Capital generation remains stable with $17.1 million in 2026Q1 net income, while the bank continues to prioritize reinvestment with $50.0 million in securities purchases during the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 74.18M | 62.39M | 46.89M | 22.71M | 52.65M | -7.5M | 18.43M | 13.74M | 18.3M | 19.52M | 19M | 15.12M | 13.18M | 19.85M | 21.39M | 21.92M | 19.89M | 10.18M | 14.01M | 17.73M | 16.13M | 15.36M | 13.13M | 10.31M | 10.2M | 8.93M | 8.41M | 7.88M | 2.83M | 1.37M |
| Operating CF Growth % | -20.06% | 33.07% | 106.43% | -56.86% | 801.68% | -140.71% | 34.1% | -24.89% | -6.28% | 2.77% | 25.67% | 14.69% | -33.6% | -7.2% | -2.45% | 10.23% | 95.4% | -27.34% | -20.97% | 9.87% | 5.02% | 16.98% | 27.34% | 1.11% | 14.25% | 6.17% | 6.77% | 178.42% | 106.84% | - |
| Net Income | 62.83M | 59.51M | 43.89M | 11.23M | 31.18M | 15.37M | 15.73M | 16.2M | 12.26M | 11.26M | 9.64M | 7.11M | 5.05M | -9.63M | -9.64M | -897K | -1.67M | 7.27M | 11.47M | 13.45M | 13.55M | 12.89M | 10.2M | 9.5M | 8.79M | 7.99M | 7.96M | 6.8M | 2.22M | 2.37M |
| Depreciation & Amortization | 14.83M | 15.33M | 16.04M | 10.94M | 5.86M | 3.09M | 2.48M | 2.39M | 2.3M | 1.65M | 2.45M | 2.43M | 2.31M | 2.39M | 2.65M | 2.34M | 2.4M | 1.88M | 1.78M | 1.52M | 1.45M | 1.41M | 1.47M | 1.52M | 1.27M | 996K | 901.07K | 1.07M | 457.34K | 424.3K |
| Deferred Taxes | 1.27M | 922K | 8.87M | 2.72M | -1.18M | 278K | -2.19M | 241K | -1.61M | 4.48M | 5.72M | 3.87M | 2.84M | -6.13M | -4.77M | -1.55M | -2.9M | -928K | -498K | -377K | -424K | 168.58K | -273.57K | 75.41K | -20K | -136K | -89K | -44K | -31.24K | 265.59K |
| Other Non-Cash Items | -15.51M | -18.86M | -24.3M | 9.81M | 25.81M | -27.64M | 2.93M | 676K | 1.87M | 2.83M | 1.96M | 2.16M | 3.92M | 29.78M | 30.45M | 21.31M | 24.76M | 8.47M | 2.66M | 1.67M | 1.11M | 599.57K | 1.47M | 149.38K | -206.34K | -146K | -473K | -1K | 43.26K | -1.58M |
| Working Capital Changes | 8.46M | 3.6M | 655K | -13.16M | -9.66M | 1.02M | -782K | -5.91M | 3.04M | -1.75M | -1.08M | -746K | -1.03M | 3.37M | 2.48M | 384K | -3.09M | -6.62M | -1.5M | 1.46M | 450K | 295.82K | 264.91K | -928.59K | 369.78K | 220K | 113.48K | 47K | 140.4K | -108.17K |
| Cash from Investing | -69.64M | -118.32M | -134.54M | 172.31M | -581.57M | 38.19M | -280.08M | -45.68M | -42.45M | -72.3M | -33.73M | -65.35M | -89.53M | 30.45M | 16.2M | -3.11M | 716K | -67.44M | -88.57M | -60.83M | -82.84M | -41.65M | -36.06M | -76.06M | -51.83M | -17.71M | -28.4M | -38.28M | -805.34K | -7.95M |
| Purchase of Investments | -114.28M | -96.21M | -126.23M | -33.3M | -208.15M | -255.53M | -130.66M | -4.03M | -616K | -84.5M | -21.12M | -46.1M | -133.01M | -87.24M | -69.49M | -104.31M | -49.63M | -87.47M | -63.58M | -75.01M | -58.04M | -35.68M | -33.76M | -161.08M | -83.61M | -102.99M | -96.58M | -99.8M | -37.3M | -24.59M |
| Sale/Maturity of Investments | 106.75M | 95.21M | 119.85M | 496.77M | 72.77M | 80.93M | 58.61M | 36.73M | 39.14M | 50.96M | 64.33M | 68.39M | 44.96M | 79.3M | 57.94M | 74.39M | 50.14M | 59.65M | 85.73M | 96.97M | 49.83M | 32.09M | 82.72M | 123.79M | 86.14M | 96.27M | 104.86M | 62.14M | 36.92M | 20.72M |
| Net Investment Activity | -7.53M | -999K | -6.38M | 463.46M | -135.39M | -174.6M | -72.05M | 32.7M | 38.53M | -33.54M | 43.21M | 22.29M | -88.04M | -7.94M | -11.55M | -29.91M | 514K | -27.82M | 22.15M | 21.95M | -8.21M | -3.59M | 48.97M | -37.29M | 2.53M | -6.72M | 8.27M | -37.66M | -376.88K | -3.87M |
| Acquisitions | 0 | 0 | 0 | 25.37M | 0 | 305.78M | 0 | 0 | 0 | 64.05M | 0 | 0 | 2.88M | 85K | 0 | -25K | -25K | 0 | 0 | -5.26M | 0 | 0 | -234.84K | 0 | -5.95M | 0 | 0 | 0 | 0 | -2.8M |
| Other Investing | -58.88M | -114.16M | -122.94M | -310.57M | -443.77M | -89.54M | -205.64M | -76.13M | -79.85M | -101.55M | -76.24M | -86.56M | -2.29M | 38.85M | 29.95M | 28.04M | 1.52M | -38.07M | -111M | -76.83M | -72.78M | -34.27M | -82.97M | -35.3M | -46.81M | -10.25M | -35.42M | 132.49K | 0 | 301 |
| Cash from Financing | -52.72M | -48.35M | 175.09M | 121.89M | 811K | 366.01M | 353.6M | 59.68M | 59.56M | 8.66M | 16.87M | 27.82M | 41.48M | -119.4M | 34.86M | 30.96M | -18.29M | 105.62M | 74.98M | -9.69M | 78.92M | 50.2M | 19.75M | 43.01M | 59.46M | 20.7M | 25.14M | 30.27M | 3.67M | 4.91M |
| Dividends Paid | -16.09M | -16.09M | -16.01M | -12.73M | -9.53M | -6.61M | -5.95M | -5.35M | -4.08M | -2.79M | -1.77M | -506K | 0 | 0 | -85K | -760K | -2.03M | -7.19M | -5.38M | -5.36M | -4.92M | -4.43M | -3.95M | -3.55M | -3.22M | -3.2M | -2.78M | -2.4M | -1.01M | -977.2K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -819K | -9.15M | -4.54M | -269K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -266K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -58.74K | -2.81M | 0 |
| Stock Issued | 172K | 82K | 376K | 385K | 386K | 6K | 0 | 0 | 0 | 0 | 53K | 0 | 31.28M | 0 | 0 | 0 | 0 | 2K | 138K | 0 | 654.33K | 597.69K | 279.27K | 0 | 0 | 0 | 0 | 129.96K | 0 | 0 |
| Net Stock Activity | 172K | 82K | 376K | 385K | 386K | -813K | -9.15M | -4.54M | -269K | 0 | 53K | 0 | 31.28M | 0 | 0 | 0 | 0 | 2K | 138K | -266K | 654.33K | 597.69K | 279.27K | 0 | 0 | 0 | 0 | 71.22K | -2.81M | 0 |
| Debt Issuance (Net) | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 738K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 802K | -681K | 1000K | 0 | 1000K |
| Other Financing | -1.16M | 3.3M | 140.73M | 243.24M | -15.9M | 370.33M | 359.48M | 129.15M | 9.83M | -7.08M | 22.05M | 26.46M | 15.54M | -115.78M | 39.46M | 30.42M | -11.4M | 150.42M | 79.48M | -8.28M | 69.5M | 46.29M | 17.27M | 47.22M | 57.72M | 22.98M | 28.46M | 0 | 7.49M | 889.27K |
| Net Change in Cash | -48.18M | -104.28M | 87.44M | 316.91M | -528.11M | 396.7M | 91.95M | 27.75M | 35.41M | -44.12M | 2.13M | -22.41M | -34.87M | -69.1M | 72.45M | 49.78M | 2.32M | 48.35M | 414K | -52.79M | 12.21M | 23.91M | -3.18M | -22.74M | 17.83M | 11.92M | 5.15M | -129.86K | 5.69M | -1.67M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 355.57M | 459.85M | 372.41M | 55.5M | 583.61M | 186.92M | 94.97M | 67.22M | 31.82M | 75.94M | 73.81M | 96.22M | 131.09M | 200.19M | 127.74M | 77.96M | 75.65M | 27.29M | 26.88M | 79.67M | 67.46M | 43.55M | 46.73M | 69.47M | 51.64M | 39.72M | 34.57M | 34.7M | 8.6M | 10.26M |
| Cash at End | 340.82M | 355.57M | 459.85M | 372.41M | 55.5M | 583.61M | 186.92M | 94.97M | 67.22M | 31.82M | 75.94M | 73.81M | 96.22M | 131.09M | 200.19M | 127.74M | 77.96M | 75.65M | 27.29M | 26.88M | 79.67M | 67.46M | 43.55M | 46.73M | 69.47M | 51.64M | 39.72M | 34.57M | 14.29M | 8.6M |
| Interest Paid | 110.14M | 114.86M | 123.57M | 74.04M | 12.62M | 6.01M | 6.83M | 10.07M | 5.01M | 2.37M | 2.43M | 3.41M | 4.3M | 6.59M | 10.79M | 11.38M | 13.74M | 17.98M | 22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 15.07M | 15.07M | 0 | 7.29M | 11.85M | 6.25M | 7.93M | 11.92M | 5.37M | 3.9M | 435K | 518K | 243K | 265K | 163K | 2.06M | 1.19M | 4.97M | 9.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 70.95M | 59.22M | 41.66M | 16.76M | 50.23M | -10.95M | 16.05M | 11.5M | 17.16M | 18.26M | 18.3M | 13.6M | 11.1M | 19.3M | 19.18M | 20.71M | 18.6M | 8.63M | 13.68M | 17.03M | 14.29M | 11.58M | 11.31M | 6.84M | 8.6M | 8.19M | 7.15M | 7.13M | 2.4M | 91.38K |
| FCF Growth % | 18.63% | 42.15% | 148.6% | -66.64% | 558.61% | -168.22% | 39.62% | -33% | -6.02% | -0.19% | 34.56% | 22.47% | -42.48% | 0.62% | -7.36% | 11.35% | 115.6% | -36.94% | -19.69% | 19.2% | 23.43% | 2.39% | 65.21% | -20.43% | 5.03% | 14.5% | 0.31% | 197.03% | 2526.73% | - |
CRE concentration and integration
Based on reported financial data, Shore Bancshares has maintained consistent capital generation, with net income reaching $17.1 million in 2026Q1, providing a stable foundation for organic growth and regulatory compliance as the bank navigates the post-merger integration phase within its core Delmarva Peninsula market.
The bank's ability to generate steady net income suggests that the recent merger has not yet impaired its fundamental earnings power. Investors should monitor whether this internal capital generation remains sufficient to support future loan growth without necessitating external equity dilution.
As indicated by the quarterly cash flow statements, SHBI has actively managed its investment securities, with purchase activity totaling $50.0 million in 2026Q1 against $26.6 million in sales, suggesting a strategic effort to reinvest liquidity into higher-yielding assets within the current interest rate environment.
The persistent gap between purchases and sales indicates a deliberate deployment of excess liquidity into the investment portfolio. This strategy appears to be an attempt to optimize the balance sheet's yield, though it warrants further investigation into the duration risk being assumed in the process.
According to historical cash flow records, Shore Bancshares has maintained a steady quarterly dividend payout of approximately $4.0 million, demonstrating a commitment to shareholder returns even as the bank prioritizes capital allocation toward the integration of its recent acquisition and broader regional expansion efforts.
The stability of the dividend payout suggests that management views current earnings levels as sufficient to cover both shareholder distributions and necessary capital reinvestment. This policy appears sustainable provided that the bank's net interest margin does not face significant compression from rising funding costs.
Based on the provided figures, provision expenses have exhibited significant volatility, ranging from $85,000 in 2026Q1 to $3.0 million in 2025Q3, which complicates the assessment of underlying credit quality and the adequacy of reserves relative to the bank's evolving loan portfolio risk profile.
This fluctuation in provisioning suggests that the bank's CECL models are highly sensitive to management's forward-looking economic assumptions. Analysts should remain cautious, as these swings may obscure the actual performance of the loan book, particularly regarding the newly acquired Southern Maryland commercial real estate exposures.
Quick answers to the most common questions about buying SHBI stock.
Shore Bancshares, Inc. (SHBI) generated $62.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Shore Bancshares, Inc. (SHBI) generated $59.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Shore Bancshares, Inc. (SHBI) spent $3.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Shore Bancshares, Inc. (SHBI) returned $16.1M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.