Howard Bancorp, Inc. Reports First Quarter 2018 Results with the Acquisition of First Mariner Bank
Howard Bancorp, Inc. (HBMD)
US:NASDAQ Investor Relations:
howardbank.com/about-us/investor-relations
Company Research
Source: Business Wire
ELLICOTT CITY, Md.--(BUSINESS WIRE)-- Howard Bancorp, Inc. (Nasdaq: HBMD), the parent company of Howard Bank, reported its financial results for the quarter ending March 31, 2018. A summary of results for and other developments during the quarter ended March 31, 2018 is as follows: On March 1, 2018, we completed our acquisition of First Mariner Bank (“First Mariner”) through the merger of First Mariner with and into Howard Bank. The aggregate merger consideration of $173.8 million included $9.2 million of cash and 9,143,230 shares of our common stock, which was valued at approximately $164.6 million based on our closing stock price of $18.00 on February 28, 2018. As a result of the merger closing on March 1, 2018, the first quarter operating results included only one month’s worth of combined revenues and operating expenses; however, the first quarter results included
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