TOMS RIVER, N.J., April 27, 2011 /PRNewswire/ -- Shore Community Bank (OTCBB:SHRC) today announced net income for the three months ended March 31, 2011 increased 41.8 percent to $116,696, compared to net income of $82,285 reported for the first quarter of 2010. Basic and diluted net income per share for the three months ended March 31, 2011, were 7 cents as compared to a net income per share, basic and diluted, of 5 cents for the comparable period in 2010. The increase in net income in the first quarter of 2011 was primarily attributable to a lower provision for loan losses coupled with lower operating expense levels offset by a decline in net interest income and fee related income associated with SBA loan sales.
"We are pleased to see earnings continue to grow and reflect the improvements we have worked hard to achieve," commented Robert T. English, President and Chief Executive Officer. English added, "Our primary objectives for 2011 include continued attention to improving asset quality, loan portfolio growth and a continued focus on expense control."
The provision for loan losses totaled $225,000 for the three months ended March 31, 2011, as compared to $405,000 for the same time period in 2010. Net charge-offs in the first quarter 2011 totaled $227,217, compared to net charge-offs of $400,023 recorded in the first quarter of 2010.
Total assets at March 31, 2011 totaled $206.6 million, a decline of $1.3 million compared to $207.9 million at December 31, 2010. Total loans at March 31, 2011 stood at $115.6 million compared to $117.9 million at December 31, 2010, reflecting a decrease of 1.9 percent. Total deposits declined $1.4 million or 0.8 percent to $169.2 million at March 31, 2011 compared to $170.6 million at December 31, 2010.
Non-performing assets which includes other real estate owned stood at $9.5 million at March 31, 2011 compared to $9.2 million at December 31, 2010. The allowance for loan losses as a percentage of period end loans was 2.16 percent at March 31, 2011 compared to 2.12 percent at December 31, 2010.
Shore Community Bank is traded on the OTCBB (Over the Counter Bulletin Board) under the symbol SHRC.
Shore Community Bank operates six banking offices located in Toms River, Ortley Beach, 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