Easton, MD-based, $1.16 billion-asset Shore Bancshares reported third-quarter insurance brokerage fee income slipped 3.6% to $2.74 million, down from $2.85 million in third quarter 2008, and, as the largest contributor to noninterest income, comprised 58.1% of that revenue, which decreased 10% to $4.72 million, down from $5.25 million, as all other sources of noninterest income also declined. Net interest income on a 3.79% net interest margin dipped 3.4% to $8.73 million, down from $9.03 million a year ago, as loan loss provisions jumped 95% to $1.7 million, and net income dropped 37.1% to $1.95 million, down from $3.1 million a year ago, as the company repurchased stock sold to the U.S. Treasury under the Troubled Asset Relief Program (TARP). Shore Bancshares President and CEO W. Moorhead Vermilye said, “We have been diligently moving problem loans through the resolution pipeline and expect to continue focusing resources on this area to maintain our traditional high-quality conservative balance sheet.” In 2008, Shore Bancshares reported $12.1 million in insurance brokerage income, which comprised 58.3% of its noninterest income. The company ranked 14th in insurance brokerage earnings among U.S. bank holding companies (BHCs) with assets between $1 billion and $10 billion, according to the Michael White-Prudential Bank Insurance Fee Income Report.
Monday, December 14, 2009
INSURANCE LARGEST CONTRIBUTOR TO NONINTEREST INCOME AT SHORE BANCSHARES
Easton, MD-based, $1.16 billion-asset Shore Bancshares reported third-quarter insurance brokerage fee income slipped 3.6% to $2.74 million, down from $2.85 million in third quarter 2008, and, as the largest contributor to noninterest income, comprised 58.1% of that revenue, which decreased 10% to $4.72 million, down from $5.25 million, as all other sources of noninterest income also declined. Net interest income on a 3.79% net interest margin dipped 3.4% to $8.73 million, down from $9.03 million a year ago, as loan loss provisions jumped 95% to $1.7 million, and net income dropped 37.1% to $1.95 million, down from $3.1 million a year ago, as the company repurchased stock sold to the U.S. Treasury under the Troubled Asset Relief Program (TARP). Shore Bancshares President and CEO W. Moorhead Vermilye said, “We have been diligently moving problem loans through the resolution pipeline and expect to continue focusing resources on this area to maintain our traditional high-quality conservative balance sheet.” In 2008, Shore Bancshares reported $12.1 million in insurance brokerage income, which comprised 58.3% of its noninterest income. The company ranked 14th in insurance brokerage earnings among U.S. bank holding companies (BHCs) with assets between $1 billion and $10 billion, according to the Michael White-Prudential Bank Insurance Fee Income Report.
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