1st Mariner Reports 3rd Quarter 2010 Results, Deposits and Mortgage Banking Revenue Rise as Delinquencies Fall

BALTIMORE, Oct. 28 /PRNewswire-FirstCall/ -- 1st Mariner Bancorp (Nasdaq: FMAR), parent company of 1st Mariner Bank, reported a net loss of $4.6 million, or $(0.26) per basic and diluted share for the third quarter of 2010, an $8.3 million improvement over the net loss of $12.9 million, or $(2.01) per basic and diluted share, for the third quarter of 2009.

Edwin F. Hale, Sr., 1st Mariner's Chairman and Chief Executive Officer, said, "With the historically low interest rate environment, our mortgage division was able produce significant volume which added to our non-interest income. Our net interest margin also continued to expand.  In addition, we are seeing significant improvement in our delinquencies which are at the lowest level in four years. Our 30-89 day delinquencies have decreased 43% compared to the same quarter last year. Additionally, our 90 day and over delinquencies decreased 75% during the same period."  

"Despite these positive signs, we continue to operate in a challenging economic environment and we must continue to be proactive in dealing with our problem loans. We have written-down certain assets and recorded additional provisions to our allowance for loan losses, both of which contributed significantly to our loss for the quarter," Mr. Hale continued.

Regarding the Company's capital levels, Mr. Hale said, "Our capital ratios at the end of the third quarter are higher than they were a year ago and continue to exceed levels to be adequately capitalized by the regulatory standards.  We are focused on improving the Company's capital situation and are evaluating all options available to the Company and the Bank to increase our capital ratios so that they meet or exceed the higher regulatory requirements."

Operating Summary

Low interest rates continued to fuel strong refinancing volume during the quarter, helping the Company generate $8.8 million in mortgage revenue, which is included in non-interest income. On a year to date basis, gross mortgage fees totaled $13.5 million. The third quarter included provisions for loan losses of $9.8 million and charges related to foreclosed properties of $1.8 million. Although credit costs have increased due to lower real estate values, the Bank continues to see an improvement in its total delinquency rates. Total 30-89 day delinquencies were $21.4 million as of September 30, 2010, which is a decrease of $16.0 million, or 43%, since September 30, 2009 and is at the lowest level in the past four years.

  • Total revenue for the three months ended September 30, 2010 was $19.3 million, which represents a 37% increase over 2009's figure of $14.1 million. On a year to date basis, total revenue was $45.5 million for 2010 which was a 4% increase over the 2009 period's figure of $43.8 million. Non-interest income was $11.4 million for the quarter, an increase of 56% over the $7.3 million for the quarter ended September 30, 2009. This increase was primarily the result of strong mortgage banking revenue. For the nine months ended September 30, 2010, non interest income was $23.8 million, 2% lower than the $24.4 million recorded during the nine months ended September 30, 2009. During the first half of 2009, the Company had record mortgage volume and related fee income, but mortgage volume significantly decreased nationwide late in 2009 and early in 2010. This was primarily due to a slowing real estate market and the expiration of the U.S. Government's homebuyer tax credits. More recently, historically low interest rates have fueled increased refinancing demand in the second and third quarters of 2010.

  • Net interest income rose 18% with $7.9 million earned in the third quarter of 2010 compared to $6.7 million in the third quarter of 2009. For the nine months ended September 30, 2010, net interest income was $21.7 million, an increase of 12% over 2009. The increase is primarily due to the reduction of debt and related interest expense attributable to the Company's exchange for and elimination of $21 million in trust preferred debt securities in the first and second quarters, as well as lower costs of deposits and borrowed funds.  The net interest margin for the third quarter of 2010 was 2.99%, an increase of 69 basis points from 2.30% in the third quarter of 2009. For the nine months ended September 30, the net interest margins were 2.82% and 2.24% for 2010 and 2009, respectively.  

  • Average earning assets were $1.03 billion for the third quarter of 2010, which was a 10% decrease over the third quarter 2009 balance of $1.15 billion. The decrease was due to a reduction in loans, investments, and interest bearing deposits. This was the result of lower new commercial loan demand and the sale of commercial loans. Additionally, the proceeds from the sale or maturity of certain investment securities were retained to increase liquidity to meet high mortgage volume demand.

  • The provision for loan losses totaled $9.8 million for the third quarter of 2010, an increase of 364 % over the provision of $2.1 million in the corresponding quarter last year.  Net charge-offs increased $4.0 million, or 156%, to $6.6 million for the third quarter of 2010 from $2.6 million in the third quarter of 2009. For the nine months ended September 30, the provision for loan losses was $16.3 million and $8.4 million in 2010 and 2009, respectively. The allowance for loans losses at the end of the third quarter of 2010 was $15.2 million, an increase of 37% over the prior year's figure of $11.1 million. The allowance for loan losses as a percentage of total loans was 1.82% as of September 30, 2010, compared to 1.23% as of September 30, 2009.

  • Non- interest expenses were $18.6 million in the third quarter of 2010, a 1% increase over the $18.4 million in the third quarter of 2009. Included in the non-interest expenses were other-than-temporary write down of investment securities of $0.8 million, a loss on the sale of loans of $0.4 million, and costs of foreclosed properties of $1.8 million. Other than increases in these costs, the remaining operating expenses were down 5% for the quarter, reflecting lower salary and benefits expenses as the Company has reduced staff and eliminated a number of paid holidays.

Comparing balance sheet data as of September 30, 2010 and 2009, total assets decreased to $1.33 billion, 5% lower than the prior year's $1.41 billion. The decrease is primarily due to the sale of Mariner Finance which took place in the fourth quarter of 2009.

  • Total loans outstanding decreased $66.7 million, or 7%, to $832.9 million as of September 30, 2010. This was due to slowing commercial loan production coupled with commercial loan maturities and resolution of problem assets.

  • Total deposits increased $27.1 million, or 3%, from $1.08 billion in 2009 to $1.11 billion as of September 30, 2010. Increases in Certificates of Deposit were the primary reason for the overall increase in deposits. Total Certificates of Deposit were $808.6 million as of September 30, 2010, an increase of $75.4 million, or 10%, over September 30, 2009's balance of $733.2 million. This increase was partially offset by decreases in non-interest bearing checking accounts of $13.9 million and money market accounts of $36.3 million.

  • Stockholders' Equity was $38.8 million as of September 30, 2010, resulting in a basic book value per share of $2.16. Capital Ratios in the third quarter of 2010 for First Mariner Bank were as follows: Leverage Ratio = 5.7%; Tier 1 risk-based ratio = 7.6% Total Capital Ratio = 8.9%.

1st Mariner Bancorp is a bank holding company with total assets of $1.33 billion.  Its wholly owned banking subsidiary, 1st Mariner Bank, with total assets of $1.34 billion, 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 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, 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 September 30,



2010

2009

$ Change

% Change

Summary of Earnings:






Net interest income

$        7,854

$        6,737

$       1,117

17%


Provision for loan losses

9,750

2,100

7,650

364%


Noninterest income

11,432

7,340

4,092

56%


Noninterest expense

18,595

18,416

179

1%


Net loss before income taxes

(9,059)

(6,439)

(2,620)

41%


Income tax benefit

(4,452)

(3,292)

(1,160)

35%


Net loss from continuing operations

(4,607)

(3,147)

(1,460)

46%


Net (loss)/income from discontinued operations

-

(9,809)

(9,809)

100%


Net loss

(4,607)

(12,956)

8,349

64%







Profitability and Productivity:






Return on average assets

-1.38%

-3.56%

-

61%


Return on average equity

-42.24%

-121.29%

-

65%


Net interest margin

2.99%

2.30%

-

30%


Net overhead ratio

2.15%

3.14%

-

-32%


Efficiency ratio

96.42%

133.96%

-

-28%


Mortgage loan production

437,043

271,199

165,844

61%


Average deposits per branch

48,109

44,974

3,135

7%







Per Share Data:






Basic earnings per share - continuing operations

$         (0.26)

$         (0.49)

0.23

47%


Diluted earnings per share - continuing operations

$         (0.26)

$         (0.49)

0.23

47%


Basic earnings per share - discontinued operations

$             -

$         (1.52)

1.52

100%


Diluted earnings per share - discontinued operations

$             -

$         (1.52)

1.52

100%


Basic earnings per share

$         (0.26)

$         (2.01)

1.75

87%


Diluted earnings per share

$         (0.26)

$         (2.01)

1.75

87%


Book value per share

$          2.16

$          4.56

(2.40)

-53%


Number of shares outstanding

17,962,449

6,452,631

11,509,818

178%


Average basic number of shares

17,897,094

6,452,631

11,444,463

177%


Average diluted number of shares

17,897,094

6,452,631

11,444,463

177%







Summary of Financial Condition:






At Period End:






Assets

$  1,333,339

$  1,410,427

(77,088)

-5%


Investment Securities

24,903

41,805

(16,902)

-40%


Loans

832,902

899,627

(66,725)

-7%


Deposits

1,106,504

1,079,379

27,125

3%


Borrowings

172,283

197,519

(25,236)

-13%


Stockholders' equity

38,771

29,435

9,336

32%








Average for the period:






Assets

$  1,323,346

$  1,442,088

(118,742)

-8%


Investment Securities

21,071

50,975

(29,904)

-59%


Loans

845,485

888,657

(43,172)

-5%


Deposits

1,099,916

1,098,334

1,582

0%


Borrowings

170,949

208,944

(37,995)

-18%


Stockholders' equity

43,275

42,378

897

2%







Capital Ratios: First Mariner Bank






Leverage

5.7%

5.4%

-

6%


Tier 1 Capital to risk weighted assets

7.6%

6.7%

-

13%


Total Capital to risk weighted assets

8.9%

8.4%

-

6%







Asset Quality Statistics and Ratios:






Net Chargeoffs

6,592

2,576

4,016

156%


Non-performing assets

70,241

54,357

15,884

29%


90 Days or more delinquent loans

5,129

20,159

(15,030)

-75%


Annualized net chargeoffs to average loans

3.09%

1.15%

-

169%


Non-performing assets to total assets

5.27%

3.85%

-

37%


90 Days or more delinquent loans to total loans

0.62%

2.24%

-

-73%


Allowance for loan losses to total loans

1.82%

1.23%

-

48%









FINANCIAL HIGHLIGHTS (UNAUDITED)





First Mariner Bancorp





(Dollars in thousands, except per share data)







For the nine months ended September 30,



2010

2009

$ Change

% Change

Summary of Earnings:






Net interest income

$     21,705

$      19,438

$         2,267

12%


Provision for loan losses

16,290

8,360

7,930

95%


Noninterest income

23,788

24,395

(607)

-2%


Noninterest expense

52,455

53,082

(627)

-1%


Net loss before income taxes

(23,252)

(17,609)

(5,643)

32%


Income tax benefit

(10,748)

(8,108)

(2,640)

33%


Net loss from continuing operations

(12,504)

(9,501)

(3,003)

32%


Net (loss)/income from discontinued operations

(200)

(8,965)

8,765

-98%


Net loss

(12,704)

(18,466)

5,762

-31%







Profitability and Productivity:






Return on average assets

-1.25%

-1.78%

-

-30%


Return on average equity

-43.95%

-54.93%

-

-20%


Net interest margin

2.82%

2.24%

-

26%


Net overhead ratio

2.82%

2.79%

-

1%


Efficiency ratio

115.44%

122.02%

-

-5%


Mortgage loan production

892,624

1,343,982

(451,358)

-34%


Average deposits per branch

48,109

44,974

3,135

7%







Per Share Data:






Basic earnings per share - continuing operations

$        (0.91)

$         (1.47)

0.56

-38%


Diluted earnings per share - continuing operations

$        (0.91)

$         (1.47)

0.56

-38%


Basic earnings per share - discontinued operations

$        (0.01)

$         (1.39)

1.37

-99%


Diluted earnings per share - discontinued operations

$        (0.01)

$         (1.39)

1.37

-99%


Basic earnings per share

$        (0.93)

$         (2.86)

1.93

-68%


Diluted earnings per share

$        (0.93)

$         (2.86)

1.93

-68%


Book value per share

$         2.16

$          4.56

(2.40)

-53%


Number of shares outstanding

17,962,449

6,452,631

11,509,818

178%


Average basic number of shares

13,682,758

6,452,631

7,230,127

112%


Average diluted number of shares

13,682,758

6,452,631

7,230,127

112%







Summary of Financial Condition:






At Period End:






Assets

$ 1,333,339

$  1,410,427

(77,088)

-5%


Investment Securities

24,903

41,805

(16,902)

-40%


Loans

832,902

899,627

(66,725)

-7%


Deposits

1,106,504

1,079,379

27,125

3%


Borrowings

172,283

197,519

(25,236)

-13%


Stockholders' equity

38,771

29,435

9,336

32%








Average for the period:






Assets

$ 1,363,436

$  1,388,825

(25,389)

-2%


Investment Securities

28,753

50,998

(22,245)

-44%


Loans

863,619

884,771

(21,152)

-2%


Deposits

1,135,399

1,038,648

96,751

9%


Borrowings

178,891

214,600

(35,709)

-17%


Stockholders' equity

38,651

44,944

(6,293)

-14%







Capital Ratios: First Mariner Bank






Leverage

5.7%

5.4%

-

6%


Tier 1 Capital to risk weighted assets

7.6%

6.7%

-

13%


Total Capital to risk weighted assets

8.9%

8.4%

-

6%







Asset Quality Statistics and Ratios:






Net Chargeoffs

12,753

9,451

3,302

35%


Non-performing assets

70,241

54,357

15,884

29%


90 Days or more delinquent loans

5,129

20,159

(15,030)

-75%


Annualized net chargeoffs to average loans

1.97%

1.43%

-

38%


Non-performing assets to total assets

5.27%

3.85%

-

37%


90 Days or more delinquent loans to total loans

0.62%

2.24%

-

-73%


Allowance for loan losses to total loans

1.82%

1.23%

-

48%









CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

First Mariner Bancorp

(Dollars in thousands)







As of September 30,



2010

2009

$ Change

% Change

Assets:






Cash and due from banks

$138,220

$45,079

93,141

207%


Interest-bearing deposits

39,024

55,087

(16,063)

-29%


Available-for-sale investment securities, at fair value

24,903

30,526

(5,623)

-18%


Trading Securities

-

11,279

(11,279)

-100%


Loans held for sale

151,623

102,569

49,054

48%


Loans receivable

832,902

899,627

(66,725)

-7%


Allowance for loan losses

(15,176)

(11,054)

(4,122)

37%


Loans, net

817,726

888,573

(70,847)

-8%


Real estate acquired through foreclosure

21,639

24,703

(3,064)

-12%


Restricted stock investments, at cost

7,370

7,934

(564)

-7%


Premises and equipment, net

42,044

45,419

(3,375)

-7%


Accrued interest receivable

4,245

5,188

(943)

-18%


Income taxes recoverable

1,256

2,394

(1,138)

-48%


Deferred income taxes

30,684

28,493

2,191

8%


Bank owned life insurance

35,839

34,402

1,437

4%


Assets held for sale - Mariner Finance (at fair value)

-

101,048

(101,048)

-100%


Prepaid expenses and other assets

18,766

27,733

(8,967)

-32%

Total Assets

$ 1,333,339

$1,410,427

(77,088)

-5%







Liabilities and Stockholders' Equity:





Liabilities:






Deposits

$ 1,106,504

$1,079,379

27,125

3%


Borrowings

120,215

123,795

(3,580)

-3%


Junior subordinated deferrable interest debentures

52,068

73,724

(21,656)

-29%


Liabilities of assets held for sale - Mariner Finance (at fair value)

-

90,076

(90,076)

-100%


Accrued expenses and other liabilities

15,781

14,018

1,763

13%

Total Liabilities

1,294,568

1,380,992

(86,424)

-6%







Stockholders' Equity






Common Stock

893

323

570

176%


Additional paid-in-capital

79,727

56,770

22,957

40%


Retained earnings

(39,557)

(22,803)

(16,754)

73%


Accumulated other comprehensive loss

(2,292)

(4,855)

2,563

-53%

Total Stockholders Equity

38,771

29,435

9,336

32%

Total Liabilities and Stockholders' Equity

$ 1,333,339

$1,410,427

(77,088)

-5%









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,



2010

2009

2010

2009

Interest Income:






Loans

$     13,270

$     14,229

$       39,531

$    42,381


Investments and interest-bearing deposits

509

776

1,945

2,356

Total Interest Income

13,779

15,005

41,476

44,737







Interest Expense:






Deposits

4,894

6,289

15,956

18,977


Borrowings

1,031

1,979

3,815

6,322

Total Interest Expense

5,925

8,268

19,771

25,299







Net Interest Income Before Provision for Loan Losses

7,854

6,737

21,705

19,438







Provision for Loan Losses

9,750

2,100

16,290

8,360







Net Interest Income After Provision for Loan Losses

(1,896)

4,637

5,415

11,078







Noninterest Income:






Service fees on deposits

933

1,353

3,109

3,992


ATM Fees

745

788

2,279

2,300


Mortgage banking income

8,804

3,443

13,499

12,756


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

-

330

54

330


Commissions on sales of nondeposit investment products

110

156

381

423


Income from bank owned life insurance

353

333

1,066

1,005


Income (loss) on trading assets and liabilities

331

801

1,661

2,239


Other

156

136

1,739

1,350

Total Noninterest Income

11,432

7,340

23,788

24,395







Noninterest Expense:






Salaries and employee benefits

6,501

7,543

19,409

19,681


Occupancy

2,297

2,219

6,863

6,809


Furniture, fixtures and equipment

585

685

1,800

2,296


Advertising

154

141

421

731


Data Processing

460

449

1,343

1,422


Professional services

838

962

2,149

2,419


Costs of other real estate owned

1,849

1,674

6,393

5,670


Valuation and secondary marketing reserves

-

-

-

-


FDIC Insurance

1,029

903

2,927

2,411


Other than temporary impairment charges on AFS securities

816

401

1,249

2,206


Other

4,066

3,439

9,901

9,437

Total Noninterest Expense

18,595

18,416

52,455

53,082







Net loss before discontinued operations and income taxes

(9,059)

(6,439)

(23,252)

(17,609)

Income tax benefit - continuing operations

(4,452)

(3,292)

(10,748)

(8,108)

Net loss from continuing operations

(4,607)

(3,147)

(12,504)

(9,501)

(Loss)/Income from discontinued operations

-

(9,809)

(200)

(8,965)







Net Loss

$      (4,607)

$    (12,956)

$      (12,704)

$   (18,466)









CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED)



First Mariner Bancorp





(Dollars in thousands)







For the three months ended September 30,



2010

2009



Average

Yield/

Average

Yield/



Balance

Rate

Balance

Rate

Assets:






Loans






Commercial Loans and LOC

$     76,811

4.71%

$       84,166

5.44%


Commercial Construction

65,634

5.31%

99,866

5.21%


Commercial Mortgages

363,660

6.16%

343,483

6.54%


Consumer Residential Construction

39,041

4.49%

54,823

6.04%


Residential Mortgages

148,022

5.75%

155,257

5.94%


Consumer

152,318

4.68%

151,062

4.59%


Total Loans

845,485

5.54%

888,657

5.82%








Loans held for sale

123,164

4.47%

85,568

5.16%


Trading and available for sale securities, at fair value

21,071

6.91%

50,975

5.66%


Interest bearing deposits

35,885

1.30%

117,878

0.11%


Restricted stock investments, at cost

7,557

0.46%

7,934

1.18%








Total earning assets

1,033,161

5.26%

1,151,012

5.50%








Allowance for loan losses

(12,447)


(11,720)



Cash and other non earning assets

302,632


302,796








Total Assets

$ 1,323,346


$  1,442,088








Liabilities and Stockholders' Equity:






Interest bearing deposits






NOW deposits

7,468

0.68%

6,471

0.61%


Savings deposits

56,442

0.29%

56,570

0.32%


Money market deposits

138,216

0.61%

170,445

0.86%


Time deposits

792,500

2.32%

746,575

3.12%


Total interest bearing deposits

994,626

1.95%

980,061

2.55%








Borrowings

170,949

2.39%

208,944

3.76%








Total interest bearing liabilities

1,165,575

2.02%

1,189,005

2.76%








Noninterest bearing demand deposits

105,290


118,273



Other liabilities

9,206


92,432



Stockholders' Equity

43,275


42,378








Total Liabilities and Stockholders' Equity

$ 1,323,346


$  1,442,088








Net Interest Spread


3.25%


2.39%







Net Interest Margin


2.99%


2.30%









CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED)



First Mariner Bancorp





(Dollars in thousands)







For the nine months ended September 30,



2010

2009



Average

Yield/

Average

Yield/



Balance

Rate

Balance

Rate

Assets:






Loans






Commercial Loans and LOC

$     78,049

5.03%

$       86,525

5.49%


Commercial Construction

82,951

5.15%

102,838

5.16%


Commercial Mortgages

346,499

6.17%

332,743

6.66%


Consumer Residential Construction

43,476

5.42%

62,101

5.47%


Residential Mortgages

159,637

5.63%

149,347

5.92%


Consumer

153,007

4.66%

151,217

4.47%


Total Loans

863,619

5.56%

884,771

5.79%








Loans held for sale

92,089

4.72%

93,255

5.13%


Trading and available for sale securities, at fair value

28,753

7.23%

50,998

5.95%


Interest bearing deposits

21,124

2.36%

78,641

0.12%


Restricted stock investments, at cost

7,807

0.24%

7,714

0.11%








Total earning assets

1,013,392

5.43%

1,115,379

5.30%








Allowance for loan losses

(12,411)


(12,121)



Cash and other non earning assets

362,455


285,567








Total Assets

$ 1,363,436


$  1,388,825








Liabilities and Stockholders' Equity:






Interest bearing deposits






NOW deposits

7,461

0.72%

6,661

0.64%


Savings deposits

56,098

0.29%

55,656

0.34%


Money market deposits

142,821

0.63%

162,675

0.84%


Time deposits

821,725

2.46%

697,013

3.45%


Total interest bearing deposits

1,028,105

2.08%

922,005

2.78%








Borrowings

178,891

2.85%

214,600

3.98%








Total interest bearing liabilities

1,206,996

2.19%

1,136,605

3.01%








Noninterest bearing demand deposits

107,294


116,643



Other liabilities

10,495


90,633



Stockholders' Equity

38,651


44,944








Total Liabilities and Stockholders' Equity

$ 1,363,436


$  1,388,825








Net Interest Spread


3.24%


2.29%







Net Interest Margin


2.82%


2.24%









SOURCE 1st Mariner Bancorp



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

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