Old Line Bancshares’ net income for the 12 month period ended December 31, 2007 was $1.58 million or $0.38 per basic and diluted common share, compared to net income of $1.57 million or $0.37 per basic and diluted common share in 2006.
Total assets increased $27.1 million or 12.43% to $245.2 million on December 31, 2007 compared to the December 31, 2006 level of $218.1 million. Additionally, for the period, total loans grew 34.24% or $51.5 million to $201.9 million and total deposits at year end were $177.8 million which represented an $8.1 million or 4.77% increase.
James Cornelsen, president and CEO of Old Line Bancshares, said: Despite the challenging interest rate, credit and economic environment, I am pleased to report sound financial performance for the fourth quarter and full year ended 2007. I am particularly pleased that even with the considerable loan growth we have experienced over the prior three years we have continued to maintain the quality in our loan portfolio.
