Shore Community Bank Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter of 2012
For the year ended December 31, 2012, the company reported net income of $916,644, or $0.51 per diluted share, compared to $762,384, or $0.42 per diluted share, for the year ended December 31, 2011, an increase in net income of 20.2%. The increase in net income of 20.2% recorded for the year 2012 is the fourth consecutive year of increased earnings and it was achieved during a period in which the economy lacked clear direction for most if not all of the year.
The company reported net loan charge-offs for the fourth quarter ended December 31, 2012. For the quarter, the company's net loan charge-offs were $221,000, compared to net charge-offs of $183,000 in the same quarter last year.