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. Announces 2010 Annual And 4th Quarter Results

Howard Bancorp, Inc. (OTC, Electronic Bulletin Board: HBMD), the parent company of Howard Bank, today reported its financial results for the fiscal year ending December 31, 2010. For the year ended December 31, 2010, the company reported net income of $933 thousand compared to a loss of $2.2 million in 2009, an improvement of $3.1 million. Net interest income was $11.3 million for 2010 which represented an increase of $2.7 million or 31% compared to 2009. In addition to the increase in net interest income, the provision for loan losses in 2010 of $1.6 million was $2.1 million or 55% less than the 2009 provision of $3.7 million. While non interest revenues for 2010 were only slightly above the 2009 levels, total non interest expenses decreased for 2010 compared to 2009 by $552 thousand or 6%. 2009 expenses included a write-down of $1.3 million for the decline in value of an Other Real Estate Owned (OREO) property. When excluding this expense for 2009, total expenses for 2010 increased by $730 thousand or 9% compared to adjusted 2009 expense levels.

2010 represented a year of continued balance sheet growth with December 31, 2010 total assets of $300 million, total loans of $256 million, and total deposits of $239 million, representing growth of 5%, 1%, and 5%, respectively, over the 2009 year end balances. Included in the $239 million of total deposits at year end 2010 were non-interest bearing balances of $48.7 million, which increased by $9.7 million or 25% compared to non-interest balances of $39.0 million at the end of 2009.

For the fourth quarter of 2010, Howard Bancorp recorded net income of $272 thousand, which compares to a loss of $2.3 million for the fourth quarter of 2009, and net income of $131 thousand for the third quarter of 2010. Comparing the fourth quarter of 2010 to the same quarter in 2009, net interest income increased by $590 thousand or 25%, the provision for loan losses decreased by $2.7 million or 88% and total expenses dropped by $1.1 million or 31%. Similar to the full year results, fourth quarter 2009 expenses included the write-down of $1.3 million, thus excluding this item, quarterly expenses increased by $200 thousand or 10%.

1 of 3

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 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

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