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Old Line Bancshares net income increased 47%

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Staff writer ▼ | July 16, 2015
Old Line Bancshares, Inc., the parent company of Old Line Bank, reported net income available to common stockholders increased $832 thousand, or 47% to $2.6 million for the three months ended June 30, 2015.
Old Line Bancshares
Old Line Bancshares   $2.6 million available to common stockholders
This compared to net income of $1.8 million for the three months ended June 30, 2014.

Earnings were $0.25 per basic and $0.24 per diluted common share for the three months ended June 30, 2015, compared to $0.16 per basic and diluted common share for the same period in 2014.

The increase in net income is primarily the result of a $560 thousand increase in net interest income and a $1.5 million decrease in the provision for loan losses, partially offset by a decrease of $323 thousand in non-interest income and a $342 thousand increase in non-interest expenses.

Net income was $5.4 million for the six months ended June 30, 2015, compared with $3.6 million for the same six month period last year, an increase of $1.8 million, or 48.54%.

Earnings were $0.50 per basic and $0.49 per diluted common share for the six months ended June 30, 2015 compared to $0.33 per basic and diluted common share for the same period last year.

The increase in net income is primarily the result of increases of $1.7 million in net interest income and $57 thousand in non-interest income and decreases of $1.2 million in the provision for loan losses and $3 thousand in non-interest expenses.

Total assets at June 30, 2015 increased by $84.5 million compared to December 31, 2014. Total net loans held-for-investment increased $44.9 million, or 4.66%, during the three month period ended June 30, 2015 and $82 million, or 8.86%, during the six month period ended June 30, 2015.

Non-performing assets decreased to 0.38% of total assets at June 30, 2015 compared to 0.65% at December 31, 2014.


 

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