Twelve months ended Three months ended (Dollars in thousands, except per share data.) Income Statement Data:

Transcription

1 HOWARD BANCORP, INC. Twelve months ended Three months ended (Dollars in thousands, December 31, except per share data.) Dec 31 Sept 30 Dec 31 Income Statement Data: Interest income $ 38,741 $ 33,349 $ 9,752 $ 9,824 $ 9,950 Interest expense 4,562 3,072 1,239 1, Net interest income 34,179 30,277 8,513 8,648 9,030 Provision for credit losses 2,037 1, Noninterest income 14,782 11,927 2,976 4,384 2,883 Merger and Restructuring - 4, ,041 Other noninterest expense 38,685 33,909 9,268 9,880 9,337 Pre-tax income 8,239 2,115 1,486 2, Federal and state income tax expense 2, , Net income 5,303 1, , Preferred stock dividends Net income available to common shareholders $ 5,137 $ 1,016 $ 953 $ 1,748 $ 456 Per share data and shares outstanding: Net income per common share, basic Book value per common share at period end Tangible book value per common share at period end Average common shares outstanding Shares outstanding at period end $ 0.74 $ 0.16 $ 0.14 $ 0.25 $ 0.07 $ $ $ $ $ $ $ $ $ $ ,975,662 6,160,005 6,990,390 6,985,559 6,935,493 6,991,072 6,962,139 6,991,072 6,988,180 6,962,139 Financial Condition data:

2 Total assets $ 1,026,957 $ 946,759 $ 1,026,957 $ 1,014,787 $ 946,759 Loans receivable (gross) 821, , , , ,002 Allowance for credit losses (6,428 ) (4,869 ) (6,428 ) (5,634 ) (4,869 ) Other interest-earning assets 167, , , , ,137 Total deposits 808, , , , ,408 Borrowings 127,574 98, , ,906 98,828 Total stockholders equity 85,790 92,899 85,790 84,891 92,899 Common equity 85,790 80,337 85,790 84,891 80,337 Average assets $ 970,710 $ 782,441 $ 1,003,100 $ 966,783 $ 919,798 Average stockholders' equity 86,221 76,143 84,616 82,199 91,843 Average common stockholders' equity 86,221 63,581 84,616 82,199 79,281 Selected performance ratios: Return on average assets 0.55 % 0.15 % 0.38 % 0.72 % 0.21 % Return on average common equity 6.15 % 1.80 % 4.48 % 8.50 % 2.46 % Net interest margin (1) 3.73 % 4.08 % 3.56 % 3.76 % 4.13 % Efficiency ratio (2) % % % % % Asset quality ratios: Nonperforming loans to gross loans Allowance for credit losses to loans Allowance for credit losses to nonperforming loans Nonperforming assets to loans and other real estate Nonperforming assets to total assets 1.25 % 1.37 % 1.25 % 1.16 % 1.37 % 0.78 % 0.64 % 0.78 % 0.69 % 0.64 % % % % % % 1.54 % 1.68 % 1.54 % 1.47 % 1.68 % 1.23 % 1.35 % 1.23 % 1.18 % 1.35 % Capital ratios:

3 Leverage ratio 8.36 % 9.90 % 8.36 % 8.55 % 9.90 % Tier I risk-based capital ratio 9.71 % % 9.71 % 9.65 % % Total risk-based capital ratio % % % % % Average equity to average assets 8.88 % 9.73 % 8.44 % 8.50 % 9.98 % (1) Net interest margin is net interest income divided by average earning assets. (2) Efficiency ratio is noninterest expense divided by the sum of net interest income and noninterest income. Unaudited Consolidated Statements of Financial Condition (Dollars in thousands, except per share amounts) ASSETS: Cash and Cash Equivalents: Cash and due from banks PERIOD ENDED December December Sept 30, June 30, March 31, 31, 31, $ 29,674 $ 33,553 $ 24,618 $ 50,725 $ 31,818 Federal Funds Sold 9,691 10,325 8,190 4,246 6,522 Total cash and cash equivalents 39,366 43,878 32,808 54,971 38,340 Interest Bearing Deposits with Banks 19,513 19, Investment Securities: Available-for-sale 38,728 37,718 57,693 70,150 49,573 Held-to-maturity 6,250 6,250 3,250 3,000 3,000 Federal Home Loan Bank stock, at cost 5,103 4,741 3,934 3,849 4,163 Total investment securities 50,080 48,709 64,877 76,999 56,736

4 Loans held-for-sale 51,054 46,342 51,010 40,027 49,677 Loans: 821, , , , ,002 Allowance for credit losses (6,428 ) (5,634 ) (5,744 ) (5,256 ) (4,869 ) Net loans 815, , , , ,133 Accrued interest receivable Bank premises and equipment, net 2,793 2,398 2,484 2,360 2,144 19,984 20,287 20,481 20,758 20,765 Other assets: Goodwill Bank owned life insurance 21,371 21,208 21,053 20,899 18,548 Other intangibles 2,248 2,384 2,550 2,726 2,903 Other assets 4,849 4,759 4,800 5,122 4,910 Total other assets 29,072 28,954 29,006 29,350 26,964 Total assets $ 1,026,957 $ 1,014,787 $ 988,818 $ 990,438 $ 946,759 LIABILITIES AND STOCKHOLDERS' EQUITY: Liabilities: Deposits: Non-interest bearing $ 182,880 deposits $ 183,118 $ 179,699 $ 177,621 $ 173,689 Interest bearing deposits 625, , , , ,719 Total deposits 808, , , , ,408 Borrowed funds 127, , ,373 86,334 98,828 Other liabilities 4,858 6,217 6,259 6,982 7,624 Total liabilities 941, , , , ,860 Commitments and contingencies Stockholders' equity: Preferred stock -- $.01 par value ,562 12,562 Common stock $.01 par value

5 Additional paid-in capital 71,021 70,897 70,824 70,698 70,587 Retained earnings 14,849 13,895 12,147 10,615 9,712 Accumulated other comprehensive (150 ) (32 ) income/(loss), net Total stockholders' equity 85,790 84,891 83,068 93,946 92,899 Total liabilities and stockholders' equity $ 1,026,957 $ 1,014,787 $ 988,818 $ 990,438 $ 946,759 Capital Ratios - Howard Bancorp, Inc. Tangible Capital $ 82,939 $ 81,904 $ 79,915 $ 78,055 $ 76,831 Tier 1 Leverage (to average assets) 8.36 % 8.55 % 8.36 % 9.87 % 9.90 % Common Equity Tier 1 Capital (to 9.71 % 9.65 % 9.70 % % % risk weighted assets) Tier 1 Capital (to risk weighted assets) 9.71 % 9.65 % 9.70 % % % Total Capital Ratio (to risk weighted assets) % % % % % ASSET QUALITY INDICATORS (Dollars in thousands) Non-performing assets: Total nonperforming loans $ 10,300 $ 9,383 $ 8,717 $ 9,562 $ 10,370 Real estate owned 2,350 2,543 2,286 2,369 2,369 Total nonperforming assets $ 12,651 $ 11,926 $ 11,003 $ 11,931 $ 12,739 Non-performing loans to total loans 1.25 % 1.16 % 1.10 % 1.24 % 1.37 % Non-performing assets to total assets 1.23 % 1.18 % 1.11 % 1.20 % 1.35 % ALLL to total loans 0.78 % 0.70 % 0.72 % 0.68 % 0.64 %

6 ALLL to nonperforming loans % % % % % Unaudited Consolidated Statements of Income (Dollars in thousands, except per share amounts) FOR THE THREE MONTHS ENDED December December Sept 30, June 30, March 31, 31, 31, Total interest income $ 9,752 $ 9,824 $ 9,553 $ 9,612 $ 9,950 Total interest expense 1,239 1,176 1, Net interest income 8,513 8,648 8,375 8,643 9,030 Provision for credit losses (735 ) (402 ) (515 ) (385 ) (821 ) Net interest income after provision for credit losses 7,778 8,246 7,860 8,258 8,209 NON-INTEREST INCOME: Service charges and other income Mortgage banking income Total non-interest income , ,441 3,829 3,372 2,298 2,346 2,976 4,384 4,570 2,852 2,883 NON-INTEREST EXPENSE: Salaries and employee benefits 4,653 4,927 4,870 4,584 4,755 Occupancy expense 997 1, ,614 1,006 Marketing expense FDIC insurance Professional fees

7 Other real estate owned related (13 ) expense Merger and restructuring ,041 Other 2,111 2,116 2,182 2,175 2,285 Total non-interest expense 9,268 9,880 9,861 9,676 10,378 Income before income taxes 1,486 2,750 2,570 1, Income tax expense 533 1, NET INCOME 953 1,748 1, PREFERRED DIVIDENDS NET INCOME AVAILABLE TO COMMON SHAREHOLDERS EARNINGS PER SHARE Basic EARNINGS PER SHARE Diluted Average common shares outstanding Basic Average common shares outstanding Diluted - - (109 ) (57 ) (32 ) $ 953 $ 1,748 $ 1,532 $ 903 $ 456 $ 0.14 $ 0.25 $ 0.22 $ 0.13 $ 0.07 $ 0.13 $ 0.25 $ 0.22 $ 0.13 $ ,990,390 6,985,559 6,970,876 6,955,462 6,935,493 7,078,286 7,077,420 7,061,867 7,047,987 7,051,660 PERFORMANCE RATIOS: (annualized) Return on average assets 0.38 % 0.72 % 0.68 % 0.41 % 0.21 % Return on average common equity 4.48 % 8.50 % 8.12 % 4.83 % 2.46 % Net interest margin 3.56 % 3.76 % 3.66 % 3.93 % 4.13 %

8 Efficiency ratio % % % % % Tangible common equity 8.10 % 8.09 % 8.11 % 7.91 % 8.15 % Howard Bancorp, Inc. George C. Coffman, Chief Financial Officer Source: Howard Bancorp, Inc.