Shore Bancshares sees net income increase in Q2 earnings report

Shore Bancshares Inc., the holding company for Shore United Bank N.A., reported an increase in net income in the second quarter of 2024 in its earnings statement released Thursday.

The Easton-based financial institution reported net income for the second quarter of 2024 of $11.2 million or $0.34 per diluted common share compared to net income of $8.2 million or $0.25 per diluted common share for the first quarter of 2024, and net income of $4.0 million or $0.20 per diluted common share for the second quarter of 2023.

Net income for the first half of 2024 was $19.4 million or $0.58 per diluted common share, compared to net income for the first half of 2023 of $10.5 million or $0.53 per diluted common share.

James “Jimmy” M. Burke, president and CEO of Shore Bancshares, said the company worked to strengthen its balance sheet and streamline operations throughout its first post-merger operating year following its acquisition of The Community Financial Corporation in 2023.

Burke added stable deposit balances and increasing asset yields drove NIM expansion and improved financial results, built capital and supported loan growth.

Total assets were $5.9 billion at June 30, 2024, a decrease of $145 million or 2.4%, when compared to $6 billion at Dec. 31, 2023. The aggregate decrease was primarily due to a decrease in cash and cash equivalents of $233.5 million and investment securities held to maturity of $13.8 million partially offset by an increase in investment securities available for sale of $21.1 million and loans held for investment of $64.7 million. The ratio of the ACL to total loans increased slightly from 1.23% at Dec. 31, 2023 to 1.24% at June 30.