SHBI

Shore Bancshares, Inc.

$15.24

0.22

(1.46%)

Exchange:	NASDAQ
Market Cap:	508.624M
Shares Outstanding:	3.013M

Overview

Earnings

Financials

Valuation

Chart

About The Company

Shore Bancshares, Inc. operates as a bank holding company for the Shore United Bank that provides various commercial and consumer banking products and services to individuals, businesses, and other organizations. It offers checking, savings, overnight investment sweep, and money market accounts; and regular and IRA certificates of deposit, as well as CDARS programs and cash management services. The company also provides commercial loans, such as secured and unsecured loans, working capital loans, lines of credit, term loans, accounts receivable financing, real estate acquisition and development loans, construction loans, and letters of credit; residential real estate construction loans; residential mortgage loans; and loans to consumers, including home equity, automobile, installment, home improvement, and personal lines of credit, as well as other consumer financing products. In addition, it offers non-deposit products, such as mutual funds and annuities, and discount brokerage services; and trust, asset management, and financial planning services. Further, the company provides merchant credit card clearing, as well as telephone, mobile, and Internet banking services; safe deposit boxes; debit and credit cards; direct deposit of payroll; and automatic teller machine (ATM) services. It operates 29 full service branches, 30 ATMs, and 5 loan production offices in Baltimore City, Baltimore County, Howard County, Kent County, Queen Anne’s County, Caroline County, Talbot County, Dorchester County, Anne Arundel County, and Worcester County in Maryland; Kent County, Delaware; and Accomack County, Virginia. The company was founded in 1876 and is headquartered in Easton, Maryland.

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Revenue Segmentation

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EPS

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Earnings Call

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Income Statement

Balance Sheet

Cash Flow Statement

Analyst Estimates

Income Statement

(* All numbers are in thousands)

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
? Revenue	49,917	50,941	54,894	63,278	68,988	60,151	63,346	77,628	124,388	128,697
? Cost Of Revenue	686	625	539	529	9,858	0	0	0	0	0
? Gross Profit	49,231	50,316	54,355	62,749	59,130	60,151	63,346	77,628	124,388	128,697
? Research And Development Expenses	0	0	0	0	0	0	0	0	0	0
? General And Administrative Expenses	23,802	23,129	22,826	25,635	28,192	21,519	22,385	30,119	48,104	61,638
? Selling And Marketing Expenses	428	495	528	662	509	425	331	339	898	0
? Operating Expenses	-34,761	-33,153	1,875	-39,357	-23,481	-38,343	-42,299	-56,448	12,748	159,650
? Net Interest Income	0	0	0	0	0	0	0	0	0	0
? Interest Income	38,289	38,871	40,652	47,801	55,907	59,767	59,677	70,169	113,845	214,079
? Interest Expense	4,247	3,346	2,403	2,273	5,272	9,636	7,080	6,039	12,543	78,772
? Depreciation And Amortization	201	133	1,131	1,231	1,866	1,705	1,733	2,234	4,388	10,939
? EBITDA	-2,495	-1,638	16,788	-1,102	-1,990	-86	-1,074	-10,283	-5,577	0
? EBIT
? Operating Income	14,470	17,163	20,620	23,392	35,649	21,808	21,047	21,180	54,684	0
? Income Before Tax	8,112	11,516	15,899	19,785	35,300	21,894	21,047	21,180	42,141	14,184
? Income Tax Expense	3,061	4,408	6,261	8,523	10,303	5,610	5,317	5,812	10,964	2,956
? Net Income From Continuing Operations
? Net Income	5,051	7,108	9,638	11,262	24,997	16,198	15,730	15,368	31,177	11,228
? EPS (Earnings Per Share)	0.460	0.560	0.760	0.890	1.960	1.270	1.270	1.170	1.570	0.420
? EPS Diluted	0.460	0.560	0.760	0.890	1.960	1.270	1.270	1.170	1.570	0.420
? Weighted Average Shares Outstanding	10,945	12,629	12,652	12,682	12,739	12,725	12,380	13,119	19,847	26,572
? Weighted Average Shares Outstanding Diluted	10,956	12,639	12,670	12,718	12,753	12,730	12,381	13,119	19,847	26,574
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Balance Sheet

(* All numbers are in thousands)

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
? Cash And Cash Equivalents	92,671	69,303	75,938	31,820	67,225	94,971	186,917	583,613	55,499	372,413
? Short Term Investments	236,108	212,165	163,798	196,955	154,432	122,791	139,568	116,982	83,587	110,521
? Cash And Short Term Investments	328,779	281,468	239,736	228,775	221,657	217,762	326,485	700,595	139,086	482,934
? Net Receivables	2,663	2,458	2,675	3,509	3,345	3,630	6,772	7,335	9,384	19,217
? Accounts Receivables
? Inventory	0	0	-311,555	-249,152	-72,859	-99,832	-195,161	-594,345	2,395,228	0
? Total Current Assets	11,824	15,080	13,095	21,534	225,002	221,392	333,257	707,930	2,611,606	391,809
? Property Plant Equipment Net	16,275	16,864	16,558	23,054	22,711	28,592	29,719	62,994	61,117	94,873
? Goodwill	11,931	11,931	11,931	28,200	17,526	17,518	17,518	63,421	63,266	63,266
? Intangible Assets	1,331	1,211	1,079	4,719	2,857	2,252	1,719	11,622	10,822	54,016
? Long Term Investments	240,738	216,356	170,606	203,202	161,744	132,919	206,669	522,948	644,275	629,412
? Total Non Current Assets	3,158	30,006	3,547	55,391	204,830	181,281	255,625	660,985	129,930	5,619,108.999
? Total Assets	1,100,402	1,135,143	1,160,271	1,393,874	1,483,076	1,559,235	1,933,315	3,460,416	3,477,276	6,010,918
? Account Payables	172	106	74	65	604	330	1,698	3,437	1,342	0
? Short Term Debt	4,808	6,672	3,203	21,734	60,812	1,226	0	0	40,000	0
? Deferred Revenue	0	0	0	0	0	0	-826	-8,130	0	0
? Total Current Liabilities	4,980	6,672	3,277	21,734	61,416	1,556	647	3,437	9,908	4,898,330
? Long Term Debt	0	0	0	0	15,000	19,792	29,303	64,464	52,980	85,154
? Deferred Revenue Non Current	0	0	-8,211	0	14,130	18,658	27,662	57,971	-6,904	0
? Deferred Tax Liabilities Non Current	0	0	2,931	2,934	870	1,134	1,641	6,493	6,904	0
? Total Non Current Liabilities	1,843	981,504	843	1,208,390	15,000	19,792	29,303	64,464	3,103,083	601,453
? Total Liabilities	959,933	988,176	1,005,972	1,230,124	1,299,891	1,366,433	1,738,296	3,109,723	3,112,991	5,499,783
? Treasury Stock
? Preferred Stock	1	1	0	0	0	0	0	0	0	0
? Common Stock	126	126	127	127	127	125	118	198	199	332
? Retained Earnings	76,494	83,097	90,964	99,437	120,574	131,425	141,205	149,966	171,613	162,290
? Additional Paid In Capital
? Total Stockholders Equity	140,469	146,967	154,299	163,750	183,185	192,802	195,019	350,693	364,285	511,135
? Total Equity	140,469	146,967	154,299	163,750	183,185	192,802	195,019	350,693	364,285	511,135
? Minority Interest	0	0	0	0	0	0	0	0	0	0
? Total Liabilities And Total Equity	1,100,402	1,135,143	1,160,271	1,393,874	1,483,076	1,559,235	1,933,315	3,460,416	3,477,276	6,010,918
? Total Investments	478,432	430,142	336,054	400,157	316,176	255,710	346,237	639,930	727,862	739,933
? Total Debt	4,808	6,672	3,203	21,734	75,812	21,018	29,303	64,464	92,980	85,154
? Net Debt	-87,863	-62,631	-72,735	-10,086	8,587	-73,953	-157,614	-519,149	37,481	-287,259
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Cash Flow Statement

(* All numbers are in thousands)

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
? Net Income	5,051	7,108	9,638	11,262	12,261	16,198	15,730	15,368	31,177	11,228
? Depreciation And Amortization	2,312	2,434	2,449	1,649	2,297	2,393	2,476	3,086	5,861	10,939
? Deferred Income Tax	2,836	3,874	5,716	4,476	-1,610	241	-2,185	278	-1,182	2,721
? Stock Based Compensation	87	283	334	1,055	447	149	263	378	636	1,174
? Change In Working Capital	-1,029	-746	-1,076	-3,835	2,962	-5,914	-782	1,025	-9,656	-13,157
? Accounts Receivables	-102	205	-218	-827	164	-110	-3,161	2,145	-2,665	0
? Inventory	0	0	0	0	0	0	0	0	0	0
? Accounts Payables	-53	-66	-32	-9	539	-274	317	-5	297	0
? Net Cash Provided By Operating Activities	13,179	15,115	18,995	17,436	18,296	13,743	18,430	-7,503	52,647	22,713
? Investments In Property Plant And Equipment	-2,077	-1,518	-699	-1,259	-1,133	-2,244	-2,375	-3,450	-2,415	0
? Acquisitions Net	2,878	-88,595	-81,369	64,045	-102,644	-53,528	-205,899	305,781	17	26,093
? Purchases Of Investments	-133,006	-46,102	-21,120	-84,499	-3,357	-4,031	-130,661	-255,531	-208,151	-33,305
? Sales Maturities Of Investments	44,962	68,827	64,326	50,963	39,142	36,729	58,592	80,930	72,765	496,770
? Net Cash Provided By Investing Activities	0	0	0	0	0	0	0	0	0	0
? Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Long Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Short Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Net Stock Issuance	0	0	0	0	0	0	0	0	0	0
? Net Dividends Paid	0	-506	-1,771	-2,790	-4,079	-5,347	-5,950	-6,607	-9,530	-12,733
? Common Dividends Paid
? Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0
? Net Cash Provided By Financing Activities	41,482	27,821	16,866	8,663	59,564	59,681	353,596	366,006	811	121,888
? Effect Of Forex Changes On Cash	0	0	0	0	0	0	0	0	0	0
? Net Change In Cash	-34,867	-22,412	2,127	-44,118	35,405	27,746	91,946	396,696	-528,114	316,914
? Cash At End Of Period	96,223	73,811	75,938	31,820	67,225	94,971	186,917	583,613	55,499	372,413
? Cash At Beginning Of Period	131,090	96,223	73,811	75,938	31,820	67,225	94,971	186,917	583,613	55,499
? Operating Cash Flow	13,179	15,115	18,995	17,436	18,296	13,743	18,430	-7,503	52,647	22,713
? Capital Expenditure	-2,077	-1,518	-699	-1,259	-1,133	-2,244	-2,375	-3,450	-2,415	-5,954
? Free Cash Flow	11,102	13,597	18,296	16,177	17,163	11,499	16,055	-10,953	50,232	16,759
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Analyst Estimates

(* All numbers are in thousands)

Fiscal Year	2022	2023	2024	2025	2026
Estimated Revenue (Low)	125,270	162,099.471	200,221.344	216,204.135	237,082.224
Estimated Revenue (High)	125,270	163,618.528	201,178.655	217,237.864	238,215.775
Estimated Revenue (Avg)	125,270	162,859	200,700	216,721	237,649
Estimated Ebitda (Low)	23,710.797	26,081.875	-7,873.522	-8,502.031	-9,323.043
Estimated Ebitda (High)	35,566.197	39,122.814	-7,836.056	-8,461.574	-9,278.679
Estimated Ebitda (Avg)	29,638.497	32,602.345	-7,854.789	-8,481.802	-9,300.861
Estimated Net Income (Low)	12,244.655	8,982.398	33,909.222	42,121.651	47,508.201
Estimated Net Income (High)	18,366.984	13,473.600	34,120.220	42,383.671	47,803.704
Estimated Net Income (Avg)	15,305.820	11,228	34,014.721	42,252.661	47,655.953
Estimated SGA Expense (Low)	26,248.345	28,873.177	78,678.263	84,958.803	93,162.982
Estimated SGA Expense (High)	39,372.520	43,309.770	79,054.444	85,365.013	93,608.418
Estimated SGA Expense (Avg)	32,810.433	36,091.474	78,866.354	85,161.908	93,385.700
Estimated EPS (Avg)	1.640	0.610	1.280	1.590	1.790
Estimated EPS (High)	1.640	0.610	1.280	1.590	1.800
Estimated EPS (Low)	1.640	0.610	1.280	1.590	1.790
Number of Analysts (Estimated Revenue)	1	2	1	1	1
Number of Analysts (Estimated EPS)	1	1	1	2	2

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Current Key Metrics

?	Revenue (TTM) :	326.485M	?	P/S (TTM) :	1.47
?	Net Income (TTM) :	43.889M	?	P/E (TTM) :	9.86
?	Enterprise Value (TTM) :	235.088M	?	EV/FCF (TTM) :	3.93
?	Dividend Yield (TTM) :	0.03	?	Payout Ratio (TTM) :	0.32
?	ROE (TTM) :	0.09	?	ROIC (TTM) :	0.07
?	Net Debt (TTM) :	91.553M	?	Debt/Equity (TTM) :	0.25
?	P/B (TTM) :	0.88	?	Current Ratio (TTM) :	0.11