Parent Company Financial Information (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Condensed Financial Information Disclosure [Abstract] |
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Condensed Balance Sheet, Parent Only |
The following tables provide condensed financial information for Shore Bancshares, Inc. (Parent Company Only) at and for the years ending December 31, 2023 and 2022. Condensed Balance Sheets | | | | | | | | | | | | | | | (Dollars in thousands) | | December 31, 2023 | | December 31, 2022 | Assets | | | | | Cash | | $ | 7,345 | | | $ | 7,145 | | Investment in subsidiaries | | 571,298 | | | 396,897 | | Other assets | | 7,926 | | | 5,392 | | Total assets | | $ | 586,569 | | | $ | 409,434 | | | | | | | Liabilities | | | | | Accrued interest payable | | $ | 1,050 | | | $ | 744 | | Other liabilities | | 2,087 | | | 1,333 | | Long-term debt | | 72,297 | | | 43,072 | | Total liabilities | | 75,434 | | | 45,149 | | | | | | | Stockholders’ equity | | | | | Common stock | | 332 | | | 199 | | Additional paid in capital | | 356,007 | | | 201,494 | | Retained earnings | | 162,290 | | | 171,613 | | Accumulated other comprehensive (loss) | | (7,494) | | | (9,021) | | Total stockholders’ equity | | 511,135 | | | 364,285 | | | | | | | Total liabilities and stockholders’ equity | | $ | 586,569 | | | $ | 409,434 | |
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Condensed Statement of Operations, Parent Only |
| | | | | | | | | | | | | | | | | | | For the Year Ended | (Dollars in thousands) | | December 31, 2023 | | December 31, 2022 | | | Income | | | | | | | Dividends from subsidiaries | | $ | 22,000 | | | $ | 5,500 | | | | Company owned life insurance income | | 141 | | | 67 | | | | Bargain purchase gain | | 8,816 | | | — | | | | Total income | | 30,957 | | | 5,567 | | | | | | | | | | | Expenses | | | | | | | Interest expense | | 4,454 | | | 2,451 | | | | Salaries and employee benefits | | 358 | | | 324 | | | | Occupancy and equipment expense | | 1 | | | — | | | | Legal and professional fees, including merger expenses | | 5,164 | | | 1,654 | | | | Other operating expenses | | 775 | | | 540 | | | | Total expenses | | 10,752 | | | 4,969 | | | | | | | | | | | Income before income tax (benefit) and equity (deficit) in undistributed net income of subsidiaries | | 20,205 | | | 598 | | | | Income tax (benefit) | | (1,557) | | | (1,059) | | | | Income before (deficit) equity in undistributed net income of subsidiaries | | 21,762 | | | 1,657 | | | | Equity (deficit) in undistributed net income of subsidiaries | | (10,534) | | | 29,520 | | | | Net income | | $ | 11,228 | | | $ | 31,177 | | | |
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Condensed Cash Flow, Parent Only |
| | | | | | | | | | | | | | | | | | | For the Year Ended | (Dollars in thousands) | | December 31, 2023 | | December 31, 2022 | | | Cash flows from operating activities: | | | | | | | Net income | | $ | 11,228 | | | $ | 31,177 | | | | Adjustments to reconcile net income to cash provided by operating activities: | | | | | | | Deficit (equity) in undistributed net income of subsidiaries | | 10,534 | | | (29,521) | | | | Bargain purchase gain | | (8,816) | | | — | | | | Amortization of debt issuance costs | | 122 | | | 122 | | | | Stock-based compensation expense | | 1,174 | | | 636 | | | | Company owned life insurance income | | (141) | | | (67) | | | | Acquisition accounting adjustments | | 557 | | | 188 | | | | Net (increase) decrease in other assets | | (1,267) | | | 387 | | | | Net (decrease) increase in other liabilities | | (682) | | | 275 | | | | Net cash provided by operating activities | | 12,709 | | | 3,197 | | | | | | | | | | | Cash flows from investing activities: | | | | | | | Purchase of company owned life insurance | | (249) | | | — | | | | Cash acquired in the acquisition of TCFC, net of cash paid | | 88 | | | — | | | | Net cash (used in) investing activities | | (161) | | | — | | | | | | | | | | | Cash flows from financing activities: | | | | | | | Common stock dividends paid | | (12,733) | | | (9,530) | | | | | | | | | | | Issuance of common stock | | 385 | | | 386 | | | | | | | | | | | Net cash (used in) financing activities | | (12,348) | | | (9,144) | | | | | | | | | | | Net increase (decrease) in cash and cash equivalents | | 200 | | | (5,947) | | | | Cash and cash equivalents at beginning of year | | 7,145 | | | 13,092 | | | | Cash and cash equivalents at end of year | | $ | 7,345 | | | $ | 7,145 | | | |
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