Shore Bancshares Q2 net income $11.2M, EPS $0.34; NIM expands, efficiency improves

SHORE BANCSHARES INC

2024-Q2 EPS reported $0.58 revenue$9,961,000

Net income of $11.2M ($0.34 diluted EPS) vs $8.2M ($0.25) in Q1 and $4.0M ($0.20) in Q2 2023.
Net interest margin expands to 3.11% from 3.08% Q1; efficiency ratio improves to 66.2% from 76.9%.
Provision for credit losses $2.1M vs $0.4M in Q1; net charge-offs $0.9M; nonperforming assets $18.4M (0.31% of assets).
Noninterest income rises $1.9M QoQ to $8.4M; noninterest expense drops $3.2M QoQ to $33.5M (excludes $4.3M fraud loss in Q1).
Total assets $5.9B, deposits $5.1B; Tier 1 capital ratio 9.67%, tangible common equity ratio 7.23%.

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