TOMS RIVER, N.J., Oct. 27, 2016 /PRNewswire/ -- Shore Community Bank (OTC Pink: SHRC) today reported net income of $468,393 or $0.17 per diluted share for the quarter ended September 30, 2016, compared to net income of $301,055, or $0.11 per diluted share for the three months ended September 30, 2015, representing an increase of 55.6 percent in net income.
For the nine months ended September 30, 2016, the Bank reported net income of $1,241,267, or $0.45 per diluted share compared to net income of $850,532, or $0.31 per diluted share for the nine months ended September 30, 2015, which represents an increase in net income of 45.9 percent.
Total assets at September 30, 2016 were $263.7 million, growing 10.2 percent, compared to $239.3 million at December 31, 2015. Total loans increased 7.6 percent and stood at $176.2 million at September 30, 2016, compared to $163.7 million at December 31, 2015 while total deposits increased 15.6 percent totaling $236.8 million at September 30, 2016, compared to $204.8 million at December 31, 2015.
Robert T. English, President & Chief Executive Officer stated, "We are very pleased with the earnings improvement we have achieved thus far in 2016. The significant improvement in third quarter earnings is a direct result of our success in growing the loan portfolio in conjunction with prudent management of overhead expenses. Driven by growth in net interest income of 11.86% or $215,792, compared to third quarter 2015, we recorded a 56% improvement in net income. The growth of net interest income was primarily the result of interest and fees generated from the loan portfolio as funding costs this quarter versus third quarter 2015 were essentially flat."
Non-performing assets, which includes other real estate owned (OREO), totaled $3.3 million at September 30, 2016, comprised of $0.3 million in non-performing loans and $3.0 million in OREO, compared to a total of $3.5 million at year December 31, 2015 which included $0.6 million of nonaccrual loans and $2.9 million of OREO. Total non-performing assets at September 30, 2016, as a percentage of total assets, were 1.24 percent compared to 1.47 percent at December 31, 2015.
The provision for loan losses totaled $80,000 for the three months ended September 30, 2016, compared to $100,000 for the same period in 2015. For the nine months ended September 30, 2016, the provision for loan losses totaled $155,000 compared to $400,000 in 2015. Net loan charge-offs totaled $18,170 in the third quarter of 2016 compared to $1,593 in the same quarter last year. For the nine months ended September 30, 2016, net loan recoveries totaled $46,870 compared to net charge-offs $156,305 in same period in 2015.
The allowance for loan losses as a percentage of period end loans was 1.60 percent at September 30, 2016, which was unchanged compared to December 31, 2015.
Book value per share at September 30, 2016 was $9.59 based on 2,712,750 shares outstanding, compared to $9.09 at December 31, 2015 based on 2,712,387 shares outstanding.
Earnings per share and book value per share for all reported periods have been adjusted for the 10% stock dividend declared in March 2016.
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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shore-community-bank-announces-56-increase-in-third-quarter-2016-net-income-300353053.html
SOURCE Shore Community Bank