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Ocean Shore Holding Co. Reports 3rd Quarter Earnings

Ocean Shore Holding Co. (NASDAQ: OSHC) today announced net income of $1,215,000, or $0.18 per diluted share, for the quarter ended September 30, 2011, as compared to $1,441,000, or $0.21 per diluted share, for the quarter ended September 30, 2010. Net income for the nine months ended September 30, 2011 was $3,577,000, or $0.52 per diluted share, as compared to $4,016,000, or $0.59 per diluted share, for the same period in 2010. Results reflect after tax expenses of $294,000 during the third quarter and $538,000 for the first nine months of 2011 associated with the acquisition of CBHC Financialcorp, Inc and its subsidiary Select Bank, compared to no activity during the same periods in 2010. The acquisition closed on August 1, 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 twelve full-service banking offices in eastern New Jersey.

"We are very pleased to welcome the customers of Select Bank to Ocean City Home Bank," said Steven E. Brady, President and CEO. "We completed the systems conversion and the integration of offices in mid-September, so now all of our customers are able to utilize our full branch network, which has expanded to 12 locations. With this acquisition, the Company has surpassed the $1.0 billion mark in total assets."

Balance Sheet Review

Total assets grew $181.8 million, or 21.6%, to $1,021.6 million at September 30, 2011 from December 31, 2010 including $123.6 million in net assets acquired from Select Bank. Loans receivable, net, increased $83.6 million, or 12.7%, to $743.9 million. The increase in loans receivable resulted from $82.9 million of loans acquired from Select Bank. Cash and cash equivalents increased $64.2 million to $175.0 million including $38.8 million acquired from Select Bank. Investments and mortgage-backed securities increased $26.0 million, or 109.4%, to $49.7 million. The increase resulted from $20.0 million in purchases of agency securities and $6.0 million of investments acquired from Select Bank.

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