TOMS RIVER, N.J., April 19 /PRNewswire-FirstCall/ -- Shore Community Bank (OTC:SHRC) (BULLETIN BOARD: SHRC) today reported net income of $270,519 for the first quarter of 2006, a 36.6 percent increase compared to net income of $197,977 reported for the first quarter of 2005. On a diluted basis, earnings per share for the first quarter of 2006 were 17 cents compared to 15 cents for the first quarter of 2005. Theodore D. Bessler, President and Chief Executive Officer stated, "We are pleased with our financial performance this first quarter. We exceeded our budget projections despite a strong rise in cost of funds due to deposit rate increases over this period." The Bank's total assets at March 31, 2006 were $168.6 million compared to $132.7 million at March 31, 2005, representing a 27.1 percent increase in total assets. Total loans at March 31, 2006 stood at $129.9 million compared to $89.4 million at March 31, 2005, an increase of 45.3 percent. Total deposits grew 24.3 percent to $141.9 million at March 31, 2006 compared to $114.1 million at March 31, 2005. Mr. Bessler stated, "This year, our management team is ready for the challenges ahead. Rising interest rates and branch expansion bring additional cost. Good quality loan volume, increased mortgage activity from our brokerage division and controlled expenses are essential to meeting our plan." Mr. Bessler further stated, "We expect an early fall opening of our newest branch in Jackson, NJ. We anticipate strong growth in this market area." 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. Information in this release relating to Shore Community Bank's future prospects which are forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, the following: (1) operating, legal and regulatory risks, such as continued levels of loan quality and origination volume, continued relationships with major customers and technological changes; (2) economic, political and competitive forces affecting our banking business, such as changes in economic conditions, especially in our market area, interest rate fluctuations, competitive product and pricing pressures within our market, personal and corporate bankruptcies, monetary policy and inflation; (3) our ability to grow internally or through acquisitions; and (4) the risk that management's analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful. Forward- looking statements may be identified by the use of words such as "expects," "believe," "will," "intends," "will be" or "would." Shore Community Bank assumes no obligation to update the forward-looking information in this announcement, except as required under applicable law. DATASOURCE: Shore Community Bank CONTACT: Robert English, EVP/CFO/COO, Shore Community Bank, +1-732-240-5800 Web site: http://www.shorecommunitybank.com/

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