TOMS RIVER, N.J., Jan. 26, 2017 /PRNewswire/ -- Shore Community Bank (OTC Pink: SHRC) today reported a 32.6 percent increase in net income for the year ended December 31, 2016 based on earnings of $1,726,381, or $0.62 per diluted share, compared to $1,301,410, or $0.47 per diluted share, for the year ended December 31, 2015.
For the fourth quarter, Shore Community Bank reported net income of $485,114, or $0.17 per diluted share for the three months ended December 31, 2016, compared to net income of $450,877, or $0.16 per diluted share, for the same quarterly period in 2015.
Commenting on the results, Robert T. English, President and Chief Executive Officer stated, "The Board of Directors and management are extremely pleased to have achieved record profits for our shareholders in 2016. In addition, noteworthy efforts in expanding the loan and deposit portfolios were rewarded with annual growth of 11.5 percent and 15.9 percent, respectively." Mr. English further stated, "We are looking forward to another solid year in 2017. Market sentiment has recently improved in anticipation of a number of new initiatives including less government regulation and tax reform. If enacted, these initiatives would provide a substantial benefit to our small business clients and could serve to prolong the current economic expansion which is well into its seventh year. Our forecast for 2017 is based on continued loan growth which will fuel our bottom line."
Total assets, at December 31, 2016, increased 10.6 percent and totaled $264.7 million, compared to $239.2 million at December 31, 2015 while total loans increased 11.5 percent and finished the year at $182.5 million, as compared to $163.7 million at December 31, 2015. Total deposits increased 15.9 percent to $237.3 million at December 31, 2016, as compared to $204.8 million at year-end 2015.
Non-performing assets, which includes other real estate owned (OREO), declined 36.9 percent totaling $2.2 million at December 31, 2016 and included $0.3 million in non-performing loans and $1.9 million in OREO, compared to a total of $3.5 million at year end 2015 which included $0.6 million in non-performing loans and $2.9 million in OREO. Total non-performing assets at December 31, 2016, as a percentage of total assets, were 0.84 percent compared to 1.47 percent at December 31, 2015.
There was no provision for loan losses taken for the three months ended December 31, 2016, compared to a provision of $25,000 for the same quarter in 2015. Net loan charge-offs for the fourth quarter of 2016 totaled $25,159 compared to net charge-offs of $21,102 in the fourth quarter of 2015. For the twelve months ended December 31, 2016, the provision for loan losses totaled $155,000 compared to $425,000 for the full year 2015. The Bank reported net loan recoveries of $21,711 for the year ended December 31, 2016, compared to net loan charge-offs of $177,575 for the year ended December 31, 2015.
The allowance for loan losses as a percentage of period end loans was 1.54 percent at December 31, 2016 compared to 1.60 percent at December 31, 2015.
Book value per share at December 31, 2016 was $9.52 compared to $9.09 at December 31, 2015 based on 2.8 million shares and 2.7 million shares outstanding, respectively.
Shore Community Bank is traded on the OTC Pink 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 "expect," "believe," "anticipate," "estimate," "forecast," "intend," "will," "may" or other similar words and expressions. Forward-looking statements speak only as of the date they are made. Shore Community Bank assumes no obligation to update the forward-looking information in this announcement, except as required under applicable law.
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SOURCE Shore Community Bank