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Income climbs at Easton’s Shore Bancshares

Easton-based Shore Bancshares Inc. reported net income of$1.909 million or $0.15 per diluted common share for the third quarter of 2015, compared to net income of $1.627 million or $0.13 per diluted common share for the second quarter of 2015, and net income of $1.262 million or $0.10 per diluted common share for the third quarter of 2014. The company reported net income of$4.9 million or $0.39 per diluted common share for the first nine months of 2015, compared to net income of$3.8 million or $0.37 per diluted common share for the first nine months of 2014.

When comparing the third quarter of 2015 to the second quarter of 2015, the primary reasons for the improved results were increases in net interest income and noninterest income of $327,000 and $117,000, respectively, coupled with a decrease in provision for credit losses of $130,000.

When comparing the third quarter of 2015 to the third quarter of 2014, improved results were driven by an increase in net interest income of $374,000, followed by decreases in both the provision for credit losses and noninterest expense of $365,000 and $423,000, respectively.  When comparing the first nine months of 2015 to the first nine months of 2014, improved earnings were due to an increase in net interest income of $826,000 and a decline in the provision for credit losses of $1.1 million.  Noninterest expense decreased $1.4 million, which almost entirely offset by a decline in noninterest income of $1.5 million primarily due to the sale of Tri-State General Insurance Agency, LTD late in the second quarter of 2014.

“We are pleased to report a third consecutive quarter of improved earnings as well as the first dividend paid to stockholders since 2012,” said Lloyd L. “Scott” Beatty, Jr., president and chief executive officer.  “Our strong core deposits have allowed us to fund healthy loan growth in 2015, providing quarterly and year to date increases in net interest income. As the loan portfolio continues to grow, we have placed a high priority on attaining new customer deposits and relationships.”