BOWIE, Md., April 18, 2014 (GLOBE NEWSWIRE) -- Old Line Bancshares, Inc. (Nasdaq:OLBK), the parent company of Old Line Bank, reported net income available to common stockholders increased $549,300 or 42.70% to $1.8 million for the three months ended March 31, 2014, compared to net income of $1.3 million for the three months ended March 31, 2013. Earnings were $0.17 per basic and diluted common share, respectively, for the three months ended March 31, 2014 and $.19 per basic and diluted common share for the same period in 2013. The increase in net income is primarily the result of a $2.5 million increase in net interest income, offsetting an increase of $1.9 million in non-interest expense.
1 st QUARTER HIGHLIGHTS :
- Net income of $1.8 million was recorded for the three month period ending March 31, 2014 compared to net income of $1.3 million representing an increase of $549,300 or 42.70% from the period ending March 31, 2013.
- Total assets at March 31, 2014 increased by $25.7 million from December 31, 2013.
- The first quarter Return of Average Assets (ROAA) and Return on Average Equity (ROAE) were 0.64% and 5.95%, respectively, compared to ROAA and ROAE of 0.61% and 7.26%, respectively, for the first quarter of 2013.
- Net loans increased $1.8 million during the three months ended March 31, 2014, to $851.1 million, compared to $849.3 million at December 31, 2013.
- Total deposits grew by $33.8 million, or 3.47%, since December 31, 2013.
- The net interest margin was 4.29% compared to 4.36% for the same period in 2013 and 4.64% for the quarter ended December 31, 2013.
- We ended the 1 st quarter of 2014 with a book value of $11.99 per common share and a tangible book value of $10.79 per common share compared to $11.71 and $10.50, respectively, at December 31 2013.
- Non-performing assets decreased to 1.12% of total assets at March 31, 2014 compared to 1.27% at December 31, 2014.
- We maintained liquidity and by all regulatory measures remained "well capitalized".
Total assets increased $25.7 million from December 31, 2013 primarily due to an increase in cash and cash equivalents as a result of deposit growth. Deposit growth during the three month period was comprised of increases of $5.8 million, or 2.53%, in non-interest bearing deposits and $28.0 million, or 3.76%, in our interest bearing deposits. The increase in our deposit base is due to our enhanced presence in our primary market and surrounding areas due to our continued efforts by our cash management team and financial services team. We used some of these funds acquired from increased deposits to reduce our short term borrowings and expect to use the remainder to fund loan originations in the near future.