2014

1st Mariner Bancorp Reports 3rd Quarter 2011 Results

BALTIMORE, Oct. 28, 2011 /PRNewswire/ -- 1st Mariner Bancorp (OTCBB: FMAR), parent company of 1st Mariner Bank, reported a pretax net loss of $7.9 million for the third quarter of 2011, compared to a pretax net loss of $9.1 million for the third quarter of 2010. For the nine months ended September 30, 2011, the Company reported a pretax net loss of $26.3 million in 2011 versus $23.3 million in 2010. In the three and nine months ended September 30, 2010, the Company recorded a $4.5 million and $10.7 million tax benefit, respectively, while no tax benefit was recognized for the three and nine months ended September 30, 2011. On an after-tax basis, the Company reported a net loss of $7.9 million for the third quarter of 2011, compared to a net loss of $4.7 million for the third quarter of 2010, while for the nine months ended September 30, 2011, the Company reported a net loss of $26.3 million in 2011 versus $12.7 million in 2010.

Edwin F. Hale, Sr., 1st Mariner's Chairman and Chief Executive Officer, said, "We still continue to face strong headwinds in the real estate market. Our costs associated with foreclosed properties remain high as declining appraised values have forced us to take write downs on these assets."

Hale added, "Our levels of non-performing assets and delinquencies have improved. Non-performing assets decreased by 4% and loans that were 90 days or more past due decreased 35% when compared to the same period last year."

The Company also announced that Daniel McKew, President of 1st Mariner Bank, has submitted his resignation to pursue another professional opportunity.  Mark Keidel, the current President of 1st Mariner Bancorp and Chief Operating Officer of 1st Mariner Bank, has been appointed as Mr. McKew’s successor.      

Operating Summary

Elevated credit costs continue to impact overall earnings.  Provisions for loan losses and costs of foreclosed properties comprised $8.2 million of the $7.9 million loss for the third quarter or 2011.  Net interest income for the third quarter of 2011 was $7.1 million compared to $7.9 million in the third quarter of 2010. The net interest margin improved to 3.13% in the third quarter of 2011, compared to 2.99% in the third quarter of 2010. The improvement was due to lower rates paid on deposits and borrowings. For the three months ended September 30, 2011, the average interest rate paid on deposits was 1.64% and for the three months ended September 30, 2010, the rate was 1.95%. The average interest rate paid on borrowings was 2.13% and 2.39% in the three months ended September 30, 2011 and 2010, respectively. Gross interest income was $11.7 million for the three months ended September 30, 2011 versus $13.8 million in the same period of 2010. Lower levels of earning assets as well as lower rates earned on those assets were the cause of the decrease. Average earning assets were $879.3 million and $1.0 billion for the three months ended September 30, 2011 and 2010, respectively. Managed decreases in loan balances contributed to the overall decrease in average earning assets.

On a year-to- date basis, net interest income was $20.6 million for the nine months ended September 30, 2011 versus $21.7 million for the nine months ended September 30, 2010. The net interest margin increased to 2.94% for the nine months ended September 30, 2011, compared to 2.82% for the nine months ended September 30, 2010. Lower interest rates paid on deposits and borrowings led to the improved margin. The average interest rate paid on deposits was 1.74% and 2.08% for the nine months ended September 30, 2011 and 2010, respectively. Total average interest rate paid on borrowings was 2.13% for the nine months ended September 30, 2011 compared to 2.85% paid in the nine months ended September 30, 2010. Gross interest income was $35.5 million for the nine months ended September 30, 2011 versus $41.5 million in the nine months ended September 30, 2010. Lower average loan balances during the nine months ended September 30, 2011 caused the decrease in total interest income.

The provision for loan losses was $5.0 million and $11.6 million for the three and nine months ended September 30, 2011, respectively. This is an improvement over the prior year's amounts of $9.8 million and $16.3 million for the three and nine months ended September 30, 2010. Costs related to foreclosed properties, including write-downs due to declining appraised values, amounted to $3.2 million and $6.6 million for the three and nine months ended September 30, 2011, respectively. Combined, these credit- related costs amounted to $8.2 million and $18.2 million for the quarter and nine months ended September 30, 2011, respectively.

Non-interest income was $7.7 million for the three months ended September 30, 2011, which is a decrease of $2.9 million from the $10.6 million that was reported in the third quarter of 2010.  On a year-to- date basis, non-interest income was $15.5 million and $22.5 million for the nine months ended September 30, 2011 and 2010, respectively. The decrease from the prior year was due to the reduction of service fees on deposits and lower fees and gains on the sale of loans.

Non-interest expenses were unchanged with $17.8 million being incurred in both the three months ended September 30, 2011 and 2010. Costs associated with foreclosed properties increased $1.4 million and professional fees increased $0.4 million in the three months ended September 30, 2011. These increases were offset by decreases in salaries and benefits of $0.7 million, decreases in occupancy expenses of $0.16 million, and decreases in other expenses of $0.8 million.  On a year- to- date basis, total non-interest expenses were $50.8 million for the nine months ended September 30, 2011, which is down from $51.2 million incurred in the nine months ended September 30, 2010. The Company continues to contain its controllable expenses with salaries and benefits, occupancy, and furniture, fixtures and equipment expenses collectively decreasing $2.3 million in the nine months ended September 30, 2011. However, professional fees related to regulatory compliance, loan workouts, and efforts related to increasing capital levels increased to $3.7 million during the nine months ended September 30, 2011. In comparison, these costs were $2.1 million during the nine months ended September 30, 2010.

Net charge-offs were $5.0 million during the quarter ended September 30, 2011 versus $6.6 million in the third quarter of 2010. For the nine months ended September 30, 2011, net charge-offs were $11.6 million, versus $12.8 million in the same period in the prior year.

Comparing balance sheet data as of September 30, 2011 and 2010, total assets decreased 10% to $1.19 billion, from the prior year's $1.33 billion. The decrease is primarily attributable to a $96.2 million decrease in loans, a $25.4 million decrease in loans held for sale, and a $30.7 million reduction in the deferred tax assets.

  • Average earning assets were $897.3 million for the third quarter of 2011, which was a 13% decrease over the third quarter 2010 balance of $1.03 billion. The decrease was due to a reduction in loans and loans held for sale.

  • Total loans outstanding were $736.7 million as of September 30, 2011. This is a 12% decrease from the $832.9 million reported in prior year. This was due to loan maturities and slower loan production.

  • Total loans held for sale decreased $25.4 million, or 17%, to $126.2 million as of September 30, 2011. This was due to accelerated funding by loan purchasers.

  • The allowance for loans losses at the end of the third quarter of 2011 was $14.1 million, a decrease of 7% over the prior year's figure of $15.2 million. The allowance for loan losses as a percentage of total loans was increased to 1.92% as of September 30, 2011, compared to 1.82% as of September 30, 2010.

  • Net deferred tax assets decreased $30.7 million as a result of the establishment of a full valuation allowance against the asset. While this allowance reduces the carrying value of the asset, it does not necessarily preclude the Company from utilizing this asset in the future.

  • Total deposits decreased 7% from $1.11 billion as of September 30, 2010 to $1.03 billion as of September 30, 2011. Money market and NOW accounts decreased $6.6 million, from $137.9 million as of September 30, 2010 to $131.4 million as of September 30, 2011. Certificates of deposit were $740.3 million as of September 30, 2011, representing a decrease of $68.3 million, or 8%, from the $808.6 million as of September 30, 2010. The decrease in interest bearing deposits was due to lower rates being offered on these deposit products in 2011 versus 2010.

  • As of September 30, 2011, 1st Mariner Bank's capital ratios were as follows: Total Risk Based Capital 5.8%; Tier 1 Risk Based Capital 4.6%; and Tier 1 Leverage 3.4%.  

1st Mariner Bancorp is a bank holding Company with total assets of $1.2 billion.  Its wholly owned banking subsidiary, 1st Mariner Bank, operates 22 full service bank branches in Baltimore, Anne Arundel, Harford, Howard, Talbot, and Carroll counties in Maryland, and the City of Baltimore. 1st Mariner Mortgage, a division of 1st Mariner Bank, operates retail offices in Central Maryland and the Eastern Shore of Maryland.  1st Mariner also operates direct marketing mortgage operations in Baltimore.  1st Mariner Bancorp's common stock is quoted on the OTC Bulletin Board under the symbol "FMAR.OB".  1st Mariner's Website address is www.1stMarinerBancorp.com, which includes comprehensive level investor information.

In addition to historical information, this press release contains forward-looking statements that involve risks and uncertainties, such as statements of the Company's plans and expectations regarding the Company's efforts to meet regulatory capital requirements established by the Federal Reserve and the FDIC, revenue growth, anticipated expenses, profitability of mortgage banking operations, and other unknown outcomes.  The Company's actual results could differ materially from management's expectations.  Factors that could contribute to those differences include, but are not limited to, the Company's ability to increase its capital levels and those of 1st Mariner Bank, volatility in the financial markets, changes in regulations applicable to the Company's business,  its concentration in real estate lending, increased competition, changes in technology, particularly Internet banking, impact of interest rates, and the possibility of economic recession or slowdown (which could impact credit quality, adequacy of loan loss reserve and loan growth).Greater detail regarding these  factors is provided in the forward looking statements and  Risk Factors  sections included in the reports filed by the Company with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 2010 and its Quarterly Report on Form 10-Q. Our forward-looking statements may also be subject to other risks and uncertainties, including those we may discuss elsewhere in this news release, or in our SEC filings, which are accessible on our web site and at the SEC's web site, www.sec.gov.

FINANCIAL HIGHLIGHTS (UNAUDITED)





First Mariner Bancorp





(Dollars in thousands, except per share data)







For the three months ended September 30,



2011

2010

$ Change

% Change

Summary of Earnings:






Net interest income

$       7,138

$        7,853

(715)

-9%


Provision for loan losses

5,000

9,750

(4,750)

-49%


Noninterest income

7,720

10,616

(2,896)

-27%


Noninterest expense

17,818

17,779

39

0%


Net loss before income taxes

(7,960)

(9,060)

1,100

-12%


Income tax expense/(benefit)

-

(4,452)

4,452

-100%


Net loss

(7,960)

(4,608)

(3,352)

-73%







Profitability and Productivity:






Net interest margin

3.13%

2.99%

-

5%


Net overhead ratio

3.49%

2.15%

-

62%


Efficiency ratio

119.92%

96.26%

-

25%


Mortgage loan production

206,115

259,835

(53,720)

-21%


Average deposits per branch

46,904

50,296

(3,392)

-7%







Per Share Data:






Basic earnings per share

$        (0.42)

$         (0.26)

(0.16)

-64%


Diluted earnings per share

$        (0.42)

$         (0.26)

(0.16)

-64%


Book value per share

$        (1.14)

$           2.16

(3.30)

-153%


Number of shares outstanding

18,860,482

17,962,449

898,033

5%


Average basic number of shares

18,860,482

17,871,565

988,917

6%


Average diluted number of shares

18,860,482

17,871,565

988,917

6%







Summary of Financial Condition:






At Period End:






Assets

$ 1,197,661

$  1,333,339

(135,678)

-10%


Investment Securities

22,646

24,903

(2,257)

-9%


Loans

736,672

832,902

(96,230)

-12%


Deposits

1,031,878

1,106,504

(74,626)

-7%


Borrowings

169,876

172,283

(2,407)

-1%


Stockholders' equity

(21,572)

38,771

(60,343)

-156%








Average for the period:






Assets

$ 1,148,720

$  1,323,346

(174,625)

-13%


Investment Securities

39,458

21,071

18,387

87%


Loans

742,173

845,485

(103,312)

-12%


Deposits

982,071

1,099,916

(117,845)

-11%


Borrowings

169,641

170,949

(1,308)

-1%


Stockholders' equity

(15,893)

43,275

(59,167)

-137%







Capital Ratios: First Mariner Bank






Leverage

3.4%

5.7%

-

-40%


Tier 1 Capital to risk weighted assets

4.6%

7.6%

-

-39%


Total Capital to risk weighted assets

5.8%

8.9%

-

-35%







Asset Quality Statistics and Ratios:






Net Chargeoffs

5,003

6,592

(1,589)

-24%


Non-performing assets

67,200

70,240

(3,040)

-4%


90 Days or more delinquent loans

3,323

5,129

(1,806)

-35%


Annualized net chargeoffs to average loans

2.67%

3.09%

-

-14%


Non-performing assets to total assets

5.61%

5.27%

-

7%


90 Days or more delinquent loans to total loans

0.45%

0.62%

-

-27%


Allowance for loan losses to total loans

1.92%

1.82%

-

5%



FINANCIAL HIGHLIGHTS (UNAUDITED)





First Mariner Bancorp





(Dollars in thousands, except per share data)







For the nine months ended September 30,



2011

2010

$ Change

% Change

Summary of Earnings:






Net interest income

$     20,593

$      21,704

$        (1,111)

-5%


Provision for loan losses

11,580

16,290

(4,710)

-29%


Noninterest income

15,527

22,539

(7,012)

-31%


Noninterest expense

50,809

51,206

(397)

-1%


Net loss before income taxes

(26,269)

(23,253)

(3,016)

13%


Income tax expense/(benefit)

-

(10,748)

10,748

-100%


Net loss from continuing operations

(26,269)

(12,505)

(13,764)

110%


Net (loss)/income from discontinued operations

-

(200)

200

-100%


Net loss

(26,269)

(12,705)

(13,564)

107%







Profitability and Productivity:






Net interest margin

2.94%

2.82%

-

4%


Net overhead ratio

3.88%

2.81%

-

38%


Efficiency ratio

140.67%

115.74%

-

22%


Mortgage loan production

390,681

455,581

(64,900)

-14%


Average deposits per branch

46,904

48,109

(1,205)

-3%







Per Share Data:






Basic earnings per share - continuing operations

$        (1.41)

$         (0.91)

(0.49)

54%


Diluted earnings per share - continuing operations

$        (1.41)

$         (0.91)

(0.49)

54%


Basic earnings per share - discontinued operations

$               -

$         (0.01)

0.01

-100%


Diluted earnings per share - discontinued operations

$               -

$         (0.01)

0.01

-100%


Basic earnings per share

$        (1.41)

$         (0.93)

(0.48)

52%


Diluted earnings per share

$        (1.41)

$         (0.93)

(0.48)

52%


Book value per share

$        (1.14)

$           2.16

(3.30)

-153%


Number of shares outstanding

18,860,482

17,962,449

898,033

5%


Average basic number of shares

18,638,063

13,674,155

4,963,908

36%


Average diluted number of shares

18,638,063

13,674,155

4,963,908

36%







Summary of Financial Condition:






At Period End:






Assets

$ 1,197,661

$  1,333,339

(135,678)

-10%


Investment Securities

22,646

24,903

(2,257)

-9%


Loans

736,672

832,902

(96,230)

-12%


Deposits

1,031,878

1,106,504

(74,626)

-7%


Borrowings

169,876

172,283

(2,407)

-1%


Stockholders' equity

(21,572)

38,771

(60,343)

-156%








Average for the period:






Assets

$ 1,216,700

$  1,363,436

(146,736)

-11%


Investment Securities

49,262

28,753

20,509

71%


Loans

762,895

863,619

(100,724)

-12%


Deposits

1,040,840

1,135,400

(94,560)

-8%


Borrowings

169,698

178,891

(9,194)

-5%


Stockholders' equity

(6,692)

38,651

(45,342)

-117%







Capital Ratios: First Mariner Bank






Leverage

3.4%

5.7%

-

-40%


Tier 1 Capital to risk weighted assets

4.6%

7.6%

-

-39%


Total Capital to risk weighted assets

5.8%

8.9%

-

-35%







Asset Quality Statistics and Ratios:






Net Chargeoffs

11,583

12,753

(1,170)

-9%


Non-performing assets

67,200

70,240

(3,040)

-4%


90 Days or more delinquent loans

3,323

5,129

(1,806)

-35%


Annualized net chargeoffs to average loans

2.03%

1.97%

-

3%


Non-performing assets to total assets

5.61%

5.27%

-

7%


90 Days or more delinquent loans to total loans

0.45%

0.62%

-

-27%


Allowance for loan losses to total loans

1.92%

1.82%

-

5%



CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)




First Mariner Bancorp





(Dollars in thousands)







As of September 30,



2011

2010

$ Change

% Change

Assets:






Cash and due from banks

$152,224

$138,220

14,004

10%


Interest-bearing deposits

34,440

39,024

(4,584)

-12%


Available-for-sale investment securities, at fair value

22,646

24,903

(2,257)

-9%


Loans held for sale

126,191

151,623

(25,432)

-17%


Loans receivable

736,672

832,902

(96,230)

-12%


Allowance for loan losses

(14,112)

(15,176)

1,064

-7%


Loans, net

722,560

817,726

(95,166)

-12%


Real estate acquired through foreclosure

24,739

21,639

3,100

14%


Restricted stock investments, at cost

6,969

7,370

(401)

-5%


Premises and equipment, net

38,927

42,044

(3,117)

-7%


Accrued interest receivable

3,848

4,245

(397)

-9%


Income taxes recoverable

600

1,256

(656)

-52%


Deferred income taxes - Net of allowance

-

30,684

(30,684)

-100%


Bank owned life insurance

37,172

35,839

1,333

4%


Prepaid expenses and other assets

27,345

18,766

8,579

46%

Total Assets

$ 1,197,661

$1,333,339

(135,678)

-10%







Liabilities and Stockholders' Equity:





Liabilities:






Deposits

$ 1,031,878

$1,106,504

(74,626)

-7%


Borrowings

117,808

120,215

(2,407)

-2%


Junior subordinated deferrable interest debentures

52,068

52,068

-

0%


Accrued expenses and other liabilities

17,479

15,781

1,698

11%

Total Liabilities

1,219,233

1,294,568

(75,335)

-6%







Stockholders' Equity






Common Stock

939

893

46

5%


Additional paid-in-capital

80,101

79,727

374

0%


Retained earnings

(99,478)

(39,557)

(59,921)

151%


Accumulated other comprehensive loss

(3,134)

(2,292)

(842)

37%

Total Stockholders Equity

(21,572)

38,771

(60,343)

-156%

Total Liabilities and Stockholders' Equity

$ 1,197,661

$1,333,339

(135,678)

-10%









CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)




First Mariner Bancorp





(Dollars in thousands)

For the three months

For the nine months



ended September 30,

ended September 30,



2011

2010

2011

2010

Interest Income:






Loans

$     11,222

$     13,270

$    33,867

$      39,531


Investments and interest-bearing deposits

455

509

1,651

1,945

Total Interest Income

11,677

13,779

35,518

41,476







Interest Expense:






Deposits

3,626

4,895

12,217

15,957


Borrowings

913

1,031

2,708

3,815

Total Interest Expense

4,539

5,926

14,925

19,772







Net Interest Income Before Provision for Loan Losses

7,138

7,853

20,593

21,704







Provision for Loan Losses

5,000

9,750

11,580

16,290







Net Interest Income After Provision for Loan Losses

2,138

(1,897)

9,013

5,414







Noninterest Income:






Total other-than-temporary impairment ("OTTI") charges

(299)

(302)

(327)

(609)


   Less: Portion included in other comprehensive income

(382)

(514)

(491)

(640)


Net OTTI charges on securities available for sale

(681)

(816)

(818)

(1,249)


Gains and fees on the sale of loans

4,609

8,804

7,942

13,499


ATM Fees

755

745

2,314

2,279


Service fees on deposits

717

933

2,194

3,109


Gain on financial instruments carried at fair value

-

331

-

1,661


Gain on sale of securities

638

-

781

54


Commissions on sales of nondeposit investment products

75

110

347

381


Income from bank owned life insurance

316

353

984

1,066


Other

1,291

156

1,783

1,739

Total Noninterest Income

7,720

10,616

15,527

22,539







Noninterest Expense:






Salaries and employee benefits

5,876

6,501

18,005

19,409


Occupancy

2,203

2,297

6,408

6,863


Furniture, fixtures and equipment

426

585

1,357

1,800


Professional services

1,260

838

3,742

2,149


Advertising

220

153

470

420


Data processing

393

460

1,237

1,343


ATM servicing expenses

217

227

655

655


Costs of other real estate owned

3,218

1,849

6,635

6,393


FDIC insurance premiums

878

1,029

3,390

2,927


Service and maintenance

595

559

1,872

1,756


Other

2,532

3,281

7,038

7,491

Total Noninterest Expense

17,818

17,779

50,809

51,206







Net loss before discontinued operations and income taxes

(7,960)

(9,060)

(26,269)

(23,253)

Income tax expense/(benefit) - continuing operations

-

(4,452)

-

(10,748)

Net loss from continuing operations

(7,960)

(4,608)

(26,269)

(12,505)

(Loss)/Income from discontinued operations

-

-

-

(200)







Net Loss

$      (7,960)

$      (4,608)

$   (26,269)

$     (12,705)









CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED)



First Mariner Bancorp





(Dollars in thousands)







For the three months ended September 30,



2011

2010



Average

Yield/

Average

Yield/



Balance

Rate

Balance

Rate

Assets:






Loans






Commercial Loans and LOC

$     60,831

5.23%

$       76,811

4.71%


Commercial Mortgages

335,168

5.99%

363,660

6.16%


Commercial Construction

55,560

5.79%

65,634

5.31%


Consumer Residential Construction

22,310

4.89%

39,041

4.49%


Residential Mortgages

127,694

5.31%

148,022

5.75%


Consumer

140,610

4.51%

152,318

4.68%


Total Loans

742,173

5.48%

845,485

5.54%








Loans held for sale

73,263

4.88%

123,164

4.47%


Trading and available for sale securities, at fair value

39,458

3.78%

21,071

7.23%


Interest bearing deposits

35,378

0.93%

35,885

1.30%


Restricted stock investments, at cost

6,997

0.00%

7,557

0.46%








Total earning assets

897,269

5.14%

1,033,161

5.27%








Allowance for loan losses

(15,246)


(12,447)



Cash and other non earning assets

266,697


302,632








Total Assets

$ 1,148,720


$  1,323,346








Liabilities and Stockholders' Equity:






Interest bearing deposits






NOW deposits

6,506

0.08%

7,468

0.68%


Savings deposits

56,690

0.20%

56,442

0.29%


Money market deposits

126,202

0.57%

138,216

0.61%


Time deposits

689,805

1.96%

792,500

2.32%


Total interest bearing deposits

879,202

1.64%

994,626

1.95%








Borrowings

169,641

2.13%

170,949

2.39%








Total interest bearing liabilities

1,048,843

1.72%

1,165,575

2.02%








Noninterest bearing demand deposits

102,868


105,290



Other liabilities

12,901


9,206



Stockholders' Equity

(15,893)


43,275








Total Liabilities and Stockholders' Equity

$ 1,148,720


$  1,323,346








Net Interest Spread


3.42%


3.25%







Net Interest Margin


3.13%


2.99%



CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED)



First Mariner Bancorp





(Dollars in thousands)







For the nine months ended September 30,



2011

2010



Average

Yield/

Average

Yield/



Balance

Rate

Balance

Rate

Assets:






Loans






Commercial Loans and LOC

$     65,160

5.32%

$       78,049

5.03%


Commercial Mortgages

339,574

6.08%

346,499

6.17%


Commercial Construction

56,160

5.56%

82,951

5.15%


Consumer Residential Construction

24,198

4.86%

43,476

5.42%


Residential Mortgages

133,615

5.22%

159,637

5.63%


Consumer

144,188

4.52%

153,007

4.66%


Total Loans

762,895

5.49%

863,619

5.56%








Loans held for sale

65,250

4.54%

92,089

4.72%


Trading and available for sale securities, at fair value

49,262

3.50%

28,753

7.23%


Interest bearing deposits

37,134

1.29%

21,124

2.36%


Restricted stock investments, at cost

7,046

0.00%

7,807

0.24%








Total earning assets

921,588

5.11%

1,013,392

5.43%








Allowance for loan losses

(14,532)


(12,411)



Cash and other non earning assets

309,644


362,455








Total Assets

$ 1,216,700


$  1,363,436








Liabilities and Stockholders' Equity:






Interest bearing deposits






NOW deposits

6,353

0.07%

7,461

0.72%


Savings deposits

57,972

0.20%

56,098

0.29%


Money market deposits

128,747

0.57%

142,821

0.63%


Time deposits

743,496

2.08%

821,725

2.46%


Total interest bearing deposits

936,568

1.74%

1,028,106

2.08%








Borrowings

169,698

2.13%

178,891

2.85%








Total interest bearing liabilities

1,106,265

1.80%

1,206,997

2.19%








Noninterest bearing demand deposits

104,272


107,294



Other liabilities

12,853


10,494



Stockholders' Equity

(6,692)


38,651








Total Liabilities and Stockholders' Equity

$ 1,216,700


$  1,363,436








Net Interest Spread


3.30%


3.24%







Net Interest Margin


2.94%


2.82%



SOURCE 1st Mariner Bancorp



RELATED LINKS
http://www.1stMarinerBank.com

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