NASDAQ$SHBI
Shore Bancshares Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Shore Bancshares reported net income for the fourth quarter and annual results.
Shore Bancshares, Inc. reported a net income of $10.5 million for Q4 2023, a significant increase compared to the net loss of $9.7 million in Q3 2023 and net income of $8.4 million for Q4 2022. The company experienced deposit growth, with total deposits increasing by 5.43% to $5.4 billion. However, the net interest margin decreased to 3.09% due to deposit growth and less net accretion income.
- Net interest margin decreased to 3.09% due to deposit growth and less net accretion income.
- Total deposits increased 5.43% to $5.4 billion, and non-interest bearing deposits increased 3.8% to $1.3 billion.
- Total funding increased $210.4 million to $5.4 billion, with no FHLB advances and a reduction in brokered deposits.
- Non-accrual loans, OREO, and loan modifications were $13.3 million, representing 0.22% of total assets.
Headline financials
Revenue & EPS history
Shore Bancshares · Revenue · Quarterly
$41.5M
Forward guidance
Shore Bancshares anticipates loan growth exceeding previous guidance of 4-6% in 2024, driven by customer interest and deposit growth experienced in Q4. The company will focus on streamlining processes, unlocking operational efficiencies, and reducing noninterest expenses to enhance shareholder value.
Tailwinds
- Improved liquidity provides an opportunity to grow loans and stabilize margins.
- Continued focus on expenses and implementation of expense-reduction initiatives, including a 7% reduction in headcount.
- Considerable scale, diversification, and resources position the company to enhance shareholder value.
- Effective risk management.
- Outstanding service to customers.
Headwinds
- Stable interest income was offset by higher interest expenses due to increased liquidity and pressure on the cost of deposits.
- Net interest margin decreased due to deposit growth and less net accretion income.
- FDIC insurance premiums are expected to be between $1.0 million and $1.2 million per quarter in 2024.
- Uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Board of Governors of the Federal Reserve System.
- Potential changes in federal policy and at regulatory agencies as a result of the upcoming 2024 presidential election.
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 Q4 2023
-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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