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1st Mariner’s losses soar in 3Q

The parent company of Baltimore-based 1st Mariner Bank recorded a net loss of $7.4 million for the third quarter of 2013, nearly tripling the total amount lost this year.

1st Mariner Bancorp lost about $3.8 million in the year’s first two quarters combined, for a total loss of $11.2 million in the first three quarters.

The third-quarter loss per diluted share was 38 cents.

CEO Mark A. Keidel attributed this quarter’s results to a “rapid and steep increase in long-term treasury rates.”

In the third quarter one year ago, the company had a net income of $7.9 million. Since then, its total assets have decreased 16 percent to $1.08 billion.

“We have executed on cost-cutting initiatives,” said Keidel, “and will make necessary adjustments to remain competitive and improve profitability in the changing mortgage landscape.”