Welcome to our dedicated page for Shore Bancshares news (Ticker: SHBI), a resource for investors and traders seeking the latest updates and insights on Shore Bancshares stock.
Shore Bancshares Inc. (NASDAQ: SHBI) is a well-established financial holding company headquartered in Easton, Maryland. Originating from the union of two historic community banks in 1876, Shore United Bank, N.A., and its affiliated companies provide a comprehensive suite of personalized banking, insurance, and investment services tailored to families and businesses in the Mid-Atlantic region.
Shore Bancshares operates through two primary segments: community banking and mortgage banking. Its community banking services cater to individuals and commercial enterprises, offering a wide range of financial products including lending, deposit-taking, and treasury services. The mortgage banking segment focuses on originating first and second-lien residential mortgages for sale in the secondary market through the Bank's secondary marketing department.
The Company’s commitment to innovation and community service has driven its steady growth, now boasting over $6 billion in assets. Shore United Bank, a member of the Shore Bancshares community, stands as the largest independent financial services company on the Delmarva Peninsula, encompassing a network of companies that include Wye Financial & Trust, Avon-Dixon Agency, Freestate and Son, Elliott Wilson Insurance, and Jack Martin & Associates.
Recent Achievements and Projects:
- Completion of a significant merger with The Community Financial Corporation (TCFC) on July 1, 2023, enhancing the company's scale and service capabilities with combined assets exceeding $5.7 billion.
- Successful integration of systems post-merger and a reduction in headcount for increased efficiency, anticipating further cost-saving initiatives.
- Revenue growth driven by an expanded market footprint into the Southern Maryland and Virginia regions, areas known for high growth and income stability.
- Strategic sale of TCFC’s available-for-sale securities portfolio post-merger, utilizing proceeds to reduce Federal Home Loan Bank (FHLB) advances and brokered deposits, improving financial metrics such as return on average assets and net interest margin.
- Implementation of revised compensation plans focused on core deposit growth, shifting emphasis towards higher-yielding commercial loans.
Shore Bancshares values the trust of its clients and the dedication of its employees, continuously striving for financial stability and community-focused service. For more information, visit www.shorebancshares.com.
Shore Bancshares (NASDAQ: SHBI) has declared a quarterly common stock dividend of $0.12 per share. The dividend will be paid on November 29, 2024, to stockholders of record as of November 12, 2024. The company, headquartered in Easton, Maryland, is the largest independent bank holding company on Maryland's Eastern Shore and operates through its subsidiary Shore United Bank, offering banking and wealth management services via Wye Financial Partners division.
Shore Bancshares (NASDAQ: SHBI) reported Q3 2024 net income of $11.2 million ($0.34 per diluted share), equal to Q2 2024. Net interest income increased $1.1 million to $43.3 million, with net interest margin rising to 3.17%. Total deposits grew to $5.23 billion, while asset quality remained strong with nonperforming assets at 0.27% of total assets. The efficiency ratio was 67.49%, slightly up from 66.23% in Q2. The company maintained strong capital ratios with Tier 1 and Total Risk-Based Capital Ratios at 9.89% and 12.04% respectively.
Shore Bancshares (NASDAQ: SHBI) has declared a quarterly dividend of $0.12 per share, payable on August 30, 2024 to stockholders of record as of August 12, 2024. This announcement comes from the largest independent bank holding company on Maryland's Eastern Shore. Shore Bancshares, headquartered in Easton, Maryland, is the parent company of Shore United Bank and offers trust and wealth management services through its division, Wye Financial Partners.
Shore Bancshares reported net income of $11.2 million or $0.34 per diluted share for Q2 2024, up from $8.2 million in Q1 2024 and $4.0 million in Q2 2023. Key highlights include:
- Return on Average Assets (ROAA) improved to 0.77% in Q2 2024
- Net interest margin expanded to 3.11% in Q2 2024 from 3.08% in Q1 2024
- Noninterest-bearing deposits increased by $386.6 million
- Tier 1 Capital Ratio increased 14 bps to 9.67%
- Commercial Real Estate (CRE) Concentration Ratio decreased to 368.7%
- Efficiency ratio improved to 66.2% in Q2 2024
The company saw stable deposit balances, increasing asset yields, and improving financial results that built capital and supported loan growth. Management continues to focus on expense management and technology investments to improve operating leverage.
Shore Bancshares, Inc. reported a net income of $8.2 million for Q1 2024, down from $10.5 million in Q4 2023. The company faced credit card fraud, resulting in a $4.3 million expense, impacting EPS. Despite stable net interest margins, deposits decreased by $201.8 million. The company plans to close branches and consolidate office space to reduce expenses. Total assets decreased to $5.8 billion. Nonperforming assets increased, but coverage ratios remain stable. Noninterest income decreased, while noninterest expenses rose significantly. The company declared a quarterly dividend of $0.12 per share.
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