Ocean Shore Holding Co. Reports 4th Quarter 2011 And Year-End Results

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 Review

Total 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.

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