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Howard Bancorp swings to profit in second quarter

The parent of Howard Bank, Baltimore’s largest locally based bank, reported that its earnings swung to a profit in the second quarter ended June 30.

Howard Bancorp earned $2.1 million, or 11 cents per share, in the April-to-June period, it announced Wednesday. A year earlier, it lost nearly $2.3 million, or 12 cents per share, in the wake of its takeover of First Mariner Bancorp.

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The Baltimore-based bank holding company reported assets of nearly $2.3 billion as of June 30, up from under $2.2 billion a year before.

“Howard Bank continues to make significant progress in realizing the benefits associated with our greater scale and unique market positioning," said Mary Ann Scully, Howard’s chairman and CEO, in a statement. “Loan growth, as anticipated, reflects primarily very solid origination activity that is now significant enough to more than offset continuing challenges in the shifting nature of a very competitive pricing and structuring environment especially in the commercial real estate sector.”

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Howard’s stock closed up 4 cents Thursday at $14.51 a share.

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