1st Mariner Bancorp Reports Third Quarter 2013 Results

BALTIMORE, Nov. 8, 2013 /PRNewswire/ -- 1st Mariner Bancorp (OTCBB: FMAR), parent company of 1st Mariner Bank, reported a net loss of $7.4 million for the third quarter of 2013 compared to net income of $7.9 million for the third quarter of 2012. For the nine months ended September 30, 2013, the net loss was $11.2 million compared to net income of $15.4 million for the nine months ended September 30, 2012.

Mark A. Keidel, 1st Mariner's Chief Executive Officer, said, "Our results for the third quarter were materially impacted by the rapid and steep increase in long term treasury rates. Like most in the residential mortgage industry, we experienced declines in production and a significant compression of the margins on sold loans."

Mr. Keidel added, "We have executed on cost cutting initiatives and will make necessary adjustments to remain competitive and improve profitability in the changing mortgage landscape."

Mr. Keidel continued, "Credit quality metrics showed continued improvement from the previous year's levels, however our regulatory capital ratios remain below the levels required by regulatory orders. We continue to explore all opportunities to increase capital to levels required in our regulatory agreements."

Net interest income for the third quarter of 2013 was $6.7 million compared to $8.1 million in the third quarter of 2012. The net interest margin decreased to 2.97% in the third quarter of 2013 compared to 3.01% in the third quarter of 2012. This was due to lower balances of loans and loans held for sale. Average loan balances were $571.6 million and $656.5 million for the quarters ended September 30, 2013 and 2012, respectively. Average loans held for sale were $178.1 million and $320.9 million for the quarters ended September 30, 2013 and 2012, respectively. Interest expense on deposits was $2.4 million for the three months ended September 30, 2013 compared to $2.9 million for the three months ended September 30, 2012. The decrease was due to the low interest rate environment coupled with a decrease in deposits. The average rate paid on deposits decreased to 0.98% for the three months ended September 30, 2013, down from 1.17% for the three months ended September 30, 2012. The average interest rate on borrowings increased to 3.08% for the quarter ended September 30, 2013, up from 2.21% for the quarter ended September 30, 2012. The maturity and repayment of lower rate borrowings in 2013 caused the increase in the average rate of interest on borrowings.

For the nine months ended September 30, 2013, net interest income was $20.2 million compared to $22.9 million for the nine months ended September 30, 2012. The net interest margin was 2.84% for the nine months ended September 30, 2013 versus 3.08% for the same period in 2012. The decrease is due to a decline in loan balances and continued downward pressure on interest rates. Total average loans were $589.3 million and $671.7 million for the nine months ended September 30, 2013 and 2012, respectively. The average yield on those loans was 5.25% and 5.35% for the nine months ended September 30, 2013 and 2012, respectively. As for deposits, the average interest rate paid was 1.05% and 1.27% for the nine months ended September 30, 2013 and 2012, respectively. The average rate paid on borrowings was 3.06% and 2.22% for the nine months ended September 30, 2013 and 2012, respectively. The increase in the rate was due to lower rate advances maturing and being repaid in 2013, leaving a balance of higher coupon borrowings.

The provision for loan losses was zero for the three months ended September 30, 2013 and 2012. Net charge-offs were $676 thousand for the three months ended September 30, 2013 million and $1.4 million for the three months ended September 30, 2012. Costs related to foreclosed properties, including write-downs due to declining appraised values, amounted to $560 thousand for the three months ended September 30, 2013 compared to $1.3 million for the three months ended September 30, 2012. Continued improvements in portfolio credit quality and a stabilizing real estate market in our operating region contributed to the lower levels of credit costs. 

For the nine months ended September 30, 2013, the provision for loan losses was $1.3 million compared to $572 thousand for the nine months ended September 30, 2012. Net charge offs for the nine months ended September 30, 2013 were $3.5 million, a 55% increase from the $2.3 million incurred during the nine months ended September 30, 2012. Costs related to foreclosed properties, including write-downs due to declining appraised values, amounted to $4.3 million for the nine months ended September 30, 2013 versus $3.5 million recorded for the nine months ended September 30, 2012. Combined credit- related costs amounted to $5.6 million for the nine months ended September 30, 2013 compared to $4.1 million for the nine months ended September 30, 2012. The increase was due to the strategy to aggressively reduce non-performing assets that was executed in the first half of 2013. As a result, non-performing assets were $39.7 million as of September 30, 2013, a 30% improvement over the $56.6 million of non-performing assets as of September 30, 2012.

Non-interest income was $2.4 million for the three months ended September 30, 2013, which is a significant decrease over the $16.3 million that was reported in the third quarter of 2012. The decrease was due to low mortgage banking revenue as a result of the rapid increase in mortgage interest rates. This caused a significant decline of refinancing activity as well as narrowing margins on loans sold. Gross mortgage banking revenue was $548 thousand for the three months ended September 30, 2013 compared to $15.4 million for the three months ended September 30, 2012. For the three months ended September 30, 2013, gross mortgage loan production volume was $375.7 million compared to $742.2 million for the three months ended September 30, 2012.

For the nine months ended September 30, 2013, non-interest income was $24.3 million, which is a 38% decrease over the $39.5 million recorded in the nine months ended September 30, 2012. The decrease was due to lower mortgage banking revenue as a result of the increase in mortgage rates in 2013. Additionally, the margins on loans sold narrowed in 2013. For the nine months ended September 30, 2013, the gross revenue from mortgage banking activities was $15.7 million, a significant decrease from the $35.5 million that was recorded in the nine months ended September 30, 2012.                                                                  

Non-interest expenses were $16.7 million for the three months ended September 30, 2013 compared to $16.4 million for the three months ended September 30, 2012. Professional fees related to regulatory compliance, loan workouts, and efforts related to increasing capital levels decreased to $656 thousand for the three months ended September 30, 2013 versus $973 thousand for the three months ended September 30, 2012. Costs related to foreclosed properties, including write-downs due to declining appraised values, decreased to $560 thousand for the three months ended September 30, 2013 compared to $1.3 million for the three months ended September 30, 2012. Amounts paid for FDIC insurance premiums remain high with $1.0 million incurred in both three month periods ended September 30, 2013 and 2012. Data processing costs were $1.1 million for the three months ended September 30, 2013, compared to $403 thousand for the three months ended September 30, 2012. The increase was due to the expiration of the existing contract with the Company's service provider in 2012 and the conversion to a new core processing system in the fourth quarter of 2012.

For the nine months ended September 30, 2013, non-interest expenses were $54.6 million, which is a 16.9% increase over the $46.7 million recorded in the nine months ended September 30, 2012. The increase was due to increases in salaries & benefits, professional fees, advertising & marketing, and costs related to foreclosed properties. Salaries and benefits totaled $19.8 million for the nine months ended September 30, 2013 versus $17.4 million for the nine months ended September 30, 2012. This increase was primarily due to higher staffing and compensation costs in mortgage banking. Costs related to foreclosed properties, including write-downs due to declining appraised values, amounted to $4.3 million for the nine months ended September 30, 2013 versus $3.5 million recorded for the nine months ended September 30, 2012. The increase was attributable to the aggressive disposal of non-performing assets in the first half of 2013. FDIC insurance premiums remain high with $3.4 million incurred in the nine months ended September 30, 2013 and $3.1 million incurred in the nine months ended September 30, 2012. Corporate insurance expense was $2.4 million for the nine months ended September 30, 2013 compared to $1.6 million for the nine months ended September 30, 2012. The increase was due to higher renewal premiums that became effective in August 2012.

Comparing balance sheet data as of September 30, 2013 and 2012, total assets decreased 16% to $1.08 billion, from the prior year's $1.29 billion. The decrease is due to a $242.9 million decrease in loans held for sale and a $80.3 million decrease in portfolio loans. The decrease in loans held for sale is the result of the increase in mortgage rates that slowed refinancing activity. The decrease in portfolio loans is the result of payoffs and slow commercial loan production.  

  • Average earning assets were $887.7 million for the third quarter of 2013, which was a $168.4 million decrease over the third quarter 2012 balance of $1.06 billion. The decrease was due to lower average loans held for sale.
  • Total loans outstanding were $560.3 million as of September 30, 2013, down 13% from the $643.5 million reported as of September 30, 2012. This was due to loan maturities, loan sales, and reduced portfolio loan production.
  • Total loans held for sale were $128.6 million as of September 30, 2013, down 65% over the $371.6 million held for sale as of September 30, 2012. The decrease was due to lower mortgage division production as a result of higher mortgage rates.
  • The allowance for loan losses as of September 30, 2013 was $9.2 million, a decrease of 24% over the prior year's $12.1 million. The allowance for loan losses as a percentage of total loans was 1.64% as of September 30, 2013, compared to 1.88% as of September 30, 2012. The decrease was due to improving asset quality.
  • Total deposits decreased 13% from $1.11 billion as of September 30, 2012 to $981.3 million as of September 30, 2013. Money market and NOW accounts increased $20.9 million, from $151.4 million as of September 30, 2012 to $172.3 million as of September 30, 2013. Savings accounts increased $6.7 million from $55.9 million as of September 30, 2012 to $62.6 million as of September 30, 2013. Certificates of deposit were $648.4 million as of September 30, 2013, representing a decrease of $150.2 million, or 23%, from the $798.6 million as of September 30, 2012.
  • As of September 30, 2013, 1st Mariner Bank's capital ratios were as follows: Total Risk Based Capital 7.2%; Tier 1 Risk Based Capital 5.9%; and Leverage 3.6%. 

1st Mariner Bancorp is a bank holding company with total assets of $1.1 billion.  Its wholly owned banking subsidiary, 1st Mariner Bank, operates 19 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, 2012 and the Company's Quarterly Report on Form 10-Q for the six months ended June 30, 2013. 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,



2013

2012

$ Change

% Change

Summary of Earnings:






Net interest income

$       6,692

$       8,059

(1,367)

-17%


Provision for loan losses

-

-

-

0%


Noninterest income

2,380

16,280

(13,900)

-85%


Noninterest expense

16,703

16,413

290

2%


Net income/(loss) before income taxes

(7,631)

7,926

(15,557)

196%


Income tax expense/(benefit)

(216)

-

(216)

-100%


Net income/(loss)

(7,415)

7,926

(15,341)

194%







Profitability and Productivity:






Net interest margin

2.97%

3.01%

-

-1%


Net overhead to average earning assets

6.40%

0.05%

-

12711%


Efficiency ratio

184.12%

67.43%

-

-173%


Mortgage loan production

375,699

742,191

(366,492)

-49%


Average deposits per branch

51,646

52,769

(1,124)

-2%







Per Share Data:






Basic earnings per share 

$        (0.38)

$        0.42

(0.80)

190%


Diluted earnings per share

$        (0.38)

$        0.42

(0.80)

190%


Book value per share

$        (0.89)

$       (0.46)

(0.43)

-92%


Number of shares outstanding

19,705,896

18,860,482

845,414

4%


Average basic number of shares

19,705,896

18,860,482

845,414

4%


Average diluted number of shares

19,705,896

18,860,482

845,414

4%







Summary of Financial Condition:






At Period End:






Assets

$ 1,084,593

$1,294,034

(209,441)

-16%


Investment Securities

134,129

45,334

88,795

196%


Loans

560,316

643,468

(83,152)

-13%


Deposits

981,265

1,108,151

(126,886)

-11%


Borrowings

95,248

172,896

(77,648)

-45%


Stockholders' deficit

(17,630)

(8,769)

(8,861)

-101%








Average for the period:






Assets

$ 1,156,424

$1,260,000

(103,576)

-8%


Investment Securities

98,872

42,913

55,959

130%


Loans

571,578

656,467

(84,889)

-13%


Deposits

1,063,508

1,083,428

(19,920)

-2%


Borrowings

94,057

173,145

(79,088)

-46%


Stockholders' deficit

(14,428)

(12,198)

(2,230)

18%







Capital Ratios at period end: First Mariner Bank






Leverage

3.6%

4.1%

-

-12%


Tier 1 Capital to risk weighted assets

5.9%

5.8%

-

2%


Total Capital to risk weighted assets

7.2%

7.1%

-

1%







Asset Quality Statistics and Ratios:






Net charge offs

676

1,426

(750)

-53%


Non-performing assets

39,681

56,638

(16,957)

-30%


Loans past due 90 days or more and accruing

3,438

-

3,438

0


Annualized net chargeoffs to average loans

0.47%

0.86%

-

-46%


Non-performing assets to total assets

3.66%

4.38%

-

-16%


90 Days or more delinquent loans to total loans

0.61%

0.00%

-

0


Allowance for loan losses to total loans

1.64%

1.88%

-

-13%

 

FINANCIAL HIGHLIGHTS (UNAUDITED)





First Mariner Bancorp





(Dollars in thousands, except per share data)







For the nine months ended September 30,



2013

2012

$ Change

% Change

Summary of Earnings:






Net interest income

$     20,229

$      22,971

$        (2,742)

-12%


Provision for loan losses

1,300

572

728

127%


Noninterest income

24,292

39,494

(15,202)

-38%


Noninterest expense

54,605

46,680

7,925

17%


Net income/(loss) before income taxes

(11,384)

15,213

(26,597)

-175%


Income tax expense/(benefit)

(215)

(205)

(10)

5%


Net income/(loss)

(11,169)

15,418

(26,587)

-172%







Profitability and Productivity:






Net interest margin

2.84%

3.08%

-

-8%


Net overhead to average earning assets

4.31%

0.98%

-

340%


Efficiency ratio

122.65%

74.73%

-

64%


Mortgage loan production

1,729,838

1,774,395

(44,557)

-3%


Average deposits per branch

51,646

52,769

(1,124)

-2%







Per Share Data:






Basic earnings per share

$        (0.58)

$          0.82

(1.39)

-171%


Diluted earnings per share

$        (0.58)

$          0.82

(1.39)

-171%


Book value per share

$        (0.89)

$         (0.46)

(0.43)

92%


Number of shares outstanding

19,705,896

18,860,482

845,414

4%


Average basic number of shares

19,372,016

18,860,482

511,534

3%


Average diluted number of shares

19,372,016

18,860,482

511,534

3%







Summary of Financial Condition:






At Period End:






Assets

$ 1,084,593

$  1,294,034

(209,441)

-16%


Investment Securities

134,129

45,334

88,795

196%


Loans

560,316

643,468

(83,152)

-13%


Deposits

981,265

1,108,151

(126,886)

-11%


Borrowings

95,248

172,896

(77,648)

-45%


Stockholders' deficit

(17,630)

(8,769)

(8,861)

101%








Average for the period:






Assets

$ 1,254,697

$  1,200,148

54,549

5%


Investment Securities

72,441

32,221

40,220

125%


Loans

589,256

671,689

(82,433)

-12%


Deposits

1,140,958

1,031,066

109,892

11%


Borrowings

110,210

173,150

(62,940)

-36%


Stockholders' deficit

(10,426)

(18,752)

8,326

-44%







Capital Ratios at period end: First Mariner Bank






Leverage

3.6%

4.1%

-

-12%


Tier 1 Capital to risk weighted assets

5.9%

5.8%

-

2%


Total Capital to risk weighted assets

7.2%

7.1%

-

1%







Asset Quality Statistics and Ratios:






Net Chargeoffs

3,534

2,277

1,257

55%


Non-performing assets

39,681

56,638

(16,957)

-30%


Loans past due 90 days or more and accruing

3,438

-

3,438

0%


Annualized net chargeoffs to average loans

0.80%

0.45%

-

77%


Non-performing assets to total assets

3.66%

4.38%

-

-16%


90 Days or more delinquent loans to total loans

0.61%

0.00%

-

0%


Allowance for loan losses to total loans

1.64%

1.88%

-

-13%

 

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)




First Mariner Bancorp





(Dollars in thousands)







As of September 30,





2013

2012

 $ Change 

% Change

Assets:






Cash and due from banks

$121,727

$78,897

42,830

54%


Interest-bearing deposits 

28,935

32,310

(3,375)

-10%


Available-for-sale investment securities, at fair value

134,129

45,334

88,795

196%


Loans held for sale

128,584

371,554

(242,970)

-65%


Loans receivable

560,316

643,468

(83,152)

-13%


Allowance for loan losses

(9,200)

(12,096)

2,896

-24%


Loans, net

551,116

631,372

(80,256)

-13%


Real estate acquired through foreclosure

19,368

19,978

(610)

-3%


Restricted stock investments, at cost

3,517

6,829

(3,312)

-48%


Premises and equipment, net

37,521

37,534

(13)

0%


Accrued interest receivable

3,180

4,015

(835)

-21%


Bank owned life insurance

39,354

38,332

1,022

3%


Prepaid expenses and other assets

17,162

27,879

(10,717)

-38%

Total Assets

$ 1,084,593

$1,294,034

(209,441)

-16%







Liabilities and Stockholders' Deficit





Liabilities:






Deposits

$    981,265

$1,108,151

(126,886)

-11%


Borrowings

43,180

120,828

(77,648)

-64%


Junior subordinated deferrable interest debentures

52,068

52,068

-

0%


Accrued expenses and other liabilities

25,710

21,756

3,954

18%

Total Liabilities

1,102,223

1,302,803

(200,580)

-15%







Stockholders' Deficit






Common Stock

981

939

42

4%


Additional paid-in-capital

80,726

80,006

720

1%


Retained Deficit

(98,506)

(88,036)

(10,470)

-12%


Accumulated other comprehensive loss

(831)

(1,678)

847

50%

Total Stockholders' Deficit

(17,630)

(8,769)

(8,861)

-101%

Total Liabilities and Stockholders' Deficit

$ 1,084,593

$1,294,034

(209,441)

-16%

 

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)




First Mariner Bancorp





(Dollars in thousands)

For the three months

For the nine months



ended September30,

ended September 30,



2013

2012

2013

2012

Interest Income:






Loans

$       9,292

$     11,567

$        29,554

$      33,644


Investments and interest-bearing deposits

519

352

1,312

1,063

Total Interest Income

9,811

11,919

30,866

34,707







Interest Expense:






Deposits

2,390

2,898

8,115

8,857


Borrowings

729

962

2,522

2,879

Total Interest Expense

3,119

3,860

10,637

11,736







Net Interest Income Before Provision for Loan Losses

6,692

8,059

20,229

22,971







Provision for Loan Losses

-

-

1,300

572







Net Interest Income After Provision for Loan Losses

6,692

8,059

18,929

22,399







Noninterest Income:






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

-

94

-

175


    Less: Portion included in other comprehensive income

-

(94)

-

(635)


Net OTTI charges on securities available for sale

-

-

-

(460)


Mortgage banking revenue

548

15,384

15,703

35,450


ATM Fees

558

649

1,697

2,067


Service fees on deposits

668

623

1,995

1,927


Gain on sale of securities available for sale

(4)

-

51

-


Gain / (loss) on sale of assets

23

(949)

2,905

(1,271)


Commissions on sales of nondeposit investment products

54

62

213

211


Income from bank owned life insurance

242

273

753

853


Other

291

238

975

717

Total Noninterest Income

2,380

16,280

24,292

39,494







Noninterest Expense:






Salaries and employee benefits

6,499

6,107

19,804

17,438


Occupancy

2,100

1,835

6,358

6,343


Furniture, fixtures and equipment

467

671

1,252

1,357


Professional services

656

973

3,373

2,085


Advertising and marketing

360

413

1,393

1,391


Data processing

1,143

403

1,764

1,237


ATM servicing expenses

95

225

292

678


Costs of other real estate owned

560

1,325

4,257

3,539


FDIC insurance premiums 

1,021

1,009

3,359

3,131


Service and maintenance

649

644

2,156

1,799


Corporate insurance

776

695

2,356

1,571


Consulting fees

516

395

1,345

1,319


Postage

231

740

2,225

1,421


Loan collection expenses

124

101

485

290


Other

1,506

877

4,186

3,081

Total Noninterest Expense

16,703

16,413

54,605

46,680







Net income/(loss) before income taxes

(7,631)

7,926

(11,384)

15,213

Income tax expense/(benefit)

(216)

-

(215)

(205)







Net (loss)/income

$      (7,415)

$       7,926

$       (11,169)

$      15,418

 

CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED)



First Mariner Bancorp





(Dollars in thousands)







For the three months ended September 30,



2013

2012



Average

Yield/

Average

Yield/



Balance

Rate

Balance

Rate

Assets:






Loans






Commercial Loans and LOC

$     49,365

5.27%

$       50,483

5.22%


Commercial Mortgages

233,350

6.17%

298,291

5.72%


Commercial Construction

49,859

5.41%

51,819

5.43%


Consumer Residential Construction

19,950

5.17%

18,134

4.73%


Residential Mortgages

109,682

3.87%

114,369

5.04%


Consumer

109,372

4.43%

123,371

4.27%


Total Loans

571,578

5.22%

656,467

5.24%








Loans held for sale

178,130

3.86%

320,860

3.54%


Trading and available for sale securities, at fair value

98,872

1.49%

42,913

2.75%


Interest bearing deposits

35,648

1.46%

28,996

0.79%


Restricted stock investments, at cost

3,517

2.48%

6,857

0.00%








Total earning assets

887,745

4.37%

1,056,093

4.47%








Allowance for loan losses

(10,526)


(13,292)



Cash and other non earning assets

279,205


217,199








Total Assets

$ 1,156,424


$  1,260,000








Liabilities and Stockholders' Deficit:






Interest bearing deposits






NOW deposits

3,867

0.14%

6,182

0.89%


Savings deposits

63,278

0.07%

58,949

0.19%


Money market deposits

166,810

0.30%

143,358

0.55%


Time deposits

729,137

1.23%

774,722

1.36%


Total interest bearing deposits

963,092

0.98%

983,211

1.17%








Borrowings

94,057

3.08%

173,145

2.21%








Total interest bearing liabilities

1,057,149

1.17%

1,156,356

1.33%








Noninterest bearing demand deposits

100,416


100,217



Other liabilities

13,287


15,625



Stockholders' Deficit

(14,428)


(12,198)








Total Liabilities and Stockholders' Deficit

$ 1,156,424


$  1,260,000








Net Interest Spread


3.20%


3.14%







Net Interest Margin


2.97%


3.01%

 

CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED)



First Mariner Bancorp





(Dollars in thousands)







For the nine months ended September 30,



2013

2012



Average

Yield/

Average

Yield/



Balance

Rate

Balance

Rate

Assets:






Loans






Commercial Loans and LOC

$     48,300

5.27%

$       52,000

5.13%


Commercial Mortgages

249,737

5.75%

306,833

5.80%


Commercial Construction

49,235

5.43%

53,181

5.55%


Consumer Residential Construction

19,228

5.06%

16,909

4.35%


Residential Mortgages

109,500

4.75%

116,784

5.41%


Consumer

113,256

4.60%

125,982

4.33%


Total Loans

589,256

5.25%

671,689

5.35%








Loans held for sale

245,297

3.36%

234,187

3.67%


Trading and available for sale securities, at fair value

72,441

1.50%

32,221

3.64%


Interest bearing deposits

30,270

1.78%

36,756

0.67%


Restricted stock investments, at cost

4,119

2.96%

6,969

0.00%








Total earning assets

941,383

4.35%

981,822

4.68%








Allowance for loan losses

(11,170)


(13,643)



Cash and other non earning assets

324,484


231,969








Total Assets

$ 1,254,697


$  1,200,148








Liabilities and Stockholders' Deficit:






Interest bearing deposits






NOW deposits

4,492

0.16%

5,921

0.95%


Savings deposits

63,392

0.14%

58,273

0.19%


Money market deposits

164,644

0.43%

134,924

0.54%


Time deposits

804,759

1.25%

730,773

1.50%


Total interest bearing deposits

1,037,287

1.05%

929,891

1.27%








Borrowings

110,210

3.06%

173,150

2.22%








Total interest bearing liabilities

1,147,497

1.24%

1,103,041

1.42%








Noninterest bearing demand deposits

103,671


101,175



Other liabilities

13,955


14,684



Stockholders' Deficit

(10,426)


(18,752)








Total Liabilities and Stockholders' Deficit

$ 1,254,697


$  1,200,148








Net Interest Spread


3.11%


3.26%







Net Interest Margin


2.84%


3.08%

 

SOURCE 1st Mariner Bancorp



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

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