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Old Line Bancshares, Inc. Reports $8.3 Million in Net Income Available to Common Stockholders for the Quarter Ended September 30, 2018

BOWIE, Md., Oct. 17, 2018 (GLOBE NEWSWIRE) -- Old Line Bancshares, Inc. (“Old Line Bancshares” or the “Company”) (OLBK), the parent company of Old Line Bank (the “Bank”), reports net income available to common stockholders increased $6.1 million, or 282.07%, to $8.3 million for the three months ended September 30, 2018, compared to $2.2 million for the three month period ended September 30, 2017.  Earnings were $0.49 per basic and $0.48 per diluted common share for the three months ended September 30, 2018, compared to $0.18 per basic and diluted common share for the three months ended September 30, 2017.  The increase in net income for the third quarter of 2018 as compared to the same 2017 period is primarily the result of increases of $8.4 million in net interest income and $654 thousand in non-interest income, partially offset by a $2.0 million increase in non-interest expense.  Net income included $2.3 million ($1.5 million net of taxes) in merger-related expenses (or $0.09 per basic and diluted common share) in connection with the Company’s acquisition of Bay Bancorp, Inc. (“BYBK”), the former parent company of Bay Bank, FSB, in April 2018. 

The Company incurred merger expenses during the periods ended both September 30, 2018 and 2017; excluding the merger-related expenses, adjusted operating earnings, which is a non-GAAP financial measure, would have been $9.7 million, or $0.58 per basic and $0.57 diluted common share, for the three months ended September 30, 2018, compared to $5.1 million or $0.42 per basic and diluted common share for the three months ended September 30, 2017, a 92.25% increase over the same three month period last year.

Our efficiency ratio was 60.17% for the three months ended September 30, 2018 compared to 78.52% for the same three month period last year.  Excluding the merger-related expenses incurred during the three month periods ended September 30, 2018 and 2017, the adjusted efficiency ratio (a non-GAAP financial measure) improved to 51.93% for the 2018 period compared to 57.21% for the 2017 period.

Net income available to common stockholders was $17.1 million for the nine months ended September 30, 2018, compared to $10.1 million for the same period last year, an increase of $6.9 million, or 68.76%.  Earnings were $1.12 per basic and $1.10 per diluted common share for the nine months ended September 30, 2018, compared to $0.90 per basic and $0.88 per diluted common share for the same period last year.  The increase in net income is primarily the result of increases of $21.0 million, or 46.76%, in net interest income and $1.8 million in non-interest income, partially offset by a $14.6 million increase in non-interest expenses.  Included in net income for the 2018 period was $9.4 million ($7.6 million net of taxes, or $0.50 per basic and common share) for merger-related expenses associated with the acquisition of BYBK as discussed above.  

Excluding the merger-related expenses incurred during the nine month periods ended September 30, 2018 and 2017, adjusted operating earnings (which is a non-GAAP financial measure) for the nine months ended September 30, 2018 would have been $24.7 million or $1.62 per basic and $1.60 per diluted common share, compared to adjusted operating earnings of $13.0 million or $1.15 per basic and $1.13 per diluted common share for the nine months ended September 30, 2017, a 89.86% increase for the 2018 period over the same nine month period last year.

Our efficiency ratio was 66.15% and 66.81%, respectively, for the nine months ended September 30, 2018 and 2017.  Excluding the merger-related expenses incurred during the nine month periods ended September 30, 2018 and 2017, the adjusted efficiency ratio (a non-GAAP financial measure) improved to 53.39% for the nine months ended September 30, 2018 from 59.18% for the same nine month period last year.

Net interest income increased during each of the three and nine month periods ended September 30, 2018 compared to the same periods last year primarily as a result of increases in interest income on loans, partially offset by increases in interest expense.  Non-interest expense increased for the three month periods ended September 30, 2018 compared to the same period of 2017 primarily due to increases in salaries and benefits and occupancy and equipment expense.  Non-interest expense increased for the nine month period ended September 30, 2018 primarily as a result of a $5.4 million increase in merger-related expenses as well as increases in salaries and benefits and occupancy and equipment expense.  Salaries and benefits and occupancy and equipment expenses increased as a result of the additional staff and the new branches that we acquired upon our acquisitions of DCB Bancshares, Inc. (“DCBB”), the former parent company of Damascus Community Bank, in July 2017 and BYBK in April 2018.

As of September 30, 2018, the Company had total assets of approximately $2.9 billion, net loans of approximately $2.4 billion and deposits of approximately $2.2 billion.

Net loans held for investment at September 30, 2018 increased $688.2 million, or 40.57%, compared to December 31, 2017.  Net loans held for investment includes loans that were acquired in the BYBK acquisition of approximately $494 million at September 30, 2018. 

Loans held for sale decreased approximately $25.2 million during the third quarter as we sold $21.6 million in loans that we previously identified as troubled loans acquired in the BYBK acquisition. This disposal was accomplished through brokered sale transactions. Due to the sale of these loans shortly after acquisition, no gain or loss was recorded.

James W. Cornelsen, President and Chief Executive Officer of Old Line Bancshares, stated: “Our quarterly results signify forward momentum indicating positive trends in our balance sheet, revenue growth and operating efficiency.  Excluding the $2.3 million in merger-related expenses, net income would have been $9.8 million, the return on average assets would have been 1.32% and the efficiency ratio would have been 51.93% for the quarter.  We are confident in our ability to improve our performance ratios by continuing to build our loan portfolio while managing expenses.” 

HIGHLIGHTS:

  • Net loans held for investment increased $36.8 million and $688.2 million, respectively, during the three and nine month periods ended September 30, 2018, to $2.4 billion at September 30, 2018 from $1.7 billion at December 31, 2017 and $2.3 billion at June 30, 2018. 

  • Average gross loans increased $796.6 million, or 49.78%, and $653.9 million, or 44.33%, respectively, during the three and nine month periods ended September 30, 2018, to $2.4 billion and $2.1 billion, respectively, from $1.6 billion and $1.5 billion, respectively, during the three and nine month periods ended September 30, 2017. 

  • The net interest margin during the three months ended September 30, 2018 was 3.81% compared to 3.71% for the same period in 2017.  Total yield on interest earning assets increased to 4.69% for the three months ended September 30, 2018, compared to 4.37% for the same period last year. 
  • The net interest margin during the nine months ended September 30, 2018 was 3.79% compared to 3.68% for the same period in 2017.  Total yield on interest earning assets increased to 4.60% for the nine months ended September 30, 2018, compared to 4.34% for the same period last year. 
  • The third quarter return on average assets (“ROAA”) and return on average equity (“ROAE”) were 1.12% and 8.89%, respectively, compared to ROAA and ROAE of 0.43% and 4.26%, respectively, for the third quarter of 2017.  Excluding the merger-related expenses (non-GAAP), ROAA and ROAE would have been 1.32% and 10.47%, respectively, for the third quarter of 2018 and 1.01% and 9.98% for the third quarter of 2017.
  • ROAA and ROAE were 0.87% and 7.31%, respectively, for the nine months ended September 30, 2018, compared to ROAA and ROAE of 0.73% and 7.52%, respectively, for the nine months ended September 30, 2017.  Excluding the merger-related expenses (non-GAAP), ROAA and ROAE would have been 1.26% and 10.59%, respectively, for the nine months ended September 30, 2018 and 0.94% and 9.68% for the nine months ended September 30, 2017.
  • The adjusted (non-GAAP) efficiency ratio was 51.93% and 53.39%, respectively, for the three and nine months ended September 30, 2018 compared to 57.21% and 59.18% for the same periods of 2017.
  • Total assets increased $825.4 million, or 39.20%, since December 31, 2017, primarily due to increases of $688.2 million in loans held for investment, $69.3 million in goodwill, $15.1 million in cash and cash equivalents, and $25.9 million in bank owned life insurance. 
  • Total deposits grew by $589.3 million, or 35.65%, since December 31, 2017.  

  • We ended the third quarter of 2018 with a book value of $21.20 per common share and a tangible book value of $14.70 per common share compared to $16.61 and $14.10, respectively, at December 31, 2017.

  • We maintained appropriate levels of liquidity and by all regulatory measures remained “well capitalized.”

Results of Operations for the Three Months Ended September 30, 2018 Compared to September 30, 2017

Average interest earning assets increased $808.0 million for the three month period ended September 30, 2018 compared to the same period of 2017.  The average yield on such assets was 4.69% for the three months ended September 30, 2018 compared to 4.37% for the comparable 2017 period.  The increase in the average yield is primarily the result of higher yields on our loans held for investment.  Average interest bearing liabilities increased $591.5 million for the three month period ended September 30, 2018 compared to the same period of 2017, primarily as a result of the deposits we acquired in the BYBK acquisition.  The average rate paid on such liabilities increased to 1.20% for the three month period ended September 30, 2018 compared to 0.89% for the same period in 2017 due to higher rates paid on both interest bearing deposits and borrowings.

The net interest margin for the three months ended September 30, 2018 increased to 3.81% from 3.71% the third quarter of 2017.  The net interest margin increased due to an improvement in asset yields in addition to an increase in non-interest bearing deposits as a source of funding, partially offset by the increase in interest expense, primarily due to the interest paid on our borrowed funds.  The net interest margin during the third quarter of 2018 was also affected by the amount of accretion on acquired loans.  Accretion increased due to a higher amount of early payoffs on acquired loans with fair value marks during the three months ended September 30, 2018 compared to the same period of 2017.  The fair value accretion/amortization is recorded on pay-downs recognized during the quarter, which contributed 14 basis points for the three months ended September 30, 2018 compared to seven basis points for the three months ended September 30, 2017.  

Net interest income increased $8.4 million, or 51.08%, for the three months ended September 30, 2018 compared to the same period of 2017, almost entirely due to an increase in loan interest income resulting from increases in both the average balance of and yields on loans, partially offset by an increase in interest expense.  Interest expense increased due to increases in both the average balance of and average interest rates on our deposits and borrowings. 

The provision for loan losses increased $172 thousand for the three month period ended September 30, 2018 compared to the same period of 2017 due to the organic growth in the loan portfolio.

Non-interest income increased $654 thousand, or 30.40%, for the three month period ended September 30, 2018 compared to the same period of 2017, primarily as a result of income of $712 thousand from our new point of sale (“POS”) sponsorship program and increases of $223 thousand in earnings on bank owned life insurance (“BOLI”) partially offset by a decrease of $296 thousand in other fees and commissions. The increase in earnings on BOLI is due to the $16.3 million of BOLI acquired in the BYBK acquisition and $8.5 million in new BOLI policies purchased since September 30, 2017.

Non-interest expense increased $2.0 million, or 13.81%, for the three month period ended September 30, 2018 compared to the same period of 2017, primarily as a result of increases in salaries and benefits, occupancy and equipment, data processing, core deposit amortization and other operating expenses, partially offset by a decrease in merger and integration expense.  We incurred $2.3 million in merger and integration expenses during the 2018 period due to the BYBK acquisition compared to $4.0 million in merger and integration expenses for the 2017 period as a result of the DCBB acquisition.  Salaries and benefits increased $2.1 million primarily as a result of the additional staff, and occupancy and equipment expenses increased $521 thousand primarily as a result of the new branches, that we acquired in the DCBB and BYBK acquisitions.  The $216 thousand increase in data processing expenses resulted from additional customer transactions due to growth.  Core deposit amortization increased $391 thousand as a result of the higher premiums resulting from the deposits we acquired in the DCBB and BYBK acquisitions. Other operating expenses increased $749 thousand due to increases in standard operating costs, such as telephone, office supplies, software expense, and marketing and advertising.

Results of Operations for the Nine Months Ended September 30, 2018 Compared to September 30, 2017

Average interest earning assets increased $672.2 million for the nine month period ended September 30, 2018 compared to the same period of 2017.  The average yield on such assets was 4.60% for the nine months ended September 30, 2018 compared to 4.34% for the comparable 2017 period.  The increase in the yield on interest earning assets is the result of a higher yield on our loans held for investment and our investment portfolio.  Average interest-bearing liabilities increased $456.8 million for the nine month period ended September 30, 2018 compared to the same period of 2017.  The average rate paid on such liabilities increased to 1.11% for the nine month period ended September 30, 2018 compared to 0.87% for the same period in 2017, due to higher rates paid on both interest earning deposits and borrowings.

The net interest margin for the nine months ended September 30, 2018 increased to 3.79% from 3.68% in the same period last year.  The net interest margin increased due to an improvement in asset yields in addition to an increase in non-interest bearing deposits as a source of funding, partially offset by the increase in interest expense, primarily due to the interest paid on our borrowed funds.  The net interest margin during 2018 was also affected by the amount of accretion on acquired loans.  Accretion increased due to a higher amount of early payoffs on acquired loans with fair value marks during the nine months ended September 30, 2018 compared to the same period of 2017.  The fair value accretion/amortization is recorded on pay-downs recognized during the periods, which contributed 13 basis points for the nine months ended September 30, 2018 compared to eight basis points for same nine month period last year.                                                                  

Net interest income increased $21.0 million, or 46.76%, for the nine month period ended September 30, 2018 compared to the same period of 2017, almost entirely due to an increase in loan interest income resulting from increases in both the average balance of and yields on loans, partially offset by an increase in interest expense.  Interest expense increased due to increases in both the average balance of and average interest rates on our deposits and borrowings. 
               
The provision for loan losses increased $380 thousand for the nine month period ended September 30, 2018 compared to the same period of 2017 due to organic growth in the loan portfolio.

Non-interest income increased $1.8 million, or 29.77%, for the nine month period ended September 30, 2018 compared to the same period of 2017, primarily as a result of income of $1.4 million from our new POS sponsorship program and increases of $414 thousand in earnings on BOLI and $639 thousand in service charges on deposit accounts, partially offset by a decrease of $498 thousand in income on marketable loans.  The increase in earnings on BOLI is due to the $16.3 million of BOLI acquired in the BYBK acquisition and $8.5 million in new BOLI policies purchased since September 30, 2017.  The increase in service charges on deposit accounts is the result of increased income on bank debit cards due to the higher deposit base primarily as a result of the DCBB and BYBK acquisitions.  The decrease in income on marketable loans is the result of a decrease in the volume of residential mortgage loans that we sold in the secondary market compared to the same period of 2017. 

Non-interest expense increased $14.6 million, or 42.90%, for the nine month period ended September 30, 2018 compared to the same period of 2017, primarily as a result of increases in merger and integration expense, salaries and benefits, occupancy and equipment, data processing, core deposit amortization and other operating expenses.  We incurred $9.4 million in merger and integration expenses during the nine month period ended September 30, 2018 due to the BYBK acquisition compared to $4.0 million in merger and integration expenses due to the DCBB acquisition during the nine month period last year.  Salaries and benefits increased $4.9 million primarily as a result of the additional staff, and occupancy and equipment expenses increased $1.4 million primarily as a result of the new branches, that we acquired in the DCBB and BYBK acquisitions.  The $810 thousand increase in data processing expenses resulted from additional customer transactions due to growth.  Core deposit amortization increased $865 thousand as a result of the higher premiums resulting from the deposits we acquired in the DCBB and BYBK acquisitions. Other operating expenses increased $1.4 million during the 2018 period due to increases in standard operating costs.  

Old Line Bancshares is the parent company of Old Line Bank, a Maryland chartered commercial bank headquartered in Bowie, Maryland, approximately 10 miles east of Andrews Air Force Base and 20 miles east of Washington, D.C. The Bank has 37 branches located in its primary market area of the suburban Maryland (Washington, D.C. suburbs, Southern Maryland and Baltimore suburbs) counties of Anne Arundel, Baltimore, Calvert, Carroll, Charles, Harford, Howard, Frederick, Montgomery, Prince George's and St. Mary's, and Baltimore City.  It also targets customers throughout the greater Washington, D.C. and Baltimore metropolitan areas. 

Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables, which provide a reconciliation of non-GAAP financial measures to GAAP financial measures.  The Company’s management uses these non-GAAP financial measures, and believes that non-GAAP financial measures provide additional useful information that allows readers; to evaluate the ongoing performance of the Company and provide meaningful comparison to its peers.  Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company.  Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP.

           
 Old Line Bancshares, Inc. & Subsidiaries 
 Consolidated Balance Sheets 
           
  September 30,
2018
June 30,
2018
March 31,
2018
December 31,
2017 (1)
September 30,
2017
  (Unaudited) (Unaudited) (Unaudited)   (Unaudited)
Cash and due from banks $ 45,774,719     $ 61,684,888     $ 85,617,226     $ 33,562,652     $ 33,063,210  
Interest bearing accounts   3,522,685       3,845,419       2,687,988       1,354,870       1,017,257  
Federal funds sold   1,008,801       928,337       200,366       256,589       383,737  
Total cash and cash equivalents   50,306,205       66,458,644       88,505,580       35,174,111       34,464,204  
Investment securities available for sale   216,358,059       209,941,534       210,353,788       218,352,558       213,664,342  
Loans held for sale   8,829,777       34,037,532       3,934,086       4,404,294       2,729,060  
Loans held for invesment, less allowance for loan losses of $6,980,050          
and $5,920,586 for September 30, 2018 and December 31, 2017   2,384,579,814       2,347,821,496       1,756,576,833       1,696,361,431       1,666,505,168  
Equity securities at cost   13,063,250       14,854,746       7,782,847       8,977,747       7,277,746  
Premises and equipment   43,060,727       43,719,013       40,991,968       41,173,810       42,074,857  
Accrued interest receivable   8,072,826       7,715,123       5,310,151       5,476,230       4,946,823  
Deferred income taxes   11,385,296       10,978,998       8,547,392       7,317,096       7,774,629  
Bank owned life insurance   67,490,846       67,062,920       41,849,569       41,612,496       41,360,871  
Annuity plan   6,298,627       6,276,320       5,981,809       5,981,809       -  
Other real estate owned   1,469,166       2,357,947       1,799,598       2,003,998       2,003,998  
Goodwill   94,403,635       94,403,635       25,083,675       25,083,675       25,083,675  
Core deposit intangible   16,024,950       16,688,635       5,985,657       6,297,970       6,615,238  
Other assets   9,675,019       11,059,118       8,008,664       7,396,227       6,738,435  
Total assets $ 2,931,018,197     $ 2,933,375,661     $ 2,210,711,617     $ 2,105,613,452     $ 2,061,239,046  
                                       
Deposits          
Non-interest bearing $ 581,339,177     $ 603,257,708     $ 572,119,981     $ 451,803,052     $ 436,645,881  
Interest bearing   1,660,902,293       1,604,420,214       1,213,584,463       1,201,100,317       1,217,988,749  
Total deposits   2,242,241,470       2,207,677,922       1,785,704,444       1,652,903,369       1,654,634,630  
Short term borrowings   272,534,890       314,676,164       161,477,872       192,611,971       152,179,112  
Long term borrowings   38,304,981       38,238,670       38,172,653       38,106,930       38,040,618  
Accrued interest payable   1,643,666       1,827,605       1,105,830       1,471,954       867,884  
Supplemental executive retirement plan   6,123,518       6,057,063       5,975,159       5,893,255       5,823,391  
Income taxes payable   -       -       4,182,749       2,157,375       864,260  
Other liabilities   9,989,481       10,553,800       3,700,120       4,741,412       5,489,031  
Total liabilities   2,570,838,006       2,579,031,224       2,000,318,827       1,897,886,266       1,857,898,926  
                                       
Stockholders' equity          
Common stock   169,889       169,889       125,667       125,083       124,675  
Additional paid-in capital   293,139,653       292,836,679       149,691,736       148,882,865       148,351,881  
Retained earnings   74,167,389       67,601,752       66,573,919       61,054,487       56,198,108  
Accumulated other comprehensive loss   (7,296,740 )     (6,263,883 )     (5,998,532 )     (2,335,249 )     (1,334,544 )
Total stockholders' equity   360,180,191       354,344,437       210,392,790       207,727,186       203,340,120  
                                       
Total liabilities and stockholders' equity $ 2,931,018,197     $ 2,933,375,661     $ 2,210,711,617     $ 2,105,613,452     $ 2,061,239,046  
Shares of basic common stock outstanding   16,988,883       16,988,883       12,566,696       12,508,332       12,467,518  
                                       
(1) Financial information at December 31, 2017 has been derived from audited financial statements.
           


Old Line Bancshares, Inc. & Subsidiaries
Consolidated Statements of Income
               
  Three Months
Ended
September 30,
Three Months
Ended
June 30,
Three Months
Ended
March 31,
Three Months
Ended
December 31,
Three Months
Ended
September 30,
Nine Months
Ended
September 30,
Nine Months
Ended
September 30,
    2018     2018     2018     2017     2017     2018     2017  
  (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Interest income              
Loans, including fees $ 29,056,813     $ 26,448,728     $ 19,700,762     $ 18,979,170     $ 18,022,324     $ 75,206,303     $ 49,153,228    
Investment securities and other   1,696,512       1,719,989       1,623,577       1,452,644       1,469,478       5,040,078       4,027,679    
Total interest income   30,753,325       28,168,717       21,324,339       20,431,814       19,491,802       80,246,381       53,180,907    
Interest expense                                                        
Deposits   4,098,787       3,146,235       2,306,733       2,146,390       1,926,590       9,551,755       5,174,641    
Borrowed funds   1,768,532       1,714,250       1,334,831       1,057,846       1,092,736       4,817,613       3,119,756    
Total interest expense   5,867,319       4,860,485       3,641,564       3,204,236       3,019,326       14,369,368       8,294,397    
Net interest income   24,886,006       23,308,232       17,682,775       17,227,578       16,472,476       65,877,013       44,886,510    
Provision for loan losses   307,870       532,257       394,896       100,000       135,701       1,235,023       855,108    
Net interest income after provision for loan losses   24,578,136       22,775,975       17,287,879       17,127,578       16,336,775       64,641,990       44,031,402    
Non-interest income                                                        
Service charges on deposit accounts   728,550       722,879       576,584       593,641       542,909       2,028,013       1,389,340    
POS sponsorship program   711,577       673,502       -       -       -       1,385,079       -    
Gain on sales or calls of investment securities   -       -       -       -       -       -       35,258    
Earnings on bank owned life insurance   520,785       461,056       292,936       306,355       297,656       1,274,777       861,112    
Gains (losses) on disposal of assets   (1,100 )     -       14,366       (46,400 )     7,469       13,266       120,063    
Loss on write down of stock   (91,498 )     (60,998 )     -       -       -       (152,496 )     -    
Gain on sale of loans   -       -       -       -       -       -       94,714    
Income on marketable loans   411,850       511,879       418,472       479,588       482,641       1,342,201       1,840,218    
Other fees and commissions   525,171       879,733       492,663       465,697       820,696       1,897,567       1,661,019    
Total non-interest income   2,805,335       3,188,051       1,795,021       1,798,881       2,151,371       7,788,407       6,001,724    
Non-interest expense              
Salaries & employee benefits   7,491,736       7,201,335       5,485,450       5,267,469       5,365,890       20,178,521       15,284,056    
Severance expense   -       -       -       -       -       -       -    
Occupancy & equipment   2,349,691       2,242,640       1,980,401       1,936,420       1,828,593       6,572,732       5,137,276    
Data processing   659,926       702,182       609,639       510,073       443,453       1,971,747       1,161,647    
Merger and integration   2,282,705       7,121,802       -       -       3,985,514       9,404,507       3,985,514    
Core deposit amortization   663,685       540,737       312,313       317,268       272,354       1,516,735       651,612    
(Gains) losses on sales of other real estate owned   26,266       41,956       12,516       -       4,100       80,738       (13,589 )  
OREO expense   (99,957 )     27,995       184,994       45,224       200,959       113,032       256,170    
Other operating   3,288,286       3,198,759       2,406,646       2,664,559       2,539,590       8,893,691       7,639,348    
Total non-interest expense   16,662,338       21,077,406       10,991,959       10,741,013       14,640,453       48,731,703       34,102,034    
                                                         
Income before income taxes   10,721,133       4,886,620       8,090,941       8,185,446       3,847,693       23,698,694       15,931,092    
Income tax expense   2,456,304       2,160,787       2,025,759       2,328,011       1,684,505       6,642,850       5,824,713    
Net income available to common stockholders $ 8,264,829     $ 2,725,833     $ 6,065,182     $ 5,857,435     $ 2,163,188     $ 17,055,844     $ 10,106,379    
Earnings per basic share $ 0.49     $ 0.17     $ 0.48     $ 0.47     $ 0.18     $ 1.12     $ 0.90    
Earnings per diluted share $ 0.48     $ 0.17     $ 0.48     $ 0.46     $ 0.18  ...