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"In spite of the current economy, we produced good net income and, even during this tough operating environment for all banks, we think several of the main measures of our performance are encouraging and will turn out to be above peer averages. For instance, our net interest margin has held up well and was 4.24% and 4.23%, for the fourth quarter and full year, respectively," said W. Moorhead Vermilye, president and chief executive officer.
"Loans grew 14.4% and deposits grew 10.4% during 2008. Stockholders' equity increased by nearly 6% during the year. Noninterest revenue advanced 38.6% for 2008 compared to the previous year."
"We believe overall credit quality is fundamentally sound, although there was predictable deterioration. Our ratio of nonperforming assets to total assets was 0.79% at December 31, 2008. Although year-to-date annualized net charge-offs as a percentage of average loans amounted to 0.19%, we maintained our loan-loss reserve coverage at 1.05% of period-end loans."
"We believe these statistics are the product of our conservative balance sheet management and a focus on consistent performance. It's also evidence of the determined efforts of our people to further grow our leadership position across the company's Delmarva footprint. Even in this unprecedented banking environment, we think we've done a good job of solidifying our reputation as the bank of choice for area customers and the employer of choice for the top bankers here," according to Vermilye.
The Company's return on average assets for the fourth quarter of 2008 was 0.87%, compared to 1.19% and 1.40% for the quarters ended September 30, 2008 and December 31, 2007, respectively. The return on average stockholders' equity was 7.11% for the fourth quarter of 2008, compared to 9.81% for the third quarter of 2008 and 11.78% for the fourth quarter of 2007.
The Company's return on average assets for 2008 was 1.13%, compared to 1.42% for 2007. The return on average stockholders' equity was 9.22% for 2008, compared to 11.79% for 2007.
At December 31, 2008, total assets were $1.045 billion, total deposits were $845.4 million, and total stockholders' equity was $127.4 million, an increase of 9.2%, 10.4% and 5.9%, respectively, when compared to the same amounts at December 31, 2007. The increase in total assets of $87.7 million since December 31, 2007 related mainly to loan growth, funded primarily by deposit growth. The growth in loans was $112.2 million, or 14.4%, during 2008, with period-end loans totaling $888.5 million at December 31, 2008.
Review of Quarterly Financial Results
Net interest income for the fourth quarter of 2008 was $10.3 million, an increase of 4.4% from the third quarter of 2008 and a slight decrease from the same period last year. Higher loan volume and lower cost of funds were the primary reasons for the increase from the third quarter of 2008. Lower yields on earning assets was the primary reason for the decrease from the fourth quarter of 2007. The Company's net interest margin was 4.24% for the fourth quarter of 2008, an increase of 14 basis points when compared to the third quarter of 2008 and a decrease of 46 basis points when compared to the fourth quarter of 2007.
The provision for credit losses was $1.4 million for the three months ended December 31, 2008. The comparable amounts were $875 thousand and $465 thousand for the three months ended September 30, 2008 and December 31, 2007, respectively. The increased provision for the fourth quarter of 2008 when compared to the third quarter of 2008 and the fourth quarter of 2007 reflected the continued growth in the loan portfolio, an increase in nonperforming assets and loan charge-offs, as well as overall economic conditions. Net charge-offs were $683 thousand for the fourth quarter of 2008, $539 thousand for the third quarter of 2008 and $135 thousand for the fourth quarter of 2007. Quarter-to-date annualized net charge-offs to average loans was 0.31% for the fourth quarter of 2008, 0.25% for the third quarter of 2008 and 0.06% for the fourth quarter of 2007. Nonperforming assets to total assets was 0.79% at December 31, 2008. The comparable nonperforming asset ratio was 0.72% at September 30, 2008 and 0.39% at December 31, 2007. The allowance for credit losses to period-end loans increased to 1.05% at December 31, 2008, compared to 1.00% at September 30, 2008 and 0.97% at December 31, 2007. Management believes that the provision for credit losses and the resulting allowance were adequate at December 31, 2008.
Total noninterest income for the fourth quarter of 2008 decreased $307 thousand when compared to the fourth quarter of 2007 primarily due to a decline in insurance agency commissions. Total noninterest income decreased $838 thousand from the third quarter of 2008. Included in noninterest income for the third quarter of 2008 was a $1.3 million gain on the sale of a bank branch to the State of Maryland as part of a road widening project. The branch remains open and the bank will move the branch operations to a new facility in the future. The gain on the branch sale was partially offset by a $371 thousand impairment loss of Freddie Mac Preferred Stock and a $337 thousand loss on the sale of the Company's investment in Delmarva Bank Data Processing Center, Inc., an unconsolidated subsidiary. Also contributing to the decrease in noninterest income from the third quarter of 2008 was a $350 thousand decrease in insurance agency commissions.
Total noninterest expense for the fourth quarter of 2008 increased $319 thousand when compared to the fourth quarter of 2007 primarily due to increased salaries and benefits. Total noninterest expense increased $192 thousand from the third quarter of 2008 due to an increase in general operating costs.
Review of 2008 Financial Results
Net interest income for 2008 was $39.9 million, a decrease of 2.7% when compared to 2007. The decrease was primarily the result of lower yields on earning assets. The net interest margin declined 41 basis points from 4.64% for 2007 to 4.23% for 2008.
The provisions for credit losses for 2008 and 2007 were $3.3 million and $1.7 million, respectively. The increased provision in 2008 reflected the overall growth of the loan portfolio, an increase in nonperforming assets and loan charge-offs, and a deterioration in overall economic conditions. Net charge-offs were $1.6 million and $473 thousand for 2008 and 2007, respectively. Net charge-offs to average loans was 0.19% for 2008 and 0.06% for 2007.
Total noninterest income for 2008 was $20.3 million, an increase of $5.7 million when compared to 2007. The increase was primarily due to an increase in insurance agency commissions and other noninterest income. The increase in insurance agency commissions was primarily due to the acquisition of two insurance agencies during the fourth quarter of 2007. Noninterest income included the previously mentioned $1.3 million gain on the land and bank building sale, a $371 thousand impairment loss on Freddie Mac Preferred stock and the $337 thousand investment loss.
Total noninterest expense for 2008 was $38.4 million, an increase of $5.8 million when compared to the previous year. The increase was primarily attributable to the operating expenses of the two insurance agencies acquired during the fourth quarter of 2007. Salaries and benefits increased $3.3 million and other noninterest expenses increased $2.2 million for 2008 when compared to 2007. The majority of the increase in noninterest expenses, including salaries and benefits, related to the new insurance agencies.
Shore Bancshares Information
Shore Bancshares, Inc. is a financial holding company headquartered in Easton, Maryland and is the largest independent bank holding company located on Maryland's Eastern Shore. It is the parent company of three banks, The Talbot Bank of Easton, Maryland, The Centreville National Bank of Maryland, and The Felton Bank; three insurance producer firms, The Avon-Dixon Agency, LLC, Elliott Wilson Insurance, LLC and Jack Martin and Associates, Inc; a wholesale insurance company, TSGIA, Inc; two insurance premium finance companies, Mubell Finance, LLC and ESFS, Inc; a registered investment adviser firm, Wye Financial Services, LLC; and a mortgage broker subsidiary, Wye Mortgage Group, LLC.
Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not represent historical facts, but statements about management's beliefs, plans and objectives. These statements are evidenced by terms such as "anticipate," "estimate," "should," "expect," "believe," "intend," and similar expressions. Although these statements reflect management's good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Shore Bancshares, Inc. with the Securities and Exchange Commission entitled "Risk Factors".
Shore Bancshares, Inc. Financial Highlights (Dollars in thousands, except per share data) For the Three Months Ended December 31, ------------ 2008 2007 % Change ---- ---- -------- PROFITABILITY FOR THE PERIOD Net interest income $10,348 $10,426 (0.7)% Provision for credit losses 1,385 465 197.8 Noninterest income 4,408 4,715 (6.5) Noninterest expense 9,621 9,302 3.4 ----- ----- Income before income taxes 3,750 5,374 (30.2) Income tax expense 1,489 2,034 (26.8) ----- ----- Net income $2,261 $3,340 (32.3) ====== ====== Return on average assets 0.87% 1.40% (37.9)% Return on average equity 7.11 11.78 (39.6) Net interest margin 4.24 4.70 (9.8) Efficiency ratio - GAAP based 65.20 61.44 6.1 PER SHARE DATA Basic net income $0.27 $0.40 (32.5)% Diluted net income 0.27 0.40 (32.5) Dividends paid 0.16 0.16 - Book value at period end 15.16 14.35 5.6 Tangible book value at period end 12.55 11.68 7.4 Market value at period end 23.99 21.95 9.3 Market range: High 25.97 24.72 5.1 Low 17.50 20.00 (12.5) AT PERIOD END Loans $888,528 $776,350 14.4% Securities 89,456 110,033 (18.7) Assets 1,044,641 956,911 9.2 Deposits 845,371 765,895 10.4 Stockholders' equity 127,385 120,235 5.9 CAPITAL AND CREDIT QUALITY RATIOS Average equity to average assets 12.22% 11.91% Annualized net charge-offs to average loans 0.31 0.06 Allowance for credit losses to period-end loans 1.05 0.97 Nonperforming assets to total assets 0.79 0.39 For the Twelve Months Ended December 31, ------------ 2008 2007 % Change ---- ---- -------- PROFITABILITY FOR THE PERIOD Net interest income $39,919 $41,036 (2.7)% Provision for credit losses 3,337 1,724 93.6 Noninterest income 20,350 14,679 38.6 Noninterest expense 38,370 32,539 17.9 ------ ------ Income before income taxes 18,562 21,452 (13.5) Income tax expense 7,092 8,002 (11.4) ----- ----- Net income $11,470 $13,450 (14.7) ======= ======= Return on average assets 1.13% 1.42% (20.4)% Return on average equity 9.22 11.79 (21.8) Net interest margin 4.23 4.64 (8.8) Efficiency ratio - GAAP based 63.66 58.40 9.0 PER SHARE DATA Basic net income $1.37 $1.61 (14.9)% Diluted net income 1.37 1.60 (14.4) Dividends paid 0.64 0.64 - Book value at period end Tangible book value at period end Market value at period end Market range: High 27.25 30.76 (11.4) Low 17.50 20.00 (12.5) AT PERIOD END Loans Securities Assets Deposits Stockholders' equity - - - CAPITAL AND CREDIT QUALITY RATIOS Average equity to average assets 12.30% 12.04% Annualized net charge-offs to average loans 0.19 0.06 Allowance for credit losses to period-end loans - - Nonperforming assets to total assets - - Shore Bancshares, Inc. Consolidated Balance Sheets (Dollars in thousands, except per share data) Dec. 31, 2008 Dec. 31, Dec. 31, compared to 2008 2007 Dec. 31, 2007 ---- ---- ------------- ASSETS Cash and due from banks $16,803 $17,198 (2.3)% Interest-bearing deposits with other banks 481 3,036 (84.2) Federal funds sold 10,010 6,646 50.6 Investments available-for- sale (at fair value) 79,204 97,137 (18.5) Investments held-to-maturity 10,252 12,896 (20.5) Loans 888,528 776,350 14.4 Less: allowance for credit losses (9,320) (7,551) 23.4 ------ ------ Loans, net 879,208 768,799 14.4 ------- ------- Premises and equipment, net 13,855 15,617 (11.3) Accrued interest receivable 4,606 5,008 (8.0) Goodwill 15,954 15,954 - Other intangible assets, net 5,921 6,436 (8.0) Other real estate owned 148 176 (15.9) Other assets 8,199 8,008 2.4 ----- ----- Total assets $1,044,641 $956,911 9.2 ========== ======== LIABILITIES Noninterest-bearing deposits $102,584 $104,081 (1.4) Interest-bearing deposits 742,787 661,814 12.2 ------- ------- Total deposits 845,371 765,895 10.4 Short-term borrowings 52,969 47,694 11.1 Long-term debt 7,947 12,485 (36.3) Accrued interest payable and other liabilities 10,969 10,602 3.5 ------ ------ Total liabilities 917,256 836,676 9.6 ------- ------- STOCKHOLDERS' EQUITY Common stock, par value $0.01; authorized 35,000,000 shares 84 84 - Additional paid in capital 29,768 29,539 0.8 Retained earnings 96,140 90,365 6.4 Accumulated other comprehensive income (loss) 1,393 247 464.0 ----- --- Total stockholders' equity 127,385 120,235 5.9 ------- ------- Total liabilities and stockholders' equity $1,044,641 $956,911 9.2 ========== ======== Period-end shares outstanding 8,405 8,381 0.3 Book value per share $15.16 $14.35 5.6 Shore Bancshares, Inc. Consolidated Statements of Income (Dollars in thousands, except per share data) For the Three Months Ended December 31, ------------ 2008 2007 %Change ---- ---- -------- INTEREST INCOME Interest and fees on loans $14,166 $14,958 (5.3)% Interest and dividends on investment securities: Taxable 839 1,205 (30.4) Tax-exempt 93 124 (25.0) Interest on federal funds sold 24 120 (80.0) Interest on deposits with other banks 4 46 (91.3) - -- Total interest income 15,126 16,453 (8.1) ------ ------ INTEREST EXPENSE Interest on deposits 4,582 5,430 (15.6) Interest on short-term borrowings 121 426 (71.6) Interest on long-term debt 75 171 (56.1) -- --- Total interest expense 4,778 6,027 (20.7) ----- ----- NET INTEREST INCOME 10,348 10,426 (0.7) Provision for credit losses 1,385 465 197.8 ----- --- NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 8,963 9,961 (10.0) ----- ----- NONINTEREST INCOME Service charges on deposit accounts 889 952 (6.6) Investment securities gains (losses) (15) 4 (475.0) Other than temporary impairment of securities - - - Insurance agency commissions 2,495 2,694 (7.4) Other noninterest income 1,039 1,065 (2.4) ----- ----- Total noninterest income 4,408 4,715 (6.5) ----- ----- NONINTEREST EXPENSE Salaries and employee benefits 5,776 5,520 4.6 Occupancy expense 585 518 12.9 Furniture and equipment expense 291 324 (10.2) Data processing 476 467 1.9 Directors' fees 132 178 (25.8) Amortization of intangible assets 129 130 (0.8) Other noninterest expenses 2,232 2,165 3.1 ----- ----- Total noninterest expense 9,621 9,302 3.4 ----- ----- Income before income taxes 3,750 5,374 (30.2) Income tax expense 1,489 2,034 (26.8) ----- ----- NET INCOME $2,261 $3,340 (32.3) ====== ====== Weighted average shares outstanding - basic 8,388 8,380 0.1 Weighted average shares outstanding - diluted 8,394 8,391 - Basic net income per share $0.27 $0.40 (32.5) Diluted net income per share 0.27 0.40 (32.5) Dividends paid per share 0.16 0.16 - For the Twelve Months Ended December 31, ------------ 2008 2007 % Change ---- ---- -------- INTEREST INCOME Interest and fees on loans $56,866 $57,524 (1.1)% Interest and dividends on investment securities: Taxable 3,788 5,105 (25.8) Tax-exempt 420 511 (17.8) Interest on federal funds sold 308 1,108 (72.2) Interest on deposits with other banks 92 893 (89.7) -- --- Total interest income 61,474 65,141 (5.6) ------ ------ INTEREST EXPENSE Interest on deposits 19,877 21,693 (8.4) Interest on short-term borrowings 1,147 1,264 (9.3) Interest on long-term debt 531 1,148 (53.7) --- ----- Total interest expense 21,555 24,105 (10.6) ------ ------ NET INTEREST INCOME 39,919 41,036 (2.7) Provision for credit losses 3,337 1,724 93.6 ----- ----- NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 36,582 39,312 (6.9) ------ ------ NONINTEREST INCOME Service charges on deposit accounts 3,600 3,372 6.8 Investment securities gains (losses) (15) 5 (400.0) Other than temporary impairment of securities (371) - - Insurance agency commissions 12,090 7,698 57.1 Other noninterest income 5,046 3,604 40.0 ----- ----- Total noninterest income 20,350 14,679 38.6 ------ ------ NONINTEREST EXPENSE Salaries and employee benefits 23,321 19,991 16.7 Occupancy expense 2,179 1,962 11.1 Furniture and equipment expense 1,185 1,312 (9.7) Data processing 1,872 1,820 2.9 Directors' fees 558 605 (7.8) Amortization of intangible assets 515 333 54.7 Other noninterest expenses 8,740 6,516 34.1 ----- ----- Total noninterest expense 38,370 32,539 17.9 ------ ------ Income before income taxes 18,562 21,452 (13.5) Income tax expense 7,092 8,002 (11.4) ----- ----- NET INCOME $11,470 $13,450 (14.7) ======= ======= Weighted average shares outstanding - basic 8,384 8,380 - Weighted average shares outstanding - diluted 8,391 8,394 - Basic net income per share $1.37 $1.61 (14.9) Diluted net income per share 1.37 1.60 (14.4) Dividends paid per share 0.64 0.64 - Shore Bancshares, Inc. Financial Highlights By Quarter (Dollars in thousands, except per share data) 4th 3rd 2nd 1st 4th quarter quarter quarter quarter quarter 2008 2008 2008 2008 2007 (4Q 08) (3Q 08) (2Q 08) (1Q 08) (4Q 07) ------- ------- ------- ------- ------- PROFITABILITY FOR THE PERIOD Net interest income $10,348 $9,909 $9,632 $10,030 $10,426 Provision for credit losses 1,385 875 615 462 465 Noninterest income 4,408 5,246 5,194 5,502 4,715 Noninterest expense 9,621 9,429 9,729 9,591 9,302 ----- ----- ----- ----- ----- Income before income taxes 3,750 4,851 4,482 5,479 5,374 Income tax expense 1,489 1,780 1,716 2,107 2,034 ----- ----- ----- ----- ----- Net income $2,261 $3,071 $2,766 $3,372 $3,340 ====== ====== ====== ====== ====== Return on average assets 0.87% 1.19% 1.12% 1.38% 1.40% Return on average equity 7.11 9.81 8.98 10.96 11.78 Net interest margin 4.24 4.10 4.17 4.42 4.70 Efficiency ratio - GAAP based 65.20 62.22 65.62 61.75 61.44 PER SHARE DATA Basic net income $0.27 $0.37 $0.33 $0.40 $0.40 Diluted net income 0.27 0.37 0.33 0.40 0.40 Dividends paid 0.16 0.16 0.16 0.16 0.16 Book value at period end 15.16 14.92 14.65 14.62 14.35 Tangible book value at period end 12.55 12.30 12.01 11.96 11.68 Market value at period end 23.99 25.70 18.72 21.45 21.95 Market range: High 25.97 27.25 26.47 23.40 24.72 Low 17.50 18.00 18.52 20.00 20.00 AT PERIOD END Loans $888,528 $865,437 $841,600 $808,583 $776,350 Securities 89,456 93,149 91,842 99,062 110,033 Assets 1,044,641 1,037,026 1,019,463 1,003,836 956,911 Deposits 845,371 839,217 818,656 808,917 765,895 Stockholders' equity 127,385 125,401 123,038 122,699 120,235 CAPITAL AND CREDIT QUALITY RATIOS Average equity to average assets 12.22% 12.12% 12.41% 12.56% 11.91% Annualized net charge-offs to average loans 0.31 0.25 0.13 0.04 0.06 Allowance for credit losses to period-end loans 1.05 1.00 0.98 0.98 0.97 Nonperforming assets to total assets 0.79 0.72 0.47 0.34 0.39 4Q 08 4Q 08 compared to compared to 3Q 08 4Q 07 ----- ----- PROFITABILITY FOR THE PERIOD Net interest income 4.4% (0.7)% Provision for credit losses 58.3 197.8 Noninterest income (16.0) (6.5) Noninterest expense 2.0 3.4 Income before income taxes (22.7) (30.2) Income tax expense (16.3) (26.8) Net income (26.4) (32.3) Return on average assets (26.9)% (37.9)% Return on average equity (27.5) (39.6) Net interest margin 3.4 (9.8) Efficiency ratio - GAAP based 4.8 6.1 PER SHARE DATA Basic net income (27.0)% (32.5)% Diluted net income (27.0) (32.5) Dividends paid - - Book value at period end 1.6 5.6 Tangible book value at period end 2.0 7.4 Market value at period end (6.7) 9.3 Market range: High (4.7) 5.1 Low (2.8) (12.5) AT PERIOD END Loans 2.7% 14.4% Securities (4.0) (18.7) Assets 0.7 9.2 Deposits 0.7 10.4 Stockholders' equity 1.6 5.9 Shore Bancshares, Inc. Consolidated Statements of Income By Quarter (Dollars in thousands, except per share data) 4Q 08 3Q 08 2Q 08 1Q 08 4Q 07 ----- ----- ----- ----- ----- INTEREST INCOME Interest and fees on loans $14,166 $14,179 $13,961 $14,560 $14,958 Interest and dividends on investment securities: Taxable 839 924 945 1,080 1,205 Tax-exempt 93 95 109 123 124 Interest on federal funds sold 24 79 83 122 120 Interest on deposits with other banks 4 21 29 38 46 - -- -- -- -- Total interest income 15,126 15,298 15,127 15,923 16,453 ------ ------ ------ ------ ------ INTEREST EXPENSE Interest on deposits 4,582 4,955 4,997 5,343 5,430 Interest on short- term borrowings 121 344 316 366 426 Interest on long-term debt 75 90 182 184 171 -- -- --- --- --- Total interest expense 4,778 5,389 5,495 5,893 6,027 ----- ----- ----- ----- ----- NET INTEREST INCOME 10,348 9,909 9,632 10,030 10,426 Provision for credit losses 1,385 875 615 462 465 ----- --- --- --- --- NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 8,963 9,034 9,017 9,568 9,961 ----- ----- ----- ----- ----- NONINTEREST INCOME Service charges on deposit accounts 889 923 917 871 952 Investment securities gains (losses) (15) - - - 4 Other than temporary impairment of securities - (371) - - - Insurance agency commissions 2,495 2,845 3,219 3,531 2,694 Other noninterest income 1,039 1,849 1,058 1,100 1,065 ----- ----- ----- ----- ----- Total noninterest income 4,408 5,246 5,194 5,502 4,715 ----- ----- ----- ----- ----- NONINTEREST EXPENSE Salaries and employee benefits 5,776 5,802 5,759 5,984 5,520 Occupancy expense 585 558 537 499 518 Furniture and equipment expense 291 310 298 286 324 Data processing 476 486 440 470 467 Directors' fees 132 131 130 165 178 Amortization of intangible assets 129 128 129 129 130 Other noninterest expenses 2,232 2,014 2,436 2,058 2,165 ----- ----- ----- ----- ----- Total noninterest expense 9,621 9,429 9,729 9,591 9,302 ----- ----- ----- ----- ----- Income before income taxes 3,750 4,851 4,482 5,479 5,374 Income tax expense 1,489 1,780 1,716 2,107 2,034 ----- ----- ----- ----- ----- NET INCOME $2,261 $3,071 $2,766 $3,372 $3,340 ====== ====== ====== ====== ====== Weighted average shares outstanding - basic 8,388 8,388 8,381 8,391 8,380 Weighted average shares outstanding - diluted 8,394 8,395 8,388 8,400 8,391 Basic net income per share $0.27 $0.37 $0.33 $0.40 $0.40 Diluted net income per share 0.27 0.37 0.33 0.40 0.40 Dividends paid per share 0.16 0.16 0.16 0.16 0.16 4Q 08 4Q 08 compared to compared to 3Q 08 4Q 07 ----- ----- INTEREST INCOME Interest and fees on loans (0.1)% (5.3)% Interest and dividends on investment securities: Taxable (9.2) (30.4) Tax-exempt (2.1) (25.0) Interest on federal funds sold (69.6) (80.0) Interest on deposits with other banks (81.0) (91.3) Total interest income (1.1) (8.1) INTEREST EXPENSE Interest on deposits (7.5) (15.6) Interest on short-term borrowings (64.8) (71.6) Interest on long-term debt (16.7) (56.1) Total interest expense (11.3) (20.7) NET INTEREST INCOME 4.4 (0.7) Provision for credit losses 58.3 197.8 NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES (0.8) (10.0) NONINTEREST INCOME Service charges on deposit accounts (3.7) (6.6) Investment securities gains (losses) - (475.0) Other than temporary impairment of securities (100.0) - Insurance agency commissions (12.3) (7.4) Other noninterest income (43.8) (2.4) Total noninterest income (16.0) (6.5) NONINTEREST EXPENSE Salaries and employee benefits (0.4) 4.6 Occupancy expense 4.8 12.9 Furniture and equipment expense (6.1) (10.2) Data processing (2.1) 1.9 Directors' fees 0.8 (25.8) Amortization of intangible assets 0.8 (0.8) Other noninterest expenses 10.8 3.1 Total noninterest expense 2.0 3.4 Income before income taxes (22.7) (30.2) Income tax expense (16.3) (26.8) NET INCOME (26.4) (32.3) Weighted average shares outstanding - basic - 0.1 Weighted average shares outstanding - diluted - - Basic net income per share (27.0) (32.5) Diluted net income per share (27.0) (32.5) Dividends paid per share - -
SOURCE Shore Bancshares, Inc.
http://www.shbi.net
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