TOMS RIVER, N.J., July 28, 2015 /PRNewswire/ -- Shore Community Bank (OTC Pink: SHRC) today reported net income of $314,450, or 13 cents per diluted share, for the second quarter ended June 30, 2015, compared to the $209,443, or 8 cents per diluted share, reported for the same period in 2014.
For the six months ended June 30, 2015, the Bank reported net income of $549,478, or 22 cents per diluted share, compared to net income of $361,011, or 14 cents per diluted share, for the six months ended June 30, 2014.
Total assets at June 30, 2015 increased 7.6 percent, totaling $232.6 million, compared to $216.1 million at December 31, 2014, while total loans increased 7.8 percent and stood at $154.7 million at June 30, 2015, compared to $143.5 million at December 31, 2014. Total deposits were $198.8 million at June 30, 2015, compared to $183.1 million at December 31, 2014.
Robert T. English, President & Chief Executive Officer stated, "A real sense of enthusiasm is growing within Shore Community Bank as we have put together a string of seven consecutive quarters of loan growth. Net income through June 2015 has improved significantly, compared to the same period last year, as a direct result of the successful execution of our loan growth strategy. Net interest income for the first six months of 2015 increased 17.6 percent, or $532,190, compared to the same period in 2014." Mr. English further stated, "The Board of Directors is committed to our growth strategy as reflected by the addition, earlier this year, of a new commercial loan officer to our team. As we have committed additional resources to our lending team, we are seeing a greater number of opportunities in our market area and our loan pipeline, going into the second half of the year, is strong."
Non-performing assets, which includes nonaccrual loans and other real estate owned (OREO), totaled $3.8 million at June 30, 2015, consisting of $0.6 million of nonaccrual loans and $3.2 million of OREO, compared to a total of $4.3 million at year December 31, 2014 which included $0.4 million of nonaccrual loans and $3.9 million of OREO. Total non-performing assets at June 30, 2015, as a percentage of total assets, were 1.65 percent compared to 2.01 percent at December 31, 2014.
The provision for loan losses totaled $150,000 for the quarter ended June 30, 2015, compared to $105,000 in the same quarter in 2014. Net loan charge-offs totaled $165,887 in the second quarter of 2015, compared to $27,854 in the same period in 2014. The allowance for loan losses as a percentage of period end loans was 1.63 percent at June 30, 2015, compared to 1.66 percent at December 31, 2014.
Book value per share at June 30, 2015 was $9.71 based on 2,465,807 shares outstanding, compared to $9.62 at December 31, 2014 based on 2,425,138 shares outstanding.
Earnings per share and book value per share for all reported periods have been adjusted for the 10% stock dividend declared in March 2015.
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