Shore Community Bank Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Announces Net Loan Charge-Offs for the Third Quarter Ended September 30, 2017
For the nine months ended September 30, 2017, the bank reported net income of $1,904,399 or $0.61 per diluted share compared to net income of $1,241,267, or $0.40 per diluted share for the nine months ended September 30, 2016, which represents an increase in net income of 53.4%.
Net loan charge-offs totaled $145,760 in the third quarter of 2017 compared to net charge-offs of $18,170 in the same quarter last year. Book value per share at September 30, 2017 was $9.30 based on 3,064,086 shares outstanding, compared to $8.66 at December 31, 2016 based on 3,060,651 shares outstanding.