This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

OmniAmerican Bancorp, Inc. Announces Third Quarter 2010 Results

The provision for loan losses increased by $825,000, or 43.4 percent, to $2.8 million for the quarter ended September 30, 2010 from $1.9 million for the quarter ended September 30, 2009, primarily due to an increase in the specific allowances for loan losses on impaired loans. The increase in the specific allowances for loan losses on impaired loans reflects management's response to an increase in the balance of impaired loans and reductions in the appraised values of the collateral underlying the loans. Included in the allowance for loan losses at September 30, 2010 were specific allowances for loan losses of $2.9 million related to impaired loans with balances totaling $11.5 million, while $452,000 of specific allowances for loan losses related to impaired loans with balances totaling $2.5 million at September 30, 2009. In addition, $18.0 million and $6.6 million of impaired loans did not require specific allowances for loan losses at September 30, 2010 and September 30, 2009, respectively. Net charge-offs decreased $850,000, to $1.4 million for the three months ended September 30, 2010 from $2.3 million for the three months ended September 30, 2009. The allowance for loan losses was $9.3 million, or 1.37 percent of total loans receivable, at September 30, 2010, compared to $8.3 million, or 1.18 percent of total loans receivable, at December 31, 2009. 

Noninterest income decreased $1.0 million, or 22.2 percent, to $3.5 million for the quarter ended September 30, 2010 from $4.5 million for the quarter ended September 30, 2009, primarily due to a $1.1 million decrease in net gains on sales of securities available for sale, partially offset by a $158,000 increase in net gains on sales of loans.

Noninterest expense decreased $518,000, or 4.7 percent, to $10.5 million for the quarter ended September 30, 2010 from $11.0 million for the quarter ended September 30, 2009, primarily due to a $270,000 decrease in salaries and benefits expense, a $158,000 decrease in software and equipment maintenance, and a $130,000 decrease in depreciation of furniture, software and equipment, partially offset by a $198,000 increase in other operations expense. The decrease in salaries and benefits expense was due primarily to a reduction in incentive compensation expense. The decrease in software and equipment maintenance expense resulted from a reduction in maintenance expenses related to our ATMs as we renegotiated the contract with our vendor. The decrease in depreciation of furniture, software and equipment was primarily due to assets being fully depreciated. The increase in other operations expense was primarily due to a $303,000 increase in property tax, repairs and maintenance and other expenses related to other real estate owned properties. 

4 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,678.70 +6.10 0.03%
S&P 500 2,055.93 +4.11 0.20%
NASDAQ 4,769.1040 +11.2250 0.24%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs