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OmniAmerican Bancorp, Inc. Announces Third Quarter 2010 Results

Operating Results for the Nine Months Ended September 30, 2010

Net income increased to $1.3 million, or $0.11 per share, for the nine months ended September 30, 2010, compared to $557,000 for the nine 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 nine months ended September 30, 2009. 

Net interest income increased by $4.4 million, or 17.5 percent, to $29.6 million for the nine months ended September 30, 2010 from $25.2 million for the nine months 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 $5.2 million, or 33.1 percent, to $10.5 million for the nine months ended September 30, 2010 from $15.7 million for the nine months ended September 30, 2009, primarily due to a 70 basis point decrease in the average rate paid on interest-bearing liabilities and a 5.3 percent decrease in the average balance of interest-bearing liabilities. Total interest income decreased $815,000, or 2.0 percent, to $40.2 million for the nine months ended September 30, 2010 from $41.0 million for the nine months ended September 30, 2009, primarily due to a 43 basis point decrease in the average yield on interest-earning assets, partially offset by a 6.2 percent increase in the average balance of interest-earning assets. 

The provision for loan losses increased by $675,000, or 15.7 percent, to $5.0 million for the nine months ended September 30, 2010 from $4.3 million for the nine months 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 $123,000, to $4.0 million for the nine months ended September 30, 2010 from $4.1 million for the nine 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. 

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