Shore Bancshares Inc - SHBI STOCK NEWS

Shore Bancshares, Inc. (NASDAQ: SHBI) declared a quarterly common stock dividend of $0.12 per share, payable on August 31, 2022, to stockholders of record on August 13, 2022. The announcement follows a strong second quarter marked by significant loan growth and solid asset quality. Following the successful merger and integration of Severn Bank, the company aims to focus on growth and earnings while seeking expansion opportunities.

Shore Bancshares, Inc. (NASDAQ: SHBI) appointed Esther A. Streete as an independent director effective August 1, 2022. Ms. Streete, a Principal at McNamee Hosea, brings extensive experience in financial and legal services, specializing in taxation. Her addition increases the board to 15 members, aiming to enhance strategic planning and value creation. This appointment aligns with the company’s commitment to diversifying board skills. Shore Bancshares operates as the largest independent bank holding company on Maryland's Eastern Shore.

Shore Bancshares (NASDAQ: SHBI) reported a net income of $7.499 million or $0.38 per diluted share for Q2 2022, up from $5.613 million ($0.28/share) in Q1 2022. For H1 2022, net income reached $13.112 million or $0.66/share, compared to $8.028 million ($0.68/share) in H1 2021. The increase in Q2 net income was driven by a $2.2 million rise in net interest income, totaling $24.6 million, and a strong loan demand. However, noninterest expenses rose by $9.4 million primarily due to the Severn Bank acquisition. Total assets slightly decreased to $3.443 billion as of June 30, 2022.

Shore Bancshares, Inc. (NASDAQ: SHBI) announced a new stock repurchase program, authorized by the Federal Reserve Bank of Richmond, allowing management to buy back up to $5.0 million of its common stock, representing 1.4% of the 19.8 million outstanding shares. The buyback program is designed to enhance shareholder value amidst market volatility and may be terminated at any time without notice. The repurchase program will expire on March 31, 2023.

Shore Bancshares, Inc. (NASDAQ - SHBI) reported a net income of $5.613 million, or $0.28 per diluted share, in Q1 2022, up from $2.723 million in Q4 2021. When excluding merger-related expenses, net income was $6.156 million, decreasing from $7.914 million in Q4 2021. Total assets rose to $3.494 billion, primarily due to a $61.9 million increase in loans held for investment. Noninterest income surged 17.9% from Q4 2021 and 136.4% year-over-year. However, noninterest expenses increased by 15.8% sequentially and 86.7% year-over-year, notably due to Severn's integration.

Shore Bancshares (NASDAQ: SHBI) reported a net income of $2.723 million ($0.16 per diluted share) for Q4 2021, a decline from $4.617 million in Q3 2021, primarily due to $7.6 million in merger-related expenses from the acquisition of Severn. FY 2021 net income was $15.368 million ($1.17 per diluted share), slightly down from $15.730 million in 2020. Total assets rose to $3.460 billion, largely from the merger, with deposits increasing by 77.9%. Although net interest income rose to $20.6 million, the net interest margin fell to 2.87% due to excess liquidity impacting profitability.

Shore Bancshares, Inc. (NASDAQ - SHBI) has declared a quarterly dividend of $0.12 per share, payable on November 30, 2021 to stockholders of record on November 12, 2021. President and CEO Lloyd L. "Scott" Beatty, Jr. highlighted solid earnings and growth in loans and deposits during the third quarter of 2021. The completion of the acquisition of Severn Bancorp is expected to integrate operations and enhance revenue streams, demonstrating commitment to growth and shareholder value.

Shore Bancshares, Inc. (NASDAQ: SHBI) has completed its acquisition of Severn Bancorp, Inc. (NASDAQ: SVBI) effective October 31, 2021. The total deal consideration is approximately $169.8 million, comprising $20.6 million in cash and stock conversion at a ratio of 0.6207 shares of Shore for each Severn share. This acquisition positions Shore United Bank as the third-largest bank in Maryland and enhances its market presence in Anne Arundel County, aiming to broaden product offerings and improve customer experience.

Shore Bancshares (SHBI) reported a net income of $4.617 million ($0.39 per share) for Q3 2021, an increase from Q2 2021 and Q3 2020. The first nine months net income reached $12.645 million, up from $11.844 million last year. Key metrics included a 9.2% loan growth (excluding PPP) and a 16.9% total asset increase to $2.261 billion. However, merger-related expenses of $915 thousand were noted. Nonperforming assets decreased significantly by 47.4% year-over-year, showcasing financial stability. Despite a drop in net interest margin to 2.99%, a strong capital position supports continued dividends.