Howard Bancorp, Inc. Reports First Quarter 2020 Results and COVID-19 Pandemic Response
Howard Bancorp, Inc. (HBMD)
US:NASDAQ Investor Relations:
howardbank.com/about-us/investor-relations
Company Research
Source: Business Wire
BALTIMORE--(BUSINESS WIRE)--Howard Bancorp, Inc. (NASDAQ: HBMD) (“Howard Bancorp” or the “Company”), the parent company of Howard Bank (“Howard Bank” or the “Bank”), today reported its financial results for the quarter ended March 31, 2020.Net Income and Earnings per Share (“EPS”)First quarter 2020 net income was $3.3 million, or $0.18 per both basic and diluted common share. First quarter results include the impact of an increase in the allowance for credit losses (provision for credit losses in excess of net charge-offs) of $3.0 million, or ($0.12) per both basic and diluted common share.This compares to $4.3 million, or $0.22 per both basic and diluted common share for the first quarter of 2019. The $0.04 decrease in earnings per share was primarily attributable to:A $1.7 million increase in the provision for credit losses (-$0.07 after tax per share)An increase in noninterest expenses of $788 thousand attributable to the departure of the Company’s former CFO (-$0.03 after tax
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