Shore Community Bank Announces Third Quarter Earnings TOMS RIVER, N.J., Oct. 11 /PRNewswire-FirstCall/ -- Shore Community Bank (OTC:SHRC) (BULLETIN BOARD: SHRC) today reported net income of $236,426 for the third quarter of 2004, an 86.5 percent increase in earnings over the $126,736 reported in the third quarter 2003. On a diluted basis, earnings per share for the third quarter of 2004 were 22 cents compared to 12 cents for the third quarter of 2003. The Bank also reported net income of $571,617 for the nine months ended September 30, 2004, a 39.4 percent increase over the $410,019 reported in the same period a year ago. On a diluted basis, earnings per share for the nine months of 2004 were 53 cents compared to 39 cents reported in the same period of 2003. Theodore D. Bessler, President and Chief Executive Officer, stated, "It is gratifying to see our strategic financial objectives become a reality. We have managed to outperform our target earnings goals through good planning and increased loan volume." Mr. Bessler noted, "Income before taxes for the nine months ending September 30, 2004 were $892,264, up 87.0 percent compared to $477,019 reported in the same period of 2003. The Bank recorded a tax provision of $320,647 for the nine months ending September 30, 2004. In 2003, a tax provision of only $67,000 was required due to the utilization of a net operating loss carry forward." The Bank's total assets at September 30, 2004 were $120.3 million compared to $97.4 million at September 30, 2003, representing a 23.4 percent increase in total assets. Total loans at September 30, 2004 stood at $77.7 million compared to $58.2 million at September 30, 2003, an increase of 33.5 percent. Total deposits grew 13.5 percent to $101.8 million at September 30, 2004 compared to $89.7 million at September 30, 2003. Mr. Bessler further stated, "Our focus continues on loan growth through the remainder of the year. Even though there has been a moderate increase in interest rates, we believe that community banking and good hometown service will be an asset to our future earnings and growth. We expect to move into our newly constructed main office facility on Hooper Avenue, Toms River in mid-December when we will be able to show our client base even greater service than before." 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. The Bank was founded in 1997 by a group of local business leaders to return community-based banking to the Toms River area. DATASOURCE: Shore Community Bank CONTACT: Robert English, EVP/CFO, Shore Community Bank, +1-732-573-1300 Web site: http://www.shorecommunitybank.com/

Copyright