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Article: First Mariner Posts 13% Increase in 1st Quarter Profits; Total Assets Increase 20%; Book Value Increases to $10.70 Per Share.
- Article from:
- PR Newswire
- Article date:
- April 20, 2004
CopyrightCOPYRIGHT 2004 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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First Mariner Bancorp , parent company of First Mariner Bank and Finance Maryland, LLC, today announced its net income for the 1st quarter of 2004 increased 13%, totaling $1.307 million ($.21 per diluted share) compared to net income for the quarter ended March 31, 2003 of $1.155 million ($.20 per diluted share). The Company also reported its total assets reached a record level, increasing 20% to $1.092 billion from last year's 1st quarter.
Edwin F. Hale, Sr., First Mariner's Chairman and Chief Executive Officer said, "Like many in our industry, we experienced lower fee income from mortgage banking activities in the first quarter due to the slowdown in refinance ...