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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
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%.