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 2021-03-31 Filed 2021-05-10
10-K 2020-12-31 Filed 2021-03-16
10-Q 2020-09-30 Filed 2020-11-09
10-Q 2020-06-30 Filed 2020-08-10
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10-K 2016-12-31 Filed 2017-03-16
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10-K 2015-12-31 Filed 2016-03-30
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10-K 2012-12-31 Filed 2013-03-27
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8-K 2021-01-27
8-K 2020-11-10
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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: Investment Securities
Note 3: Loans and Leases
Note 4: Credit Quality Assessment
Note 5: Derivatives and Hedging Activities
Note 6: Goodwill and Other Intangible Assets
Note 7: Operating Leases
Note 8: Deposits
Note 9: Stock Options and Stock Awards
Note 10: Net Income per Common Share
Note 11: Regulatory Matters
Note 12: Litigation
Note 13: Fair Value
Note 14: Exit of Mortgage Banking Activities
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-20210331xex31d1.htm
EX-31.2 hbmd-20210331xex31d2.htm
EX-32 hbmd-20210331xex32.htm

Howard Bancorp Earnings 2021-03-31

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 March 31, 2021

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 May 7, 2021.

Common Stock, $0.01 par value – 18,782,399 shares

Table of Contents

HOWARD BANCORP, INC.

TABLE OF CONTENTS

 

 

Page

PART I

Financial Information

3

Item 1.

Financial Statements

3

Condensed Consolidated Balance Sheets – Unaudited at March 31, 2021 and December 31, 2020

3

Condensed Consolidated Statements of Income – Unaudited for the Three Months Ended March 31, 2021 and 2020

4

Condensed Consolidated Statements of Comprehensive (Loss) Income – Unaudited for the Three Months Ended March 31, 2021 and 2020

5

Condensed Consolidated Statements of Changes in Stockholders' Equity – Unaudited for the Three Months Ended March 31, 2021 and 2020

6

Condensed Consolidated Statements of Cash Flows – Unaudited for the Three Months Ended March 31, 2021 and 2020

7

Notes to the Condensed Consolidated Financial Statements - Unaudited

8

 

Item 2.

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

33

 

 

Item 3.

Quantitative and Qualitative Disclosure about Market Risk

60

 

 

Item 4.

Controls and Procedures

61

 

 

PART II

Other Information

Item 1.

Legal Proceedings

62

 

 

Item 1A.

Risk Factors

62

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

62

 

 

Item 3.

Defaults Upon Senior Securities

62

 

 

Item 4.

Mine Safety Disclosures

62

 

 

Item 5.

Other Information

62

 

 

Item 6.

Exhibits

63

 

 

Signatures

64

Table of Contents

CAUTIONARY NOTE REGARDING 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, 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 as a result of the new presidential administration and Democratic control of Congress;
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;
changes in tax laws and policies;
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;

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risks associated with actual or potential litigation or investigations by customers, regulatory agencies or others;
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 beyond our control that may have a destabilizing effect on financial markets and the economy, such as epidemics and pandemics (including COVID-19), war or terrorist activities, disruptions in our customer's supply chains, disruptions in transportation, essential utility outages, or trade disputes and related tariffs;
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, 2020, 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.

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PART I

Item 1. Financial Statements

Howard Bancorp, Inc. and Subsidiary

Condensed Consolidated Balance Sheets - Unaudited

March 31, 

December 31, 

(dollars in thousands, except share data)

    

2021

    

2020

ASSETS

 

  

 

  

 

Cash and due from banks

$

10,750

$

9,415

Interest-bearing deposits with banks

 

68,822

 

65,204

Total cash and cash equivalents

 

79,572

 

74,619

Securities available for sale, at fair value

 

377,040

 

375,397

Securities held to maturity, at amortized cost

 

6,250

 

7,250

Nonmarketable equity securities

 

9,706

 

10,637

Loans and leases, net of unearned income

 

1,947,450

 

1,865,961

Allowance for loan and lease losses

 

(18,368)

 

(19,162)

Net loans and leases

 

1,929,082

 

1,846,799

Bank premises and equipment, net

 

40,700

 

41,142

Goodwill

 

31,449

 

31,449

Core deposit intangible

 

5,180

 

5,795

Bank owned life insurance

 

78,021

 

77,597

Other real estate owned

 

629

 

743

Deferred tax assets, net

 

32,175

 

31,254

Interest receivable and other assets

 

35,746

 

35,309

Total assets

$

2,625,550

$

2,537,991

LIABILITIES

 

 

  

Noninterest-bearing deposits

$

726,643

$

676,801

Interest-bearing deposits

 

1,318,283

 

1,298,613

Total deposits

 

2,044,926

 

1,975,414

FHLB advances

225,000

200,000

Customer repurchase agreements and other borrowings

10,353

13,634

Subordinated debt

28,485

28,437

Total borrowings

263,838

242,071

Accrued expenses and other liabilities

 

24,111

 

25,874

Total liabilities

 

2,332,875

 

2,243,359

COMMITMENTS AND CONTINGENCIES

 

 

  

STOCKHOLDERS’ EQUITY

 

 

  

Common stock - par value of $0.01 authorized 20,000,000 shares; issued and outstanding 18,782,399 shares at March 31, 2021 and 18,744,710 at December 31, 2020

 

188

 

187

Capital surplus

 

270,934

 

270,591

Retained earnings

 

24,369

 

18,167

Accumulated other comprehensive (loss) income

 

(2,816)

 

5,687

Total stockholders’ equity

 

292,675

 

294,632

Total liabilities and stockholders’ equity

$

2,625,550

$

2,537,991

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

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Condensed Consolidated Statements of Income - Unaudited

Three Months Ended

March 31, 

(dollars in thousands, except per share data)

    

2021

    

2020

INTEREST INCOME

 

  

 

Interest and fees on loans and leases

$

19,682

$

19,978

Interest and dividends on securities

1,547

1,848

Other interest income

6

400

Total interest income

21,235

22,226

INTEREST EXPENSE

Deposits

660

3,210

FHLB advances

441

1,026

Customer repurchase agreements and other borrowings

1

4

Subordinated debt

445

461

Total interest expense

1,547

4,701

NET INTEREST INCOME

19,688

17,525

Provision for credit losses

1,000

3,445

Net interest income after provision for credit losses

18,688

14,080

NONINTEREST INCOME

Service charges on deposit accounts

539

642

Realized and unrealized gains on mortgage banking activity

1,036

Income from bank owned life insurance

424

445

Loan related fees and service charges

297

581

Other operating income

809

662

Total noninterest income

2,069

3,366

NONINTEREST EXPENSE

Compensation and benefits

6,922

8,441

Occupancy and equipment

1,325

1,033

Marketing and business development

297

450

Professional fees

734

726

Data processing fees

884

927

FDIC assessment

295

193

Other real estate owned

40

78

Loan production expense

154

468

Amortization of core deposit intangible

615

699

Other operating expense

1,076

1,544

Total noninterest expense

12,342

14,559

INCOME BEFORE INCOME TAXES

8,415

2,887

Income tax expense (benefit)

2,213

(456)

NET INCOME

$

6,202

$

3,343

NET INCOME PER COMMON SHARE

 

  

  

Basic

$

0.33

$

0.18

Diluted

$

0.33

$

0.18

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

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Condensed Consolidated Statements of Comprehensive (Loss) Income - Unaudited

Three Months Ended

March 31, 

(dollars in thousands)

    

2021

    

2020

Net income

$

6,202

$

3,343

Other comprehensive (loss) income:

 

Investments available for sale:

 

Unrealized holding (losses) gains

 

(11,662)

5,669

Related income tax benefit (expense)

 

3,159

(1,560)

Comprehensive (loss) income

$

(2,301)

$

7,452

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Condensed Consolidated Statements of Changes in Stockholders’ Equity - Unaudited

Accumulated

 

other

 

Number of

Common

Capital

Retained

comprehensive

 

(dollars in thousands, except share data)

    

shares

    

stock

    

surplus

    

earnings

    

 income (loss)

    

Total

Balances at December 31, 2019

 

19,066,913

191

276,156

35,158

2,643

314,148

Net income

 

3,343

3,343

Other comprehensive income

 

4,109

4,109

Director stock awards

 

8,151

137

137

Employee stock purchase plan

12,581

195

195

Repurchased shares

(372,801)

(4)

(6,673)

(6,677)

Stock-based compensation

103

103

Balances at March 31, 2020

 

18,714,844

$

187

$

269,918

$

38,501

$

6,752

$

315,358

Balances at December 31, 2020

 

18,744,710

187

270,591

18,167

5,687

294,632

Net income

 

6,202

6,202

Other comprehensive loss

(8,503)

(8,503)

Director stock awards

12,408

150

150

Employee stock purchase plan

10,587

1

108

109

Stock-based compensation

 

14,694

85

85

Balances at March 31, 2021

 

18,782,399

$

188

$

270,934

$

24,369

$

(2,816)

$

292,675

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

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Condensed Consolidated Statements of Cash Flows - Unaudited

Three Months Ended

March 31

(in thousands)

    

2021

    

2020

    

CASH FLOWS FROM OPERATING ACTIVITIES:

 

  

 

  

 

Net income

$

6,202

$

3,343

Adjustments to reconcile net income to net cash from operating activities:

 

Provision for credit losses

 

1,000

3,445

Deferred income tax

 

2,238

921

Provision for other real estate owned

 

21

Depreciation and amortization

 

595

558

Stock-based compensation

 

235

240

Net accretion of discount on purchased loans

 

(411)

(204)

Net amortization of intangible asset

 

615

699

Loans originated for sale

 

(79,847)

Proceeds from sale of loans originated for sale

 

107,798

Realized and unrealized gains on mortgage banking activity

 

(1,036)

Loss on sale of other real estate owned, net

 

25

28

Cash surrender value of bank owned life insurance

 

(424)

(445)

Decrease (increase) in interest receivable and other assets

495

(3,179)

Decrease in accrued expenses and other liabilities

 

(1,763)

(2,723)

Other, net

21

13

Net cash provided by operating activities

 

8,828