Howard Bancorp (HBMD) has reported a 63.13 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $1.57 million, or $0.18 a share in the quarter, compared with $0.96 million, or $0.13 a share for the same period last year.

Revenue during the quarter grew 17.10 percent to $13.01 million from $11.11 million in the previous year period. Net interest income for the quarter rose 1.25 percent over the prior year period to $8.75 million. Non-interest income for the quarter rose 56.35 percent over the last year period to $4.46 million.

Howard Bancorp has made provision of $0.20 million for loan losses during the quarter, down 48.05 percent from $0.38 million in the same period last year.

Net interest margin improved 275 basis points to 3.68 percent in the quarter from 3.93 percent in the last year period. Efficiency ratio for the quarter improved to 79.48 percent from 84.18 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

Chairman and chief executive officer Mary Ann Scully stated, "The Company is showing the positive effects of the investments made in talent in 2016. Commercial loan portfolio growth during the first quarter of 2017 showed an annualized 12% growth, while demand deposit account funding, even adjusted for the short term inflow from one customer, was up 23% since March 31, 2016. We are encouraged by the distribution of this growth as net transaction account levels are increasing as a result of a renewed focus on small business and our Howard@work depository relationships. Commercial loans funded by transaction accounts are the cornerstones of our relationship management activities and the financial results show solid execution."

Deposits stood at $851.97 million as on Mar. 31, 2017, up 6.08 percent compared with $803.18 million on Mar. 31, 2016.

Noninterest-bearing deposit liabilities were $244.41 million or 28.69 percent of total deposits on Mar. 31, 2017, compared with $177.62 million or 22.11 percent of total deposits on Mar. 31, 2016.

Investments stood at $54.81 million as on Mar. 31, 2017, down 25.07 percent or $18.34 million from year-ago. Shareholders equity was at $126.01 million as on Mar. 31, 2017.

Return on average assets moved up 21 basis points to 0.62 percent in the quarter from 0.41 percent in the last year period. At the same time, return on average equity increased 92 basis points to 5.75 percent in the quarter from 4.83 percent in the last year period.

Nonperforming assets moved down 1.39 percent or $0.17 million to $11.76 million on Mar. 31, 2017 from $11.93 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 1.12 percent in the quarter, down from 1.20 percent in the last year period.

Tier-1 leverage ratio stood at 12.16 percent for the quarter, up from 9.87 percent for the previous year quarter. Average equity to average assets ratio was 10.87 percent for the quarter, up from 9.83 percent for the previous year quarter. Book value per share was $12.91 for the quarter, up 10.53 percent or $1.23 compared to $11.68 for the same period last year.