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hackadayمنذ 52 ي

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تعلن شركة Shore Bancshares, Inc. عن نتائج الربع الأول لعام 2026
benzingaمنذ 52 ي

تعلن شركة Shore Bancshares, Inc. عن نتائج الربع الأول لعام 2026

EASTON, Md. , April 23, 2026 /PRNewswire/ -- Shore Bancshares, Inc. (NASDAQ – SHBI) (the "Company" or "Shore Bancshares"), the holding company for Shore United Bank, N.A. (the "Bank"), reported record net income for the first quarter of 2026 of $17.1 million, or $0.51 per diluted common share, compared to net income of $15.9 million, or $0.48 per diluted common share, for the fourth quarter of 2025, and net income of $13.8 million, or $0.41 per diluted common share, for the first quarter of 2025. First Quarter 2026 Highlights Net Income – Net income for the first quarter of 2026 increased $1.2 million to a record $17.1 million from $15.9 million in the fourth quarter of 2025. Net income increased primarily due to an increase in net interest income of $2.4 million and a decrease in the provision for credit losses of $2.7 million, partially offset by lower noninterest income of $1.7 million and an increase in noninterest expense of $1.6 million. The lower noninterest income was due to a one-time receipt of insurance proceeds in the fourth quarter of 2025. Return on Average Assets ("ROAA") – The Company reported ROAA of 1.12% for the first quarter of 2026, compared to 1.02% for the fourth quarter of 2025 and 0.91% for the first quarter of 2025. Adjusted ROAA – non-U.S. generally accepted accounting principles ("GAAP") ( 1 ) was 1.22% for the first quarter of 2026, compared to 1.11% for the fourth quarter of 2025 and 1.02% for the first quarter of 2025. Net Interest Margin ("NIM") – Net interest income for the first quarter of 2026 increased $2.4 million to $52.6 million compared to the fourth quarter of 2025. NIM increased 21 basis points ("bps") to 3.64% during the first quarter of 2026 compared to the fourth quarter of 2025. NIM excluding accretion (1) increased for the comparable periods from 3.24% to 3.35%. Excluding accretion interest, loan yields decreased 1 bp and funding costs decreased 13 bps for the comparable periods. Net interest income increased due to accelerated accretion due to loan payoffs coupled with a lower cost of deposits and lower long-term borrowing expenses. These favorable changes were partially offset by lower yields on interest-bearing deposits with other institutions. Book Value per Share – Book value per share increased to $18.02 at March 31, 2026 from $17.65 at December 31, 2025 and $16.55 at March 31, 2025. Asset Quality – Nonperforming assets were 1.10% of total assets at March 31, 2026, an increase from 0.69% at December 31, 2025 and 0.31% at March 31, 2025. Classified assets were 1.38% of total assets at March 31, 2026, an increase when compared to 0.96% at December 31, 2025 and 0.36% at March 31, 2025. The allowance for credit losses ("ACL") was $58.5 million at March 31, 2026, compared to $58.8 million at December 31, 2025 and $58.0 million at March 31, 2025. The ACL as a percentage of loans increased to 1.21% at March 31, 2026 compared to 1.20% at December 31, 2025 and remained flat compared to March 31, 2025. Operating Leverage – The efficiency ratio for the first quarter of 2026 was 61.97%, compared to 60.06% in the fourth quarter of 2025 and 63.64% for the first quarter of 2025. The adjusted efficiency ratio – non-GAAP (1) , which excludes amortization of intangibles, was 58.57% for the first quarter of 2026, compared to 56.59% for the fourth quarter of 2025 and 59.25% for the first quarter of 2025. Management anticipates ongoing expense management of professional services and technology investments will result in continued improvements in operating leverage over time. "Shore Bancshares delivered another strong quarter to begin 2026, with higher net income, expanding net interest margin and continued growth in book value per share," stated James ("Jimmy") M. Burke, President and Chief Executive Officer of Shore Bancshares. "Lower funding costs, accelerated loan repricing and disciplined balance sheet management drove record net interest income and record profitability during the quarter. We also continued to make progress improving our core operating performance while maintaining prudent expense control. "Although nonperforming and classified assets increased during the quarter, overall asset quality remains sound and is supported by strong collateral values, conservative underwriting and solid reserve levels. We remain focused on managing risk, strengthening operating leverage and building long-term value for our shareholders as we move through 2026." Balance Sheet Review Total assets were $6.21 billion at March 31, 2026, a decrease of $52.8 million, or 0.8%, when compared to $6.26 billion at December 31, 2025. The decrease was primarily due to a decrease in our loan portfolio of $52.3 million and a decrease in cash and cash equivalents of $14.7 million, which were partially offset by an increase in our investment securities portfolio of $22.5 million. The decrease in cash and cash equivalents was primarily driven by seasonal run-off of the municipal deposits. Total assets increased $29.5 million, or 0.5%, from $6.18 billion when compared to March 31, 2025. Non-owner occupied commercial real estate ("CRE") loans were $2.14 billion and $2.15 billion, and as a percentage of the Bank's Tier 1 Capital + ACL were 333% and 343% at March 31, 2026 and December 31, 2025, respectively. CRE loans (excluding land and construction) were $2.60 billion at March 31, 2026 compared to $2.64 billion at December 31, 2025. The office CRE loan portfolio, which includes owner occupied and non-owner occupied CRE loans, was $480.9 million, or 9.9% of total loans at March 31, 2026. The following table provides the stratification of the classes of CRE loans (excluding land and construction) at March 31, 2026. March 31, 2026 Owner Occupied Non-Owner Occupied ($ in thousands) Average LTV (1) Average Loan Size Loan Balance (2) Average LTV (1) Average Loan Size Loan Balance (2) Office, medical 45.25 % $ 597 $ 28,074 47.74 % $ 1,746 $ 85,570 Office, govt. or govt. contractor 49.80 875 6,999 53.80 3,057 62,308 Office, other 46.58 467 84,074 48.66 1,328 213,825 Office, total 46.43 507 119,147 48.91 1,574 361,703 Retail 49.55 610 65,223 48.07 2,554 482,785 Multifamily (5+ units) — — — 54.46 2,353 261,226 Hotel/motel — — — 44.46 4,056 190,614 Industrial/warehouse 45.74 654 92,883 46.49 1,412 184,927 Commercial-improved 41.57 1,182 217,492 50.02 1,291 160,134 Marine/boat slips 32.52 804 17,696 36.45 1,472 7,359 Restaurant 47.86 976 54,657 48.40 1,008 41,310 Church 33.03 861 56,797 13.18 2,354 2,354 Land/lot loans 44.54 551 1,103 — — — Other 40.21 1,440 119,558 32.94 543 162,847 Total CRE loans, gross 43.14 830 $ 744,556 44.39 1,584 $ 1,855,259 (1) Loan-to-value ("LTV") is determined based on latest available appraisal against current bank owned principal. Loans without an updated appraisal utilized the original transaction value. (2) Loan balance includes deferred fees and costs. The office CRE loan portfolio included loans to medical tenants of $113.6 million, or 23.6% of the total office CRE loan portfolio, at March 31, 2026. The office CRE loan portfolio also included loans to government or government contractor tenants of $69.3 million, or 14.4% of the total office CRE loan portfolio for the same period. At March 31, 2026, the average loan debt service coverage ratio on the office CRE loan portfolio was 1.7x and the average LTV was 47.66%. The 467 loans in the office CRE portfolio at March 31, 2026 had an average loan size of $1.0 million and a median loan size of $378 thousand. LTV estimates for the office CRE portfolio at March 31, 2026 are summarized below and LTV collateral values are based on the most recent appraisal, which may vary from the appraised value at loan origination. LTV Range ($ in thousands) Loan Count Loan Balance % of Office CRE Less than or equal to 50% 234 $ 167,305 34.8 % Greater than 50% and less than or equal to 60% 75 122,649 25.5 Greater than 60% and less than or equal to 70% 92 142,127 29.6 Greater than 70% and less than or equal to 80% 52 37,694 7.8 Greater than 80% 14 11,075 2.3 Total 467 $ 480,850 100.0 % There were 17 office CRE loans with balances greater than $5.0 million, totaling $164.8 million at March 31, 2026 and totaling $166.1 million at December 31, 2025. The decrease in this portfolio segment was the result of normal amortization. 81.1% of the office CRE loan balance was secured by properties in rural or suburban areas with limited exposure to metropolitan cities and 97.5% was secured by properties with five stories or less. $28.7 million of these loan balances were classified as special mention or substandard at March 31, 2026. There were no charge-offs within the office CRE portfolio during the three months ended March 31, 2026. Nonperforming assets were $68.4 million and $43.2 million, or 1.10% and 0.69% of total assets, as of March 31, 2026 and December 31, 2025, respectively. Nonperforming assets primarily consist of two large relationships with an aggregate loan balance of $45.6 million. These nonperforming loans primarily consists of multifamily and office commercial real estate based in North Carolina and Virginia. As of March 31, 2026, these loans are well-secured by collateral and required minimal individual reserves. When comparing March 31, 2026 to March 31, 2025, nonperforming assets increased $49.5 million, primarily due to an increase in nonaccrual loans of $49.6 million and an increase in repossessed marine and auto loans of $806 thousand, partially offset by a decrease in loans 90 days past due and accruing of $894 thousand. Substandard loans, which include nonaccrual loans and accruing loans 90 days or more past due were $82.3 million at March 31, 2026 compared to $57.4 million at December 31, 2025 and $19.4 million at March 31, 2025. Special mention loans increased to $97.8 million at March 31, 2026 compared to $73.4 million at December 31, 2025 and $33.5 million at March 31, 2025. As of March 31, 2026, there were six special mention loans with individual balances greater than $5.0 million, totaling $79.1 million. These loans consist primarily of multifamily commercial real estate and other commercial real estate exposures that are well-collateralized, and the Company continues to closely monitor their cash flows. Management does not currently expect material losses on these credits and is actively engaged in credit oversight and timely execution of workout strategies. Total deposits decreased $72.2 million from December 31, 2025 to $5.46 billion at March 31, 2026 and increased $1.3 million when compared to March 31, 2025. The year-to-date decrease in total deposits was primarily due to a decrease in interest-bearing deposits of $39.7 million, a decrease in noninterest-bearing deposits of $20.5 million and a decrease in money market and savings accounts of $19.3 million. These decreases were partially offset by an increase in time deposits of $7.3 million. Core deposits, which exclude municipal deposits, increased by $25.3 million, or 0.6%, during the same period. Total funding, which includes customer deposits, Federal Home Loan Bank ("FHLB") advances and brokered deposits, was $5.46 billion at March 31, 2026, compared to $5.53 billion at December 31, 2025. The Company had no FHLB advances at March 31, 2026 and December 31, 2025. Brokered deposits were $11.0 million and $10.9 million at March 31, 2026 and December 31, 2025, respectively. Total reciprocal deposits were $1.42 billion and $1.52 billion at March 31, 2026 and December 31, 2025, respectively. Uninsured deposits were $933.0 million, or 17.1% of total deposits, at March 31, 2026. Uninsured deposits, excluding deposits secured with pledged collateral, were $786.0 million, or 14.4% of total deposits, at March 31, 2026. At March 31, 2026, the available liquidity was $1.82 billion, including $340.8 million in cash and cash equivalents, $328.0 million in unpledged securities, $777.6 million in secured borrowing capacity at the FHLB and $376.3 million in unsecured lines of credit with other correspondent banks. Total stockholders' equity increased $12.8 million, or 2.2%, when compared to December 31, 2025, primarily due to current year earnings, partially offset by cash dividends paid and an increase in accumulated other comprehensive losses. As of March 31, 2026 and 2025, the ratio of total equity to total assets was 9.71% and 8.94%, respectively. As of March 31, 2026, the ratio of total tangible equity to total tangible assets ( 2 ) was 8.37%, compared to 8.06% and 7.46% as of December 31, 2025 and March 31, 2025, respectively. The Company's Tier 1 and Total Risk-Based Capital Ratios at March 31, 2026 were 11.60% and 14.08%, respectively. Review of Quarterly Financial Results Net interest income was $52.6 million for the first quarter of 2026, compared to $50.2 million for the fourth quarter of 2025 and $45.9 million for the first quarter of 2025. The increase in net interest income when compared to the fourth quarter of 2025 was primarily due to a decrease in interest expense on deposits of $3.0 million, a decrease in interest expense on long-term borrowings of $608 thousand and a decrease of $246 thousand in interest expense on short-term borrowings. The decrease in interest expense on long-term borrowings is due to a new debt issuance of $60 million during the fourth quarter 2025, which replaced $45 million of subordinated debt that was redeemed at the end of the fourth quarter 2025. These favorable changes were partially offset by a decrease in interest income on loans of $1.3 million and a decrease in interest income on deposits at other banks of $352 thousand. The increase in net interest income was $6.7 million when compared to the first quarter of 2025, and was primarily due to a decrease in interest expense on deposits of $3.8 million, an increase in interest and fees on loans of $3.3 million and a decrease in interest expense on short-term borrowings of $598 thousand. These favorable changes were partially offset by a decrease in interest on deposits with other banks of $951 thousand and an increase in interest expense on long-term borrowings of $207 thousand. The decrease in interest expense on deposits is reflective of the rate reductions during 2025. The Company's NIM increased to 3.64% for the first quarter of 2026 from 3.43% for the fourth quarter of 2025, primarily due to lower interest expense on deposits. NIM excluding accretion increased for the comparable periods from 3.24% to 3.35%. Excluding accretion interest income, loan yields decreased 1 bp and funding costs decreased 13 bps for the comparable periods. Interest expense for the first quarter of 2026 decreased $3.9 million compared to the fourth quarter of 2025, primarily due to lower rates during the quarter and the absence of the write-offs of merger-related interest rate marks on certain deposit products in the fourth quarter of 2025. The Company's NIM increased to 3.64% for the first quarter of 2026 from 3.21% for the first quarter of 2025. The Company's average interest-earning asset yield increased to 5.44% for the first quarter of 2026 from 5.32% for the first quarter of 2025, while the average cost of funds decreased 30 bps to 1.90% from 2.20% for the same periods. The provision for credit losses was $85 thousand for the three months ended March 31, 2026. The comparable amounts were $2.8 million for the three months ended December 31, 2025 and $1.0 million for the three months ended March 31, 2025. The decrease in the provision for credit losses for the first quarter of 2026 compared to the fourth quarter of 2025 was due to lower reserves resulting from lower loan balances and recoveries of certain charged-off loans, partially offset by the absence by the large charge-off driven by a commercial real estate loan in the fourth quarter of 2025. Coverage ratios increased to 1.21% at March 31, 2026 from 1.20% at December 31, 2025, and remained flat compared to March 31, 2025. Net charge-offs decreased to $847 thousand for the first quarter of 2026 compared to $3.6 million for the fourth quarter of 2025 and $554 thousand for the first quarter of 2025. The decrease was driven by the absence of the large commercial real estate write-down in the fourth quarter of 2025 and recoveries of previous write-downs of $409 thousand during the quarter. Total noninterest income for the first quarter of 2026 was $7.2 million, a decrease of $1.7 million from $8.9 million for the fourth quarter of 2025, and an increase of $110 thousand from $7.1 million for the first quarter of 2025. When comparing the first quarter of 2026 to the fourth quarter of 2025, the decrease in noninterest income was primarily due to the absence of a one-time receipt of insurance proceeds in the fourth quarter of 2025. Total noninterest expense of $37.1 million for the first quarter of 2026 increased $1.6 million compared to $35.5 million for the fourth quarter of 2025, and increased $3.3 million compared to $33.7 million for the first quarter of 2025. The increase from the fourth quarter of 2025 was primarily due to salaries and employee benefit expenses increasing $1.1 million and professional service fees increasing $368 thousand. The increase in salaries and employee benefits are primarily related to higher health care costs and one-time employee incentive related expense. The increase from the first quarter of 2025 was primarily due to an increase in salaries and employee benefits expense of $3.2 million and an increase in software and data processing costs of $449 thousand, partially offset by a decrease in amortization of other intangible assets of $298 thousand. The efficiency ratio for the first quarter of 2026 when compared to the fourth quarter of 2025 and the first quarter of 2025 was 61.97%, 60.06% and 63.64%, respectively. Adjusted efficiency ratios – non-GAAP (1 ) for the same periods were 58.57%, 56.59% and 59.25%, respectively. (1) See the Reconciliation of GAAP and Non-GAAP Measures tables. Shore Bancshares Information Shore Bancshares is a financial holding company headquartered in Easton, Maryland and is the parent company of Shore United Bank, N.A. Shore Bancshares engages in trust and wealth management services through Wye Financial Partners, a division of Shore United Bank, N.A. Additional information is available at www.shorebancshares.com . Forward-Looking Statements This news release contains statements relating to future events or our future results that are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We also may make forward-looking statements in other documents filed with or furnished to the Securities and Exchange Commission, and our senior management may make forward-looking statements orally to investors, analysts, representatives of the media, and others. Forward-looking statements may be identified by the use of words such as "believe," "expect," "anticipate," "plan," "estimate," "intend," "potential," "target," "plan," "goal," or words of similar meaning, or future or conditional verbs such as "could," "would," or "may." Forward-looking statements include statements of our goals, intentions, or expectations; statements regarding our business plans, prospects, growth, or operating strategies; statements regarding the quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. We caution that the forward-looking statements are based largely on our expectations and information available at the time the statements are made and are subject to known and unknown risks and uncertainties that are subject to change based on factors, which in many instances are beyond our control. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements. You should bear this in mind when reading this news release and not place undue reliance on these forward-looking statements. The factors that could cause actual results to differ materially from those expressed in such forward-looking statements include, but are not limited to, the risks identified in our Annual Report on Form 10-K for the year ended December 31, 2025, and in any subsequent filings with the Securities and Exchange Commission and the following: local, regional and global business, economic and political conditions and geopolitical events; changes in laws, rules and regulatory requirements, including capital and liquidity requirements; changes in consumer and business confidence, investor sentiment, and consumer spending and savings behavior; changes in the level of inflation; changes in monetary and fiscal policies; changes in trade policies, including the imposition of tariffs and retaliatory responses; changes in the demand for loans, deposits, and other financial services that we provide; the possibility that future credit losses may be higher than currently expected; changes in FDIC assessments; changes in the interest rate environment; changes in income tax laws and regulations; our ability to manage effectively our capital and liquidity; the ability to realize benefits and cost savings from, and limit any unexpected liabilities associated with, any business combinations; changes in credit ratings assigned to us; competitive pressures among financial services companies; technology changes instituted by us, our counterparties, or competitors; the ability to attract, develop, and retain qualified employees; change in federal government enforcement of federal laws affecting the cannabis industry; our ability to maintain the security of our financial, accounting, technology, data processing and other operational systems and facilities; our ability to effectively defend ourselves against cyber-attacks and other attempts by unauthorized parties to access our information or information of our customers or to disrupt our systems; our ability to withstand disruptions that may be caused by any failure of our operational systems or those of third parties; our ability to control expenses; the impact of changes in accounting policies, including the introduction of new accounting standards; the impact of judicial or regulatory proceedings; and the impact of natural or man-made disasters or calamities, including health emergencies, the spread of infectious diseases, epidemics or pandemics, an outbreak or escalation of hostilities or other geopolitical instabilities, the effects of climate change or extraordinary events beyond our control. Forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. Shore Bancshares, Inc. Financial Highlights By Quarter (Unaudited) Q1 2026 vs. Q1 2026 vs. ($ in thousands, except per share data) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2025 Q1 2025 PROFITABILITY FOR THE PERIOD Taxable-equivalent net interest income $ 52,644 $ 50,294 $ 48,501 $ 47,244 $ 45,979 4.7 % 14.5 % Less: Taxable-equivalent adjustment 89 92 83 81 81 (3.3) 9.9 Net interest income 52,555 50,202 48,418 47,163 45,898 4.7 14.5 Provision for credit losses 85 2,827 2,992 1,528 1,028 (97.0) (91.7) Noninterest income 7,244 8,906 7,938 9,406 7,134 (18.7) 1.5 Noninterest expense 37,056 35,499 34,379 34,410 33,747 4.4 9.8 Income before income taxes 22,658 20,782 18,985 20,631 18,257 9.0 24.1 Income tax expense 5,570 4,895 4,637 5,124 4,493 13.8 24.0 NET INCOME $ 17,088 $ 15,887 $ 14,348 $ 15,507 $ 13,764 7.6 24.1 Adjusted net income – non-GAAP (1) $ 18,581 $ 17,416 $ 15,889 $ 17,215 $ 15,481 6.7 % 20.0 % Pre-tax pre-provision net income – non-GAAP (1) 22,743 23,609 21,977 22,159 19,285 (3.7) 17.9 Return on average assets – GAAP 1.12 % 1.02 % 0.95 % 1.03 % 0.91 % 10 bp 21 bp Adjusted return on average assets – non-GAAP 1.22 1.11 1.05 1.15 1.02 11 20 Return on average common equity – GAAP 11.55 10.79 9.96 11.13 10.20 76 135 Return on average tangible common equity – non-GAAP (1) 14.83 14.10 13.27 14.99 14.05 73 78 Net interest spread 2.80 2.48 2.45 2.37 2.27 32 53 Net interest margin 3.64 3.43 3.41 3.34 3.21 21 43 Efficiency ratio – GAAP 61.97 60.06 61.00 60.83 63.64 191 (167) Adjusted efficiency ratio – non-GAAP (1) 58.57 56.59 57.30 56.73 59.25 198 (68) Noninterest income to average assets 0.48 0.57 0.52 0.63 0.47 (9) 1 Noninterest expense to average assets 2.43 2.27 2.27 2.29 2.23 16 20 Net operating expense to average assets – GAAP 1.96 1.70 1.74 1.67 1.76 26 20 Net operating expense to average assets – non-GAAP (1) 1.83 1.57 1.61 1.51 1.61 26 22 PER SHARE DATA Basic net income per common share $ 0.51 $ 0.48 $ 0.43 $ 0.46 $ 0.41 6.3 % 24.4 % Diluted net income per common share 0.51 0.48 0.43 0.46 0.41 6.3 24.4 Dividends paid per common share 0.12 0.12 0.12 0.12 0.12 — — Book value per common share at period end 18.02 17.65 17.27 16.94 16.55 2.1 8.9 Tangible book value per common share at period end – non-GAAP (1) 15.30 14.87 14.43 14.03 13.58 2.9 12.7 Common share market value at period end 18.68 17.68 16.41 15.72 13.54 5.7 38.0 Common share intraday price: High $ 20.68 $ 19.22 $ 17.67 $ 15.88 $ 17.24 7.6 % 20.0 % Low 17.98 14.93 14.96 11.47 13.15 20.4 36.7 (1) See the Reconciliation of GAAP and Non-GAAP Measures tables. Shore Bancshares, Inc. Financial Highlights By Quarter (Unaudited) – Continued Q1 2026 vs. Q1 2026 vs. ($ in thousands, except per share data) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2025 Q1 2025 AVERAGE BALANCE SHEET DATA Loans $ 4,887,488 $ 4,909,619 $ 4,884,003 $ 4,833,558 $ 4,784,991 (0.5) % 2.1 % Investment securities 666,376 653,639 664,535 683,680 664,655 1.9 0.3 Earning assets 5,823,244 5,843,816 5,658,981 5,660,409 5,768,080 (0.4) 1.0 Assets 6,174,655 6,206,753 6,020,574 6,021,385 6,129,241 (0.5) 0.7 Deposits 5,438,914 5,452,082 5,280,252 5,297,567 5,417,514 (0.2) 0.4 FHLB advances — 20,108 52,391 50,000 50,000 (100.0) (100.0) Subordinated debt & TRUPS 89,024 104,752 74,363 74,102 73,840 (15.0) 20.6 Stockholders' equity 600,212 584,209 571,247 558,952 547,443 2.7 9.6 CREDIT QUALITY DATA Net charge-offs $ 847 $ 3,619 $ 1,825 $ 649 $ 554 (76.6) % 52.9 % Nonaccrual loans $ 64,958 $ 39,960 $ 24,378 $ 16,782 $ 15,402 62.6 % 321.8 % Loans 90 days past due and still accruing — 255 153 215 894 (100.0) (100.0) Other real estate owned and repossessed property 3,414 2,992 3,552 2,636 2,608 14.1 30.9 Total nonperforming assets $ 68,372 $ 43,207 $ 28,083 $ 19,633 $ 18,904 58.2 261.7 Shore Bancshares, Inc. Financial Highlights By Quarter (Unaudited) – Continued Q1 2026 vs. Q1 2026 vs. ($ in thousands, except per share data) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2025 Q1 2025 CAPITAL AND CREDIT QUALITY RATIOS Period-end equity to assets – GAAP 9.71 % 9.42 % 9.19 % 9.36 % 8.94 % 29 bp 77 bp Period-end tangible equity to tangible assets – non-GAAP (1) 8.37 8.06 7.80 7.88 7.46 31 91 Annualized net charge-offs to average loans 0.07 % 0.29 % 0.15 % 0.05 % 0.05 % (22) bp 2 bp Allowance for credit losses as a percent of: Period-end loans 1.21 % 1.20 % 1.22 % 1.21 % 1.21 % 1 bp — bp Period-end nonaccrual loans 90.03 147.24 244.29 348.49 376.85 (5,721) (28,682) Period-end nonperforming assets 85.53 136.17 212.06 297.88 307.04 (5,064) (22,151) As a percent of total loans at period-end: Nonaccrual loans 1.34 % 0.82 % 0.50 % 0.35 % 0.32 % 52 bp 102 bp As a percent of total loans, other real estate owned and repossessed property at period-end: Nonperforming assets 1.41 % 0.88 % 0.57 % 0.41 % 0.40 % 53 bp 101 bp As a percent of total assets at period-end: Nonaccrual loans 1.05 % 0.64 % 0.39 % 0.28 % 0.25 % 41 bp 80 bp Nonperforming assets 1.10 0.69 0.45 0.33 0.31 41 79 (1) See the Reconciliation of GAAP and Non-GAAP Measures tables. Shore Bancshares, Inc. Financial Highlights By Quarter (Unaudited) – Continued Q1 2026 vs. Full story available on Benzinga.com

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تعلن برينستون بانكورب عن نتائج الربع الأول من عام 2026
benzingaمنذ 52 ي

تعلن برينستون بانكورب عن نتائج الربع الأول من عام 2026

Princeton Bancorp, Inc. (the "Company") (NASDAQ - BPRN), the bank holding company for The Bank of Princeton (the "Bank"), today reported its unaudited financial condition at, and its results of operations for the quarter ended, March 31, 2026. President/CEO Edward Dietzler commented on the quarter results, "The Company started 2026 with a strong quarterly performance, with net income of $6.2 million and diluted EPS of $0.91. These results were supported by an increase in non-interest income of over 15%, as well as a reduction in credit provision, and an improved net interest margin when compared to the fourth quarter of 2025." The Company reported net income of $6.2 million, or $0.91 per diluted common share, for the first quarter of 2026, compared to $6.1 million, or $0.90 per diluted common share, for the fourth quarter of 2025, and net income of $5.4 million, or $0.77 per diluted common share, for the first quarter of 2025. The increase in net income for the first quarter of 2026 when compared to the fourth quarter of 2025 was primarily due to an increase in non-interest income of $332 thousand, an increase in net interest income of $228 thousand, and a decrease in provision for credit losses of $258 thousand, partially offset by an increase in non-interest expense of $686 thousand. The increase in net income for the first quarter of 2026 when compared to the first quarter of 2025 was primarily due to an increase in non-interest income of $261 thousand, an increase in net-interest income of $101 thousand, a decrease in non-interest expense of $377 thousand, and a decrease in the provision for credit losses of $424 thousand, partially offset by an increase of $312 thousand in income tax expense. Review of Statements of Financial Condition Total assets were $2.25 billion at March 31, 2026, a decrease of $29.4 million, or 1.29%, when compared to $2.28 billion at the December 31, 2025. The primary reason for the decrease in total assets was related to a decrease in cash and cash equivalents of $15.9 million and a decrease in investment securities of $15.2 million, partially offset by an increase in loans of $2.7 million. Total deposits at March 31, 2026, decreased $33.5 million, or 1.70%, when compared to December 31, 2025. The decrease in the Company's deposits consisted primarily of decreases in certificates of deposit of $53.2 million, and interest-bearing demand deposits of $25.3 million, partially offset by an increase in money market deposits of $26.5 million, non-interest-bearing demand deposits of $17.2 million, and savings deposits of $1.3 million. We believe that our balance sheet liquidity remains strong at March 31, 2026 with $119.8 million in cash and cash equivalents, as well as available for sale securities of $164.5 million. Total stockholders' equity at March 31, 2026 increased $2.9 million, or 1.07%, when compared to December 31, 2025. The increase was primarily due to an increase in retained earnings of $3.8 million (which consisted of $6.2 million in net income, partially offset by $2.4 million of cash dividends recorded during the period), partially offset by an increase in accumulated other comprehensive loss of $845 thousand due to increases in market interest rates. The ratio of equity to total assets at March 31, 2026 and at December 31, 2025 was 12.1% and 11.9%, respectively. Asset Quality At March 31, 2026, non-performing assets remained steady at $16.5 million, compared to $16.5 million at December 31, 2025. Review of Quarterly and Year-to-Date Financial Results Net interest income was $18.9 million for the first quarter of 2026, an increase of $228 thousand over the fourth quarter of 2025, and an increase of $101 thousand compared to $18.8 million for the first quarter of 2025. The increase in net interest income when compared with the fourth quarter of 2025 was primarily related to a decrease in interest expense of $913 thousand or, 7.0%, partially offset by a decrease in interest income of $685 thousand, or 2.2%. The increase in net interest income when compared with the first quarter of 2025 was primarily due to a $2.3 million decrease in interest expense, partially offset by a decrease in interest income of $2.2 million. The net interest margin for the first quarter of 2026 was 3.63%, an increase of 12 basis points when compared to the fourth quarter of 2025, and an increase of 12 basis points when compared to the first quarter of 2025. When comparing the first quarter of 2026 and the fourth quarter of 2025 periods, the decrease in interest income and increase in net interest margin were primarily associated with a decrease in average total investments of $24.6 million, a decrease in average loans of $1.7 million, partially offset by an increase in the Company's yield earned on interest-earning assets of 2 basis points. When comparing the first quarter of 2026 and first quarter of 2025, the $2.3 million decrease in interest expense was primarily due to the Company's cost of funds decreasing by 38 basis points and average interest-bearing deposits decreasing by $69.5 million. The decrease in interest expense was partially offset by a $2.2 million decrease in interest income caused by a decrease in average interest-earning assets of $60.6 million, and a decrease of 25 basis points in the yield earned on interest-earning assets. The Company recorded a reversal of credit losses of $156 thousand during the first quarter of 2026, which consisted of a $291 thousand decrease recorded to the allowance of credit losses, offset by an increase to the provision for credit losses of $135 thousand related to unfunded commitments, which are recorded in other liabilities on the Company's statements of financial condition. The current quarters' reversal of provision recorded on the Company's statements of income was $258 thousand lower when compared to the fourth quarter of 2025 and was $424 thousand lower when compared to the first quarter of 2025. The coverage ratio of the allowance for credit losses to period end loans was 1.10% at March 31, 2026, and 1.12% at December 31, 2025. Total non-interest income of $2.5 million for the first quarter of 2026 increased $332 thousand, or 15.7%, when compared to the fourth quarter of 2025 and increased $261 thousand, or 11.9%, when compared to the first quarter of 2025. The increase over the fourth quarter of 2025 was primarily due to an increase in other non-interest income of $320 thousand discussed below. The increase over the prior year's first quarter was primarily due to increases in other non-interest income of $303 thousand, an increase in fees and service charges of $69 thousand, and an increase in income from bank-owned life insurance of $36 thousand, partially offset by a decrease in loan fees of $147 thousand. The increase in other non-interest income for the first quarter of 2026 was related to a gain recorded on an equity investment in the amount of $232 thousand recorded in the first quarter of 2026 compared to no such net gain in either the fourth or first quarters of 2025. Total non-interest expense of $13.4 million for the first quarter of 2026 increased $686 thousand, or 5.4%, when compared to the fourth quarter of 2025. This increase over the prior quarter was primarily due to increases in salaries and employee benefits expenses of $608 thousand, occupancy and equipment expenses of $236 thousand, partially offset by a decrease in other non-interest expenses of $206 thousand. Total non-interest expense for the first quarter of 2026 decreased $377 thousand, or 2.7%, when compared to the first quarter of 2025, primarily due to lower salary and employee benefits expense and FDIC insurance expense. For the quarter ended March 31, 2026, the Company recorded an income tax expense of $1.8 million, resulting in an effective tax rate of 22.6%, compared to an income tax expense of $1.8 million, resulting in an effective tax rate of 23.2% for the quarter ended December 31, 2025 and compared to an income tax expense of $1.5 million resulting in an effective tax rate of 21.9% for the quarter ended March 31, 2025. About Princeton Bancorp, Inc. and The Bank of Princeton Princeton Bancorp, Inc. is the holding company for The Bank of Princeton, a community bank founded in 2007. The Bank is a New Jersey state-chartered commercial bank with 28 branches in New Jersey, including three in Princeton and others in Bordentown, Browns Mills, Burlington, Chesterfield, Cherry Hill, Cream Ridge, Deptford, Fort Lee, Hamilton, Kingston, Lakewood, Lambertville, Lawrenceville, Medford, Monroe, Moorestown, New Brunswick, Palisades Park, Pennington, Piscataway, Princeton Junction, Quakerbridge, Sicklerville, Voorhees, and Woodbury. There are also five branches in the Philadelphia, Pennsylvania area and two in the New York City metropolitan area. The Bank of Princeton is a member of the Federal Deposit Insurance Corporation. Forward-Looking Statements The Company may from time to time make written or oral "forward-looking statements," including statements contained in the Company's filings with the Securities and Exchange Commission, in its reports to stockholders and in other communications by the Company (including this press release), which are made in good faith by the Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve risks and uncertainties, such as statements of the Company's plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond the Company's control). The most significant factors that could cause future results to differ materially from those anticipated by our forward-looking statements include the potential impact of any future Federal budget stalemates in Congress, higher tariffs imposed by the Trump administration, higher inflation levels, and general economic and recessionary concerns, all of which could impact economic growth and could cause an increase in loan delinquencies, a reduction in financial transactions and business activities including decreased deposits and reduced loan originations, difficulties in managing liquidity in a rapidly changing and unpredictable market, and supply chain disruptions. Other factors that could cause actual results to differ materially from those indicated by forward-looking statements include, but are not limited to, the following factors: the global impact of foreign military conflicts; the impact of any future pandemics or other natural disasters; civil unrest, rioting, acts or threats of terrorism, or actions taken by the local, state and Federal governments in response to such events, which could impact business and economic conditions in our market area; the strength of the United States economy in general and the strength of the local economies in which the Company and Bank conduct operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; market and monetary fluctuations; market volatility; the value of the Bank's products and services as perceived by actual and prospective customers, including the features, pricing and quality compared to competitors' products and services; the willingness of customers to substitute competitors' products and services for the Bank's products and services; credit risk associated with the Bank's lending activities; risks relating to the real estate market and the Bank's real estate collateral; the impact of changes in applicable laws and regulations and requirements arising out of our supervision by banking regulators; other regulatory requirements applicable to the Company and the Bank; the timing and nature of the regulatory response to any applications filed by the Company and the Bank; developments in technology, such as artificial intelligence, and our ability to incorporate innovative technologies in our business and provide products and services that satisfy our customers' expectations for convenience and security; other acquisitions; changes in consumer spending and saving habits; those risks under the heading "Risk Factors" set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2025; and the success of the Company at managing the risks involved in the foregoing. The Company cautions that the foregoing list of important factors is not exclusive. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company, except as required by applicable law or regulation. Princeton Bancorp, Inc. Consolidated Statements of Financial Condition (Unaudited) (Dollars in thousands, except per share data) March 31, 2026 vs March 31, 2026 vs March 31, December 31, March 31, December 31, 2025 March 31, 2025 2026 2025 2025 $ Change % Change $ Change % Change ASSETS Cash and cash equivalents $ 119,794 $ 135,686 $ 67,674 $ (15,892 ) (11.71 )% $ 52,120 77.02 % Securities available-for-sale- taxable 125,582 140,817 199,931 (15,235 ) (10.82 )% (74,349 ) (37.19 )% Securities available-for-sale- tax-exempt 38,975 39,752 39,304 (777 ) (1.95 )% (329 ) (0.84 )% Securities held-to-maturity 151 153 159 (2 ) (1.31 )% (8 ) (5.03 )% Loans receivable, net of deferred loan fees 1,819,133 1,816,416 1,856,539 2,717 0.15 % (37,406 ) (2.01 )% Allowance for credit losses (20,033 ) (20,325 ) (23,942 ) 292 (1.44 )% 3,909 (16.33 )% Goodwill 14,381 14,381 14,381 — — — — Core deposit intangible 2,580 2,776 3,403 (196 ) (7.06 )% (823 ) (24.18 )% Other assets 153,204 153,491 160,648 (287 ) (0.19 )% (7,444 ) (4.63 )% TOTAL ASSETS $ 2,253,767 $ 2,283,147 $ 2,318,097 $ (29,380 ) (1.29 )% $ (64,330 ) (2.78 )% LIABILITIES Non-interest checking $ 303,233 $ 286,013 $ 290,496 $ 17,220 6.02 % $ 12,737 4.38 % Interest checking 308,204 333,533 331,032 (25,329 ) (7.59 )% (22,828 ) (6.90 )% Savings 169,031 167,735 172,546 1,296 0.77 % (3,515 ) (2.04 )% Money market 490,711 464,205 464,012 26,506 5.71 % 26,699 5.75 % Time deposits over $250,000 241,134 256,929 220,968 (15,795 ) (6.15 )% 20,166 9.13 % Other time deposits 430,346 467,778 531,612 (37,432 ) (8.00 )% (101,266 ) (19.05 )% Total deposits 1,942,659 1,976,193 2,010,666 (33,534 ) (1.70 )% (68,007 ) (3.38 )% Other liabilities 37,509 36,242 40,444 1,267 3.50 % (2,935 ) (7.26 )% TOTAL LIABILITIES 1,980,168 2,012,435 2,051,110 (32,267 ) (1.60 )% (70,942 ) (3.46 )% STOCKHOLDERS' EQUITY N/A Paid-in capital 122,988 122,954 120,452 34 0.03 % 2,536 2.11 % Treasury stock (8,762 ) (8,707 ) (1,005 ) (55 ) 0.63 % (7,757 ) 771.84 % Retained earnings 165,483 161,730 155,170 3,753 2.32 % 10,313 6.65 % Accumulated other comprehensive income (loss) (6,110 ) (5,265 ) (7,630 ) (845 ) 16.05 % 1,520 (19.92 )% TOTAL STOCKHOLDERS' EQUITY 273,599 270,712 266,987 2,887 1.07 % 6,612 2.48 % TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,253,767 $ 2,283,147 $ 2,318,097 (29,380 ) (4.21 )% (64,330 ) (2.78 )% Book value per common share $ 40.26 $ 40.01 $ 38.56 $ 0.25 0.62 % $ 1.70 4.41 % Tangible book value per common share 1 $ 37.76 $ 37.48 $ 36.00 $ 0.28 0.75 % $ 1.76 4.89 % 1 Tangible book value per common share is a non-GAAP measure. For more information, see "Supplemental Information - Non-GAAP Financial Measures (Unaudited)" below. Princeton Bancorp, Inc. Loan and Deposit Tables (Unaudited) The components of loans receivable, net at March 31, 2026 and December 31, 2025 were as follows: March 31, December 31, 2026 2025 (In thousands) Commercial real estate $ 1,323,347 $ 1,343,531 Commercial and industrial 80,673 76,557 Construction 210,862 209,483 Residential first-lien mortgages 170,553 163,813 Home equity / consumer 36,192 25,359 Total loans 1,821,627 1,818,743 Deferred fees and costs (2,494 ) (2,327 ) Allowance for credit losses (20,033 ) (20,325 ) Loans, net $ 1,799,100 $ 1,796,091 The components of deposits at March 31, 2026 and December 31, 2025 were as follows: March 31, December 31, 2026 2025 (In thousands) Non-interest checking $ 303,233 $ 286,013 Interest checking 308,204 333,533 Savings 169,031 167,735 Money market 490,711 464,205 Time deposits 671,480 724,707 Total deposits $ 1,942,659 $ 1,976,193 Princeton Bancorp, Inc. Consolidated Statements of Income (Unaudited) (Amounts in thousands except per share data) Three Months Ended March 31, 2026 2025 $ Change % Change Interest and dividend income Loans and fees $ 28,066 $ 29,624 $ (1,558 ) (5.3 )% Available-for-sale debt securities: Taxable 1,519 2,616 (1,097 ) (41.9 )% Tax-exempt 274 284 (10 ) (3.5 )% Held-to-maturity debt securities 2 2 — — Other interest and dividend income 1,210 769 441 57.3 % Total interest and dividends 31,071 33,295 (2,224 ) (6.7 )% Interest expense Deposits 12,213 14,538 (2,325 ) (16.0 )% Borrowings — — — N/A Total interest expense 12,213 14,538 (2,325 ) (16.0 )% Net interest income 18,858 18,757 101 0.5 % Provision for (reversal of) credit losses (156 ) 268 (424 ) (158.2 )% Net interest income after provision for (reversal of) credit losses 19,014 18,489 525 2.8 % Non-interest income Income from bank-owned life insurance 507 471 36 7.6 % Fees and service charges 580 511 69 13.5 % Loan fees, including prepayment penalties 528 675 (147 ) (21.8 )% Other 836 533 303 56.8 % Total non-interest income 2,451 2,190 261 11.9 % Non-interest expense Salaries and employee benefits 7,025 7,172 (147 ) (2.0 Full story available on Benzinga.com

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تسلط شركة Fidelity الضوء على صناديق الاستثمار المتداولة القائمة على الخيارات للحماية
thestreetمنذ 52 ي

تسلط شركة Fidelity الضوء على صناديق الاستثمار المتداولة القائمة على الخيارات للحماية

اختبرت تقلبات السوق هذا العام المحافظ التي بدت ذات يوم لا يمكن المساس بها، مما ترك المستثمرين العاديين يبحثون عن طرق لحماية المكاسب دون الخروج من الأسهم بالكامل. تعتقد شركة فيديليتي أن جزءًا من الإجابة يكمن في شريحة متخصصة ولكنها سريعة النمو من عالم الصناديق المتداولة في البورصة والتي معظمها ...

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