First Mariner corrects preliminary earnings report

Baltimore banking company reduces non-interest income

April 02, 2013|By Eileen Ambrose, The Baltimore Sun

First Mariner Bancorp on Tuesday said it was correcting preliminary earnings figures released earlier for 2012, reducing its annual non-interest income by $892,000.

According to the latest figures, the Baltimore-based bank holding company earned $699,000 for the fourth quarter ended Dec. 31, or 4 cents per share. For all of last year, the company earned $16.1 million, or 85 cents per share, a record.

The company reported preliminary quarterly and annual earnings at the end of January, but revised the report while preparing its audited financial statements. First Mariner said the drop in non-interest income was due to adjustments on the gains from mortgage loan sales and the value of other related loans.

First Mariner shares closed at 89 cents each, down 1 cent, on Tuesday.

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