Ocean Shore Holding Co. (NASDAQ: OSHC) today announced net income of $1,481,000, or $0.22 per basic and diluted share, for the quarter ended December 31, 2011 as compared to $1,428,000, or $0.21 per basic and diluted share, for the same quarter last year. For the full year ended December 31, 2011, net income was $5,058,000, or $0.75 per basic share and $0.74 per diluted share, as compared to $5,444,000, or $0.80 per basic and diluted share, for 2010. Results reflect after tax expenses of $48,000 during the fourth quarter and $586,000 for the full year ended December 31, 2011 associated with the acquisition of CBHC Financialcorp, Inc. and its subsidiary Select Bank, compared to no similar expense 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 report strong results for 2011," said Steven E. Brady, President and CEO. "Net income, which was again over $5.0 million, dipped slightly compared to last year due to the additional expenses incurred in connection with the acquisition of Select Bank. We completed the integration in the third quarter, so we look forward to seeing the benefit of the transaction in our full 2012 results."
Balance Sheet ReviewTotal assets grew $155.1 million, or 18.5%, to $994.9 million at December 31, 2011 from December 31, 2010. Loans receivable, net, increased $67.5 million, or 10.2%, to $727.9 million. The acquisition of Select Bank contributed $84.1 million of loans. Excluding the effects of the acquisition, the loan portfolio contracted slightly as repayments exceeded new originations due to lower loan demand. Cash and cash equivalents increased $44.8 million to $155.7 million while investments and mortgage-backed securities increased $29.0 million, or 122.3%, to $52.7 million, both increases primarily a result of the contributions of the acquisition of Select Bank.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV