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Net income available to common stockholders was negatively impacted by dividends and discount accretion associated with the sale and subsequent repurchase of preferred stock under the U.S. Department of the Treasury's Troubled Asset Relief Program Capital Purchase Program. The dividends and accretion for the second quarter of 2009 was $1.5 million or $0.18 per share. The comparable amount for the first six months of 2009 was $1.9 million or $0.22 per share.
"We are pleased to have reported net income in each of the first two quarters of 2009, given the ongoing tough operating environment locally and across the community banking industry. Three main factors contributed to the reduction of our second quarter net income to $354 thousand. These included: $1.5 million on an after tax basis ($0.18 per share) of one-time charges related to our participation in and exit from the Capital Purchase Program via repayment of Treasury's investment; a $513 thousand ($0.04 per share on an after tax basis) one-time deposit insurance special assessment from the FDIC; and a $1.7 million ($0.12 per share on an after tax basis) quarterly provision for credit losses that was set aside to support sustained growth in the loan portfolio plus the overall increase in nonperforming assets and loan charge-offs," said W. Moorhead Vermilye, President & Chief Executive Officer.
"The underlying strength of our organization enabled us to grow loans by 9.2% during the second quarter versus a year ago, and supported an excellent increase in total deposits of 19.9% during the second quarter when compared to the comparable period of last year. We see the deposit growth as evidence of our ability to bring in new relationships as a result of ongoing market disruption, which we believe is solidifying our position as the leading independent banking company serving the Delaware-Maryland-Virginia peninsula."
"Nonperforming assets as a percentage of total assets grew to 1.26% during the quarter, annualized net charge-offs as a percentage of average loans amounted to 0.71%, and the allowance for credit losses as a percentage of period-end loans was 1.17% and remained essentially unchanged from the linked first quarter. We believe these asset quality measures will compare favorably to our Mid-Atlantic peers, after all of the mid-year results are compiled for the group," Vermilye said.
The Company's return on average assets for the second quarter of 2009 was 0.13%, compared to 0.72% and 1.12% for the quarters ended March 31, 2009 and June 30, 2008, respectively. The return on average stockholders' equity was 1.07% for the second quarter of 2009, compared to 5.05% for the first quarter of 2009 and 8.98% for the second quarter of 2008.
The Company's return on average assets for the first six months of 2009 was 0.41%, compared to 1.25% for the first six months of 2008. The return on average stockholders' equity was 3.18% for the first half of 2009, compared to 10.02% for the first half of 2008.
Total assets were $1.158 billion at June 30, 2009, compared to $1.045 billion at the end of 2008, an increase of $113.6 million. Total loans were $919.1 million and total deposits were $981.3 million, an increase of $30.1 million and $136.0 million, respectively, when compared to December 31, 2008. Total stockholders' equity increased slightly from the end of 2008.
Review of Quarterly Financial Results
Net interest income for the second quarter of 2009 was $10.1 million, a small increase from the first quarter of 2009 and an increase of 4.7% from the same period last year. Higher average balances on earning assets was the primary reason for the increase. The Company's net interest margin was 3.85% for the second quarter of 2009, a decrease of 24 basis points when compared to the first quarter of 2009 and a decrease of 32 basis points when compared to the second quarter of 2008.
The provision for credit losses was $1.7 million for the three months ended June 30, 2009. The comparable amounts were $1.9 million and $615 thousand for the three months ended March 31, 2009 and June 30, 2008, respectively. The continued large level of provision expense was primarily in response to sustained growth in the loan portfolio, the overall increase in nonperforming assets and loan charge-offs, as well as overall economic conditions. Net charge-offs were $1.6 million for the second quarter of 2009, $546 thousand for the first quarter of 2009 and $259 thousand for the second quarter of 2008. Quarter-to-date annualized net charge-offs to average loans was 0.71% for the second quarter of 2009, 0.25% for the first quarter of 2009 and 0.13% for the second quarter of 2008. Nonperforming assets to total assets was 1.26% at June 30, 2009. The comparable nonperforming asset ratio was 0.85% at March 31, 2009, and 0.47% at June 30, 2008. The allowance for credit losses to period-end loans was 1.17% at June 30, 2009, compared to 1.18% at March 31, 2009 and 0.98% at June 30, 2008. Management believes that the provision for credit losses and the resulting allowance were adequate at June 30, 2009.
Noninterest income for the second quarter of 2009 remained relatively unchanged when compared to the first quarter of 2009 and increased 2.9% when compared to the second quarter of 2008. During the second quarter the Company recorded a $420 thousand gain on an interest rate swap transaction which was offset by a reduction in insurance agency commissions.
Noninterest expense for the second quarter of 2009 increased 8.2% when compared to the first quarter of 2009 and increased 9.9% when compared to the second quarter of 2008. A significant portion of the increase was due to increased FDIC insurance premium expense of $676 thousand when compared to the first quarter of 2009 and $860 thousand when compared to the second quarter of 2008. These increases included a special one-time assessment as of June 30, 2009 which totaled $513 thousand.
Review of Six-Month Financial Results
Net interest income for the first six months of 2009 was $20.1 million, an increase of 2.5% when compared to the first six months of 2008. Higher average balances on earning assets was the primary reason for the increase. The net interest margin declined 34 basis points from 4.30% for the first half of 2008 to 3.96% for the first half of 2009.
The provisions for credit losses for the six months ended June 30, 2009 and 2008 were $3.6 million and $1.1 million, respectively. Net charge-offs were $2.2 million and $346 thousand for the six months ended June 30, 2009 and 2008, respectively. Year-to-date annualized net charge-offs to average loans was 0.48% for the first half of 2009 and 0.09% for the first half of 2008.
Noninterest income for the six months ended June 30, 2009 remained unchanged when compared to the same period in 2008. The increase in other noninterest income was primarily offset by a decrease in insurance agency commissions.
Noninterest expense for the six months ended June 30, 2009 increased 6.5% when compared to the same period in 2008. A significant portion of the increase was due to increased FDIC insurance premium expense of $1.1 million when compared to the first six months of 2008. The increase in FDIC insurance premiums was attributable to higher overall rates, a one-time special assessment as of June 30, 2009 which totaled $513 thousand and growth in the company's total deposits.
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 For the Six Months Ended
June 30, June 30,
-------- --------
2009 2008 %Change 2009 2008 %Change
---- ---- ------ ---- ---- ------
PROFITABILITY
FOR THE PERIOD
Net interest
income $10,086 $9,632 4.7% $20,144 $19,662 2.5%
Provision
for credit
losses 1,681 615 173.3 3,616 1,077 235.7
Noninterest
income 5,347 5,194 2.9 10,697 10,696 0.0
Noninterest
expense 10,693 9,729 9.9 20,576 19,320 6.5
------ ----- ------ ------
Income before
income taxes 3,059 4,482 (31.7) 6,649 9,961 (33.2)
Income tax
expense 1,166 1,716 (32.1) 2,543 3,823 (33.5)
----- ----- ----- -----
Net income 1,893 2,766 (31.6) 4,106 6,138 (33.1)
Preferred stock
dividends
and discount
accretion 1,539 - - 1,876 - -
----- - ----- -
Net income available
to common
shareholders $354 $2,766 (87.2) $2,230 $6,138 (63.7)
==== ====== ====== ======
Return on average
assets (1) 0.13% 1.12% (88.4)% 0.41% 1.25% (67.2)%
Return on average
equity (1) 1.07 8.98 (88.1) 3.18 10.02 (68.3)
Net interest margin 3.85 4.17 (7.7) 3.96 4.30 (7.9)
Efficiency ratio-
GAAP based 69.29 65.62 5.6 66.72 63.64 4.8
PER SHARE DATA
Basic net income per
share $0.23 $0.33 (30.3)% $0.49 $0.73 (32.9)%
Basic net income per
common share 0.04 0.33 (87.9) 0.27 0.73 (63.0)
Diluted net income
per share 0.22 0.33 (33.3) 0.49 0.73 (32.9)
Diluted net income
per common share 0.04 0.33 (87.9) 0.27 0.73 (63.0)
Dividends paid per
common share 0.16 0.16 - 0.32 0.32 -
Book value per
common share at
period end 15.19 14.65 3.7
Tangible book value
per common share at
period end 12.62 12.01 5.1
Market value at
period end 17.94 18.72 (4.2)
Market range:
High 21.46 26.47 (18.9) 24.43 26.47 (7.7)
Low 15.18 18.52 (18.0) 11.00 18.52 (40.6)
AT PERIOD END
Loans $919,088 $841,600 9.2%
Securities 89,272 91,842 (2.8)
Assets 1,158,212 1,019,463 13.6
Deposits 981,334 818,656 19.9
Stockholders' equity 127,876 123,038 3.9
CAPITAL AND CREDIT
QUALITY RATIOS
Average equity to
average assets 11.84% 12.41% 12.99% 12.45%
Annualized net
charge-offs to
average loans 0.71 0.13 0.48 0.09
Allowance for
credit losses
to period-end
loans 1.17 0.98
Nonperforming assets
to total assets 1.26 0.47
(1) Calculation uses net income available to common shareholders.
Shore Bancshares, Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
June 30, June 30,
2009 2009
compared compared
to to
June 30, Dec. 31, June 30, Dec. 31, June 30,
2009 2008 2008 2008 2008
---- ---- ---- ---- ----
ASSETS
Cash and due
from banks $20,498 $16,803 $19,532 22.0% 4.9%
Interest-bearing
deposits with
other banks 1,622 481 343 237.2 372.9
Federal funds
sold 85,242 10,010 23,111 751.6 268.8
Investments
available-for-
sale (at fair
value) 80,278 79,204 80,721 1.4 (0.5)
Investments held-
to-maturity 8,994 10,252 11,121 (12.3) (19.1)
Loans 919,088 888,528 841,600 3.4 9.2
Less: allowance
for credit
losses (10,784) (9,320) (8,282) 15.7 30.2
------ ----- -----
Loans, net 908,304 879,208 833,318 3.3 9.0
------- ------- -------
Premises and
equipment, net 14,018 13,855 14,465 1.2 (3.1)
Accrued interest
receivable 4,355 4,606 4,843 (5.4) (10.1)
Goodwill 15,954 15,954 15,954 - -
Other intangible
assets, net 5,663 5,921 6,179 (4.4) (8.4)
Other real estate
owned 2,212 148 - 1,394.6 -
Other assets 11,072 8,199 9,876 35.0 12.1
------ ----- -----
Total
assets $1,158,212 $1,044,641 $1,019,463 10.9 13.6
========== ========== ==========
LIABILITIES
Noninterest-
bearing
deposits $113,111 $102,584 $109,718 10.3 3.1
Interest-
bearing
deposits 868,223 742,787 708,938 16.9 22.5
------- ------- -------
Total
deposits 981,334 845,371 818,656 16.1 19.9
Short-term
borrowings 28,096 52,969 58,263 (47.0) (51.8)
Long-term debt 7,947 7,947 8,485 - (6.3)
Accrued interest
payable and
other
liabilities 12,959 10,969 11,021 18.1 17.6
------ ------ ------
Total
liabili-
ties 1,030,336 917,256 896,425 12.3 14.9
--------- ------- -------
STOCKHOLDERS' EQUITY
Common stock, par value
$0.01; authorized
35,000,000 shares 84 84 84 - -
Warrants 1,543 - - - -
Additional paid
in capital 29,816 29,768 29,663 0.2 0.5
Retained earnings 95,679 96,140 93,498 (0.5) 2.3
Accumulated other
comprehensive
income (expense) 754 1,393 (207) (45.9) 464.3
--- ----- ----
Total
stockholders'
equity 127,876 127,385 123,038 0.4 3.9
------- ------- -------
Total
liabilities
and stock-
holders'
equity $1,158,212 $1,044,641 $1,019,463 10.9 13.6
========== ========== ==========
Period-end common
shares outstanding 8,419 8,405 8,400 0.2 0.2
Book value per
common share $15.19 $15.16 $14.65 0.2 3.7
Shore Bancshares, Inc.
Consolidated Statements of Income
(In thousands, except per share data)
For the Three Months Ended For the Six Months Ended
June 30, June 30,
-------- --------
2009 2008 %Change 2009 2008 %Change
---- ---- ------ ---- ---- ------
INTEREST INCOME
Interest and fees
on loans $13,754 $13,961 (1.5)% $27,371 $28,521 (4.0)%
Interest and
dividends on
investment
securities:
Taxable 768 945 (18.7) 1,524 2,025 (24.7)
Tax-exempt 79 109 (27.5) 164 232 (29.3)
Interest on federal
funds sold 23 83 (72.3) 30 205 (85.4)
Interest on deposits
with other banks 6 29 (79.3) 7 67 (89.6)
- -- - --
Total interest
income 14,630 15,127 (3.3) 29,096 31,050 (6.3)
------ ------ ------ ------
INTEREST EXPENSE
Interest on deposits 4,441 4,997 (11.1) 8,726 10,340 (15.6)
Interest on short-term
borrowings 28 316 (91.1) 77 682 (88.7)
Interest on long-term
debt 75 182 (58.8) 149 366 (59.3)
-- --- --- ---
Total interest
expense 4,544 5,495 (17.3) 8,952 11,388 (21.4)
----- ----- ----- ------
NET INTEREST INCOME 10,086 9,632 4.7 20,144 19,662 2.5
Provision for credit
losses 1,681 615 173.3 3,616 1,077 235.7
----- --- ----- -----
NET INTEREST INCOME
AFTER PROVISION FOR
CREDIT LOSSES 8,405 9,017 (6.8) 16,528 18,585 (11.1)
----- ----- ------ ------
NONINTEREST INCOME
Service charges on
deposit accounts 888 917 (3.2) 1,697 1,788 (5.1)
Investment securities
gains (losses) - - - 49 - -
Insurance agency
commissions 2,893 3,219 (10.1) 6,228 6,750 (7.7)
Other noninterest
income 1,566 1,058 48.0 2,723 2,158 26.2
----- ----- ----- -----
Total noninterest
income 5,347 5,194 2.9 10,697 10,696 0.0
----- ----- ------ ------
NONINTEREST EXPENSE
Salaries and employee
benefits 5,959 5,759 3.5 11,879 11,743 1.2
Occupancy expense 587 537 9.3 1,136 1,036 9.7
Furniture and equipment
expense 302 298 1.3 616 584 5.5
Data processing 580 550 5.5 1,190 1,216 (2.1)
Directors' fees 117 130 (10.0) 285 295 (3.4)
Amortization of
intangible assets 129 129 - 258 258 -
Other noninterest
expenses 3,019 2,326 29.8 5,212 4,188 24.5
----- ----- ----- -----
Total noninterest
expense 10,693 9,729 9.9 20,576 19,320 6.5
------ ----- ------ ------
Income before income
taxes 3,059 4,482 (31.7) 6,649 9,961 (33.2)
Income tax expense 1,166 1,716 (32.1) 2,543 3,823 (33.5)
----- ----- ----- -----
NET INCOME 1,893 2,766 (31.6) 4,106 6,138 (33.1)
Preferred stock
dividends and discount
accretion 1,539 - - 1,876 - -
----- - ----- -
Net income available to
common
shareholders $354 $2,766 (87.2) $2,230 $6,138 (63.7)
==== ====== ====== ======
Weighted average shares
outstanding - basic 8,413 8,398 0.2 8,409 8,394 0.2
Weighted average shares
outstanding -
diluted 8,417 8,405 0.1 8,413 8,402 0.1
Basic net income per
share $0.23 $0.33 (30.3) $0.49 $0.73 (32.9)
Basic net income per
common share 0.04 0.33 (87.9) 0.27 0.73 (63.0)
Diluted net income per
share 0.22 0.33 (33.3) 0.49 0.73 (32.9)
Diluted net income per
common share 0.04 0.33 (87.9) 0.27 0.73 (63.0)
Dividends paid per
common share 0.16 0.16 - 0.32 0.32 -
Shore Bancshares, Inc.
Financial Highlights By Quarter
(Dollars in thousands, except per share data)
2nd 1st 4th 3rd
quarter quarter quarter quarter
2009 2009 2008 2008
(2Q 09) (1Q 09) (4Q 08) (3Q 08)
----- ----- ----- -----
PROFITABILITY FOR THE
PERIOD
Net interest income $10,086 $10,058 $10,348 $9,909
Provision for
credit losses 1,681 1,935 1,385 875
Noninterest income 5,347 5,350 4,408 5,246
Noninterest expense 10,693 9,883 9,621 9,429
------ ----- ----- -----
Income before
income taxes 3,059 3,590 3,750 4,851
Income tax expense 1,166 1,377 1,489 1,780
----- ----- ----- -----
Net income 1,893 2,213 2,261 3,071
Preferred stock
dividends and
discount
accretion 1,539 337 - -
----- --- - -
Net income
available
to common
shareholders $354 $1,876 $2,261 $3,071
==== ====== ====== ======
Return on
average
assets (1) 0.13% 0.72% 0.87% 1.19%
Return on
average
equity (1) 1.07 5.05 7.11 9.81
Net interest margin 3.85 4.09 4.24 4.10
Efficiency
ratio - GAAP
based 69.29 64.14 65.20 62.22
PER SHARE DATA
Basic net
income per
share $0.23 $0.26 $0.27 $0.37
Basic net income
per common share 0.04 0.22 0.27 0.37
Diluted net
income per
share 0.22 0.26 0.27 0.37
Diluted net income
per common share 0.04 0.22 0.27 0.37
Dividends paid
per common share 0.16 0.16 0.16 0.16
Book value per
common share at
period end 15.19 15.38 15.16 14.92
Tangible book value
per common share at
period end 12.62 12.79 12.55 12.30
Market value
at period end 17.94 16.75 23.99 25.70
Market range:
High 21.46 24.43 25.97 27.25
Low 15.18 11.00 17.50 18.00
AT PERIOD END
Loans $919,088 $908,118 $888,528 $865,437
Securities 89,272 78,953 89,456 93,149
Assets 1,158,212 1,075,934 1,044,641 1,037,026
Deposits 981,334 873,089 845,371 839,217
Stockholders'
equity 127,876 152,781 127,385 125,401
CAPITAL AND CREDIT
QUALITY RATIOS
Average equity
to average
assets 11.84% 14.23% 12.22% 12.12%
Annualized net charge-
offs to average
loans 0.71 0.25 0.31 0.25
Allowance for
credit losses
to period-end
loans 1.17 1.18 1.05 1.00
Nonperforming
assets to total
assets 1.26 0.85 0.79 0.72
2nd 2Q 09 2Q 09
quarter compared compared
2008 to to
(2Q 08) 1Q 09 2Q 08
----- ----- -----
PROFITABILITY FOR THE PERIOD
Net interest
income $9,632 0.3% 4.7%
Provision for credit
losses 615 (13.1) 173.3
Noninterest income 5,194 (0.1) 2.9
Noninterest
expense 9,729 8.2 9.9
-----
Income before income
taxes 4,482 (14.8) (31.7)
Income tax expense 1,716 (15.3) (32.1)
-----
Net income 2,766 (14.5) (31.6)
Preferred stock
dividends and discount
accretion - 356.7 -
Net income available
to common
shareholders $2,766 (81.1) (87.2)
======
Return on average
assets (1) % 1.12% (81.9)% (88.4)%
Return on average
equity (1) 8.98 (78.8) (88.1)
Net interest
margin 4.17 (5.9) (7.7)
Efficiency ratio -
GAAP based 65.62 8.0 5.6
PER SHARE DATA
Basic net income per
share $0.33 (11.5)% (30.3)%
Basic net income per
common share 0.33 (81.8) (87.9)
Diluted net income per
share 0.33 (15.4) (33.3)
Diluted net income per
common share 0.33 (81.8) (87.9)
Dividends paid per
common share 0.16 - -
Book value per common
share at period
end 14.65 (1.2) 3.7
Tangible book value
per common share at
period end 12.01 (1.3) 5.1
Market value at period
end 18.72 7.1 (4.2)
Market range:
High 26.47 (12.2) (18.9)
Low 18.52 38.0 (18.0)
AT PERIOD END
Loans $841,600 1.2% 9.2%
Securities 91,842 13.1 (2.8)
Assets 1,019,463 7.6 13.6
Deposits 818,656 12.4 19.9
Stockholders'
equity 123,038 (16.3) 3.9
CAPITAL AND CREDIT QUALITY
RATIOS
Average equity to
average assets 12.41%
Annualized net charge-
offs to average loans 0.13
Allowance for credit
losses to period-end
loans 0.98
Nonperforming assets
to total assets 0.47
(1) Calculation uses net income available to common shareholders.
Shore Bancshares, Inc.
Consolidated Statements of Income By Quarter
(In thousands, except per share data)
2Q 09 1Q 09 4Q 08 3Q 08 2Q 08
----- ----- ----- ----- -----
INTEREST INCOME
Interest and fees
on loans $13,754 $13,617 $14,166 $14,179 $13,961
Interest and dividends
on investment securities:
Taxable 768 756 839 924 945
Tax-exempt 79 85 93 95 109
Interest on federal
funds sold 23 7 24 79 83
Interest on deposits
with other banks 6 1 4 21 29
- - - -- --
Total interest
income 14,630 14,466 15,126 15,298 15,127
------ ------ ------ ------ ------
INTEREST EXPENSE
Interest on
deposits 4,441 4,285 4,582 4,955 4,997
Interest on short-
term borrowings 28 49 121 344 316
Interest on long-term
debt 75 74 75 90 182
-- -- -- -- ---
Total interest
expense 4,544 4,408 4,778 5,389 5,495
----- ----- ----- ----- -----
NET INTEREST INCOME 10,086 10,058 10,348 9,909 9,632
Provision for credit
losses 1,681 1,935 1,385 875 615
----- ----- ----- --- ---
NET INTEREST INCOME
AFTER PROVISION
FOR CREDIT LOSSES 8,405 8,123 8,963 9,034 9,017
----- ----- ----- ----- -----
NONINTEREST INCOME
Service charges on
deposit accounts 888 809 889 923 917
Investment securities
gains (losses) - 49 (15) - -
Other than temporary
impairment of
securities - - - (371) -
Insurance agency
commissions 2,893 3,335 2,495 2,845 3,219
Other noninterest
income 1,566 1,157 1,039 1,849 1,058
----- ----- ----- ----- -----
Total noninterest
income 5,347 5,350 4,408 5,246 5,194
----- ----- ----- ----- -----
NONINTEREST EXPENSE
Salaries and employee
benefits 5,959 5,920 5,776 5,802 5,759
Occupancy expense 587 549 585 558 537
Furniture and
equipment expense 302 314 291 310 298
Data processing 580 610 595 610 550
Directors' fees 117 168 132 131 130
Amortization of
intangible assets 129 129 129 128 129
Other noninterest
expenses 3,019 2,193 2,113 1,890 2,326
----- ----- ----- ----- -----
Total noninterest
expense 10,693 9,883 9,621 9,429 9,729
------ ----- ----- ----- -----
Income before income
taxes 3,059 3,590 3,750 4,851 4,482
Income tax expense 1,166 1,377 1,489 1,780 1,716
----- ----- ----- ----- -----
NET INCOME 1,893 2,213 2,261 3,071 2,766
Preferred stock
dividends and
discount accretion 1,539 337 - - -
----- --- - - -
Net income available
to common
shareholders $354 $1,876 $2,261 $3,071 $2,766
==== ====== ====== ====== ======
Weighted average
shares outstanding -
basic 8,413 8,405 8,405 8,405 8,398
Weighted average
shares outstanding -
diluted 8,417 8,408 8,410 8,411 8,405
Basic net income per
share 0.23 0.26 0.27 0.37 0.33
Basic net income per
common share 0.04 0.22 0.27 0.37 0.33
Diluted net income
per share 0.22 0.26 0.27 0.37 0.33
Diluted net income
per common share 0.04 0.22 0.27 0.37 0.33
Dividends paid per
common share 0.16 0.16 0.16 0.16 0.16
2Q 09 2Q 09
compared compared
to to
1Q 09 2Q 08
----- -----
INTEREST INCOME
Interest and fees on
loans 1.0% (1.5)%
Interest and dividends
on investment securities:
Taxable 1.6 (18.7)
Tax-exempt (7.1) (27.5)
Interest on federal
funds sold 228.6 (72.3)
Interest on deposits
with other banks 500.0 (79.3)
Total interest income 1.1 (3.3)
INTEREST EXPENSE
Interest on deposits 3.6 (11.1)
Interest on short-
term borrowings (42.9) (91.1)
Interest on long-term
debt 1.4 (58.8)
Total interest expense 3.1 (17.3)
NET INTEREST INCOME 0.3 4.7
Provision for credit losses (13.1) 173.3
NET INTEREST INCOME
AFTER PROVISION
FOR CREDIT LOSSES 3.5 (6.8)
NONINTEREST INCOME
Service charges on
deposit accounts 9.8 (3.2)
Investment securities
gains (losses) (100.0) -
Other than temporary
impairment of securities - -
Insurance agency
commissions (13.3) (10.1)
Other noninterest income 35.4 48.0
Total noninterest
income (0.1) 2.9
NONINTEREST EXPENSE
Salaries and employee
benefits 0.7 3.5
Occupancy expense 6.9 9.3
Furniture and
equipment expense (3.8) 1.3
Data processing (4.9) 5.5
Directors' fees (30.4) (10.0)
Amortization of
intangible assets - -
Other noninterest
expenses 37.7 29.8
Total noninterest
expense 8.2 9.9
Income before income taxes (14.8) (31.7)
Income tax expense (15.3) (32.1)
NET INCOME (14.5) (31.6)
Preferred stock dividends and
discount accretion 356.7 -
Net income available
to common shareholders (81.1) (87.2)
Weighted average
shares outstanding -
basic 0.1 0.2
Weighted average
shares outstanding -
diluted 0.1 0.1
Basic net income per share (11.5) (30.3)
Basic net income per
common share (81.8) (87.9)
Diluted net income
per share (15.4) (33.3)
Diluted net income
per common share (81.8) (87.9)
Dividends paid per
common share - -
SOURCE Shore Bancshares, Inc.
http://www.shbi.net
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