Bryn Mawr Bank Corporation Reports First Quarter Earnings Impacted by Increased Provision for Credit Losses Under CECL Related to Economic Outlook Driven by the COVID-19 Pandemic, Declares...
Bryn Mawr Bank Corporation (BMTC)
Last bryn mawr bank corporation earnings: 4/20 05:15 pm
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Source: GlobeNewswire
BRYN MAWR, Pa., April 20, 2020 (GLOBE NEWSWIRE) -- Driven by an increase in provision for credit losses on loans and leases reflecting the impact of the adverse economic outlook due to the COVID-19 pandemic on estimated lifetime losses under the new Current Expected Credit Loss standard (“CECL”), Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported a net loss of $11.2 million, or $(0.56) diluted earnings per share for the three months ended March 31, 2020, as compared to net income of $16.4 million, or $0.81 diluted earnings per share, for the three months ended December 31, 2019, and $10.7 million, or $0.53 diluted earnings per share, for the three months ended March 31, 2019. As detailed in the appendix to this earnings release, management calculates core net income, a non-GAAP measure, which excludes one-time costs associated with our voluntary Years of Service Incentive Program. There were no meaningfu
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