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FORT WORTH, Texas, Nov. 4, 2010 (GLOBE NEWSWIRE) -- OmniAmerican Bancorp, Inc. (Nasdaq:OABC) (the "Company"), the holding company for OmniAmerican Bank, today reported earnings for the three and nine month periods ended September 30, 2010. Third quarter results include:
Net income of $201,000 for the quarter ended September 30, 2010, an increase of 105.1 percent compared to the same period in 2009.
A year-over-year improvement in net interest margin, contributing to a 13.6 percent increase in net interest income for the third quarter of 2010 compared with the same quarter last year;
Basic and diluted earnings per share of $0.02 per share for the quarter ended September 30, 2010.
Total stockholders' equity of $201.3 million at September 30, 2010, an increase of 120.7 percent compared to December 31, 2009.
The increase in net income for the quarter was primarily attributable to a $1.2 million increase in net interest income and a $518,000 decrease in noninterest expense, partially offset by a $1.0 million decrease in noninterest income and an $825,000 increase in the provision for loan losses. The combination of higher net interest income and lower noninterest expense resulted in an improvement in our efficiency ratio to 78.33 percent for the quarter ended September 30, 2010 from 83.20 percent for the prior year period.
Financial Condition as of September 30, 2010
Total assets remained unchanged at $1.13 billion at September 30, 2010 and December 31, 2009. Securities available for sale increased $152.0 million while cash and cash equivalents decreased $124.8 million and loans, net of the allowance for loan losses and deferred fees and discounts, decreased $30.5 million.
Cash and cash equivalents decreased $124.8 million, or 89.1 percent, to $15.3 million at September 30, 2010 from $140.1 million at December 31, 2009, primarily due to $231.4 million in cash used to purchase securities available for sale, $177.1 million used to originate and purchase loans and $15.4 million used to repay Federal Home Loan Bank advances, partially offset by $152.0 million in cash received from loan principal repayments, $81.6 million received from proceeds from sales, principal repayments and maturities of securities classified as available for sale, and $49.8 million of proceeds from the sales of loans during the nine months ended September 30, 2010.