Exhibit 99.2
Old Line Bancshares, Inc. & Subsidiary | ||||||||||||
Pro Forma | ||||||||||||
Consolidated Balance Sheet | ||||||||||||
September 30, 2008 | Actual | Adjustments | Pro-Forma | |||||||||
(Unaudited) | ||||||||||||
Assets | ||||||||||||
Cash and due from banks | $ | 3,949,847 | $ | 3,949,847 | ||||||||
Federal funds sold | 21,904,173 | 21,904,173 | ||||||||||
Total cash and cash equivalents | 25,854,020 | 25,854,020 | ||||||||||
Time deposits in other banks | - | - | ||||||||||
Investment securities available for sale (1 | 8,751,056 | 7,000,000 | 15,751,056 | |||||||||
Investment securities held to maturity | 9,847,243 | 9,847,243 | ||||||||||
Loans, less allowance for loan losses | 223,531,239 | 223,531,239 | ||||||||||
Restricted equity securities at cost | 2,126,550 | 2,126,550 | ||||||||||
Investment in real estate LLC | 811,925 | 811,925 | ||||||||||
Bank premises and equipment | 4,801,831 | 4,801,831 | ||||||||||
Accrued interest receivable | 992,284 | 992,284 | ||||||||||
Deferred income taxes | 186,948 | 186,948 | ||||||||||
Bank owned life insurance | 8,013,389 | 8,013,389 | ||||||||||
Other assets | 1,042,618 | 1,042,618 | ||||||||||
$ | 285,959,103 | $ | 7,000,000 | $ | 292,959,103 | |||||||
Liabilities and Stockholders' Equity | ||||||||||||
Deposits | ||||||||||||
Noninterest-bearing | $ | 35,483,127 | $ | 35,483,127 | ||||||||
Interest-bearing | 176,913,764 | 176,913,764 | ||||||||||
Total deposits | 212,396,891 | 212,396,891 | ||||||||||
Short-term borrowings | 23,310,048 | 23,310,048 | ||||||||||
Long-term borrowings | 15,000,000 | 15,000,000 | ||||||||||
Accrued interest payable | 653,738 | 653,738 | ||||||||||
Income tax payable | 48,609 | 48,609 | ||||||||||
Other liabilities | 559,142 | 559,142 | ||||||||||
251,968,428 | 251,968,428 | |||||||||||
Stockholders' Equity | ||||||||||||
Preferred Stock, $0.01 par value; authorized 1,000,000 shares; issued and outstanding 7,000 Series A, with a redemption and liquidation value of $1,000 per share. | - | 70 | 70 | |||||||||
Additional paid-in capital preferred stock (2 | - | 6,698,497 | 6,698,497 | |||||||||
Common stock, par value $0.01 per share; authorized 15,000,000 shares; issued and outstanding 3,859,117 in 2008, and 4,075,849 in 2007 | 38,591 | 38,591 | ||||||||||
Additional paid-in capital common stock | 28,802,634 | 28,802,634 | ||||||||||
Warrants to purchase 143,247 of common stock (3 | - | 301,433 | 301,433 | |||||||||
Retained earnings | 5,175,823 | 5,175,823 | ||||||||||
34,017,048 | 7,000,000 | 41,017,048 | ||||||||||
Accumulated other comprehensive income | (26,373 | ) | (26,373 | ) | ||||||||
33,990,675 | 40,990,675 | |||||||||||
$ | 285,959,103 | $ | 7,000,000 | $ | 292,959,103 |