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
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For Year Ended December 31, | ||
|---|---|---|
| (In thousands) | 2023 | 2022 |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net Income | $11,228 | $31,177 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Net accretion of acquisition accounting estimates | (8,772) | (1,768) |
| Provision for credit losses | 30,953 | 1,925 |
| Depreciation and amortization | 10,939 | 5,861 |
| Net amortization of securities | 838 | 1,414 |
| Amortization of debt issuance costs | 122 | 122 |
| Bargain purchase gain | (8,816) | — |
| (Gain) on mortgage banking activities | (3,477) | (3,918) |
| Proceeds from sale of mortgage loans held for sale | 121,734 | 131,286 |
| Originations of loans held for sale | (123,376) | (102,144) |
| Stock-based compensation expense | 1,174 | 636 |
| Deferred income tax expense (benefit) | 2,721 | (1,182) |
| Losses on sales and calls of securities | 2,166 | — |
| Loss (Gain) on valuation adjustments on mortgage servicing rights | 251 | (372) |
| Loss on sale and valuation adjustments on premises transferred to held for sale | 272 | — |
| Losses on sales and disposals of premises and equipment | — | 183 |
| (Gain) loss on sales and valuation adjustments on other real estate owned | (3) | 44 |
| Fair value adjustments on loans held for investments, at fair value | (33) | — |
| Fair value adjustment on equity securities | (54) | 157 |
| Bank owned life insurance income | (1,997) | (1,118) |
| Net changes in: | ||
| Accrued interest receivable | (724) | (2,665) |
| Other assets | (10,875) | (1,450) |
| Accrued interest payable | 2,095 | 297 |
| Other liabilities | (3,653) | (5,838) |
| Net cash provided by operating activities | 22,713 | 52,647 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Proceeds from maturities and principal payments of investment securities available for sale | 17,754 | 20,441 |
| Proceeds from the sale of acquired AFS securities | 434,215 | — |
| Proceeds from maturities and principal payments of investment securities held to maturity | 44,801 | 52,324 |
| Proceeds from sale of loans held for investment | 8,611 | — |
| Purchase of securities available for sale | (33,226) | — |
| Purchases of securities held to maturity | — | (208,133) |
| Purchases of equity securities | (79) | (18) |
| Purchase of restricted securities | (35,350) | (8,560) |
| Net change in loans | (317,283) | (426,973) |
| Purchases of premises and equipment | (5,954) | (2,415) |
| Proceeds from sales of premises and equipment | — | 17 |
| Proceeds from sales of other real estate owned | 21 | 394 |
| Improvements to other real estate owned | — | (34) |
| Redemption of restricted securities | 32,959 | 1,550 |
| Purchases of bank owned life insurance | (249) | (10,165) |
| Proceeds from disposal of premises held for sale | 721 | — |
| Cash acquired in the acquisition of TCFC | 25,372 | — |
| Net cash provided by (used in) investing activities | 172,313 | (581,572) |
| For Year Ended December 31, | ||
|---|---|---|
| (In thousands) | 2023 | 2022 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Net changes in: | ||
| Net change in deposits | $243,236 | $(15,902) |
| Net (repayment) advances of short-term borrowings | (109,000) | 35,857 |
| Repayment of long-term borrowings | — | (10,000) |
| Common stock dividends paid | (12,733) | (9,530) |
| Issuance of common stock | 385 | 386 |
| Net cash provided by financing activities | 121,888 | 811 |
| Net increase (decrease) in cash and cash equivalents | 316,914 | (528,114) |
| Cash and cash equivalents at beginning of period | 55,499 | 583,613 |
| Cash and cash equivalents at end of period | $372,413 | $55,499 |
| Supplemental cash flows information: | ||
| Interest paid | $74,038 | $12,621 |
| Income taxes paid | $7,293 | $11,851 |
| Recognition (remeasurement of) lease liabilities arising from right-of-use assets | $179 | $(456) |
| Transfer from loans held for sale to loans held for investments | $— | $7,791 |
| Transfers from loans to other real estate owned | $— | $69 |
| Unrealized gain (loss) on securities available for sale | $2,101 | $(12,488) |
| Transfer of premises to held for sale (included in other assets) | $750 | $— |
The notes to consolidated financial statements are an integral part of these statements.
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