First Mariner reports $1.48 million loss

Rising interest rates contributed to second quarter loss

August 14, 2013|By Eileen Ambrose, The Baltimore Sun

First Mariner Bancorp blamed rising interest rates and a slowdown in refinancings for its $1.48 million second quarter loss.

On a per share basis, the Baltimore-based parent of 1st Mariner Bank, lost 8 cents in the quarter ended June 30. For the April-to-June period a year ago, First Mariner earned $5.67 million, or 30 cents per share.

"Our results this quarter were dampened by rising long term interest rates, which slowed refinancings and overall revenue from our mortgage banking operations as compared to the second quarter of 2012," interim CEO Mark A. Keidel said in a statement. "Additionally, we experienced higher operating expenses for professional services and expenses associated with efforts to raise capital."

The bank holding company has been under regulatory orders since 2009 to raise capital levels.

Its nonperforming assets, including past due loans and foreclosed real estate, fell to $36.9 million, or 3 percent of $1.2 billion in assets on June 30. That's down from nearly 4.6 percent of assets a year earlier.

First Mariner's stock fell 33 cents, or nearly 14 percent, to close Wednesday at $2.06 per share.

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