Bryn Mawr Bank Corp. reported a strong first quarter helped in part by the steady growth of its wealth management business, the Pennsylvania-based community bank announced Friday.
In the first quarter of 2013, the Wealth Management Division of its subsidiary Bryn Mawr Trust generated $8.3 million in revenue, up 34% from $6.2 million in the same quarter the year before. The divisions assets under management hit $7 billion, an increase of $1.8 billion, or 35.6%, from a year ago.
The division plans to continue to increase its assets under management, Frank Leto, the head of the Wealth Management Division, said during the conference call on Friday. We want to continue to grow. Weve got a goal out there to get to $8 billion by the end of next year, he said.
Leto noted that getting to that target might involve an acquisition, if the company can find something that made sense, he said. He is looking to add $500 million of new assets this year but that, he said, will require some good market cooperation.
Well see how the market handles the next couple of months, he said.
A large portion of the growth in assets was due to an internal strategic plan to grow the wealth management business. But it was also partly due to the May 2012 acquisition of Davidson Trust Company, which initially added about $ 1 billion to the divisions assets under management, according to the Bryn Mawrs earnings release.
Overall, Bryn Mawr reported $5.3 million in net income, or diluted earnings per share of 40 cents, for the first quarter of 2013, up 4.9% from $5.1 million, or diluted earnings per share of 39 cents, for the year-ago quarter.
As our first quarter results show, we managed to sustain the strong quarterly performance that we delivered throughout last year. We anticipate continued improvement through 2013, Bryn Mawrs Chairman and CEO Ted Peters said in the earnings release.
Bryn Mawr Trust is headquartered in Bryn Mawr, Pa., and has 17 full-service branches serving residents and businesses in the affluent Main Line suburbs of Pennsylvania.
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