1st Mariner Bancorp Reports Third Quarter 2012 Results

            1st Mariner Bancorp Reports Third Quarter 2012 Results  PR Newswire  BALTIMORE, Oct. 31, 2012  BALTIMORE, Oct. 31, 2012 /PRNewswire/ --1^st Mariner Bancorp (OTCBB: FMAR), parent company of 1^st Mariner Bank, reported net income of $7.9 million for the third quarter of 2012, compared to a net loss of $7.9 million for the third quarter of 2011. For the nine months ended September 30, 2012, net income was $15.4 million compared to a loss of $26.3 million for the nine months ended September 30, 2011.  Mark A. Keidel, 1^st Mariner's Chief Executive Officer, said, "Our positive momentum in earnings continued as we experienced improvements in operating results across all segments of operating performance measures. A record number of mortgage originations during the quarter and for the first nine months of 2012 drove a 110% increase in non-interest income in the third quarter of 2012. While mortgage led the way in operating performance improvement for the third quarter, we also experienced higher net interest income, lower charge offs and credit related expenses, and reduced operating expenses."  Mr. Keidel added, "Along with the improved financial performance, 1^st Mariner successfully consolidated administrative units in its Canton headquarters in the third quarter which will reduce future occupancy costs and recently completed a successful conversion of its data processing platform that will enhance customer capabilities and improve back office efficiencies. These initiatives required extraordinary commitment and skill from our employees, and lay the groundwork for improved customer service and lower operating costs."  Mr. Keidel continued, "Our improved profitability has increased our regulatory capital ratios, but these ratios remain below the levels required by regulatory orders and we continue to work diligently to increase capital to levels required in our regulatory agreements."  Net interest income for the third quarter of 2012 was $8.1million compared to $7.1million in the third quarter of 2011. While the net interest margin decreased to 3.01% in the third quarter of 2012, compared to 3.13% in the third quarter of 2011, higher balances of mortgage loans held for sale resulted in higher net interest income. The decrease in net margin was due to a higher mix of residential mortgages held for sale. For the three months ended September 30, 2012, the average rate earned on residential mortgage warehouse loans was 3.54% and for the three months ended September 30, 2011, the rate was 4.88%. Other loan categories also saw their yields decrease too as the overall interest rate environment has remained low. The average interest rate earned on all loans was 5.24% for the three months ended September 30, 2012 compared to 5.48% for the three months ended September 30, 2011. The decrease in the yield on loans was partially offset by decreases in rates paid on deposits. Interest expense on deposits was $2.9 million for the three months ended September 30, 2012 compared to $3.6 million for the three months ended September 30, 2011. The average rate paid on deposits decreased to 1.17% for the three months ended September 30, 2012, down from 1.64% for the three months ended September 30, 2011. The largest decrease in the rates paid on deposits was in the certificate of deposit category. The average rate paid on certificates of deposit was 1.36% for the three months ended September 30, 2012, down from 1.96% for the three months ended September 30, 2011.  Gross interest income was $11.9 million for the three months ended September 30, 2012 versus $11.7 million in the same period of 2011. Although the average yield on earning assets decreased to 4.47% for the three months ended September 30, 2012 from 5.14% for the three months ended September 30, 2011, the growth in the volume of residential mortgage loans held for sale contributed to the overall increase in interest income for the three months ended September 30, 2012. Average residential mortgage loans held for sale were $320.9 million for the three months ended September 30, 2012 versus $73.3 million for the three months ended September 30, 2011. Total average earning assets were $1.1 billion and $897.3 million for the three months ended September 30, 2012 and 2011, respectively.  For the nine months ended September 30, 2012, net interest income was $22.9 million compared to $20.6 million for the nine months ended September 30, 2011. The net interest margin was 3.08% for the nine months ended September 30, 2012 versus 2.94% for the same period in 2011. The increase was due to the higher volume of residential mortgage loans held for sale and lower interest rates paid on deposits. The average interest rate paid on deposits was 1.27% for the nine months ended September 30, 2012 versus 1.74% for the nine months ended September 30, 2011. Interest expense on deposits was $8.9 million for the nine months ended September 30, 2012 compared to $12.2 million for the nine months ended September 30, 2011.  Gross interest income was $34.7 million for the nine months ended September 30, 2012 versus $35.5 million in the same period of 2011. Lower levels of portfolio loans were the primary cause of the decrease. Average portfolio loans were $671.7 million for the nine months ended September 30, 2012 versus $762.9 million for the nine months ended September 30, 2011. Average residential mortgage loans held for sale were $234.2 million for the nine months ended September 30, 2012 compared to $65.3 million for the nine months ended September 30, 2011. Total average earning assets were $981.8 million and $921.6 million for the nine months ended September 30, 2012 and 2011, respectively.   The provision for loan losses was zero for the three months ended September 30, 2012 versus $5.0 million for the three months ended September 30, 2011. Net charge-offs decreased to $1.4 million for the three months ended September 30, 2012 from $5.0 million for the three months ended September 30, 2011. Costs related to foreclosed properties, including write-downs due to declining appraised values, amounted to $1.3 million for the three months ended September 30, 2012 compared to $3.2 million for the three months ended September 30, 2011. Combined credit- related costs (provision for loan losses and costs of foreclosed properties) amounted to $1.3 million for the three months ended September 30, 2012 versus $8.2 million for the three months ended September 30, 2011. Improving portfolio credit quality and a stabilizing real estate market in our operating region contributed to the improvement in credit costs.  The provision for loan losses was $572 thousand for the nine months ended September 30, 2012 compared to $11.6 million for the nine months ended September 30, 2011. Net charge offs for the nine months ended September 30, 2012 were $2.3 million, a significant decrease from the $11.6 million incurred during the nine months ended September 30, 2011. Costs related to foreclosed properties, including write-downs due to declining appraised values, amounted to $3.5 million for the nine months ended September 30, 2012 versus $6.6 million recorded for the nine months ended September 30, 2011. Combined credit- related costs amounted to $4.1 million for the nine months ended September 30, 2012 compared to $18.2 million for the nine months ended September 30, 2011. Improving portfolio credit quality and a stabilizing real estate market in our operating region contributed to the improvement in credit costs. As of September 30, 2012, the non-performing assets were $56.6 million, a 16% improvement over the $67.2 million of non-performing assets as of September 30, 2011.  Non-interest income was $16.3 million for the three months ended September 30, 2012, which is an increase of $8.6 million from the $7.7 million that was reported in the third quarter of 2011. The increase was due to high mortgage banking revenue resulting from the large volume of residential mortgage originations. Gross revenue from the mortgage banking activities increased more than threefold, with $15.4 million recorded in the quarter ended September 30, 2012 versus $4.6 million in the quarter ended September 30, 2011. For the three months ended September 30, 2012, gross mortgage loan production volume was $742.2 million compared to $297.8 million for the three months ended September 30, 2011.  For the nine months ended September 30, 2012, non-interest income was $39.5 million, which is a $23.9 million improvement over the $15.5 million recorded in the nine months ended September 30, 2011. Increased gross mortgage banking revenue was the primary reason for the increase. For the nine months ended September 30, 2012, the gross revenue from mortgage banking activities was $35.5 million, a significant increase over the $7.9 million that was recorded in the nine months ended September 30, 2011. Mortgage loan production volume was $1.8 billion for the nine months ended September 30, 2012 versus $688.4 million for the nine months ended September 30, 2011. Additionally, the company experienced increased spreads on loans sold.  Non-interest expenses were $16.4 million for the three months ended September 30, 2012 compared to $17.8 million for the three months ended September 30, 2011. There were reductions in occupancy expense due to office consolidation and the sublet of remaining office space. Occupancy expenses were $1.8 million for the three months ended September 30, 2012 compared to $2.2 million for the three months ended September 30, 2011. Professional fees related to regulatory compliance, loan workouts, and efforts related to increasing capital levels were $973 thousand for the three months ended September 30, 2012 versus $1.3 million for the three months ended September 30, 2011. Costs related to foreclosed properties, including write-downs due to declining appraised values, amounted to $1.3 million for the three months ended September 30, 2012 compared to $3.2 million for the three months ended September 30, 2011. Amounts paid for FDIC insurance premiums remain high with $1.0 million incurred in the three months ended September 30, 2012 and $878 thousand incurred in the three months ended September 30, 2011. Corporate insurance increased during the quarter as the renewal premiums became effective in August. For the three months ended September 30, 2012 corporate insurance expense was $695 thousand compared to $388 thousand for the three months ended September 30, 2012.  For the nine months ended September 30, 2012, non-interest expenses were $46.7 million, which is an 8.1% decrease over the $50.8 million recorded in the nine months ended September 30, 2011. Costs related to foreclosed properties, including write-downs due to declining appraised values, amounted to $3.5 million for the nine months ended September 30, 2012 versus $6.6 million recorded for the nine months ended September 30, 2011. FDIC insurance premiums remain high with $3.1 million incurred in the nine months ended September 30, 2012 and $3.4 million incurred in the nine months ended September 30, 2011. Corporate insurance increased during the quarter as the renewal premiums became effective in August. Corporate insurance expense was $1.6 million for the nine months ended September 30, 2012 compared to $1.1 million for the nine months ended September 30, 2011.  Comparing balance sheet data as of September 30, 2012 and 2011, total assets increased 8% to $1.29 billion, from the prior year's $1.20 billion. The increase is due to a $245.4 million increase in loans held for sale that resulted from the high level of mortgage banking activity.    oAverage earning assets were $1.06 billion for the third quarter of 2012,     which was a $158.8 million increase over the third quarter 2011 balance of     $897.3 million. The increase was due to higher average loans held for sale     that resulted from the higher mortgage banking activity.    oTotal loans outstanding were $643.5 million as of September 30, 2012, down     13% from the $736.7 million reported in prior year. This was due to loan     maturities, loan sales, and reduced portfolio loan production.    oTotal loans held for sale were $371.6 million as of September 30, 2012, up     194% over the $126.2 million held for sale as of September 30, 2011. The     increase was due to the high mortgage division production achieved in the     three and nine months ended September 30, 2102. For the nine months ended     September 30, 2012, gross mortgage loan production volume was $1.8     billion.    oThe allowance for loan losses as of September 30, 2012 was $12.1 million,     a decrease of 14% over the prior year's $14.1 million. The allowance for     loan losses as a percentage of total loans was 1.88% as of September 30,     2012, compared to 1.92% as of September 30, 2011.    oTotal deposits increased 7% from $1.03 billion as of September 30, 2011 to     $1.11 billion as of September 30, 2012. Money market and NOW accounts     increased $20.0 million, from $131.4 million as of September 30, 2011 to     $151.4 million as of September 30, 2012. Savings accounts decreased $1.1     million from $57.0 million as of September 30, 2011 to $55.9 million as of     September 30, 2012. Certificates of deposit were $798.6 million as of     September 30, 2012, representing an increase of $58.3 million, or 7%, from     the $740.3 million as of September 30, 2011.    oAs of September 30, 2012, 1^st Mariner Bank's capital ratios were as     follows: Total Risk Based Capital 7.1%; Tier 1 Risk Based Capital 5.8%;     and Leverage 4.1%.  1st Mariner Bancorp is a bank holding company with total assets of $1.29 billion. Its wholly owned banking subsidiary, 1st Mariner Bank, operates 21 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, the Eastern Shore of Maryland, and portions of Northern Virginia. 1st Mariner also operates direct marketing mortgage operations in Baltimore. 1st Mariner Bancorp's common stock is quoted on the OTC Bulletin Board 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, and the possibility of economic recession or slowdown (which could impact credit quality, adequacy of loan loss reserve and loan growth).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, 2011 and the Company's Quarterly Report on Form 10-Q for the six months ended June 30, 2012. 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 September 30,                               2012            2011           $ Change % Change Summary of Earnings:  Net interest income          $    8,059   $    7,138  921      13%  Provision for loan losses    -               5,000          (5,000)  -100%  Noninterest income           16,280          7,720          8,560    111%  Noninterest expense          16,413          17,818         (1,405)  -8%  Net income/(loss) before     7,926           (7,960)        15,886   200%  income taxes  Income tax expense/(benefit) -               -              -        -100%  Net income/(loss)            7,926           (7,960)        15,886   200% Profitability and Productivity:  Net interest margin          3.01%           3.13%          -        -4%  Net overhead ratio           0.04%           3.44%          -        -99%  Efficiency ratio             67.43%          119.92%        -        44%  Mortgage loan production     742,191         297,762        444,429  149%  Average deposits per branch  52,769          46,904         5,866    13% Per Share Data:  Basic earnings per share    $     0.42  $    (0.42) 0.84     200%  Diluted earnings per share   $     0.42  $    (0.42) 0.84     200%  Book value per share         $    (0.46) $    (1.14) 0.68     59%  Number of shares outstanding 18,860,482      18,860,482     -        0%  Average basic number of      18,860,482      18,860,482     -        0%  shares  Average diluted number of    18,860,482      18,860,482     -        0%  shares Summary of Financial Condition:  At Period End:  Assets                       $ 1,294,034     $1,197,661     96,373   8%  Investment Securities        45,334          22,646         22,688   100%  Loans                        643,467         736,672        (93,205) -13%  Deposits                     1,108,151       1,031,878      76,273   7%  Borrowings                   172,896         169,876        3,020    2%  Stockholders' equity         (8,769)         (21,572)       12,803   59%  Average for the period:  Assets                       $ 1,260,000     $1,148,720     111,280  10%  Investment Securities        42,913          39,458         3,455    9%  Loans                        656,467         742,173        (85,706) -12%  Deposits                     1,083,428       982,071        101,357  10%  Borrowings                   173,145         169,641        3,504    2%  Stockholders' equity         (12,198)        (15,893)       3,695    -23% Capital Ratios at period end: First Mariner Bank  Leverage                     4.1%            3.4%           -        21%  Tier 1 Capital to risk       5.8%            4.5%           -        29%  weighted assets  Total Capital to risk        7.1%            5.8%           -        22%  weighted assets Asset Quality Statistics and Ratios:  Net (recoveries) / charge    1,426           5,003          (3,577)  -71%  offs  Non-performing assets        56,637          67,201         (10,564) -16%  Loans past due 90 days or    -               3,323          (3,323)  -100%  more and accruing  Annualized net chargeoffs to 0.86%           2.67%          -        -68%  average loans  Non-performing assets to     4.38%           5.61%          -        -22%  total assets  90 Days or more delinquent   0.00%           0.45%          -        -100%  loans to total loans  Allowance for loan losses to 1.88%           1.92%          -        -2%  total loans    FINANCIAL HIGHLIGHTS (UNAUDITED) First Mariner Bancorp (Dollars in thousands, except per share data)                                For the nine months ended September 30,                                2012           2011          $ Change  % Change Summary of Earnings:  Net interest income           $   22,971   $   20,593 $     12%                                                             2,378  Provision for loan losses     572            11,580        (11,008)  -95%  Noninterest income            39,494         15,527        23,967    154%  Noninterest expense           46,680         50,809        (4,129)   -8%  Net income/(loss) before      15,213         (26,269)      41,482    -158%  income taxes  Income tax expense/(benefit)  (205)          -             (205)     100%  Net income/(loss)             15,418         (26,269)      41,687    -159% Profitability and Productivity:  Net interest margin           3.08%          2.94%         -         5%  Net overhead ratio            0.80%          3.88%         -         -79%  Efficiency ratio              74.73%         140.67%       -         -47%  Mortgage loan production      1,774,395      688,446       1,085,949 158%  Average deposits per branch   52,769         46,904        5,866     13% Per Share Data:  Basic earnings per share      $     0.82 $         2.23      -158%                                               (1.41)  Diluted earnings per share    $     0.82 $         2.23      -158%                                               (1.41)  Book value per share          $           $         0.68      -59%                                (0.46)        (1.14)  Number of shares outstanding  18,860,482     18,860,482    -         0%  Average basic number of       18,860,482     18,637,600    222,882   1%  shares  Average diluted number of     18,860,482     18,637,600    222,882   1%  shares Summary of Financial Condition:  At Period End:  Assets                        $ 1,294,034    $ 1,197,661  96,373    8%  Investment Securities         45,334         22,646        22,688    100%  Loans                         643,467        736,672       (93,205)  -13%  Deposits                      1,108,151      1,031,878     76,273    7%  Borrowings                    172,896        169,876       3,020     2%  Stockholders' equity          (8,769)        (21,572)      12,803    -59%  Average for the period:  Assets                        $ 1,200,147    $ 1,216,700  (16,553)  -1%  Investment Securities         32,221         49,262        (17,041)  -35%  Loans                         671,689        762,895       (91,206)  -12%  Deposits                      1,031,066      1,040,840     (9,774)   -1%  Borrowings                    173,150        169,698       3,452     2%  Stockholders' equity          (18,752)       (6,692)       (12,060)  180% Capital Ratios at period end: First Mariner Bank  Leverage                      4.1%           3.4%          -         21%  Tier 1 Capital to risk        5.8%           4.5%          -         29%  weighted assets  Total Capital to risk         7.1%           5.8%          -         22%  weighted assets Asset Quality Statistics and Ratios:  Net Chargeoffs                2,277          11,583        (9,306)   -80%  Non-performing assets         56,637         67,201        (10,564)  -16%  Loans past due 90 days or     -              3,323         (3,323)   -100%  more and accruing  Annualized net chargeoffs to  0.45%          2.03%         -         -78%  average loans  Non-performing assets to      4.38%          5.61%         -         -22%  total assets  90 Days or more delinquent    0.00%          0.45%         -         -100%  loans to total loans  Allowance for loan losses to  1.88%          1.92%         -         -2%  total loans    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) First Mariner Bancorp (Dollars in thousands)                                     As of September 30,                                     2012        2011       $ Change % Change Assets:   Cash and due from banks           $78,897     $152,224   (73,327)   -48%   Interest-bearing deposits        32,311      34,440     (2,129)    -6%   Available-for-sale investment     45,334      22,646     22,688     100%   securities, at fair value   Loans held for sale               371,554     126,191    245,363    194%   Loans receivable                  643,467     736,672    (93,205)   -13%   Allowance for loan losses         (12,096)    (14,112)   2,016      -14%   Loans, net                        631,371     722,560    (91,189)   -13%   Real estate acquired through      19,978      24,739     (4,761)    -19%   foreclosure   Restricted stock investments, at  6,829       6,969      (140)      -2%   cost   Premises and equipment, net       37,534      38,927     (1,393)    -4%   Accrued interest receivable       4,015       3,848      167        4%   Bank owned life insurance         38,332      37,172     1,160      3%   Prepaid expenses and other assets 27,879      27,945     (66)       0% Total Assets                        $ 1,294,034 $1,197,661 96,373     8% Liabilities and Stockholders' Equity: Liabilities:   Deposits                          $ 1,108,151 $1,031,878 76,273     7%   Borrowings                        120,828     117,808    3,020      3%   Junior subordinated deferrable    52,068      52,068     -          0%   interest debentures   Accrued expenses and other        21,756      17,479     4,277      24%   liabilities Total Liabilities                   1,302,803   1,219,233  83,570     7% Stockholders' Equity   Common Stock                      939         939        -          0%   Additional paid-in-capital        80,006      80,102     (96)       0%   Retained earnings                 (88,036)    (99,479)   11,443     12%   Accumulated other comprehensive   (1,678)     (3,134)    1,456      46%   loss Total Stockholders Equity           (8,769)     (21,572)   12,803     59% Total Liabilities and Stockholders' $ 1,294,034 $1,197,661 96,373     8% Equity    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,                                       2012    2011         2012      2011 Interest Income:  Loans                                $     $   11,222 $        $                                         11,567               33,644   33,867  Investments and interest-bearing     352     455          1,063     1,651  deposits Total Interest Income                 11,919  11,677       34,707    35,518 Interest Expense:  Deposits                             2,898   3,626        8,857     12,217  Borrowings                           962     913          2,879     2,708 Total Interest Expense                3,860   4,539        11,736    14,925 Net Interest Income Before Provision  8,059   7,138        22,971    20,593 for Loan Losses Provision for Loan Losses             -       5,000        572       11,580 Net Interest Income After Provision   8,059   2,138        22,399    9,013 for Loan Losses Noninterest Income:  Total other-than-temporary           -       (299)        81        (327)  impairment ("OTTI") charges   Less: Portion included in other  -       (382)        (541)     (491)  comprehensive income  Net OTTI charges on securities       -       (681)        (460)     (818)  available for sale  Mortgage banking revenue             15,384  4,609        35,450    7,942  ATM Fees                             649     755          2,067     2,314  Service fees on deposits             623     717          1,927     2,194  Gain on sale of securities available -       781          -         781  for sale  Gain / (loss) on sale of assets      (949)   4            (1,271)   4  Commissions on sales of nondeposit   62      75           211       347  investment products  Income from bank owned life          273     316          853       984  insurance  Other                                238     1,144        717       1,779 Total Noninterest Income              16,280  7,720        39,494    15,527 Noninterest Expense:  Salaries and employee benefits       6,107   5,874        17,438    18,003  Occupancy                            1,835   2,202        6,343     6,407  Furniture, fixtures and equipment    332     426          1,018     1,357  Professional services                973     1,260        2,085     3,742  Advertising and marketing            189     220          609       470  Data processing                      403     393          1,237     1,237  ATM servicing expenses               225     217          678       655  Costs of other real estate owned     1,325   3,218        3,539     6,635  FDIC insurance premiums             1,009   878          3,131     3,390  Service and maintenance              644     595          1,799     1,872  Corporate insurance                  695     388          1,571     1,069  Other                                2,676   2,147        7,232     5,972 Total Noninterest Expense             16,413  17,818       46,680    50,809 Net income/(loss) before income taxes 7,926   (7,960)      15,213    (26,269) Income tax expense/(benefit)          -       -            (205)     - Net income/(loss)                     $    $          $        $                                         7,926   (7,960)     15,418   (26,269)    CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED) First Mariner Bancorp (Dollars in thousands)                                      For the three months ended September 30,                                      2012                2011                                      Average      Yield/ Average        Yield/                                      Balance      Rate   Balance        Rate Assets:  Loans  Commercial Loans and LOC            $   50,483 5.22%  $    60,831 5.23%  Commercial Mortgages                298,291      5.72%  335,168        5.99%  Commercial Construction             51,819       5.43%  55,560         5.79%  Consumer Residential Construction   18,134       4.73%  22,310         4.89%  Residential Mortgages               114,369      5.04%  127,694        5.31%  Consumer                            123,371      4.27%  140,610        4.51%  Total Loans                         656,467      5.24%  742,173        5.48%  Loans held for sale                 320,860      3.54%  73,263         4.88%  Trading and available for sale      42,913       2.75%  39,458         3.78%  securities, at fair value  Interest bearing deposits           28,996       0.79%  35,378         0.93%  Restricted stock investments, at    6,857        0.00%  6,997          0.00%  cost  Total earning assets                1,056,093    4.47%  897,269        5.14%  Allowance for loan losses           (13,292)            (15,246)  Cash and other non earning assets   217,199             266,697 Total Assets                         $ 1,260,000         $ 1,148,720 Liabilities and Stockholders' Equity:  Interest bearing deposits  NOW deposits                        6,182        0.89%  6,506          0.03%  Savings deposits                    58,949       0.19%  56,690         0.20%  Money market deposits               143,358      0.55%  126,202        0.57%  Time deposits                       774,722      1.36%  689,805        1.96%  Total interest bearing deposits     983,211      1.17%  879,202        1.64%  Borrowings                          173,145      2.21%  169,641        2.13%  Total interest bearing liabilities  1,156,356    1.33%  1,048,843      1.72%  Noninterest bearing demand deposits 100,217             102,868  Other liabilities                   15,625              12,901  Stockholders' Equity                (12,198)            (15,893) Total Liabilities and Stockholders'  $ 1,260,000         $ 1,148,720 Equity Net Interest Spread                               3.14%                 3.42% Net Interest Margin                               3.01%                 3.13%    CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED) First Mariner Bancorp (Dollars in thousands)                                      For the nine months ended September 30,                                      2012                2011                                      Average      Yield/ Average        Yield/                                      Balance      Rate   Balance        Rate Assets:  Loans  Commercial Loans and LOC            $   52,000 5.13%  $    65,160 5.32%  Commercial Mortgages                306,833      5.80%  339,574        6.08%  Commercial Construction             53,181       5.55%  56,160         5.56%  Consumer Residential Construction   16,909       4.35%  24,198         4.86%  Residential Mortgages               116,784      5.41%  133,615        5.22%  Consumer                            125,982      4.33%  144,188        4.52%  Total Loans                         671,689      5.35%  762,895        5.49%  Loans held for sale                 234,187      3.67%  65,250         4.54%  Trading and available for sale      32,221       3.64%  49,262         3.50%  securities, at fair value  Interest bearing deposits           36,756       0.67%  37,134         1.29%  Restricted stock investments, at    6,969        0.00%  7,046          0.00%  cost  Total earning assets                981,822      4.68%  921,588        5.11%  Allowance for loan losses           (13,643)            (14,532)  Cash and other non earning assets   231,968             309,644 Total Assets                         $ 1,200,147         $ 1,216,700 Liabilities and Stockholders' Equity:  Interest bearing deposits  NOW deposits                        5,921        0.95%  6,353          0.07%  Savings deposits                    58,273       0.19%  57,972         0.20%  Money market deposits               134,924      0.54%  128,747        0.57%  Time deposits                       730,773      1.50%  743,496        2.08%  Total interest bearing deposits     929,891      1.27%  936,568        1.74%  Borrowings                          173,150      2.22%  169,698        2.13%  Total interest bearing liabilities  1,103,041    1.42%  1,106,265      1.80%  Noninterest bearing demand deposits 101,175             104,272  Other liabilities                   14,684              12,853  Stockholders' Equity                (18,752)            (6,692) Total Liabilities and Stockholders'  $ 1,200,148         $ 1,216,700 Equity Net Interest Spread                               3.26%                 3.30% Net Interest Margin                               3.08%                 2.94%    SOURCE 1st Mariner Bancorp  Website: http://www.1stMarinerBank.com Contact: Kevin O'Keefe, Weber Shandwick, +1-410-558-2102  
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