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 2020-09-30 Filed 2020-11-09
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 2020-11-10
8-K 2020-10-28
8-K 2020-09-09
8-K 2020-07-27
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-20200930xex31d1.htm
EX-31.2 hbmd-20200930xex31d2.htm
EX-32 hbmd-20200930xex32.htm

Howard Bancorp Earnings 2020-09-30

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

Howard Bancorp IncfalseQ30001390162--12-312020187423000.0050190669130001390162us-gaap:RetainedEarningsMember2020-09-300001390162us-gaap:AdditionalPaidInCapitalMember2020-09-300001390162us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001390162us-gaap:RetainedEarningsMember2020-06-300001390162us-gaap:AdditionalPaidInCapitalMember2020-06-300001390162us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001390162us-gaap:RetainedEarningsMember2019-12-310001390162us-gaap:AdditionalPaidInCapitalMember2019-12-310001390162us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001390162us-gaap:RetainedEarningsMember2019-09-300001390162us-gaap:AdditionalPaidInCapitalMember2019-09-300001390162us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-300001390162us-gaap:RetainedEarningsMember2019-06-300001390162us-gaap:AdditionalPaidInCapitalMember2019-06-300001390162us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001390162us-gaap:RetainedEarningsMember2018-12-310001390162us-gaap:AdditionalPaidInCapitalMember2018-12-310001390162us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001390162us-gaap:CommonStockMember2020-09-300001390162us-gaap:CommonStockMember2020-06-300001390162us-gaap:CommonStockMember2019-12-310001390162us-gaap:CommonStockMember2019-09-300001390162us-gaap:CommonStockMember2019-06-300001390162us-gaap:CommonStockMember2018-12-310001390162us-gaap:ShareBasedPaymentArrangementNonemployeeMember2020-01-012020-09-300001390162us-gaap:ShareBasedPaymentArrangementNonemployeeMember2019-01-012019-09-300001390162us-gaap:EmployeeStockOptionMember2018-12-310001390162us-gaap:EmployeeStockOptionMember2019-01-012019-12-310001390162us-gaap:EmployeeStockOptionMember2019-12-310001390162hbmd:TwoThousandSeventeenEmployeeStockPurchasePlanMember2020-09-300001390162us-gaap:RestrictedStockMember2020-09-300001390162us-gaap:RestrictedStockMember2019-12-310001390162us-gaap:RestrictedStockMember2018-12-310001390162us-gaap:RestrictedStockMember2020-01-012020-09-300001390162us-gaap:RestrictedStockMember2019-01-012019-12-310001390162hbmd:OtherRealEstateOwnedMember2020-01-012020-09-300001390162hbmd:OtherRealEstateOwnedMember2019-01-012019-12-310001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:OtherRealEstateOwnedMember2020-09-300001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:OtherRealEstateOwnedMember2020-09-300001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:OtherRealEstateOwnedMember2020-09-300001390162us-gaap:FairValueMeasurementsNonrecurringMemberhbmd:OtherRealEstateOwnedMember2020-09-300001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:OtherRealEstateOwnedMember2019-12-310001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:OtherRealEstateOwnedMember2019-12-310001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:OtherRealEstateOwnedMember2019-12-310001390162us-gaap:FairValueMeasurementsNonrecurringMemberhbmd:OtherRealEstateOwnedMember2019-12-310001390162hbmd:OtherRealEstateOwnedMember2019-12-3100013901622019-01-010001390162hbmd:OneResidentialJuniorLienLoansMember2020-09-300001390162hbmd:CommercialRealEstateLoanMember2020-09-300001390162srt:MaximumMemberus-gaap:USTreasuryBondSecuritiesMember2020-09-300001390162srt:MinimumMemberus-gaap:USTreasuryBondSecuritiesMember2020-08-310001390162srt:MinimumMemberhbmd:FederalOpenMarketCommitteeMember2020-03-160001390162srt:MaximumMemberhbmd:FederalOpenMarketCommitteeMember2020-03-160001390162srt:MinimumMemberhbmd:FederalOpenMarketCommitteeMember2020-03-030001390162srt:MaximumMemberus-gaap:USTreasuryBondSecuritiesMember2020-03-030001390162srt:MaximumMemberhbmd:FederalOpenMarketCommitteeMember2020-03-030001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialLoanMember2020-09-300001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ResidentialsFirstLienMember2020-09-300001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ResidentialJuniorLienMember2020-09-300001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ConstructionAndLandMember2020-09-300001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:CommercialOwnerOccupiedMember2020-09-300001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:CommercialNonOwnerOccupiedMember2020-09-300001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ConsumerLoanMember2020-09-300001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialLoanMember2020-09-300001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ResidentialsFirstLienMember2020-09-300001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ResidentialJuniorLienMember2020-09-300001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ConstructionAndLandMember2020-09-300001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:CommercialOwnerOccupiedMember2020-09-300001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:CommercialNonOwnerOccupiedMember2020-09-300001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ConsumerLoanMember2020-09-300001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialLoanMember2020-09-300001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ResidentialsFirstLienMember2020-09-300001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ResidentialJuniorLienMember2020-09-300001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ConstructionAndLandMember2020-09-300001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:CommercialOwnerOccupiedMember2020-09-300001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:CommercialNonOwnerOccupiedMember2020-09-300001390162us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialLoanMember2020-09-300001390162us-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ResidentialsFirstLienMember2020-09-300001390162us-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ResidentialJuniorLienMember2020-09-300001390162us-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ConstructionAndLandMember2020-09-300001390162us-gaap:FairValueMeasurementsNonrecurringMemberhbmd:CommercialOwnerOccupiedMember2020-09-300001390162us-gaap:FairValueMeasurementsNonrecurringMemberhbmd:CommercialNonOwnerOccupiedMember2020-09-300001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-09-300001390162us-gaap:FairValueInputsLevel3Memberus-gaap:ConsumerLoanMember2020-09-300001390162us-gaap:FairValueMeasurementsNonrecurringMember2020-09-300001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ConsumerLoanMember2019-12-310001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialLoanMember2019-12-310001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ResidentialsFirstLienMember2019-12-310001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ResidentialJuniorLienMember2019-12-310001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ConstructionAndLandMember2019-12-310001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:CommercialOwnerOccupiedMember2019-12-310001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:CommercialNonOwnerOccupiedMember2019-12-310001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ConsumerLoanMember2019-12-310001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialLoanMember2019-12-310001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ResidentialsFirstLienMember2019-12-310001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ResidentialJuniorLienMember2019-12-310001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ConstructionAndLandMember2019-12-310001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:CommercialOwnerOccupiedMember2019-12-310001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:CommercialNonOwnerOccupiedMember2019-12-310001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ConsumerLoanMember2019-12-310001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialLoanMember2019-12-310001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ResidentialsFirstLienMember2019-12-310001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ResidentialJuniorLienMember2019-12-310001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ConstructionAndLandMember2019-12-310001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:CommercialOwnerOccupiedMember2019-12-310001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberhbmd:CommercialNonOwnerOccupiedMember2019-12-310001390162us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ConsumerLoanMember2019-12-310001390162us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialLoanMember2019-12-310001390162us-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ResidentialsFirstLienMember2019-12-310001390162us-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ResidentialJuniorLienMember2019-12-310001390162us-gaap:FairValueMeasurementsNonrecurringMemberhbmd:ConstructionAndLandMember2019-12-310001390162us-gaap:FairValueMeasurementsNonrecurringMemberhbmd:CommercialOwnerOccupiedMember2019-12-310001390162us-gaap:FairValueMeasurementsNonrecurringMemberhbmd:CommercialNonOwnerOccupiedMember2019-12-310001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-310001390162us-gaap:FairValueMeasurementsNonrecurringMember2019-12-310001390162us-gaap:SubstandardMemberus-gaap:ConsumerLoanMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:SubstandardMemberus-gaap:CommercialLoanMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:SubstandardMemberhbmd:ResidentialsFirstLienMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:SubstandardMemberhbmd:ResidentialJuniorLienMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:SubstandardMemberhbmd:PaycheckProtectionProgramLoansMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:SubstandardMemberhbmd:ConstructionAndLandMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:SubstandardMemberhbmd:CommercialOwnerOccupiedMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:SubstandardMemberhbmd:CommercialNonOwnerOccupiedMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:SpecialMentionMemberus-gaap:ConsumerLoanMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:SpecialMentionMemberus-gaap:CommercialLoanMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:SpecialMentionMemberhbmd:ResidentialsFirstLienMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:SpecialMentionMemberhbmd:ResidentialJuniorLienMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:SpecialMentionMemberhbmd:PaycheckProtectionProgramLoansMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:SpecialMentionMemberhbmd:ConstructionAndLandMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:SpecialMentionMemberhbmd:CommercialOwnerOccupiedMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:SpecialMentionMemberhbmd:CommercialNonOwnerOccupiedMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:DoubtfulMemberus-gaap:ConsumerLoanMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:DoubtfulMemberus-gaap:CommercialLoanMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:DoubtfulMemberhbmd:ResidentialsFirstLienMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:DoubtfulMemberhbmd:ResidentialJuniorLienMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:DoubtfulMemberhbmd:PaycheckProtectionProgramLoansMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:DoubtfulMemberhbmd:ConstructionAndLandMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:DoubtfulMemberhbmd:CommercialOwnerOccupiedMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:DoubtfulMemberhbmd:CommercialNonOwnerOccupiedMemberhbmd:LegacyLoansMember2020-09-300001390162hbmd:NotClassifiedMemberus-gaap:ConsumerLoanMemberhbmd:LegacyLoansMember2020-09-300001390162hbmd:NotClassifiedMemberus-gaap:CommercialLoanMemberhbmd:LegacyLoansMember2020-09-300001390162hbmd:NotClassifiedMemberhbmd:ResidentialsFirstLienMemberhbmd:LegacyLoansMember2020-09-300001390162hbmd:NotClassifiedMemberhbmd:ResidentialJuniorLienMemberhbmd:LegacyLoansMember2020-09-300001390162hbmd:NotClassifiedMemberhbmd:PaycheckProtectionProgramLoansMemberhbmd:LegacyLoansMember2020-09-300001390162hbmd:NotClassifiedMemberhbmd:ConstructionAndLandMemberhbmd:LegacyLoansMember2020-09-300001390162hbmd:NotClassifiedMemberhbmd:CommercialOwnerOccupiedMemberhbmd:LegacyLoansMember2020-09-300001390162hbmd:NotClassifiedMemberhbmd:CommercialNonOwnerOccupiedMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:SubstandardMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:SpecialMentionMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:DoubtfulMemberhbmd:LegacyLoansMember2020-09-300001390162hbmd:NotClassifiedMemberhbmd:LegacyLoansMember2020-09-300001390162hbmd:ImpairedFinancingReceivableMember2020-09-300001390162hbmd:ImpairedFinancingReceivableMember2020-06-300001390162us-gaap:SubstandardMemberus-gaap:ConsumerLoanMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:SubstandardMemberus-gaap:CommercialLoanMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:SubstandardMemberhbmd:ResidentialsFirstLienMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:SubstandardMemberhbmd:ResidentialJuniorLienMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:SubstandardMemberhbmd:ConstructionAndLandMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:SubstandardMemberhbmd:CommercialOwnerOccupiedMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:SubstandardMemberhbmd:CommercialNonOwnerOccupiedMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:SpecialMentionMemberus-gaap:ConsumerLoanMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:SpecialMentionMemberus-gaap:CommercialLoanMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:SpecialMentionMemberhbmd:ResidentialsFirstLienMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:SpecialMentionMemberhbmd:ResidentialJuniorLienMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:SpecialMentionMemberhbmd:ConstructionAndLandMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:SpecialMentionMemberhbmd:CommercialOwnerOccupiedMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:SpecialMentionMemberhbmd:CommercialNonOwnerOccupiedMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:DoubtfulMemberus-gaap:ConsumerLoanMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:DoubtfulMemberus-gaap:CommercialLoanMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:DoubtfulMemberhbmd:ResidentialsFirstLienMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:DoubtfulMemberhbmd:ResidentialJuniorLienMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:DoubtfulMemberhbmd:ConstructionAndLandMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:DoubtfulMemberhbmd:CommercialOwnerOccupiedMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:DoubtfulMemberhbmd:CommercialNonOwnerOccupiedMemberhbmd:LegacyLoansMember2019-12-310001390162hbmd:NotClassifiedMemberus-gaap:ConsumerLoanMemberhbmd:LegacyLoansMember2019-12-310001390162hbmd:NotClassifiedMemberus-gaap:CommercialLoanMemberhbmd:LegacyLoansMember2019-12-310001390162hbmd:NotClassifiedMemberhbmd:ResidentialsFirstLienMemberhbmd:LegacyLoansMember2019-12-310001390162hbmd:NotClassifiedMemberhbmd:ResidentialJuniorLienMemberhbmd:LegacyLoansMember2019-12-310001390162hbmd:NotClassifiedMemberhbmd:ConstructionAndLandMemberhbmd:LegacyLoansMember2019-12-310001390162hbmd:NotClassifiedMemberhbmd:CommercialOwnerOccupiedMemberhbmd:LegacyLoansMember2019-12-310001390162hbmd:NotClassifiedMemberhbmd:CommercialNonOwnerOccupiedMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:SubstandardMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:SpecialMentionMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:DoubtfulMemberhbmd:LegacyLoansMember2019-12-310001390162hbmd:NotClassifiedMemberhbmd:LegacyLoansMember2019-12-310001390162hbmd:ImpairedFinancingReceivableMember2019-12-310001390162hbmd:ImpairedFinancingReceivableMember2019-09-300001390162hbmd:ImpairedFinancingReceivableMember2019-06-300001390162hbmd:ImpairedFinancingReceivableMember2018-12-310001390162hbmd:ResidentialRealEstateFirstLienMember2020-09-300001390162hbmd:ResidentialRealEstateFirstLienMember2019-12-310001390162us-gaap:ConsumerLoanMember2020-06-300001390162us-gaap:CommercialLoanMember2020-06-300001390162hbmd:ResidentialsFirstLienMember2020-06-300001390162hbmd:ResidentialJuniorLienMember2020-06-300001390162hbmd:PaycheckProtectionProgramLoansMember2020-06-300001390162hbmd:ConstructionAndLandMember2020-06-300001390162hbmd:CommercialOwnerOccupiedMember2020-06-300001390162hbmd:CommercialNonOwnerOccupiedMember2020-06-3000013901622020-06-300001390162us-gaap:ConsumerLoanMember2019-06-300001390162us-gaap:CommercialLoanMember2019-06-300001390162hbmd:ResidentialsFirstLienMember2019-06-300001390162hbmd:ResidentialJuniorLienMember2019-06-300001390162hbmd:ConstructionAndLandMember2019-06-300001390162hbmd:CommercialOwnerOccupiedMember2019-06-300001390162hbmd:CommercialNonOwnerOccupiedMember2019-06-3000013901622019-06-300001390162us-gaap:ConsumerLoanMember2018-12-310001390162us-gaap:CommercialLoanMember2018-12-310001390162hbmd:ResidentialsFirstLienMember2018-12-310001390162hbmd:ResidentialJuniorLienMember2018-12-310001390162hbmd:ConstructionAndLandMember2018-12-310001390162hbmd:CommercialOwnerOccupiedMember2018-12-310001390162hbmd:CommercialNonOwnerOccupiedMember2018-12-310001390162us-gaap:ConsumerLoanMemberhbmd:LegacyLoansMember2020-07-012020-09-300001390162us-gaap:CommercialLoanMemberhbmd:LegacyLoansMember2020-07-012020-09-300001390162hbmd:ResidentialsFirstLienMemberhbmd:LegacyLoansMember2020-07-012020-09-300001390162hbmd:ResidentialJuniorLienMemberhbmd:LegacyLoansMember2020-07-012020-09-300001390162hbmd:ConstructionAndLandMemberhbmd:LegacyLoansMember2020-07-012020-09-300001390162hbmd:CommercialOwnerOccupiedMemberhbmd:LegacyLoansMember2020-07-012020-09-300001390162hbmd:CommercialNonOwnerOccupiedMemberhbmd:LegacyLoansMember2020-07-012020-09-300001390162hbmd:LegacyLoansMember2020-07-012020-09-300001390162us-gaap:ConsumerLoanMemberhbmd:LegacyLoansMember2020-01-012020-09-300001390162us-gaap:CommercialLoanMemberhbmd:LegacyLoansMember2020-01-012020-09-300001390162hbmd:ResidentialsFirstLienMemberhbmd:LegacyLoansMember2020-01-012020-09-300001390162hbmd:ResidentialJuniorLienMemberhbmd:LegacyLoansMember2020-01-012020-09-300001390162hbmd:ConstructionAndLandMemberhbmd:LegacyLoansMember2020-01-012020-09-300001390162hbmd:CommercialOwnerOccupiedMemberhbmd:LegacyLoansMember2020-01-012020-09-300001390162hbmd:CommercialNonOwnerOccupiedMemberhbmd:LegacyLoansMember2020-01-012020-09-300001390162hbmd:LegacyLoansMember2020-01-012020-09-300001390162us-gaap:ConsumerLoanMemberhbmd:LegacyLoansMember2019-01-012019-12-310001390162us-gaap:CommercialLoanMemberhbmd:LegacyLoansMember2019-01-012019-12-310001390162hbmd:ResidentialsFirstLienMemberhbmd:LegacyLoansMember2019-01-012019-12-310001390162hbmd:ResidentialJuniorLienMemberhbmd:LegacyLoansMember2019-01-012019-12-310001390162hbmd:ConstructionAndLandMemberhbmd:LegacyLoansMember2019-01-012019-12-310001390162hbmd:CommercialOwnerOccupiedMemberhbmd:LegacyLoansMember2019-01-012019-12-310001390162hbmd:CommercialNonOwnerOccupiedMemberhbmd:LegacyLoansMember2019-01-012019-12-310001390162hbmd:LegacyLoansMember2019-01-012019-12-310001390162us-gaap:CorporateDebtSecuritiesMember2020-09-300001390162us-gaap:CorporateDebtSecuritiesMember2019-12-3100013901622020-04-012020-06-300001390162hbmd:NonInterestExpenseMember2020-01-012020-06-300001390162us-gaap:CoreDepositsMember2020-09-300001390162us-gaap:CoreDepositsMember2019-12-310001390162us-gaap:ConsumerLoanMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-300001390162us-gaap:ConsumerLoanMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-09-300001390162us-gaap:ConsumerLoanMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-09-300001390162us-gaap:CommercialLoanMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-300001390162us-gaap:CommercialLoanMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-09-300001390162us-gaap:CommercialLoanMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-09-300001390162hbmd:ResidentialsFirstLienMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-300001390162hbmd:ResidentialsFirstLienMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-09-300001390162hbmd:ResidentialsFirstLienMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-09-300001390162hbmd:ResidentialJuniorLienMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-300001390162hbmd:ResidentialJuniorLienMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-09-300001390162hbmd:ResidentialJuniorLienMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-09-300001390162hbmd:PaycheckProtectionProgramLoansMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-300001390162hbmd:PaycheckProtectionProgramLoansMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-09-300001390162hbmd:PaycheckProtectionProgramLoansMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-09-300001390162hbmd:ConstructionAndLandMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-300001390162hbmd:ConstructionAndLandMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-09-300001390162hbmd:ConstructionAndLandMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-09-300001390162hbmd:CommercialOwnerOccupiedMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-300001390162hbmd:CommercialOwnerOccupiedMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-09-300001390162hbmd:CommercialOwnerOccupiedMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-09-300001390162hbmd:CommercialNonOwnerOccupiedMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-300001390162hbmd:CommercialNonOwnerOccupiedMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-09-300001390162hbmd:CommercialNonOwnerOccupiedMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-09-300001390162hbmd:LegacyLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-09-300001390162hbmd:LegacyLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-09-300001390162hbmd:LegacyLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-09-300001390162us-gaap:ConsumerLoanMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001390162us-gaap:ConsumerLoanMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-310001390162us-gaap:ConsumerLoanMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001390162us-gaap:CommercialLoanMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001390162us-gaap:CommercialLoanMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-310001390162us-gaap:CommercialLoanMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001390162hbmd:ResidentialsFirstLienMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001390162hbmd:ResidentialsFirstLienMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-310001390162hbmd:ResidentialsFirstLienMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001390162hbmd:ResidentialJuniorLienMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001390162hbmd:ResidentialJuniorLienMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-310001390162hbmd:ResidentialJuniorLienMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001390162hbmd:ConstructionAndLandMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001390162hbmd:ConstructionAndLandMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-310001390162hbmd:ConstructionAndLandMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001390162hbmd:CommercialOwnerOccupiedMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001390162hbmd:CommercialOwnerOccupiedMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-310001390162hbmd:CommercialOwnerOccupiedMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001390162hbmd:CommercialNonOwnerOccupiedMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001390162hbmd:CommercialNonOwnerOccupiedMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-310001390162hbmd:CommercialNonOwnerOccupiedMemberhbmd:LegacyLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001390162hbmd:LegacyLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001390162hbmd:LegacyLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-310001390162hbmd:LegacyLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001390162us-gaap:ConsumerLoanMemberhbmd:LegacyLoansMember2020-09-300001390162us-gaap:CommercialLoanMemberhbmd:LegacyLoansMember2020-09-300001390162hbmd:ResidentialsFirstLienMemberhbmd:LegacyLoansMember2020-09-300001390162hbmd:ResidentialJuniorLienMemberhbmd:LegacyLoansMember2020-09-300001390162hbmd:PaycheckProtectionProgramLoansMemberhbmd:LegacyLoansMember2020-09-300001390162hbmd:ConstructionAndLandMemberhbmd:LegacyLoansMember2020-09-300001390162hbmd:CommercialOwnerOccupiedMemberhbmd:LegacyLoansMember2020-09-300001390162hbmd:CommercialNonOwnerOccupiedMemberhbmd:LegacyLoansMember2020-09-300001390162hbmd:LegacyLoansMember2020-09-300001390162us-gaap:ConsumerLoanMemberhbmd:LegacyLoansMember2019-12-310001390162us-gaap:CommercialLoanMemberhbmd:LegacyLoansMember2019-12-310001390162hbmd:ResidentialsFirstLienMemberhbmd:LegacyLoansMember2019-12-310001390162hbmd:ResidentialJuniorLienMemberhbmd:LegacyLoansMember2019-12-310001390162hbmd:ConstructionAndLandMemberhbmd:LegacyLoansMember2019-12-310001390162hbmd:CommercialOwnerOccupiedMemberhbmd:LegacyLoansMember2019-12-310001390162hbmd:CommercialNonOwnerOccupiedMemberhbmd:LegacyLoansMember2019-12-310001390162hbmd:LegacyLoansMember2019-12-310001390162us-gaap:PerformingFinancingReceivableMemberhbmd:ResidentialRealEstateFirstLienAndExtensionOrOtherModificationMember2020-09-300001390162us-gaap:PerformingFinancingReceivableMemberhbmd:CommercialLoansAndForberancesMember2020-09-300001390162us-gaap:PerformingFinancingReceivableMemberhbmd:CommercialLoanAndExtensionOrOtherModificationMember2020-09-300001390162us-gaap:NonperformingFinancingReceivableMemberhbmd:ResidentialRealEstateFirstLienAndExtensionOrOtherModificationMember2020-09-300001390162us-gaap:NonperformingFinancingReceivableMemberhbmd:CommercialLoansAndForberancesMember2020-09-300001390162us-gaap:NonperformingFinancingReceivableMemberhbmd:CommercialLoanAndExtensionOrOtherModificationMember2020-09-300001390162hbmd:ResidentialRealEstateFirstLienAndExtensionOrOtherModificationMemberus-gaap:AllowanceForLossesOnFinanceReceivablesMember2020-09-300001390162hbmd:CommercialLoansAndForberancesMemberus-gaap:AllowanceForLossesOnFinanceReceivablesMember2020-09-300001390162hbmd:CommercialLoanAndExtensionOrOtherModificationMemberus-gaap:AllowanceForLossesOnFinanceReceivablesMember2020-09-300001390162us-gaap:PerformingFinancingReceivableMember2020-09-300001390162us-gaap:NonperformingFinancingReceivableMember2020-09-300001390162us-gaap:AllowanceForLossesOnFinanceReceivablesMember2020-09-300001390162hbmd:ResidentialRealEstateFirstLienAndExtensionOrOtherModificationMember2020-09-300001390162hbmd:CommercialLoansAndForberancesMember2020-09-300001390162hbmd:CommercialLoanAndExtensionOrOtherModificationMember2020-09-300001390162us-gaap:PerformingFinancingReceivableMemberhbmd:ResidentialRealEstateFirstLienAndExtensionOrOtherModificationMember2019-12-310001390162us-gaap:PerformingFinancingReceivableMemberhbmd:ConstructionAndLandAndExtensionOrOtherModificationMember2019-12-310001390162us-gaap:PerformingFinancingReceivableMemberhbmd:CommercialLoansAndForberancesMember2019-12-310001390162us-gaap:PerformingFinancingReceivableMemberhbmd:CommercialLoanAndExtensionOrOtherModificationMember2019-12-310001390162us-gaap:NonperformingFinancingReceivableMemberhbmd:ResidentialRealEstateFirstLienAndExtensionOrOtherModificationMember2019-12-310001390162us-gaap:NonperformingFinancingReceivableMemberhbmd:ConstructionAndLandAndExtensionOrOtherModificationMember2019-12-310001390162us-gaap:NonperformingFinancingReceivableMemberhbmd:CommercialLoansAndForberancesMember2019-12-310001390162us-gaap:NonperformingFinancingReceivableMemberhbmd:CommercialLoanAndExtensionOrOtherModificationMember2019-12-310001390162hbmd:ResidentialRealEstateFirstLienAndExtensionOrOtherModificationMemberus-gaap:AllowanceForLossesOnFinanceReceivablesMember2019-12-310001390162hbmd:ConstructionAndLandAndExtensionOrOtherModificationMemberus-gaap:AllowanceForLossesOnFinanceReceivablesMember2019-12-310001390162hbmd:CommercialLoansAndForberancesMemberus-gaap:AllowanceForLossesOnFinanceReceivablesMember2019-12-310001390162hbmd:CommercialLoanAndExtensionOrOtherModificationMemberus-gaap:AllowanceForLossesOnFinanceReceivablesMember2019-12-310001390162us-gaap:PerformingFinancingReceivableMember2019-12-310001390162us-gaap:NonperformingFinancingReceivableMember2019-12-310001390162us-gaap:AllowanceForLossesOnFinanceReceivablesMember2019-12-310001390162hbmd:ResidentialRealEstateFirstLienAndExtensionOrOtherModificationMember2019-12-310001390162hbmd:ConstructionAndLandAndExtensionOrOtherModificationMember2019-12-310001390162hbmd:CommercialLoansAndForberancesMember2019-12-310001390162hbmd:CommercialLoanAndExtensionOrOtherModificationMember2019-12-310001390162hbmd:ResidentialRealEstateFirstLienMember2020-01-012020-09-300001390162us-gaap:CommercialLoanMember2019-01-012019-12-310001390162hbmd:ResidentialRealEstateFirstLienMember2019-01-012019-12-310001390162hbmd:ConstructionAndLandMember2019-01-012019-12-310001390162hbmd:CommercialLoansMember2019-01-012019-09-300001390162us-gaap:ConsumerLoanMember2019-09-300001390162us-gaap:CommercialLoanMember2019-09-300001390162hbmd:ResidentialsFirstLienMember2019-09-300001390162hbmd:ResidentialJuniorLienMember2019-09-300001390162hbmd:ConstructionAndLandMember2019-09-300001390162hbmd:CommercialOwnerOccupiedMember2019-09-300001390162hbmd:CommercialNonOwnerOccupiedMember2019-09-300001390162hbmd:LoansHeldForSaleMember2020-01-012020-09-300001390162hbmd:LoansHeldForInvestmentMember2020-01-012020-09-300001390162hbmd:LoansHeldForInvestmentMember2020-01-012020-09-300001390162hbmd:LoansHeldForInvestmentMember2019-01-012019-12-310001390162hbmd:LoansHeldForSaleMember2019-01-012019-09-300001390162hbmd:LoansHeldForInvestmentMember2019-01-012019-09-300001390162us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2020-09-300001390162us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMember2020-09-300001390162us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2020-09-300001390162us-gaap:RestrictedStockUnitsRSUMemberhbmd:SharebasedCompensationAwardTrancheSixMember2020-09-300001390162us-gaap:RestrictedStockUnitsRSUMemberhbmd:SharebasedCompensationAwardTrancheFourMember2020-09-300001390162us-gaap:RestrictedStockUnitsRSUMemberhbmd:SharebasedCompensationAwardTrancheFiveMember2020-09-300001390162us-gaap:RestrictedStockUnitsRSUMember2020-09-300001390162hbmd:InterestRateSwapWithCounterpartyMember2020-09-300001390162hbmd:InterestRateSwapWithBorrowersMember2020-09-300001390162hbmd:InterestRateSwapWithCounterpartyMember2019-12-310001390162hbmd:InterestRateSwapWithBorrowersMember2019-12-310001390162hbmd:InterestRateSwapWithCounterpartyMember2020-01-012020-09-300001390162hbmd:InterestRateSwapWithBorrowersMember2020-01-012020-09-300001390162hbmd:InterestRateSwapWithCounterpartyMember2019-01-012019-12-310001390162hbmd:InterestRateSwapWithBorrowersMember2019-01-012019-12-310001390162srt:MaximumMember2020-01-012020-09-300001390162hbmd:SupplementalExecutiveRetirementPlanMember2019-01-012019-09-300001390162hbmd:FederalOpenMarketCommitteeMember2020-03-032020-03-030001390162us-gaap:EmployeeStockOptionMember2020-09-300001390162hbmd:ImpairedLoansAcquiredMember2020-09-300001390162hbmd:ImpairedLoansAcquiredMember2019-12-3100013901622019-09-3000013901622018-12-310001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2020-09-300001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2020-09-300001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberhbmd:UsFederalAgenciesMember2020-09-300001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2020-09-300001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2020-09-300001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberhbmd:UsFederalAgenciesMember2020-09-300001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2020-09-300001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2020-09-300001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberhbmd:UsFederalAgenciesMember2020-09-300001390162us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2020-09-300001390162us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2020-09-300001390162us-gaap:FairValueMeasurementsRecurringMemberhbmd:UsFederalAgenciesMember2020-09-300001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2019-12-310001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2019-12-310001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberhbmd:UsFederalAgenciesMember2019-12-310001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2019-12-310001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2019-12-310001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberhbmd:UsFederalAgenciesMember2019-12-310001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2019-12-310001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2019-12-310001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberhbmd:UsFederalAgenciesMember2019-12-310001390162us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2019-12-310001390162us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2019-12-310001390162us-gaap:FairValueMeasurementsRecurringMemberhbmd:UsFederalAgenciesMember2019-12-310001390162us-gaap:OtherInvestmentsMember2020-09-300001390162us-gaap:MortgageBackedSecuritiesMember2020-09-300001390162hbmd:UsFederalAgenciesMember2020-09-300001390162us-gaap:OtherInvestmentsMember2019-12-310001390162us-gaap:MortgageBackedSecuritiesMember2019-12-310001390162hbmd:UsFederalAgenciesMember2019-12-310001390162us-gaap:ConsumerLoanMember2020-07-012020-09-300001390162us-gaap:CommercialLoanMember2020-07-012020-09-300001390162hbmd:ResidentialsFirstLienMember2020-07-012020-09-300001390162hbmd:ResidentialJuniorLienMember2020-07-012020-09-300001390162hbmd:PaycheckProtectionProgramLoansMember2020-07-012020-09-300001390162hbmd:ConstructionAndLandMember2020-07-012020-09-300001390162hbmd:CommercialOwnerOccupiedMember2020-07-012020-09-300001390162hbmd:CommercialNonOwnerOccupiedMember2020-07-012020-09-300001390162us-gaap:ConsumerLoanMember2020-01-012020-09-300001390162hbmd:ResidentialsFirstLienMember2020-01-012020-09-300001390162hbmd:ResidentialJuniorLienMember2020-01-012020-09-300001390162hbmd:CommercialOwnerOccupiedMember2020-01-012020-09-300001390162hbmd:CommercialNonOwnerOccupiedMember2020-01-012020-09-300001390162us-gaap:ConsumerLoanMember2019-07-012019-09-300001390162us-gaap:CommercialLoanMember2019-07-012019-09-300001390162hbmd:ResidentialsFirstLienMember2019-07-012019-09-300001390162hbmd:ResidentialJuniorLienMember2019-07-012019-09-300001390162hbmd:ConstructionAndLandMember2019-07-012019-09-300001390162hbmd:CommercialOwnerOccupiedMember2019-07-012019-09-300001390162hbmd:CommercialNonOwnerOccupiedMember2019-07-012019-09-300001390162us-gaap:ConsumerLoanMember2019-01-012019-09-300001390162us-gaap:CommercialLoanMember2019-01-012019-09-300001390162hbmd:ResidentialsFirstLienMember2019-01-012019-09-300001390162hbmd:ResidentialJuniorLienMember2019-01-012019-09-300001390162hbmd:ConstructionAndLandMember2019-01-012019-09-300001390162hbmd:CommercialOwnerOccupiedMember2019-01-012019-09-300001390162hbmd:CommercialNonOwnerOccupiedMember2019-01-012019-09-300001390162us-gaap:RestrictedStockUnitsRSUMember2020-07-012020-09-300001390162us-gaap:EmployeeStockOptionMember2020-07-012020-09-300001390162srt:DirectorMember2020-07-012020-09-300001390162us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-09-300001390162us-gaap:EmployeeStockOptionMember2020-01-012020-09-300001390162srt:DirectorMember2020-01-012020-09-300001390162hbmd:TwoThousandSeventeenEmployeeStockPurchasePlanMember2020-01-012020-09-300001390162us-gaap:RestrictedStockUnitsRSUMember2019-07-012019-09-300001390162us-gaap:EmployeeStockOptionMember2019-07-012019-09-300001390162srt:DirectorMember2019-07-012019-09-300001390162us-gaap:RestrictedStockUnitsRSUMember2019-01-012019-09-300001390162us-gaap:EmployeeStockOptionMember2019-01-012019-09-300001390162srt:DirectorMember2019-01-012019-09-300001390162hbmd:TwoThousandSeventeenEmployeeStockPurchasePlanMember2019-01-012019-09-300001390162us-gaap:CoreDepositsMember2020-01-012020-09-300001390162us-gaap:CoreDepositsMember2019-01-012019-12-310001390162us-gaap:RetainedEarningsMember2020-07-012020-09-300001390162us-gaap:CommonStockMember2020-07-012020-09-300001390162us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001390162us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001390162us-gaap:RetainedEarningsMember2020-01-012020-09-300001390162us-gaap:CommonStockMember2020-01-012020-09-300001390162us-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300001390162us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300001390162us-gaap:RetainedEarningsMember2019-07-012019-09-300001390162us-gaap:CommonStockMember2019-07-012019-09-300001390162us-gaap:AdditionalPaidInCapitalMember2019-07-012019-09-300001390162us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-07-012019-09-300001390162us-gaap:RetainedEarningsMember2019-01-012019-09-300001390162us-gaap:CommonStockMember2019-01-012019-09-300001390162us-gaap:AdditionalPaidInCapitalMember2019-01-012019-09-300001390162us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-09-300001390162us-gaap:FairValueInputsLevel3Member2018-12-310001390162us-gaap:CommercialLoanMember2020-01-012020-09-300001390162hbmd:OwnerOccupiedCommercialRealEstateMember2020-01-012020-09-300001390162hbmd:NonOwnerOccupiedCommercialRealEstateMember2020-01-012020-09-300001390162hbmd:ConstructionAndLandMember2020-01-012020-09-300001390162hbmd:PaycheckProtectionProgramLoansMember2020-01-012020-09-300001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001390162us-gaap:FairValueMeasurementsRecurringMember2020-09-300001390162us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001390162us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001390162us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001390162us-gaap:FairValueMeasurementsRecurringMember2019-12-310001390162hbmd:ImpairedFinancingReceivableMember2020-07-012020-09-300001390162hbmd:ImpairedFinancingReceivableMember2020-01-012020-09-300001390162hbmd:ImpairedFinancingReceivableMember2019-07-012019-09-300001390162hbmd:ImpairedFinancingReceivableMember2019-01-012019-09-300001390162us-gaap:ResidentialRealEstateMember2020-09-300001390162us-gaap:RealEstateMember2020-09-300001390162us-gaap:ConsumerLoanMember2020-09-300001390162us-gaap:CommercialRealEstateMember2020-09-300001390162us-gaap:CommercialLoanMember2020-09-300001390162hbmd:TotalPortfolioLoansAndLeasesMember2020-09-300001390162hbmd:ResidentialsFirstLienMember2020-09-300001390162hbmd:ResidentialJuniorLienMember2020-09-300001390162hbmd:PaycheckProtectionProgramLoansMember2020-09-300001390162hbmd:ConstructionAndLandMember2020-09-300001390162hbmd:CommercialOwnerOccupiedMember2020-09-300001390162hbmd:CommercialNonOwnerOccupiedMember2020-09-300001390162us-gaap:ResidentialRealEstateMember2019-12-310001390162us-gaap:RealEstateMember2019-12-310001390162us-gaap:ConsumerLoanMember2019-12-310001390162us-gaap:CommercialRealEstateMember2019-12-310001390162us-gaap:CommercialLoanMember2019-12-310001390162hbmd:TotalPortfolioLoansAndLeasesMember2019-12-310001390162hbmd:ResidentialsFirstLienMember2019-12-310001390162hbmd:ResidentialJuniorLienMember2019-12-310001390162hbmd:PaycheckProtectionProgramLoansMember2019-12-310001390162hbmd:ConstructionAndLandMember2019-12-310001390162hbmd:CommercialOwnerOccupiedMember2019-12-310001390162hbmd:CommercialNonOwnerOccupiedMember2019-12-310001390162hbmd:OtherRealEstateOwnedMember2020-09-300001390162hbmd:LoansHeldForSaleMember2019-12-310001390162us-gaap:FairValueInputsLevel3Member2020-01-012020-09-300001390162us-gaap:FairValueInputsLevel3Member2019-01-012019-12-310001390162us-gaap:DiscontinuedOperationsHeldforsaleMemberhbmd:MortgageBankingActivitiesMember2019-12-182019-12-180001390162hbmd:SupplementalExecutiveRetirementPlanMember2020-01-012020-09-3000013901622019-01-012019-12-310001390162us-gaap:FairValueInputsLevel3Member2020-09-300001390162us-gaap:FairValueInputsLevel2Member2020-09-300001390162us-gaap:FairValueInputsLevel1Member2020-09-300001390162us-gaap:FairValueInputsLevel3Member2019-12-310001390162us-gaap:FairValueInputsLevel2Member2019-12-310001390162us-gaap:FairValueInputsLevel1Member2019-12-3100013901622020-09-3000013901622019-12-310001390162hbmd:HowardBankMember2020-09-300001390162hbmd:HowardBancorpMember2020-09-300001390162hbmd:HowardBankMember2019-12-310001390162hbmd:HowardBancorpMember2019-12-310001390162us-gaap:DiscontinuedOperationsHeldforsaleMemberhbmd:MortgageBankingActivitiesMember2020-01-012020-09-300001390162us-gaap:DiscontinuedOperationsHeldforsaleMemberhbmd:MortgageBankingActivitiesMember2019-10-012019-12-310001390162hbmd:HowardBankMember2005-12-1500013901622020-07-012020-09-3000013901622019-07-012019-09-3000013901622019-01-012019-09-300001390162hbmd:LoansHeldForInvestmentMember2020-09-300001390162hbmd:LoansHeldForInvestmentMember2019-12-3100013901622020-11-0600013901622020-01-012020-09-30hbmd:itemxbrli:sharesiso4217:USDxbrli:purehbmd:loanhbmd:employeehbmd:subsidiaryhbmd:lawsuithbmd:securityiso4217:USDxbrli:shares

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 September 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 November 6, 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

38

 

 

Item 3.

Quantitative and Qualitative Disclosure about Market Risk

74

 

 

Item 4.

Controls and Procedures

75

 

 

PART II

Other Information

75

Item 1.

Legal Proceedings

75

 

 

Item 1A.

Risk Factors

75

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

76

 

 

Item 3.

Defaults Upon Senior Securities

76

 

 

Item 4.

Mine Safety Disclosures

76

 

 

Item 5.

Other Information

76

 

 

Item 6.

Exhibits

76

 

 

Signatures

77

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 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 loan and lease 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

September 30, 

December 31, 

(in thousands, except share data)

    

2020

    

2019

ASSETS

 

  

 

  

Cash and due from banks

$

11,043

$

12,992

Interest-bearing deposits with banks

 

59,539

 

96,985

Total cash and cash equivalents

 

70,582

 

109,977

Securities available for sale, at fair value

 

377,471

 

215,505

Securities held to maturity, at amortized cost

 

7,250

 

7,750

Nonmarketable equity securities

 

10,637

 

14,152

Loans held for sale, at fair value

 

 

30,710

Loans and leases, net of unearned income

 

1,884,405

 

1,745,513

Allowance for loan and lease losses

 

(17,657)

 

(10,401)

Net loans and leases

 

1,866,748

 

1,735,112

Bank premises and equipment, net

 

42,147

 

42,724

Goodwill

 

31,449

 

65,949

Core deposit intangible

 

6,431

 

8,469

Bank owned life insurance

 

77,157

 

75,830

Other real estate owned

 

1,155

 

3,098

Deferred tax assets, net

 

34,687

 

36,010

Interest receivable and other assets

 

33,470

 

29,333

Total assets

$

2,559,184

$

2,374,619

LIABILITIES

 

 

  

Noninterest-bearing deposits

$

657,028

$

468,975

Interest-bearing deposits

 

1,315,710

 

1,245,390

Total deposits

 

1,972,738

 

1,714,365

FHLB advances

200,000

285,000

Customer repurchase agreements and other borrowings

41,473

6,127

Subordinated debt

28,388

28,241

Total borrowings

269,861

319,368

Accrued expenses and other liabilities

 

27,085

 

26,738

Total liabilities

 

2,269,684

 

2,060,471

COMMITMENTS AND CONTINGENCIES

 

 

  

STOCKHOLDERS’ EQUITY

 

 

  

Common stock - par value of $0.01 authorized 20,000,000 shares; issued and outstanding 18,742,300 shares at September 30, 2020 and 19,066,913 at December 31, 2019

 

187

 

191

Capital surplus

 

270,445

 

276,156

Retained earnings

 

13,696

 

35,158

Accumulated other comprehensive income

 

5,172

 

2,643

Total stockholders’ equity

 

289,500

 

314,148

Total liabilities and stockholders’ equity

$

2,559,184

$

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 nine months ended

For the three months ended

September 30, 

September 30, 

(in thousands, except per share data)

    

2020

    

2019

    

2020

    

2019

    

INTEREST INCOME

 

  

 

  

 

Interest and fees on loans and leases

$

58,642

$

62,024

$

19,124

$

20,839

Interest and dividends on securities

 

5,568

5,095

1,819

1,499

Other interest income

 

441

1,765

8

617

Total interest income

 

64,651

68,884

20,951

22,955

INTEREST EXPENSE

 

Deposits

 

7,307

11,630

1,714

4,062

FHLB advances

2,015

3,750

483

1,201

Customer repurchase agreements and other borrowings

52

28

35

2

Subordinated debt

1,360

1,433

447

475

Total interest expense

 

10,734

16,841

2,679

5,740

NET INTEREST INCOME

 

53,917

52,043

18,272

17,215

Provision for credit losses

 

8,145

3,443

1,700

608

Net interest income after provision for credit losses

 

45,772

48,600

16,572

16,607

NONINTEREST INCOME

 

Service charges on deposit accounts

 

1,581

2,037

506

726

Realized and unrealized gains on mortgage banking activity

 

1,036

5,847

2,054

Gain on the sale of securities

 

3,044

658

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

 

6

(83)

Income from bank owned life insurance

 

1,327

1,392

441

485

Loan related fees and service charges

 

1,120

3,022

365

984

Other operating income

 

2,100

2,537

777

784

Total noninterest income

 

10,214

15,410

2,089

5,033

NONINTEREST EXPENSE

 

Compensation and benefits

 

21,836

24,245

7,136

7,939

Occupancy and equipment

 

3,576

8,196

1,301

1,442

Marketing and business development

 

1,092

1,486

189

545

Professional fees

 

2,183

2,250

823

747

Data processing fees

 

2,673

3,697

897

1,172

FDIC assessment

 

915

604

416

36

Other real estate owned

 

461

524

115

393

Loan production expense

 

907

1,981

247

761

Amortization of core deposit intangible

2,038

2,296

659

745

Goodwill impairment

34,500

Other operating expense

 

4,715

4,438

926

1,625

Total noninterest expense

 

74,896

49,717

12,709

15,405

(LOSS) INCOME BEFORE INCOME TAXES

 

(18,910)

14,293

5,952

6,235

Income tax expense

 

2,552

3,312

1,348

1,598

NET (LOSS) INCOME

$

(21,462)

$

10,981

$

4,604

$

4,637

NET (LOSS) INCOME PER COMMON SHARE

 

  

  

 

  

  

Basic

$

(1.14)

$

0.58

$

0.25

$

0.24

Diluted

$

(1.14)

$

0.58

$

0.25

$

0.24

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 nine months ended

 For the three months ended

September 30, 

September 30, 

(in thousands)

    

2020

    

2019

    

2020

    

2019

    

Net (loss) income

$

(21,462)

$

10,981

$

4,604

$

4,637

Other comprehensive (loss) income

 

Investments available-for-sale:

 

Reclassification adjustment for realized gain

 

(3,044)

(658)

Related income tax

 

838

181

Unrealized holding gains

 

6,532

4,106

1,691

516

Related income tax expense

 

(1,798)

(1,130)

(465)

(141)

Comprehensive (loss) income

$

(18,934)

$

13,480

$

5,830

$

5,012

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

income

Total

Nine months ended

Balances at December 31, 2018

 

19,039,347

$

190

$

275,843

$

18,277

$

373

$

294,683

Net income