Shore Bancshares Inc (OQ:SHBI)
Business Focus: Banks
| Sector: Financials | Industry: Banks |
| See Regulatory Filings on SEC | |
| Company Contact | |
| Address: | 18 E Dover St EASTON MD 21601-3013 |
| Tel: | 1-410-2602012 |
| Website: | N/A |
| IR: | N/A |
| Key People | ||
| Lloyd L. Beatty President, Chief Executive Officer, Director | Charles E. Ruch Executive Vice President and Chief Credit Officer | Austin J. Slater Vice Chairman of the Board |
| Vance W. Adkins Chief Financial Officer, Executive Vice President, Treasurer | Donna J. Stevens Chief Operating Officer, Executive Vice President | Christa J. Heron Executive Vice President, Chief Risk Officer |
| W. David Morse Executive Vice President, General Counsel, Assistant Secretary | Andrea E. Colender Executive Vice President, Chief Legal Officer and Secretary | Michael T. Cavey Executive Vice President and Chief Lending Officer | Jennifer M. Joseph Executive Vice President and Chief Retail Banking Officer |
| Business Overview |
| Shore Bancshares, Inc. is a financial holding company. The Company conducts business primarily through two wholly owned subsidiaries, Shore United Bank, N.A. (the Bank) and Mid-Maryland Title Company, Inc. (the Title Company). The Company's segments include Community Banking and Mortgage-Banking. The Community banking segment is conducted through the Bank and involves delivering a range of financial services, including lending and deposit taking, to individuals and commercial enterprises. The Mortgage-banking segment is conducted through the Bank's secondary marketing department and involves originating first and second-lien residential mortgages for sale in the secondary market. The Bank operates approximately 31 full-service branches, 33 automated teller machines and six loan production offices. The Bank provides consumer and commercial banking products and services, including secondary mortgage lending, trust, wealth management and financial planning services. |
| Financial Overview |
| For the three months ended 31 March 2023, Shore Bancshares Inc interest income increased 44% to $35.1M. Net interest income after loan loss provision increased 12% to $24.5M. Net income increased 15% to $6.5M. Net interest income after loan loss provision reflects Net Interest Margin, Total - % increase of 15% to 3.18%, Net Interest Spread, Total - % increase of 1% to 2.69%. |
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