Shore Bancshares Q3 net loss $6.4M on merger costs; tangible book value drops 20%

SHORE BANCSHARES INC

2023-Q3 EPS reported $0.17 revenue$13,450,000

Q3 net loss of $6.4M ($0.19 diluted EPS) vs net income $4.0M ($0.20) in Q2 2023 and $9.7M ($0.49) in Q3 2022.
Net interest income $45.6M; NIM expanded to 3.35% from 2.68% QoQ due to accretion and balance sheet restructuring.
Provision for credit losses $28.2M, mostly from TCFC acquisition ($20.1M) and ACL methodology change ($7.3M).
Merger with TCFC closed July 1; contributed $2.4B assets; tangible book value per share fell to $11.80 from $14.83.
Noninterest expense $47.2M includes $17.5M merger costs; $12.2M bargain purchase gain partially offset.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SHORE BANCSHARES INC reported the third quarter and first nine months of 2023 results: net income net loss of $6.4 million or $0.19 per diluted common share, EPS $0.19 per diluted common share.

Period: the third quarter and first nine months of 2023
Net income: net loss of $6.4 million or $0.19 per diluted common share
EPS: $0.19 per diluted common share
Result: reported results

Exact text from the filing

reported a net loss of $6.4 million or $0.19 per diluted common share

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Source: SEC EDGAR

accession 0001628280-23-035788

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