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TheStreet Open House

Old Line Bancshares, Inc. Reports Strong Organic Growth In Addition To The Acquisition Of WSB Holdings, Inc. During The Six Months Ended June 30, 2013

Stock quotes in this article: OLBK

BOWIE, Md., July 30, 2013 (GLOBE NEWSWIRE) -- Old Line Bancshares, Inc. (Nasdaq:OLBK), the parent company of Old Line Bank, reported that total assets and net loans both increased by 33.1% while deposits increased by 35.4% for the six months ended June 30, 2013. The increases were attributable to strong organic growth as well as the completion of the previously announced merger with WSB Holdings, Inc. ("WSB"). Net income decreased $2.1 million to a net loss of $84,285 for the three months ended June 30, 2013, compared to net income of $2.0 million for the three months ended June 30, 2012. Earnings were ($0.01) per basic and diluted common share for the three months ended June 30, 2013 and $0.30 and $0.29, respectively, per basic and diluted common share, for the same period in 2012. This decrease is primarily the result of $2.9 million of merger related expenses incurred during the second quarter of 2013. These merger related expenses were primarily related to legal fees, investment banking fees, severance and charges associated with the termination of WSB's core data processing contract. Earnings were $1.2 million for the six months ended June 30, 2013, compared with $3.8 million for the same six month period last year. Earnings were $0.16 and $0.15, respectively, per basic and diluted common share compared to $0.55 per basic and diluted share for the same period last year. As with the three month period, the decrease is primarily the result of an increase in non-interest expenses including merger related costs that totaled $3.0 million for the six month period as a result of merger with WSB.

HIGHLIGHTS:

  • The merger with WSB became effective May 10, 2013 causing total assets to grow to $1.1 billion at June 30, 2013 compared to $861.9 million at December 31, 2012.  
  • Net loss of $84,285, or $0.01 per basic share was recorded for the three month period ending June 30, 2013, compared to net income of $2.0 million or $.30 per basic share for the second quarter of 2012, representing a decrease of $2.1 million compared to the second quarter of 2012.  
  • Net income was $1.2 million or $0.16 per basic share for the six months ended June 30, 2013 compared to $3.8 million, or $0.55 per basic share for the same period in 2012.  
  • Net loans increased by $196.8 million, or 33.1%, since December 31, 2012.  
  • Total deposits grew by $260.1 million, or 35.4%, since December 31, 2012.  
  • The second quarter Return on Average Assets (ROAA) and Return on Average Equity (ROAE) were (0.03%) and (0.35%), respectively, compared to ROAA and ROAE of 0.99% and 12.27%, respectively, for the second quarter of 2012.  
  • For the six months ended June 30, 2013, ROAA and ROAE were 0.26% and 2.89%, respectively, as compared to ROAA and ROAE of 0.93% and 11.59%, respectively, for the six months ended June 30, 2012.  
  • The net interest margin for the second quarter of 2013 was 4.28% compared to 4.84% for the same period in 2012.  
  • Non-performing assets increased to 1.92% of total assets at June 30, 2013 compared to 1.31% at June 30, 2012 and 1.12% at December 31, 2012.

The significant increase in total loans for the six month period included $43.2 million, or 6.77% of organic growth and $153.5 million of loans acquired in the WSB transaction. Loan growth is comprised of an organic increase of $16.7 million, or 2.61% in the first quarter and $26.5 million, or 4.16% in the second quarter. Similarly, deposit growth was comprised of $37.2 million, or 4.81% of organic growth and $222.9 of deposits acquired in the WSB transaction. Deposits increased organically by $13.0 million, or 1.69% in the first quarter and $24.1 million or 3.12% in the second quarter.

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