%        0.88%                                                                       
assets
                                                                                                                                                            
Net loan charge-offs
(recoveries) (annualized) 0.16%        0.26%        0.21%          -0.02%       0.49%                                                                       
/ average loans 
Net lease (recoveries)
charge-offs (annualized)  -0.23%       0.94%        0.67%          0.22%        0.37%                                                                       
/ average leases 
Net loan and lease
charge-offs (recoveries)  0.16%        0.28%        0.23%          -0.01%       0.49%                                                                       
(annualized) / average
loans and leases 
                                                                                                                                                            
Delinquency rate - loans  1.01%        1.36%        1.52%          1.37%        1.33%                                                                       
and leases >30days 
                                                                                                                                                            
Delinquent loans and       $ 1,954      $ 2,722      $ 5,468        $ 5,311      $ 4,480                                                                    
leases - 30-89 days 
                                                                                                                                                            
Delinquency rate - loans  0.15%        0.21%        0.28%          0.29%        0.35%                                                                       
and leases 30-89 days 
                                                                                                                                                            
Changes in the allowance                                                                                                                                    
for loan and lease losses
                                                                                                                                                            
Balance, beginning of      $ 13,140     $ 13,040     $ 12,753       $ 11,654     $ 11,341                                                                   
period
                                                                                                                                                            
Charge-offs                (618)        (960)        (839)          (466)        (1,817)                                                                    
                                                                                                                                                            
Recoveries                 116          57           126            509          302                                                                        
                                                                                                                                                            
Net (charge-offs) /        (502)        (903)        (713)          43           (1,515)                                                                    
recoveries
                                                                                                                                                            
Provision for loan and     1,000        1,003        1,000          1,056        1,828                                                                      
lease losses
                                                                                                                                                            
Balance, end of period     $ 13,638     $ 13,140     $ 13,040       $ 12,753     $ 11,654                                                                   
                                                                                                                                                            
Allowance for loan and
lease losses / loans and  1.04%        1.01%        1.00%          0.98%        0.91%                                                                       
leases
Allowance for loan and
lease losses /            98.7%        71.8%        57.8%          89.1%        82.0%                                                                       
nonperforming loans and
leases
                                                                                                                                                            
Bryn Mawr Bank Corporation                                                                                                
Consolidated Selected Financial Data - (unaudited)                                                                        
(Dollars in thousands, except per share data )                                                                            
September, 2012                                                                                                           
                                                                                                                                                            
                                                                                                                                                            
For the period and period 2012         2012         2012           2011         2011                                                                        
end: 
                          3Q           2Q           1Q             4Q           3Q                                                                          
Selected ratios                                                                                                                                             
(annualized):
                                                                                                                                                            
Return on average assets  1.18%        1.18%        1.14%          1.13%        1.14%                                                                       
Return on average         10.93%       11.24%       11.00%         10.63%       11.35%                                                                      
shareholders' equity
Return on average
tangible equity (a        14.87%       14.97%       14.27%         13.67%       14.74%                                                                      
non-GAAP measure) ^(2)
Yield on loans and        5.21%        5.31%        5.33%          5.45%        5.52%                                                                       
leases* 
Yield on interest earning 4.28%        4.39%        4.51%          4.59%        4.64%                                                                       
assets* 
Cost of interest bearing  0.66%        0.72%        0.76%          0.88%        0.96%                                                                       
funds
Net interest margin*      3.78%        3.84%        3.93%          3.91%        3.90%                                                                       
Book value per share       $ 15.02      $ 14.73      $ 14.40        $ 14.07      $ 14.29                                                                    
Tangible book value per    $ 11.14      $ 10.77      $ 11.20        $ 10.78      $ 11.08                                                                    
share
Period end shares          13,399,635   13,316,469   13,168,555     13,106,353   12,999,712                                                                 
outstanding
                                                                                                                                                            
Selected data:                                                                                                                                              
                                                                                                                                                            
Mortgage loans originated  $ 64,455     $ 51,427     $ 55,385       $ 60,467     $ 38,998                                                                   
                                                                                                                                                            
Mortgage loans sold -      $ 54,992     $ 41,986     $ 32,778       $ 20,883     $ 26,090                                                                   
servicing retained
Mortgage loans sold -      --           2,238        1,223          1,164        1,922                                                                      
servicing released
Total mortgage loans sold  $ 54,992     $ 44,224     $ 34,001       $ 22,047     $ 28,012                                                                   
                                                                                                                                                            
Yield on loans sold       3.34%        2.95%        3.44%          3.17%        2.73%                                                                       
                                                                                                                                                            
Mortgage loans serviced    $ 583,859    $ 575,533    $ 571,440      $ 574,422    $ 593,125                                                                  
for others 
                                                                                                                                                            
Total Wealth assets under
management /
administration /           $ 6,482,835  $ 6,275,940  $ 5,152,965    $ 4,831,631  $ 4,501,433                                                                
supervision / brokerage
^(1)
                                                                                                                                                            
 * Yield on loans and leases, interest earning assets and net interest margin are calculated                              
on a tax equivalent basis.
 ^(1) Brokerage Assets represent assets held at a registered broker dealer under a networking                             
agreement.
 ^(2) Tangible equity equals shareholders' equity minus goodwill and other intangible assets.                             
                                                                                                                                                            
Bryn Mawr Bank Corporation                                                                                                
Consolidated Selected Financial Data - (unaudited)                                                                        
(Dollars in thousands, except per share data )                                                                            
September, 2012                                                                                                           
                                                                                                                                                            
                                                    2012                        2011                                                                        
                                                     Year-to-date                Year-to-date                                                               
Selected ratios                                                                                                                                             
(annualized):
                                                                                                                                                            
Return on average assets                            1.17%                       1.13%                                                                       
Return on average                                   11.06%                      11.28%                                                                      
shareholders' equity
Return on average
tangible equity (a                                  14.71%                      13.91%                                                                      
non-GAAP measure) ^(2)
Yield on loans and                                  5.29%                       5.60%                                                                       
leases* 
Yield on interest earning                           4.40%                       4.74%                                                                       
assets* 
Cost of interest bearing                            0.71%                       0.96%                                                                       
funds
Net interest margin*                                3.85%                       3.99%                                                                       
                                                                                                                                                            
Selected data:                                                                                                                                              
                                                                                                                                                            
Mortgage loans originated                            $ 171,267                   $ 108,214                                                                  
                                                                                                                                                            
Mortgage loans sold -                                $ 129,756                   $ 54,349                                                                   
servicing retained
Mortgage loans sold -                                3,461                       5,066                                                                      
servicing released
Total mortgage loans sold                            $ 133,217                   $ 59,415                                                                   
                                                                                                                                                            
 * Yield on loans and leases, interest earning assets and net interest margin are calculated                              
on a tax equivalent basis.
 ^(2) Tangible equity equals shareholders' equity minus goodwill and other intangible assets.                             
                                                                                                                                                            
                                                                                                                                                            
                                                                                                                                                            
                                                                                                                                                            
Investment Portfolio -    As of September 30, 2012                              As of December 31, 2011              As of Sept, 2011
AFS
($'s in thousands)                                                                                                                                          
                                                    Net                                                   Net                                              Net
                          Amortized    Fair         Unrealized                  Amortized      Fair       Unrealized                 Amortized  Fair       Unrealized
SECURITY DESCRIPTION      Cost         Value        Gain / (Loss)               Cost           Value      Gain /                     Cost       Value      Gain /
                                                                                                          (Loss)                                           (Loss)
                                                                                                                                                            
 Obligations of U. S.      $ 83,472     $ 84,354     $ 882                       $ 104,252      $ 104,570  $ 318                      $ 114,072  $ 114,509  $ 437
government and agencies 
 State & political         19,240       19,445       205                         8,210          8,366      156                        3,428      3,467      39
subdivisions
 Mortgage backed           125,573      129,411      3,838                       95,713         97,834     2,121                      104,783    107,097    2,314
securities
 Collateralized mortgage   65,168       65,621       453                         32,418         32,623     205                        21,695     21,920     225
obligations
 Equity securities         --           --           --                          --             --         --                         243        284        41
 Other debt securities     1,900        1,900        --                          1,900          1,882      (18)                       1,400      1,400       --
 Bond - mutual funds       11,456       11,504       48                          12,091         11,904     (187)                      11,940     11,860     (80)
 Investment CD's           2,365        2,382        17                          2,411          2,420      9                          2,425      2,430      5
 Other investments         1,798        2,027        229                         1,454          1,505      51                         1,463      1,458      (5)
 Corporate bonds           --           --           --                          12,616         12,718     102                        12,664     12,762    98 
Total Investment           $ 310,972    $ 316,644    $ 5,672                     $ 271,065      $ 273,822  $ 2,757                    $ 274,113  $ 277,187  $ 3,074
Portfolio
                                                                                                                                                            
Capital Ratios                                                                                                                                              
                          Regulatory                                                                                                                        
                          Minimum
Bryn Mawr Trust Company   To Be                                                                                                                             
Consolidated
                          Well         9/30/2012    6/30/2012      3/31/2012    12/31/2011     9/30/2011                                                    
                          Capitalized
                                                                                                                                                            
Tier I Capital to Risk    6.00%        11.99%       11.75%         12.17%       11.76%         11.31%                                                       
Weighted Assets (RWA)
Total (Tier II) Capital   10.00%       14.09%       14.36%         14.78%       14.35%         13.81%                                                       
to RWA
Tier I Leverage Ratio     5.00%        9.23%        9.14%          9.56%        9.35%          9.14%                                                        
Tangible Equity Ratio                  8.85%        8.41%          8.70%        8.66%          8.78%                                                        
                                                                                                                                                            
Bryn Mawr Bank                                                                                                                                              
Corporation
                                                                                                                                                            
Tier I Capital to Risk    6.00%        11.64%       11.30%         11.52%       11.16%         11.62%                                                       
Weighted Assets (RWA)
Total (Tier II) Capital   10.00%       13.74%       13.90%         14.23%       13.74%         14.11%                                                       
to RWA
Tier I Leverage Ratio     5.00%        8.98%        8.80%          9.07%        8.89%          9.40%                                                        
Tangible Equity Ratio                  8.58%        8.07%          8.22%        8.19%          8.41%                                                        

                                                                                                                                                                                
Bryn Mawr Bank Corporation
Quarterly Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields - (unaudited)
                                                                                                                                                                                
                                                                                                                                                                                
                    3rd Quarter 2012                   2nd Quarter 2012                   1st Quarter 2012               4th Quarter 2011               3rd Quarter 2011 
                                 Interest   Average                 Interest  Average                  Interest  Average              Interest  Average              Interest  Average
(dollars in         Average      Income/   Rates       Average      Income/   Rates       Average      Income/   Rates   Average      Income/   Rates   Average      Income/   Rates
thousands)          Balance      Expense   Earned/Paid Balance      Expense   Earned/Paid Balance      Expense   Earned/ Balance      Expense   Earned/ Balance      Expense   Earned/
                                                                                                                 Paid                           Paid                           Paid
                                                                                                                                                                                
Assets:                                                                                                                                                                         
Interest-bearing
deposits with other  $ 53,576     $ 34     0.25%        $ 57,542     $ 30     0.21%        $ 38,337     $ 23     0.24%    $ 56,570     $ 27     0.19%    $ 57,855     $ 29     0.20%
banks
Money market funds  191           --        --         192           --       --          219           --       --      109           --       --      108           --       --
Investment
securities                                                                                                                                                                      
available for sale:
 Taxable            309,570      960       1.23%       307,371      1,067     1.40%       294,593      1,136     1.55%   272,869      1,055     1.53%   279,321      1,171     1.66%
 Tax-exempt         18,481       82        1.77%       14,049       66        1.89%       9,622        53        2.22%   6,536        31        1.88%   3,933        18        1.82%
Investment
securities          328,051      1,042     1.26%       321,420      1,133                 304,215      1,189     1.57%   279,405      1,086     1.54%   283,254      1,189     1.67%
available for sale 
                                                                                                                                                                                
Investment
securities -        1,343        5         1.48%       1,546        12        1.42%       1,437        4         1.12%   1,319        8         2.41%   1,338        8         2.37%
trading
                                                                                                                                                                                
Loans and leases *  1,303,783    17,089    5.21%       1,294,019    17,094    5.31%       1,299,552    17,234    5.33%   1,286,804    17,672    5.45%   1,259,864    17,529    5.52%
                                                                                                                                                                                
 Total interest     1,686,944    18,170    4.28%       1,674,719    18,269    4.39%       1,643,760    18,450    4.51%   1,624,207    18,793    4.59%   1,602,419    18,755    4.64%
earning assets 
                                                                                                                                                                                
Cash and due from   12,922                             12,259                             11,539                         11,516                         11,905                  
banks
Less allowance for
loan and lease      (13,337)                           (13,383)                           (13,089)                       (12,110)                       (11,790)                
losses
Other assets        146,274                            142,946                            141,439                        140,087                        139,886                 
                                                                                                                                                                                
 Total assets        $ 1,832,803                        $ 1,816,541                        $ 1,783,649                    $ 1,763,700                    $ 1,742,420            
                                                                                                                                                                                
Liabilities:                                                                                                                                                                    
                                                                                                                                                                                
Savings, NOW and
market rate          $ 849,966    $ 567    0.27%        $ 805,953    $ 586    0.29%        $ 767,240    $ 559    0.29%    $ 751,415    $ 711    0.38%    $ 724,266    $ 772    0.42%
deposits
Other wholesale     35,956       34        0.38%       47,463       43        0.36%       65,117       53        0.33%   65,127       50        0.30%   65,177       51        0.31%
deposits
Wholesale deposits  13,809       21        0.60%       22,280       24        0.43%       22,354       24        0.43%   27,749       73        1.04%   29,187       86        1.17%
Time deposits       178,711      316       0.70%       203,344      412       0.81%       210,973      490       0.93%   214,684      520       0.96%   234,645      585       0.99%
 Total
interest-bearing    1,078,442    938       0.35%       1,079,040    1,065     0.40%       1,065,684    1,126     0.42%   1,058,975    1,354     0.51%   1,053,275    1,494     0.56%
deposits
                                                                                                                                                                                
Subordinated        21,114       271       5.11%       22,500       291       5.20%       22,500       291       5.20%   22,500       287       5.06%   22,500       279       4.92%
debentures
Junior subordinated --           --        ---          --           --       --           --           --       --      10,294       236       9.10%   12,000       271       8.96%
debentures
Short-term          13,273       4         0.12%       13,149       5         0.15%       13,885       6         0.17%   15,147       6         0.16%   10,908       6         0.22%
borrowings
FHLB advances and   167,251      918       2.18%       163,908      924       2.27%       165,402      964       2.34%   140,177      889       2.52%   148,963      968       2.58%
other borrowings
 Total Borrowings   201,638      1,193     2.35%       199,557      1,220     2.46%       201,787      1,261     2.51%   188,118      1,418     2.99%   194,371      1,524     3.11%
                                                                                                                                                                                
 Total
interest-bearing    1,280,080    2,131     0.66%       1,278,597    2,285     0.72%       1,267,471    2,387     0.76%   1,247,093    2,772     0.88%   1,247,646    3,018     0.96%
liabilities
                                                                                                                                                                                
Noninterest-bearing 330,179                            323,539                            305,468                        304,883                        290,468                 
deposits
Other liabilities   25, 259                            23,158                             25,259                         24,991                         21,482                  
 Total
noninterest-bearing 355,279                            346,697                            330,727                        329,874                        311,950                 
liabilities
                                                                                                                                                                                
 Total liabilities  1,635,359                          1,625,294                          1,598,198                      1,576,967                      1,559,596               
                                                                                                                                                                                
Shareholders'       197,444                            191,247                            185,451                        186,733                        182,824                 
equity 
                                                                                                                                                                                
 Total liabilities
and shareholders'    $ 1,832,803                        $ 1,816,541                        $ 1,783,649                    $ 1,763,700                    $ 1,742,420            
equity 
                                                                                                                                                                                
Interest income to                         4.28%                              4.39%                              4.51%                          4.59%                          4.64%
earning assets
                                                                                                                                                                                
Net interest spread                        3.62%                              3.67%                              3.75%                          3.71%                          3.68%
Effect of
noninterest-bearing                        0.16%                              0.17%                              0.18%                          0.20%                          0.22%
sources
                                                                                                                                                                                
Net interest income/ margin on    $ 16,039 3.78%                     $ 15,984 3.84%                     $ 16,063 3.93%                 $ 16,021 3.91%                 $ 15,737 3.90%
earning assets
                                                                                                                                                                                
Tax equivalent                    $ 88     0.02%                     $ 81     0.02%                     $ 79     0.02%                 $ 66     0.02%                 $ 64     0.02%
adjustment 
                                                                                                                                                                                
* Average loans and leases include portfolio loans and leases, and loans held for sale. Non-accrual loans are also                                                              
included in the average loan and leases balances.

 
Bryn Mawr Bank Corporation
Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields 
For the Nine Months ended September 30,
                                                                          
                    2012                            2011                  
                                           Average                       Average 
                                 Interest   Rates              Interest   Rates
                    Average      Income/   Earned/  Average    Income/    Earned/ 
(dollars in         Balance       Expense  Paid      Balance    Expense   Paid
thousands)
                                                                          
Assets:                                                                   
Interest-bearing
deposits with other  $ 49,832     86       0.23%     $ 50,778   $ 88     0.23%
banks
Federal funds sold   --           --        --       --         --       --%
Money market funds   201          --        %       167        1         0.80%
Investment
securities                                                                
available for sale:
 Taxable             303,865      3,166    1.39%    283,354    3,824     1.80%
 Tax-exempt          14,067       224      2.13%    11,486     287       3.34%
                                                                          
Investment
securities -         317,932      3,390    1.42%    294,840    4,111     1.86%
available for sale
                                                                          
Investment
securities -         1,442        21       1.95%    1,345      24        2.39%
trading
                                                                          
Loans and leases *   1,299,135    51,473   5.29%    1,237,692  51,882    5.60%
                                                                          
 Total interest      1,668,542    54,949   4.40%    1,583,477  56,106    4.74%
earning assets
                                                                          
Cash and due from    12,242                         12,249                
banks
Less allowance for
loan and lease       (13,270)                       (11,157)              
losses
Other assets         143,563                        137,793               
                                                                          
 Total assets       $1,811,077                      $1,722,362            
                                                                          
Liabilities:                                                              
                                                                          
Savings,NOW and
market rate         $807,874      $ 1,712  0.28%    $713,223    $ 2,247  0.42%
deposits
Other wholesale      49,463       131      0.35%     68,691     174      0.34%
deposits
Wholesale deposits   19,459       68       0.47%     31,333     248      1.06%
Time deposits        197,607      1,217    0.82%    237,948    1,765     0.99%
 Total
interest-bearing     1,074,403    3,128    0.39%    1,051,195  4,434     0.56%
deposits
                                                                          
Subordinated debt    22,035       852      5.16%    22,500     835       4.96%
Junior subordinated  --           --        --      12,012     814       9.06%
debentures
Short-term           13,244       14       0.14%    10,110     19        0.25%
borrowings
FHLB advances and    165,717      2,808    2.26%    147,189    2,787     2.53%
other borrowings
 Total Borrowings    200,996      3,674    2.44%     191,811    4,455    3.11%
                                                                          
 Total
interest-bearing     1,275,399    6,802    0.71%    1,243,006  8,889     0.96%
liabilities
                                                                          
                                                                          
Noninterest-bearing  319,767                        281,714               
deposits
Other liabilities    24,508                         23,095                
 Total
noninterest-bearing  344,275                        304,809               
liabilities
                                                                          
 Total liabilities   1,619,674                      1,547,815             
                                                                          
Shareholders'        191,403                        174,547               
equity 
                                                                          
 Total liabilities
and shareholders'    $ 1,811,077                    $1,722,362            
equity
                                                                          
Interest income to                         4.40%                         4.74%
earning assets
                                                                          
Net interest spread                        3.69%                         3.78%
Effect of
noninterest-bearing                        0.16%                         0.21%
sources
                                                                          
Net interest
income/ margin on                 $ 48,147 3.85%                $ 47,217 3.99%
earning assets
                                                                          
Tax equivalent                    $ 307    0.02%                $ 270    0.02%
adjustment 
                                                                          
* Average loans and leases include portfolio loans and leases, and loans held for
sale. Non-accrual loans are also included in the 
 average loan and leases balances.

 
Effect of Immaterial Correction of Accounting Error
                                                                                                                                                   
Income Statement Effect
(dollars in thousands except share data)                                                                                                           
         For The Three Months Ended June 30,  For The Three Months Ended March 31, For The Three Months Ended December  For The Three Months Ended September
         2012                                 2012                                 31, 2011                             30, 2011
         Originally   Corrected    Difference Originally   Corrected    Difference Originally   Corrected    Difference Originally   Corrected    Difference
         Reported                             Reported                             Reported                             Reported
                                                                                                                                                   
Net       $ 5,261      $ 5,345      $ 84       $ 5,235      $ 5,074      $ (161)    $ 5,170      $ 5,004      $ (166)    $ 5,022      $ 5,230      $ 208
Income
Basic
earnings
per       $ 0.40       $ 0.41       $ 0.01     $ 0.40       $ 0.39       $ (0.01)   $ 0.40       $ 0.39       $ (0.01)   $ 0.39       $ 0.41       $ 0.02
common
share
Diluted
earnings
per       $ 0.40       $ 0.40       $ --       $ 0.40       $ 0.39       $ (0.01)   $ 0.39       $ 0.39       $ --       $ 0.39       $ 0.41       $ 0.02
common
share
                                                                                                                                                   
         For The Nine Months Ended September                                                                                                       
         30, 2011
         Originally   Corrected    Difference                                                                                                      
         Reported
                                                                                                                                                   
Net       $ 14,543     $ 14,598     $ 55                                                                                                           
Income
Basic
earnings
per       $ 1.15       $ 1.16       $ 0.01                                                                                                         
common
share
Diluted
earnings
per       $ 1.15       $ 1.16       $ 0.01                                                                                                         
common
share
                                                                                                                                                   
Balance Sheet Effect
(dollars in thousands except share data)                                                                                                           
         As of June 30, 2012                  As of March 31, 2012                 As of December 31, 2011              As of September 30, 2011
         Originally   Corrected    Difference Originally   Corrected    Difference Originally   Corrected    Difference Originally   Corrected    Difference
         Reported                             Reported                             Reported                             Reported
                                                                                                                                                   
Total     $ 1,854,885  $ 1,853,355  $ (1,530)  $ 1,838,075  $ 1,836,411  $ (1,664)  $ 1,774,907  $ 1,773,373  $ (1,534)  $ 1,757,119  $ 1,755,770  $ (1,349)
assets
Retained  $ 132,837    $ 132,420    $ (417)    $ 129,702    $ 129,201    $ (501)    $ 126,582    $ 126,242    $ (340)    $ 123,377    $ 123,203    $ (174)
earnings
Cost of
treasury  $ 29,789     $ 30,901     $ 1,112    $ 29,833     $ 30,995     $ 1,162    $ 29,833     $ 31,027     $ 1,194    $ 29,833     $ 31,008     $ 1,175
stock
Shares
of        2,905,293    2,988,561    83,268     2,909,542    2,995,681    86,139     2,909,542    2,997,628    88,086     2,909,542    2,996,600    87,058
treasury
stock

CONTACT: Ted Peters, Chairman
         610-581-4800
         J. Duncan Smith, CFO
         610-526-2466
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