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    Howard Bancorp, Inc. (HBMD)

    Price:

    23.30 USD

    ( - 0 USD)

    Your position:

    0 USD

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    ABOUT
    Symbol
    HBMD
    Name
    Howard Bancorp, Inc.
    Industry
    Banks - Regional
    Sector
    Financial Services
    Price
    23.300
    Market Cap
    0
    Enterprise value
    389.711M
    Currency
    USD
    Ceo
    Mary Scully
    Full Time Employees
    235
    Ipo Date
    2006-03-28
    City
    Baltimore
    Address
    3301 Boston St

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    SIMILAR COMPANIES STI SCORE

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    Symbol
    INTR
    Market Cap
    20.295B
    Industry
    Banks - Regional
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    The best

    Bank OZK

    VALUE SCORE:

    15

    Symbol
    OZK
    Market Cap
    5.906B
    Industry
    Banks - Regional
    Sector
    Financial Services
    FUNDAMENTALS
    P/E
    -25.734
    P/S
    0
    P/B
    1.484
    Debt/Equity
    0.824
    EV/FCF
    2.824
    Price to operating cash flow
    -1.000
    Price to free cash flow
    -1.000
    EV/sales
    1.982
    Earnings yield
    -0.039
    Debt/assets
    0.096
    FUNDAMENTALS
    Net debt/ebidta
    36.804
    Interest coverage
    -0.046
    Research And Developement To Revenue
    0
    Intangile to total assets
    0.015
    Capex to operating cash flow
    0.019
    Capex to revenue
    0.014
    Capex to depreciation
    0.224
    Return on tangible assets
    -0.007
    Debt to market cap
    Piotroski Score
    FUNDAMENTALS
    PEG
    -0.257
    P/CF
    7.207
    P/FCF
    0
    RoA %
    -0.669
    RoIC %
    -0.029
    Gross Profit Margin %
    100.000
    Quick Ratio
    0
    Current Ratio
    0
    Net Profit Margin %
    -20.030
    Net-Net
    -94.152
    FUNDAMENTALS PER SHARE
    FCF per share
    3.171
    Revenue per share
    4.520
    Net income per share
    -0.905
    Operating cash flow per share
    3.233
    Free cash flow per share
    3.171
    Cash per share
    23.980
    Book value per share
    15.700
    Tangible book value per share
    13.716
    Shareholders equity per share
    15.700
    Interest debt per share
    13.613
    TECHNICAL
    52 weeks high
    25.360
    52 weeks low
    12.970
    Current trading session High
    23.780
    Current trading session Low
    23.230
    DIVIDEND
    Dividend yield
    0.00%
    Payout ratio
    0.00%
    Years of div. Increase
    0
    Years of div.
    0
    Q-shift
    Dividend per share
    0
    SIMILAR COMPANIES
    DESCRIPTION

    Howard Bancorp, Inc. operates as the bank holding company for Howard Bank that provides commercial banking, mortgage banking, and consumer finance products and services to businesses, business owners, professionals, and other consumers. The company offers various consumer and business deposit products, including demand, money market, savings, individual retirement, and commercial and retail checking accounts, as well as certificates of deposit. It also provides commercial loans, such as lines of credit, revolving credit facilities, accounts receivable and inventory financing, term loans, equipment loans, small business administration loans, stand-by letters of credit, and unsecured loans, as well as equipment lease services; commercial mortgage loans for owner occupied and investment properties; construction loans; residential mortgage loans; and secured and unsecured consumer loans. In addition, the company offers wire transfer services; automated teller machines and check cards; and safe deposit boxes, as well as credit cards through a third party processor. Further, it provides merchant card, overnight sweep, check positive pay, and remote deposit capture services; and online and mobile banking services. As of December 31, 2020, the company operated through a network of 15 full service branches, as well as eight commercial lending offices located in Maryland. Howard Bancorp, Inc. was founded in 2004 and is headquartered in Baltimore, Maryland.

    NEWS
    https://images.financialmodelingprep.com/news/why-you-shouldnt-bet-against-howard-bancorp-hbmd-stock-20211215.jpg
    Why You Shouldn't Bet Against Howard Bancorp (HBMD) Stock

    zacks.com

    2021-12-15 13:57:05

    Howard Bancorp (HBMD) has seen solid earnings estimate revision activity over the past month, and belongs to a strong industry as well.

    https://images.financialmodelingprep.com/news/fnb-corporation-receives-final-regulatory-approval-for-howard-bancorp-20211026.jpg
    F.N.B. Corporation Receives Final Regulatory Approval for Howard Bancorp, Inc. Merger

    prnewswire.com

    2021-10-26 10:35:00

    PITTSBURGH, Oct. 26, 2021 /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) announced it has received all regulatory clearances for its proposed merger with Howard Bancorp, Inc. (Howard) (NASDAQ: HBMD).

    https://images.financialmodelingprep.com/news/howard-bancorp-hbmd-q3-earnings-and-revenues-surpass-estimates-20211020.jpg
    Howard Bancorp (HBMD) Q3 Earnings and Revenues Surpass Estimates

    zacks.com

    2021-10-20 18:33:05

    Howard Bancorp (HBMD) delivered earnings and revenue surprises of 3.03% and 0.32%, respectively, for the quarter ended September 2021. Do the numbers hold clues to what lies ahead for the stock?

    https://images.financialmodelingprep.com/news/howard-bancorp-inc-reports-third-quarter-2021-results-20211020.jpg
    Howard Bancorp, Inc. Reports Third Quarter 2021 Results

    businesswire.com

    2021-10-20 16:01:00

    BALTIMORE--(BUSINESS WIRE)--Howard Bancorp, Inc. Reports Third Quarter 2021 Results

    https://images.financialmodelingprep.com/news/howard-bancorp-inc-reports-third-quarter-2021-results-20211020.jpg
    Howard Bancorp, Inc. Reports Third Quarter 2021 Results

    businesswire.com

    2021-10-20 16:01:00

    BALTIMORE--(BUSINESS WIRE)--Howard Bancorp, Inc. (NASDAQ: HBMD) (“Howard Bancorp” or the “Company”), the parent company of Howard Bank (“Howard Bank” or the “Bank”), today reported its financial results for the quarter ended September 30, 2021. Third Quarter 2021 Highlights Net income: Net income of $6.4 million for the quarter, up 38% from third quarter of 2020 and down 15% from the second quarter of 2021 Core net income1 of $7.1 million for the quarter, up 54% from third quarter of 2020 and down 5% from second quarter of 2021 Net income of $6.4 million for the quarter, up 38% from third quarter of 2020 and down 15% from the second quarter of 2021 Core net income1 of $7.1 million for the quarter, up 54% from third quarter of 2020 and down 5% from second quarter of 2021 Earnings per share: Earnings per share (“EPS”), both basic and diluted, of $0.34 for the quarter, up 37% from third quarter of 2020 and down 15% from second quarter of 2021 Core diluted EPS1 of $0.37 for the quarter, up 52% from third quarter of 2020 and down 5% from second quarter of 2021 Earnings per share (“EPS”), both basic and diluted, of $0.34 for the quarter, up 37% from third quarter of 2020 and down 15% from second quarter of 2021 Core diluted EPS1 of $0.37 for the quarter, up 52% from third quarter of 2020 and down 5% from second quarter of 2021 Pre-provision net revenue (“PPNR”)1: PPNR,1 at $8.7 million for the quarter, up 14% from third quarter of 2020 and down 14% from second quarter of 2021 Core PPNR,1 at $9.6 million for the quarter, up 25% from third quarter of 2020 and down 5% from second quarter of 2021 Core PPNR, as a percentage of average assets,1 was 1.47% for the quarter, up 26 basis points (“BP”) from third quarter of 2020 and down 10 BP from second quarter of 2021 PPNR,1 at $8.7 million for the quarter, up 14% from third quarter of 2020 and down 14% from second quarter of 2021 Core PPNR,1 at $9.6 million for the quarter, up 25% from third quarter of 2020 and down 5% from second quarter of 2021 Core PPNR, as a percentage of average assets,1 was 1.47% for the quarter, up 26 basis points (“BP”) from third quarter of 2020 and down 10 BP from second quarter of 2021 Loans: Total loans declined by $39.3 million during the quarter, with Paycheck Protection Program (“PPP”) loans down $62.7 million Portfolio loan1 growth (which excludes PPP loans) of $23.5 million during the quarter (5.2% annualized growth rate) Total loans declined by $39.3 million during the quarter, with Paycheck Protection Program (“PPP”) loans down $62.7 million Portfolio loan1 growth (which excludes PPP loans) of $23.5 million during the quarter (5.2% annualized growth rate) Net interest margin: Net interest margin, at 3.32% for the quarter, was up 17 BP from third quarter of 2020 and down 7 BP from second quarter of 2021 Operating net interest margin,1 which excludes the impact of loan fair value accretion and net interest income from PPP lending, was 3.13% for the quarter, down 1 BP from third quarter of 2020 and down 12 BP from second quarter of 2021 Net interest margin, at 3.32% for the quarter, was up 17 BP from third quarter of 2020 and down 7 BP from second quarter of 2021 Operating net interest margin,1 which excludes the impact of loan fair value accretion and net interest income from PPP lending, was 3.13% for the quarter, down 1 BP from third quarter of 2020 and down 12 BP from second quarter of 2021 Asset quality: COVID-19 related loan deferrals of $25.6 million at September 30, 2021 (1.3% of total loans and 1.4% of portfolio loans), down from $30.4 million at June 30, 2021 Nonperforming assets to total assets was 0.64% as of September 30, 2021, down 7 BP from third quarter of 2020 and down 1 BP from second quarter of 2021 No provision for credit losses recorded during either the second or third quarters of 2021, compared to $1.7 million in the third quarter of 2020 Net loan loss recoveries were $65 thousand for the quarter, compared to net charge-offs of $78 thousand in the third quarter of 2020 and $79 thousand in the second quarter of 2021 Allowance for loan losses was 0.96% of total loans and 1.01% of portfolio loans 1 as of September 30, 2021; compared to 0.94% and 1.05%, respectively, at September 30, 2020, and 0.94% and 1.02%, respectively, at June 30, 2021 COVID-19 related loan deferrals of $25.6 million at September 30, 2021 (1.3% of total loans and 1.4% of portfolio loans), down from $30.4 million at June 30, 2021 Nonperforming assets to total assets was 0.64% as of September 30, 2021, down 7 BP from third quarter of 2020 and down 1 BP from second quarter of 2021 No provision for credit losses recorded during either the second or third quarters of 2021, compared to $1.7 million in the third quarter of 2020 Net loan loss recoveries were $65 thousand for the quarter, compared to net charge-offs of $78 thousand in the third quarter of 2020 and $79 thousand in the second quarter of 2021 Allowance for loan losses was 0.96% of total loans and 1.01% of portfolio loans 1 as of September 30, 2021; compared to 0.94% and 1.05%, respectively, at September 30, 2020, and 0.94% and 1.02%, respectively, at June 30, 2021 Noninterest expense management: Noninterest expenses were $13.3 million for the quarter, up 5% from third quarter of 2020 and up 8% from second quarter of 2021 Merger-related expenses of $880 thousand, resulting from the Company’s proposed merger with F.N.B. Corporation (“FNB”), which was announced on July 13, 2021, were recorded in the third quarter of 2021 Core noninterest expenses,1 which excludes merger-related expenses, were $12.4 million for the quarter, down 2% from third quarter of 2020 and up 1% from second quarter of 2021 Noninterest expenses were $13.3 million for the quarter, up 5% from third quarter of 2020 and up 8% from second quarter of 2021 Merger-related expenses of $880 thousand, resulting from the Company’s proposed merger with F.N.B. Corporation (“FNB”), which was announced on July 13, 2021, were recorded in the third quarter of 2021 Core noninterest expenses,1 which excludes merger-related expenses, were $12.4 million for the quarter, down 2% from third quarter of 2020 and up 1% from second quarter of 2021 PPP update: $64.2 million of PPP loans forgiven during the quarter Of the total $301.5 million in principal balances of loans originated under the program, $82.1 million in principal balances were outstanding at September 30, 2021 Unaccreted net deferred fees were $2.2 million at September 30, 2021 $64.2 million of PPP loans forgiven during the quarter Of the total $301.5 million in principal balances of loans originated under the program, $82.1 million in principal balances were outstanding at September 30, 2021 Unaccreted net deferred fees were $2.2 million at September 30, 2021 1 These are financial measures not calculated in accordance with generally accepted accounting principles (“GAAP”). Please refer to the section entitled “Reconciliation of Non-GAAP Financial Measures” in this press release and to the financial tables entitled “GAAP to Non-GAAP reconciliation” for a reconciliation to the most directly comparable GAAP financial measures. Net Income and EPS The Company reported net income of $6.4 million, or $0.34 per both basic and diluted common share, for the third quarter of 2021. This compares to net income of $4.6 million, or $0.25 per both basic and diluted common share, for the third quarter of 2020 and net income of $7.5 million, or $0.40 per both basic and diluted common share, for the second quarter of 2021. Third quarter 2021 basic and diluted EPS increased by $0.09 when compared to the third quarter of 2020 and decreased by $0.06 when compared to the second quarter of 2021. The following table presents an EPS rollforward for the third quarter of 2021 compared to both the third quarter of 2020 and the second quarter of 2021. The column noted as “FN” references each item in the rollforward to a footnote with additional information; reconciling items are presented on an after tax basis. Third Quarter 2021 Compared to: FN Q3 2020 Q2 2021 $ 0.25 $ 0.40 1 0.07 - 2 0.02 - 3 (0.04 ) (0.04 ) 0.04 (0.02 ) $ 0.34 $ 0.34 $ 0.09 $ (0.06 ) No provision for credit losses was recorded in the third quarter of 2021, a decrease of $1.7 million from the third quarter of 2020, and unchanged from the second quarter of 2021. The Company commenced originating loans under the SBA’s PPP program in the second quarter of 2020 and began the process of loan forgiveness in the fourth quarter of 2020. Third quarter of 2021 pretax income of $1.6 million from this program represented an increase of $567 thousand from the third quarter of 2020 and an increase of $8 thousand from the second quarter of 2021. The third quarter of 2021 included merger-related expenses resulting from the Company’s proposed merger with FNB, which was announced on July 13, 2021 of $880 thousand (pretax). There were no merger-related expenses in the third quarter of 2020 or the second quarter of 2021. Core net income is a non-GAAP financial measure that excludes, if applicable, merger-related expenses and certain other items, to provide a picture of ongoing activities deemed core to the Company’s strategy. Core net income for the third quarter of 2021 was $7.1 million, or $0.37 per diluted common share. This compares to core net income, which was unchanged from reported net income, of $4.6 million, or $0.25 per diluted common share, for the third quarter of 2020. The $0.12 per share increase in core diluted EPS in the third quarter of 2021, when compared to the third quarter of 2020, was primarily the result of a lower provision for credit losses, which was down $1.7 million (+$0.07 after tax per share), and an increase in the pretax contribution from PPP lending activities of $567 thousand (+$0.02 after tax per share). This also compares to core net income, which was unchanged from reported net income, of $7.5 million, or $0.40 per diluted common share, for the second quarter of 2021. The $0.03 per share decrease in core diluted EPS in the third quarter of 2021, when compared to the second quarter of 2021, was the result of the after tax impact of a $542 thousand decrease in pretax income. Total revenues decreased by $404 thousand (net interest income decreased by $195 thousand, with $214 thousand of this decrease attributable to a decrease in the accretion of fair value adjustments on acquired loans (“FV accretion”), and noninterest income decreased by $209 thousand). In addition, noninterest expenses increased by $138 thousand. * Core pre-provision net revenue (“core PPNR”), a non-GAAP financial measure that adds back the provision for credit losses to GAAP pretax income and excludes, if applicable, merger-related expenses and certain other items, was $9.6 million for the third quarter of 2021. The third quarter of 2021 core PPNR was up $1.9 million, or 25.4%, from $7.7 million for the third quarter of 2020, and was down $542 thousand, or 5.3%, when compared to $10.1 million for the second quarter of 2021.* The Company reported net income of $20.0 million, or $1.07 and $1.06 per basic and diluted share, respectively, for the nine months ended September 30, 2021. This compared to a net loss of $21.5 million, or a loss of $1.14 per both basic and diluted share, for the nine months ended September 30, 2020. The net loss for the nine months ended September 30, 2020 included the $34.5 million goodwill impairment charge recorded in the second quarter of 2020. Core net income for the nine months ended September 30, 2021 was $20.7 million, or $1.10 per both basic and diluted share, respectively, compared to $11.0 million, or $0.58 per both basic and diluted share, respectively, for the nine months ended September 30, 2020. Core PPNR for the nine months ended September 30, 2021 was $29.1 million, a $6.5 million, or 29.1% increase from $22.6 million for the nine months ended September 30, 2020. Paycheck Protection Program Loans The Company originated 1,653 loans with a total principal balance of $301.5 million under the PPP program prior to its end in May of 2021. As of September 30, 2021, 1,282 loans with a total principal balance of $219.4 million have been forgiven. The Company continues its focus on assisting our customers through the completion of the loan forgiveness process. PPP loans, net of unaccreted net deferred fees, totaled $79.9 million at September 30, 2021, a decrease of $116.5 million from $196.4 million at September 30, 2020 and a decrease of $62.8 million from $142.7 million at June 30, 2021. PPP loan principal balances were $82.1 million at September 30, 2021 while unaccreted net deferred fees were $2.2 million at September 30, 2021. After the SBA relaunched the program on January 19, 2021, the Company originated $100.5 million of PPP loans in the first and second quarters of 2021, consisting of 591 loans with an average loan size of $170 thousand. Of these 2021 originations, 191 loans, with an aggregate principal balance of $24.6 million, were forgiven during the third quarter of 2021. Of the 591 loans originated in 2021, 227 have been forgiven totaling $27.0 million through September 30, 2021, representing 38.4% of the number of 2021 PPP loans and 26.9% of 2021 principal balances. During the second and third quarters of 2020, the Company originated a total of $201.0 million in PPP loans, consisting of 1,062 loans with an average loan size of $189 thousand. A total of 168 of those loans, with an aggregate principal balance of $39.6 million, were forgiven during the third quarter of 2021. Of the 1,062 loans originated in 2020, 1,055 have been forgiven totaling $192.4 million through September 30, 2021, representing 99.3% of the number of 2020 PPP loans and 95.7% of 2020 principal balances. As of September 30, 2021, two loans with an aggregate principal balance of $451 thousand were not fully forgiven and are now amortizing loans. The Company deferred net fees of $9.6 million, consisting of total processing fees of $10.9 million from the SBA for originated PPP loans, less $1.3 million in origination costs. The net deferred fees are being accreted as a yield adjustment over the contractual term of the underlying PPP loans, with accelerated accretion upon forgiveness. PPP lending generated pretax income of $1.6 million, or $0.06 after tax per share, in the third quarter of 2021, an increase of $567 thousand, or $0.02 after tax per share, from the third quarter of 2020 and an increase of $8 thousand from the second quarter of 2021. Certain information in this earnings release is presented with respect to “portfolio loans,” a non-GAAP financial measure defined as total loans and leases, but excluding the PPP loans. The Company believes that portfolio loan related measures provide additional useful information for purposes of evaluating the Company’s results of operations and financial condition with respect to the third quarter of 2021 when comparing to other periods, since the PPP loans are 100% guaranteed, were not subject to traditional loan underwriting standards, and a substantial portion of these loans are expected to be forgiven and repaid by the SBA within the next six months. * COVID-19 Loan Modifications COVID-19 related loan modifications to both commercial and retail customers that the Company provided on a case by case basis, in the form of payment deferrals for periods up to six months, continue to trend favorably from their peak of $315 million (17.9% of both total loans and portfolio loans) on April 24, 2020. As of September 30, 2021, deferrals were $25.6 million, or 1.3% of total loans and 1.4% of portfolio loans, down from $30.4 million as of June 30, 2021. Included in total deferrals at September 30, 2021 are second deferrals (including deferrals where the cumulative inception to date deferral is greater than six months) of $13.1 million. Principal only deferrals represent 99.9% of total deferrals. * Asset Quality and Allowance for Loan and Lease Losses Nonperforming assets (“NPAs”) totaled $16.3 million at September 30, 2021, a decrease of $583 thousand from June 30, 2021 and a decrease of $1.9 million from September 30, 2020. NPAs consisted of $15.9 million of nonperforming loans (“NPLs”) and $334 thousand of other real estate owned (“OREO”) at September 30, 2021. NPLs were 0.84% of total loans and 0.87% of portfolio loans at September 30, 2021. NPAs represented 0.64% of total assets, 0.85% of total loans and OREO, and 0.89% of portfolio loans and OREO at September 30, 2021. * This compares to NPAs of $18.1 million at September 30, 2020 that consisted of $17.0 million in NPLs and $1.1 million of OREO. NPLs were 0.90% of total loans and 1.01% of portfolio loans at September 30, 2020 while nonperforming assets represented 0.71% of total assets, 0.96% of total loans and OREO, and 1.07% of portfolio loans and OREO at September 30, 2020. This compares to NPAs of $16.8 million at June 30, 2021 that consisted of $16.2 million in NPLs and $629 thousand of OREO. NPLs were 0.83% of total loans and 0.90% of portfolio loans at June 30, 2021 while NPAs represented 0.65% of total assets, 0.87% of total loans and OREO, and 0.94% of portfolio loans and OREO at June 30, 2021. Net loan loss recoveries were $65 thousand in the third quarter of 2021 and represented -0.01% of average loans (annualized). This compares to net charge-offs of $78 thousand, or 0.02% of average loans (annualized) in the third quarter of 2020 and $79 thousand, or 0.02% of average loans (annualized) in the second quarter of 2021. The allowance for loan and lease losses (the “allowance”) was $18.4 million on September 30, 2021. No provision for credit losses was recorded in the third quarter of 2021. Because the Company is a smaller reporting company under SEC rules, the allowance was determined under the incurred loss model. The $18.4 million allowance represented 0.96% of total loans, 1.01% of portfolio loans, and 115.2% of NPLs at September 30, 2021. * This compares to an allowance of $17.7 million at September 30, 2020. The September 30, 2020 allowance represented 0.94% of total loans, 1.05% of portfolio loans, and 104.0% of NPLs. The $696 thousand increase in the allowance at September 30, 2021 was the result of aggregate provisions for credit losses attributable to the allowance of $2.7 million partially offset by aggregate net charge-offs of $2.0 million during the four-quarter period ending September 30, 2021 (with $1.8 million of the net charge-offs recorded in the first quarter of 2021). This compares to an allowance of $18.3 million at June 30, 2021. The June 30, 2021 allowance represented 0.94% of total loans, 1.02% of portfolio loans, and 112.8% of NPLs. The $65 thousand increase in the allowance at September 30, 2021 was the result of net loan loss recoveries of $65 thousand during the quarter ended September 30, 2021 and no provision for credit losses. The Company’s allowance as a percentage of total loans has historically been lower than certain of our peers due to the accounting for acquired loans and their initial impact on the allowance. The allowance and unamortized fair value marks as a percentage of portfolio loans, a non-GAAP measure used by management to assess credit coverage, adds the unamortized fair value marks to total loans, portfolio loans, and the allowance. The fair value marks, unlike the allowance, are not available to absorb general losses but are only available to absorb losses for the specific loan to which they apply. However, this measure provides the Company with an additional indicator of potential loss absorption capacity. The allowance and unamortized fair value marks as a percentage of total loans plus fair value marks was 1.18% at September 30, 2021, a decrease of 14 BP from September 30, 2020 and unchanged from June 30, 2021. The allowance and unamortized fair value marks as a percentage of portfolio loans plus fair value marks was 1.24% at September 30, 2021, a decrease of 24 BP from September 30, 2020 and a decrease of 3 BP from June 30, 2021. * The Company’s asset quality trends indicate minimal additional stress in the loan portfolio; we believe our ongoing active management of the portfolio, COVID-19 related loan modifications, and PPP loan relief have reduced the risk in the portfolio. Management continues to closely monitor portfolio conditions and reevaluate the adequacy of the allowance. While traditional lagging indicators of delinquencies and nonperforming loans remain historically modest, the pandemic continues to adversely impact the economy. As a result, management believes there still is the potential for additional risk rating downgrades and an increase in charge-offs in future periods. Stockholders’ Equity and Regulatory Capital Ratios Stockholders’ equity at September 30, 2021 was $308.2 million, an increase of $4.9 million from June 30, 2021. The increase was primarily due to third quarter 2021 net income of $6.4 million partially offset by a $1.9 million decrease in accumulated other comprehensive income (“AOCI”), which represents the after tax impact of changes in the fair value of available-for-sale securities. Book value per common share was $16.38 at September 30, 2021, an increase of $0.24 per share since June 30, 2021, with third quarter EPS of $0.34 per share partially offset by the change in AOCI representing a decrease of $0.10 per share. Tangible stockholders’ equity, a non-GAAP financial measure that deducts goodwill and other intangible assets, net of any applicable deferred tax liabilities, was $273.7 million at September 30, 2021. This compares to $268.3 million at June 30, 2021, with the $5.3 million increase primarily due to third quarter net income of $6.4 million and $425 thousand of core deposit intangible amortization, partially offset by the $1.9 million decrease in AOCI. Tangible book value per common share, a non-GAAP measure that divides tangible stockholders’ equity by the number of shares outstanding, was $14.55 per share at September 30, 2021, an increase of $0.27 per share since June 30, 2021. * The Company’s regulatory capital ratios are all well in excess of regulatory “well-capitalized” and internal target minimum levels. Note that the Company had adopted the regulatory AOCI opt-out election; as a result, AOCI is not a component of regulatory capital and, therefore, changes in AOCI do not impact regulatory capital ratios. The total capital ratio was 14.99% while both the Common Equity Tier 1 (“CET 1”) and Tier 1 capital ratios were 12.63% at September 30, 2021. The Tier 1 to average assets (“leverage”) ratio was 10.03%. A comparison of the Company’s September 30, 2021 regulatory capital ratios to September 30, 2020 and June 30, 2021 is as follows: Regulatory capital ratios at September 30, 2020 consisted of a total capital ratio of 14.11% while both the CET 1 and Tier 1 capital ratios were 11.65%. The leverage ratio was 9.07%. All September 30, 2021 regulatory capital ratios were above the September 30, 2020 levels. Regulatory capital ratios at June 30, 2021 consisted of a total capital ratio of 14.62% while both the CET 1 and Tier 1 capital ratios were 12.26%. The leverage ratio was 9.74%. All September 30, 2021 regulatory capital ratios were above the June 30, 2021 levels. Net Interest Income and Net Interest Margin Net interest income was $19.9 million for the third quarter of 2021, a decrease of $195 thousand, or 1.0%, from $20.1 million for the second quarter of 2021, and an increase of $1.6 million, or 8.8%, from $18.3 million in the third quarter of 2020. PPP net interest income increased by $8 thousand from the second quarter of 2021 and increased by $567 thousand from the third quarter of 2020. Non-PPP related changes in net interest income were attributable to the impact of portfolio loan growth, lower funding costs, and lower yields on earning assets. The following table presents selected yields and rates for the third quarters of 2021 and 2020 as well as the second quarter of 2021. Changes in the third quarter 2021 yields and rates from the third quarter of 2020 and the second quarter of 2021 are also included in the table. Third Quarter 2021 Change from: Third Quarter 2021 Third Quarter 2020 Second Quarter 2021 Third Quarter 2020 Second Quarter 2021 3.32 % 3.15 % 3.39 % 0.17 % -0.07 % 3.13 % 3.14 % 3.25 % -0.01 % -0.12 % 3.53 % 3.62 % 3.61 % -0.09 % -0.08 % 4.03 % 4.04 % 4.07 % -0.01 % -0.04 % 0.22 % 0.48 % 0.23 % -0.26 % -0.01 % 0.07 % 0.11 % 0.12 % -0.04 % -0.05 % 0.08 % 0.12 % 0.12 % -0.04 % -0.04 % 0.09 % 0.13 % 0.13 % -0.04 % -0.04 % 0.12 % -0.10 % 0.02 % 0.22 % 0.10 % 0.12 % -0.10 % 0.03 % 0.22 % 0.09 % 0.12 % -0.18 % -0.01 % 0.30 % 0.13 % The third quarter 2021 net interest margin of 3.32% was up 17 BP from the third quarter of 2020 and down 7 BP from the second quarter of 2021. The impact of FV accretion and net interest income from PPP lending had a significant impact on the reported net interest margin. Operating net interest margin is a non-GAAP financial measure defined as net interest income excluding both FV accretion and net interest income from PPP lending divided by average earning assets excluding both the average balance of fair value adjustments on acquired loans and the average balance of PPP loans. The Company believes that operating net interest margin related measures provide additional useful information for purposes of evaluating the Company’s results of operations, by eliminating the non-sustainable contribution from PPP lending and the volatility from FV accretion. * The third quarter 2021 operating net interest margin of 3.13% was down 1 BP from the third quarter of 2020. While the cost of funds (defined as average total interest-bearing liabilities (“IBL”) + demand deposits) decreased by 26 BP, the yield on earning assets, as adjusted for FV accretion and interest income from PPP lending, decreased by 27 BP, with these decreases due to the impact of lower market interest rates. The third quarter 2021 operating net interest margin of 3.13% was down 12 BP from 3.25% in the second quarter of 2021. The yield on earning assets, as adjusted for FV accretion and interest income from PPP lending, decreased by 12 BP while the cost of funds decreased by 1 BP from the second quarter of 2021. Noninterest Income Noninterest income was $2.1 million for the third quarter of 2021, an increase of $55 thousand from the $2.1 million reported in the third quarter of 2020, and a decrease of $209 thousand from the $2.4 million reported in the second quarter of 2021. The $55 thousand increase when compared to the third quarter of 2020 primarily consisted of the following: an increase in service charges on deposit accounts (+$213 thousand) and an increase in interchange fees, as card activity volumes have improved since 2020, included in other income (+$114 thousand), partially offset by a decrease in loan related fees and service charges (-$140 thousand) and a decrease in the components of other income excluding interchange fees (-$112 thousand). The $209 thousand decrease when compared to the second quarter of 2021 was primarily due to a decrease in other income (-$228 thousand), which included interchange fees (-$54 thousand), and a decrease in loan related fees and service charges (-$46 thousand), partially offset by an increase in service charges on deposit accounts (+$65 thousand). Noninterest Expenses Noninterest expenses totaled $13.3 million for the third quarter of 2021, an increase of $606 thousand from the $12.7 million reported in the third quarter of 2020, and an increase of $1.0 million from the $12.3 million reported in the second quarter of 2021. Merger-related expenses of $880 thousand were included in noninterest expenses in the third quarter of 2021. Core noninterest expenses is a non-GAAP financial measure that, with respect to the third quarter of 2021, excludes merger-related noninterest expenses. There were no related adjustments to reported noninterest expense in the third quarter of 2020 and the second quarter of 2021. Core noninterest expenses were $12.4 million for the third quarter of 2021, a $274 thousand decrease from $12.7 million in the third quarter of 2020, and a $138 thousand increase from $12.3 million in the second quarter of 2021.* The $274 thousand decrease when compared to the third quarter of 2020 resulted primarily from lower compensation and benefits expenses (-$388 thousand), lower professional fees (-$218 thousand), and lower FDIC assessment expense (-$206 thousand); these items were partially offset by higher other operating expense (+$474 thousand) and higher marketing and business development expenses (+$244 thousand). All other noninterest expense categories in the aggregate were lower in the third quarter of 2021 (-$180 thousand). The $138 thousand increase when compared to the second quarter of 2021 resulted primarily from higher other operating expense (+$700 thousand), partially offset by lower compensation and benefits expenses (-$395 thousand) and lower professional fees (-$204 thousand). All other noninterest expense categories in the aggregate were higher in the third quarter of 2021 (+$37 thousand). Loans Loans totaled $1.90 billion at September 30, 2021, a decrease of $39.3 million, or 2.0%, from total loans at June 30, 2021. Compared to September 30, 2020, total loans grew by $18.9 million, or 1.0%. Portfolio loans, a non-GAAP measure defined as total loans and leases, but excluding PPP loans, totaled $1.82 billion at September 30, 2021, an increase of $23.5 million, or 1.3%, from portfolio loans at June 30, 2021. Compared to September 30, 2020, portfolio loans increased by $135.3 million, or 8.0%. The changes in portfolio loans were as follows: * Compared to June 30, 2021, the $23.5 million increase (5.2% annualized growth rate) in portfolio loans was a result of the following: The commercial lending portfolio, totaling $1.25 billion at September 30, 2021, decreased by $683 thousand from June 30, 2021. Increases in construction and land loans (+$6.5 million), were more than offset by decreases in commercial and industrial (“C&I”) loans (-$5.5 million) and commercial real estate (“CRE”) loans (-$1.7 million). New loan originations of $38.4 million during the third quarter of 2021 were offset by $39.1 million in loan maturities, payoffs, partial paydowns, and lower line utilization. Residential real estate loans were up $22.1 million, or 4.8%. Secondary market loan purchases were $44.5 million during the third quarter of 2021, partially offset by $22.4 million of prepayments. Consumer loans were up $2.1 million, or 2.4%. The commercial lending portfolio, totaling $1.25 billion at September 30, 2021, decreased by $683 thousand from June 30, 2021. Increases in construction and land loans (+$6.5 million), were more than offset by decreases in commercial and industrial (“C&I”) loans (-$5.5 million) and commercial real estate (“CRE”) loans (-$1.7 million). New loan originations of $38.4 million during the third quarter of 2021 were offset by $39.1 million in loan maturities, payoffs, partial paydowns, and lower line utilization. Residential real estate loans were up $22.1 million, or 4.8%. Secondary market loan purchases were $44.5 million during the third quarter of 2021, partially offset by $22.4 million of prepayments. Consumer loans were up $2.1 million, or 2.4%. Compared to September 30, 2020, the $135.3 million increase in portfolio loans was a result of the following: The commercial lending portfolio increased by $69.7 million, or 5.9%, with CRE loans up $50.8 million, or 7.0%, construction and land loans up $20.6 million, or 19.7%, while C&I loans were down $1.6 million, or 0.5%. Consumer loans were up $33.7 million, or 62.8%, reflecting strong growth in some niche lending activities such as marine lending. Residential real estate loans were up $31.8 million, or 7.0%. The commercial lending portfolio increased by $69.7 million, or 5.9%, with CRE loans up $50.8 million, or 7.0%, construction and land loans up $20.6 million, or 19.7%, while C&I loans were down $1.6 million, or 0.5%. Consumer loans were up $33.7 million, or 62.8%, reflecting strong growth in some niche lending activities such as marine lending. Residential real estate loans were up $31.8 million, or 7.0%. Average total loans were $1.92 billion for the third quarter of 2021, a decrease of $17.2 million, or 0.9%, over average loans for the second quarter of 2021, and an increase of $40.1 million, or 2.1%, over average loans for the third quarter of 2020. Average portfolio loans were $1.81 billion for the third quarter of 2021, an increase of $44.6 million, or 2.5%, from average loans for the second quarter of 2021. Compared to the third quarter of 2020, average portfolio loans increased by $120.0 million, or 7.1%. Deposits Total deposits were $1.94 billion at September 30, 2021, a decrease of $84.1 million, or 4.2%, from the June 30, 2021 balance of $2.03 billion. Compared to September 30, 2020, total deposits decreased by $31.3 million, or 1.6%. Changes in deposits were as follows: Customer deposits, which exclude brokered and other non-customer deposits, were $1.78 billion at September 30, 2021, compared to $1.79 billion at June 30, 2021, a decrease of $10.8 million, or 0.6%. Low-cost, non-maturity deposits decreased by $2.8 million, or 0.2%, during the third quarter of 2021. Within non-maturity deposits, transaction accounts increased by $2.0 million, or 0.2%, with noninterest-bearing transaction accounts up $4.9 million, or 0.6%, while interest-bearing transaction accounts decreased by $2.9 million, or 1.4%. The increase in non-maturity deposits was partially offset by the continued managed decline in customer CD balances, down $8.0 million, or 4.3%. The Company continues to manage for lower retention rates on maturing CDs that have substantially higher rates than current market rates. Management’s strategy is to not offer above-market renewal rates on non-transactional, non-relationship deposits. Low-cost, non-maturity deposits decreased by $2.8 million, or 0.2%, during the third quarter of 2021. Within non-maturity deposits, transaction accounts increased by $2.0 million, or 0.2%, with noninterest-bearing transaction accounts up $4.9 million, or 0.6%, while interest-bearing transaction accounts decreased by $2.9 million, or 1.4%. The increase in non-maturity deposits was partially offset by the continued managed decline in customer CD balances, down $8.0 million, or 4.3%. The Company continues to manage for lower retention rates on maturing CDs that have substantially higher rates than current market rates. Management’s strategy is to not offer above-market renewal rates on non-transactional, non-relationship deposits. Compared to September 30, 2020, customer deposits increased by $144.2 million, or 8.8%. The increase in customer deposits was primarily the result of strong growth in non-maturity deposits, which increased by $221.0 million, or 16.0%. Within non-maturity deposits, transaction accounts increased by $146.9 million, or 17.4%, with noninterest-bearing transaction accounts up $126.3 million, or 19.2%. Customer CD balances declined by $76.8 million, or 30.0%. The increase in customer deposits was primarily the result of strong growth in non-maturity deposits, which increased by $221.0 million, or 16.0%. Within non-maturity deposits, transaction accounts increased by $146.9 million, or 17.4%, with noninterest-bearing transaction accounts up $126.3 million, or 19.2%. Customer CD balances declined by $76.8 million, or 30.0%. Brokered and other non-customer deposits were $158.4 million at September 30, 2021, compared to $231.8 million at June 30, 2021 and $207.1 million at September 30, 2020. Average customer deposits for the third quarter of 2021 were $1.81 billion, an increase of $9.3 million, or 0.5%, from the second quarter 2021 average balance. Customer non-maturity deposit balances increased by $19.5 million, or 1.2%, with transaction accounts up $5.7 million; within transaction accounts, noninterest-bearing deposits were up $21.5 million. Compared to the third quarter of 2020, average customer deposits were up by $173.1 million, or 10.6%. Customer non-maturity deposit balances increased by $256.4 million, or 18.7%, with transaction accounts up $167.0 million; $145.8 million of the transaction account growth was in noninterest-bearing deposits. * Please refer to the section entitled “Reconciliation of Non-GAAP Financial Measures” in this press release and to the financial tables entitled “GAAP to Non-GAAP reconciliation” for a reconciliation to the most directly comparable GAAP financial measures. Pending Merger On July 13, 2021, FNB, the holding company for First National Bank of Pennsylvania, and the Company announced the execution of a definitive merger agreement for F.N.B. Corporation to acquire Howard Bancorp, including its wholly-owned banking subsidiary, Howard Bank, in an all-stock transaction. The completion of the merger remains subject to receipt of regulatory approvals, approval of the Company’s stockholders and satisfaction of other customary closing conditions. Due to the pending merger, the Company will not be holding an earnings call to review its third quarter 2021 financial results. About the Company Howard Bancorp, Inc. is the parent company of Howard Bank, a Maryland-chartered trust company operating as a commercial bank. Headquartered in Baltimore City, Maryland, Howard Bank operates a general commercial banking business through its 13 branches located throughout the Greater Baltimore Metropolitan Area. Additional information about Howard Bancorp, Inc. and Howard Bank are available on its website at www.HowardBank.com. Cautionary Note Regarding Forward-Looking Statements This press release and statements by the Company’s management contains “forward-looking statements” as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Forward looking statements can be identified by words such as “anticipated,” “expects,” “intends,” “believes,” “may,” “likely,” “will,” “look forward” or other statements that indicate future periods. Such statements include, without limitation, statements regarding management’s predictions or expectations about future economic conditions, statements about the Company’s business or financial performance, as well as management’s outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties which change over time and other factors which could cause actual results to differ materially from those currently anticipated. These risks and uncertainties include, but are not limited to: the impact of the global COVID-19 pandemic on our business, including the impact of the actions taken by governmental authorities to try and contain the virus or address the impact of the virus on the United States economy (including, without limitation, the CARES Act and the Consolidated Appropriations Act, 2021), and the resulting effect of these items on our operations, liquidity and capital position, and on the financial condition of the Company’s borrowers and other customers; risks related to the Company’s proposed merger with F.N.B. Corporation, conditions in the financial markets and economic conditions generally and in the bank and non-bank financial services industries, nationally and within our local market areas, including the effects of declines in housing markets, an increase in unemployment levels and slowdowns in economic growth; the Company’s level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs; the potential inability to replace income lost from exiting our mortgage banking activities with new revenues; the impact of changes in interest rates; credit quality and strength of underlying collateral; the credit risk associated with the substantial amount of commercial real estate, construction and land development, and commercial and industrial loans in the Company’s loan portfolio; the extensive federal and state regulation, supervision and examination governing almost every aspect of the Company’s operations and potential expenses associated with complying with such regulations; possible additional loan losses and impairment of the collectability of loans; the Company’s ability to comply with applicable capital and liquidity requirements; any further impairment of the Company’s goodwill or other intangible assets; losses resulting from pending or potential litigation claims may exceed amounts accrued with respect to such matters; system failure or cybersecurity breaches of the Company’s network security; the Company’s ability to recruit and retain key employees; the effects of weather and natural disasters such as floods, droughts, wind, tornadoes and hurricanes as well as effects from geopolitical instability and man-made disasters including terrorist attacks; the effects of any reputation, credit, interest rate, market, operational, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above; and other risks and uncertainties. Additional risks and uncertainties are contained in the “Risk Factors” and forward-looking statements disclosure in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The inclusion of this forward-looking information should not be construed as a representation by us or any person that future events, plans, or expectations contemplated by us will be achieved. Forward-looking statements are as of the date they are made, and the Company does not undertake to update any forward-looking statement, whether written or oral, whether as a result of new information, future events, or otherwise, except as required by law. Additional information is available at www.HowardBank.com. FOR THE NINE MONTHS ENDED FOR THE THREE MONTHS ENDED September 30, September 30, September 30, June 30, September 30, 2021 2020 2021 2021 2020 $ 63,758 $ 64,651 $ 21,141 $ 21,382 $ 20,951 4,101 10,734 1,254 1,300 2,679 59,657 53,917 19,887 20,082 18,272 1,000 8,145 - - 1,700 58,657 45,772 19,887 20,082 16,572 6,566 10,214 2,144 2,353 2,089 37,954 74,896 13,315 12,297 12,709 27,269 (18,910 ) 8,716 10,138 5,952 7,251 2,552 2,356 2,682 1,348 $ 20,018 $ (21,462 ) $ 6,360 $ 7,456 $ 4,604 $ 1.07 $ (1.14 ) $ 0.34 $ 0.40 $ 0.25 $ 1.06 $ (1.14 ) $ 0.34 $ 0.40 $ 0.25 $ 16.38 $ 15.45 $ 16.38 $ 16.14 $ 15.45 $ 14.55 $ 13.51 $ 14.55 $ 14.28 $ 13.51 18,788 18,773 18,807 18,787 18,737 18,872 18,773 18,896 18,871 18,737 18,812 18,742 18,812 18,795 18,742 $ 2,527,258 $ 2,559,184 $ 2,527,258 $ 2,599,541 $ 2,559,184 1,823,337 1,688,030 1,823,337 1,799,847 1,688,030 79,918 196,375 79,918 142,660 196,375 1,903,255 1,884,405 1,903,255 1,942,507 1,884,405 18,353 17,657 18,353 18,288 17,657 411,732 454,897 411,732 442,583 454,897 1,941,418 1,972,738 1,941,418 2,025,557 1,972,738 254,224 269,861 254,224 247,126 269,861 308,177 289,500 308,177 303,263 289,500 2,571,694 2,474,988 2,587,555 2,587,151 2,524,773 302,234 307,493 309,058 300,234 288,727 1.04 % (1.16 )% 0.98 % 1.16 % 0.73 % 8.86 % (9.32 )% 8.16 % 9.96 % 6.34 % $ 28,269 $ (10,765 ) $ 8,716 $ 10,138 $ 7,652 1.52 % 1.22 % 1.47 % 1.57 % 1.50 % 3.38 % 3.23 % 3.32 % 3.39 % 3.15 % 57.31 % 116.79 % 60.44 % 54.81 % 62.42 % 55.98 % 62.07 % 56.44 % 54.81 % 62.42 % 0.87 % 1.01 % 0.87 % 0.90 % 1.01 % 0.89 % 1.07 % 0.89 % 0.94 % 1.07 % 0.64 % 0.71 % 0.64 % 0.65 % 0.71 % 0.96 % 0.94 % 0.96 % 0.94 % 0.94 % 1.01 % 1.05 % 1.01 % 1.02 % 1.05 % 115.20 % 103.96 % 115.20 % 112.76 % 103.96 % 0.13 % 0.04 % (0.01 )% 0.02 % 0.02 % 10.03 % 9.07 % 10.03 % 9.74 % 9.07 % 12.63 % 11.65 % 12.63 % 12.26 % 11.65 % 12.63 % 11.65 % 12.63 % 12.26 % 11.65 % 14.99 % 14.11 % 14.99 % 14.62 % 14.11 % 11.75 % 12.42 % 11.94 % 11.60 % 11.44 % FOR THE NINE MONTHS ENDED FOR THE THREE MONTHS ENDED September 30, September 30, September 30, June 30, September 30, 2021 2020 2021 2021 2020 $ 63,758 $ 64,651 $ 21,141 $ 21,382 $ 20,951 4,101 10,734 1,254 1,300 2,679 59,657 53,917 19,887 20,082 18,272 1,000 8,145 - - 1,700 58,657 45,772 19,887 20,082 16,572 1,912 1,581 719 654 506 - 1,036 - - - - 3,044 - - - 1,266 1,327 421 421 441 793 1,120 225 271 365 2,595 2,106 779 1,007 777 6,566 10,214 2,144 2,353 2,089 20,813 21,836 6,748 7,143 7,136 3,872 3,576 1,229 1,318 1,301 1,071 1,092 433 341 189 2,148 2,183 605 809 823 2,799 2,673 933 982 897 618 780 152 171 358 127 461 87 - 115 554 907 219 181 247 1,780 2,038 571 594 659 - 34,500 - - - 880 - 880 - - 3,292 4,850 1,458 758 984 37,954 74,896 13,315 12,297 12,709 27,269 (18,910 ) 8,716 10,138 5,952 7,251 2,552 2,356 2,682 1,348 $ 20,018 $ (21,462 ) $ 6,360 $ 7,456 $ 4,604 $ 1.07 $ (1.14 ) $ 0.34 $ 0.40 $ 0.25 $ 1.06 $ (1.14 ) $ 0.34 $ 0.40 $ 0.25 18,788 18,773 18,807 18,787 18,737 18,872 18,773 18,896 18,871 18,737 1.04 % (1.16 )% 0.98 % 1.16 % 0.73 % 8.86 % (9.32 )% 8.16 % 9.96 % 6.34 % $ 29,149 $ 22,572 $ 9,596 $ 10,138 $ 7,652 1.52 % 1.22 % 1.47 % 1.57 % 1.50 % 3.38 % 3.23 % 3.32 % 3.39 % 3.15 % 57.31 % 116.79 % 60.44 % 54.81 % 62.42 % 55.98 % 62.07 % 56.44 % 54.81 % 62.42 % PERIOD ENDED September 30, June 30, March 31, December 31, September 30, 2021 2021 2021 2020 2020 $ 12,592 $ 12,681 $ 10,750 $ 9,415 $ 11,043 51,065 59,754 68,822 65,204 59,539 63,657 72,435 79,572 74,619 70,582 347,448 367,873 377,040 375,397 377,471 4,000 6,000 6,250 7,250 7,250 9,219 8,956 9,706 10,637 10,637 1,823,337 1,799,847 1,745,862 1,698,322 1,688,030 79,918 142,660 201,588 167,639 196,375 1,903,255 1,942,507 1,947,450 1,865,961 1,884,405 (18,353 ) (18,288 ) (18,368 ) (19,162 ) (17,657 ) 1,884,902 1,924,219 1,929,082 1,846,799 1,866,748 39,910 40,290 40,700 41,142 42,147 31,449 31,449 31,449 31,449 31,449 4,015 4,586 5,180 5,795 6,431 78,863 78,443 78,021 77,597 77,157 334 629 629 743 1,155 29,201 28,324 32,175 31,254 34,687 34,260 36,337 35,746 35,309 33,470 $ 2,527,258 $ 2,599,541 $ 2,625,550 $ 2,537,991 $ 2,559,184 $ 783,326 $ 778,388 $ 726,643 $ 676,801 $ 657,028 1,158,092 1,247,169 1,318,283 1,298,613 1,315,710 1,941,418 2,025,557 2,044,926 1,975,414 1,972,738 212,000 205,000 225,000 200,000 200,000 13,485 13,436 10,353 13,634 41,473 28,739 28,690 28,485 28,437 28,388 254,224 247,126 263,838 242,071 269,861 23,439 23,595 24,111 25,874 27,085 2,219,081 2,296,278 2,332,875 2,243,359 2,269,684 188 188 188 187 187 271,512 271,086 270,934 270,591 270,445 38,185 31,825 24,369 18,167 13,696 (1,708 ) 164 (2,816 ) 5,687 5,172 308,177 303,263 292,675 294,632 289,500 $ 2,527,258 $ 2,599,541 $ 2,625,550 $ 2,537,991 $ 2,559,184 10.03 % 9.74 % 9.53 % 9.26 % 9.07 % 12.63 % 12.26 % 12.06 % 11.83 % 11.65 % 12.63 % 12.26 % 12.06 % 11.83 % 11.65 % 14.99 % 14.62 % 14.47 % 14.32 % 14.11 % $ 15,931 $ 16,219 $ 15,723 $ 19,430 $ 16,984 334 629 629 743 1,155 $ 16,265 $ 16,848 $ 16,352 $ 20,173 $ 18,139 0.87 % 0.90 % 0.90 % 1.14 % 1.01 % 0.89 % 0.94 % 0.94 % 1.19 % 1.07 % 0.64 % 0.65 % 0.62 % 0.79 % 0.71 % 0.96 % 0.94 % 0.94 % 1.03 % 0.94 % 1.01 % 1.02 % 1.05 % 1.13 % 1.05 % 115.20 % 112.76 % 116.82 % 98.62 % 103.96 % (0.01 )% 0.02 % 0.43 % 0.05 % 0.02 % - % - % 0.24 % 0.40 % 0.40 % Three Months Ended September 30, 2021 Three Months Ended June 30, 2021 Three Months Ended September 30, 2020 Average Balance Income / Expense Yield / Rate Average Balance Income / Expense Yield / Rate Average Balance Income / Expense Yield / Rate $ 349,679 $ 3,182 3.61 % $ 358,980 $ 3,271 3.65 % $ 343,991 $ 3,247 3.76 % 769,850 8,621 4.44 755,815 8,528 4.53 702,633 8,502 4.81 122,024 1,137 3.70 118,704 1,116 3.77 125,059 1,188 3.78 476,215 4,049 3.37 446,784 4,249 3.81 463,874 4,382 3.76 87,501 806 3.65 80,418 748 3.73 49,722 565 4.52 1,805,269 17,795 3.91 1,760,701 17,912 4.08 1,685,279 17,884 4.22 115,743 1,737 5.95 177,546 1,776 4.01 195,588 1,240 2.52 1,921,012 19,532 4.03 1,938,247 19,688 4.07 1,880,867 19,124 4.04 42,111 252 2.37 45,256 274 2.43 79,391 531 2.66 310,900 1,038 1.32 320,960 1,088 1.36 272,495 942 1.38 9,264 140 6.00 9,294 139 6.00 5,932 100 6.71 362,275 1,430 1.57 375,510 1,501 1.60 357,818 1,573 1.75 4,696 69 5.83 6,206 88 5.69 7,250 106 5.82 8,774 83 3.75 9,008 99 4.39 13,221 140 4.21 79,756 27 0.13 45,741 6 0.06 46,049 8 0.07 - - - - - - - - - 2,376,513 21,141 3.53 % 2,374,712 21,382 3.61 % 2,305,205 20,951 3.62 % 12,000 10,781 11,772 40,176 40,593 42,376 31,449 31,449 31,449 4,369 4,956 6,840 141,346 143,052 143,566 (18,298 ) (18,392 ) (16,435 ) $ 2,587,555 $ 2,587,151 $ 2,524,773 $ 211,387 $ 17 0.03 % $ 227,272 $ 19 0.03 % $ 190,272 $ 36 0.08 % 441,738 72 0.06 428,169 66 0.06 386,189 261 0.27 181,231 14 0.03 180,992 15 0.03 149,973 27 0.07 385,336 260 0.27 409,404 310 0.30 493,827 1,390 1.12 1,219,692 363 0.12 1,245,837 410 0.13 1,220,261 1,714 0.56 200,130 444 0.88 206,231 443 0.86 260,807 483 0.74 13,304 1 0.03 10,751 1 0.04 40,492 35 0.34 28,709 446 6.16 28,608 446 6.25 28,356 447 6.27 242,143 891 1.46 245,590 890 1.45 329,655 965 1.16 1,461,835 1,254 0.34 % 1,491,427 1,300 0.35 % 1,549,916 2,679 0.69 % 795,364 773,825 649,525 21,298 21,665 36,605 2,278,497 2,286,917 2,236,046 309,058 300,234 288,727 $ 2,587,555 $ 2,587,151 $ 2,524,773 $ 19,887 3.19 % $ 20,082 3.26 % $ 18,272 2.93 % 0.13 0.13 0.22 3.32 % 3.39 % 3.15 % Average Balance Income / Expense Yield / Rate Average Balance Income / Expense Yield / Rate $ 351,184 $ 9,538 3.63 % $ 365,596 $ 11,281 4.12 % 754,105 25,704 4.56 696,083 25,091 4.81 119,344 3,363 3.77 129,798 3,938 4.05 455,529 12,370 3.63 487,586 14,575 3.99 77,767 2,211 3.80 47,011 1,621 4.61 1,757,929 53,186 4.05 1,726,074 56,506 4.37 159,746 5,716 4.78 113,070 2,136 2.52 1,917,675 58,902 4.11 1,839,144 58,642 4.26 45,184 814 2.41 76,822 1,555 2.70 316,945 3,055 1.29 204,686 2,865 1.87 9,237 420 6.08 5,655 284 6.71 371,366 4,289 1.54 287,163 4,704 2.19 5,723 246 5.75 7,580 331 5.83 9,483 282 3.98 13,979 533 5.09 54,750 39 0.10 72,267 262 0.48 - - - 6,572 179 3.64 2,358,997 63,758 3.61 % 2,226,705 64,651 3.88 % 11,128 13,806 40,584 42,498 31,449 54,240 4,958 7,525 143,171 143,749 (18,593 ) (13,535 ) $ 2,571,694 $ 2,474,988 $ 218,880 $ 57 0.03 % $ 186,799 $ 250 0.18 % 437,608 222 0.07 373,588 1,308 0.47 177,946 41 0.03 141,516 97 0.09 410,900 1,113 0.36 524,955 5,652 1.44 1,245,334 1,433 0.15 1,226,858 7,307 0.80 204,658 1,328 0.87 279,140 2,015 0.96 12,347 3 0.03 21,372 52 0.33 28,591 1,337 6.25 28,307 1,360 6.42 245,596 2,668 1.45 328,819 3,427 1.39 1,490,930 4,101 0.37 % 1,555,677 10,734 0.92 % 756,423 582,348 22,107 29,470 2,269,460 2,167,495 302,234 307,493 $ 2,571,694 $ 2,474,988 $ 59,657 3.24 % $ 53,917 2.96 % 0.14 0.27 3.38 % 3.23 % Reconciliation of Non-GAAP Financial Measures This press release contains references to financial measures that are not defined in generally accepted accounting principles (“GAAP”). Such non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we discuss in this press release may differ from that of other companies reporting measures with similar names. You should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures we have discussed in this press release when comparing such non-GAAP financial measures. The Company considers the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results. We believe these measures provide investors with information regarding balance sheet profitability, and we believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods. The Company has excluded the after tax impact of its former mortgage banking activities, the goodwill impairment charge, and certain other items, as well as the income tax benefit of the change in net operating loss carryback rules as a result of the CARES Act. The reconciliation is presented on the following pages. FOR THE NINE MONTHS ENDED FOR THE THREE MONTHS ENDED September 30, September 30, September 30, June 30, March 31, December 31, September 30, 2021 2020 2021 2021 2021 2020 2020 $ 20,018 $ (21,462 ) $ 6,360 $ 7,456 $ 6,202 $ 4,471 $ 4,604 - (143 ) - - - - - - (1,425 ) - - - - - - 1,438 - - - - - - (130 ) - - - - - - (3,044 ) - - - - - - 224 - - - - - - - - - - 554 - - 1,000 - - - 980 - - 788 - - - - - 880 - 880 - - - - - 34,500 - - - - - 880 33,468 880 - - 1,534 - 880 33,338 880 - - 1,534 - 170 (276 ) 170 - - 414 - 710 33,614 710 - - 1,120 - - (1,177 ) - - - (94 ) - 710 32,437 710 - - 1,026 - $ 20,728 $ 10,975 $ 7,070 $ 7,456 $ 6,202 $ 5,497 $ 4,604 18,872 18,773 18,896 18,871 18,797 18,748 18,737 $ 1.06 $ (1.14 ) $ 0.34 $ 0.40 $ 0.33 $ 0.24 $ 0.25 $ 0.04 1.73 0.04 - - 0.05 - $ 1.10 $ 0.58 $ 0.37 $ 0.40 $ 0.33 $ 0.29 $ 0.25 FOR THE NINE MONTHS ENDED FOR THE THREE MONTHS ENDED September 30, September 30, September 30, June 30, March 31, December 31, September 30, 2021 2020 2021 2021 2021 2020 2020 $ 20,018 $ (21,462 ) $ 6,360 $ 7,456 $ 6,202 $ 4,471 $ 4,604 1,000 8,145 - - 1,000 1,700 1,700 7,251 2,551 2,356 2,682 2,213 1,093 1,348 $ 28,269 $ (10,766 ) $ 8,716 $ 10,138 $ 9,415 $ 7,264 $ 7,652 - (130 ) - - - - - - (3,044 ) - - - - - - 224 - - - - - - - - - - 554 - - 1,000 - - - 980 - - 788 - - - - - 880 - 880 - - - - - 34,500 - - - - - 880 33,338 880 - - 1,534 - $ 29,149 $ 22,572 $ 9,596 $ 10,138 $ 9,415 $ 8,798 $ 7,652 FOR THE NINE MONTHS ENDED FOR THE THREE MONTHS ENDED September 30, September 30, September 30, June 30, March 31, December 31, September 30, 2021 2020 2021 2021 2021 2020 2020 $ 29,149 $ 22,572 $ 9,596 $ 10,138 $ 9,415 $ 8,798 $ 7,652 $ 302,234 $ 307,493 $ 309,058 $ 300,234 $ 297,280 $ 294,285 $ 288,727 (31,449 ) (54,239 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (3,794 ) (5,639 ) (3,357 ) (3,795 ) (4,246 ) (4,716 ) (5,076 ) $ 266,991 $ 247,615 $ 274,252 $ 264,991 $ 261,585 $ 258,120 $ 252,202 14.60 % 12.18 % 13.88 % 15.35 % 14.60 % 13.56 % 12.07 % FOR THE NINE MONTHS ENDED FOR THE THREE MONTHS ENDED September 30, September 30, September 30, June 30, March 31, December 31, September 30, 2021 2020 2021 2021 2021 2020 2020 $ 29,149 $ 22,572 $ 9,596 $ 10,138 $ 9,415 $ 8,798 $ 7,652 2,571,694 2,474,988 2,587,555 2,587,151 2,539,849 2,527,869 2,524,773 1.52 % 1.22 % 1.47 % 1.57 % 1.50 % 1.38 % 1.21 % FOR THE NINE MONTHS ENDED FOR THE THREE MONTHS ENDED September 30, September 30, September 30, June 30, March 31, December 31, September 30, 2021 2020 2021 2021 2021 2020 2020 $ 59,657 $ 53,917 $ 19,887 $ 20,082 $ 19,688 $ 19,686 $ 18,272 - (143 ) - - - - - - (143 ) - - - - - $ 59,657 $ 53,774 $ 19,887 $ 20,082 $ 19,688 $ 19,686 $ 18,272 $ 6,566 $ 10,214 $ 2,144 $ 2,353 $ 2,069 $ 2,145 $ 2,089 - (1,425 ) - - - - - - (3,044 ) - - - - - - (4,469 ) - - - - - $ 6,566 $ 5,745 $ 2,144 $ 2,353 $ 2,069 $ 2,145 $ 2,089 $ 66,223 $ 64,131 $ 22,031 $ 22,435 $ 21,757 $ 21,831 $ 20,361 - (143 ) - - - - - - (4,469 ) - - - - - - (4,612 ) - - - - - $ 66,223 $ 59,519 $ 22,031 $ 22,435 $ 21,757 $ 21,831 $ 20,361 $ 37,954 $ 74,896 $ 13,315 $ 12,297 $ 12,342 $ 14,567 $ 12,709 - (1,438 ) - - - - - - (224 ) - - - - - - - - - - (554 ) - - (1,000 ) - - - (980 ) - - (788 ) - - - - - (880 ) - (880 ) - - - - - (34,500 ) - - - - - (880 ) (37,950 ) (880 ) - - (1,534 ) - $ 37,074 $ 36,946 $ 12,435 $ 12,297 $ 12,342 $ 13,033 $ 12,709 57.31 % 116.79 % 60.44 % 54.81 % 56.73 % 66.73 % 62.42 % 55.98 % 62.07 % 56.44 % 54.81 % 56.73 % 59.70 % 62.42 % FOR THE NINE MONTHS ENDED FOR THE THREE MONTHS ENDED September 30, September 30, September 30, June 30, March 31, December 31, September 30, 2021 2020 2021 2021 2021 2020 2020 $ 308,177 $ 289,500 $ 308,177 $ 303,263 $ 292,675 $ 294,632 $ 289,500 18,812 18,742 18,812 18,795 18,782 18,745 18,742 $ 16.38 $ 15.45 $ 16.38 $ 16.14 $ 15.58 $ 15.72 $ 15.45 $ 308,177 $ 289,500 $ 308,177 $ 303,263 $ 292,675 $ 294,632 $ 289,500 (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (3,076 ) (4,869 ) (3,076 ) (3,501 ) (3,942 ) (4,398 ) (4,869 ) $ 273,652 $ 253,182 $ 273,652 $ 268,313 $ 257,284 $ 258,785 $ 253,182 18,812 18,742 18,812 18,795 18,782 18,745 18,742 $ 14.55 $ 13.51 $ 14.55 $ 14.28 $ 13.70 $ 13.81 $ 13.51 FOR THE NINE MONTHS ENDED FOR THE THREE MONTHS ENDED September 30, September 30, September 30, June 30, March 31, December 31, September 30, 2021 2020 2021 2021 2021 2020 2020 $ 308,177 $ 289,500 $ 308,177 $ 303,263 $ 292,675 $ 294,632 $ 289,500 (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (3,076 ) (4,869 ) (3,076 ) (3,501 ) (3,942 ) (4,398 ) (4,869 ) $ 273,652 $ 253,182 $ 273,652 $ 268,313 $ 257,284 $ 258,785 $ 253,182 $ 2,527,258 $ 2,559,184 $ 2,527,258 $ 2,599,541 $ 2,625,550 $ 2,537,991 $ 2,559,184 (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (3,076 ) (4,869 ) (3,076 ) (3,501 ) (3,942 ) (4,398 ) (4,869 ) $ 2,492,733 $ 2,522,866 $ 2,492,733 $ 2,564,591 $ 2,590,159 $ 2,502,144 $ 2,522,866 10.98 % 10.04 % 10.98 % 10.46 % 9.93 % 10.34 % 10.04 % FOR THE NINE MONTHS ENDED FOR THE THREE MONTHS ENDED September 30, September 30, September 30, June 30, March 31, December 31, September 30, 2021 2020 2021 2021 2021 2020 2020 $ 20,018 $ (21,462 ) $ 6,360 $ 7,456 $ 6,202 $ 4,471 $ 4,604 302,234 307,493 309,058 300,234 297,280 294,285 288,727 8.86 % -9.32 % 8.16 % 9.96 % 8.46 % 6.04 % 6.34 % $ 20,018 $ (21,462 ) $ 6,360 $ 7,456 $ 6,202 $ 4,471 $ 4,604 710 32,437 710 - - 1,026 - $ 20,728 $ 10,975 $ 7,070 $ 7,456 $ 6,202 $ 5,497 $ 4,604 302,234 307,493 309,058 300,234 297,280 294,285 288,727 9.17 % 4.77 % 9.08 % 9.96 % 8.46 % 7.43 % 6.34 % FOR THE NINE MONTHS ENDED FOR THE THREE MONTHS ENDED September 30, September 30, September 30, June 30, March 31, December 31, September 30, 2021 2020 2021 2021 2021 2020 2020 $ 20,018 $ (21,462 ) $ 6,360 $ 7,456 $ 6,202 $ 4,471 $ 4,604 - 34,500 - - - - - 1,780 2,038 571 594 615 636 659 (315 ) (551 ) (154 ) (160 ) (166 ) (171 ) (178 ) 1,465 1,487 417 434 449 465 481 1,465 35,987 417 434 449 465 481 $ 21,483 $ 14,525 $ 6,777 $ 7,890 $ 6,651 $ 4,936 $ 5,085 $ 302,234 $ 307,493 $ 309,058 $ 300,234 $ 297,280 $ 294,285 $ 288,727 (31,449 ) (54,239 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (3,794 ) (5,639 ) (3,357 ) (3,795 ) (4,247 ) (4,716 ) (5,076 ) $ 266,991 $ 247,615 $ 274,252 $ 264,991 $ 261,584 $ 258,120 $ 252,202 10.76 % 7.84 % 9.80 % 11.94 % 10.31 % 7.61 % 8.02 % $ 21,483 $ 14,525 $ 6,777 $ 7,890 $ 6,651 $ 4,936 $ 5,085 710 (2,062 ) 710 - - 1,026 - $ 22,193 $ 12,463 $ 7,487 $ 7,890 $ 6,651 $ 5,962 $ 5,085 $ 266,991 $ 247,615 $ 274,252 $ 264,991 $ 261,584 $ 258,120 $ 252,202 11.11 % 6.72 % 10.83 % 11.94 % 10.31 % 9.19 % 8.02 % FOR THE NINE MONTHS ENDED FOR THE THREE MONTHS ENDED September 30, September 30, September 30, June 30, March 31, December 31, September 30, 2021 2020 2021 2021 2021 2020 2020 $ 20,018 $ (21,462 ) $ 6,360 $ 7,456 $ 6,202 $ 4,471 $ 4,604 2,571,694 2,474,988 2,587,555 2,587,151 2,539,849 2,527,869 2,524,773 1.04 % -1.16 % 0.98 % 1.16 % 0.99 % 0.70 % 0.73 % 20,018 (21,462 ) 6,360 7,456 6,202 4,471 4,604 710 32,437 710 - - 1,026 - $ 20,728 $ 10,975 $ 7,070 $ 7,456 $ 6,202 $ 5,497 $ 4,604 2,571,694 2,474,988 2,587,555 2,587,151 2,539,849 2,527,869 2,524,773 1.08 % 0.59 % 1.08 % 1.16 % 0.99 % 0.87 % 0.73 % FOR THE NINE MONTHS ENDED FOR THE THREE MONTHS ENDED September 30, September 30, September 30, June 30, March 31, December 31, September 30, 2021 2020 2021 2021 2021 2020 2020 $ 20,018 $ (21,462 ) $ 6,360 $ 7,456 $ 6,202 $ 4,471 $ 4,604 - 34,500 - - - - - 1,780 2,038 571 594 615 636 659 (315 ) (551 ) (154 ) (160 ) (166 ) (171 ) (178 ) 1,465 1,487 417 434 449 465 481 1,465 35,987 417 434 449 465 481 $ 21,483 $ 14,525 $ 6,777 $ 7,890 $ 6,651 $ 4,936 $ 5,085 2,571,694 2,474,988 2,587,555 2,587,151 2,539,849 2,527,869 2,524,773 (31,449 ) (54,239 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (3,794 ) (5,639 ) (3,357 ) (3,795 ) (4,247 ) (4,716 ) (5,076 ) $ 2,536,451 $ 2,415,110 $ 2,552,749 $ 2,551,908 $ 2,504,153 $ 2,491,704 $ 2,488,248 1.13 % 0.80 % 1.05 % 1.24 % 1.08 % 0.79 % 0.81 % $ 21,483 $ 14,525 $ 6,777 $ 7,890 $ 6,651 $ 4,936 $ 5,085 710 (2,062 ) 710 - - 1,026 - $ 22,193 $ 12,463 $ 7,487 $ 7,890 $ 6,651 $ 5,962 $ 5,085 $ 2,536,451 $ 2,415,110 $ 2,552,749 $ 2,551,908 $ 2,504,153 $ 2,491,704 $ 2,488,248 1.17 % 0.69 % 1.16 % 1.24 % 1.08 % 0.95 % 0.81 % FOR THE NINE MONTHS ENDED FOR THE THREE MONTHS ENDED September 30, September 30, September 30, June 30, March 31, December 31, September 30, 2021 2020 2021 2021 2021 2020 2020 $ 18,353 $ 17,657 $ 18,353 $ 18,288 $ 18,368 $ 19,162 $ 17,657 1,903,255 1,884,405 1,903,255 1,942,507 1,947,450 1,865,961 1,884,405 0.96 % 0.94 % 0.96 % 0.94 % 0.94 % 1.03 % 0.94 % $ 18,353 $ 17,657 $ 18,353 $ 18,288 $ 18,368 $ 19,162 $ 17,657 1,903,255 1,884,405 1,903,255 1,942,507 1,947,450 1,865,961 1,884,405 (79,918 ) (196,375 ) (79,918 ) (142,660 ) (201,588 ) (167,639 ) (196,375 ) 1,823,337 1,688,030 1,823,337 1,799,847 1,745,862 1,698,322 1,688,030 1.01 % 1.05 % 1.01 % 1.02 % 1.05 % 1.13 % 1.05 % FOR THE NINE MONTHS ENDED FOR THE THREE MONTHS ENDED September 30, September 30, September 30, June 30, March 31, December 31, September 30, 2021 2020 2021 2021 2021 2020 2020 $ 15,931 $ 16,984 $ 15,931 $ 16,219 $ 15,723 $ 19,430 $ 16,984 1,903,255 1,884,405 1,903,255 1,942,507 1,947,450 1,865,961 1,884,405 0.84 % 0.90 % 0.84 % 0.83 % 0.81 % 1.04 % 0.90 % $ 15,931 $ 16,984 $ 15,931 $ 16,219 $ 15,723 $ 19,430 $ 16,984 1,903,255 1,884,405 1,903,255 1,942,507 1,947,450 1,865,961 1,884,405 (79,918 ) (196,375 ) (79,918 ) (142,660 ) (201,588 ) (167,639 ) (196,375 ) 1,823,337 1,688,030 1,823,337 1,799,847 1,745,862 1,698,322 1,688,030 0.87 % 1.01 % 0.87 % 0.90 % 0.90 % 1.14 % 1.01 % FOR THE NINE MONTHS ENDED FOR THE THREE MONTHS ENDED September 30, September 30, September 30, June 30, March 31, December 31, September 30, 2021 2020 2021 2021 2021 2020 2020 $ 16,265 $ 18,139 $ 16,265 $ 16,848 $ 16,352 $ 20,173 $ 18,139 1,903,255 1,884,405 1,903,255 1,942,507 1,947,450 1,865,961 1,884,405 334 1,155 334 629 629 743 1,155 1,903,589 1,885,560 1,903,589 1,943,136 1,948,079 1,866,704 1,885,560 0.85 % 0.96 % 0.85 % 0.87 % 0.84 % 1.08 % 0.96 % $ 16,265 $ 18,139 $ 16,265 $ 16,848 $ 16,352 $ 20,173 $ 18,139 1,903,255 1,884,405 1,903,255 1,942,507 1,947,450 1,865,961 1,884,405 334 1,155 334 629 629 743 1,155 1,903,589 1,885,560 1,903,589 1,943,136 1,948,079 1,866,704 1,885,560 (79,918 ) (196,375 ) (79,918 ) (142,660 ) (201,588 ) (167,639 ) (196,375 ) $ 1,823,671 $ 1,689,185 $ 1,823,671 $ 1,800,476 $ 1,746,491 $ 1,699,065 $ 1,689,185 0.89 % 1.07 % 0.89 % 0.94 % 0.94 % 1.19 % 1.07 % FOR THE NINE MONTHS ENDED FOR THE THREE MONTHS ENDED September 30, September 30, September 30, June 30, March 31, December 31, September 30, 2021 2020 2021 2021 2021 2020 2020 $ 18,353 $ 17,657 $ 18,353 $ 18,288 $ 18,368 $ 19,162 $ 17,657 4,230 7,365 4,230 4,634 5,302 6,454 7,365 $ 22,583 $ 25,022 $ 22,583 $ 22,922 $ 23,670 $ 25,616 $ 25,022 $ 1,903,255 $ 1,884,405 $ 1,903,255 $ 1,942,507 $ 1,947,450 $ 1,865,961 $ 1,884,405 4,230 7,365 4,230 4,634 5,302 6,454 7,365 $ 1,907,485 $ 1,891,770 $ 1,907,485 $ 1,947,141 $ 1,952,752 $ 1,872,415 $ 1,891,770 1.18 % 1.32 % 1.18 % 1.18 % 1.21 % 1.37 % 1.32 % $ 18,353 $ 17,657 $ 18,353 $ 18,288 $ 18,368 $ 19,162 $ 17,657 4,230 7,365 4,230 4,634 5,302 6,454 7,365 $ 22,583 $ 25,022 $ 22,583 $ 22,922 $ 23,670 $ 25,616 $ 25,022 $ 1,903,255 $ 1,884,405 $ 1,903,255 $ 1,942,507 $ 1,947,450 $ 1,865,961 $ 1,884,405 (79,918 ) (196,375 ) (79,918 ) (142,660 ) (201,588 ) (167,639 ) (196,375 ) $ 1,823,337 $ 1,688,030 $ 1,823,337 $ 1,799,847 $ 1,745,862 $ 1,698,322 $ 1,688,030 4,230 7,365 4,230 4,634 5,302 6,454 7,365 $ 1,827,567 $ 1,695,395 $ 1,827,567 $ 1,804,481 $ 1,751,164 $ 1,704,776 $ 1,695,395 1.24 % 1.48 % 1.24 % 1.27 % 1.35 % 1.50 % 1.48 % FOR THE NINE MONTHS ENDED FOR THE THREE MONTHS ENDED September 30, September 30, September 30, June 30, March 31, December 31, September 30, 2021 2020 2021 2021 2021 2020 2020 $ 59,657 $ 53,917 $ 19,887 $ 20,082 $ 19,688 $ 19,686 $ 18,272 2,358,997 2,226,705 2,376,513 2,374,712 2,325,198 2,309,928 2,305,205 3.38 % 3.23 % 3.32 % 3.39 % 3.43 % 3.39 % 3.15 % 59,657 53,917 $ 19,887 $ 20,082 $ 19,688 $ 19,686 $ 18,272 (1,743 ) (1,216 ) (402 ) (616 ) (725 ) (888 ) (548 ) (5,298 ) (1,840 ) (1,635 ) (1,621 ) (2,042 ) (1,633 ) (1,038 ) $ 52,616 $ 50,861 $ 17,850 $ 17,845 $ 16,921 $ 17,165 $ 16,686 2,358,997 2,226,705 2,376,513 2,374,712 2,325,198 2,309,928 2,305,205 5,110 8,380 4,471 4,918 5,956 6,921 7,696 (159,746 ) (113,070 ) (115,743 ) (177,546 ) (186,728 ) (186,267 ) (195,588 ) $ 2,204,361 $ 2,122,015 $ 2,265,241 $ 2,202,084 $ 2,144,426 $ 2,130,582 $ 2,117,313 3.19 % 3.20 % 3.13 % 3.25 % 3.20 % 3.21 % 3.14 %

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    Howard Bancorp, Inc. Announces Third Quarter 2021 Earnings Release Date

    businesswire.com

    2021-10-07 08:30:00

    BALTIMORE--(BUSINESS WIRE)--Howard Bancorp, Inc. (Nasdaq: HBMD) will issue its third quarter of 2021 financial results after the markets close on Wednesday, October 20, 2021. About Howard Bancorp, Inc. Howard Bancorp, Inc. is the parent company of Howard Bank, a Maryland-chartered trust company operating as a commercial bank. Headquartered in Baltimore City, Maryland, Howard Bank operates a general commercial banking business through its 13 branches located throughout the Greater Baltimore Metropolitan Area. It had consolidated assets of approximately $2.6 billion at June 30, 2021. Additional information about Howard Bancorp, Inc. and Howard Bank are available on its website at www.HowardBank.com.

    https://images.financialmodelingprep.com/news/shareholder-alert-halper-sadeh-llp-investigates-hbmd-acbi-sbkk-20210928.jpg
    SHAREHOLDER ALERT: Halper Sadeh LLP Investigates HBMD, ACBI, SBKK, MSON; Shareholders are Encouraged to Contact the Firm

    prnewswire.com

    2021-09-28 18:40:00

    NEW YORK, Sept. 28, 2021 /PRNewswire/ -- Halper Sadeh LLP, a global investor rights law firm, announces it is investigating the following companies: Howard Bancorp, Inc. (NASDAQ: HBMD) concerning potential violations of the federal securities laws and/or breaches of fiduciary duties relating to its sale F.N.B.

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    Howard Bancorp (HBMD) Beats Q2 Earnings and Revenue Estimates

    zacks.com

    2021-07-21 18:30:22

    Howard Bancorp (HBMD) delivered earnings and revenue surprises of 21.21% and 4.35%, respectively, for the quarter ended June 2021. Do the numbers hold clues to what lies ahead for the stock?

    https://images.financialmodelingprep.com/news/recap-howard-bancorp-q2-earnings-20210721.jpg
    Recap: Howard Bancorp Q2 Earnings

    benzinga.com

    2021-07-21 16:44:34

    Shares of Howard Bancorp (NASDAQ:HBMD) were flat in after-market trading after the company reported Q2 results. Quarterly Results Earnings per share increased 100.00% over the past year to $0.40, which beat the estimate of $0.32.

    https://images.financialmodelingprep.com/news/howard-bancorp-inc-reports-second-quarter-2021-results-20210721.jpg
    Howard Bancorp, Inc. Reports Second Quarter 2021 Results

    businesswire.com

    2021-07-21 16:01:00

    BALTIMORE--(BUSINESS WIRE)--Howard Bancorp, Inc. Reports Second Quarter 2021 Results

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    Howard Bancorp, Inc. Reports Second Quarter 2021 Results

    businesswire.com

    2021-07-21 16:01:00

    BALTIMORE--(BUSINESS WIRE)--Howard Bancorp, Inc. (NASDAQ: HBMD) (“Howard Bancorp” or the “Company”), the parent company of Howard Bank (“Howard Bank” or the “Bank”), today reported its financial results for the quarter ended June 30, 2021. Second Quarter 2021 Highlights Net income: Net income of $7.5 million for the quarter, up 20% from first quarter of 2021 Core net income 1 of $7.5 million for the quarter, up 100% from second quarter of 2020 and up 20% from first quarter of 2021 Net income of $7.5 million for the quarter, up 20% from first quarter of 2021 Core net income 1 of $7.5 million for the quarter, up 100% from second quarter of 2020 and up 20% from first quarter of 2021 Earnings per share: Earnings per share (“EPS”), both basic and diluted, of $0.40 for the quarter, up 20% from first quarter of 2021 Core EPS, 1 both basic and diluted, of $0.40 for the quarter, up 100% from second quarter of 2020 and up 20% from first quarter of 2021 Earnings per share (“EPS”), both basic and diluted, of $0.40 for the quarter, up 20% from first quarter of 2021 Core EPS, 1 both basic and diluted, of $0.40 for the quarter, up 100% from second quarter of 2020 and up 20% from first quarter of 2021 Pre-provision net revenue (“PPNR”) 1: PPNR, 1 at $10.1 million for the quarter, up 8% from first quarter of 2021 Core PPNR, 1 at $10.1 million for the quarter, up 28% from second quarter of 2020 and up 8% from first quarter of 2021 Core PPNR, as a percentage of average assets, 1 1.57% for the quarter, up 31 basis points (“BP”) from second quarter of 2020 and up 7 BP from first quarter of 2021 PPNR, 1 at $10.1 million for the quarter, up 8% from first quarter of 2021 Core PPNR, 1 at $10.1 million for the quarter, up 28% from second quarter of 2020 and up 8% from first quarter of 2021 Core PPNR, as a percentage of average assets, 1 1.57% for the quarter, up 31 basis points (“BP”) from second quarter of 2020 and up 7 BP from first quarter of 2021 Loans: Total loans declined by $4.9 million during the quarter, with Paycheck Protection Program (“PPP”) loans down $58.9 million Portfolio loan 1 growth (which excludes PPP loans) of $54.0 million during the quarter (12.4% annualized growth rate) Total loans declined by $4.9 million during the quarter, with Paycheck Protection Program (“PPP”) loans down $58.9 million Portfolio loan 1 growth (which excludes PPP loans) of $54.0 million during the quarter (12.4% annualized growth rate) Net interest margin: Net interest margin, at 3.39% for the quarter, was down 4 BP from first quarter of 2021 due to a decline in PPP loan net interest income Operating net interest margin, 1 which excludes the impact of loan fair value accretion and net interest income from PPP lending, was 3.25% for the quarter, up 5 BP from first quarter of 2021 Net interest margin, at 3.39% for the quarter, was down 4 BP from first quarter of 2021 due to a decline in PPP loan net interest income Operating net interest margin, 1 which excludes the impact of loan fair value accretion and net interest income from PPP lending, was 3.25% for the quarter, up 5 BP from first quarter of 2021 Asset quality: COVID-19 related loan deferrals of $30.4 million at June 30, 2021 (1.6% of total loans and 1.7% of portfolio loans) Nonperforming assets to total assets was 0.65% as of June 30, 2021, down 19 BP from second quarter of 2020 and up 3 BP from first quarter of 2021 No provision for credit losses was recorded during the quarter, compared to $3.0 million in the second quarter of 2020 and $1.0 million in the first quarter of 2021 Net charge-offs were $80 thousand for the quarter, or 0.02% of average total loans (annualized) Allowance for loan losses was 0.94% of total loans and 1.02% of portfolio loans 1 as of June 30, 2021; compared to 0.86% and 0.96%, respectively, at June 30, 2020, and 0.94% and 1.05%, respectively, at March 31, 2021 COVID-19 related loan deferrals of $30.4 million at June 30, 2021 (1.6% of total loans and 1.7% of portfolio loans) Nonperforming assets to total assets was 0.65% as of June 30, 2021, down 19 BP from second quarter of 2020 and up 3 BP from first quarter of 2021 No provision for credit losses was recorded during the quarter, compared to $3.0 million in the second quarter of 2020 and $1.0 million in the first quarter of 2021 Net charge-offs were $80 thousand for the quarter, or 0.02% of average total loans (annualized) Allowance for loan losses was 0.94% of total loans and 1.02% of portfolio loans 1 as of June 30, 2021; compared to 0.86% and 0.96%, respectively, at June 30, 2020, and 0.94% and 1.05%, respectively, at March 31, 2021 Noninterest expense management: Noninterest expenses were $12.3 million for the quarter, down 74% from second quarter of 2020 (second quarter of 2020 included a $34.5 million goodwill impairment charge) and unchanged from first quarter of 2021 Core noninterest expenses, 1 were $12.3 million for the quarter, up 3% from second quarter of 2020 and unchanged from first quarter of 2021 Noninterest expenses were $12.3 million for the quarter, down 74% from second quarter of 2020 (second quarter of 2020 included a $34.5 million goodwill impairment charge) and unchanged from first quarter of 2021 Core noninterest expenses, 1 were $12.3 million for the quarter, up 3% from second quarter of 2020 and unchanged from first quarter of 2021 PPP update: $4.8 million of PPP loans funded during the quarter $64.9 million of PPP loans forgiven during the quarter ($62.5 million from 2020 originations) $4.8 million of PPP loans funded during the quarter $64.9 million of PPP loans forgiven during the quarter ($62.5 million from 2020 originations) 1 These are financial measures not calculated in accordance with generally accepted accounting principles (“GAAP”). Please refer to the section entitled “Reconciliation of Non-GAAP Financial Measures” in this press release and to the financial tables entitled “GAAP to Non-GAAP reconciliation” for a reconciliation to the most directly comparable GAAP financial measures. Net Income and EPS The Company reported net income of $7.5 million, or $0.40 per both basic and diluted common share, for the second quarter of 2021. This compares to a net loss of $29.4 million, or a loss of $1.57 per both basic and diluted common share, for the second quarter of 2020 and net income of $6.2 million, or $0.33 per both basic and diluted common share, for the first quarter of 2021. Second quarter 2021 basic and diluted EPS increased by $1.97 when compared to the second quarter of 2020 and $0.07 when compared to the first quarter of 2021. The following table presents an EPS rollforward for the second quarter of 2021 compared to both the second quarter of 2020 and the first quarter of 2021. The column noted as “FN” references each item in the rollforward to a footnote with additional information; reconciling items are presented on an after tax basis. $ (1.57 ) $ 0.33 1 1.84 - 2 0.12 0.04 3 0.02 (0.02 ) 4 0.04 - 5 (0.12 ) - 6 0.01 - 0.06 0.05 $ 0.40 $ 0.40 $ 1.97 $ 0.07 Core net income is a non-GAAP financial measure that excludes, if applicable, goodwill impairment charges and certain other items to provide a picture of ongoing activities deemed core to the Company’s strategy. Core net income for the second quarter of 2021, which is unchanged from reported net income, was $7.5 million, or $0.40 per both basic and diluted common share. This compares to core net income of $3.7 million, or $0.20 per both basic and diluted common share, for the second quarter of 2020. The $0.20 per share increase in core EPS in the second quarter of 2021, when compared to the second quarter of 2020, was primarily the result of a lower provision for credit losses, which was down $3.0 million (+$0.12 after tax per share), and an increase in the pretax contribution from PPP lending activities of $613 thousand (+$0.02 after tax per share). This also compares to core net income, which was unchanged from reported net income, of $6.2 million, or $0.33 per both basic and diluted common share, for the first quarter of 2021. The $0.07 per share increase in core earnings per share in the second quarter of 2021, when compared to the first quarter of 2021, included the result of a lower provision for credit losses, which was down $1.0 million (+$0.04 after tax per share), and a lower pretax contribution from PPP lending activities of $486 thousand (-$0.02 after tax per share). * Core pre-provision net revenue (“core PPNR”), a non-GAAP financial measure that adds back the provision for credit losses to GAAP pretax income and excludes, if applicable, goodwill impairment charges and certain other items, was $10.1 million for the second quarter of 2021. The second quarter of 2021 core PPNR was up $2.2 million, or 27.8%, from $7.9 million for the second quarter of 2020, and was up $723 thousand, or 7.7%, when compared to $9.4 million for the first quarter of 2021. * The Company reported net income of $13.7 million, or $0.73 and $0.72 per basic and diluted share, respectively, for the six months ended June 30, 2021. This compared to a net loss of $26.1 million, or a loss of $1.39 per both basic and diluted share, for the six months ended June 30, 2020. Core net income for the six months ended June 30, 2021 was also $13.7 million, or $0.73 and $0.72 per basic and diluted share, respectively, compared to $6.4 million, or $0.34 per both basic and diluted share, for the six months ended June 30, 2020. Core PPNR for the six months ended June 30, 2021 was $19.6 million, a $4.7 million, or 31.0% increase from $14.9 million for the six months ended June 30, 2020. Paycheck Protection Program Loans After the SBA relaunched the program on January 19, 2021, the Company originated $100.5 million of PPP loans in the first and second quarters of 2021, consisting of 591 loans with an average loan size of $170 thousand; $4.8 million of this total were originated in the second quarter of 2021 before the program ended. Of these 2021 originations, 36 loans, with an aggregate principal balance of $2.4 million, were forgiven during the second quarter of 2021. While the PPP program ended on May 31, 2021, the Company is now focused on assisting our customers through the loan forgiveness process. During the second and third quarters of 2020, the Company originated a total of $201.0 million in PPP loans, consisting of 1,062 loans with an average loan size of $189 thousand. A total of 329 loans, with an aggregate principal balance of $62.5 million, were forgiven during the second quarter of 2021. Of the 1,062 loans originated in 2020, 887 have been forgiven totaling $152.7 million through June 30, 2021, representing 83.5% of the number of 2020 PPP loans and 76.0% of 2020 principal balances. During 2020, the Company deferred total processing fees of $6.7 million from the SBA for originated PPP loans. In addition, $782 thousand of origination costs were deferred. The PPP originations in the first and second quarters of 2021 resulted in $4.2 million of additional deferred processing fees from the SBA and $547 thousand of additional deferred origination costs. The net deferred fees are being accreted as a yield adjustment over the contractual term of the underlying PPP loans, with accelerated accretion upon forgiveness. PPP lending generated pretax income of $1.6 million, or $0.06 after tax per share, in the second quarter of 2021, an increase of $613 thousand, or $0.02 after tax per share, from the second quarter of 2020 and a decrease of $486 thousand, or $0.02 after tax per share, from the first quarter of 2021. PPP loans, net of unaccreted net deferred fees, totaled $142.7 million at June 30, 2021, a decrease of $51.1 million from $193.7 million at June 30, 2020 and a decrease of $58.9 million from $201.6 million at March 31, 2021. PPP loan principal balances were $146.3 million at June 30, 2021 while unaccreted net deferred fees were $3.6 million at June 30, 2021. Certain information in this earnings release is presented with respect to “portfolio loans,” a non-GAAP financial measure defined as total loans and leases, but excluding the PPP loans. The Company believes that portfolio loan related measures provide additional useful information for purposes of evaluating the Company’s results of operations and financial condition with respect to the second quarter of 2021 when comparing to other periods, since the PPP loans are 100% guaranteed, were not subject to traditional loan underwriting standards, and a substantial portion of these loans are expected to be forgiven and repaid by the SBA within the next 12 months. * COVID-19 Loan Modifications COVID-19 related loan modifications to both commercial and retail customers that the Company provided on a case by case basis, in the form of payment deferrals for periods up to six months, continue to trend favorably from their peak of $315 million (17.9% of both total loans and portfolio loans) on April 24, 2020. As of June 30, 2021, deferrals were $30.4 million, or 1.6% of total loans and 1.7% of portfolio loans, down from $47.9 million as of May 6, 2021, the most recent date when the Company previously disclosed deferral data. Included in total deferrals at June 30, 2021 are second deferrals (including deferrals where the cumulative inception to date deferral is greater than six months) of $17.6 million. Full payment deferrals represent 5% of total deferrals while principal only deferrals represent 95% of total deferrals. * Asset Quality and Allowance for Loan and Lease Losses Nonperforming assets (“NPAs”) totaled $16.8 million at June 30, 2021, an increase of $0.4 million from March 31, 2021 and a decrease of $3.8 million from June 30, 2020. NPAs consisted of $16.2 million of nonperforming loans (“NPLs”) and $629 thousand of other real estate owned (“OREO”) at June 30, 2021. NPLs were 0.83% of total loans and 0.90% of portfolio loans at June 30, 2021. NPAs represented 0.65% of total assets, 0.87% of total loans and OREO, and 0.94% of portfolio loans and OREO at June 30, 2021. * This compares to NPAs of $20.6 million at June 30, 2020 that consisted of $18.5 million in NPLs and $2.1 million of OREO. NPLs were 0.97% of total loans and 1.08% of portfolio loans at June 30, 2020 while nonperforming assets represented 0.84% of total assets, 1.08% of total loans and OREO, and 1.21% of portfolio loans and OREO at June 30, 2020. This compares to NPAs of $16.4 million at March 31, 2021 that consisted of $15.7 million in NPLs and $629 thousand of OREO. NPLs were 0.81% of total loans and 0.90% of portfolio loans at March 31, 2021 while NPAs represented 0.62% of total assets, 0.84% of total loans and OREO, and 0.94% of portfolio loans and OREO at March 31, 2021. Net charge-offs were $80 thousand in the second quarter of 2021 and represented 0.02% of average loans (annualized). This compares to net charge-offs of $28 thousand, or 0.01% of average loans (annualized) in the second quarter of 2020 and $1.8 million, or 0.43% of average loans (annualized) in the first quarter of 2021. The allowance for loan and lease losses (the “allowance”) was $18.3 million on June 30, 2021. No provision for credit losses was recorded in the second quarter of 2021. Because the Company is a smaller reporting company under SEC rules, the allowance was determined under the incurred loss model. The $18.3 million allowance represented 0.94% of total loans, 1.02% of portfolio loans, and 112.8% of NPLs at June 30, 2021. * This compares to an allowance of $16.4 million at June 30, 2020. The June 30, 2020 allowance represented 0.86% of total loans, 0.96% of portfolio loans, and 88.6% of NPLs. The $1.9 million increase in the allowance at June 30, 2021 was the result of aggregate provisions for credit losses attributable to the allowance of $4.1 million partially offset by aggregate net charge-offs of $2.2 million during the four-quarter period ending June 30, 2021. This compares to an allowance of $18.4 million at March 31, 2021. The March 31, 2021 allowance represented 0.94% of total loans, 1.05% of portfolio loans, and 116.8% of NPLs. The $80 thousand decrease in the allowance at June 30, 2021 was the result of net charge-offs of $80 thousand during the quarter ended June 30, 2021 and no provision for credit losses. The Company’s allowance as a percentage of total loans has historically been lower than certain of our peers due to the accounting for acquired loans and their initial impact on the allowance. The allowance and unamortized fair value marks as a percentage of portfolio loans, a non-GAAP measure used by management to assess credit coverage, adds the unamortized fair value marks to total loans, portfolio loans, and the allowance. The fair value marks, unlike the allowance, are not available to absorb general losses but are only available to absorb losses for the specific loan to which they apply. However, this measure provides the Company with an additional indicator of potential loss absorption capacity. The allowance and unamortized fair value marks as a percentage of total loans plus fair value marks was 1.18% at June 30, 2021, a decrease of 10 BP from June 30, 2020 and a decrease of 3 BP from March 31, 2021. The allowance and unamortized fair value marks as a percentage of portfolio loans plus fair value marks was 1.27% at June 30, 2021, a decrease of 16 BP from June 30, 2020 and a decrease of 8 BP from March 31, 2021. * The Company’s asset quality trends indicate very modest additional stress in the loan portfolio; we believe our ongoing active management of the portfolio, COVID-19 related loan modifications, and PPP loan relief have reduced the risk in the portfolio. Management will continue to closely monitor portfolio conditions and reevaluate the adequacy of the allowance. While the level of payment deferrals and PPP loan assistance have reduced the short-term risk in the Company’s loan portfolio and traditional lagging indicators of delinquencies and nonperforming loans remain historically modest, management believes there still is the potential for additional risk rating downgrades and an increase in charge-offs in future periods. Stockholders’ Equity and Regulatory Capital Ratios Stockholders’ equity at June 30, 2021 was $303.3 million, an increase of $10.6 million from March 31, 2021. The increase was primarily due to second quarter 2021 net income of $7.5 million and a $3.0 million increase in accumulated other comprehensive income (“AOCI”), which represents the after tax impact of changes in the fair value of available-for-sale securities. Book value per common share was $16.14 at June 30, 2021, an increase of $0.56 per share since March 31, 2021, with second quarter EPS of $0.40 per share and the change in AOCI representing a $0.16 per share increase. Tangible stockholders’ equity, a non-GAAP financial measure that deducts goodwill and other intangible assets, net of any applicable deferred tax liabilities, was $268.3 million at June 30, 2021. This compares to $257.3 million at March 31, 2021, with the $11.0 million increase primarily due to second quarter net income of $7.5 million, a $3.0 million increase in AOCI, and $594 thousand of core deposit intangible amortization. Tangible book value per common share, a non-GAAP measure that divides tangible stockholders’ equity by the number of shares outstanding, was $14.28 per share at June 30, 2021, an increase of $0.58 per share since March 31, 2021. * The Company’s regulatory capital ratios are all well in excess of regulatory “well-capitalized” and internal target minimum levels. Note that the Company had adopted the regulatory AOCI opt-out election; as a result, AOCI is not a component of regulatory capital and, therefore, changes in AOCI do not impact regulatory capital ratios. The total capital ratio was 14.62% while both the Common Equity Tier 1 (“CET 1”) and Tier 1 capital ratios were 12.26% at June 30, 2021. The Tier 1 to average assets (“leverage”) ratio was 9.74%. A comparison of the Company’s June 30, 2021 regulatory capital ratios to June 30, 2020 and March 31, 2021 is as follows: Regulatory capital ratios at June 30, 2020 consisted of a total capital ratio of 14.09% while both the CET 1 and Tier 1 capital ratios were 11.66%. The leverage ratio was 8.73%. All June 30, 2021 regulatory capital ratios were above the June 30, 2020 levels. Regulatory capital ratios at March 31, 2021 consisted of a total capital ratio of 14.47% while both the CET 1 and Tier 1 capital ratios were 12.06%. The leverage ratio was 9.53%. All June 30, 2021 regulatory capital ratios were above the March 31, 2021 levels. Net Interest Income and Net Interest Margin Net interest income was $20.1 million for the second quarter of 2021, an increase of $394 thousand from $19.7 million for the first quarter of 2021, and an increase of $2.0 million, or 10.8%, from $18.1 million in the second quarter of 2020. PPP net interest income decreased by $421 thousand from the first quarter of 2021 but increased by $849 thousand from the second quarter of 2020. Non-PPP related changes in net interest income were attributable to the impact of portfolio loan growth and lower funding costs, partially offset by lower yields on earning assets. The following table presents selected yields and rates for the second quarters of 2021 and 2020 as well as the first quarter of 2021. Changes in the second quarter 2021 yields and rates from the second quarter of 2020 and the first quarter of 2021 are also included in the table. Second Quarter 2021 Change from: Second Quarter 2021 Second Quarter 2020 First Quarter 2021 Second Quarter 2020 First Quarter 2021 3.39% 3.22% 3.43% 0.17% -0.04% 3.25% 3.20% 3.20% 0.05% 0.05% 3.61% 3.81% 3.70% -0.20% -0.09% 4.07% 4.18% 4.22% -0.11% -0.15% 0.23% 0.62% 0.28% -0.39% -0.05% 0.12% 0.10% 0.14% 0.02% -0.02% 0.12% 0.10% 0.15% 0.02% -0.03% 0.13% 0.12% 0.17% 0.01% -0.04% 0.02% -0.08% 0.09% 0.10% -0.07% 0.03% -0.09% 0.09% 0.12% -0.06% -0.01% -0.13% 0.07% 0.12% -0.08% The second quarter 2021 net interest margin of 3.39% was up 17 BP from the second quarter of 2020 and down 4 BP from the first quarter of 2021. The impact of the accretion of fair value adjustments on acquired loans (“FV accretion”) and net interest income from PPP lending had a significant impact on the reported net interest margin. Operating net interest margin is a non-GAAP financial measure defined as net interest income excluding both FV accretion and net interest income from PPP lending divided by average earning assets excluding both the average balance of fair value adjustments on acquired loans and the average balance of PPP loans. The Company believes that operating net interest margin related measures provide additional useful information for purposes of evaluating the Company’s results of operations, by eliminating the non-sustainable contribution from PPP lending and the volatility from FV accretion. * The second quarter 2021 operating net interest margin of 3.25% was up 5 BP from the second quarter of 2020. While the cost of funds (defined as average total interest-bearing liabilities (“IBL”) + demand deposits) decreased by 39 BP, the yield on earning assets, as adjusted for FV accretion and interest income from PPP lending, decreased by 34 BP, with these decreases due to the significant drop in market interest rates. The second quarter 2021 operating net interest margin of 3.25% is also up 5 BP from 3.20% in the first quarter of 2021. The cost of funds decreased by 5 BP while the yield on earning assets, as adjusted for FV accretion and interest income from PPP lending, was unchanged. Noninterest Income Noninterest income was $2.4 million for the second quarter of 2021, a decrease of $2.4 million from the $4.8 million reported in the second quarter of 2020, and an increase of $284 thousand from the $2.1 million reported in the first quarter of 2021. There were no securities gains in either the first or second quarters of 2021 compared to $3.0 million in the second quarter of 2020. Core noninterest income, a non-GAAP financial measure that excludes noninterest income attributable to securities gains in the second quarter of 2020, was $2.4 million for the first quarter of 2021, a $638 thousand increase from $1.7 million for the second quarter of 2020, and a $284 thousand increase from the first quarter of 2021. * The $638 thousand increase when compared to the second quarter of 2020 primarily consisted of the following: an increase in interchange fees, as card activity volumes continue to improve, included in other income (+$225 thousand), an increase in service charges on deposit accounts (+$221 thousand), and an increase in loan related fees and service charges (+$96 thousand). The $284 thousand increase when compared to the first quarter of 2021 was primarily due to an increase in interchange fees (+$147 thousand), and an increase in service charges on deposit accounts (+$115 thousand). Noninterest Expenses Noninterest expenses totaled $12.3 million for the second quarter of 2021, a decrease of $35.3 million from the $47.6 million reported in the second quarter of 2020, and a decrease of $45 thousand from the $12.3 million reported in the first quarter of 2021. A goodwill impairment charge of $34.5 million was included in noninterest expenses in the second quarter of 2020. Core noninterest expenses is a non-GAAP financial measure that, with respect to the second quarter of 2020, excludes noninterest expenses attributable to the following: the $34.5 million goodwill impairment charge, a $1.0 million accrual for potential litigation claims stemming from certain mortgages originated by First Mariner Bank before its merger with Howard Bank (included within other operating expense), and prepayment penalties on FHLB advances of $224 thousand (included within other operating expense). There were no related adjustments to reported noninterest expense in the first and second quarter of 2021. Core noninterest expenses were $12.3 million for the second quarter of 2021, a $393 thousand increase from $11.9 million in the second quarter of 2020, and a $45 thousand decrease from $12.3 million in the first quarter of 2021. * The $393 thousand increase when compared to the second quarter of 2020 resulted primarily from higher compensation and benefits expenses (+$884 thousand) partially offset by lower other real estate owned expenses (-$268 thousand), and lower expenses in the aggregate in all other categories (-$221 thousand). The higher level of compensation and benefits expense included an increase in staff costs and benefits (+$544 thousand), resulting from talent acquisitions since the second quarter of 2020, including staff increases in connection with the Company’s Greater Washington initiative. In addition, the second quarter of 2021 included a lower level of loan origination internal cost deferrals (+$231 thousand), as the second quarter of 2020 included $242 thousand of internal cost deferrals attributable to the PPP program. The $45 thousand decrease when compared to the first quarter of 2021 resulted primarily from higher compensation and benefits expenses (+$221 thousand), partially driven by staff increases in connection with the Greater Washington initiative, more than offset by lower expenses in the aggregate in all other categories (-$266 thousand). Loans Loans totaled $1.94 billion at June 30, 2021, a decrease of $4.9 million, or 0.3%, from total loans at March 31, 2021. Compared to June 30, 2020, total loans grew by $43.9 million, or 2.3%. Portfolio loans, a non-GAAP measure defined as total loans and leases, but excluding PPP loans, totaled $1.80 billion at June 30, 2021, an increase of $54.0 million, or 3.1%, from portfolio loans at March 31, 2021. Compared to June 30, 2020, portfolio loans increased by $94.9 million, or 5.6%. Changes in portfolio loans were as follows: * Compared to March 31, 2021, the $54.0 million increase (12.4% annualized growth rate) in portfolio loans was primarily driven by growth in our commercial lending portfolio totaling $1.25 billion at June 30, 2021, a $20.9 million increase (6.8% annualized growth rate) from $1.23 billion at March 31, 2021: Commercial real estate (“CRE”) loans were up $23.7 million, or 3.2%, while commercial and industrial (“C&I”) loans and construction and land loans were down slightly. New loan originations of $88.2 million during the second quarter of 2021 were partially offset by $67.3 million in loan maturities, payoffs, partial paydowns, and lower line utilization. Consumer loans were up $10.7 million, or 14.3%, reflecting continued growth in some niche lending activities. Residential real estate loans were up $22.4 million, or 5.1%. Secondary market loan purchases were $58.6 million during the second quarter of 2021, partially offset by $36.2 million of prepayments. Commercial real estate (“CRE”) loans were up $23.7 million, or 3.2%, while commercial and industrial (“C&I”) loans and construction and land loans were down slightly. New loan originations of $88.2 million during the second quarter of 2021 were partially offset by $67.3 million in loan maturities, payoffs, partial paydowns, and lower line utilization. Consumer loans were up $10.7 million, or 14.3%, reflecting continued growth in some niche lending activities. Residential real estate loans were up $22.4 million, or 5.1%. Secondary market loan purchases were $58.6 million during the second quarter of 2021, partially offset by $36.2 million of prepayments. Compared to June 30, 2020, the $94.9 million increase in portfolio loans was a result of the following: The commercial lending portfolio increased by $69.5 million, or 5.9%, with CRE loans up $74.9 million, or 10.7%, C&I loans up $4.8 million, or 1.3%, despite lower line utilization, and construction and land loans down $10.1 million, or 7.9%, due partially to transfers to CRE upon completion of construction. Consumer loans were up $38.7 million, or 83.0%, reflecting strong growth in some niche lending activities such as marine lending. Residential real estate loans were down $13.3 million, or 2.8%. The commercial lending portfolio increased by $69.5 million, or 5.9%, with CRE loans up $74.9 million, or 10.7%, C&I loans up $4.8 million, or 1.3%, despite lower line utilization, and construction and land loans down $10.1 million, or 7.9%, due partially to transfers to CRE upon completion of construction. Consumer loans were up $38.7 million, or 83.0%, reflecting strong growth in some niche lending activities such as marine lending. Residential real estate loans were down $13.3 million, or 2.8%. Average total loans were $1.94 billion for the second quarter of 2021, an increase of $44.8 million, or 2.4%, over average loans for the first quarter of 2021, and an increase of $56.5 million, or 3.0%, over average loans for the second quarter of 2020. Average portfolio loans were $1.76 billion for the second quarter of 2021, an increase of $54.0 million, or 3.2%, from average loans for the first quarter of 2021. Compared to the second quarter of 2020, average portfolio loans increased by $21.6 million, or 1.2%. Deposits Total deposits were $2.03 billion at June 30, 2021, a decrease of $19.4 million, or 0.9%, from the March 31, 2021 balance of $2.04 billion. Compared to June 30, 2020, total deposits grew by $194.9 million, or 10.6%. Changes in deposits were as follows: Customer deposits, which exclude brokered and other non-customer deposits, were $1.79 billion at June 30, 2021, compared to $1.78 billion at March 31, 2021, an increase of $17.5 million, or 1.0%. Low-cost, non-maturity deposits increased by $27.3 million, or 1.7%, during the second quarter of 2021. $17.9 million of the growth was in transaction accounts, with noninterest-bearing transaction accounts up $51.7 million, or 7.1%. The increase in non-maturity deposits was partially offset by the continued managed decline in customer CD balances, down $9.8 million, or 5.0%. The Company continues to manage for lower retention rates on maturing CDs that have substantially higher rates than current market rates. Management’s strategy is to not offer above-market renewal rates on non-transactional, non-relationship deposits. Low-cost, non-maturity deposits increased by $27.3 million, or 1.7%, during the second quarter of 2021. $17.9 million of the growth was in transaction accounts, with noninterest-bearing transaction accounts up $51.7 million, or 7.1%. The increase in non-maturity deposits was partially offset by the continued managed decline in customer CD balances, down $9.8 million, or 5.0%. The Company continues to manage for lower retention rates on maturing CDs that have substantially higher rates than current market rates. Management’s strategy is to not offer above-market renewal rates on non-transactional, non-relationship deposits. Compared to June 30, 2020, customer deposits increased by $124.9 million, or 7.5%. The increase in customer deposits was primarily the result of strong growth in low-cost, non-maturity deposits, which increased by $219.0 million, or 15.8%. $129.1 million of the growth was in transaction accounts, with noninterest-bearing transaction accounts up $106.8 million, or 15.9%. Customer CD balances declined by $94.2 million, or 33.5%. The increase in customer deposits was primarily the result of strong growth in low-cost, non-maturity deposits, which increased by $219.0 million, or 15.8%. $129.1 million of the growth was in transaction accounts, with noninterest-bearing transaction accounts up $106.8 million, or 15.9%. Customer CD balances declined by $94.2 million, or 33.5%. Brokered and other non-customer deposits were $231.8 million at June 30, 2021, compared to $268.7 million at March 31, 2021 and $161.8 million at June 30, 2020. Non-customer deposits continue to be the Company’s lowest-cost incremental funding source. Average customer deposits for the second quarter of 2021 were $1.80 billion, an increase of $82.1 million, or 4.8%, from the first quarter 2021 average balance. Customer non-maturity deposit balances increased by $102.1 million, or 6.8%, with transaction accounts up $84.0 million; $74.8 million of the transaction account growth was in noninterest-bearing deposits. Compared to the second quarter of 2020, average customer deposits were up by $189.5 million, or 11.7%. Customer non-maturity deposit balances increased by $284.8 million, or 21.5%, with transaction accounts up $182.2 million; $141.7 million of the transaction account growth was in noninterest-bearing deposits. * Please refer to the section entitled “Reconciliation of Non-GAAP Financial Measures” in this press release and to the financial tables entitled “GAAP to Non-GAAP reconciliation” for a reconciliation to the most directly comparable GAAP financial measures. Pending Merger On July 13, 2021, the boards of directors of F.N.B. Corporation (NYSE: FNB), the holding company for First National Bank of Pennsylvania, and the Company announced the execution of a definitive merger agreement for F.N.B. Corporation to acquire Howard Bancorp, including its wholly-owned banking subsidiary, Howard Bank, in an all-stock transaction. The completion of the merger remains subject to receipt of regulatory approvals, approval of the Company’s stockholders and satisfaction of other customary closing conditions. Due to the pending merger, the Company will not be holding an earnings call to review its second quarter 2021 financial results. About the Company Howard Bancorp, Inc. is the parent company of Howard Bank, a Maryland-chartered trust company operating as a commercial bank. Headquartered in Baltimore City, Maryland, Howard Bank operates a general commercial banking business through its 13 branches located throughout the Greater Baltimore Metropolitan Area. Additional information about Howard Bancorp, Inc. and Howard Bank are available on its website at www.HowardBank.com. Cautionary Note Regarding Forward-Looking Statements This press release and statements by the Company’s management contains “forward-looking statements” as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Forward looking statements can be identified by words such as “anticipated,” “expects,” “intends,” “believes,” “may,” “likely,” “will,” “look forward” or other statements that indicate future periods. Such statements include, without limitation, statements regarding management’s predictions or expectations about future economic conditions, statements about the Company’s business or financial performance, as well as management’s outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties which change over time and other factors which could cause actual results to differ materially from those currently anticipated. These risks and uncertainties include, but are not limited to: the impact of the global COVID-19 pandemic on our business, including the impact of the actions taken by governmental authorities to try and contain the virus or address the impact of the virus on the United States economy (including, without limitation, the CARES Act and the Consolidated Appropriations Act, 2021), and the resulting effect of these items on our operations, liquidity and capital position, and on the financial condition of the Company’s borrowers and other customers; risks related to the Company’s proposed merger with F.N.B. Corporation, conditions in the financial markets and economic conditions generally and in the bank and non-bank financial services industries, nationally and within our local market areas, including the effects of declines in housing markets, an increase in unemployment levels and slowdowns in economic growth; the Company’s level of nonperforming assets and the costs associated with resolving problem loans including litigation and other costs; the potential inability to replace income lost from exiting our mortgage banking activities with new revenues; the impact of changes in interest rates; credit quality and strength of underlying collateral; the credit risk associated with the substantial amount of commercial real estate, construction and land development, and commercial and industrial loans in the Company’s loan portfolio; the extensive federal and state regulation, supervision and examination governing almost every aspect of the Company’s operations and potential expenses associated with complying with such regulations; possible additional loan losses and impairment of the collectability of loans; the Company’s ability to comply with applicable capital and liquidity requirements; any further impairment of the Company’s goodwill or other intangible assets; losses resulting from pending or potential litigation claims may exceed amounts accrued with respect to such matters; system failure or cybersecurity breaches of the Company’s network security; the Company’s ability to recruit and retain key employees; the effects of weather and natural disasters such as floods, droughts, wind, tornadoes and hurricanes as well as effects from geopolitical instability and man-made disasters including terrorist attacks; the effects of any reputation, credit, interest rate, market, operational, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above; and other risks and uncertainties. Additional risks and uncertainties are contained in the “Risk Factors” and forward-looking statements disclosure in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The inclusion of this forward-looking information should not be construed as a representation by us or any person that future events, plans, or expectations contemplated by us will be achieved. Forward-looking statements are as of the date they are made, and the Company does not undertake to update any forward-looking statement, whether written or oral, whether as a result of new information, future events, or otherwise, except as required by law. Additional information is available at www.HowardBank.com. FOR THE SIX MONTHS ENDED FOR THE THREE MONTHS ENDED June 30, June 30, June 30, March 31, June 30, 2021 2020 2021 2021 2020 $ 42,617 $ 43,700 $ 21,382 $ 21,235 $ 21,474 2,847 8,055 1,300 1,547 3,354 39,770 35,645 20,082 19,688 18,120 1,000 6,445 - 1,000 3,000 38,770 29,200 20,082 18,688 15,120 4,422 8,125 2,353 2,069 4,759 24,639 62,187 12,297 12,342 47,628 18,553 (24,862 ) 10,138 8,415 (27,749 ) 4,895 1,204 2,682 2,213 1,660 $ 13,658 $ (26,066 ) $ 7,456 $ 6,202 $ (29,409 ) $ 0.73 $ (1.39 ) $ 0.40 $ 0.33 $ (1.57 ) $ 0.72 $ (1.39 ) $ 0.40 $ 0.33 $ (1.57 ) $ 16.14 $ 15.14 $ 16.14 $ 15.58 $ 15.14 $ 14.28 $ 13.17 $ 14.28 $ 13.70 $ 13.17 18,777 18,791 18,787 18,768 18,716 18,847 18,791 18,871 18,797 18,716 18,795 18,716 18,795 18,782 18,716 $ 2,599,541 $ 2,463,450 $ 2,599,541 $ 2,625,550 $ 2,463,450 1,799,847 1,704,911 1,799,847 1,745,862 1,704,911 142,660 193,719 142,660 201,588 193,719 1,942,507 1,898,630 1,942,507 1,947,450 1,898,630 18,288 16,356 18,288 18,368 16,356 442,583 343,149 442,583 461,818 343,149 2,025,557 1,830,674 2,025,557 2,044,926 1,830,674 247,126 312,173 247,126 263,838 312,173 303,263 283,281 303,263 292,675 283,281 2,563,631 2,449,822 2,587,151 2,539,849 2,529,797 298,765 316,980 300,234 297,280 319,152 1.07 % (2.14 )% 1.16 % 0.99 % (4.68 )% 9.22 % (16.54 )% 9.96 % 8.46 % (37.06 )% $ 19,553 $ (18,417 ) $ 10,138 $ 9,415 $ (24,749 ) 1.54 % 1.22 % 1.57 % 1.50 % 1.26 % 3.41 % 3.28 % 3.39 % 3.43 % 3.22 % 55.75 % 142.08 % 54.81 % 56.73 % 208.17 % 55.75 % 61.90 % 54.81 % 56.73 % 60.01 % 0.90 % 1.08 % 0.90 % 0.90 % 1.08 % 0.94 % 1.21 % 0.94 % 0.94 % 1.21 % 0.65 % 0.84 % 0.65 % 0.62 % 0.84 % 0.94 % 0.86 % 0.94 % 0.94 % 0.86 % 1.02 % 0.96 % 1.02 % 1.05 % 0.96 % 112.76 % 88.56 % 112.76 % 116.82 % 88.56 % 0.20 % 0.05 % 0.02 % 0.43 % 0.01 % 9.74 % 8.73 % 9.74 % 9.53 % 8.73 % 12.26 % 11.66 % 12.26 % 12.06 % 11.66 % 12.26 % 11.66 % 12.26 % 12.06 % 11.66 % 14.62 % 14.09 % 14.62 % 14.47 % 14.09 % 11.65 % 12.94 % 11.60 % 11.70 % 12.62 % FOR THE SIX MONTHS ENDED FOR THE THREE MONTHS ENDED June 30, June 30, June 30, March 31, June 30, 2021 2020 2021 2021 2020 $ 42,617 $ 43,700 $ 21,382 $ 21,235 $ 21,474 2,847 8,055 1,300 1,547 3,354 39,770 35,645 20,082 19,688 18,120 1,000 6,445 - 1,000 3,000 38,770 29,200 20,082 18,688 15,120 1,193 1,075 654 539 433 - 1,036 - - - - 3,044 - - 3,044 - 6 - - 6 845 886 421 424 441 568 755 271 297 175 1,816 1,323 1,007 809 660 4,422 8,125 2,353 2,069 4,759 14,065 14,700 7,143 6,922 6,259 2,643 2,275 1,318 1,325 1,242 638 903 341 297 453 1,543 1,360 809 734 634 1,866 1,776 982 884 849 466 499 171 295 236 40 346 - 40 268 335 660 181 154 192 1,209 1,379 594 615 680 - 34,500 - - 34,500 1,834 3,789 758 1,076 2,315 24,639 62,187 12,297 12,342 47,628 18,553 (24,862 ) 10,138 8,415 (27,749 ) 4,895 1,204 2,682 2,213 1,660 $ 13,658 $ (26,066 ) $ 7,456 $ 6,202 $ (29,409 ) $ 0.73 $ (1.39 ) $ 0.40 $ 0.33 $ (1.57 ) $ 0.72 $ (1.39 ) $ 0.40 $ 0.33 $ (1.57 ) 18,777 18,791 18,787 18,768 18,716 18,847 18,791 18,871 18,797 18,716 1.07 % -2.14 % 1.16 % 0.99 % -4.68 % 9.22 % -16.54 % 9.96 % 8.46 % -37.06 % $ 19,553 $ 14,921 $ 10,138 $ 9,415 $ 7,931 1.54 % 1.22 % 1.57 % 1.50 % 1.26 % 3.41 % 3.28 % 3.39 % 3.43 % 3.22 % 55.75 % 142.08 % 54.81 % 56.73 % 208.17 % 55.75 % 61.90 % 54.81 % 56.73 % 60.01 % PERIOD ENDED June 30, March 31, December 31, September 30, June 30, 2021 2021 2020 2020 2020 $ 12,681 $ 10,750 $ 9,415 $ 11,043 $ 12,652 59,754 68,822 65,204 59,539 46,418 72,435 79,572 74,619 70,582 59,070 367,873 377,040 375,397 377,471 276,889 6,000 6,250 7,250 7,250 7,250 8,956 9,706 10,637 10,637 12,592 1,799,847 1,745,862 1,698,322 1,688,030 1,704,911 142,660 201,588 167,639 196,375 193,719 1,942,507 1,947,450 1,865,961 1,884,405 1,898,630 (18,288 ) (18,368 ) (19,162 ) (17,657 ) (16,356 ) 1,924,219 1,929,082 1,846,799 1,866,748 1,882,274 40,290 40,700 41,142 42,147 42,434 31,449 31,449 31,449 31,449 31,449 4,586 5,180 5,795 6,431 7,090 78,443 78,021 77,597 77,157 76,716 629 629 743 1,155 2,137 28,324 32,175 31,254 34,687 35,034 36,337 35,746 35,309 33,470 30,515 $ 2,599,541 $ 2,625,550 $ 2,537,991 $ 2,559,184 $ 2,463,450 $ 778,388 $ 726,643 $ 676,801 $ 657,028 $ 671,598 1,247,169 1,318,283 1,298,613 1,315,710 1,159,076 2,025,557 2,044,926 1,975,414 1,972,738 1,830,674 205,000 225,000 200,000 200,000 246,000 13,436 10,353 13,634 41,473 37,834 28,690 28,485 28,437 28,388 28,339 247,126 263,838 242,071 269,861 312,173 23,595 24,111 25,874 27,085 37,322 2,296,278 2,332,875 2,243,359 2,269,684 2,180,169 188 188 187 187 187 271,086 270,934 270,591 270,445 270,057 31,825 24,369 18,167 13,696 9,090 164 (2,816 ) 5,687 5,172 3,947 303,263 292,675 294,632 289,500 283,281 $ 2,599,541 $ 2,625,550 $ 2,537,991 $ 2,559,184 $ 2,463,450 9.74 % 9.53 % 9.26 % 9.07 % 8.73 % 12.26 % 12.06 % 11.83 % 11.65 % 11.66 % 12.26 % 12.06 % 11.83 % 11.65 % 11.66 % 14.62 % 14.47 % 14.32 % 14.11 % 14.09 % $ 16,219 $ 15,723 $ 19,430 $ 16,984 $ 18,469 629 629 743 1,155 2,137 $ 16,848 $ 16,352 $ 20,173 $ 18,139 $ 20,606 0.90 % 0.90 % 1.14 % 1.01 % 1.08 % 0.94 % 0.94 % 1.19 % 1.07 % 1.21 % 0.65 % 0.62 % 0.79 % 0.71 % 0.84 % 0.94 % 0.94 % 1.03 % 0.94 % 0.86 % 1.02 % 1.05 % 1.13 % 1.05 % 0.96 % 112.76 % 116.82 % 98.62 % 103.96 % 88.56 % 0.02 % 0.43 % 0.05 % 0.02 % 0.01 % 0.00 % 0.24 % 0.40 % 0.40 % 0.69 % Three Months Ended June 30, 2021 Three Months Ended March 31, 2021 Three Months Ended June 30, 2020 Average Balance Income / Expense Yield / Rate Average Balance Income / Expense Yield / Rate Average Balance Income / Expense Yield / Rate $ 358,980 $ 3,271 3.65 % $ 344,841 $ 3,085 3.63 % $ 375,835 $ 3,730 3.99 % 755,815 8,528 4.53 736,282 8,556 4.71 694,613 8,143 4.71 118,704 1,116 3.77 117,251 1,109 3.84 132,899 1,287 3.89 446,784 4,249 3.81 443,225 4,072 3.73 490,110 4,948 4.06 80,418 748 3.73 65,136 658 4.09 45,619 536 4.73 1,760,701 17,912 4.08 1,706,735 17,479 4.15 1,739,076 18,644 4.31 177,546 1,776 4.01 186,728 2,203 4.79 142,715 896 2.53 1,938,247 19,688 4.07 1,893,463 19,682 4.22 1,881,791 19,540 4.18 45,256 274 2.43 48,253 288 2.42 80,217 532 2.67 320,960 1,088 1.36 319,063 929 1.18 189,419 945 2.01 9,294 139 6.00 9,152 140 6.20 5,507 92 6.72 375,510 1,501 1.60 376,467 1,357 1.46 275,143 1,569 2.29 6,206 88 5.69 6,283 89 5.72 7,745 112 5.82 9,008 99 4.39 10,687 101 3.85 13,015 220 6.80 45,741 6 0.06 38,297 6 0.06 86,181 20 0.09 - - - - - - 1,365 13 3.83 2,374,712 21,382 3.61 % 2,325,198 21,235 3.70 % 2,265,240 21,474 3.81 % 10,781 10,586 16,056 40,593 40,993 42,431 31,449 31,449 65,570 4,956 5,563 7,522 143,052 145,158 146,395 (18,392 ) (19,098 ) (13,417 ) $ 2,587,151 $ 2,539,849 $ 2,529,797 $ 227,272 $ 19 0.03 % $ 218,053 $ 22 0.04 % $ 186,781 $ 57 0.12 % 428,169 66 0.06 442,930 83 0.08 365,658 342 0.38 180,992 15 0.03 171,508 12 0.03 140,904 25 0.07 409,404 310 0.30 438,545 543 0.50 557,401 1,959 1.41 1,245,837 410 0.13 1,271,036 660 0.21 1,250,744 2,383 0.77 206,231 443 0.86 207,696 441 0.86 255,945 506 0.80 10,751 1 0.04 12,983 1 0.03 16,747 13 0.31 28,608 446 6.25 28,455 446 6.35 28,307 452 6.42 245,590 890 1.45 249,133 888 1.44 300,999 971 1.30 1,491,427 1,300 0.35 % 1,520,169 1,547 0.41 % 1,551,743 3,354 0.87 % 773,825 699,021 632,080 21,665 23,379 26,822 2,286,917 2,242,569 2,210,645 300,234 297,280 319,152 $ 2,587,151 $ 2,539,849 $ 2,529,797 $ 20,082 3.26 % $ 19,688 3.29 % $ 18,120 2.94 % 0.13 0.14 0.27 3.39 % 3.43 % 3.22 % Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Average Balance Income / Expense Yield / Rate Average Balance Income / Expense Yield / Rate $ 351,950 $ 6,356 3.64 % $ 376,517 $ 8,034 4.29 % 746,102 17,084 4.62 692,772 16,589 4.82 117,982 2,225 3.80 132,194 2,750 4.18 445,014 8,321 3.77 499,572 10,193 4.10 72,819 1,405 3.89 45,641 1,056 4.65 1,733,867 35,391 4.12 1,746,696 38,622 4.45 182,112 3,979 4.41 71,357 896 2.53 1,915,979 39,370 4.14 1,818,053 39,518 4.37 46,746 562 2.42 75,523 1,024 2.73 320,017 2,017 1.27 170,409 1,923 2.27 9,224 279 6.11 5,515 184 6.71 375,986 2,858 1.53 251,447 3,131 2.50 6,244 177 5.71 7,747 225 5.84 9,843 200 4.09 14,361 393 5.50 42,039 12 0.06 85,521 254 0.60 - - - 9,894 179 3.64 2,350,092 42,617 3.66 % 2,187,023 43,700 4.02 % 10,684 14,833 40,792 42,560 31,449 65,760 5,258 7,871 144,099 143,843 (18,743 ) (12,068 ) $ 2,563,631 $ 2,449,822 $ 222,688 $ 41 0.04 % $ 185,043 $ 214 0.23 % 435,509 149 0.07 367,218 1,047 0.57 176,276 27 0.03 137,240 70 0.10 423,894 853 0.41 540,691 4,262 1.59 1,258,367 1,070 0.17 1,230,192 5,593 0.91 206,959 884 0.86 288,407 1,532 1.07 11,860 2 0.03 11,707 17 0.29 28,532 891 6.30 28,282 913 6.49 247,351 1,777 1.45 328,396 2,462 1.51 1,505,718 2,847 0.38 % 1,558,588 8,055 1.04 % 736,630 548,390 22,518 25,864 2,264,866 2,132,842 298,765 316,980 $ 2,563,631 $ 2,449,822 $ 39,770 3.28 % $ 35,645 2.98 % 0.13 0.30 3.41 % 3.28 % Reconciliation of Non-GAAP Financial Measures This press release contains references to financial measures that are not defined in generally accepted accounting principles (“GAAP”). Such non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we discuss in this press release may differ from that of other companies reporting measures with similar names. You should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures we have discussed in this press release when comparing such non-GAAP financial measures. The Company considers the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. The Company believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results. We believe these measures provide investors with information regarding balance sheet profitability, and we believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods. The Company has excluded the after tax impact of its former mortgage banking activities, the goodwill impairment charge, and certain other items, as well as the income tax benefit of the change in net operating loss carryback rules as a result of the CARES Act. The reconciliation is presented on the following pages. FOR THE SIX MONTHS ENDED FOR THE THREE MONTHS ENDED June 30, June 30, June 30, March 31, December 31, September 30, June 30, 2021 2020 2021 2021 2020 2020 2020 $ 13,658 $ (26,066 ) $ 7,456 $ 6,202 $ 4,471 $ 4,604 $ (29,409 ) - (143 ) - - - - - - (1,425 ) - - - - - - 1,438 - - - - - - (130 ) - - - - - - (3,044 ) - - - - (3,044 ) - 224 - - - - 224 - - - - 554 - - - 1,000 - - 980 - 1,000 - 788 - - - - - - 34,500 - - - - 34,500 - 33,468 - - 1,534 - 32,680 - 33,338 - - 1,534 - 32,680 - (276 ) - - 414 - (454 ) - 33,614 - - 1,120 - 33,134 - (1,177 ) - - (94 ) - - - 32,437 - - 1,026 - 33,134 $ 13,658 $ 6,371 $ 7,456 $ 6,202 $ 5,497 $ 4,604 $ 3,725 18,847 18,791 18,871 18,797 18,748 18,737 18,716 $ 0.72 $ (1.39 ) $ 0.40 $ 0.33 $ 0.24 $ 0.25 $ (1.57 ) $ - 1.73 - - 0.05 - 1.77 $ 0.72 $ 0.34 $ 0.40 $ 0.33 $ 0.29 $ 0.25 $ 0.20 FOR THE SIX MONTHS ENDED FOR THE THREE MONTHS ENDED June 30, June 30, June 30, March 31, December 31, September 30, June 30, 2021 2020 2021 2021 2020 2020 2020 $ 13,658 $ (26,066 ) $ 7,456 $ 6,202 $ 4,471 $ 4,604 $ (29,409 ) 1,000 6,445 - 1,000 1,700 1,700 3,000 4,895 1,204 2,682 2,213 1,093 1,348 1,660 $ 19,553 $ (18,417 ) $ 10,138 $ 9,415 $ 7,264 $ 7,652 $ (24,749 ) - (130 ) - - - - - - (3,044 ) - - - - (3,044 ) - 224 - - - - 224 - - - - 554 - - - 1,000 - - 980 - 1,000 - 788 - - - - - - 34,500 - - - - 34,500 - 33,338 - - 1,534 - 32,680 $ 19,553 $ 14,921 $ 10,138 $ 9,415 $ 8,798 $ 7,652 $ 7,931 FOR THE SIX MONTHS ENDED FOR THE THREE MONTHS ENDED June 30, June 30, June 30, March 31, December 31, September 30, June 30, 2021 2020 2021 2021 2020 2020 2020 $ 19,553 $ 14,921 $ 10,138 $ 9,415 $ 8,798 $ 7,652 $ 7,931 $ 298,765 $ 316,980 $ 300,234 $ 297,280 $ 294,285 $ 288,727 $ 319,152 (31,449 ) (65,760 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (65,570 ) (4,018 ) (5,921 ) (3,795 ) (4,246 ) (4,716 ) (5,076 ) (5,671 ) $ 263,297 $ 245,299 $ 264,991 $ 261,584 $ 258,120 $ 252,202 $ 247,911 14.98 % 12.23 % 15.35 % 14.60 % 13.56 % 12.07 % 12.87 % FOR THE SIX MONTHS ENDED FOR THE THREE MONTHS ENDED June 30, June 30, June 30, March 31, December 31, September 30, June 30, 2021 2020 2021 2021 2020 2020 2020 $ 19,553 $ 14,921 $ 10,138 $ 9,415 $ 8,798 $ 7,652 $ 7,931 2,563,631 2,449,822 2,587,151 2,539,849 2,527,869 2,524,773 2,529,797 1.54 % 1.22 % 1.57 % 1.50 % 1.38 % 1.21 % 1.26 % FOR THE SIX MONTHS ENDED FOR THE THREE MONTHS ENDED June 30, June 30, June 30, March 31, December 31, September 30, June 30, 2021 2020 2021 2021 2020 2020 2020 $ 39,770 $ 35,645 $ 20,082 $ 19,688 $ 19,686 $ 18,272 $ 18,120 - (143 ) - - - - - - (143 ) - - - - - $ 39,770 $ 35,502 $ 20,082 $ 19,688 $ 19,686 $ 18,272 $ 18,120 $ 4,422 $ 8,125 $ 2,353 $ 2,069 $ 2,145 $ 2,089 $ 4,759 - (1,425 ) - - - - - - (3,044 ) - - - - (3,044 ) - (4,469 ) - - - - (3,044 ) $ 4,422 $ 3,656 $ 2,353 $ 2,069 $ 2,145 $ 2,089 $ 1,715 $ 44,192 $ 43,770 $ 22,435 $ 21,757 $ 21,831 $ 20,361 $ 22,879 - (143 ) - - - - - - (4,469 ) - - - - (3,044 ) - (4,612 ) - - - - (3,044 ) $ 44,192 $ 39,158 $ 22,435 $ 21,757 $ 21,831 $ 20,361 $ 19,835 $ 24,639 $ 62,187 $ 12,297 $ 12,342 $ 14,567 $ 12,709 $ 47,628 - (1,438 ) - - - - - - (224 ) - - - - (224 ) - - - - (554 ) - - - (1,000 ) - - (980 ) - (1,000 ) - (788 ) - - - - - - (34,500 ) - - - - (34,500 ) - (37,950 ) - - (1,534 ) - (35,724 ) $ 24,639 $ 24,237 $ 12,297 $ 12,342 $ 13,033 $ 12,709 $ 11,904 55.75 % 142.08 % 54.81 % 56.73 % 66.73 % 62.42 % 208.17 % 55.75 % 61.90 % 54.81 % 56.73 % 59.70 % 62.42 % 60.01 % FOR THE SIX MONTHS ENDED FOR THE THREE MONTHS ENDED June 30, June 30, June 30, March 31, December 31, September 30, June 30, 2021 2020 2021 2021 2020 2020 2020 $ 303,263 $ 283,281 $ 303,263 $ 292,675 $ 294,632 $ 289,500 $ 283,281 18,795 18,716 18,795 18,782 18,745 18,742 18,716 $ 16.14 $ 15.14 $ 16.14 $ 15.58 $ 15.72 $ 15.45 $ 15.14 $ 303,263 $ 283,281 $ 303,263 $ 292,675 $ 294,632 $ 289,500 $ 283,281 (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (3,501 ) (5,358 ) (3,501 ) (3,942 ) (4,398 ) (4,869 ) (5,358 ) $ 268,313 $ 246,474 $ 268,313 $ 257,284 $ 258,785 $ 253,182 $ 246,474 18,795 18,716 18,795 18,782 18,745 18,742 18,716 $ 14.28 $ 13.17 $ 14.28 $ 13.70 $ 13.81 $ 13.51 $ 13.17 FOR THE SIX MONTHS ENDED FOR THE THREE MONTHS ENDED June 30, June 30, June 30, March 31, December 31, September 30, June 30, 2021 2020 2021 2021 2020 2020 2020 $ 303,263 $ 283,281 $ 303,263 $ 292,675 $ 294,632 $ 289,500 $ 283,281 (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (3,501 ) (5,358 ) (3,501 ) (3,942 ) (4,398 ) (4,869 ) (5,358 ) $ 268,313 $ 246,474 $ 268,313 $ 257,284 $ 258,785 $ 253,182 $ 246,474 $ 2,599,541 $ 2,463,450 $ 2,599,541 $ 2,625,550 $ 2,537,991 $ 2,559,184 $ 2,463,450 (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (3,501 ) (5,358 ) (3,501 ) (3,942 ) (4,398 ) (4,869 ) (5,358 ) $ 2,564,591 $ 2,426,643 $ 2,564,591 $ 2,590,159 $ 2,502,144 $ 2,522,866 $ 2,426,643 10.46 % 10.16 % 10.46 % 9.93 % 10.34 % 10.04 % 10.16 % FOR THE SIX MONTHS ENDED FOR THE THREE MONTHS ENDED June 30, June 30, June 30, March 31, December 31, September 30, June 30, 2021 2020 2021 2021 2020 2020 2020 $ 13,658 $ (26,066 ) $ 7,456 $ 6,202 $ 4,471 $ 4,604 $ (29,409 ) 298,765 316,980 300,234 297,280 294,285 288,727 319,152 9.22 % -16.54 % 9.96 % 8.46 % 6.04 % 6.34 % -37.06 % $ 13,658 $ (26,066 ) $ 7,456 $ 6,202 $ 4,471 $ 4,604 $ (29,409 ) - 32,437 - - 1,026 - 33,134 $ 13,658 $ 6,371 $ 7,456 $ 6,202 $ 5,497 $ 4,604 $ 3,725 298,765 316,980 300,234 297,280 294,285 288,727 319,152 9.22 % 4.04 % 9.96 % 8.46 % 7.43 % 6.34 % 4.69 % FOR THE SIX MONTHS ENDED FOR THE THREE MONTHS ENDED June 30, June 30, June 30, March 31, December 31, September 30, June 30, 2021 2020 2021 2021 2020 2020 2020 $ 13,658 $ (26,066 ) $ 7,456 $ 6,202 $ 4,471 $ 4,604 $ (29,409 ) - 34,500 - - - - 34,500 1,209 1,379 594 615 636 659 680 (326 ) (372 ) (160 ) (166 ) (172 ) (178 ) (184 ) 883 1,007 434 449 464 481 496 883 35,507 434 449 464 481 34,996 $ 14,541 $ 9,441 $ 7,890 $ 6,651 $ 4,936 $ 5,085 $ 5,587 $ 298,765 $ 316,980 $ 300,234 $ 297,280 $ 294,285 $ 288,727 $ 319,152 (31,449 ) (65,760 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (65,570 ) (4,018 ) (5,921 ) (3,795 ) (4,246 ) (4,716 ) (5,076 ) (5,671 ) $ 263,297 $ 245,299 $ 264,991 $ 261,584 $ 258,120 $ 252,202 $ 247,911 11.14 % 7.74 % 11.94 % 10.31 % 7.61 % 8.02 % 9.06 % $ 14,541 $ 9,441 $ 7,890 $ 6,651 $ 4,936 $ 5,085 $ 5,587 - (2,063 ) - - 1,026 - (1,366 ) $ 14,541 $ 7,378 $ 7,890 $ 6,651 $ 5,961 $ 5,085 $ 4,222 $ 263,297 $ 245,299 $ 264,991 $ 261,584 $ 258,120 $ 252,202 $ 247,911 11.14 % 6.05 % 11.94 % 10.31 % 9.19 % 8.02 % 6.85 % FOR THE SIX MONTHS ENDED FOR THE THREE MONTHS ENDED June 30, June 30, June 30, March 31, December 31, September 30, June 30, 2021 2020 2021 2021 2020 2020 2020 $ 13,658 $ (26,066 ) $ 7,456 $ 6,202 $ 4,471 $ 4,604 $ (29,409 ) 2,563,631 2,449,822 2,587,151 2,539,849 2,527,869 2,524,773 2,529,797 1.07 % -2.14 % 1.16 % 0.99 % 0.70 % 0.73 % -4.68 % 13,658 (26,066 ) 7,456 6,202 4,471 4,604 (29,409 ) - 32,437 - - 1,026 - 33,134 $ 13,658 $ 6,371 $ 7,456 $ 6,202 $ 5,497 $ 4,604 $ 3,725 2,563,631 2,449,822 2,587,151 2,539,849 2,527,869 2,524,773 2,529,797 1.07 % 0.52 % 1.16 % 0.99 % 0.87 % 0.73 % 0.59 % FOR THE SIX MONTHS ENDED FOR THE THREE MONTHS ENDED June 30, June 30, June 30, March 31, December 31, September 30, June 30, 2021 2020 2021 2021 2020 2020 2020 $ 13,658 $ (26,066 ) $ 7,456 $ 6,202 $ 4,471 $ 4,604 $ (29,409 ) - 34,500 - - - - 34,500 1,209 1,379 594 615 636 659 680 (326 ) (372 ) (160 ) (166 ) (172 ) (178 ) (184 ) 883 1,007 434 449 464 481 496 883 35,507 434 449 464 481 34,996 $ 14,541 $ 9,441 $ 7,890 $ 6,651 $ 4,936 $ 5,085 $ 5,587 2,563,631 2,449,822 2,587,151 2,539,849 2,527,869 2,524,773 2,529,797 (31,449 ) (65,760 ) (31,449 ) (31,449 ) (31,449 ) (31,449 ) (65,570 ) (4,018 ) (5,921 ) (3,795 ) (4,246 ) (4,716 ) (5,076 ) (5,671 ) $ 2,528,163 $ 2,378,141 $ 2,551,908 $ 2,504,154 $ 2,491,704 $ 2,488,248 $ 2,458,556 1.16 % 0.80 % 1.24 % 1.08 % 0.79 % 0.81 % 0.91 % $ 14,541 $ 9,441 $ 7,890 $ 6,651 $ 4,936 $ 5,085 $ 5,587 - (2,063 ) - - 1,026 - (1,366 ) $ 14,541 $ 7,378 $ 7,890 $ 6,651 $ 5,961 $ 5,085 $ 4,222 $ 2,528,163 $ 2,378,141 $ 2,551,908 $ 2,504,154 $ 2,491,704 $ 2,488,248 $ 2,458,556 1.16 % 0.62 % 1.24 % 1.08 % 0.95 % 0.81 % 0.69 % FOR THE SIX MONTHS ENDED FOR THE THREE MONTHS ENDED June 30, June 30, June 30, March 31, December 31, September 30, June 30, 2021 2020 2021 2021 2020 2020 2020 $ 18,288 $ 16,356 $ 18,288 $ 18,368 $ 19,162 $ 17,657 $ 16,356 1,942,507 1,898,630 1,942,507 1,947,450 1,865,961 1,884,405 1,898,630 0.94 % 0.86 % 0.94 % 0.94 % 1.03 % 0.94 % 0.86 % $ 18,288 $ 16,356 $ 18,288 $ 18,368 $ 19,162 $ 17,657 $ 16,356 1,942,507 1,898,630 1,942,507 1,947,450 1,865,961 1,884,405 1,898,630 (142,660 ) (193,719 ) (142,660 ) (201,588 ) (167,639 ) (196,375 ) (193,719 ) 1,799,847 1,704,911 1,799,847 1,745,862 1,698,322 1,688,030 1,704,911 1.02 % 0.96 % 1.02 % 1.05 % 1.13 % 1.05 % 0.96 % FOR THE SIX MONTHS ENDED FOR THE THREE MONTHS ENDED June 30, June 30, June 30, March 31, December 31, September 30, June 30, 2021 2020 2021 2021 2020 2020 2020 $ 16,219 $ 18,469 $ 16,219 $ 15,723 $ 19,430 $ 16,984 $ 18,469 1,942,507 1,898,630 1,942,507 1,947,450 1,865,961 1,884,405 1,898,630 0.83 % 0.97 % 0.83 % 0.81 % 1.04 % 0.90 % 0.97 % $ 16,219 $ 18,469 $ 16,219 $ 15,723 $ 19,430 $ 16,984 $ 18,469 1,942,507 1,898,630 1,942,507 1,947,450 1,865,961 1,884,405 1,898,630 (142,660 ) (193,719 ) (142,660 ) (201,588 ) (167,639 ) (196,375 ) (193,719 ) 1,799,847 1,704,911 1,799,847 1,745,862 1,698,322 1,688,030 1,704,911 0.90 % 1.08 % 0.90 % 0.90 % 1.14 % 1.01 % 1.08 % FOR THE SIX MONTHS ENDED FOR THE THREE MONTHS ENDED June 30, June 30, June 30, March 31, December 31, September 30, June 30, 2021 2020 2021 2021 2020 2020 2020 $ 16,848 $ 20,606 $ 16,848 $ 16,352 $ 20,173 $ 18,139 $ 20,606 1,942,507 1,898,630 1,942,507 1,947,450 1,865,961 1,884,405 1,898,630 629 2,137 629 629 743 1,155 2,137 1,943,136 1,900,767 1,943,136 1,948,079 1,866,704 1,885,560 1,900,767 0.87 % 1.08 % 0.87 % 0.84 % 1.08 % 0.96 % 1.08 % $ 16,848 $ 20,606 $ 16,848 $ 16,352 $ 20,173 $ 18,139 $ 20,606 1,942,507 1,898,630 1,942,507 1,947,450 1,865,961 1,884,405 1,898,630 629 2,137 629 629 743 1,155 2,137 1,943,136 1,900,767 1,943,136 1,948,079 1,866,704 1,885,560 1,900,767 (142,660 ) (193,719 ) (142,660 ) (201,588 ) (167,639 ) (196,375 ) (193,719 ) $ 1,800,476 $ 1,707,048 $ 1,800,476 $ 1,746,491 $ 1,699,065 $ 1,689,185 $ 1,707,048 0.94 % 1.21 % 0.94 % 0.94 % 1.19 % 1.07 % 1.21 % FOR THE SIX MONTHS ENDED FOR THE THREE MONTHS ENDED June 30, June 30, June 30, March 31, December 31, September 30, June 30, 2021 2020 2021 2021 2020 2020 2020 $ 18,288 $ 16,356 $ 18,288 $ 18,368 $ 19,162 $ 17,657 $ 16,356 4,634 8,105 4,634 5,302 6,454 7,365 8,105 $ 22,922 $ 24,461 $ 22,922 $ 23,670 $ 25,616 $ 25,022 $ 24,461 $ 1,942,507 $ 1,898,630 $ 1,942,507 $ 1,947,450 $ 1,865,961 $ 1,884,405 $ 1,898,630 4,634 8,105 4,634 5,302 6,454 7,365 8,105 $ 1,947,141 $ 1,906,735 $ 1,947,141 $ 1,952,752 $ 1,872,415 $ 1,891,770 $ 1,906,735 1.18 % 1.28 % 1.18 % 1.21 % 1.37 % 1.32 % 1.28 % $ 18,288 $ 16,356 $ 18,288 $ 18,368 $ 19,162 $ 17,657 $ 16,356 4,634 8,105 4,634 5,302 6,454 7,365 8,105 $ 22,922 $ 24,461 $ 22,922 $ 23,670 $ 25,616 $ 25,022 $ 24,461 $ 1,942,507 $ 1,898,630 $ 1,942,507 $ 1,947,450 $ 1,865,961 $ 1,884,405 $ 1,898,630 (142,660 ) (193,719 ) (142,660 ) (201,588 ) (167,639 ) (196,375 ) (193,719 ) $ 1,799,847 $ 1,704,911 $ 1,799,847 $ 1,745,862 $ 1,698,322 $ 1,688,030 $ 1,704,911 4,634 8,105 4,634 5,302 6,454 7,365 8,105 $ 1,804,481 $ 1,713,016 $ 1,804,481 $ 1,751,164 $ 1,704,776 $ 1,695,395 $ 1,713,016 1.27 % 1.43 % 1.27 % 1.35 % 1.50 % 1.48 % 1.43 % FOR THE SIX MONTHS ENDED FOR THE THREE MONTHS ENDED June 30, June 30, June 30, March 31, December 31, September 30, June 30, 2021 2020 2021 2021 2020 2020 2020 $ 39,770 $ 35,645 $ 20,082 $ 19,688 $ 19,686 $ 18,272 $ 18,120 2,350,092 2,187,023 2,374,712 2,325,198 2,309,928 2,305,205 2,265,240 3.41 % 3.28 % 3.39 % 3.43 % 3.39 % 3.15 % 3.22 % 39,770 35,645 $ 20,082 $ 19,688 $ 19,686 $ 18,272 $ 18,120 (1,340 ) (667 ) (616 ) (725 ) (888 ) (548 ) (448 ) (3,663 ) (743 ) (1,621 ) (2,042 ) (1,633 ) (1,038 ) (743 ) $ 34,767 $ 34,235 $ 17,845 $ 16,921 $ 17,165 $ 16,686 $ 16,929 2,350,092 2,187,023 2,374,712 2,325,198 2,309,928 2,305,205 2,265,240 5,437 8,727 4,918 5,956 6,921 7,696 8,408 (182,112 ) (71,357 ) (177,546 ) (186,728 ) (186,267 ) (195,588 ) (142,715 ) $ 2,173,417 $ 2,124,393 $ 2,202,084 $ 2,144,426 $ 2,130,582 $ 2,117,313 $ 2,130,933 3.23 % 3.24 % 3.25 % 3.20 % 3.21 % 3.14 % 3.20 %

    https://images.financialmodelingprep.com/news/shareholder-alert-monteverde-associates-pc-announces-an-investigation-of-howard-20210716.jpg
    SHAREHOLDER ALERT: Monteverde & Associates PC Announces an Investigation of Howard Bancorp, Inc. - HBMD

    prnewswire.com

    2021-07-16 21:00:00

    NEW YORK, July 16, 2021 /PRNewswire/ --  Juan Monteverde , founder and managing partner at Monteverde & Associates PC, a national securities firm rated Top 50 in the 2018-2020 ISS Securities Class Action Services Report and headquartered at the Empire State Building in New York City, is investigating Howard Bancorp, Inc. ("HBMD" or the "Company") (HBMD) relating to its proposed merger with F.N.B. Corp. Under the terms of the agreement, HBMD shareholders will receive 1.8 shares of F.N.B.

    https://images.financialmodelingprep.com/news/howard-bancorp-inc-announces-second-quarter-2021-earnings-release-date-20210715.jpg
    Howard Bancorp, Inc. Announces Second Quarter 2021 Earnings Release Date

    businesswire.com

    2021-07-15 14:41:00

    BALTIMORE--(BUSINESS WIRE)--Howard Bancorp, Inc. (Nasdaq: HBMD) will issue its second quarter of 2021 financial results after the markets close on Wednesday, July 21, 2021. About Howard Bancorp, Inc. Howard Bancorp, Inc. is the parent company of Howard Bank, a Maryland-chartered trust company operating as a commercial bank. Headquartered in Baltimore City, Maryland, Howard Bank operates a general commercial banking business through its 13 branches located throughout the Greater Baltimore Metropolitan Area. It had consolidated assets of approximately $2.6 billion at March 31, 2021. Additional information about Howard Bancorp, Inc. and Howard Bank are available on its website at www.HowardBank.com.

    https://images.financialmodelingprep.com/news/howard-bancorp-inc-announces-second-quarter-2021-earnings-release-20210715.jpg
    Howard Bancorp, Inc. Announces Second Quarter 2021 Earnings Release Date

    businesswire.com

    2021-07-15 14:41:00

    BALTIMORE--(BUSINESS WIRE)--Howard Bancorp, Inc. (Nasdaq: HBMD) will issue its second quarter of 2021 financial results after the markets close on Wednesday, July 21, 2021. About Howard Bancorp, Inc. Howard Bancorp, Inc. is the parent company of Howard Bank, a Maryland-chartered trust company operating as a commercial bank. Headquartered in Baltimore City, Maryland, Howard Bank operates a general commercial banking business through its 13 branches located throughout the Greater Baltimore Metropolitan Area. It had consolidated assets of approximately $2.6 billion at March 31, 2021. Additional information about Howard Bancorp, Inc. and Howard Bank are available on its website at www.HowardBank.com.

    https://images.financialmodelingprep.com/news/howard-bancorp-investor-alert-by-the-former-attorney-general-of-louisiana-20210714.jpg
    HOWARD BANCORP INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Howard Bancorp, Inc. - HBMD

    businesswire.com

    2021-07-14 15:10:00

    NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Howard Bancorp, Inc. (NasdaqGS: HBMD) to F.N.B. Corporation ("FNB") (NYSE: FNB). Under the terms of the proposed transaction, shareholders of Howard will receive 1.8 shares of FNB common stock for each share of Howard that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company. If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn (lewis.kahn@ksfcounsel.com) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nasdaqgs-hbmd/ to learn more. To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.

    https://images.financialmodelingprep.com/news/howard-bancorp-investor-alert-by-the-former-attorney-general-20210714.jpg
    HOWARD BANCORP INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Howard Bancorp, Inc. - HBMD

    businesswire.com

    2021-07-14 15:10:00

    NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Howard Bancorp, Inc. (NasdaqGS: HBMD) to F.N.B. Corporation ("FNB") (NYSE: FNB). Under the terms of the proposed transaction, shareholders of Howard will receive 1.8 shares of FNB common stock for each share of Howard that they own. KSF is seeking to determine whether this consideration and the process that le