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. Announces Results For The First Quarter Of 2012

Howard Bancorp, Inc. (OTC Electronic Bulletin Board: HBMD), the parent company of Howard Bank, today reported its financial results for the period ending March 31, 2012. The company announced that for the first quarter of 2012 net income was $399 thousand, which represents an increase of 16% over net income for the first quarter of 2011, and an increase of 13% over fourth quarter 2011 net income.

The company’s total assets increased by over $42 million or 14% when comparing March 31, 2012 assets of $347.8 million to the $305.4 million at the same point in 2011. Total loans outstanding of $279.7 million at the end of March 2012, showed an increase of nearly 11% compared to total loans of $251.2 million on March 31, 2011. Demand deposits, which not only represent the lowest cost source of funding available to a bank, but also are most reflective of the core customer relationships targeted by the bank, grew from $50.5 million at March 31, 2011 to $72.2 million at the end of the first quarter of 2012, representing growth in this highly coveted deposit category of $21.7 million or 43%. Total deposits grew by $43.7 million or 18% when comparing March 31, 2012 to March 31, 2011. Because of the significant increases in deposits, even after funding the 11% loan growth, the bank was able to utilize the additional deposits to increase our balance sheet liquidity measures.

The growth in loan levels generated an increase in total interest income for the first quarter of 2012, which was higher than total interest income in the same three month period in 2011 by $276 thousand or 8%. With the continuing favorable shift in the composition of deposits and other funding sources, the bank was able to record an increase in total interest expense of only $12 thousand or 2% for the first quarter of 2012 versus the same period in 2011, even though total interest bearing funding levels increased by nearly 13%. The resulting net interest income for the quarter ended March 31, 2012 was $3.3 million versus $3.0 million for the first three months of 2011, an increase of approximately $264 thousand or 9%.

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 $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs