Shore Bancshares reports Q4 EPS 40c, two estimates 35c

“Increasing net interest income, lower credit provisions and higher noninterest income supported net income growth in the fourth quarter,” stated James M. Burke, President and Chief Executive Officer of Shore Bancshares (SHBI), Inc. “Funding costs decreased due to stable noninterest-bearing deposits and lower rates on interest-bearing deposits. Although we saw a $300 million increase in higher cost seasonal municipal deposits, core NIM increased one bp to 2.85% during the fourth quarter. Overall credit in our loan portfolios remains stable and economic activity in our markets is strong. We continue to focus on controlling expenses to enhance operating leverage and improve our operating efficiency.”