Shore Bancshares, Inc. reported net income of $2.698 million for the fourth quarter of 2017, compared to net income of $3.412 million for the third quarter of 2017, and net income of $2.495 million for the fourth quarter of 2016.
The company has bank branches in Felton, Milford, Dover and Camden, DE.
The Company reported net income of $11.26 million for fiscal year 2017, compared to net income of $9.638 million for fiscal year 2016.
The 2017 fourth quarter’s results included $771.1 thousand or $0.06 per diluted common share in additional income tax expense as a result of the recently enacted Tax Cuts and Jobs Act.
While a permanent reduction of the corporate income tax rate will take effect in 2018, the enactment of the law during 2017 required the company to revalue its net deferred tax asset through income tax expense in the fourth quarter.
“This has been a stellar year for the Bank in terms of growth and core earnings” said CEO Lloyd L. “Scott” Beatty Jr. “We experienced organic loan growth of 13 percent, excluding the branch acquisition in the second quarter, along with net income for the year that would have exceeded $12 million if not for the one-time tax expense due to tax reform. The achievement of expanding our footprint across the Bay Bridge and to the Eastern Shore of Virginia, all while maintaining superior customer service to our banking customers is a true testament to the level of focus and commitment our team gave to making this an exceptional year. We anticipate a positive economic outlook for 2018 which will bode well for our continued emphasis on growth and expansion.”
Shore Bancshares, Inc. is a financial holding company headquartered in Easton, MD 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. Information is available at www.shorebancshares.com.
