1st Mariner Bancorp Reports Third Quarter 2012 Results

BALTIMORE, Oct. 31, 2012 /PRNewswire/ -- 1st Mariner Bancorp (OTCBB: FMAR), parent company of 1st Mariner Bank, reported net income of $7.9 million for the third quarter of 2012, compared to a net loss of $7.9 million for the third quarter of 2011. For the nine months ended September 30, 2012, net income was $15.4 million compared to a loss of $26.3 million for the nine months ended September 30, 2011.

Mark A. Keidel, 1st Mariner's Chief Executive Officer, said, "Our positive momentum in earnings continued as we experienced improvements in operating results across all segments of operating performance measures.  A record number of mortgage originations during the quarter and for the first nine months of 2012 drove a 110% increase in non-interest income in the third quarter of 2012. While mortgage led the way in operating performance improvement for the third quarter, we also experienced higher net interest income, lower charge offs and credit related expenses, and reduced operating expenses."

Mr. Keidel added, "Along with the improved financial performance, 1st Mariner successfully consolidated administrative units in its Canton headquarters in the third quarter which will reduce future occupancy costs and recently completed a successful conversion of its data processing platform that will enhance customer capabilities and improve back office efficiencies. These initiatives required extraordinary commitment and skill from our employees, and lay the groundwork for improved customer service and lower operating costs."

Mr. Keidel continued, "Our improved profitability has increased our regulatory capital ratios, but these ratios remain below the levels required by regulatory orders and we continue to work diligently to increase capital to levels required in our regulatory agreements."

Net interest income for the third quarter of 2012 was $8.1million compared to $7.1million in the third quarter of 2011. While the net interest margin decreased to 3.01% in the third quarter of 2012, compared to 3.13% in the third quarter of 2011, higher balances of mortgage loans held for sale resulted in higher net interest income. The decrease in net margin was due to a higher mix of residential mortgages held for sale. For the three months ended September 30, 2012, the average rate earned on residential mortgage warehouse loans was 3.54% and for the three months ended September 30, 2011, the rate was 4.88%. Other loan categories also saw their yields decrease too as the overall interest rate environment has remained low. The average interest rate earned on all loans was 5.24% for the three months ended September 30, 2012 compared to 5.48% for the three months ended September 30, 2011. The decrease in the yield on loans was partially offset by decreases in rates paid on deposits. Interest expense on deposits was $2.9 million for the three months ended September 30, 2012 compared to $3.6 million for the three months ended September 30, 2011. The average rate paid on deposits decreased to 1.17% for the three months ended September 30, 2012, down from 1.64% for the three months ended September 30, 2011. The largest decrease in the rates paid on deposits was in the certificate of deposit category. The average rate paid on certificates of deposit was 1.36% for the three months ended September 30, 2012, down from 1.96% for the three months ended September 30, 2011.

Gross interest income was $11.9 million for the three months ended September 30, 2012 versus $11.7 million in the same period of 2011. Although the average yield on earning assets decreased to 4.47% for the three months ended September 30, 2012 from 5.14% for the three months ended September 30, 2011, the growth in the volume of residential mortgage loans held for sale contributed to the overall increase in interest income for the three months ended September 30, 2012. Average residential mortgage loans held for sale were $320.9 million for the three months ended September 30, 2012 versus $73.3 million for the three months ended September 30, 2011. Total average earning assets were $1.1 billion and $897.3 million for the three months ended September 30, 2012 and 2011, respectively.

For the nine months ended September 30, 2012, net interest income was $22.9 million compared to $20.6 million for the nine months ended September 30, 2011. The net interest margin was 3.08% for the nine months ended September 30, 2012 versus 2.94% for the same period in 2011. The increase was due to the higher volume of residential mortgage loans held for sale and lower interest rates paid on deposits. The average interest rate paid on deposits was 1.27% for the nine months ended September 30, 2012 versus 1.74% for the nine months ended September 30, 2011. Interest expense on deposits was $8.9 million for the nine months ended September 30, 2012 compared to $12.2 million for the nine months ended September 30, 2011.

Gross interest income was $34.7 million for the nine months ended September 30, 2012 versus $35.5 million in the same period of 2011. Lower levels of portfolio loans were the primary cause of the decrease. Average portfolio loans were $671.7 million for the nine months ended September 30, 2012 versus $762.9 million for the nine months ended September 30, 2011. Average residential mortgage loans held for sale were $234.2 million for the nine months ended September 30, 2012 compared to $65.3 million for the nine months ended September 30, 2011. Total average earning assets were $981.8 million and $921.6 million for the nine months ended September 30, 2012 and 2011, respectively.  

The provision for loan losses was zero for the three months ended September 30, 2012 versus $5.0 million for the three months ended September 30, 2011. Net charge-offs decreased to $1.4 million for the three months ended September 30, 2012 from $5.0 million for the three months ended September 30, 2011. Costs related to foreclosed properties, including write-downs due to declining appraised values, amounted to $1.3 million for the three months ended September 30, 2012 compared to $3.2 million for the three months ended September 30, 2011. Combined credit- related costs (provision for loan losses and costs of foreclosed properties) amounted to $1.3 million for the three months ended September 30, 2012 versus $8.2 million for the three months ended September 30, 2011. Improving portfolio credit quality and a stabilizing real estate market in our operating region contributed to the improvement in credit costs. 

The provision for loan losses was $572 thousand for the nine months ended September 30, 2012 compared to $11.6 million for the nine months ended September 30, 2011. Net charge offs for the nine months ended September 30, 2012 were $2.3 million, a significant decrease from the $11.6 million incurred during the nine months ended September 30, 2011. Costs related to foreclosed properties, including write-downs due to declining appraised values, amounted to $3.5 million for the nine months ended September 30, 2012 versus $6.6 million recorded for the nine months ended September 30, 2011. Combined credit- related costs amounted to $4.1 million for the nine months ended September 30, 2012 compared to $18.2 million for the nine months ended September 30, 2011. Improving portfolio credit quality and a stabilizing real estate market in our operating region contributed to the improvement in credit costs. As of September 30, 2012, the non-performing assets were $56.6 million, a 16% improvement over the $67.2 million of non-performing assets as of September 30, 2011.

Non-interest income was $16.3 million for the three months ended September 30, 2012, which is an increase of $8.6 million from the $7.7 million that was reported in the third quarter of 2011. The increase was due to high mortgage banking revenue resulting from the large volume of residential mortgage originations.  Gross revenue from the mortgage banking activities increased more than threefold, with $15.4 million recorded in the quarter ended September 30, 2012 versus $4.6 million in the quarter ended September 30, 2011. For the three months ended September 30, 2012, gross mortgage loan production volume was $742.2 million compared to $297.8 million for the three months ended September 30, 2011.

For the nine months ended September 30, 2012, non-interest income was $39.5 million, which is a $23.9 million improvement over the $15.5 million recorded in the nine months ended September 30, 2011. Increased gross mortgage banking revenue was the primary reason for the increase. For the nine months ended September 30, 2012, the gross revenue from mortgage banking activities was $35.5 million, a significant increase over the $7.9 million that was recorded in the nine months ended September 30, 2011. Mortgage loan production volume was $1.8 billion for the nine months ended September 30, 2012 versus $688.4 million for the nine months ended September 30, 2011. Additionally, the company experienced increased spreads on loans sold.

Non-interest expenses were $16.4 million for the three months ended September 30, 2012 compared to $17.8 million for the three months ended September 30, 2011. There were reductions in occupancy expense due to office consolidation and the sublet of remaining office space. Occupancy expenses were $1.8 million for the three months ended September 30, 2012 compared to $2.2 million for the three months ended September 30, 2011. Professional fees related to regulatory compliance, loan workouts, and efforts related to increasing capital levels were $973 thousand for the three months ended September 30, 2012 versus $1.3 million for the three months ended September 30, 2011. Costs related to foreclosed properties, including write-downs due to declining appraised values, amounted to $1.3 million for the three months ended September 30, 2012 compared to $3.2 million for the three months ended September 30, 2011. Amounts paid for FDIC insurance premiums remain high with $1.0 million incurred in the three months ended September 30, 2012 and $878 thousand incurred in the three months ended September 30, 2011. Corporate insurance increased during the quarter as the renewal premiums became effective in August. For the three months ended September 30, 2012 corporate insurance expense was $695 thousand compared to $388 thousand for the three months ended September 30, 2012.

For the nine months ended September 30, 2012, non-interest expenses were $46.7 million, which is an 8.1% decrease over the $50.8 million recorded in the nine months ended September 30, 2011. Costs related to foreclosed properties, including write-downs due to declining appraised values, amounted to $3.5 million for the nine months ended September 30, 2012 versus $6.6 million recorded for the nine months ended September 30, 2011. FDIC insurance premiums remain high with $3.1 million incurred in the nine months ended September 30, 2012 and $3.4 million incurred in the nine months ended September 30, 2011. Corporate insurance increased during the quarter as the renewal premiums became effective in August. Corporate insurance expense was $1.6 million for the nine months ended September 30, 2012 compared to $1.1 million for the nine months ended September 30, 2011.

Comparing balance sheet data as of September 30, 2012 and 2011, total assets increased 8% to $1.29 billion, from the prior year's $1.20 billion. The increase is due to a $245.4 million increase in loans held for sale that resulted from the high level of mortgage banking activity.

  • Average earning assets were $1.06 billion for the third quarter of 2012, which was a $158.8 million increase over the third quarter 2011 balance of $897.3 million. The increase was due to higher average loans held for sale that resulted from the higher mortgage banking activity.

  • Total loans outstanding were $643.5 million as of September 30, 2012, down 13% from the $736.7 million reported in prior year. This was due to loan maturities, loan sales, and reduced portfolio loan production.

  • Total loans held for sale were $371.6 million as of September 30, 2012, up 194% over the $126.2 million held for sale as of September 30, 2011. The increase was due to the high mortgage division production achieved in the three and nine months ended September 30, 2102. For the nine months ended September 30, 2012, gross mortgage loan production volume was $1.8 billion.

  • The allowance for loan losses as of September 30, 2012 was $12.1 million, a decrease of 14% over the prior year's $14.1 million. The allowance for loan losses as a percentage of total loans was 1.88% as of September 30, 2012, compared to 1.92% as of September 30, 2011.

  • Total deposits increased 7% from $1.03 billion as of September 30, 2011 to $1.11 billion as of September 30, 2012. Money market and NOW accounts increased $20.0 million, from $131.4 million as of September 30, 2011 to $151.4 million as of September 30, 2012. Savings accounts decreased $1.1 million from $57.0 million as of September 30, 2011 to $55.9 million as of September 30, 2012. Certificates of deposit were $798.6 million as of September 30, 2012, representing an increase of $58.3 million, or 7%, from the $740.3 million as of September 30, 2011.

  • As of September 30, 2012, 1st Mariner Bank's capital ratios were as follows: Total Risk Based Capital 7.1%; Tier 1 Risk Based Capital 5.8%; and Leverage 4.1%. 

1st Mariner Bancorp is a bank holding company with total assets of $1.29 billion.  Its wholly owned banking subsidiary, 1st Mariner Bank, operates 21 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, the Eastern Shore of Maryland, and portions of Northern Virginia. 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".  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, 2011 and the Company's Quarterly Report on Form 10-Q for the six months ended June 30, 2012. 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,



2012

2011

$ Change

% Change

Summary of Earnings:






Net interest income

$       8,059

$       7,138

921

13%


Provision for loan losses

-

5,000

(5,000)

-100%


Noninterest income

16,280

7,720

8,560

111%


Noninterest expense

16,413

17,818

(1,405)

-8%


Net income/(loss) before income taxes

7,926

(7,960)

15,886

200%


Income tax expense/(benefit)

-

-

-

-100%


Net income/(loss)

7,926

(7,960)

15,886

200%







Profitability and Productivity:






Net interest margin

3.01%

3.13%

-

-4%


Net overhead ratio

0.04%

3.44%

-

-99%


Efficiency ratio

67.43%

119.92%

-

44%


Mortgage loan production

742,191

297,762

444,429

149%


Average deposits per branch

52,769

46,904

5,866

13%







Per Share Data:






Basic earnings per share 

$         0.42

$       (0.42)

0.84

200%


Diluted earnings per share

$         0.42

$       (0.42)

0.84

200%


Book value per share

$        (0.46)

$       (1.14)

0.68

59%


Number of shares outstanding

18,860,482

18,860,482

-

0%


Average basic number of shares

18,860,482

18,860,482

-

0%


Average diluted number of shares

18,860,482

18,860,482

-

0%







Summary of Financial Condition:






At Period End:






Assets

$ 1,294,034

$1,197,661

96,373

8%


Investment Securities

45,334

22,646

22,688

100%


Loans

643,467

736,672

(93,205)

-13%


Deposits

1,108,151

1,031,878

76,273

7%


Borrowings

172,896

169,876

3,020

2%


Stockholders' equity

(8,769)

(21,572)

12,803

59%








Average for the period:






Assets

$ 1,260,000

$1,148,720

111,280

10%


Investment Securities

42,913

39,458

3,455

9%


Loans

656,467

742,173

(85,706)

-12%


Deposits

1,083,428

982,071

101,357

10%


Borrowings

173,145

169,641

3,504

2%


Stockholders' equity

(12,198)

(15,893)

3,695

-23%







Capital Ratios at period end: First Mariner Bank






Leverage

4.1%

3.4%

-

21%


Tier 1 Capital to risk weighted assets

5.8%

4.5%

-

29%


Total Capital to risk weighted assets

7.1%

5.8%

-

22%







Asset Quality Statistics and Ratios:






Net (recoveries) / charge offs

1,426

5,003

(3,577)

-71%


Non-performing assets

56,637

67,201

(10,564)

-16%


Loans past due 90 days or more and accruing

-

3,323

(3,323)

-100%


Annualized net chargeoffs to average loans

0.86%

2.67%

-

-68%


Non-performing assets to total assets

4.38%

5.61%

-

-22%


90 Days or more delinquent loans to total loans

0.00%

0.45%

-

-100%


Allowance for loan losses to total loans

1.88%

1.92%

-

-2%







 

FINANCIAL HIGHLIGHTS (UNAUDITED)





First Mariner Bancorp





(Dollars in thousands, except per share data)







For the nine months ended September 30,



2012

2011

$ Change

% Change

Summary of Earnings:






Net interest income

$     22,971

$      20,593

$         2,378

12%


Provision for loan losses

572

11,580

(11,008)

-95%


Noninterest income

39,494

15,527

23,967

154%


Noninterest expense

46,680

50,809

(4,129)

-8%


Net income/(loss) before income taxes

15,213

(26,269)

41,482

-158%


Income tax expense/(benefit)

(205)

-

(205)

100%


Net income/(loss)

15,418

(26,269)

41,687

-159%







Profitability and Productivity:






Net interest margin

3.08%

2.94%

-

5%


Net overhead ratio

0.80%

3.88%

-

-79%


Efficiency ratio

74.73%

140.67%

-

-47%


Mortgage loan production

1,774,395

688,446

1,085,949

158%


Average deposits per branch

52,769

46,904

5,866

13%







Per Share Data:






Basic earnings per share

$         0.82

$         (1.41)

2.23

-158%


Diluted earnings per share

$         0.82

$         (1.41)

2.23

-158%


Book value per share

$        (0.46)

$         (1.14)

0.68

-59%


Number of shares outstanding

18,860,482

18,860,482

-

0%


Average basic number of shares

18,860,482

18,637,600

222,882

1%


Average diluted number of shares

18,860,482

18,637,600

222,882

1%







Summary of Financial Condition:






At Period End:






Assets

$ 1,294,034

$  1,197,661

96,373

8%


Investment Securities

45,334

22,646

22,688

100%


Loans

643,467

736,672

(93,205)

-13%


Deposits

1,108,151

1,031,878

76,273

7%


Borrowings

172,896

169,876

3,020

2%


Stockholders' equity

(8,769)

(21,572)

12,803

-59%








Average for the period:






Assets

$ 1,200,147

$  1,216,700

(16,553)

-1%


Investment Securities

32,221

49,262

(17,041)

-35%


Loans

671,689

762,895

(91,206)

-12%


Deposits

1,031,066

1,040,840

(9,774)

-1%


Borrowings

173,150

169,698

3,452

2%


Stockholders' equity

(18,752)

(6,692)

(12,060)

180%







Capital Ratios at period end: First Mariner Bank






Leverage

4.1%

3.4%

-

21%


Tier 1 Capital to risk weighted assets

5.8%

4.5%

-

29%


Total Capital to risk weighted assets

7.1%

5.8%

-

22%







Asset Quality Statistics and Ratios:






Net Chargeoffs

2,277

11,583

(9,306)

-80%


Non-performing assets

56,637

67,201

(10,564)

-16%


Loans past due 90 days or more and accruing

-

3,323

(3,323)

-100%


Annualized net chargeoffs to average loans

0.45%

2.03%

-

-78%


Non-performing assets to total assets

4.38%

5.61%

-

-22%


90 Days or more delinquent loans to total loans

0.00%

0.45%

-

-100%


Allowance for loan losses to total loans

1.88%

1.92%

-

-2%







 

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)




First Mariner Bancorp





(Dollars in thousands)







As of September 30,





2012

2011

 $ Change 

% Change

Assets:






Cash and due from banks

$78,897

$152,224

(73,327)

-48%


Interest-bearing deposits 

32,311

34,440

(2,129)

-6%


Available-for-sale investment securities, at fair value

45,334

22,646

22,688

100%


Loans held for sale

371,554

126,191

245,363

194%


Loans receivable

643,467

736,672

(93,205)

-13%


Allowance for loan losses

(12,096)

(14,112)

2,016

-14%


Loans, net

631,371

722,560

(91,189)

-13%


Real estate acquired through foreclosure

19,978

24,739

(4,761)

-19%


Restricted stock investments, at cost

6,829

6,969

(140)

-2%


Premises and equipment, net

37,534

38,927

(1,393)

-4%


Accrued interest receivable

4,015

3,848

167

4%


Bank owned life insurance

38,332

37,172

1,160

3%


Prepaid expenses and other assets

27,879

27,945

(66)

0%

Total Assets

$ 1,294,034

$1,197,661

96,373

8%







Liabilities and Stockholders' Equity:





Liabilities:






Deposits

$ 1,108,151

$1,031,878

76,273

7%


Borrowings

120,828

117,808

3,020

3%


Junior subordinated deferrable interest debentures

52,068

52,068

-

0%


Accrued expenses and other liabilities

21,756

17,479

4,277

24%

Total Liabilities

1,302,803

1,219,233

83,570

7%







Stockholders' Equity






Common Stock

939

939

-

0%


Additional paid-in-capital

80,006

80,102

(96)

0%


Retained earnings

(88,036)

(99,479)

11,443

12%


Accumulated other comprehensive loss

(1,678)

(3,134)

1,456

46%

Total Stockholders Equity

(8,769)

(21,572)

12,803

59%

Total Liabilities and Stockholders' Equity

$ 1,294,034

$1,197,661

96,373

8%







 

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,



2012

2011

2012

2011

Interest Income:






Loans

$     11,567

$     11,222

$    33,644

$      33,867


Investments and interest-bearing deposits

352

455

1,063

1,651

Total Interest Income

11,919

11,677

34,707

35,518







Interest Expense:






Deposits

2,898

3,626

8,857

12,217


Borrowings

962

913

2,879

2,708

Total Interest Expense

3,860

4,539

11,736

14,925







Net Interest Income Before Provision for Loan Losses

8,059

7,138

22,971

20,593







Provision for Loan Losses

-

5,000

572

11,580







Net Interest Income After Provision for Loan Losses

8,059

2,138

22,399

9,013







Noninterest Income:






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

-

(299)

81

(327)


    Less: Portion included in other comprehensive income

-

(382)

(541)

(491)


Net OTTI charges on securities available for sale

-

(681)

(460)

(818)


Mortgage banking revenue

15,384

4,609

35,450

7,942


ATM Fees

649

755

2,067

2,314


Service fees on deposits

623

717

1,927

2,194


Gain on sale of securities available for sale

-

781

-

781


Gain / (loss) on sale of assets

(949)

4

(1,271)

4


Commissions on sales of nondeposit investment products

62

75

211

347


Income from bank owned life insurance

273

316

853

984


Other

238

1,144

717

1,779

Total Noninterest Income

16,280

7,720

39,494

15,527







Noninterest Expense:






Salaries and employee benefits

6,107

5,874

17,438

18,003


Occupancy

1,835

2,202

6,343

6,407


Furniture, fixtures and equipment

332

426

1,018

1,357


Professional services

973

1,260

2,085

3,742


Advertising and marketing

189

220

609

470


Data processing

403

393

1,237

1,237


ATM servicing expenses

225

217

678

655


Costs of other real estate owned

1,325

3,218

3,539

6,635


FDIC insurance premiums 

1,009

878

3,131

3,390


Service and maintenance

644

595

1,799

1,872


Corporate insurance

695

388

1,571

1,069


Other

2,676

2,147

7,232

5,972

Total Noninterest Expense

16,413

17,818

46,680

50,809







Net income/(loss) before income taxes

7,926

(7,960)

15,213

(26,269)

Income tax expense/(benefit)

-

-

(205)

-







Net income/(loss)

$       7,926

$      (7,960)

$    15,418

$     (26,269)







 

CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED)



First Mariner Bancorp





(Dollars in thousands)







For the three months ended September 30,



2012

2011



Average

Yield/

Average

Yield/



Balance

Rate

Balance

Rate

Assets:






Loans






Commercial Loans and LOC

$     50,483

5.22%

$       60,831

5.23%


Commercial Mortgages

298,291

5.72%

335,168

5.99%


Commercial Construction

51,819

5.43%

55,560

5.79%


Consumer Residential Construction

18,134

4.73%

22,310

4.89%


Residential Mortgages

114,369

5.04%

127,694

5.31%


Consumer

123,371

4.27%

140,610

4.51%


Total Loans

656,467

5.24%

742,173

5.48%








Loans held for sale

320,860

3.54%

73,263

4.88%


Trading and available for sale securities, at fair value

42,913

2.75%

39,458

3.78%


Interest bearing deposits

28,996

0.79%

35,378

0.93%


Restricted stock investments, at cost

6,857

0.00%

6,997

0.00%








Total earning assets

1,056,093

4.47%

897,269

5.14%








Allowance for loan losses

(13,292)


(15,246)



Cash and other non earning assets

217,199


266,697








Total Assets

$ 1,260,000


$  1,148,720








Liabilities and Stockholders' Equity:






Interest bearing deposits






NOW deposits

6,182

0.89%

6,506

0.03%


Savings deposits

58,949

0.19%

56,690

0.20%


Money market deposits

143,358

0.55%

126,202

0.57%


Time deposits

774,722

1.36%

689,805

1.96%


Total interest bearing deposits

983,211

1.17%

879,202

1.64%








Borrowings

173,145

2.21%

169,641

2.13%








Total interest bearing liabilities

1,156,356

1.33%

1,048,843

1.72%








Noninterest bearing demand deposits

100,217


102,868



Other liabilities

15,625


12,901



Stockholders' Equity

(12,198)


(15,893)








Total Liabilities and Stockholders' Equity

$ 1,260,000


$  1,148,720








Net Interest Spread


3.14%


3.42%







Net Interest Margin


3.01%


3.13%







 

CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED)



First Mariner Bancorp





(Dollars in thousands)







For the nine months ended September 30,



2012

2011



Average

Yield/

Average

Yield/



Balance

Rate

Balance

Rate

Assets:






Loans






Commercial Loans and LOC

$     52,000

5.13%

$       65,160

5.32%


Commercial Mortgages

306,833

5.80%

339,574

6.08%


Commercial Construction

53,181

5.55%

56,160

5.56%


Consumer Residential Construction

16,909

4.35%

24,198

4.86%


Residential Mortgages

116,784

5.41%

133,615

5.22%


Consumer

125,982

4.33%

144,188

4.52%


Total Loans

671,689

5.35%

762,895

5.49%








Loans held for sale

234,187

3.67%

65,250

4.54%


Trading and available for sale securities, at fair value

32,221

3.64%

49,262

3.50%


Interest bearing deposits

36,756

0.67%

37,134

1.29%


Restricted stock investments, at cost

6,969

0.00%

7,046

0.00%








Total earning assets

981,822

4.68%

921,588

5.11%








Allowance for loan losses

(13,643)


(14,532)



Cash and other non earning assets

231,968


309,644








Total Assets

$ 1,200,147


$  1,216,700








Liabilities and Stockholders' Equity:






Interest bearing deposits






NOW deposits

5,921

0.95%

6,353

0.07%


Savings deposits

58,273

0.19%

57,972

0.20%


Money market deposits

134,924

0.54%

128,747

0.57%


Time deposits

730,773

1.50%

743,496

2.08%


Total interest bearing deposits

929,891

1.27%

936,568

1.74%








Borrowings

173,150

2.22%

169,698

2.13%








Total interest bearing liabilities

1,103,041

1.42%

1,106,265

1.80%








Noninterest bearing demand deposits

101,175


104,272



Other liabilities

14,684


12,853



Stockholders' Equity

(18,752)


(6,692)








Total Liabilities and Stockholders' Equity

$ 1,200,148


$  1,216,700








Net Interest Spread


3.26%


3.30%







Net Interest Margin


3.08%


2.94%







 

SOURCE 1st Mariner Bancorp



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

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