Howard Bancorp (HBMD) has reported 95.29 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $0.95 million, or $0.14 a share in the quarter, compared with $0.49 million, or $0.07 a share for the same period last year.

Revenue during the quarter dropped 3.05 percent to $10.75 million from $11.09 million in the previous year period. Net interest income for the quarter dropped 5.73 percent over the prior year period to $8.51 million. Non-interest income for the quarter rose 3.23 percent over the last year period to $2.98 million.

Howard Bancorp has made provision of $0.74 million for loan losses during the quarter, down 10.48 percent from $0.82 million in the same period last year.

Net interest margin contracted 57 basis points to 3.56 percent in the quarter from 4.13 percent in the last year period. Efficiency ratio for the quarter improved to 80.67 percent from 87.12 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, "Howard Bank continues to demonstrate that balance sheet, revenue and net income growth leading to improved returns is achievable in years with and without acquisition activity. This has long been one of the strategic pillars of the company and is reflective of both the exceptionally strong footprint in which we operate as well as the internal engines for both commercial banking revenue and mortgage banking revenue that have been built over the years. While profitability was impacted in the fourth quarter due to non-recurring items as mentioned previously, as well as a lower net interest margin due in part to both lower accretion income as well as pre-funding loan growth which ultimately closed in January, we continue to position the Company for future growth. 2016 saw the addition of a very strong team of Baltimore based commercial banking managers to leverage the core customer base acquired in the 2015 Patapsco acquisition. This team lift out was complemented by our attraction of a number of experienced bankers joining us independently, the return of a highly experienced SBA expert and of course the retention of long time talented colleagues. Howard’s value proposition is as dependent on the retention, development and acquisition of talent as it is on customers. Additionally, a number of system enhancements are making an impact on both front office and back office productivity. We expect to see the continued fruits of the people as well as data infrastructure investments. The level of discipline reflected in activities that we chose as well as those not chosen this year bodes well for the sustainability of the improvement in both earnings per share and tangible book value."

Noninterest-bearing deposit liabilities were $182.88 million or 22.61 percent of total deposits on Dec. 31, 2016, compared with $173.69 million or 23.24 percent of total deposits on Dec. 31, 2015.

Investments stood at $44.98 million as on Dec. 31, 2016, down 14.45 percent or $7.59 million from year-ago. Shareholders equity stood at $85.79 million as on Dec. 31, 2016, down 7.65 percent or $7.11 million from year-ago.

Return on average assets moved up 17 basis points to 0.38 percent in the quarter from 0.21 percent in the last year period. At the same time, return on average equity increased 202 basis points to 4.48 percent in the quarter from 2.46 percent in the last year period.

Nonperforming assets moved down 0.69 percent or $0.09 million to $12.65 million on Dec. 31, 2016 from $12.74 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 1.23 percent in the quarter, down from 1.35 percent in the last year period.

Tier-1 leverage ratio stood at 8.36 percent for the quarter, down from 9.90 percent for the previous year quarter. Average equity to average assets ratio was 8.88 percent for the quarter, down from 9.73 percent for the previous year quarter. Book value per share was $12.27 for the quarter, up 6.33 percent or $0.73 compared to $11.54 for the same period last year.