Welcome!

News Feed Item

Shore Community Bank Reports Fourth Quarter And Full Year 2013 Results

TOMS RIVER, N.J., Jan. 30, 2014 /PRNewswire/ -- Shore Community Bank (OTCQB: SHRC) today reported net income for the three months ended December 31, 2013 of $620,377, or $0.30 per diluted share, compared to net income of $177,435, or $0.09 per diluted share, for the same period in 2012. For the year ended December 31, 2013, Shore Community Bank reported net income of $1,196,324, or $0.59 per diluted share, compared to $916,644, or $0.46 per diluted share, for the year ended December 31, 2012, an increase in net income of 30.5 percent.

Commenting on the results, Robert T. English, President and Chief Executive Officer stated, "We are announcing a record net income for the year 2013 as a result of a very strong fourth quarter.  We are pleased with our efforts overall however, we must acknowledge the earnings benefit derived during the course of the year from certain non-core activity such as net gains from the sale of other real estate owned (OREO) amounting to $195,573 and negotiated insurance settlements involving three OREO properties, two since sold, totaling $437,378. These non-core revenue items, net of tax expense, increased net income for the year 2013 by $380,151 or $0.19 per diluted share." Mr. English further stated "The results for 2013 nevertheless represent the fifth consecutive year of increased earnings and are the culmination of hard work and dedication from our officers and associates particularly in the aftermath a year ago from Super Storm Sandy."  

Total assets, at December 31, 2013, increased 2.8 percent and totaled $230.2 million, compared to $223.9 million at December 31, 2012.  Total loans decreased 2.7 percent and finished the year at $109.8 million, as compared to $112.8 million at December 31, 2012. Total deposits increased 7.4 percent to $198.2 million at December 31, 2013, as compared to $184.5 million at year-end 2012.

Non-performing assets totaled $5.3 million at December 31, 2013, and included $3.0 million in non-performing loans and $2.3 million in OREO, compared to a total of $8.1 million at year end 2012 which included $7.1 million in non-performing loans and $1.0 million in OREO.

There was no provision for loan losses taken for the three months ended December 31, 2013, compared to $250 thousand for the same period in 2012. Net loan recoveries totaled $42 thousand in the fourth quarter of 2013 compared to net charge-offs of $221 thousand in the same quarter in 2012. For the twelve months ended December 31, 2013, the provision for loan losses totaled $275 thousand compared to $725 thousand in the twelve month period ended December 31, 2012. Net loan charge-offs for the twelve months ended December 31, 2013, totaled $182 thousand compared to $575 thousand for the year ended December 31, 2012.

The allowance for loan losses as a percentage of period end loans was 2.04 percent at December 31, 2013 compared to 1.90 percent at December 31, 2012.

The Bank's capital ratios remain strong and are in excess of what is considered "well capitalized" by bank regulatory standards. At December 31, 2013, the Tier 1 leverage and Tier 1 risk based capital ratio were 9.6 percent and 17.9 percent, respectively. The total risk-based capital ratio was 19.1 percent.

Book value per share at December 31, 2013 was $11.02, compared to $10.80 at December 31, 2012 based on 2.0 million shares outstanding in each period.

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.

SOURCE Shore Community Bank

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Systena America will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Systena Group has been in business for various software development and verification in Japan, US, ASEAN, and China by utilizing the knowledge we gained from all types of device development for various industries including smartphones (Android/iOS), wireless communication, security technology and IoT serv...
SYS-CON Events announced today that Outscale will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outscale's technology makes an automated and adaptable Cloud available to businesses, supporting them in the most complex IT projects while controlling their operational aspects. You boost your IT infrastructure's reactivity, with request responses that only take a few seconds.
Regardless of what business you’re in, it’s increasingly a software-driven business. Consumers’ rising expectations for connected digital and physical experiences are driving what some are calling the "Customer Experience Challenge.” In his session at @DevOpsSummit at 20th Cloud Expo, Marco Morales, Director of Global Solutions at CollabNet, will discuss how organizations are increasingly adopting a discipline of Value Stream Mapping to ensure that the software they are producing is poised to o...
DevOps at Cloud Expo – being held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real r...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
Interested in leveling up on your Cloud Foundry skills? Join IBM for Cloud Foundry Days on June 7 at Cloud Expo New York at the Javits Center in New York City. Cloud Foundry Days is a free half day educational conference and networking event. Come find out why Cloud Foundry is the industry's fastest-growing and most adopted cloud application platform.
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
SYS-CON Events announced today that Outscale, a global pure play Infrastructure as a Service provider and strategic partner of Dassault Systèmes, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2010, Outscale simplifies infrastructure complexities and boosts the business agility of its customers. Outscale delivers a secure, reliable and industrial strength solution for its customers, which in...
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
IBM helps FinTechs and financial services companies build and monetize cognitive-enabled financial services apps quickly and at scale. Hosted on IBM Bluemix, IBM’s platform builds in customer insights, regulatory compliance analytics and security to help reduce development time and testing. In his session at 20th Cloud Expo, Tom Eck, Industry Platforms CTO at IBM Cloud, will discuss how these tools simplify the time-consuming tasks of selection, mapping and data integration, allowing developers ...
In order to meet the rapidly changing demands of today’s customers, companies are continually forced to redefine their business strategies in order to meet these needs, stay relevant and continue to see profitable growth. IoT deployment and development is integral in this transformation, and today businesses are increasingly seeing the value of investing their resources into IoT deployments. These technologies are able increase ROI through projects such as connecting supply chains or enabling sm...