Shore Community Bank Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Announces Net Loan Charge-offs for the Third Quarter Ended September 30, 2014
For the nine months ended September 30, 2014, the bank reported net income of $646,254, or $0.29 per diluted share compared to a net income of $575,947, or $0.26 per diluted share for the nine months ended September 30, 2013, an increase of $70,307 or 12.2%. Net interest income has increased 5.8% or approximately $257,000 compared to the same period in 2013. Book value per share at September 30, 2014 was $10.37.
The company announced net loan charge-offs totaled $25,000 in the third quarter of 2014 compared to $105,000 in the same period a year ago.