HBMD: Reports Good Loan Growth, Core Expense, But NIM Pressures Lead to Estimate Reductions; Lowering Target Price; Reaffirming Neutral Rating.

Howard Bancorp reported a 2Q19 net income of $2.1 million, down 50.9% compared to 1Q19 net income of $4.3 million. This translates to EPS of $0.11 in 2Q19 compared to $0.22 in 1Q19. Reported 2Q19 results fell $0.13 short of our $0.24 estimate and $0.14 below the $0.25 median Street estimate. The quarter was characterized by lower-than-expected net interest income, a higher loan loss provision, and higher noninterest expenses, partially offset by higher-than-expected non interest income. Highlights from the quarter include:

Read the full report

Media Contact: Joseph Gladue, CFA, PRM

Joseph Gladue has over 30 years industry experience with over 25 years focused on banking research. Mr. Gladue was Director of Research at several firms including Cohen & Company and Merion Capital Group. Previously he was a senior research analyst at B. Riley and worked in finance at Bank of the Internet. Joe has covered small and mid-cap banks across the US and has also follow companies in other financial service industries. Joe also provides his banking expertise in the asset management arena for Bluestone Capital Partners. Joe can be reached at jgladue@aldensecurities.com, 215-572-8700.

Contact Us

Newsletter Signup