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Shore Bancshares Inc (SHBI) delivers community-focused financial services through Shore United Bank across the Mid-Atlantic region. This page provides centralized access to all official company announcements, offering stakeholders timely insights into its operations.
Find curated updates including quarterly earnings reports, strategic mergers, and leadership developments. Investors gain critical information about SHBI's community initiatives, mortgage banking trends, and insurance service expansions through verified press releases.
Content spans regulatory filings, product launches, and market positioning updates relevant to retail banking and commercial clients. Bookmark this resource for efficient tracking of SHBI's financial performance and community impact.
Shore Bancshares (NASDAQ: SHBI) has announced the appointment of Charles Cullum as Executive Vice President and Chief Financial Officer, effective April 21, 2025. Cullum brings over 20 years of financial experience, most recently serving as CFO at Sandy Spring Bancorp since May 2024.
The current CFO, Todd L. Capitani, who previously announced his retirement, will remain with the company through August 15, 2025, to ensure a smooth transition. Capitani has served as Shore's CFO since July 2023, and previously as CFO of Community Financial since 2009.
Shore Bancshares, headquartered in Easton, Maryland, is a financial holding company and parent of Shore United Bank, N.A., offering trust and wealth management services through its Wye Financial Partners division.
Shore Bancshares (NASDAQ: SHBI) reported strong financial results for Q4 and full-year 2024. Q4 net income reached $13.3 million ($0.40 per diluted share), up from $11.2 million in Q3 2024 and $10.5 million in Q4 2023. Full-year 2024 net income was $43.9 million ($1.32 per diluted share), significantly higher than 2023's $11.2 million.
Key Q4 highlights include improved Return on Average Assets (ROAA) at 0.86%, increased net interest income to $44.0 million, and lower funding costs. Asset quality metrics showed nonperforming assets at 0.40% of total assets. The efficiency ratio improved to 64.21% from 67.49% in Q3.
Total assets reached $6.23 billion as of December 31, 2024, with total deposits increasing by $142.2 million to $5.53 billion year-over-year. The bank maintained strong capital ratios with Tier 1 and Total Risk-Based Capital Ratios at 10.06% and 12.18% respectively.
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.
