TOMS RIVER, N.J., April 24, 2015 /PRNewswire/ -- Shore Community Bank (OTCQB: SHRC) today reported net income for the three months ended March 31, 2015 of $235,016, or 9 cents per diluted share, compared to net income of $151,568, or 6 cents per diluted share, reported for the first quarter of 2014. This represents an increase in net income of 55.0%.
Earnings per share for all reported periods have been adjusted for the 10% stock dividend declared in March 2015.
Commenting on the results, Robert T. English, President and Chief Executive Officer stated, "Previously reported loan growth, experienced throughout all of last year, continued in the first quarter of 2015. As a result of our successful growth strategy, net interest income grew 19.4%, or $282,893, in the first quarter of 2015 compared to the same quarter in 2014. Mr. English further stated, "Interest income from loans more than offset the decline in income from our securities portfolio in the first quarter and we benefited as well from a continued decline in funding costs as deposit rates remained extremely low."
Total assets at March 31, 2015 were $220.0 million compared to $216.1 million at December 31, 2014. Total loans increased $7.4 million and stood at $150.9 million compared to $143.5 million at December 31, 2014 while total deposits increased slightly to $186.5 million at March 31, 2015 compared to $183.1 million at December 31, 2014.
The provision for loan losses totaled $150,000 for the three months ended March 31, 2015, as compared to $70,000 in the first quarter of 2014. Net loan recoveries in the first quarter 2015 totaled $11,176 compared to net charge-offs of $14,472 recorded in the first quarter of 2014.
Non-performing assets totaled $4.9 million at March 31, 2015 and included $0.9 million in non-performing loans and $4.0 million in other real estate owned (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 allowance for loan losses, as a percentage of period end loans, was 1.68 percent at March 31, 2015 compared to 1.66 percent at December 31, 2014.
Shore Community Bank is traded on the OTCQB 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