Shore Bancshares Q1 net income $8.2M ($0.25); $4.3M credit card fraud loss reduces EPS by $0.10

SHORE BANCSHARES INC

2024-Q1 EPS reported $0.25 revenue$4,709,000

Net income $8.2M ($0.25 diluted) vs $10.5M ($0.32) in Q4 2023; down 22%.
Recognized $4.3M fraud expense from fraudulent credit card accounts opened using stolen non-customer data; EPS impact $0.10.
Net interest margin stable at 3.08%; deposits fell $201.8M to $5.2B; no brokered deposits or FHLB advances.
Nonperforming assets rose to 0.28% of total assets from 0.23% in Q4; credit trends remain stable.
Board declared $0.12 quarterly dividend payable May 31; plans to close two branches by Q3.

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 first quarter of 2024 results: net income $8.2 million, EPS $0.25 per diluted common share.

Period: first quarter of 2024
Net income: $8.2 million
EPS: $0.25 per diluted common share
Result: reported results

Exact text from the filing

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 first quarter of 2024 of $8.2 million or $0.25 per diluted common share compared to a net income of $10.5 million or $0.32 per diluted common share for the fourth quarter of 2023, and net income of $6.5 million or $0.32 per diluted common share for the first quarter of 2023.

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Source: SEC EDGAR

accession 0001628280-24-020016

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