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Ocean Shore Holding Co. Reports Record 3rd Quarter Earnings

Ocean Shore Holding Co. (NASDAQ: OSHC) today announced net income of $1,441,000, or $0.21 per diluted share, for the quarter ended September 30, 2010, as compared to $1,313,000, or $0.18 per diluted share, for the quarter ended September 30, 2009. Net income for the nine months ended September 30, 2010 was $4,016,000, or $0.59 per diluted share, as compared to $2,897,000, or $0.41 per diluted share, for the same period in 2009. Results of the first nine months of 2009 reflect the impact of other-than-temporary impairment charges of $711,000 (net of tax), compared to no impairment activity during the same periods in 2010.

Ocean Shore Holding Co. (the "Company") is the holding company for Ocean City Home Bank (the "Bank"), a federal savings bank headquartered in Ocean City, New Jersey. The Bank operates a total of ten full-service banking offices in eastern New Jersey.

“We are very pleased with our results this quarter, especially in view of the continuing difficult economic conditions. While we are not immune from the effects of the depressed real estate market, we believe that our results, particularly our low level of non-performing assets, speaks well for our conservative operating philosophy,” said Steven E. Brady, President and CEO.

Balance Sheet Review

Total assets grew $68.0 million, or 8.8%, to $838.2 million at September 30, 2010 from December 31, 2009. Loans receivable, net, increased $6.2 million, or 0.9%, to $669.9 million. The increase in loans receivable reflected growth in real estate loans of $9.1 million and real estate construction loans of $1.5 million offset by decreases in consumer loans of $1.5 million and commercial loans of $2.1 million. Cash and cash equivalents increased $65.4 million to $98.4 million while investments and mortgage-backed securities decreased $4.1 million, or 13.8%, to $25.4 million.

Deposits grew $66.1 million, or 12.3%, to $603.5 million at September 30, 2010 from December 31, 2009. Total borrowings remained unchanged at $125.5 million, including $110.0 million of FHLB advances.

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