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Howard Bancorp sees earnings gain in 2017

Howard Bank on U.S. Route 40 in Ellicott City. (Maximilian Franz/The Daily Record)

Howard Bank on U.S. Route 40 in Ellicott City. (Maximilian Franz/The Daily Record)

Howard Bancorp, the Ellicott City-based parent company of Howard Bank, had a double-digit percentage increase in net earnings in 2017, but a slight increase in earnings per share.

Though its net earnings for 2017 were about 40 percent higher than for 2016, the company’s earnings per share increased only by 2 percent, to 75 cents from 74 cents per share, because of expenses related to the bank’s upcoming merger with First Mariner Bank and because of the larger number of average shares outstanding in 2017.

During 2017, the bank’s total assets went up by 12 percent, from $1.03 billion to $1.15 billion. The bank held $937 million in loans at the end of 2017, up 14 percent, or $115 million, from $822 million at the end of the prior year.

The bank expects its acquisition of First Mariner to close in the first quarter of 2018. After that, the combined bank would be known under the Howard Bank brand and would be headquartered at First Mariner’s location in Baltimore.


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