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Shore Bancshares Inc. (SHBI-7.56%) has submitted its 10-K filing for the year ended December 31, 2024.
The filing reports total assets of $6.23 billion, an increase from $6.01 billion at the end of 2023. This growth is attributed to increases in loans held for investment and cash and cash equivalents.
Total liabilities were $5.69 billion, up from $5.50 billion at the end of the previous year, primarily due to an increase in deposits and borrowings.
Net income for the year was $43.9 million, compared to $11.2 million in 2023. This increase was driven by higher net interest income and a lower provision for credit losses.
The company reported net interest income of $170.5 million, an increase from $135.3 million in the previous year, due to higher interest income from loans.
Noninterest income decreased to $31.1 million from $33.2 million in 2023, impacted by the absence of a one-time bargain purchase gain recorded in the prior year.
Noninterest expense rose to $138.3 million from $123.3 million in 2023, largely due to increased operational costs following a merger and a significant credit card fraud event.
The allowance for credit losses on loans was $57.9 million at year-end, slightly up from $57.4 million in 2023, reflecting adjustments for loan growth and economic conditions.
Total stockholders' equity increased to $541.1 million from $511.1 million, supported by net income and partially offset by dividend payments.
Shore Bancshares continues to focus on managing interest rate risk and maintaining adequate liquidity, with available liquidity reported at $1.47 billion at year-end.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Shore Bancshares Inc. annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.