FIRST MARINER BANCORP 
By BALTIMORE, Jan. 31, 2011 /PRNewswire-FirstCall/ -- 1st Mariner Bancorp (Nasdaq: FMAR), parent company of 1st Mariner Bank, reported a pre-tax net loss of $3.5 million for the fourth quarter of 2010, an improvement of $3.0 million over a pre-tax net loss of $6.5 million for the fourth quarter of 2009. For year ended December 31, 2010, the Company reported a pre-tax net loss of $26.8 million, which was a $2.6 million increase over 2009's pre-tax net loss of $24.1 million. Additionally, the Company reported that it established a valuation allowance on its deferred tax assets in the fourth quarter resulting in a net charge to income tax expense of $29.9. The Company reported an after tax net loss of $33.4 million for the fourth quarter compared to an after tax loss of $3.8 million in the fourth quarter of 2009 and an after tax net loss of $46.1 million for the year ended December 31, 2010 compared to an after tax net loss of $22.3 million for 2009.
The Company noted that the establishment of the valuation allowance on the deferred tax assets does not preclude the Company from realizing these assets in the future, and the valuation allowance complies with FASB accounting standards. Importantly, the regulatory capital ratios of 1st Mariner Bank were not significantly impacted as most of the Company's deferred tax assets were excluded from its regulatory capital ratios in prior periods. After giving effect to the charge to income taxes, the capital ratios of 1st Mariner Bank, 1st Mariner's largest subsidiary, were as follows: Total Risk Based Capital 8.1%; Tier 1 Risk Based Capital 6.8%; and Tier 1 Leverage Ratio 4.8%.
Edwin F. Hale, Sr., 1st Mariner's Chairman and Chief Executive Officer, said, "We improved our pretax operating results by $3.0 million in the fourth quarter of 2010 versus the fourth quarter of 2009, however the recording of the valuation allowance did impact our reported net income. We continue to work diligently to increase our capital ratios with the intent of satisfying the requirements set forth in our agreement signed with our regulators. As we continue our efforts to increase capital, we consult regularly with our regulators and have kept them fully informed of the status of our progress.
"Excluding the negative impact of the valuation allowance on the deferred tax assets, most other measures of operating performance improved, including higher net interest income, lower net charge-offs and lower operating expenses compared to the same quarter of 2009. Over the past year, we instituted many measures to increase revenue and reduce costs that have improved operational efficiency."
Hale concluded, "We remain focused on preserving value for our shareholders and serving our many loyal customers."
Operating Summary
The net interest margin improved to 3.02% in the fourth quarter of 2010, compared to 2.72% in the fourth quarter of 2009. Reduced interest expense on borrowings of 64 basis points was a factor of the improvement in 2010 compared to 2009. On a year to date basis, the net interest margin improved to 2.91% in 2010 from 2.43% in 2009. For the year 2010, the margin was improved by higher yields on earning assets coupled with the reduction in interest expense.
Non-interest income decreased $900 thousand in the fourth quarter of 2010 to $5.2 million in 2010 vs. $6.1 million in 2009. Although gross mortgage banking revenue increased in 2010 over 2009, fee income overall decreased largely as a result of the implementation of new regulations that lowered deposit account service charges. Gross mortgage banking revenue was $4.0 million for the fourth quarter of 2010 and $3.4 million in the fourth quarter of 2009. Mortgage volume remained high in 2010 primarily due to low interest rates. On a year to date basis, non interest income decreased $600 thousand, from $28.3 million in 2009 to $27.7 million in 2010. Again, gross mortgage banking revenue increased from $16.1 million in 2009 to $17.5 million in 2010. However, fee income on deposit accounts decreased $1.4 million from $5.3 million in 2009 versus $3.9 million in 2010 due to new regulations.
Non-interest expenses improved as a result of the cost cutting measures that were previously put in place. Total non-interest expenses decreased from $17.0 million in the fourth quarter of 2009 to $15.8 million in the fourth quarter of 2010. On a year to date basis non-interest expenses decreased $800 thousand, with $67.0 million in 2010 compared to $67.8 million in 2009. Salaries and benefits decreased $1.0 million, with $5.8 million in the fourth quarter of 2010 versus $6.8 million in the fourth quarter of 2009. On a year to date basis, total salaries and benefits were $25.2 million in 2010 and $26.5 million in 2009. The decrease in salaries and benefits was due to staff reductions, elimination of certain paid holidays, and branch closures.
-- Total revenue for the three months ended December 31, 2010 was $13.3
million, which represents a 4% decrease over 2009's figure of $13.8
million. On a year to date basis, total revenue was $57.6 million for
2010 which was a 4% increase over the 2009 period's figure of $55.4
million. Decreases in non-interest income were caused by reduced fee
income resulting from the implementation of new regulations. Offsetting
the reduced fee income were increases in net interest income.
-- Net interest income increased to $8.1 million in the fourth quarter of
2010 compared to $7.7 million in the fourth quarter of 2009. For the
twelve months ended December 31, 2010, net interest income was $29.8
million, a 10% improvement over 2009's $27.1 million. 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.
-- Average earning assets were $1.06 billion for the fourth quarter of
2010, which was a 4.5% decrease over the fourth quarter 2009 balance of
$1.11 billion. The decrease was due to a reduction in loans,
investments, and interest bearing deposits.
-- Net charge-offs decreased 22% during the quarter, with $2.1 million in
the fourth quarter of 2010 compared to $2.7 million in the fourth
quarter of 2009. For the years ended December 31, 2010 and 2009, net
charge-offs were $14.8 million and $12.2 million, respectively. The
provision for loan losses totaled $1.0 million for the fourth quarter of
2010, a decrease of $2.3 million over the provision of $3.3 million in
the corresponding quarter last year. For the twelve months ended
December 31, the provision for loan losses was $17.3 million and $11.7
million in 2010 and 2009, respectively. The allowance for loans losses
at the end of the fourth quarter of 2010 was $14.1 million, an increase
of 21% over the prior year's figure of $11.6 million. The allowance for
loan losses as a percentage of total loans was increased to 1.74% as of
December 31, 2010, compared to 1.31% as of December 31, 2009.
Comparing balance sheet data as of December 31, 2010 and 2009, total assets decreased to $1.31 billion, 5.0% lower than the prior year's $1.38 billion. The decrease is primarily attributable to a $28.2 million reduction in the deferred tax assets due to a valuation allowance and decreases in loans of $78.8 million.
-- Net deferred tax assets decreased $28.2 million as a result of the
establishment of the previously discussed valuation allowance.
-- Total loans outstanding decreased $78.8 million, or 9.0%, to $812.2
million as of December 31, 2010. Continued resolution of problem assets
and commercial loan maturities contributed to the decrease.
-- Total deposits decreased $24.6 million, or 2.2%, from $1.15 billion in
2009 to $1.12 billion as of December 31, 2010. Money market accounts
decreased $32 million, from $157.9 million as of December 31, 2009 to
$125.9 million as of December 31, 2010. Offsetting this decrease was an
increase in Certificates of Deposit of $12.3 million. Total Certificates
of Deposit were $823.6 million as of December 31, 2010 compared to
$811.4 million as of December 31, 2009.
1st Mariner Bancorp is a bank holding company with total assets of $1.31 billion. Its wholly owned banking subsidiary, 1st Mariner Bank, with total assets of $1.31 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. 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 First 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 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, 2009 and the Company's Form 10-Q for the period ended September 30, 2010. 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 December 31,
2010 2009 $Change % Change
---- ---- ------- --------
Summary of Earnings:
Net interest income $8,136 $7,674 462 6%
Provision for loan
losses 1,000 3,300 (2,300) -70%
Noninterest income 5,184 6,082 (898) -15%
Noninterest expense 15,826 16,958 (1,132) -7%
Net loss before
income taxes (3,506) (6,502) 2,996 -46%
Income tax expense/
(benefit) 29,878 (2,779) 32,657 -1175%
Net loss from
continuing
operations (33,384) (3,723) (29,661) 797%
Net (loss)/income
from discontinued
operations - (95) (95) 100%
Net loss (33,384) (3,818) (29,566) -774%
Profitability and
Productivity:
Net interest margin 3.02% 2.72% - 11%
Net overhead ratio 2.85% 3.25% - -12%
Efficiency ratio 110.66% 124.09% - -11%
Mortgage loan
production 426,263 278,504 147,759 53%
Average deposits per
branch 48,778 47,771 1,007 2%
Per Share Data:
Basic earnings per
share -continuing
operations $(1.85) $(0.58) (1.28) -221%
Diluted earnings per
share -continuing
operations $(1.85) $(0.58) (1.28) -221%
Basic earnings per
share -
discontinued
operations $- $(0.01) 0.01 100%
Diluted earnings per
share -
discontinued
operations $- $(0.01) 0.01 100%
Basic earnings per
share $(1.85) $(0.59) (1.26) -213%
Diluted earnings per
share $(1.85) $(0.59) (1.26) -213%
Book value per share $0.24 $4.18 (3.95) -94%
Number of shares
outstanding 18,050,117 6,452,631 11,597,486 180%
Average basic number
of shares 18,018,671 6,452,631 11,566,040 179%
Average diluted
number of shares 18,018,671 6,452,631 11,566,040 179%
Summary of Financial
Condition:
At Period End:
Assets $1,310,137 $1,384,551 (74,414) -5%
Investment
Securities 27,630 39,024 (11,394) -29%
Loans 812,187 890,951 (78,764) -9%
Deposits 1,121,888 1,146,504 (24,616) -2%
Borrowings 170,355 195,761 (25,406) -13%
Stockholders' equity 4,246 26,987 (22,741) -84%
Average for the
period:
Assets $1,344,643 $1,339,845 4,798 0%
Investment
Securities 24,595 40,192 (15,597) -39%
Loans 821,458 891,133 (69,674) -8%
Deposits 1,130,280 1,104,842 25,437 2%
Borrowings 170,537 196,513 (25,976) -13%
Stockholders' equity 39,769 31,055 8,714 28%
Capital Ratios:
First Mariner Bank
Leverage 4.8% 6.2% - -23%
Tier 1 Capital to
risk weighted
assets 6.8% 7.9% - -14%
Total Capital to
risk weighted
assets 8.1% 9.1% - -11%
Asset Quality
Statistics and
Ratios:
Net Chargeoffs 2,061 2,714 (653) -24%
Non-performing
assets 72,245 57,428 14,817 26%
90 Days or more
delinquent loans 2,978 9,224 (6,246) -68%
Annualized net
chargeoffs to
average loans 1.00% 1.21% - -18%
Non-performing
assets to total
assets 5.51% 4.15% - 33%
90 Days or more
delinquent loans to
total loans 0.37% 1.04% - -65%
Allowance for loan
losses to total
loans 1.74% 1.31% - 33%
FINANCIAL HIGHLIGHTS (UNAUDITED)
First Mariner Bancorp
(Dollars in thousands, except per share data)
For the twelve months ended December 31,
2010 2009 $Change % Change
---- ---- ------- --------
Summary of Earnings:
Net interest income $29,840 $27,112 $2,728 10%
Provision for loan
losses 17,290 11,660 5,630 48%
Noninterest income 27,723 28,271 (548) -2%
Noninterest expense 67,032 67,834 (802) -1%
Net loss before
income taxes (26,759) (24,111) (2,648) 11%
Income tax expense/
(benefit) 19,130 (10,887) 30,017 -276%
Net loss from
continuing
operations (45,889) (13,224) (32,665) 247%
Net (loss)/income
from discontinued
operations (200) (9,060) 8,860 -98%
Net loss (46,089) (22,284) (23,805) 107%
Profitability and
Productivity:
Net interest margin 2.91% 2.43% - 20%
Net overhead ratio 3.78% 4.06% - -7%
Efficiency ratio 114.60% 123.42% - -7%
Mortgage loan
production 1,318,887 1,663,952 (345,065) -21%
Average deposits per
branch 48,778 47,771 1,007 2%
Per Share Data:
Basic earnings per
share -continuing
operations $(3.11) $(2.05) (1.06) 52%
Diluted earnings per
share -continuing
operations $(3.11) $(2.05) (1.06) 52%
Basic earnings per
share -discontinued
operations $(0.01) $(1.40) 1.39 -99%
Diluted earnings per
share -discontinued
operations $(0.01) $(1.40) 1.39 -99%
Basic earnings per
share $(3.12) $(3.45) 0.33 -10%
Diluted earnings per
share $(3.12) $(3.45) 0.33 -10%
Book value per share $0.24 $4.18 (3.95) -94%
Number of shares
outstanding 18,050,117 6,452,631 11,597,486 180%
Average basic number
of shares 14,775,646 6,452,631 8,323,015 129%
Average diluted
number of shares 14,775,646 6,452,631 8,323,015 129%
Summary of Financial
Condition:
At Period End:
Assets $1,310,137 $1,384,551 (74,414) -5%
Investment Securities 27,630 39,024 (11,394) -29%
Loans 812,187 890,951 (78,764) -9%
Deposits 1,121,888 1,146,504 (24,616) -2%
Borrowings 170,355 195,761 (25,406) -13%
Stockholders' equity 4,246 26,987 (22,741) -84%
Average for the
period:
Assets $1,358,592 $1,315,890 42,702 3%
Investment Securities 27,705 48,274 (20,569) -43%
Loans 852,987 889,344 (36,357) -4%
Deposits 1,134,109 1,056,179 77,930 7%
Borrowings 176,786 213,011 (36,225) -17%
Stockholders' equity 38,834 41,415 (2,581) -6%
Capital Ratios: First
Mariner Bank
Leverage 4.8% 6.2% - -23%
Tier 1 Capital to
risk weighted assets 6.8% 7.9% - -14%
Total Capital to risk
weighted assets 8.1% 9.1% - -11%
Asset Quality
Statistics and
Ratios:
Net Chargeoffs 14,814 12,166 2,648 22%
Non-performing
assets 72,245 57,428 14,817 26%
90 Days or more
delinquent loans 2,978 9,224 (6,246) -68%
Annualized net
chargeoffs to
average loans 2.32% 1.83% - 27%
Non-performing
assets to total
assets 5.51% 4.15% - 33%
90 Days or more
delinquent loans to
total loans 0.37% 1.04% - -65%
Allowance for loan
losses to total
loans 1.74% 1.31% - 33%
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
First Mariner Bancorp
(Dollars in thousands)
As of December 31,
2010 2009 $Change % Change
---- ---- ------- --------
Assets:
Cash and due from banks $212,300 $166,374 45,926 28%
Interest-bearing
deposits 5,661 7,329 (1,668) -23%
Available-for-sale
investment securities,
at fair value 27,630 28,275 (645) -2%
Trading Securities - 10,749 (10,749) -100%
Loans held for sale 140,343 122,085 18,258 15%
Loans receivable 812,187 890,951 (78,764) -9%
Allowance for loan
losses (14,115) (11,639) (2,476) 21%
------- ------- ------
Loans, net 798,072 879,312 (81,240) -9%
Real estate acquired
through foreclosure 21,185 21,630 (445) -2%
Restricted stock
investments, at cost 7,292 7,934 (642) -8%
Premises and equipment,
net 41,068 44,504 (3,436) -8%
Accrued interest
receivable 3,844 4,960 (1,116) -23%
Income taxes recoverable 600 5,670 (5,070) -89%
Deferred income taxes -
Net of allowance - 28,214 (28,214) -100%
Bank owned life
insurance 36,188 34,773 1,415 4%
Prepaid expenses and
other assets 15,954 22,742 (6,788) -30%
------ ------ ------
Total Assets $1,310,137 $1,384,551 (74,414) -5%
========== ========== =======
Liabilities and
Stockholders' Equity:
Liabilities:
Deposits $1,121,888 $1,146,504 (24,616) -2%
Borrowings 118,287 122,037 (3,750) -3%
Junior subordinated
deferrable interest
debentures 52,068 73,724 (21,656) -29%
Accrued expenses and
other liabilities 13,648 15,299 (1,651) -11%
------ ------ ------
Total Liabilities 1,305,891 1,357,564 (51,673) -4%
Stockholders' Equity
Common Stock 902 323 579 179%
Additional paid-in-
capital 79,667 56,771 22,896 40%
Retained earnings (72,710) (26,621) (46,089) 173%
Accumulated other
comprehensive loss (3,613) (3,486) (127) 4%
------ ------ ----
Total Stockholders
Equity 4,246 26,987 (22,741) -84%
----- ------ -------
Total Liabilities and
Stockholders' Equity $1,310,137 $1,384,551 (74,414) -5%
========== ========== =======
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
First Mariner Bancorp
(Dollars in thousands) For the three months For the years
ended December 31, ended December 31,
2010 2009 2010 2009
---- ---- ---- ----
Interest Income:
Loans $13,296 $14,358 $52,827 $56,739
Investments and interest-
bearing deposits 450 715 2,395 3,071
--- --- ----- -----
Total Interest Income 13,746 15,073 55,222 59,810
Interest Expense:
Deposits 4,869 5,896 20,826 24,873
Borrowings 741 1,503 4,556 7,825
--- ----- ----- -----
Total Interest Expense 5,610 7,399 25,382 32,698
----- ----- ------ ------
Net Interest Income Before
Provision for Loan Losses 8,136 7,674 29,840 27,112
Provision for Loan Losses 1,000 3,300 17,290 11,660
----- ----- ------ ------
Net Interest Income After
Provision for Loan Losses 7,136 4,374 12,550 15,452
Noninterest Income:
Service fees on deposits 835 1,269 3,944 5,261
ATM Fees 759 772 3,038 3,072
Mortgage banking revenue 4,031 3,356 17,530 16,112
(Loss)/gain on sales of
investment securities,
net - 90 54 420
Commissions on sales of
nondeposit investment
products 115 117 496 540
Income from bank owned
life insurance 349 372 1,415 1,377
Income (loss) on trading
assets and liabilities - 799 1,661 3,038
Other than temporary
impairment charges on AFS
securities - (730) (1,249) (2,936)
Other (905) 37 834 1,387
---- --- --- -----
Total Noninterest Income 5,184 6,082 27,723 28,271
Noninterest Expense:
Salaries and employee
benefits 5,796 6,788 25,205 26,469
Occupancy 1,410 2,165 8,273 8,974
Furniture, fixtures and
equipment 534 645 2,334 2,941
Advertising 213 184 633 915
Data Processing 452 458 1,795 1,880
Professional services 925 1,447 3,074 3,866
Costs of other real estate
owned 1,973 1,162 8,366 6,832
FDIC Insurance 874 1,069 3,801 3,480
Other 3,649 3,040 13,551 12,477
----- ----- ------ ------
Total Noninterest Expense 15,826 16,958 67,032 67,834
Net loss before
discontinued operations
and income taxes (3,506) (6,502) (26,759) (24,111)
Income tax expense/
(benefit) -continuing
operations 29,878 (2,779) 19,130 (10,887)
------ ------ ------ -------
Net loss from continuing
operations (33,384) (3,723) (45,889) (13,224)
------- ------ ------- -------
(Loss)/Income from
discontinued operations - (95) (200) (9,060)
--- --- ---- ------
Net Loss $(33,384) $(3,818) $(46,089) $(22,284)
======== ======= ======== ========
CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED)
First Mariner Bancorp
(Dollars in thousands)
For the three months ended December
31,
2010 2009
Average Yield/ Average Yield/
Balance Rate Balance Rate
------- ---- ------- ----
Assets:
Loans
Commercial Loans and LOC $72,869 5.20% $78,300 4.05%
Commercial Construction 58,005 4.03% 99,896 5.22%
Commercial Mortgages 364,361 6.34% 352,818 6.59%
Consumer Residential
Construction 32,261 4.02% 47,805 6.75%
Residential Mortgages 142,979 5.14% 160,984 5.48%
Consumer 150,984 4.53% 151,331 4.64%
------- -------
Total Loans 821,458 5.38% 891,133 5.69%
Loans held for sale 157,749 6.09% 118,044 5.06%
Trading and available for
sale securities, at fair
value 24,595 4.98% 40,192 6.77%
Interest bearing deposits 48,056 1.51% 52,144 0.27%
Restricted stock
investments, at cost 7,230 0.00% 7,934 0.38%
----- -----
Total earning assets 1,059,087 5.30% 1,109,446 5.37%
Allowance for loan losses (14,911) (11,557)
Cash and other non earning
assets 300,466 241,956
------- -------
Total Assets $1,344,643 $1,339,845
========== ==========
Liabilities and
Stockholders' Equity:
Interest bearing deposits
NOW deposits 7,238 0.68% 7,150 0.72%
Savings deposits 56,782 0.29% 53,539 0.29%
Money market deposits 131,896 0.61% 167,575 0.87%
Time deposits 827,766 2.32% 763,832 2.85%
------- -------
Total interest bearing
deposits 1,023,682 1.95% 992,094 2.36%
Borrowings 170,537 2.39% 196,513 3.03%
------- -------
Total interest bearing
liabilities 1,194,220 2.02% 1,188,608 2.47%
Noninterest bearing demand
deposits 106,598 112,748
Other liabilities 4,056 7,434
Stockholders' Equity 39,769 31,055
------ ------
Total Liabilities and
Stockholders' Equity $1,344,643 $1,339,845
========== ==========
Net Interest Spread 3.26% 2.90%
Net Interest Margin 3.02% 2.72%
CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED)
First Mariner Bancorp
(Dollars in thousands)
For the year ended December 31,
2010 2009
Average Yield/ Average Yield/
Balance Rate Balance Rate
------- ---- ------- ----
Assets:
Loans
Commercial Loans and LOC $76,738 5.03% $87,421 5.49%
Commercial Construction 76,663 5.15% 102,097 5.16%
Commercial Mortgages 351,001 6.17% 337,803 6.66%
Consumer Residential
Construction 40,650 5.42% 58,498 5.47%
Residential Mortgages 155,438 5.63% 152,280 5.92%
Consumer 152,497 4.66% 151,246 4.47%
------- -------
Total Loans 852,987 5.56% 889,344 5.79%
Loans held for sale 108,634 4.72% 99,503 5.13%
Trading and available for sale
securities, at fair value 27,705 7.23% 48,274 5.95%
Interest bearing deposits 27,912 2.36% 71,963 0.12%
Restricted stock investments,
at cost 7,661 0.24% 7,770 0.11%
----- -----
Total earning assets 1,024,900 5.43% 1,116,854 5.30%
Allowance for loan losses (13,051) (11,979)
Cash and other non earning
assets 346,743 211,015
------- -------
Total Assets $1,358,592 $1,315,890
========== ==========
Liabilities and Stockholders'
Equity:
Interest bearing deposits
NOW deposits 7,405 0.72% 6,784 0.64%
Savings deposits 56,271 0.29% 55,122 0.34%
Money market deposits 140,067 0.63% 163,910 0.84%
Time deposits 823,248 2.46% 713,855 3.45%
------- -------
Total interest bearing deposits 1,026,991 2.08% 939,671 2.78%
Borrowings 176,786 2.85% 213,011 3.98%
------- -------
Total interest bearing
liabilities 1,203,777 2.19% 1,152,682 3.01%
Noninterest bearing demand
deposits 107,119 116,508
Other liabilities 8,863 5,285
Stockholders' Equity 38,834 41,415
------ ------
Total Liabilities and
Stockholders' Equity $1,358,592 $1,315,890
========== ==========
Net Interest Spread 3.28% 2.52%
Net Interest Margin 2.91% 2.43%
SOURCE 1st Mariner Bancorp
