Shore Bancshares Q1 net income $6.5M ($0.32 EPS); deposits stable; TCFC merger on track

SHORE BANCSHARES INC

2023-Q1 EPS reported $0.32 revenue$3,788,000

Net income of $6.457M ($0.32 diluted EPS) vs. $8.407M ($0.42) in Q4 2022 and $5.613M ($0.28) in Q1 2022.
Adjusted net income (ex-merger costs) $6.959M ($0.35 EPS); net interest income $25.7M, NIM 3.18%.
Total deposits decreased less than 1% from Dec 31, 2022; FHLB borrowings increased $91.6M to manage liquidity.
Pending TCFC merger expected to close on or about July 1, 2023; all bank regulatory approvals received.
Nonperforming assets fell to $2.7M from $3.9M; provision for credit losses $1.2M on loan growth of $112.6M.

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