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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.

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