Shore Bancshares (SHBI) has reported a 13.82 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $2.80 million, or $0.22 a share in the quarter, compared with $2.46 million, or $0.19 a share for the same period last year.

Revenue during the quarter grew 7.36 percent to $14.32 million from $13.33 million in the previous year period. Net interest income for the quarter rose 7.47 percent over the prior year period to $9.93 million. Non-interest income for the quarter rose 5.90 percent over the last year period to $4.81 million.

Shore Bancshares has made provision of $0.43 million for loan losses during the quarter, down 5.11 percent from $0.45 million in the same period last year.

Net interest margin improved 21 basis points to 3.71 percent in the quarter from 3.50 percent in the last year period. Efficiency ratio for the quarter improved to 65.21 percent from 67.61 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

"We are pleased to report our continuing improved earnings over the linked quarter and the first quarter of 2016," said Lloyd L. "Scott" Beatty, Jr., president and chief executive officer. "2017 is off to a great start as we outpaced loan growth goals for the quarter and increased deposits by $4.1 million, since December 31, 2016. The next few months will be an exciting time for Shore United Bank as we have already opened a new loan production office in West Ocean City, MD and will be expanding our market with three new branches in the greater metropolitan area of Baltimore, MD in May."

Total assets stood at $1,166.89 million as on Mar. 31, 2017, up 3.16 percent compared with $1,131.18 million on Mar. 31, 2016. On the other hand, total liabilities stood at $1,009.26 million as on Mar. 31, 2017, up 2.87 percent from $981.07 million on Mar. 31, 2016.

Net loans stood at $882.94 million as on Mar. 31, 2017, up 11.68 percent compared with $790.61 million on Mar. 31, 2016. Deposits stood at $1,001.54 million as on Mar. 31, 2017, up 3.28 percent compared with $969.73 million on Mar. 31, 2016.

Noninterest-bearing deposit liabilities were $266.61 million or 26.62 percent of total deposits on Mar. 31, 2017, compared with $229.65 million or 23.68 percent of total deposits on Mar. 31, 2016.

Investments stood at $184.69 million as on Mar. 31, 2017, down 12.36 percent or $26.04 million from year-ago. Shareholders equity stood at $157.63 million as on Mar. 31, 2017, up 5.01 percent or $7.52 million from year-ago.

Return on average assets moved up 11 basis points to 0.99 percent in the quarter from 0.88 percent in the last year period. At the same time, return on average equity increased 63 basis points to 7.27 percent in the quarter from 6.64 percent in the last year period.

Nonperforming assets moved down 29.36 percent or $4.65 million to $11.20 million on Mar. 31, 2017 from $15.86 million on Mar. 31, 2016.

Equity to assets ratio was 13.51 percent for the quarter, up from 13.27 percent for the previous year quarter. Book value per share was $12.44 for the quarter, up 4.71 percent or $0.56 compared to $11.88 for the same period last year.