Click here to close now.


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
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
Malicious agents are moving faster than the speed of business. Even more worrisome, most companies are relying on legacy approaches to security that are no longer capable of meeting current threats. In the modern cloud, threat diversity is rapidly expanding, necessitating more sophisticated security protocols than those used in the past or in desktop environments. Yet companies are falling for cloud security myths that were truths at one time but have evolved out of existence.
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
Public Cloud IaaS started its life in the developer and startup communities and has grown rapidly to a $20B+ industry, but it still pales in comparison to how much is spent worldwide on IT: $3.6 trillion. In fact, there are 8.6 million data centers worldwide, the reality is many small and medium sized business have server closets and colocation footprints filled with servers and storage gear. While on-premise environment virtualization may have peaked at 75%, the Public Cloud has lagged in adop...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with ...
The Cloud industry has moved from being more than just being able to provide infrastructure and management services on the Cloud. Enter a new era of Cloud computing where monetization’s services through the Cloud are an essential piece of strategy to feed your organizations bottom-line, your revenue and Profitability. In their session at 16th Cloud Expo, Ermanno Bonifazi, CEO & Founder of Solgenia, and Ian Khan, Global Strategic Positioning & Brand Manager at Solgenia, discussed how to easily o...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. The DevOps approach is a way to increase business agility through collaboration, communication, and integration across different teams in the IT organization. In his session at DevOps Summit, Chris Van Tuin, Chief Technologist for the Western US at Red Hat, will discuss: The acceleration of application delivery for the business with DevOps
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, S...