Shore Bancshares Inc (SHBI, Financial) filed Quarterly Report for the period ended 2010-06-30.
Shore Bancshares Inc has a market cap of $96.67 million; its shares were traded at around $11.45 with a P/E ratio of 49.78 and P/S ratio of 1.23. The dividend yield of Shore Bancshares Inc stocks is 2.1%. Shore Bancshares Inc had an annual average earning growth of 3% over the past 10 years.SHBI is in the portfolios of Jim Simons of Renaissance Technologies LLC.
For the first six months of 2010, the Company reported a net loss of $1.1 million, or diluted loss per common share of $(0.13), compared to net income of $2.2 million, or diluted earnings per common share of $0.27, for the first six months of 2009. Annualized return on average assets was (0.20)% for the six months ended June 30, 2010, compared to 0.41% for the same period in 2009. Annualized return on average stockholders equity was (1.78)% for the first six months of 2010, compared to 3.18% for the first six months of 2009.
During the first six months of 2009, net income available to common stockholders was negatively impacted by dividends and discount accretion associated with the January 9, 2009 sale and April 15, 2009 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 totaled $1.5 million. The comparable amount for the first six months of 2009 was $1.9 million.
Interest expense was $3.3 million for the three months ended June 30, 2010, a decrease of 27.9%when compared to the same period last year. Average interest-bearing liabilities increased 1.2%, while rates paid decreased 60 basis points to 1.50%. During the second quarter of 2009, the Company began to participate in the Promontory Insured Network Deposits Program (“IND”). The $36.4 million increase in average money market and savings deposits for the second quarter of 2010 over the same period of 2009 included approximately $27.6 million from the IND program. The Company incurs the largest amount of interest expense from time deposits. For the three months ended June 30, 2010, the average balance of certificates of deposit $100,000 or more increased 2.5% when compared to the same period last year, while the average rate paid on these certificates of deposit decreased 111 basis points to 2.09%. Average other time deposits decreased 9.9% and the rate paid on average other time deposits decreased 89 basis points, when comparing the second quarter of 2010 to the second quarter of 2009. Expanded levels of FDIC insurance coverage contributed to the shift from other time deposits to certificates of deposit $100,000 or more. When comparing the second quarter of 2010 to the first quarter of 2010, interest expense decreased 4.6% because average interest-bearing liabilities decreased slightly and rates paid decreased 8 basis points.
Interest expense was $6.7 million for the six months ended June 30, 2010, a decrease of 25.1% when compared to the same period last year. Average interest-bearing liabilities increased 6.1%, while rates paid decreased 64 basis points to 1.54%. The $70.0 million increase in average money market and savings deposits for the first half of 2010 over the same period of 2009 included approximately $57.2 million from the IND program. For the six months ended June 30, 2010, the average balance of certificates of deposit $100,000 or more increased 5.6% when compared to the same period last year, while the average rate paid decreased 113 basis points to 2.17%. Average other time deposits decreased 7.7% and the rate paid on average other time deposits decreased 88 basis points when compared to the first six months of 2009.
Read the The complete Report
Shore Bancshares Inc has a market cap of $96.67 million; its shares were traded at around $11.45 with a P/E ratio of 49.78 and P/S ratio of 1.23. The dividend yield of Shore Bancshares Inc stocks is 2.1%. Shore Bancshares Inc had an annual average earning growth of 3% over the past 10 years.SHBI is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Net income for the second quarter of 2010 was $445 thousand, or diluted earnings per common share of $0.05, compared to $354 thousand, or diluted earnings per common share of $0.04, for the second quarter of 2009. For the first quarter of 2010, the Company reported a net loss of $1.6 million, or diluted loss per common share of $(0.19). The second quarter of 2010 included a provision for credit losses of $4.9 million, which was $3.2 million higher than the comparable amount for the second quarter of 2009 but $2.7 million lower than the comparable amount for the first quarter of 2010. Annualized return on average assets was 0.16% for the three months ended June 30, 2010, compared to 0.13% for the same period in 2009. Annualized return on average stockholders equity was 1.42% for the second quarter of 2010, compared to 1.07% for the second quarter of 2009. For the first quarter of 2010, annualized return on average assets was (0.55)% and return on average equity was (4.95)%.For the first six months of 2010, the Company reported a net loss of $1.1 million, or diluted loss per common share of $(0.13), compared to net income of $2.2 million, or diluted earnings per common share of $0.27, for the first six months of 2009. Annualized return on average assets was (0.20)% for the six months ended June 30, 2010, compared to 0.41% for the same period in 2009. Annualized return on average stockholders equity was (1.78)% for the first six months of 2010, compared to 3.18% for the first six months of 2009.
During the first six months of 2009, net income available to common stockholders was negatively impacted by dividends and discount accretion associated with the January 9, 2009 sale and April 15, 2009 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 totaled $1.5 million. The comparable amount for the first six months of 2009 was $1.9 million.
Interest expense was $3.3 million for the three months ended June 30, 2010, a decrease of 27.9%when compared to the same period last year. Average interest-bearing liabilities increased 1.2%, while rates paid decreased 60 basis points to 1.50%. During the second quarter of 2009, the Company began to participate in the Promontory Insured Network Deposits Program (“IND”). The $36.4 million increase in average money market and savings deposits for the second quarter of 2010 over the same period of 2009 included approximately $27.6 million from the IND program. The Company incurs the largest amount of interest expense from time deposits. For the three months ended June 30, 2010, the average balance of certificates of deposit $100,000 or more increased 2.5% when compared to the same period last year, while the average rate paid on these certificates of deposit decreased 111 basis points to 2.09%. Average other time deposits decreased 9.9% and the rate paid on average other time deposits decreased 89 basis points, when comparing the second quarter of 2010 to the second quarter of 2009. Expanded levels of FDIC insurance coverage contributed to the shift from other time deposits to certificates of deposit $100,000 or more. When comparing the second quarter of 2010 to the first quarter of 2010, interest expense decreased 4.6% because average interest-bearing liabilities decreased slightly and rates paid decreased 8 basis points.
Interest expense was $6.7 million for the six months ended June 30, 2010, a decrease of 25.1% when compared to the same period last year. Average interest-bearing liabilities increased 6.1%, while rates paid decreased 64 basis points to 1.54%. The $70.0 million increase in average money market and savings deposits for the first half of 2010 over the same period of 2009 included approximately $57.2 million from the IND program. For the six months ended June 30, 2010, the average balance of certificates of deposit $100,000 or more increased 5.6% when compared to the same period last year, while the average rate paid decreased 113 basis points to 2.17%. Average other time deposits decreased 7.7% and the rate paid on average other time deposits decreased 88 basis points when compared to the first six months of 2009.
Read the The complete Report
