This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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

Stocks in this article: OLBK

Mr. Cornelsen said, "We continue to make significant progress towards our goal of becoming the premier community bank in the Metro Washington, D.C. market. As we have grown the assets and the branches of the organization, through acquisition and organic growth, we have consistently maintained stellar asset quality indicators while improving annual profitability. Since the acquisition of Maryland Bankcorp, we have successfully disposed of troubled assets and have grown our loan and deposit base. Our future appears bright and I believe that with the acquisition of WSB Holdings, Inc. that we expect to complete during the second quarter of 2013 that we will continue to enhance Old Line Bank's franchise value in the years ahead."

The 39.97% increase in net income available to common stockholders was primarily the result of a $6.1 million increase in net interest income. This increase derived from the $142.6 million or 23.78% growth in average interest earning assets and a modest increase in the net interest margin from 4.61% for the period ending December 31, 2011 compared to 4.65% for the period ending December 31, 2012, while at the same time total interest expense decreased approximately $162,000 for the twelve months ended December 31, 2012 compared to the same period in 2011. The increase in average interest earning assets was the result of a $108.6 million increase in average gross loans and an approximately $35.0 million increase in average invested funds. The primary cause of this growth was the acquisition of Maryland Bankcorp, Inc. on April 1, 2011 coupled with organic growth of approximately $55.0 million during 2012. This growth and an approximately $1.2 million increase in the accretion of fair value adjustments that were recorded in conjunction with the merger, were the predominant causes of the increase in net interest income. 

Non-interest revenue also increased $1.1 million during the twelve months primarily as a result of a $1.0 million increase in gains on sales of investment securities, a $155,501 increase in other fees and commissions and a $72,721 increase in service charges on deposit accounts. During 2011, we also incurred an other than temporary impairment on securities of $123,039 that we did not incur in 2012. These increases were partially offset by a $153,055 decrease in earnings on bank owned life insurance and a $137,301 decline in gains on sales of other real estate owned. 

2 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,296.92 -119.93 -0.69%
S&P 500 2,005.97 -15.28 -0.76%
NASDAQ 4,658.2880 -25.1190 -0.54%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs