secwatch.observer — SEC 8-K summary
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Issuer:     SHORE BANCSHARES INC (SHBI)
CIK:        0001035092
Form:       8-K
Filed at:   2024-01-31T23:59:59+00:00
Accession:  0001628280-24-002743
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1035092/000162828024002743/0001628280-24-002743-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1035092/000162828024002743/shbi-20240131.htm
  HTML page:      https://secwatch.observer/filing/0001628280-24-002743

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