Press Releases

Shore Community Bank Announces Third Quarter and Year-to-Date Results 2014

Posted on 10/28/2014 by in 2014

Toms River, N.J., October 28, 2014…Shore Community Bank (OTCQB: SHRC) today reported net income of $285,243 or $0.13 per diluted share for the quarter ended September 30, 2014, compared to net income of $223,933, or $0.10 per diluted share for the three months ended September 30, 2013, an increase of $61,310 or 27.4 percent. For the nine months ended September 30, 2014, the Bank reported net income of $646,254, or $0.29 per…

Toms River, N.J., October 28, 2014…Shore Community Bank (OTCQB: SHRC) today reported net income of $285,243 or $0.13 per diluted share for the quarter ended September 30, 2014, compared to net income of $223,933, or $0.10 per diluted share for the three months ended September 30, 2013, an increase of $61,310 or 27.4 percent.

For the nine months ended September 30, 2014, the Bank reported net income of $646,254, or $0.29 per diluted share compared to a net income of $575,947, or $0.26 per diluted share for the nine months ended September 30, 2013, an increase of $70,307 or 12.2 percent.


Total assets at September 30, 2014 were $226.0 million compared to $230.2 million at December 31, 2013. Total loans increased 23.7 percent and stood at $135.8 million at September 30, 2014 compared to $109.8 million at December 31, 2013 and total deposits were $193.4 million at September 30, 2014 compared to $198.2 million at December 31, 2013.


Robert T. English, President & Chief Executive Officer stated, “Earnings have benefited significantly from the strong growth in loans and the associated increase in net interest income. Through nine months of this year, net interest income has increased 5.8 percent or approximately $257,000 compared to the same period in 2013.” Mr. English commented further, “Our loan pipeline of approved commercial loans is anticipated to result in continued solid loan growth in the fourth quarter. Additionally, our search to add a seasoned commercial lender to our team continues as we begin to prepare for 2015.”


Non-performing assets totaled $5.0 million at September 30, 2014, and included $1.0 million in non-performing loans and $4.0 million in OREO, compared a total of $5.3 million at year December 31, 2013 which included $3.0 million of nonaccrual loans and $2.3 million of OREO. Total non-performing assets at September 30, 2014, as a percentage of total assets, were 2.2 percent compared to 2.3 percent at December 31, 2013.


The provision for loan losses totaled $105,000 for the three months ended September 30, 2014, compared to $50,000 for the same period in 2013. For the nine months ended September 30, 2014, the provision for loan losses totaled $280,000 compared to $275,000 in 2013. Net loan charge-offs totaled $25,000 in the third quarter of 2014 compared to $105,000 in the same period last year. Net loan charge-offs for the nine months ended September 30, 2014, totaled $67,000 compared to $224,000 in the nine months ended September 30, 2013.


The allowance for loan losses as a percentage of period end loans was 1.8 percent at September 30, 2014, compared to 2.0 percent at December 31, 2013.


Book value per share at September 30, 2014 was $10.37 compared to $10.02 at December 31, 2013 based on 2.2 million shares outstanding in each period.


Earnings per share and book value per share for all reported periods have been adjusted for the 10% stock dividend declared in March 2014.


Shore Community Bank is traded on the OTCQB under the symbol “SHRC.”


Shore Community Bank operates five banking offices located in Toms River, Jackson and Manahawkin, New Jersey. The Bank was founded in 1997 by a group of local business leaders with the objective of returning community based banking to the Toms River, Ocean County, New Jersey area.


Information in this release relating to Shore Community Bank’s future prospects which are forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, the following: (1) operating, legal and regulatory risks, such as continued levels of loan quality and origination volume, continued relationships with major customers and technological changes; (2) economic, political and competitive forces affecting our banking business, such as changes in economic conditions, especially in our market area, interest rate fluctuations, competitive product and pricing pressures within our market, personal and corporate bankruptcies, monetary policy and inflation; (3) our ability to grow internally or through acquisitions; and (4) the risk that management’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful. Forward-looking statements may be identified by the use of words such as “expects,” “believe,” “will,” “intends,” “will be,” or “would.” Shore Community Bank assumes no obligation to update the forward looking information in this announcement, except as required under applicable law.

Press Releases

Shore Community Bank
Member FDIC Equal Housing Lender
Copyright © 2016 Shore Community Bank, All rights reserved.
Click to download Adobe Acrobat Reader