TOMS RIVER, N.J., Jan. 28, 2016 /PRNewswire/ -- Shore Community Bank (OTC Pink: SHRC) today reported net income of $450,877, or $0.18 per diluted share for the three months ended December 31, 2015, compared to net income of $433,869, or $0.17 per diluted share, for the same period in 2014. For the full year, Shore Community Bank reported a 20.5 percent increase in net income based on a reported net income of $1,301,410, or $0.52 per diluted share, for the year ended December 31, 2015, compared to $1,080,122, or $0.43 per diluted share, for the year ended December 31, 2014.
Commenting on the results, Robert T. English, President and Chief Executive Officer stated, "The Board of Directors and management are pleased to close 2015 at a record level of net income, total assets, loans, deposits and shareholder equity. Net income of $1.3 million was 20.5 percent greater than 2014 reaching the highest level in the 19 year history of the Bank. However, even in light of our recent accomplishments, we recognize the many ongoing challenges posed by a competitive banking environment and the negative impact higher short term interest rates, by way of the Federal Reserve, may have on an already fragile economy. In addition, we must continue to adapt to the ever growing compliance and regulatory cost burden under which we operate." Mr. English further stated "Our experienced teams of residential and commercial lenders have produced two consecutive years of double digit percentage loan growth. A reliance on solid loan growth remains at the core of our strategic forecast and is essential to reaching our future performance objectives."
Total assets, at December 31, 2015, increased 10.7 percent and totaled $239.3 million, compared to $216.1 million at December 31, 2014 while total loans increased 14.1 percent and finished the year at $163.7 million, as compared to $143.5 million at December 31, 2014. Total deposits increased 11.8 percent to $204.8 million at December 31, 2015, as compared to $183.1 million at year-end 2014.
Non-performing assets totaled $3.5 million at December 31, 2015 and included $0.6 million in non-performing loans and $2.9 million in OREO, compared to a total of $4.3 million at year end 2014 which included $0.4 million in non-performing loans and $3.9 million in OREO.
The provision for loan losses totaled $25,000 for the three months ended December 31, 2015, compared to a provision credit of $450,000 for the same quarter in 2014. For the twelve months ended December 31, 2015, the provision for loan losses totaled $425,000 compared to a provision credit of $170,000 in the twelve month period ended December 31, 2014. Net loan charge-offs for the fourth quarter of 2015 totaled $21,102 compared to net loan recoveries of $373,558 in the fourth quarter of 2014. The Bank reported net loan charge-offs of $177,575 for the year ended December 31, 2015, compared to net loan recoveries of $306,444 for the year ended December 31, 2014.
The allowance for loan losses as a percentage of period end loans was 1.60 percent at December 31, 2015 compared to 1.66 percent at December 31, 2014.
Book value per share at December 31, 2015 was $9.99 compared to $9.62 at December 31, 2014 based on 2.5 million shares and 2.4 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 "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.
SOURCE Shore Community Bank