Shore Bancshares Inc (SHBI, Financial) filed Quarterly Report for the period ended 2010-09-30.
Shore Bancshares Inc has a market cap of $88.3 million; its shares were traded at around $10.46 with a P/E ratio of 149.4 and P/S ratio of 1.1. The dividend yield of Shore Bancshares Inc stocks is 2.3%. 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, Steven Cohen of SAC Capital Advisors.
The Company reported a net loss for the third quarter of 2010 of $1.4 million, or diluted loss per common share of $(0.17), compared to net income of $2.0 million, or diluted earnings per common share of $0.23, for the third quarter of 2009. For the second quarter of 2010, the Company reported net income of $445 thousand, or diluted earnings per common share of $0.05. The net loss for the third quarter of 2010 included the previously-mentioned goodwill and other intangible assets impairment charges of $3.1 million. The provision for credit losses for the third quarter of 2010 was $4.2 million, which was $2.5 million higher than the provision for the third quarter of 2009 and $724 thousand lower than the provision for the second quarter of 2010. Annualized return on average assets was (0.49)% for the three months ended September 30, 2010, compared to 0.66% for the same period in 2009. Annualized return on average stockholders equity was (4.43)% for the third quarter of 2010, compared to 6.03% for the third quarter of 2009. For the second quarter of 2010, annualized return on average assets was 0.16% and return on average equity was 1.42%.
For the first nine months of 2010, the Company reported a net loss of $2.5 million, or diluted loss per common share of $(0.30), compared to net income available to common shareholders of $4.2 million, or diluted earnings per common share of $0.50, for the first nine months of 2009. The year-to-date 2010 net loss included the $3.1 million impairment charges and $11.4 million more in the provision for credit losses when compared to year-to-date September 30, 2009. Annualized return on average assets was (0.30)% for the nine months ended September 30, 2010, compared to 0.50% for the same period in 2009. Annualized return on average stockholders equity was (2.66)% for the first nine months of 2010, compared to 4.08% for the first nine months of 2009.
Interest expense was $3.2 million for the three months ended September 30, 2010, a decrease of 29.8% when compared to the same period last year. Average interest-bearing liabilities decreased 2.7%, while rates paid decreased 55 basis points to 1.42%. More than half of the Company s interest-bearing deposits are time deposits. For the three months ended September 30, 2010, the average balance of certificates of deposit $100,000 or more decreased 5.8% when compared to the same period last year, while the average rate paid on these certificates of deposit decreased 91 basis points to 1.91%. Average other time deposits decreased 10.8% and the rate paid on average other time deposits decreased 83 basis points, when comparing the third quarter of 2010 to the third quarter of 2009. When comparing the third quarter of 2010 to the second quarter of 2010, interest expense decreased 3.8% primarily due to rates paid decreasing 8 basis points.
Interest expense was $9.9 million for the nine months ended September 30, 2010, a decrease of 26.6% when compared to the same period last year. Average interest-bearing liabilities increased 3.0%, 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 $51.0 million increase in average money market and savings deposits for the first three quarters of 2010 over the same period of 2009 included approximately $37.5 million from the IND program. For the nine months ended September 30, 2010, the average balance of certificates of deposit $100,000 or more increased 1.4% when compared to the same period last year, while the average rate paid decreased 105 basis points to 2.08%. Average other time deposits decreased 8.8% and the rate paid on average other time deposits decreased 86 basis points when compared to the first nine months of 2009. Expanded levels of FDIC insurance coverage contributed to the shift from other time deposits to certificates of deposit $100,000 or more.
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Shore Bancshares Inc has a market cap of $88.3 million; its shares were traded at around $10.46 with a P/E ratio of 149.4 and P/S ratio of 1.1. The dividend yield of Shore Bancshares Inc stocks is 2.3%. 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, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
During the third quarter of 2010, as part of the Company s annual impairment testing process, goodwill and other intangible assets were tested for impairment and it was determined that there was an impairment. The Company recorded goodwill impairment charges of $3.0 million and other intangible assets impairment charges of $51 thousand. Half of the goodwill impairment charges related to the 2004 acquisition of The Felton Bank and the other half of the goodwill charges and all of the other intangible assets impairment charges related to the 2007 acquisition of TSGIA, Inc.The Company reported a net loss for the third quarter of 2010 of $1.4 million, or diluted loss per common share of $(0.17), compared to net income of $2.0 million, or diluted earnings per common share of $0.23, for the third quarter of 2009. For the second quarter of 2010, the Company reported net income of $445 thousand, or diluted earnings per common share of $0.05. The net loss for the third quarter of 2010 included the previously-mentioned goodwill and other intangible assets impairment charges of $3.1 million. The provision for credit losses for the third quarter of 2010 was $4.2 million, which was $2.5 million higher than the provision for the third quarter of 2009 and $724 thousand lower than the provision for the second quarter of 2010. Annualized return on average assets was (0.49)% for the three months ended September 30, 2010, compared to 0.66% for the same period in 2009. Annualized return on average stockholders equity was (4.43)% for the third quarter of 2010, compared to 6.03% for the third quarter of 2009. For the second quarter of 2010, annualized return on average assets was 0.16% and return on average equity was 1.42%.
For the first nine months of 2010, the Company reported a net loss of $2.5 million, or diluted loss per common share of $(0.30), compared to net income available to common shareholders of $4.2 million, or diluted earnings per common share of $0.50, for the first nine months of 2009. The year-to-date 2010 net loss included the $3.1 million impairment charges and $11.4 million more in the provision for credit losses when compared to year-to-date September 30, 2009. Annualized return on average assets was (0.30)% for the nine months ended September 30, 2010, compared to 0.50% for the same period in 2009. Annualized return on average stockholders equity was (2.66)% for the first nine months of 2010, compared to 4.08% for the first nine months of 2009.
Interest expense was $3.2 million for the three months ended September 30, 2010, a decrease of 29.8% when compared to the same period last year. Average interest-bearing liabilities decreased 2.7%, while rates paid decreased 55 basis points to 1.42%. More than half of the Company s interest-bearing deposits are time deposits. For the three months ended September 30, 2010, the average balance of certificates of deposit $100,000 or more decreased 5.8% when compared to the same period last year, while the average rate paid on these certificates of deposit decreased 91 basis points to 1.91%. Average other time deposits decreased 10.8% and the rate paid on average other time deposits decreased 83 basis points, when comparing the third quarter of 2010 to the third quarter of 2009. When comparing the third quarter of 2010 to the second quarter of 2010, interest expense decreased 3.8% primarily due to rates paid decreasing 8 basis points.
Interest expense was $9.9 million for the nine months ended September 30, 2010, a decrease of 26.6% when compared to the same period last year. Average interest-bearing liabilities increased 3.0%, 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 $51.0 million increase in average money market and savings deposits for the first three quarters of 2010 over the same period of 2009 included approximately $37.5 million from the IND program. For the nine months ended September 30, 2010, the average balance of certificates of deposit $100,000 or more increased 1.4% when compared to the same period last year, while the average rate paid decreased 105 basis points to 2.08%. Average other time deposits decreased 8.8% and the rate paid on average other time deposits decreased 86 basis points when compared to the first nine months of 2009. Expanded levels of FDIC insurance coverage contributed to the shift from other time deposits to certificates of deposit $100,000 or more.
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