Fueled by a growing number of home and commercial loans, Harbor Bank of Maryland's profit jumped 45 percent in the second quarter, the company said yesterday.
The Baltimore-based bank made $451,947, in the quarter that ended June 30, up from $311,647, a year earlier.
"I am pleased," said Joseph Haskins Jr., president and chief executive of Harbor Bank. "It has continued a positive trend. Our first two quarters have exceeded our budget expectations."
For the first six months of the year, Harbor's earnings rose 34.3 percent to $830,763.
Harbor experienced growth across the board, with assets, loans and deposits all rising in the quarter and the six-month period.
Assets grew 9 percent to $216.9 million, up from $199 million in the corresponding period a year earlier. Loans climbed 32 percent to $145.5 million as the bank benefited from the refinancing boom and an increase in the number of commercial and home loans. Deposits rose 9 percent to $199.7 million.
Haskins said the third quarter is also shaping up to be a strong one.
"The momentum seems to be in the same direction," Haskins said. "We know we have to continue every day to do what made and brought about the results of the previous two quarters."