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Diane M. Turner










Diane M. Turner, President & CEO

Annual Message

I am pleased to report that First Shore Federal Savings & Loan Association had an excellent year in 2022 and continued to build on its legacy of financial strength and service. The association enters 2023 with record-level capital of more than $50 million and a net worth/capital ratio of 15.49% - one of the strongest financial institutions in Maryland and Delaware. First Shore Federal will reach a 70-year milestone of serving the community in December 2023.

I would be remiss to not mention the historical Covid-19 pandemic. Due to the advancement of medical research for vaccines and treatments, the impact is getting smaller. First Shore Federal was able to help many customers by modifying loans, reducing the financial burden they were dealing with. First Shore also used technology to keep doors open and continue to work in a safe environment to serve our customers without disruption. I believed that Covid would simply be remembered as an obstacle in 2020 however it has continued to impact the world in many ways. The hope is that this soon will be discussed more in the history books than in our daily lives.

First Shore again earned a 5 Star rating, the highest awarded for financial stability, from Bauer Financial, a leading independent bank and credit union research firm.

During 2022, First Shore Federal achieved growth in several important areas. New loans originated were more than $56.5 million reflecting the association’s continued market participation in a highly competitive rate environment. First Shore had strong growth in all lending areas including our home lending which is a critical part of our mission on the Eastern Shore. The home lending growth is achieved through traditional mortgage loans on single family homes as well as lending for manufactured housing and commercial development that provides housing. These lending areas experienced high new volume during 2022 as we strived to meet the needs of the community. First Shore Federal ended 2022 with a record net income of over $3 million and a strong return on assets and equity.

The rate environment for 2022 was unusual with large increases to the federal funds rate by the Federal Open Market Committee ( FOMC ) of the Federal Reserve, taking action to address inflation. As a result, prime rate increased from 3.25% to 7.50% by year end. The economic environment has been and continues to be challenging. Customers have had to adjust to reduced covid relief, the world continues to see consequences of the war in Ukraine, and the United States continues to experience high inflation. For several years, First Shore has been managing ultra-low interest rates and this year our focus became managing our balance sheet and net interest income with the seven FOMC federal funds rate increases that started in March.  

First Shore continues to be “Community Minded” with donations to nonprofit and charitable organizations that benefit our communities on the Eastern Shore. Many of our directors, officers, and employees are involved in community efforts and provide their time and talents to many organizations. Our community involvement continues to be an important mission of First Shore Federal.

Looking ahead to 2023, we will celebrate our 70th year as a local community bank; established by the community to meet the needs of the community! We began with the mission to provide loans for the community wanting to own their own home, and we continue with that as part of our primary mission. First Shore will continue to look for products and services that our customers need in a financial institution to assist them in meeting their financial goals. 

The association enters 2023 with a strong net interest margin, a strong capital position, improved loan quality with a correlating strong reserve to manage loan problems that arise, and a goal to strive for great customer service as well as a strong reputation in the community.  Guiding these goals, is a very competent and effective board of directors that provides wisdom, oversight, and direction. Complementing their direction is an experienced management team and excellent employees that provide the hard work, technology, and ideas necessary to achieve the level of customer service that we want to provide to our customers.

I thank our board of directors, officers, and employees for their hard work, direction, and oversight for First Shore. Important as well, we thank our customers, our members, for choosing to trust First Shore Federal to meet their banking needs.

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First Shore Federal | 106 S. Division St., Salisbury MD 21801 | 410-546-1101
Equal Housing LenderFDIC