Annual Income Statements for Shore Bancshares
This table shows Shore Bancshares' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for Shore Bancshares
This table shows Shore Bancshares' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Income / (Loss) Attributable to Common Shareholders |
|
9.66 |
8.41 |
6.46 |
4.02 |
-9.74 |
10 |
8.18 |
11 |
11 |
13 |
Consolidated Net Income / (Loss) |
|
9.66 |
8.41 |
6.46 |
4.02 |
-9.74 |
10 |
8.18 |
11 |
11 |
13 |
Net Income / (Loss) Continuing Operations |
|
9.66 |
8.41 |
6.46 |
4.02 |
-9.74 |
10 |
8.18 |
11 |
11 |
13 |
Total Pre-Tax Income |
|
13 |
11 |
8.89 |
5.51 |
-15 |
15 |
11 |
15 |
15 |
18 |
Total Revenue |
|
33 |
33 |
31 |
28 |
61 |
49 |
48 |
51 |
51 |
53 |
Net Interest Income / (Expense) |
|
27 |
27 |
26 |
22 |
46 |
42 |
41 |
42 |
43 |
44 |
Total Interest Income |
|
31 |
32 |
35 |
37 |
71 |
71 |
71 |
73 |
75 |
76 |
Loans and Leases Interest Income |
|
26 |
28 |
31 |
33 |
65 |
66 |
66 |
67 |
69 |
67 |
Investment Securities Interest Income |
|
3.19 |
3.95 |
4.07 |
3.73 |
5.07 |
4.00 |
4.43 |
5.24 |
4.97 |
4.84 |
Deposits and Money Market Investments Interest Income |
|
1.47 |
0.66 |
0.16 |
0.17 |
1.21 |
1.22 |
0.96 |
0.58 |
0.56 |
4.14 |
Total Interest Expense |
|
3.26 |
5.34 |
9.40 |
14 |
26 |
30 |
30 |
31 |
31 |
32 |
Deposits Interest Expense |
|
2.56 |
4.55 |
7.28 |
9.91 |
23 |
28 |
28 |
28 |
29 |
30 |
Long-Term Debt Interest Expense |
|
0.70 |
0.71 |
0.76 |
0.78 |
1.46 |
1.46 |
1.45 |
1.80 |
2.08 |
2.03 |
Total Non-Interest Income |
|
5.34 |
5.86 |
5.33 |
5.29 |
15 |
7.55 |
6.57 |
8.44 |
7.29 |
8.85 |
Trust Fees by Commissions |
|
0.42 |
0.40 |
0.43 |
0.40 |
1.93 |
0.84 |
0.73 |
0.90 |
0.88 |
0.86 |
Service Charges on Deposit Accounts |
|
1.51 |
1.35 |
1.21 |
1.26 |
1.51 |
1.52 |
1.51 |
1.49 |
1.54 |
1.61 |
Other Service Charges |
|
1.49 |
0.68 |
1.36 |
1.08 |
1.87 |
2.86 |
1.94 |
2.19 |
1.98 |
2.40 |
Other Non-Interest Income |
|
1.92 |
3.44 |
2.33 |
2.55 |
3.02 |
-0.65 |
2.39 |
3.87 |
2.89 |
-1.03 |
Provision for Credit Losses |
|
0.68 |
0.45 |
1.21 |
0.67 |
28 |
0.90 |
0.41 |
2.08 |
1.47 |
0.78 |
Total Non-Interest Expense |
|
19 |
21 |
21 |
22 |
47 |
34 |
37 |
33 |
34 |
34 |
Salaries and Employee Benefits |
|
8.56 |
8.91 |
8.68 |
8.96 |
14 |
25 |
12 |
13 |
13 |
28 |
Net Occupancy & Equipment Expense |
|
3.79 |
4.20 |
3.95 |
3.82 |
5.48 |
5.88 |
6.19 |
6.31 |
6.34 |
6.64 |
Property & Liability Insurance Claims |
|
1.10 |
0.95 |
1.12 |
1.72 |
1.84 |
3.14 |
2.75 |
2.44 |
2.52 |
2.54 |
Other Operating Expenses |
|
4.80 |
5.51 |
6.01 |
5.49 |
8.16 |
-3.73 |
13 |
8.87 |
9.72 |
-5.75 |
Amortization Expense |
|
0.50 |
0.46 |
0.44 |
0.44 |
2.63 |
2.60 |
2.58 |
2.57 |
2.34 |
2.30 |
Income Tax Expense |
|
3.43 |
2.95 |
2.44 |
1.50 |
-4.99 |
4.02 |
2.41 |
3.77 |
3.78 |
4.86 |
Basic Earnings per Share |
|
$0.49 |
$0.42 |
$0.32 |
$0.20 |
($0.29) |
$0.19 |
$0.25 |
$0.34 |
$0.34 |
$0.39 |
Weighted Average Basic Shares Outstanding |
|
19.86M |
19.90M |
19.90M |
33.12M |
33.15M |
33.21M |
33.21M |
33.32M |
33.33M |
33.35M |
Diluted Earnings per Share |
|
$0.49 |
$0.42 |
$0.32 |
$0.20 |
($0.29) |
$0.19 |
$0.25 |
$0.34 |
$0.34 |
$0.39 |
Weighted Average Diluted Shares Outstanding |
|
19.86M |
19.90M |
19.90M |
33.12M |
33.15M |
33.21M |
33.21M |
33.32M |
33.33M |
33.35M |
Weighted Average Basic & Diluted Shares Outstanding |
|
19.86M |
19.90M |
19.90M |
33.12M |
33.15M |
33.21M |
33.21M |
33.32M |
33.33M |
33.35M |
Cash Dividends to Common per Share |
|
$0.12 |
$0.12 |
$0.12 |
$0.12 |
$0.12 |
$0.12 |
$0.12 |
$0.12 |
$0.12 |
$0.12 |
Annual Cash Flow Statements for Shore Bancshares
This table details how cash moves in and out of Shore Bancshares' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
Metric |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
-528 |
317 |
87 |
Net Cash From Operating Activities |
53 |
23 |
47 |
Net Cash From Continuing Operating Activities |
53 |
23 |
47 |
Net Income / (Loss) Continuing Operations |
31 |
11 |
44 |
Consolidated Net Income / (Loss) |
31 |
11 |
44 |
Provision For Loan Losses |
1.93 |
31 |
4.74 |
Depreciation Expense |
5.86 |
11 |
16 |
Amortization Expense |
1.54 |
0.96 |
-0.42 |
Non-Cash Adjustments to Reconcile Net Income |
22 |
-18 |
-18 |
Changes in Operating Assets and Liabilities, net |
-9.66 |
-13 |
0.66 |
Net Cash From Investing Activities |
-582 |
172 |
-135 |
Net Cash From Continuing Investing Activities |
-582 |
172 |
-135 |
Purchase of Property, Leasehold Improvements and Equipment |
-2.45 |
-5.95 |
-5.22 |
Acquisitions |
0.00 |
25 |
0.00 |
Purchase of Investment Securities |
-654 |
-386 |
-286 |
Sale of Property, Leasehold Improvements and Equipment |
0.00 |
0.72 |
0.95 |
Sale and/or Maturity of Investments |
75 |
538 |
156 |
Net Cash From Financing Activities |
0.81 |
122 |
175 |
Net Cash From Continuing Financing Activities |
0.81 |
122 |
175 |
Net Change in Deposits |
-16 |
243 |
141 |
Issuance of Debt |
36 |
-109 |
50 |
Issuance of Common Equity |
0.39 |
0.39 |
0.38 |
Payment of Dividends |
-9.53 |
-13 |
-16 |
Cash Interest Paid |
13 |
74 |
124 |
Cash Income Taxes Paid |
12 |
7.29 |
0.00 |
Quarterly Cash Flow Statements for Shore Bancshares
This table details how cash moves in and out of Shore Bancshares' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Change in Cash & Equivalents |
|
-240 |
-108 |
-18 |
8.12 |
63 |
264 |
-258 |
24 |
45 |
276 |
Net Cash From Operating Activities |
|
7.01 |
2.59 |
11 |
-0.57 |
-24 |
36 |
2.39 |
3.03 |
9.05 |
32 |
Net Cash From Continuing Operating Activities |
|
7.01 |
2.59 |
11 |
-0.57 |
-24 |
36 |
2.39 |
3.03 |
9.05 |
32 |
Net Income / (Loss) Continuing Operations |
|
9.66 |
8.41 |
6.46 |
4.02 |
-9.74 |
10 |
8.18 |
11 |
11 |
13 |
Consolidated Net Income / (Loss) |
|
9.66 |
8.41 |
6.46 |
4.02 |
-9.74 |
10 |
8.18 |
11 |
11 |
13 |
Provision For Loan Losses |
|
0.68 |
0.45 |
1.21 |
0.67 |
28 |
0.90 |
0.41 |
2.08 |
1.47 |
0.78 |
Depreciation Expense |
|
1.35 |
1.61 |
1.38 |
1.36 |
4.10 |
4.09 |
4.10 |
4.12 |
3.82 |
4.00 |
Amortization Expense |
|
1.19 |
0.32 |
0.28 |
0.44 |
0.10 |
0.14 |
0.07 |
-8.28 |
7.67 |
0.11 |
Non-Cash Adjustments to Reconcile Net Income |
|
-3.85 |
-3.82 |
-0.37 |
-4.28 |
-20 |
6.80 |
-6.90 |
-7.79 |
-7.61 |
4.28 |
Changes in Operating Assets and Liabilities, net |
|
-2.01 |
-4.38 |
2.26 |
-2.77 |
-26 |
14 |
-3.48 |
1.66 |
-7.49 |
9.97 |
Net Cash From Investing Activities |
|
-246 |
-133 |
-103 |
-77 |
396 |
-44 |
-54 |
-20 |
-5.94 |
-54 |
Net Cash From Continuing Investing Activities |
|
-246 |
-133 |
-103 |
-77 |
396 |
-44 |
-54 |
-20 |
-5.94 |
-54 |
Purchase of Property, Leasehold Improvements and Equipment |
|
-0.59 |
-0.14 |
-0.62 |
-1.15 |
-1.89 |
-2.30 |
-1.77 |
-1.59 |
-0.61 |
-1.26 |
Purchase of Investment Securities |
|
-266 |
-150 |
-123 |
-97 |
-104 |
-62 |
-71 |
-98 |
-46 |
-70 |
Sale of Property, Leasehold Improvements and Equipment |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
0.95 |
Sale and/or Maturity of Investments |
|
21 |
17 |
21 |
21 |
477 |
20 |
19 |
80 |
41 |
16 |
Net Cash From Financing Activities |
|
-1.12 |
22 |
74 |
85 |
-309 |
272 |
-206 |
41 |
42 |
298 |
Net Cash From Continuing Financing Activities |
|
-1.12 |
22 |
74 |
85 |
-309 |
272 |
-206 |
41 |
42 |
298 |
Net Change in Deposits |
|
1.14 |
-5.37 |
-15 |
-57 |
40 |
276 |
-202 |
-36 |
77 |
302 |
Issuance of Common Equity |
|
0.13 |
0.12 |
0.09 |
0.10 |
0.08 |
0.11 |
0.10 |
0.12 |
0.10 |
0.06 |
Payment of Dividends |
|
-2.38 |
-2.38 |
-2.39 |
-2.39 |
-3.98 |
-3.98 |
-3.98 |
-4.01 |
-4.02 |
-4.00 |
Cash Interest Paid |
|
3.60 |
4.92 |
13 |
9.13 |
25 |
27 |
31 |
30 |
31 |
32 |
Annual Balance Sheets for Shore Bancshares
This table presents Shore Bancshares' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
Metric |
2022 |
2023 |
2024 |
Total Assets |
3,477 |
6,011 |
6,231 |
Cash and Due from Banks |
38 |
63 |
44 |
Interest Bearing Deposits at Other Banks |
18 |
309 |
416 |
Trading Account Securities |
96 |
134 |
175 |
Loans and Leases, Net of Allowance |
2,539 |
4,584 |
4,714 |
Loans and Leases |
2,556 |
4,641 |
4,772 |
Allowance for Loan and Lease Losses |
17 |
57 |
58 |
Loans Held for Sale |
4.25 |
8.78 |
20 |
Premises and Equipment, Net |
51 |
82 |
82 |
Goodwill |
63 |
63 |
63 |
Intangible Assets |
5.55 |
48 |
38 |
Other Assets |
662 |
718 |
679 |
Total Liabilities & Shareholders' Equity |
3,477 |
6,011 |
6,231 |
Total Liabilities |
3,113 |
5,500 |
5,690 |
Non-Interest Bearing Deposits |
862 |
1,258 |
1,563 |
Interest Bearing Deposits |
2,148 |
4,128 |
3,966 |
Long-Term Debt |
83 |
73 |
124 |
Other Long-Term Liabilities |
20 |
41 |
38 |
Commitments & Contingencies |
- |
0.00 |
0.00 |
Total Equity & Noncontrolling Interests |
364 |
511 |
541 |
Total Preferred & Common Equity |
364 |
511 |
541 |
Total Common Equity |
364 |
511 |
541 |
Common Stock |
202 |
356 |
358 |
Retained Earnings |
172 |
162 |
190 |
Accumulated Other Comprehensive Income / (Loss) |
-9.02 |
-7.49 |
-7.55 |
Quarterly Balance Sheets for Shore Bancshares
This table presents Shore Bancshares' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Total Assets |
|
3,447 |
3,554 |
3,642 |
5,705 |
5,826 |
5,864 |
5,918 |
Cash and Due from Banks |
|
34 |
24 |
35 |
68 |
43 |
50 |
52 |
Interest Bearing Deposits at Other Banks |
|
129 |
14 |
10 |
41 |
71 |
89 |
131 |
Trading Account Securities |
|
668 |
98 |
101 |
98 |
203 |
159 |
160 |
Loans and Leases, Net of Allowance |
|
2,386 |
2,640 |
-29 |
-57 |
-57 |
4,647 |
4,675 |
Loans and Leases |
|
2,402 |
2,669 |
0.00 |
- |
- |
4,706 |
4,734 |
Allowance for Loan and Lease Losses |
|
16 |
28 |
29 |
57 |
57 |
58 |
59 |
Loans Held for Sale |
|
8.34 |
3.51 |
6.85 |
15 |
14 |
28 |
27 |
Premises and Equipment, Net |
|
52 |
51 |
51 |
81 |
83 |
82 |
82 |
Goodwill |
|
63 |
63 |
63 |
63 |
63 |
63 |
63 |
Intangible Assets |
|
6.01 |
5.11 |
4.67 |
51 |
46 |
43 |
41 |
Other Assets |
|
100 |
3,296 |
3,398 |
5,289 |
5,302 |
703 |
687 |
Total Liabilities & Shareholders' Equity |
|
3,447 |
3,554 |
3,642 |
5,705 |
5,826 |
5,864 |
5,918 |
Total Liabilities |
|
3,090 |
3,192 |
3,278 |
5,204 |
5,310 |
5,341 |
5,384 |
Non-Interest Bearing Deposits |
|
894 |
809 |
779 |
1,211 |
1,201 |
1,587 |
1,571 |
Interest Bearing Deposits |
|
2,122 |
2,186 |
2,159 |
3,897 |
3,984 |
3,562 |
3,654 |
Long-Term Debt |
|
53 |
175 |
319 |
72 |
73 |
154 |
123 |
Other Long-Term Liabilities |
|
21 |
23 |
22 |
23 |
54 |
39 |
35 |
Total Equity & Noncontrolling Interests |
|
357 |
362 |
363 |
502 |
515 |
523 |
533 |
Total Preferred & Common Equity |
|
357 |
362 |
363 |
502 |
515 |
523 |
533 |
Total Common Equity |
|
357 |
362 |
363 |
502 |
515 |
523 |
533 |
Common Stock |
|
201 |
202 |
202 |
356 |
357 |
357 |
358 |
Retained Earnings |
|
166 |
168 |
169 |
156 |
166 |
174 |
181 |
Accumulated Other Comprehensive Income / (Loss) |
|
-9.78 |
-8.16 |
-8.56 |
-10 |
-8.06 |
-8.26 |
-5.53 |
Annual Metrics And Ratios for Shore Bancshares
This table displays calculated financial ratios and metrics derived from Shore Bancshares' official financial filings.
Metric |
2022 |
2023 |
2024 |
Growth Metrics |
- |
- |
- |
Revenue Growth |
60.24% |
35.44% |
19.73% |
EBITDA Growth |
90.77% |
-47.35% |
184.94% |
EBIT Growth |
98.97% |
-66.34% |
313.87% |
NOPAT Growth |
102.87% |
-63.99% |
290.89% |
Net Income Growth |
102.87% |
-63.99% |
290.89% |
EPS Growth |
34.19% |
-73.25% |
214.29% |
Operating Cash Flow Growth |
801.68% |
-56.86% |
106.43% |
Free Cash Flow Firm Growth |
95.09% |
-1,382.41% |
70.38% |
Invested Capital Growth |
9.72% |
30.50% |
13.87% |
Revenue Q/Q Growth |
5.99% |
10.69% |
1.92% |
EBITDA Q/Q Growth |
18.03% |
26.46% |
4.95% |
EBIT Q/Q Growth |
21.16% |
28.57% |
6.60% |
NOPAT Q/Q Growth |
22.30% |
22.78% |
6.79% |
Net Income Q/Q Growth |
22.30% |
22.78% |
6.79% |
EPS Q/Q Growth |
25.60% |
-35.38% |
17.86% |
Operating Cash Flow Q/Q Growth |
95.12% |
310.91% |
-7.22% |
Free Cash Flow Firm Q/Q Growth |
94.55% |
18.82% |
11.73% |
Invested Capital Q/Q Growth |
9.05% |
1.78% |
1.23% |
Profitability Metrics |
- |
- |
- |
EBITDA Margin |
39.83% |
15.48% |
36.85% |
EBIT Margin |
33.88% |
8.42% |
29.11% |
Profit (Net Income) Margin |
25.06% |
6.66% |
21.76% |
Tax Burden Percent |
73.98% |
79.16% |
74.76% |
Interest Burden Percent |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
26.02% |
20.84% |
25.24% |
Return on Invested Capital (ROIC) |
7.29% |
2.18% |
7.03% |
ROIC Less NNEP Spread (ROIC-NNEP) |
7.29% |
2.18% |
7.03% |
Return on Net Nonoperating Assets (RNNOA) |
1.43% |
0.39% |
1.31% |
Return on Equity (ROE) |
8.72% |
2.57% |
8.34% |
Cash Return on Invested Capital (CROIC) |
-1.98% |
-24.29% |
-5.94% |
Operating Return on Assets (OROA) |
1.21% |
0.30% |
0.96% |
Return on Assets (ROA) |
0.90% |
0.24% |
0.72% |
Return on Common Equity (ROCE) |
8.72% |
2.57% |
8.34% |
Return on Equity Simple (ROE_SIMPLE) |
8.56% |
2.20% |
8.11% |
Net Operating Profit after Tax (NOPAT) |
31 |
11 |
44 |
NOPAT Margin |
25.06% |
6.66% |
21.76% |
Net Nonoperating Expense Percent (NNEP) |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
41.07% |
45.19% |
45.64% |
Operating Expenses to Revenue |
64.57% |
73.21% |
68.55% |
Earnings before Interest and Taxes (EBIT) |
42 |
14 |
59 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
50 |
26 |
74 |
Valuation Ratios |
- |
- |
- |
Price to Book Value (P/BV) |
0.89 |
0.88 |
0.97 |
Price to Tangible Book Value (P/TBV) |
1.09 |
1.13 |
1.19 |
Price to Revenue (P/Rev) |
2.60 |
2.68 |
2.60 |
Price to Earnings (P/E) |
10.36 |
40.18 |
11.95 |
Dividend Yield |
3.69% |
3.53% |
3.05% |
Earnings Yield |
9.65% |
2.49% |
8.37% |
Enterprise Value to Invested Capital (EV/IC) |
0.78 |
0.26 |
0.28 |
Enterprise Value to Revenue (EV/Rev) |
2.82 |
0.90 |
0.93 |
Enterprise Value to EBITDA (EV/EBITDA) |
7.08 |
5.81 |
2.53 |
Enterprise Value to EBIT (EV/EBIT) |
8.32 |
10.68 |
3.21 |
Enterprise Value to NOPAT (EV/NOPAT) |
11.24 |
13.49 |
4.29 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
6.66 |
6.67 |
4.02 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
0.00 |
0.00 |
0.00 |
Leverage & Solvency |
- |
- |
- |
Debt to Equity |
0.23 |
0.14 |
0.23 |
Long-Term Debt to Equity |
0.23 |
0.14 |
0.23 |
Financial Leverage |
0.20 |
0.18 |
0.19 |
Leverage Ratio |
9.70 |
10.84 |
11.63 |
Compound Leverage Factor |
9.70 |
10.84 |
11.63 |
Debt to Total Capital |
18.57% |
12.45% |
18.61% |
Short-Term Debt to Total Capital |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
18.57% |
12.45% |
18.61% |
Preferred Equity to Total Capital |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
81.43% |
87.55% |
81.39% |
Debt to EBITDA |
1.68 |
2.79 |
1.66 |
Net Debt to EBITDA |
0.56 |
-11.49 |
-4.52 |
Long-Term Debt to EBITDA |
1.68 |
2.79 |
1.66 |
Debt to NOPAT |
2.66 |
6.47 |
2.82 |
Net Debt to NOPAT |
0.88 |
-26.70 |
-7.66 |
Long-Term Debt to NOPAT |
2.66 |
6.47 |
2.82 |
Noncontrolling Interest Sharing Ratio |
0.00% |
0.00% |
0.00% |
Liquidity Ratios |
- |
- |
- |
Cash Flow Metrics |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
-8.45 |
-125 |
-37 |
Operating Cash Flow to CapEx |
2,149.73% |
434.03% |
1,096.00% |
Free Cash Flow to Firm to Interest Expense |
-0.67 |
-1.59 |
-0.30 |
Operating Cash Flow to Interest Expense |
4.20 |
0.29 |
0.38 |
Operating Cash Flow Less CapEx to Interest Expense |
4.00 |
0.22 |
0.34 |
Efficiency Ratios |
- |
- |
- |
Asset Turnover |
0.04 |
0.04 |
0.03 |
Fixed Asset Turnover |
2.41 |
2.52 |
2.46 |
Capital & Investment Metrics |
- |
- |
- |
Invested Capital |
447 |
584 |
665 |
Invested Capital Turnover |
0.29 |
0.33 |
0.32 |
Increase / (Decrease) in Invested Capital |
40 |
136 |
81 |
Enterprise Value (EV) |
351 |
151 |
188 |
Market Capitalization |
323 |
451 |
524 |
Book Value per Share |
$18.34 |
$15.42 |
$16.24 |
Tangible Book Value per Share |
$14.88 |
$12.06 |
$13.19 |
Total Capital |
447 |
584 |
665 |
Total Debt |
83 |
73 |
124 |
Total Long-Term Debt |
83 |
73 |
124 |
Net Debt |
28 |
-300 |
-336 |
Capital Expenditures (CapEx) |
2.45 |
5.23 |
4.28 |
Net Nonoperating Expense (NNE) |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
83 |
73 |
124 |
Total Depreciation and Amortization (D&A) |
7.40 |
12 |
16 |
Earnings Adjustments |
- |
- |
- |
Adjusted Basic Earnings per Share |
$1.57 |
$0.42 |
$1.32 |
Adjusted Weighted Average Basic Shares Outstanding |
19.90M |
33.21M |
33.35M |
Adjusted Diluted Earnings per Share |
$1.57 |
$0.42 |
$1.32 |
Adjusted Weighted Average Diluted Shares Outstanding |
19.90M |
33.21M |
33.35M |
Adjusted Basic & Diluted Earnings per Share |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
19.90M |
33.21M |
33.35M |
Normalized Net Operating Profit after Tax (NOPAT) |
33 |
25 |
44 |
Normalized NOPAT Margin |
26.31% |
14.82% |
21.76% |
Pre Tax Income Margin |
33.88% |
8.42% |
29.11% |
Debt Service Ratios |
- |
- |
- |
EBIT to Interest Expense |
3.36 |
0.18 |
0.47 |
NOPAT to Interest Expense |
2.49 |
0.14 |
0.35 |
EBIT Less CapEx to Interest Expense |
3.16 |
0.11 |
0.44 |
NOPAT Less CapEx to Interest Expense |
2.29 |
0.08 |
0.32 |
Payout Ratios |
- |
- |
- |
Dividend Payout Ratio |
30.57% |
113.40% |
36.49% |
Augmented Payout Ratio |
30.57% |
113.40% |
36.49% |
Quarterly Metrics And Ratios for Shore Bancshares
This table displays calculated financial ratios and metrics derived from Shore Bancshares' official financial filings.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
76.55% |
27.30% |
8.86% |
-8.75% |
85.57% |
49.61% |
53.89% |
82.02% |
-16.59% |
7.72% |
EBITDA Growth |
|
113.71% |
132.31% |
10.10% |
-33.75% |
-167.40% |
41.07% |
39.93% |
48.23% |
351.27% |
18.70% |
EBIT Growth |
|
108.59% |
184.30% |
17.87% |
-45.72% |
-212.56% |
27.76% |
19.17% |
172.08% |
201.62% |
25.05% |
NOPAT Growth |
|
109.23% |
208.74% |
15.04% |
-46.42% |
-206.75% |
24.78% |
26.75% |
179.59% |
208.53% |
26.62% |
Net Income Growth |
|
109.23% |
208.74% |
15.04% |
-46.42% |
-200.82% |
24.78% |
26.75% |
179.59% |
214.91% |
26.62% |
EPS Growth |
|
25.64% |
320.00% |
14.29% |
-47.37% |
-159.18% |
-54.76% |
-21.88% |
70.00% |
217.24% |
105.26% |
Operating Cash Flow Growth |
|
39.20% |
111.21% |
-55.47% |
-103.19% |
-442.44% |
1,294.74% |
-78.73% |
631.75% |
137.70% |
-10.12% |
Free Cash Flow Firm Growth |
|
-23,841.46% |
83.08% |
28.60% |
-58.33% |
-1.61% |
-303.49% |
65.36% |
106.24% |
58.59% |
46.25% |
Invested Capital Growth |
|
78.65% |
9.72% |
32.48% |
68.18% |
39.83% |
30.50% |
9.60% |
-0.84% |
14.49% |
13.87% |
Revenue Q/Q Growth |
|
7.25% |
0.44% |
-5.50% |
-10.36% |
118.10% |
-19.03% |
-2.80% |
6.03% |
-0.06% |
4.58% |
EBITDA Q/Q Growth |
|
41.51% |
-14.96% |
-20.56% |
-30.70% |
-243.95% |
278.00% |
-21.20% |
-26.59% |
144.02% |
-15.92% |
EBIT Q/Q Growth |
|
28.83% |
-13.22% |
-21.69% |
-38.00% |
-367.15% |
198.50% |
-26.95% |
41.55% |
-0.23% |
21.21% |
NOPAT Q/Q Growth |
|
28.79% |
-12.95% |
-23.20% |
-37.77% |
-356.59% |
201.75% |
-21.98% |
37.27% |
-0.40% |
18.71% |
Net Income Q/Q Growth |
|
28.79% |
-12.95% |
-23.20% |
-37.77% |
-342.33% |
207.73% |
-21.98% |
37.27% |
-0.40% |
18.71% |
EPS Q/Q Growth |
|
28.95% |
-14.29% |
-23.81% |
-37.50% |
-245.00% |
165.52% |
31.58% |
36.00% |
0.00% |
14.71% |
Operating Cash Flow Q/Q Growth |
|
-60.73% |
-63.11% |
333.87% |
-105.08% |
-4,111.40% |
250.25% |
-93.38% |
26.98% |
198.58% |
258.22% |
Free Cash Flow Firm Q/Q Growth |
|
0.71% |
81.74% |
-300.53% |
-118.02% |
36.28% |
27.48% |
65.51% |
139.24% |
-523.14% |
5.88% |
Invested Capital Q/Q Growth |
|
1.10% |
9.05% |
19.88% |
27.24% |
-15.94% |
1.78% |
0.75% |
15.11% |
-2.94% |
1.23% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
47.84% |
40.50% |
34.05% |
26.32% |
-17.37% |
38.19% |
30.96% |
21.44% |
52.34% |
42.09% |
EBIT Margin |
|
40.07% |
34.62% |
28.69% |
19.84% |
-24.30% |
29.56% |
22.22% |
29.66% |
29.61% |
34.32% |
Profit (Net Income) Margin |
|
29.57% |
25.63% |
20.83% |
14.46% |
-16.07% |
21.38% |
17.16% |
22.21% |
22.13% |
25.12% |
Tax Burden Percent |
|
73.81% |
74.04% |
72.62% |
72.88% |
66.11% |
72.31% |
77.23% |
74.89% |
74.76% |
73.22% |
Interest Burden Percent |
|
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
|
26.19% |
25.96% |
27.38% |
27.12% |
0.00% |
27.69% |
22.77% |
25.11% |
25.24% |
26.78% |
Return on Invested Capital (ROIC) |
|
10.85% |
7.46% |
5.62% |
3.30% |
-5.26% |
6.98% |
5.65% |
6.80% |
7.12% |
8.12% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
10.85% |
7.46% |
5.62% |
3.30% |
-4.35% |
6.98% |
5.65% |
6.80% |
7.12% |
8.12% |
Return on Net Nonoperating Assets (RNNOA) |
|
1.57% |
1.46% |
1.79% |
1.72% |
-0.63% |
1.24% |
1.59% |
3.63% |
1.35% |
1.52% |
Return on Equity (ROE) |
|
12.42% |
8.92% |
7.41% |
5.02% |
-5.90% |
8.23% |
7.25% |
10.43% |
8.47% |
9.63% |
Cash Return on Invested Capital (CROIC) |
|
-48.48% |
-1.98% |
-21.14% |
-45.60% |
-31.35% |
-24.29% |
-6.86% |
3.82% |
-6.83% |
-5.94% |
Operating Return on Assets (OROA) |
|
1.65% |
1.24% |
1.03% |
0.70% |
-0.81% |
1.05% |
0.88% |
1.30% |
1.01% |
1.13% |
Return on Assets (ROA) |
|
1.22% |
0.92% |
0.75% |
0.51% |
-0.53% |
0.76% |
0.68% |
0.97% |
0.75% |
0.83% |
Return on Common Equity (ROCE) |
|
12.42% |
8.92% |
7.41% |
5.02% |
-5.90% |
8.23% |
7.25% |
10.43% |
8.47% |
9.63% |
Return on Equity Simple (ROE_SIMPLE) |
|
7.14% |
0.00% |
8.85% |
7.86% |
1.82% |
0.00% |
2.51% |
3.86% |
7.71% |
0.00% |
Net Operating Profit after Tax (NOPAT) |
|
9.66 |
8.41 |
6.46 |
4.02 |
-10 |
10 |
8.18 |
11 |
11 |
13 |
NOPAT Margin |
|
29.57% |
25.63% |
20.83% |
14.46% |
-17.01% |
21.38% |
17.16% |
22.21% |
22.13% |
25.12% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
0.00% |
-0.92% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
|
37.82% |
39.95% |
40.76% |
45.96% |
32.44% |
63.29% |
37.82% |
38.78% |
38.65% |
65.94% |
Operating Expenses to Revenue |
|
57.87% |
64.01% |
67.40% |
77.76% |
77.81% |
68.61% |
76.93% |
66.23% |
67.49% |
64.21% |
Earnings before Interest and Taxes (EBIT) |
|
13 |
11 |
8.89 |
5.51 |
-15 |
15 |
11 |
15 |
15 |
18 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
16 |
13 |
11 |
7.32 |
-11 |
19 |
15 |
11 |
26 |
22 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
0.89 |
0.89 |
0.74 |
0.60 |
0.67 |
0.88 |
0.73 |
0.72 |
0.87 |
0.97 |
Price to Tangible Book Value (P/TBV) |
|
1.10 |
1.09 |
0.91 |
0.74 |
0.86 |
1.13 |
0.92 |
0.90 |
1.09 |
1.19 |
Price to Revenue (P/Rev) |
|
2.70 |
2.60 |
2.10 |
1.76 |
2.20 |
2.68 |
2.02 |
1.81 |
2.36 |
2.60 |
Price to Earnings (P/E) |
|
12.43 |
10.36 |
8.34 |
7.65 |
36.57 |
40.18 |
28.89 |
18.68 |
11.34 |
11.95 |
Dividend Yield |
|
3.01% |
3.69% |
4.47% |
5.46% |
7.13% |
3.53% |
4.26% |
4.23% |
3.43% |
3.05% |
Earnings Yield |
|
8.05% |
9.65% |
11.99% |
13.06% |
2.73% |
2.49% |
3.46% |
5.35% |
8.82% |
8.37% |
Enterprise Value to Invested Capital (EV/IC) |
|
0.50 |
0.78 |
0.75 |
0.72 |
0.52 |
0.26 |
0.57 |
0.58 |
0.62 |
0.28 |
Enterprise Value to Revenue (EV/Rev) |
|
1.76 |
2.82 |
3.18 |
3.96 |
1.96 |
0.90 |
1.79 |
1.88 |
2.05 |
0.93 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
4.92 |
7.08 |
8.00 |
10.51 |
14.44 |
5.81 |
10.97 |
11.58 |
5.73 |
2.53 |
Enterprise Value to EBIT (EV/EBIT) |
|
5.94 |
8.32 |
9.29 |
12.66 |
26.99 |
10.68 |
20.91 |
15.43 |
7.37 |
3.21 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
8.10 |
11.24 |
12.61 |
17.23 |
32.56 |
13.49 |
25.65 |
19.42 |
9.88 |
4.29 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
7.66 |
6.66 |
10.45 |
24.29 |
0.00 |
6.67 |
23.94 |
22.40 |
8.03 |
4.02 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
15.10 |
0.00 |
0.00 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
0.15 |
0.23 |
0.48 |
0.88 |
0.14 |
0.14 |
0.14 |
0.29 |
0.23 |
0.23 |
Long-Term Debt to Equity |
|
0.15 |
0.23 |
0.48 |
0.88 |
0.14 |
0.14 |
0.14 |
0.29 |
0.23 |
0.23 |
Financial Leverage |
|
0.15 |
0.20 |
0.32 |
0.52 |
0.15 |
0.18 |
0.28 |
0.53 |
0.19 |
0.19 |
Leverage Ratio |
|
10.21 |
9.70 |
9.88 |
9.90 |
10.66 |
10.84 |
10.70 |
10.73 |
11.23 |
11.63 |
Compound Leverage Factor |
|
10.21 |
9.70 |
9.88 |
9.90 |
10.66 |
10.84 |
10.70 |
10.73 |
11.23 |
11.63 |
Debt to Total Capital |
|
12.92% |
18.57% |
32.57% |
46.78% |
12.56% |
12.45% |
12.34% |
22.73% |
18.80% |
18.61% |
Short-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
|
12.92% |
18.57% |
32.57% |
46.78% |
12.56% |
12.45% |
12.34% |
22.73% |
18.80% |
18.61% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
|
87.08% |
81.43% |
67.43% |
53.22% |
87.44% |
87.55% |
87.66% |
77.27% |
81.20% |
81.39% |
Debt to EBITDA |
|
1.26 |
1.68 |
3.46 |
6.82 |
3.49 |
2.79 |
2.39 |
4.55 |
1.74 |
1.66 |
Net Debt to EBITDA |
|
-2.63 |
0.56 |
2.71 |
5.84 |
-1.78 |
-11.49 |
-1.39 |
0.44 |
-0.85 |
-4.52 |
Long-Term Debt to EBITDA |
|
1.26 |
1.68 |
3.46 |
6.82 |
3.49 |
2.79 |
2.39 |
4.55 |
1.74 |
1.66 |
Debt to NOPAT |
|
2.08 |
2.66 |
5.45 |
11.19 |
7.88 |
6.47 |
5.60 |
7.63 |
3.00 |
2.82 |
Net Debt to NOPAT |
|
-4.33 |
0.88 |
4.28 |
9.58 |
-4.01 |
-26.70 |
-3.24 |
0.74 |
-1.46 |
-7.66 |
Long-Term Debt to NOPAT |
|
2.08 |
2.66 |
5.45 |
11.19 |
7.88 |
6.47 |
5.60 |
7.63 |
3.00 |
2.82 |
Noncontrolling Interest Sharing Ratio |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
-171 |
-31 |
-125 |
-273 |
-174 |
-126 |
-43 |
17 |
-72 |
-68 |
Operating Cash Flow to CapEx |
|
1,192.18% |
1,834.04% |
1,812.60% |
-49.61% |
-1,272.80% |
1,568.17% |
134.63% |
191.11% |
1,483.61% |
10,491.59% |
Free Cash Flow to Firm to Interest Expense |
|
-52.42 |
-5.85 |
-13.30 |
-19.28 |
-6.78 |
-4.25 |
-1.44 |
0.55 |
-2.29 |
-2.09 |
Operating Cash Flow to Interest Expense |
|
2.15 |
0.48 |
1.19 |
-0.04 |
-0.94 |
1.22 |
0.08 |
0.10 |
0.29 |
1.00 |
Operating Cash Flow Less CapEx to Interest Expense |
|
1.97 |
0.46 |
1.13 |
-0.12 |
-1.01 |
1.14 |
0.02 |
0.05 |
0.27 |
0.99 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.04 |
0.04 |
0.04 |
0.04 |
0.03 |
0.04 |
0.04 |
0.04 |
0.03 |
0.03 |
Fixed Asset Turnover |
|
2.96 |
2.41 |
2.47 |
2.41 |
2.28 |
2.52 |
2.77 |
3.12 |
2.43 |
2.46 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
410 |
447 |
536 |
682 |
574 |
584 |
588 |
677 |
657 |
665 |
Invested Capital Turnover |
|
0.37 |
0.29 |
0.27 |
0.23 |
0.31 |
0.33 |
0.33 |
0.31 |
0.32 |
0.32 |
Increase / (Decrease) in Invested Capital |
|
181 |
40 |
131 |
277 |
163 |
136 |
51 |
-5.76 |
83 |
81 |
Enterprise Value (EV) |
|
207 |
351 |
404 |
492 |
298 |
151 |
332 |
392 |
406 |
188 |
Market Capitalization |
|
317 |
323 |
267 |
218 |
334 |
451 |
374 |
377 |
466 |
524 |
Book Value per Share |
|
$18.00 |
$18.34 |
$18.17 |
$18.25 |
$15.14 |
$15.42 |
$15.51 |
$15.74 |
$16.01 |
$16.24 |
Tangible Book Value per Share |
|
$14.51 |
$14.88 |
$14.74 |
$14.84 |
$11.70 |
$12.06 |
$12.24 |
$12.54 |
$12.89 |
$13.19 |
Total Capital |
|
410 |
447 |
536 |
682 |
574 |
584 |
588 |
677 |
657 |
665 |
Total Debt |
|
53 |
83 |
175 |
319 |
72 |
73 |
73 |
154 |
123 |
124 |
Total Long-Term Debt |
|
53 |
83 |
175 |
319 |
72 |
73 |
73 |
154 |
123 |
124 |
Net Debt |
|
-110 |
28 |
137 |
273 |
-37 |
-300 |
-42 |
15 |
-60 |
-336 |
Capital Expenditures (CapEx) |
|
0.59 |
0.14 |
0.62 |
1.15 |
1.89 |
2.30 |
1.77 |
1.59 |
0.61 |
0.31 |
Net Nonoperating Expense (NNE) |
|
0.00 |
0.00 |
0.00 |
0.00 |
-0.57 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
|
53 |
83 |
175 |
319 |
72 |
73 |
73 |
154 |
123 |
124 |
Total Depreciation and Amortization (D&A) |
|
2.54 |
1.93 |
1.66 |
1.80 |
4.20 |
4.24 |
4.17 |
-4.16 |
11 |
4.11 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$0.49 |
$0.42 |
$0.32 |
$0.20 |
($0.29) |
$0.19 |
$0.25 |
$0.34 |
$0.34 |
$0.39 |
Adjusted Weighted Average Basic Shares Outstanding |
|
19.86M |
19.90M |
19.90M |
33.12M |
33.15M |
33.21M |
33.21M |
33.32M |
33.33M |
33.35M |
Adjusted Diluted Earnings per Share |
|
$0.49 |
$0.42 |
$0.32 |
$0.20 |
($0.29) |
$0.19 |
$0.25 |
$0.34 |
$0.34 |
$0.39 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
19.86M |
19.90M |
19.90M |
33.12M |
33.15M |
33.21M |
33.21M |
33.32M |
33.33M |
33.35M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
19.86M |
19.90M |
19.90M |
33.12M |
33.15M |
33.21M |
33.21M |
33.32M |
33.33M |
33.35M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
9.78 |
9.12 |
6.96 |
4.89 |
0.10 |
11 |
8.18 |
11 |
11 |
13 |
Normalized NOPAT Margin |
|
29.93% |
27.81% |
22.45% |
17.60% |
0.16% |
22.26% |
17.16% |
22.21% |
22.13% |
25.12% |
Pre Tax Income Margin |
|
40.07% |
34.62% |
28.69% |
19.84% |
-24.30% |
29.56% |
22.22% |
29.66% |
29.61% |
34.32% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
4.01 |
2.13 |
0.95 |
0.39 |
-0.57 |
0.49 |
0.35 |
0.48 |
0.48 |
0.56 |
NOPAT to Interest Expense |
|
2.96 |
1.58 |
0.69 |
0.28 |
-0.40 |
0.35 |
0.27 |
0.36 |
0.36 |
0.41 |
EBIT Less CapEx to Interest Expense |
|
3.83 |
2.10 |
0.88 |
0.31 |
-0.65 |
0.41 |
0.29 |
0.43 |
0.46 |
0.55 |
NOPAT Less CapEx to Interest Expense |
|
2.78 |
1.55 |
0.62 |
0.20 |
-0.48 |
0.28 |
0.21 |
0.31 |
0.34 |
0.40 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
37.36% |
30.57% |
29.78% |
33.44% |
121.77% |
113.40% |
110.61% |
79.07% |
38.92% |
36.49% |
Augmented Payout Ratio |
|
37.36% |
30.57% |
29.78% |
33.44% |
121.77% |
113.40% |
110.61% |
79.07% |
38.92% |
36.49% |
Key Financial Trends
Shore Bancshares (NASDAQ: SHBI) has demonstrated steady financial performance through the last several quarters and years, with positive trends in profitability and asset growth alongside some areas of costs and credit provisions to watch.
Key Positive Trends:
- The company has shown consistent growth in net interest income, increasing from $25.7 million in Q1 2023 to $44.0 million in Q4 2024, reflecting strong core banking operations.
- Total revenue has steadily increased from $30.9 million in Q1 2023 to $52.9 million in Q4 2024, supported by both interest and non-interest income streams.
- Net income has improved significantly, from $6.5 million in Q1 2023 to $13.3 million in Q4 2024, demonstrating improved profitability on a quarterly basis.
- The basic and diluted EPS rose from $0.32 in Q1 2023 to $0.39 in Q4 2024, indicating increasing earnings per share which is favorable for shareholders.
- Total assets grew from approximately $3.55 billion in Q1 2023 to roughly $5.92 billion in Q3 2024, indicating substantial balance sheet expansion.
- Deposit balances have increased sharply, with net change in deposits extremely positive in recent quarters (e.g., $302 million increase in Q4 2024), supporting liquidity and funding capacity.
- Dividends to common shareholders remained steady at $0.12 per share across quarters, reflecting a commitment to returning capital to investors.
Neutral Observations:
- Provision for credit losses fluctuated, with a higher provision in Q3 and Q2 2024 than previous years, reflecting careful risk management in loan portfolios but also some credit challenges.
- Non-interest income streams such as trust fees and service charges showed variation but contribute modestly to total revenue, providing some diversification.
- The weighted average shares outstanding increased notably from ~19.9 million in early 2023 to over 33 million in 2024, diluting EPS growth comparisons but possibly reflecting capital raises or share issuances.
Areas of Potential Concern:
- Non-interest expenses including salaries, occupancy, and other operating expenses rose steadily, with total non-interest expenses increasing to over $33 million by Q4 2024, pressuring net income.
- Significant swings in other operating expenses and restructuring charges occurred, particularly a restructuring charge of nearly $14.9 million in Q3 2023 impacting that quarter's results negatively.
- Allowance for loan and lease losses increased, reaching around $58.6 million by Q3 2024, signaling growing credit risk on the loan book requiring close monitoring.
- Long-term debt levels rose significantly from around $175 million at the start of 2023 to over $153 million by mid-2024, potentially increasing leverage and interest expense (interest on long-term debt recently in $1.4-$2 million range quarterly).
Overall, Shore Bancshares is showing strong growth in revenues, net income, and assets alongside increasing EPS and solid deposit inflows, which position it well for sustained performance. However, rising expenses, credit loss provisions, and leverage require ongoing attention by investors. Maintaining profitability while managing operational costs and credit quality will be key metrics to watch in upcoming quarters.
09/18/25 02:58 AM ETAI Generated. May Contain Errors.