Old Line Bancshares (OLBK) in Bowie, Md., has sold nearly $23 million in loans it obtained from past acquisitions.

The $1.2 billion-asset company said Tuesday that net proceeds from the sales totaled $26.3 million. Old Line said the sales will increase its tangible common equity.

Old Line said it also sold loans it obtained from its May purchase of WSB Holdings and its April 2011 acquisition of Maryland Bancorp. About $12 million of the loans are more than 90 days past due.

"We believe that this significant reduction in these credit impaired loans will allow us to continue to focus on our already strong organic loan growth while also reducing the uncertainty and costs associated with managing non-performing and underperforming assets," James Cornelsen, Old Line's president and chief executive, said in a press release.

Old Line has been busy in recent months, raising $12 million in September and resolving a lawsuit filed by former WSB shareholders earlier this month. A Maryland judge ruled Old Line did not have to cover as much as $400,000 in attorneys' fees to Levi & Korsinsky, which had represented the WSB shareholders.

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