secwatch.observer — SEC 8-K summary
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Issuer:     SHORE BANCSHARES INC (SHBI)
CIK:        0001035092
Form:       8-K
Filed at:   2023-12-18T23:59:59+00:00
Accession:  0001628280-23-041716
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 4.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Shore Bancshares restates Q3 2023 results, net loss widens to $9.7M from $6.4M
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- Error in recording net deferred tax assets from TCFC acquisition overstated bargain purchase gain by $3.4M.
- Q3 2023 net loss restated to $9.7M from $6.4M; diluted loss per share to $0.29 from $0.19.
- Nine-month 2023 net income decreased to $0.7M from $4.1M; diluted EPS to $0.03 from $0.17.
- Tangible common equity ratio reduced to 6.93% from 7.00%; risk-based capital ratios also lowered.
- Audit committee concluded prior Q3 2023 financials should no longer be relied upon.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1035092/000162828023041716/0001628280-23-041716-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1035092/000162828023041716/shbi-20231213.htm
  HTML page:      https://secwatch.observer/filing/0001628280-23-041716

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer