Asset quality for Howard Bank continued to be a major focus of attention for management and the board of directors throughout 2010. One of the bank’s primary measures of asset quality is the relationship between non-accrual loans, troubled debt restructurings, loans in excess of 90 days delinquent and OREO as a percentage of total assets. This asset quality measure showed a slight improvement for 2010 with a ratio of 2.89% as of December 31, 2010 versus 2.98% at the end of 2009.Chairman and CEO Mary Ann Scully stated: “Howard Bank is gratified to report a profitable year and four successive quarters of profitability in this still difficult economic environment. These profits reflect continued asset growth, advantageous funding costs, and strategically allocated resources. Most notably, we were able to generate this stream of earnings after recording the required reserves to absorb identified loan losses as well as to maintain an adequate allowance based upon our current portfolio. This has been a challenging time for all in the banking industry and all of the communities from which they derive their livelihood. Howard Bank is fortunate to operate in strong and vibrant counties and we are proud that our general good fortune has tracked theirs. We are planning for continued investments and growth in the year to come.” This press release contains statements that are forward-looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or the Securities and Exchange Commission in its rules, regulations, and releases. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. All forward-looking statements are based on current expectations regarding important risk factors, including but not limited to real estate values, local and national economic conditions, and the impact of interest rates on financing. Accordingly, actual results may differ from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Company or any other person that results expressed therein will be achieved. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Additional information is available at www.howardbank.com.