After President Donald Trump’s corporate tax rate was lowered from 35 percent to 21 percent as part of the Tax Cuts and Jobs Act, Bryn Mawr Bank Corp. became one of the view banks in Montgomery County region to take a fourth quarter loss.
Like most banks, Bryn Mawr (NYSE: BMTC) incurred fourth quarter 2017 charges for recalibrating Deferred Tax Assets (DTA). But unlike most, the hit swung the bank to a $6.2 million loss in the fourth quarter of 2017 from a $9.4 million profit in the same year-ago period, writes Jeff Blumenthal in the Philadelphia Business Journal.
Frank Leto, Bryn Mawr CEO, said that despite the loss the quarter was still a good period for the bank, which reached almost $13 billion in assets under management in its wealth division, added $70 million in capital to its coffers and completed the Royal deal. The Royal acquisition adds $860 million in assets and 12 branches but the impact will not be felt in earnings until the end of the first quarter.
Other local banks to suffer quarterly losses were WSFS Financial Corp. and Investors Bancorp.
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