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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________

FORM 10-Q


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2025


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number: 000-22345

SHORE BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

Maryland

52-1974638

(State or Other Jurisdiction of Incorporation or Organization)

(I.R.S. Employer Identification No.)

18 E. Dover Street, Easton, Maryland

21601

(Address of Principal Executive Offices)

(Zip Code)

(410) 763-7800

Registrant’s Telephone Number, Including Area Code

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common stock, $0.01 par value per share

SHBI

The NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☑

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No ☑

The number of shares outstanding of the registrant’s common stock as of October 31, 2025 was 33,426,756.

Table of Contents

TABLE OF CONTENTS

Page

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements

Consolidated Balance Sheets at September 30, 2025 (unaudited) and December 31, 2024

Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024 (unaudited)

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024 (unaudited)

Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024 (unaudited)

Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)

Notes to Consolidated Financial Statements (unaudited)

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Item 4.

Controls and Procedures

PART II. OTHER INFORMATION

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

PART I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

SHORE BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS


($ in thousands, except per share data)	September 30, 2025		December 31, 2024
ASSETS	(Unaudited)
Cash and due from banks	$	62,289	$	44,008
Interest-bearing deposits with other banks	354,224		415,843
Cash and cash equivalents	416,513		459,851
Investment securities:
Available for sale, at fair value (amortized cost of $188,267 and $159,593 at September 30, 2025 and December 31, 2024, respectively)	181,720		149,212
Held to maturity, net of allowance for credit losses of $95 and $203 (fair value of $393,540 and $424,734 at September 30, 2025 and December 31, 2024, respectively)	433,440		481,077
Equity securities, at fair value	6,113		5,814
Restricted securities, at cost	20,364		20,253
Loans held for sale, at fair value	21,500		19,606
Loans held for investment	4,882,969		4,771,988
Less: allowance for credit losses	(59,554)		(57,910)
Loans, net	4,823,415		4,714,078

Premises and equipment, net	80,812		81,806
Goodwill	63,266		63,266
Other intangible assets, net	31,722		38,311
Mortgage servicing rights	5,293		5,874
Right-of-use assets	10,896		11,385
Cash surrender value on life insurance	105,055		104,421
Accrued interest receivable	20,408		19,570
Deferred income taxes	30,328		31,857
Other assets	27,634		24,382
TOTAL ASSETS	$	6,278,479	$	6,230,763

LIABILITIES
Deposits:
Noninterest-bearing	$	1,594,212	$	1,562,815
Interest-bearing checking	851,963		978,076
Money market and savings	1,790,001		1,805,884
Time deposits	1,281,132		1,181,561
Brokered deposits	10,857		—
Total deposits	5,528,165		5,528,336
FHLB advances	50,000		50,000
Guaranteed preferred beneficial interest in junior subordinated debentures (“TRUPS”), net	30,085		29,847
Subordinated debt, net	44,409		43,870
Total borrowings	124,494		123,717
Lease liabilities	11,395		11,844
Other liabilities	37,218		25,800
TOTAL LIABILITIES	5,701,272		5,689,697
COMMITMENTS AND CONTINGENCIES (Note 13)
STOCKHOLDERS’ EQUITY
Common stock, $0.01 par value per share; shares authorized 50,000,000; shares issued and outstanding 33,421,672 and 33,332,177 at September 30, 2025 and December 31, 2024, respectively	334		333
Additional paid in capital	359,939		358,112
Retained earnings	221,693		190,166
Accumulated other comprehensive loss	(4,759)		(7,545)
TOTAL STOCKHOLDERS’ EQUITY	577,207		541,066
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	6,278,479	$	6,230,763

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

SHORE BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands, except per share data)	2025		2024		2025		2024
INTEREST INCOME
Interest and fees on loans	$	70,930	$	69,157	$	208,273	$	202,203
Interest and dividends on taxable investment securities	5,036		4,962		15,368		14,611
Interest and dividends on tax-exempt investment securities	6		6		18		18

Interest on deposits with other banks	1,215		564		6,212		2,102
Total interest income	77,187		74,689		229,871		218,934

INTEREST EXPENSE
Interest on deposits	26,474		28,856		81,914		84,938
Interest on short-term borrowings	640		491		1,843		2,131
Interest on long-term borrowings	1,418		2,079		4,178		5,327
Total interest expense	28,532		31,426		87,935		92,396

NET INTEREST INCOME	48,655		43,263		141,936		126,538
Provision for credit losses	2,992		1,470		5,548		3,958
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	45,663		41,793		136,388		122,580

NONINTEREST INCOME
Service charges on deposit accounts	1,599		1,543		4,632		4,543
Trust and investment fee income	898		880		2,663		2,510

Mortgage banking revenue	1,278		1,177		4,897		3,961
Interchange credits	1,858		1,711		5,223		5,015

Other noninterest income	2,068		1,976		6,606		6,265
Total noninterest income	7,701		7,287		24,021		22,294

NONINTEREST EXPENSE
Salaries and employee benefits	18,642		16,523		52,824		49,370
Occupancy expense	2,406		2,384		7,416		7,232
Furniture and equipment expense	892		876		2,542		2,681
Software and data processing	5,155		4,419		14,665		12,658
Directors’ fees	318		443		885		1,097
Amortization of other intangible assets	2,039		2,336		6,589		7,482
FDIC insurance premium expense	794		1,160		2,908		3,400
Legal and professional fees	989		1,362		3,827		4,315
Fraud losses	45		673		233		5,237

Other noninterest expense	3,099		3,938		10,647		10,839
Total noninterest expense	34,379		34,114		102,536		104,311

Income before income taxes	18,985		14,966		57,873		40,563
Income tax expense	4,637		3,777		14,254		9,956
NET INCOME	$	14,348	$	11,189	$	43,619	$	30,607

Basic net income per common share	$	0.43	$	0.34	$	1.31	$	0.92
Diluted net income per common share	$	0.43	$	0.34	$	1.31	$	0.92
Dividends paid per common share	$	0.12	$	0.12	$	0.36	$	0.36

See accompanying notes to unaudited consolidated financial statements.

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SHORE BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2025		2024		2025		2024
Net income	$	14,348	$	11,189	$	43,619	$	30,607

Other comprehensive income:
Investment securities:
Unrealized holding gains on available for sale securities	1,163		3,762		3,834		2,708
Tax effect	(319)		(1,028)		(1,048)		(740)
Total other comprehensive income	844		2,734		2,786		1,968
Comprehensive income	$	15,192	$	13,923	$	46,405	$	32,575

See accompanying notes to unaudited consolidated financial statements.

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SHORE BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited)


($ in thousands)	Common Stock		Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
Balances, December 31, 2024	$	333	$	358,112	$	190,166	$	(7,545)	$	541,066
Net income	—		—		13,764		—		13,764
Other comprehensive income	—		—		—		1,212		1,212

Stock-based compensation	—		460		—		—		460
Cash dividends declared	—		—		(4,032)		—		(4,032)
Balances, March 31, 2025	333		358,572		199,898		(6,333)		552,470
Net income	—		—		15,507		—		15,507
Other comprehensive loss	—		—		—		730		730

Stock-based compensation	1		491		—		—		492
Cash dividends declared	—		—		(4,005)		—		(4,005)
Balances, June 30, 2025	$	334	$	359,063	$	211,400	$	(5,603)	$	565,194
Net income	—		—		14,348		—		14,348
Other comprehensive income	—		—		—		844		844

Stock-based compensation	—		876		—		—		876
Cash dividends declared	—		—		(4,055)		—		(4,055)
Balances, September 30, 2025	$	334	$	359,939	$	221,693	$	(4,759)	$	577,207

See accompanying notes to unaudited consolidated financial statements.

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SHORE BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited) - Continued


($ in thousands)	Common Stock		Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
Balances, December 31, 2023	$	332	$	356,007	$	162,290	$	(7,494)	$	511,135
Net income	—		—		8,184		—		8,184
Other comprehensive loss	—		—		—		(564)		(564)
Common shares issued for employee stock purchase plan	—		103		—		—		103
Stock-based compensation	—		354		—		—		354
Cash dividends declared	—		—		(3,984)		—		(3,984)
Balances, March 31, 2024	332		356,464		166,490		(8,058)		515,228
Net income	—		—		11,234		—		11,234
Other comprehensive loss	—		—		—		(202)		(202)
Common shares issued for employee stock purchase plan	1		120		—		—		121
Stock-based compensation	—		410		—		—		410
Cash dividends declared	—		—		(4,008)		—		(4,008)
Balances, June 30, 2024	$	333	$	356,994	$	173,716	$	(8,260)	$	522,783
Net income	—		—		11,189		—		11,189
Other comprehensive income	—		—		—		2,734		2,734
Common shares issued for employee stock purchase plan	—		98		—		—		98
Stock-based compensation	—		488		—		—		488
Cash dividends declared	—		—		(4,021)		—		(4,021)
Balances, September 30, 2024	$	333	$	357,580	$	180,884	$	(5,526)	$	533,271

See accompanying notes to unaudited consolidated financial statements.

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SHORE BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)


	Nine Months Ended September 30,
($ in thousands)	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	43,619	$	30,607
Adjustments to reconcile net income to net cash provided by operating activities:
Net accretion of acquisition accounting estimates	(9,549)		(11,528)
Provision for credit losses	5,548		3,958
Depreciation and amortization	11,741		12,040
Net amortization of securities	92		(622)
Amortization of debt issuance costs	82		91
Gain on mortgage loans held for sale	(4,586)		(2,331)
Gain on other mortgage loan activity	(36)		(566)
Proceeds from sale of mortgage loans held for sale	145,714		117,230
Originations of loans held for sale	(143,697)		(131,851)
Stock-based compensation expense	1,357		1,252
Deferred income tax expense	482		7,776

Loss on sales of repossessed assets	164		375
Loss (gain) on valuation adjustments on mortgage servicing rights	691		(253)
Loss on disposal of fixed assets	147		10
Loss on disposal of premises held for sale	61		—
Valuation adjustments on premises transferred to held for sale	—		2
Loss on sales and valuation adjustments on other real estate owned	59		—
Fair value adjustment on equity securities	(163)		(124)
Bank owned life insurance income	(2,127)		(2,037)
Net changes in:
Accrued interest receivable	(838)		(775)
Other assets	(4,114)		(3,267)
Accrued interest payable	5		(1,084)
Other liabilities	9,261		(4,435)
Net cash provided by operating activities	53,913		14,468

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities and principal payments of available for sale securities	19,840		64,896

Proceeds from maturities and principal payments of held to maturity securities	49,661		39,653
Proceeds from life insurance death benefits	1,714		150
Purchases of available for sale securities	(48,198)		(83,990)
Purchases of held to maturity securities	(2,325)		(11,449)

Purchases of equity securities	(136)		(123)
Purchase of restricted securities	(111)		(35,682)
Net change in loans	(104,368)		(84,580)
Purchases of premises and equipment	(2,491)		(3,969)

Proceeds from sales of repossessed assets	1,852		1,807
Redemption of restricted securities	—		33,329
Purchases of bank owned life insurance	(221)		(138)
Proceeds from disposal of premises held for sale	843		—


Net cash used in investing activities	$	(83,940)	$	(80,096)

See accompanying notes to unaudited consolidated financial statements.

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SHORE BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - Continued


	Nine Months Ended September 30,
($ in thousands)	2025		2024

CASH FLOWS FROM FINANCING ACTIVITIES:
Net changes in:
Noninterest-bearing deposits	$	31,397	$	313,356
Interest-bearing deposits	(32,616)		(474,828)

Long-term borrowings	—		50,000
Common stock dividends paid	(12,092)		(12,013)
Issuance of common stock	—		321
Net cash used in financing activities	(13,311)		(123,164)
Net decrease in cash and cash equivalents	(43,338)		(188,792)
Cash and cash equivalents at beginning of period	459,851		372,413
Cash and cash equivalents at end of period	$	416,513	$	183,621

Supplemental cash flows information:
Interest paid	$	86,106	$	91,619
Income taxes paid	12,205		—
Recognition of lease liabilities arising from right-of-use assets	1,166		25
Transfers from loans to repossessed assets	2,300		2,488
Transfer from loans held for sale to loans held for investment	649		—
Unrealized gains on available for sale securities	3,834		2,708
Transfer of premises to held for sale, included in other assets	—		1,387

See accompanying notes to unaudited consolidated financial statements.

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Shore Bancshares, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 1 – Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited interim consolidated financial statements include the accounts of Shore Bancshares, Inc. and its subsidiaries (collectively referred to in these Notes as the “Company”), with all significant intercompany transactions eliminated. The accounting and reporting policies of the Company conform with generally accepted accounting principles in the United States of America (“GAAP”). For purposes of comparability, certain reclassifications have been made to amounts previously reported to conform with the current period presentation. Reclassifications had no effect on prior year net income or stockholders’ equity.

These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements, and related notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”).

Nature of Operations

The Company engages in the banking business through Shore United Bank, N.A. (the “Bank”), a national banking association with trust powers. The Company’s primary source of revenue is derived from interest earned on commercial, residential mortgage and other loans, and fees charged in connection with lending and other banking services located in Maryland, Delaware and Virginia. The Company engages in financial service offerings through Wye Financial Partners and offers corporate trustee services through Wye Trust, a division of the Bank. The Bank also conducts secondary market lending activities through a division of the Bank. Mid-Maryland Title Company, Inc. (the “Title Company”), engaged in title work related to real estate transactions. The Title Company ceased conducting real estate closings effective March 31, 2025.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the related disclosures. These estimates are based on information available as of the date of the consolidated financial statements. Actual amounts or results could differ from these estimates. In the opinion of management, all normal, recurring adjustments have been included for a fair presentation of this interim financial information.

Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The Company does not expect the adoption of ASU No. 2023-09 to have a material impact on its consolidated financial statements.

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Note 2 – Investment Securities

The following tables provide information on the amortized cost and estimated fair values of investment securities at September 30, 2025 and December 31, 2024.


($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for sale securities(1):
September 30, 2025
U.S. Treasury and government agency securities	$	22,409	$	3	$	1,847	$	20,565
Mortgage-backed securities	161,614		287		5,459		156,442
Other debt securities(2)	4,244		469		—		4,713
Total	$	188,267	$	759	$	7,306	$	181,720

December 31, 2024
U.S. Treasury and government agency securities	$	22,984	$	4	$	2,786	$	20,202
Mortgage-backed securities	130,439		84		8,139		122,384
Other debt securities(2)	6,170		469		13		6,626
Total	$	159,593	$	557	$	10,938	$	149,212

____________________________________

(1)No available for sale (“AFS”) securities were sold during the three and nine months ended September 30, 2025 and 2024.

(2)Other debt securities includes corporate and municipal bond obligations of state and political entities.


($ in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Allowance for Credit Losses
Held to maturity securities:
September 30, 2025
U.S. Treasury and government agency securities	$	114,884	$	—	$	5,200	$	109,684	$	—
Mortgage-backed securities	311,689		101		34,436		277,354		—

Other debt securities(1)	6,962		26		486		6,502		95
Total	$	433,535	$	127	$	40,122	$	393,540	$	95

December 31, 2024
U.S. Treasury and government agency securities	$	132,560	$	—	$	8,555	$	124,005	$	—
Mortgage-backed securities	336,755		—		47,234		289,521		—

Other debt securities(1)	11,965		19		776		11,208		203
Total	$	481,280	$	19	$	56,565	$	424,734	$	203

____________________________________

(1)Other debt securities includes corporate and municipal bond obligations of state and political entities.

Equity securities with aggregate fair values of $6.1 million and $5.8 million at September 30, 2025 and December 31, 2024, respectively, are presented separately on the consolidated balance sheets. The fair value adjustments recorded through earnings totaled a gain of $104 thousand and $79 thousand for the three months ended September 30, 2025 and 2024, respectively. The fair value adjustments recorded through earnings totaled a gain of $299 thousand and $38 thousand for the nine months ended September 30, 2025 and 2024, respectively.

The following table summarizes the activity in the allowance for credit losses (“ACL”) on held to maturity (“HTM”) securities for the periods presented.


	Three Months Ended				Nine Months Ended
($ in thousands)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Balance, beginning of period	$	199	$	108	$	203	$	94
Provision for (reversal of) credit losses, other debt securities	(104)		(7)		(108)		7
Balance, end of period	$	95	$	101	$	95	$	101

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A reversal of the provision for credit losses of $104 thousand and $7 thousand was recorded on HTM corporate and municipal bonds for the three months ended September 30, 2025 and 2024, respectively. A reversal of the provision for credit losses of $108 thousand and a provision for credit losses of $7 thousand was recorded on HTM corporate and municipal bonds for the nine months ended September 30, 2025 and 2024, respectively.

The following tables provide information about gross unrealized losses and fair value by length of time that the individual securities have been in a continuous unrealized loss position at September 30, 2025 and December 31, 2024.


	Less than 12 Months				More than 12 Months				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
September 30, 2025
Available for sale securities:
U.S. Treasury and government agency securities	$	129	$	1	$	17,843	$	1,846	$	17,972	$	1,847
Mortgage-backed securities	58,809		299		44,034		5,160		102,843		5,459

Total	$	58,938	$	300	$	61,877	$	7,006	$	120,815	$	7,306


	Less than 12 Months				More than 12 Months				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2024
Available for sale securities:
U.S. Treasury and government agency securities	$	207	$	—	$	17,422	$	2,786	$	17,629	$	2,786
Mortgage-backed securities	56,913		710		48,782		7,429		105,695		8,139
Other debt securities	—		—		1,988		13		1,988		13
Total	$	57,120	$	710	$	68,192	$	10,228	$	125,312	$	10,938

There were 114 AFS debt securities with a fair value below the amortized cost basis, with unrealized losses totaling $7.3 million as of September 30, 2025. The Company concluded that a credit loss does not exist in its AFS securities portfolio as of September 30, 2025, and no impairment loss has been recognized based on the fact that (1) changes in fair value were primarily caused by fluctuations in interest rates, (2) securities with unrealized losses had generally high credit quality, (3) the Company intends to hold these investments in debt securities to maturity and it is more likely than not the Company will not be required to sell these investments before a recovery of its investment, and (4) issuers have continued to make timely payments of principal and interest. Additionally, the Company’s mortgage-backed securities are issued by either U.S. government agencies or U.S. government-sponsored enterprises. Collectively, these entities provide a guarantee, which is either explicitly or implicitly supported by the full faith and credit of the U.S. government, that investors in such mortgage-backed securities will receive timely principal and interest payments.

All HTM and AFS securities were current with no securities past due or on nonaccrual as of September 30, 2025 and December 31, 2024.

All of the securities with unrealized losses in the portfolio have modest duration risk, low credit risk and minimal losses when compared to total amortized cost. The unrealized losses on debt securities that exist are the result of market changes in interest rates since original purchase and are not related to credit concerns. Because the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell these securities before recovery of their amortized cost bases, which may be at maturity for debt securities, the Company considers the unrealized losses to be temporary. There were 114 AFS and 173 HTM securities in an unrealized loss position at September 30, 2025. There were 111 AFS and 187 HTM securities in an unrealized loss position at December 31, 2024. Net unrealized losses of the AFS securities totaled $6.5 million and $10.4 million as of September 30, 2025 and December 31, 2024, respectively.

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The following table provides information on the amortized cost and estimated fair values of investment securities by contractual maturity date at September 30, 2025.


	Available for Sale				Held to Maturity
($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	2,481	$	2,483	$	28,563	$	28,348
Due after one year through five years	21,363		19,690		77,589		74,265
Due after five years through ten years	2,556		2,868		5,490		5,026
Due after ten years	253		237		10,204		8,547
	$	26,653	$	25,278	$	121,846	$	116,186
Mortgage-backed securities	161,614		156,442		311,689		277,354
Total	$	188,267	$	181,720	$	433,535	$	393,540

The maturity dates for debt securities are determined using contractual maturity dates. Actual maturities may differ from amounts presented because certain issuers have the right to call or prepay obligations without prepayment penalties.

The Company has securities that have been pledged as collateral for obligations to federal, state and local government agencies, and other purposes as required or permitted by law, or sold under agreements to repurchase. At September 30, 2025, the aggregate carrying value of pledged AFS and HTM pledged securities was $67.6 million and $211.4 million, respectively. The comparable amounts for December 31, 2024 were $67.9 million and $197.5 million, respectively.

The following table sets forth the amortized cost and estimated fair values of securities that have been pledged as collateral for obligations to federal, state and local government agencies, and other purposes as required or permitted by law, or sold under agreements to repurchase at September 30, 2025 and December 31, 2024.


	September 30, 2025				December 31, 2024
($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Pledged available for sale securities	$	73,816	$	67,644	$	76,280	$	67,926
Pledged held to maturity securities	211,434		191,089		197,474		173,248

There were no obligations of any issuer exceeding 10% of stockholders’ equity at September 30, 2025 or December 31, 2024.

Note 3 – Loans and Allowance for Credit Losses

The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables. For further discussion on the most significant accounting policies that the Company follows, see Note 1 – “Summary of Significant Accounting Policies” in the “Notes to Consolidated Financial Statements” included in Part II, Item 8. of the 2024 Annual Report.

The following table provides information about the principal classes of the loan portfolio at September 30, 2025 and December 31, 2024.


($ in thousands)	September 30, 2025		% of Total Loans		December 31, 2024		% of Total Loans
Commercial real estate	$	2,642,601	54.12	%	$	2,557,806	53.60	%
Residential real estate	1,383,348		28.33		1,329,406		27.85
Construction	352,116		7.21		335,999		7.04
Commercial	221,598		4.54		237,932		4.99
Consumer	278,242		5.70		303,746		6.37
Credit cards	5,064		0.10		7,099		0.15
Total loans	4,882,969		100.00	%	4,771,988		100.00	%
Less: allowance for credit losses	(59,554)				(57,910)
Total loans, net	$	4,823,415			$	4,714,078

Loans are stated at their principal amount outstanding, net of any purchase premiums/discounts and deferred fees and costs. Included in loans were deferred costs, net of fees, of $2.9 million and $3.2 million at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025 and December 31, 2024, loans included $1.58 billion and $1.69 billion, respectively, of aggregate loans that were acquired as part of the acquisitions of Severn Bancorp, Inc. (“Severn”) and The Community Financial Corporation (“TCFC”). These

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balances are presented net of the related aggregate discounts, which totaled $82.5 million and $92.0 million at September 30, 2025 and December 31, 2024, respectively.

At September 30, 2025, the Bank was servicing $352.7 million in loans for the Federal National Mortgage Association and $109.1 million in loans for Federal Home Loan Mortgage Corporation.

The following tables provide information on amortized cost basis on nonaccrual loans by loan class as of September 30, 2025 and December 31, 2024.


($ in thousands)	Nonaccrual With No Allowance For Credit Loss		Nonaccrual With An Allowance For Credit Loss		Total Nonaccrual Loans
September 30, 2025
Nonaccrual loans:
Commercial real estate	$	8,100	$	2,062	$	10,162
Residential real estate	9,362		547		9,909
Construction	52		—		52
Commercial	2,410		1,279		3,689
Consumer	518		—		518
Credit cards	—		48		48
Total	$	20,442	$	3,936	$	24,378

Interest income	$	359	$	62	$	421


($ in thousands)	Nonaccrual With No Allowance For Credit Loss		Nonaccrual With An Allowance For Credit Loss		Total Nonaccrual Loans
December 31, 2024
Nonaccrual loans:
Commercial real estate	$	8,192	$	2,194	$	10,386
Residential real estate	6,741		873		7,614
Construction	360		—		360
Commercial	458		549		1,007
Consumer	761		712		1,473
Credit cards	—		168		168
Total	$	16,512	$	4,496	$	21,008

Interest income	$	274	$	65	$	339


($ in thousands)	Nonaccrual Delinquent Loans		Nonaccrual Current Loans		Total Nonaccrual Loans
September 30, 2025
Nonaccrual loans:
Commercial real estate	$	2,991	$	7,171	$	10,162
Residential real estate	4,396		5,513		9,909
Construction	52		—		52
Commercial	172		3,517		3,689
Consumer	30		488		518
Credit cards	—		48		48
Total	$	7,641	$	16,737	$	24,378

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($ in thousands)	Nonaccrual Delinquent Loans		Nonaccrual Current Loans		Total Nonaccrual Loans
December 31, 2024
Nonaccrual loans:
Commercial real estate	$	7,268	$	3,118	$	10,386
Residential real estate	3,979		3,635		7,614
Construction	360		—		360
Commercial	70		937		1,007
Consumer	1,431		42		1,473
Credit cards	146		22		168
Total	$	13,254	$	7,754	$	21,008

The overall quality of the Bank’s loan portfolio is primarily assessed using the Bank’s risk-grading scale. This review process is assisted by frequent internal reporting of loan production, loan quality, concentrations of credit, loan delinquencies and nonperforming and potential problem loans. Credit quality indicators are adjusted based on management’s judgment during the quarterly review process.

Consumer credit cards are monitored based on a borrower payment history. Credit card loans are classified as performing and are typically charged off no later than 180 days past due or when, in the opinion of management, the collection of principal or interest is considered doubtful. As of September 30, 2025, there were two credit cards that were evaluated based on economic conditions specific to the loans or borrowers, and were downgraded to substandard and nonperforming.

Loans subject to risk rating are graded on a scale of one to ten.

Ratings 1 thru 6 – Pass – Ratings 1 thru 6 have asset risks ranging from excellent-low to adequate. The specific rating assigned considers customer history of earnings, cash flows, liquidity, leverage, capitalization, consistency of debt service coverage, the nature and extent of customer relationship and other relevant specific business factors such as the stability of the industry or market area, changes to management, litigation or unexpected events that could have an impact on risks.

Rating 7 – Special Mention – These credits have potential weaknesses due to economic conditions, less than adequate earnings performance or other factors which require the lending officer to direct more than normal attention to the credit. Financing alternatives may be limited and/or command higher risk interest rates. Special mention loan relationships are reviewed at least quarterly.

Rating 8 – Substandard – Substandard assets are assets that are inadequately protected by the sound worth or paying capacity of the borrower or of the collateral pledged. Substandard loans are the first adversely classified loans on the Bank’s watchlist. These assets have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified substandard. The loans may have a delinquent history or combination of weak collateral, weak guarantor or operating losses. When a loan is assigned to this category the Bank may estimate a specific reserve in the credit loss allowance analysis and/or place the loan on nonaccrual. These assets listed may include assets with histories of repossessions or some that are nonperforming bankruptcies. These relationships will be reviewed at least quarterly.

Rating 9 – Doubtful – Doubtful assets have many of the same characteristics of substandard with the exception that the Bank has determined that loss is not only possible but is probable. The amount of loss is not discernible due to factors such as merger, acquisition, or liquidation; a capital injection; a pledge of additional collateral; the sale of assets; or alternative refinancing plans. Credits receiving a doubtful classification are required to be on nonaccrual. These relationships will be reviewed at least quarterly.

Rating 10 – Loss – Loss assets are uncollectible or of little value.

Table of Contents

The following table provides information on loan risk ratings as of September 30, 2025 and gross write-offs during the nine months ended September 30, 2025.


	Term Loans by Origination Year												Revolving Loans		Revolving Converted to Term Loans		Total
($ in thousands)	Prior		2021		2022		2023		2024		2025
September 30, 2025
Commercial real estate
Pass	$	969,316	$	399,232	$	549,420	$	255,268	$	140,264	$	201,680	$	16,859	$	27,384	$	2,559,423
Special mention	15,429		2,905		34,190		346		—		—		—		—		52,870
Substandard	23,069		5,268		735		—		295		—		941		—		30,308
Total	$	1,007,814	$	407,405	$	584,345	$	255,614	$	140,559	$	201,680	$	17,800	$	27,384	$	2,642,601
Gross charge-offs	$	(109)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(109)

Residential real estate
Pass	$	330,559	$	187,331	$	281,330	$	220,723	$	123,221	$	84,798	$	126,646	$	703	$	1,355,311
Special mention	1,730		14,860		—		—		—		—		—		—		16,590
Substandard	7,755		1,691		272		396		—		—		1,333		—		11,447
Total	$	340,044	$	203,882	$	281,602	$	221,119	$	123,221	$	84,798	$	127,979	$	703	$	1,383,348
Gross charge-offs	$	(4)	$	—	$	—	$	—	$	—	$	—	$	(45)	$	—	$	(49)

Construction
Pass	$	32,373	$	7,395	$	23,910	$	35,391	$	134,353	$	98,992	$	18,775	$	631	$	351,820
Special mentions	—		—		—		—		—		—		—		—		—
Substandard	52		—		—		—		—		244		—		—		296
Total	$	32,425	$	7,395	$	23,910	$	35,391	$	134,353	$	99,236	$	18,775	$	631	$	352,116
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial
Pass	$	28,427	$	26,853	$	22,025	$	25,952	$	32,990	$	21,407	$	54,883	$	1,671	$	214,208
Special mention	110		38		125		115		82		57		1,010		—		1,537
Substandard	483		1,117		1,327		556		—		—		2,231		139		5,853
Total	$	29,020	$	28,008	$	23,477	$	26,623	$	33,072	$	21,464	$	58,124	$	1,810	$	221,598
Gross charge-offs	$	(51)	$	—	$	—	$	(329)	$	—	$	—	$	(31)	$	(31)	$	(442)

Consumer
Pass	$	8,369	$	49,271	$	94,831	$	45,560	$	35,514	$	43,354	$	825	$	—	$	277,724
Special mention	—		—		—		—		—		—		—		—		—
Substandard	2		19		61		408		28		—		—		—		518
Total	$	8,371	$	49,290	$	94,892	$	45,968	$	35,542	$	43,354	$	825	$	—	$	278,242
Gross charge-offs	$	(359)	$	(99)	$	(1,538)	$	(136)	$	(314)	$	—	$	(16)	$	—	$	(2,462)

Total
Pass	$	1,369,044	$	670,082	$	971,516	$	582,894	$	466,342	$	450,231	$	217,988	$	30,389	$	4,758,486
Special mention	17,269		17,803		34,315		461		82		57		1,010		—		70,997
Substandard	31,361		8,095		2,395		1,360		323		244		4,505		139		48,422
Total loans by risk category	$	1,417,674	$	695,980	$	1,008,226	$	584,715	$	466,747	$	450,532	$	223,503	$	30,528	$	4,877,905

Total gross charge-offs	$	(523)	$	(99)	$	(1,538)	$	(465)	$	(314)	$	—	$	(92)	$	(31)	$	(3,062)

The following table presents the amortized cost in credit card loans based on performing status and gross charge-off as of September 30, 2025 and gross write-offs during the nine months ended September 30, 2025. Nonperforming loans consisted of nonaccrual loans and loans past due 90 days or more and still accruing.

Table of Contents


	Term Loans by Origination Year												Revolving Loans		Revolving Converted to Term Loans		Total
($ in thousands)	Prior		2021		2022		2023		2024		2025
September 30, 2025
Credit cards
Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	5,016	$	—	$	5,016
Nonperforming	—		—		—		—		—		—		48		—		48
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	5,064	$	—	$	5,064
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	(525)	$	—	$	(525)

Total loans evaluated by performing status	$	—	$	—	$	—	$	—	$	—	$	—	$	5,064	$	—	$	5,064

Total gross charge-offs	$	(523)	$	(99)	$	(1,538)	$	(465)	$	(314)	$	—	$	(617)	$	(31)	$	(3,587)

Total recorded investment	$	1,417,674	$	695,980	$	1,008,226	$	584,715	$	466,747	$	450,532	$	228,567	$	30,528	$	4,882,969

Table of Contents

The following table provides information on loan risk ratings as of December 31, 2024 and gross write-offs during the year ended December 31, 2024.


	Term Loans by Origination Year												Revolving Loans		Revolving Converted to Term Loans		Total
($ in thousands)	Prior		2020		2021		2022		2023		2024
December 31, 2024
Commercial real estate
Pass	$	822,391	$	297,098	$	435,084	$	534,936	$	250,482	$	136,891	$	24,966	$	14,084	$	2,515,932
Special mention	7,514		—		2,964		19,746		—		—		417		—		$	30,641
Substandard	7,684		—		2,991		—		—		—		558		—		11,233
Total	$	837,589	$	297,098	$	441,039	$	554,682	$	250,482	$	136,891	$	25,941	$	14,084	$	2,557,806
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Residential real estate
Pass	$	291,306	$	78,568	$	211,938	$	295,402	$	220,753	$	101,005	$	119,367	$	613	$	1,318,952
Special mention	1,529		518		—		—		—		—		—		—		2,047
Substandard	5,414		—		1,342		290		885		—		476		—		8,407
Total	$	298,249	$	79,086	$	213,280	$	295,692	$	221,638	$	101,005	$	119,843	$	613	$	1,329,406
Gross charge-offs	$	(1)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(1)

Construction
Pass	$	31,884	$	8,191	$	8,628	$	56,685	$	70,232	$	131,383	$	26,785	$	1,851	$	335,639
Special mentions	—		—		—		—		—		—		—		—		—
Substandard	360		—		—		—		—		—		—		—		360
Total	$	32,244	$	8,191	$	8,628	$	56,685	$	70,232	$	131,383	$	26,785	$	1,851	$	335,999
Gross charge-offs	$	—	$	—	$	(12)	$	—	$	—	$	—	$	—	$	—	$	(12)

Commercial
Pass	$	25,214	$	11,088	$	40,817	$	29,142	$	29,458	$	39,489	$	57,982	$	874	$	234,064
Special mention	116		—		—		—		—		—		703		11		830
Substandard	515		—		8		1,257		500		—		257		501		3,038
Total	$	25,845	$	11,088	$	40,825	$	30,399	$	29,958	$	39,489	$	58,942	$	1,386	$	237,932
Gross charge-offs	$	(54)	$	(11)	$	—	$	(56)	$	(69)	$	—	$	—	$	—	$	(190)

Consumer
Pass	$	1,315	$	10,469	$	60,718	$	114,639	$	61,652	$	52,798	$	682	$	—	$	302,273
Special mention	—		—		—		—		—		—		—		—		—
Substandard	2		—		48		860		563		—		—		—		1,473
Total	$	1,317	$	10,469	$	60,766	$	115,499	$	62,215	$	52,798	$	682	$	—	$	303,746
Gross charge-offs	$	(1,287)	$	(12)	$	(389)	$	(1,764)	$	(177)	$	—	$	(17)	$	—	$	(3,646)

Total
Pass	$	1,172,110	$	405,414	$	757,185	$	1,030,804	$	632,577	$	461,566	$	229,782	$	17,422	$	4,706,860
Special mention	9,159		$	518	$	2,964	$	19,746	$	—	$	—	$	1,120	$	11	33,518
Substandard	13,975		—		4,389		2,407		1,948		—		1,291		501		24,511
Total loans by risk category	$	1,195,244	$	405,932	$	764,538	$	1,052,957	$	634,525	$	461,566	$	232,193	$	17,934	$	4,764,889

Total gross charge-offs	$	(1,342)	$	(23)	$	(401)	$	(1,820)	$	(246)	$	—	$	(17)	$	—	$	(3,849)

The following table presents the amortized cost in credit card loans based on performing status and gross charge-off as of December 31, 2024 and gross write-offs during the year ended December 31, 2024. Nonperforming loans consisted of nonaccrual loans and loans past due 90 days or more and still accruing.

Table of Contents


	Term Loans by Origination Year												Revolving Loans		Revolving Converted to Term Loans		Total
($ in thousands)	Prior		2020		2021		2022		2023		2024
December 31, 2024
Credit cards
Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	6,931	$	—	$	6,931
Nonperforming	—		—		—		—		—		—		168		—		168
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	7,099	$	—	$	7,099
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	(584)	$	—	$	(584)

Total loans evaluated by performing status	$	—	$	—	$	—	$	—	$	—	$	—	$	7,099	$	—	$	7,099

Total gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	(584)	$	—	$	(584)

Total recorded investment	$	1,195,244	$	405,932	$	764,538	$	1,052,957	$	634,525	$	461,566	$	239,292	$	17,934	$	4,771,988

The following tables provide information on the aging of the Company’s loan portfolio as of September 30, 2025 and December 31, 2024.


($ in thousands)	30‑59 Days Past Due			60‑89 Days Past Due			90 Days Past Due and Still Accruing			30-89 Days Past Due and Not Accruing			90 Days Past Due and Not Accruing			Total Past Due			Current Accrual Loans			Current Nonaccrual Loans			Total
September 30, 2025
Commercial real estate	$	1,594		$	—		$	—		$	2,512		$	479		$	4,585		$	2,630,845		$	7,171		$	2,642,601
Residential real estate	1,972			414			128			1,869			2,527			6,910			1,370,925			5,513			1,383,348
Construction	82			—			—			—			52			134			351,982			—			352,116
Commercial	9			—			—			8			164			181			217,900			3,517			221,598
Consumer	1,356			103			1			15			15			1,490			276,264			488			278,242
Credit cards	4			25			24			—			—			53			4,963			48			5,064
Total	$	5,017		$	542		$	153		$	4,404		$	3,237		$	13,353		$	4,852,879		$	16,737		$	4,882,969
Percent of total loans	0.1		%	0.0		%	0.0		%	0.1		%	0.1		%	0.3		%	99.4		%	0.3		%	100.0		%


($ in thousands)	30‑59 days Past Due			60‑89 Days Past Due			90 Days Past Due and Still Accruing			30-89 Days Past Due and Not Accruing			90 Days Past Due and Not Accruing			Total Past Due			Current Accrual Loans			Current Nonaccrual Loans			Total
December 31, 2024
Commercial real estate	$	75		$	—		$	—		$	2,328		$	4,940		$	7,343		$	2,547,345		$	3,118		$	2,557,806
Residential real estate	3,828			246			127			655			3,324			8,180			1,317,591			3,635			1,329,406
Construction	30			—			—			—			360			390			335,609			—			335,999
Commercial	152			2			—			—			70			224			236,771			937			237,932
Consumer	4,068			55			—			1,180			251			5,554			298,150			42			303,746
Credit cards	161			190			167			—			146			664			6,413			22			7,099
Total	$	8,314		$	493		$	294		$	4,163		$	9,091		$	22,355		$	4,741,879		$	7,754		$	4,771,988
Percent of total loans	0.2		%	0.0		%	0.0		%	0.1		%	0.2		%	0.5		%	99.4		%	0.2		%	100.0		%

Table of Contents

The following tables provide a summary of the activity in the ACL allocated by loan class for the three and nine months ended September 30, 2025 and 2024. Allocation of a portion of the allowance to one loan class does not preclude its availability to absorb losses from other loan classes.


($ in thousands)	Beginning Balance		Charge-offs		Recoveries		Provisions		Ending Balance
Three Months Ended September 30, 2025
Commercial real estate	$	21,662	$	(109)	$	—	$	(484)	$	21,069
Residential real estate	21,720		(49)		190		949		22,810
Construction	5,805		—		—		416		6,221
Commercial	2,870		(440)		5		1,207		3,642
Consumer	6,188		(1,382)		54		842		5,702
Credit cards	238		(94)		—		(34)		110
Total	$	58,483	$	(2,074)	$	249	$	2,896	$	59,554


($ in thousands)	Beginning Balance		Charge-offs		Recoveries		Provisions		Ending Balance
Three Months Ended September 30, 2024
Commercial real estate	$	22,984	$	—	$	—	$	115	$	23,099
Residential real estate	20,500		—		1		1,206		21,707
Construction	3,471		—		1		(578)		2,894
Commercial	2,866		(154)		1		512		3,225
Consumer	8,145		(1,015)		88		36		7,254
Credit cards	512		(210)		—		188		490
Total	$	58,478	$	(1,379)	$	91	$	1,479	$	58,669


($ in thousands)	Beginning Balance		Charge-offs		Recoveries		Provisions		Ending Balance
Nine Months Ended September 30, 2025
Commercial real estate	$	22,846	$	(109)	$	78	$	(1,746)	$	21,069
Residential real estate	21,776		(49)		193		890		22,810
Construction	2,854		—		1		3,366		6,221
Commercial	3,138		(442)		92		854		3,642
Consumer	6,889		(2,462)		195		1,080		5,702
Credit cards	407		(525)		—		228		110
Total	$	57,910	$	(3,587)	$	559	$	4,672	$	59,554


($ in thousands)	Beginning Balance		Charge-offs		Recoveries		Provisions		Ending Balance
Nine Months Ended September 30, 2024
Commercial real estate	$	23,015	$	—	$	—	$	84	$	23,099
Residential real estate	19,909		(1)		5		1,794		21,707
Construction	3,935		(12)		7		(1,036)		2,894
Commercial	2,671		(177)		4		727		3,225
Consumer	7,601		(2,401)		232		1,822		7,254
Credit cards	220		(405)		9

SHORE BANCSHARES INC 10-Q