1st Mariner Ban­corp re­ports 3Q re­sults

The Pak Banker - - Front Page -

BAL­TI­MORE

1st Mariner Ban­corp, par­ent com­pany of 1st Mariner Bank, re­ported net in­come of $7.9 mil­lion for the third quar­ter of 2012, com­pared to a net loss of $7.9 mil­lion for the third quar­ter of 2011. For the nine months ended Septem­ber 30, 2012, net in­come was $15.4 mil­lion com­pared to a loss of $26.3 mil­lion for the nine months ended Septem­ber 30, 2011.

Mark A. Kei­del, 1st Mariner's Chief Ex­ec­u­tive Of­fi­cer, said our pos­i­tive mo­men­tum in earn­ings con­tin­ued as we ex­pe­ri­enced im­prove­ments in oper­at­ing re­sults across all seg­ments of oper­at­ing per­for­mance mea­sures. A record num­ber of mort­gage orig­i­na­tions dur­ing the quar­ter and for the first nine months of 2012 drove a 110% in­crease in non-in­ter­est in­come in the third quar­ter of 2012. While mort­gage led the way in oper­at­ing per­for­mance im­prove­ment for the third quar­ter, we also ex­pe­ri­enced higher net in­ter­est in­come, lower charge offs and credit re­lated ex­penses, and re­duced oper­at­ing ex­penses. Mr. Kei­del added that along with the im­proved fi­nan­cial per­for­mance, 1st Mariner suc­cess­fully con­sol­i­dated ad­min­is­tra­tive units in its Can­ton head­quar­ters in the third quar­ter which will re­duce fu­ture oc­cu­pancy costs and re­cently com­pleted a suc­cess­ful con­ver­sion of its data pro­cess­ing plat­form that will en­hance cus­tomer ca­pa­bil­i­ties and im­prove back of­fice ef­fi­cien­cies. These ini­tia­tives re­quired ex­tra­or­di­nary com­mit­ment and skill from our em­ploy­ees, and lay the ground­work for im­proved cus­tomer ser­vice and lower oper­at­ing costs.

Net in­ter­est in­come for the third quar­ter of 2012 was $8.1mil­lion com­pared to $7.1mil­lion in the third quar­ter of 2011. While the net in­ter­est mar­gin de­creased to 3.01% in the third quar­ter of 2012, com­pared to 3.13% in the third quar­ter of 2011, higher balances of mort­gage loans held for sale re­sulted in higher net in­ter­est in­come. The de­crease in net mar­gin was due to a higher mix of res­i­den­tial mort­gages held for sale. For the three months ended Septem­ber 30, 2012, the av­er­age rate earned on res­i­den­tial mort­gage ware­house loans was 3.54% and for the three months ended Septem­ber 30, 2011, the rate was 4.88%..

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