This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Ocean Shore Holding Co. Reports 3rd Quarter Earnings

Ocean Shore Holding Co. (NASDAQ: OSHC) today announced net income of $1,192,000, or $0.18 per diluted share, for the quarter ended September 30, 2012, as compared to $1,215,000, or $0.18 per diluted share, for the quarter ended September 30, 2011. Net income for the nine months ended September 30, 2012 was $3,843,000, or $0.57 per diluted share, as compared to $3,577,000, or $0.52 per diluted share, for the same period in 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.

“Earnings for the quarter were strong,” said Steven E. Brady, President and CEO, “although lagging slightly behind our prior quarter as heavy refinancing activity put pressure on our net interest margin. Intense competition and the interest rate environment have prompted another re-financing boom that has led to increased pay-offs in our portfolio.”

“Asset quality remains very strong as non-performing assets were $5.7 million, or 0.53% of total assets, at September 30, 2012, compared to $6.6 million, or 0.66%, at December 31, 2011.”

Balance Sheet Review

Total assets grew $66.8 million, or 6.7%, to $1,061.5 million at September 30, 2012 from December 31, 2011. Loans receivable, net, decreased $36.0 million, or 4.9%, to $691.6 million at September 30, 2012 from $727.6 million at December 31, 2011. Investment and mortgage-backed securities increased $41.6 million, or 78.8%, to $94.3 million during the first nine months of 2012. Cash and cash equivalents increased $59.1 million, or 38.0%, to $214.8 million at September 30, 2012 from December 31, 2011. The decrease in total net loans resulted from loan originations and other advances totaling $116.6 million offset by payoffs and payments received of $152.7 million. The increase in investments and mortgage-backed securities resulted from new purchases of short duration agency investments of $62.8 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

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,135.72 +38.82 0.21%
S&P 500 2,101.04 +2.51 0.12%
NASDAQ 4,982.8090 +15.6680 0.32%

Partners Compare Online Brokers

Free Reports

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