Howard Bancorp reports Q1 EPS 22c, consensus 20c
Total assets at March 31, 2019 were $2.25 billion, which declined by $16.0 million or one percent compared to assets of $2.26 billion at December 31, 2018. Total portfolio loans were relatively unchanged, both when comparing period end loans at December 31, 2018 versus March 31, 2019, and the average loans for each three month period. Although new loan originations continued at strong levels, these new loans were offset by both unscheduled pay-offs on loans as well as repayments of principal on outstanding lines of credit. In a challenging yield curve environment, given the yields on new investments compared to the incremental cost of funds, we did not reinvest all of the principal from scheduled maturities, instead, we intentionally decreased the period end size of our available for sale investment portfolio from $223.9 million at December 31, 2018 to $191.9 million at March 31, 2019, a decline of $32.0 million or 14%.