NEWS
For Immediate Release
October 24, 2005
Media Contact(s):
Michelle Brown
(410) 528-1882
MBrown@theharborbank.com
Rhonda Overby
Camera Ready, Inc.
(410) 356-8822
Rhonda@CameraReadyInc.com
MEDIA ADVISORY
HARBOR BANK REPORTS STRONG 3RD QUARTER
The Harbor Bank of Maryland finished the third quarter with all of the
performance measures positive. Assets, loans, deposits, and earnings have
increased more than during the same period last year. Harbor Bank Chief
Financial Officer TEODORO (TED) HERNANDEZ credits the growth in deposits and
assets to efficient management and increased marketing activities.
Assets stand at an all-time high of $246,378,000, up 6% over September 30, 2004.
Harbor Bank's loan portfolio grew to $192,355,000, up nearly 13% over last year.
And, deposits reached $218,200,000, representing a 7.06% increase.
Earnings for the quarter, at $592,000, reflect a jump of 7.25%. Earnings for the
year to date, at $1,606,000, represent an increase of 8.07%. Harbor Bank
customarily reports this type of strength; it's what keeps this publicly held
Baltimore based financial services institution near the top of the list of
minority owned banks nationally. Chairman, president, and CEO JOSEPH HASKINS,
JR. attributes the performance this quarter to "a strong and continuously
growing loan portfolio." He says, that he "looks forward to finishing the year
on a strong note."
The Numbers At A Glance:
------------------------
As of September 30, 2005
2005 2004 + +
- ---------------------- ------------- ------------- ------------ -------
Assets $ 246,378,000 $ 232,441,000 $ 13,937,000 6.00%
- ---------------------- ------------- ------------- ------------ -------
Loans 192,355,000 170,899,000 21,456,000 12.55%
- ---------------------- ------------- ------------- ------------ -------
Deposits 218,200,000 203,803,000 14,397,000 7.06%
- ---------------------- ------------- ------------- ------------ -------
Earnings 1,606,000 1,486,000 120,000 8.07%
- ---------------------- ------------- ------------- ------------ -------
Earnings (quarter) 592,000 552,000 40,000 7.25%
- ---------------------- ------------- ------------- ------------ -------
25 W. Fayette Street
Baltimore, Maryland 21201 Member FDIC
(410) 528-1800 Equal Housing Lender
Harbor Bankshares Corporation
Basic Earnings per share:
YTD
September 30, 2005 September 30, 2004
Basic $1.92 $1.78
Diluted 1.80 1.65
3rd Quarter
2005 2004
Basic $.71 $.70
Diluted .67 .64
These numbers can be corroborated by the FDIC Call Report and the Federal
Reserve.
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Celebrating 23 Years of Success!
25 W. Fayette Street
Baltimore, Maryland 21201 Member FDIC
(410) 528-1800 Equal Housing Lender