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 Third Quarter 2012 Growth In Loans, Deposits And Net Income

Stocks in this article: HBMD

Howard Bancorp, Inc. (NASDAQ: HBMD), the parent company of Howard Bank, today announced its operating results through September 30, 2012 with the following highlights:

  • Successfully raised gross proceeds of $10.2 million in common stock via offering which closed in third quarter of 2012.
  • Applied for, and was accepted for shares to trade on NASDAQ Capital Market
  • Total Assets grew to $368 million at September 30, 2012, representing growth of $47 million or 15% over same period of 2011.
  • Total Loans increased by nearly $28 million or 10%, to $299 million, when comparing third quarter of 2012 to third quarter 2011.
  • September 30, 2012 deposits increase to $287 million from $251 million, representing growth of over $36 million or 15%, of which noninterest bearing deposits grew by over $22 million or 39% for the twelve months ending September 30, 2012.
  • Net income for the nine months ended September 30, 2012 was $1.2 million, which compared to $1.0 million for the same nine month period in 2011, reflecting net income growth of 15%.

Through the first nine months of 2012, net income was $1.18 million, versus net income of $1.03 million for the nine month period in 2011 representing a 15% increase in net income. For the three months ended September 30, 2011, the company reported net income of $387 thousand compared to net income of $337 thousand for the third quarter of 2011, an increase of $50 thousand or 15%.

Through the nine months of 2012, net interest income was $10.0 million compared to $9.3 million for 2011, an increase of nearly $700 thousand or 7%. Noninterest income also increased to $549 thousand during the nine months of 2012 as compared to $503 thousand for the same period of 2011. Year to date total noninterest expenses of $7.8 million represented an increase of $0.5 million or 7% compared to total noninterest expenses for the first three quarters of 2011. Expenses during 2012 included increased compensation costs due to the opening of our fifth branch location, and also continued investment in our talent infrastructure to keep pace with the needs of a growing organization. Included in 2011 noninterest expenses was approximately $393 thousand in valuation adjustments on the carrying value of certain Other Real Estate Owned (OREO) properties, while similar costs for 2012 were reduced to only $48 thousand.

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 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