Ocean Shore Holding 8-K Ocean Shore Holding Co. Reports 2nd Quarter Earnings

Exhibit 99.1

Contacts:

Steven E. Brady, President and CEO

Donald F. Morgenweck, CFO

(609) 399-0012

Press Release

Ocean Shore Holding Co. Reports 2nd Quarter Earnings

Ocean City, New Jersey – July 28, 2015 – Ocean Shore Holding Co. (NASDAQ: OSHC) today announced net income of $1,739,000, or $0.29 per diluted share, for the quarter ended June 30, 2015, as compared to $1,532,000, or $0.24 per diluted share, for the second quarter of 2014. Net income for the six months ended June 30, 2015 was $3,452,000, or $0.57 per diluted share, as compared to $3,119,000, or $0.48 per diluted share, for the same period in 2014.

Ocean Shore Holding Co. is the holding company for Ocean City Home Bank, a federal savings bank headquartered in Ocean City, New Jersey. Ocean City Home Bank operates a total of eleven full-service banking offices in eastern New Jersey.

In a separate release, the Company announced the redemption of $7 million principal amount of its 8.67% Capital Securities issued by Ocean Shore Capital Trust I, a wholly-owned subsidiary of the Company. The redemption date for the Capital Securities is August 26, 2015. The Company will pay a redemption premium of $91,000 to be recorded in the third quarter of 2015.

“Our second quarter results reflect sustained performance following our solid first quarter earnings,” said Steven E. Brady, President and CEO.   “We benefited from lower funding costs, an increase in fee income, and lower operating expenses.”

“With the redemption of our trust preferred securities, which we announced yesterday, net interest income will benefit from the reduction of annual interest expense of $607,000 without a significant reduction in our strong capital levels,” said Brady.

Balance Sheet Review

Total assets decreased $5.8 million, or 0.6%, to $1,019.0 million at June 30, 2015 from $1,024.8 million at December 31, 2014. Loans receivable, net, increased $6.8 million, or 0.9%, to $780.8 million at June 30, 2015 from $774.0 million at December 31, 2014. Investments and mortgage-backed securities increased $4.2 million, or 3.8%, to $115.6 million during the first six months of 2015. Cash and cash equivalents decreased $16.4 million, or 20.5%, to $63.9 million at June 30, 2015 from $80.3 million at December 31, 2014. Loan originations and other advances totaling $79.4 million were offset by payoffs and payments received of $72.6 million, resulting in a $6.8 million increase in the portfolio. The increase in investments and mortgage-backed securities resulted from purchases offset by normal repayments, calls and maturities. Cash and cash equivalents were used to fund the increase in loans and investments and deposit withdrawals.

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Deposits decreased $7.2 million, or 0.9%, to $779.9 million at June 30, 2015 from $787.1 million at December 31, 2014. Checking accounts increased $11.4 million, savings accounts increased $3.5 million, certificates of deposit decreased $628,000 and municipal deposits decreased $21.5 million at June 30, 2015 compared to December 31, 2014. Municipal deposits declined as a result of seasonal withdrawals. Total borrowings were unchanged at $117.2 million.

Stock Repurchase Plan

During the June 2015 quarter, the Company repurchased a total of 49,200 shares at a weighted average cost of $14.91. As of June 30, 2015, 16,400 shares remain to be purchased under the previously announced share repurchase plan.

Asset Quality

The provision for loan losses totaled $178,000 for the second quarter of 2015 compared to $50,000 for the second quarter of 2014 and $153,000 for the first quarter of 2015. The allowance for loan losses totaled $3.4 million, or 0.43% of total loans, at June 30, 2015 compared to $3.8 million, or 0.49% of total loans, at December 31, 2014. The Company experienced $699,000 in net charge-off activity for the first six months of 2015 as compared to $270,000 in net charge-off activity for the first six months of 2014.

Non-performing assets totaled $7.6 million, or 0.74% of total assets, at June 30, 2015, compared to $6.9 million, or 0.68% of total assets, at December 31, 2014. Non-performing assets consisted of seventeen real estate residential mortgages totaling $2.7 million, five real estate commercial mortgage totaling $1.6 million, one real estate construction mortgage totaling $143,000, six consumer equity loans totaling $489,000, nine TDR non-accrual loans totaling $1.5 million and six real estate owned properties totaling $1.2 million.

Income Statement Analysis

Net interest income increased $171,000, or 2.5%, to $7.1 million for the second quarter of 2015 compared to $6.9 million in the second quarter of 2014. Net interest margin increased 4 basis points in the quarter ended June 30, 2015 to 3.16% versus 3.12% for the quarter ended June 30, 2014 and decreased 3 basis points from 3.19% for the quarter ended March 31, 2015. The increase in net interest income in the second quarter of 2015 compared to the second quarter of 2014 resulted from an increase in average interest-earning assets of $8.8 million and a decrease in average interest-bearing liabilities of $86.4 million offset by a decrease of 5 basis points in the average yield on interest-earning assets. The average cost of interest-bearing liabilities remained stable at 0.94% over the comparable quarters.

Net interest income increased $302,000, or 2.2%, to $14.1 million for the first six months of 2015 compared to the same period in the prior year. Net interest margin increased 4 basis points for the six months ended June 30, 2015 to 3.18% versus 3.14% for the six months ended June 30, 2014. The increase in net interest income for the six month period was the result of a decrease in average interest-bearing liabilities of $82.8 million, an increase in average interest-earning assets of $9.9 million and a decrease in the average cost of interest-bearing liabilities of 1 basis point to 0.93%, offset by a decrease of 7 basis points in the average yield on interest-earning assets.

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Other income increased $47,000 to $1.1 million and $90,000 to $2.2 million for the second quarter and first six months of 2015, respectively, compared to the same periods in 2014. The increase in other income resulted from increases in deposit account fees and debit card commissions offset by decreases in other income over the prior periods.

Other expenses decreased $157,000, or 2.8%, to $5.4 million for the second quarter of 2015, compared to $5.5 million for the second quarter of 2014. Other expenses decreased $162,000, or 1.5%, to $10.8 million for the six months ended June 30, 2015, compared to $11.0 million for the six months ended June 30, 2014. For the second quarter of 2015 decreases in occupancy and equipment, REO and other expenses of $211,000 were offset by increases in salaries and benefits, FDIC insurance and marketing expenses of $54,000. For the six months ended June 30, 2015 decreases in occupancy and equipment, REO and other expenses of $286,000 were offset by increases in salaries and benefits, FDIC insurance and marketing expenses of $124,000.

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 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.

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SELECTED FINANCIAL CONDITION DATA (Unaudited)

	June 30,		December 31,
	2015		2014		% Change
	(Dollars in thousands)
Total assets	$	1,019,031	$	1,024,754		(0.6	)%
Cash and cash equivalents		63,853		80,307		(20.5	)
Investment securities		115,564		111,317		3.8
Loans receivable, net		780,789		774,017		0.9
Deposits		779,859		787,078		(0.9	)
FHLB advances		110,000		110,000		0.0
Subordinated debt		7,217		7,217		0.0
Stockholder’s equity		106,883		105,811		1.0

SELECTED OPERATING DATA (Unaudited)

	Three Months Ended June 30,							Six Months Ended June 30,
	2015		2014		% Change			2015		2014		% Change
	(In thousands, except per share and per share amounts)
Interest and dividend income	$	8,764	$	8,793		(0.3	)%	$	17,551	$	17,665		(0.6	)%
Interest expense		1,708		1,908		(10.5	)		3,403		3,819		(10.9	)
Net interest income		7,056		6,885		2.5			14,148		13,846		2.2
Provision for loan losses		178		50		256.0			331		138		139.9
Net interest income after provision for loan losses		6,878		6,835		0.6			13,817		13,708		0.8
Other income		1,133		1,086		4.3			2,182		2,092		4.3
Other expense		5,373		5,530		(2.8	)		10,814		10,976		(1.5	)
Income before taxes		2,638		2,391		10.3			5,185		4,824		7.5
Provision for income taxes		899		859		4.7			1,733		1,705		1.6
Net Income	$	1,739	$	1,532		13.5		$	3,452	$	3,119		10.7
Earnings per share basic	$	0.29	$	0.24				$	0.58	$	0.49
Earnings per share diluted	$	0.29	$	0.24				$	0.57	$	0.48
Average shares outstanding basic		5,920,475		6,361,499					5,952,732		6,386,799
Average shares outstanding diluted		6,036,007		6,495,037					6,062,866		6,507,498

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	Three Months Ended June 30, 2015					Three Months Ended June 30, 2014
	Average Balance		Yield/Cost			Average Balance		Yield/Cost
	(Dollars in thousands)
Loans	$	776,880		4.21	%	$	762,364		4.27	%
Investment securities		115,966		2.02	%		121,709		2.14	%
Total interest-earning assets		892,846		3.93	%		884,073		3.98	%
Interest-bearing deposits		607,339		0.41	%		690,693		0.36	%
Total borrowings		117,217		3.73	%		120,309		4.25	%
Total interest-bearing liabilities		724,556		0.94	%		811,002		0.94	%
Interest rate spread				2.98	%				3.04	%
Net interest margin				3.16	%				3.12	%

	Six Months Ended June 30, 2015					Six Months Ended June 30, 2014
	Average Balance		Yield/Cost			Average Balance		Yield/Cost
	(Dollars in thousands)
Loans	$	775,426		4.22	%	$	756,318		4.32	%
Investment securities		115,004		2.09	%		124,247		2.16	%
Total interest-earning assets		890,430		3.94	%		880,565		4.01	%
Interest-bearing deposits		613,601		0.40	%		693,324		0.37	%
Total borrowings		117,217		3.71	%		120,309		4.23	%
Total interest-bearing liabilities		730,818		0.93	%		813,633		0.94	%
Interest rate spread				3.01	%				3.07	%
Net interest margin				3.18	%				3.14	%

ASSET QUALITY DATA (Unaudited)

	Six Months Ended June 30, 2015			Year Ended December 31, 2014
	(Dollars in thousands)
Allowance for Loan Losses:
Allowance at beginning of period	$	3,760		$	4,199
Provision for loan losses		331			462
Charge-offs		(699	)		(977	)
Recoveries		–			76
Net charge-offs		(699	)		(901	)
Allowance at end of period	$	3,392		$	3,760
Allowance for loan losses as a percent of total loans		0.43	%		0.49	%
Allowance for loan losses as a percent of nonperforming loans		53.1	%		60.0	%

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	At June 30,   2015			At December 31, 2014
	(Dollars in thousands)
Nonperforming Assets:
Nonaccrual loans:
Real estate mortgage - residential	$	2,678		$	3,626
Real estate mortgage - commercial		1,580			803
Real estate mortgage - construction		143			143
Commercial business loans		–			501
Consumer loans		489			502
Total		4,890			5,575
Trouble debt restructurings - nonaccrual		1,496			694
Total nonaccrual loans		6,386			6,269
Real estate owned		1,193			650
Total nonperforming assets	$	7,579		$	6,919
Nonperforming loans as a percent of total loans		0.82	%		0.81	%
Nonperforming assets as a percent of total assets		0.74	%		0.68	%

SELECTED FINANCIAL RATIOS (Unaudited)

	Six Months Ended June 30,
	2015			2014
Selected Performance Ratios:
Return on average assets (1)		0.67	%		0.61	%
Return on average equity (1)		6.46	%		5.82	%
Interest rate spread (1)		3.01	%		3.07	%
Net interest margin (1)		3.18	%		3.14	%
Efficiency ratio		66.22	%		68.87	%

--(1) Annualized.

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OCEAN SHORE HOLDING COMPANY - QUARTERLY DATA (Unaudited)

	Q2 2015			Q1 2015			Q4 2014			Q3 2014			Q2 2014
	(In thousands except per share amounts)
Income Statement Data:
Net interest income	$	7,056		$	7,092		$	6,997		$	6,958		$	6,885
Provision for loan losses		178			153			200			125			50
Net interest income after provision for loan losses		6,878			6,939			6,797			6,833			6,835
Other income		1,133			1,049			1,052			1,102			1,086
Other expense		5,373			5,442			5,337			5,451			5,530
Income before taxes		2,638			2,546			2,512			2,484			2,391
Provision for income taxes		899			833			914			904			859
Net income	$	1,739		$	1,713		$	1,598		$	1,580		$	1,532
Share Data:
Earnings per share basic	$	0.29		$	0.29		$	0.26		$	0.25		$	0.24
Earnings per share diluted	$	0.29		$	0.28		$	0.26		$	0.25		$	0.24
Average shares outstanding basic		5,920,475			5,985,347			6,068,184			6,226,913			6,361,499
Average shares outstanding diluted		6,036,007			6,095,177			6,178,602			6,361,856			6,495,037
Total shares outstanding		6,257,899			6,251,912			6,393,344			6,469,943			6,759,423
Balance Sheet Data:
Total assets	$	1,019,031		$	1,029,809		$	1,024,754		$	1,040,029		$	1,013,305
Investment securities		115,564			114,830			111,317			114,927			119,899
Loans receivable, net		780,789			770,261			774,017			773,796			769,556
Deposits		779,859			792,891			787,078			804,552			770,831
FHLB advances		110,000			110,000			110,000			110,000			110,000
Subordinated debt		7,217			7,217			7,217			7,217			10,309
Stockholders’ equity		106,883			105,643			105,811			105,149			108,217
Asset Quality:
Non-performing assets	$	7,579		$	7,027		$	6,919		$	7,887		$	7,349
Non-performing loans to total loans		0.82	%		0.83	%		0.81	%		0.97	%		0.91	%
Non-performing assets to total assets		0.74	%		0.68	%		0.68	%		0.76	%		0.73	%
Allowance for loan losses	$	3,392		$	3,384		$	3,760		$	4,029		$	4,067
Allowance for loan losses to total loans		0.43	%		0.44	%		0.49	%		0.52	%		0.53	%
Allowance for loan losses to non-performing loans		53.1	%		52.7	%		60.0	%		53.7	%		58.0	%

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