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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.

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