0001104659-20-117155.txt : 20201022 0001104659-20-117155.hdr.sgml : 20201022 20201022161540 ACCESSION NUMBER: 0001104659-20-117155 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20201022 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20201022 DATE AS OF CHANGE: 20201022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SHORE BANCSHARES INC CENTRAL INDEX KEY: 0001035092 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 521974638 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22345 FILM NUMBER: 201255068 BUSINESS ADDRESS: STREET 1: 18 EAST DOVER STREET CITY: EASTON STATE: MD ZIP: 21601-3013 BUSINESS PHONE: 4108221400 MAIL ADDRESS: STREET 1: 18 EAST DOVER STREET CITY: EASTON STATE: MD ZIP: 21601-3013 8-K 1 tm2034088d1_8k.htm FORM 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): October 22, 2020

 

SHORE BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

 

Maryland 000-22345 52-1974638
(State or other jurisdiction of (Commission file number) (IRS Employer
incorporation or organization)   Identification No.)

 

28969 Information Lane,Easton, Maryland 21601

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: (410) 763-7800

 

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
Common stock, par value $.01 per share SHBI Nasdaq Global Select Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 2.02. Result of Operation and Financial Condition.

 

On October 22, 2020 Shore Bancshares, Inc. (the “Company”) issued a press release setting forth the Company’s third quarter and year-to-date 2020 financial results. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.

 

The information furnished under Item 2.02 and Item 9.01 of this Current Report on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities under that Section, nor shall it be deemed incorporated by reference in any registration statement or other filings of the Company under the Securities Act of 1933, as amended, except as shall be set forth by specific reference in such filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

The exhibits that are filed or furnished with this report are listed in the Exhibit Index that immediately follows the signatures hereto, which list is incorporated herein by reference.

 

2 

 

 

EXHIBIT INDEX

 

Exhibit    
Number   Description
     
99.1   Press Release, dated October 22, 2020 (filed herewith)

 

3 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  SHORE BANCSHARES, INC.
   
Dated: October 22, 2020 By: /s/ Lloyd L. Beatty, Jr.
    Lloyd L. Beatty, Jr.
    President and Chief Executive Officer

 

4 

 EX-99.1 2 tm2034088d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

 

28969 Information Lane

 Easton, Maryland 21601

Phone 410-763-7800

 

PRESS RELEASE

 

Shore Bancshares Reports Third Quarter and Nine-Month Results

 

Easton, Maryland (10/22/2020) - Shore Bancshares, Inc. (NASDAQ - SHBI) (the “Company”) reported income from continuing operations of $3.391 million or $0.27 per diluted common share for the third quarter of 2020, compared to income from continuing operations of $5.335 million or $0.43 per diluted common share for the second quarter of 2020, and income from continuing operations of $4.214 million or $0.33 per diluted common share for the third quarter of 2019. Income from continuing operations for the first nine months of 2020 was $11.844 million or $0.95 per diluted common share, compared to income from continuing operations of $12.270 million or $0.96 per diluted common share for the first nine months of 2019.

 

When comparing net income from continuing operations for the third quarter of 2020 to the second quarter of 2020, net income decreased $1.9 million, primarily due to an increase in noninterest expenses of $2.2 million. Net interest income increased $252 thousand in the third quarter when compared to the second quarter, which was more than offset by an increase in provision for credit losses of $500 thousand and a decrease in noninterest income of $188 thousand. When comparing income from continuing operations for the third quarter of 2020 to the third quarter of 2019, net income decreased $823 thousand due to an increase in noninterest expense of $447 thousand, coupled with an increase in provision for credit losses of $1.3 million, partially offset by an increase in net interest income of $603 thousand.

 

“The positive earnings and strategic moves by management in the third quarter furthered the Company’s ability to achieve its core objectives.” said Lloyd L. “Scott” Beatty, Jr., President and Chief Executive Officer.  “During the quarter, the Company issued and sold $25 million of fixed to floating rate subordinated notes due 2030 to further strengthen the Company’s capital position and provided $1.5 million to its allowance for loan losses to position the Company to face the continuing adverse economic consequences of this pandemic, including any future deterioration in credit quality. COVID related loan deferrals were significantly reduced to approximately 1% of the outstanding loan balance as of September 30, 2020. Loan demand has remained strong throughout the third quarter with an annualized growth rate of 5%, which is anticipated to improve as we approach year-end. Lastly, we reinstated our common stock repurchase program to utilize some of our excess liquidity and to capitalize on purchasing our shares below tangible book value.”

 

Ongoing response to COVID-19

 

Employees

 

Many of our non-branch personnel have returned to our offices and continue to practice social distancing as the Company has implemented enhanced cleaning and disinfecting procedures across all locations. Most of our Company meetings have transitioned to telephonic or video conferencing. We suspended all unnecessary business-related travel, public events, and meetings with outside parties to promote the safety and well-being of our employees.

 

Banking Locations

 

All our branch locations remain open, with normal hours of operation. We have re-opened our branch lobbies to the public with limits on the number of people allowed in the branch at any time. The drive-thru locations have expanded their capabilities to accommodate an array of transactions for our customers. We notified our customers of our changes in operations as well as promoted the use of online and mobile banking.

 

 

 

 

Page 2 of 18

 

Customers

 

We thank our customers for their commitment and understanding as we continue to find ways to serve them as safely and securely as possible. For our customers impacted by the pandemic, we have provided fee waivers and loan payment deferrals to assist them during this challenging time.

 

Loan Deferrals

 

As of September 30, 2020, the Company’s outstanding COVID related loan deferral balance amounted to $12.9 million, or 0.91% of the total loan portfolio. The most significant deferrals by loan type or industry were as follows: other commercial of $6.4 million, hospitality of $4.7 million, residential 1-4 family rentals of $1.1 million, consumer loans of $435 thousand, restaurants of $220 thousand and retail stores of $160 thousand.

 

Small Business Administration’s Paycheck Protection Program (“PPP”)

 

We remain an SBA preferred lender and are actively participating in the PPP program. From the inception of the program through August 8, 2020, we provided loans for 1,488 small business customers totaling $126.7 million.

 

Share Repurchases

 

We reinstated our common stock repurchase program on September 1, 2020. During the third quarter of 2020, we repurchased approximately 310,800 shares of the Company’s common stock.

 

Dividends

 

We currently expect to maintain our quarterly cash dividends based on our strong capital position.

 

Balance Sheet Review

 

Total assets were $1.828 billion at September 30, 2020, a $268.9 million, or 17.2%, increase when compared to $1.559 billion at the end of 2019. The increase was primarily due to the $175.3 million, or 14.0%, increase in gross loans, of which $126.7 million related to PPP loans. The increase in gross loans was funded by an increase in deposits of $252.8 million, or 18.8%.

 

Total deposits increased $252.8 million, or 18.8%, when compared to December 31, 2019. The increase in total deposits consisted of increases in the following categories: Interest-bearing checking accounts of $109.5 million, noninterest-bearing deposits of $108.7 million and savings and money market accounts of $37.3 million, partially offset by a decrease in time deposits of $2.7 million.

 

Total stockholders’ equity increased $6.1 million, or 3.2%, when compared to the end of 2019. At September 30, 2020, the ratio of total equity to total assets was 10.88% and the ratio of total tangible equity to total tangible assets was 9.92%.

 

Total assets at September 30, 2020 increased $266.5 million, or 17.1%, when compared to total assets at September 30, 2019, primarily the result of loan growth of $188.9 million and increases in cash and cash equivalents of $53.1 million and investment securities of $9.9 million. In addition, other assets increased $16.9 million, primarily the result of purchasing additional bank owned life insurance (“BOLI”) in the fourth quarter of 2019.

 

Total deposits at September 30, 2020 increased $268.6 million, or 20.3%, when compared to September 30, 2019. The increase in total deposits included growth within interest-bearing checking accounts of $123.2 million, noninterest-bearing deposits of $102.7 million, savings and money market accounts of $53.1 million and time deposits of $1.7 million. Brokered deposits of $12.1 million matured in 2019 and were not renewed.

 

Total stockholders’ equity increased $4.9 million, or 2.5%, when compared to September 30, 2019.

 

 

 

 

Page 3 of 18

 

Review of Quarterly Financial Results

 

Net interest income was $13.3 million for the third quarter of 2020, compared to $13.0 million for the second quarter of 2020 and $12.7 million for the third quarter of 2019. The increase in net interest income when compared to the second quarter of 2020 was primarily due to increases in the average balances in loans of $32.4 million, taxable investment securities of $28.1 million and interest-bearing deposits with other banks of $69.8 million. These increases in the average balances on earning assets contributed $304 thousand to interest income over the second quarter, despite a decline in the weighted average yield on these assets of 26bps. In addition, the weighted average rate paid on interest-bearing deposits declined by 8bps in the third quarter when compared to the second quarter, reducing interest expense by $87 thousand. However, this decline was more than offset by the $142 thousand of additional interest expense related to subordinated debt issued during the third quarter. Net interest income increased when compared to the third quarter of 2019, primarily due to lower rates paid on interest bearing deposits of 44bps and the elimination of short and long-term advances from FHLB borrowings which reduced interest expense by a combined $935 thousand. Lower yields on earning assets of 66bps, specifically, taxable investment securities and interest-bearing deposits with other banks, reduced interest income by $330 thousand for the third quarter, partially offset by the increase in the average balance in loans of $171.3 million. The higher average balance on loans was driven by the $127.6 million of PPP loans funded in the second quarter of 2020 which had yet to be forgiven in accordance with SBA guidelines and had an average yield of 2.00% for the third quarter. The forgiveness of PPP loans which is anticipated in future quarters will have a positive impact on the net interest margin as these loans carry a much lower yield than our traditional loan portfolio. The Company’s net interest margin decreased to 3.17% for the third quarter of 2020 from 3.41% in the second quarter of 2020 and down from 3.52% in the third quarter of 2019. The decline in net interest margin in the third quarter of 2020 when compared to the second quarter of 2020 and the third quarter of 2019, was significantly impacted by excess liquidity of approximately $100 million, which has yet to be fully invested. Without this excess liquidity the margin for the third quarter would have been 3.37%.

 

The provision for credit losses was $1.5 million for the three months ended September 30, 2020. The comparable amounts were $1.0 million and $200 thousand for the three months ended June 30, 2020 and September 30, 2019, respectively. The ratio of the allowance for credit losses to period-end loans was 0.90% at September 30, 2020. Excluding PPP loans, the ratio of the allowance for credit losses to period-end loans was 0.98% at September 30, 2020, higher than both the 0.86% at June 30, 2020 and the 0.84% at September 30, 2019. The primary drivers of the increased percentage of the allowance to total loans, excluding PPP loans, and the increase in provision for loan losses as compared to both the prior periods were the result of new and elevated qualitative factors within the allowance model related to economic conditions and the COVID-19 pandemic. The Company reported net recoveries in the third quarter of 2020 of $187 thousand, compared to net charge-offs of $288 thousand for the second quarter of 2020 and $67 thousand for the third quarter of 2019.

 

At September 30, 2020, nonperforming assets were $8.4 million, a decrease of $3.9 million, or 31.8%, when compared to June 30, 2020, primarily due to a decrease in nonaccrual loans of $4.7 million, or 40.2%. Other real estate owned remained at $38 thousand and accruing troubled debt restructurings (“TDRs”) decreased $45 thousand, or less than 1% over the same time period. When comparing September 30, 2020 to September 30, 2019, nonperforming assets decreased $4.9 million, or 37.1%, primarily due to a decrease in nonaccrual loans of $5.6 million, or 44.4%. TDR’s decreased $321 thousand, or 4.2%, and other real estate owned decreased $36 thousand, or 48.6%, over the same time period. The ratio of nonperforming assets and accruing TDRs to total assets was 0.86%, 1.14% and 1.34% at September 30, 2020, June 30, 2020 and September 30, 2019, respectively. In addition, the ratio of accruing TDRs to total loans at September 30, 2020 was 0.51%, compared to 0.52% at June 30, 2020 and 0.61% at September 30, 2019.

 

Total noninterest income for the third quarter of 2020 decreased $188 thousand, or 6.8%, when compared to the second quarter of 2020 and increased $52 thousand, or 2.1%, when compared to the third quarter of 2019. The decrease was primarily due to sales of available for sale securities at a gain of $347 thousand in the second quarter of 2020. Absent the sale of these securities, noninterest income would have increased $159 thousand, or 6.6%, for the third quarter of 2020, which was primarily the result of increases in loan fee income and service charges on deposit accounts. The increase in noninterest income from the third quarter of 2019 was due to additional income from BOLI purchased late in the fourth quarter of 2019, offset by lower service charges on deposit accounts.

 

Total noninterest expense from continuing operations for the third quarter of 2020 increased $2.2 million, or 28.3%, when compared to the second quarter of 2020 and increased $447 thousand, or 4.8%, when compared to the third quarter of 2019. The increase in noninterest expense when compared to the second quarter of 2020 was primarily related to higher salaries and wages, due to the significant volume of PPP loans originated in the second quarter which resulted in heightened deferrals of direct origination costs during the second quarter of 2020. The deferred origination costs are being amortized over the lives of the related PPP loans and will be accelerated upon forgiveness or repayment. The increase in noninterest expenses when compared to the third quarter of 2019 was primarily due to higher salaries and wages, employee benefits and data processing fees, partially offset by decreases in other real estate owned expenses and other loan expenses.

 

 

 

 

Page 4 of 18

 

Review of Nine-Month Financial Results

 

Net interest income for the first nine months of 2020 was $38.8 million, an increase of $1.5 million, or 3.9%, when compared to the first nine months of 2019. The increase was due to lower interest expense on interest-bearing deposits of $1.4 million and an aggregate decrease of $679 thousand related to the elimination of both short and long-term advances from the FHLB, partially offset by the addition of subordinated debt of $148 thousand. Although the average balance of total earning assets increased by $145 million, or 10.3%, primarily in loans and interest-bearing deposits with other banks of $128.7 million and $51.8 million, respectively, the interest income from these assets was impacted by lower yields due to below market rates on PPP loans and Federal Reserve interest rate cuts during 2020. In addition, the average balance of taxable investment securities declined $35.5 million, or 22.2%, which reduced interest income by $668 thousand. These significant swings in both the average balances and rates on both sides of the balance sheet resulted in a net interest margin of 3.35% for the first nine months of 2020 compared to 3.56% for the first nine months of 2019.

 

The provision for credit losses for the nine months ended September 30, 2020 and 2019 was $2.9 million and $500 thousand, respectively, while net charge-offs were $580 thousand and $405 thousand, respectively. The increase in provision for credit losses was the result of new and elevated qualitative factors within the allowance model related to economic conditions and the COVID-19 pandemic. Excluding PPP loans, the ratio of the allowance for credit losses to period-end loans increased to 0.98% at September 30, 2020 from 0.84% at December 31, 2019. As previously discussed, this ratio increased primarily due to the addition of qualitative factors in the analysis of the allowance for loan losses. The ratio of annualized net charge-offs to average loans was 0.06% for the first nine months of 2020 and 0.04% for the first nine months of 2019. Management will continue to evaluate the adequacy of the allowance for credit losses as more economic data becomes available and as changes within the Company’s portfolio are known.

 

Total noninterest income from continuing operations for the nine months ended September 30, 2020 increased $376 thousand, or 5.1%, when compared to the same period in 2019. The increase in noninterest income primarily consisted of increases in BOLI income, gains on sales of securities and other fees on bank services, partially offset by a decrease in service charges on deposit accounts.

 

Total noninterest expense from continuing operations for the nine months ended September 30, 2020 increased $131 thousand, or 0.5%, when compared to the same period in 2019. The increase was a result of higher costs related to employee benefits and higher data processing fees, which were almost entirely offset by decreases in salaries and wages due to the deferral of direct origination costs related to the origination of PPP loans, FDIC insurance premiums, other real estate owned expenses, and other loan related expenses. The deferred costs for salaries and wages are being recognized over the lives of the related loans as previously mentioned.

 

Shore Bancshares Information

 

Shore Bancshares is a financial holding company headquartered in Easton, Maryland and is the largest independent bank holding company located on Maryland's Eastern Shore. It is the parent company of Shore United Bank. Shore Bancshares engages in trust and wealth management services through Wye Financial Partners, a division of Shore United Bank.

 

Additional information is available at www.shorebancshares.com.

 

Forward-Looking Statements

 

The statements contained herein that are not historical facts are forward-looking statements (as defined by the Private Securities Litigation Reform Act of 1995) based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Shore Bancshares, Inc. with the Securities and Exchange Commission entitled “Risk Factors”.

 

 

 

 

Page 5 of 18

 

Further, given its ongoing and dynamic nature, it is difficult to predict the full impact of the COVID-19 outbreak on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated and when and how the economy may be fully reopened. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to any of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations: the demand for our products and services may decline, making it difficult to grow assets and income; if the economy is unable to substantially reopen, and high levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income; collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase; our allowance for loan losses may increase if borrowers experience financial difficulties, which will adversely affect our net income; the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; as the result of the decline in the Federal Reserve Board’s target federal funds rate to near 0%, the yield on our assets may decline to a greater extent than the decline in our cost of interest-bearing liabilities, reducing our net interest margin and spread and reducing net income; our cyber security risks are increased as the result of an increase in the number of employees working remotely; and FDIC premiums may increase if the agency experience additional resolution costs.

 

The Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

 

For further information contact: Edward Allen, Executive Vice President and Chief Financial Officer, 410-763-7800

 

 

 

 

Page 6 of 18

 

Shore Bancshares, Inc.

Financial Highlights (Unaudited)

(Dollars in thousands, except per share data)

 

   For the Three Months Ended   For the Nine Months Ended 
   September 30,   September 30, 
   2020   2019   Change   2020   2019   Change 
PROFITABILITY FOR THE PERIOD                              
Net interest income  $13,283   $12,680    4.8%  $38,832   $37,367    3.9%
Provision for credit losses   1,500    200    650.0    2,850    500    470.0 
Noninterest income   2,581    2,529    2.1    7,702    7,326    5.1 
Noninterest expense   9,831    9,384    4.8    27,843    27,712    0.5 
Income from continuing operations before income taxes   4,533    5,625    (19.4)   15,841    16,481    (3.9)
Income tax expense   1,142    1,411    (19.1)   3,997    4,211    (5.1)
Income from continuing operations  $3,391   $4,214    (19.5)  $11,844   $12,270    (3.5)
                               
Loss from discontinued operations before income taxes   —    (10)   100.0    —    (113)   100.0 
Income tax benefit   —    (2)   —    —    (27)   100.0 
Loss from discontinued operations   —    (8)   100.0    —    (86)   100.0 
Net income  $3,391   $4,206    (19.4)  $11,844   $12,184    (2.8)
                               
From Continuing Operations:                              
Return on average assets   0.76%   1.10%    (34 )bp   0.96%   1.11%    (15)bp
Return on average equity   6.71    8.66    (195)   7.99    8.68    (69)
Return on average tangible equity (1)   7.63    9.90    (227)   9.09    9.98    (89)
Net interest margin   3.17    3.52    (35)   3.35    3.56    (21)
Efficiency ratio - GAAP   61.97    61.70    27    59.83    62.01    (218)
Efficiency ratio - Non-GAAP (1)   61.05    60.58    47    59.26    60.81    (155)
                               
PER SHARE DATA                              
Basic and diluted net income per common share                              
Income from continuing operations  $0.27   $0.33    (18.2)%  $0.95   $0.96    (1.0)%
Loss from discontinued operations   —    —    —    —    (0.01)   100.0 
Net income  $0.27   $0.33    (18.2)  $0.95   $0.95    — 
                               
Dividends paid per common share  $0.12   $0.10    20.0   $0.36   $0.30    20.0 
Book value per common share at period end   16.28    15.22    7.0                
Tangible book value per common share at period end (1)   14.69    13.66    7.5                
Market value at period end   10.98    15.41    (28.7)               
Market range:                              
High   11.77    17.00    (30.8)   17.56    17.00    3.3 
Low   9.14    14.90    (38.7)   7.63    14.00    (45.5)
                               
AVERAGE BALANCE SHEET DATA                              
Loans  $1,406,683   $1,235,374    13.9%  $1,348,362   $1,219,623    10.6%
Investment securities   136,017    155,324    (12.4)   124,487    160,035    (22.2)
Earning assets   1,670,194    1,432,252    16.6    1,553,974    1,408,937    10.3 
Assets   1,771,944    1,513,790    17.1    1,652,876    1,480,813    11.6 
Deposits   1,548,072    1,280,057    20.9    1,434,515    1,243,472    15.4 
Stockholders' equity   201,079    193,120    4.1    198,095    189,094    4.8 

 

 

 

 

Page 7 of 18

 

CREDIT QUALITY DATA                              
Net (recoveries) charge-offs  $(187)  $67    (379.1)%  $580   $405    43.2%
                               
Nonaccrual loans  $6,966   $12,530    (44.4)               
Loans 90 days past due and still accruing   1,373    712    92.8                
Other real estate owned   38    74    (48.6)               
Total nonperforming assets   8,377    13,316    (37.1)               
Accruing troubled debt restructurings (TDRs)   7,267    7,588    (4.2)               
Total nonperforming assets and accruing TDRs  $15,644   $20,904    (25.2)               
                               
                               
CAPITAL AND CREDIT QUALITY RATIOS                              
Period-end equity to assets   10.88%   12.42%   (154)bp               
Period-end tangible equity to tangible assets (1)   9.92    11.29    (137)               
                               
Annualized net (recoveries) charge-offs to average loans   (0.05)   0.02    (7)   0.06%   0.04%   2bp
                               
Allowance for credit losses as a percent of:                              
Period-end loans (2)   0.90    0.85    5                
Nonaccrual loans   183.42    83.30    10,012                
Nonperforming assets   152.52    78.39    7,413                
Accruing TDRs   175.82    137.56    3,826                
Nonperforming assets and accruing TDRs   81.67    49.93    3,174                
                               
As a percent of total loans:                              
Nonaccrual loans   0.49    1.01    (52)               
Accruing TDRs   0.51    0.61    (10)               
Nonaccrual loans and accruing TDRs   1.00    1.63    (63)               
                               
As a percent of total loans+other real estate owned:                              
Nonperforming assets   0.59    1.08    (49)               
Nonperforming assets and accruing TDRs   1.10    1.69    (59)               
                               
As a percent of total assets:                              
Nonaccrual loans   0.38    0.80    (42)               
Nonperforming assets   0.46    0.85    (39)               
Accruing TDRs   0.40    0.49    (9)               
Nonperforming assets and accruing TDRs   0.86    1.34    (48)               

 

 

(1)See the reconciliation table on page 18 of 18.

(2)As of 9/30/2020 and 6/30/2020, this ratio includes PPP loans of $126.7 million and $123.0 million, respectively. Excluding these loans, the ratio is 0.98% and 0.86% for 9/30/2020 and 6/30/2020.

 

 

 

 

Page 8 of 18

 

Shore Bancshares, Inc.

Consolidated Balance Sheets (Unaudited)

(In thousands, except per share data)

 

               September 30, 2020 
   September 30,   December 31,   September 30,   compared to 
   2020   2019   2019   December 31, 2019 
ASSETS                    
Cash and due from banks  $17,577   $18,465   $22,777    (4.8)%
Interest-bearing deposits with other banks   138,885    76,506    80,596    81.5 
Cash and cash equivalents   156,462    94,971    103,373    64.7 
                     
Investment securities available for sale (at fair value)   139,349    122,791    138,911    13.5 
Investment securities held to maturity   20,174    8,786    9,780    129.6 
Equity securities, at fair value   1,396    1,342    1,339    4.0 
Restricted securities   3,626    4,190    4,655    (13.5)
                     
Loans   1,423,965    1,248,654    1,235,035    14.0 
Less: allowance for credit losses   (12,777)   (10,507)   (10,438)   21.6 
Loans, net   1,411,188    1,238,147    1,224,597    14.0 
                     
Premises and equipment, net   24,679    23,821    23,871    3.6 
Goodwill   17,518    17,518    17,518    — 
Other intangible assets, net   1,844    2,252    2,396    (18.1)
Other real estate owned, net   38    74    74    (48.6)
Right of use assets, net   4,769    4,771    4,908    (0.0)
Other assets   47,129    40,572    30,257    16.2 
                     
Total assets  $1,828,172   $1,559,235   $1,561,679    17.2 
                     
LIABILITIES                    
Noninterest-bearing deposits  $465,304   $356,618   $362,557    30.5 
Interest-bearing deposits   1,128,817    984,716    962,934    14.6 
Total deposits   1,594,121    1,341,334    1,325,491    18.8 
                     
Securities sold under retail repurchase agreements   1,019    1,226    2,263    (16.9)
Advances from FHLB - short-term   —    —    15,000    — 
Advances from FHLB - long-term   —    15,000    15,000    (100.0)
Subordinated debt   24,399    —    —    — 
Total borrowings   25,418    16,226    32,263      
                     
Lease liabilities   4,840    4,792    4,923    1.0 
Accrued expenses and other liabilities   4,912    4,081    5,039    20.4 
Total liabilities   1,629,291    1,366,433    1,367,716    19.2 
                     
COMMITMENTS AND CONTINGENCIES                    
                     
STOCKHOLDERS' EQUITY                    
Common stock, par value $0.01; authorized 35,000,000 shares   122    125    127    (2.4)
Additional paid in capital   58,090    61,045    64,879    (4.8)
Retained earnings   138,765    131,425    128,924    5.6 
Accumulated other comprehensive income   1,904    207    33    819.8 
Total stockholders' equity   198,881    192,802    193,963    3.2 
                     
Total liabilities and stockholders' equity  $1,828,172   $1,559,235   $1,561,679    17.2 
                     
Period-end common shares outstanding   12,218    12,500    12,742    (2.3)
Book value per common share  $16.28   $15.42   $15.22    5.6 

 

 

 

 

Page 9 of 18

 

Shore Bancshares, Inc.

Consolidated Statements of Income (Unaudited)

(In thousands, except per share data)

 

   For the Three Months Ended   For the Nine Months Ended 
   September 30,   September 30, 
   2020   2019   % Change   2020   2019   % Change 
INTEREST INCOME                              
Interest and fees on loans  $14,139   $14,100    0.3%  $41,879   $41,348    1.3%
Interest on investment securities:                              
Taxable   730    870    (16.1)   2,087    2,755    (24.2)
Interest on deposits with other banks   33    223    (85.2)   216    499    (56.7)
Total interest income   14,902    15,193    (1.9)   44,182    44,602    (0.9)
                               
INTEREST EXPENSE                              
Interest on deposits   1,470    2,288    (35.8)   5,085    6,439    (21.0)
Interest on short-term borrowings   1    117    (99.1)   4    475    (99.2)
Interest on long-term borrowings   148    108    37.0    261    321    — 
Total interest expense   1,619    2,513    (35.6)   5,350    7,235    (26.1)
                               
NET INTEREST INCOME   13,283    12,680    4.8    38,832    37,367    3.9 
Provision for credit losses   1,500    200    650.0    2,850    500    470.0 
                               
NET INTEREST INCOME AFTER PROVISION                              
FOR CREDIT LOSSES   11,783    12,480    (5.6)   35,982    36,867    (2.4)
                               
NONINTEREST INCOME                              
Service charges on deposit accounts   647    990    (34.6)   2,057    2,952    (30.3)
Trust and investment fee income   381    383    (0.5)   1,119    1,140    (1.8)
Gains on sales and calls of investment securities   —    —    —    347    —    — 
Other noninterest income   1,553    1,156    34.3    4,179    3,234    29.2 
Total noninterest income   2,581    2,529    2.1    7,702    7,326    5.1 

 

 

 

 

Page 10 of 18

 

NONINTEREST EXPENSE                              
Salaries and wages   4,143    3,853    7.5    10,569    11,411    (7.4)
Employee benefits   1,489    1,299    14.6    4,746    3,621    31.1 
Occupancy expense   774    697    11.0    2,174    2,056    5.7 
Furniture and equipment expense   294    263    11.8    858    821    4.5 
Data processing   1,114    972    14.6    3,195    2,801    14.1 
Directors' fees   132    140    (5.7)   386    342    12.9 
Amortization of intangible assets   125    144    (13.2)   407    461    (11.7)
FDIC insurance premium expense   132    —    —    347    386    (10.1)
Other real estate owned expenses, net   —    133    (100.0)   18    426    (95.8)
Legal and professional fees   447    495    (9.7)   1,634    1,655    (1.3)
Other noninterest expenses   1,181    1,388    (14.9)   3,509    3,732    (6.0)
Total noninterest expense   9,831    9,384    4.8    27,843    27,712    0.5 
                               
Income from continuing operations before income taxes   4,533    5,625    (19.4)   15,841    16,481    (3.9)
Income tax expense   1,142    1,411    (19.1)   3,997    4,211    (5.1)
                               
Income from continuing operations   3,391    4,214    (19.5)   11,844    12,270    (3.5)
                               
Loss from discontinued operations before income taxes   —    (10)   100.0    —    (113)   100.0 
Income tax benefit   —    (2)   100.0    —    (27)   100.0 
                               
Loss from discontinued operations   —    (8)   100.0    —    (86)   100.0 
                               
NET INCOME  $3,391   $4,206    (19.4)  $11,844   $12,184    (2.8)
                               
Weighted average shares outstanding - basic   12,483    12,764    (2.2)   12,506    12,771    (2.1)
Weighted average shares outstanding - diluted   12,483    12,769    (2.2)   12,509    12,776    (2.1)
                               
Basic and diluted net income per common share                              
Income from continuing operations  $0.27   $0.33    (18.2)  $0.95   $0.96    (1.0)
Loss from discontinued operations   —    —    —    —    (0.01)   100.0 
Net income  $0.27   $0.33    (18.2)  $0.95   $0.95    — 
                               
Dividends paid per common share   0.12    0.10    20.0    0.36    0.30    20.0 

 

 

 

 

Page 11 of 18

 

Shore Bancshares, Inc.

Consolidated Average Balance Sheets (Unaudited)

(Dollars in thousands)

 

   For the Three Months Ended   For the Nine Months Ended 
   September 30,   September 30, 
   2020   2019   2020   2019 
   Average   Yield/   Average   Yield/   Average   Yield/   Average   Yield/ 
   balance   rate   balance   rate   balance   rate   balance   rate 
Earning assets                                        
Loans (1), (2), (3)  $1,406,683    4.01%  $1,235,374    4.54%  $1,348,362    4.16%  $1,219,623    4.55%
Investment securities                                        
Taxable   136,017    2.14    155,324    2.24    124,487    2.24    160,035    2.30 
Interest-bearing deposits   127,494    0.10    41,554    2.13    81,125    0.36    29,279    2.28 
Total earning assets   1,670,194    3.56%   1,432,252    4.22%   1,553,974    3.81%   1,408,937    4.24%
Cash and due from banks   18,860         18,127         18,302         17,520      
Other assets   94,755         73,823         91,642         64,775      
Allowance for credit losses   (11,865)        (10,412)        (11,042)        (10,419)     
Total assets  $1,771,944        $1,513,790        $1,652,876        $1,480,813      
                                         
Interest-bearing liabilities                                        
Demand deposits  $370,922    0.19%  $252,386    0.70%  $318,083    0.30%  $242,364    0.66%
Money market and savings deposits   442,322    0.21    389,268    0.67    426,570    0.29    386,113    0.79 
Brokered deposits   —    —    14,568    2.29    —    —    19,144    2.40 
Certificates of deposit $100,000 or more   127,983    1.68    119,200    1.78    129,319    1.78    108,504    1.54 
Other time deposits   148,223    1.42    149,708    1.49    149,841    1.52    145,381    1.28 
Interest-bearing deposits   1,089,450    0.54    925,130    0.98    1,023,813    0.66    901,506    0.96 
Securities sold under retail repurchase agreements and federal funds purchased   1,575    0.25    1,434    1.38    1,613    0.33    964    1.66 
Advances from FHLB - short-term   —    —    16,295    2.73    —    —    23,070    2.68 
Advances from FHLB - long-term   —    —    15,000    2.86    5,255    2.87    15,000    2.86 
Subordinated debt   9,859    5.97    —    —    3,310    5.97    —    — 
Total interest-bearing liabilities   1,100,884    0.59%   957,859    1.04%   1,033,991    0.69%   940,540    1.03%
Noninterest-bearing deposits   458,622         354,927         410,702         341,966      
Accrued expenses and other liabilities   11,359         7,884         10,088         9,213      
Stockholders' equity   201,079         193,120         198,095         189,094      
Total liabilities and stockholders' equity  $1,771,944        $1,513,790        $1,652,876        $1,480,813      
                                         
Net interest spread        2.97%        3.18%        3.12%        3.21%
Net interest margin        3.17%        3.52%        3.35%        3.56%

 

 

(1)   All amounts are reported on a tax-equivalent basis computed using the statutory federal income tax rate of 21.0%, exclusive of nondeductible interest expense.

(2)   Average loan balances include nonaccrual loans.

(3)   Interest income on loans includes amortized loan fees, net of costs and accretion of discounts on acquired loans, which are included in the yield calculations.

 

 

 

 

Page 12 of 18

Shore Bancshares, Inc.

Financial Highlights By Quarter (Unaudited)

(Dollars in thousands, except per share data)

 

                             
   3rd Quarter   2nd Quarter   1st Quarter   4th Quarter   3rd Quarter   Q3 2020   Q3 2020 
   2020   2020   2020   2019   2019   compared to   compared to 
   Q3 2020   Q2 2020   Q1 2020   Q4 2019   Q3 2019   Q2 2020   Q3 2019 
PROFITABILITY FOR THE PERIOD                                   
Taxable-equivalent net interest income  $13,317   $13,068   $12,554   $12,808   $12,724    1.9%   4.7 
Less: Taxable-equivalent adjustment   34    37    36    44    44    (8.1)   (22.7)
Net interest income   13,283    13,031    12,518    12,764    12,680    1.9    4.8 
Provision for credit losses   1,500    1,000    350    200    200    50.0    650.0 
Noninterest income   2,581    2,769    2,352    2,694    2,529    (6.8)   2.1 
Noninterest expense   9,831    7,663    10,349    9,845    9,384    28.3    4.8 
Income from continuing operations before income taxes   4,533    7,137    4,171    5,413    5,625    (36.5)   (19.4)
Income tax expense   1,142    1,802    1,053    1,399    1,411    (36.6)   (19.1)
Income from continuing operations   3,391    5,335    3,118    4,014    4,214    (36.4)   (19.5)
                                    
Loss from discontinued operations before income taxes   —    —    —    —    (10)   —    100.0 
Income tax benefit   —    —    —    —    (2)   —    — 
Loss from discontinued operations   —    —    —    —    (8)   —    100.0 
                                    
Net income  $3,391   $5,335   $3,118   $4,014   $4,206    (36.4)   (19.4)
                                    
From Continuing Operations:                                   
Return on average assets   0.76%   1.31%   0.81%   1.03%   1.10%   (55)bp   (34)
Return on average equity   6.71    10.79    6.45    8.24    8.66    (408)   (195)
Return on average tangible equity (1)   7.63    12.20    7.43    9.43    9.90    (457)   (227)
Net interest margin   3.17    3.41    3.48    3.47    3.52    (24)   (35)
Efficiency ratio - GAAP   61.97    48.50    69.60    63.69    61.70    1,347    27 
Efficiency ratio - Non-GAAP (1)   61.05    48.58    68.46    62.58    60.58    1,247    47 
                                    
PER SHARE DATA                                   
Basic and diluted net income per common share                                   
Income from continuing operations  $0.27   $0.43   $0.25   $0.32   $0.33    (37.2)%   (18.2)
Loss from discontinued operations   —    —    —    —    —    —    — 
Net income  $0.27   $0.43   $0.25   $0.32   $0.33    (37.2)   (18.2)
                                    
Dividends paid per common share   0.12    0.12    0.12    0.12    0.10    —    20.0 
Book value per common share at period end   16.28    15.98    15.62    15.42    15.22    1.9    7.0 
Tangible book value per common share at period end (1)   14.69    14.42    14.06    13.84    13.66    1.9    7.5 
Market value at period end   10.98    11.09    10.85    17.36    15.41    (1.0)   (28.7)
Market range:                                   
High   11.77    12.40    17.56    17.90    17.00    (5.1)   (30.8)
Low   9.14    8.00    7.63    15.01    14.90    14.3    (38.7)

 

 

 

 

Page 13 of 18

 

AVERAGE BALANCE SHEET DATA                            
Loans  $1,406,683   $1,374,324   $1,263,441   $1,246,355   $1,235,374    2.4%   13.9 
Investment securities   136,017    107,908    129,410    145,544    155,324    26.0    (12.4)
Earning assets   1,670,194    1,539,945    1,450,508    1,463,490    1,432,252    8.5    16.6 
Assets   1,771,944    1,638,387    1,546,991    1,553,017    1,513,790    8.2    17.1 
Deposits   1,548,072    1,427,063    1,327,162    1,334,047    1,280,057    8.5    20.9 
Stockholders' equity   201,079    198,842    194,332    193,239    193,120    1.1    4.1 
                                    
CREDIT QUALITY DATA                                   
Net (recoveries) charge-offs  $(187)  $288   $479   $131   $67    (164.9)%   (379.1)
                                    
Nonaccrual loans  $6,966   $11,649   $11,540   $10,590   $12,530    (40.2)   (44.4)
Loans 90 days past due and still accruing   1,373    604    721    1,326    712    127.3    92.8 
Other real estate owned   38    38    38    74    74    —    (48.6)
Total nonperforming assets  $8,377   $12,291   $12,299   $11,990   $13,316    (31.8)   (37.1)
                                    
Accruing troubled debt restructurings (TDRs)  $7,267   $7,312   $7,444   $7,501   $7,588    (0.6)   (4.2)
                                    
Total nonperforming assets and accruing TDRs  $15,644   $19,603   $19,743   $19,491   $20,904    (20.2)   (25.2)
                                    
CAPITAL AND CREDIT QUALITY RATIOS                                   
Period-end equity to assets   10.88%   11.64%   12.45%   12.37%   12.42%   (76)bp   (154)
Period-end tangible equity to tangible assets (1)   9.92    10.63    11.35    11.24    11.29    (71)   (137)
                                    
Annualized net (recoveries) charge-offs to average loans   (0.05)   0.08    0.15    0.04    0.02    (13)   (7)
                                    
Allowance for credit losses as a percent of:                                   
Period-end loans (2)   0.90    0.79    0.81    0.84    0.85    11    5 
Nonaccrual loans   183.42    95.20    89.93    99.22    83.30    8,822    10,012 
Nonperforming assets   152.52    90.23    84.38    87.63    78.39    6,229    7,413 
Accruing TDRs   175.82    151.67    139.41    140.07    137.56    2,415    3,826 
Nonperforming assets and accruing TDRs   81.67    56.57    52.57    53.91    49.93    2,510    3,174 
                                    
As a percent of total loans:                                   
Nonaccrual loans   0.49    0.83    0.90    0.85    1.01    (34)   (52)
Accruing TDRs   0.51    0.52    0.58    0.60    0.61    (1)   (10)
Nonaccrual loans and accruing TDRs   1.00    1.35    1.49    1.45    1.63    (35)   (63)
                                    
As a percent of total loans+other real estate owned:                                   
Nonperforming assets   0.59    0.87    0.96    0.96    1.08    (28)   (49)
Nonperforming assets and accruing TDRs   1.10    1.39    1.55    1.56    1.69    (29)   (59)
                                    
As a percent of total assets:                                   
Nonaccrual loans   0.38    0.68    0.73    0.68    0.80    (30)   (42)
Nonperforming assets   0.46    0.71    0.78    0.77    0.85    (25)   (39)
Accruing TDRs   0.40    0.43    0.47    0.48    0.49    (3)   (9)
Nonperforming assets and accruing TDRs   0.86    1.14    1.25    1.25    1.34    (28)   (48)

 

 

(1)See the reconciliation table on page 18 of 18.

(2)As of 9/30/2020 and 6/30/2020, this ratio includes PPP loans of $126.7 million and $123.0 million, respectively. Excluding these loans, the ratio is 0.98% and 0.86% for 9/30/2020 and 6/30/2020.

 

 

 

 

Page 14 of 18

 

Shore Bancshares, Inc.

Consolidated Statements of Income By Quarter (Unaudited)

(In thousands, except per share data)

 

                       Q3 2020   Q3 2020 
                       compared to   compared to 
   Q3 2020   Q2 2020   Q1 2020   Q4 2019   Q3 2019   Q2 2020   Q3 2019 
INTEREST INCOME                                   
Interest and fees on loans  $14,139   $13,945   $13,795   $14,043   $14,100    1.4%   0.3%
Interest on investment securities:                                   
Taxable   730    638    719    827    870    14.4    (16.1)
Interest on deposits with other banks   33    11    172    295    223    200.0    (85.2)
Total interest income   14,902    14,594    14,686    15,165    15,193    2.1    (1.9)
                                    
INTEREST EXPENSE                                   
Interest on deposits   1,470    1,556    2,059    2,287    2,288    (5.5)   (35.8)
Interest on short-term borrowings   1    1    2    6    117    —    (99.1)
Interest on long-term borrowings   148    6    107    108    108    2,366.7    37.0 
Total interest expense   1,619    1,563    2,168    2,401    2,513    3.6    (35.6)
                                    
NET INTEREST INCOME   13,283    13,031    12,518    12,764    12,680    1.9    4.8 
Provision for credit losses   1,500    1,000    350    200    200    50.0    650.0 
                                    
NET INTEREST INCOME AFTER PROVISION                                   
FOR CREDIT LOSSES   11,783    12,031    12,168    12,564    12,480    (2.1)   (5.6)
                                    
NONINTEREST INCOME                                   
Service charges on deposit accounts   647    544    866    958    990    18.9    (34.6)
Trust and investment fee income   381    363    375    382    383    5.0    (0.5)
Gains on sales and calls of investment securities   —    347    —    —    —    (100.0)   — 
Other noninterest income   1,553    1,515    1,111    1,354    1,156    2.5    34.3 
Total noninterest income   2,581    2,769    2,352    2,694    2,529    (6.8)   2.1 

 

 

 

 

Page 15 of 18

 

NONINTEREST EXPENSE                                   
Salaries and wages   4,143    2,130    4,296    4,002    3,853    94.5    7.5 
Employee benefits   1,489    1,535    1,722    1,662    1,299    (3.0)   14.6 
Occupancy expense   774    702    698    702    697    10.3    11.0 
Furniture and equipment expense   294    247    317    286    263    19.0    11.8 
Data processing   1,114    1,037    1,044    989    972    7.4    14.6 
Directors' fees   132    113    141    137    140    16.8    (5.7)
Amortization of intangible assets   125    138    144    144    144    (9.4)   (13.2)
FDIC insurance premium expense   132    124    91    (42)   —    6.5    — 
Other real estate owned expenses, net   —    —    18    (1)   133    —    (100.0)
Legal and professional fees   447    553    634    568    495    (19.2)   (9.7)
Other noninterest expenses   1,181    1,084    1,244    1,398    1,388    8.9    (14.9)
Total noninterest expense   9,831    7,663    10,349    9,845    9,384    28.3    4.8 
                                    
Income from continuing operations before income taxes   4,533    7,137    4,171    5,413    5,625    (36.5)   (19.4)
Income tax expense   1,142    1,802    1,053    1,399    1,411    (36.6)   (19.1)
                                    
Income from continuing operations   3,391    5,335    3,118    4,014    4,214    (36.4)   (19.5)
                                    
Loss from discontinued operations before income taxes   —    —    —    —    (10)   —    100.0 
Income tax benefit   —    —    —    —    (2)   —    100.0 
                                    
Loss from discontinued operations   —    —    —    —    (8)   —    100.0 
                                    
                                    
NET INCOME  $3,391   $5,335   $3,118   $4,014   $4,206    (36.4)   (19.4)
                                    
Weighted average shares outstanding - basic   12,483    12,524    12,513    12,588    12,764    (0.3)   (2.2)
Weighted average shares outstanding - diluted   12,483    12,525    12,518    12,593    12,769    (0.3)   (2.2)
                                    
Basic and diluted net income per common share                                   
Income from continuing operations  $0.27   $0.43   $0.25   $0.32   $0.33    (37.2)   (18.2)
Loss from discontinued operations   —    —    —    —    —    —    — 
Net income  $0.27   $0.43   $0.25   $0.32   $0.33    (37.2)   (18.2)
                                    
Dividends paid per common share   0.12    0.12    0.12    0.12    0.10    —    20.0 

 

 

 

 

Page 16 of 18

 

Shore Bancshares, Inc.

Consolidated Average Balance Sheets By Quarter (Unaudited)

(Dollars in thousands)

 

                                                 
                                           Average balance 
                                           Q3 2020   Q3 2020 
                                           compared to   compared to 
   Q3 2020   Q2 2020   Q1 2020   Q4 2019   Q3 2019   Q2 2020   Q3 2019 
   Average   Yield/   Average   Yield/   Average   Yield/   Average   Yield/   Average   Yield/         
   balance   rate   balance   rate   balance   rate   balance   rate   balance   rate         
Earning assets                                                            
Loans (1), (2), (3)   1,406,683    4.01%  $1,374,324    4.09%  $1,263,441    4.40%  $1,246,355    4.48%  $1,235,374    4.54%   2.4%   13.9%
Investment securities                                                            
Taxable   136,017    2.14    107,908    2.37    129,410    2.22    145,544    2.27    155,324    2.24    26.0    (12.4)
Interest-bearing deposits   127,494    0.10    57,713    0.07    57,657    1.20    71,591    1.63    41,554    2.13    120.9    206.8 
Total earning assets   1,670,194    3.56%   1,539,945    3.82%   1,450,508    4.08%   1,463,490    4.12%   1,432,252    4.22%   8.5    16.6 
Cash and due from banks   18,860         18,167         17,874         20,382         18,127         3.8    4.0 
Other assets   94,755         90,981         89,154         79,586         73,823         4.1    28.4 
Allowance for credit losses   (11,865)        (10,706)        (10,545)        (10,441)        (10,412)        10.8    14.0 
Total assets  $1,771,944        $1,638,387        $1,546,991        $1,553,017        $1,513,790         8.2    17.1 
                                                             
Interest-bearing liabilities                                                            
Demand deposits  $370,922    0.19%  $298,568    0.20%  $284,176    0.56%  $284,193    0.76%  $252,386    0.70%   24.2    47.0 
Money market and savings deposits   442,322    0.21    426,963    0.23    410,252    0.46    397,662    0.51    389,268    0.67    3.6    13.6 
Brokered deposits   —    —    —    —    —    —    8,135    2.15    14,568    2.29    —    (100.0)
Certificates of deposit $100,000 or more   127,983    1.68    130,582    1.81    129,408    1.85    126,411    1.85    119,200    1.78    (2.0)   7.4 
Other time deposits   148,223    1.42    150,675    1.54    150,645    1.60    149,197    1.58    149,708    1.49    (1.6)   (1.0)
Interest-bearing deposits   1,089,450    0.54    1,006,788    0.62    974,481    0.85    965,598    0.94    925,130    0.98    8.2    17.8 
    Securities sold under retail repurchase agreements and federal funds purchased   1,575    0.25    2,030    0.20    1,235    0.65    1,889    1.26    17,729    2.64    (22.4)   (91.1)
Advances from FHLB - short-term   —    —    —    —    —    —    —    —    —    —    —    — 
Advances from FHLB - long-term   —    —    824    2.93    15,000    2.87    15,000    2.86    15,000    2.86    (100.0)   (100.0)
Subordinated debt   9,859    5.97    —    —    —    —    —    —    —    —    100.0    100.0 
Total interest-bearing liabilities   1,100,884    0.59%   1,009,642    0.62%   990,716    0.88%   982,487    0.97%   957,859    1.04%   9.0    14.9 
Noninterest-bearing deposits   458,622         420,275         352,681         368,449         354,927         9.1    29.2 
Accrued expenses and other liabilities   11,359         9,628         9,262         8,842         7,884         18.0    44.1 
Stockholders' equity   201,079         198,842         194,332         193,239         193,120         1.1    4.1 
Total liabilities and stockholders' equity  $1,771,944        $1,638,387        $1,546,991        $1,553,017        $1,513,790         8.2    17.1 
                                                             
Net interest spread        2.97%        3.20%        3.20%        3.15%        3.18%          
Net interest margin        3.17%        3.41%        3.48%        3.47%        3.52%          

 

 

(1)All amounts are reported on a tax-equivalent basis computed using the statutory federal income tax rate of 21.0%, exclusive of nondeductible interest expense.

(2)Average loan balances include nonaccrual loans.

(3)Interest income on loans includes amortized loan fees, net of costs and accretion of discounts on acquired loans, which are included in the yield calculations.

 

 

 

 

Page 17 of 18

 

Shore Bancshares, Inc.

Reconciliation of Generally Accepted Accounting Principles (GAAP)

and Non-GAAP Measures (Unaudited)

(In thousands, except per share data)

 

                       YTD   YTD 
   Q3 2020   Q2 2020   Q1 2020   Q4 2019   Q3 2019   9/30/2020   9/30/2019 
The following reconciles return on average equity and return on average tangible equity from continuing operations (Note 1):                                   
                                    
Income from continuing operations  $3,391   $5,335   $3,118   $4,014   $4,214   $11,844   $12,270 
Income from continuing operations - annualized (A)  $13,490   $21,457   $12,541   $15,925   $16,719   $15,821   $16,405 
                                    
Net income, excluding net amortization of intangible assets  $3,484   $5,438   $3,225   $4,121   $4,321   $12,148   $12,614 
                                    
Net income, excluding net amortization of intangible assets - annualized (B)  $13,860   $21,872   $12,971   $16,350   $17,143   $16,227   $16,865 
                                    
Average stockholders' equity (C)  $201,079   $198,842   $194,332   $193,239   $193,120   $198,095   $189,094 
Less:  Average goodwill and other intangible assets   (19,430)   (19,560)   (19,702)   (19,846)   (19,991)   (19,564)   (20,136)
Average tangible equity (D)  $181,649   $179,282   $174,630   $173,393   $173,129   $178,531   $168,958 
                                    
Return on average equity (GAAP)  (A)/(C)   6.71%   10.79%   6.45%   8.24%   8.66%   7.99%   8.68%
Return on average tangible equity (Non-GAAP)  (B)/(D)   7.63%   12.20%   7.43%   9.43%   9.90%   9.09%   9.98%
                                    
The following reconciles GAAP efficiency ratio and non-GAAP efficiency ratio from continuing operations (Note 2):                                   
                                    
Noninterest expense (E)  $9,831   $7,663   $10,349   $9,845   $9,384   $27,843   $27,712 
Less:  Amortization of intangible assets   (125)   (138)   (144)   (144)   (144)   (407)   (461)
Adjusted noninterest expense (F)  $9,706   $7,525   $10,205   $9,701   $9,240   $27,436   $27,251 
                                    
Net interest income (G)   13,283    13,031    12,518    12,764    12,680    38,832    37,367 
Add:  Taxable-equivalent adjustment   34    37    36    44    44    107    119 
Taxable-equivalent net interest income (H)  $13,317   $13,068   $12,554   $12,808   $12,724   $38,939   $37,486 
                                    
Noninterest income (I)  $2,581   $2,769   $2,352   $2,694   $2,529   $7,702    7,326 
Less:  Investment securities (gains)   —    (347)   —    —    —    (347)   — 
Adjusted noninterest income (J)  $2,581   $2,422   $2,352   $2,694   $2,529   $7,355   $7,326 
                                    
Efficiency ratio (GAAP)  (E)/(G)+(I)   61.97%   48.50%   69.60%   63.69%   61.70%   59.83%   62.01%
Efficiency ratio (Non-GAAP)  (F)/(H)+(J)   61.05%   48.58%   68.46%   62.58%   60.58%   59.26%   60.81%

 

 

 

 

Page 18 of 18

 

The following reconciles book value per common share and tangible book value per common share (Note 1):                                   
                                    
Stockholders' equity (L)  $198,881   $200,134   $195,694   $192,802   $193,963           
Less:  Goodwill and other intangible assets   (19,362)   (19,488)   (19,626)   (19,770)   (19,914)          
Tangible equity (M)  $179,519   $180,646   $176,068   $173,032   $174,049           
                                    
Shares outstanding (N)   12,218    12,526    12,525    12,500    12,742           
                                    
Book value per common share (GAAP)  (L)/(N)  $16.28   $15.98   $15.62   $15.42   $15.22           
Tangible book value per common share (Non-GAAP) (M)/(N)  $14.69   $14.42   $14.06   $13.84   $13.66           
                                    
The following reconciles equity to assets and tangible equity to tangible assets (Note 1):                                   
                                    
Stockholders' equity (O)  $198,881   $200,134   $195,694   $192,802   $193,963           
Less:  Goodwill and other intangible assets   (19,362)   (19,488)   (19,626)   (19,770)   (19,914)          
Tangible equity (P)  $179,519   $180,646   $176,068   $173,032   $174,049           
                                    
Assets (Q)  $1,828,172   $1,719,524   $1,571,421   $1,559,235   $1,561,679           
Less:  Goodwill and other intangible assets   (19,362)   (19,488)   (19,626)   (19,770)   (19,914)          
Tangible assets (R)  $1,808,810   $1,700,036   $1,551,795   $1,539,465   $1,541,765           
                                    
Period-end equity/assets (GAAP)  (O)/(Q)   10.88%   11.64%   12.45%   12.37%   12.42%          
Period-end tangible equity/tangible assets (Non-GAAP)  (P)/(R)   9.92%   10.63%   11.35%   11.24%   11.29%          

 

 

Note 1:Management believes that reporting tangible equity and tangible assets more closely approximates the adequacy of capital for regulatory purposes.

 

Note 2:Management believes that reporting the non-GAAP efficiency ratio more closely measures its effectiveness of controlling cash-based operating activities.

 

 

 

 

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MD 000-22345 52-1974638 28969 Information Lane Easton MD 21601 410 763-7800 false false false false Common stock, par value $.01 per share SHBI NASDAQ false XML 8 R1.htm IDEA: XBRL DOCUMENT v3.20.2
Cover
Oct. 22, 2020
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 22, 2020
Entity File Number 000-22345
Entity Registrant Name SHORE BANCSHARES, INC.
Entity Central Index Key 0001035092
Entity Tax Identification Number 52-1974638
Entity Incorporation, State or Country Code MD
Entity Address, Address Line One 28969 Information Lane
Entity Address, City or Town Easton
Entity Address, State or Province MD
Entity Address, Postal Zip Code 21601
City Area Code 410
Local Phone Number 763-7800
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, par value $.01 per share
Trading Symbol SHBI
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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