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Shore Bancshares up in second quarter

Shore Bancshares Inc., the parent company of two banks, The Talbot Bank of Easton and CNB, reported a nearly $1 million increase in net income for the second quarter, ended June 30. Profit was $1.3 million, or 13 cents per diluted share, compared to $361,000 and 4 cents for the prior-year period. Shore Bancshares attributed 2014’s improved quarter results to a decline in the provision for credit losses of $1.8 million, which was impacted by the sale of loans and other real estate owned by Talbot Bank during the fourth quarter of 2013. During the second quarter of 2014, Shore Bancshares sold 4.14 million shares of its common stock for $8.25 per share, receiving $31.2 million in net proceeds. The company contributed $20 million of the proceeds to The Talbot Bank to satisfy regulatory capital requirements.

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