FIRST MARINER BANCORP 
By 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
