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Howard Bancorp's 2014 earnings rise five-fold after acquisition of failed bank
Howard Bancorp's 2014 earnings rise five-fold after acquisition of failed bank

The parent company of Ellicott City-based Howard Bank reported strong growth and a more than five-fold increase in its earnings in 2014, driven largely by its acquisition of a failed Rising Sun bank. For the year, Howard Bancorp reported earnings of $10.4 million, compared to $1.96 million for 2013, the company reported this week. It earned $2.50 per share in 2014 compared to 44 cents for 2013. The results were driven by a one-time, pre-tax gain of $16.1 million on the October acquisition of most of the assets and deposits from Rising Sun-based NBRS Financial Bank, which had branches in Harford and Cecil Counties and Lancaster County in Pennsylvania. The deal was facilitated and...

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