Old Line Bancshares Inc. (OLBK, Financial) filed Quarterly Report for the period ended 2012-09-30.
Old Line Bancshares, Inc. has a market cap of $75.8 million; its shares were traded at around $11.05 with a P/E ratio of 9.8 and P/S ratio of 2.2. The dividend yield of Old Line Bancshares, Inc. stocks is 1.4%. Old Line Bancshares, Inc. had an annual average earning growth of 13.2% over the past 10 years.
We offset the effect on net income caused by the low rate environment primarily by growing total average interest earning assets by $78.8 million or 11.69% to $752.8 million for the three months ended September 30, 2012 from $674.1 million for the three months ended September 30, 2011. The growth in net interest income that derived from the increase in total average interest earning assets was partially offset by growth in average interest bearing liabilities. Average interest bearing deposits which increased to $553.5 million for the three months ended September 30, 2012 from $486.9 million for the three months ended September 30, 2011 was the primary cause of the growth in interest bearing liabilities. The growth in average interest earning assets and interest bearing deposits was primarily a result of increased name recognition in our market place and our business development efforts, particularly our increased business development efforts in our new market area resulting from our acquisition of Maryland Bankcorp.
We offset the effect on net interest income caused by the low rate environment primarily by growing total average interest earning assets $165.3 million or 29.16% to $732.2 million for the nine months ended September 30, 2012 from $566.9 million for the nine months ended September 30, 2011. The growth in net interest income that derived from the increase in total average interest earning assets was partially offset by growth in average interest bearing liabilities. Average interest bearing deposits which increased to $533.3 million for the nine months ended September 30, 2012 from $414.1 million for the nine months ended September 30, 2011 was the primary cause of the growth in interest bearing liabilities. The growth in average interest earning assets and interest bearing deposits was primarily a result of the acquisition of MB&T.
Net income available to common stockholders was $2.0 million or $0.30 per basic and $0.29 per diluted common share for the three month period ending September 30, 2012 compared to net income available to common stockholders of $1.7 million or $0.25 per basic and diluted common share for the same period in 2011. The increase in net income attributable to Old Line Bancshares for the 2012 period was primarily the result of a $192,202 increase in net interest income, a $425,000 decrease in the provision for loan losses, and a $71,408 decrease in non-interest expense. These increases were partially offset by a $175,699 decrease in non-interest revenue, and a $175,085 increase in taxes.
Net income available to common stockholders was $5.8 million or $0.85 per basic and $0.84 per diluted common share for the nine month period ending September 30, 2012 compared to net income available to common stockholders of $3.4 million or $0.56 per basic and diluted common share for the same period in 2011. The increase in net income attributable to Old Line Bancshares for the 2012 period was primarily the result of a $5.4 million increase in net interest income and $1.0 million increase in non-interest revenue. These increases were partially offset by a $125,000 increase in the provision for loan losses, a $2.8 million increase in non-interest expense and a $1.0 million increase in taxes.
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Old Line Bancshares, Inc. has a market cap of $75.8 million; its shares were traded at around $11.05 with a P/E ratio of 9.8 and P/S ratio of 2.2. The dividend yield of Old Line Bancshares, Inc. stocks is 1.4%. Old Line Bancshares, Inc. had an annual average earning growth of 13.2% over the past 10 years.
Highlight of Business Operations:
In a continually challenging economic environment, we are pleased to report continued profitability for the third quarter of 2012. Net income available to common stockholders was $2.0 million or $0.30 per basic and $0.29 per diluted common share for the three month period ended September 30, 2012. This was $320,802 or 18.79% higher than net income available to common stockholders of $1.7 million or $0.25 per basic and diluted common share for the same period in 2011. Net income available to common stockholders was $5.8 million or $0.85 per basic and $0.84 per diluted common share for the nine month period ending September 30, 2012. This was $2.4 million or 70.33% higher than net income available to common stockholders of $3.4 million or $0.56 per basic and diluted common share for the nine months ended September 30, 2011.We offset the effect on net income caused by the low rate environment primarily by growing total average interest earning assets by $78.8 million or 11.69% to $752.8 million for the three months ended September 30, 2012 from $674.1 million for the three months ended September 30, 2011. The growth in net interest income that derived from the increase in total average interest earning assets was partially offset by growth in average interest bearing liabilities. Average interest bearing deposits which increased to $553.5 million for the three months ended September 30, 2012 from $486.9 million for the three months ended September 30, 2011 was the primary cause of the growth in interest bearing liabilities. The growth in average interest earning assets and interest bearing deposits was primarily a result of increased name recognition in our market place and our business development efforts, particularly our increased business development efforts in our new market area resulting from our acquisition of Maryland Bankcorp.
We offset the effect on net interest income caused by the low rate environment primarily by growing total average interest earning assets $165.3 million or 29.16% to $732.2 million for the nine months ended September 30, 2012 from $566.9 million for the nine months ended September 30, 2011. The growth in net interest income that derived from the increase in total average interest earning assets was partially offset by growth in average interest bearing liabilities. Average interest bearing deposits which increased to $533.3 million for the nine months ended September 30, 2012 from $414.1 million for the nine months ended September 30, 2011 was the primary cause of the growth in interest bearing liabilities. The growth in average interest earning assets and interest bearing deposits was primarily a result of the acquisition of MB&T.
Net income available to common stockholders was $2.0 million or $0.30 per basic and $0.29 per diluted common share for the three month period ending September 30, 2012 compared to net income available to common stockholders of $1.7 million or $0.25 per basic and diluted common share for the same period in 2011. The increase in net income attributable to Old Line Bancshares for the 2012 period was primarily the result of a $192,202 increase in net interest income, a $425,000 decrease in the provision for loan losses, and a $71,408 decrease in non-interest expense. These increases were partially offset by a $175,699 decrease in non-interest revenue, and a $175,085 increase in taxes.
Net income available to common stockholders was $5.8 million or $0.85 per basic and $0.84 per diluted common share for the nine month period ending September 30, 2012 compared to net income available to common stockholders of $3.4 million or $0.56 per basic and diluted common share for the same period in 2011. The increase in net income attributable to Old Line Bancshares for the 2012 period was primarily the result of a $5.4 million increase in net interest income and $1.0 million increase in non-interest revenue. These increases were partially offset by a $125,000 increase in the provision for loan losses, a $2.8 million increase in non-interest expense and a $1.0 million increase in taxes.
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