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Old Line Bancshares, Inc. Reports Earnings Increase Of 8.88% For The Three Months Ended September 30, 2013

Stocks in this article: OLBK

BOWIE, Md., Oct. 29, 2013 (GLOBE NEWSWIRE) -- Old Line Bancshares, Inc. (Nasdaq:OLBK), the parent company of Old Line Bank, reported net income available to common stockholders of $2.2 million for the three month period ended September 30, 2013. Net income increased $180,000 or 8.88% for the three month period, compared to net income of $2.0 million for the three months ended September 30, 2012. Earnings were $0.22 per basic and diluted common share for the three months ended September 30, 2013 and $0.30 and $0.29, respectively, per basic and diluted common share for the same period in 2012. The increase in net income is primarily the result of a $2.9 million increase in total interest income and a $759,000 increase in non-interest income, offsetting an increase of $3.2 million in non-interest expense. Non-interest income increased as a result of gains on sale of residential loans sold in the secondary market and an increase in other fees and commissions. 

Earnings were $3.4 million, or $0.40 per basic and diluted share, for the nine months ended September 30, 2013, compared with $5.8 million, or $0.85 per basic and $0.84 per diluted share for the same nine month period last year. The decrease is primarily the result of an increase in non-interest expenses, which includes $3.2 million of expenses related to legal fees, investment banking fees, severance system integration fees and contract termination fees incurred in connection with our acquisition of WSB Holdings, Inc. ("WSB"), the former holding company of The Washington Savings Bank, F.S.B., in May.

Total assets at September 30, 2013 increased by $32.6 million compared to June 30, 2013 and $317.9 million compared to December 31, 2012. Total net loans increased $36.5 million and $233.3 million, respectively during the three and nine month periods ended September 30, 2013. The increase in loans during the three month period was primarily attributable to strong organic growth in the loan portfolio of $46 million, or 7.20%, exclusive of acquired loans from The Washington Savings Bank, F.S.B, which saw payoffs of $9.5 million during the quarter. The increase during the nine month period is a result of organic growth of $89.2 million or 14.99% of total net loans as well as the completion of the previously announced merger with WSB.    

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