First Mariner Reports Record Earnings for 1st Quarter; Earnings Increase Substantially; Book Value Climbs 21% to $8.25 per Share

Apr 17, 2001, 01:00 ET from First Mariner Bancorp

    BALTIMORE, April 17 /PRNewswire/ -- First Mariner Bancorp (Nasdaq:   FMAR),
 parent company of First Mariner Bank, announced today net income for the first
 quarter of 2001 of $312,000 ($.09 per share compared to $51,000 or $.02 per
 share last year), the highest 1ST quarter profit in the company's history, and
 the highest level of operating earnings of any quarter the company has ever
 recorded.
     Edwin F. Hale, Sr., First Mariner's chairman and chief executive officer
 said, "It was a strong quarter for us, the most successful in our history.  We
 have essentially completed the substantial initial investment in the
 development of our infrastructure.  As expected, the strong revenue growth and
 increasing net income stream this quarter is clear evidence that our strategy
 of building early for future growth is the correct one."
     "There was diversified growth in all of our lines of business, we
 continued to improve our asset quality ratios and we prudently increased our
 coverage of nonperforming loans.  And importantly, while this occurred our
 expenses have moderated," Mr. Hale continued.
     The increased earnings were driven by strong revenue growth of
 $1.6 million (+ 25%), while noninterest expenses increased at a slower rate
 ($926 thousand or 15%).  Total assets for the company at March 31, 2001
 totaled $705 million, an increase of 10% from $642 million at March 31, 2000.
     Significant growth continued in the major balance sheet categories,
 reflecting the company's expansion of its branch network, the continued
 success of sales efforts, and the benefits of marketing and advertising
 campaigns.  Deposits grew significantly, increasing 21% to total $501 million.
 Loans grew 25% and totaled $444 million; as a result the company also
 increased its provision for credit losses by $295 thousand from the same
 period last year, increasing the allowance for credit losses to 1.05% of total
 loans from .96% at March 31, 2000.  Non performing assets totaled
 $5.660 million (.80% of total assets) at March 31, 2001 compared to
 $6.782 million (1.00% of total assets) at December 31, 2000 and $5.352 million
 (.83% of total assets) at March 31, 2000.
     Stockholders' equity increased by 38% and totaled $29.9 million at quarter
 end.  First Mariner's book value per share at March 31, 2001 increased 21% to
 $8.25 (+$1.43) from $6.52 as of March 31, 2000.  The increased book value per
 share was primarily due to improved market values on the company's investment
 securities portfolio.
 
     Financial highlights for the quarter include:
 
      -- Net interest income increased $594 thousand or 12% for the first
          quarter of 2001 compared to the same quarter of 2000, primarily due
          to growth in loans and deposits.
 
      -- The provision for loan losses totaled $375 thousand in the first
          quarter 2001 compared to $80 thousand in the same quarter 2000.
          Increased loan balances drove the higher provision.  The allowance
          for loan losses as a percentage of total loans was 1.05% at the end
          of the current quarter, up from 1.01% as of December 31, 2000 and
          .96% as of March 31, 2000.
 
      -- Noninterest or fee income increased $1.039 million or 64% for the
          first quarter 2001 compared to the same period of 2000.  Higher
          mortgage banking revenue (+ $518 thousand), increased commissions
          from sales of non-deposit investment products (+ $157 thousand), and
          higher service charge income (+ $135 thousand) contributed to the
          increase.
 
      -- Noninterest expenses increased $926 thousand or 15% in the first
          quarter 2001 compared to the same quarter of 2000.  Higher salaries
          and benefit costs (+ $166 thousand), occupancy costs (+ $201
          thousand), furniture and fixtures expenses (+ $134 thousand), and
          increased professional and consulting fees (+ $115 thousand)
          contributed to the increase.
 
      -- Regulatory capital ratios at the end of the quarter were as follows:
          6.3% Capital Leverage Ratio; 8.6% Tier 1 Capital Ratio; and 11.8%
          Total Capital Ratio.  All capital ratios continue to exceed the
          level to qualify as well capitalized under current regulatory
          guidelines.
 
     First Mariner Bancorp is a bank holding company with total assets of
 $705 million.  Its wholly owned subsidiary, First Mariner Bank, (founded in
 1994) operates 25 full service branches in Baltimore, Anne Arundel, Harford,
 Talbot, and Worcester counties in Maryland, and the city of Baltimore.  First
 Mariner Mortgage Corporation is a wholly owned subsidiary of First Mariner
 Bank and operates 10 offices in Central Maryland and Northern Virginia.  First
 Mariner Bancorp's common stock is traded on the Nasdaq National Market under
 the symbol "FMAR".  Preferred shares issued by Mariner Capital Trust
 (Subsidiary of First Mariner Bancorp) are also traded under the Nasdaq
 National market under the symbol "FMARP".  First Mariner's web site address is
 www.1stMarinerBank.com.
 
 
     FINANCIAL HIGHLIGHTS (UNAUDITED)
     First Mariner Bancorp
     (Dollars in thousands, except per share data)
                                              For the period ended March 31,
 
                                                 2001     2000  $Change %Change
     Summary of Earnings:
       Net interest income                     $5,444    4,850      594    12%
       Provision for loan losses                  375       80      295   369%
       Noninterest income                       2,674    1,635    1,039    64%
       Noninterest expense                      7,248    6,322      926    15%
       Income before income taxes                 495       83      412   496%
       Income tax expense                         183       32      151   472%
       Net income                                 312       51      261   512%
 
     Profitability and Productivity:
       Return on average assets                 0.19%    0.03%      -     464%
       Return on average equity                 4.53%    0.95%      -     377%
       Net interest margin                      3.47%    3.33%      -       4%
       Net overhead ratio                       2.81%    3.09%      -      -9%
       Efficiency ratio                        90.00%   97.62%      -      -8%
       Mortgage loan production               169,143   83,062   86,081   104%
       Average deposits per branch             20,033   17,193    2,840    17%
 
     Per Share Data:
       Basic earnings per share                 $0.09    $0.02     0.07   437%
       Diluted earnings per share               $0.09    $0.02     0.07   437%
       Book value per share                     $8.25    $6.82     1.43    21%
 
     Summary of Financial Condition:
       At Period End:
       Assets                                $705,375  642,474   62,901    10%
       Investment Securities                  140,239  206,421  (66,182)  -32%
       Loans                                  444,215  354,699   89,516    25%
       Deposits                               500,831  412,643   88,188    21%
       Borrowings and repurchase agreements   148,831  183,246  (34,415)  -19%
       Stockholders' equity                    29,877   21,646    8,231    38%
 
       Average for the period:
       Assets                                $669,357  616,573   52,784     9%
       Investment Securities                  151,282  201,102  (49,820)  -25%
       Loans                                  432,118  345,537   86,581    25%
       Deposits                               472,331  396,186   76,145    19%
       Borrowings                             165,674  195,448  (29,774)  -15%
       Stockholders' equity                    27,932   21,792    6,140    28%
 
     Capital Ratios:
       Leverage                                  6.3%     6.3%      -       0%
       Tier 1 Capital to risk weighted
        assets                                   8.6%    10.0%      -     -14%
       Total Capital to risk weighted assets    11.8%    13.9%      -     -15%
 
     Asset Quality Statistics and Ratios:
       Net Chargeoffs                              70       (2)      72  3600%
       Non-performing assets                    5,660    5,352      308     6%
       Annualized net chargeoffs to average
        loans                                   0.07%    0.00%      -    2899%
       Non-performing assets to total assets    0.80%    0.83%      -      -4%
       Allowance for loan losses to total
        loans                                   1.05%    0.96%      -       9%
 
 
     CONSOLIDATED STATEMENTS OF FINANCIAL
      CONDITION (UNAUDITED)
     First Mariner Bancorp
     (Dollars in thousands)
                                              For the period ended March 31,
                                                2001     2000  $Change %Change
     Assets:
       Cash and due from banks                $20,429   16,535    3,894    24%
       Interest-bearing deposits               13,065    7,940    5,125    65%
       Available-for-sale investment
        securities, at fair value             140,239  206,421  (66,182)  -32%
       Loans held for sale                     58,994   30,323   28,671    95%
       Loans receivable                       444,215  354,699   89,516    25%
       Allowance for loan losses               (4,646)  (3,404)  (1,242)   36%
       Loans, net                             439,569  351,295   88,274    25%
       Other real estate owned                  2,601    1,294    1,307   101%
       Federal Home Loan Bank of Atlanta
        stock, at cost                          4,725    4,300      425    10%
       Property and equipment                  14,157   11,014    3,143    29%
       Accrued interest receivable              4,273    3,799      474    12%
       Deferred income taxes                    2,557    5,946   (3,389)  -57%
       Prepaid and other assets                 4,766    3,607    1,159    32%
     Total Assets                            $705,375  642,474   62,901    10%
 
     Liabilities and Stockholders' Equity:
     Liabilities:
       Deposits                              $500,831  412,643   88,188    21%
       Borrowings                              43,455  111,061  (67,606)  -61%
       Repurchase agreements                  105,376   72,185   33,191    46%
       Trust preferred securities              21,450   21,450      -       0%
       Accrued expenses and other liabilities   4,386    3,489      897    26%
     Total Liabilities                        675,498  620,828   54,670     9%
 
     Stockholders' Equity
       Common Stock                               181      158       23    15%
       Additional paid-in-capital              36,146   34,394    1,752     5%
       Accumulated deficit                     (4,941)  (5,784)     843   -15%
       Accumulated other comprehensive loss    (1,509)  (7,122)   5,613   -79%
     Total Stockholders Equity                 29,877   21,646    8,231    38%
     Total Liabilities and Stockholders'
      Equity                                 $705,375  642,474   62,901    10%
 
 
     CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
     First Mariner Bancorp
     (Dollars in thousands)
                                            For the period ended March 31,
 
                                              2001     2000  $Change %Change
     Interest Income:
       Investments and interest-bearing
        deposits                            $2,792    3,869   (1,077)  -28%
       Loans                                10,334    7,597    2,737    36%
     Total Interest Income                  13,126   11,466    1,660    14%
 
     Interest Expense:
       Deposits                              5,072    3,857    1,215    32%
       Borrowings and repurchase
        agreements                           2,610    2,759     (149)   -5%
     Total Interest Expense                  7,682    6,616    1,066    16%
 
     Net Interest Income Before Provision
      for Loan Losses                        5,444    4,850      594    12%
 
     Provision for Loan Losses                 375       80      295   369%
 
     Net Interest Income After Provision
      for Loan Losses                        5,069    4,770      299     6%
 
     Noninterest Income:
       Service fees on deposits                845      710      135    19%
       ATM Fees                                378      316       62    20%
       Gains on sales of mortgage loans        405      188      217   115%
       Other mortgage banking revenue          543      242      301   124%
       Gains on sales of investment
        securities                              65        9       56   622%
       Other                                   438      170      268   158%
     Total Noninterest Income                2,674    1,635    1,039    64%
 
     Noninterest Expense:
       Salaries and employee benefits        3,399    3,233      166     5%
       Net occupancy                         1,032      831      201    24%
       Furniture, fixtures and equipment       516      382      134    35%
       Advertising                             240      250      (10)   -4%
       Data Processing                         395      389        6     2%
       Professional services                   146       96       50    52%
       Other                                 1,520    1,141      379    33%
     Total Noninterest Expense               7,248    6,322      926    15%
 
     Income Before Income Taxes                495       83      412   496%
 
     Income Tax Expense                        183       32      151   472%
 
     Net Income                               $312       51      261   512%
 
 
     CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED)
     First Mariner Bancorp
     Dollars in thousands)
                                              For the period ended March 31,
                                                  2001              2000
                                             Average  Yield/   Average  Yield/
                                             Balance   Rate    Balance   Rate
     Assets:
       Loans
       Commercial Loans and LOC              $68,434   9.21%   $67,880   8.81%
       Comm/Res Construction                  35,532  10.21%    18,119  10.46%
       Commercial Mortgages                  103,065   9.49%    90,830   9.71%
       Residential Constr - Cons              87,339  10.16%    37,753   8.32%
       Residential Mortgages                  96,821   8.05%    93,542   7.23%
       Consumer                               40,927   8.19%    37,413   7.33%
       Total Loans                           432,118   9.20%   345,537   8.49%
 
       Loans held for sale                    32,081   6.31%    22,033   6.09%
       Available for sale securities, at
        fair value                           151,282   6.94%   201,102   7.13%
       Interest bearing deposits               7,494   4.71%     8,732   9.83%
       Federal Home Loan Bank of Atlanta
        stock, at cost                         4,578   7.25%     4,161   7.75%
 
       Total earning assets                  627,553   8.44%   581,565   7.94%
 
       Allowance for loan losses              (4,461)           (3,357)
       Cash and other non earning assets      46,265            38,365
 
     Total Assets                           $669,357          $616,573
 
     Liabilities and Stockholders' Equity
       Interest bearing deposits
       NOW deposits                           31,042   1.34%     26834   1.43%
       Savings deposits                       30,038   2.75%     25467   2.72%
       Money market deposits                 172,492   5.11%    135838   4.53%
       Time deposits                         175,450   5.99%    156625   5.37%
       Total interest bearing deposits       409,022   5.03%   344,764   4.54%
 
       Borrowings                            165,674   6.39%   195,448   5.72%
 
       Total interest bearing liabilities    574,696   5.42%   540,212   4.97%
 
       Noninterest bearing demand deposits    63,309            51,422
       Other liabilities                       3,420             3,147
       Stockholders Equity                    27,932            21,792
 
     Total Liabilities and Stockholders'
      Equity                                $669,357          $616,573
 
     Net Interest Spread                               3.01%             2.98%
 
     Net Interest Margin                               3.47%             3.33%
 
 

SOURCE First Mariner Bancorp
    BALTIMORE, April 17 /PRNewswire/ -- First Mariner Bancorp (Nasdaq:   FMAR),
 parent company of First Mariner Bank, announced today net income for the first
 quarter of 2001 of $312,000 ($.09 per share compared to $51,000 or $.02 per
 share last year), the highest 1ST quarter profit in the company's history, and
 the highest level of operating earnings of any quarter the company has ever
 recorded.
     Edwin F. Hale, Sr., First Mariner's chairman and chief executive officer
 said, "It was a strong quarter for us, the most successful in our history.  We
 have essentially completed the substantial initial investment in the
 development of our infrastructure.  As expected, the strong revenue growth and
 increasing net income stream this quarter is clear evidence that our strategy
 of building early for future growth is the correct one."
     "There was diversified growth in all of our lines of business, we
 continued to improve our asset quality ratios and we prudently increased our
 coverage of nonperforming loans.  And importantly, while this occurred our
 expenses have moderated," Mr. Hale continued.
     The increased earnings were driven by strong revenue growth of
 $1.6 million (+ 25%), while noninterest expenses increased at a slower rate
 ($926 thousand or 15%).  Total assets for the company at March 31, 2001
 totaled $705 million, an increase of 10% from $642 million at March 31, 2000.
     Significant growth continued in the major balance sheet categories,
 reflecting the company's expansion of its branch network, the continued
 success of sales efforts, and the benefits of marketing and advertising
 campaigns.  Deposits grew significantly, increasing 21% to total $501 million.
 Loans grew 25% and totaled $444 million; as a result the company also
 increased its provision for credit losses by $295 thousand from the same
 period last year, increasing the allowance for credit losses to 1.05% of total
 loans from .96% at March 31, 2000.  Non performing assets totaled
 $5.660 million (.80% of total assets) at March 31, 2001 compared to
 $6.782 million (1.00% of total assets) at December 31, 2000 and $5.352 million
 (.83% of total assets) at March 31, 2000.
     Stockholders' equity increased by 38% and totaled $29.9 million at quarter
 end.  First Mariner's book value per share at March 31, 2001 increased 21% to
 $8.25 (+$1.43) from $6.52 as of March 31, 2000.  The increased book value per
 share was primarily due to improved market values on the company's investment
 securities portfolio.
 
     Financial highlights for the quarter include:
 
      -- Net interest income increased $594 thousand or 12% for the first
          quarter of 2001 compared to the same quarter of 2000, primarily due
          to growth in loans and deposits.
 
      -- The provision for loan losses totaled $375 thousand in the first
          quarter 2001 compared to $80 thousand in the same quarter 2000.
          Increased loan balances drove the higher provision.  The allowance
          for loan losses as a percentage of total loans was 1.05% at the end
          of the current quarter, up from 1.01% as of December 31, 2000 and
          .96% as of March 31, 2000.
 
      -- Noninterest or fee income increased $1.039 million or 64% for the
          first quarter 2001 compared to the same period of 2000.  Higher
          mortgage banking revenue (+ $518 thousand), increased commissions
          from sales of non-deposit investment products (+ $157 thousand), and
          higher service charge income (+ $135 thousand) contributed to the
          increase.
 
      -- Noninterest expenses increased $926 thousand or 15% in the first
          quarter 2001 compared to the same quarter of 2000.  Higher salaries
          and benefit costs (+ $166 thousand), occupancy costs (+ $201
          thousand), furniture and fixtures expenses (+ $134 thousand), and
          increased professional and consulting fees (+ $115 thousand)
          contributed to the increase.
 
      -- Regulatory capital ratios at the end of the quarter were as follows:
          6.3% Capital Leverage Ratio; 8.6% Tier 1 Capital Ratio; and 11.8%
          Total Capital Ratio.  All capital ratios continue to exceed the
          level to qualify as well capitalized under current regulatory
          guidelines.
 
     First Mariner Bancorp is a bank holding company with total assets of
 $705 million.  Its wholly owned subsidiary, First Mariner Bank, (founded in
 1994) operates 25 full service branches in Baltimore, Anne Arundel, Harford,
 Talbot, and Worcester counties in Maryland, and the city of Baltimore.  First
 Mariner Mortgage Corporation is a wholly owned subsidiary of First Mariner
 Bank and operates 10 offices in Central Maryland and Northern Virginia.  First
 Mariner Bancorp's common stock is traded on the Nasdaq National Market under
 the symbol "FMAR".  Preferred shares issued by Mariner Capital Trust
 (Subsidiary of First Mariner Bancorp) are also traded under the Nasdaq
 National market under the symbol "FMARP".  First Mariner's web site address is
 www.1stMarinerBank.com.
 
 
     FINANCIAL HIGHLIGHTS (UNAUDITED)
     First Mariner Bancorp
     (Dollars in thousands, except per share data)
                                              For the period ended March 31,
 
                                                 2001     2000  $Change %Change
     Summary of Earnings:
       Net interest income                     $5,444    4,850      594    12%
       Provision for loan losses                  375       80      295   369%
       Noninterest income                       2,674    1,635    1,039    64%
       Noninterest expense                      7,248    6,322      926    15%
       Income before income taxes                 495       83      412   496%
       Income tax expense                         183       32      151   472%
       Net income                                 312       51      261   512%
 
     Profitability and Productivity:
       Return on average assets                 0.19%    0.03%      -     464%
       Return on average equity                 4.53%    0.95%      -     377%
       Net interest margin                      3.47%    3.33%      -       4%
       Net overhead ratio                       2.81%    3.09%      -      -9%
       Efficiency ratio                        90.00%   97.62%      -      -8%
       Mortgage loan production               169,143   83,062   86,081   104%
       Average deposits per branch             20,033   17,193    2,840    17%
 
     Per Share Data:
       Basic earnings per share                 $0.09    $0.02     0.07   437%
       Diluted earnings per share               $0.09    $0.02     0.07   437%
       Book value per share                     $8.25    $6.82     1.43    21%
 
     Summary of Financial Condition:
       At Period End:
       Assets                                $705,375  642,474   62,901    10%
       Investment Securities                  140,239  206,421  (66,182)  -32%
       Loans                                  444,215  354,699   89,516    25%
       Deposits                               500,831  412,643   88,188    21%
       Borrowings and repurchase agreements   148,831  183,246  (34,415)  -19%
       Stockholders' equity                    29,877   21,646    8,231    38%
 
       Average for the period:
       Assets                                $669,357  616,573   52,784     9%
       Investment Securities                  151,282  201,102  (49,820)  -25%
       Loans                                  432,118  345,537   86,581    25%
       Deposits                               472,331  396,186   76,145    19%
       Borrowings                             165,674  195,448  (29,774)  -15%
       Stockholders' equity                    27,932   21,792    6,140    28%
 
     Capital Ratios:
       Leverage                                  6.3%     6.3%      -       0%
       Tier 1 Capital to risk weighted
        assets                                   8.6%    10.0%      -     -14%
       Total Capital to risk weighted assets    11.8%    13.9%      -     -15%
 
     Asset Quality Statistics and Ratios:
       Net Chargeoffs                              70       (2)      72  3600%
       Non-performing assets                    5,660    5,352      308     6%
       Annualized net chargeoffs to average
        loans                                   0.07%    0.00%      -    2899%
       Non-performing assets to total assets    0.80%    0.83%      -      -4%
       Allowance for loan losses to total
        loans                                   1.05%    0.96%      -       9%
 
 
     CONSOLIDATED STATEMENTS OF FINANCIAL
      CONDITION (UNAUDITED)
     First Mariner Bancorp
     (Dollars in thousands)
                                              For the period ended March 31,
                                                2001     2000  $Change %Change
     Assets:
       Cash and due from banks                $20,429   16,535    3,894    24%
       Interest-bearing deposits               13,065    7,940    5,125    65%
       Available-for-sale investment
        securities, at fair value             140,239  206,421  (66,182)  -32%
       Loans held for sale                     58,994   30,323   28,671    95%
       Loans receivable                       444,215  354,699   89,516    25%
       Allowance for loan losses               (4,646)  (3,404)  (1,242)   36%
       Loans, net                             439,569  351,295   88,274    25%
       Other real estate owned                  2,601    1,294    1,307   101%
       Federal Home Loan Bank of Atlanta
        stock, at cost                          4,725    4,300      425    10%
       Property and equipment                  14,157   11,014    3,143    29%
       Accrued interest receivable              4,273    3,799      474    12%
       Deferred income taxes                    2,557    5,946   (3,389)  -57%
       Prepaid and other assets                 4,766    3,607    1,159    32%
     Total Assets                            $705,375  642,474   62,901    10%
 
     Liabilities and Stockholders' Equity:
     Liabilities:
       Deposits                              $500,831  412,643   88,188    21%
       Borrowings                              43,455  111,061  (67,606)  -61%
       Repurchase agreements                  105,376   72,185   33,191    46%
       Trust preferred securities              21,450   21,450      -       0%
       Accrued expenses and other liabilities   4,386    3,489      897    26%
     Total Liabilities                        675,498  620,828   54,670     9%
 
     Stockholders' Equity
       Common Stock                               181      158       23    15%
       Additional paid-in-capital              36,146   34,394    1,752     5%
       Accumulated deficit                     (4,941)  (5,784)     843   -15%
       Accumulated other comprehensive loss    (1,509)  (7,122)   5,613   -79%
     Total Stockholders Equity                 29,877   21,646    8,231    38%
     Total Liabilities and Stockholders'
      Equity                                 $705,375  642,474   62,901    10%
 
 
     CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
     First Mariner Bancorp
     (Dollars in thousands)
                                            For the period ended March 31,
 
                                              2001     2000  $Change %Change
     Interest Income:
       Investments and interest-bearing
        deposits                            $2,792    3,869   (1,077)  -28%
       Loans                                10,334    7,597    2,737    36%
     Total Interest Income                  13,126   11,466    1,660    14%
 
     Interest Expense:
       Deposits                              5,072    3,857    1,215    32%
       Borrowings and repurchase
        agreements                           2,610    2,759     (149)   -5%
     Total Interest Expense                  7,682    6,616    1,066    16%
 
     Net Interest Income Before Provision
      for Loan Losses                        5,444    4,850      594    12%
 
     Provision for Loan Losses                 375       80      295   369%
 
     Net Interest Income After Provision
      for Loan Losses                        5,069    4,770      299     6%
 
     Noninterest Income:
       Service fees on deposits                845      710      135    19%
       ATM Fees                                378      316       62    20%
       Gains on sales of mortgage loans        405      188      217   115%
       Other mortgage banking revenue          543      242      301   124%
       Gains on sales of investment
        securities                              65        9       56   622%
       Other                                   438      170      268   158%
     Total Noninterest Income                2,674    1,635    1,039    64%
 
     Noninterest Expense:
       Salaries and employee benefits        3,399    3,233      166     5%
       Net occupancy                         1,032      831      201    24%
       Furniture, fixtures and equipment       516      382      134    35%
       Advertising                             240      250      (10)   -4%
       Data Processing                         395      389        6     2%
       Professional services                   146       96       50    52%
       Other                                 1,520    1,141      379    33%
     Total Noninterest Expense               7,248    6,322      926    15%
 
     Income Before Income Taxes                495       83      412   496%
 
     Income Tax Expense                        183       32      151   472%
 
     Net Income                               $312       51      261   512%
 
 
     CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED)
     First Mariner Bancorp
     Dollars in thousands)
                                              For the period ended March 31,
                                                  2001              2000
                                             Average  Yield/   Average  Yield/
                                             Balance   Rate    Balance   Rate
     Assets:
       Loans
       Commercial Loans and LOC              $68,434   9.21%   $67,880   8.81%
       Comm/Res Construction                  35,532  10.21%    18,119  10.46%
       Commercial Mortgages                  103,065   9.49%    90,830   9.71%
       Residential Constr - Cons              87,339  10.16%    37,753   8.32%
       Residential Mortgages                  96,821   8.05%    93,542   7.23%
       Consumer                               40,927   8.19%    37,413   7.33%
       Total Loans                           432,118   9.20%   345,537   8.49%
 
       Loans held for sale                    32,081   6.31%    22,033   6.09%
       Available for sale securities, at
        fair value                           151,282   6.94%   201,102   7.13%
       Interest bearing deposits               7,494   4.71%     8,732   9.83%
       Federal Home Loan Bank of Atlanta
        stock, at cost                         4,578   7.25%     4,161   7.75%
 
       Total earning assets                  627,553   8.44%   581,565   7.94%
 
       Allowance for loan losses              (4,461)           (3,357)
       Cash and other non earning assets      46,265            38,365
 
     Total Assets                           $669,357          $616,573
 
     Liabilities and Stockholders' Equity
       Interest bearing deposits
       NOW deposits                           31,042   1.34%     26834   1.43%
       Savings deposits                       30,038   2.75%     25467   2.72%
       Money market deposits                 172,492   5.11%    135838   4.53%
       Time deposits                         175,450   5.99%    156625   5.37%
       Total interest bearing deposits       409,022   5.03%   344,764   4.54%
 
       Borrowings                            165,674   6.39%   195,448   5.72%
 
       Total interest bearing liabilities    574,696   5.42%   540,212   4.97%
 
       Noninterest bearing demand deposits    63,309            51,422
       Other liabilities                       3,420             3,147
       Stockholders Equity                    27,932            21,792
 
     Total Liabilities and Stockholders'
      Equity                                $669,357          $616,573
 
     Net Interest Spread                               3.01%             2.98%
 
     Net Interest Margin                               3.47%             3.33%
 
 SOURCE  First Mariner Bancorp