Maryland
|
000-50345
|
820-0154352
|
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
|
||
1525 Pointer Ridge Place
|
||
Bowie, Maryland
|
20716
|
|
(Address of principal executive offices) (Zip Code) |
N/A
|
____
|
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
____
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CRF 240.14a-12)
|
|
____
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
____
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))
|
|
OLD LINE BANCSHARES, INC.
|
|
Date: January 28, 2014
|
By: /s/Mark A. Semanie
|
Mark A. Semanie, Executive Vice President, Chief Operating
Officer and Acting Chief Financial Officer
|
PRESS RELEASE
|
OLD LINE BANCSHARES, INC.
|
FOR IMMEDIATE RELEASE
|
CONTACT: MARK SEMANIE
|
January 27, 2014
|
ACTING CHIEF FINANCIAL OFFICER
|
(301) 430-2508
|
·
|
Net income of $4.4 million, or $0.41 per basic and diluted share, was recorded for the three month period ending December 31, 2013 compared to net income of $1.7 million or $0.25 per basic and diluted share for the fourth quarter of 2012, representing an increase of $2.7 million or 157.9%.
|
·
|
The net interest margin was 4.64% compared to 4.55% for the same period in 2012. Interest expense on total interest-bearing liabilities decreased to 0.51% for the year ended December 31, 2013 compared to 0.78% for the year ended December 31, 2012.
|
·
|
The Company sold approximately $22.6 million in loans classified as held-for-sale and recorded a $3.4 million in gain on sale of loans as described above.
|
·
|
Net loans during the three month period grew $20.8 million net of the loan sale, an increase of 2.51%.
|
·
|
The merger with WSB became effective May 10, 2013, causing total assets to grow to $1.2 billion at December 31, 2013 compared to $861.9 million at December 31, 2012.
|
·
|
$12.2 million of new capital was successfully raised through a private placement of 936,696 shares of common stock at a price of $13.00 per share.
|
·
|
Net loans increased $254.1 million or 42.70% during the twelve months ended December 31, 2013, to $849.3 million at December 31, 2013 compared to $595.1 million at December 31, 2012, as a result of organic growth and the acquisition of WSB.
|
·
|
Non-interest bearing deposits increased $39.8 million or 21.09% during the twelve months ending December 31, 2013. Interest bearing deposits increased $199.1 million during the twelve month period compared to the balance at December 31, 2012, primarily as a result of the acquisition of WSB and partially offset by the planned reductions in higher cost deposits.
|
·
|
Net income was $7.8 million or $0.87 per basic and $0.86 per diluted share for the year ended December 31, 2013 compared to $7.5 million, or $1.10 per basic and $1.09 per diluted share, for the same period in 2012.
|
·
|
For the twelve months ended December 31, 2013, Return on Average Assets (ROAA) and Return on Average Equity (ROAE) were 0.74% and 7.80%, respectively, compared to ROAA and ROAE of 0.90% and 11.17%, respectively, for the twelve months ended December 31, 2012.
|
·
|
The net interest margin was 4.53% during 2013 compared to 4.65% for 2012. Re-pricing in the loan portfolio and slightly lower yields on new loans caused the average loan yield to decline.
|
·
|
Of note, the Company entered the residential lending business through the WSB acquisition.
|
Old Line Bancshares, Inc. & Subsidiaries
|
||||||||||||||||||||||||
Consolidated Balance Sheets | ||||||||||||||||||||||||
|
December 31,
2013
|
September 30,
2013
|
June 30,
2013
|
March 31,
2013
|
December 31,
2012 (1)
|
September 30,
2012
|
||||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||||||||||
Cash and due from banks
|
$ | 28,316,351 | $ | 49,957,119 | $ | 50,689,336 | $ | 37,651,112 | $ | 28,332,456 | $ | 43,813,588 | ||||||||||||
Interest bearing accounts
|
30,375 | 30,364 | 30,352 | 30,291 | 130,192 | 26,137 | ||||||||||||||||||
Federal funds sold
|
711,574 | 1,005,491 | 3,017,257 | 331,153 | 228,113 | 908,495 | ||||||||||||||||||
Total cash and cash equivalents
|
29,058,300 | 50,992,974 | 53,736,945 | 38,012,556 | 28,690,761 | 44,748,220 | ||||||||||||||||||
Investment securities available for sale
|
172,169,776 | 181,527,632 | 184,190,791 | 154,081,188 | 171,541,222 | 180,363,532 | ||||||||||||||||||
Loans held for sale
|
2,014,711 | 22,584,750 | 4,764,595 | - | - | - | ||||||||||||||||||
Loans held for invesment, less allowance for loan losses
|
847,248,590 | 805,890,567 | 787,172,298 | 611,850,594 | 595,144,928 | 573,147,401 | ||||||||||||||||||
Equity securities at cost
|
5,669,807 | 5,850,652 | 3,709,490 | 3,174,220 | 3,615,444 | 3,828,237 | ||||||||||||||||||
Premises and equipment
|
35,215,868 | 35,520,366 | 35,313,769 | 24,912,937 | 25,133,013 | 23,883,734 | ||||||||||||||||||
Accrued interest receivable
|
3,432,924 | 3,256,311 | 3,623,274 | 2,511,753 | 2,639,483 | 2,606,790 | ||||||||||||||||||
Deferred income taxes
|
21,868,076 | 21,451,728 | 23,111,238 | 8,015,351 | 7,139,545 | 6,791,483 | ||||||||||||||||||
Bank owned life insurance
|
30,577,187 | 30,357,357 | 30,135,483 | 16,977,347 | 16,869,307 | 16,757,707 | ||||||||||||||||||
Other real estate owned
|
4,311,342 | 5,909,260 | 5,396,654 | 2,726,910 | 3,719,449 | 3,231,449 | ||||||||||||||||||
Goodwill
|
7,793,665 | 7,793,665 | 6,847,424 | 633,790 | 633,790 | 633,790 | ||||||||||||||||||
Core deposit intangible
|
5,287,501 | 5,518,619 | 5,749,737 | 3,513,889 | 3,691,471 | 3,869,054 | ||||||||||||||||||
Other assets
|
2,575,377 | 3,059,574 | 3,332,944 | 2,575,612 | 3,038,064 | 2,990,530 | ||||||||||||||||||
Total assets
|
$ | 1,167,223,124 | $ | 1,179,713,455 | $ | 1,147,084,642 | $ | 868,986,147 | $ | 861,856,477 | $ | 862,851,927 | ||||||||||||
Deposits
|
||||||||||||||||||||||||
Non-interest bearing
|
$ | 228,733,624 | $ | 223,503,418 | $ | 213,570,493 | $ | 188,172,189 | $ | 188,895,263 | $ | 185,347,907 | ||||||||||||
Interest bearing
|
745,625,862 | 761,869,410 | 781,968,601 | 560,330,114 | 546,562,555 | 545,730,571 | ||||||||||||||||||
Total deposits
|
974,359,486 | 985,372,828 | 995,539,094 | 748,502,303 | 735,457,818 | 731,078,478 | ||||||||||||||||||
Short term borrowings
|
49,530,125 | 56,204,082 | 28,818,101 | 31,510,107 | 37,905,467 | 44,544,608 | ||||||||||||||||||
Long term borrowings
|
6,093,074 | 6,118,744 | 6,142,962 | 6,166,788 | 6,192,350 | 6,216,463 | ||||||||||||||||||
Accrued interest payable
|
264,807 | 250,164 | 259,847 | 279,907 | 311,735 | 341,494 | ||||||||||||||||||
Accrued pension
|
4,921,241 | 4,844,855 | 4,768,470 | 4,690,584 | 4,615,699 | 4,570,725 | ||||||||||||||||||
Other liabilities
|
5,505,073 | 3,791,019 | 3,825,204 | 2,749,707 | 2,120,247 | 2,757,115 | ||||||||||||||||||
Total liabilities
|
1,040,673,806 | 1,056,581,692 | 1,039,353,678 | 793,899,396 | 786,603,316 | 789,508,883 | ||||||||||||||||||
Stockholders' equity
|
||||||||||||||||||||||||
Common stock
|
107,772 | 107,612 | 98,202 | 68,538 | 68,454 | 68,308 | ||||||||||||||||||
Additional paid-in capital
|
104,622,171 | 104,408,960 | 92,145,572 | 53,875,593 | 53,792,015 | 53,647,456 | ||||||||||||||||||
Retained earnings
|
24,879,275 | 20,882,086 | 19,066,586 | 19,543,682 | 18,531,387 | 17,087,831 | ||||||||||||||||||
Accumulated other comprehensive income (loss)
|
(3,359,823 | ) | (2,628,710 | ) | (3,946,354 | ) | 1,220,486 | 2,469,758 | 3,171,006 | |||||||||||||||
Total Old Line Bancshares, Inc.
stockholders' equity
|
126,249,395 | 122,769,948 | 107,364,006 | 74,708,299 | 74,861,614 | 73,974,601 | ||||||||||||||||||
Non-controlling interest
|
299,923 | 361,815 | 366,958 | 378,452 | 391,547 | 398,994 | ||||||||||||||||||
Total stockholders' equity
|
126,549,318 | 123,131,763 | 107,730,964 | 75,086,751 | 75,253,161 | 74,373,595 | ||||||||||||||||||
Total liabilities and
stockholders' equity
|
$ | 1,167,223,124 | $ | 1,179,713,455 | $ | 1,147,084,642 | $ | 868,986,147 | $ | 861,856,477 | $ | 863,882,478 | ||||||||||||
Shares of basic common stock outstanding
|
10,777,112 | 10,761,112 | 9,820,217 | 6,853,814 | 6,845,432 | 6,830,832 | ||||||||||||||||||
(1) Financial information as of December 31, 2012 has been derived from audited financial statements.
|
Old Line Bancshares, Inc. & Subsidiaries
|
||||||||||||||||||||||||||||||||
Consolidated Statements of Income
|
||||||||||||||||||||||||||||||||
|
Three Months
Ended
December 31,
|
Three Months
Ended
September 30,
|
Three Months
Ended
June 30,
|
Three Months
Ended
March 31,
|
Three Months
Ended
December 31,
|
Twelve Months
Ended
December 31,
|
Twelve Months
Ended
December 31,
|
Three Months
Ended
March 31,
|
||||||||||||||||||||||||
2013
|
2013
|
2013
|
2013
|
2012 (1)
|
2013
|
2012 (1)
|
2012
|
|||||||||||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
(Unaudited)
|
|||||||||||||||||||||||||
Interest income
|
||||||||||||||||||||||||||||||||
Loans, including fees
|
$ | 11,519,191 | $ | 11,527,459 | $ | 9,327,905 | $ | 7,831,823 | $ | 8,521,466 | $ | 40,206,378 | $ | 33,808,739 | $ | 7,952,835 | ||||||||||||||||
Investment securities and other
|
1,060,493 | 1,031,015 | 979,699 | 985,253 | 1,034,100 | 4,056,460 | 4,413,384 | 1,149,451 | ||||||||||||||||||||||||
Total interest income
|
12,579,684 | 12,558,474 | 10,307,604 | 8,817,076 | 9,555,566 | 44,262,838 | 38,222,123 | 9,102,286 | ||||||||||||||||||||||||
Interest expense
|
||||||||||||||||||||||||||||||||
Deposits
|
923,039 | 970,911 | 964,955 | 857,139 | 963,334 | 3,716,044 | 4,235,107 | 1,127,498 | ||||||||||||||||||||||||
Borrowed funds
|
122,522 | 111,728 | 139,472 | 112,487 | 190,310 | 486,209 | 822,518 | 212,376 | ||||||||||||||||||||||||
Total interest expense
|
1,045,561 | 1,082,639 | 1,104,427 | 969,626 | 1,153,644 | 4,202,253 | 5,057,625 | 1,339,874 | ||||||||||||||||||||||||
Net interest income
|
11,534,123 | 11,475,835 | 9,203,177 | 7,847,450 | 8,401,922 | 40,060,585 | 33,164,498 | 7,762,412 | ||||||||||||||||||||||||
Provision for loan losses
|
514,190 | 590,000 | 200,000 | 200,000 | 400,000 | 1,504,190 | 1,525,000 | 375,000 | ||||||||||||||||||||||||
Net interest income after
provision for loan losses
|
11,019,933 | 10,885,835 | 9,003,177 | 7,647,450 | 8,001,922 | 38,556,395 | 31,639,498 | 7,387,412 | ||||||||||||||||||||||||
Non-interest income
|
||||||||||||||||||||||||||||||||
Service charges on
deposit accounts
|
472,945 | 466,571 | 367,674 | 300,741 | 318,250 | 1,607,931 | 1,281,187 | 319,327 | ||||||||||||||||||||||||
Gain on sales or calls
of investment securities
|
- | - | 9,659 | 631,429 | 307,242 | 641,088 | 1,156,781 | 277,170 | ||||||||||||||||||||||||
Earnings on bank owned
life insurance
|
252,265 | 253,894 | 200,641 | 133,228 | 136,171 | 840,028 | 548,454 | 136,705 | ||||||||||||||||||||||||
Losses on disposal of assets
|
- | - | (19,078 | ) | (85,561 | ) | - | (104,639 | ) | - | - | |||||||||||||||||||||
Gain on sale of loans
|
3,601,972 | 236,167 | 51,890 | - | - | 3,890,029 | - | |||||||||||||||||||||||||
Other fees and commissions
|
852,470 | 594,324 | 301,268 | 247,683 | 182,450 | 1,995,745 | 721,688 | 177,599 | ||||||||||||||||||||||||
Total non-interest income
|
5,179,652 | 1,550,956 | 912,054 | 1,227,520 | 944,113 | 8,870,182 | 3,708,110 | 910,801 | ||||||||||||||||||||||||
Non-interest expense
|
||||||||||||||||||||||||||||||||
Salaries & employee benefits
|
4,668,944 | 4,684,407 | 4,031,892 | 3,232,677 | 3,188,366 | 16,617,920 | 12,038,509 | 2,808,994 | ||||||||||||||||||||||||
Occupancy & Equipment
|
1,513,265 | 1,556,221 | 1,214,947 | 1,068,867 | 931,197 | 5,353,300 | 3,687,419 | 907,871 | ||||||||||||||||||||||||
Pension plan termination
|
- | - | - | - | 700,884 | 700,884 | - | |||||||||||||||||||||||||
Data processing
|
393,863 | 459,973 | 329,878 | 239,057 | 238,830 | 1,422,771 | 869,984 | 224,735 | ||||||||||||||||||||||||
Merger and integration
|
349,028 | 143,082 | 2,786,350 | 240,485 | 363,375 | 3,518,945 | 470,999 | 29,167 | ||||||||||||||||||||||||
Core deposit amortization
|
231,119 | 231,118 | 198,875 | 177,582 | 177,582 | 838,694 | 727,422 | 194,675 | ||||||||||||||||||||||||
(Gains)losses on sales
other real estate owned
|
(210,665 | ) | 11,072 | (145,795 | ) | 200,454 | - | (144,934 | ) | (110,704 | ) | (31,988 | ) | |||||||||||||||||||
OREO expense
|
210,122 | 159,234 | 154,908 | 314,165 | 124,167 | 838,429 | 591,347 | |||||||||||||||||||||||||
Other operating
|
2,284,281 | 2,017,902 | 1,723,373 | 1,606,608 | 1,531,026 | 7,632,164 | 6,185,963 | 1,520,731 | ||||||||||||||||||||||||
Total non-interest expense
|
9,439,957 | 9,263,009 | 10,294,428 | 7,079,895 | 7,255,427 | 36,077,289 | 25,161,823 | 5,654,185 | ||||||||||||||||||||||||
Income (loss) before income taxes
|
6,759,628 | 3,173,782 | (379,197 | ) | 1,795,075 | 1,690,608 | 11,349,288 | 10,185,785 | 2,644,028 | |||||||||||||||||||||||
Income tax (benefit) expense
|
2,393,268 | 970,510 | (283,417 | ) | 521,722 | (18,808 | ) | 3,602,083 | 2,720,446 | 844,005 | ||||||||||||||||||||||
Net income (loss)
|
4,366,360 | 2,203,272 | (95,780 | ) | 1,273,353 | 1,709,416 | 7,747,205 | 7,465,339 | 1,800,023 | |||||||||||||||||||||||
Less: Net (loss)
attributable to the
noncontrolling interest
|
(61,892 | ) | (5,142 | ) | (11,495 | ) | (13,095 | ) | (7,447 | ) | (91,624 | ) | (65,125 | ) | (19,947 | ) | ||||||||||||||||
Net income (loss) available to
common stockholders
|
$ | 4,428,252 | $ | 2,208,414 | $ | (84,285 | ) | $ | 1,286,448 | $ | 1,716,863 | $ | 7,838,829 | $ | 7,530,464 | $ | 1,819,970 | |||||||||||||||
Earnings (loss) per basic share
|
$ | 0.41 | $ | 0.22 | $ | (0.01 | ) | $ | 0.19 | $ | 0.25 | $ | 0.87 | $ | 1.10 | $ | 0.26 | |||||||||||||||
Earnings (loss) per diluted share
|
$ | 0.41 | $ | 0.22 | $ | (0.01 | ) | $ | 0.19 | $ | 0.25 | $ | 0.86 | $ | 1.09 | $ | 0.26 | |||||||||||||||
Dividend per common share
|
$ | 0.04 | $ | 0.04 | $ | 0.04 | $ | 0.04 | $ | 0.04 | $ | 0.16 | $ | 0.16 | $ | 0.04 | ||||||||||||||||
Average number of basic shares
|
10,768,104 | 10,004,138 | 8,505,016 | 6,848,505 | 6,834,665 | 9,044,944 | 6,828,512 | 6,820,894 | ||||||||||||||||||||||||
Average number of dilutive shares
|
10,891,654 | 10,117,380 | 8,609,164 | 6,950,749 | 6,929,296 | 9,149,200 | 6,893,645 | 6,855,568 | ||||||||||||||||||||||||
(1) Financial information as of December 31, 2012 has been derived from audited financial statements.
|
Old Line Bancshares, Inc. & Subsidiaries
|
||||||||||||||||||||||||||||||||||||||||
Average Balances, Interest and Yields
|
||||||||||||||||||||||||||||||||||||||||
12/31/2013
|
9/30/2013
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
||||||||||||||||||||||||||||||||||||
Average
Balance
|
Yield
|
Average
Balance
|
Yield
|
Average
Balance
|
Yield
|
Average
Balance
|
Yield
|
Average
Balance
|
Yield
|
|||||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||||||
Int. Bearing Deposits
|
$ | 2,903,193 | 0.11 | % | $ | 2,997,163 | 0.09 | % | $ | 6,978,382 | 0.11 | % | $ | 1,870,920 | 0.15 | % | $ | 10,506,932 | 0.20 | % | ||||||||||||||||||||
Investment Securities
|
188,455,728 | 2.82 | % | 193,421,563 | 2.70 | % | 180,559,860 | 2.81 | % | 168,672,425 | 3.06 | % | 177,162,367 | 2.88 | % | |||||||||||||||||||||||||
Loans
|
837,359,182 | 5.54 | % | 817,877,455 | 5.67 | % | 721,222,893 | 5.28 | % | 605,701,991 | 5.35 | % | 587,421,759 | 5.86 | % | |||||||||||||||||||||||||
Allowance for Loan Losses
|
(4,609,398 | ) | (4,353,910 | ) | (4,164,025 | ) | (4,058,816 | ) | (4,186,009 | ) | ||||||||||||||||||||||||||||||
Total Loans
Net of allowance
|
832,749,784 | 5.57 | % | 813,523,545 | 5.71 | % | 717,058,868 | 5.31 | % | 601,643,175 | 5.39 | % | 583,235,750 | 5.90 | % | |||||||||||||||||||||||||
Total interest-earning assets
|
1,024,108,705 | 5.05 | % | 1,009,942,271 | 5.11 | % | 904,597,110 | 4.77 | % | 772,186,520 | 4.87 | % | 770,905,049 | 5.15 | % | |||||||||||||||||||||||||
Noninterest bearing cash
|
38,364,347 | 40,562,522 | 45,762,911 | 25,465,996 | 30,544,104 | |||||||||||||||||||||||||||||||||||
Other Assets
|
111,316,325 | 113,104,275 | 85,200,150 | 62,206,398 | 61,756,948 | |||||||||||||||||||||||||||||||||||
Total Assets
|
$ | 1,173,789,377 | $ | 1,163,609,068 | $ | 1,035,560,171 | $ | 859,858,914 | $ | 863,206,101 | ||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||||||||||||||||||||||
Interest-bearing Deposits
|
$ | 754,128,604 | 0.49 | % | $ | 770,907,260 | 0.50 | % | $ | 686,544,106 | 0.56 | % | $ | 552,649,682 | 0.63 | % | $ | 551,598,937 | 0.69 | % | ||||||||||||||||||||
Borrowed Funds
|
53,222,290 | 0.91 | % | 41,022,029 | 1.08 | % | 41,494,215 | 1.35 | % | 40,335,859 | 1.13 | % | 35,952,280 | 2.10 | % | |||||||||||||||||||||||||
Total interest-bearing
liabilities
|
807,350,894 | 0.51 | % | 811,929,289 | 0.53 | % | 728,038,321 | 0.61 | % | 592,985,541 | 0.66 | % | 587,551,217 | 0.78 | % | |||||||||||||||||||||||||
Noninterest bearing deposits
|
228,810,018 | 226,431,720 | 205,050,472 | 187,697,564 | 197,676,047 | |||||||||||||||||||||||||||||||||||
1,036,160,912 | 1,038,361,009 | 933,088,793 | 780,683,105 | 785,227,264 | ||||||||||||||||||||||||||||||||||||
Other Liabilities
|
8,360,917 | 7,569,553 | 6,624,502 | 6,909,547 | 7,600,642 | |||||||||||||||||||||||||||||||||||
Noncontrolling Interest
|
300,800 | 363,349 | 369,671 | 387,467 | 392,942 | |||||||||||||||||||||||||||||||||||
Stockholder's Equity
|
128,966,748 | 117,315,157 | 95,477,205 | 71,878,795 | 69,985,253 | |||||||||||||||||||||||||||||||||||
Total Liabilities and
Stockholder's Equity
|
$ | 1,173,789,377 | $ | 1,163,609,068 | $ | 1,035,560,171 | $ | 859,858,914 | $ | 863,206,101 | ||||||||||||||||||||||||||||||
Net interest spread
|
4.54 | % | 4.58 | % | 4.16 | % | 4.21 | % | 4.37 | % | ||||||||||||||||||||||||||||||
Net interest income and
Net interest margin(1)
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$ | 11,986,354 | 4.64 | % | $ | 11,933,938 | 4.69 | % | $ | 9,657,000 | 4.28 | % | $ | 8,299,213 | 4.36 | % | $ | 8,818,546 | 4.55 | % |
(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. See “Reconciliation of Non-GAAP Measures.” |
(2) |
Available for sale investment securities are presented at amortized cost.
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12/31/2013 |
9/30/2013
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6/30/2013
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3/31/2013
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12/31/2012
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9/30/2012
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Fair Value
Accretion
Dollars
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% Impact on
Net Interest
Margin
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Fair Value
Accretion
Dollars
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% Impact on
Net Interest
Margin
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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
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% Impact on
Net Interest
Margin
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Commercial loans (1)
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$ | 102 | 0.00 | % | $ | 14,763 | 0.01 | % | $ | 38,933 | 0.02 | % | $ | 209,144 | 0.11 | % | $ | 38,783 | 0.02 | % | $ | 64,142 | 0.03 | % | ||||||||||||||||||||||||
Mortgage loans (1)
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1,322,480 | 0.51 | 1,221,653 | 0.48 | 173,261 | 0.07 | (4,500 | ) | (0.00 | ) | 819,028 | 0.42 | 776,089 | 0.41 | ||||||||||||||||||||||||||||||||||
Consumer loans
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7,821 | 0.00 | 6,032 | 0.00 | 2,876 | 0.00 | 2,371 | 0.00 | 2,188 | 0.00 | 1,968 | 0.01 | ||||||||||||||||||||||||||||||||||||
Interest bearing deposits
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164,527 | 0.06 | 178,556 | 0.07 | 85,046 | 0.05 | 33,461 | 0.02 | 33,379 | 0.02 | 33,847 | 0.01 | ||||||||||||||||||||||||||||||||||||
Total Fair Value Accretion
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$ | 1,494,930 | 0.57 | % | $ | 1,421,004 | 0.56 | % | $ | 300,116 | 0.14 | % | $ | 240,476 | 0.13 | % | $ | 893,378 | 0.46 | % | $ | 876,046 | 0.46 | % |
12/31/2013
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9/30/2013
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6/30/2013
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3/31/2013
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12/31/2012
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9/30/2012
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Net Interest
Income
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Yield
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Net Interest
Income
|
Yield
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Net Interest
Income
|
Yield
|
Net Interest
Income
|
Yield
|
Net Interest
Income
|
Yield
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Net Interest
Income
|
Yield
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GAAP net interest income
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$ | 11,534,123 | 4.46 | % | $ | 11,475,835 | 4.51 | % | $ | 9,203,177 | 4.08 | % | $ | 7,847,450 | 4.12 | % | $ | 8,401,922 | 4.34 | % | $ | 8,536,777 | 4.51 | % | ||||||||||||||||||||||||
Tax equivalent adjustment
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Federal funds sold
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- | - | - | - | 1 | 0.00 | 2 | 0.00 | 1 | 0.00 | - | - | ||||||||||||||||||||||||||||||||||||
Investment securities
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282,137 | 0.11 | 286,755 | 0.11 | 285,049 | 0.13 | 287,612 | 0.15 | 258,483 | 0.13 | 241,934 | 0.13 | ||||||||||||||||||||||||||||||||||||
Loans
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170,094 | 0.07 | 171,348 | 0.07 | 168,773 | 0.07 | 164,149 | 0.09 | 158,140 | 0.08 | 154,018 | 0.08 | ||||||||||||||||||||||||||||||||||||
Total tax equivalent adjustment
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452,231 | 0.18 | 458,103 | 0.18 | 453,823 | 0.20 | 451,763 | 0.24 | 416,624 | 0.22 | 395,952 | 0.21 | ||||||||||||||||||||||||||||||||||||
Tax equivalent interest yield
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$ | 11,986,354 | 4.64 | % | $ | 11,933,938 | 4.69 | % | $ | 9,657,000 | 4.28 | % | $ | 8,299,213 | 4.36 | % | $ | 8,818,546 | 4.55 | % | $ | 8,932,729 | 4.72 | % |
Old Line Bancshares, Inc. & Subsidiaries
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Selected Loan Information
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(Dollars in thousands)
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December 31,
2013
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September 30,
2013
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June 30,
2013
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March 31,
2013
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December 31,
2012
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September 30,
2012
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Acquired Loans(1)
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Non-accrual(2)
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$ | 663 | $ | - | $ | - | $ | 4,064 | $ | 4,092 | $ | 5,079 | ||||||||||||
Accruing 30-89 days past due
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3,198 | 2,985 | 6,965 | 802 | 602 | 24 | ||||||||||||||||||
Accruing 90 or more days past due(4)
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- | 2,434 | 15,251 | - | 6 | 82 | ||||||||||||||||||
Legacy Loans(3)
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Non-accrual
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$ | 8,156 | $ | 1,870 | $ | 1,889 | $ | 1,388 | $ | 1,818 | $ | 3,151 | ||||||||||||
Accruing 30-89 days past due
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1,574 | 2,292 | 2,607 | 2,077 | 1,799 | 2,348 | ||||||||||||||||||
Accruing 90 or more days past due
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2 | 1,951 | - | - | - | 2 | ||||||||||||||||||
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Allowance for loan losses as % of held for investment loans
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0.58 | % | 0.55 | % | 0.54 | % | 0.66 | % | 0.66 | % | 0.78 | % | ||||||||||||
Allowance for loan losses as % of legacy loans
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0.67 | % | 0.77 | % | 0.83 | % | 0.84 | % | 0.85 | % | 1.03 | % | ||||||||||||
Total non-performing loans as a % of held for investment loans
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1.84 | % | 0.77 | % | 2.18 | % | 0.89 | % | 0.99 | % | 2.00 | % | ||||||||||||
Total non-performing assets as a % of total assets
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1.34 | % | 1.03 | % | 1.96 | % | 0.94 | % | 1.12 | % | 1.34 | % |
(1)
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Acquired loans represent all loans acquired on April 1, 2011 from MB&T and on May 10, 2013 from WSB. We originally recorded these loans at fair value upon acquisition.
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(2)
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These loans are loans that are considered non-accrual because they are not paying in conformance with the original contractual agreement. At acquisition, we recorded these loans at fair value. Until the December 31, 2013 quarter, we recognized interest income on these loans through the accretion of the difference between the carrying value of these loans and their expected cash flows. In the fourth quarter of 2013, we are no longer recording interest on these loans that were not purchased as credit impaired.
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(3)
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Legacy loans represent total loans excluding loans acquired on April 1, 2011 and May 10, 2013.
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(4)
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Previously reported non-accrual loans have been reclassified due to the accretion of income and are reported on a past due basis.
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