Shore Bancshares sees 2Q earnings rise

Daily Record Staff//July 25, 2013//

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Shore Bancshares Inc., of Easton, the largest independent bank holding company on Maryland’s Eastern Shore, reported second-quarter net income of $361,000, or 4 cents per diluted share, versus net income of $222,000, or 3 cents per diluted share in the year-ago period.

Officials attributed the improved results to a decrease in the provision for credit losses, which was partially offset by a decrease in non-interest income. Total assets were $1.054 billion at the end of June 2013, an 11.1 percent decrease compared to the $1.180 billion posted at the end of 2012.

Officials said the decline in total assets was due primarily to decreases in investment securities and in interest-bearing deposits with other banks.

Shore Bancshares is the holding company for two banks, three insurance agencies, a wholesale insurance company, an insurance premium finance company and a registered investment adviser firm.

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