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BMTC - Bryn Mawr Bank: Most Of The Hit From Credit Losses May Be Behind Us
Bryn Mawr Bank Corporation
Bryn Mawr Bank Corporation (BMTC) surprised investors with a significant loss of $0.56 per share in the first quarter due to heightened provision expense. The company booked a provision expense of $32 million, or 86bps of total loans, which dealt a heavy blow to the bottom line. As I’m not expecting BMTC to book such a high provision expense again, I’m expecting the bottom line to improve in the remainder of 2020 compared to the first quarter. However, I’m expecting earnings to remain below the 2019 level due to higher than normal provision