Shore BankShares, the financial holding company and parent company of Easton-based Shore Bank, on Friday announced overall earnings for the fourth quarter and fiscal year 2022 as total assets increased.
The company had total assets of $3.477 billion as of December 31, 2022, an increase of $17.1 million compared to $3.46 billion at the end of 2021. Consists of loans and investment securities. As of December 31, 2022, the company had four Paycheck Protection Program loans outstanding totaling $187,000.
Total deposits decreased by $16.5 million, or less than 1% compared to December 31, 2021. The decrease in total deposits was driven by a $85.7 million decrease in money market and savings accounts, a $65.5 million decrease in interest-free deposits and a decrease in term deposits. $35.2 million, partially offset by a $170 million increase in interest-bearing checking accounts.
Total shareholders’ equity increased $13.6 million, or 3.9%, compared to December 31, 2021. This was primarily due to current year gains, partially offset by higher unrealized losses on available-for-sale securities of $9.1 million. As of December 31, 2022, the ratio of total capital to total assets was 10.48% and the ratio of total tangible assets to total tangible assets was 8.67%, and at the end of 2021 was 10.14% and 8.25% respectively .
President and CEO Lloyd L. “Scott” Beattie Jr. said fourth-quarter earnings were up as the company moved forward after the November 2021 acquisition of Seven Bank and its merger with Community Financial was put on hold. said it was pleased with its financial results for fiscal 2022. The Corporation, the holding company of Chesapeake Community Bank, is an all-stock transaction worth approximately $254.4 million.
