Shore Bancshares, Inc. Reports Quarterly Dividend of $0.12 Per Share

Rhea-AI Summary

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.

Positive

• Declared quarterly dividend of $0.12 per share
• Strong loan growth in the second quarter
• Excellent asset quality maintained

Negative

• None.

EASTON, Md., Aug. 3, 2022 /PRNewswire/ -- Shore Bancshares, Inc. (NASDAQ: SHBI) announced that the Board of Directors has declared a quarterly common stock dividend in the amount of $0.12 per share, payable August 31, 2022, to stockholders of record on August 13, 2022. 

"We are pleased to announce the continuation of our quarterly cash dividend of $0.12 per share," said Lloyd L. "Scott" Beatty, Jr., President and Chief Executive Officer.  "We had a good second quarter, with strong loan growth and maintaining excellent asset quality. With the merger and integration of Severn Bank behind us, we are focused on growth and earnings while continuing to look for expansion opportunities." 

Shore Bancshares Information 

Shore Bancshares is a financial holding company headquartered in Easton, Maryland and is the largest independent bank holding company located on Maryland's Eastern Shore. It is the parent company of Shore United Bank. Shore Bancshares engages in trust and wealth management services through Wye Financial Partners, a division of Shore United Bank. 

Additional information is available at www.shorebancshares.com. 

Forward-Looking Statements 

The statements contained herein that are not historical facts are forward-looking statements (as defined by the Private Securities Litigation Reform Act of 1995) based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. These statements are evidenced by terms such as "anticipate," "estimate," "should," "expect," "believe," "intend," and similar expressions. Although these statements reflect management's good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; geopolitical concerns, including the ongoing war in Ukraine; the magnitude and duration of the COVID-19 pandemic and related variants and mutations and their impact on the global economy and financial market conditions and our business, results of operations, and financial condition; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Board of Governors of the Federal Reserve System; inflation/deflation, interest rate, market, and monetary fluctuations; volatility and disruptions in global capital and credit markets; the transition away from USD LIBOR and uncertainty regarding potential alternative reference rates, including SOFR; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services; the impact of changes in financial services policies, laws, and regulations, including those concerning taxes, banking, securities, and insurance, and the application thereof by regulatory bodies; cybersecurity threats and the cost of defending against them, including the costs of compliance with potential legislation to combat cybersecurity at a state, national, or global level; and other factors that may affect our future results. For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Shore Bancshares, Inc. with the Securities and Exchange Commission entitled "Risk Factors". 

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SOURCE Shore Bancshares, Inc.

FAQ

What is the dividend amount for Shore Bancshares (SHBI)?

The dividend amount declared is $0.12 per share.

When is the dividend for Shore Bancshares (SHBI) payable?

The dividend is payable on August 31, 2022.

What date is the record for the dividend of Shore Bancshares (SHBI)?

The record date for the dividend is August 13, 2022.

How has Shore Bancshares (SHBI) performed in the second quarter?

Shore Bancshares reported strong loan growth and maintained excellent asset quality.