1st Mariner Reports 2009 Results
Deposits Rise, Non-Performing Assets Stabilize
Record Date Set for Proposed Rights Offering
BALTIMORE, Feb. 2 /PRNewswire-FirstCall/ -- 1st Mariner Bancorp (Nasdaq: FMAR), parent company of 1st Mariner Bank, reported a net loss from continuing operations for the fourth quarter of 2009 of $3.7 million, or $(0.57) per share, which represented a 61% improvement over the loss of $9.4 million, or $(1.46) per share, for the fourth quarter of 2008. For the year ended December 31, 2009, the Company's net loss from continuing operations was $13.2 million, compared to $16.8 million, a decrease of 21%. Including the loss from the sale of the Company's consumer finance subsidiary "Mariner Finance" in the third quarter of 2009, the net loss for the full year ended December 31, 2009 totaled $22.3 million compared to $15.1 million for the full year ended December 31, 2008.
Edwin F. Hale, Sr., 1st Mariner's chairman and chief executive officer, said, "We continue to execute on our plan to increase our capital levels. The recent completion of the sale of Mariner Finance helped boost the Bank's total capital ratio to 9.1% compared to 8.4% at the end of September 2009 and 8.8% at December 31, 2008. Although the sale impacted earnings, it was a necessary and beneficial step to increasing the regulatory capital ratios of 1st Mariner Bank."
Mr. Hale added, "We are encouraged by the stabilization in our asset quality during the year and a decrease in our loan delinquencies during the final quarter of the year. We have been focused on resolving prior problem assets and improving the balance sheet of 1st Mariner. The figures reported for the fourth quarter reflect that effort."
Operating Summary
The net loss for the fourth quarter of 2009 included $4.5 million in credit-related charges to earnings, including a $3.3 million provision for loan losses and $1.2 million in expenses related to foreclosed properties. This represents a 38% decrease in credit related costs when compared to the fourth quarter of 2008, when the provision for loan losses was $4.2 million and the expenses on foreclosed properties was $3.1 million.
- Total revenue for the 4th quarter 2009 was $13.8 million, an increase of $6.8 million over the 4th quarter of 2008's revenue of $7.0 million. Revenue totals for 2008 reflected $4.7 million in write-downs on securities for other than temporary impairments compared to $650 thousand in the 4th quarter of 2009. Also included in the improvement was lower interest expense on borrowings and deposits that helped increase the Company's net interest margin.
- Net interest income increased $2.0 million in the 4th quarter of 2009 compared to the 4th quarter of 2008. The net interest margin for the 4th quarter of 2009 was 2.72%, an increase of 60 basis points from 2.12% in the 4th quarter of 2008. This was the result of a lower cost of funds and higher investment yields in 2009 when compared to 2008.
- Average earning assets grew by $56.6 million, or 5.4%, compared with last year's 4th quarter, reflecting growth in portfolio loans and loans held for sale.
- The provision for loan losses totaled $3.3 million for the 4th quarter of 2009, a decrease of 21% over the provision of $4.2 million in the corresponding quarter last year. Net charge-offs declined $1.3 million to $2.7 million for the 4th quarter of 2009 from $4.0 million of 4th quarter of 2008. The allowance for loans losses at the end of the fourth quarter of 2009 was $11.6 million, a decrease of 31% over the prior year's figure of $16.8 million. The decrease was primarily attributable to the removal of the allowance for loan losses that was related to Mariner Finance's loan portfolio. The allowance for loan losses as a percentage of total loans was 1.31% as of December 31, 2009, compared to 1.71% as of December 31, 2008. Non-performing assets remained relatively flat when compared to the fourth quarter of 2008, with $57.8 million in 2008 versus $57.4 million in 2009. While the non-performing assets and loans 90 or more days past due have stabilized year to year, there has been an improvement in the fourth quarter of 2009 when compared to the third quarter of 2009. Loans 90 days or more past due have decreased 54% from September 30, 2009 to December 31, 2009, moving from $20.2 million to $9.2 million.
- Non-interest income for the fourth quarter of 2009 increased $4.8 million over the same quarter in 2008 mainly due to lower write-downs of investment securities.
- Non-interest expenses decreased $1.9 million, or 10%, in the fourth quarter of 2009 when compared to the corresponding period last year. The costs related to foreclosed properties decreased $1.9 million, or 62%, in the fourth quarter of 2009 when compared to 2008. Although non-interest expenses decreased overall, there were significant increases in FDIC Insurance premiums and professional fees. FDIC Insurance premiums increased $0.75 million, or 229%, in the fourth quarter of 2009. Professional fees increased $0.78 million in the fourth quarter of 2009, and were the result of increased costs associated with regulatory compliance issues and expenses associated with the planned capital raise and other strategic initiatives.
Comparing balance sheet data as of December 31, 2009 and 2008, total assets increased to $1.38 billion, 6% over the prior year's $1.31 billion.
- Total loans outstanding decreased $87.7 million, or 9%, to $890.9 million as of December 31, 2009. The decrease is fully attributable to the sale of the assets of Mariner Finance in 2009, which represents $103.2 million of the decrease. Excluding the prior Mariner Finance loans, total loans increased by $14.4 million, primarily in residential mortgages.
- Total deposits grew to $1.15 billion as of December 31, 2009, and increase of $196.3 million, or 21%, over December 31, 2008's deposits of $950.2 million. An increase in Certificates of Deposit was the primary reason for the overall increase in deposits. Total Certificates of Deposit were $811.4 million as of December 31, 2009, an increase of $200.1 million, or 33%, over December 31 2008's balance of $611.2 million. NOW accounts increased $1.6 million and savings accounts increased $1.8 million. Non-interest bearing checking accounts decreased $2.6 million and money market accounts decreased $4.7 million.
- Stockholders' Equity was $26.9 million as of December 31, 2009, resulting in a book value per share of $4.18, a decrease of $2.95, compared to the book value of $7.13 at December 31, 2008. Capital Ratios in the 4th quarter of 2009 for First Mariner Bank were as follows: Leverage Ratio = 6.2%; Tier 1 risk-based ratio = 7.9% Total Capital Ratio = 9.1%. This is an improvement over the capital ratios as of December 31, 2008 which were: Leverage Ratio = 5.8%; Tier 1 risk-based ratio = 6.8% Total Capital Ratio = 8.8%. The increase in the capital ratios for the Bank is attributable to the sale of Mariner Finance and the recent tax law change allowing companies to carryback their net operating losses further. Management will continue efforts to further increase these ratios in the first quarter of 2010.
Record Date For Proposed Rights Offering
1st Mariner Bancorp has set February 12, 2010 as the record date for its previously disclosed proposed rights offering of common stock.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. The securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. You may obtain a written prospectus, when available, for the proposed rights offering meeting the requirements of Section 10 of the Securities Act of 1933, as amended, by writing to the Company, 1501 S. Clinton Street, Baltimore, Maryland 21224, Attention: Eugene A. Friedman, Corporate Secretary. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. Securities may not be sold nor may offers to buy be accepted prior to the effectiveness of a registration statement, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.
1st Mariner Bancorp is a bank holding company with total assets of $1.38 billion. Its wholly owned banking subsidiary, 1st Mariner Bank, with total assets of $1.37 billion, operates 24 full service bank branches in Baltimore, Anne Arundel, Harford, Howard, Talbot, and Carroll counties in Maryland, the City of Baltimore, and Shrewsbury, Pennsylvania. 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 efficiencies resulting from new programs and expansion activities, revenue growth, anticipated expenses, profitability of mortgage banking operations, and other unknown outcomes. The Company's actual results could differ materially from management's expectations. Factors that could contribute to those differences include, but are not limited to, changes in regulations applicable to the Company's business, successful implementation of the Company's branch expansion strategy, 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) and control by and dependency on key personnel, particularly Edwin F. Hale, Sr., Chairman of the Board of Directors and CEO of the Company.
FINANCIAL HIGHLIGHTS (UNAUDITED)
First Mariner Bancorp
(Dollars in thousands, except per share data)
For the three months ended December 31,
2009 2008 $ Change % Change
---- ---- -------- --------
Summary of Earnings:
Net interest income $7,674 $5,722 1,952 34%
Provision for loan losses 3,300 4,155 (855) -21%
Noninterest income 6,082 1,280 4,802 375%
Noninterest expense 16,959 18,842 (1,883) -10%
Income before income taxes (6,503) (15,995) 9,492 -59%
Income tax expense (1,335) (6,551) 5,216 -80%
Net loss - Continuing
Operations (3,699) (9,444) 5,745 -61%
Discontinued Operations -
Mariner Finance (119) 384 (503) -131%
Net income (3,818) (9,060) 5,242 58%
Profitability and Productivity:
Return on average assets -1.13% -2.95% - 62%
Return on average equity -48.78% -63.75% - 23%
Net interest margin 2.72% 2.12% - 28%
Net overhead ratio 3.03% 4.21% - -28%
Efficiency ratio 117.80% 161.97% - -27%
Mortgage loan production 278,504 254,345 24,159 9%
Average deposits per branch 47,771 39,593 8,178 21%
Per Share Data:
Basic earnings per share -
Continuing Operations $(0.57) $(1.46) 0.89 61%
Diluted earnings per share -
Continuing Operations $(0.57) $(1.46) 0.89 61%
Basic earnings per share -
Discontinued Operations $(0.02) $0.06 (0.08) 131%
Diluted earnings per share -
Discontinued Operations $(0.02) $0.06 (0.08) 131%
Basic earnings per share $(0.59) $(1.40) 0.81 58%
Diluted earnings per share $(0.59) $(1.40) 0.81 58%
Book value per share $4.18 $7.13 (2.95) -41%
Number of shares outstanding 6,452,631 6,452,631 - 0%
Average basic number of
shares 6,452,631 6,452,772 (141) 0%
Average diluted number of
shares 6,452,631 6,452,772 (141) 0%
Summary of Financial Condition:
At Period End:
Assets $1,384,552 $1,307,497 77,055 6%
Investment Securities 39,143 52,232 (13,089) -25%
Loans 890,951 978,696 (87,745) -9%
Deposits 1,146,504 950,233 196,271 21%
Borrowings and repurchase
agreements 122,038 220,996 (98,958) -45%
Stockholders' equity 26,987 46,015 (19,028) -41%
Average for the period:
Assets $1,339,847 $1,219,288 120,559 10%
Investment Securities 40,192 59,373 (19,181) -32%
Loans 891,134 862,584 28,550 3%
Deposits 1,104,844 945,905 158,939 17%
Borrowings and repurchase
agreements 196,514 216,613 (20,099) -9%
Stockholders' equity 31,055 56,383 (25,328) -45%
Capital Ratios: 1st Mariner Bank
Leverage 6.2% 5.8% - 7%
Tier 1 Capital to risk
weighted assets 7.9% 6.8% - 16%
Total Capital to risk
weighted assets 9.1% 8.8% - 3%
Asset Quality Statistics and Ratios:
Net Chargeoffs 2,714 4,055 (1,341) -33%
Non-performing assets 57,428 57,757 (329) -1%
90 Days or more delinquent
loans 9,224 9,679 (455) -5%
Annualized net chargeoffs
to average loans 1.21% 1.87% - -35%
Non-performing assets to
total assets 4.15% 4.42% - -6%
90 Days or more delinquent
loans to total loans 1.04% 0.99% - 5%
Allowance for loan losses
to total loans 1.31% 1.71% - -24%
FINANCIAL HIGHLIGHTS (UNAUDITED)
First Mariner Bancorp
(Dollars in thousands, except per share data)
For the twelve months ended December 31,
2009 2008 $ Change % Change
---- ---- -------- --------
Summary of Earnings:
Net interest income $27,112 $28,441 (1,329) -5%
Provision for loan losses 11,660 10,855 805 7%
Noninterest income 28,271 17,228 11,043 64%
Noninterest expense 67,834 65,254 2,580 4%
Income before income taxes (24,111) (30,440) 6,329 -21%
Income tax expense (10,912) (13,632) 2,720 -20%
Net loss - Continuing
Operations (13,199) (16,808) 3,609 -21%
Discontinued Operations -
Mariner Finance (9,085) 1,721 (10,806) -628%
Net Loss (22,284) (15,087) (7,197) 48%
Profitability and Productivity:
Return on average assets -1.69% -1.16% - -45%
Return on average equity -53.81% -24.37% - -121%
Net interest margin 2.43% 2.74% - -11%
Net overhead ratio 2.82% 3.29% - -14%
Efficiency ratio 117.16% 127.84% - -8%
Mortgage loan production 1,663,952 1,385,448 278,504 20%
Average deposits per
branch 47,771 39,593 8,178 21%
Per Share Data:
Basic earnings per share -
Continuing Operations $(2.05) $(2.63) 0.58 -22%
Diluted earnings per
share - Continuing
Operations $(2.05) $(2.63) 0.58 -22%
Basic earnings per share -
Discontinued Operations $(1.41) $0.27 (1.68) -623%
Diluted earnings per
share - Discontinued
Operations $(1.41) $0.27 (1.68) -623%
Basic earnings per share $(3.45) $(2.36) (1.09) 46%
Diluted earnings per share $(3.45) $(2.36) (1.09) 46%
Book value per share $4.18 $7.13 (2.95) -41%
Number of shares
outstanding 6,452,631 6,452,631 - 0%
Average basic number of
shares 6,452,631 6,390,046 62,585 1%
Average diluted number of
shares 6,452,631 6,390,046 62,585 1%
Summary of Financial Condition:
At Period End:
Assets $1,384,552 $1,307,497 77,055 6%
Trading and available for
sale securities 39,143 52,232 (13,089) -25%
Loans 890,951 978,696 (87,745) -9%
Deposits 1,146,504 950,233 196,271 21%
Borrowings 122,038 220,996 (98,958) -45%
Stockholders' equity 26,987 46,015 (19,028) -41%
Average for the period:
Assets $1,315,891 $1,296,252 19,639 2%
Trading and available for
sale securities 48,274 75,501 (27,227) -36%
Loans 889,345 821,700 67,645 8%
Deposits 1,056,179 935,090 121,089 13%
Borrowings 213,012 208,096 4,916 2%
Stockholders' equity 41,415 61,916 (20,501) -33%
Capital Ratios: 1st Mariner Bank
Leverage 6.2% 5.8% - 7%
Tier 1 Capital to risk
weighted assets 7.9% 6.8% - 16%
Total Capital to risk
weighted assets 9.1% 8.8% - 3%
Asset Quality Statistics
and Ratios:
Net Chargeoffs 12,166 11,072 1,094 10%
Non-performing assets 57,428 57,757 (329) -1%
90 Days or more delinquent
loans 9,224 9,679 (455) -5%
Annualized net chargeoffs to
average loans 1.37% 1.35% - 1%
Non-performing assets to
total assets 4.15% 4.42% - -6%
90 Days or more delinquent
loans to total loans 1.04% 0.99% - 5%
Allowance for loan losses to
total loans 1.31% 1.71% - -24%
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
First Mariner Bancorp
(Dollars in thousands)
As of December 31,
2009 2008 $ Change % Change
---- ---- ---------- --------
Assets:
Cash and due from banks $166,374 $21,045 145,329 691%
Interest-bearing
deposits 7,329 46,294 (38,965) -84%
Available-for-sale
investment securities,
at fair value 28,394 39,666 (11,272) -28%
Trading Securities 10,749 12,566 (1,817) -14%
Loans held for sale 122,085 60,203 61,882 103%
Loans receivable 890,951 978,696 (87,745) -9%
Allowance for loan
losses (11,639) (16,776) 5,137 -31%
------- ------- -----
Loans, net 879,312 961,920 (82,608) -9%
Other real estate owned 21,630 18,994 2,636 14%
Restricted stock
investments, at cost 7,815 7,066 749 11%
Property and equipment 44,504 49,964 (5,460) -11%
Accrued interest
receivable 4,960 6,335 (1,375) -22%
Deferred income taxes 28,214 26,057 2,157 8%
Bank owned life
insurance 34,773 36,436 (1,663) -5%
Prepaid expenses and
other assets 28,413 20,951 7,462 36%
------ ------ -----
Total Assets $1,384,552 $1,307,497 77,055 6%
========== ========== ======
Liabilities and
Stockholders' Equity:
Liabilities:
Deposits $1,146,504 $950,233 196,271 21%
Borrowings 122,038 220,996 (98,958) -45%
Junior subordinated
deferrable interest
debentures 73,724 73,724 - 0%
Accrued expenses and
other liabilities 15,299 16,529 (1,230) -7%
------ ------ ------
Total Liabilities 1,357,565 1,261,482 96,083 8%
Stockholders' Equity
Common Stock 323 323 - 0%
Additional paid-in-
capital 56,771 56,741 30 0%
Retained earnings (26,621) (5,485) (21,136) 385%
Accumulated other
comprehensive loss (3,486) (5,564) 2,078 -37%
------ ------ -----
Total Stockholders Equity 26,987 46,015 (19,028) -41%
------ ------ -------
Total Liabilities and
Stockholders' Equity $1,384,552 $1,307,497 77,055 6%
========== ========== ======
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
First Mariner Bancorp
(Dollars in thousands)
For the three For the twelve
months ended months ended
December 31, December 31,
2009 2008 2009 2008
---- ---- ---- ----
Interest Income:
Investments and interest-
bearing deposits $715 $1,067 $3,071 $6,026
Loans 14,358 13,715 56,739 57,299
------ ------ ------ ------
Total Interest Income 15,073 14,782 59,810 63,325
Interest Expense:
Deposits 5,897 6,371 24,874 24,584
Borrowings and repurchase
agreements 1,502 2,689 7,824 10,300
----- ----- ----- ------
Total Interest Expense 7,399 9,060 32,698 34,884
----- ----- ------ ------
Net Interest Income Before
Provision for Loan Losses 7,674 5,722 27,112 28,441
Provision for Loan Losses 3,300 4,155 11,660 10,855
----- ----- ------ ------
Net Interest Income After
Provision for Loan Losses 4,374 1,567 15,452 17,586
Noninterest Income:
Service fees on deposits 1,269 1,552 5,261 6,319
ATM Fees 772 779 3,072 3,188
Gains on sales of mortgage loans 2,617 3,044 12,169 6,730
Other mortgage banking revenue 739 540 3,943 2,680
(Loss)/gain on sales of
investment securities, net (640) (4,631) (2,516) (5,376)
Commissions on sales of
nondeposit investment products 117 120 540 816
Income from bank owned life
insurance 372 374 1,377 1,505
Income (loss) on trading assets
and liabilities 799 (740) 3,038 (814)
Other 37 242 1,387 2,180
-- --- ----- -----
Total Noninterest Income 6,082 1,280 28,271 17,228
Noninterest Expense:
Salaries and employee benefits 6,788 6,472 26,469 27,901
Occupancy 2,165 2,472 8,974 9,369
Furniture, fixtures and
equipment 645 857 2,941 3,425
Advertising 184 200 915 922
Data Processing 458 548 1,880 2,149
Professional services 1,447 670 3,866 1,669
Costs of other real estate owned 1,162 3,071 6,832 5,801
Valuation and secondary
marketing reserves - 93 - 355
FDIC Insurance 1,069 324 3,480 887
Other 3,041 4,135 12,477 12,776
----- ----- ------ ------
Total Noninterest Expense 16,959 18,842 67,834 65,254
Income Before Income Taxes (6,503) (15,995) (24,111) (30,440)
Income Tax Benefit (2,804) (6,551) (10,912) (13,632)
------ ------ ------- -------
Net Loss From Continuing
Operations $(3,699) $(9,444) $(13,199) $(16,808)
======= ======= ======== ========
Discontinued Operations - Mariner
Finance $(119) $384 $(9,085) $1,721
===== ==== ======= ======
Net Loss $(3,818) $(9,060) $(22,284) $(15,087)
======= ======= ======== ========
CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED)
First Mariner Bancorp
(Dollars in thousands)
For the three months ended December 31,
2009 2008
Average Yield/ Average Yield/
Balance Rate Balance Rate
------- ---- ------- ----
Assets:
Loans
Commercial Loans and LOC $78,300 4.05% $80,056 5.68%
Comm/Res Construction 99,896 5.22% 113,357 5.75%
Commercial Mortgages 352,818 6.59% 314,363 6.83%
Residential Construction 47,805 6.75% 76,180 4.84%
Residential Mortgages 160,984 5.48% 134,349 5.81%
Consumer 151,331 4.64% 144,279 5.30%
------- -------
Total Loans 891,134 5.69% 862,584 5.99%
Loans held for sale 118,044 5.06% 42,444 5.69%
Trading and available for
sale securities, at fair
value 40,192 6.62% 59,373 6.38%
Interest bearing deposits 52,144 0.27% 81,266 0.50%
Restricted stock
investments, at cost 7,934 0.77% 7,137 0.99%
----- -----
Total earning assets 1,109,448 5.37% 1,052,804 5.54%
Allowance for loan losses (11,557) (11,398)
Cash and other non earning
assets 241,956 177,882
------- -------
Total Assets $1,339,847 $1,219,288
========== ==========
Liabilities and Stockholders'
Equity:
Interest bearing deposits
NOW deposits 7,150 0.72% 6,549 0.92%
Savings deposits 53,539 0.29% 51,841 0.34%
Money market deposits 167,575 0.87% 171,407 1.23%
Time deposits 763,832 2.85% 597,861 3.85%
------- -------
Total interest bearing
deposits 992,096 2.36% 827,658 3.06%
Borrowings 196,514 3.03% 216,613 4.94%
------- -------
Total interest bearing
liabilities 1,188,610 2.47% 1,044,271 3.45%
Noninterest bearing demand
deposits 112,748 118,247
Other liabilities 7,434 387
Stockholders' Equity 31,055 56,383
------ ------
Total Liabilities and
Stockholders' Equity $1,339,847 $1,219,288
========== ==========
Net Interest Spread 2.90% 2.09%
Net Interest Margin 2.72% 2.12%
CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED)
First Mariner Bancorp
(Dollars in thousands)
For the twelve months ended December 31,
2009 2008
Average Yield/ Average Yield/
Balance Rate Balance Rate
------- ---- ------- ----
Assets:
Loans
Commercial Loans and LOC $87,421 5.05% $79,533 6.01%
Comm/Res Construction 102,097 5.24% 117,539 6.23%
Commercial Mortgages 337,803 6.73% 298,864 7.40%
Residential Construction 58,498 5.73% 87,831 6.26%
Residential Mortgages 152,280 5.87% 104,167 5.92%
Consumer 151,246 4.54% 133,767 5.97%
------- -------
Total Loans 889,345 5.81% 821,700 6.55%
Loans held for sale 99,503 5.11% 59,925 5.75%
Trading and available for
sale securities, at fair
value 48,274 6.09% 75,501 5.94%
Interest bearing deposits 71,963 0.15% 72,701 1.79%
Restricted stock investments,
at cost 7,770 0.28% 6,424 3.69%
----- -----
Total earning assets 1,116,855 5.36% 1,036,251 6.11%
Allowance for loan losses (11,979) (10,301)
Cash and other non earning
assets 211,015 270,302
------- -------
Total Assets $1,315,891 $1,296,252
========== ==========
Liabilities and Stockholders' Equity:
Interest bearing deposits
NOW deposits 6,784 0.65% 13,249 0.58%
Savings deposits 55,122 0.32% 54,898 0.33%
Money market deposits 163,910 0.84% 210,003 1.47%
Time deposits 713,855 3.26% 525,700 4.04%
------- -------
Total interest bearing
deposits 939,671 2.65% 803,850 3.06%
Borrowings 213,012 3.67% 208,096 4.94%
------- -------
Total interest bearing
liabilities 1,152,683 2.84% 1,011,946 3.45%
Noninterest bearing demand
deposits 116,508 131,240
Other liabilities 5,285 91,150
Stockholders' Equity 41,415 61,916
------ ------
Total Liabilities and
Stockholders' Equity $1,315,891 $1,296,252
========== ==========
Net Interest Spread 2.52% 2.66%
Net Interest Margin 2.43% 2.74%
SOURCE 1st Mariner Bancorp
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