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Howard Bancorp, Inc. Announces Second Quarter 2011 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, 2011. For the first six months of 2011, Howard Bancorp recorded net income of $694 thousand which represents an increase of 31% compared to net income of $530 thousand for the first half of 2010. Net interest income of $6.1 million for the first six months of 2011 increased by over $700 thousand or 13% compared to the same period in 2010. Noninterest income for the six month period in 2011 was modestly up to $364 thousand as compared to the $353 thousand recorded for 2010. Noninterest expenses related to investments in staffing to support a growing organization increased by almost $300 thousand or 13% for the first half of 2011- a pace consistent with the revenue growth. As we proceed through this economic cycle, some portions of the loan portfolio which are stressed are being resolved, and over $600 thousand of increased expenditures related to valuation adjustments and maintenance costs on Other Real Estate Owned (OREO) and collection activities on distressed loans were recorded. Somewhat offsetting this increase in OREO and collection costs was a drop of $476 thousand or 72% in specific loan loss provisions from $658 thousand for the first half of 2010, to $182 thousand for the same period in 2011.

Total assets ended June 30, 2011 at $311 million an increase of $2 million or 1% over assets of $309 at the same point in 2010. Total loans of $258 million and total deposits of $242 million at the end of the second quarter of 2011 reflected slight decreases of 1% compared to June 30, 2010. The flattening of the loan balances experienced in the fourth quarter of 2010 and the first quarter of 2011 reversed itself in this second quarter as loan balances were up $6 million or 2% since March 2011. Given the modest changes in the balance sheet, much of the increase in earnings was attributable to a reduction in the cost of funding, primarily due to lower rates on deposit products for 2011 compared to 2010. The interest expense associated with deposits fell by nearly $650 thousand or 39% for the first half of 2011 versus 2010. The bank continued to show strong growth in demand deposits which were up 15% from June 2010. This growth underpins the drop in cost of funds.

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