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Shore Bancshares (SHBI)

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.

SHBI stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

16 May 22
26 Jun 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
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

Beta Read what these cash burn values mean

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
58.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 88 76 +15.8%
Opened positions 17 18 -5.6%
Closed positions 5 9 -44.4%
Increased positions 33 32 +3.1%
Reduced positions 20 11 +81.8%
13F shares Current Prev Q Change
Total value 236.2M 233.54M +1.1%
Total shares 11.54M 11.2M +3.0%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
FJ Capital Management 1.96M $40.23M +28.9%
Fourthstone 1.45M $29.69M -25.7%
Vanguard 762.6K $15.62M +0.4%
Dimensional Fund Advisors 689.44K $14.12M +4.9%
Manufacturers Life Insurance Company, The 661.37K $13.55M +0.8%
HoldCo Asset Management 520.63K $10.66M -8.8%
Banc Funds 429.19K $8.79M +2.8%
AMP Ameriprise Financial 385K $7.88M +5.5%
Gendell Jeffrey L 295.73K $6.06M -0.7%
Renaissance Technologies 281.13K $5.76M -1.0%
Largest transactions Shares Bought/sold Change
Fourthstone 1.45M -501.74K -25.7%
FJ Capital Management 1.96M +440.16K +28.9%
EJF Capital 0 -190.6K EXIT
Millennium Management 202.33K +162.97K +414.1%
Assenagon Asset Management 168.7K +92.27K +120.7%
Arrowstreet Capital, Limited Partnership 0 -53.38K EXIT
HoldCo Asset Management 520.63K -50.28K -8.8%
Acadian Asset Management 220.46K +48.41K +28.1%
Gilman Hill Asset Management 0 -48.2K EXIT
Squarepoint Ops 47.02K +47.02K NEW

Financial report summary

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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

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