Old Line Bancshares (OLBK) in Bowie, Md., said Monday that its first-quarter earnings climbed 236% from the same period last year, to $1.8 million, thanks largely to an acquisition last year that roughly doubled its size.
The deal boosted its net loans by more than 80% year over year helped to more than double its net interest income, to $7.8 million. Noninterest revenue, meanwhile, climbed more than 170%, to $879 million, due primarily to a sharp increase in fees from service charges on deposit accounts.
Old Line’s shares were up 0.5% midday Monday, to $11.05. The stock is up nearly 40% so far this year.
Old Line has $810 million of assets and 19 branches in five Maryland counties east and south of Washington, D.C.