Toms River, New Jersey – October 19, 2006…Shore Community Bank (OTCBB:SHRC) today reported net income of $283,503 for the third quarter of 2006, a 7.8 percent increase in earnings compared to $262,922 reported in the third quarter of 2005. On a diluted basis, earnings per share for the third quarter of 2006 were 18 cents, equal to 18 cents recorded for the third quarter of 2005. The Bank also reported net income…
Toms River, New Jersey – October 19, 2006…Shore Community Bank (OTCBB:SHRC) today reported net income of $283,503 for the third quarter of 2006, a 7.8 percent increase in earnings compared to $262,922 reported in the third quarter of 2005. On a diluted basis, earnings per share for the third quarter of 2006 were 18 cents, equal to 18 cents recorded for the third quarter of 2005.
The Bank also reported net income of $853,775 for the nine months ended September 30, 2006, a 19.1 percent increase over the $716,766 reported in the same period a year ago. On a diluted basis, earnings per share for the first nine months of 2006 were 54 cents compared to 53 cents reported in the same period of 2005.
Earnings per share for the quarter and year-to-date period were affected by the additional 280,000 shares issued as a result of the Bank’s successful stock offering which was completed on September 1, 2005. Additionally, earnings per share for 2005 have been adjusted for the 5% stock dividend declared in October 2005 and paid in January 2006.
Theodore D. Bessler, President and Chief Executive Officer stated, “We worked through difficult months this year as interest rates continued to rise, increasing pressure on the bank’s interest expense. We were fortunate to have had good solid loan growth the past nine months which contributed a positive result in the bank’s earnings. Our customers enjoy our business attitude and the attention they so rightfully deserve which translates directly to the bottom line.”
The Bank’s total assets at September 30, 2006 were $195.4 million compared to $161.0 million at September 30, 2005, representing a 21.3 percent increase in total assets. Total loans at September 30, 2006 stood at $141.6 million compared to $114.2 million at September 30, 2005, an increase of 23.9 percent. Total deposits grew 24.0 percent to $168.5 million at September 30, 2006 compared to $135.8 million at September 30, 2005.
Shore Community Bank is traded on the OTCBB (Over the Counter Bulletin Board) under the symbol SHRC.
Shore Community Bank operates four banking offices, three located in Toms River and one in Ortley Beach. The Banks’ fifth office, located at Jackson Crossings, at the intersection of Route 528 (East Veterans Highway) and Route 547 (South Hope Chapel Road), is scheduled to open early November. Mr. Bessler stated, “We are looking forward to servicing the needs of the Jackson community.”
The Bank was founded in 1997 by a group of local business leaders to return community-based banking to the Toms River 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.