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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

(
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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

26 Mar 21
11 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 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
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
1 Feb 21 James A Judge Common Stock Grant Aquire A No No 0 1,649 0 8,780

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

70.4% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 62 65 -4.6%
Opened positions 3 3
Closed positions 6 7 -14.3%
Increased positions 23 14 +64.3%
Reduced positions 19 29 -34.5%
13F shares
Current Prev Q Change
Total value 169.64M 122.57M +38.4%
Total shares 8.28M 8M +3.5%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Fourthstone 1.2M $17.46M -4.3%
BLK Blackrock 886.97K $12.95M +6.4%
HoldCo Asset Management 570.91K $8.34M NEW
Banc Funds 568.92K $8.31M 0.0%
Dimensional Fund Advisors 555.23K $8.11M -0.1%
FJ Capital Management 500K $7.31M -10.6%
Manufacturers Life Insurance Company, The 489.15K $7.14M +1.7%
Vanguard 459.56K $6.71M +0.4%
Renaissance Technologies 328.14K $4.79M -7.6%
STT State Street 270.84K $3.95M +0.5%
Largest transactions
Shares Bought/sold Change
HoldCo Asset Management 570.91K +570.91K NEW
Penn Capital Management 88.26K -204.22K -69.8%
Gendell Jeffrey L 154.34K +61.72K +66.6%
FJ Capital Management 500K -59K -10.6%
Fourthstone 1.2M -54K -4.3%
BLK Blackrock 886.97K +53.55K +6.4%
Russell Investments 146.59K -30.48K -17.2%
Renaissance Technologies 328.14K -27.1K -7.6%
Context BH Capital Management 106.9K -25.99K -19.6%
JPM JPMorgan Chase & Co. 78.9K +18.92K +31.6%

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
  • Net interest income remains the most significant factor affecting our results of operations. Net interest income represents the excess of interest and fees earned on total average earning assets (loans, investment securities, federal funds sold and interest-bearing deposits with other banks) over interest owed on average interest-bearing liabilities (deposits and borrowings). 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 for 2020 was $52.7 million. This represented a $2.4 million, or 4.9%, increase from 2019. The increase in net interest income when comparing 2020 to 2019 was primarily the result of higher average balances on loans and lower average rates paid on interest-bearing deposits, partially offset by lower average yields on taxable investment securities and interest-bearing deposits with other banks. In addition, the issuance of subordinated debt in the third quarter of 2020, contributed to the offset in the increase in net interest income when comparing the periods.
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