Rising revenue from wealth management services helped drive Bryn Mawr Bank Corp. to record earnings in 2012, the Pennsylvania-based community bank announced Thursday.
In the fourth quarter of 2012, the Wealth Management Division of its subsidiary Bryn Mawr Trust generated $8.4 million in revenue, up 32.7% from a year earlier and up 4.7% from the previous quarter. For the year, revenue from wealth management services totaled $29.8 million, a 37.5% increase from the $21.7 million generated in 2011.
By year-end, the division had $6.7 billion in assets under management, up 38.4% from 2011. The surge was partially due to the companys acquisition of the Davidson Trust Co. last May, which initially added approximately $1 billion in assets, the bank said in its fourth-quarter earnings release. The company also attributed the growth in assets to strategic initiatives within the division, as well as market appreciation.
As a whole, Bryn Mawr reported $21.1 million in profit in 2012, or $1.60 per diluted share, up from $19.6 million, or $1.54 per diluted share, the year before. For the fourth-quarter of 2012, the bank earned $5.3 million in net income, a 6% increase from $5.0 million in the year-ago quarter.
Our strategic transactions this year, which included the acquisition of the Davidson Trust Company and the acquisition of certain loans and deposits and a branch location from the First Bank of Delaware, have begun to produce the positive results we had anticipated, Ted Peters, chairman and CEO of Bryn Mawr Bank Corp., said in a statement.
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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