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Howard Bancorp reaches $1 billion in assets

Howard Bancorp reaches $1 billion in assets

Howard Bancorp Inc. surpassed $1 billion in assets at the end of the third quarter, a milestone for the community bank.

The Ellicott City-based parent of Howard Bank earned $1.7 million, or 25 cents per share, in the July-to-September period, up from a $816,000 loss the same quarter last year.

The loss last year reflected a one-time $3.3 million charge related to a data system conversion and costs associated with its acquisition of Patapsco Bank.

"The third quarter of 2016 clearly evidences the success and sustainability of our organic loan origination engine, without the impact of newly acquired growth," said Mary Ann Scully, the bank's chair and CEO, in a statement. "We are pleased to demonstrate the ability to consistently expand not only our balance sheet but also improve our return on assets, return on equity and efficiency measures."

Howard Bank's $1 billion in assets, as of September 30, represents a 10 percent increase in assets from the same time last year. The bank has 15 offices stretching from Ellicott City to Annapolis and Elkton.

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