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Press Release

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

Company Release - 4/24/2019 4:05 PM ET

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.”

1st 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 for 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 Losses (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 assets 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 cash 46,270,628   43,728,188   48,035,416   47,014,071   36,844,268  
Goodwill and Intangibles 109,791,837   110,188,394   110,861,142   100,901,255   31,272,865  
Premises and Equipment 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 Deposits$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 deposits 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

Source: Old Line Bancshares, Inc.
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