TOMS RIVER, N.J., April 25, 2017 /PRNewswire/ -- Shore Community Bank (OTCPK: SHRC) today reported net income of $539,272 or 17 cents per diluted share for the three months ended March 31, 2017, compared to net income of $361,706, or 12 cents per diluted share reported for the first quarter of 2016. The improvement in net income represents an increase of 49.1%.
Earnings per share for all reported periods have been adjusted for a 10% stock dividend declared in March 2017.
Commenting on the results, Robert T. English, President and Chief Executive Officer stated, "We are extremely pleased to kick off 2017 on a very positive note with solid earnings performance in the first quarter. Earnings were driven higher by growth in net interest income which occurred primarily as a result of our continued success in growing the loan portfolio. Net interest income increased $148,839, or 7.6%, compared to the first quarter of 2016 and is reflective of 9.6% growth in net loans outstanding at quarter end March 2017 versus March 2016." Mr. English further stated, "Our forecast for the remainder of 2017 is based on the expectation that the economy will continue to expand at a slightly better pace than the previous few years, allowing us to continue to grow our loan portfolio in a prudent manner."
Total assets at March 31, 2017 were $266.8 million compared to $264.7 million at December 31, 2016. Total loans increased $5.6 million and stood at $188.1 million compared to $182.5 million at December 31, 2016 while total deposits increased $1.8 million to $239.1 million at March 31, 2017 compared to $237.3 million at December 31, 2016.
The provision for loan losses totaled $40,000 for the three months ended March 31, 2017, compared to $75,000 in the first quarter of 2016. Net charge-offs in the first quarter 2017 totaled $8,093 compared to net loan recoveries of $9,006 recorded in the first quarter of 2016.
Non-performing assets totaled $2.1 million at March 31, 2017 and included $0.3 million of non-performing loans and $1.8 million of other real estate owned (OREO), compared to a total of $2.2 million at year end 2016 which included $0.3 million of non-performing loans and $1.9 million of OREO.
The allowance for loan losses, as a percentage of period end loans, was 1.51 percent at March 31, 2017 compared to 1.54 percent at December 31, 2016.
Shore Community Bank is traded on the OTCPK 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.
SOURCE Shore Community Bank