Rising revenue from wealth management services helped Bryn Mawr Bank Corp. deliver record first-quarter earnings, the Pennsylvania-based bank holding company announced Thursday.
In the first quarter of 2014, the wealth management division of the companys Bryn Mawr Trust subsidiary generated $8.9 million in revenue, up 6.7% from $8.3 million in the same quarter a year earlier. The divisions assets under management, administration, supervision and brokerage totaled $7.4 billion, up from $7 billion, or 5.4%, a year ago.
The increase was due to strategic initiatives the bank put in place to grow the wealth management business as well as market appreciation, the company said in the earnings release.
During the earnings call on Thursday, Bryn Mawrs chairman and CEO noted that the bank aims to achieve $8 billion in wealth assets by the end of the year. As we strive to achieve our goal, he said, we continually evaluate acquisition opportunities as they arise with a focus on quality and compatibility.
Overall, Bryn Mawr earned $6.7 million in the first quarter of 2014, up 26.4% from $5.3 million in the same quarter a year ago.
We believe our business model is sound and with an improving economy both locally and nationally we are in an excellent position to take advantage of opportunities for continued profitable growth and strong performance, Peters said.
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