Howard Bancorp Inc. reported Friday that it earned $1.5 million in the second quarter, more than double its earnings in the April-to-June period last year, when it earned $706,000.
Per share earnings rose 41 percent, to 22 cents this year, up from 16 cents during the same period last year.
The Ellicott City-based parent of Howard Bank reported $989 million in assets as of the end of June, up 32 percent the same quarter last year, when the bank had $747 million in assets. Howard attributed its second quarter growth to its acquisition of Patapsco Bancorp last year and a June 2015 common stock offering.
"We are pleased to report yet another quarter of strong organic loan growth with an annualized growth rate of 12 percent in the second quarter — above our benchmark levels of 8 percent to 10 percent in organic growth," Chair and CEO Mary Ann Scully said in a statement.
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