8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 27, 2010

OCEAN SHORE HOLDING CO.

(Exact name of registrant as specified in its charter)

New Jersey	0-53856	80-0282446
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)

1001 Asbury Avenue, Ocean City, New Jersey 08226

(Address of principal executive offices) (Zip Code)

(609) 399-0012

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On April 27, 2010, Ocean Shore Holding Co. issued a news release announcing its financial results for the quarter ended March 31, 2010. A copy of the news release is included as Exhibit 99.1 to this report.

Item 9.01 Financial Statements and Exhibits.

Exhibits

Number	Description
99.1	Press Release Dated April 27, 2010

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

	OCEAN SHORE HOLDING CO.
	(Registrant)
Date: April 27, 2010	By:	/S/    DONALD F. MORGENWECK
		Donald F. Morgenweck
		Senior Vice President and
		Chief Financial Officer

EX-99.1

Exhibit 99.1

Contacts:

Steven E. Brady, President and CEO

Donald F. Morgenweck, CFO

(609) 399-0012

Press Release

Ocean Shore Holding Co. Reports 1st Quarter 2010 Earnings

Ocean City, New Jersey - April 27, 2010 – Ocean Shore Holding Co. (NASDAQ: OSHC) today announced net income of $1.3 million for the quarter ended March 31, 2010. This represents a 46.4% increase over the $913,000 earned in the first quarter of 2009. Basic and diluted earnings per share were $0.20, compared to $0.13 in the same period last year. Results of the first quarter of 2009 reflect the impact of other-than-temporary impairment charges of $303,000 (net of tax) compared to no impairment activity in the first quarter of 2010.

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.

“We are proud to report growth in net income and earnings per share for the first quarter of 2010,” said Steven E. Brady, President and CEO. “We have worked hard to build a strong and stable franchise, and we are pleased to see the results of this effort during the current economic environment.”

Balance Sheet Review

Total assets grew $11.1 million, or 1.4%, to $781.2 million at March 31, 2010 from December 31, 2009. Loans receivable, net, grew $2.7 million, or 0.4%, to $666.3 million, while investment and mortgage-backed securities declined $1.9 million, or 6.3%, to $27.6 million during the first quarter of 2010. Cash and cash equivalents grew $9.0 million, or 27.4%, to $42.1 million at March 31, 2010 from December 31, 2009. Growth in the loan portfolio included increases in real estate construction loans of $4.7 million and consumer loans of $654,000 offset by decreases in real estate mortgage loans of $2.1 million and commercial loans of $467,000. The decrease in investments and mortgage-backed securities resulted from normal maturity and repayment activity. Cash and cash equivalents growth resulted from increased deposit activity.

Deposits grew $9.6 million, or 1.8%, to $547.0 million at March 31, 2010 from December 31, 2009. The Company continued its focus on core deposits, which increased $8.7 million, or 2.7%, to $332.1 million. Certificates of deposit increased $838,000, or 0.4%, to $214.9 million at March 31, 2010 compared to year-ended 2009. Total borrowings were unchanged at $125.5 million for the quarter-ended March 31, 2010.

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Asset Quality

Non-performing assets increased $635,000, or 32.7%, to $2.6 million at March 31, 2010 from December 31, 2009 resulting from an increase in the number of non-performing loans from 13 at December 31, 2009 to 14 at March 31, 2010. Non-performing loans totaled 0.37% of total loans at March 31, 2010 compared to 0.28% at December 31, 2009. The allowance for loan losses was 0.54% of total loans at March 31, 2010 compared to 0.52% at December 31, 2009 and 0.46% of total loans at March 31, 2009. The Company experienced $26,000 in charge-off activity for the first quarter of 2010 compared to no activity during the same period in 2009.

Income Statement Analysis

Net interest income increased $830,000, or 16.1%, to $6.0 million for the first quarter of 2010 compared to $5.2 million in the first quarter of 2009. Net interest margin increased 4 basis points in the quarter ended March 2010 to 3.46% versus 3.42% for the quarter ended December 2009 and 25 basis points from 3.21% for the quarter ended March 2009. The growth in net interest income in the first quarter of 2010 compared to the first quarter of 2009 was the result of an increase in average interest-earning assets of $50.2 million and a decrease of 45 basis points in the average cost of interest-bearing liabilities to 2.26%. These changes were offset by an increase in average interest-bearing liabilities of $56.4 million and a decrease of 11 basis points in the average yield on interest-earning assets to 5.49%.

Other income increased $606,000 to $807,000 for the first quarter of 2010 compared to $201,000 in the first quarter of 2009. Excluding the effect of other than temporary impairment charges of $486,000 recorded in the first quarter of 2009, other income increased $120,000, or 16.5%, over the prior year. The increases in other income resulted from increases in deposit account fees, cash surrender value of life insurance and debit card commissions over the prior period.

Other expenses increased $712,000, or 19.0%, to $4.5 million during the first quarter of 2010 compared to the first quarter of 2009. The increases were due to the opening of the Company’s tenth branch office in the fourth quarter of 2009 and increases in FDIC insurance, marketing, salary and computer processing related expenses and decreases in qualified deferred costs associated with closed loans.

This press release, as well as other written communications made from time to time by the Company and its subsidiaries and oral communications made from time to time by authorized officers of the Company, may contain statements relating to the future results of the Company (including certain projections and business trends) that are considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the PSLRA). Such forward-looking statements may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” “intend” and “potential.” For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the PSLRA.

The Company cautions you that a number of important factors could cause actual results to differ materially from those currently anticipated in any forward-looking statement. Such factors include, but are not limited to: prevailing economic and geopolitical conditions; changes in interest rates, loan demand, real estate values and competition; changes in accounting principles, policies, and guidelines; changes in any applicable law, rule, regulation or practice with respect to tax or legal issues; and other economic, competitive, governmental, regulatory and technological factors affecting the Company’s operations, pricing, products and services and other factors that

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may be described in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this release, and, except as may be required by applicable law or regulation, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

SELECTED FINANCIAL CONDITION DATA (Unaudited)

	March 31, 2010		December 31, 2009		% Change
	(Dollars in thousands)
Total assets	$	781,207	$	770,145	1.4	%
Cash and cash equivalents		42,073		33,028	27.4
Investment securities		27,576		29,427	(6.3	)
Loans receivable, net		666,323		663,663	0.4
Deposits		546,988		537,422	1.8
FHLB advances		110,000		110,000	0.0
Subordinated debt		15,464		15,464	0.0
Stockholder’s equity		98,562		97,335	1.3

SELECTED OPERATING DATA (Unaudited)

	Three Months Ended March 31,
	2010		2009			% Change
	(Dollars in thousands, except per share and share amounts)
Interest and dividend income	$	9,505	$	8,992		5.7	%
Interest expense		3,524		3,841		(8.2	)
Net interest income		5,981		5,151		16.1
Provision for loan losses		152		152		0.0
Net interest income after provision for loan losses		5,829		4,999		16.5
Other income		807		687		17.5
Impairment on investment securities		—		(486	)	N/M
Other expense		4,452		3,741		19.0
Income before taxes		2,184		1,459		49.7
Provision for income taxes		848		546		55.3
Net income	$	1,336	$	913		46.4
Earnings per share basic	$	0.20	$	0.13		53.8
Earnings per share diluted	$	0.20	$	0.13		53.8
Average shares outstanding basic		6,818,485		7,059,645
Average shares outstanding diluted		6,836,588		7,119,894

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	Three Months Ended March 31, 2010				Three Months Ended March 31, 2009
	Average Balance		Yield/Cost		Average Balance		Yield/Cost
	(Dollars in thousands)
Loans	$	663,763	5.44	%	$	605,251	5.59	%
Investment securities		28,474	6.66	%		36,741	5.77	%
Interest-bearing deposits		497,774	1.63	%		418,857	2.21	%
Total borrowings		125,464	4.77	%		147,981	4.13	%
Interest rate spread			3.23	%			2.89	%
Net interest margin			3.46	%			3.21	%

ASSET QUALITY DATA (Unaudited)

	Three Months Ended March  31, 2010			Year Ended December 31, 2009
	(Dollars in thousands)
Allowance for Loan Losses:
Allowance at beginning of period	$	3,476		$	2,684
Provision for loan losses		152			1,251
Charge-offs		26			460
Recoveries		0			1
Net charge-offs		(26	)		(459	)
Allowance at end of period	$	3,601		$	3,476
Allowance for loan losses as a percent of total loans		0.54	%		0.52	%
Allowance for loan losses as a percent of nonperforming loans		139.7	%		188.4	%

	At March 31, 2010			At December 31, 2009
	(Dollars in thousands)
Nonperforming Assets:
Nonaccrual loans:
Real estate mortgage - residential	$	2,017		$	1,593
Real estate mortgage - commercial		276			139
Commercial business loans		99			22
Consumer loans		87			91
Total		2,479			1,845
Real estate owned		98			98
Other nonperforming assets		0			0
Total nonperforming assets	$	2,577		$	1,943
Nonperforming loans as a percent of total loans		0.37	%		0.28	%
Nonperforming assets as a percent of total assets		0.33	%		0.25	%

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SELECTED FINANCIAL RATIOS (Unaudited)

	Three Months Ended March 31,
	2010		2009
Selected Performance Ratios:
Return on average assets (1)	0.68	%	0.53	%
Return on average equity (1)	5.43	%	5.57	%
Interest rate spread (1)	3.23	%	2.89	%
Net interest margin (1)	3.46	%	3.21	%
Efficiency ratio	65.60	%	69.93	%

(1) Annualized.

OCEAN SHORE HOLDING COMPANY - QUARTERLY DATA

	Q1 2010			Q4 2009			Q3 2009			Q2 2009			Q1 2009
	(In thousands except per share amounts)
Income Statement Data:
Net interest income	$	5,981		$	5,900		$	5,757		$	5,379		$	5,151
Provision for loan losses		152			357			490			252			152
Net interest income after provision for loan losses		5,829			5,543			5,267			5,127			4,999
Other income		807			854			790			771			686
Impairment on investment securities		—			—			—			(592	)		(486	)
Other expense		4,452			4,248			3,939			4,206			3,741
Income before taxes		2,184			2,149			2,118			1,100			1,459
Provision for income taxes		848			835			805			429			546
Net income		1,336			1,314			1,313			671			913
Share Data:
Earnings per share basic	$	0.20		$	0.19		$	0.19		$	0.10		$	0.13
Earnings per share diluted	$	0.20		$	0.19		$	0.18		$	0.09		$	0.13
Average shares outstanding basic		6,818,615			7,051,468			7,080,802			7,064,637			7,059,645
Average shares outstanding diluted		6,836,718			7,081,593			7,124,025			7,124,104			7,119,894
Balance Sheet Data:
Total assets	$	781,207		$	770,145		$	742,630		$	724,246		$	699,980
Investment securities		27,576			29,427			30,336			32,326			36,137
Loans receivable, net		666,323			663,663			655,532			636,559			617,599
Deposits		546,988			537,422			532,843			490,469			477,463
FHLB advances		110,000			110,000			117,900			142,900			133,100
Subordinated debt		15,464			15,464			15,464			15,464			15,464
Stockholder’s equity		98,562			97,335			67,402			65,859			64,578
Asset Quality:
Non-performing assets	$	2,578		$	1,943		$	2,683		$	4,569		$	1,445
Non-performing loans to total loans		0.37	%		0.28	%		0.41	%		0.72	%		0.23	%
Non-performing assets to total assets		0.33	%		0.25	%		0.36	%		0.63	%		0.21	%
Allowance for loan losses	$	3,601		$	3,476		$	3,478		$	3,089		$	2,837
Allowance for loan losses to total loans		0.54	%		0.52	%		0.53	%		0.49	%		0.46	%
Allowance for loan losses to non-performing loans		139.70	%		188.4	%		137.70	%		67.5	%		196.3	%

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