Bowie-based Old Line Bancshares, Inc. (Nasdaq:OLBK), the parent company of the Old Line Bank reported an exceptional second quarter.
In the second quarter ended June 30, 2011, the Prince George's County bank posted $1.18 Million in net income or $0.17 per diluted share to common shareholders. The amount far exceeded the $530,097 made in the same quarter of the prior year—it was a $652,848 increase.
James W. Cornelsen, President and Chief Executive Officer of Old Line Bancshares said "I am extremely pleased to report an increase in net income, a growth in loans and an improvement in the net interest margin and that we were able to accomplish this while seamlessly converting all of the former MB&T customers to Old Line Bank with overall deposit retention in excess of 97%. During the quarter, we also continued to successfully manage the company to produce continued profitability, organic loan and deposit growth and maintain stellar credit quality metrics in a difficult operating environment."
With the recent acquisition of the Maryland Bankcorp (MB&T),on April 1, total deposits have grown to $646,988,557, up from $340,527,186 in 2010.
Old Line Bancshares is a Maryland chartered commercial bank with 19 branches in Anne Arundel, Calvert, Charles, Prince George's and St. Mary's counties.