Note 10 - Long Term Borrowings

9 Months Ended

Sep. 30, 2019

Long-term Debt [Text Block]

10.

LONG TERM BORROWINGS

Long term borrowings consist of

$35

million in aggregate principal amount of Old Line Bancshares

5.625%

Fixed-to-Floating Rate Subordinated Notes due

2026

(the “Notes”). The Notes were issued pursuant to an indenture and a supplemental indenture, each dated as of

August 15, 2016,

between Old Line Bancshares and U.S. Bank National Association as Trustee. The Notes are unsecured subordinated obligations of Old Line Bancshares and rank equally with all other unsecured subordinated indebtedness currently outstanding or issued in the future. The Notes are subordinated in right of payment of all senior indebtedness.

Also included in long term borrowings are trust preferred subordinated debentures totaling

$4.3

million (net of

$2.4

million fair value adjustment) at

September 30, 2019

acquired in the Regal acquisition. The trust preferred subordinated debentures consists of

two

trusts – Trust

in the amount of

$4.0

million (fair value adjustment of

$1.3

million) maturing on

March 17, 2034

and Trust

in the amount of

$2.5

million (fair value adjustment

$1.1

million) maturing on

December 14, 2035.

OLD LINE BANCSHARES INC 10-Q