Old Line Bancshares, Inc. Reports A 20.60 Percent Increase In Nine Month Net Income Available To Common Stockholders
BOWIE, Md., Nov. 1, 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 $223,272 or 20.60% to $1.3 million for the nine months ended September 30, 2010 from $1.1 million for the nine month period ended September 30, 2009. Earnings per basic and diluted common share were $0.34 for the nine months ended September 30, 2010 and $0.28 for the same period in 2009. The 20.60% increase in net income available to common stockholders was primarily the result of a $1.5 million increase in net interest income resulting from a $1.0 million increase in total interest revenue and a $508,318 decrease in total interest expense. The increase in interest revenues derived primarily from the $29.1 million or 11.57% growth in average net loans. A $320,000 decrease in the provision for loan losses also contributed to the increase in net income. These improvements were offset by a $639,820 decrease in non-interest revenue and a $1.7 million increase in non-interest expense. Non-interest revenue declined during the nine month period primarily because of an approximately $432,000 decline in rent and other revenue from our investment in Pointer Ridge Office Investment, LLC and a $158,551 decline in gain on sales of investment securities. During the first nine months of 2009, Pointer Ridge produced $522,000 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 nine months ended September 30, 2010 which contributed to the decline in non-interest revenue. The costs associated with the agreement to acquire Maryland Bankcorp, Inc., that we announced on September 1, 2010, the transfer of other real estate owned, 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.
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