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Parent Company Financial Information
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Parent Company Financial Information Parent Company Financial Information
The following tables provide condensed financial information for Shore Bancshares, Inc. (Parent Company only) at and for the years ended December 31, 2024 and 2023.
Condensed Balance Sheets
($ in thousands)December 31, 2024December 31, 2023
Assets
Cash$5,257 $7,345 
Investment in subsidiaries605,286 571,298 
Other assets9,289 7,926 
Total assets$619,832 $586,569 
Liabilities
Accrued interest payable$1,027 $1,050 
Deferred tax liability251 — 
Other liabilities3,771 2,087 
Long-term debt73,717 72,297 
Total liabilities78,766 75,434 
Stockholders’ equity
Common stock333 332 
Additional paid in capital358,112 356,007 
Retained earnings190,166 162,290 
Accumulated other comprehensive loss(7,545)(7,494)
Total stockholders’ equity541,066 511,135 
Total liabilities and stockholders’ equity$619,832 $586,569 
Condensed Statements of Income
Year Ended December 31,
($ in thousands)20242023
Income  
Dividends from subsidiaries$17,000 $22,000 
Company owned life insurance income206 141 
Bargain purchase gain— 8,816 
Total income17,206 30,957 
Expenses
Interest expense5,768 4,454 
Salaries and employee benefits598 358 
Occupancy and equipment expense— 1 
Legal and professional fees, including merger expenses1,636 5,164 
Other operating expenses1,032 775 
Total expenses9,034 10,752 
Income before income tax benefit and equity (deficit) in undistributed net income of subsidiaries8,172 20,205 
Income tax benefit(1,678)(1,557)
Income before equity (deficit) in undistributed net income of subsidiaries9,850 21,762 
Equity (deficit) in undistributed net income of subsidiaries34,039 (10,534)
Net income $43,889 $11,228 
Condensed Statements of Cash Flows
Year Ended December 31,
($ in thousands)20242023
Cash flows from operating activities:
Net income $43,889 $11,228 
Adjustments to reconcile net income to cash provided by operating activities:
Equity in undistributed net income of subsidiaries(34,039)10,534 
Bargain purchase gain— (8,816)
Amortization of debt issuance costs122 122 
Stock-based compensation expense1,730 1,174 
Company owned life insurance income(406)(141)
Acquisition accounting adjustments926 557 
Net increase in other assets(957)(1,267)
Net increase (decrease) in other liabilities2,284 (682)
Net cash provided by operating activities13,549 12,709 
Cash flows from investing activities:
Purchase of company owned life insurance— (249)
Cash acquired in the acquisition of TCFC, net of cash paid— 88 
Net cash used in investing activities— (161)
Cash flows from financing activities:
Common stock dividends paid(16,013)(12,733)
Issuance of common stock376 385 
Net cash used in financing activities(15,637)(12,348)
Net (decrease) increase in cash and cash equivalents(2,088)200 
Cash and cash equivalents at beginning of year7,345 7,145 
Cash and cash equivalents at end of year$5,257 $7,345