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 (NASDAQ: SHBI) reported Q3 2024 net income of $11.2 million ($0.34 per diluted share), equal to Q2 2024. Net interest income increased $1.1 million to $43.3 million, with net interest margin rising to 3.17%. Total deposits grew to $5.23 billion, while asset quality remained strong with nonperforming assets at 0.27% of total assets. The efficiency ratio was 67.49%, slightly up from 66.23% in Q2. The company maintained strong capital ratios with Tier 1 and Total Risk-Based Capital Ratios at 9.89% and 12.04% respectively.
Shore Bancshares (NASDAQ: SHBI) has declared a quarterly dividend of $0.12 per share, payable on August 30, 2024 to stockholders of record as of August 12, 2024. This announcement comes from the largest independent bank holding company on Maryland's Eastern Shore. Shore Bancshares, headquartered in Easton, Maryland, is the parent company of Shore United Bank and offers trust and wealth management services through its division, Wye Financial Partners.
Shore Bancshares reported net income of $11.2 million or $0.34 per diluted share for Q2 2024, up from $8.2 million in Q1 2024 and $4.0 million in Q2 2023. Key highlights include:
- Return on Average Assets (ROAA) improved to 0.77% in Q2 2024
- Net interest margin expanded to 3.11% in Q2 2024 from 3.08% in Q1 2024
- Noninterest-bearing deposits increased by $386.6 million
- Tier 1 Capital Ratio increased 14 bps to 9.67%
- Commercial Real Estate (CRE) Concentration Ratio decreased to 368.7%
- Efficiency ratio improved to 66.2% in Q2 2024
The company saw stable deposit balances, increasing asset yields, and improving financial results that built capital and supported loan growth. Management continues to focus on expense management and technology investments to improve operating leverage.
Shore Bancshares, Inc. reported a net income of $8.2 million for Q1 2024, down from $10.5 million in Q4 2023. The company faced credit card fraud, resulting in a $4.3 million expense, impacting EPS. Despite stable net interest margins, deposits decreased by $201.8 million. The company plans to close branches and consolidate office space to reduce expenses. Total assets decreased to $5.8 billion. Nonperforming assets increased, but coverage ratios remain stable. Noninterest income decreased, while noninterest expenses rose significantly. The company declared a quarterly dividend of $0.12 per share.
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