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19.04.2018 22:15:00
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Shore Bancshares Reports First Quarter 2018 Financial Results
EASTON, Md., April 19, 2018 /PRNewswire/ -- Shore Bancshares, Inc. (NASDAQ: SHBI) reported net income of $4.058 million or $0.32 per diluted common share for the first quarter of 2018, compared to net income of $2.698 million or $0.21 per diluted common share for the fourth quarter of 2017, and net income of $2.800 million or $0.22 per diluted common share for the first quarter of 2017.
When comparing the first quarter of 2018 to the fourth quarter of 2017, the main reason for the improved results was a decrease in the federal income tax rate of 35% to 21% which became effective on January 1, 2018. This lower enacted tax rate and the one-time adjustment for re-measurement of the net deferred tax assets in the fourth quarter of 2017 resulted in a decrease in income tax expenses of $1.6 million for the first quarter of 2018. This reduction in income tax expense coupled with an increase of $590 thousand in noninterest income, was partially offset by an increase in noninterest expense of $830 thousand. When comparing the first quarter of 2018 to the first quarter of 2017, the primary reasons for the improved results were the previously mentioned decrease in federal income taxes, increases in net interest income of $2.4 million and noninterest income of $122 thousand, partially offset by an increase in noninterest expenses of $1.8 million.
"We are pleased to report financial results for the first quarter of 2018," said Lloyd L. "Scott" Beatty, Jr., President and Chief Executive Officer. "While earnings were below our expectations, we had an opportunity to remove a significant long-standing troubled debt from our books which resulted in a $379 thousand charge-off during the quarter. Excluding this charge off, the quarter was in-line with our target of $0.35 per share. Loan growth remained strong with $26.4 million added to the portfolio for the quarter, which translates to 9.7% annualized growth for 2018. We remain committed to positioning ourselves for growth and will continue to seek opportunities to improve earnings."
Balance Sheet Review
Total assets were $1.422 billion at March 31, 2018, a $27.7 million, or 2.0%, increase when compared to $1.394 billion at the end of 2017. The increase in total assets included increases in gross loans of $26.4 million and interest-bearing deposits with other banks of $19.0 million, offset by a decrease in cash and due from banks of $8.8 million and investment securities available for sale of $13.0 million which were used to fund loan growth for the quarter.
Total deposits decreased $25.7 million, or less than 2.1%, when compared to December 31, 2017. The decrease in total deposits was mainly due to a decrease in noninterest-bearing accounts of $4.5 million, checking accounts of $9.7 million and time deposits of $14.8 million, which were partially offset by an increase in money market and savings deposits of $3.3 million. Total stockholders' equity increased $1.2 million, or 0.8%, when compared to the end of 2017. At March 31, 2018, the ratio of total equity to total assets was 11.60% and the ratio of total tangible equity to total tangible assets was 9.55%.
Total assets at March 31, 2018 increased $254.7 million, or 21.8%, when compared to total assets at March 31, 2017. The primary factor contributing to the increase was the acquisition of three branches in the second quarter of 2017 which contributed $199.6 million of assets at March 31, 2018. Absent the branch acquisition, total assets have increased $55.1 million since March 31, 2017 which primarily resulted from an increase in gross loans of $110.0 million.
Total deposits at March 31, 2018 increased $175.5 million, or 17.5%, when compared to March 31, 2017. The increase was the direct result of the deposits acquired in the branch purchase which had a balance of $193.0 million at March 31, 2018. Excluding the acquisition, deposits decreased $17.5 million.
Review of Quarterly Financial Results
Net interest income was $12.3 million for the first quarter of 2018, compared to $12.4 million for the fourth quarter of 2017 and $9.9 million for the first quarter of 2017. Net interest income when compared to the fourth quarter of 2017 was slightly lower by $40 thousand due to two fewer earnings days as well as increased interest expense on short-term borrowings of $213 thousand. This was partially offset by higher interest income of $135 thousand the result of higher yields on loans and taxable investment securities. The Company's net interest margin improved by 2 basis points to 3.83% over the fourth quarter of 2017. The increase in net interest income when compared to the first quarter of 2017 was primarily the result of significant loan growth, with average loans increasing $225.4 million. The Company's net interest margin when compared to the first quarter of 2017 increased 12 basis points from 3.71%, the result of transitioning lower yielding assets to fund loan volume and higher yields on investment securities, partially offset by an increase in average short-term borrowings of $52.4 million which also reflected an increase of 135bps from fed rate increases.
The provision for credit losses was $489 thousand for the three months ended March 31, 2018. The comparable amounts were $545 thousand and $427 thousand for the three months ended December 31, 2017 and March 31, 2017, respectively. The provision for credit losses slightly decreased in the first quarter of 2018 over the fourth quarter of 2017. The higher level of provision for credit losses when comparing the first quarter of 2018 to the first quarter of 2017 was primarily due to significant growth in the loan portfolio, offset by improving credit quality with decreases in total nonperforming assets of $2.6 million and troubled debt restructurings ("TDRs") of $3.1 million. Net charge-offs were $352 thousand for the first quarter of 2018, $59 thousand for the fourth quarter of 2017 and $226 thousand for the first quarter of 2017. The significant increase was primarily related to a TDR which required a charge-off of $379 thousand in which the underlying collateral was sold. This TDR was a long-standing problem credit with an approximate value of $3.1 million. The ratio of annualized net charge-offs to average loans was 0.13% for the first quarter of 2018, 0.02% for the fourth quarter of 2017 and 0.10% for the first quarter of 2017. The ratio of the allowance for credit losses to period-end loans at March 31, 2018 and December 31, 2017 was 0.89%, lower than the 1.00% at March 31, 2017 due primarily to acquired loans recorded at fair value that do not require an allowance for loan losses.
Nonperforming assets excluding accruing TDRs were $8.6 million at March 31, 2018, $7.4 million at December 31, 2017 and $11.2 million at March 31, 2017. Nonperforming assets including accruing TDRs at March 31, 2018 were $18.4 million, compared to $20.7 million at December 31, 2017 and $24.0 million at March 31, 2017. The increase in nonperforming loans when compared to the fourth quarter of 2017 was due to an increase in nonaccrual loans of $2.0 million and the decrease in TDRs were the result of the previously mentioned TDR which was removed in the current quarter. When comparing to the first quarter of 2017, the decreases in nonperforming assets and TDRs were the result of the continued work out efforts and charge-offs period over period. At March 31, 2018, the ratio of nonaccrual loans to total assets was 0.49%, compared to 0.36% and 0.75% at December 31, 2017 and March 31, 2017, respectively. In addition, the ratio of accruing TDRs to total assets at March 31, 2018 was 0.68%, improving from 0.96% and 1.10% at December 31, 2017 and March 31, 2017.
Total noninterest income for the first quarter of 2018 increased $590 thousand when compared to the fourth quarter of 2017 and increased $122 thousand when compared to the first quarter of 2017. The increase from the fourth quarter of 2017 was the result of higher insurance agency commissions, mainly from contingency payments which are typically received in the first quarter of each year and are based on the prior year's performance. The increase from the first quarter of 2017 was due to increases in service charges on deposit accounts of $71 thousand, trust and investment fee income of $39 thousand, and other noninterest income of $137 thousand which consisted of other bank service charges of $109 thousand. These increases were partially offset by lower insurance agency commissions and contingencies of $125 thousand.
Total noninterest expense for the first quarter of 2018 increased $830 thousand when compared to the fourth quarter of 2017 and increased $1.8 million when compared to the first quarter of 2017. The increase in noninterest expense compared to the fourth quarter of 2017 was primarily due to higher costs associated with employee benefits of $436 thousand, which included higher insurance premiums for group insurance and federal unemployment insurance which is usually paid in the first two quarters of the year.
The increase in noninterest expense from the first quarter of 2017 was primarily due to increases in salary and wages of $971 thousand, employee benefits of $277 thousand and other noninterest expenses of $472 thousand. These line items were impacted by the additional operation of four branches, three of which were acquired in the second quarter of 2017 and one newly opened branch in Onley, VA in the third quarter of 2017. Also impacting salary and wages were pay increases and bonuses implemented during the period on a higher employee base than a year ago. Employee benefits were mainly impacted by higher insurance premium costs for the current year. Other noninterest expenses increased due to operating expenses for the additional branches.
Shore Bancshares Information
Shore Bancshares, Inc. is a financial holding company headquartered in Easton, Maryland and is the largest independent bank holding company located on Maryland's Eastern Shore. It is the parent company of Shore United Bank; one retail insurance producer firm, The Avon-Dixon Agency, LLC ("Avon-Dixon"), with two specialty lines, Elliott Wilson Insurance (Trucking) and Jack Martin Associates (Marine); and an insurance premium finance company, Mubell Finance, LLC ("Mubell"). Shore Bancshares Inc. engages in trust and wealth management services through Wye Financial & Trust, a division of Shore United Bank. Additional information is available at www.shorebancshares.com.
Forward-Looking Statements
The statements contained herein that are not historical facts are forward-looking statements (as defined by the Private Securities Litigation Reform Act of 1995) based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. These statements are evidenced by terms such as "anticipate," "estimate," "should," "expect," "believe," "intend," and similar expressions. Although these statements reflect management's good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Shore Bancshares, Inc. with the Securities and Exchange Commission entitled "Risk Factors".
The Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.
Shore Bancshares, Inc. | ||||||
Financial Highlights | ||||||
(Dollars in thousands, except per share data) | ||||||
For the Three Months Ended | ||||||
March 31, | ||||||
2018 | 2017 | Change | ||||
Net interest income | $ 12,329 | $ 9,933 | 24.1 | % | ||
Provision for credit losses | 489 | 427 | 14.5 | |||
Noninterest income | 4,929 | 4,807 | 2.5 | |||
Noninterest expense | 11,462 | 9,651 | 18.8 | |||
Income before income taxes | 5,307 | 4,662 | 13.8 | |||
Income tax expense | 1,249 | 1,862 | (32.9) | |||
Net income | $ 4,058 | $ 2,800 | 44.9 | |||
Return on average assets | 1.18 | % | 0.99 | % | 19 | bp |
Return on average equity | 9.97 | 7.27 | 270 | |||
Return on average tangible equity (1) | 12.64 | 7.98 | 466 | |||
Net interest margin | 3.83 | 3.71 | 12 | |||
Efficiency ratio - GAAP | 66.42 | 65.47 | 95 | |||
Efficiency ratio - Non-GAAP (1) | 65.67 | 64.98 | 69 | |||
PER SHARE DATA | ||||||
Basic net income per common share | $ 0.32 | $ 0.22 | 45.5 | % | ||
Diluted net income per common share | 0.32 | 0.22 | 45.5 | |||
Dividends paid per common share | 0.07 | 0.05 | 40.0 | |||
Book value per common share at period end | 12.95 | 12.44 | 4.1 | |||
Tangible book value per common share at period end (1) | 10.42 | 11.41 | (8.7) | |||
Market value at period end | 18.86 | 16.71 | 12.9 | |||
Market range: | ||||||
High | 19.80 | 17.92 | 10.5 | |||
Low | 16.28 | 14.64 | 11.2 | |||
AVERAGE BALANCE SHEET DATA | ||||||
Loans | $ 1,106,213 | $ 880,791 | 25.6 | % | ||
Investment securities | 197,285 | 178,074 | 10.8 | |||
Earning assets | 1,313,249 | 1,092,934 | 20.2 | |||
Assets | 1,396,001 | 1,148,757 | 21.5 | |||
Deposits | 1,168,613 | 982,956 | 18.9 | |||
Stockholders' equity | 165,070 | 156,274 | 5.6 | |||
CREDIT QUALITY DATA AT PERIOD END | ||||||
Net charge-offs | $ 352 | $ 226 | 55.8 | % | ||
Nonaccrual loans | $ 7,009 | $ 8,729 | (19.7) | |||
Loans 90 days past due and still accruing | 61 | 118 | (48.3) | |||
1,569 | 2,354 | (33.3) | ||||
Total nonperforming assets | 8,639 | 11,201 | (22.9) | |||
Accruing troubled debt restructurings (TDRs) | 9,726 | 12,782 | (23.9) | |||
Total nonperforming assets and accruing TDRs | $ 18,365 | $ 23,983 | (23.4) | |||
CAPITAL AND CREDIT QUALITY RATIOS | ||||||
Period-end equity to assets | 11.60 | % | 13.51 | % | (191) | bp |
Period-end tangible equity to tangible assets (1) | 9.55 | 12.54 | (299) | |||
Annualized net charge-offs to average loans | 0.13 | 0.10 | 3 | |||
Allowance for credit losses as a percent of: | ||||||
Period-end loans | 0.89 | 1.00 | (11) | |||
Nonaccrual loans | 141.50 | 102.27 | 3,923 | |||
Nonperforming assets | 114.80 | 79.70 | 3,510 | |||
Accruing TDRs | 101.97 | 69.84 | 3,213 | |||
Nonperforming assets and accruing TDRs | 54.00 | 37.22 | 1,678 | |||
As a percent of total loans: | ||||||
Nonaccrual loans | 0.63 | 0.98 | (35) | |||
Accruing TDRs | 0.87 | 1.43 | (56) | |||
Nonaccrual loans and accruing TDRs | 1.50 | 2.41 | (91) | |||
As a percent of total loans+other real estate owned: | ||||||
Nonperforming assets | 0.77 | 1.25 | (48) | |||
Nonperforming assets and accruing TDRs | 1.64 | 2.68 | (104) | |||
As a percent of total assets: | ||||||
Nonaccrual loans | 0.49 | 0.75 | (26) | |||
Nonperforming assets | 0.61 | 0.96 | (35) | |||
Accruing TDRs | 0.68 | 1.10 | (42) | |||
Nonperforming assets and accruing TDRs | 1.29 | 2.06 | (77) | |||
(1) See the reconciliation table on page 11 of 11. | ||||||
Shore Bancshares, Inc. | ||||||||||
Consolidated Balance Sheets | ||||||||||
(In thousands, except per share data) | ||||||||||
March 31, 2018 | March 31, 2018 | |||||||||
March 31, | December 31, | March 31, | compared to | compared to | ||||||
2018 | 2017 | 2017 | December 31, 2017 | March 31, 2017 | ||||||
ASSETS | ||||||||||
Cash and due from banks | $ 12,752 | $ 21,534 | $ 14,884 | (40.8) | % | (14.3) | % | |||
Interest-bearing deposits with other banks | 29,243 | 10,286 | 33,967 | 184.3 | (13.9) | |||||
Cash and cash equivalents | 41,995 | 31,820 | 48,851 | 32.0 | (14.0) | |||||
Investment securities available for sale (at fair value) | 183,910 | 196,955 | 178,072 | (6.6) | 3.3 | |||||
Investment securities held to maturity | 6,162 | 6,247 | 6,615 | (1.4) | (6.8) | |||||
Loans | 1,119,937 | 1,093,514 | 891,864 | 2.4 | 25.6 | |||||
Less: allowance for credit losses | (9,918) | (9,781) | (8,927) | 1.4 | (11.1) | |||||
Loans, net | 1,110,019 | 1,083,733 | 882,937 | 2.4 | 25.7 | |||||
Premises and equipment, net | 23,188 | 23,054 | 16,831 | 0.6 | 37.8 | |||||
Goodwill | 27,618 | 27,618 | 11,931 | - | 131.5 | |||||
Other intangible assets, net | 4,608 | 4,719 | 1,047 | (2.4) | 340.1 | |||||
Other real estate owned, net | 1,569 | 1,794 | 2,354 | (12.5) | (33.3) | |||||
Other assets | 22,537 | 17,920 | 18,258 | 25.8 | 23.4 | |||||
Total assets | $ 1,421,606 | $ 1,393,860 | $ 1,166,896 | 2.0 | 21.8 | |||||
LIABILITIES | ||||||||||
Noninterest-bearing deposits | $ 323,849 | $ 328,322 | $ 266,611 | (1.4) | 21.5 | |||||
Interest-bearing deposits | 853,213 | 874,459 | 734,931 | (2.4) | 16.1 | |||||
Total deposits | 1,177,062 | 1,202,781 | 1,001,542 | (2.1) | 17.5 | |||||
Short-term borrowings | 72,993 | 21,734 | 2,919 | 235.8 | 2,400.6 | |||||
Accrued expenses and other liabilities | 6,574 | 5,609 | 4,809 | 17.2 | 36.7 | |||||
Total liabilities | 1,256,629 | 1,230,124 | 1,009,270 | 2.2 | 24.5 | |||||
STOCKHOLDERS' EQUITY | ||||||||||
Common stock, par value $0.01; authorized | ||||||||||
35,000,000 shares | 127 | 127 | 127 | - | - | |||||
Additional paid in capital | 65,399 | 65,256 | 64,619 | 0.2 | 1.2 | |||||
Retained earnings | 102,829 | 99,662 | 93,131 | 3.2 | 10.4 | |||||
Accumulated other comprehensive loss | (3,378) | (1,309) | (251) | (158.1) | (1,245.8) | |||||
Total stockholders' equity | 164,977 | 163,736 | 157,626 | 0.8 | 4.7 | |||||
Total liabilities and stockholders' equity | $ 1,421,606 | $ 1,393,860 | $ 1,166,896 | 2.0 | 21.8 | |||||
Period-end common shares outstanding | 12,736 | 12,688 | 12,673 | 0.4 | 0.5 | |||||
Book value per common share | $ 12.95 | $ 12.90 | $ 12.44 | 0.4 | 4.1 | |||||
Shore Bancshares, Inc. | |||||
Consolidated Statements of Income | |||||
(In thousands, except per share data) | |||||
For the Three Months Ended | |||||
March 31, | |||||
2018 | 2017 | % Change | |||
INTEREST INCOME | |||||
Interest and fees on loans | $ 12,044 | $ 9,550 | 26.1 | % | |
Interest and dividends on investment securities: | |||||
Taxable | 1,021 | 827 | 23.5 | ||
Tax-exempt | - | 2 | (100.0) | ||
Interest on deposits with other banks | 38 | 68 | (44.1) | ||
Total interest income | 13,103 | 10,447 | 25.4 | ||
INTEREST EXPENSE | |||||
Interest on deposits | 548 | 511 | 7.2 | ||
Interest on short-term borrowings | 226 | 3 | 7,433.3 | ||
Total interest expense | 774 | 514 | 50.6 | ||
NET INTEREST INCOME | 12,329 | 9,933 | 24.1 | ||
Provision for credit losses | 489 | 427 | 14.5 | ||
NET INTEREST INCOME AFTER PROVISION | |||||
FOR CREDIT LOSSES | 11,840 | 9,506 | 24.6 | ||
NONINTEREST INCOME | |||||
Service charges on deposit accounts | 905 | 834 | 8.5 | ||
Trust and investment fee income | 400 | 361 | 10.8 | ||
Insurance agency commissions | 2,694 | 2,819 | (4.4) | ||
Other noninterest income | 930 | 793 | 17.3 | ||
Total noninterest income | 4,929 | 4,807 | 2.5 | ||
NONINTEREST EXPENSE | |||||
Salaries and wages | 5,473 | 4,502 | 21.6 | ||
Employee benefits | 1,517 | 1,240 | 22.3 | ||
Occupancy expense | 781 | 625 | 25.0 | ||
Furniture and equipment expense | 287 | 233 | 23.2 | ||
Data processing | 897 | 872 | 2.9 | ||
Directors' fees | 114 | 80 | 42.5 | ||
Amortization of intangible assets | 111 | 33 | 236.4 | ||
FDIC insurance premium expense | 205 | 164 | 25.0 | ||
Other real estate owned expenses, net | (46) | 65 | (170.8) | ||
Legal and professional fees | 464 | 660 | (29.7) | ||
Other noninterest expenses | 1,659 | 1,177 | 41.0 | ||
Total noninterest expense | 11,462 | 9,651 | 18.8 | ||
Income before income taxes | 5,307 | 4,662 | 13.8 | ||
Income tax expense | 1,249 | 1,862 | (32.9) | ||
NET INCOME | $ 4,058 | $ 2,800 | 44.9 | ||
Weighted average shares outstanding - basic | 12,715 | 12,670 | 0.4 | ||
Weighted average shares outstanding - diluted | 12,731 | 12,707 | 0.2 | ||
Basic net income per common share | $ 0.32 | $ 0.22 | 45.5 | ||
Diluted net income per common share | 0.32 | 0.22 | 45.5 | ||
Dividends paid per common share | 0.07 | 0.05 | 40.0 | ||
Shore Bancshares, Inc. | ||||||||
Consolidated Average Balance Sheets | ||||||||
(Dollars in thousands) | ||||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2018 | 2017 | |||||||
Average | Yield/ | Average | Yield/ | |||||
balance | rate | balance | rate | |||||
Earning assets | ||||||||
Loans (1), (2), (3) | $ 1,106,213 | 4.44 | % | $ 880,791 | 4.43 | % | ||
Investment securities (1) | ||||||||
Taxable | 197,285 | 2.07 | 177,864 | 1.86 | ||||
Tax-exempt | - | - | 210 | 5.38 | ||||
Interest-bearing deposits | 9,751 | 1.60 | 34,069 | 0.80 | ||||
Total earning assets | 1,313,249 | 4.06 | % | 1,092,934 | 3.90 | % | ||
Cash and due from banks | 16,384 | 13,907 | ||||||
Other assets | 76,336 | 50,763 | ||||||
Allowance for credit losses | (9,968) | (8,847) | ||||||
Total assets | $ 1,396,001 | $ 1,148,757 | ||||||
Interest-bearing liabilities | ||||||||
Demand deposits | $ 216,808 | 0.23 | % | $ 195,005 | 0.14 | % | ||
Money market and savings deposits | 380,890 | 0.13 | 276,175 | 0.13 | ||||
Certificates of deposit $100,000 or more | 101,929 | 0.50 | 118,970 | 0.54 | ||||
Other time deposits | 152,321 | 0.48 | 137,832 | 0.58 | ||||
Interest-bearing deposits | 851,948 | 0.26 | 727,982 | 0.28 | ||||
Short-term borrowings | 56,586 | 1.62 | 4,150 | 0.27 | ||||
Total interest-bearing liabilities | 908,534 | 0.35 | % | 732,132 | 0.28 | % | ||
Noninterest-bearing deposits | 316,665 | 254,974 | ||||||
Accrued expenses and other liabilities | 5,732 | 5,377 | ||||||
Stockholders' equity | 165,070 | 156,274 | ||||||
Total liabilities and stockholders' equity | $ 1,396,001 | $ 1,148,757 | ||||||
Net interest spread | 3.71 | % | 3.62 | % | ||||
Net interest margin | 3.83 | % | 3.71 | % | ||||
(1) All amounts are reported on a tax-equivalent basis computed using the statutory federal income tax rate | ||||||||
of 21.0% for the first quarter of 2018 and 35.0% for all other quarters during 2017, exclusive of the | ||||||||
alternative minimum tax rate and nondeductible interest expense. | ||||||||
(2) Average loan balances include nonaccrual loans. | ||||||||
(3) Interest income on loans includes amortized loan fees, net of costs and accretion of discounts on | ||||||||
acquired loans, which are included in the yield calculations. | ||||||||
Shore Bancshares, Inc. | ||||||||||||||
Financial Highlights By Quarter | ||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||
1st quarter | 4th quarter | 3rd quarter | 2nd quarter | 1st quarter | 1Q 18 | 1Q 18 | ||||||||
2018 | 2017 | 2017 | 2017 | 2017 | compared to | compared to | ||||||||
(1Q 18) | (4Q 17) | (3Q 17) | (2Q 17) | (1Q 17) | 4Q 17 | 1Q 17 | ||||||||
PROFITABILITY FOR THE PERIOD | ||||||||||||||
Taxable-equivalent net interest income | $ 12,357 | $ 12,430 | $ 12,384 | $ 10,961 | $ 9,994 | (0.6) | % | 23.6 | % | |||||
Less: Taxable-equivalent adjustment | 28 | 61 | 58 | 61 | 61 | (54.1) | (54.1) | |||||||
Net interest income | 12,329 | 12,369 | 12,326 | 10,900 | 9,933 | (0.3) | 24.1 | |||||||
Provision for credit losses | 489 | 545 | 345 | 974 | 427 | (10.3) | 14.5 | |||||||
Noninterest income | 4,929 | 4,339 | 4,425 | 4,179 | 4,807 | 13.6 | 2.5 | |||||||
Noninterest expense | 11,462 | 10,632 | 10,720 | 10,199 | 9,651 | 7.8 | 18.8 | |||||||
Income before income taxes | 5,307 | 5,531 | 5,686 | 3,906 | 4,662 | (4.0) | 13.8 | |||||||
Income tax expense | 1,249 | 2,833 | 2,274 | 1,554 | 1,862 | (55.9) | (32.9) | |||||||
Net income | $ 4,058 | $ 2,698 | $ 3,412 | $ 2,352 | $ 2,800 | 50.4 | 44.9 | |||||||
Return on average assets | 1.18 | % | 0.78 | % | 0.98 | % | 0.76 | % | 0.99 | % | 40 | bp | 19 | bp |
Return on average equity | 9.97 | 6.53 | 8.48 | 5.93 | 7.27 | 344 | 270 | |||||||
Return on average tangible equity (1) | 12.70 | 8.36 | 10.84 | 6.55 | 7.98 | 434 | 472 | |||||||
Net interest margin | 3.83 | 3.81 | 3.79 | 3.73 | 3.71 | 2 | 12 | |||||||
Efficiency ratio - GAAP | 66.42 | 63.63 | 64.00 | 67.64 | 65.47 | 279 | 95 | |||||||
Efficiency ratio - Non-GAAP (1) | 65.67 | 62.73 | 63.11 | 67.00 | 64.98 | 294 | 69 | |||||||
PER SHARE DATA | ||||||||||||||
Basic net income per common share | $ 0.32 | $ 0.21 | $ 0.27 | $ 0.19 | $ 0.22 | 52.4 | % | 45.5 | % | |||||
Diluted net income per common share | 0.32 | 0.21 | 0.27 | 0.19 | 0.22 | 52.4 | 45.5 | |||||||
Dividends paid per common share | 0.07 | 0.07 | 0.05 | 0.05 | 0.05 | - | 40.0 | |||||||
Book value per common share at period end | 12.95 | 12.90 | 12.82 | 12.61 | 12.44 | 0.4 | 4.1 | |||||||
Tangible book value per common share at period end (1) | 10.42 | 10.36 | 10.24 | 10.07 | 11.41 | 0.6 | (8.7) | |||||||
Market value at period end | 18.86 | 16.70 | 16.65 | 16.45 | 16.71 | 12.9 | 12.9 | |||||||
Market range: | ||||||||||||||
High | 19.80 | 18.49 | 17.34 | 17.53 | 17.92 | 7.1 | 10.5 | |||||||
Low | 16.28 | 15.74 | 15.97 | 15.17 | 14.64 | 3.4 | 11.2 | |||||||
AVERAGE BALANCE SHEET DATA | ||||||||||||||
Loans | $ 1,106,213 | $ 1,062,980 | $ 1,034,553 | $ 953,049 | $ 880,791 | 4.1 | % | 25.6 | % | |||||
Investment securities | 197,285 | 211,910 | 218,675 | 198,302 | 178,074 | (6.9) | 10.8 | |||||||
Earning assets | 1,313,249 | 1,294,768 | 1,295,432 | 1,178,507 | 1,092,934 | 1.4 | 20.2 | |||||||
Assets | 1,396,001 | 1,378,553 | 1,377,975 | 1,242,933 | 1,148,757 | 1.3 | 21.5 | |||||||
Deposits | 1,168,613 | 1,202,260 | 1,210,894 | 1,072,758 | 982,956 | (2.8) | 18.9 | |||||||
Stockholders' equity | 165,070 | 163,893 | 159,551 | 159,165 | 156,274 | 0.7 | 5.6 | |||||||
CREDIT QUALITY DATA AT PERIOD END | ||||||||||||||
Net charge-offs | $ 352 | $ 59 | $ 182 | $ 769 | $ 226 | 496.6 | % | 55.8 | % | |||||
Nonaccrual loans | $ 7,009 | $ 4,971 | $ 6,289 | $ 7,157 | $ 8,729 | 41.0 | (19.7) | |||||||
Loans 90 days past due and still accruing | 61 | 639 | 5 | 314 | 118 | (90.5) | (48.3) | |||||||
Other real estate owned | 1,569 | 1,794 | 1,809 | 2,302 | 2,354 | (12.5) | (33.3) | |||||||
Total nonperforming assets | $ 8,639 | $ 7,404 | $ 8,103 | $ 9,773 | $ 11,201 | 16.7 | (22.9) | |||||||
Accruing troubled debt restructurings (TDRs) | $ 9,726 | $ 13,326 | $ 13,493 | $ 12,124 | $ 12,782 | (27.0) | (23.9) | |||||||
Total nonperforming assets and accruing TDRs | $ 18,365 | $ 20,730 | $ 21,596 | $ 21,897 | $ 23,983 | (11.4) | (23.4) | |||||||
CAPITAL AND CREDIT QUALITY RATIOS | ||||||||||||||
Period-end equity to assets | 11.60 | % | 11.75 | % | 11.82 | % | 11.74 | % | 13.51 | % | (15) | bp | (191) | bp |
Period-end tangible equity to tangible assets (1) | 9.55 | 9.65 | 9.67 | 9.60 | 12.54 | (10) | (299) | |||||||
Annualized net charge-offs to average loans | 0.13 | 0.02 | 0.07 | 0.32 | 0.10 | 11 | 3 | |||||||
Allowance for credit losses as a percent of: | ||||||||||||||
Period-end loans | 0.89 | 0.89 | 0.89 | 0.88 | 1.00 | - | (11) | |||||||
Nonaccrual loans | 141.50 | 196.76 | 147.80 | 127.60 | 102.27 | (5,526) | 3,923 | |||||||
Nonperforming assets | 114.80 | 132.10 | 114.71 | 93.44 | 79.70 | (1,730) | 3,510 | |||||||
Accruing TDRs | 101.97 | 73.40 | 68.89 | 75.32 | 69.84 | 2,857 | 3,213 | |||||||
Nonperforming assets and accruing TDRs | 54.00 | 47.18 | 43.04 | 41.70 | 37.22 | 682 | 1,678 | |||||||
As a percent of total loans: | ||||||||||||||
Nonaccrual loans | 0.63 | 0.45 | 0.60 | 0.69 | 0.98 | 18 | (35) | |||||||
Accruing TDRs | 0.87 | 1.22 | 1.29 | 1.17 | 1.43 | (35) | (56) | |||||||
Nonaccrual loans and accruing TDRs | 1.50 | 1.67 | 1.89 | 1.86 | 2.41 | (17) | (91) | |||||||
As a percent of total loans+other real estate owned: | ||||||||||||||
Nonperforming assets | 0.77 | 0.68 | 0.77 | 0.94 | 1.25 | 9 | (48) | |||||||
Nonperforming assets and accruing TDRs | 1.64 | 1.89 | 2.06 | 2.11 | 2.68 | (25) | (104) | |||||||
As a percent of total assets: | ||||||||||||||
Nonaccrual loans | 0.49 | 0.36 | 0.46 | 0.53 | 0.75 | 13 | (26) | |||||||
Nonperforming assets | 0.61 | 0.53 | 0.59 | 0.72 | 0.96 | 8 | (35) | |||||||
Accruing TDRs | 0.68 | 0.96 | 0.98 | 0.89 | 1.10 | (28) | (42) | |||||||
Nonperforming assets and accruing TDRs | 1.29 | 1.49 | 1.57 | 1.61 | 2.06 | (20) | (77) | |||||||
(1) See the reconciliation table on page 11 of 11. | ||||||||||||||
Shore Bancshares, Inc. | ||||||||||||||
Consolidated Statements of Income By Quarter | ||||||||||||||
(In thousands, except per share data) | ||||||||||||||
1Q 18 | 1Q 18 | |||||||||||||
compared to | compared to | |||||||||||||
1Q 18 | 4Q 17 | 3Q 17 | 2Q 17 | 1Q 17 | 4Q 17 | 1Q 17 | ||||||||
INTEREST INCOME | ||||||||||||||
Interest and fees on loans | $ 12,044 | $ 11,855 | $ 11,771 | $ 10,441 | $ 9,550 | 1.6 | % | 26.1 | % | |||||
Interest and dividends on investment securities: | ||||||||||||||
Taxable | 1,021 | 1,048 | 1,035 | 937 | 827 | (2.6) | 23.5 | |||||||
Tax-exempt | - | - | - | 1 | 2 | - | (100.0) | |||||||
Interest on deposits with other banks | 38 | 65 | 131 | 70 | 68 | (41.5) | (44.1) | |||||||
Total interest income | 13,103 | 12,968 | 12,937 | 11,449 | 10,447 | 1.0 | 25.4 | |||||||
INTEREST EXPENSE | ||||||||||||||
Interest on deposits | 548 | 586 | 607 | 538 | 511 | (6.5) | 7.2 | |||||||
Interest on short-term borrowings | 226 | 13 | 4 | 11 | 3 | 1,638.5 | 7,433.3 | |||||||
Total interest expense | 774 | 599 | 611 | 549 | 514 | 29.2 | 50.6 | |||||||
NET INTEREST INCOME | 12,329 | 12,369 | 12,326 | 10,900 | 9,933 | (0.3) | 24.1 | |||||||
Provision for credit losses | 489 | 545 | 345 | 974 | 427 | (10.3) | 14.5 | |||||||
NET INTEREST INCOME AFTER PROVISION | ||||||||||||||
FOR CREDIT LOSSES | 11,840 | 11,824 | 11,981 | 9,926 | 9,506 | 0.1 | 24.6 | |||||||
NONINTEREST INCOME | ||||||||||||||
Service charges on deposit accounts | 905 | 971 | 945 | 878 | 834 | (6.8) | 8.5 | |||||||
Trust and investment fee income | 400 | 410 | 389 | 372 | 361 | (2.4) | 10.8 | |||||||
Investment securities gains | - | - | 5 | - | - | - | - | |||||||
Insurance agency commissions | 2,694 | 1,898 | 2,088 | 2,032 | 2,819 | 41.9 | (4.4) | |||||||
Other noninterest income | 930 | 1,060 | 998 | 897 | 793 | (12.3) | 17.3 | |||||||
Total noninterest income | 4,929 | 4,339 | 4,425 | 4,179 | 4,807 | 13.6 | 2.5 | |||||||
NONINTEREST EXPENSE | ||||||||||||||
Salaries and wages | 5,473 | 5,503 | 5,203 | 4,803 | 4,502 | (0.5) | 21.6 | |||||||
Employee benefits | 1,517 | 1,081 | 1,197 | 1,127 | 1,240 | 40.3 | 22.3 | |||||||
Occupancy expense | 781 | 746 | 696 | 629 | 625 | 4.7 | 25.0 | |||||||
Furniture and equipment expense | 287 | 232 | 286 | 284 | 233 | 23.7 | 23.2 | |||||||
Data processing | 897 | 871 | 922 | 1,015 | 872 | 3.0 | 2.9 | |||||||
Directors' fees | 114 | 99 | 99 | 102 | 80 | 15.2 | 42.5 | |||||||
Amortization of intangible assets | 111 | 112 | 115 | 55 | 33 | (0.9) | 236.4 | |||||||
FDIC insurance premium expense | 205 | 201 | 189 | 45 | 164 | 2.0 | 25.0 | |||||||
Other real estate owned expenses, net | (46) | (86) | 185 | 108 | 65 | 46.5 | (170.8) | |||||||
Legal and professional fees | 464 | 453 | 493 | 702 | 660 | 2.4 | (29.7) | |||||||
Other noninterest expenses | 1,659 | 1,420 | 1,335 | 1,329 | 1,177 | 16.8 | 41.0 | |||||||
Total noninterest expense | 11,462 | 10,632 | 10,720 | 10,199 | 9,651 | 7.8 | 18.8 | |||||||
Income before income taxes | 5,307 | 5,531 | 5,686 | 3,906 | 4,662 | (4.0) | 13.8 | |||||||
Income tax expense | 1,249 | 2,833 | 2,274 | 1,554 | 1,862 | (55.9) | (32.9) | |||||||
NET INCOME | $ 4,058 | $ 2,698 | $ 3,412 | $ 2,352 | $ 2,800 | 50.4 | 44.9 | |||||||
Weighted average shares outstanding - basic | 12,715 | 12,688 | 12,687 | 12,681 | 12,670 | 0.2 | 0.4 | |||||||
Weighted average shares outstanding - diluted | 12,731 | 12,750 | 12,718 | 12,732 | 12,707 | (0.1) | 0.2 | |||||||
Basic net income per common share | $ 0.32 | $ 0.21 | $ 0.27 | $ 0.19 | $ 0.22 | 52.4 | 45.5 | |||||||
Diluted net income per common share | 0.32 | 0.21 | 0.27 | 0.19 | 0.22 | 52.4 | 45.5 | |||||||
Dividends paid per common share | 0.07 | 0.07 | 0.05 | 0.05 | 0.05 | - | 40.0 | |||||||
Shore Bancshares, Inc. | ||||||||||||||||||||||||
Consolidated Average Balance Sheets By Quarter | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Average balance | ||||||||||||||||||||||||
1Q 18 | 1Q 18 | |||||||||||||||||||||||
compared to | compared to | |||||||||||||||||||||||
1Q 18 | 4Q 17 | 3Q 17 | 2Q 17 | 1Q 17 | 4Q 17 | 1Q 17 | ||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||||
balance | rate | balance | rate | balance | rate | balance | rate | balance | rate | |||||||||||||||
Earning assets | ||||||||||||||||||||||||
Loans (1), (2), (3) | $ 1,106,213 | 4.44 | % | $ 1,062,980 | 4.45 | % | $ 1,034,553 | 4.54 | % | $ 953,049 | 4.42 | % | $ 880,791 | 4.43 | % | 4.1 | % | 25.6 | % | |||||
Investment securities (1) | ||||||||||||||||||||||||
Taxable | 197,285 | 2.07 | 211,910 | 1.98 | 218,675 | 1.89 | 198,161 | 1.89 | 177,864 | 1.86 | (6.9) | 10.9 | ||||||||||||
Tax-exempt | - | - | - | - | - | - | 141 | 5.36 | 210 | 5.38 | - | (100.0) | ||||||||||||
Interest-bearing deposits | 9,751 | 1.60 | 19,878 | 1.30 | 42,204 | 1.23 | 27,156 | 1.05 | 34,069 | 0.80 | (50.9) | (71.4) | ||||||||||||
Total earning assets | 1,313,249 | 4.06 | % | 1,294,768 | 3.99 | % | 1,295,432 | 3.98 | % | 1,178,507 | 3.92 | % | 1,092,934 | 3.90 | % | 1.4 | 20.2 | |||||||
Cash and due from banks | 16,384 | 18,589 | 16,232 | 14,798 | 13,907 | (11.9) | 17.8 | |||||||||||||||||
Other assets | 76,336 | 74,700 | 75,611 | 58,692 | 50,763 | 2.2 | 50.4 | |||||||||||||||||
Allowance for credit losses | (9,968) | (9,504) | (9,300) | (9,064) | (8,847) | 4.9 | 12.7 | |||||||||||||||||
Total assets | $ 1,396,001 | $ 1,378,553 | $ 1,377,975 | $ 1,242,933 | $ 1,148,757 | 1.3 | 21.5 | |||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||
Demand deposits | $ 216,808 | 0.23 | % | $ 222,321 | 0.24 | % | $ 224,180 | 0.23 | % | $ 198,593 | 0.16 | % | $ 195,005 | 0.14 | % | (2.5) | 11.2 | |||||||
Money market and savings deposits | 380,890 | 0.13 | 382,438 | 0.12 | 378,711 | 0.12 | 320,967 | 0.12 | 276,175 | 0.13 | (0.4) | 37.9 | ||||||||||||
Certificates of deposit $100,000 or more | 101,929 | 0.50 | 110,458 | 0.49 | 123,538 | 0.50 | 121,967 | 0.51 | 118,970 | 0.54 | (7.7) | (14.3) | ||||||||||||
Other time deposits | 152,321 | 0.48 | 158,241 | 0.49 | 164,459 | 0.50 | 150,953 | 0.55 | 137,832 | 0.58 | (3.7) | 10.5 | ||||||||||||
Interest-bearing deposits | 851,948 | 0.26 | 873,458 | 0.27 | 890,888 | 0.27 | 792,480 | 0.27 | 727,982 | 0.28 | (2.5) | 17.0 | ||||||||||||
Short-term borrowings | 56,586 | 1.62 | 6,087 | 0.86 | 2,274 | 0.62 | 5,589 | 0.82 | 4,150 | 0.27 | 829.6 | 1,263.5 | ||||||||||||
Total interest-bearing liabilities | 908,534 | 0.35 | % | 879,545 | 0.27 | % | 893,162 | 0.27 | % | 798,069 | 0.28 | % | 732,132 | 0.28 | % | 3.3 | 24.1 | |||||||
Noninterest-bearing deposits | 316,665 | 328,802 | 320,006 | 280,278 | 254,974 | (3.7) | 24.2 | |||||||||||||||||
Accrued expenses and other liabilities | 5,732 | 6,313 | 5,256 | 5,421 | 5,377 | (9.2) | 6.6 | |||||||||||||||||
Stockholders' equity | 165,070 | 163,893 | 159,551 | 159,165 | 156,274 | 0.7 | 5.6 | |||||||||||||||||
Total liabilities and stockholders' equity | $ 1,396,001 | $ 1,378,553 | $ 1,377,975 | $ 1,242,933 | $ 1,148,757 | 1.3 | 21.5 | |||||||||||||||||
Net interest spread | 3.71 | % | 3.72 | % | 3.71 | % | 3.64 | % | 3.62 | % | ||||||||||||||
Net interest margin | 3.83 | % | 3.81 | % | 3.79 | % | 3.73 | % | 3.71 | % | ||||||||||||||
(1) All amounts are reported on a tax-equivalent basis computed using the statutory federal income tax rate of 21.0% for the first quarter of 2018 and 35.0% for all quarters during 2017, | ||||||||||||||||||||||||
exclusive of the alternative minimum tax rate and and nondeductible interest expense. | ||||||||||||||||||||||||
(2) Average loan balances include nonaccrual loans. | ||||||||||||||||||||||||
(3) Interest income on loans includes amortized loan fees, net of costs and accretion of discounts on acquired loans, which are included in the yield calculations. | ||||||||||||||||||||||||
Shore Bancshares, Inc. | ||||||||||
Reconciliation of Generally Accepted Accounting Principles (GAAP) | ||||||||||
and Non-GAAP Measures | ||||||||||
(In thousands, except per share data) | ||||||||||
1Q 18 | 4Q 17 | 3Q 17 | 2Q 17 | 1Q 17 | ||||||
The following reconciles return on average equity and return on | ||||||||||
average tangible equity (Note 1): | ||||||||||
Net income | $ 4,058 | $ 2,698 | $ 3,412 | $ 2,352 | $ 2,800 | |||||
Net income - annualized (A) | $ 16,457 | $ 10,704 | $ 13,537 | $ 9,434 | $ 11,356 | |||||
Net income, excluding net amortization of intangible assets | $ 4,143 | $ 2,766 | $ 3,482 | $ 2,385 | $ 2,820 | |||||
Net income, excluding net amortization of intangible | ||||||||||
assets - annualized (B) | $ 16,802 | $ 10,974 | $ 13,814 | $ 9,566 | $ 11,437 | |||||
Average stockholders' equity (C) | $ 165,070 | $ 163,893 | $ 159,551 | $ 159,165 | $ 156,274 | |||||
Less: Average goodwill and other intangible assets | (32,721) | (32,678) | (32,097) | (13,173) | (12,997) | |||||
Average tangible equity (D) | $ 132,349 | $ 131,215 | $ 127,454 | $ 145,992 | $ 143,277 | |||||
Return on average equity (GAAP) (A)/(C) | 9.97 | % | 6.53 | % | 8.48 | % | 5.47 | % | 7.27 | % |
Return on average tangible equity (Non-GAAP) (B)/(D) | 12.70 | % | 8.36 | % | 10.84 | % | 6.01 | % | 7.98 | % |
The following reconciles GAAP efficiency ratio and non-GAAP | ||||||||||
efficiency ratio (Note 2): | ||||||||||
Noninterest expense (E) | $ 11,462 | $ 10,632 | $ 10,720 | $ 10,199 | $ 9,651 | |||||
Less: Amortization of intangible assets | (111) | (112) | (115) | (55) | (33) | |||||
Adjusted noninterest expense (F) | $ 11,351 | $ 10,520 | $ 10,605 | $ 10,144 | $ 9,618 | |||||
Net interest income (G) | 12,329 | 12,369 | 12,326 | 10,900 | 9,933 | |||||
Add: Taxable-equivalent adjustment | 28 | 61 | 58 | 61 | 61 | |||||
Taxable-equivalent net interest income (H) | $ 12,357 | $ 12,430 | $ 12,384 | $ 10,961 | $ 9,994 | |||||
Noninterest income (I) | $ 4,929 | $ 4,339 | $ 4,425 | $ 4,179 | $ 4,807 | |||||
Less: Investment securities (gains) | - | - | (5) | - | - | |||||
Adjusted noninterest income (K) | $ 4,929 | $ 4,339 | $ 4,420 | $ 4,179 | $ 4,807 | |||||
Efficiency ratio (GAAP) (E)/(G)+(I) | 66.42 | % | 63.63 | % | 64.00 | % | 67.64 | % | 65.47 | % |
Efficiency ratio (Non-GAAP) (F)/(H)+(J) | 65.67 | % | 62.73 | % | 63.11 | % | 67.00 | % | 64.98 | % |
Stockholders' equity (K) | $ 164,977 | $ 163,736 | $ 162,648 | $ 159,940 | $ 157,626 | |||||
Less: Goodwill and other intangible assets | (32,226) | (32,337) | (32,740) | (32,153) | (12,978) | |||||
Tangible equity (L) | $ 132,751 | $ 131,399 | $ 129,908 | $ 127,787 | $ 144,648 | |||||
Shares outstanding (M) | 12,736 | 12,688 | 12,687 | 12,685 | 12,673 | |||||
Book value per common share (GAAP) (K)/(M) | $ 12.95 | $ 12.90 | $ 12.82 | $ 12.61 | $ 12.44 | |||||
Tangible book value per common share (Non-GAAP) (L)/(M) | $ 10.42 | $ 10.36 | $ 10.24 | $ 10.07 | $ 11.41 | |||||
The following reconciles equity to assets and | ||||||||||
tangible equity to tangible assets (Note 1): | ||||||||||
Stockholders' equity (N) | $ 164,977 | $ 163,736 | $ 162,648 | $ 159,940 | $ 157,626 | |||||
Less: Goodwill and other intangible assets | (32,226) | (32,337) | (32,740) | (32,153) | (12,978) | |||||
Tangible equity (O) | $ 132,751 | $ 131,399 | $ 129,908 | $ 127,787 | $ 144,648 | |||||
Assets (P) | $ 1,421,606 | $ 1,393,860 | $ 1,376,127 | $ 1,362,798 | $ 1,166,896 | |||||
Less: Goodwill and other intangible assets | (32,226) | (32,337) | (32,740) | (32,153) | (12,978) | |||||
Tangible assets (Q) | $ 1,389,380 | $ 1,361,523 | $ 1,343,387 | $ 1,330,645 | $ 1,153,918 | |||||
Period-end equity/assets (GAAP) (N)/(P) | 11.60 | % | 11.75 | % | 11.82 | % | 11.74 | % | 13.51 | % |
Period-end tangible equity/tangible assets (Non-GAAP) (O)/(Q) | 9.55 | % | 9.65 | % | 9.67 | % | 9.60 | % | 12.54 | % |
Note 1: Management believes that reporting tangible equity and tangible assets more closely approximates the adequacy of capital for regulatory purposes. | ||||||||||
Note 2: Management believes that reporting the non-GAAP efficiency ratio more closely measures its effectiveness of controlling cash-based operating activities. | ||||||||||
View original content:http://www.prnewswire.com/news-releases/shore-bancshares-reports-first-quarter-2018-financial-results-300633187.html
SOURCE Shore Bancshares, Inc.
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