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Shore Community Bank Announces First Quarter Earnings & Branch Approval

Posted on 4/18/2005 by in 2005

Toms River, New Jersey – April 18, 2005…Shore Community Bank (OTCBB:SHRC) today reported net income of $197,977 for the first quarter of 2005, up 41.2 percent from first quarter 2004 net income of $140,158. On a diluted basis, earnings per share for the first quarter were 16 cents compared to 12 cents for the first quarter of 2004. First quarter performance for 2005 indicated steady growth in assets, deposits and loans. Theodore…

Toms River, New Jersey – April 18, 2005…Shore Community Bank (OTCBB:SHRC) today reported net income of $197,977 for the first quarter of 2005, up 41.2 percent from first quarter 2004 net income of $140,158. On a diluted basis, earnings per share for the first quarter were 16 cents compared to 12 cents for the first quarter of 2004.

First quarter performance for 2005 indicated steady growth in assets, deposits and loans. Theodore D. Bessler, President & CEO, stated, “Our first quarter results are on track with our budget projections. The Bank must continue to focus on growth while providing quality service to our customers.”


The Bank’s total assets at March 31, 2005 were $132.7 million compared to $101.8 million at March 31, 2004, representing a 30.3 percent increase in total assets. Total loans at March 31, 2005 stood at $89.4 million compared to $69.5 million at March 31, 2004, an increase of 28.6 percent. Total deposits grew 22.0 percent to $114.1 million at March 31, 2005 compared to $93.6 million at March 31, 2004.


President Bessler reported that the Bank has received regulatory approval to construct a new branch office in Jackson Township, Ocean County. The facility will be a 3,000 s.f. replica of our recently opened corporate headquarters building located on Hooper Avenue, Toms River. Mr. Bessler noted that construction is anticipated to begin late summer, 2005.


The Bank’s Annual Meeting is scheduled for Wednesday, April 20, 2005, 9:00 a.m. at the Toms River Country Club, 419 Washington Street, Toms River, NJ.


Shore Community Bank is traded on the OTCBB (Over the Counter Bulletin Board) under the symbol SHRC.


Shore Community Bank operates four banking offices, three located in Toms River and one in Ortley Beach. It was founded in 1997 by a group of local business leaders to return community-based banking to the Toms River area.

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