Company Quick10K Filing
Quick10K
Shore Bancshares
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$15.82 13 $202
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-07 Other Events, Exhibits
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-07-19 Officers, Exhibits
8-K 2019-06-26 Regulation FD, Exhibits
8-K 2019-05-08 Other Events, Exhibits
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-04-24 Shareholder Vote, Regulation FD, Other Events, Exhibits
8-K 2019-04-15 Other Events, Exhibits
8-K 2019-02-05 Other Events, Exhibits
8-K 2019-01-31 Earnings, Exhibits
8-K 2019-01-14 Officers, Regulation FD, Exhibits
8-K 2018-12-31 Officers, Regulation FD, Other Events, Exhibits
8-K 2018-12-17 Other Events, Exhibits
8-K 2018-11-07 Regulation FD, Exhibits
8-K 2018-11-05 Other Events, Exhibits
8-K 2018-11-01 Officers, Exhibits
8-K 2018-10-18 Earnings, Exhibits
8-K 2018-09-18 Regulation FD, Exhibits
8-K 2018-09-12 Regulation FD, Exhibits
8-K 2018-08-31 Officers
8-K 2018-08-08 Other Events, Exhibits
8-K 2018-07-31 Regulation FD, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-05-09 Other Events, Exhibits
8-K 2018-04-25 Shareholder Vote
8-K 2018-04-19 Earnings, Exhibits
8-K 2018-02-01 Other Events, Exhibits
8-K 2018-01-25 Earnings, Exhibits
TYL Tyler Technologies 8,270
INXN Interxion Holding 5,090
BLMN Bloomin' Brands 1,830
AMC AMC Entertainment Holdings 1,420
RYTM Rhythm Pharmaceuticals 871
CONN Conn's 777
FCCO First Community 141
TOTA Tottenham Acquisition I 61
FNHI Franchise Holdings International 0
CRCW Crypto 0
SHBI 2019-06-30
Part I – Financial Information
Item 1. Financial Statements.
Note 1 – Basis of Presentation
Note 2 – Sale of Subsidiary
Note 3 – Earnings per Share
Note 4 – Investment Securities
Note 5 – Loans and Allowance for Credit Losses
Note 6 – Leases
Note 7 – Goodwill and Other Intangibles
Note 8 – Other Assets
Note 9 – Other Liabilities
Note 10 - Stock-Based Compensation
Note 11 – Accumulated Other Comprehensive Income
Note 12 – Fair Value Measurements
Note 13 – Financial Instruments with Off-Balance Sheet Risk
Note 14 – Revenue Recognition
Note 15 – Subsequent Events
Item 2. Management’S Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II – Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits.
EX-10.1 shbi-20190630ex101a0e910.htm
EX-10.2 shbi-20190630ex102693458.htm
EX-10.3 shbi-20190630ex103d5a94a.htm
EX-31.1 shbi-20190630ex3115bbdba.htm
EX-31.2 shbi-20190630ex3125ddf79.htm
EX-32 shbi-20190630xex32.htm

Shore Bancshares Earnings 2019-06-30

SHBI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 shbi-20190630x10q.htm 10-Q shbi_Current_Folio_10Q

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-Q

☒  

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended June 30, 2019

OR

☐  

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                         to                        

Commission file number 0‑22345

SHORE BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

Maryland

    

52‑1974638

(State or Other Jurisdiction of

 

(I.R.S. Employer

Incorporation or Organization)

 

Identification No.)

 

 

 

28969 Information Lane, Easton, Maryland

 

21601

(Address of Principal Executive Offices)

 

(Zip Code)

 

(410) 763‑7800

Registrant’s Telephone Number, Including Area Code

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

SHBI

NASDAQ

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b‑2 of the Exchange Act.

 

 

 

 

 

 

 

 

 

 

Large accelerated filer

    

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

 Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Act). Yes ◻ No ☑

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 12,779,072 shares of common stock outstanding as of July 31, 2019.

 

 

 

 

 

 

INDEX

 

   

Page

 

 

 

Part I. Financial Information 

 

3

 

 

 

Item 1. Financial Statements 

 

3

 

 

 

Consolidated Balance Sheets –June 30, 2019 (unaudited) and December 31, 2018 

 

3

 

 

 

Consolidated Statements of Income For the three and six months ended June  30, 2019 and 2018 (unaudited) 

 

4

 

 

 

Consolidated Statements of Comprehensive Income For the three and six months ended June 30, 2019 and 2018 (unaudited) 

 

5

 

 

 

Consolidated Statements of Changes in Stockholders’ Equity For the three and six months ended June 30, 2019 and 2018 (unaudited) 

 

6

 

 

 

Consolidated Statements of Cash Flows For the six months ended June 30, 2019 and 2018 (unaudited) 

 

7

 

 

 

Notes to Consolidated Financial Statements (unaudited) 

 

8

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 

 

35

 

 

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk 

 

47

 

 

 

Item 4. Controls and Procedures 

 

47

 

 

 

Part II. Other Information 

 

48

 

 

 

Item 1. Legal Proceedings 

 

48

 

 

 

Item 1A. Risk Factors 

 

48

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 

 

48

 

 

 

Item 3. Defaults Upon Senior Securities 

 

48

 

 

 

Item 4. Mine Safety Disclosures 

 

48

 

 

 

Item 5. Other Information 

 

48

 

 

 

Item 6. Exhibits 

 

48

 

 

 

Exhibit Index 

 

49

 

 

 

Signatures 

 

50

 

 

 

2

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

SHORE BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

June 30, 

 

December 31, 

 

 

2019

 

2018

ASSETS

 

 

(Unaudited)

 

 

  

Cash and due from banks

 

$

18,541

 

$

16,294

Interest-bearing deposits with other banks

 

 

20,739

 

 

50,931

Cash and cash equivalents

 

 

39,280

 

 

67,225

Investment securities:

 

 

 

 

 

  

Available-for-sale, at fair value

 

 

145,410

 

 

154,432

Held to maturity, at amortized cost - fair value of $5,887 (2019) and $6,000 (2018)

 

 

5,905

 

 

6,043

Equity securities, at fair value

 

 

1,325

 

 

1,269

Restricted securities

 

 

5,095

 

 

6,476

 

 

 

 

 

 

 

Loans

 

 

1,240,295

 

 

1,195,355

Less: allowance for credit losses

 

 

(10,305)

 

 

(10,343)

Loans, net

 

 

1,229,990

 

 

1,185,012

 

 

 

 

 

 

 

Premises and equipment, net

 

 

22,710

 

 

22,711

Goodwill

 

 

17,518

 

 

17,518

Other intangible assets, net

 

 

2,540

 

 

2,857

Other real estate owned, net

 

 

524

 

 

1,222

Right-of-use assets

 

 

3,663

 

 

 —

Other assets

 

 

14,602

 

 

17,678

Assets of discontinued operations

 

 

 —

 

 

633

TOTAL ASSETS

 

$

1,488,562

 

$

1,483,076

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

  

Deposits:

 

 

 

 

 

  

Noninterest-bearing

 

$

346,916

 

$

330,466

Interest-bearing

 

 

902,084

 

 

881,875

Total deposits

 

 

1,249,000

 

 

1,212,341

 

 

 

 

 

 

 

Short-term borrowings

 

 

25,508

 

 

60,812

Long-term borrowings

 

 

15,000

 

 

15,000

Lease liabilities

 

 

3,663

 

 

 —

Other liabilities

 

 

4,084

 

 

8,415

Liabilities of discontinued operations

 

 

 —

 

 

3,323

TOTAL LIABILITIES

 

 

1,297,255

 

 

1,299,891

 

 

 

 

 

 

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

  

Common stock, par value $.01 per share; shares authorized - 35,000,000; shares issued and outstanding - 12,779,072 (2019) and 12,749,497 (2018)

 

 

128

 

 

127

Additional paid in capital

 

 

65,376

 

 

65,434

Retained earnings

 

 

125,996

 

 

120,574

Accumulated other comprehensive loss

 

 

(193)

 

 

(2,950)

TOTAL STOCKHOLDERS' EQUITY

 

 

191,307

 

 

183,185

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

1,488,562

 

$

1,483,076

 

See accompanying notes to Consolidated Financial Statements.

3

SHORE BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For Three Months Ended

 

For Six Months Ended

 

 

 

June 30, 

 

June 30, 

 

 

 

2019

    

2018

    

2019

    

2018

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

13,749

 

$

12,631

 

$

27,248

 

$

24,675

 

Interest and dividends on investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

887

 

 

982

 

 

1,885

 

 

2,003

 

Interest on deposits with other banks

 

 

113

 

 

61

 

 

276

 

 

99

 

Total interest income

 

 

14,749

 

 

13,674

 

 

29,409

 

 

26,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

2,204

 

 

580

 

 

4,151

 

 

1,128

 

Interest on short-term borrowings

 

 

145

 

 

461

 

 

358

 

 

687

 

Interest on long-term borrowings

 

 

107

 

 

 —

 

 

213

 

 

 —

 

Total interest expense

 

 

2,456

 

 

1,041

 

 

4,722

 

 

1,815

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME

 

 

12,293

 

 

12,633

 

 

24,687

 

 

24,962

 

Provision for credit losses

 

 

200

 

 

418

 

 

300

 

 

907

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

 

 

12,093

 

 

12,215

 

 

24,387

 

 

24,055

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

1,028

 

 

947

 

 

1,962

 

 

1,852

 

Trust and investment fee income

 

 

385

 

 

414

 

 

757

 

 

814

 

Other noninterest income

 

 

1,196

 

 

935

 

 

2,078

 

 

1,770

 

Total noninterest income

 

 

2,609

 

 

2,296

 

 

4,797

 

 

4,436

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

3,792

 

 

4,101

 

 

7,558

 

 

8,327

 

Employee benefits

 

 

1,068

 

 

1,045

 

 

2,322

 

 

2,221

 

Occupancy expense

 

 

668

 

 

650

 

 

1,359

 

 

1,327

 

Furniture and equipment expense

 

 

295

 

 

247

 

 

558

 

 

502

 

Data processing

 

 

919

 

 

689

 

 

1,829

 

 

1,557

 

Directors' fees

 

 

116

 

 

152

 

 

202

 

 

266

 

Amortization of other intangible assets

 

 

155

 

 

228

 

 

317

 

 

327

 

FDIC insurance premium expense

 

 

181

 

 

214

 

 

386

 

 

419

 

Other real estate owned expenses, net

 

 

60

 

 

 5

 

 

293

 

 

(41)

 

Legal and professional fees

 

 

559

 

 

487

 

 

1,160

 

 

935

 

Other noninterest expenses

 

 

1,172

 

 

1,035

 

 

2,344

 

 

2,465

 

Total noninterest expense

 

 

8,985

 

 

8,853

 

 

18,328

 

 

18,305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

 

 

5,717

 

 

5,658

 

 

10,856

 

 

10,186

 

Income tax expense

 

 

1,489

 

 

1,466

 

 

2,800

 

 

2,532

 

Income from continuing operations

 

 

4,228

 

 

4,192

 

 

8,056

 

 

7,654

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from discontinued operations before income taxes

 

 

(4)

 

 

269

 

 

(103)

 

 

1,048

 

Income tax (benefit) expense

 

 

 —

 

 

70

 

 

(25)

 

 

253

 

(Loss) income from discontinued operations

 

 

(4)

 

 

199

 

 

(78)

 

 

795

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

$

4,224

 

$

4,391

 

$

7,978

 

$

8,449

 

Earnings per common share - Basic

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.33

 

$

0.33

 

$

0.63

 

$

0.60

 

(Loss) income from discontinued operations

 

 

 —

 

 

0.01

 

 

(0.01)

 

 

0.06

 

Net income

 

$

0.33

 

$

0.34

 

$

0.62

 

$

0.66

 

Earnings per common share - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.33

 

$

0.33

 

$

0.63

 

$

0.60

 

(Loss) income from discontinued operations

 

 

 —

 

 

0.01

 

 

(0.01)

 

 

0.06

 

Net income

 

$

0.33

 

$

0.34

 

$

0.62

 

$

0.66

 

Dividends paid per common share

 

 

0.10

 

 

0.08

 

$

0.20

 

$

0.15

 

 

See accompanying notes to Consolidated Financial Statements.

4

 

SHORE BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For Three Months Ended

 

For Six Months Ended

 

 

 

June 30, 

 

June 30, 

 

 

 

2019

    

2018

    

2019

    

2018

 

Net income

 

$

4,224

 

$

4,391

 

$

7,978

 

$

8,449

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) on available-for-sale-securities

 

 

1,797

 

 

(550)

 

 

3,780

 

 

(3,416)

 

Tax effect

 

 

(492)

 

 

149

 

 

(1,033)

 

 

942

 

Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity

 

 

 7

 

 

 8

 

 

14

 

 

15

 

Tax effect

 

 

(1)

 

 

(2)

 

 

(4)

 

 

(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other comprehensive income (loss)

 

 

1,311

 

 

(395)

 

 

2,757

 

 

(2,464)

 

Comprehensive income

 

$

5,535

 

$

3,996

 

$

10,735

 

$

5,985

 

 

See accompanying notes to Consolidated Financial Statements.

5

 

SHORE BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited)

For the Three and Six months Ended June 30, 2019 and 2018

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Additional

 

 

 

 

Other

 

Total

 

 

Common

 

Paid in

 

Retained

 

Comprehensive

 

Stockholders’

 

    

Stock

    

Capital

    

Earnings

    

Income(Loss)

    

Equity

Balances, January 1, 2019

 

$

127

 

$

65,434

 

$

120,574

 

$

(2,950)

 

$

183,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 —

 

 

 —

 

 

3,754

 

 

 —

 

 

3,754

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 —

 

 

 —

 

 

 —

 

 

1,446

 

 

1,446

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 —

 

 

63

 

 

 —

 

 

 —

 

 

63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of options and vesting of restricted stock, net of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

shares surrendered

 

 

 1

 

 

(89)

 

 

 —

 

 

 —

 

 

(88)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared

 

 

 —

 

 

 —

 

 

(1,278)

 

 

 —

 

 

(1,278)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances, March 31, 2019

 

$

128

 

$

65,408

 

$

123,050

 

$

(1,504)

 

$

187,082

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 —

 

 

 —

 

 

4,224

 

 

 —

 

 

4,224

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 —

 

 

 —

 

 

 —

 

 

1,311

 

 

1,311

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 —

 

 

(32)

 

 

 —

 

 

 —

 

 

(32)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared

 

 

 —

 

 

 —

 

 

(1,278)

 

 

 —

 

 

(1,278)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances, June 30, 2019

 

$

128

 

$

65,376

 

$

125,996

 

$

(193)

 

$

191,307

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Additional

 

 

 

 

Other

 

Total

 

 

Common

 

Paid in

 

Retained

 

Comprehensive

 

Stockholders’

 

 

Stock

    

Capital

    

Earnings

    

Income(Loss)

    

Equity

Balances, January 1, 2018

 

$

127

 

$

65,256

 

$

99,662

 

$

(1,309)

 

$

163,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 —

 

 

 —

 

 

4,058

 

 

 —

 

 

4,058

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss)

 

 

 —

 

 

 —

 

 

 —

 

 

(2,069)

 

 

(2,069)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 —

 

 

143

 

 

 —

 

 

 —

 

 

143

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared

 

 

 —

 

 

 —

 

 

(891)

 

 

 —

 

 

(891)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances, March 31, 2018

 

$

127

 

$

65,399

 

$

102,829

 

$

(3,378)

 

$

164,977

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative effect adjustment (ASU 2016-01)

 

 

 —

 

 

 —

 

 

(6)

 

 

 6

 

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 —

 

 

 —

 

 

4,391

 

 

 —

 

 

4,391

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss)

 

 

 —

 

 

 —

 

 

 —

 

 

(395)

 

 

(395)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 —

 

 

163

 

 

 —

 

 

 —

 

 

163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared

 

 

 —

 

 

 —

 

 

(1,021)

 

 

 —

 

 

(1,021)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances, June 30, 2018

 

$

127

 

$

65,562

 

$

106,193

 

$

(3,767)

 

$

168,115

See accompanying notes to Consolidated Financial Statements.

6

SHORE BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Dollars in thousands)