Press release
Shore Bancshares Reports First Quarter 2020 Financial Results
EASTON, Md., April 30, 2020 /PRNewswire/ -- Shore Bancshares, Inc. (NASDAQ - SHBI) (the "Company") reported income from continuing operations of $3.118
About this update from Shore Bancshares, Inc.
[{"type":"text","content":"EASTON, Md., April 30, 2020 /PRNewswire/ -- Shore Bancshares, Inc. (NASDAQ - SHBI) (the \"Company\") reported income from continuing operations of $3.118 million or $0.25 per diluted common share for the first quarter of 2020, compared to income from continuing operations of $4.014 million or $0.32 per diluted common share for the fourth quarter of 2019, and income from continuing operations of $3.828 million or $0.30 per diluted common share for the first quarter of 2019. \n\n \n \n \n \n \n \n\n \nWhen comparing income from continuing operations for the first quarter of 2020 to the fourth quarter of 2019, net income decreased $896 thousand due to an increase in noninterest expenses of $504 thousand and decreases in noninterest income and net interest income of $342 thousand and $246 thousand, respectively. In addition, the provision for credit losses increased in the first quarter of 2020 by $150 thousand due to economic stress related to the COVID-19 pandemic. When comparing income from continuing operations for the first quarter of 2020 to the first quarter of 2019, income decreased $710 thousand due to an increase in noninterest expense of $1.0 million and an increase in provision for credit losses of $250 thousand, partially offset by increases in noninterest income of $164 thousand and net interest income of $124 thousand, respectively. \n\"As we navigate through these challenging times, we remain committed to our customers and all their banking needs,\" said Lloyd L. \"Scott\" Beatty, Jr., President and Chief Executive Officer. \"Our branches have remained open to serve individuals throughout Maryland, Delaware and the Eastern Shore of Virginia. We are participating in the Payment Protection Program (\"PPP\") to ensure our small business customers get the vital resources they need. To date we have processed over 1,000 PPP loans for our small business customers totaling approximately $114 million as of April 30, 2020. We have collateral pledged to the Federal Home Loan Bank of approximately $300 million that can be utilized for borrowing purposes as well as $15 million in lines with correspondent banks should it be necessary to meet liquidity demands. Our capital position remains strong. We understand how vitally important we are and will continue our commitment and support to our customers, employees and shareholders.\" ...