This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Howard Bancorp, Inc. Announces Second Quarter 2010 Results

Howard Bancorp, Inc. (OTC, Electronic Bulletin Board: HBMD), the parent company of Howard Bank, today reported its quarterly and year-to-date financial results for the period ending June 30, 2010. For the first six months of 2010 Howard Bancorp recorded net income of $530 thousand which represents an increase of over 400% compared to net income of $104 thousand for the first half of 2009. Net interest income of $5.4 million for the first six months of 2010 increased by nearly $1.5 million or 37% compared to the same period in 2009, while total expenses increased by only 9% when comparing the six months of 2010 to 2009. Much of this increase in earnings was attributable to continued balance sheet growth with an increase in total assets of 20%, an increase in deposits of 24%, and growth in total loans of 12% when comparing the second quarter of 2010 with the similar balances at the end of June 2009.

Howard Bancorp was able to record this significant increase in year over year net income while also continuing to add to the bank’s loan loss reserves. Reflecting the ongoing softness in the economy, the bank recorded a provision for loan losses of $658 thousand for the first half of 2010, compared to $270 thousand for the same period in 2009. Our asset quality measures remain well controlled and relatively stable. At June 30, 2009, non accrual loans of $5.0 million and other real estate owned (OREO) of $2.1 million represented 2.77% of our total assets. This compares to second quarter 2010 non accrual loans of $5.8 million and OREO of $1.1 million which represent 2.22% of total assets. The bank remains well capitalized with a tier one leverage ratio, tier one risk based ratio, and total risk based capital ratio of 8.13%, 9.65% and 10.90%, respectively.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
HBMD $13.21 0.00%
AAPL $126.44 0.00%
FB $87.28 0.00%
GOOG $523.40 0.00%
TSLA $280.02 0.00%

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs