SHORE BANCSHARES INC
For the period ended Mar 31, 2024. Filed May 9, 2024.
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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.
Mar 31, 2024 · Filed May 9, 2024
SHBI$22.85-0.2%Stored close · as of Nov 10, 2026
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Consolidated Balance Sheets at (unaudited) and
CONSOLIDATED BALANCE SHEETS
| (In thousands, except share and per share data) | March 31, 2024 | December 31, 2023 |
|---|---|---|
| ASSETS · (Unaudited) | ||
| Cash and due from banks | $43,079 | $63,172 |
| Interest-bearing deposits with other banks | 71,481 | 309,241 |
| Cash and cash equivalents | 114,560 | 372,413 |
| Investment securities: | ||
| Available-for-sale, at fair value (amortized cost of $190,583 (2024) and $120,832 (2023)) | 179,496 | 110,521 |
| Held to maturity, net of allowance for credit losses of $116 (2024) and $94 (2023) (fair value of $444,258 (2024) and $457,830 (2023)) | 503,822 | 513,188 |
| Equity securities, at fair value | 5,681 | 5,703 |
| Restricted securities, at cost | 17,863 | 17,900 |
| Loans held for sale, at fair value | 13,767 | 8,782 |
| Loans held for investment ($9,684 (2024) and $9,944 (2023), at fair value) | 4,648,725 | 4,641,010 |
| Less: allowance for credit losses | (57,336) | (57,351) |
| Loans, net | 4,591,389 | 4,583,659 |
| Premises and equipment, net | 83,084 | 82,386 |
| Goodwill | 63,266 | 63,266 |
| Other intangible assets, net | 45,515 | 48,090 |
| Other real estate owned, net | 179 | 179 |
| Repossessed properties | 1,845 | — |
| Mortgage servicing rights, at fair value | 5,821 | 5,926 |
| Right-of-use assets | 12,153 | 12,487 |
| Cash surrender value on life insurance | 102,321 | 101,704 |
| Accrued interest receivable | 19,541 | 19,217 |
| Deferred income taxes | 38,978 | 40,707 |
| Other assets | 26,423 | 24,790 |
| TOTAL ASSETS | $5,825,704 | $6,010,918 |
| LIABILITIES | ||
| Deposits: | ||
| Noninterest-bearing | $1,200,680 | $1,258,037 |
| Interest-bearing | 3,983,599 | 4,128,083 |
| Total deposits | 5,184,279 | 5,386,120 |
| Guaranteed preferred beneficial interest in junior subordinated debentures ("TRUPS"), net | 29,237 | 29,158 |
| Subordinated debt, net | 43,322 | 43,139 |
| Total borrowings | 72,559 | 72,297 |
| Lease liabilities | 12,552 | 12,857 |
| Other liabilities | 41,086 | 28,509 |
| TOTAL LIABILITIES | 5,310,476 | 5,499,783 |
| STOCKHOLDERS' EQUITY | ||
| Common stock, par value $.01 per share; shares authorized - 50,000,000; shares issued and outstanding - 33,210,522 (2024) and 33,161,532 (2023) | 332 | 332 |
| Additional paid in capital | 356,464 | 356,007 |
| Retained earnings | 166,490 | 162,290 |
| Accumulated other comprehensive loss | (8,058) | (7,494) |
| TOTAL STOCKHOLDERS' EQUITY | 515,228 | 511,135 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $5,825,704 | $6,010,918 |
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