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Bank holding companies

First Mariner Bancorp Reports Strong Financial Growth

Strategic Insights

— 2 min read

First Mariner Bancorp, the parent company of First Mariner Bank, announced its third quarter financial results, showcasing impressive growth in its loan portfolio and other assets. For the nine months ended September 30, 1998, the Company reported net income of $486,233, a significant increase from the same period in 1997. The Company's assets grew by 116% to $459.8 million, driven by strong demand for commercial loan offerings from middle-market corporate borrowers in the Baltimore-Washington area. First Mariner Mortgage Corporation, a subsidiary of First Mariner Bank, also contributed to the growth, with $155.8 million in residential first mortgage loans closed during the first nine months of the year.

Key Takeaways:

  • Net income for the third quarter of 1998 was $180,991, a 75% increase from the third quarter of 1997.
  • Total assets grew by 116% to $459.8 million at September 30, 1998, from $212.5 million at September 30, 1997.
  • Deposits increased by 43% to $248.8 million at September 30, 1998, from $173.4 million at September 30, 1997.
  • Total loans stood at $219.1 million at September 30, 1998, a 66% increase from $132.3 million at September 30, 1997.
  • Net interest income for the first nine months of 1998 was up 52% to $8.4 million from $5.5 million during the same period of 1997.
  • Non-interest expenses for the first nine months of the year were $10.8 million, up 65% from $6.6 million in the same period of 1997.
  • Non-interest income rose 125% to $3.6 million during the first nine months of the year.
  • The Company's allowance for losses on loans was $2.2 million at September 30, 1998, a 47% increase from $1.5 million at September 30, 1997.
  • The number of deposit accounts increased by 53% to over 28,300 at September 30, 1998.
  • First Mariner opened four new full-service branch locations during the third quarter and expanded its web site and PC banking in early 1999.

Statistics:

  • Net income: $180,991 (Q3 1998), $103,194 (Q3 1997), $486,233 (9 months 1998), $191,276 (9 months 1997)
  • Total assets: $459.8 million (September 30, 1998), $212.5 million (September 30, 1997)
  • Deposits: $248.8 million (September 30, 1998), $173.4 million (September 30, 1997)
  • Total loans: $219.1 million (September 30, 1998), $132.3 million (September 30, 1997)
  • Net interest income: $8.4 million (9 months 1998), $5.5 million (9 months 1997)
  • Non-interest expenses: $10.8 million (9 months 1998), $6.6 million (9 months 1997)
  • Non-interest income: $3.6 million (9 months 1998), -
  • Allowance for losses on loans: $2.2 million (September 30, 1998), $1.5 million (September 30, 1997)
  • Number of deposit accounts: over 28,300 (September 30, 1998)

Sources:

  • PRNewswire, October 20, 1998
  • First Mariner Bancorp, Third Quarter 1998 Press Release

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