Revenue growth remains robust with NII expanding 14.2% year-over-year to $52.6 million in 2026Q1, supported by a tightening efficiency ratio of 43.3%.
| 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 |
|---|
| Net Interest Income | 198.9M | 192.38M | 170.55M | 135.31M | 101.3M | 64.13M | 52.6M | 50.13M | 50.63M | 45.69M | 38.25M | 35.52M | 34.04M | 34.88M | 35.34M | 39.76M | 42.64M | 41.38M | 39.92M | 41.04M | 38.9M | 35.48M | 29.28M | 24.6M | 23.87M | 21.88M | 21.59M | 19.4M | 7.09M | 6.96M |
| NII Growth % | 53.38% | 12.8% | 26.05% | 33.57% | 57.96% | 21.93% | 4.92% | -1% | 10.82% | 19.45% | 7.67% | 4.36% | -2.39% | -1.31% | -11.13% | -6.74% | 3.05% | 3.65% | -2.72% | 5.5% | 9.62% | 21.19% | 19.05% | 3.05% | 9.1% | 1.32% | 11.33% | 173.67% | 1.87% | - |
| Net Interest Margin % | 3.2% | 3.07% | 2.74% | 2.25% | 2.91% | 1.85% | 2.72% | 3.22% | 3.41% | 3.28% | 3.3% | 3.13% | 3.09% | 3.31% | 2.98% | 3.43% | 3.77% | 3.58% | 3.82% | 4.29% | 4.12% | 4.18% | 3.71% | 3.49% | 3.65% | 3.76% | 3.9% | 3.74% | 3.91% | 3.97% |
| Interest Income | 312.36M | 310.03M | 295.34M | 214.08M | 113.84M | 70.17M | 59.68M | 59.77M | 55.91M | 47.96M | 40.65M | 38.87M | 38.29M | 41.35M | 45.9M | 50.85M | 55.46M | 58.79M | 61.47M | 65.14M | 57.97M | 47.38M | 38.29M | 34.34M | 36.31M | 38.94M | 39.48M | 35.43M | 13.01M | 12.41M |
| Interest Expense | 113.45M | 117.65M | 124.79M | 78.77M | 12.54M | 6.04M | 7.08M | 9.64M | 5.27M | 2.27M | 2.4M | 3.35M | 4.25M | 6.47M | 10.56M | 11.09M | 12.82M | 17.41M | 21.55M | 24.11M | 19.07M | 11.9M | 9.01M | 9.74M | 12.44M | 17.06M | 17.89M | 16.04M | 5.92M | 5.45M |
| Loan Loss Provision | 7.43M | 8.38M | 4.74M | 30.95M | 1.93M | -358K | 3.9M | 700K | 1.67M | 2.29M | 1.85M | 2.08M | 3.35M | 27.78M | 27.75M | 19.47M | 21.12M | 8.99M | 3.34M | 1.72M | 1.49M | 809.66K | 931.35K | 335K | 356.07K | 226K | 437K | 240K | 0 | 0 |
| Non-Interest Income | 32.93M | 32.69M | 31.15M | 24.34M | 23.09M | 13.5M | 10.75M | 10.02M | 8.49M | 7.67M | 16.11M | 14.79M | 15.19M | 15.04M | 13.82M | 16.05M | 16.47M | 19.54M | 20.72M | 14.68M | 12.84M | 11.5M | 10.22M | 9.84M | 5.97M | 2.65M | 2.35M | -17.02M | -6.21M | -6.05M |
| Non-Interest Income % | 9.54% | 9.54% | 9.54% | 10.21% | 16.86% | 16.13% | 15.26% | 14.36% | 13.19% | 13.79% | 28.38% | 27.56% | 28.4% | 26.68% | 23.15% | 23.99% | 22.9% | 24.95% | 25.21% | 18.39% | 18.13% | 19.53% | 21.07% | 22.28% | 14.12% | 6.36% | 5.63% | -92.4% | -91.44% | -95.14% |
| Total Revenue | 345.29M | 342.72M | 326.49M | 238.42M | 136.93M | 83.67M | 70.43M | 69.79M | 64.4M | 55.63M | 56.76M | 53.66M | 53.48M | 56.4M | 59.73M | 66.9M | 71.93M | 78.33M | 82.19M | 79.82M | 70.81M | 58.88M | 48.51M | 44.18M | 42.27M | 41.58M | 41.83M | 18.42M | 6.8M | 6.36M |
| Revenue Growth % | 16.22% | 4.97% | 36.94% | 74.12% | 63.66% | 18.8% | 0.92% | 8.36% | 15.76% | -1.98% | 5.77% | 0.34% | -5.17% | -5.58% | -10.73% | -6.99% | -8.17% | -4.7% | 2.98% | 12.72% | 20.26% | 21.37% | 9.8% | 4.51% | 1.66% | -0.6% | 127.15% | 171% | 6.91% | - |
| Non-Interest Expense | 141.34M | 138.03M | 138.25M | 114.51M | 80.32M | 56.81M | 38.4M | 37.56M | 36.31M | 33.11M | 36.61M | 36.73M | 37.77M | 38.27M | 37.62M | 37.9M | 40.15M | 40.25M | 38.74M | 32.54M | 28.54M | 25.43M | 22.53M | 19.34M | 15.96M | 12.03M | 11.15M | -8.19M | -2.42M | -2.59M |
| Efficiency Ratio | 40.94% | 40.28% | 42.35% | 48.03% | 58.66% | 67.9% | 54.52% | 53.82% | 56.38% | 59.52% | 64.5% | 68.44% | 70.63% | 67.86% | 62.99% | 56.65% | 55.82% | 51.38% | 47.13% | 40.77% | 40.3% | 43.19% | 46.45% | 43.78% | 37.75% | 28.92% | 26.66% | -44.5% | -35.67% | -40.76% |
| Operating Income | 83.06M | 78.66M | 58.7M | 14.18M | 42.14M | 21.18M | 21.05M | 21.89M | 21.14M | 17.96M | 15.9M | 11.52M | 8.11M | -16.14M | -16.2M | -1.55M | -2.16M | 11.69M | 18.56M | 21.45M | 21.71M | 20.74M | 16.04M | 14.76M | 13.52M | 12.27M | 12.36M | 10.33M | 3.3M | 3.5M |
| Operating Margin % | 24.05% | 22.95% | 17.98% | 5.95% | 30.78% | 25.31% | 29.89% | 31.37% | 32.83% | 32.28% | 28.01% | 21.46% | 15.17% | -28.61% | -27.13% | -2.32% | -3% | 14.92% | 22.58% | 26.88% | 30.66% | 35.23% | 33.06% | 33.41% | 31.98% | 29.51% | 29.54% | 56.1% | 48.51% | 55.06% |
| Operating Income Growth % | - | 33.99% | 313.87% | -66.34% | 98.97% | 0.63% | -3.87% | 3.55% | 17.73% | 12.96% | 38.06% | 41.96% | 150.28% | 0.42% | -941.99% | 27.98% | -118.48% | -37.05% | -13.47% | -1.18% | 4.66% | 29.33% | 8.65% | 9.18% | 10.18% | -0.7% | 19.59% | 213.41% | -5.81% | - |
| Pretax Income | 83.06M | 78.66M | 58.7M | 14.18M | 42.14M | 21.18M | 21.05M | 21.89M | 21.14M | 17.96M | 15.9M | 11.52M | 8.11M | -16.14M | -16.2M | -1.55M | -2.16M | 11.69M | 18.56M | 21.45M | 21.71M | 20.74M | 16.04M | 14.76M | 13.52M | 12.27M | 12.36M | 10.33M | 3.3M | 3.5M |
| Pretax Margin % | 24.05% | 22.95% | 17.98% | 5.95% | 30.78% | 25.31% | 29.89% | 31.37% | 32.83% | 32.28% | 28.01% | 21.46% | 15.17% | -28.61% | -27.13% | -2.32% | -3% | 14.92% | 22.58% | 26.88% | 30.66% | 35.23% | 33.06% | 33.41% | 31.98% | 29.51% | 29.54% | 56.1% | 48.51% | 55.06% |
| Income Tax | 20.23M | 19.15M | 14.81M | 2.96M | 10.96M | 5.81M | 5.32M | 5.61M | 5.38M | 8.73M | 6.26M | 4.41M | 3.06M | -6.5M | -6.57M | -658K | -492K | 4.41M | 7.09M | 8M | 8.15M | 7.85M | 5.84M | 5.27M | 4.73M | 4.28M | 4.4M | 3.53M | 1.08M | 1.13M |
| Effective Tax Rate % | 24.35% | 24.35% | 25.24% | 20.84% | 26.02% | 27.44% | 25.26% | 25.62% | 25.45% | 48.63% | 39.38% | 38.28% | 37.73% | 40.29% | 40.52% | 42.32% | 22.79% | 37.76% | 38.21% | 37.3% | 37.56% | 37.86% | 36.42% | 35.67% | 34.98% | 34.85% | 35.59% | 34.14% | 32.7% | 32.28% |
| Net Income | 62.83M | 59.51M | 43.89M | 11.23M | 31.18M | 15.37M | 15.73M | 16.2M | 25M | 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 |
| Net Margin % | 18.2% | 17.36% | 13.44% | 4.71% | 22.77% | 18.37% | 22.34% | 23.21% | 38.81% | 20.24% | 16.98% | 13.25% | 9.45% | -17.08% | -16.14% | -1.34% | -2.32% | 9.29% | 13.95% | 16.85% | 19.14% | 21.89% | 21.02% | 21.49% | 20.79% | 19.22% | 19.03% | 36.95% | 32.65% | 37.29% |
| Net Income Growth % | 27.01% | 35.58% | 290.89% | -63.99% | 102.87% | -2.3% | -2.89% | -35.2% | 121.96% | 16.85% | 35.59% | 40.72% | 152.43% | 0.04% | -974.47% | 46.19% | -122.92% | -36.59% | -14.72% | -0.77% | 5.17% | 26.38% | 7.4% | 8.03% | 9.96% | 0.44% | 16.96% | 206.66% | -6.38% | - |
| Net Income (Continuing) | 62.83M | 59.51M | 43.89M | 11.23M | 31.18M | 15.37M | 15.73M | 16.28M | 15.76M | 9.22M | 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 |
| EPS (Diluted) | 1.88 | 1.78 | 1.32 | 0.42 | 1.57 | 1.17 | 1.27 | 1.27 | 1.96 | 0.89 | 0.76 | 0.56 | 0.46 | -1.14 | -1.14 | -0.11 | -0.20 | 0.64 | 1.37 | 1.60 | 1.61 | 1.55 | 1.23 | 1.16 | 1.08 | 0.99 | 0.99 | 0.85 | 0.75 | 0.79 |
| EPS Growth % | 26.17% | 34.85% | 214.29% | -73.25% | 34.19% | -7.87% | 0% | -35.2% | 120.22% | 17.11% | 35.71% | 21.74% | 140.35% | 0% | -936.36% | 45% | -131.25% | -53.28% | -14.37% | -0.62% | 3.87% | 26.02% | 6.03% | 7.41% | 9.09% | 0% | 16.47% | 13.33% | -5.06% | - |
| EPS (Basic) | - | 1.78 | 1.32 | 0.42 | 1.57 | 1.17 | 1.27 | 1.27 | 1.96 | 0.89 | 0.76 | 0.56 | 0.46 | -1.14 | -1.14 | -0.11 | -0.20 | 0.64 | 1.37 | 1.61 | 1.62 | 1.55 | 1.24 | 1.18 | 1.09 | 1.00 | 1.00 | 0.85 | 0.75 | 0.79 |
| Diluted Shares Outstanding | 33.45M | 33.41M | 33.34M | 26.57M | 19.85M | 13.12M | 12.38M | 12.73M | 12.75M | 12.72M | 12.67M | 12.64M | 10.95M | 8.46M | 8.46M | 8.45M | 8.44M | 8.42M | 8.41M | 8.39M | 8.39M | 8.34M | 8.31M | 8.19M | 8.14M | 8.05M | 8.07M | 2.87M | 2.97M | 3.01M |
CRE concentration and integration
As reported in financial statements, Shore Bancshares achieved consistent NII growth, reaching $52.6 million in 2026Q1, representing a 14.2% year-over-year increase. This upward trajectory suggests that the bank is successfully leveraging its expanded scale following the recent merger to drive core interest-earning asset volume.
The steady climb in NII from $41.1 million in 2024Q1 indicates that the bank has effectively managed its funding costs despite a challenging rate environment. Investors should monitor whether this growth is driven by organic loan demand or if it remains heavily reliant on the accretion of acquired assets from the TCFC merger.
Based on recent SEC filings, SHBI has demonstrated improved operating leverage, with the efficiency ratio tightening to 43.3% in 2026Q1 from a peak of 47.2% in 2024Q1. This trend suggests that management is successfully capturing cost synergies and streamlining the combined entity's expense base following the TCFC integration.
The reduction in the efficiency ratio is a positive indicator of management's ability to control non-interest expenses while scaling the business. However, maintaining this level of efficiency will require disciplined cost management as the bank navigates the competitive dynamics of its new Southern Maryland and DC suburban markets.
According to the provided income statement data, provision expense for loan losses has fluctuated significantly, dropping to $85,000 in 2026Q1 from a high of $3.0 million in 2025Q3. This volatility suggests that management's CECL-based provisioning models remain highly sensitive to evolving economic forecasts and credit quality assessments.
The sharp decline in provision expense may imply a more optimistic outlook on credit quality or a release of reserves, which warrants further investigation into the underlying asset quality. Analysts should scrutinize whether this lower provision level is sustainable or if it reflects a temporary lull in credit deterioration within the CRE portfolio.
As indicated by the quarterly data, non-interest income has remained a relatively stable but minor component of total revenue, fluctuating between 8.4% and 10.8% of the total. This suggests that the bank's earnings profile remains heavily dependent on traditional lending activities rather than capital-light fee streams.
While the wealth management and trust services provide a degree of diversification, the current fee percentage indicates limited contribution to the overall bottom line. Future growth in this area appears necessary to reduce the bank's sensitivity to interest rate cycles and provide a more resilient revenue mix.
Quick answers to the most common questions about buying SHBI stock.
Shore Bancshares, Inc. (SHBI) is profitable, generating $59.5M in net income for the fiscal year ending 2025 with a net profit margin of 17.4%.
Shore Bancshares, Inc. (SHBI) reported an operating income of $78.7M, resulting in an operating profit margin of 23.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Shore Bancshares, Inc. (SHBI) generated $216.7M in gross profit for the year, representing a gross profit margin of 63.2%. This demonstrates the company's core pricing power and production efficiency.