Toms River, N.J., July 29, 2013…Shore Community Bank (OTCQB: SHRC) today reported net income of $199,176 or 10 cents per diluted share for the quarter ended June 30, 2013 compared to net income of $247,704 or 12 cents per diluted share reported for the same period in 2012. For the six months ended June 30, 2013, the Bank reported net income of $352,014 or 17 cents per diluted share compared to net…
Toms River, N.J., July 29, 2013…Shore Community Bank (OTCQB: SHRC) today reported net income of $199,176 or 10 cents per diluted share for the quarter ended June 30, 2013 compared to net income of $247,704 or 12 cents per diluted share reported for the same period in 2012.
For the six months ended June 30, 2013, the Bank reported net income of $352,014 or 17 cents per diluted share compared to net income of $461,866 or 23 cents per diluted share for the six months ended June 30, 2012.
Robert T. English, President & Chief Executive Officer stated, “Net interest margin pressures continue to impede our ability to grow revenue. Interest rates on our loan and security portfolios are declining at a faster pace, due to maturities and payoffs, than the rates paid on deposits. Compounding the situation is sluggish loan demand which has persisted throughout the first half of the year.” Mr. English further stated, “We recently added a seasoned commercial loan executive to our lending team who is well known and respected in our market area. His addition is anticipated to have a positive impact on loan generation in the second half of this year.”
Total assets at June 30, 2013 were $223.3 million compared to $223.9 million at December 31, 2012. Total loans at June 30, 2013 stood at $111.0 million compared to $112.8 million at December 31, 2012 and total deposits were $191.8 million at June 30, 2013 compared to $184.5 million at December 31, 2012.
Non-performing assets, which includes non-performing loans and other real estate owned, stood at $6.7 million at June 30, 2013, compared to $8.1 million at December 31, 2012. Total non-performing assets at June 30, 2013, as a percentage of total assets, were 3.01 percent compared to 3.63 percent at December 31, 2012.
The provision for loan losses totaled $150,000 for the quarter ended June 30, 2013 and equaled the provision for loan losses for the same period in 2012. Net loan charge-offs totaled $94,259 in the second quarter of 2013 compared to $178,968 in the same period in 2012. The allowance for loan losses as a percentage of period end loans was 2.03 percent at June 30, 2013 and equaled the 1.90 percent at December 31, 2012.
The Bank remains well capitalized with Tier 1 leverage and Tier 1 risk based capital ratios of 9.22 percent and 17.38 percent, respectively, at June 30, 2013. Total risk-based capital ratio was 18.64 percent.
Book value per share at June 30, 2013 was $10.77 compared to $10.80 at December 31, 2012 based on 2.0 million shares outstanding in each period.
Earnings per share for all reported periods have been adjusted for the 10% stock dividend declared in March 2013.
Shore Community Bank is traded on the OTCQB 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.