1st Mariner Reports 2nd Quarter 2010 Results, Closes on a $10.9 Million Public Offering and Eliminates Additional Debt

BALTIMORE, Aug. 2 /PRNewswire-FirstCall/ -- 1st Mariner Bancorp (Nasdaq: FMAR), parent company of 1st Mariner Bank, reported a net loss of $4.7 million, or $(0.28) per basic and diluted share for the second quarter of 2010, an increase of $2.3 million over the net loss of $2.4 million, or $(0.37) per basic and diluted share, for the second quarter of 2009.

Edwin F. Hale, Sr., 1st Mariner's chairman and chief executive officer, said the quarter was marked by encouraging steps and continued challenges.  "During the quarter, we completed a $10.9 million capital raise and extinguished another $1.0 million in debt, both of which moved us closer to meeting our regulatory capital targets. While we have made substantial progress on the capital front, we are still challenged with a struggling real estate market and sour economy, which is putting a significant damper on our earnings.  Although we are not yet at our target capital levels, our capital ratios are much improved over the levels of the second quarter of 2009, despite our quarterly operating loss.  We are seeing improvement in the level of delinquencies in our commercial loan portfolio, the Bank's net interest margin is improving, but losses have continued."

Regarding the Company's effort to raise capital, Hale said, "The Company continues to use its best efforts to address the capital targets that have been established by the Federal Reserve and FDIC and we have been in frequent contact with the various regulators in this regard.  The regulatory and securities processes relating to raising capital are rigorous and there are timetables that are not within our control.  The current volatility of the capital markets has compounded the difficulty of this process.  But, in light of the progress we have made to date, we are confident that we will be successful in meeting our targets."  

Operating Summary

The net loss for the second quarter included provisions for loan losses of $4.4 million, which were necessary to maintain an adequate allowance for loan losses. Additionally, charges related to foreclosed properties totaled $2.9 million for the quarter, a 52% increase over the same quarter in 2009. These charges reflect the continued stagnation in the real estate market and continued decline in appraised values, particularly high-end housing. While there was an increase in non performing loans during the quarter, the Bank has seen an improvement in its delinquency rates. Total 30-89 day delinquencies were $37.5 million as of June 30, 2010, which is a decrease of $37.3 million, or 50%, since March 31, 2010. Total non-performing loans and loans more than 30 days delinquent dropped to their lowest level since the fourth quarter of 2008.

  • Total revenue for the three and six months ended June 30, 2010 was $13.0 million and $25.8 million, respectively. This represents an 11.6% and 7.9% decrease over 2009's quarter and year to date figures of $14.7 million and $28.0 million, respectively. While the net interest income component of total revenue increased slightly over 2009, non interest income decreased. Non-interest income was $6.1 million for the quarter, a decrease of 23% over the $7.9 million in 2009. For the six months ended June 30, 2010, non interest income was $11.9 million, 22% lower than the 2009 figure of $15.3 million. During the first half of 2009, the Company had record mortgage volume and related fee income. However, mortgage volume significantly decreased nationwide during the first half of 2010. This was primarily due to a slowing real estate market and the expiration of the U.S. Government's homebuyer tax credits.

  • Net interest income was relatively flat, with $6.9 million earned in the second quarter of 2010 compared to $6.8 million in the second quarter of 2009. For the six months ended June 30, 2010, net interest was $13.9 million, an increase of 9% over 2009. The increase is due to the reduction of debt and the related interest expense primarily attributable to the $20 million Trust Preferred Debt exchange completed in the first quarter.  The net interest margin for the 2nd quarter of 2010 was 2.75%, an increase of 34 basis points from 2.41% in the 2nd quarter of 2009. For the six months ended June 30, the net interest margins were 2.73% and 2.25% for 2010 and 2009, respectively.  As mentioned above, these improvements were the result of a lower interest expense on borrowed funds.  

  • Average earning assets were $997 million for the quarter, which was a 10% decrease over 2009's balance of $1.1 billion. The decrease was due to a reduction in loans, loans held for sale, investments, and interest bearing deposits.

  • The provision for loan losses totaled $4.4 million for the 2nd quarter of 2010, an increase of 52% over the provision of $2.9 million in the corresponding quarter last year.  Net charge-offs increased $794 thousand, or 22%, to $4.3 million for the 2nd quarter of 2010 from $3.5 million in the 2nd quarter of 2009. For the six months ended June 30, the provision for loan losses was $6.5 million and $6.3 million in 2010 and 2009, respectively. The allowance for loans losses at the end of the second quarter of 2010 was $12.0 million, a decrease of 26% over the prior year's figure of $16.3 million. The decrease was primarily attributable to the removal of the allowance for loan losses that was related to Mariner Finance's loan portfolio. The allowance for loan losses as a percentage of total loans was 1.40% as of June 30, 2010, compared to 1.64% as of June 30, 2009.  Excluding the allowance related to Mariner Finance, the allowance as a percentage of loans totaled 1.29% as of June 30, 2009.

  • Non- interest expenses increased slightly to $17.1 million in the second quarter of 2010 compared to $16.7 million in the second quarter of 2009. The costs related to foreclosed properties increased $976 thousand, or 52%, to $2.9 million in the second quarter of 2010 when compared to the $1.9 million in 2009. For the six months ended June 30, theses expenses were $4.5 million and $4.0 million in 2010 and 2009, respectively. The increase in these costs are predominantly the result of the continued deterioration of appraised values, particularly in the high-end housing market.

Comparing balance sheet data as of June 30, 2010 and 2009, total assets decreased to $1.34 billion, 8% lower than the prior year's $1.46 billion. This decrease was largely due to the sale of Mariner Finance in December, 2009.

  • Total loans outstanding decreased $138.9 million, or 14%, to $858.2 million as of June 30, 2010. As mentioned above, the decrease is predominantly attributable to the sale of the assets of Mariner Finance in 2009, which represents $102.2 million of the decrease.

  • Total deposits increased $19.6 million, or 2%, from $1.096 billion in 2009 to $1.116 billion as of June 30, 2010. Increases in Certificates of Deposit were the primary reason for the overall increase in deposits. Total Certificates of Deposit were $801.9 million as of June 30, 2010, an increase of 9%, over June 30, 2009's balance of $735.8 million. This increase was offset by decreases in non-interest bearing checking accounts of $26.2 million and money market accounts of $30.8 million.

  • Stockholders' Equity was $42.9 million as of June 30, 2010, resulting in a basic book value per share of $2.40. This reflects the capital raise of $10.9 million that was closed on April 12, 2010 whereby 9.5 million shares were issued. Additionally, the Company extinguished $1 million in debt securities in exchange for $100 thousand in common stock. This transaction was executed under similar terms to the $20 million exchange that was completed in the first quarter. As a result of the recent exchange, the Company recorded a post- tax gain of over $600 thousand. Capital Ratios in the 2nd quarter of 2010 for First Mariner Bank were as follows: Leverage Ratio = 6.1%; Tier 1 risk-based ratio = 8.5% Total Capital Ratio = 9.7%.

1st Mariner Bancorp is a bank holding company with total assets of $1.342 billion.  Its wholly owned banking subsidiary, 1st Mariner Bank, with total assets of $1.39 billion, operates 23 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 Mortgage also operates direct marketing mortgage operations in Baltimore County.  1st Mariner Bancorp's common stock is traded on the NASDAQ Global Market 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, efficiencies resulting from new programs and expansion activities, 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, possibility of economic recession or slowdown (which could impact credit quality, adequacy of loan loss reserve and loan growth), dependency on key personnel, particularly Edwin F. Hale, Sr., Chairman of the Board of Directors and CEO of the Company, and the Risk Factors set forth in Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2009.

FINANCIAL HIGHLIGHTS (UNAUDITED)

First Mariner Bancorp

(Dollars in thousands, except per share data)



For the three months ended June 30,



2010

2009

$ Change

% Change

Summary of Earnings:






Net interest income

$       6,950

$       6,819

131

2%


Provision for loan losses

4,350

2,860

1,490

52%


Noninterest income

6,082

7,905

(1,823)

-23%


Noninterest expense

17,139

16,747

392

2%


Net loss before income taxes

(8,457)

(4,883)

(3,574)

73%


Income tax benefit

(3,799)

(2,081)

(1,718)

83%


Net loss from continuing operations

(4,658)

(2,802)

(1,856)

66%


Net (loss)/income from discontinued operations

-

393

393

100%


Net loss

(4,658)

(2,409)

(2,249)

-93%







Profitability and Productivity:






Return on average assets

-1.36%

-0.69%

-

-97%


Return on average equity

-40.93%

-21.71%

-

-89%


Net interest margin

2.75%

2.41%

-

14%


Net overhead ratio

3.15%

2.51%

-

26%


Efficiency ratio

128.99%

113.06%

-

14%


Mortgage loan production

259,835

540,086

(280,251)

-52%


Average deposits per branch

48,503

45,665

2,839

6%







Per Share Data:






Basic earnings per share - continuing operations

$        (0.28)

$       (0.43)

0.15

35%


Diluted earnings per share - continuing operations

$        (0.28)

$       (0.43)

0.15

35%


Basic earnings per share - discontinued operations

$            -

$        0.06

(0.06)

100%


Diluted earnings per share - discontinued operations

$            -

$        0.06

(0.06)

100%


Basic earnings per share

$        (0.28)

$       (0.37)

0.09

25%


Diluted earnings per share

$        (0.28)

$       (0.37)

0.09

25%


Book value per share

$         2.40

$        6.53

(4.13)

-63%


Number of shares outstanding

17,868,501

6,452,631

11,415,870

177%


Average basic number of shares

16,554,918

6,452,631

10,102,287

157%


Average diluted number of shares

16,554,918

6,452,631

10,102,287

157%







Summary of Financial Condition:






At Period End:






Assets

$ 1,342,159

$1,460,062

(117,903)

-8%


Investment Securities

19,970

51,941

(31,971)

-62%


Loans

858,226

997,130

(138,904)

-14%


Deposits

1,115,579

1,095,950

19,629

2%


Borrowings

169,590

304,704

(135,114)

-44%


Stockholders' equity

42,867

42,144

723

2%








Average for the period:






Assets

$ 1,391,487

$1,400,796

(9,309)

-1%


Investment Securities

26,851

50,532

(23,681)

-47%


Loans

860,092

891,707

(31,615)

-4%


Deposits

1,163,447

1,024,606

138,841

14%


Borrowings

172,009

223,230

(51,221)

-23%


Stockholders' equity

45,648

44,509

1,139

3%







Capital Ratios: First Mariner Bank






Leverage

6.1%

5.8%

-

5%


Tier 1 Capital to risk weighted assets

8.5%

6.9%

-

23%


Total Capital to risk weighted assets

9.7%

8.7%

-

11%







Asset Quality Statistics and Ratios:






Net Chargeoffs

4,335

3,541

794

22%


Non-performing assets

69,101

62,429

6,672

11%


90 Days or more delinquent loans

11,106

16,894

(5,788)

-34%


Annualized net chargeoffs to average loans

2.02%

1.61%

-

26%


Non-performing assets to total assets

5.15%

4.28%

-

20%


90 Days or more delinquent loans to total loans

1.29%

1.69%

-

-24%


Allowance for loan losses to total loans

1.40%

1.64%

-

-14%




FINANCIAL HIGHLIGHTS (UNAUDITED)

First Mariner Bancorp

(Dollars in thousands, except per share data)



For the six months ended June 30,



2010

2009

$ Change

% Change

Summary of Earnings:






Net interest income

$     13,851

$      12,700

1,151

9%


Provision for loan losses

6,540

6,260

280

4%


Noninterest income

11,924

15,316

(3,392)

-22%


Noninterest expense

33,428

32,925

503

2%


Net loss before income taxes

(14,193)

(11,169)

(3,024)

27%


Income tax benefit

(6,296)

(4,815)

(1,481)

31%


Net loss from continuing operations

(7,897)

(6,354)




Net (loss)/income from discontinued operations

(200)

844




Net loss

(8,097)

(5,510)

(2,587)

47%







Profitability and Productivity:






Return on average assets

-1.18%

-0.80%

-

47%


Return on average equity

-44.83%

-24.03%

-

87%


Net interest margin

2.73%

2.25%

-

21%


Net overhead ratio

3.08%

2.30%

-

34%


Efficiency ratio

127.82%

110.41%

-

16%


Mortgage loan production

455,581

1,072,783

(617,202)

-58%


Average deposits per branch

48,503

45,665

2,839

6%







Per Share Data:






Basic earnings per share - continuing operations

$        (0.68)

$         (0.98)

0.30

-31%


Diluted earnings per share - continuing operations

$        (0.68)

$         (0.98)

0.30

-31%


Basic earnings per share - discontinued operations

$        (0.02)

$          0.13

(0.15)

-113%


Diluted earnings per share - discontinued operations

$        (0.02)

$          0.13

(0.15)

-113%


Basic earnings per share

$        (0.70)

$         (0.85)

0.15

-18%


Diluted earnings per share

$        (0.70)

$         (0.85)

0.15

-18%


Book value per share

$         2.40

$          6.53

(4.13)

-63%


Number of shares outstanding

17,868,501

6,452,631

11,415,870

177%


Average basic number of shares

11,540,665

6,452,631

5,088,034

79%


Average diluted number of shares

11,540,665

6,452,631

5,088,034

79%







Summary of Financial Condition:






At Period End:






Assets

$ 1,342,159

$  1,460,062

(117,903)

-8%


Investment Securities

19,970

51,941

(31,971)

-62%


Loans

858,226

997,130

(138,904)

-14%


Deposits

1,115,579

1,095,950

19,629

2%


Borrowings

169,590

304,704

(135,114)

-44%


Stockholders' equity

42,867

42,144

723

2%








Average for the period:






Assets

$ 1,383,811

$  1,385,720

(1,909)

0%


Investment Securities

32,658

51,005

(18,347)

-36%


Loans

872,838

887,062

(14,224)

-2%


Deposits

1,153,434

1,008,311

145,123

14%


Borrowings

182,934

221,739

(38,805)

-18%


Stockholders' equity

36,422

46,249

(9,827)

-21%







Capital Ratios: First Mariner Bank






Leverage

6.1%

5.8%

-

5%


Tier 1 Capital to risk weighted assets

8.5%

6.9%

-

23%


Total Capital to risk weighted assets

9.7%

8.7%

-

11%







Asset Quality Statistics and Ratios:






Net Chargeoffs

6,161

9,199

(3,038)

-33%


Non-performing assets

69,438

62,429

7,009

11%


90 Days or more delinquent loans

11,106

16,893

(5,787)

-34%


Annualized net chargeoffs to average loans

1.42%

2.09%

-

-32%


Non-performing assets to total assets

5.17%

4.28%

-

21%


90 Days or more delinquent loans to total loans

1.29%

1.69%

-

-24%


Allowance for loan losses to total loans

1.40%

1.64%

-

-14%




CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

First Mariner Bancorp

(Dollars in thousands)



As of June 30,



2010

2009

$ Change

% Change

Assets:






Cash and due from banks

$180,510

$123,892

56,618

46%


Interest-bearing deposits

22,984

8,399

14,585

174%


Available-for-sale investment securities, at fair value

19,970

40,152

(20,182)

-50%


Trading Securities

-

11,789

(11,789)

-100%


Loans held for sale

115,600

117,242

(1,642)

-1%


Loans receivable

858,226

997,130

(138,904)

-14%


Allowance for loan losses

(12,020)

(16,318)

4,298

-26%


Loans, net

846,206

980,812

(134,606)

-14%


Other real estate owned

19,560

29,384

(9,824)

-33%


Restricted stock investments, at cost

7,934

7,934

-

0%


Property and equipment

42,757

47,690

(4,933)

-10%


Accrued interest receivable

4,148

6,600

(2,452)

-37%


Income Taxes Receivable

1,233

6,131

(4,898)

-80%


Deferred income taxes

26,593

24,304

2,289

9%


Bank owned life insurance

35,486

35,588

(102)

0%


Prepaid expenses and other assets

19,178

20,145

(967)

-5%

Total Assets

$ 1,342,159

$1,460,062

(117,903)

-8%







Liabilities and Stockholders' Equity:





Liabilities:






Deposits

$ 1,115,579

$1,095,950

19,629

2%


Borrowings

117,522

230,980

(113,458)

-49%


Junior subordinated deferrable interest debentures

52,068

73,724

(21,656)

-29%


Accrued expenses and other liabilities

14,123

17,264

(3,141)

-18%

Total Liabilities

1,299,292

1,417,918

(118,626)

-8%







Stockholders' Equity






Common Stock

893

323

570

176%


Additional paid-in-capital

79,579

56,763

22,816

40%


Retained earnings

(34,718)

(9,848)

(24,870)

253%


Accumulated other comprehensive loss

(2,887)

(5,094)

2,207

-43%

Total Stockholders Equity

42,867

42,144

723

2%

Total Liabilities and Stockholders' Equity

$ 1,342,159

$1,460,062

(117,903)

-8%




CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)




First Mariner Bancorp





(Dollars in thousands)

For the three months

For the six months



ended June 30,

ended June 30,



2010

2009

2010

2009

Interest Income:






Loans

$      12,818

$      14,451

$        26,262

$    28,152


Investments and interest-bearing deposits

674

780

1,435

1,579

Total Interest Income

13,492

15,231

27,697

29,731







Interest Expense:






Deposits

5,452

6,270

11,062

12,688


Borrowings

1,090

2,142

2,784

4,343

Total Interest Expense

6,542

8,412

13,846

17,031







Net Interest Income Before Provision for Loan Losses

6,950

6,819

13,851

12,700







Provision for Loan Losses

4,350

2,860

6,540

6,260







Net Interest Income After Provision for Loan Losses

2,600

3,959

7,311

6,440







Noninterest Income:






Service fees on deposits

1,116

1,316

2,176

2,639


ATM Fees

799

798

1,534

1,511


Gains on sales of mortgage loans

1,524

3,210

3,574

6,824


Other mortgage banking revenue

664

1,306

1,121

2,489


(Loss)/gain on sales of investment securities, net

(255)

(89)

(378)

(1,805)


Commissions on sales of nondeposit investment products

126

130

271

267


Income from bank owned life insurance

360

336

713

672


Income (loss) on trading assets and liabilities

483

670

1,330

1,438


Other

1,265

228

1,583

1,281

Total Noninterest Income

6,082

7,905

11,924

15,316







Noninterest Expense:






Salaries and employee benefits

6,312

5,689

12,908

12,138


Occupancy

2,194

2,338

4,565

4,658


Furniture, fixtures and equipment

603

776

1,215

1,611


Advertising

89

333

267

591


Data Processing

481

459

883

972


Professional services

591

663

1,311

1,458


Costs of other real estate owned

2,859

1,883

4,544

3,996


Valuation and secondary marketing reserves

-

-

-

-


FDIC Insurance

964

1,236

1,898

1,508


Other

3,046

3,370

5,837

5,993

Total Noninterest Expense

17,139

16,747

33,428

32,925







Net Loss Before Discontinued Opeartions and Income Taxes

(8,457)

(4,883)

(14,193)

(11,169)

Income Tax Benefit - Continuing Operations

(3,799)

(2,081)

(6,296)

(4,815)

Net Loss from Continuing Operations

(4,658)

(2,802)

(7,897)

(6,354)

(Loss) Income from discontinued operations

-

393

(200)

844







Net Loss

$       (4,658)

$      (2,409)

$         (8,097)

$     (5,510)



CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED)

First Mariner Bancorp

(Dollars in thousands)



For the three months ended June 30,



2010

2009



Average

Yield/

Average

Yield/



Balance

Rate

Balance

Rate

Assets:






Loans






Commercial Loans and LOC

$     78,500

5.15%

$       91,556

4.94%


Comm/Res Construction

85,234

4.71%

103,715

4.94%


Commercial Mortgages

337,360

6.08%

329,530

6.65%


Residential Constr - Cons

44,156

4.83%

64,441

5.64%


Residential Mortgages

162,053

5.59%

151,815

6.26%


Consumer

152,790

4.65%

150,650

4.64%


Total Loans

860,092

5.45%

891,707

5.80%








Loans held for sale

83,907

4.91%

109,320

5.06%


Trading and available for sale securities, at fair value

26,851

7.67%

50,532

6.03%


Interest bearing deposits

18,025

3.42%

56,849

0.13%


Restricted stock investments, at cost

7,934

0.27%

7,830

0.00%








Total earning assets

996,809

5.38%

1,116,238

5.40%








Allowance for loan losses

(12,786)


(12,027)



Cash and other non earning assets

407,464


296,585








Total Assets

$ 1,391,487


$  1,400,796








Liabilities and Stockholders' Equity:






Interest bearing deposits






NOW deposits

7,313

0.74%

7,060

0.70%


Savings deposits

58,133

0.30%

57,462

0.34%


Money market deposits

140,304

0.61%

157,378

0.88%


Time deposits

849,334

2.45%

684,080

3.70%


Total interest bearing deposits

1,055,084

2.07%

905,980

2.96%








Borrowings

172,009

2.54%

223,230

3.93%








Total interest bearing liabilities

1,227,093

2.14%

1,129,210

3.16%








Noninterest bearing demand deposits

108,363


118,626



Other liabilities

10,383


108,451



Stockholders' Equity

45,648


44,509








Total Liabilities and Stockholders' Equity

$ 1,391,487


$  1,400,796








Net Interest Spread


3.25%


2.24%







Net Interest Margin


2.75%


2.41%




CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED)

First Mariner Bancorp

(Dollars in thousands)



For the six months ended June 30,



2010

2009



Average

Yield/

Average

Yield/



Balance

Rate

Balance

Rate

Assets:






Loans






Commercial Loans and LOC

$     78,678

5.19%

$       91,989

4.95%


Comm/Res Construction

       91,753

5.09%

       104,349

5.10%


Commercial Mortgages

     337,776

6.18%

       327,285

6.69%


Residential Constr - Cons

       45,731

5.83%

         65,801

5.21%


Residential Mortgages

     165,541

5.58%

       146,343

6.05%


Consumer

     153,359

4.65%

       151,295

4.44%


Total Loans

     872,838

5.57%

       887,062

5.72%








Loans held for sale

       76,292

4.93%

         97,162

5.11%


Trading and available for sale securities, at fair value

       32,658

7.19%

         51,005

6.03%


Interest bearing deposits

       13,622

3.76%

         58,698

0.14%


Restricted stock investments, at cost

         7,934

0.14%

          7,603

0.00%








Total earning assets

   1,003,344

5.51%

    1,101,530

5.34%








Allowance for loan losses

      (12,393)


        (12,320)



Cash and other non earning assets

     392,860


       296,510








Total Assets

$ 1,383,811


$  1,385,720








Liabilities and Stockholders' Equity:






Interest bearing deposits






NOW deposits

         7,458

0.75%

          6,758

0.64%


Savings deposits

       55,923

0.29%

         55,191

0.34%


Money market deposits

     145,162

0.64%

       158,726

0.81%


Time deposits

     836,580

2.53%

       671,821

3.58%


Total interest bearing deposits

   1,045,123

2.13%

       892,496

2.87%








Borrowings

     182,934

3.07%

       221,739

3.83%








Total interest bearing liabilities

   1,228,057

2.27%

    1,114,235

3.06%








Noninterest bearing demand deposits

     108,311


       115,815



Other liabilities

       11,021


       109,421



Stockholders' Equity

       36,422


         46,249








Total Liabilities and Stockholders' Equity

$ 1,383,811


$  1,385,720








Net Interest Spread


3.24%


2.28%







Net Interest Margin


2.73%


2.25%




SOURCE 1st Mariner Bancorp



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

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