Shore Bancshares, Inc. Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Reports Net Charge-Offs for the Fourth Quarter of 2011
January 26, 2012 at 02:36 am IST
Share
Shore Bancshares, Inc. reported consolidated earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, net interest income was $9.84 million against $10.87 million a year ago. Income before income taxes was $0.42 million against $1.34 million a year ago. Net income was $0.33 million or $0.04 diluted per share against $0.85 million or $0.10 diluted per share a year ago. Return on average assets was 0.11% against 0.30% a year ago. Return on average equity was 1.07% against 2.73% a year ago. The decrease in net interest income was primarily due to lower yields earned on average earning assets and a decline in higher-yielding average loan balances. The main reason for the lower net income was a decline in net interest income of $1.0 million, which was partially offset by a decrease in the provision for credit losses of $0.36 million.
For the year, net interest income was $39.76 million against $42.64 million a year ago. Loss before income taxes was $1.56 million against $2.16 million a year ago. Net loss was $0.90 million or $0.11 diluted per share against $1.67 million or $0.20 diluted per share a year ago. Negative return on average assets was 0.08% against 0.15% a year ago. Negative return on average equity was 0.74% against 1.33% a year ago. Book value per common share was $14.34 compared to $14.51 a year ago. Tangible book value per common share was $12.37 compared to $12.32 a year ago.
The company reported that net charge-offs were $3.3 million for the fourth quarter of 2011, lower than the $6.5 million for the third quarter of 2011 and even with the amount for the fourth quarter of 2010.
Shore Bancshares, Inc. is a financial holding company. The Company conducts business primarily through two wholly owned subsidiaries, Shore United Bank, N.A. (the Bank) and Mid-Maryland Title Company, Inc. (the Title Company). The Bank provides consumer and commercial banking products and services and secondary mortgage lending, trust, wealth management and financial planning services. The Bank is a national banking association chartered, which operates 42 full-service branches, 42 automatic teller machines (ATM), three interactive teller machines, five loan production offices. The Bank provides a full range of commercial and consumer banking products and services to individuals, businesses, and other organizations in Baltimore County, Howard County, Kent County, Queen Annes County, Caroline County, Talbot County, Dorchester County, Anne Arundel County, Charles County, St Marys County and others. The Title Company engages in title work related to real estate transactions.
Shore Bancshares, Inc. Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Reports Net Charge-Offs for the Fourth Quarter of 2011