Company Quick10K Filing
Howard Bancorp
Price16.33 EPS1
Shares19 P/E28
MCap312 P/FCF-85
Net Debt28 EBIT36
TEV340 TEV/EBIT9
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-16
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-15
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-16
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-15
10-Q 2016-03-31 Filed 2016-05-12
10-K 2015-12-31 Filed 2016-03-30
10-Q 2015-09-30 Filed 2015-11-16
10-Q 2015-06-30 Filed 2015-08-13
10-Q 2015-03-31 Filed 2015-05-14
10-K 2014-12-31 Filed 2015-03-27
10-Q 2014-09-30 Filed 2014-11-13
10-Q 2014-06-30 Filed 2014-08-13
10-Q 2014-03-31 Filed 2014-05-14
10-K 2013-12-31 Filed 2014-03-27
10-Q 2013-09-30 Filed 2013-11-14
10-Q 2013-06-30 Filed 2013-08-14
10-Q 2013-03-31 Filed 2013-05-15
10-K 2012-12-31 Filed 2013-03-27
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-06-27
8-K 2020-09-09 Earnings, Exhibits
8-K 2020-07-27 Earnings, Exhibits
8-K 2020-05-27
8-K 2020-04-29
8-K 2020-04-22
8-K 2020-03-28
8-K 2020-02-06
8-K 2020-01-21
8-K 2019-10-23
8-K 2019-07-24
8-K 2019-05-22
8-K 2019-04-23
8-K 2019-01-30
8-K 2019-01-30
8-K 2018-12-06
8-K 2018-10-24
8-K 2018-10-24
8-K 2018-09-05
8-K 2018-07-31
8-K 2018-07-25
8-K 2018-06-15
8-K 2018-05-23
8-K 2018-04-30
8-K 2018-02-26
8-K 2018-01-24
8-K 2018-01-22

HBMD 10Q Quarterly Report

Part I
Item 1. Financial Statements
Note 1: Summary of Significant Accounting Policies
Note 2: Exit of Mortgage Banking Activities
Note 3: Investment Securities
Note 4: Loans and Leases
Note 5: Credit Quality Assessment
Note 6: Derivatives and Hedging Activities
Note 7: Goodwill and Other Intangible Assets
Note 8: Leases
Note 9: Deposits
Note 10: Stock Options and Stock Awards
Note 11: Benefit Plans
Note 12: Net (Loss) Income per Common Share
Note 13: Regulatory Capital
Note 14: Contingencies
Note 15: Fair Value
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
EX-31.1 hbmd-20200630xex31d1.htm
EX-31.2 hbmd-20200630xex31d2.htm
EX-32 hbmd-20200630xex32.htm

Howard Bancorp Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2.31.81.40.90.50.02012201420172020
Assets, Equity
0.10.10.0-0.0-0.1-0.12016201720182020
Rev, G Profit, Net Income
0.20.10.10.0-0.0-0.12012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-35489

HOWARD BANCORP, INC.

(Exact name of registrant as specified in its charter)

Maryland

20-3735949

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

3301 Boston Street, Baltimore, MD

21224

(Address of principal executive offices)

(Zip Code)

(410) 750-0020

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

    

Trading Symbol

    

Name of each exchange on which registered:

Common Stock, par value $0.01 per share

HBMD

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes       No    

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  

Accelerated filer  

Non-accelerated filer  

Smaller reporting company  

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No 

The number of shares of common stock outstanding as of August 7, 2020.

Common Stock, $0.01 par value – 18,742,300 shares

Table of Contents

HOWARD BANCORP, INC.

TABLE OF CONTENTS

 

 

Page

PART I

Financial Information

3

Item 1.

Financial Statements

3

Consolidated Balance Sheets (Unaudited)

3

Consolidated Statements of Operations (Unaudited)

4

Consolidated Statements of Comprehensive (Loss) Income (Unaudited)

5

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

6

Consolidated Statements of Cash Flows (Unaudited)

7

Notes to Consolidated Financial Statements (Unaudited)

8

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

41

 

 

Item 3.

Quantitative and Qualitative Disclosure about Market Risk

76

 

 

Item 4.

Controls and Procedures

77

 

 

PART II

Other Information

78

Item 1.

Legal Proceedings

78

 

 

Item 1A.

Risk Factors

78

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

78

 

 

Item 3.

Defaults Upon Senior Securities

78

 

 

Item 4.

Mine Safety Disclosures

78

 

 

Item 5.

Other Information

78

 

 

Item 6.

Exhibits

79

 

 

Signatures

80

Table of Contents

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this “report”) contains “forward-looking statements,” as that phrase is defined in the Private Securities Litigation Reform Act of 1995, which can be identified by the use of words such as “estimate,” “project,” “believe,” “goal,” “intend,” “anticipate,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “could” and words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. These forward-looking statements include, but are not limited to statements of our goals, intentions and expectations, including the expected impact of COVID-19 on our operations, the expected impact of exiting our mortgage banking activities, our expectations related to requests for payment deferrals on loans, our expectations that many of our unfunded commitments will expire without being drawn, and statements regarding our business plan and strategies. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and may be outside of the Company’s control. Actual events and results may differ materially from those described in such forward-looking statements due to numerous factors, including:

the impact of the recent outbreak of the novel coronavirus, or COVID-19, on our business, including the impact of the actions taken by governmental authorities to try and contain the virus or address the impact of the virus on the United States economy (including, without limitation, the Coronavirus Aid, Relief and Economic Security Act, or the CARES Act), and the resulting effect of these items on our operations, liquidity and capital position, and on the financial condition of our borrowers and other customers;
negative economic conditions that adversely affect the economy, real estate values, the job market and other factors nationally and in our market area, in each case that may affect our liquidity and the performance of our loan portfolio;
any negative perception of our reputation or financial strength;
competition among depository and other financial institutions;
changes in U.S. monetary policy, the level and volatility of interest rates, the capital markets and other market conditions that may affect, among other things, our liquidity and the value of our assets and liabilities;
changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;
the composition of our management team and our ability to attract and retain key personnel;
our ability to enter new markets successfully and capitalize on growth opportunities, and to otherwise implement our growth strategy;
material weaknesses in our internal control over financial reporting;
our ability to successfully integrate acquired entities, if any;
our inability to replace income lost from exiting our mortgage banking activities with new revenues;
changes in consumer spending, borrowing and savings habits;
changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the U.S. Securities and Exchange Commission and the Public Company Accounting Oversight Board;
changes in our organization, compensation and benefit plans;
negative reactions to our branch closures by our customers, employees and other counterparties;
execution risk related to the opening of new branches, including increased expenses;
our ability to maintain the asset quality of our investment portfolios and the anticipated recovery and collection of unrealized losses on securities available for sale;
impairment of goodwill, other intangible assets or deferred tax assets;
our ability to continue our expected focus on commercial customers as well as maintaining our residential mortgage loan portfolio;
changes in our expected occupancy and equipment expenses;
changes to our allowance for credit losses, and the adequacy thereof;
our ability to maintain adequate liquidity levels and future sources of liquidity;
our ability to retain a large portion of maturing certificates of deposit;
the impact on us of recent changes to accounting standards;
the impact of future cash requirements relating to commitments to extend credit;
risks associated with actual or potential litigation or investigations by customers, regulatory agencies or others;

1

Table of Contents

the risk of changes in technology and customer preferences;
the impact of any material failure or breach in our infrastructure or the infrastructure of third parties on which we rely as a result of cyber-attacks;
the impact of interest rate changes on our net interest income;
the adverse effects of events such as outbreaks of contagious disease, war or terrorist activities, or essential utility outages, including deterioration in the global economy, instability in credit markets and disruptions in our customers’ supply chains and transportation;
other economic, competitive, governmental, regulatory, technological, and geopolitical factors affecting our operations, pricing, and services; and
each of the factors and risks under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 and Part II, Item 1A, Risk Factors, in our Form 10-Qs and in subsequent filings we make with the SEC.

Because of these and a wide variety of other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. You should not put undue reliance on any forward-looking statements. These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not undertake any obligation to update any forward-looking statements after the date of this report, except as required by law.

2

Table of Contents

PART I

Item 1. Financial Statements

Howard Bancorp, Inc. and Subsidiary

Consolidated Balance Sheets

    

Unaudited

    

June 30, 

December 31, 

(in thousands, except share data)

2020

2019

ASSETS

 

  

 

  

Cash and due from banks

$

12,652

$

12,992

Interest-bearing deposits with banks

46,418

96,985

Total cash and cash equivalents

 

59,070

 

109,977

Securities available for sale, at fair value

 

276,889

 

215,505

Securities held to maturity, at amortized cost

 

7,250

 

7,750

Nonmarketable equity securities

 

12,592

 

14,152

Loans held for sale, at fair value

 

 

30,710

Loans and leases, net of unearned income

 

1,898,630

 

1,745,513

Allowance for credit losses

 

(16,356)

 

(10,401)

Net loans and leases

 

1,882,274

 

1,735,112

Bank premises and equipment, net

 

42,434

 

42,724

Goodwill

 

31,449

 

65,949

Core deposit intangible

 

7,090

 

8,469

Bank owned life insurance

 

76,716

 

75,830

Other real estate owned

 

2,137

 

3,098

Deferred tax assets, net

 

35,034

 

36,010

Interest receivable and other assets

 

30,515

 

29,333

Total assets

$

2,463,450

$

2,374,619

LIABILITIES

 

 

Noninterest-bearing deposits

$

671,598

$

468,975

Interest-bearing deposits

 

1,159,076

 

1,245,390

Total deposits

 

1,830,674

 

1,714,365

FHLB advances

246,000

285,000

Customer repurchase agreements and other borrowings

37,834

6,127

Subordinated debt

28,339

28,241

Total borrowings

312,173

319,368

Accrued expenses and other liabilities

 

37,322

 

26,738

Total liabilities

 

2,180,169

 

2,060,471

COMMITMENTS AND CONTINGENCIES

 

 

STOCKHOLDERS' EQUITY

 

 

Common stock - par value of $0.01 authorized 20,000,000 shares; issued and outstanding 18,715,678 shares at June 30, 2020 and 19,066,913 at December 31, 2019

 

187

 

191

Capital surplus

 

270,056

 

276,156

Retained earnings

 

9,092

 

35,158

Accumulated other comprehensive income

 

3,946

 

2,643

Total stockholders’ equity

 

283,281

 

314,148

Total liabilities and stockholders’ equity

$

2,463,450

$

2,374,619

The accompanying notes are an integral part of these consolidated financial statements

3

Table of Contents

Consolidated Statements of Operations

Unaudited

For the six months ended

For the three months ended

June 30, 

June 30, 

(in thousands, except per share data)

    

2020

    

2019

    

2020

    

2019

INTEREST INCOME

 

  

 

  

 

  

 

  

Interest and fees on loans and leases

$

39,697

$

41,697

$

19,553

$

21,131

Interest and dividends on securities

 

3,749

 

3,596

 

1,901

 

1,740

Other interest income

 

254

 

636

 

20

 

274

Total interest income

 

43,700

 

45,929

 

21,474

 

23,145

INTEREST EXPENSE

 

 

 

 

Deposits

 

5,593

 

7,568

 

2,383

 

4,004

FHLB advances

1,532

2,549

506

1,295

Customer repurchase agreements and other borrowings

 

17

 

26

 

13

 

13

Subordinated debt

 

913

 

958

 

452

 

479

Total interest expense

 

8,055

 

11,101

 

3,354

 

5,791

NET INTEREST INCOME

 

35,645

 

34,828

 

18,120

 

17,354

Provision for credit losses

 

6,445

 

2,835

 

3,000

 

1,110

Net interest income after provision for credit losses

 

29,200

 

31,993

 

15,120

 

16,244

NONINTEREST INCOME

 

 

 

 

Service charges on deposit accounts

 

1,075

 

1,311

 

432

 

684

Realized and unrealized gains on mortgage banking activity

 

1,036

 

3,793

 

 

2,308

Gain on the sale of securities

3,044

658

3,044

658

Gain (loss) on the disposal of bank premises & equipment

6

(83)

6

(83)

Income from bank owned life insurance

886

907

441

460

Loan related fees and service charges

 

755

 

2,038

 

175

 

995

Other operating income

 

1,323

 

1,752

 

661

 

819

Total noninterest income

 

8,125

 

10,376

 

4,759

 

5,841

NONINTEREST EXPENSE

 

 

 

 

Compensation and benefits

 

14,700

 

16,306

 

6,259

 

8,272

Occupancy and equipment

 

2,275

 

6,754

 

1,242

 

5,183

Marketing and business development

 

903

 

941

 

453

 

484

Professional fees

 

1,360

 

1,503

 

634

 

718

Data processing fees

 

1,776

 

2,525

 

849

 

1,147

FDIC assessment

 

499

 

568

 

287

 

281

Other real estate owned

 

346

 

131

 

268

 

104

Loan production expense

 

660

 

1,220

 

192

 

700

Amortization of core deposit intangible

1,379

1,551

680

767

Goodwill impairment

34,500

34,500

Other operating expense

 

3,789

 

2,812

 

2,264

 

1,798

Total noninterest expense

 

62,187

 

34,311

 

47,628

 

19,454

(LOSS) INCOME BEFORE INCOME TAXES

 

(24,862)

 

8,058

 

(27,749)

 

2,631

Income tax expense

 

1,204

 

1,714

 

1,660

 

543

NET (LOSS) INCOME

$

(26,066)

$

6,344

$

(29,409)

$

2,088

NET (LOSS) INCOME PER COMMON SHARE

 

 

 

 

Basic

$

(1.39)

$

0.33

$

(1.57)

$

0.11

Diluted

$

(1.39)

$

0.33

$

(1.57)

$

0.11

The accompanying notes are an integral part of these consolidated financial statements.

4

Table of Contents

Consolidated Statements of Comprehensive (Loss) Income

Unaudited

For the six months ended

For the three months ended

June 30, 

June 30, 

(in thousands)

    

2020

    

2019

    

2020

    

2019

Net (loss) income

$

(26,066)

$

6,344

$

(29,409)

$

2,088

Other comprehensive (loss) income

 

 

 

 

Investments available-for-sale:

 

 

 

 

Reclassification adjustment for realized gain

 

(3,044)

(658)

 

(3,044)

 

(658)

Related income tax

 

838

180

 

838

 

180

Unrealized holding gains (losses)

 

4,841

 

3,590

 

(828)

 

1,790

Related income tax (expense) benefit

 

(1,332)

 

(988)

 

228

 

(492)

Comprehensive (loss) income

$

(24,763)

$

8,468

$

(32,215)

$

2,908

5

Table of Contents

Consolidated Statements of Changes in Stockholders’ Equity

    

    

    

    

    

Accumulated

    

other

Unaudited

Number of

Common

Capital

Retained

comprehensive

(dollars in thousands, except share data)

shares

stock

surplus

earnings

(loss) income

Total

Six months ended

Balances at December 31, 2018

19,039,347

$

190

$

275,843

$

18,277

$