Press release
Shore Bancshares Reports Second Quarter and First-Half Results
EASTON, Md., July 23, 2020 /PRNewswire/ -- Shore Bancshares, Inc. (NASDAQ: SHBI) (the "Company") reported income from continuing operations of $5.335 million
About this update from Shore Bancshares, Inc.
[{"type":"text","content":"EASTON, Md., July 23, 2020 /PRNewswire/ -- Shore Bancshares, Inc. (NASDAQ: SHBI) (the \"Company\") reported income from continuing operations of $5.335 million or $0.43 per diluted common share for the second quarter of 2020, compared to income from continuing operations of $3.118 million or $0.25 per diluted common share for the first quarter of 2020, and income from continuing operations of $4.228 million or $0.33 per diluted common share for the second quarter of 2019. Income from continuing operations for the first half of 2020 was $8.453 million or $0.68 per diluted common share, compared to income from continuing operations of $8.056 million or $0.63 per diluted common share for the first half of 2019.\n\n \n \n \n \n \n \n\n \nWhen comparing income from continuing operations for the second quarter of 2020 to the first quarter of 2020, net income increased $2.2 million, primarily due to a decrease in noninterest expenses of $2.7 million. In addition, net interest income and noninterest income increased $513 thousand and $417 thousand, respectively, partially offset by an increase in the provision for credit losses of $650 thousand. When comparing income from continuing operations for the second quarter of 2020 to the second quarter of 2019, net income increased $1.1 million due to a decrease in noninterest expense of $1.3 million, coupled with increases in net interest income of $738 thousand and noninterest income of $160 thousand, partially offset by an increase in the provision for credit losses of $800 thousand. \n\"During these uncertain times in the midst of the current health and economic crisis, the Company has remained a viable source of strength in our communities,\" said Lloyd L. \"Scott\" Beatty, Jr., President and Chief Executive Officer. \"The first half of 2020 has been challenging, but the resolve of our committed team has produced very positive results. Our earnings remain healthy despite increases to our provision for credit losses during the second quarter, deposit growth has been remarkable, loan growth remains on budget, and the Company's strong capital position enables us to weather the current economic climate.\" \nOngoing response to COVID-19\nEmployeesMany of our non-branch personnel have returned to our offices and continue to practice social distancing as the Company has implemented enhanced clea...