1st Mariner Bancorp, parent of 1st Mariner BankandMariner Finance LLC, saw its fourth-quarter earnings fall $9.060 million compared to $2.718 million during the same quarter last year, the bank said Friday.
For the full year ended Dec. 31, 2008, 1st Mariner reported a net loss totaling $15.087 million, compared to a net loss of $10.063 million in 2007. 1st Mariner reported its total assets ended 2008 at $1.307 billion, an increase of 5 percent from year-end 2007.
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In a statement, Edwin F. Hale, Sr., 1st Mariner’s chairman and chief executive officer, called the results disappointing, but noted that the tumultuous financial markets were creating new opportunities for 1st Mariner. – Staff reports
