First Mariner posts third straight quarterly profit
Baltimore Business Journal by Gary Haber, Staff Reporter
Date: Wednesday, October 31, 2012, 10:05am EDT
First Mariner Bank posted its third straight quarterly profit.
- Gary Haber
- Staff Reporter- Baltimore Business Journal
- Email | Twitter
First Mariner Bancorp posted its third consecutive quarterly profit on strong activity in its mortgage business.
The parent company of First Mariner Bank had net income of $7.9 million, or 42 cents a share, for the third quarter. That reversed a loss of $7.9 million, or 42 cents a share, in third quarter 2011.
Baltimore-based First Mariner (OTCBB: FMAR) said it saw record mortgage volume for the quarter and improved performance in its real estate loan portfolio. It set aside no money for potential loan losses in the third quarter, compared with $5 million in third quarter 2011.
“Our positive momentum in earnings continued as we experienced improvements in operating results across all segments of operating performance measures,” CEO Mark A. Keidel said in a statement.
First Mariner Bank remains under regulators’ orders to boost capital levels. While the bank’s capital levels have increased they remain below the level set by regulators, First Mariner said,
“Our improved profitability has increased our regulatory capital ratios, but these ratios remain below the levels required by regulatory orders and we continue to work diligently to increase capital to levels required in our regulatory agreements,” Keidel said.
Gary Haber covers Banking, Finance, Insurance, Law
First Mariner posts third straight quarterly profit
Baltimore Business Journal by Gary Haber, Staff Reporter
Date: Wednesday, October 31, 2012, 10:05am EDT
Photo by Nicholas Griner, Staff
First Mariner Bank posted its third straight quarterly profit.
- Gary Haber
- Staff Reporter- Baltimore Business Journal
- Email | Twitter
First Mariner Bancorp posted its third consecutive quarterly profit on strong activity in its mortgage business.
The parent company of First Mariner Bank had net income of $7.9 million, or 42 cents a share, for the third quarter. That reversed a loss of $7.9 million, or 42 cents a share, in third quarter 2011.
Baltimore-based First Mariner (OTCBB: FMAR) said it saw record mortgage volume for the quarter and improved performance in its real estate loan portfolio. It set aside no money for potential loan losses in the third quarter, compared with $5 million in third quarter 2011.
“Our positive momentum in earnings continued as we experienced improvements in operating results across all segments of operating performance measures,” CEO Mark A. Keidel said in a statement.
First Mariner Bank remains under regulators’ orders to boost capital levels. While the bank’s capital levels have increased they remain below the level set by regulators, First Mariner said,
“Our improved profitability has increased our regulatory capital ratios, but these ratios remain below the levels required by regulatory orders and we continue to work diligently to increase capital to levels required in our regulatory agreements,” Keidel said.
Gary Haber covers Banking, Finance, Insurance, Law
(0)
(0)
