Shore Community Bank has reported a net income of $91,154, or $0.05 per diluted share, for the fourth quarter ended December 31, 2008, as compared to a net loss of $16,176, or $0.01 per diluted share, for the same period in 2007.
For the year ended December 31, 2008, the bank has reported a net income of $16,170, or $0.01 per diluted share, as compared to $429,552, or $0.25 per diluted share, in 2007.
The bank’s assets, at December 31, 2008, totaled $208.1 million, as compared to $201.4 million at December 31, 2007, representing a 3.3% increase in total assets. Total loans at December 31, 2008 stood at $156.5 million and were essentially unchanged as compared to $157.3 million at December 31, 2007. Total deposits declined 1.1% to $172 million at December 31, 2008 as compared to $173.9 million at December 31, 2007.
Robert English, president and CEO of Shore Community Bank, said: In light of the weak economy and financial market turmoil the board of directors, in conjunction with the management team, took the necessary steps to reduce operating expenses and streamline the organisation. Our focus today is on addressing the financial needs of our customers and building stronger more profitable relationships.
