FIRST MARINER BANCORP 
By 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
For the three
(Dollars in thousands) 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
