Howard Bancorp Inc., parent company of Howard Bank, today announced its operating results for the three and nine-month periods ended September 30, 2010.
For the first nine months of 2010, the company reported net income at $661,000, up 309 percent compared to net income of $162,000 for the nine-month period in 2009.
For the three months ended September 30, 2010, the company reported net income of $131,000 compared to net income of $57,000 for the third quarter of 2009, and net income of $215,000 for the three-month period ended June 30, 2010.
Third quarter 2010 interest income increased by nearly 26 percent to $2.9 million compared to net interest income of $2.3 million in the comparable quarter of 2009. For the three months ended in September, non interest income was $160,000 for the third quarter of 2010 as compared to $182,000 for the same period of 2009.
In light of broader economic challenges, the bank’s improvement in net interest income and overall revenues for 2010 was primarily the result of continued balance sheet growth. As of September 30, 2010, total assets were $310 million, up 13 percent over total assets of $275 million for the comparable period of 2009.
“Howard Bank continues to weather this difficult economic environment with resilience due to a strong capital base, optimism on the longer term outlook of the communities in which we operate, and gratitude to our clients and staff for allowing us to continue to grow despite the many challenges associated with a slowly recovering economy,” Howard Bancorp chairman and CEO Mary Ann Scully stated.
The company said it has replenished its reserves and retained earnings, allowing its capital base to grow.
“The growth in our asset base has been led by the continuing confidence of new and existing depositors — most notably businesses and business owners with non interest bearing transaction accounts and operating relationships. The retention of earnings and growing deposit base have, in turn, allowed us to be one of the notable banks in our marketplace whose loan portfolio continues to grow,” Scully stated. “Like other banks, we do see a residual fear on the part of many customers towards investing in the future given the strong sense of uncertainty that pervades our economy, and a resulting reluctance to borrow, but those trends have, to date, been offset by a continuing movement of other new clients to Howard Bank from other financial institutions. The power of our brand and our reputation for adding value to small and medium sized businesses continues to resonate. We believe that, in the short term, the way forward will continue to be difficult for many small businesses and some of our customers but the underlying strengths in both our local economy and in the bank are significant and warrant optimism.”
Additional information is available at www.howardbank.com
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