OmniAmerican Bancorp, Inc. Announces Third Quarter 2010 Results
Noninterest income decreased $2.8 million, or 21.7 percent, to $10.1 million for the nine months ended September 30, 2010 from $12.9 million for the nine months ended September 30, 2009, primarily due to a $2.2 million decrease in net gains on sales and calls of securities available for sale, a $216,000 decrease in service charges and other fees, primarily related to a decline in non-sufficient funds fee income, and a $198,000 decline in net gains on sales of loans.
Noninterest expense increased $451,000, or 1.4 percent, to $33.0 million for the nine months ended September 30, 2010 from $32.5 million for the nine months ended September 30, 2009, primarily due to a $609,000 increase in other operations expense, a $336,000 increase in marketing expense, a $320,000 increase in professional and outside services, and a $271,000 increase in salaries and employee benefits, partially offset by a $490,000 decrease in depreciation expense on furniture, software and equipment and a $401,000 decrease in FDIC insurance expense. The increase in other operating expenses was primarily due to a $634,000 increase in property tax, repairs and maintenance and other expenses related to other real estate owned properties. The increase in marketing expense was due primarily to a debit card rewards program offered to our customers. The increase in professional and outside services expense can be primarily attributed to higher accounting, legal and consulting expenses to meet the reporting and compliance requirements of being a publicly-traded company. The increase in salaries and employee benefits was due primarily to annual wage adjustments effective January 1, 2010, severance expenses related to the termination of certain employees and compensation costs related to the employee stock ownership plan which became effective on January 1, 2010. The decrease in depreciation expense on furniture, software and equipment for the nine months ended September 30, 2010 compared to the nine months ended September 30, 2009 was primarily attributable to assets fully depreciated at December 31, 2009. The decrease in the FDIC insurance assessment for the nine months ended September 30, 2010 compared to the nine months ended September 30, 2009 was primarily attributable to a $478,000 special assessment incurred in the prior year period.
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