Old Line Bancshares, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018
Old Line Bancshares, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, total net interest income was $28,168,717 against $17,053,771 a year ago. Income before income taxes was $4,886,620 against $6,039,897 a year ago. Net income available to common stockholders was $2,725,833 against $3,969,409 a year ago. Basic and diluted earnings per share were $0.17 against $0.36 per diluted share a year ago. Return on average assets ("ROAA") and return on average equity ("ROAE") were 0.39% and 3.13%, respectively, for the three months ended June 30, 2018, compared to ROAA and ROAE of 0.89% and 9.37%, respectively, ROAA and ROAE would have been 1.28% and 10.22%, respectively, for the second quarter of 2018. Book value of $20.93 per common share and a tangible book value of $14.39 per common share.
For the six months, total net interest income was $49,493,056 against $33,689,105 a year ago. Income before income taxes was $12,977,561 against $12,083,399 a year ago. Net income available to common stockholders was $8,791,015 against $7,943,191 a year ago. Diluted earnings per share were $0.60 against $0.71 per diluted share a year ago. ROAA and ROAE were 0.72% and 6.27%, respectively, for the six months ended June 30, 2018, compared to ROAA and ROAE of 0.91% and 9.50%, respectively, for the six months ended June 30, 2017. ROAA and ROAE would have been 1.23% and 10.65%, respectively, for the six months ended June 30, 2018.