Old Line Bancshares Reports Record Quarterly Results of $4.3 Million in Net Income, Loan Growth of 5.32%, Return on Average Assets of 1.03% and Operating Efficiency of 55.63% for the Quarter Ended December 31, 2016

Old Line Bancshares, (NASDAQ:OLBK), the parent company of Old Line Bank, reports net income for common stockholders increased $788 thousand, or 22.24 percent, and $2.3 million, or 116.35 percent, respectively, to $4.3 million for the three months ended December 31, 2016, compared to $3.5 million for the three month period ended September 30, 2016 and $2.0 million for the three month period ended December 31, 2015; primarily the result of a $1.8 million increase in net interest income, a decrease of $1.5 million in non-interest expenses and a $200 thousand decrease in loan loss provision. Earnings were $0.40 per basic and $0.39 per diluted common share for the three months ended December 31, 2016, compared to $0.33 per basic and $0.32 per diluted common share for the three months ended September 30, 2016 and $0.19 per basic and diluted common share for the three months ended December 31, 2015.
As quoted in the press release:

Net loans held-for-investment at December 31, 2016 increased $68.7 million, or 5.32%, compared to September 30, 2016 and $214.1 million, or 18.67%, compared to December 31, 2015. Total assets increased $66.6 million to $1.72 billion at December 31, 2016, as compared to $1.65 billion at September 30, 2016. Non-interest income decreased $567 thousand, as compared to third quarter of 2016, primarily as a result of a reduction on the gain on investment securities and marketable loans, and $23 thousand compared to the fourth quarter of 2015. Non-interest expense decreased $1.1 million, or 11.52%, and $1.5 million, or 15.60%, respectively, for the three month period ending December 31, 2016, compared to the three month periods ending September 30, 2016 and December 31, 2015. This decrease is the result of a reduction in salaries and benefits and occupancy expense associated with the staff reduction and branch closures implemented in the second and third quarters of 2016.
Net income available to common stockholders was $13.2 million for the twelve months ended December 31, 2016, compared to $10.5 million for the same period of 2015, an increase of $2.7 million, or 25.66%. Earnings were $1.21 per basic and $1.20 per diluted common share for the twelve months ended December 31, 2016, compared to $0.98 per basic and $0.97 per diluted common share for the same period of 2015. The increase in net income is primarily the result of increases of $6.4 million, or 13.63%, in net interest income and an increase of $1.4 million, or 20.61%, in non-interest income, partially offset by increases of $3.4 million in non-interest expenses and $274 thousand in the provision for loan losses. Included in net income for 2016 was $443 thousand for severance payments and $285 thousand in occupancy and equipment expense resulting from the previously announced strategic staff reductions and branch closures, as well as $661 thousand in merger related expense associated with the acquisition of Regal Bancorp, Inc., the parent company of Regal Bank & Trust (“Regal Bank”) during the fourth quarter of 2015.

Click here for the full text release.