Shore Bancshares, Inc., incorporated on March 15, 1996, is a financial holding company. The Company acts as the parent company to several financial institution and insurance entities. The Company has two business segments: Community Banking, and Insurance Products and Services. The Company's Community Banking segment provides services to consumers and small businesses on the Eastern Shore of Maryland and in Delaware. The Company is engaged in the banking business through CNB, a Maryland commercial bank with trust powers and The Talbot Bank of Easton, a Maryland commercial bank (the Banks). The Company's Insurance Products and Services segment provides a range of insurance products and services to businesses and consumers in the Company's market areas. The Company is engaged in the insurance business through an insurance producer, The Avon-Dixon Agency, LLC, a Maryland limited liability company, with approximately two specialty lines, trading as Elliot Wilson Insurance (Trucking) and Jack Martin & Associates (Marine), as well as an insurance premium finance company, Mubell Finance, LLC (collectively Insurance Subsidiaries). The Banks operate approximately 20 full service branches and 20 automated teller machines (ATMs). The Banks provide a range of commercial and consumer banking products and services to individuals, businesses, and other organizations in Kent County, Queen Anne's County, Caroline County, Talbot County and Dorchester County in Maryland and in Kent County, Delaware.
The Company's Community Banking segment offers banking activities, which include small business services, retail brokerage, trust services and consumer banking products and services. The Company's loan products available to consumers include mortgage, home equity, automobile, marine, and installment loans, credit cards and other secured and unsecured personal lines of credit. Its small business lending includes commercial mortgages, real estate development loans, equipment and operating loans, as well as secured and unsecured lines of credit, credit cards, accounts receivable financing arrangements and merchant card services. The Company's Insurance Products and Services segment offers insurance products, which include property and casualty, life, marine, individual health and long-term care insurance. It offers pension and profit sharing plans, and retirement plans for executives and employees are available to suit the needs of individual businesses. The Company's Insurance Subsidiaries offer a range of insurance products and services to customers across the Delmarva Region. In addition, it offers insurance premium financing services.
The Banks offer services to businesses, which include commercial checking, savings, certificates of deposit and overnight investment sweep accounts. The Banks offer various forms of commercial lending, including secured and unsecured loans, working capital loans, lines of credit, term loans, accounts receivable financing, real estate acquisition and development, construction loans and letters of credit. It also offers merchant credit card clearing services, as well as direct deposit of payroll, Internet banking and telephone banking services. It offers services to individuals, such as checking accounts, various savings programs, mortgage loans, home improvement loans, installment and other personal loans, credit cards, personal lines of credit, automobile and other consumer financing, safe deposit boxes, debit cards, around the clock telephone banking, Internet banking, and around the clock automatic teller machine services. The Banks also offer non deposit products, such as mutual funds and annuities, and discount brokerage services to their customers.
Lending Activities
The Banks originate secured and unsecured loans for business purposes. Commercial loans are typically secured by real estate, accounts receivable, inventory, equipment and/or other assets of the business. The Banks' commercial real estate loans are primarily secured by land for residential and commercial development, agricultural purpose properties, service industry buildings, such as restaurants and motels, retail buildings and general purpose business space. The Banks provide residential real estate construction loans to builders and individuals for single family dwellings. The Banks originate fixed and variable rate residential mortgage loans. It also offers various consumer loans to customers, including home equity loans, credit cards and other secured and unsecured lines of credit and term loans. The Banks' loans amount to approximately $795.1 million. The real estate loan portfolio consists of approximately 10.8% construction, 38.6% residential real estate and 41.5% commercial real estate.
Investment Activities
The Banks' investment activities include available for sale and held to maturity. The Banks' total investment securities amount to approximately $216.4 million. The Banks' investment securities available for sale amount to over $212.2 million. Its Investment activity includes purchases of approximately $32.1 million in mortgage-backed securities and over $14.0 million in purchases of United States Government agencies. Its investment securities held to maturity amount to approximately $4.2 million. Its investments in mortgage-backed securities are issued or guaranteed by United States Government agencies or government-sponsored agencies.
Deposit Activities
The Banks offer deposit products, such as checking, savings and money market accounts, and regular and individual retirement account (IRA) certificates of deposit. The Banks also offer the certificate of deposit account registry service (CDARS) program, providing approximately $50 million of Federal Deposit Insurance Corporation (FDIC) insurance to customers. In addition, the Banks offer commercial customers packages, which include cash management services and various checking opportunities. The Banks' total deposits amount to approximately $975 million. The Banks' short-term borrowings include only repurchase agreements.
18 E Dover St
The company trades on NASDAQ exchange. The company headquarter is located in Maryland, MD. The company was established in the 1876.| Ticker | SHBI |
| Long Name | Shore Bancshares Inc |
| Short Name | Shore Bancshares |