Bryn Mawr Bank Corporation Declares Quarterly Dividend, Payable on March 1, 2015; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Impairment Charges for the Fourth Quarter
The company reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported interest income of $21,055,000 compared to $20,525,000 a year ago. Net interest income was $19,487,000 compared to $19,125,000 a year ago. Net interest income after provision for loan and lease losses was $19,803,000 compared to $18,313,000 a year ago. Income before income taxes was $10,754,000 compared to $9,890,000 a year ago. Net income was $7,044,000 or $0.51 per diluted per share compared to $6,471,000 or $0.47 per diluted per share a year ago. Non-GAAP net income was $7,666,000 or $0.55 per diluted per share compared to $6,572,000 or $0.48 per diluted per share a year ago. Return on average assets was 1.28% against 1.26% a year ago. Return on average shareholders' equity was 11.23% against 11.67% a year ago. Return on average tangible equity was 14.71% against 15.35% a year ago. Book value per share was $17.83 against $16.84 per share a year ago. Tangible book value per share was $13.58 against $13.02 per share a year ago. The increase in net interest income between the periods was largely the result of a $131.8 million, or 8.7%, increase in average portfolio loans for the three months ended December 31, 2014 as compared to the same period in 2013. Partially offsetting this loan growth was a decrease in average available for sale investment securities of $57.8 million for the three months ended December 31, 2014 as compared to the same period in 2013.
For the year, the company reported interest income of $82,906,000 compared to $78,417,000 a year ago. Net interest income was $76,828,000 compared to $72,990,000 a year ago. Net interest income after provision for loan and lease losses was $75,944,000 compared to $69,415,000 a year ago. Income before income taxes was $42,848,000 compared to $37,030,000 a year ago. Net income was $27,843,000 or $2.01 per diluted per share compared to $24,444,000 or $1.80 per diluted per share a year ago. Non-GAAP net income was $29,385,000 or $2.12 per diluted per share compared to $25,669,000 or $1.89 per diluted per share a year ago. Return on average assets was 1.32% against 1.23% a year ago. Return on average shareholders' equity was 11.56% against 11.53% a year ago. Return on average tangible equity was 14.85% against 15.43% a year ago.
For the quarter, the company announced net charge offs was $697,000 compared to $324,000 a year ago.