Exhibit 99.4
Old Line Bancshares, Inc. & Subsidiary Pro Forma Consolidated Statement of Income Nine Months Ended September 30, 2008 | ||||||||||||
Adjustments | ||||||||||||
Interest revenue | ||||||||||||
Loans, including fees | $ | 10,620,360 | $ | 10,620,360 | ||||||||
U.S. Treasury securities | 58,237 | 58,237 | ||||||||||
U.S. government agency securities | 90,026 | 90,026 | ||||||||||
Mortgage backed securities(4 | 209,053 | 220,701 | 429,754 | |||||||||
Municipal securities | 72,694 | 72,694 | ||||||||||
Federal funds sold | 257,079 | 257,079 | ||||||||||
Other | 125,213 | 125,213 | ||||||||||
Total interest revenue | 11,432,662 | 220,701 | 11,653,363 | |||||||||
Interest expense | ||||||||||||
Deposits | 3,773,591 | 3,773,591 | ||||||||||
Borrowed funds | 593,015 | 593,015 | ||||||||||
Total interest expense | 4,366,606 | - | 4,366,606 | |||||||||
Net interest income | 7,066,056 | 220,701 | 7,286,757 | |||||||||
Provision for loan losses | 345,000 | 345,000 | ||||||||||
Net interest income after provision for loan losses | 6,721,056 | 220,701 | 6,941,757 | |||||||||
Non-interest revenue | ||||||||||||
Service charges on deposit accounts | 230,737 | 230,737 | ||||||||||
Earnings on bank owned life insurance | 273,609 | 273,609 | ||||||||||
Income (loss) on investment in real estate LLC | 5,904 | 5,904 | ||||||||||
Other fees and commissions | 191,958 | 191,958 | ||||||||||
Total non-interest revenue | 702,208 | - | 702,208 | |||||||||
Non-interest expense | ||||||||||||
Salaries | 2,308,762 | 2,308,762 | ||||||||||
Employee benefits | 723,965 | 723,965 | ||||||||||
Occupancy | 837,438 | 837,438 | ||||||||||
Equipment | 228,437 | 228,437 | ||||||||||
Data processing | 193,042 | 193,042 | ||||||||||
Other operating | 1,014,822 | 1,014,822 | ||||||||||
Total non-interest expense | 5,306,466 | - | 5,306,466 | |||||||||
Income before income taxes | 2,116,798 | 220,701 | 2,337,499 | |||||||||
Income taxes(5 | 741,748 | 87,056 | 828,804 | |||||||||
Net income | 1,375,050 | 133,645 | 1,508,695 | |||||||||
Dividends and Accretion on Series A Preferred Stock(6 | - | 307,716 | 307,716 | |||||||||
Net income available for common stockholders | $ | 1,375,050 | $ | (174,071 | ) | $ | 1,200,979 | |||||
Basic earnings per common share(7 | $ | 0.35 | $ | (0.05 | ) | $ | 0.30 | |||||
Diluted earnings per common share(8 | $ | 0.35 | $ | (0.05 | ) | $ | 0.31 |