Press release
Shore Bancshares Reports Second Quarter and First-Half Financial Results
EASTON, Md., July 27, 2023 /PRNewswire/ -- Shore Bancshares, Inc. (NASDAQ: SHBI) (the "Company" or "Shore Bancshares") reported net income of $4.018 million
About this update from Shore Bancshares, Inc.
[{"type":"text","content":"EASTON, Md., July 27, 2023 /PRNewswire/ -- Shore Bancshares, Inc. (NASDAQ: SHBI) (the \"Company\" or \"Shore Bancshares\") reported net income of $4.018 million or $0.20 per diluted common share for the second quarter of 2023, compared to net income of $6.457 million or $0.32 per diluted common share for the first quarter of 2023, and net income of $7.499 million or $0.38 per diluted common share for the second quarter of 2022. Net income, excluding merger-related expenses, for the second quarter of 2023 was $4.890 million or $0.25 per diluted common share, compared to net income, excluding merger-related expenses, of $6.959 million or $0.35 per diluted common share for the first quarter of 2023 and net income, excluding merger-related expenses, of $7.674 million or $0.39 per diluted common share for the second quarter 2022. Net income for the first half of 2023 was $10.475 million or $0.53 per diluted common share, compared to net income for the first half of 2022 of $13.112 million or $0.66 per diluted common share.\n\n \n \n \n \n \n \n\n \nThe merger between the Company and The Community Financial Corporation (\"TCFC\") closed on July 1, 2023. This press release includes only the operations of the Company prior to the effectiveness of the merger. At closing, TCFC shareholders received 2.3287 shares of the Company common stock and cash in lieu of any fractional shares of the Company common stock.\nWhen comparing net income, excluding merger-related expenses, for the second quarter of 2023 to the first quarter of 2023, net income decreased $2.1 million due to decreases in net interest income of $3.2 million and noninterest income of $40 thousand, coupled with an increase in noninterest expense of $209 thousand, partially offset by a decrease in provision for credit losses of $546 thousand. When comparing net income, excluding merger-related expenses, for the second quarter of 2023 to the second quarter of 2022, net income decreased $2.8 million primarily due to a decrease in net interest income of $2.1 million and noninterest income of $539 thousand, coupled with increases in both noninterest expense of $558 thousand and provision for credit losses of $467 thousand.\n\"We are very excited to have closed the merger between Shore Bancshares and Community Financial\" stated James M. Burke, President and Chief Executive Officer of...