SHORE BANCSHARES INC
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
SHBI$22.85-0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income
| (In thousands, except per share data) | 2023 | 2022 |
|---|---|---|
| INTEREST INCOME | ||
| Interest and fees on loans | $194,339 | $99,122 |
| Interest and dividends on taxable investment securities | 16,832 | 11,507 |
| Interest and dividends on tax-exempt investment securities | 46 | 6 |
| Interest on federal funds sold | 92 | — |
| Interest on deposits with other banks | 2,770 | 3,210 |
| Total interest income | 214,079 | 113,845 |
| INTEREST EXPENSE | ||
| Interest on deposits | 68,800 | 9,983 |
| Interest on short-term borrowings | 5,518 | 74 |
| Interest on long-term borrowings | 4,454 | 2,486 |
| Total interest expense | 78,772 | 12,543 |
| NET INTEREST INCOME | 135,307 | 101,302 |
| Provision for credit losses | 30,953 | 1,925 |
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 104,354 | 99,377 |
| NONINTEREST INCOME | ||
| Service charges on deposit accounts | 5,501 | 5,652 |
| Trust and investment fee income | 3,608 | 1,784 |
| Loss on sales and calls of investment securities | (2,166) | — |
| Interchange credits | 5,714 | 4,812 |
| Mortgage-banking revenue | 4,513 | 5,210 |
| Title Company revenue | 551 | 1,340 |
| Bargain purchase gain | 8,816 | — |
| Other noninterest income | 6,622 | 4,288 |
| Total noninterest income | 33,159 | 23,086 |
| NONINTEREST EXPENSE | ||
| Salaries and wages | 44,645 | 35,931 |
| Employee benefits | 12,358 | 9,908 |
| Occupancy expense | 7,791 | 6,242 |
| Furniture and equipment expense | 2,551 | 2,018 |
| Data processing | 8,783 | 6,890 |
| Directors' fees | 1,156 | 839 |
| Amortization of other intangible assets | 6,105 | 1,988 |
| FDIC insurance premium expense | 3,479 | 1,426 |
| Other real estate owned expenses, net | 1 | 65 |
| Legal and professional fees | 4,337 | 2,840 |
| Merger-related expenses | 17,356 | 2,098 |
| Other noninterest expenses | 14,767 | 10,077 |
| Total noninterest expense | 123,329 | 80,322 |
| Income before income taxes | 14,184 | 42,141 |
| Income tax expense | 2,956 | 10,964 |
| NET INCOME | $11,228 | $31,177 |
| Basic and diluted net income per common share | $0.42 | $1.57 |
| Dividends paid per common share | $0.48 | $0.48 |
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