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Deferred Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Deferred Compensation Arrangement

The following table provides information on Shore Bancshares, Inc.’s contributions and participant deferrals to the Plan for 2022 and 2021 and the related deferred compensation liability as of December 31.

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​	​	​	​	​	​	​
(Dollars in thousands)		2022			2021
Elective deferrals	​	$	238	​	$	192
Deferred compensation liability	​	​	948	​	​	972

​

SERP Plan

Schedule of Deferred Compensation Arrangement in Other Assets and Other Liabilities

During 2019, the Company introduced a new SERP plan for executive officers of the Company and the Bank. The related liability is unfunded; however, BOLI was purchased to offset the benefit costs. The following table provides information on the expense recognized during the years ended December 31, as well as the balance of the unfunded SERP liability and the cash surrender value of policies purchased to offset the SERP benefit costs as of December 31. The unfunded SERP liability and cash surrender value were included in other liabilities and other assets, respectively.

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​	​	​	​	​	​	​
(Dollars in thousands)		2022			2021
Cash surrender value	​	$	56,117	​	$	38,414
Deferred compensation liability - SERP	​		4,177	​		3,114
SERP Expense	​	​	1,063	​	​	1,455

​

Former Directors from CNB [Member]

Schedule of Deferred Compensation Arrangement in Other Assets and Other Liabilities

The following table includes information on the deferred compensation liability and cash surrender value as of December 31.

​

​	​	​	​	​	​	​
(Dollars in thousands)	​	2022		​	2021
Deferred compensation liability	​	$	450	​	$	554
Cash surrender value	​	​	2,260	​	​	2,200

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- Definition

Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs.

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Tabular disclosure of arrangements with individual employees that are not equity-based payments or pensions and other postretirement benefits, which are generally employment contracts between the entity and selected officers or key employees containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Examples may include profit sharing, deferred bonuses or certain split-dollar life insurance arrangements. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period and the carrying amount as of the balance sheet date of the related liability.

+ References

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