SHORE BANCSHARES INC

Listed Company

SHBICIK 0001035092NasdaqAcceleratedNational Commercial BanksMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$59.51M

Total Assets

$6.26B

Equity

$589.87M

Shares Out

33.42M

Op. Cash Flow

$62.39M

Business

SHORE BANCSHARES INC is a financial holding company that provides banking, title and related financial services through its subsidiaries. It offers commercial and consumer banking products, deposit services, commercial and residential lending, mortgage servicing and secondary market sales, trust, wealth management, investment and insurance brokerage services, and title insurance and settlement services. The company operates through key subsidiaries and divisions including Shore United Bank, Mid-Maryland Title Company, Wye Financial Partners and Wye Trust. Its services are delivered via branch offices, ATMs, loan production offices, digital channels and correspondent relationships across Maryland, Delaware and Virginia and through nationwide broker/dealer and trust service coverage.

Summary from filing dated 2025-03-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans	281	270	194	99	65
Interest and dividends on taxable investment securities	20	19	17	12	5
Interest and dividends on tax-exempt investment securities	24,000	24,000	46,000	6,000	—
Interest on federal funds sold	0	0	92,000	0	—
Interest on deposits with other banks	9	6	3	3	368,000
Total interest income	310	295	214	114	70
Interest on deposits	109	115	69	10	4
Interest on short-term borrowings	2	2	6	74,000	8,000
Interest on long-term borrowings	6	7	4	2	2
Total interest expense	118	125	79	—	—
NET INTEREST INCOME	192	171	135	101	64
Provision for credit losses	8	5	31	2	−358,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	184	166	104	99	64
Service charges on deposit accounts	6	6	6	6	3
Trust and investment fee income	4	3	4	2	2
Mortgage banking revenue	6	6	5	5	948,000
Interchange credits	7	7	6	5	4
Bank-owned life insurance income	4	3	2	—	—
Bargain purchase gain	0	0	9	0	—
Other noninterest income	6	6	3	4	3
Total noninterest income	33	31	33	23	13
Salaries and employee benefits	71	67	57	36	21
Occupancy expense	10	10	8	6	4
Furniture and equipment expense	3	3	3	2	2
Software and data processing	20	18	12	7	5
Amortization of other intangible assets	9	10	6	2	734,000
Legal and professional fees	5	6	4	3	2
FDIC insurance premium expense	4	4	3	1	1
Marketing and advertising	1	1	1	—	—
Fraud losses	460,000	5	879,000	—	—
Merger-related expenses	0	0	17	2	9
Other noninterest expense	14	15	10	10	5
Total noninterest expense	138	138	123	80	57
Income before income taxes	79	59	14	42	21
Income tax expense	19	15	3	11	6
NET INCOME	60	44	11	31	15
Basic net income per common share (in dollars per share)	1.78	1.32	0.42	1.57	1.17
Diluted net income per common share (in dollars per share)	1.78	1.32	0.42	1.57	1.17
Dividends paid per common share (in dollars per share)	0.48	0.48	0.48	0.48	0.48

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-06-30	FY 2022 2022-12-31
Cash and due from banks	50	44	63	—	38
Interest-bearing deposits with other banks	305	416	309	—	18
Cash and cash equivalents	356	460	372	—	55
Available for sale, at fair value (amortized cost of $226,677 and $159,593 at December 31, 2025 and December 31, 2024, respectively)	220	149	111	—	84
Held to maturity, net of allowance for credit losses of $99 and $203 (fair value of $378,116 and $424,734 at December 31, 2025 and December 31, 2024, respectively)	415	481	513	—	559
Equity securities, at fair value	6	6	—	—	—
Restricted securities, at cost	18	20	18	—	11
Loans held for sale, at fair value	33	20	9	—	4
Loans held for investment	4,900	4,772	4,641	—	2,556
Less: allowance for credit losses	−59	−58	−57	−36	−17
Loans, net	4,841	4,714	4,584	—	2,539
Premises and equipment, net	80	82	82	—	51
Goodwill	63	63	63	—	63
Other intangible assets, net	30	38	48	—	6
Right-of-use assets	11	11	12	—	10
Cash surrender value on life insurance	106	104	102	—	59
Accrued interest receivable	19	20	19	—	9
Deferred income taxes	30	32	41	—	7
Other assets	32	30	25	—	11
TOTAL ASSETS	6,259	6,231	6,011	—	3,477
Noninterest-bearing	1,588	1,563	1,258	—	862
Interest-bearing checking	853	978	1,166	—	—
Money market and savings	1,815	1,806	1,778	—	—
Time deposits	1,267	1,182	1,185	—	—
Brokered deposits	11	0	—	—	—
Total deposits	5,534	5,528	5,386	—	3,010
FHLB advances	0	50	0	—	—
Guaranteed preferred beneficial interest in junior subordinated debentures (TRUPS), net	30	30	30	—	18
Subordinated debt, net	59	44	43	—	25
Total borrowings	89	124	73	—	83
Lease liabilities	11	12	13	—	10
Other liabilities	35	26	28	—	10
TOTAL LIABILITIES	5,669	5,690	5,500	—	3,113
COMMITMENTS AND CONTINGENCIES (Note 18)	—	—	—	—	—
Common stock, $0.01 par value per share; shares authorized 50,000,000; shares issued and outstanding 33,413,503 and 33,332,177 at December 31, 2025 and December 31, 2024, respectively	334,000	333,000	332,000	—	199,000
Additional paid-in capital	361	358	356	—	201
Retained earnings	234	190	162	—	172
Accumulated other comprehensive loss	−5	−8	−7	—	−9
TOTAL STOCKHOLDERS EQUITY	590	541	511	—	364
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	6,259	6,231	6,011	—	3,477

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net accretion of acquisition accounting estimates	−12	−15	−9	−2	−440,000
Depreciation and amortization	15	16	11	6	3
Net amortization of securities	86,000	−546,000	838,000	1	2
Amortization of debt issuance costs	120,000	122,000	122,000	122,000	123,000
Gain on mortgage loans held for sale	−6	−5	−3	−4	−918,000
Loss (gain) on other mortgage loan activity	6,000	−220,000	−499,000	—	—
Proceeds from sale of mortgage loans held for sale	183	170	122	131	16
Originations of loans held for sale	−191	−176	−123	−102	−42
Stock-based compensation expense	2	2	1	636,000	378,000
Deferred income tax expense	922,000	9	3	−1	278,000
Loss on sales and calls of securities	0	0	2	0	—
Loss (gain) on sales and valuation adjustments of repossessed assets	857,000	−3,000	0	—	—
Loss on valuation adjustments on mortgage servicing rights	858,000	361,000	251,000	—	—
Loss on disposal of fixed assets	358,000	10,000	0	—	—
Loss (gain) on disposal of premises held for sale	61,000	−737,000	0	183,000	4,000
Valuation adjustments on premises transferred to held for sale	0	289,000	272,000	0	—
Loss (gain) on sales and valuation adjustments on other real estate owned	66,000	0	−3,000	44,000	2,000
Fair value adjustment on equity securities	−189,000	55,000	−54,000	157,000	40,000
Accrued interest receivable	1	−353,000	−724,000	−3	2
Other assets	−4	5	−11	−1	−3
Accrued interest payable	−421,000	−1	2	297,000	−5,000
Other liabilities	7	−2	−4	−6	2
Net cash provided by operating activities	62	47	23	53	−8
Proceeds from maturities and principal payments of available for sale securities	27	71	18	20	41
Proceeds from the sale of acquired available for sale securities	0	0	434	0	—
Proceeds from maturities and principal payments of held to maturity securities	68	49	45	52	40
Proceeds from life insurance death benefits	3	150,000	0	—	—
Purchases of available for sale securities	−94	−109	−33	0	—
Purchases of held to maturity securities	−2	−18	0	−208	−256
Proceeds from sale of loans held for investment	0	0	9	—	—
Purchases of equity securities	−183,000	−166,000	−79,000	−18,000	−17,000
Purchase of restricted securities	−3	−36	−35	−9	—
Net change in loans	−123	−123	−317	−427	—
Purchases of premises and equipment	−3	−5	−6	−2	−3
Proceeds from sales of other real estate owned	0	0	21,000	394,000	—
Proceeds from sales of repossessed assets	3	2	0	—	—
Redemption of restricted securities	6	34	33	2	437,000
Purchases of bank owned life insurance	−322,000	−210,000	−249,000	−10	−10
Proceeds from disposal of premises held for sale	843,000	946,000	721,000	0	—
Cash acquired in the acquisition of TCFC, net of cash paid	0	0	25	0	—
Net cash (used in) provided by investing activities	−118	−135	172	−582	38
Noninterest-bearing deposits	25	305	−193	−65	36
Interest-bearing deposits	−22	−164	436	50	335
Short-term borrowings	−50	0	−109	36	3
Long-term borrowings	0	50	0	—	—
Proceeds from issuance of subordinated debt, net of issuance costs	59	0	0	—	—
Redemption of subordinated debt	−45	0	0	—	—
Common stock dividends paid	−16	−16	−13	−10	—
Issuance of common stock	82,000	376,000	385,000	—	—
Net cash (used in) provided by financing activities	−48	175	122	811,000	366
Net (decrease) increase in cash and cash equivalents	−104	87	317	−528	397
Interest paid	115	124	74	13	6
Income taxes paid	15	0	7	12	6
Recognition of lease liabilities arising from right-of-use assets	1	566,000	179,000	—	—
Transfers from loans to repossessed assets	3	5	0	69,000	—
Transfer from loans held for sale to loans held for investment	649,000	0	0	8	—
Transfer of premises to held for sale, included in other assets	0	1	750,000	—	—

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