|By PR Newswire||
|January 30, 2014 04:23 PM EST||
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
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...
May. 5, 2015 09:30 AM EDT Reads: 3,416
What exactly is a cognitive application? In her session at 16th Cloud Expo, Ashley Hathaway, Product Manager at IBM Watson, will look at the services being offered by the IBM Watson Developer Cloud and what that means for developers and Big Data. She'll explore how IBM Watson and its partnerships will continue to grow and help define what it means to be a cognitive service, as well as take a look at the offerings on Bluemix. She will also check out how Watson and the Alchemy API team up to off...
May. 5, 2015 09:15 AM EDT Reads: 2,110
Cloud and Big Data present unique dilemmas: embracing the benefits of these new technologies while maintaining the security of your organization's assets. When an outside party owns, controls and manages your infrastructure and computational resources, how can you be assured that sensitive data remains private and secure? How do you best protect data in mixed use cloud and big data infrastructure sets? Can you still satisfy the full range of reporting, compliance and regulatory requirements? In...
May. 5, 2015 09:15 AM EDT Reads: 3,709
It's time to put the "Thing" back in IoT. Whether it’s drones, robots, self-driving cars, ... There are multiple incredible examples of the power of IoT nowadays that are shadowed by announcements of yet another twist on statistics, databases, .... Sorry, I meant, Big Data(TM), tiered storage(TM), complex systems(TM), smart nations(TM), .... In his session at WebRTC Summit, Dr Alex Gouaillard, CTO and Co-Founder of Temasys, will discuss the concrete, cool, examples of IoT already happening tod...
May. 5, 2015 09:15 AM EDT Reads: 566
SYS-CON Events announced today that Site24x7, the cloud infrastructure monitoring service, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Site24x7 is a cloud infrastructure monitoring service that helps monitor the uptime and performance of websites, online applications, servers, mobile websites and custom APIs. The monitoring is done from 50+ locations across the world and from various wireless carr...
May. 5, 2015 09:15 AM EDT Reads: 2,444
ScriptRock has been included in the list of "Cool Vendors" in the "Cool Vendors in DevOps 2015" report by Gartner, Inc.* ScriptRock provides visibility into the configuration state of an organization's IT environments, enabling the continuous delivery of mission critical services. For enterprises where downtime is not an option, ScriptRock's system-wide overwatch offers the assurance that misconfigurations and anomalies are caught before they affect the business. By satisfying this fundamental ...
May. 5, 2015 09:15 AM EDT Reads: 286
Between the compelling mockups and specs produced by your analysts and designers, and the resulting application built by your developers, there is a gulf where projects fail, costs spiral out of control, and applications fall short of requirements. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, will present a new approach where business and development users collaborate – each using tools appropriate to their goals and expertise – to build mo...
May. 5, 2015 09:00 AM EDT Reads: 4,031
Chuck Piluso will present a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Speaker Bio: Prior to Data Storage Corporation (DSC), Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of ...
May. 5, 2015 09:00 AM EDT Reads: 833
While Docker continues to be the darling of startups, enterprises and IT innovators around the world, networking continues to be a real mess. Indeed, managing the interaction between Docker containers and networks has always been fraught with complications. Without automation in networking, the vision of running Docker at scale and letting IT run the same apps unchanged on the laptop and in the data center or for any cloud cannot be realized.
May. 5, 2015 09:00 AM EDT Reads: 807
To manage complex web services with lots of calls to the cloud, many businesses have invested in Application Performance Management (APM) and Network Performance Management (NPM) tools. Together APM and NPM tools are essential aids in improving a business's infrastructure required to support an effective web experience... but they are missing a critical component - Internet visibility. Internet connectivity has always played a role in customer access to web presence, but in the past few years u...
May. 5, 2015 08:45 AM EDT Reads: 1,386
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
May. 5, 2015 08:45 AM EDT Reads: 721
Working with Big Data is challenging, especially when decision makers depend on market insights and intelligence from your data but don't have quick access to it or find it unusable. In their session at 6th Big Data Expo, Ian Khan, Global Strategic Positioning & Brand Manager at Solgenia; Zel Bianco, President, CEO and Co-Founder of Interactive Edge of Solgenia; and Ermanno Bonifazi, CEO & Founder at Solgenia, discussed how a revolutionary cloud-based BI along with mobile analytics is already c...
May. 5, 2015 08:30 AM EDT Reads: 4,623
"SOASTA built the concept of cloud testing in 2008. It's grown from rather meager beginnings to where now we are provisioning hundreds of thousands of servers on a daily basis on behalf of customers around the world to test their applications," explained Tom Lounibos, CEO of SOASTA, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
May. 5, 2015 08:00 AM EDT Reads: 3,556
DevOps is all about agility. However, you don't want to be on a high-speed bus to nowhere. The right DevOps approach controls velocity with a tight feedback loop that not only consists of operational data but also incorporates business context. With a business context in the decision making, the right business priorities are incorporated, which results in a higher value creation. In his session at DevOps Summit, Todd Rader, Solutions Architect at AppDynamics, discussed key monitoring techniques...
May. 5, 2015 08:00 AM EDT Reads: 3,653
Recent technology advances in miniaturization has positioned the wearables as the pinnacle of technology convergence with the human body. We inquire if wearables are mere standard miniaturized devices extended with the connectivity and present our views on considerations like design, applications, performance, efficiency, interoperability, usage scenarios, human device interaction and consequent trade-offs enabling wearables to impart optimal value.
May. 5, 2015 08:00 AM EDT Reads: 1,790