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 4th Quarter 2012 And Year-End Results

Ocean Shore Holding Co. (NASDAQ: OSHC) today announced net income of $1,158,000, or $0.18 per basic and diluted share, for the quarter ended December 31, 2012 as compared to $1,481,000, or $0.22 per basic and diluted share, for the same quarter last year. For the full year ended December 31, 2012, net income was $5,001,000, or $0.75 per basic share and $0.74 per diluted share, as compared to $5,058,000, or $0.75 per basic share and $0.74 per diluted share, for 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.

"Net income for the fourth quarter remained on par with the third quarter, but declined from the prior year fourth quarter primarily as a result of increased credit costs and tightening of our net interest margin in this challenging interest rate environment," said Steven E. Brady, President and CEO. "For the full year, net income remained essentially level with the prior year.”

“The current low interest rate environment has prompted a high level of refinance activity that has offset our strong loan origination in other areas of the portfolio. The short-term impact has been a reduction in our loan portfolio and some compression of our net interest margin. However, our high level of liquidity and the short duration of our investment portfolio position us well for a rising rate environment. Asset quality remains strong, although we continue to see the lingering effects of the 2008 recession. Hurricane Sandy caused only moderate damage in our market area, but it was serious enough to warrant boosting our loan loss provision in the fourth quarter."

Balance Sheet Review

Total assets grew $50.8 million, or 5.1%, to $1,045.5 million at December 31, 2012 from December 31, 2011. Loans receivable, net, decreased $23.7 million, or 3.3%, to $703.9 million at December 31, 2012 from December 31, 2011. Investments and mortgage-backed securities increased $64.0 million, or 121.4%, to $116.8 million at December 31, 2012 from December 31, 2011. Cash and cash equivalents increased $7.8 million, or 5.0%, to $163.4 million at December 31, 2012 from December 31, 2011. The decrease in total net loans resulted from loan originations and other advances totaling $169.3 million offset by payoffs and payments received of $193.0 million. The increase in investments and mortgage-backed securities resulted from new purchases of short duration agency investments of $93.2 million offset by normal repayments, calls and payoffs of $29.2 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
Only $9.95
14-Days Free
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 18,091.32 +53.35 0.30%
S&P 500 2,114.48 +5.56 0.26%
NASDAQ 5,055.8560 -4.39 -0.09%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs