Category: Financial services (page 1 of 2)

Community Financial first quarter earnings beat expectations

COMMUNITY BANK OF TRI-COUNTY NEW LOGOWALDORF, MD – Community Financial Corp. reported a first quarter profit that beat analyst expectations, according to a filing with the Securities and Exchange Commission.

Community Financial, the holding company for Community Bank of the Chesapeake, reported a net income of $2.3 million. The earnings per diluted share were at 51 cents. This was a 45.6 percent increase from the net income of $1.6 million, or 35 cents per diluted share, reported this time last year.

These numbers beat Wall Street analysts’ average estimates of 44 cents per diluted share.

The increase in net income was the result of increased net interest income of $201,000, a lower provision for loan losses of $290,000 partially offset by small variances in non-interest expense and non-interest income and higher income tax expense due to higher pretax earnings.

“Our 2016 loan growth, expected loan growth for 2017 and continued focus on controlling expenses should position the company to further increase operating leverage during 2017,” said Chief Executive Officer William Pasenelli in a statement.

Community Financial’s returns on average assets and common stockholder’s equity were 0.7 percent and 8.78 percent, respectively, compared to 0.62 percent and 7.68 percent reported in 2016.

The company posted revenue of $13.8 million for the period, with an adjusted revenue of $11.5 million.

This was Community Financial’s sixth consecutive quarter of earnings growth.

On Friday, The Community Financial stock closed at $35.75 per share, down 70 cents, or 1.92 percent.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Ellicott City-based Howard Bancorp earnings beats analyst estimates

ELLICOTT CITY, MD – Howard Bancorp reported first quarter net income for 2017 of $1.6 million or 18 cents per share, beating analyst expectations of 16 cents per share.HB Howard Bancorp

The Ellicott City–based community bank reported net income available to common shareholders had increased 73 percent compared to the same quarter last year, but earnings per share were up only 38 percent.

Chairman and CEO Anne Scully attributed the disparity in EPS and net income growth to a common stock offering, which increased the company’s equity by 1.8 million shares worth $41 million.

Scully stated, “Our capital raise was not about doing anything differently but rather was about ensuring that we have the capital infrastructure in place to support the continued growth we can achieve given our focus on talent retention as well as the talent we attracted during 2016 and early 2017.”

The offering closed on Feb. 1, and included an additional 360,000 shares available to the underwriters for purchase at $15 per share.

After the decision to exercise this option, the total number of shares sold by the company was 2.76 million

Average common shares outstanding increased from 7 million at the end of 2016 to 8.8 million on Mar. 31, 2017, and the company’s total equity increased from $85 million to $126 million over the same time.

The addition of equity increased the company’s leverage ratio to 12.1 percent from 8.4 percent the same time last year.

Scully said that the 73 percent increase in net income was due in part to the growth of the bank’s commercial loan portfolio by an annualized 12 percent.

As a result of the company’s mortgage banking operations, non-interest income increased 56 percent to $4.5 million in the first quarter of 2017 from $2.9 million the same time last year.

The bank’s primary market focus is on providing loans to small and medium size commercial business and high-net-worth individuals, and the bank has 13 branches in the Baltimore area with just over $1 billion in total assets.

Since the company reported fourth quarter earnings on Jan. 21, the stock price has increased nearly 25 percent.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.

Cicero Capital Partners raises an additional $5.75 million for alternative asset fund

AAEAAQAAAAAAAANPAAAAJDc2ZjM0M2Y2LWE5MjAtNDc3OS1hNzJjLWYyMDMxZTcyOWYwMgELLICOTT CITY, MD – Cicero Capital Partners, the Maryland-based investment adviser, raised an additional $5.75 million for an alternative asset fund, according to a filing with the Securities and Exchange Commission.

The Form D was an amendment to a March 2015 filing in which Cicero raised $2.57 million. The additional $5.75 million was raised by three investors, bringing the total offering amount to $8.325 million.

According to the filing, the funds will be used as part of a pooled investment hedge fund, issued under CCP Alternative Asset Fund LP . Cicero intends for the offering to last more than a year, with a minimum investment amount of $250,000.

The form was signed by Robert Neighoff, the managing partner at Cicero Capital Partners.

Cicero specializes in alternative asset management strategies, with expertise in commercial real estate assets, mortgage backed securities, agency mortgages and other public and private real estate related securities and investments.

Private companies such as Cicero Capital Partners, which rely on a Reg D exemption, are not required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they sell the securities.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Howard Bancorp CEO compensation declines 60 percent

ELLICOTT CITY, MD — The chief executive officer of Howard Bancorp received a 60 percent decrease in total compensation in 2016, according to the company’s proxy statement filed Tuesday with the Securities and Exchange Commission.
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Mary Ann Scully, CEO, president, and chairman of the board, made $363,000 in 2016 after making $581,000 in 2015, a 60 percent decrease.

She currently owns 1.30 percent of the common stock. She also was nominated to serve as a director on the board continuing through the annual meeting in 2020.

Howard Bancorp has 15 branches stretching from Ellicott City to Annapolis.

Scully, 65, has served as director, board chairperson, president, and CEO of Howard Bank since its founding in 2003. Scully previously worked at Allfirst Bank from 1973 to 2003.

Total compensation is based off of base salary, short term incentives, long term incentives, and supplemental executive retirement program.

Scully received the same base salary of $350,000 in 2016 and 2015 but in 2016 did not receive any bonus or stock awards. In 2015, she received $70,000 in bonus and $140,000 in stock awards.

Chief Financial Officer George Coffman received the same base salary of $275,000 in 2015 and 2016 but did not receive a bonus or stock awards in 2016 after receiving a bonus of $55,000 or stock awards of $112,000 in 2015.

This story is from the Maryland Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism

Eagle Bancorp CEO Paul compensation increased 16 percent in 2016

BETHESDA, MD — The chief executive officer of Eagle Bancorp received about a 16 percent increase in total compensation in 2016, according to the company’s proxy statement filed Monday with the Securities and Exchange Commission.

imagesRonald Paul received $5.9 million in total compensation this year, up from his $5.1 million in compensation for 2015.

Paul’s base compensation rose just about 2 percent to $906,743 for 2017.   The rest of the total compensation will be reported later.

For the 2016 year, there was no bonus, $2.41 million in stock awards, $2.59 in plan compensation, and $106,187 in other compensation for a total compensation in 2016 of $5.972 million.

The increase in stock awards is a little over 40 percent. The plan compensation also rose over 45 percent.

Chief Financial Officer James Langmead saw his total compensation rise to $1.65 million from $1.5 million. Chief Lending Officer Antonio Marquez saw his total compensation rise  to $1.36 million from $1.19 million.

Chief Operating Officer Susan Riel saw her compensation rise to $2.08 million from $1.97 million.

The Bethesda-based company is the parent of Eagle Bank, which has 21 locations in Maryland, Washington, D.C., and northern Virginia.

Eagle Bancorp stock opened at $59.95 on Monday, up from Friday’s close of $59.70.

This story is from the Maryland Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism

 

 

Baltimore’s Brown Advisory Investors raises nearly $12 million

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BALTIMORE, MD – Brown Advisory Investors, a Baltimore-based financial investment firm, has raised $11,948,750 for a private equity fund, according to a filing with the Securities and Exchange Commission.

The company filed the Form D on Feb. 10. Brown Advisory is offering pooled investment fund interests, and the proceeds will not be used in connection with a business combination transaction or as a form of compensation.

The filing states the firm accrued the funds from 49 investors. The group did not list a finite offering amount. There is no minimum investment required from outside investors and the offering is not intended to last more than one year.

Brett Rogers, general counsel of the general partner, signed the form.

Brown Advisory is an independent investment management firm with offices in Austin, Baltimore, Boston, Chapel Hill, London, New York, Washington, D.C. and Wilmington, Delaware. The firm’s institutional and private clients based in 50 states and more than 34 countries and territories.

When filing a Reg D exemption, companies do not have to register their offering of securities with the SEC, but they must file a Form D electronically with the SEC after they first sell their securities.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Old Line Bancshares to acquire DCB Bancshares in $40 million deal

CaptureBOWIE, MD – Old Line Bancshares Inc. announced it’s acquiring DCB Bancshares Inc. in a deal valued at $40.7 million, or approximately $25.22 per share of DCB common stock, according to a filing with the Securities and Exchange Commission.

The deal will be paid in newly issued shares of Old Line Bancshares common stock.

DCB Bancshares has consolidated assets of approximately $311 million, and Old Line Bancshares has consolidated assets of $1.7 billion as of Dec. 31, 2016.

Damascus Community Bank, a Maryland-based subsidiary of DCB Bancshares, will merge its six banking locations into Old Line Bank, a Maryland trust company with 21 banking offices, which will be the surviving bank.

“The combination of Old Line Bank and Damascus Community Bank will create the third-largest independent commercial bank based in Maryland,” said Craig E. Clark, chairman of Old Line Bancshares in a press release. “The combined institution will have the second-most banking locations in Maryland of all independent Maryland-based commercial banks.”

The merger, anticipated to close in mid-2017, will be Old Line Bancshares’ fourth since 2011. The deal is expected to be immediately accretive to Old Line Bancshares’ book value and its earnings.

Old Line Bancshares trades under the ticker OLBK on the Nasdaq stock market. Shares closed Feb. 3 at $28.28, up 76 cents, or 2.76 percent for the day.

DCB Bancshares remains on the OTC market under the ticker DCBB. Shares closed Feb. 3 at $26.88, up $1.87, or 7.48 percent for the day.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Bay Bancorp earnings boosted by Hopkins deal

Bay BankCOLUMBIA, MD – Bay Bancorp Inc., a savings and loans holding company, reported that its fourth-quarter profits doubled to $740,000, according to a Securities and Exchange Commission filing.

The fourth quarter increase can be attributed to the acquisition of Hopkins Federal Savings Bank by Bay Bancorp. The acquisition took place in the third quarter of 2016 and boosted Bay Bank’s quarterly performance.

Bay Bancorp reported earnings of $370,000 in the fourth quarter of 2015.

The Hopkins merger increased the company’s growth in net loans and targeted core deposits and allowed the bank to acquire total assets that exceed $620 million, compared to $606 million in the third quarter of 2016 and $491 million in the previous year.

“We are very proud of our team’s accomplishments this year with over $100 million in new loan originations, successful completion of the Hopkins acquisitions, and leadership transition in numerous key banking, credit and operations roles,” stated Joseph J. Thomas, chief executive officer of Bay Bancorp, in a statement.

Total deposits increased to $526 million from $367 million, a 43.3 percent increase from the previous year and is due to the deposits acquired in the merger.

Bay Bank’s pre tax earnings have increased 43 percent from last quarter and increased 52 percent from the last year.

Bay Bancorp ‘s stock increased 2.19 percent to $7 in midday trading Tuesday.

No analysts cover the company.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

 

 

Severn Bancorp announces slight increase in earnings

ANNAPOLIS, MD — Severn Bancorp announced Monday that its fourth-quarter net income rose 2.3 percent, according to a filing with the Securities and Exchange Commission.

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The net income of $1.103 million, or 8 cents per share, for the fourth quarter is up from net income of $1.078 million, or 5 cents, from the same 2015 period. The bank is not covered by analysts.

“Our real work has been on reducing our cost of funds and growing our community banking presence,” stated Alan J. Hyatt, president and CEO, in a statement. “We have been focused on relationships and pulling in deposits along with those relationships. We want to show the residents and businesses of Anne Arundel County what we have to offer and how Severn can work for them.”

For the 2016 year, net income for Severn was $15.539 million, or $1.19 per share. This is up significantly from net income of $4.545 million, or 21 cents per share for the 2015 year.

The significant increase in 2016 earnings is a result of an $11.837 million reversal of net deferred tax asset valuation allowance from the second quarter 2016.

Severn had a 4.8 percent decrease in interest expense from 2016 to 2015 from replacing high cost borrowings with core deposits.

Severn Bank was founded in 1946 and has assets of about $790 million.

Severn’s stock opened Monday at $7.05, down 1 cent from the previous day’s close.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

 

Bethesda-based Pinkard group raises $19 million

BETHESDA, MD—Pinkard Group, a Bethesda, Maryland-based real estate investment and development company, raised $19 million in a fund to invest in real estate, according to a Securities and Exchange Commission filing.The Pinkard Group

Pinkard Fund II LLC filed the Form D on Jan. 30. The exact amount of shares sold totaled to $19,190,000. It reported that the proceeds were to be used for customary management fees and performance fees given to the company and its affiliates.

Pinkard Partners II LLC is a subsidiary of the Pinkard Fund and is operated by Robert M. Pinkard and Peter C. Kleeblatt. The company was founded in 2010 and capitalizes on global real estate opportunities and relationships in the greater Washington, DC area.

Investments the company has taken include residential, corporate and commercial real estate projects.

When filing a Reg D exemption, companies do not have to register their offering of securities with the SEC, but they must file a Form D electronically with the SEC after they first sell their securities.

The form can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism 

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