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Fees from mortgage banking and fewer troubled loans lifted First Mariner Bancorp in the fourth quarter. The $1.38 billion-asset company in Baltimore earned $1.6 million in the fourth quarter after losing $4 million a year earlier.
January 31 -
First Mariner Bancorp (FMAR) may not keep its name on a local arena but the Baltimore bank will continue to have a popular pitchman.
March 15
First Mariner Bancorp (FMAR) in Baltimore has revised downward its earnings for the fourth quarter and full year of 2012.
The $1.38 billion-asset company said Tuesday it earned $699,000 for the quarter, down from the $1.6 million it had
The drop reflects a change to noninterest income, which First Mariner said was $55.4 million, or 1.9% lower than what it had reported previously. The earlier number was based on preliminary financial statements, First Mariner said in a press release.
The reworking, which reflects adjustments to accounting for the sale of some mortgage loans, means First Mariner earned $16.1 million in 2012 — instead of $17 million as originally reported.
The revised results continue to represent an improvement from 2011, when First Mariner lost $4 million for the fourth quarter and $30.2 million for the year.
