This Day On The Street
Continue to site
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. Reports Results For The Third Quarter Of 2010 Including Over A 300% Increase In YTD Net Income

Howard Bancorp, Inc. (OTC, Electronic Bulletin Board: HBMD), the parent company of Howard Bank, today announced its operating results through September 30, 2010. Through the first nine months of 2010, net income was $661 thousand, versus net income of $162 thousand for the nine month period in 2009 representing a 309% increase in net income. For the three months ended September 30, 2010, the company reported net income of $131 thousand compared to net income of $57 thousand for the third quarter of 2009 and net income of $215 thousand for the three months ending June 30, 2010.

When comparing the results for the third quarter of 2010 to the similar period in 2009, net interest income of $2.9 million for 2010 increased by nearly $616 thousand or 26% compared to net interest income of $2.3 million in 2009. For the three months ended in September, non interest income was relatively flat at $160 thousand for the third quarter of 2010 versus $182 thousand for the same period of 2009. The resulting increase in revenues were well in excess of growth in operating expenses which grew by $191 thousand or 9% when comparing the nine month period in 2010 to the same period in 2009. Because of the lingering stress that the economic environment is having upon local businesses, the bank deemed it prudent to record a provision for loan losses in the third quarter of 2010 in the amount of $604 thousand which was $243 thousand or 67% higher than the provision expense in the third quarter of 2009.

As of September 30, 2010 the bank had fewer than ten loan relationships in a non-accrual status totaling $5.4 million in principal balances or approximately 1.73% of total assets. This compares to non-accrual loans of $5.5 million, representing 2.02% of assets at the same point in 2009. Asset quality remains a primary focus for Howard Bank, and we continue to proactively work with clients throughout this difficult cycle.

1 of 4

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.70 -0.60%
FB $101.91 0.90%
GOOG $683.11 -0.15%
TSLA $150.47 4.73%
YHOO $26.76 -1.25%


Chart of I:DJI
DOW 15,660.18 -254.56 -1.60%
S&P 500 1,829.08 -22.78 -1.23%
NASDAQ 4,266.8370 -16.7550 -0.39%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs