TOMS RIVER, N.J., Oct. 27, 2011 /PRNewswire/ -- Shore Community Bank (OTC Bulletin Board: SHRC) (the "Bank") today reported net income of $206,193 or $0.12 per diluted share for the quarter ended September 30, 2011, compared to net income of $212,860, or $0.12 per diluted share for the three months ended September 30, 2010, representing a decline in net income of $6,667, or 3.13 percent.
For the nine months ended September 30, 2011, the Bank reported net income of $527,699, or $0.31 per diluted share, as compared to a net income of $503,178, or $0.29 per diluted share for the nine months ended September 30, 2010, an increase of $24,521, or 4.87 percent in net income.
Total assets grew to $213.8 million at September 30, 2011 from $207.9 million at December 31, 2010. Total loans declined to $116.0 million at September 30, 2011, compared to $117.9 million at December 31, 2010 and total deposits were $175.4 million at September 30, 2011 compared to $170.5 million at December 31, 2010.
The provision for loan losses totaled $100 thousand for the three months ended September 30, 2011, compared to $225 thousand for the same period in 2010. For the nine months ended September 30, 2011, the provision for loan losses totaled $475 thousand compared to $1.0 million in the nine month period ended September 30, 2010. Net loan charge-offs totaled $412 thousand in the third quarter as compared to $138 thousand in the same period last year. Net loan charge-offs for the nine months ended September 30, 2011, totaled $890 thousand compared to $752 thousand in the nine months ended September 30, 2010.
The allowance for loan losses as a percentage of period end loans was 1.79 percent at September 30, 2011, compared to 2.12 percent at December 31, 2010.
Non-performing assets, which includes non-performing loans and other real estate owned, were $9.5 million at September 30, 2011 compared to $9.2 million at December 31, 2010.
Commenting on the results, Robert T. English, President and Chief Executive Officer stated, "In an operating environment that poses enormous challenges, we are pleased to report that 2011 earnings on a year-to-date basis have increased 4.87 percent over 2010. Extremely low interest rates have not triggered any noticeable increase in loan demand as other factors such as high unemployment, economic uncertainty and a continued decline in commercial and residential property values has sidelined many prudent business owners and operators." Mr. English further stated, "While it will take an extended period of time for the economy to resolve itself, we will continue to manage our balance sheet in a manner that will preserve and protect our capital levels. In doing so, we will be positioned to participate in the eventual improvement in business conditions."
At September 30, 2011, the Bank remains well capitalized with a Tier 1 leverage ratio of 9.29 percent, a Tier 1 risk based capital ratio of 16.17 percent and a total risk based capital ratio of 17.43 percent.
Book value per share at September 30, 2011 was $11.97, compared to $11.45 at December 31, 2010 based on 1.7 million shares outstanding in each period.
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
