SHORE BANCSHARES INC
For the period ended Dec 31, 2024. Filed Mar 10, 2025.
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FY2024 · Filed Mar 10, 2025
SHBI$22.85-0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income
| Year Ended December 31, | ||
|---|---|---|
| ($ in thousands, except per share data) | 2024 | 2023 |
| INTEREST INCOME | ||
| Interest and fees on loans | $269,631 | $194,339 |
| Interest and dividends on taxable investment securities | 19,444 | 16,832 |
| Interest and dividends on tax-exempt investment securities | 24 | 46 |
| Interest on federal funds sold | — | 92 |
| Interest on deposits with other banks | 6,239 | 2,770 |
| Total interest income | 295,338 | 214,079 |
| INTEREST EXPENSE | ||
| Interest on deposits | 115,301 | 68,800 |
| Interest on short-term borrowings | 2,131 | 5,518 |
| Interest on long-term borrowings | 7,357 | 4,454 |
| Total interest expense | 124,789 | 78,772 |
| NET INTEREST INCOME | 170,549 | 135,307 |
| Provision for credit losses | 4,738 | 30,953 |
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 165,811 | 104,354 |
| NONINTEREST INCOME | ||
| Service charges on deposit accounts | 6,149 | 5,501 |
| Trust and investment fee income | 3,367 | 3,608 |
| Loss on sales and calls of investment securities | — | (2,166) |
| Gain on sale of loans held for sale | 5,021 | 2,978 |
| Mortgage banking revenue | 966 | 1,535 |
| Interchange credits | 6,741 | 5,714 |
| Title Company revenue | 402 | 551 |
| Bargain purchase gain | — | 8,816 |
| Other noninterest income | 8,501 | 6,622 |
| Total noninterest income | 31,147 | 33,159 |
| NONINTEREST EXPENSE | ||
| Salaries and employee benefits | 66,579 | 57,003 |
| Occupancy expense | 9,706 | 7,791 |
| Furniture and equipment expense | 3,441 | 2,551 |
| Data processing | 12,329 | 8,783 |
| Directors’ fees | 1,557 | 1,156 |
| Amortization of other intangible assets | 9,779 | 6,105 |
| FDIC insurance premium expense | 4,413 | 3,479 |
| Legal and professional fees | 5,836 | 4,337 |
| Fraud losses | 4,998 | 879 |
| Merger-related expenses | — | 17,356 |
| Other noninterest expenses | 19,616 | 13,889 |
| Total noninterest expense | 138,254 | 123,329 |
| Income before income taxes | 58,704 | 14,184 |
| Income tax expense | 14,815 | 2,956 |
| NET INCOME | $43,889 | $11,228 |
| Basic net income per common share | $1.32 | $0.42 |
| Diluted net income per common share | $1.32 | $0.42 |
| Dividends paid per common share | $0.48 | $0.48 |
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