TOMS RIVER, N.J., Feb. 1, 2011 /PRNewswire/ -- Shore Community Bank (OTC Bulletin Board: SHRC) today reported net income of $171,737 or $0.10 per diluted share for the three months ended December 31, 2010 compared to net income of $77,771 or $0.05 per diluted share for the same period in 2009.
For the year ended December 31, 2010, Shore Community Bank reported net income of $674,914 or $0.39 per diluted share compared to $115,771 or $0.07 per diluted share for the year ended December 31, 2009.
Robert T. English, President and Chief Executive Officer commented, "In an economic environment that continues to pose significant challenges, we are pleased to report the improved level of earnings achieved in 2010. Our focus of building and strengthening client relationships within our market area has seen positive results."
For the three months ended December 31, 2010, the provision for loan losses totaled $175 thousand and net loan loss recoveries totaled $12 thousand compared to a provision for loan losses of $375 thousand and net loan charge-offs of $198 thousand for the same period in 2009. For the year ended December 31, 2010, the provision for loan losses totaled $1.2 million and net loan charge-offs were $740 thousand compared to a provision for loan losses of $1.6 million and net loan charge-offs of $1.7 million in 2009.
The allowance for loan losses as a percentage of period end loans was 2.12 percent at December 31, 2010 compared to 1.48 percent at December 31, 2009.
Non-performing assets, which includes other real estate owned, stood at $9.2 million at December 31, 2010, compared to $10.0 million at year end 2009. The Bank's capital ratios remain strong and are in excess of what is considered "well capitalized" by bank regulatory standards. At December 31, 2010, the Tier 1 leverage and Tier 1 risk based capital ratio were 8.8 percent and 15.2 percent, respectively. The total risk-based capital ratio was 16.4 percent.
Total assets, at December 31, 2010, decreased 2.9 percent and totaled $207.9 million, compared to $214.1 million at December 31, 2009. Total loans declined 15.0 percent and finished the year at $117.9 million, as compared to $138.7 million at December 31, 2009.
Total deposits decreased 4.3 percent to $170.5 million at December 31, 2010, as compared to $178.1 million at December 31, 2009.
Mr. English further commented "Loan demand was weak throughout all of 2010 which was in line with the general business climate and as a result, the Bank experienced a decline in loans outstanding. We are anticipating an increased level of lending in the spring and summer months of 2011 and are planning accordingly."
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 to return 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.
Shore Community Bank
CONTACT: Robert T. English, President & CEO, Shore Community Bank,
+1-732-240-5800
Web Site: http://www.shorecommunitybank.com/
