Shore Bancshares Inc (SHBI, Financial) filed Quarterly Report for the period ended 2009-06-30.
Shore Bancshares Inc. is a bank holding company. The Company engages in the business of banking through its two subsidiaries The Centreville National Bank of Maryland and The Talbot Bank of Easton Maryland. Shore Bancshares Inc has a market cap of $157.93 million; its shares were traded at around $18.79 with a P/E ratio of 19.17 and P/S ratio of 1.93. The dividend yield of Shore Bancshares Inc stocks is 3.41%. Shore Bancshares Inc had an annual average earning growth of 12.4% over the past 5 years.
Net income for the first six months of 2009 was $2.2 million, or diluted earnings per common share of $0.27, compared to $6.1 million, or diluted earnings per common share of $0.73, for the first six months of 2008. Annualized return on average assets was 0.41% for the six months ended June 30, 2009, compared to 1.25% for the same period in 2008. Annualized return on average stockholders equity was 3.18% for the first six months of 2009, compared to 10.02% for the first six months of 2008.
Interest income was $14.6 million for the second quarter of 2009, a decrease of 3.3% from the second quarter of 2008. Average earning assets increased 13.0% during the second quarter of 2009 when compared to the same period in 2008, while yields earned decreased 97 basis points to 5.56%. Average loans increased 11.1% while the yield earned on loans decreased 79 basis points. Loans comprised 86.1% of total average earning assets for the second quarter of 2009, a decrease from the 87.7% for the second quarter of 2008. The mix of earning assets shifted from loans and securities to Federal funds sold which comprised 5.3% of total earning assets compared to 1.6% for the second quarter of 2008. Interest income increased 1.1% when compared to the first quarter of 2009. Average earning assets increased 5.4% during the second quarter of 2009 when compared to the first quarter of 2009, while yields earned decreased 31 basis points.
Interest expense decreased 17.3% for the three months ended June 30, 2009 when compared to the same period last year. Average interest bearing liabilities increased 14.6%, while rates paid decreased 82 basis points to 2.10%. During the second quarter of 2009, the Company began to participate in the Promontory Insured Network Deposits Program (“IND”). When comparing the second quarter of 2009 to the second quarter of 2008, the $137.3 million increase in average interest bearing deposits included approximately $60.6 million from the IND program. The Company incurs the largest amount of interest expense from time deposits. For the three months ended June 30, 2009, the average balance of certificates of deposit $100,000 or more increased 33.9% when compared to the same period last year, while the average rate paid decreased 106 basis points to 3.20%. Average other time deposits increased 9.3%, while the rate paid on average other time deposits decreased 78 basis points when compared to the second quarter of 2008. Interest expense increased 3.1% when compared to the first quarter of 2009. Average interest bearing liabilities increased 9.2% during the quarter ended June 30, 2009 when compared to the first quarter of 2009, while rates paid decreased 15 basis points. When comparing the second quarter of 2009 to the first quarter of 2009, the $87.3 million increase in average interest bearing deposits also included the approximately $60.6 million from the IND program.
Interest income was $29.1million for the first six months of 2009, a decrease of 6.3% from the first six months of 2008. Average earning assets increased 11.1% during the six months ended June 30, 2009 when compared to the same period in 2008, while yields earned decreased 105 basis points to 5.71%. Average loans increased 11.9% during the first six months of 2009, while the yield earned on loans decreased 99 basis points when compared to the same period of 2008. Loans comprised 87.6% and 87.1% of total average earning assets for the first six months of 2009 and 2008, respectively.
Interest expense decreased 21.4% for the six months ended June 30, 2009 when compared to the same period last year. Average interest bearing liabilities increased 10.4%, while rates paid decreased 87 basis points to 2.18%. For the six months ended June 30, 2009, the average balance of certificates of deposit $100,000 or more increased 33.1% when compared to the same period last year, while the average rate paid decreased 114 basis points to 3.30%. Average other time deposits increased 8.1%, while the rate paid on average other time deposits decreased 83 basis points when compared to the first six months of 2008.
Read the The complete Report
Shore Bancshares Inc. is a bank holding company. The Company engages in the business of banking through its two subsidiaries The Centreville National Bank of Maryland and The Talbot Bank of Easton Maryland. Shore Bancshares Inc has a market cap of $157.93 million; its shares were traded at around $18.79 with a P/E ratio of 19.17 and P/S ratio of 1.93. The dividend yield of Shore Bancshares Inc stocks is 3.41%. Shore Bancshares Inc had an annual average earning growth of 12.4% over the past 5 years.
Highlight of Business Operations:
Net income for the second quarter of 2009 was $354 thousand, or diluted earnings per common share of $0.04, compared to $2.8 million, or diluted earnings per common share of $0.33, for the second quarter of 2008. For the first quarter of 2009, net income was $1.9 million or $0.22 diluted earnings per common share. Annualized return on average assets was 0.13% for the three months ended June 30, 2009, compared to 1.12% for the same period in 2008. Annualized return on average stockholders equity was 1.07% for the second quarter of 2009, compared to 8.98% for the second quarter of 2008. For the first quarter of 2009, annualized return on average assets was 0.72% and return on average equity was 5.05%.Net income for the first six months of 2009 was $2.2 million, or diluted earnings per common share of $0.27, compared to $6.1 million, or diluted earnings per common share of $0.73, for the first six months of 2008. Annualized return on average assets was 0.41% for the six months ended June 30, 2009, compared to 1.25% for the same period in 2008. Annualized return on average stockholders equity was 3.18% for the first six months of 2009, compared to 10.02% for the first six months of 2008.
Interest income was $14.6 million for the second quarter of 2009, a decrease of 3.3% from the second quarter of 2008. Average earning assets increased 13.0% during the second quarter of 2009 when compared to the same period in 2008, while yields earned decreased 97 basis points to 5.56%. Average loans increased 11.1% while the yield earned on loans decreased 79 basis points. Loans comprised 86.1% of total average earning assets for the second quarter of 2009, a decrease from the 87.7% for the second quarter of 2008. The mix of earning assets shifted from loans and securities to Federal funds sold which comprised 5.3% of total earning assets compared to 1.6% for the second quarter of 2008. Interest income increased 1.1% when compared to the first quarter of 2009. Average earning assets increased 5.4% during the second quarter of 2009 when compared to the first quarter of 2009, while yields earned decreased 31 basis points.
Interest expense decreased 17.3% for the three months ended June 30, 2009 when compared to the same period last year. Average interest bearing liabilities increased 14.6%, while rates paid decreased 82 basis points to 2.10%. During the second quarter of 2009, the Company began to participate in the Promontory Insured Network Deposits Program (“IND”). When comparing the second quarter of 2009 to the second quarter of 2008, the $137.3 million increase in average interest bearing deposits included approximately $60.6 million from the IND program. The Company incurs the largest amount of interest expense from time deposits. For the three months ended June 30, 2009, the average balance of certificates of deposit $100,000 or more increased 33.9% when compared to the same period last year, while the average rate paid decreased 106 basis points to 3.20%. Average other time deposits increased 9.3%, while the rate paid on average other time deposits decreased 78 basis points when compared to the second quarter of 2008. Interest expense increased 3.1% when compared to the first quarter of 2009. Average interest bearing liabilities increased 9.2% during the quarter ended June 30, 2009 when compared to the first quarter of 2009, while rates paid decreased 15 basis points. When comparing the second quarter of 2009 to the first quarter of 2009, the $87.3 million increase in average interest bearing deposits also included the approximately $60.6 million from the IND program.
Interest income was $29.1million for the first six months of 2009, a decrease of 6.3% from the first six months of 2008. Average earning assets increased 11.1% during the six months ended June 30, 2009 when compared to the same period in 2008, while yields earned decreased 105 basis points to 5.71%. Average loans increased 11.9% during the first six months of 2009, while the yield earned on loans decreased 99 basis points when compared to the same period of 2008. Loans comprised 87.6% and 87.1% of total average earning assets for the first six months of 2009 and 2008, respectively.
Interest expense decreased 21.4% for the six months ended June 30, 2009 when compared to the same period last year. Average interest bearing liabilities increased 10.4%, while rates paid decreased 87 basis points to 2.18%. For the six months ended June 30, 2009, the average balance of certificates of deposit $100,000 or more increased 33.1% when compared to the same period last year, while the average rate paid decreased 114 basis points to 3.30%. Average other time deposits increased 8.1%, while the rate paid on average other time deposits decreased 83 basis points when compared to the first six months of 2008.
Read the The complete Report
