SHORE BANCSHARES INC SHBI
Shore Bancshares, Inc. was incorporated under the laws of Maryland on March 15, 1996 and is the bank holding company for Shore United Bank, N.A,. Throughout this report, references to the "Company," "we," "our," and "us," and similar terms refer to the consolidated entity consisting of Shore Bancshares, Inc. and its subsidiaries. "Shore Bancshares" refers solely to the parent holding company, and the "Bank" refers solely to Shore Bancshares' subsidiary bank, Shore United Bank, N.A.
Shore Bancshares is registered as a financial holding company under the Bank Holding Company Act of 1956, as amended (the "BHC Act"). The Company is the largest independent financial holding company headquartered on the Eastern Shore of Maryland. The Company conducts business primarily through the Bank. The Bank provides consumer and commercial banking products and services and secondary mortgage lending, trust, wealth management and financial planning services. The Company offered title services through its wholly-owned subsidiary, Mid-Maryland Title Company, Inc. (the "Title Company"), which engaged in residential and commercial real estate settlement activities and offered title insurance policies, title search and lien satisfaction services. The Title Company ceased conducting real estate closings effective March 31, 2025. The Company and the Bank are Affirmative Action/Equal Opportunity Employers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.9M | $20.9M | $18.3M | $15.3M | $11.0M | $9.2M | $9.5M | $8.9M | $48.0M | $40.7M |
| Interest expense | $192.4M | $170.5M | $135.3M | $12.5M | $6.0M | $7.1M | $9.6M | $5.3M | $2.3M | $2.4M |
| Pre-tax income | $78.7M | $58.7M | $14.2M | $42.1M | $21.2M | $21.0M | $21.9M | $21.1M | $18.0M | $15.9M |
| Income tax | $19.1M | $14.8M | $3.0M | $11.0M | $5.8M | $5.3M | $5.6M | $5.4M | $8.7M | $6.3M |
| Net income | $59.5M | $43.9M | $11.2M | $31.2M | $15.4M | $15.7M | $16.2M | $25.0M | $11.3M | $9.6M |
| EPS, basic | 1.78 | 1.32 | 0.42 | 1.57 | 1.17 | 1.27 | 1.27 | 1.96 | 0.89 | 0.76 |
| EPS, diluted | 1.78 | 1.32 | 0.42 | 1.57 | 1.17 | 1.27 | 1.27 | 1.96 | 0.89 | 0.76 |
| Shares, diluted (wtd. avg.) | $33.4M | $33.3M | $26.6M | $19.8M | $13.1M | $12.4M | $12.7M | $12.8M | $12.7M | $12.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $355.6M | $459.9M | $372.4M | $55.5M | $583.6M | $186.9M | $95.0M | $67.2M | $31.8M | $75.9M |
| Property, plant and equipment | $80.2M | $81.8M | $82.4M | $51.5M | $51.6M | $24.9M | $23.8M | $22.7M | $22.6M | $16.6M |
| Goodwill | $63.3M | $63.3M | $63.3M | $63.3M | $63.4M | $17.5M | $17.5M | $17.5M | $17.5M | $11.9M |
| Other intangibles | $29.7M | $38.3M | $48.1M | $5.5M | $7.5M | $1.7M | $2.3M | $2.9M | $3.7M | $1.1M |
| Total assets | $6.26B | $6.23B | $6.01B | $3.48B | $3.46B | $1.93B | $1.56B | $1.48B | $1.39B | $1.16B |
| Short-term debt | — | — | — | — | — | — | $1.2M | $60.8M | $21.7M | $3.2M |
| Long-term debt | $89.1M | $73.7M | $72.7M | $43.1M | — | — | $15.0M | $15.0M | — | — |
| Total liabilities | $5.67B | $5.69B | $5.50B | $3.11B | $3.11B | $1.74B | $1.37B | $1.30B | $1.23B | $1.01B |
| Retained earnings | $233.6M | $190.2M | $162.3M | $171.6M | $150.0M | $141.2M | $131.4M | $120.6M | $99.7M | $91.0M |
| Total equity | $589.9M | $541.1M | $511.1M | $364.3M | $350.7M | $195.0M | $192.8M | $183.2M | $163.7M | $154.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $62.4M | $46.9M | $22.7M | $52.6M | -$7.5M | $18.4M | $13.7M | $18.3M | $19.5M | $19.0M |
| Depreciation and amortisation | $4.4M | $4.4M | $3.3M | $2.4M | $1.5M | $1.2M | $1.1M | $1.0M | $1.0M | $1.0M |
| Stock-based compensation | $1.9M | $1.7M | $1.2M | $636.0K | $378.0K | $263.0K | $149.0K | $447.0K | $1.1M | $334.0K |
| Capital expenditure | $3.2M | $5.2M | $6.0M | $2.4M | $3.5M | $2.4M | $2.2M | $1.1M | $1.3M | $699.0K |
| Investing cash flow | -$118.3M | -$134.5M | $172.3M | -$581.6M | $38.2M | -$280.1M | -$45.7M | -$42.5M | -$72.3M | -$33.7M |
| Financing cash flow | -$48.4M | $175.1M | $121.9M | $811.0K | $366.0M | $353.6M | $59.7M | $59.6M | $8.7M | $16.8M |
| Dividends paid | $16.1M | $16.0M | $12.7M | $9.5M | $6.6M | $0 | $0 | $4.0M | $0 | $1.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001035092-26-000019.
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