Howard Bancorp (HBMD) Tops Q1 EPS by 2c

Howard Bancorp (NASDAQ: HBMD) reported Q1 EPS of $0.22, $0.02 better than the analyst estimate of $0.20.

Chairman and CEO Mary Ann Scully noted “The financial rewards of the integration of the transformational acquisition of First Mariner show themselves more starkly in this first quarter of 2019 The scale promised with a larger operating base and the noninterest expense reductions promised after a year of restructuring are becoming clearer. We continue to focus on other opportunities associated with optimizing how we deliver banking services in a digital age and expect our core operating costs to continue to modestly decline.

“We are, as always, very focused on asset quality and in addition to reducing the level of non- performing assets - both acquired and organically originated - are ensuring that our reserve levels are stronger as we move forward in a very \'long in the tooth\' economic recovery.

“The true promise inherent in the acquisition was around our positioning as the largest locally headquartered bank in the greater Baltimore region. That leveraging of local market knowledge and commitment to a receptive small and medium sized business base target combined with independent local and not delegated decision making is beginning to show rewards with healthy loan originations and an even healthier pipeline. Competition remains fierce as it often does at this point in the cycle most especially in the more transactional commercial real estate portfolio. We remain extremely disciplined in our underwriting and loan structuring. However our advantageous mix of funding, and our lower cost of funding allows us to offer competitive loan pricing with targeted stronger relationship credits - both CRE and C&I.

“Our capital base also positions us well for both the opportunities of our market position and the challenges of any softer economic environments. The sub debt issuance last year and sustainably higher earnings are the primary factors in building that cushion.

“We look forward to the advantages that our position in this market provides us.”

For earnings history and earnings-related data on Howard Bancorp (HBMD) click here.

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