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Ocean Shore Holding Co. Reports 4th Quarter 2010 And Year-End Results

Ocean Shore Holding Co. (NASDAQ:OSHC) today announced net income of $1,428,000, or $0.21 per basic and diluted share, for the quarter ended December 31, 2010 as compared to $1,314,000, or $0.19 per basic and diluted share, for the same quarter last year.

For the full year ended December 31, 2010, net income rose to $5,444,000, or $0.80 per basic share and diluted share, as compared to $4,211,000, or $0.60 per basic share and $0.59 per diluted share, for 2009.

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 extremely proud to report that our net income for 2010 represents the Company’s best annual performance since becoming a public company in 2004. Notwithstanding a challenging operating environment, we have succeeded in growing our franchise this year, with asset growth of 9% based entirely on growth in customer deposits. We have accomplished this while maintaining strong asset quality in a depressed real estate market, which we believe speaks well for our conservative operating philosophy,” said Steven E. Brady, President and CEO.

Balance Sheet Review

Total assets grew $69.7 million, or 9.1%, to $839.9 million at December 31, 2010 from December 31, 2009. Loans receivable, net, decreased $3.3 million, or (0.5)%, to $660.3 million. The decrease in loans receivable resulted from decreases in real estate loans of $1.1 million, consumer loans of $3.6 million and commercial loans of $0.9 million offset by an increase in real estate construction loans of $3.0 million. Cash and cash equivalents increased $77.8 million to $110.9 million while investments and mortgage-backed securities decreased $5.7 million, or 19.4%, to $23.7 million.

Deposits grew $65.9 million, or 12.3%, to $603.3 million at December 31, 2010 from December 31, 2009. Total borrowings remained unchanged at $125.5 million, including $110.0 million of FHLB advances.

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