Shore Community Bank announced earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the bank reported net income of $468,393 or $0.17 per diluted share compared to net income of $301,055, or $0.11 per diluted share for the three months ended September 30, 2015, representing an increase of 55.6% in net income. The significant improvement in third quarter earnings is a direct result of success in growing the loan portfolio in conjunction with prudent management of overhead expenses. Driven by growth in net interest income of 11.86% or $215,792, compared to third quarter 2015, recorded a 56% improvement in net income. The growth of net interest income was primarily the result of interest and fees generated from the loan portfolio as funding costs this quarter versus third quarter 2015 were essentially flat. Book value per share at September 30, 2016 was $9.59 based on 2,712,750 shares outstanding, compared to $9.09 at December 31, 2015 based on 2,712,387 shares outstanding.

For the nine months, the company reported net income of $1,241,267, or $0.45 per diluted share compared to net income of $850,532, or $0.31 per diluted share for the nine months ended September 30, 2015, which represents an increase in net income of 45.9%.

Net loan charge-offs totaled $18,170 in the third quarter of 2016 compared to $1,593 in the same quarter last year.