/C O R R E C T I O N -- 1st Mariner Bancorp/

Name	Symbol	Market	Type
FT Vest US Equity Buffer ETF March	AMEX:FMAR	AMEX	Exchange Traded Fund

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	-0.08	-0.18%	43.33	43.4688	43.2204	43.33	9,374	20:34:46

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BALTIMORE, July 21 /PRNewswire-FirstCall/ -- 1st Mariner Bancorp (NASDAQ: FMAR), parent company of 1st Mariner Bank and Mariner Finance, LLC, announced that its loss for the 2nd quarter of 2009 totaled $2.409 million (-$.37 per diluted share). While larger than the reported net loss for the quarter ended June 30, 2008, of $469 thousand (-$.07 per diluted share), the loss was narrower than the fourth quarter of 2008 loss of $9.060 million and the 1st quarter of 2009 loss of $3.101 million. The quarter was marked by solid non credit related operating performance, a decrease in non performing assets, continued growth in loans and deposits, and higher loan credit losses. 1st Mariner reported its total assets ended June 30, 2009 at $1.459 billion, an increase of 13% from June 30, 2008. Highlights for the most recent quarter include: -- Pre tax current quarter operating results (which excludes the loan loss provision, write-downs or losses on sales of other real estate owned, and the special assessment of FDIC deposit insurance) improved to a profit of $2.593 million compared to a profit of $1.535 million in the second quarter of 2008. -- 1st Mariner's total loans, including commercial, consumer and residential loans, increased by 8% year over year. -- Deposits increased by 16%. -- Residential loan production was at a record level of $540 million. -- Restructuring initiatives resulted in a decrease in compensation costs of $1.142 million compared to the 2nd quarter 2008. -- Non performing assets (loans on non accrual status and other real estate owned) increased $13.7 million compared to June 30, 2008, but decreased $2.7 million when compared to March 31, 2009. "We experienced stable operating results for the second quarter, excluding credit related losses, that included continued robust mortgage banking originations as well as solid advances in loan and deposit levels that contributed significantly to the improvement in our revenues," said Edwin F. Hale, Sr., 1st Mariner's chairman and chief executive officer. Mr. Hale said that while the company did experience a decline in non performing loans compared to the 1st quarter of 2009, the cost of resolving problem loans and additions to the loan loss reserve for the company was substantial in the most recent quarter and continued to overshadow progress in core operating performance. Real estate values continued their downward trend causing values on loans in the process of foreclosure and foreclosed residential real estate to deteriorate in value. This trend required the Bank to make additional loan loss reserves and record further losses on other real estate owned. "Residential real estate values remain in a cycle of downward pressure. Lower appraisals result in higher reserve levels and in increased losses as we liquidate foreclosed properties." Mr. Hale said that the company continues to focus on increasing the company's capital levels. "We continue to pursue additional capital through the potential sale of assets as well as exploring external sources of new equity independent of Government support. While credit quality may be stabilizing, we do not see convincing evidence that the credit environment is improving, making the task of increasing our capital levels appropriate in light of these uncertain market conditions," he concluded. Operating Summary The reported loss for the second quarter of 2009 reflected $6.2 million credit related charges to earnings primarily associated with residential real estate loans; comprised of $4.3 million in the provision for loan losses, and $1.9 million in expenses for the disposition or cost to maintain foreclosed property. The second quarter loss also included a non-recurring charge for a special deposit insurance assessment by the FDIC that approximated $600 thousand. -- Total revenue increased $1.433 million (+7%) when compared to the quarter ended June 30, 2008, primarily reflecting strength in mortgage and finance company revenues. -- Average earning assets grew by $97 million (+9%) from last years' second quarter, as a result of growth in average loans and reflected a shift in the mix in earning assets into higher yielding mortgage loans held for sale and a reduction in lower yielding short term interest bearing deposits. -- The net interest margin decreased to 3.94% from 4.19% last year, reflecting the increase in non-performing assets, and decreases in non-interest bearing sources of funding. The net interest margin for the quarter increased 24 basis points when compared to the quarter ended March 31, 2009 of 3.70%, reflecting a shift in the mix in earning assets into higher yielding mortgage loans held for sale and a reduction in lower yielding short term interest bearing deposits, as well as lower costs for borrowings and deposits. The company estimated the quarterly interest costs on its non performing assets to be approximately $900 thousand and negatively impacts the net interest margin by over 30 basis points. -- The provision for loan losses totaled $4.344 million compared to $2.504 million in the corresponding quarter last year. Net charge-offs increased $1.773 million primarily the result of higher charge-offs of residential mortgage loans, residential construction loans, and modestly higher consumer finance charge-offs. Management increased the allowance for loan losses to $16.317 million from $14.543 million (+12%) at June 30, 2008, totaling 1.64% of loans outstanding compared to 1.57% last year. Non-performing assets increased to $62.5 million (4.28% of total assets) from $48.711 million (3.78% of total assets) last year. Non- performing assets totaled 4.42% of assets as of December 31, 2008 and 4.73% as of March 31, 2009. The increase compared to June 30, 2008 is primarily attributable to higher levels of non-performing residential construction and development loans. Loans past due 90 days and still accruing totaled $16.894 million as of June 30, 2009, compared to $16.539 million at June 30, 2008. -- Non-interest income increased by $1.171 million (+15%) primarily due to stronger results in mortgage banking and finance company revenues. Mortgage banking revenue increased $2.6 million due to increased volume of loans sold and increased pricing spreads. Sales on insurance products by Mariner Finance improved $177 thousand while deposit service charges declined by $276 thousand and commissions from sales of investment products declined $143 thousand. Non interest income derived from the changes in fair values of trading assets and borrowings declined by $350 thousand. -- Non-interest expenses increased by $1.795 million (+9%). Costs of FDIC insurance (including the special assessment) increased $1.050 million. Losses recorded for the write-down or sales of foreclosed properties increased by $820 thousand. Professional services grew by $213 thousand primarily reflecting higher regulatory compliance and loan workout costs. Salary and benefit expenses decreased by $1.142 million. Comparing balance sheet data as of June 30, 2009, to June 30, 2008, total assets were $1.459 billion, compared to $1.289 billion last year. -- Loans outstanding increased $73 million (+8%). Commercial loans outstanding increased by $13 million (+2%), while Mariner Finance receivables increased by $18 million (+21%), and Bank consumer loans increased by $19 million (+14%). Residential mortgage loans grew by $60 million, while residential construction loans declined by approximately $37 million. Total mortgage loans originated totaled $540 million for the second quarter of 2009, compared to $362 million for the same period of 2008. -- Deposits totaled $1.096 billion (+16%) compared to $948 million at June 30, 2008. Certificates of deposit increased $219 million, reflecting continued shift out of money market accounts that decreased by $45 million. Non-interest bearing checking accounts decreased $14 million and NOW accounts declined $12 million. -- Stockholders' Equity declined by $18 million, decreasing 1st Mariner's book value per share to $6.45 compared to $9.31 as of June 30, 2008. Capital Ratios at the end of the quarter for First Mariner Bank were as follows: Leverage Ratio = 5.8%; Tier 1 risk-based ratio = 6.9% Total Capital Ratio = 8.7%. Capital ratios for First Mariner Bank continue to exceed minimum requirement levels under current regulatory definitions. 1st Mariner Bancorp is a bank holding company with total assets of $1.459 billion. Its wholly owned banking subsidiary, 1st Mariner Bank, (total assets $1.347 billion) operates 24 full service bank branches in Baltimore, Anne Arundel, Harford, Howard, Talbot, and Carroll counties in Maryland, the City of Baltimore, and Shrewsbury, Pennsylvania. 1st Mariner Mortgage, a division of 1st Mariner Bank, operates retail offices in Central Maryland and the Eastern Shore of Maryland. 1st Mariner Mortgage also operates direct marketing mortgage operations in Baltimore City. Mariner Finance, LLC, (total assets $106 million) is a consumer finance subsidiary that currently operates branches in Maryland, Delaware, Virginia, New Jersey, and Tennessee. 1st Mariner Bancorp's common stock is traded on the Nasdaq National Market under the symbol "FMAR". 1st Mariner's Web site address is http://www.1stmarinerbancorp.com/, which includes comprehensive level investor information. In addition to historical information, this press release contains forward-looking statements that involve risks and uncertainties, such as statements of the Company's plans and expectations regarding efficiencies resulting from new programs and expansion activities, revenue growth, anticipated expenses, profitability of mortgage banking operations, and other unknown outcomes. The Company's actual results could differ materially from management's expectations. Factors that could contribute to those differences include, but are not limited to, changes in regulations applicable to the Company's business, successful implementation of the Company's branch expansion strategy, its concentration in real estate lending, increased competition, changes in technology, particularly Internet banking, impact of interest rates, possibility of economic recession or slowdown (which could impact credit quality, adequacy of loan loss reserve and loan growth) and control by and dependency on key personnel, particularly Edwin F. Hale, Sr., Chairman of the Board of Directors and CEO of the Company. FINANCIAL HIGHLIGHTS (UNAUDITED) First Mariner Bancorp (Dollars in thousands, except per share data) For the three months ended June 30, 2009 2008 $ Change % Change ---- ---- -------- -------- Summary of Earnings: Net interest income $12,173 $11,911 262 2% Provision for loan losses 4,344 2,504 1,840 73% Noninterest income 9,119 7,948 1,171 15% Noninterest expense 21,181 19,386 1,795 9% Income before income taxes (4,233) (2,031) (2,202) 108% Income tax expense (1,824) (1,562) (262) 17% Net income (2,409) (469) (1,940) -414% Profitability and Productivity: Return on average assets -0.70% -0.15% - -375% Return on average equity -21.71% -2.97% - -632% Net interest margin 3.94% 4.19% - -6% Net overhead ratio 3.49% 3.60% - -3% Efficiency ratio 99.06% 97.62% - 1% Mortgage loan production 540,086 362,255 177,831 49% Average deposits per branch 43,838 35,115 8,723 25% Per Share Data: Basic earnings per share $(0.37) $(0.07) (0.30) -433% Diluted earnings per share $(0.37) $(0.07) (0.30) -433% Book value per share $6.45 $9.31 (2.86) -31% Number of shares outstanding 6,452,631 6,387,398 65,233 1% Average basic number of shares 6,452,631 6,366,804 85,827 1% Average diluted number of shares 6,452,631 6,366,804 85,827 1% Summary of Financial Condition: At Period End: Assets $1,459,534 $1,288,624 170,910 13% Investment Securities 51,070 80,306 (29,236) -36% Loans 997,130 924,296 72,834 8% Deposits 1,095,950 948,098 147,852 16% Borrowings and repurchase agreements 230,981 195,697 35,284 18% Stockholders' equity 41,615 59,466 (17,851) -30% Average for the period: Assets $1,377,469 $1,274,697 102,772 8% Investment Securities 50,532 80,762 (30,230) -37% Loans 991,888 883,228 108,660 12% Deposits 1,024,628 945,102 79,526 8% Borrowings and repurchase agreements 301,812 264,677 37,135 14% Stockholders' equity 44,509 63,391 (18,882) -30% Capital Ratios: First Mariner Bank Leverage 5.8% 7.3% - -21% Tier 1 Capital to risk weighted assets 6.9% 8.6% - -20% Total Capital to risk weighted assets 8.7% 10.5% - -17% Asset Quality Statistics and Ratios: Net Chargeoffs 3,542 1,769 1,773 100% Non-performing assets 62,429 48,711 13,718 28% 90 Days or more delinquent loans 16,894 16,539 355 2% Annualized net chargeoffs to average loans 1.43% 0.80% - 79% Non-performing assets to total assets 4.28% 3.78% - 13% 90 Days or more delinquent loans to total loans 1.69% 1.77% - -4% Allowance for loan losses to total loans 1.64% 1.57% - 4% FINANCIAL HIGHLIGHTS (UNAUDITED) First Mariner Bancorp (Dollars in thousands, except per share data) For the six months ended June 30, 2009 2008 $ Change % Change ---- ---- -------- -------- Summary of Earnings: Net interest income $23,251 $23,881 (630) -3% Provision for loan losses 8,740 6,327 2,413 38% Noninterest income 17,391 12,576 4,815 38% Noninterest expense 41,676 37,867 3,809 10% Income before income taxes (9,774) (7,737) (2,037) 26% Income tax expense (4,264) (3,990) (274) 7% Net income (5,510) (3,747) (1,763) 47% Profitability and Productivity: Return on average assets -0.82% -0.60% - 36% Return on average equity -24.03% -11.58% - 107% Net interest margin 3.80% 4.27% - -11% Net overhead ratio 3.33% 4.06% - -18% Efficiency ratio 98.18% 103.87% - -5% Mortgage loan production 1,052,661 777,210 275,451 35% Average deposits per branch 43,838 35,115 8,723 25% Per Share Data: Basic earnings per share $(0.85) $(0.59) (0.26) 45% Diluted earnings per share $(0.85) $(0.59) (0.26) 45% Book value per share $6.45 $9.31 (2.86) -31% Number of shares outstanding 6,452,631 6,387,398 65,233 1% Average basic number of shares 6,452,631 6,359,617 93,014 1% Average diluted number of shares 6,452,631 6,359,617 93,014 1% Summary of Financial Condition: At Period End: Assets $1,459,534 $1,288,624 170,910 13% Trading and available for sale securities 51,070 80,306 (29,236) -36% Loans 997,130 924,296 72,834 8% Deposits 1,095,950 948,098 147,852 16% Borrowings 230,981 195,697 35,284 18% Stockholders' equity 41,615 59,466 (17,851) -30% Average for the period: Assets $1,362,016 $1,255,441 106,575 8% Trading and available for sale securities 51,005 81,198 (30,193) -37% Loans 986,357 866,134 120,223 14% Deposits 1,008,335 923,291 85,044 9% Borrowings 300,500 264,412 36,088 14% Stockholders' equity 46,247 65,088 (18,841) -29% Capital Ratios: First Mariner Bank Leverage 5.8% 7.3% - -21% Tier 1 Capital to risk weighted assets 6.9% 8.6% - -20% Total Capital to risk weighted assets 8.7% 10.5% - -17% Asset Quality Statistics and Ratios: Net Chargeoffs 9,200 4,573 4,627 101% Non-performing assets 62,429 48,711 13,718 28% 90 Days or more delinquent loans 16,894 16,539 355 2% Annualized net chargeoffs to average loans 1.88% 1.06% - 77% Non-performing assets to total assets 4.28% 3.78% - 13% 90 Days or more delinquent loans to total loans 1.69% 1.77% - -4% Allowance for loan losses to total loans 1.64% 1.57% - 4% CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) First Mariner Bancorp (Dollars in thousands) As of June 30, 2009 2008 $ Change % Change ---- ---- --------- -------- Assets: Cash and due from banks $123,892 $29,898 93,994 314% Interest-bearing deposits 8,399 51,422 (43,023) -84% Available-for-sale investment securities, at fair value 39,281 46,123 (6,842) -15% Trading Securities 11,789 34,183 (22,394) -66% Loans held for sale 117,242 62,453 54,789 88% Loans receivable 997,130 924,296 72,834 8% Allowance for loan losses (16,317) (14,543) (1,774) 12% ------- ------- ------ Loans, net 980,813 909,753 71,060 8% Other real estate owned 29,384 19,102 10,282 54% Restricted stock investments, at cost 7,933 5,941 1,992 34% Property and equipment 47,690 50,765 (3,075) -6% Accrued interest receivable 6,600 6,971 (371) -5% Deferred income taxes 23,656 13,476 10,180 76% Bank owned life insurance 35,588 35,677 (89) 0% Prepaid expenses and other assets 27,267 22,860 4,407 19% ------ ------ ----- Total Assets $1,459,534 $1,288,624 170,910 13% ========== ========== ======= Liabilities and Stockholders' Equity: Liabilities: Deposits $1,095,950 $948,098 147,852 16% Borrowings 230,981 195,697 35,284 18% Junior subordinated deferrable interest debentures 73,724 73,724 - 0% Accrued expenses and other liabilities 17,264 11,639 5,625 48% ------ ------ ----- Total Liabilities 1,417,919 1,229,158 188,761 15% Stockholders' Equity Common Stock 323 319 4 1% Additional paid-in-capital 56,761 56,603 158 0% Retained earnings (9,848) 5,856 (15,704) -268% Accumulated other comprehensive loss (5,621) (3,312) (2,309) 70% ------ ------ ------ Total Stockholders Equity 41,615 59,466 (17,851) -30% ------ ------ ------- Total Liabilities and Stockholders' Equity $1,459,534 $1,288,624 170,910 13% ========== ========== ======= CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) First Mariner Bancorp (Dollars in thousands) For the three For the six months ended months ended June 30, June 30, 2009 2008 2009 2008 ---- ---- ---- ---- Interest Income: Investments and interest-bearing deposits $783 $1,646 $1,583 $3,369 Loans 20,554 19,379 40,193 39,380 ------ ------ ------ ------ Total Interest Income 21,337 21,025 41,776 42,749 Interest Expense: Deposits 6,270 6,018 12,688 12,174 Borrowings and repurchase agreements 2,894 3,096 5,837 6,694 ----- ----- ----- ----- Total Interest Expense 9,164 9,114 18,525 18,868 ----- ----- ------ ------ Net Interest Income Before Provision for Loan Losses 12,173 11,911 23,251 23,881 Provision for Loan Losses 4,344 2,504 8,740 6,327 ----- ----- ----- ----- Net Interest Income After Provision for Loan Losses 7,829 9,407 14,511 17,554 Noninterest Income: Service fees on deposits 1,323 1,600 2,655 3,135 ATM Fees 797 828 1,511 1,605 Gains on sales of mortgage loans 3,210 1,110 6,824 1,764 Other mortgage banking revenue 1,487 900 2,783 1,877 Gains on sales of investment securities, net (89) - (1,805) - Commissions on sales of nondeposit investment products 131 275 267 515 Commissions on sales of other insurance products 1,020 840 1,754 1,460 Income from bank owned life insurance 336 375 672 746 (Loss) Income on trading assets and liabilities 670 1,020 1,438 - Other 234 1,000 1,292 1,474 --- ----- ----- ----- Total Noninterest Income 9,119 7,948 17,391 12,576 Noninterest Expense: Salaries and employee benefits 8,550 9,692 17,757 18,896 Occupancy 2,907 2,771 5,854 5,402 Furniture, fixtures and equipment 898 966 1,877 1,949 Advertising 333 158 591 588 Data Processing 459 515 972 1,063 Professional services 711 498 1,569 919 Costs of other real estate owned 1,882 1,062 3,996 1,698 Valuation and secondary marketing reserves - 54 - 234 FDIC Insurance 1,236 186 1,508 372 Other 4,205 3,484 7,552 6,746 ----- ----- ----- ----- Total Noninterest Expense 21,181 19,386 41,676 37,867 Income Before Income Taxes (4,233) (2,031) (9,774) (7,737) Income Tax Expense (1,824) (1,562) (4,264) (3,990) ------ ------ ------ ------ Net Income $(2,409) $(469) $(5,510) $(3,747) ======= ===== ======= ======= CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED) First Mariner Bancorp (Dollars in thousands) For the three months ended June 30, 2009 2008 Average Yield/ Average Yield/ Balance Rate Balance Rate ------- ---- ------- ---- Assets: Loans Commercial Loans and LOC $87,556 5.17% $86,406 5.72% Comm/Res Construction 103,715 4.94% 116,112 6.05% Commercial Mortgages 329,530 6.65% 285,067 7.43% Residential Constr - Cons 64,441 5.64% 93,155 6.90% Residential Mortgages 151,554 6.25% 88,536 5.60% Consumer 255,092 12.31% 213,952 13.41% ------- ------- Total Loans 991,888 7.67% 883,228 8.29% Loans held for sale 109,320 5.06% 66,821 5.63% Trading and available for sale securities, at fair value 50,532 6.03% 80,762 5.68% Interest bearing deposits 57,266 0.15% 82,945 2.00% Restricted stock investments, at cost 7,830 0.00% 5,941 5.66% ----- ----- Total earning assets 1,216,836 6.96% 1,119,697 7.46% Allowance for loan losses (16,682) (13,441) Cash and other non earning assets 177,315 168,441 ------- ------- Total Assets $1,377,469 $1,274,697 ========== ========== Liabilities and Stockholders' Equity: Interest bearing deposits NOW deposits 7,059 0.58% 16,826 0.60% Savings deposits 57,486 0.34% 57,692 0.30% Money market deposits 157,378 0.75% 221,194 1.28% Time deposits 684,079 3.49% 510,807 4.13% ------- ------- Total interest bearing deposits 906,002 2.77% 806,519 3.00% Borrowings 301,812 3.85% 264,677 4.70% ------- ------- Total interest bearing liabilities 1,207,814 3.04% 1,071,196 3.42% Noninterest bearing demand deposits 118,626 138,583 Other liabilities 6,520 1,527 Stockholders' Equity 44,509 63,391 ------ ------ Total Liabilities and Stockholders' Equity $1,377,469 $1,274,697 ========== ========== Net Interest Spread 3.92% 4.04% Net Interest Margin 3.94% 4.19% CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED) First Mariner Bancorp (Dollars in thousands) For the six months ended June 30, 2009 2008 Average Yield/ Average Yield/ Balance Rate Balance Rate ------- ---- ------- ---- Assets: Loans Commercial Loans and LOC $87,989 5.17% $75,800 6.24% Comm/Res Construction 104,349 5.13% 120,544 6.68% Commercial Mortgages 327,285 6.69% 280,296 7.58% Residential Constr - Cons 65,801 5.24% 91,763 7.27% Residential Mortgages 146,082 6.01% 88,593 5.98% Consumer 254,851 12.13% 209,138 13.40% ------- ------- Total Loans 986,357 7.59% 866,134 8.55% Loans held for sale 97,162 5.11% 74,637 5.63% Trading and available for sale securities, at fair value 51,005 6.09% 81,198 5.65% Interest bearing deposits 58,986 0.16% 72,217 2.51% Restricted stock investments, at cost 7,603 0.00% 5,962 5.78% ----- ----- Total earning assets 1,201,113 6.93% 1,100,148 7.72% Allowance for loan losses (16,949) (12,687) Cash and other non earning assets 177,852 167,980 ------- ------- Total Assets $1,362,016 $1,255,441 ========== ========== Liabilities and Stockholders' Equity: Interest bearing deposits NOW deposits 6,758 0.63% 16,343 0.46% Savings deposits 55,216 0.34% 55,545 0.32% Money market deposits 158,726 0.81% 238,041 1.63% Time deposits 671,820 3.58% 475,013 4.28% ------- ------- Total interest bearing deposits 892,520 2.86% 784,942 3.12% Borrowings 300,500 3.92% 264,412 5.90% ------- ------- Total interest bearing liabilities 1,193,020 3.13% 1,049,354 3.62% Noninterest bearing demand deposits 115,815 138,349 Other liabilities 6,934 2,650 Stockholders' Equity 46,247 65,088 ------ ------ Total Liabilities and Stockholders' Equity $1,362,016 $1,255,441 ========== ========== Net Interest Spread 3.80% 4.10% Net Interest Margin 3.80% 4.27% DATASOURCE: 1st Mariner Bancorp CONTACT: Mark A. Keidel, EVP/COO, 1st Mariner Bancorp, +1-410-558-4281 Web Site: http://www.1stmarinerbank.com/

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FMAR FT Vest US Equity Buffer ETF March