Revenue during the quarter grew 17.95 percent to $12.63 million from $10.71 million in the previous year period. Net interest income for the quarter rose 12.57 percent over the prior year period to $8.65 million. Non-interest income for the quarter rose 34.64 percent over the last year period to $4.38 million.

Howard Bancorp has made provision of $0.40 million for loan losses during the quarter, up 74.78 percent from $0.23 million in the same period last year.

Net interest margin contracted 18 basis points to 3.76 percent in the quarter from 3.94 percent in the last year period. Efficiency ratio for the quarter improved to 75.81 percent from 106.05 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 third quarter of 2016 clearly evidences the success and sustainability of our organic loan origination engine, without the impact of newly acquired growth. We are pleased to demonstrate the ability to consistently expand not only our balance sheet but also improve our return on assets, return on equity and efficiency measures. The operating leverage achieved in the third quarter, with 19% revenue growth versus 5% core expense growth, led to these improved returns. In addition to seeing improved returns associated with improved scale, the Company continues to take a long-term view and invest in the some of the most attractive markets in the country and in attracting experienced talent to our commercial and mortgage loan origination and branch delivery activities. We expect to see the fruits of these core strategic activities continue to grow our tangible book value and position us for future growth in our market valuation as well as potential acquisition opportunities. We also believe that we will see continued organic loan growth funded by low cost deposits and increased mortgage banking activities generating non-interest income to help offset margin compressions during the continuation of a long low interest rate environment. We are, as always, grateful to all of our stakeholders for supporting and enabling these successes and remain relentlessly committed to serving those stakeholders as the 'go to commercial bank’ in Greater Baltimore."

Deposits stood at $803.77 million as on Sep. 30, 2016, up 8.21 percent compared with $742.77 million on Sep. 30, 2015.

Noninterest-bearing deposit liabilities were $183.12 million or 22.78 percent of total deposits on Sep. 30, 2016, compared with $171.35 million or 23.07 percent of total deposits on Sep. 30, 2015.

Investments stood at $37.72 million as on Sep. 30, 2016, down 3.73 percent or $1.46 million from year-ago. Shareholders equity was at $84.89 million as on Sep. 30, 2016.

Return on average assets was at 0.72 percent in the quarter against a negative 0.39 percent in the last year period. Return on average equity was at 8.46 percent in the quarter against a negative 3.64 percent in the last year period.

Nonperforming assets moved up 8.39 percent or $0.92 million to $11.93 million on Sep. 30, 2016 from $11 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 1.18 percent in the quarter, up from 1.07 percent in the last year period.

Tier-1 leverage ratio stood at 8.55 percent for the quarter, up from 8.36 percent for the previous year quarter. Average equity to average assets ratio was 8.50 percent for the quarter, down from 10.59 percent for the previous year quarter. Book value per share was $12.15 for the quarter, up 5.74 percent or $0.66 compared to $11.49 for the same period last year.