This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs