TOMS RIVER, N.J., July 28, 2016 /PRNewswire/ -- Shore Community Bank (OTC Pink: SHRC) today reported net income grew 30.8% to $411,169, or 15 cents per diluted share, for the second quarter ended June 30, 2016, compared to the $314,450, or 11 cents per diluted share, reported for the same period in 2015.
For the six months ended June 30, 2016, the Bank reported net income grew 40.7% to $772,875, or 28 cents per diluted share, compared to net income of $549,478, or 20 cents per diluted share, for the six months ended June 30, 2015.
Robert T. English, President & Chief Executive Officer, stated, "We are pleased with the growth in reported earnings and the associated growth in assets, loans and deposits. These positive results are reflective of our business plan and the strategies we implemented in the past few years to grow the loan portfolio, prudently manage overhead and strengthen, through personnel and written loan policies, the credit culture within the organization." Mr. English further stated, "We have a unique opportunity as the banking landscape in the greater Ocean County market is undergoing significant change. A local community bank has been acquired by a multi-billion dollar North Jersey-based bank and, through acquisitions, another local bank will become a multi-billion dollar bank, potentially altering its focus. These developments, when realized by the business community, should generate significant opportunities for Shore Community Bank to expand its market share. We believe our promise of personal service, attention and access to decision-makers, coupled with our local community-minded commitment, will attract business owners not particularly enthralled with the idea of dealing with the operational and organizational layers typically found within the $5 billion plus financial institutions not sharing our commitment to greater Ocean County."
Total assets at June 30, 2016 increased 7.1 percent, totaling $256.4 million, compared to $239.3 million at December 31, 2015, while total loans increased 5.8 percent and stood at $173.2 million at June 30, 2016, compared to $163.7 million at December 31, 2015. Total deposits grew 12.4 percent to $230.1 million at June 30, 2016, compared to $204.8 million at year end 2015.
Non-performing assets, which includes nonaccrual loans and other real estate owned (OREO), totaled $3.3 million at June 30, 2016, consisting of $0.2 million of nonaccrual loans and $3.1 million of OREO, compared to a total of $3.5 million at year December 31, 2015 which included $0.6 million of nonaccrual loans and $2.9 million of OREO. Total non-performing assets at June 30, 2016, as a percentage of total assets, were 1.28 percent compared to 1.47 percent at December 31, 2015.
There was no provision for loan losses taken in the quarter ended June 30, 2016 compared to a provision of $150,000 in the same quarter in 2015. Net loan recoveries totaled $56,034 in the second quarter of 2016, compared to net charge-offs of $165,887, in the same period in 2015. The allowance for loan losses as a percentage of period end loans stood at 1.60 percent at June 30, 2016, which was consistent with the 1.60 percent at December 31, 2015.
Book value per share at June 30, 2016 was $9.42 based on 2,712,750 shares outstanding, compared to $9.09 at December 31, 2015 based on 2,712,387 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 2016.
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 "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