Shore Bancshares, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 01, 2023 at 11:00 am
Share
Shore Bancshares, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 45.62 million compared to USD 27.32 million a year ago. Net loss was USD 6.38 million compared to net income of USD 9.66 million a year ago. Basic loss per share from continuing operations was USD 0.19 compared to basic earnings per share from continuing operations of USD 0.49 a year ago. Diluted loss per share from continuing operations was USD 0.19 compared to diluted earnings per share from continuing operations of USD 0.49 a year ago.
For the nine months, net interest income was USD 93.78 million compared to USD 74.36 million a year ago. Net income was USD 4.09 million compared to USD 22.77 million a year ago. Basic earnings per share from continuing operations was USD 0.17 compared to USD 1.15 a year ago. Diluted earnings per share from continuing operations was USD 0.17 compared to USD 1.15 a year ago.
Shore Bancshares, Inc. is a financial holding company. The Company conducts business primarily through two wholly owned subsidiaries, Shore United Bank, N.A. (the Bank) and Mid-Maryland Title Company, Inc. (the Title Company). The Bank provides consumer and commercial banking products and services and secondary mortgage lending, trust, wealth management and financial planning services. The Bank is a national banking association chartered, which operates 42 full-service branches, 42 automatic teller machines (ATM), three interactive teller machines, five loan production offices. The Bank provides a full range of commercial and consumer banking products and services to individuals, businesses, and other organizations in Baltimore County, Howard County, Kent County, Queen Annes County, Caroline County, Talbot County, Dorchester County, Anne Arundel County, Charles County, St Marys County and others. The Title Company engages in title work related to real estate transactions.