SHORE BANCSHARES INC
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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FY2025 · Filed Mar 2, 2026
SHBI$22.85-0.2%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2023 |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $59,506 | $43,889 | $11,228 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Net accretion of acquisition accounting estimates | (12,043) | (14,734) | (8,772) |
| Provision for credit losses | 8,375 | 4,738 | 30,953 |
| Depreciation and amortization | 15,331 | 16,040 | 10,939 |
| Net amortization of securities | 86 | (546) | 838 |
| Amortization of debt issuance costs | 120 | 122 | 122 |
| Bargain purchase gain | — | — | (8,816) |
| Gain on mortgage loans held for sale | (5,671) | (5,021) | (2,978) |
| Loss (gain) on other mortgage loan activity | 6 | (220) | (499) |
| Proceeds from sale of mortgage loans held for sale | 183,446 | 170,205 | 121,734 |
| Originations of loans held for sale | (191,278) | (176,415) | (123,376) |
| Stock-based compensation expense | 1,890 | 1,730 | 1,174 |
| Deferred income tax expense | 922 | 8,869 | 2,721 |
| Loss on sales and calls of securities | — | — | 2,166 |
| Loss (gain) on sales and valuation adjustments of repossessed assets | 857 | (3) | — |
| Loss on valuation adjustments on mortgage servicing rights | 858 | 361 | 251 |
| Loss on disposal of fixed assets | 358 | 10 | — |
| Loss (gain) on disposal of premises held for sale | 61 | (737) | — |
| Valuation adjustments on premises transferred to held for sale | — | 289 | 272 |
| Loss (gain) on sales and valuation adjustments on other real estate owned | 66 | — | (3) |
| Fair value adjustment on equity securities | (189) | 55 | (54) |
| Bank-owned life insurance income | (3,910) | (2,657) | (1,997) |
| Net changes in: | |||
| Accrued interest receivable | 1,019 | (353) | (724) |
| Other assets | (4,115) | 5,027 | (10,908) |
| Accrued interest payable | (421) | (1,313) | 2,095 |
| Other liabilities | 7,117 | (2,449) | (3,653) |
| Net cash provided by operating activities | 62,391 | 46,887 | 22,713 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Proceeds from maturities and principal payments of available for sale securities | 27,070 | 70,892 | 17,754 |
| Proceeds from the sale of acquired available for sale securities | — | — | 434,215 |
| Proceeds from maturities and principal payments of held to maturity securities | 68,141 | 48,960 | 44,801 |
| Proceeds from life insurance death benefits | 2,814 | 150 | — |
| Purchases of available for sale securities | (93,702) | (108,554) | (33,226) |
| Purchases of held to maturity securities | (2,325) | (17,512) | — |
| Proceeds from sale of loans held for investment | — | — | 8,611 |
| Purchases of equity securities | (183) | (166) | (79) |
| Purchase of restricted securities | (3,484) | (36,157) | (35,350) |
| Net change in loans | (122,583) | (123,277) | (317,283) |
| Purchases of premises and equipment | (3,168) | (5,224) | (5,954) |
| Proceeds from sales of other real estate owned | — | — | 21 |
| Proceeds from sales of repossessed assets | 2,829 | 1,807 | — |
| Redemption of restricted securities | 5,748 | 33,804 | 32,959 |
| Purchases of bank owned life insurance | (322) | (210) | (249) |
| Proceeds from disposal of premises held for sale | 843 | 946 | 721 |
| Cash acquired in the acquisition of TCFC, net of cash paid | — | — | 25,372 |
| Net cash (used in) provided by investing activities | $(118,322) | $(134,541) | $172,313 |
CONSOLIDATED STATEMENTS OF CASH FLOWS– Continued
| Year Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2023 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Net changes in: | |||
| Noninterest-bearing deposits | $25,138 | $304,778 | $(192,658) |
| Interest-bearing deposits | (21,840) | (164,049) | 435,894 |
| Short-term borrowings | (50,000) | — | (109,000) |
| Long-term borrowings | — | 50,000 | — |
| Proceeds from issuance of subordinated debt, net of issuance costs | 58,860 | — | — |
| Redemption of subordinated debt | (44,500) | — | — |
| Common stock dividends paid | (16,094) | (16,013) | (12,733) |
| Issuance of common stock | 82 | 376 | 385 |
| Net cash (used in) provided by financing activities | (48,354) | 175,092 | 121,888 |
| Net (decrease) increase in cash and cash equivalents | (104,285) | 87,438 | 316,914 |
| Cash and cash equivalents at beginning of period | 459,851 | 372,413 | 55,499 |
| Cash and cash equivalents at end of period | $355,566 | $459,851 | $372,413 |
| Supplemental cash flows information: | |||
| Interest paid | $114,858 | $123,567 | $74,038 |
| Income taxes paid | 15,070 | — | 7,293 |
| Recognition of lease liabilities arising from right-of-use assets | 1,210 | 566 | 179 |
| Transfers from loans to repossessed assets | 3,408 | 5,119 | — |
| Transfer from loans held for sale to loans held for investment | 649 | — | — |
| Unrealized gains (losses) on available for sale securities | 4,062 | (70) | 2,101 |
| Transfer of premises to held for sale, included in other assets | — | 1,387 | 750 |
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