OmniAmerican Bancorp, Inc. Announces Third Quarter 2010 Results
Stockholders' equity increased $110.1 million, or 120.7 percent, to $201.3 million at September 30, 2010 from $91.2 million at December 31, 2009, primarily due to the results of our initial public offering in January 2010, an increase in accumulated other comprehensive income of $2.5 million and net income of $1.3 million for the nine months ended September 30, 2010.
Non-performing assets increased $6.9 million, or 45.1 percent, to $22.2 million, or 1.97 percent of total assets, as of September 30, 2010, from $15.3 million, or 1.35 percent of total assets, as of December 31, 2009. The increase in non-performing assets was primarily attributable to increases of $4.4 million in other real estate owned and $2.6 million in commercial real estate loans on nonaccrual status.
Operating Results for the Three Months Ended September 30, 2010
Net income increased to $201,000, or $0.02 per share, for the three months ended September 30, 2010, compared to $98,000 for the three months ended September 30, 2009. OmniAmerican Bank completed its mutual to stock conversion on January 20, 2010. Therefore, no per share comparison information has been provided for the quarter ended September 30, 2009.Net interest income increased by $1.2 million, or 13.6 percent, to $10.0 million for the quarter ended September 30, 2010 from $8.8 million for the quarter ended September 30, 2009, primarily due to a decrease in total interest expense, partially offset by a decrease in total interest income. Total interest expense decreased by $994,000, or 21.6 percent, to $3.6 million for the quarter ended September 30, 2010 from $4.6 million for the quarter ended September 30, 2009, primarily due to a 45 basis point decrease in the average rate paid on interest-bearing liabilities. Total interest income increased $219,000, or 1.6 percent, to $13.5 million for the quarter ended September 30, 2010 from $13.3 million for the quarter ended September 30, 2009, primarily due to a 11.1 percent increase in the average balance of interest-earning assets, partially offset by a 48 basis point decrease in the average yield on interest-earning assets.
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