Exhibit 99.3
Old Line Bancshares, Inc. & Subsidiary Pro-Forma Consolidated Statement of Income Three Months Ended September 30, 2008 | ||||||||||||
Adjustments | ||||||||||||
Interest revenue | ||||||||||||
Loans, including fees | $ | 3,642,695 | $ | 3,642,695 | ||||||||
U.S. Treasury securities | 17,052 | 17,052 | ||||||||||
U.S. government agency securities | 40,319 | 40,319 | ||||||||||
Mortgage backed securities (4 | 96,203 | 74,104 | 170,307 | |||||||||
Municipal securities | 23,883 | 23,883 | ||||||||||
Federal funds sold | 85,110 | 85,110 | ||||||||||
Other | 31,262 | 31,262 | ||||||||||
Total interest revenue | 3,936,524 | 74,104 | 4,010,628 | |||||||||
Interest expense | ||||||||||||
Deposits | 1,256,945 | 1,256,945 | ||||||||||
Borrowed funds | 202,894 | 202,894 | ||||||||||
Total interest expense | 1,459,839 | - | 1,459,839 | |||||||||
Net interest income | 2,476,685 | 74,104 | 2,550,789 | |||||||||
Provision for loan losses | 180,000 | 180,000 | ||||||||||
Net interest income after provision for loan losses | 2,296,685 | 74,104 | 2,370,789 | |||||||||
Non-interest revenue | ||||||||||||
Service charges on deposit accounts | 78,533 | 78,533 | ||||||||||
Earnings on bank owned life insurance | 90,895 | 90,895 | ||||||||||
Income (loss) on investment in real estate LLC | (7,737 | ) | (7,737 | ) | ||||||||
Other fees and commissions | 47,419 | 47,419 | ||||||||||
Total non-interest revenue | 209,110 | - | 209,110 | |||||||||
Non-interest expense | ||||||||||||
Salaries | 822,131 | 822,131 | ||||||||||
Employee benefits | 222,607 | 222,607 | ||||||||||
Occupancy | 286,729 | 286,729 | ||||||||||
Equipment | 81,771 | 81,771 | ||||||||||
Data processing | 67,163 | 67,163 | ||||||||||
Other operating | 348,886 | 348,886 | ||||||||||
Total non-interest expense | 1,829,287 | - | 1,829,287 | |||||||||
Income before income taxes | 676,508 | 74,104 | 750,612 | |||||||||
Income taxes(5 | 243,115 | 29,230 | 272,345 | |||||||||
Net income | 433,393 | 44,874 | 478,267 | |||||||||
Dividends and Accretion on Series A Preferred Stock(6 | - | 102,571 | 102,571 | |||||||||
Net income available for common stockholders | $ | 433,393 | $ | (57,697 | ) | $ | 375,696 | |||||
Basic earnings per common share(7 | $ | 0.11 | $ | (0.01 | ) | $ | 0.10 | |||||
Diluted earnings per common share(8 | $ | 0.11 | $ | (0.01 | ) | $ | 0.10 |