Shore Bancshares, Inc. (SHBI) 10-Year Financial Performance & Capital Metrics

SHBI • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingNortheast Community Banks

AboutShore Bancshares, Inc. operates as a bank holding company for the Shore United Bank that provides various commercial and consumer banking products and services to individuals, businesses, and other organizations. It offers checking, savings, overnight investment sweep, and money market accounts; and regular and IRA certificates of deposit, as well as CDARS programs and cash management services. The company also provides commercial loans, such as secured and unsecured loans, working capital loans, lines of credit, term loans, accounts receivable financing, real estate acquisition and development loans, construction loans, and letters of credit; residential real estate construction loans; residential mortgage loans; and loans to consumers, including home equity, automobile, installment, home improvement, and personal lines of credit, as well as other consumer financing products. In addition, it offers non-deposit products, such as mutual funds and annuities, and discount brokerage services; and trust, asset management, and financial planning services. Further, the company provides merchant credit card clearing, as well as telephone, mobile, and Internet banking services; safe deposit boxes; debit and credit cards; direct deposit of payroll; and automatic teller machine (ATM) services. It operates 29 full service branches, 30 ATMs, and 5 loan production offices in Baltimore City, Baltimore County, Howard County, Kent County, Queen Anne's County, Caroline County, Talbot County, Dorchester County, Anne Arundel County, and Worcester County in Maryland; Kent County, Delaware; and Accomack County, Virginia. The company was founded in 1876 and is headquartered in Easton, Maryland.Show more

Net Interest Income $171M +26.0%
Total Revenue $326M +36.9%
Net Income $44M +290.9%
Return on Equity 8.34% +225.2%
Net Interest Margin 2.74% +21.6%
Efficiency Ratio 42.35% -11.8%
ROA 0.72% +202.9%
Equity / Assets 8.68% +2.1%
Book Value per Share 16.23 -15.6%
Tangible BV/Share 13.01 -12.2%
Debt/Equity 0.25 +50.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 22.1%
✓Strong Piotroski F-Score: 7/9
✓Efficient operations: 42.3% efficiency ratio
✓Healthy dividend yield of 2.6%
✓Trading near 52-week high
✓Trading at only 1.1x book value

✗Weaknesses

✗Shares diluted 25.5% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y19.83%

5Y36.15%

3Y57.44%

TTM-

Profit (Net Income) CAGR

10Y24.14%

5Y22.06%

3Y41.88%

TTM50.76%

EPS CAGR

10Y11.12%

5Y0.78%

3Y4.1%

TTM36%

ROCE

10Y Avg8.86%

5Y Avg7.49%

3Y Avg7.16%

Latest8.85%

Peer Comparison

Northeast Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DCOMDime Community Bancshares, Inc.	1.37B	31.13	56.60	0.1%	4.5%	4.02%	6.79%	0.70
EBCEastern Bankshares, Inc.	4.4B	19.56	29.64	91.64%	11.17%	1.3%	6.14%	0.01
LYGLloyds Banking Group plc	80.5B	5.48	21.92	10.79%	11.75%	9.93%		1.76
CFGCitizens Financial Group, Inc.	26.03B	60.61	20.00	1.31%	12.22%	6.6%	7.22%	0.51
PFSProvident Financial Services, Inc.	2.65B	20.29	19.32	63.91%	10.13%	7.51%	16.04%	0.93
CBUCommunity Bank System, Inc.	3.3B	62.73	18.24	24.44%	19.4%	10.34%	6.71%	0.57
VLYValley National Bancorp	6.7B	12.02	17.42	6.51%	10.65%	6.53%	8.18%	0.50
INDBIndependent Bank Corp.	3.8B	76.62	16.95	6.89%	19.72%	7.76%	5.51%	0.23

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	35.52M	38.25M	45.69M	50.63M	50.13M	52.6M	64.13M	101.3M	135.31M	170.55M
NII Growth %	0.04%	0.08%	0.19%	0.11%	-0.01%	0.05%	0.22%	0.58%	0.34%	0.26%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	38.87M	40.65M	47.96M	55.91M	59.77M	59.68M	70.17M	113.84M	214.08M	295.34M
Interest Expense	3.35M	2.4M	2.27M	5.27M	9.64M	7.08M	6.04M	12.54M	78.77M	124.79M
Loan Loss Provision	2.08M	1.85M	2.29M	1.67M	700K	3.9M	-358K	1.93M	30.95M	4.74M
Non-Interest Income+	14.79M	16.11M	7.67M	8.49M	10.02M	10.75M	13.5M	23.09M	24.34M	31.15M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	53.66M	56.76M	55.63M	64.4M	69.79M	70.43M	83.67M	136.93M	238.42M	326.49M
Revenue Growth %	0%	0.06%	-0.02%	0.16%	0.08%	0.01%	0.19%	0.64%	0.74%	0.37%
Non-Interest Expense	36.73M	36.61M	33.11M	36.31M	37.56M	38.4M	56.81M	80.32M	114.51M	138.25M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	11.52M	15.9M	17.96M	21.14M	21.89M	21.05M	21.18M	42.14M	14.18M	58.7M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.42%	0.38%	0.13%	0.18%	0.04%	-0.04%	0.01%	0.99%	-0.66%	3.14%
Pretax Income+	11.52M	15.9M	17.96M	21.14M	21.89M	21.05M	21.18M	42.14M	14.18M	58.7M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	4.41M	6.26M	8.73M	5.38M	5.61M	5.32M	5.81M	10.96M	2.96M	14.81M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	7.11M	9.64M	11.26M	25M	16.2M	15.73M	15.37M	31.18M	11.23M	43.89M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.41%	0.36%	0.17%	1.22%	-0.35%	-0.03%	-0.02%	1.03%	-0.64%	2.91%
Net Income (Continuing)	7.11M	9.64M	9.22M	15.76M	16.28M	15.73M	15.37M	31.18M	11.23M	43.89M
EPS (Diluted)+	0.56	0.76	0.89	1.96	1.27	1.27	1.17	1.57	0.42	1.32
EPS Growth %	0.22%	0.36%	0.17%	1.2%	-0.35%	0%	-0.08%	0.34%	-0.73%	2.14%
EPS (Basic)	0.56	0.76	0.89	1.96	1.27	1.27	1.17	1.57	0.42	1.32
Diluted Shares Outstanding	12.64M	12.67M	12.72M	12.75M	12.73M	12.38M	13.12M	19.85M	26.57M	33.34M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	69.3M	75.94M	31.82M	67.22M	94.97M	186.92M	583.61M	55.5M	372.41M	459.85M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	1B	1.03B	1.3B	1.35B	1.37B	1.65B	2.67B	3.19B	5.22B	5.37B
Investments Growth %	0.06%	0.03%	0.26%	0.04%	0.02%	0.2%	0.62%	0.2%	0.64%	0.03%
Long-Term Investments	792.61M	869.5M	1.1B	1.19B	1.25B	1.51B	2.55B	3.1B	5.11B	5.22B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	11.93M	11.93M	17.52M	17.52M	17.52M	17.52M	63.42M	63.27M	63.27M	63.27M
Intangible Assets	1.21M	1.08M	3.72M	2.86M	2.25M	1.72M	11.62M	10.82M	54.02M	44.19M
PP&E (Net)	16.86M	16.56M	22.63M	22.71M	28.59M	29.72M	62.99M	61.12M	94.87M	93.19M
Other Assets	15.43M	10.5M	11.1M	16.78M	37.3M	37.72M	59M	79.16M	144.57M	149.06M
Total Current Assets	284.96M	243.66M	233.57M	226.07M	222.55M	334.73M	710.79M	151.15M	502.15M	628.63M
Total Non-Current Assets	850.18M	916.61M	1.16B	1.26B	1.34B	1.6B	2.75B	3.33B	5.51B	5.6B
Total Assets+	1.14B	1.16B	1.39B	1.48B	1.56B	1.93B	3.46B	3.48B	6.01B	6.23B
Asset Growth %	0.03%	0.02%	0.2%	0.06%	0.05%	0.24%	0.79%	0%	0.73%	0.04%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%	0%	0.01%
Accounts Payable	106K	74K	65K	604K	330K	1.7M	3.44M	1.34M	0	0
Total Debt+	6.67M	3.2M	21.73M	75.81M	22.24M	30.35M	68.61M	92.98M	85.15M	135.56M
Net Debt	-62.63M	-72.73M	-10.09M	8.59M	-72.73M	-156.56M	-515.01M	37.48M	-286.89M	-324.29M
Long-Term Debt	0	0	0	15M	15M	24.43M	52.9M	43.07M	72.3M	123.72M
Short-Term Debt	6.67M	3.2M	21.73M	60.81M	2.45M	1.05M	4.14M	40M	0	0
Other Liabilities	3.16M	1.86M	2.33M	7.68M	2.52M	4.89M	7.74M	7.53M	28.14M	25.8M
Total Current Liabilities	985.02M	1B	1.23B	1.28B	1.34B	1.7B	3.04B	3.05B	5.39B	5.53B
Total Non-Current Liabilities	3.16M	1.86M	2.33M	22.68M	22.32M	34.2M	72.2M	60.51M	113.66M	161.36M
Total Liabilities	988.18M	1.01B	1.23B	1.3B	1.37B	1.74B	3.11B	3.11B	5.5B	5.69B
Total Equity+	146.97M	154.3M	163.74M	183.19M	192.8M	195.02M	350.69M	364.29M	511.13M	541.07M
Equity Growth %	0.05%	0.05%	0.06%	0.12%	0.05%	0.01%	0.8%	0.04%	0.4%	0.06%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.05%	0.06%	0.07%	0.14%	0.09%	0.08%	0.06%	0.09%	0.03%	0.08%
Book Value per Share	11.63	12.18	12.87	14.36	15.15	15.75	26.73	18.35	19.23	16.23
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	126K	127K	127K	127K	125K	118K	198K	199K	332K	333K
Additional Paid-in Capital	63.81M	64.2M	65.26M	65.43M	61.05M	52.17M	200.47M	201.49M	356.01M	358.11M
Retained Earnings	83.1M	90.96M	99.66M	120.57M	131.43M	141.21M	149.97M	171.61M	162.29M	190.17M
Accumulated OCI	-71K	-993K	-1.31M	-2.95M	207K	1.53M	56K	-9.02M	-7.49M	-7.54M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	15.12M	19M	19.52M	18.3M	13.74M	18.43M	-7.5M	52.65M	22.71M	46.89M
Operating CF Growth %	0.15%	0.26%	0.03%	-0.06%	-0.25%	0.34%	-1.41%	8.02%	-0.57%	1.06%
Net Income	7.11M	9.64M	11.26M	12.26M	16.2M	15.73M	15.37M	31.18M	11.23M	43.89M
Depreciation & Amortization	2.43M	2.45M	1.65M	2.3M	2.39M	2.48M	3.09M	5.86M	10.94M	16.04M
Deferred Taxes	3.87M	5.72M	4.48M	-1.61M	241K	-2.19M	278K	-1.18M	2.72M	8.87M
Other Non-Cash Items	2.16M	1.96M	2.83M	1.87M	676K	2.93M	-27.64M	25.81M	9.81M	-24.3M
Working Capital Changes	-746K	-1.08M	-1.75M	3.04M	-5.91M	-782K	1.02M	-9.66M	-13.16M	655K
Cash from Investing+	-65.35M	-33.73M	-72.3M	-42.45M	-45.68M	-280.08M	38.19M	-581.57M	172.31M	-134.54M
Purchase of Investments	-46.1M	-21.12M	-84.5M	-616K	-4.03M	-130.66M	-255.53M	-208.15M	-33.3M	-126.23M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	64.05M	0	0	0	305.78M	0	25.37M	0
Other Investing	-86.56M	-76.24M	-101.55M	-79.85M	-76.13M	-205.64M	-89.54M	-443.77M	-310.57M	-122.94M
Cash from Financing+	27.82M	16.87M	8.66M	59.56M	59.68M	353.6M	366.01M	811K	121.89M	175.09M
Dividends Paid	-506K	-1.77M	-2.79M	-4.08M	-5.35M	-5.95M	-6.61M	-9.53M	-12.73M	-16.01M
Share Repurchases	0	0	0	-269K	-4.54M	-9.15M	-819K	0	0	0
Stock Issued	0	53K	0	0	0	0	6K	386K	385K	376K
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	-1000K	1000K	1000K	1000K	-1000K	1000K
Other Financing	26.46M	22.05M	-7.08M	9.83M	129.15M	359.48M	370.33M	-15.9M	243.24M	140.73M
Net Change in Cash+	-22.41M	2.13M	-44.12M	35.41M	27.75M	91.95M	396.7M	-528.11M	316.91M	87.44M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	96.22M	73.81M	75.94M	31.82M	67.22M	94.97M	186.92M	583.61M	55.5M	372.41M
Cash at End	73.81M	75.94M	31.82M	67.22M	94.97M	186.92M	583.61M	55.5M	372.41M	459.85M
Interest Paid	3.41M	2.43M	2.37M	5.01M	10.07M	6.83M	6.01M	12.62M	74.04M	0
Income Taxes Paid	518K	435K	3.9M	5.37M	11.92M	7.93M	6.25M	11.85M	7.29M	0
Free Cash Flow+	13.6M	18.3M	18.26M	17.16M	11.5M	16.05M	-10.95M	50.23M	16.76M	41.66M
FCF Growth %	0.22%	0.35%	-0%	-0.06%	-0.33%	0.4%	-1.68%	5.59%	-0.67%	1.49%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.95%	6.4%	7.08%	14.41%	8.62%	8.11%	5.63%	8.72%	2.57%	8.34%
Return on Assets (ROA)	0.64%	0.84%	0.88%	1.74%	1.06%	0.9%	0.57%	0.9%	0.24%	0.72%
Net Interest Margin	3.13%	3.3%	3.28%	3.41%	3.22%	2.72%	1.85%	2.91%	2.25%	2.74%
Efficiency Ratio	68.44%	64.5%	59.52%	56.38%	53.82%	54.52%	67.9%	58.66%	48.03%	42.35%
Equity / Assets	12.95%	13.3%	11.75%	12.35%	12.37%	10.09%	10.14%	10.48%	8.5%	8.68%
Book Value / Share	11.63	12.18	12.87	14.36	15.15	15.75	26.73	18.35	19.23	16.23
NII Growth	4.36%	7.67%	19.45%	10.82%	-1%	4.92%	21.93%	57.96%	33.57%	26.05%
Dividend Payout	7.12%	18.38%	24.77%	16.32%	33.01%	37.83%	42.99%	30.57%	113.4%	36.49%

Revenue by Segment

	2023	2024
Deposit Account	5.5M	6.15M
Deposit Account Growth	-	11.78%

Frequently Asked Questions

Valuation & Price

Shore Bancshares, Inc. (SHBI) has a price-to-earnings (P/E) ratio of 14.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Shore Bancshares, Inc. (SHBI) grew revenue by 36.9% over the past year. This is strong growth.

Yes, Shore Bancshares, Inc. (SHBI) is profitable, generating $56.9M in net income for fiscal year 2024 (13.4% net margin).

Dividend & Returns

Yes, Shore Bancshares, Inc. (SHBI) pays a dividend with a yield of 2.60%. This makes it attractive for income-focused investors.

Shore Bancshares, Inc. (SHBI) has a return on equity (ROE) of 8.3%. This is below average, suggesting room for improvement.

Industry Metrics

Shore Bancshares, Inc. (SHBI) has a net interest margin (NIM) of 2.7%. NIM has been under pressure due to interest rate environment.

Shore Bancshares, Inc. (SHBI) has an efficiency ratio of 42.3%. This is excellent, indicating strong cost control.

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