First Mariner Bancorp's loss widens

Baltimore-based company cites weak economy and real estate market

August 02, 2010|By Eileen Ambrose, The Baltimore Sun

First Mariner Bancorp reported Monday that it lost $4.7 million in the second quarter, nearly double the loss of the corresponding quarter a year earlier.

On a per share basis, the parent company of Baltimore's 1st Mariner Bank lost 28 cents per share, compared with 37 cents the year before.

First Mariner Chairman and Chief Executive Edwin F. Hale Sr. blamed the soft economy and weak real estate market for the downward pressure on earnings. The company set aside $4.4 million for loan losses in the second quarter, a 52 percent increase over a year earlier. First Mariner, which is under regulatory orders to boost its capital, raised $10.9 million in the quarter and retired $1 million in debt. Hale said the company hasn't met its capital targets yet, but expects to achieve them given its progress so far.

Revenue for the quarter fell 11.6 percent to $13 million from a year ago. Assets fell 8 percent to $1.34 billion. Deposits were up 2 percent to $1.1 billion.

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