secwatch.observer — SEC 8-K summary
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Issuer:     SHORE BANCSHARES INC (SHBI)
CIK:        0001035092
Form:       8-K
Filed at:   2023-11-01T23:59:59+00:00
Accession:  0001628280-23-035788
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1035092/000162828023035788/0001628280-23-035788-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1035092/000162828023035788/shbi-20231101.htm
  HTML page:      https://secwatch.observer/filing/0001628280-23-035788

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