Bryn Mawr Bank (BMTC) Misses Q1 EPS by $1.16

Bryn Mawr Bank (NASDAQ: BMTC) reported Q1 EPS of ($0.56), $1.16 worse than the analyst estimate of $0.60.

“As we all navigate the current challenges resulting from the COVID-19 pandemic, BMT remains focused on the safety of our people and providing our customers uninterrupted service. We are committed to assisting our small business community through our active participation in the SBA’s Paycheck Protection Program and our employees are working tirelessly to process applications and fund loans under the program,” commented Frank Leto, President and Chief Executive Officer, continuing, “The banking industry, under the new loan loss reserve guidelines, must take a forward-looking approach to the economy as a predictor of future loan losses. BMT’s historical loan losses have been very strong compared to our peers and credit quality did not materially deteriorate in the first quarter, however under this new guidance we must look out several years and reserve for potential losses now. This environment of uncertainly is expected to persist throughout 2020 and new economic data could indicate increases or reductions in our loan loss reserves. That said, the fundamentals of the Bank were strong as we entered this unprecedented time. Setting aside the provision for credit losses, we performed well in the first quarter and this speaks to our solid foundation supported by a diversified earnings profile, a strong capital base designed to withstand a stressed environment and robust sources of liquidity. This foundation coupled with our amazing team of professionals leave us well positioned to face any challenges and volatility from the economic environment,” Mr. Leto concluded.

For earnings history and earnings-related data on Bryn Mawr Bank (BMTC) click here.

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