Old Line Bancshares, Inc. Reports A 16.03 Percent Increase In Six Month Net Income Available To Common Stockholders
BOWIE, Md., July 27, 2010 (GLOBE NEWSWIRE) -- James W. Cornelsen, President and Chief Executive Officer of Old Line Bancshares, Inc. (Nasdaq:OLBK), the parent company of Old Line Bank, reported that net income available to common stockholders increased $137,390 or 16.03% to $994,631 for the six months ended June 30, 2010 from $857,241 for the six month period ended June 30, 2009. Earnings per basic and diluted common share were $0.26 for the six months ended June 30, 2010 and $0.22 for the same period in 2009. The 16.03% increase in net income available to common stockholders was primarily the result of a $971,581 increase in net interest income. This increase derived from the $27.1 million or 11.08% growth in average net loans and a 9 basis point increase in the net interest margin from 3.71% for the period ending June 30, 2009 compared to 3.80% for the period ending June 30, 2010. A $310,000 decrease in the provision for loan losses also contributed to the increase in net income available to common stockholders. These improvements were offset by a $574,658 decrease in non-interest revenue and a $970,318 increase in non-interest expense. Non-interest revenue declined during the six month period primarily because of an approximately $393,000 decline in rent and other revenue from our investment in Pointer Ridge Office Investment, LLC and a $157,917 decline in gain on sales of investment securities. During the first six months of 2009, Pointer Ridge produced $521,605 in rental income that is included in other fees and commissions. As we previously reported, approximately $300,000 of that amount derived from a non-recurring lease termination fee. The absence of the lease termination fee in 2010 and the subsequent loss of additional tenants in spaces that Old Line Bank and Pointer Ridge lease to tenants were the major causes of the decline in non-interest revenue. We also did not sell any investments during the six months ended June 30, 2010, which contributed to the decline in non-interest revenue. The two new branches that we opened in 2009 and the addition of the Greenbelt lending team, which joined us in December 2009, were the primary causes of the increase in non-interest expense. These increases were offset by a $112,000 decline in FDIC insurance.
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