Bryn Mawr Bank Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2012; Declares Quarterly Dividend, Payable on March 1, 2013
For the year, the company reported net income of 21.1 million, or $1.60 per diluted share, as compared to net income of $19.6 million, or $1.54 per diluted share for the same period in 2011. Net interest income was 64.7 million against $62.9 million for the same period a year ago. Income before income taxes was $32.2 million against $29.1 million for the same period a year ago. Return on average assets was 1.15% and return on average shareholders' equity was 10.91% compared to return on average assets of 1.14% and return on average shareholders' equity of 11.08% for the same period a year ago.
For the fourth quarter, the company reported net loan and lease charge-offs of $214,000, as compared to net loan and lease recoveries of $43,000 for the same period in 2011.
On January 24, 2013, the Board of Directors of Bryn Mawr Bank Corp. declared a quarterly dividend of $0.17 per share, an increase of $0.01, or 6.3%, from the previous quarter's dividend. The dividend is payable March 1, 2013 to shareholders of record as of February 5, 2013.