TOMS RIVER, N.J., July 30, 2012 /PRNewswire/ -- Shore Community Bank (OTCQB: SHRC) today reported an increase of 20.94 percent in second quarter net income. For the quarter ended June 30, 2012, the Bank earned $247,704 or $0.14 per basic and diluted share compared to net income of $204,810, or $0.11 per basic and diluted share for the quarter ended June 30, 2011.
For the six months ended June 30, 2012, the Bank reported net income of $461,866 or $0.26 per basic and diluted share, compared to net income of $321,506 or $0.18 per basic and diluted share for the six months ended June 30, 2011, an increase of 43.66 percent in net income.
Robert T. English, President & Chief Executive Officer stated, "The combined efforts of the management team and our associates resulted in the much improved earnings performance reported today for the three and six month periods. Although we anticipated a more robust economy at this point in 2012, we are once again disappointed in the lack of depth and breadth of the economic recovery. At this mid-point in the year, we are pleased with our results but at the same time we realize the challenges ahead, as asset growth and credit quality issues remain high on our agenda."
Total assets at June 30, 2012 were $206.4 million compared to $203.1 million at December 31, 2011. Total loans at June 30, 2012 stood at $113.9 million compared to $115.3 million at December 31, 2011 and total deposits were $167.4 million at June 30, 2012 compared to $164.7 million at December 31, 2011.
Non-performing assets, which includes non-performing loans and other real estate owned, stood at $9.0 million at June 30, 2012, compared to $8.3 million at December 31, 2011. Total non-performing assets at June 30, 2012, as a percentage of total assets, were 4.34 percent compared to 4.10 percent at December 31, 2011.
The provision for loan losses totaled $150,000 for the three months ended June 30, 2012 and equaled the provision for loan losses for the same period in 2011. Net loan charge-offs totaled $178,968 in the second quarter of 2012 compared to $251,360 in the same period in 2011 and $145,506 in the first quarter of 2012. The allowance for loan losses as a percentage of period end loans was 1.73 percent at June 30, 2012 and equaled the 1.73 percent at December 31, 2011.
The Bank remains well capitalized with Tier 1 leverage and Tier 1 risk based capital ratios of 9.85 percent and 16.60 percent, respectively. Total risk-based capital ratio at June 30, 2012 was 17.86 percent.
Book value per share at June 30, 2012 was $11.77 compared to $11.53 at December 31, 2011 based on 1.8 million shares outstanding in each period.
Shore Community Bank is traded on the OTCQB 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