Shore Bancshares, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017
January 25, 2018 at 04:16 pm
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Shore Bancshares, Inc. reported consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, net interest income was $12,369,000 against $9,965,000 a year ago. Income before income taxes was $5,531,000 against $4,377,000 a year ago. Net income was $2,698,000 against $2,495,000 a year ago. Return on average assets was 0.78% against 0.86% a year ago. Return on average equity was 6.53% against 6.39% a year ago. Basic and diluted net income per common share was $0.21 against $0.20 a year ago. Total interest income was $12,968,000 against $10,505,000 a year ago.
For the year, net interest income was $45,528,000 against $38,249,000 a year ago. Income before income taxes was $19,785,000 against $15,899,000 a year ago. Net income was $11,262,000 against $9,638,000 a year ago. Return on average assets was 0.87% against 0.84% a year ago. Return on average equity was 7.05% against 6.32% a year ago. Basic and diluted net income per common share was $0.89 against $0.76 a year ago. Book value per common share as at December 31, 2017 was $12.91 against $12.18 a year ago. Total interest income was $47,801,000 against $40,652,000 a year ago.
For the quarter, the company reported net charge-offs of $59,000 against $306,000 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.
Shore Bancshares, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017