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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, Inc. (NASDAQ: SHBI) and The Community Financial Corporation (NASDAQ: TCFC) announced regulatory approvals for their merger. This follows their Agreement and Plan of Merger from December 14, 2022. The merger aims to enhance Shore's operations, with approvals from the Office of the Comptroller of the Currency and Maryland's financial regulation authority, and is pending shareholder approval. The merger is expected to close around July 1, 2023. Shore, with assets of approximately $3.5 billion, will incorporate TCFC, which has $2.4 billion in assets, under its banking operations, enhancing market presence in Maryland and Delaware.
Shore Bancshares, Inc. (NASDAQ: SHBI) has declared a quarterly common stock dividend of $0.12 per share, payable on February 28, 2023, to stockholders of record by February 18, 2023. This announcement reflects the company's continued confidence in its financial performance, with President and CEO Lloyd L. "Scott" Beatty, Jr. noting significant loan growth and the successful integration of Severn Bank in 2022. As the largest independent bank holding company on Maryland's Eastern Shore, Shore Bancshares focuses on trust and wealth management services through its subsidiary, Shore United Bank.
Shore Bancshares (NASDAQ - SHBI) reported a net income of $8.407 million for Q4 2022, down from $9.658 million in Q3 2022, but significantly up from $2.723 million in Q4 2021.
Fiscal 2022 saw a total net income of $31.177 million, a 103% increase from $15.368 million in 2021. The company anticipates further merger-related expenses due to its pending acquisition of The Community Financial Corporation (TCFC).
Net interest income for Q4 2022 was $26.9 million, while total assets increased slightly to $3.477 billion. The company's total deposits decreased by $16.5 million compared to the previous year.
Shore Bancshares and The Community Financial Corporation have announced a merger valued at approximately $254.4 million. This all-stock transaction will create a bank holding company with around $6 billion in assets and a market cap of about $650 million. The merger is expected to boost Shore's EPS by over 40% by 2024, enhancing shareholder value. Upon completion, the combined entity will operate under the name "Shore United Bank, N.A." and have over 40 branches across Maryland and neighboring states.
Shore Bancshares, Inc. (NASDAQ: SHBI) declared a quarterly common stock dividend of $0.12 per share, payable on November 30, 2022, to stockholders of record on November 12, 2022. President and CEO Lloyd L. "Scott" Beatty, Jr. expressed satisfaction with the strong loan demand and the normalization of expenses following a merger. This dividend reflects the company's ongoing commitment to returning value to shareholders and signals confidence in its financial stability.
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