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. reports developments as a financial holding company and parent of Shore United Bank, N.A. Its updates center on quarterly and annual earnings, net interest income, loan growth, deposits, credit-loss provisions, asset quality and commercial real estate exposure, including office CRE portfolio metrics.
Recurring announcements also cover common stock dividends, subordinated note financing and exchange activity, regulatory-capital matters, and trust and wealth management services conducted through Wye Financial Partners, a division of Shore United Bank, N.A.
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.
Shore Bancshares, Inc. (NASDAQ: SHBI) announced the appointment of William E. Esham III as a director of the Company and Shore United Bank, effective June 23, 2020. This addition increases the board's total to 10 directors. Esham, an independent director with no material relationship with the Company, brings significant financial services experience, particularly in the Worcester County market. He is a partner at Ayres, Jenkins, Gordy & Almand, P.A., specializing in real estate law. Esham previously served on bank boards from 2012 to 2016.