First Mariner posts its best earnings ever

July 17, 2002|By William Patalon III | William Patalon III,SUN STAFF

First Mariner Bancorp earned $908,000 in the second quarter, the highest single-quarter total in the bank's history and a result that sets the stage for even stronger future performance, First Mariner Chairman and Chief Executive Officer Edwin F. Hale Sr. said yesterday.

"We're confident," Hale said. "We think it's going to continue."

The Baltimore-based parent of First Mariner Bank said yesterday that second-quarter net income was $908,000, or 16 cents per fully diluted share. That compares with net income of $501,000, or 14 cents a share, during last year's second quarter.

Revenue for the second quarter jumped 20 percent, from $8.98 million to $10.79 million.

Deposits grew 23 percent to $624 million, and the average deposits at the branches grew more than 40 percent to $28.4 million as of June 30.

Loans were 11 percent higher than in last year's second quarter at $500 million, reflecting strong growth in loans for businesses, residential construction and consumer uses, First Mariner said.

Total assets ended the second quarter at $806 million, 13 percent more than in last year's quarter, the bank said.

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