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.
Shore Bancshares (SHBI) reported a net income of $3.886 million, or $0.32 per diluted share, for Q4 2020, a rise from $3.391 million in Q3 2020. Annual income for 2020 was $15.730 million, down from $16.284 million in 2019. The increase in Q4 income was primarily due to a $482 thousand rise in net interest income, despite a $725 thousand rise in noninterest expenses. Total assets grew to $1.933 billion, a 24% increase from 2019, largely driven by a $359.4 million surge in deposits. Nonperforming assets decreased by 47.8% year-over-year, reflecting improved credit metrics.
Shore Bancshares, Inc. (NASDAQ: SHBI) has appointed Dawn M. Willey as a new director for both the Company and its subsidiary, Shore United Bank, effective January 1, 2021. This addition brings the total number of directors to 11. Willey has extensive experience in financial services, including executive leadership and operational risk management. Previously, she was the founding CEO of Bridgeforce Inc. and served in various roles at MBNA. Her expertise is expected to contribute positively to the company's strategic planning and growth.
Shore Bancshares announced a new stock repurchase program allowing the buyback of up to $5.0 million of its common stock, following approval from the Federal Reserve Bank of Richmond. This program succeeds a prior program that authorized $10.0 million in repurchases, resulting in the buyback of 772,971 shares for $9.9 million. With 12,036,573 shares outstanding, the initiative aims to enhance shareholder value as the stock trades below tangible book value. Management highlights it as a prudent use of excess liquidity amid solid earnings and organic growth.
Shore Bancshares, Inc. (NASDAQ - SHBI) has declared a quarterly cash dividend of $0.12 per share, payable on November 30, 2020, to stockholders of record on November 14, 2020. The company reported positive earnings for Q3 and maintains a strong capital position, despite ongoing market volatility due to political and pandemic factors. President & CEO Scott Beatty expressed confidence in the company's solid earnings and growth in loans and deposits.
Shore Bancshares (NASDAQ - SHBI) reported Q3 2020 income of $3.391 million ($0.27/share), down from $5.335 million ($0.43/share) in Q2 2020 and $4.214 million ($0.33/share) in Q3 2019. For the first nine months, income was $11.844 million ($0.95/share), slightly lower than $12.270 million ($0.96/share) in 2019. The decrease in Q3 income was attributed to a $2.2 million rise in noninterest expenses. Total assets increased 17.2% year-to-date to $1.828 billion, with deposits up 18.8%. The company reinstated its stock repurchase program and provided $1.5 million to its loan loss allowance in response to pandemic challenges.
Shore Bancshares (NASDAQ:SHBI) announced the reinstatement of its common stock repurchase program, previously paused due to COVID-19. The program allows repurchase of up to $10.0 million, representing around 5% of total outstanding shares. As of August 31, 2020, 278,700 shares had been repurchased, with $5.5 million remaining. The program will expire on December 31, 2020. CEO Lloyd L. Beatty highlighted strong capital levels and minimal credit losses, enhancing shareholder value through this initiative.
Shore Bancshares, Inc. (NASDAQ-SHBI) announced the completion of a private placement of $25 million in 5.375% Fixed to Floating Rate Subordinated Notes due 2030. The initial interest rate will be 5.375% for five years, resetting quarterly thereafter. Proceeds will support general corporate purposes, organic growth, and regulatory capital ratios. The Company is cautiously optimistic about future credit issues and views this capital as a safety net, with potential for enhancing shareholder value if no credit problems arise.
Shore Bancshares, Inc. (NASDAQ - SHBI) declared a quarterly cash dividend of $0.12 per share, payable on August 31, 2020, to stockholders of record by August 15, 2020. The company reported a solid second quarter, emphasizing its strong capital position despite ongoing challenges from the COVID-19 pandemic. CEO Lloyd L. “Scott” Beatty, Jr. noted their commitment to supporting customers during this economic volatility, highlighting the firm’s resilience and financial health.
Shore Bancshares (NASDAQ: SHBI) reported a net income of $5.335 million, or $0.43 per diluted share, for Q2 2020, up from $3.118 million in Q1 2020 and $4.228 million in Q2 2019. For the first half of 2020, income from continuing operations was $8.453 million, compared to $8.056 million in H1 2019. The rise in income is attributed to a $2.7 million decrease in noninterest expenses, along with increases in net interest income and noninterest income. Total assets reached $1.720 billion, with a 10.3% increase since the end of 2019, while total deposits increased by 12.2%. The company actively participated in the Paycheck Protection Program, providing loans to small businesses totaling $123 million.
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