SHORE BANCSHARES INC
For the period ended Sep 30, 2026. Filed Nov 2, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 2, 2026
SHBI$22.89+2.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
(unaudited)
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| ($ in thousands, except per share data) | 2026 | 2025 | 2026 | 2025 |
| INTEREST INCOME | ||||
| Interest on loans | $72,655 | $70,693 | $213,925 | $207,816 |
| Interest and dividends on taxable investment securities | 5,535 | 5,036 | 16,036 | 15,368 |
| Interest and dividends on tax-exempt investment securities | 6 | 6 | 18 | 18 |
| Interest on deposits with other banks | 1,851 | 1,215 | 5,909 | 6,212 |
| Total interest income | 80,047 | 76,950 | 235,888 | 229,414 |
| INTEREST EXPENSE | ||||
| Interest on deposits | 23,336 | 26,474 | 70,543 | 81,914 |
| Interest on short-term borrowings | — | 640 | 16 | 1,843 |
| Interest on long-term borrowings | 1,584 | 1,418 | 4,728 | 4,178 |
| Total interest expense | 24,920 | 28,532 | 75,287 | 87,935 |
| NET INTEREST INCOME | 55,127 | 48,418 | 160,601 | 141,479 |
| Provision for credit losses | 5,268 | 2,992 | 6,249 | 5,548 |
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 49,859 | 45,426 | 154,352 | 135,931 |
| NONINTEREST INCOME | ||||
| Service charges on deposit accounts | 1,731 | 1,599 | 4,978 | 4,632 |
| Trust and investment fee income | 1,115 | 898 | 3,355 | 2,663 |
| Mortgage banking revenue | 1,156 | 1,278 | 4,160 | 4,897 |
| Interchange credits | 1,963 | 1,858 | 5,621 | 5,223 |
| Other noninterest income | 1,710 | 2,305 | 5,635 | 7,063 |
| Total noninterest income | 7,675 | 7,938 | 23,749 | 24,478 |
| NONINTEREST EXPENSE | ||||
| Salaries and employee benefits | 18,475 | 18,642 | 56,576 | 52,824 |
| Occupancy expense | 2,366 | 2,406 | 7,428 | 7,416 |
| Furniture and equipment expense | 971 | 892 | 2,792 | 2,542 |
| Software and data processing | 5,801 | 5,155 | 16,276 | 14,665 |
| Amortization of other intangible assets | 1,741 | 2,039 | 5,696 | 6,589 |
| Legal and professional fees | 881 | 989 | 3,841 | 3,827 |
| FDIC insurance premium expense | 805 | 794 | 2,768 | 2,908 |
| Marketing and advertising | 376 | 315 | 962 | 953 |
| Fraud losses | 245 | 45 | 503 | 233 |
| Other noninterest expense | 3,602 | 3,102 | 11,145 | 10,579 |
| Total noninterest expense | 35,263 | 34,379 | 107,987 | 102,536 |
| Income before income taxes | 22,271 | 18,985 | 70,114 | 57,873 |
| Income tax expense | 5,500 | 4,637 | 17,390 | 14,254 |
| NET INCOME | $16,771 | $14,348 | $52,724 | $43,619 |
| Basic net income per common share | $0.50 | $0.43 | $1.58 | $1.31 |
| Diluted net income per common share | $0.50 | $0.43 | $1.58 | $1.31 |
| Dividends paid per common share | $0.14 | $0.12 | $0.40 | $0.36 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| ($ in thousands) | 2026 | 2025 | 2026 | 2025 |
| Net income | $16,771 | $14,348 | $52,724 | $43,619 |
| Other comprehensive income (loss): | ||||
| Investment securities: | ||||
| Unrealized holding (losses) gains on available for sale securities | (6,883) | 1,163 | (8,942) | 3,834 |
| Tax effect | 1,880 | (319) | 2,443 | (1,048) |
| Total other comprehensive (loss) income | (5,003) | 844 | (6,499) | 2,786 |
| Comprehensive income | $11,768 | $15,192 | $46,225 | $46,405 |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited)
| ($ in thousands, except per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity |
|---|---|---|---|---|---|
| Balances, December 31, 2025 | $334 | $360,554 | $233,578 | $(4,593) | $589,873 |
| Net income | — | — | 17,088 | — | 17,088 |
| Other comprehensive loss | — | — | — | (677) | (677) |
| Common shares issued for employee stock purchase plan | — | 90 | — | — | 90 |
| Stock-based compensation | 1 | 369 | — | — | 370 |
| Cash dividends at $0.12 per common share | — | — | (4,030) | — | (4,030) |
| Balances, March 31, 2026 | 335 | 361,013 | 246,636 | (5,270) | 602,714 |
| Net income | — | — | 18,865 | — | 18,865 |
| Other comprehensive loss | — | — | — | (819) | (819) |
| Retirement of common stock | (1) | (1,059) | — | — | (1,060) |
| Common shares issued for employee stock purchase plan | — | 82 | — | — | 82 |
| Stock-based compensation | — | 1,012 | — | — | 1,012 |
| Cash dividends at $0.14 per common share | — | — | (4,719) | — | (4,719) |
| Balances, June 30, 2026 | 334 | 361,048 | 260,782 | (6,089) | 616,075 |
| Net income | — | — | 16,771 | — | 16,771 |
| Other comprehensive loss | — | — | — | (5,003) | (5,003) |
| Retirement of common stock | (1) | (3,235) | — | — | (3,236) |
| Common shares issued for employee stock purchase plan | — | 88 | — | — | 88 |
| Stock-based compensation | — | (694) | — | — | (694) |
| Cash dividends at $0.14 per common share | — | — | (4,702) | — | (4,702) |
| Balances, September 30, 2026 | $333 | $357,207 | $272,851 | $(11,092) | $619,299 |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited)– Continued
| ($ in thousands, except per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity |
|---|---|---|---|---|---|
| Balances, December 31, 2024 | $333 | $358,112 | $190,166 | $(7,545) | $541,066 |
| Net income | — | — | 13,764 | — | 13,764 |
| Other comprehensive income | — | — | — | 1,212 | 1,212 |
| Stock-based compensation | — | 460 | — | — | 460 |
| Cash dividends at $0.12 per common share | — | — | (4,032) | — | (4,032) |
| Balances, March 31, 2025 | 333 | 358,572 | 199,898 | (6,333) | 552,470 |
| Net income | — | — | 15,507 | — | 15,507 |
| Other comprehensive income | — | — | — | 730 | 730 |
| Stock-based compensation | 1 | 491 | — | — | 492 |
| Cash dividends at $0.12 per common share | — | — | (4,005) | — | (4,005) |
| Balances, June 30, 2025 | 334 | 359,063 | 211,400 | (5,603) | 565,194 |
| Net income | — | — | 14,348 | — | 14,348 |
| Other comprehensive income | — | — | — | 844 | 844 |
| Stock-based compensation | — | 876 | — | — | 876 |
| Cash dividends at $0.12 per common share | — | — | (4,055) | — | (4,055) |
| Balances, September 30, 2025 | $334 | $359,939 | $221,693 | $(4,759) | $577,207 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| ($ in thousands) | 2026 | 2025 |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | $52,724 | $43,619 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Net accretion of acquisition accounting estimates | (11,958) | (9,549) |
| Provision for credit losses | 6,249 | 5,548 |
| Depreciation and amortization | 10,422 | 11,741 |
| Net amortization of securities | (468) | 92 |
| Amortization of and valuation adjustments on mortgage servicing rights | 471 | 691 |
| Amortization of debt issuance costs | 210 | 82 |
| Gain on mortgage loans held for sale | (3,929) | (4,586) |
| Loss (gain) on other mortgage loan activity | 159 | (36) |
| Proceeds from sale of mortgage loans held for sale | 153,545 | 145,714 |
| Originations of loans held for sale | (132,614) | (143,697) |
| Stock-based compensation expense | 2,638 | 1,357 |
| Deferred income tax (benefit) expense | (319) | 482 |
| Loss on sales and valuation adjustments of repossessed assets | 868 | 164 |
| Loss on disposal of fixed assets | — | 147 |
| Loss on disposal of premises held for sale | — | 61 |
| Loss on sales and valuation adjustments on other real estate owned | 44 | 59 |
| Fair value adjustment on equity securities | 302 | (163) |
| Bank-owned life insurance income | (981) | (2,127) |
| Net changes in: | ||
| Accrued interest receivable | (2,340) | (838) |
| Other assets | (2,177) | (4,114) |
| Accrued interest payable | 530 | 5 |
| Other liabilities | 1,739 | 9,261 |
| Net cash provided by operating activities | 75,115 | 53,913 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Proceeds from maturities and principal payments of available for sale securities | 42,703 | 19,840 |
| Proceeds from maturities and principal payments of held to maturity securities | 58,210 | 49,661 |
| Proceeds from life insurance death benefits | 1,245 | 1,714 |
| Purchases of available for sale securities | (211,252) | (48,198) |
| Purchases of held to maturity securities | — | (2,325) |
| Purchases of equity securities | (147) | (136) |
| Purchase of restricted securities | (14) | (111) |
| Net change in loans | (9,060) | (104,368) |
| Purchases of premises and equipment | (2,244) | (2,491) |
| Proceeds from sales of other real estate owned | 69 | — |
| Proceeds from sales of repossessed assets | 1,595 | 1,852 |
| Purchases of bank-owned life insurance | (1,092) | (221) |
| Proceeds from disposal of premises held for sale | — | 843 |
| Net cash used in investing activities | $(119,987) | $(83,940) |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)– Continued
| Nine Months Ended September 30, | ||
|---|---|---|
| ($ in thousands) | 2026 | 2025 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Net changes in: | ||
| Noninterest-bearing deposits | $29,305 | $31,397 |
| Interest-bearing deposits | 133,158 | (32,616) |
| Shares withheld as tax payments associated with settlement of restricted stock units | (619) | — |
| Common stock dividends paid | (13,451) | (12,092) |
| Retirement of common stock | (4,296) | — |
| Issuance of common stock | 260 | — |
| Net cash provided by (used in) financing activities | 144,357 | (13,311) |
| Net increase (decrease) in cash and cash equivalents | 99,485 | (43,338) |
| Cash and cash equivalents at beginning of period | 355,566 | 459,851 |
| Cash and cash equivalents at end of period | $455,051 | $416,513 |
| Supplemental cash flow information: | ||
| Interest paid | $75,248 | $86,106 |
| Income taxes paid | 20,080 | 12,205 |
| Recognition of lease liabilities arising from right-of-use assets | 20 | 1,166 |
| Transfers from loans to repossessed assets | 2,295 | 2,300 |
| Transfer from loans to other real estate owned | 10,781 | — |
| Transfer from loans held for sale to loans held for investment | — | 649 |
| Unrealized (losses) gains on available for sale securities | (8,942) | 3,834 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.