Old Line Bancshares Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Net Charge Offs for the Second Quarter Ended June 30, 2015
Jul 16 15
Old Line Bancshares Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total interest income of $12,352,454 against $11,617,038 a year ago. Net interest income was $11,171,187 against $10,611,481 a year ago. Net interest income after provision for loan losses was $11,085,529 against $9,067,201 a year ago. Income before income taxes was $3,796,969 against $2,443,429 a year ago. Net income available to common stockholders was $2,600,920 against $1,769,336 a year ago. Earnings per diluted share were $0.24 against $0.16 a year ago. The increase in net income is primarily the result of a $560,000 increase in net interest income and a $1,500,000 decrease in the provision for loan losses, partially offset by a decrease of $323,000 in non-interest income and a $342,000 increase in non-interest expenses. ROAA and ROAE were 0.80% and 7.58%, respectively, compared to ROAA and ROAE of 0.60% and 5.46%, respectively, for the second quarter of 2014.
For the six months, the company reported total interest income of $24,860,031 against $22,988,908 a year ago. Net interest income was $22,633,091 against $20,970,772 a year ago. Net interest income after provision for loan losses was $21,985,702 against $19,156,723 a year ago. Income before income taxes was $7,837,437 against $4,948,533 a year ago. Net income available to common stockholders was $5,355,073 against $3,605,091 a year ago. Earnings per diluted share were $0.49 against $0.33 a year ago. The increase in net income is primarily the result of increases of $17,000 in net interest income and $57,000 in non-interest income and decreases of $1,200,000 in the provision for loan losses and $3,000 in non-interest expenses. ROAA and ROAE were 0.85% and 7.82%, respectively compared to ROAA and ROAE of 0.62% and 5.70%, respectively, for the six months ending June 30, 2014. Net interest income increased for the three and six month periods ending June 30, 2015 compared to the same periods in 2014 primarily due to increases in the interest recognized on loans offsetting the increases in interest expense.
For the second quarter ended June 30, 2015, the company reported acquired loans net charge offs of $34,000 against $4,000 a year ago.
Old Line Bancshares, Inc. Declares Dividend, Payable on June 26, 2015
May 28 15
On May 27, 2015, the Board of Directors of Old Line Bancshares Inc. declared a dividend payment of $0.05 per common share to stockholders of record on June 12, 2015 with a payment date of June 26, 2015.