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TheStreet Open House

Old Line Bancshares, Inc. Reports 39.97% Increase In 2012 Net Income To $7.5 Million

Stocks in this article: OLBK

4 th QUARTER HIGHLIGHTS

  • Net income available to common stockholders was $1.7 million or $0.25 per share for the fourth quarter of 2012.
  • The fourth quarter Return on Average Assets (ROAA) and Return on Average Equity (ROAE) were 0.79% and 9.76%, respectively.
  • The net interest margin for the fourth quarter of 2012 was 4.55%.

2012 FULL YEAR HIGHLIGHTS

  • In September 2012, Old Line Bancshares announced that it entered into an agreement and plan of merger with WSB Holdings Inc. We expect to complete the merger during the second quarter of 2013.
  • Net income available to common stockholders of $7.5 million or $1.10 per basic common share, for the twelve month period increased 39.97% from the $5.4 million or $0.86 per basic common share reported for the twelve months ended December 31, 2011.
  • For the twelve months ended December 31, 2012, the ROAA and ROAE were 0.90% and 11.17%, respectively.
  • Non-performing assets were 1.12% of total assets at December 31, 2012 compared to 1.22% at December 31, 2011.
  • The ratio of the allowance for loan losses as a percent of gross loans was 0.66% at December 31, 2012 compared to 0.69% at December 31, 2011.
  • The net interest margin was 4.65% for the twelve months ended December 31, 2012 compared to 4.61% for the twelve months ended December 31, 2011.

BOWIE, Md., Jan. 30, 2013 (GLOBE NEWSWIRE) -- James W. Cornelsen, President & 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 $2.1 million to $7.5 million for the twelve months ended December 31, 2012, compared with $5.4 million for the twelve months ended December 31, 2011. Earnings were $1.10 and $1.09 per basic and diluted common share, respectively, for the twelve months ended December 31, 2012 and $0.86 per basic and diluted common share for the same period in 2011.

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