Maryland
|
|
000-50345
|
|
20-0154352
|
(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
|
(Former
name or former address, if changed since last report.)
|
|
|
|
OLD
LINE BANCSHARES, INC.
|
|
|
|
|
|
|
|
|
Date:
April 18, 2017
|
By:
/s/Elise M. Hubbard
|
|
Elise
M. Hubbard, Senior Vice President and Chief Financial
Officer
|
PRESS
RELEASE
|
OLD LINE BANCSHARES,
INC.
|
FOR
IMMEDIATE RELEASE |
CONTACT: ELISE
HUBBARD
|
April
17, 2017 |
CHIEF FINANCIAL OFFICER
|
(301) 430-2560
|
Old Line Bancshares, Inc. & Subsidiaries
|
|||||
Consolidated Balance Sheets
|
|||||
|
|
|
|
|
|
|
March
31,
2017
|
December
31,
2016
(1)
|
September
30,
2016
|
June
30,
2016
|
March
31,
2016
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Cash
and due from banks
|
$27,168,603
|
$22,062,912
|
$28,696,913
|
$32,123,006
|
$34,108,645
|
Interest
bearing accounts
|
1,144,100
|
1,151,917
|
1,159,687
|
1,167,418
|
1,150,474
|
Federal
funds sold
|
237,294
|
248,342
|
301,262
|
352,572
|
325,606
|
Total cash and cash equivalents
|
28,549,997
|
23,463,171
|
30,157,862
|
33,642,996
|
35,584,725
|
Investment
securities available for sale
|
199,741,104
|
199,505,204
|
201,830,885
|
190,297,596
|
190,749,087
|
Loans
held for sale
|
3,504,268
|
8,418,435
|
7,578,285
|
6,111,808
|
4,148,506
|
Loans
held for invesment, less allowance for loan losses of
$5,609,789
|
|
|
|
|
|
and
$6,195,469 for March 31, 2017 and December 31, 2016
|
1,417,086,149
|
1,361,175,206
|
1,292,431,559
|
1,242,017,598
|
1,175,828,165
|
Equity
securities at cost
|
9,335,247
|
8,303,347
|
6,603,346
|
7,304,646
|
5,710,845
|
Premises
and equipment
|
36,898,159
|
35,700,659
|
36,153,064
|
36,567,012
|
35,995,176
|
Accrued
interest receivable
|
4,044,270
|
4,278,229
|
3,686,161
|
3,704,287
|
3,655,444
|
Deferred
income taxes
|
8,897,842
|
9,578,350
|
13,600,152
|
12,666,462
|
12,828,069
|
Current
income taxes receivable
|
-
|
-
|
-
|
-
|
-
|
Bank
owned life insurance
|
37,791,491
|
37,557,566
|
37,321,217
|
37,081,638
|
36,843,873
|
Other
real estate owned
|
2,895,893
|
2,746,000
|
1,934,720
|
2,443,543
|
2,698,344
|
Goodwill
|
9,786,357
|
9,786,357
|
9,786,357
|
9,786,357
|
9,786,357
|
Core
deposit intangible
|
3,322,519
|
3,520,421
|
3,721,858
|
3,923,987
|
4,124,985
|
Other
assets
|
3,933,804
|
4,986,685
|
5,299,676
|
4,482,981
|
5,062,691
|
Total assets
|
$1,765,787,100
|
$1,709,019,630
|
$1,650,105,142
|
$1,590,030,911
|
$1,523,016,267
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
Non-interest bearing
|
$352,742,300
|
$331,331,263
|
$328,967,215
|
$313,439,435
|
$328,797,753
|
Interest bearing
|
1,016,136,456
|
994,549,269
|
972,325,625
|
949,451,184
|
904,751,898
|
Total deposits
|
1,368,878,756
|
1,325,880,532
|
1,301,292,840
|
1,262,890,619
|
1,233,549,651
|
Short
term borrowings
|
191,395,616
|
183,433,892
|
141,775,684
|
153,751,725
|
118,571,030
|
Long
term borrowings
|
37,908,290
|
37,842,567
|
37,776,841
|
9,559,018
|
9,561,842
|
Accrued
interest payable
|
782,212
|
1,269,356
|
712,080
|
448,406
|
448,677
|
Supplemental
executive retirement plan
|
5,683,663
|
5,613,799
|
5,547,176
|
5,479,842
|
5,405,763
|
Income
taxes payable
|
2,061,127
|
18,706
|
6,677,102
|
5,418,623
|
4,721,336
|
Other
liabilities
|
3,960,898
|
4,293,993
|
4,466,051
|
3,275,804
|
4,473,968
|
Total liabilities
|
1,610,670,562
|
1,558,352,845
|
1,498,247,774
|
1,440,824,037
|
1,376,732,267
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
Common
stock
|
109,438
|
109,109
|
108,591
|
108,164
|
108,026
|
Additional
paid-in capital
|
106,956,124
|
106,692,958
|
106,000,537
|
105,555,548
|
105,408,038
|
Retained
earnings
|
51,940,050
|
48,842,026
|
45,166,362
|
42,275,517
|
39,793,541
|
Accumulated
other comprehensive income (loss)
|
(3,889,074)
|
(4,977,308)
|
581,878
|
1,009,402
|
717,881
|
Total
Old Line Bancshares, Inc.
stockholders' equity
|
155,116,538
|
150,666,785
|
151,857,368
|
148,948,631
|
146,027,486
|
Non-controlling interest
|
-
|
-
|
-
|
258,243
|
256,514
|
Total
stockholders' equity
|
155,116,538
|
150,666,785
|
151,857,368
|
149,206,874
|
146,284,000
|
Total
liabilities and
stockholders' equity
|
$1,765,787,100
|
$1,709,019,630
|
$1,650,105,142
|
$1,590,030,911
|
$1,523,016,267
|
Shares
of basic common stock outstanding
|
10,943,830
|
10,910,915
|
10,859,074
|
10,816,429
|
10,802,560
|
|
|
|
|
|
|
(1)
Financial information at December 31, 2016 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,
|
|
2017
|
2016
(1)
|
2016
|
2016
|
2016
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Interest income
|
|
|
|
|
|
Loans, including fees
|
$15,365,654
|
$15,219,684
|
$14,191,639
|
$13,562,643
|
$13,057,180
|
Investment securities and other
|
1,269,680
|
1,134,253
|
1,146,898
|
1,051,097
|
1,101,146
|
Total interest income
|
16,635,334
|
16,353,937
|
15,338,537
|
14,613,740
|
14,158,326
|
Interest expense
|
|
|
|
|
|
Deposits
|
1,541,058
|
1,507,180
|
1,421,842
|
1,309,379
|
1,270,421
|
Borrowed funds
|
932,887
|
834,298
|
577,709
|
328,613
|
275,659
|
Total interest expense
|
2,473,945
|
2,341,478
|
1,999,551
|
1,637,992
|
1,546,080
|
Net interest income
|
14,161,389
|
14,012,459
|
13,338,986
|
12,975,748
|
12,612,246
|
Provision for loan losses
|
440,491
|
200,000
|
305,931
|
300,000
|
778,611
|
Net interest income after
provision for loan losses
|
13,720,898
|
13,812,459
|
13,033,055
|
12,675,748
|
11,833,635
|
Non-interest income
|
|
|
|
|
|
Service charges on
deposit accounts
|
412,159
|
437,900
|
445,901
|
433,498
|
411,337
|
Gain on sales or calls
of investment securities
|
15,677
|
1,682
|
326,021
|
823,214
|
76,998
|
Gain on sale of stock
|
-
|
-
|
-
|
-
|
-
|
Earnings on bank owned
life insurance
|
281,356
|
282,875
|
284,982
|
282,358
|
282,186
|
Gains (losses) on disposal of assets
|
112,594
|
(3)
|
(49,957)
|
22,784
|
-
|
Income on marketable loans
|
630,930
|
570,970
|
782,510
|
587,030
|
377,138
|
Other fees and commissions
|
402,018
|
277,428
|
348,391
|
414,800
|
835,994
|
Total non-interest income
|
1,854,734
|
1,570,852
|
2,137,848
|
2,563,684
|
1,983,653
|
Non-interest expense
|
|
|
|
|
|
?
Salaries & employee benefits
|
4,867,531
|
4,319,736
|
4,812,949
|
5,079,143
|
5,376,552
|
Severance expense
|
-
|
-
|
49,762
|
393,495
|
-
|
?
Occupancy & Equipment
|
1,653,413
|
1,509,077
|
1,907,090
|
1,647,490
|
1,724,553
|
Pension plan termination
|
-
|
-
|
-
|
-
|
-
|
Data processing
|
356,648
|
384,000
|
384,382
|
383,689
|
397,792
|
Merger and integration
|
-
|
-
|
-
|
301,538
|
359,481
|
Core deposit amortization
|
197,901
|
201,437
|
202,129
|
200,998
|
226,241
|
(Gains) losses on sales of
other real estate owned
|
(17,689)
|
2,278
|
(27,914)
|
(48,099)
|
(4,208)
|
OREO expense
|
27,577
|
23,116
|
77,224
|
63,192
|
154,966
|
Other operating
|
2,446,749
|
2,228,915
|
2,391,728
|
2,531,292
|
2,389,142
|
Total non-interest expense
|
9,532,130
|
8,668,559
|
9,797,350
|
10,552,738
|
10,624,519
|
|
|
|
|
|
|
Income
before income taxes
|
6,043,502
|
6,714,752
|
5,373,553
|
4,686,694
|
3,192,769
|
Income tax expense
|
2,069,720
|
2,384,312
|
1,830,921
|
1,554,000
|
1,043,366
|
Net
income
|
3,973,782
|
4,330,440
|
3,542,632
|
3,132,694
|
2,149,403
|
Less: Net income (loss)
attributable to the
noncontrolling interest
|
-
|
-
|
-
|
1,728
|
(1,667)
|
Net income available to
common stockholders
|
$3,973,782
|
$4,330,440
|
$3,542,632
|
$3,130,966
|
$2,151,070
|
Earnings
per basic share
|
$0.36
|
$0.40
|
$0.33
|
$0.29
|
$0.20
|
Earnings
per diluted share
|
$0.36
|
$0.39
|
$0.32
|
$0.28
|
$0.20
|
Dividend
per common share
|
$0.08
|
$0.06
|
$0.06
|
$0.06
|
$0.06
|
Average
number of basic shares
|
10,926,181
|
10,878,153
|
10,848,418
|
10,816,429
|
10,802,560
|
Average
number of dilutive shares
|
11,139,802
|
11,054,979
|
11,033,655
|
10,989,854
|
10,962,867
|
Return
on Average Assets
|
0.93%
|
1.03%
|
0.88%
|
0.81%
|
0.57%
|
Return
on Average Equity
|
9.63%
|
10.93%
|
9.39%
|
8.63%
|
6.01%
|
Operating
Efficiency (2)
|
59.52%
|
55.63%
|
63.30%
|
67.91%
|
72.79%
|
|
|
|
|
|
|
(1)
Financial information at December 31, 2016 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
|
||||||||||
Average Balances, Interest and Yields
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
3/31/17
|
|
12/31/16
|
|
9/30/16
|
|
6/30/16
|
|
3/31/16
|
|
|
Average
Balance
|
Yield/ Rate
|
Average
Balance
|
Yield/ Rate
|
Average
Balance
|
Yield/ Rate
|
Average
Balance
|
Yield/ Rate
|
Average
Balance
|
Yield/ Rate
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
Int. Bearing Deposits
|
$1,398,540
|
1.01%
|
$1,480,748
|
0.52%
|
$1,504,448
|
0.47%
|
$1,848,237
|
0.47%
|
$2,538,719
|
0.47%
|
Investment Securities (2)
|
215,900,619
|
2.86%
|
212,267,718
|
2.44%
|
202,986,618
|
2.72%
|
192,652,161
|
2.67%
|
197,036,394
|
2.71%
|
Loans
|
1,382,343,824
|
4.58%
|
1,330,488,055
|
4.62%
|
1,271,170,965
|
4.50%
|
1,214,193,241
|
4.57%
|
1,172,758,851
|
4.56%
|
Allowance for Loan Losses
|
(6,132,653)
|
|
(6,420,517)
|
|
(6,145,988)
|
|
(5,844,078)
|
|
(5,050,728)
|
|
Total Loans
Net of allowance
|
1,376,211,171
|
4.61%
|
1,324,067,538
|
4.64%
|
1,265,024,977
|
4.52%
|
1,208,349,163
|
4.59%
|
1,167,708,123
|
4.58%
|
Total interest-earning assets
|
1,593,510,330
|
4.37%
|
1,537,816,004
|
4.36%
|
1,469,516,043
|
4.27%
|
1,402,849,561
|
4.32%
|
1,367,283,236
|
4.30%
|
Noninterest bearing cash
|
28,795,542
|
|
27,124,238
|
|
28,168,294
|
|
43,063,212
|
|
43,812,578
|
|
Goodwill and Intangibles
|
35,256,270
|
|
13,438,139
|
|
13,639,968
|
|
13,841,392
|
|
14,055,039
|
|
Other Assets
|
78,339,425
|
|
98,599,277
|
|
94,685,204
|
|
96,131,050
|
|
96,475,402
|
|
Total Assets
|
$1,735,901,567
|
|
$1,676,977,658
|
|
$1,606,009,509
|
|
$1,555,885,215
|
|
$1,521,626,255
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing Deposits
|
$988,719,394
|
0.63%
|
$976,900,133
|
0.61%
|
$962,097,781
|
0.59%
|
$916,951,641
|
0.57%
|
$908,510,119
|
0.56%
|
Borrowed Funds
|
232,287,588
|
1.63%
|
195,628,913
|
1.70%
|
152,091,696
|
1.51%
|
165,943,308
|
0.80%
|
129,440,961
|
0.86%
|
Total interest-bearing
liabilities
|
1,221,006,982
|
0.82%
|
1,172,529,046
|
0.79%
|
1,114,189,477
|
0.71%
|
1,082,894,949
|
0.61%
|
1,037,951,080
|
0.60%
|
Noninterest bearing deposits
|
336,645,712
|
|
331,686,582
|
|
326,480,191
|
|
313,709,097
|
|
326,249,639
|
|
|
1,557,652,694
|
|
1,504,215,628
|
|
1,440,669,668
|
|
1,396,604,046
|
|
1,364,200,719
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Liabilities
|
10,884,384
|
|
17,590,193
|
|
15,260,196
|
|
13,171,739
|
|
13,130,368
|
|
Noncontrolling Interest
|
-
|
|
-
|
|
-
|
|
257,582
|
|
256,330
|
|
Stockholder's Equity
|
167,364,489
|
|
155,171,837
|
|
150,079,645
|
|
145,851,848
|
|
144,038,838
|
|
Total Liabilities and
Stockholder's Equity
|
$1,735,901,567
|
|
$1,676,977,658
|
|
$1,606,009,509
|
|
$1,555,885,215
|
|
$1,521,626,255
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
|
|
3.54%
|
|
3.56%
|
|
3.56%
|
|
3.71%
|
|
3.70%
|
Net interest income and
Net interest margin(1)
|
$14,677,622
|
3.74%
|
$14,497,216
|
3.75%
|
$13,814,036
|
3.73%
|
$13,424,559
|
3.85%
|
$13,077,828
|
3.85%
|
|
3/31/17
|
12/31/16
|
9/30/16
|
6/30/16
|
3/31/16
|
|||||
|
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 (1)
|
$9,727
|
0.00%
|
$(3,913)
|
(0.00)%
|
$12,442
|
0.00%
|
$(479)
|
(0.00)%
|
$27,404
|
0.01%
|
Mortgage
loans
|
285,482
|
0.07
|
473,922
|
0.12
|
67,300
|
0.02
|
127,100
|
0.04
|
179,550
|
0.05
|
Consumer
loans
|
5,277
|
0.00
|
71,118
|
0.02
|
12,947
|
0.00
|
10,963
|
0.00
|
11,553
|
0.00
|
Interest
bearing deposits
|
35,036
|
0.01
|
45,705
|
0.01
|
52,728
|
0.01
|
68,569
|
0.02
|
92,833
|
0.03
|
Total
Fair Value Accretion
|
$335,522
|
0.08%
|
$586,832
|
0.15%
|
$145,417
|
0.03%
|
$206,153-
|
0.06%
|
$311,340-
|
0.09%
|
|
3/31/17
|
12/31/16
|
9/30/16
|
6/30/16
|
3/31/16
|
|||||
|
Net
Interest
Income
|
Yield
|
Net
Interest
Income
|
Yield
|
Net
Interest
Income
|
Yield
|
Net
Interest
Income
|
Yield
|
Net
Interest
Income
|
Yield
|
GAAP
net interest income
|
$14,161,389
|
3.60%
|
$14,012,459
|
3.62%
|
$13,338,986
|
3.61%
|
$12,975,748
|
3.72%
|
$12,612,246
|
3.71%
|
Tax
equivalent adjustment
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold
|
11
|
0.00
|
4
|
0.00
|
4
|
0.00
|
3
|
0.00
|
5
|
0.00
|
Investment securities
|
255,220
|
0.07
|
253,166
|
0.07
|
243,510
|
0.06
|
228,532
|
0.07
|
226,861
|
0.07
|
Loans
|
261,002
|
0.07
|
231,587
|
0.06
|
231,536
|
0.06
|
220,276
|
0.06
|
238,716
|
0.07
|
Total
tax equivalent adjustment
|
516,233
|
0.14
|
484,757
|
0.13
|
475,050
|
0.12
|
448,811
|
0.13
|
465,582
|
0.14
|
Tax
equivalent interest yield
|
$14,677,622
|
3.74%
|
$14,497,216
|
3.75%
|
$13,814,036
|
3.73%
|
$13,424,559
|
3.85%
|
$13,077,828
|
3.85%
|
Old Line Bancshares, Inc. & Subsidiaries
|
|||||
Selected Loan Information
|
|||||
(Dollars
in thousands)
|
|||||
|
March
31,
2017
|
December
31,
2016
|
September
30,
2016
|
June
30,
2016
|
March
31,
2016
|
|
|
|
|
|
|
Legacy Loans(1)
|
|
|
|
|
|
Period
End Loan Balance
|
$1,241,666
|
$1,177,232
|
$1,093,436
|
$1,027,579
|
$946,803
|
Deferred
Costs
|
1,520
|
1,257
|
1,222
|
1,227
|
1,168
|
Accruing
|
1,236,642
|
1,167,381
|
1,084,851
|
1,021,867
|
951,197
|
Non-accrual
|
660
|
6,090
|
5,803
|
5,712
|
4,292
|
Accruing
30-89 days past due
|
4,191
|
3,742
|
2,524
|
2,479
|
4,529
|
Accruing
90 or more days past due
|
174
|
19
|
259
|
-
|
-
|
Allowance
for loan losses
|
5,504
|
6,084
|
5,967
|
5,703
|
5,401
|
Other
real estate owned
|
747
|
425
|
425
|
425
|
425
|
Net
charge offs (recoveries)
|
1,029
|
-
|
(3)
|
(4)
|
15
|
|
|
|
|
|
|
Acquired Loans(2)
|
|
|
|
|
|
Period
End Loan Balance
|
$179,509
|
$188,881
|
$204,126
|
$219,231
|
$229,026
|
Deferred
Costs
|
-
|
-
|
-
|
-
|
-
|
Accruing
|
174,925
|
185,631
|
200,412
|
216,971
|
225,957
|
Non-accrual(3)
|
466
|
294
|
1,545
|
2,260
|
3,069
|
Accruing
30-89 days past due
|
4,118
|
2,072
|
1,284
|
2,203
|
2,127
|
Accruing
90 or more days past due
|
-
|
884
|
885
|
-
|
902
|
Allowance
for loan losses
|
106
|
111
|
385
|
316
|
305
|
Other
real estate owned
|
2,149
|
2,321
|
1,510
|
2,019
|
2,273
|
Net
charge offs (recoveries)
|
(3)
|
357
|
(25)
|
(9)
|
2
|
|
|
|
|
|
|
Allowance
for loan losses as % of held for investment loans
|
0.39%
|
0.45%
|
0.49%
|
0.48%
|
0.48%
|
Allowance
for loan losses as % of legacy held for investment
loans
|
0.44%
|
0.52%
|
0.55%
|
0.55%
|
0.57%
|
Allowance
for loan losses as % of acquired held for investment
loans
|
0.06%
|
0.06%
|
0.19%
|
0.14%
|
0.13%
|
Total
non-performing loans as a % of held for investment
loans
|
0.10%
|
0.53%
|
0.65%
|
0.83%
|
0.85%
|
Total
non-performing assets as a % of total assets
|
0.24%
|
0.59%
|
0.63%
|
0.71%
|
0.78%
|