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Old Line Bancshares, Inc. Reports Strong Organic Loan Growth Of 22.65% For The Year And Increased Earnings Of 157.9% For The Fourth Quarter Ended December 31, 2013

Stocks in this article: OLBK

BOWIE, Md., Jan. 27, 2014 (GLOBE NEWSWIRE) -- Old Line Bancshares, Inc. (Nasdaq:OLBK), the parent company of Old Line Bank, reported net income available to common stockholders of $7.8 million for the year ended December 31, 2013. Net income increased $308,000 or 4.10% for the year, compared to net income of $7.5 million for the year ended December 31, 2012. Earnings were $0.87 and $0.86 per basic and diluted common share, respectively, for the year ended December 31, 2013 and $1.10 and $1.09, respectively, per basic and diluted common share in 2012. The increase in net income is primarily the result of a $6.9 million increase in net interest income and a $5.2 million increase in non-interest income, offsetting an increase of $10.9 million in non-interest expense. Non-interest income increased as a result of $3.4 million in gains on the sale of approximately $22.6 million of loans acquired in the Bank's two acquisitions.    

Earnings were $4.4 million, or $0.41 per basic and diluted share, for the three months ended December 31, 2013, compared with $1.7 million or $0.25 per basic and diluted share for the same three month period of 2012. The increase is primarily the result of an increase in non-interest income due to the previously mentioned gain on sale of loans. The $22.6 million of loans sold in the fourth quarter were primarily related to impaired loans acquired from previous mergers with Maryland Bancorp, Inc. and WSB Holdings, Inc. ("WSB"). This disposal was accomplished through brokered sale transactions and included approximately $12.0 million of loans that were over 90 days past due. 

Total assets at December 31, 2013 increased by $305.4 million compared to December 31, 2012. Total net loans increased $20.8 million and $254.1 million, respectively during the three and twelve month periods ended December 31, 2013. The increase in loans during the three month period was primarily attributable to strong organic growth in the loan portfolio. The increase during the twelve month period is a result of organic growth of $134.8 million or 22.65% of total net loans as well as the completion of the merger with WSB Holdings, Inc.

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