Old Line Bancshares, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge Offs
For the full year, the company reported total interest income was $47,948,411 against $45,603,246 a year ago. Net interest income was $46,588,496 against $41,703,523 a year ago. Net interest income after provision for loan losses was $45,277,512 against $38,876,226 a year ago. Income before income taxes was $15,846,824 against $9,786,815 a year ago. Net income available to common stockholders was $10,468,586 or $0.97 per diluted share against $7,130,300 or $0.65 per diluted share a year ago. For the twelve months ended December 31, 2015, ROAA and ROAE were 0.79% and 7.54%, respectively, compared to ROAA and ROAE of 0.60% and 5.45%, respectively, for the twelve months ended December 31, 2014. The company ended the 2015 with a book value of $13.16 per common share and a tangible book value of $11.85 per common share compared to $12.51 and $11.38, respectively, at December 31, 2014.
Net charge offs on acquired loans were $39,000. Net charge offs on legacy loans were $18,000 compared to $4,000 a year ago.