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First Mariner Bancorp's share price dropped 4.2% Wednesday, a day after the Baltimore company reported a second-quarter loss of $3.9 million.
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The $1.3 billion-asset company had earned $2.2 million in the second quarter last year but has been reeling of late as asset quality in its residential mortgage portfolio deteriorated.
The company said Tuesday that it has charged off $2.9 million in the first two quarters of this year, up 392% from the same period last year, and that its nonperforming assets at June 30 totaled $32.2 million, compared to $4 million a year earlier.
