Shore Bancshares, Inc. is the largest independent financial holding company headquartered on the Eastern Shore of Maryland. It is the parent company of Shore United Bank. The Bank operates 22 full-service branches in Baltimore County, Howard County, Kent County, Queen Anne's County, Talbot County, Caroline County, Dorchester County and Wicomico County in Maryland, Kent County, Delaware and Accomack County, Virginia. The Company engages in trust and wealth management services through Wye Financial Partners, a division of Shore United Bank.

Company profile
Ticker
SHBI
Exchange
Website
CEO
Lloyd L. Beatty
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
SEC CIK
Corporate docs
IRS number
521974638
SHBI stock data
Investment data
Securities sold
Number of investors
Calendar
16 May 22
26 Jun 22
31 Dec 22
Financial summary
Quarter (USD) | Mar 22 | Dec 21 | Sep 21 | Jun 21 | |
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Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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Revenue | |||||
Cost of revenue | |||||
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Change in cash | |||||
Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 570.98M | 570.98M | 570.98M | 570.98M | 570.98M | 570.98M |
Cash burn (monthly) | 4.21M | (no burn) | (no burn) | (no burn) | (no burn) | (no burn) |
Cash used (since last report) | 12.09M | n/a | n/a | n/a | n/a | n/a |
Cash remaining | 558.89M | n/a | n/a | n/a | n/a | n/a |
Runway (months of cash) | 132.7 | n/a | n/a | n/a | n/a | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
4 May 22 | Lamon John | Common Stock | Buy | Acquire P | No | No | 19.92 | 625 | 12.45K | 50,977 |
18 Feb 22 | Jr. Charles E. Ruch, | Common Stock | Grant | Acquire A | No | No | 0 | 474 | 0 | 2,920.619 |
18 Feb 22 | Edward Conley JR. Allen | Common Stock | Grant | Acquire A | No | No | 0 | 474 | 0 | 14,682.096 |
18 Feb 22 | Jennifer Joseph | Common Stock | Grant | Acquire A | No | No | 0 | 332 | 0 | 1,169 |
18 Feb 22 | Beatty Lloyd L JR | Common Stock | Grant | Acquire A | No | No | 0 | 9,496 | 0 | 111,321.905 |
Institutional ownership, Q1 2022
58.1% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 88 |
Opened positions | 17 |
Closed positions | 5 |
Increased positions | 33 |
Reduced positions | 20 |
13F shares | Current |
---|---|
Total value | 236.2M |
Total shares | 11.54M |
Total puts | 0 |
Total calls | 0 |
Total put/call ratio | – |
Largest owners | Shares | Value |
---|---|---|
FJ Capital Management | 1.96M | $40.23M |
Fourthstone | 1.45M | $29.69M |
Vanguard | 762.6K | $15.62M |
Dimensional Fund Advisors | 689.44K | $14.12M |
Manufacturers Life Insurance Company, The | 661.37K | $13.55M |
HoldCo Asset Management | 520.63K | $10.66M |
Banc Funds | 429.19K | $8.79M |
AMP Ameriprise Financial | 385K | $7.88M |
Gendell Jeffrey L | 295.73K | $6.06M |
Renaissance Technologies | 281.13K | $5.76M |
Financial report summary
?Risks
- The ongoing COVID-19 pandemic and resulting substantial disruption to global and domestic economies could adversely impact our business operations, asset valuations, and financial results.
- 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.
- 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.
- The replacement of the LIBOR benchmark interest rate may have an impact on our business, financial condition, or results of operations.
- We operate in a highly regulated environment, which could restrain our growth and profitability.
- Federal 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.
- 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 $22.5 million for the first quarter of 2022 and $13.8 million for the first quarter of 2021. Tax-equivalent net interest income was $20.7 million for the fourth quarter of 2021. The increase in net interest income when comparing the first quarter of 2022 to the first quarter of 2021 and the fourth quarter of 2021, was due to increases in interest and fees on loans and income from taxable investment securities, partially offset by increases in interest expense on interest-bearing deposits and subordinated debt primarily due to the acquisition of Severn. Net interest margin is tax-equivalent net interest income (annualized) divided by average earning assets. The net interest margin for the first quarter of 2022 was 2.78%, which was a decrease of 22bps when compared to 3.00% for the first quarter of 2021 and a decrease of 9bps when compared to 2.87% for the fourth quarter of 2021. The decline in net interest margin in the first quarter of 2022 when compared to the first quarter of 2021 was significantly impacted by excess liquidity and higher average balances on lower yielding assets, coupled with additional
Content analysis
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Readability |
H.S. sophomore Bad
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Removed:
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Financial reports
Current reports
8-K
1 Investor Presentation June 2022
2 Jun 22
8-K
Submission of Matters to a Vote of Security Holders
25 May 22
8-K
Shore Bancshares, Inc. Reports Quarterly Dividend of $0.12 Per Share
4 May 22
8-K
Shore Bancshares Reports First Quarter 2022 Financial Results
28 Apr 22
8-K
Shore Bancshares Reports 2021 Financial Results and Quarterly Dividend of $0.12 Per share
14 Feb 22
8-K
1 Investor Presentation November 2021
10 Nov 21
8-K
Shore Bancshares, Inc. Reports Quarterly Dividend of $0.12 Per Share
2 Nov 21
8-K
Completion of Acquisition or Disposition of Assets
1 Nov 21
8-K
Shore Bancshares Reports Third Quarter and Nine-Month Financial Results
28 Oct 21
8-K
Shore Bancshares, Inc. and Severn Bancorp, Inc. Announce Receipt of Shareholder Approval for Merger
22 Oct 21
Registration and prospectus
S-8
Registration of securities for employees
27 Oct 21
425
Business combination disclosure
22 Oct 21
425
Business combination disclosure
27 Sep 21
S-4/A
Registration of securities issued in business combination transactions (amended)
10 Sep 21
425
Business combination disclosure
3 Mar 21
425
Business combination disclosure
3 Mar 21
424B3
Prospectus supplement
4 Nov 20
S-4
Registration of securities issued in business combination transactions
23 Oct 20
D
$25M in debt, sold $25M, 22 investors
1 Oct 20
Proxies
DEFA14A
Additional proxy soliciting materials
11 May 22
DEFA14A
Additional proxy soliciting materials
11 Apr 22
DEFA14A
Additional proxy soliciting materials
26 Mar 21
DEFA14A
Additional proxy soliciting materials
7 Apr 20
DEFA14A
Additional proxy soliciting materials
13 Mar 20
DEFA14A
Additional proxy soliciting materials
15 Mar 19
DEF 14A
Definitive proxy
15 Mar 19
Other
EFFECT
Notice of effectiveness
15 Sep 21
CORRESP
Correspondence with SEC
9 Sep 21
UPLOAD
Letter from SEC
30 Aug 21
EFFECT
Notice of effectiveness
4 Nov 20
CORRESP
Correspondence with SEC
28 Oct 20
UPLOAD
Letter from SEC
28 Oct 20
EFFECT
Notice of effectiveness
11 Sep 18
CORRESP
Correspondence with SEC
9 Sep 18
CORRESP
Correspondence with SEC
16 Aug 18
CORRESP
Correspondence with SEC
14 Aug 18
Ownership
4
SHORE BANCSHARES / JOHN LAMON ownership change
4 May 22
4
SHORE BANCSHARES / Michael T. Cavey ownership change
23 Feb 22
4
SHORE BANCSHARES / DONNA J. STEVENS ownership change
23 Feb 22
4
SHORE BANCSHARES / LLOYD L BEATTY JR ownership change
23 Feb 22
4
SHORE BANCSHARES / Jennifer Joseph ownership change
23 Feb 22
4
SHORE BANCSHARES / EDWARD CONLEY JR. ALLEN ownership change
23 Feb 22
4
SHORE BANCSHARES / Jr. Charles E. Ruch, ownership change
23 Feb 22
4
SHORE BANCSHARES / KONRAD WAYSON ownership change
17 Feb 22
4
SHORE BANCSHARES / JOHN LAMON ownership change
17 Feb 22
4
SHORE BANCSHARES / Vance W. Adkins ownership change
17 Feb 22
Reddit threads
Daily Discussion Thread - May 12th, 2022
12 May 22
Daily Discussion Thread - May 11th, 2022
11 May 22
Daily Discussion Thread - February 23rd, 2022
23 Feb 22
Daily Discussion Thread - February 22nd, 2022
22 Feb 22
Daily Discussion Thread - February 21st, 2022
21 Feb 22
Daily Discussion Thread - February 15th, 2022
15 Feb 22
Daily Discussion Thread - February 14th, 2022
14 Feb 22
Daily Discussion Thread - February 10th, 2022
10 Feb 22
Daily Discussion Thread - February 9th, 2022
9 Feb 22
Daily Discussion Thread - February 8th, 2022
8 Feb 22