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F.N.B. Corporation (NYSE: FNB) has received all necessary regulatory approvals for its merger with Howard Bancorp, Inc. (NASDAQ: HBMD), including from the Federal Reserve and other financial regulatory bodies. The merger is expected to enhance FNB's market position in the Mid-Atlantic region, ranking sixth in deposit share in Baltimore. FNB anticipates a 4% accretion to earnings per share and minimal impact on tangible book value. The merger requires approval from Howard's shareholders, with a vote scheduled for November 9, 2021. The exchange ratio for Howard stockholders is fixed at 1.8 shares of FNB common stock for each share of Howard.
Howard Bancorp, Inc. (NASDAQ: HBMD) reported a net income of $6.4 million for Q3 2021, a 38% increase year-over-year but a 15% decrease from Q2 2021. Core net income rose to $7.1 million, up 54% from the previous year. Earnings per share (EPS) stood at $0.34, reflecting a 37% annual growth yet a drop from $0.40 in Q2 2021. Total loans decreased by $39.3 million, with net interest margin at 3.32%. Noninterest expenses rose to $13.3 million, partly due to $880 thousand in merger-related costs from an ongoing merger with F.N.B. Corporation.
Howard Bancorp, Inc. (Nasdaq: HBMD) will release its third quarter 2021 financial results on October 20, 2021, after market close. The company, headquartered in Baltimore, Maryland, operates as a commercial bank through its subsidiary, Howard Bank, boasting consolidated assets of approximately $2.6 billion as of June 30, 2021. Investors can find more details about Howard Bancorp and its operations on their official website.
Howard Bancorp (NASDAQ: HBMD) announced its financial results for Q2 2021, reporting a net income of $7.5 million, a 20% increase from Q1 2021. Core net income also rose by 100% year-over-year, reaching $7.5 million. Earnings per share (EPS) remained at $0.40. Total loans decreased by $4.9 million, although portfolio loans increased by 12.4%. The company's net interest margin was recorded at 3.39%, a slight decline from the previous quarter. The allowance for loan losses was 0.94% of total loans, indicating improved asset quality.
Howard Bancorp, Inc. (Nasdaq: HBMD) plans to release its second quarter 2021 financial results on July 21, 2021, after market close. The company operates as a Maryland-chartered trust company and is the parent of Howard Bank, which has 13 branches in the Greater Baltimore Metropolitan Area. As of March 31, 2021, Howard Bancorp reported consolidated assets of approximately $2.6 billion.
F.N.B. Corporation (FNB) announced its acquisition of Howard Bancorp, Inc. (HBMD) in an all-stock transaction valued at approximately $418 million or $21.96 per share. This merger aims to enhance FNB's presence in the Mid-Atlantic region, increasing total assets to $41 billion and total deposits to $32 billion. Shareholders of Howard will receive 1.8 shares of FNB stock for each share they hold. Expected to close in early 2022, the merger is anticipated to be 4% accretive to FNB's earnings per share.
F.N.B. Corporation (FNB) has announced a definitive merger agreement to acquire Howard Bancorp, Inc. (HBMD) in an all-stock transaction valued at $21.96 per share, totaling approximately $418 million. The merger will enhance FNB’s asset base to about $41 billion alongside significant growth in deposits and loans. Under the agreement, Howard shareholders will receive 1.8 shares of FNB for each share of Howard. This merger aims to deepen FNB's presence in the Mid-Atlantic region and is projected to be 4% accretive to earnings per share, with minimal impact on tangible book value.
Howard Bancorp (NASDAQ: HBMD) reported impressive financial results for Q1 2021. The net income surged 86% year-over-year to $6.2 million, with earnings per share of $0.33, marking an 83% increase. PPNR grew 49% to $9.4 million, while total loans increased by $81.5 million, including $33.9 million in PPP loans. The net interest margin was stable at 3.43%. Noninterest expenses were reduced by 15% to $12.3 million. Despite challenges in the low-interest environment, the company’s strategic focus on commercial relationships has driven solid growth.
Howard Bancorp, Inc. (Nasdaq: HBMD) will release its first quarter 2021 financial results on April 21, 2021, after market close. A conference call is scheduled for April 22, 2021, at 10:00 a.m. (ET) to discuss the results and answer questions. Interested participants are encouraged to call 1-877-269-7756 at least ten minutes early to ensure their entry. The call will also be available for replay on the company's Investor Relations page until May 19, 2021.
Howard Bancorp, Inc. (NASDAQ: HBMD) reported its financial results for Q4 and the full year 2020. The company achieved a net income of $4.5 million ($0.24 per share) in Q4 2020, down from $5.9 million ($0.31 per share) in Q4 2019. For the year, it reported a net loss of $17 million, compared to a net income of $16.9 million in 2019. Key factors included a $1.7 million provision for credit losses in Q4 2020 and $3.8 million from the Paycheck Protection Program. The stockholder's equity increased to $294.6 million, reflecting strong liquidity and net interest income growth by 7.6% in Q4 2020 compared to Q3 2020.
