Ocean Store Holding Co. in Ocean City, N.J., reported late Wednesday that its third-quarter earnings fell 16% from a year earlier, to $1.2 million, due to expenses tied to an acquisition.
The $1 billion-asset company said that other expenses rose 28% from a year earlier, to $5.5 million, because of acquisition-related costs that it incurred at buying CBCH Financialcorp on Aug. 1.
The acquisition resulted in a 13% increase in loans receivable from a year earlier, to $743.9 million. The loan-loss provision rose 13% from a year earlier, to $141,000. Investments and mortgage-backed securities more than doubled from the third quarter of 2010, to $49.7 million, including $20 million from the purchase of agency securities.
The company's net interest margin expended 16 basis points from a year earlier, to 3.55%.
