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Ocean Shore Holding Co. Reports 2nd Quarter Earnings

Ocean Shore Holding Co. (NASDAQ: OSHC) today announced net income of $1,158,000, or $0.17 per diluted share, for the quarter ended June 30, 2011, as compared to $1,239,000, or $0.18 per diluted share, for the second quarter of 2010. Net income for the six months ended June 30, 2011 was $2,362,000, or $0.35 per diluted share, as compared to $2,575,000, or $0.38 per diluted share, for the same period in 2010. Results reflect after tax expenses of $155,000 during the second quarter and $244,000 for the first six months of 2011 associated with the pending acquisition of CBHC Financialcorp, Inc and its subsidiary Select Bank, compared to no activity during the same periods in 2010. The acquisition is expected to close on August 1, 2011.

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

"The uncertain and uneven economic recovery continues to present challenges to consumers and businesses in our market area," said Steven E. Brady, President and CEO. "Nevertheless, by remaining disciplined in our focus on conservative lending practices and the generation of core deposits, we have increased net interest income. We look forward to the upcoming completion of our acquisition of Select Bank and the additional growth that will bring."

Balance Sheet Review

Total assets grew $20.4 million, or 2.4%, to $860.3 million at June 30, 2011 from December 31, 2010. Loans receivable, net, grew $2.5 million, or 0.4%, to $662.8 million from $660.4 million at December 31, 2010. Investment and mortgage-backed securities increased $23.7 million, or 100.1%, to $47.5 million during the first half of 2011. Cash and cash equivalents decreased $5.8 million, or 5.2%, to $105.1 million at June 30, 2011 from December 31, 2010. Loan originations and other advances totaling $72.6 million were offset by payoffs and payments received of $70.1 million resulting in growth of $2.5 million. The increase in investments and mortgage-backed securities resulted from new purchases of short term agency investments of $25.0 million offset by normal repayment and payoffs of $1.3 million. Cash and cash equivalents decrease resulted from increased investment activity offset by increased deposit activity.

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