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CST: 21/11/2019 14:05:16   

Old Line Bancshares, Inc. Reports Net Income of $8.5 Million, a 40% Increase, for the Quarter Ended March 31, 2019

210 Days ago

BOWIE, Md., April 24, 2019 (GLOBE NEWSWIRE) -- Old Line Bancshares, Inc. (“Old Line Bancshares” or the “Company”) (Nasdaq: OLBK), the parent company of Old Line Bank (the “Bank”), reports net income increased $2.4 million, or 40.21%, to $8.5 million for the three months ended March 31, 2019, compared to $6.1 million for the three month period ended March 31, 2018.  Earnings were $0.50 per basic and diluted common share for the three months ended March 31, 2019, compared to $0.48 per basic and diluted common share for the three months ended March 31, 2018.  The increase in net income for the first quarter of 2019 as compared to the same 2018 period is primarily the result of increases of $5.6 million in net interest income and $968 thousand in non-interest income, partially offset by a $3.3 million increase in non-interest expense.    

Net interest income increased during the three months ended March 31, 2019 compared to the same period last year almost entirely as a result of an increase in interest income on loans, partially offset by an increase in interest expense.  Non-interest income increased $968 thousand, or 53.91%, primarily as a result of income from our point of sale (“POS”) sponsorship program, which was not in place during the first quarter of 2018.  Non-interest expense increased $3.3 million, or 29.63%, for the three month period ended March 31, 2019 compared to the three month period ended March 31, 2018.  Non-interest expense increased due to increases in salaries and employee benefits, occupancy and equipment, core deposit amortization, data processing, and other operating expenses, primarily as a result of the additional staff and the new branches that we acquired upon our acquisition of Bay Bancorp, Inc. (“BYBK”), the former parent company of Bay Bank, FSB, in April 2018. 

Net loans held for investment at March 31, 2019 increased $8.0 million, or 0.33%, compared to December 31, 2018 and $660.6 million, or 37.61%, compared to March 31, 2018.  Total deposits at March 31, 2019 increased by $39.4 million since December 31, 2018 and $549.8 million or 30.8% compared to March 31, 2018, while total assets increased $127.2 million to $3.1 billion at March 31, 2019 from $2.9 billion at December 31, 2018 and $866.5 million or 39.2%, since March 31, 2018.  The increase in loans since March 31, 2018 was a result of net organic growth of $270.5 million, or 18.9%, and $390.5 million in net growth in the acquired loans portfolio.  The increase in loans since December 31, 2018 was a result of net organic growth of $36.8 million, or 8.8% annualized offset by $28.9 million in paydowns on previously acquired loans. The increase in deposits since March 31, 2018 includes $470.4 million associated with the branches acquired in the Bay Bank merger.   

As of March 31, 2019, the Company had total assets of approximately $3.1 billion, net loans of approximately $2.4 billion and deposits of approximately $2.3 billion.  Total assets include a $25.9 million operating lease right of use asset due to the adoption of the Accounting Standards Update (“ASU”) 2016-02 in the first quarter ending March 31, 2019.  There is a corresponding operating lease liability recorded of $26.2 million upon adoption.   

James W. Cornelsen, President and Chief Executive Officer of Old Line Bancshares, stated: “I am pleased to report favorable earnings for the first quarter of 2019 and look forward to the remainder of the 2019 year.  Our core deposits increased by $39.4 million during the quarter, including $20.9 million in non-interest bearing deposits, as we continue to build relationships while providing superior service.  We believe with our existing branches, our lending staff, our corporate infrastructure, solid balance sheet, and strong capital position, we can continue to focus our effects on improving earnings per share and enhancing stockholder value.”

1 st QUARTER HIGHLIGHTS :

  • Average gross loans increased $697.5 million, or 40.54% to $2.4 billion during the three month period ended March 31, 2019, from $1.7 billion during the three months ended March 31, 2018.  The increase in average loans as compared to March 2018 is due to significant organic growth in addition to the acquisition of BYBK.   Average gross loans increased $3.5 million, or 0.15%, during the three month period ended March 31, 2019, remaining steady at $2.4 billion during the three month period from December 31, 2018.

  • Total yield on interest earning assets increased to 4.74% for the three months ended March 31, 2019, compared to 4.52% for the same period of 2018.

  • Return on average assets (“ROAA”) and return on average equity (“ROAE”) were 1.16% and 8.99%, respectively, compared to ROAA and ROAE of 1.16% and 11.36%, respectively, for the first quarter of 2018.

  • Total assets increased $127.2 million, or 4.31%, during the quarter, primarily due to an increase of $87.3 million in our investment securities available for sale and the addition of $25.9 million for an operating lease right of use asset.

  • Total deposits grew by $39.4 million, or 1.72%, during the quarter.  
  • We ended the first quarter of 2019 with a book value of $22.29 per common share and a tangible book value of $15.88 per common share compared to $21.77 and $15.39, respectively, at December 31, 2018.

  • We increased our quarterly dividend by 20% to $0.12 per share during the quarter.

  • We maintained appropriate levels of liquidity and by all regulatory measures remained “well capitalized.”

Results of Operations for the Three Months Ended March 31, 2019 Compared to March 31, 2018

Average interest earning assets increased $730.2 million for the three month period ended March 31, 2019 compared to the same period of 2018.  The average yield on such assets was 4.74% for the three months ended March 31, 2019 compared to 4.52% for the comparable 2018 period.  The increase in the average balance of our interest earning assets is primarily due to organic growth and the loans we acquired in the BYBK acquisition.  The increase in the average yield is primarily the result of higher yields on our investment securities available for sale and on our loans held for investment.  Average interest bearing liabilities increased $572.5 million for the three month period ended March 31, 2019 compared to the same period of 2018, primarily as a result of the deposits we acquired in the BYBK acquisition.  The average rate paid on such liabilities increased to 1.53% for the three month period ended March 31, 2019 compared to 1.03% for the same period in 2018 due primarily to higher rates paid on our money market accounts, certificates of deposit, and borrowings.

The net interest margin for the three months ended March 31, 2019 decreased to 3.59% from 3.76% in the three months ended March 31, 2018.  The net interest margin decreased due to increased interest rates on both deposits and on our borrowed funds, partially offset by an increase in the yield on our interest-earning assets.  The net interest margin during the first quarter of 2019 was positively affected by the amount of accretion on acquired loans.  Accretion increased due to a higher amount of early payoffs on acquired loans with fair value marks during the three months ended March 31, 2019 compared to the same period of 2018.  The fair value accretion/amortization is recorded on pay-downs recognized during the quarter, which contributed 15 basis points for the three months ended March 31, 2019 compared to seven basis points for the three months ended March 31, 2018.  

Net interest income increased $5.6 million, or 31.83%, for the three months ended March 31, 2019 compared to the same period of 2018, almost entirely due to an increase in loan interest income resulting from increases in both the average balance of and yields on loans, partially offset by an increase in interest expense.  Interest expense increased due to increases in both the average balance of and average interest rates on our deposits and borrowings.

The Board of Governors of the Federal Reserve System has increased the federal funds rate, the primary driver of our deposit and borrowing costs, from 1.5% at December 31, 2017 to 2.5% at March 31, 2019.  The majority of our loans, however, are indexed to the 5 year treasury rate, which has actually decreased from 2.56% at March 31, 2018 to 2.23% at March 31, 2019, while the average 5 year treasury rate for the 12 month period ended March 31, 2019 only increased 17 basis points over the March 31, 2018 rate.  As a result, we were not able to offset the increase in funding costs through increases in the interest rates on our loans. In spite of this, however, we were able to improve operating results quarter over quarter through asset growth and operating efficiencies.
               
Non-interest income increased $968 thousand, or 53.91%, for the three month period ended March 31, 2019 compared to the same period of 2018, primarily as a result of income of $600 thousand from our new POS sponsorship program. A $201 thousand increase in earnings on bank owned life insurance (“BOLI”), resulting from the $16.3 million of BOLI acquired in the BYBK acquisition, also contributed to the increase in non-interest income.

Non-interest expense increased $3.3 million, or 29.63%, for the three month period ended March 31, 2019 compared to the same period of 2018 as a result of increases in salaries and employee benefits, occupancy and equipment, core deposit amortization, data processing, and other operating expenses.  Salaries and employee benefits increased $1.6 million primarily as a result of the additional staff, and occupancy and equipment expenses increased $472 thousand as a result of the new branches, that we acquired in the BYBK acquisition.  Core deposit amortization increased $346 thousand as a result of the higher amortization of premiums resulting from the deposits we acquired in the BYBK acquisition. Data processing expenses increased primarily as a result of additional customer transactions primarily due to the additional branches, and therefore additional customers, resulting from our acquisition of BYBK.  Other operating expenses increased $845 thousand due to increases in general operating costs, such as FDIC insurance, marketing and advertising, sponsorships and donations, loan expenses, software expense, and telephone expense.

Old Line Bancshares is the parent company of Old Line Bank, a Maryland chartered commercial bank headquartered in Bowie, Maryland, approximately 10 miles east of Andrews Air Force Base and 20 miles east of Washington, D.C.  The Bank has 37 branches located in its primary market area of the suburban Maryland (Washington, D.C. suburbs, Southern Maryland and Baltimore suburbs) counties of Anne Arundel, Baltimore, Calvert, Carroll, Charles, Harford, Howard, Frederick, Montgomery, Prince George's and St. Mary's, and Baltimore City.  It also targets customers throughout the greater Washington, D.C. and Baltimore metropolitan areas. 

Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables, which provide a reconciliation of non-GAAP financial measures to GAAP financial measures.  The Company’s management uses these non-GAAP financial measures, and believes that non-GAAP financial measures provide additional useful information that allows readers, to evaluate the ongoing performance of the Company and provide meaningful comparison to its peers.  Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company.  Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP.

           
  Old Line Bancshares, Inc. & Subsidiaries  
  Consolidated Balance Sheets  
           
  March 31,
2019
December 31,
2018 (1)
September 30,
2018
June 30,
2018
March 31,
2018
  (Unaudited)   (Unaudited) (Unaudited) (Unaudited)
Cash and due from banks $ 49,619,806   $ 41,495,763   $ 45,774,719   $ 61,684,888   $ 85,617,226  
Interest bearing accounts   2,107,845     2,051,273     3,522,685     3,845,419     2,687,988  
Federal funds sold     961,329       953,582       1,008,801       928,337       200,366  
Total cash and cash equivalents   52,688,980     44,500,618     50,306,205     66,458,644     88,505,580  
Investment securities available for sale   307,034,351     219,705,762     216,358,059     209,941,534     210,353,788  
Loans held for sale   9,632,523     11,564,993     8,829,777     34,037,532     3,934,086  
Loans held for investment, less allowance for loan losses of $7,808,142    
and $7,471,023 for March 31, 2019 and December 31, 2018   2,417,186,160     2,409,227,698     2,384,579,814     2,347,821,496     1,756,576,833  
Equity securities at cost   13,863,550     11,150,750     13,063,250     14,854,746     7,782,847  
Premises and equipment   42,561,705     42,624,787     43,060,727     43,719,013     40,991,968  
Accrued interest receivable   8,607,100     7,958,511     8,072,826     7,715,123     5,310,151  
Bank owned life insurance   68,333,419     67,920,021     67,490,846     67,062,920     41,849,569  
Annuity plan   6,269,638     6,268,426     6,298,627     6,276,320     5,981,809  
Other real estate owned   882,510     882,510     1,469,166     2,357,947     1,799,598  
Goodwill   94,668,455     94,668,455     94,403,635     94,403,635     25,083,675  
Core deposit intangible   14,704,408     15,362,232     16,024,950     16,688,635     5,985,657  
Other assets   40,813,248     18,172,332     21,060,315     22,038,116     16,556,056  
Total assets $ 3,077,246,047   $ 2,950,007,095   $ 2,931,018,197   $ 2,933,375,661   $ 2,210,711,617  
                               
Deposits          
Non-interest bearing $ 579,962,005   $ 559,059,672   $ 581,339,177   $ 603,257,708   $ 572,119,981  
Interest bearing   1,755,472,767     1,736,989,227     1,660,902,293     1,604,420,214     1,213,584,463  
Total deposits   2,335,434,772     2,296,048,899     2,242,241,470     2,207,677,922     1,785,704,444  
Short term borrowings   282,141,546     228,184,856     272,534,890     314,676,164     161,477,872  
Long term borrowings   38,437,015     38,371,291     38,304,981     38,238,670     38,172,653  
Accrued interest payable   2,460,829     2,844,715     1,643,666     1,827,605     1,105,830  
Supplemental executive retirement plan   6,089,246     5,997,819     6,123,518     6,057,063     5,975,159  
Other liabilities   32,559,241     7,788,981     9,989,481     10,553,800     7,882,869  
Total liabilities   2,697,122,649     2,579,236,561     2,570,838,006     2,579,031,224     2,000,318,827  
                               
Stockholders' equity        
Common stock   170,516     170,311     169,889     169,889     125,667  
Additional paid-in capital   293,590,357     293,501,107     293,139,653     292,836,679     149,691,736  
Retained earnings   89,084,561     82,628,356     74,167,389     67,601,752     66,573,919  
Accumulated other comprehensive loss   (2,722,036 )   (5,529,240 )   (7,296,740 )   (6,263,883 )   (5,998,532 )
Total stockholders' equity   380,123,398     370,770,534     360,180,191     354,344,437     210,392,790  
                               
Total liabilities and stockholders' equity $ 3,077,246,047   $ 2,950,007,095   $ 2,931,018,197   $ 2,933,375,661   $ 2,210,711,617  
Shares of basic common stock outstanding   17,051,569     17,031,052     16,988,883     16,988,883     12,566,696  
                               
(1) Financial information at December 31, 2018 has been derived from audited financial statements.    
           

 

Old Line Bancshares, Inc. & Subsidiaries
Consolidated Statements of Income
           
  Three Months
Ended
March 31,
Three Months
Ended
December 31,
Three Months
Ended
September 30,
Three Months
Ended
June 30,
Three Months
Ended
March 31,
  2019
2018 (1) 2018
2018
2018
  (Unaudited)   (Unaudited) (Unaudited) (Unaudited)
Interest income        
Loans, including fees $ 28,850,931   $ 29,284,012   $ 29,056,814   $ 26,448,727   $ 19,700,762  
Investment securities and other   2,059,312     1,743,737     1,696,510     1,719,991     1,623,577  
Total interest income   30,910,243     31,027,749     30,753,324     28,168,718     21,324,339  
                               
Interest expense        
Deposits   5,616,515     5,067,752     4,098,787     3,146,235     2,306,733  
Borrowed funds   1,982,713     1,891,413     1,768,532     1,714,250     1,334,831  
Total interest expense   7,599,228     6,959,165     5,867,319     4,860,485     3,641,564  
Net interest income   23,311,015     24,068,584     24,886,005     23,308,233     17,682,775  
Provision fo r loan losses   414,175     613,672     307,870     532,257     394,896  
                               
Net interest income after provision for loan losses   22,896,840     23,454,912     24,578,135     22,775,976     17,287,879  
                               
Non-interest income        
Service charges on deposit accounts   627,260     745,646     728,550     722,879     576,584  
POS sponsorship program   600,061     641,063     711,577     673,502     -  
Earnings on bank owned life insurance   494,180     531,604     520,785     461,056     292,936  
Gains (losses) on disposal of assets   -     -     (1,100 )   -     14,366  
Loss on write down of stock   -     -     (91,498 )   (60,998 )   -  
Gain on sale of loans   -     556,358     -     -     -  
Income on marketable loans   496,843     479,824     411,850     511,879     418,472  
Other fees and commissions   544,435     1,238,049     525,171     879,733     492,663  
Total non-interest income   2,762,779     4,192,544     2,805,335     3,188,051     1,795,021  
                               
Non-interest expense        
Salaries & employee benefits   7,133,583     6,743,042     7,491,736     7,201,335     5,485,450  
Occupancy & equipment   2,452,773     2,339,115     2,349,691     2,242,640     1,980,401  
Data processing   727,183     699,769     659,926     702,182     609,639  
Merger and integration   -     -     2,282,705     7,121,802     -  
Core deposit amortization   657,824     662,718     663,685     540,737     312,313  
(Gains) losses on sales of other real estate owned   -     (27,801 )   26,266     41,956     12,516  
OREO expense   25,666     77,142     (99,957 )   27,995     184,994  
Other operating   3,251,684     3,465,550     3,288,286     3,198,759     2,406,646  
Total non-interest expense   14,248,713     13,959,535     16,662,338     21,077,406     10,991,959  
                               
Income before income taxes   11,410,906     13,687,921     10,721,132     4,886,621     8,090,941  
Income tax expense   2,906,732     3,526,073     2,456,303     2,160,788     2,025,759  
                               
Net income available to common stockholders $ 8,504,174   $ 10,161,848   $ 8,264,829   $ 2,725,833   $ 6,065,182  
Earnings per basic share $ 0.50   $ 0.60   $ 0.49   $ 0.17   $ 0.48  
Earnings per diluted share $ 0.50   $ 0.59   $ 0.48   $ 0.17   $ 0.48  
Adjusted per basic share (non-GAAP) $ -   $ -   $ 0.58   $ 0.55   $ -  
Adjusted per diluted share (non-GAAP) $ -   $ -   $ 0.57   $ 0.54   $ -  
Dividend per common share $ 0.12   $ 0.10   $ 0.10   $ 0.10   $ 0.08  
Average number of basic shares   17,039,961     17,008,504     16,988,883     16,249,625     12,544,266  
Average number of dilutive shares   17,170,507     17,181,820     17,187,837     16,464,580     12,743,282  
Return on Average Assets   1.16 %   1.37 %   1.12 %   0.39 %   1.16 %
Return on Average Equity   8.99 %   10.70 %   8.89 %   3.14 %   11.36 %
Operating Efficiency (2)   54.65 %   49.39 %   60.17 %   79.55 %   56.43 %
           
(1) Financial information at December 31, 2018 has been derived from audited financial statements.  
(2) Operating efficiency is derived by dividing non-interest expense by the total of net interest income and non-interest income.


 
Old Line Bancshares, Inc. & Subsidiaries
Quarterly Average Balances, Interest and Yields
                       
      3/31/2019         12/31/2018         9/30/2018         6/30/2018         3/31/2018      
                                                     
      Average
Balance
  Yield/
Rate
    Average
Balance
  Yield/
Rate
    Average
Balance
  Yield/
Rate
    Average
Balance
  Yield/
Rate
    Average
Balance
  Yield/
Rate
 
Assets:                      
Int. Bearing Deposits   $ 2,791,150   2.37 % $ 4,130,258   2.96 % $ 4,765,138   1.52 % $ 8,795,004   1.53 % $ 2,003,369   1.47 %
Investment Securities (2 )   262,912,937   3.43 %   236,018,603   3.18 %   233,633,128   3.09 %   235,854,989   3.19 %   229,456,764   3.15 %
Loans     2,418,266,901   4.87 %   2,414,758,155   4.84 %   2,397,054,094   4.84 %   2,261,479,332   4.72 %   1,720,721,476   4.69 %
Allowance for Loan Loss es   (7,593,472 )     (7,122,881 )     (6,885,911 )     (6,363,239 )     (5,973,556 )  
Total Loans
  Net of allowance
    2,410,673,429   4.89 %   2,407,635,274   4.86 %   2,390,168,183   4.85 %   2,255,116,093   4.74 %   1,714,747,920   4.70 %
Total interest-earning a ssets   2,676,377,516   4.74 %   2,647,784,135   4.70 %   2,628,566,449   4.69 %   2,499,766,086   4.58 %   1,946,208,053   4.52 %
Noninterest bearing cas h   46,270,628       43,728,188       48,035,416       47,014,071       36,844,268    
Goodwill and Intangible s   109,791,837       110,188,394       110,861,142       100,901,255       31,272,865    
Premises and Equipmen t   44,403,507       42,902,372       43,626,501       43,592,991       41,088,624    
Other Assets   99,169,559       101,812,816       103,995,121       98,152,802       69,837,318    
Total Assets   $ 2,976,013,047     $ 2,946,415,905     $ 2,935,084,629     $ 2,789,427,205     $ 2,125,251,128    
                       
Liabilities and Stockholders' Equity                  
                       
Interest-bearing Deposit s $ 1,741,184,120   1.31 % $ 1,726,574,227   1.16 % $ 1,658,060,302   0.98 % $ 1,522,249,880   0.83 % $ 1,200,931,980   0.78 %
Borrowed Funds   268,178,852   3.00 %   255,083,457   2.94 %   283,169,572   2.48 %   288,666,185   2.38 %   235,924,800   2.29 %
Total interest-bearing  liabilities     2,009,362,972   1.53 %   1,981,657,684   1.39 %   1,941,229,874   1.20 %   1,810,916,065   1.08 %   1,436,856,780   1.03 %
Noninterest bearing dep osits   565,081,492       572,704,465       601,558,786       615,780,315       457,850,993    
      2,574,444,464       2,554,362,149       2,542,788,660       2,426,696,380       1,894,707,773    
                       
Other Liabilities   17,825,648       15,264,196       23,355,099       13,536,574       13,931,983    
Stockholder's Equity   383,742,935       376,789,560       368,940,870       349,194,251       216,611,372    
Total Liabilities and  Stockholder's Equity   $ 2,976,013,047     $ 2,946,415,905     $ 2,935,084,629     $ 2,789,427,205     $ 2,125,251,128    
                       
Net interest spread   3.21 %   3.31 %   3.49 %   3.50 %   3.49 %
                                                     
Net interest income and  Net interest margin (1)   $ 23,679,819   3.59 % $ 24,412,499   3.66 % $ 25,227,248   3.81 % $ 23,659,244   3.80 % $ 18,033,758   3.76 %

(1) Interest revenue is presented on a fully taxable equivalent (FTE) basis.  The FTE basis adjusts for the tax favored status of these types of assets.  Management believes providing this information on a FTE basis provides investors with a more accurate picture of our net interest spread and net interest income and we believe it to be the preferred industry measurement of these calculations.
(2) Available for sale investment securities are presented at amortized cost.

The accretion of the fair value adjustments resulted in a positive impact in the yield on loans for the three months ended March 31, 2019 and 2018.    Fair value accretion for the current quarter and prior four quarters are as follows: 

  3/31/2019   12/31/2018   9/30/2018    6/30/2018    3/31/2018   
  Fair Value
Accretion
Dollars
  % Impact on
Net Interest
Margin
  Fair Value
Accretion
Dollars
  % Impact on
Net Interest
Margin
  Fair Value
Accretion
Dollars
  % Impact on
Net Interest
Margin
  Fair Value
Accretion
Dollars
  % Impact on
Net Interest
Margin
  Fair Value
Accretion
Dollars
  % Impact on
Net Interest
Margin
 
Commercial loans $ 44,430   0.01 % $ 140,822   0.02 % $ 113,378   0.02 % $ 209,819   0.03 % $ 47,705   0.01 %
Mortgage loans   678,636   0.10     504,905   0.08     620,664   0.09     752,461   0.12     78,188   0.02  
Consumer loans   197,086   0.03     104,350   0.02     110,220   0.02     126,575   0.02     97,544   0.02  
Interest bearing deposits   54,947   0.01     61,038   0.01     70,157   0.01     70,178   0.01     80,886   0.02  
                                                   
Total Fair Value Accretion $ 975,099   0.15 % $ 811,115   0.13 % $ 914,419   0.14 % $ 1,159,033   0.18 % $ 304,323   0.07 %
                                         

Below is a reconciliation of the fully tax equivalent adjustments and the GAAP basis information presented in this release:

  3/31/2019   12/31/2018   9/30/2018    6/30/2018    3/31/2018   
  Net Interest
Income
  Yield   Net Interest
Income
  Yield   Net Interest
Income
  Yield   Net Interest
Income
  Yield   Net Interest
Income
  Yield  
GAAP net interest income $ 23,311,015   3.53 % $ 24,068,584   3.61 % $ 24,886,006   3.76 % $ 23,308,232   3.74 % $ 17,682,775   3.68 %
Tax equivalent adjustment                                        
Federal funds sold   103   0.00     124   0.00     92   0.00     80   0.00     36   0.00  
Investment securities   169,305   0.03     157,634   0.02     159,520   0.02     161,340   0.03     160,911   0.04  
Loans   199,396   0.03     186,157   0.03     181,630   0.03     189,592   0.03     190,036   0.04  
Total tax equivalent adjustment   368,804   0.06     343,915   0.05     341,242   0.05     351,012   0.06     350,983   0.08  
Tax equivalent interest yield $ 23,679,819   3.59 % $ 24,412,499   3.66 % $ 25,227,248   3.81 % $ 23,659,244   3.80 % $ 18,033,758   3.76 %
                                         

 

 
Old Line Bancshares, Inc. & Subsidiaries
Selected Loan Information
(Dollars in thousands)
  March 31,
2019
December 31,
2018
September 30,
2018
June 30,
2018
March 31,
2018
           
Legacy Loans (1)        
Period End Loan Balance $ 1,704,913   $ 1,668,118   $ 1,609,695   $ 1,543,113   $ 1,434,375  
Deferred Costs   3,457     3,087     2,805     2,364     2,374  
Accruing   1,703,328     1,667,179     1,608,808     1,542,371     1,433,907  
Non-accrual   1,585     939     887     742     468  
Accruing 30-89 days past due   6,454     7,988     6,352     4,565     4,587  
Accruing 90 or more days past due   1,125     -     1,785     178     -  
Allowance for loan losses   7,342     7,005     6,699     6,444     6,075  
Other real estate owned   -     -     -     -     425  
Net charge offs (recoveries)   (5 )   27     (1 )   (3 )   (2 )
           
Acquired Loans (2)        
Period End Loan Balance $ 716,624   $ 745,494   $ 779,060   $ 809,049   $ 326,085  
Accruing   712,932     741,777     775,438     807,241     324,787  
Non-accrual(3)   3,692     3,718     3,622     1,808     1,298  
Accruing 30-89 days past due   5,917     11,796     8,120     13,770     4,932  
Accruing 90 or more days past due   151     243     733     361     330  
Allowance for loan losses   466     466     281     260     182  
Other real estate owned   883     883     1,469     2,358     1,375  
Net charge offs (recoveries)   82     96     33     88     60  
           
Allowance for loan losses as % of held for investment loans   0.32 %   0.31 %   0.29 %   0.29 %   0.36 %
Allowance for loan losses as % of legacy held for investment loans   0.46 %   0.45 %   0.42 %   0.43 %   0.42 %
Allowance for loan losses as % of acquired held for investment loans   0.06 %   0.06 %   0.04 %   0.03 %   0.06 %
Total non-performing loans as a % of held for investment loans   0.27 %   0.20 %   0.30 %   0.13 %   0.12 %
Total non-performing assets as a % of total assets   0.24 %   0.20 %   0.29 %   0.19 %   0.18 %

(1) Legacy loans represent total loans excluding loans acquired on April 1, 2011, May 10, 2013, December 4, 2015, July 28, 2017 and April 13, 2018.
(2) Acquired loans represent all loans acquired on April 1, 2011 from Maryland Bank & Trust Company, N.A., on May 10, 2013 from The Washington Savings Bank, on December 4, 2015 from Regal Bank & Trust, on July 28, 2017 from DCB, and on April 13, 2018 from Bay Bancorp.  We originally recorded these loans at fair value upon acquisition.
(3) These loans are loans that are considered non-accrual because they are not paying in conformance with the original contractual agreement.

CONTACT: ELISE HUBBARD
CHIEF FINANCIAL OFFICER
(301) 430-2560

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