4 TH QUARTER HIGHLIGHTS
- Profitability of $195,000 during the quarter despite incurring $387,000 in merger and integration expenses.
- Realization of a $193,000 gain on sale of other real estate owned.
- Continued growth in the loan portfolio while maintaining superior credit quality metrics with non-performing assets to total assets of 0.96% at December 31, 2010
- Completion of the Proxy Statement and submission to stockholders for approval of the pending Maryland Bankcorp, Inc. acquisition and merger.
- Full year net income available to common shareholders of $1.5 million.
- Announcement of the pending acquisition/merger of Maryland Bankcorp, Inc.
- 13.06% growth in the loan portfolio.
- Net interest margin of 3.86%
BOWIE, Md., Feb. 16, 2011 (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 for the twelve months ended December 31, 2010 that net income available to common stockholders of $1.5 million, after inclusion of $574,369 in merger and integration expenses, remained comparable to the twelve months ended December 31, 2009. Earnings per basic and diluted common share were $0.39 and $0.38, respectively, for the twelve months ended December 31, 2010 and $0.40 for the same period in 2009.Mr. Cornelsen said "2010 was a year of incredible accomplishments as we announced the pending acquisition/merger of Maryland Bankcorp, Inc. and made significant progress towards enhancing the value of our franchise. I am happy to report that the stockholders of both companies approved the merger in January 2011 and we are currently working to obtain regulatory approval. This acquisition will create the sixth-largest independent commercial bank based in Maryland, with assets of more than $750 million and with 20 full service branches serving five counties. I am very happy to report that we were able to increase operating earnings even though we expended significant resources and energies towards completing the acquisition/merger. Inclusive of tax adjustments, these expenses negatively impacted net income available to common stockholders approximately $400,000. We also improved operating performance in spite of adding two new branches to our network in July and September of 2009 and the Greenbelt lending team during the last week of December 2009. We believe that our prior investments in talent and infrastructure will allow us to achieve our goal of becoming the premier community bank east of Washington, D.C. and that the experience of our team will allow us to successfully integrate the two banks."
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