Bryn Mawr Trusts increased focused on wealth management continues to lift earnings for the Pennsylvania-based community bank. In the third quarter of 2012, wealth management services generated $8 million in revenue for Bryn Mawr, up 31.1% from $6.1 million in the same quarter a year ago. Year-to-date, revenue from wealth management totaled $21.4 million, a 40% increase from the $15.4 million generated in 2011.
Assets under management surged to $6.5 billion, an increase of $1.7 billion, or 34.2%, from the end of last year, and an increase of $2.0 billion, or 44%, from the end of the third quarter of 2011, according to the banks third-quarter earnings release.
A significant portion of the increase was due to the acquisition of Davidson Trust Company in May and growth initiatives within the banks Wealth Management Division, the bank said.
The robust wealth management revenues contributed significantly to the banks earnings performance in the third quarter. The bank reported third-quarter net income of $5.4 million, up 3.7% from $5.2 million in the year-ago quarter.
The Corporation has posted yet another excellent quarter driven by strong non-interest revenue, which was able to offset increases in non-interest expense during the quarter, Ted Peters, chairman and CEO of Bryn Mawr Bank Corporation, said in a statement.
Bryn Mawr Trust, a subsidiary of Bryn Mawr Bank Corporation, is headquartered in Bryn Mawr, Penn.,and has 17 full-service branches serving residents and businesses in the affluent Main Line suburbs of Pennsylvania.