Shore Bancshares Q4 net income $10.5M ($0.32/sh); deposits up 5.4% to $5.4B

SHORE BANCSHARES INC

2023-FY EPS reported $0.42 revenue$18,335,000

Q4 2023 net income $10.5M ($0.32 diluted EPS) vs Q3 net loss $9.7M ($0.29 loss) and Q4 2022 net income $8.4M ($0.42).
Full year 2023 net income $11.2M ($0.42) vs 2022 $31.2M ($1.57), down due to merger-related costs and higher provision.
Net interest margin fell to 3.09% from 3.35% QoQ; deposits increased $277.4M in Q4 to $5.4B.
TCFC merger closed July 1, 2023, valued ~$153.6M, added $2.4B assets; bargain purchase gain of $8.8M.
Provision for credit losses $31.0M in 2023 vs $1.9M in 2022, driven by CECL adoption and merger loan portfolios.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

SHORE BANCSHARES INC reported the fiscal year of 2023 results: net income $11.2 million, EPS $0.42 per diluted common share.

Period: the fiscal year of 2023
Net income: $11.2 million
EPS: $0.42 per diluted common share
Result: reported results

Exact text from the filing

Net income for the fiscal year of 2023 was $11.2 million or $0.42 per diluted common share

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

SHORE BANCSHARES INC reported the fourth quarter of 2023 results: net income $10.5 million, EPS $0.32 per diluted common share.

Period: the fourth quarter of 2023
Net income: $10.5 million
EPS: $0.32 per diluted common share
Result: reported results

Exact text from the filing

Shore Bancshares, Inc. Reports 2023 Fourth Quarter and Annual Results Easton, Maryland (January 31, 2024) - Shore Bancshares, Inc. (NASDAQ - SHBI) (the “Company” or “Shore Bancshares”), the holding company for Shore United Bank N.A. (the “Bank” or “SUB”) reported net income for the fourth quarter of 2023 of $10.5 million or $0.32 per diluted common share

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Source: SEC EDGAR

accession 0001628280-24-002743

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