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HBMD

Howard Bancorp

$16.77 /

-0.38 (-2.22%)

08:49
01/21/20
01/21
08:49
01/21/20
08:49

Howard Bancorp reports Q4 EPS 31c, consensus 26c

Reports Q4 book value per share $16.48. Reports Q4 Tier 1 capital ratio 11.09%. Chairman and CEO Mary Ann Scully noted "As we enter a new decade, Howard Bank remains focused on successfully, sustainably and now singularly building momentum in our core commercial banking business. This focus has been reinforced with the financially attractive exit of our residential mortgage banking business. And that focus will continue to bear fruit for all of our stakeholders. The longer term mid to high single digit commercial momentum evident in year over year numbers as well as linked quarter averages is apparent despite some normal short term volatility in our commercial loan portfolio. While loan yields remain under pressure in a very competitive marketplace, which, in combination with the short term balance volatility, impacted quarterly loan income growth, funding costs notably improved for the first time in several quarters. The drop in interest expense reflects both ongoing surgical product pricing as well as the ongoing focus on transaction deposits. We expect our deposit mix will be a significant driver of value for the foreseeable future. So, we anticipate that continued commercial loan balance growth and improved funding mix will help to mitigate the industry expectations associated with a competitive low interest rate environment. The Bank has recently had some wins in talent acquisition as well with a number of notable hires in commercial real estate and small business deposit generation. We expect our ability to attract talent will be another driver of positive balance sheet and income statement momentum. It is the best demonstration that our brand and value proposition appeals to experienced and talented bankers in our marketplace looking for a place to see their impact more readily than in a larger non local entity. The expense benefits associated with our successful execution of numerous structural enhancements over the past two years, especially in our distribution network, continue to flow through the income statement with a fuller impact each quarter as we will leave the final two consolidating locations in early 2020; our lower processing costs due to the previously disclosed renegotiated core data processing contract will also have a full quarterly impact in 2020. The higher operating efficiency ratio that was driven by our sizable residential mortgage business will decline with the planned departure of the remaining personnel in the first quarter of the new year. However in addition to all of these costs efficiencies as well as the ability to creatively structure a mortgage exit that resulted in a modest net gain, our ability to drive higher revenue growth through that focus on the commercial banking business that is the core of our strategic differentiation will in the long term be most significant. We remain energized and optimistic about the unique opportunity that Howard Bank has to leverage our focus, our talent and our hard earned efficiencies in an attractive market."

HBMD Howard Bancorp
$16.77 /

-0.38 (-2.22%)

01/06/20 Stephens
Howard Bancorp resumed with an Equal Weight at Stephens
02/20/19 Stephens
Howard Bancorp downgraded to Equal Weight from Overweight at Stephens

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