This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs