This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Ocean Shore Holding Co. Reports 2nd Quarter Earnings

Stocks in this article: OSHC

Ocean Shore Holding Co. (NASDAQ: OSHC) today announced net income of $1,297,000, or $0.19 per diluted share, for the quarter ended June 30, 2012, as compared to $1,158,000, or $0.17 per diluted share, for the second quarter of 2011. Net income for the six months ended June 30, 2012 was $2,651,000, or $0.39 per diluted share, as compared to $2,362,000, or $0.35 per diluted share, for the same period in 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 twelve full-service banking offices in eastern New Jersey.

“Midway through the year, we are pleased with how we have fared in this uncertain economy,” said Steven E. Brady, President and CEO. “Notwithstanding the challenging interest rate environment and the high level of cash we are currently carrying on our balance sheet, our net interest income and net income has improved over the comparable quarter of the prior year and has declined only slightly from the first quarter of 2012. Finding quality loans remains a challenge, but we have not strayed from our goal of being our area’s premier lender and are maintaining the liquidity that will enable us to fulfill that mission. We are also pleased with the success we have had this year in reducing non-performing assets. This quarter we reduced non-performing assets, which were already low by industry standards, by $1.4 million to just 0.52% of total assets."

Balance Sheet Review

Total assets grew $31.5 million, or 3.2%, to $1,026.3 million at June 30, 2012 from December 31, 2011. Loans receivable, net, decreased $25.9 million, or 3.6%, to $701.7 million at June 30, 2012 from $727.6 million at December 31, 2011. Investment and mortgage-backed securities increased $39.8 million, or 75.4%, to $92.5 million during the first half of 2012. Cash and cash equivalents increased $18.2 million, or 11.7%, to $173.9 million at June 30, 2012 from December 31, 2011. The decrease in total net loans resulted from loan originations and other advances totaling $82.8 million offset by payoffs and payments received of $107.8 million. The increase in investments and mortgage-backed securities resulted from new purchases of short duration agency investments of $61.0 million offset by normal repayments, calls and payoffs of $21.2 million. Cash and cash equivalents increase resulted from increased deposit activity and cash flow from loans offset by increased investment activity.

1 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs