EASTON, MD — The chief executive officer of Shore Bancshares Inc. received a 6.2 percent increase in total compensation in 2016, according to the company’s proxy filed Thursday by the Securities and Exchange Commission.
Lloyd L. Beatty Jr. received $538,060 in total compensation last year, up from the $506.655 in total compensation he received in 2015.
Beatty’s base salary rose to $369,564 in 2016 from $355,350 in 2015, a 4 percent increase. His stock awards fell 45.5 percent to $34,615 from $63,517 in 2015.
However, Beatty received $103,394 in nonequity incentive plan compensation last year, up from the $63,522 he received in 2015.
The company has $1.1 billion in assets. Its community bank, Shore United Bank, has 18 branches in Maryland and Delaware. Wye Financial & Trust, a division of Shore United Bank, offers trust and wealth management services.
Shore Bancshares reported net income of $9.6 million or 76 cents per share, for fiscal year 2016, up 35 percent from net income of $7.1 million, or 56 cents per share, for fiscal year 2015.
The company will hold its annual meeting on April 26 at 11 a.m. at the Tidewater Inn in Easton.
This story is from the Maryland Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism