Bryn Mawr Bank in Pennsylvania reported a quarterly loss after terminating its pension plan.
The $3 billion-asset company lost $6.4 million, or 37 cents a share, in the fourth quarter, compared to a $7 million profit a year earlier. Bryn Mawr recorded a $17.4 million pretax loss to terminate the pension.
"Our decision to terminate the corporate pension plan will eliminate the earnings volatility associated with this defined-benefit program," Frank Leto, Bryn Mawr's chief executive, said in a press release.
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Wayne Griest, Continental's chief executive, once worked with Bryn Mawr's CEO at another institution. That familiarity came in handy as the two banks began discussing the potential of a merger.
May 6 -
Bryn Mawr Bank in Pennsylvania has hired Michael Harrington as its chief financial officer and treasurer. Harrington, who was also named CFO of Bryn Mawr Trust, was the CFO and treasurer at Susquehanna Bancshares, which was acquired earlier this year by BB&T.
September 9 -
Anthony Weagley is combining a new emphasis on wealth management with Malvern's reputation as a small-town community bank to bolster the Pennsylvania company's financial performance.
January 20
Net interest income, after the loan-loss provision, increased 19%, to $23.7 million. Bryn Mawr attributed the increase to organic growth and $424.2 million of loans it obtained from its
Fee income rose 6%, to $13.7 million, because of increased income from bank-owned life insurance, an rise in the value of trading securities and income tied to the full payoff of a purchased credit-impaired loan obtained in the Continental acquisition.
Noninterest expense more than doubled, to $47 million. In addition to the pension costs, Bryn Mawr incurred $1.3 million in expenses tied to the early termination of a lease on Continental's headquarters. Bryn Mawr also had higher expenses because it converted Continental's core system.
Bryn Mawr also paid $218,000 in severance during the quarter. It also elected to unwind a $15 million forward interest rate swap, which included a $611,000 fee.
