Shore Bancshares Q3 net income falls sequentially on higher credit-loss provision
SHBI•Shore Bancshares’ third-quarter net income rose year over year but declined from the prior quarter to $16.77 million, as its credit-loss provision increased to $5.27 million. Earnings per share were $0.50.
1. Quarterly results
Shore Bancshares reported third-quarter net income of $16.77 million and earnings per share of $0.50. Net income rose year over year but fell sequentially, while the provision for credit losses was $5.27 million, driven by a partial charge-off on downgraded multifamily loans.
2. Income and outlook
Net interest income and margin improved, supported by higher interest income and lower expenses; elevated accretion income from loan payoffs contributed to the increase. Lower banking revenue and fees reduced noninterest income. The company repurchased 148,006 shares for $3.4 million during the quarter and expects expense management and technology investments to improve operating leverage.
