Ocean Shore Holding Co. (NASDAQ: OSHC) today announced net income of $1.2 million for the quarter ended March 31, 2011 compared to $1.3 million earned in the first quarter of 2010. Basic and diluted earnings per share were $0.18, compared to $0.20 in the same period last year. Results of the first quarter of 2011 reflect $89,000 (net of tax) of expenses related to the previously announced merger with CBCH Financialcorp, Inc. and its subsidiary Select Bank, which is expected to close the third quarter of 2011.
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 start to 2011,” said Steven E. Brady, President and CEO. “Assets grew at an annualized rate of over 10% and were funded by core deposits. Although non-performing assets ticked up a little, there were no charge-offs during the quarter. Net interest income remained steady compared to the prior year and was up slightly from the fourth quarter of 2010.”
Balance Sheet Review
Total assets grew $21.5 million, or 2.6%, to $861.4 million at March 31, 2011 from December 31, 2010. Loans receivable, net, was unchanged at $660.4 million, while investment and mortgage-backed securities increased $18.4 million, or 77.6%, to $42.1 million during the first quarter of 2011. Cash and cash equivalents grew $3.1 million, or 2.8%, to $114.0 million at March 31, 2011 from December 31, 2010. Loan originations and other advances totaling $34.7 million were offset by payoffs and payments received of $34.6 million resulting in no growth in the portfolio. The increase in investments and mortgage-backed securities resulted from new purchases of short term agency investments of $20.0 million offset by normal repayment and payoffs of $1.6 million. Cash and cash equivalents growth resulted from increased deposit activity.