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.
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.
Shore Bancshares (SHBI) has announced a definitive agreement to merge with Severn Bancorp (SVBI) in a transaction valued at approximately $146 million, or $11.30 per share of Severn stock. This merger is expected to significantly enhance Shore's financial position, bringing its total assets to $2.9 billion. The deal is projected to be over 30% accretive to earnings per share in 2022, primarily due to anticipated cost savings of 35%. The merger is expected to close in Q3 2021, pending regulatory and shareholder approvals.
Shore Bancshares, Inc. (NASDAQ: SHBI) has declared a quarterly dividend of $0.12 per share, payable March 1, 2021 to stockholders of record on February 15, 2021. Despite the challenges posed by the COVID-19 pandemic, the company reported better-than-expected returns for 2020, maintaining a dividend payout ratio of 37.8%. CEO Lloyd Beatty highlighted the company's focus on strategic growth opportunities and superior customer service in 2021.
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