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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.

  o Average 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.

  o Total 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.

  o Total 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.

  o The 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.

  o Total 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.

  o As 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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