FIRST MARINER BANCORP 
By BALTIMORE, Nov. 8, 2013 /PRNewswire/ -- 1(st) Mariner Bancorp (OTCBB: FMAR), parent company of 1(st) Mariner Bank, reported a net loss of $7.4 million for the third quarter of 2013 compared to net income of $7.9 million for the third quarter of 2012. For the nine months ended September 30, 2013, the net loss was $11.2 million compared to net income of $15.4 million for the nine months ended September 30, 2012.
Mark A. Keidel, 1(st) Mariner's Chief Executive Officer, said, "Our results for the third quarter were materially impacted by the rapid and steep increase in long term treasury rates. Like most in the residential mortgage industry, we experienced declines in production and a significant compression of the margins on sold loans."
Mr. Keidel added, "We have executed on cost cutting initiatives and will make necessary adjustments to remain competitive and improve profitability in the changing mortgage landscape."
Mr. Keidel continued, "Credit quality metrics showed continued improvement from the previous year's levels, however our regulatory capital ratios remain below the levels required by regulatory orders. We continue to explore all opportunities to increase capital to levels required in our regulatory agreements."
Net interest income for the third quarter of 2013 was $6.7 million compared to $8.1 million in the third quarter of 2012. The net interest margin decreased to 2.97% in the third quarter of 2013 compared to 3.01% in the third quarter of 2012. This was due to lower balances of loans and loans held for sale. Average loan balances were $571.6 million and $656.5 million for the quarters ended September 30, 2013 and 2012, respectively. Average loans held for sale were $178.1 million and $320.9 million for the quarters ended September 30, 2013 and 2012, respectively. Interest expense on deposits was $2.4 million for the three months ended September 30, 2013 compared to $2.9 million for the three months ended September 30, 2012. The decrease was due to the low interest rate environment coupled with a decrease in deposits. The average rate paid on deposits decreased to 0.98% for the three months ended September 30, 2013, down from 1.17% for the three months ended September 30, 2012. The average interest rate on borrowings increased to 3.08% for the quarter ended September 30, 2013, up from 2.21% for the quarter ended September 30, 2012. The maturity and repayment of lower rate borrowings in 2013 caused the increase in the average rate of interest on borrowings.
For the nine months ended September 30, 2013, net interest income was $20.2 million compared to $22.9 million for the nine months ended September 30, 2012. The net interest margin was 2.84% for the nine months ended September 30, 2013 versus 3.08% for the same period in 2012. The decrease is due to a decline in loan balances and continued downward pressure on interest rates. Total average loans were $589.3 million and $671.7 million for the nine months ended September 30, 2013 and 2012, respectively. The average yield on those loans was 5.25% and 5.35% for the nine months ended September 30, 2013 and 2012, respectively. As for deposits, the average interest rate paid was 1.05% and 1.27% for the nine months ended September 30, 2013 and 2012, respectively. The average rate paid on borrowings was 3.06% and 2.22% for the nine months ended September 30, 2013 and 2012, respectively. The increase in the rate was due to lower rate advances maturing and being repaid in 2013, leaving a balance of higher coupon borrowings.
The provision for loan losses was zero for the three months ended September 30, 2013 and 2012. Net charge-offs were $676 thousand for the three months ended September 30, 2013 million and $1.4 million for the three months ended September 30, 2012. Costs related to foreclosed properties, including write-downs due to declining appraised values, amounted to $560 thousand for the three months ended September 30, 2013 compared to $1.3 million for the three months ended September 30, 2012. Continued improvements in portfolio credit quality and a stabilizing real estate market in our operating region contributed to the lower levels of credit costs.
For the nine months ended September 30, 2013, the provision for loan losses was $1.3 million compared to $572 thousand for the nine months ended September 30, 2012. Net charge offs for the nine months ended September 30, 2013 were $3.5 million, a 55% increase from the $2.3 million incurred during the nine months ended September 30, 2012. Costs related to foreclosed properties, including write-downs due to declining appraised values, amounted to $4.3 million for the nine months ended September 30, 2013 versus $3.5 million recorded for the nine months ended September 30, 2012. Combined credit- related costs amounted to $5.6 million for the nine months ended September 30, 2013 compared to $4.1 million for the nine months ended September 30, 2012. The increase was due to the strategy to aggressively reduce non-performing assets that was executed in the first half of 2013. As a result, non-performing assets were $39.7 million as of September 30, 2013, a 30% improvement over the $56.6 million of non-performing assets as of September 30, 2012.
Non-interest income was $2.4 million for the three months ended September 30, 2013, which is a significant decrease over the $16.3 million that was reported in the third quarter of 2012. The decrease was due to low mortgage banking revenue as a result of the rapid increase in mortgage interest rates. This caused a significant decline of refinancing activity as well as narrowing margins on loans sold. Gross mortgage banking revenue was $548 thousand for the three months ended September 30, 2013 compared to $15.4 million for the three months ended September 30, 2012. For the three months ended September 30, 2013, gross mortgage loan production volume was $375.7 million compared to $742.2 million for the three months ended September 30, 2012.
For the nine months ended September 30, 2013, non-interest income was $24.3 million, which is a 38% decrease over the $39.5 million recorded in the nine months ended September 30, 2012. The decrease was due to lower mortgage banking revenue as a result of the increase in mortgage rates in 2013. Additionally, the margins on loans sold narrowed in 2013. For the nine months ended September 30, 2013, the gross revenue from mortgage banking activities was $15.7 million, a significant decrease from the $35.5 million that was recorded in the nine months ended September 30, 2012.
Non-interest expenses were $16.7 million for the three months ended September 30, 2013 compared to $16.4 million for the three months ended September 30, 2012. Professional fees related to regulatory compliance, loan workouts, and efforts related to increasing capital levels decreased to $656 thousand for the three months ended September 30, 2013 versus $973 thousand for the three months ended September 30, 2012. Costs related to foreclosed properties, including write-downs due to declining appraised values, decreased to $560 thousand for the three months ended September 30, 2013 compared to $1.3 million for the three months ended September 30, 2012. Amounts paid for FDIC insurance premiums remain high with $1.0 million incurred in both three month periods ended September 30, 2013 and 2012. Data processing costs were $1.1 million for the three months ended September 30, 2013, compared to $403 thousand for the three months ended September 30, 2012. The increase was due to the expiration of the existing contract with the Company's service provider in 2012 and the conversion to a new core processing system in the fourth quarter of 2012.
For the nine months ended September 30, 2013, non-interest expenses were $54.6 million, which is a 16.9% increase over the $46.7 million recorded in the nine months ended September 30, 2012. The increase was due to increases in salaries & benefits, professional fees, advertising & marketing, and costs related to foreclosed properties. Salaries and benefits totaled $19.8 million for the nine months ended September 30, 2013 versus $17.4 million for the nine months ended September 30, 2012. This increase was primarily due to higher staffing and compensation costs in mortgage banking. Costs related to foreclosed properties, including write-downs due to declining appraised values, amounted to $4.3 million for the nine months ended September 30, 2013 versus $3.5 million recorded for the nine months ended September 30, 2012. The increase was attributable to the aggressive disposal of non-performing assets in the first half of 2013. FDIC insurance premiums remain high with $3.4 million incurred in the nine months ended September 30, 2013 and $3.1 million incurred in the nine months ended September 30, 2012. Corporate insurance expense was $2.4 million for the nine months ended September 30, 2013 compared to $1.6 million for the nine months ended September 30, 2012. The increase was due to higher renewal premiums that became effective in August 2012.
Comparing balance sheet data as of September 30, 2013 and 2012, total assets decreased 16% to $1.08 billion, from the prior year's $1.29 billion. The decrease is due to a $242.9 million decrease in loans held for sale and a $80.3 million decrease in portfolio loans. The decrease in loans held for sale is the result of the increase in mortgage rates that slowed refinancing activity. The decrease in portfolio loans is the result of payoffs and slow commercial loan production.
-- Average earning assets were $887.7 million for the third quarter of
2013, which was a $168.4 million decrease over the third quarter 2012
balance of $1.06 billion. The decrease was due to lower average loans
held for sale.
-- Total loans outstanding were $560.3 million as of September 30, 2013,
down 13% from the $643.5 million reported as of September 30, 2012. This
was due to loan maturities, loan sales, and reduced portfolio loan
production.
-- Total loans held for sale were $128.6 million as of September 30, 2013,
down 65% over the $371.6 million held for sale as of September 30, 2012.
The decrease was due to lower mortgage division production as a result
of higher mortgage rates.
-- The allowance for loan losses as of September 30, 2013 was $9.2 million,
a decrease of 24% over the prior year's $12.1 million. The allowance for
loan losses as a percentage of total loans was 1.64% as of September 30,
2013, compared to 1.88% as of September 30, 2012. The decrease was due
to improving asset quality.
-- Total deposits decreased 13% from $1.11 billion as of September 30, 2012
to $981.3 million as of September 30, 2013. Money market and NOW
accounts increased $20.9 million, from $151.4 million as of September
30, 2012 to $172.3 million as of September 30, 2013. Savings accounts
increased $6.7 million from $55.9 million as of September 30, 2012 to
$62.6 million as of September 30, 2013. Certificates of deposit were
$648.4 million as of September 30, 2013, representing a decrease of
$150.2 million, or 23%, from the $798.6 million as of September 30,
2012.
-- As of September 30, 2013, 1(st) Mariner Bank's capital ratios were as
follows: Total Risk Based Capital 7.2%; Tier 1 Risk Based Capital 5.9%;
and Leverage 3.6%.
1st Mariner Bancorp is a bank holding company with total assets of $1.1 billion. Its wholly owned banking subsidiary, 1st Mariner Bank, operates 19 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, 2012 and the Company's Quarterly Report on Form 10-Q for the six months ended June 30, 2013. 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,
2013 2012 $ Change % Change
---- ---- -------- --------
Summary
of
Earnings:
Net
interest
income $6,692 $8,059 (1,367) -17%
Provision
for
loan
losses - - - 0%
Noninterest
income 2,380 16,280 (13,900) -85%
Noninterest
expense 16,703 16,413 290 2%
Net
income/
(loss)
before
income
taxes (7,631) 7,926 (15,557) 196%
Income
tax
expense/
(benefit) (216) - (216) -100%
Net
income/
(loss) (7,415) 7,926 (15,341) 194%
Profitability
and
Productivity:
Net
interest
margin 2.97% 3.01% - -1%
Net
overhead
to
average
earning
assets 6.40% 0.05% - 12711%
Efficiency
ratio 184.12% 67.43% - -173%
Mortgage
loan
production 375,699 742,191 (366,492) -49%
Average
deposits
per
branch 51,646 52,769 (1,124) -2%
Per
Share
Data:
Basic
earnings
per
share $(0.38) $0.42 (0.80) 190%
Diluted
earnings
per
share $(0.38) $0.42 (0.80) 190%
Book
value
per
share $(0.89) $(0.46) (0.43) -92%
Number
of
shares
outstanding 19,705,896 18,860,482 845,414 4%
Average
basic
number
of
shares 19,705,896 18,860,482 845,414 4%
Average
diluted
number
of
shares 19,705,896 18,860,482 845,414 4%
Summary
of
Financial
Condition:
At
Period
End:
Assets $1,084,593 $1,294,034 (209,441) -16%
Investment
Securities 134,129 45,334 88,795 196%
Loans 560,316 643,468 (83,152) -13%
Deposits 981,265 1,108,151 (126,886) -11%
Borrowings 95,248 172,896 (77,648) -45%
Stockholders'
deficit (17,630) (8,769) (8,861) -101%
Average
for the
period:
Assets $1,156,424 $1,260,000 (103,576) -8%
Investment
Securities 98,872 42,913 55,959 130%
Loans 571,578 656,467 (84,889) -13%
Deposits 1,063,508 1,083,428 (19,920) -2%
Borrowings 94,057 173,145 (79,088) -46%
Stockholders'
deficit (14,428) (12,198) (2,230) 18%
Capital
Ratios
at
period
end:
First
Mariner
Bank
Leverage 3.6% 4.1% - -12%
Tier 1
Capital
to
risk
weighted
assets 5.9% 5.8% - 2%
Total
Capital
to
risk
weighted
assets 7.2% 7.1% - 1%
Asset
Quality
Statistics
and
Ratios:
Net
charge
offs 676 1,426 (750) -53%
Non-
performing
assets 39,681 56,638 (16,957) -30%
Loans
past
due 90
days
or
more
and
accruing 3,438 - 3,438 0
Annualized
net
chargeoffs
to
average
loans 0.47% 0.86% - -46%
Non-
performing
assets
to
total
assets 3.66% 4.38% - -16%
90 Days
or
more
delinquent
loans
to
total
loans 0.61% 0.00% - 0
Allowance
for
loan
losses
to
total
loans 1.64% 1.88% - -13%
FINANCIAL
HIGHLIGHTS
(UNAUDITED)
First
Mariner
Bancorp
(Dollars
in
thousands,
except
per
share
data)
For the nine months ended September
30,
2013 2012 $ Change % Change
---- ---- -------- --------
Summary
of
Earnings:
Net
interest
income $20,229 $22,971 $(2,742) -12%
Provision
for
loan
losses 1,300 572 728 127%
Noninterest
income 24,292 39,494 (15,202) -38%
Noninterest
expense 54,605 46,680 7,925 17%
Net
income/
(loss)
before
income
taxes (11,384) 15,213 (26,597) -175%
Income
tax
expense/
(benefit) (215) (205) (10) 5%
Net
income/
(loss) (11,169) 15,418 (26,587) -172%
Profitability
and
Productivity:
Net
interest
margin 2.84% 3.08% - -8%
Net
overhead
to
average
earning
assets 4.31% 0.98% - 340%
Efficiency
ratio 122.65% 74.73% - 64%
Mortgage
loan
production 1,729,838 1,774,395 (44,557) -3%
Average
deposits
per
branch 51,646 52,769 (1,124) -2%
Per
Share
Data:
Basic
earnings
per
share $(0.58) $0.82 (1.39) -171%
Diluted
earnings
per
share $(0.58) $0.82 (1.39) -171%
Book
value
per
share $(0.89) $(0.46) (0.43) 92%
Number
of
shares
outstanding 19,705,896 18,860,482 845,414 4%
Average
basic
number
of
shares 19,372,016 18,860,482 511,534 3%
Average
diluted
number
of
shares 19,372,016 18,860,482 511,534 3%
Summary
of
Financial
Condition:
At
Period
End:
Assets $1,084,593 $1,294,034 (209,441) -16%
Investment
Securities 134,129 45,334 88,795 196%
Loans 560,316 643,468 (83,152) -13%
Deposits 981,265 1,108,151 (126,886) -11%
Borrowings 95,248 172,896 (77,648) -45%
Stockholders'
deficit (17,630) (8,769) (8,861) 101%
Average
for
the
period:
Assets $1,254,697 $1,200,148 54,549 5%
Investment
Securities 72,441 32,221 40,220 125%
Loans 589,256 671,689 (82,433) -12%
Deposits 1,140,958 1,031,066 109,892 11%
Borrowings 110,210 173,150 (62,940) -36%
Stockholders'
deficit (10,426) (18,752) 8,326 -44%
Capital
Ratios
at
period
end:
First
Mariner
Bank
Leverage 3.6% 4.1% - -12%
Tier
1
Capital
to
risk
weighted
assets 5.9% 5.8% - 2%
Total
Capital
to
risk
weighted
assets 7.2% 7.1% - 1%
Asset
Quality
Statistics
and
Ratios:
Net
Chargeoffs 3,534 2,277 1,257 55%
Non-
performing
assets 39,681 56,638 (16,957) -30%
Loans
past
due
90
days
or
more
and
accruing 3,438 - 3,438 0%
Annualized
net
chargeoffs
to
average
loans 0.80% 0.45% - 77%
Non-
performing
assets
to
total
assets 3.66% 4.38% - -16%
90
Days
or
more
delinquent
loans
to
total
loans 0.61% 0.00% - 0%
Allowance
for
loan
losses
to
total
loans 1.64% 1.88% - -13%
CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION
(UNAUDITED)
First
Mariner
Bancorp
(Dollars
in
thousands)
As of September 30,
-------------------
2013 2012 $ Change % Change
---- ---- -------- --------
Assets:
Cash
and
due
from
banks $121,727 $78,897 42,830 54%
Interest-
bearing
deposits 28,935 32,310 (3,375) -10%
Available-
for-
sale
investment
securities,
at
fair
value 134,129 45,334 88,795 196%
Loans
held
for
sale 128,584 371,554 (242,970) -65%
Loans
receivable 560,316 643,468 (83,152) -13%
Allowance
for
loan
losses (9,200) (12,096) 2,896 -24%
------ ------- -----
Loans,
net 551,116 631,372 (80,256) -13%
Real
estate
acquired
through
foreclosure 19,368 19,978 (610) -3%
Restricted
stock
investments,
at
cost 3,517 6,829 (3,312) -48%
Premises
and
equipment,
net 37,521 37,534 (13) 0%
Accrued
interest
receivable 3,180 4,015 (835) -21%
Bank
owned
life
insurance 39,354 38,332 1,022 3%
Prepaid
expenses
and
other
assets 17,162 27,879 (10,717) -38%
------ ------
Total
Assets $1,084,593 $1,294,034 (209,441) -16%
========== ========== ========
Liabilities
and
Stockholders'
Deficit
Liabilities:
Deposits $981,265 $1,108,151 (126,886) -11%
Borrowings 43,180 120,828 (77,648) -64%
Junior
subordinated
deferrable
interest
debentures 52,068 52,068 - 0%
Accrued
expenses
and
other
liabilities 25,710 21,756 3,954 18%
------ ------ -----
Total
Liabilities 1,102,223 1,302,803 (200,580) -15%
--------- --------- --------
Stockholders'
Deficit
Common
Stock 981 939 42 4%
Additional
paid-
in-
capital 80,726 80,006 720 1%
Retained
Deficit (98,506) (88,036) (10,470) -12%
Accumulated
other
comprehensive
loss (831) (1,678) 847 50%
---- ------
Total
Stockholders'
Deficit (17,630) (8,769) (8,861) -101%
------- ------ ------
Total
Liabilities
and
Stockholders'
Deficit $1,084,593 $1,294,034 (209,441) -16%
========== ========== ========
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
First Mariner Bancorp
(Dollars in thousands) For the three
months For the nine months
ended September30, ended September 30,
2013 2012 2013 2012
---- ---- ---- ----
Interest Income:
Loans $9,292 $11,567 $29,554 $33,644
Investments and interest-bearing deposits 519 352 1,312 1,063
--- --- ----- -----
Total Interest Income 9,811 11,919 30,866 34,707
----- ------ ------ ------
Interest Expense:
Deposits 2,390 2,898 8,115 8,857
Borrowings 729 962 2,522 2,879
--- ---
Total Interest Expense 3,119 3,860 10,637 11,736
----- ----- ------ ------
Net Interest Income Before Provision for Loan Losses 6,692 8,059 20,229 22,971
Provision for Loan Losses - - 1,300 572
--- --- ----- ---
Net Interest Income After Provision for Loan Losses 6,692 8,059 18,929 22,399
----- ----- ------ ------
Noninterest Income:
Total other-than-temporary impairment ("OTTI") charges - 94 - 175
Less: Portion included in other comprehensive income - (94) - (635)
--- --- --- ----
Net OTTI charges on securities available for sale - - - (460)
Mortgage banking revenue 548 15,384 15,703 35,450
ATM Fees 558 649 1,697 2,067
Service fees on deposits 668 623 1,995 1,927
Gain on sale of securities available for sale (4) - 51 -
Gain / (loss) on sale of assets 23 (949) 2,905 (1,271)
Commissions on sales of nondeposit investment products 54 62 213 211
Income from bank owned life insurance 242 273 753 853
Other 291 238 975 717
--- --- --- ---
Total Noninterest Income 2,380 16,280 24,292 39,494
----- ------ ------ ------
Noninterest Expense:
Salaries and employee benefits 6,499 6,107 19,804 17,438
Occupancy 2,100 1,835 6,358 6,343
Furniture, fixtures and equipment 467 671 1,252 1,357
Professional services 656 973 3,373 2,085
Advertising and marketing 360 413 1,393 1,391
Data processing 1,143 403 1,764 1,237
ATM servicing expenses 95 225 292 678
Costs of other real estate owned 560 1,325 4,257 3,539
FDIC insurance premiums 1,021 1,009 3,359 3,131
Service and maintenance 649 644 2,156 1,799
Corporate insurance 776 695 2,356 1,571
Consulting fees 516 395 1,345 1,319
Postage 231 740 2,225 1,421
Loan collection expenses 124 101 485 290
Other 1,506 877 4,186 3,081
----- --- ----- -----
Total Noninterest Expense 16,703 16,413 54,605 46,680
------ ------ ------ ------
Net income/(loss) before income taxes (7,631) 7,926 (11,384) 15,213
Income tax expense/(benefit) (216) - (215) (205)
---- --- ---- ----
Net (loss)/income $(7,415) $7,926 $(11,169) $15,418
======= ====== ======== =======
CONSOLIDATED AVERAGE BALANCES,
YIELDS AND RATES (UNAUDITED)
First
Mariner
Bancorp
(Dollars
in
thousands)
For the three months ended
September 30,
2013 2012
Average Yield/ Average Yield/
Balance Rate Balance Rate
------- ---- ------- ----
Assets:
Loans
Commercial
Loans
and
LOC $49,365 5.27% $50,483 5.22%
Commercial
Mortgages 233,350 6.17% 298,291 5.72%
Commercial
Construction 49,859 5.41% 51,819 5.43%
Consumer
Residential
Construction 19,950 5.17% 18,134 4.73%
Residential
Mortgages 109,682 3.87% 114,369 5.04%
Consumer 109,372 4.43% 123,371 4.27%
------- -------
Total
Loans 571,578 5.22% 656,467 5.24%
Loans
held
for
sale 178,130 3.86% 320,860 3.54%
Trading
and
available
for
sale
securities,
at
fair
value 98,872 1.49% 42,913 2.75%
Interest
bearing
deposits 35,648 1.46% 28,996 0.79%
Restricted
stock
investments,
at
cost 3,517 2.48% 6,857 0.00%
----- -----
Total
earning
assets 887,745 4.37% 1,056,093 4.47%
Allowance
for
loan
losses (10,526) (13,292)
Cash
and
other
non
earning
assets 279,205 217,199
------- -------
Total
Assets $1,156,424 $1,260,000
======== ==========
Liabilities
and
Stockholders'
Deficit:
Interest
bearing
deposits
NOW
deposits 3,867 0.14% 6,182 0.89%
Savings
deposits 63,278 0.07% 58,949 0.19%
Money
market
deposits 166,810 0.30% 143,358 0.55%
Time
deposits 729,137 1.23% 774,722 1.36%
------- -------
Total
interest
bearing
deposits 963,092 0.98% 983,211 1.17%
Borrowings 94,057 3.08% 173,145 2.21%
------ -------
Total
interest
bearing
liabilities 1,057,149 1.17% 1,156,356 1.33%
Noninterest
bearing
demand
deposits 100,416 100,217
Other
liabilities 13,287 15,625
Stockholders'
Deficit (14,428) (12,198)
------- -------
Total
Liabilities
and
Stockholders'
Deficit $1,156,424 $1,260,000
======== ==========
Net
Interest
Spread 3.20% 3.14%
Net
Interest
Margin 2.97% 3.01%
CONSOLIDATED AVERAGE BALANCES,
YIELDS AND RATES (UNAUDITED)
First
Mariner
Bancorp
(Dollars
in
thousands)
For the nine months ended
September 30,
2013 2012
Average Yield/ Average Yield/
Balance Rate Balance Rate
------- ---- ------- ----
Assets:
Loans
Commercial
Loans
and
LOC $48,300 5.27% $52,000 5.13%
Commercial
Mortgages 249,737 5.75% 306,833 5.80%
Commercial
Construction 49,235 5.43% 53,181 5.55%
Consumer
Residential
Construction 19,228 5.06% 16,909 4.35%
Residential
Mortgages 109,500 4.75% 116,784 5.41%
Consumer 113,256 4.60% 125,982 4.33%
------- -------
Total
Loans 589,256 5.25% 671,689 5.35%
Loans
held
for
sale 245,297 3.36% 234,187 3.67%
Trading
and
available
for
sale
securities,
at
fair
value 72,441 1.50% 32,221 3.64%
Interest
bearing
deposits 30,270 1.78% 36,756 0.67%
Restricted
stock
investments,
at
cost 4,119 2.96% 6,969 0.00%
----- -----
Total
earning
assets 941,383 4.35% 981,822 4.68%
Allowance
for
loan
losses (11,170) (13,643)
Cash
and
other
non
earning
assets 324,484 231,969
------- -------
Total
Assets $1,254,697 $1,200,148
======== ==========
Liabilities
and
Stockholders'
Deficit:
Interest
bearing
deposits
NOW
deposits 4,492 0.16% 5,921 0.95%
Savings
deposits 63,392 0.14% 58,273 0.19%
Money
market
deposits 164,644 0.43% 134,924 0.54%
Time
deposits 804,759 1.25% 730,773 1.50%
------- -------
Total
interest
bearing
deposits 1,037,287 1.05% 929,891 1.27%
Borrowings 110,210 3.06% 173,150 2.22%
------- -------
Total
interest
bearing
liabilities 1,147,497 1.24% 1,103,041 1.42%
Noninterest
bearing
demand
deposits 103,671 101,175
Other
liabilities 13,955 14,684
Stockholders'
Deficit (10,426) (18,752)
------- -------
Total
Liabilities
and
Stockholders'
Deficit $1,254,697 $1,200,148
======== ==========
Net
Interest
Spread 3.11% 3.26%
Net
Interest
Margin 2.84% 3.08%
SOURCE 1st Mariner Bancorp
