Press release
Shore Bancshares Reports First Quarter 2019 Financial Results
EASTON, Md., April 25, 2019 /PRNewswire/ -- Shore Bancshares, Inc. (NASDAQ - SHBI) reported net income of $3.754 million or $0.29 per diluted common share for
About this update from Shore Bancshares, Inc.
[{"type":"text","content":"EASTON, Md., April 25, 2019 /PRNewswire/ -- Shore Bancshares, Inc. (NASDAQ - SHBI) reported net income of $3.754 million or $0.29 per diluted common share for the first quarter of 2019, compared to net income of $12.094 million or $0.95 per diluted common share for the fourth quarter of 2018, and net income of $4.058 million or $0.32 per diluted common share for the first quarter of 2018. Net income from continuing operations for the first quarter of 2019 was $3.828 million or $0.30 per diluted common share, compared to net income from continuing operations of $3.853 million or $0.30 per diluted common share for the fourth quarter of 2018, and net income from continuing operations of $3.462 million or $0.27 per diluted common share for the first quarter of 2018. \nWhen comparing the first quarter of 2019 to the fourth quarter of 2018, absent the sale and activity of Avon-Dixon, the Company's retail insurance entity sold on December 31, 2018, net income decreased $25 thousand or 0.6% primarily the result of less income from taxable investment securities and higher noninterest expenses which were almost entirely offset by an increase in interest and fees on loans, lower provision for credit losses and improved noninterest income. When comparing net income from continuing operations for the first quarter of 2019 to the first quarter of 2018, net income improved $366 thousand or 10.6%, primarily due to higher interest and fees on loans and a reduction in provision for credit losses, partially offset by an increase in interest expense on deposits and borrowings. \nWe are pleased to report financial results for the first quarter of 2019,\" said Lloyd L. \"Scott\" Beatty, Jr., President and Chief Executive Officer. \"During the first quarter of 2019 we experienced increases in both loans and core deposits getting us off to a great start for 2019. In addition to nice growth in these areas in the first quarter we are excited about the opportunity to expand our footprint with the opening of our new branch in Ocean City, Maryland by the end of 2019. We have an outstanding lending team in Ocean City and we are thrilled to support them with a full service branch. As always, we remain dedicated to providing superior customer service, enhancing shareholder value and supporting our communities and career development for our valued employees.\" ...