Shore Community Bank Announces Fourth Quarter and Full Year 2004 Earnings TOMS RIVER, N.J., Jan. 31 /PRNewswire-FirstCall/ -- Shore Community Bank (OTC:SHRC) (BULLETIN BOARD: SHRC) today reported net income of $278,671 for the fourth quarter of 2004, a 25.8 percent increase compared to net income of $221,477 reported for the fourth quarter 2003. On a diluted basis, earnings per share for the fourth quarter of 2004 were 23 cents compared to 19 cents for the fourth quarter of 2003. The Bank also reported net income of $850,288 for the twelve months ended December 31, 2004, a 34.6 percent increase over the $631,496 reported in 2003. On a diluted basis, earnings per share for the year 2004 were 71 cents compared to 55 cents reported at year-end 2003. Theodore D. Bessler, President and Chief Executive Officer, stated, "Shore Community Bank has achieved exceptional growth in deposits, loans and net income, exceeding all budget projections for the year." Mr. Bessler noted, "Income before taxes for the year 2004 was $1,315,544 up 81.3 percent compared to $725,496 reported for the year ending 2003. The Bank recorded a tax provision in 2004 in the amount of $465,256 as we exhausted our net operating loss carry forward in 2003." The Bank's total assets at December 31, 2004 were $125.9 million compared to $93.6 million at December 31, 2003, representing a 34.6 percent increase in total assets. Total loans at December 31, 2004 stood at $85.2 million compared to $62.0 million at December 31, 2003, an increase of 37.3 percent. Total deposits grew 25.1 percent to $107.2 million at December 31, 2004 compared to $85.7 million at December 31, 2003. Mr. Bessler stated, "We are very pleased with our financial performance for this year and we must continue to focus our abilities on a more challenging year ahead." Mr. Bessler further stated, "The bank intends to expand its market presence for a new source of deposits and loans and will be filing a new branch application within the first quarter of 2005." 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, New Jersey. The Bank was founded in 1997 by a group of local business leaders to return community-based banking to the Toms River, Ocean County, New Jersey area. DATASOURCE: Shore Community Bank CONTACT: Robert English, EVP/CFO/COO of Shore Community Bank, +1-732-240-5800 Web site: http://www.shorecommunitybank.com/

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