NASDAQ$SHBI
Shore Bancshares Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Shore Bancshares' first quarter performance in 2024 was reported, revealing a decrease in net income compared to both the previous and the corresponding quarter of the prior year, alongside proactive balance sheet management and stable credit trends.
Shore Bancshares reported a net income of $8.2 million for Q1 2024, a decrease from $10.5 million in Q4 2023 and $6.5 million in Q1 2023. The results were impacted by a $4.3 million fraud-related expense. The company focused on active balance sheet management, resulting in stable net interest margins and income, and is implementing cost-saving measures through branch closures and office space rationalization.
- Net income for Q1 2024 was $8.2 million, or $0.25 per diluted share, compared to $10.5 million in Q4 2023 and $6.5 million in Q1 2023.
- A $4.3 million fraud-related expense was recognized due to fraudulent credit card account openings, decreasing EPS by $0.10.
- Net interest margin remained relatively stable at 3.08% for Q1 2024, compared to 3.09% for Q4 2023.
- Total assets decreased to $5.8 billion at March 31, 2024, a 3.1% decrease compared to December 31, 2023.
Headline financials
Revenue & EPS history
Shore Bancshares · Revenue · Quarterly
$47.7M
Forward guidance
Management anticipates improving profitability in future quarters through active balance sheet management, expense reduction, and stable credit conditions.
Tailwinds
- Active balance sheet management stabilized margins and net interest income.
- Continued focus on expense reduction is expected to enhance future operating leverage.
- Credit quality remains stable with no signs of significant deterioration.
- The Company is well-positioned to deliver improving profitability in future quarters.
- Branch closings and office space rationalization are expected to reduce costs.
Headwinds
- The first quarter results were negatively impacted by a credit card fraud incident.
- The Company is evaluating the future of its in-house credit card program.
- Deposits decreased $201.8 million due to decreased rates paid on some deposits and expected seasonal cash outflows.
- Total assets decreased by $185 million compared to December 31, 2023.
- Nonperforming assets increased primarily due to increases in nonaccrual loans and repossessed marine loans.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
-0.2%
Avg return
Earnings day
+0.3%
Avg return
5 days after
+1.6%
Avg return
30 days after
52%
34 / 66 earnings
Positive
+6.6%
Q3 2016
Best reaction
-13.1%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.9% | +2.0% | +5.4% | |
| Q4 2025 | +0.4% | +7.5% | +1.1% | |
| Q3 2025 | -0.3% | -1.1% | +5.1% | |
| Q2 2025 | -2.1% | -0.9% | +6.0% | |
| Q1 2025 | +2.8% | +3.5% | +1.8% | |
| Q4 2024 | +3.5% | +3.0% | -4.1% | |
| Q3 2024 | -0.7% | +1.2% | +14.6% | |
| Q2 2024 | +6.3% | +6.2% | +2.5% | |
| Q1 2024 | +6.3% | +5.2% | +7.2% | |
| Q4 2023 | -11.3% | -18.9% | -18.1% | |
| Q3 2023 | +5.8% | +12.0% | +23.1% | |
| Q2 2023 | -9.1% | -10.6% | -17.9% | |
| Q1 2023 | +2.2% | -10.0% | -13.9% | |
| Q4 2022 | -2.0% | +0.6% | -1.9% | |
| Q3 2022 | +6.6% | +7.7% | +7.4% | |
| Q2 2022 | +0.8% | -0.4% | +0.5% | |
| Q1 2022 | +0.2% | -0.9% | -0.8% | |
| Q4 2021 | +2.9% | +7.8% | +5.1% | |
| Q3 2021 | +3.2% | +6.0% | +10.6% | |
| Q2 2021 | +1.3% | +1.6% | +4.0% | |
| Q1 2021 | +1.0% | -0.1% | +3.1% | |
| Q4 2020 | -3.6% | -0.9% | +11.3% | |
| Q3 2020 | -1.5% | -7.6% | +13.3% | |
| Q2 2020 | +0.0% | +1.2% | +2.5% | |
| Q1 2020 | -13.1% | -20.7% | -14.2% | |
| Q4 2019 | +0.6% | +0.5% | -3.7% | |
| Q3 2019 | +1.6% | +0.9% | +4.2% | |
| Q2 2019 | +0.4% | +1.4% | -7.6% | |
| Q1 2019 | +5.2% | +4.8% | +5.4% | |
| Q4 2018 | +0.5% | -2.3% | +3.4% | |
| Q3 2018 | -5.2% | -7.1% | -7.9% | |
| Q2 2018 | -0.7% | +1.7% | -0.6% | |
| Q1 2018 | +0.4% | +1.1% | -1.2% | |
| Q4 2017 | -1.1% | +2.5% | -2.0% | |
| Q3 2017 | +2.1% | +0.5% | +1.2% | |
| Q2 2017 | -1.3% | +0.7% | -3.7% | |
| Q1 2017 | -1.9% | -0.8% | -8.4% | |
| Q4 2016 | +1.1% | +0.1% | +9.8% | |
| Q3 2016 | +6.6% | +8.9% | +17.7% | |
| Q2 2016 | +1.4% | +4.3% | +2.7% | |
| Q1 2016 | -2.8% | — | — | |
| Q4 2015 | -1.7% | — | — | |
| Q3 2015 | +3.1% | — | — | |
| Q2 2015 | -0.6% | — | — | |
| Q1 2015 | +1.2% | — | — | |
| Q4 2014 | -0.4% | — | — | |
| Q3 2014 | -0.3% | — | — | |
| Q2 2014 | +1.0% | — | — | |
| Q1 2014 | -0.3% | — | — | |
| Q4 2013 | +0.7% | — | — | |
| Q3 2013 | -0.7% | — | — | |
| Q2 2013 | +3.2% | — | — | |
| Q1 2013 | +1.6% | — | — | |
| Q4 2012 | -0.7% | — | — | |
| Q3 2012 | -1.0% | — | — | |
| Q2 2012 | -2.7% | — | — | |
| Q1 2011 | +5.3% | — | — | |
| Q1 2012 | +0.1% | — | — | |
| Q4 2010 | -0.2% | — | — | |
| Q4 2011 | -0.2% | — | — | |
| Q4 2009 | -0.2% | — | — | |
| Q3 2011 | -3.8% | — | — | |
| Q3 2010 | -3.8% | — | — | |
| Q2 2010 | -12.0% | — | — | |
| Q2 2011 | -12.0% | — | — | |
| Q1 2010 | +3.0% | — | — |
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