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Good News for local Ocean City Company

Ocean Shore Holding Co. Reports Record 3rd Quarter Earnings

 

OCEAN CITY, N.J.–(BUSINESS WIRE)– Ocean Shore Holding Co. (NASDAQ:OSHC) today announced quarterly net income of $1,313,000, or $0.16 per basic and diluted share, for the quarter ended September 30, 2009, as compared to $341,000, or $0.04 per basic and diluted share, for the quarter ended September 30, 2008. This represents the Company’s best quarterly performance since becoming a public company in 2004.

Net income for the nine months ended September 30, 2009 was $2,897,000, or $0.36 per share basic and diluted, as compared to $2,160,000, or $0.27 per share basic and diluted, for the same period in 2008.

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 ten full-service banking offices in eastern New Jersey including the recently opened de novo branch office in Galloway Township.

“We are very pleased with our results this quarter, especially in view of the continuing difficult economic conditions. While we are not immune from the effects of the recession, we believe that our results, particularly our low level of non-performing assets, speaks well for our conservative operating philosophy,” said Steven E. Brady, President and CEO.

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