Shore Community Bank reported net income of $838,339 or 27 cents per diluted share for the first quarter ended March 31, 2018, compared to net income of $539,272 or 17 cents per diluted share reported for the first quarter of 2017.
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The improvement in net income represents an increase of 55.5%.
The board of directors also announced a quarterly cash dividend of $0.075 per share. The dividend will be paid on May 18, 2018 to all shareholders of record on May 8, 2018.
Total assets at March 31, 2018 were $273.9 million compared to $271.1 million at December 31, 2017.
Total loans increased $6.1 million and stood at $209.0 million compared to $202.9 million at December 31, 2017 while total deposits increased $2.4 million to $244.6 million at March 31, 2018 compared to $242.2 million at December 31, 2017.
The provision for loan losses totaled $20,000 for the three months ended March 31, 2018, compared to $40,000 in the first quarter of 2017. Net loan recoveries in the first quarter 2018 totaled $25,969 compared to net charge-offs of $8,093 recorded in the first quarter of 2017.
Non-performing assets totaled $3.7 million at March 31, 2018 and included $2.6 million of non-performing loans and $1.1 million of other real estate owned (OREO), compared to a total of $3.7 million at year end 2017 which included $2.8 million of non-performing loans and $0.9 million of OREO.
The allowance for loan losses, as a percentage of period end loans, was 1.41 percent at March 31, 2018 compared to 1.43 percent at December 31, 2017.
Book value per share at March 31, 2018 was $9.15 compared to $9.04 at December 31, 2017 based on 3.1 million shares outstanding in each period.
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. ■
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