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.