Howard Bancorp, Inc. Announces Second Quarter 2008 Profit and Growth Results (Business Wire)

Thursday July 17, 4:10 pm ET ELLICOTT CITY, Md.--(BUSINESS WIRE)--Howard Bancorp, Inc. (OTC, Electronic Bulletin Board: HBMD), the parent company of Howard Bank, today announced net income of $87 thousand for the six months ending June 30, 2008. Because the company was not yet recording tax expense during the similar period in 2007, a more meaningful comparison of operating results is achieved by comparing pre-tax income. For the first six months of 2008, pretax income was $188 thousand which represents an increase of $287 thousand or 288% over the pretax loss of $100 thousand for the first half of 2007. The improvement in operating performance was primarily the result of an increase in net interest income which increased by $631 thousand or 23% from $2.8 million in 2007 to $3.4 million for the six months ending June 30,... [read full story]