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SHBI Shore Bancshares

Shore Bancshares, Inc. is a financial holding company, which engages in the provision of commercial banking products and services to individuals and businesses. Its services include checking accounts, various savings programs, mortgage loans, home improvement loans, installment and other personal loans, credit cards, personal lines of credit, automobile and other consumer financing, safe deposit boxes, debit cards, 24-hour telephone banking, internet banking, mobile banking, and 24-hour automatic teller machine services. It also offers commercial checking, savings, certificates of deposit, and overnight investment sweep accounts. The company was founded on March 15, 1996 and is headquartered in Easton, MD.

Company profile

Ticker
SHBI
Exchange
CEO
Lloyd L. Beatty
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
IRS number
521974638

SHBI stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

14 May 21
13 Jun 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
14 May 21 Dawn M. Willey Common Stock Buy Aquire P No No 17.0467 6,000 102.28K 9,997
1 Feb 21 Dawn M. Willey Common Stock Grant Aquire A No No 0 3,897 0 3,997
1 Feb 21 Jeffrey E. Thompson Common Stock Grant Aquire A No No 0 1,649 0 12,040.611
1 Feb 21 Mason Frank E III Common Stock Grant Aquire A No No 0 1,649 0 31,044.938
1 Feb 21 Clyde V. Kelly Iii Common Stock Grant Aquire A No No 0 1,649 0 11,585.653

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

76.6% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 69 62 +11.3%
Opened positions 10 3 +233.3%
Closed positions 3 6 -50.0%
Increased positions 17 23 -26.1%
Reduced positions 27 19 +42.1%
13F shares
Current Prev Q Change
Total value 243.59M 169.64M +43.6%
Total shares 9M 8.28M +8.7%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Fourthstone 1.17M $19.87M -2.3%
BLK Blackrock 941.42K $16.02M +6.1%
FJ Capital Management 874.4K $14.88M +74.9%
HoldCo Asset Management 570.91K $9.72M 0.0%
Dimensional Fund Advisors 565.7K $9.63M +1.9%
Banc Funds 549.23K $9.35M -3.5%
Vanguard 486.43K $8.28M +5.8%
Manufacturers Life Insurance Company, The 475.54K $8.09M -2.8%
Renaissance Technologies 358.74K $6.11M +9.3%
Basswood Capital Management, L.L.C. 243.66K $4.15M NEW
Largest transactions
Shares Bought/sold Change
FJ Capital Management 874.4K +374.4K +74.9%
Basswood Capital Management, L.L.C. 243.66K +243.66K NEW
Kennedy Capital Management 0 -121.68K EXIT
HNNA Hennessy Advisors 65K +65K NEW
BLK Blackrock 941.42K +54.45K +6.1%
Maltese Capital Management 50K +50K NEW
STT State Street 232.71K -38.13K -14.1%
Arrowstreet Capital, Limited Partnership 33.41K +33.41K NEW
Renaissance Technologies 358.74K +30.6K +9.3%
Fourthstone 1.17M -27.96K -2.3%

Financial report summary

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Risks
  • A majority of our business is concentrated in Maryland and Delaware, a significant amount of which is concentrated in real estate lending, so a decline in the local economy and real estate markets could adversely impact our financial condition and results of operations.
  • Our concentrations of commercial real estate loans could subject us to increased regulatory scrutiny and directives, which could force us to preserve or raise capital and/or limit our future commercial lending activities.
  • Interest rates and other economic conditions will impact our results of operations.
  • The Bank may experience credit losses in excess of its allowances, which would adversely impact our financial condition and results of operations.
  • Our investment securities portfolio is subject to credit risk, market risk and liquidity risk.
  • Impairment of investment securities, goodwill, other intangible assets, or deferred tax assets could require charges to earnings, which could result in a negative impact on our results of operations.
  • Changes in accounting standards or interpretation of new or existing standards may affect how we report our financial condition and results of operations.
  • Our future success will depend on our ability to compete effectively in the highly competitive financial services industry.
  • Our funding sources may prove insufficient to replace deposits and support our future growth.
  • The loss of key personnel could disrupt our operations and result in reduced earnings.
  • The cost savings that we estimate for mergers and acquisitions may not be realized.
  • Combining acquired businesses with the Bank may be more difficult, costly, or time-consuming than expected, or could result in the loss of customers.
  • Our lending activities subject us to the risk of environmental liabilities.
  • We may be subject to other adverse claims.
  • We depend on the accuracy and completeness of information about customers and counterparties and our financial condition could be adversely affected if we rely on misleading information.
  • Our exposure to operational, technological and organizational risk may adversely affect us.
  • Our information systems may experience an interruption or breach in security.
  • Our reliance on third party vendors could expose us to additional cyber risk and liability.
  • We outsource certain aspects of our data processing to certain third-party providers which may expose us to additional risk.
  • We are dependent on our information technology and telecommunications systems and third-party servicers, and systems failures, interruptions or breaches of security could have an adverse effect on our financial condition and results of operations.
  • Technological changes affect our business, and we may have fewer resources than many competitors to invest in technological improvements.
  • Increased regulatory oversight and uncertainty relating to the LIBOR calculation process and potential phasing out of LIBOR after 2021 may adversely affect the results of our operations.
  • We operate in a highly regulated environment, which could restrain our growth and profitability.
  • Federal and state regulators periodically examine our business, and we may be required to remediate adverse examination findings.
  • Our FDIC deposit insurance premiums and assessments may increase.
  • We are subject to numerous laws designed to protect consumers, including the Community Reinvestment Act and fair lending laws, and failure to comply with these laws could lead to a wide variety of sanctions.
  • We are subject to evolving and extensive regulations and requirements. Our failure to adhere to these requirements or the failure or circumvention of our controls and procedures could seriously harm our business.
  • We face a risk of noncompliance and enforcement action with the BSA and other anti-money laundering statues and regulations.
  • Our common stock is not insured by any governmental entity.
  • Our ability to pay dividends is limited by law and contract.
  • The shares of our common stock are not heavily traded.
  • Future sales of our common stock or other securities may dilute the value and adversely affect the market price of our common stock.
  • Our Articles of Incorporation and By-Laws and Maryland law may discourage a corporate takeover which may make it more difficult for stockholders to receive a change in control premium.
  • We may issue debt and equity securities that are senior to the common stock as to distributions and in liquidation, which could negatively affect the value of the common stock.
Management Discussion
  • Tax-equivalent net interest income is net interest income adjusted for the tax-favored status of income from certain loans and investments. As shown in the table below, tax-equivalent net interest income was $13.8 million for the first quarter of
  • 2021 and $12.6 million for the first quarter of 2020. Tax-equivalent net interest income was $13.8 million for the fourth quarter of 2020. The increase in net interest income when comparing the first quarter of 2021 to the first quarter of 2020, was the result of higher interest and fees on loans and income from investment securities, coupled with a decrease in interest expense. Net interest income remained flat for the first quarter of 2021 when compared to the fourth quarter of 2020 due to less interest income on loans, offset by lower rates paid on interest-bearing deposits. Net interest margin is tax-equivalent net interest income (annualized) divided by average earning assets. The net interest margin for the first quarter of 2021 was 3.00%, which was a decrease of 48bps when compared to 3.48% for the first quarter of 2020 and a decrease of 8bps when compared to 3.08% for the fourth quarter of 2020. The decline in net interest margin in the first quarter of 2021 when compared to the fourth quarter of 2020 and the first quarter of 2020, 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 first quarter of 2021 would have been 3.17%.
  • On a tax-equivalent basis, interest income increased $658 thousand, or 4.5%, for the first quarter of 2021 when compared to the first quarter of 2020. The increase was the result of higher interest and fees on loans and income from investment securities. The primary driver for the increase in interest income on loans was the result of higher average volume of loans of $187 million, which included PPP lending. The average balance of investment securities increased $98.4 million, providing $212 thousand of additional income, despite a decrease in the average yield of 59bps.
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