TOMS RIVER, N.J., April 28, 2016 /PRNewswire/ -- Shore Community Bank (OTCPK: SHRC) today reported net income for the three months ended March 31, 2016 of $361,706 or 13 cents per diluted share, compared to net income of $235,028, or 9 cents per diluted share, reported for the first quarter of 2015. This represents an increase in net income of 53.9%.
Earnings per share for all reported periods have been adjusted for the 10% stock dividend declared in March 2016.
Commenting on the results, Robert T. English, President and Chief Executive Officer stated, "We are very pleased with the solid earnings performance which was achieved in the first quarter. Earnings were driven higher by the continued growth of our loan portfolio. Net interest income increased $231,552, or 13.3% compared to the first quarter of 2015 and is reflective of 13.7% growth, year over year, in loans." Mr. English further stated, "Our forecast for the remainder of 2016, barring any meaningful decline in the economy, calls for building on the success of the last 2 years in terms of double digit percentage growth of our loan portfolio."
Total assets at March 31, 2016 were $250.5 million compared to $239.3 million at December 31, 2015. Total loans increased $7.9 million and stood at $171.6 million compared to $163.7 million at December 31, 2015 while total deposits increased $10.9 million to $215.7 million at March 31, 2016 compared to $204.8 million at December 31, 2015.
The provision for loan losses totaled $75,000 for the three months ended March 31, 2016, as compared to $150,000 in the first quarter of 2015. Net loan recoveries in the first quarter 2016 totaled $9,006 compared to net loan recoveries of $11,176 recorded in the first quarter of 2015.
Non-performing assets totaled $3.5 million at March 31, 2016 and included $0.6 million in non-performing loans and $2.9 million in other real estate owned (OREO), unchanged from year end 2015.
The allowance for loan losses, as a percentage of period end loans, was 1.58 percent at March 31, 2016 compared to 1.60 percent at December 31, 2015.
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