Shore Bancshares, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
January 28, 2013
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Shore Bancshares, Inc. reported consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company's net interest income was $8.38 million against $9.84 million a year ago. Loss before income taxes was $8.34 million against income of $0.42 million a year ago. Net loss was $5.07 million or $0.60 per diluted share against net income of $0.33 million or $0.04 per diluted share a year ago. Loss on average assets was 1.71% against return on average assets of 0.11% a year ago. Loss on average equity was 17.15% against return on average equity of 1.07% a year ago. Loss on average tangible equity was 19.73% against return on average tangible equity of 1.53% a year ago. Book value per common share was $13.48 against $14.34 a year ago. Tangible book value per common share was $11.56 against $12.37 a year ago. The decrease in net interest income when compared to the third quarter of 2012 was primarily due to lower yields earned on average earning assets. The decrease in net interest income when compared to the fourth quarter of 2011 was primarily due to lower yields earned on average earning assets and a decline in higher-yielding average loan balances.
For the full year, the company's net interest income was $35.34 million against $39.76 million a year ago. Loss before income taxes was $16.2 million against $1.56 million a year ago. Net loss was $9.64 million or $1.14 per diluted share against $0.9 million or $0.11 per diluted share a year ago. Loss on average assets was 0.82% against 0.08% a year ago. Loss on average equity was 8.07% against 0.74% a year ago. Loss on average tangible equity was 9.14% against return on average tangible equity of 0.32% a year ago. The decrease in net interest income was primarily due to lower yields earned on average earning assets and a decline in higher-yielding average loan balances.
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.