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 (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, 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.
On October 22, 2021, Shore Bancshares, Inc. (SHBI) and Severn Bancorp, Inc. (SVBI) announced that their shareholders approved the merger whereby Severn will merge into Shore, with Shore as the surviving entity. The merger received all necessary regulatory approvals and is set to be completed by October 31, 2021. This acquisition aims to create a stronger commercial banking entity within Maryland, enhancing customer experience and delivering increased shareholder value. Lloyd Beatty, CEO of Shore, expressed optimism about the benefits of the merger.
Shore Bancshares, Inc. (NASDAQ:SHBI) has received regulatory approval to convert Shore United Bank into a national bank and merge with Severn Savings Bank, FSB. This follows previous approvals from the Federal Reserve Bank of Richmond. The merger is subject to shareholder approvals from both companies and is expected to close in Q4 2021. The transaction aims to enhance Shore's market presence in Maryland and provide growth opportunities, pending satisfactory completion of all closing conditions.
On August 12, 2021, Shore Bancshares (NASDAQ: SHBI) announced the resignation of board member David J. Bates due to health issues, effective August 31, 2021. President and CEO Lloyd L. "Scott" Beatty, Jr. expressed sadness over Bates' departure, noting his significant contributions over nine years. Chairman Frank E. Mason, III also acknowledged Bates' impact on the company's success. Shore Bancshares is the largest independent bank holding company on Maryland's Eastern Shore, operating through Shore United Bank and Wye Financial Partners.
Shore Bancshares, Inc. (NASDAQ - SHBI) has declared a quarterly dividend of $0.12 per share, payable on August 31, 2021, to stockholders of record as of August 14, 2021. The company reported solid earnings and healthy loan and deposit growth in the second quarter of 2021, alongside a strong capital position. President Lloyd L. 'Scott' Beatty, Jr. emphasized the commitment to growth and enhancing shareholder value. Shore Bancshares is the largest independent bank holding company on Maryland's Eastern Shore, operating Shore United Bank and Wye Financial Partners.
Shore Bancshares, Inc. (NASDAQ: SHBI) reported a net income of $4.031 million, or $0.34 per diluted share, for Q2 2021, slightly up from $3.998 million in Q1 2021 but down from $5.335 million in Q2 2020. Year-to-date net income reached $8.028 million. Total assets increased 9.7% to $2.120 billion compared to the end of 2020, with total deposits growing 10.6%. Merger-related expenses of $377 thousand were recorded. Despite an increase in net interest income to $14.1 million, the net interest margin declined to 2.91%. The company remains optimistic about future growth and shareholder returns.
Shore Bancshares, Inc. (NASDAQ - SHBI) has declared a quarterly dividend of $0.12 per share, payable on June 1, 2021, to stockholders on record as of May 15, 2021. CEO Lloyd L. "Scott" Beatty, Jr. emphasized that the first quarter of 2021 has met consensus earnings targets, indicating a strong start for the year. The company is focused on growth and enhancing shareholder value, continuing its commitment to rewarding investors with steady dividends.
Shore Bancshares (NASDAQ: SHBI) reported a net income of $3.998 million ($0.34 per diluted share) for Q1 2021, up from $3.886 million in Q4 2020 and $3.118 million in Q1 2020. Key drivers included a decrease in provision for credit losses and interest expenses. The Company’s merger with Severn Bancorp is expected to impact future quarters with additional expenses. Total assets increased by 5.5% to $2.040 billion, while total deposits rose by 5.9%. The COVID-related loan deferral balance decreased significantly to $16.1 million, signaling improved loan performance.
Shore Bancshares, Inc. (NASDAQ: SHBI) has announced the upcoming opening of a new full-service banking office in South Ocean City, Maryland, in 2022. This move aims to enhance accessibility for business customers in the area, as highlighted by President and CEO Lloyd L. "Scott" Beatty, Jr. The bank has already developed strong relationships in the region, providing PPP lending to businesses impacted by the pandemic. As the largest independent bank on Maryland's Eastern Shore, Shore Bancshares continues to focus on customer service and market growth.
