Howard Bancorp’s 2Q profit sets record

Paul Samuel//July 17, 2014//

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Howard Bancorp Inc., parent company of Howard Bank, of Ellicott City, posted record financial results for its second quarter, with increases in earnings, assets, loans outstanding, deposits and other indicators of financial strength.

The 10-year-old company reported net income of $737,000, or 17 cents per share, compared to $514,000, or 12 cents per share in the year-ago period.

Total assets increased 23 percent, to $433.3 million, from $353.3 million in the 2013 quarter.

In a statement, Chairman and CEO Mary Ann Scully said the “significant improvement” in the second quarter net income was the result of “investments we have made to date in our greatly expanded and diversified revenue stream and footprint.”

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