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OmniAmerican Bancorp, Inc. Reports Second Quarter 2010 Earnings

FORT WORTH, Texas, Aug. 11, 2010 (GLOBE NEWSWIRE) -- OmniAmerican Bancorp, Inc. (Nasdaq:OABC) (the "Company"), the holding company for OmniAmerican Bank, announced financial results today for the three and six month periods ended June 30, 2010. Highlights for the second quarter of 2010 include:
  • Net income of $607,000 for the quarter ended June 30, 2010, an increase of 105.1 percent compared to the same period in 2009.  
  • Basic and diluted earnings per share of $0.06 per share for the quarter ended June 30, 2010.  
  • Total stockholders' equity of $200.9 million at June 30, 2010, an increase of 120.3 percent from December 31, 2009.  
  • Non-performing assets to total assets ratio of 1.30 percent at June 30, 2010 compared to 1.35 percent at December 31, 2009.

Net income for the quarter was positively impacted by a $1.5 million increase in net interest income, reflecting an improvement in the net interest margin, to 3.86 percent for the quarter ended June 30, 2010 from 3.48 percent for the quarter ended June 30, 2009, while net income was negatively impacted by a $550,000 increase in the provision for loan losses and a $488,000 decrease in noninterest income.

Earnings per share increased to $0.06 per share for the second quarter of 2010 from $0.03 per share for the first quarter of 2010, due primarily to the timing of the completion of the mutual to stock conversion. OmniAmerican Bank completed its mutual to stock conversion on January 20, 2010. If the conversion had been completed prior to January 1, 2010, earnings per share for the quarter ended March 31, 2010 would have been $0.05 per share.

Financial Condition as of June 30, 2010

Total assets remained unchanged at $1.13 billion at June 30, 2010 and December 31, 2009, primarily due to a $127.4 million increase in securities available for sale, offset by a $107.5 million decrease in cash and cash equivalents and an $18.2 million decrease in loans, net of the allowance for loan losses and deferred fees and discounts.

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