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OmniAmerican Bancorp, Inc. Announces Third Quarter 2010 Results

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements.

 
OmniAmerican Bancorp, Inc. and Subsidiary Consolidated Balance Sheets (Unaudited) (Dollars in thousands, except per share data)
 
  September 30,  2010  December 31,  2009 
ASSETS    
     
Cash and cash equivalents  $ 15,268  $ 140,144
Investments:    
Securities available for sale at fair value  362,410  210,421
Other  3,604  3,850
Loans held for sale  426  241
     
Loans, net of deferred fees and discounts  676,953  706,455
Less allowance for loan losses   (9,306)   (8,328)
Loans, net  667,647  698,127
Premises and equipment, net  48,364  50,951
Other real estate owned  11,163  6,762
Mortgage servicing rights  1,309  1,168
Deferred tax asset, net  5,556  7,514
Accrued interest receivable  3,754  3,523
Other assets   6,736   11,226
     
Total assets  $ 1,126,237  $ 1,133,927
     
LIABILITIES AND EQUITY CAPITAL    
     
Deposits:    
Noninterest-bearing  $ 67,908  $ 75,628
Interest-bearing   731,963   834,338
Total deposits  799,871  909,966
     
Federal Home Loan Bank advances  51,000  66,400
Other secured borrowings  58,075  58,000
Accrued expenses and other liabilities   15,971   8,405
Total liabilities  924,917  1,042,771
     
Commitments and contingencies    
     
Stockholders' equity:    
Common stock, par value $0.01 per share; 100,000,000 shares authorized; 11,902,500 shares issued and outstanding at September 30, 2010, 0 shares issued and outstanding at December 31, 2009  119  —
Additional paid-in capital  115,446  —
Unallocated ESOP Shares  (9,236)  —
Retained earnings  91,896  90,555
Accumulated other comprehensive income   3,095   601
Total stockholders' equity   201,320   91,156
     
Total liabilities and stockholders' equity  $ 1,126,237  $ 1,133,927
 
 
OmniAmerican Bancorp, Inc. and Subsidiary Consolidated Statements of Income (Unaudited) (Dollars in thousands, except per share data)
 
  Three Months Ended  September 30,  Nine Months Ended  September 30, 
   2010   2009   2010   2009 
     
Interest income:        
Loans, including fees  $ 10,705  $ 11,208 $ 32,022 $ 34,003
Securities – taxable  2,831  2,094  8,106  6,874
Securities – nontaxable   6   21  31  97
Total interest income  13,542  13,323  40,159  40,974
         
Interest expense:        
Deposits  2,393  3,003  7,269  10,098
Borrowed funds   1,183   1,567  3,280  5,635
Total interest expense   3,576   4,570  10,549  15,733
         
Net interest income  9,966  8,753  29,610  25,241
         
Provision for loan losses   2,750   1,925  5,000  4,325
         
Net interest income after provision for loan losses   7,216   6,828  24,610  20,916
         
Noninterest income:        
Service charges and other fees  2,578  2,596  7,747  7,963
Net gains on sales and calls of securities available for sale  13  1,159  104  2,263
Net gains on sales of loans  455  297  1,080  1,278
Net (losses) gains on sales of repossessed assets  (40)  36  (15)  46
Net gains (losses) on disposition of premises and equipment  —  3  —  (2)
Commissions  162  154  483  585
Other income   283   258  747  732
Total noninterest income  3,451  4,503  10,146  12,865
         
Noninterest expense:        
Salaries and benefits  4,971  5,241  16,013  15,742
Software and equipment maintenance  575  733  2,200  2,039
Depreciation of furniture, software and equipment  793  923  2,384  2,874
FDIC insurance  434  527  1,282  1,683
Service fees  150  209  548  658
Communications costs  165  257  637  770
Other operations expense  1,244  1,046  3,374  2,765
Occupancy  917  964  2,844  2,843
Professional and outside services  989  922  2,831  2,511
Loan servicing  71  119  199  312
Marketing   201   87  669  333
Total noninterest expense   10,510   11,028  32,981  32,530
         
Income before income tax expense  157  303  1,775  1,251
Income tax (benefit) expense   (44)   205  434  694
Net income  $ 201  $ 98 $ 1,341 $ 557
         
Earnings per share:        
Basic  $ 0.02  N/A  $ 0.11 (1)  N/A
Diluted  $ 0.02  N/A  $ 0.11 (1)  N/A
         
(1) Calculated from the effective date of January 20, 2010.        
   
   
OmniAmerican Bancorp, Inc. and Subsidiary Selected Consolidated Financial Ratios and Other Data (Unaudited)  
   
  At or For the Three Months Ended  September 30,  At or For the Nine Months Ended  September 30,   
   2010   2009   2010   2009   
       
Performance Ratios:          
Return on average assets (1)  0.07%  0.04%  0.16%  0.07%  
Return on average equity (1)  0.40%  0.43%  0.95%  0.82%  
Interest rate spread (2)  3.44%  3.47%  3.50%  3.23%  
Net interest margin (3)  3.78%  3.68%  3.82%  3.46%  
Efficiency ratio (4)  78.33%  83.20%  82.96%  85.37%  
Noninterest expense to average total assets (1)  3.70%  4.29%  3.94%  4.14%  
Average interest-earning assets to average interest-bearing liabilities  124.51%  111.13%  124.32%   110.80%  
Average equity to average total assets  17.82%  8.96%  16.88%  8.67%  
           
Selected Balance Sheet Ratios:          
Book value per share (5) $ 16.91  N/A $ 16.91  N/A  
Stockholders' equity to total assets  17.88%  9.08%  17.88%  9.08%  
           
Asset Quality Ratios:          
Non-performing assets to total assets  1.97%  1.47%  1.97%  1.47%  
Non-performing loans to total loans  1.62%  0.76%  1.62%  0.76%  
Allowance for loan losses to non-performing loans  84.93%  158.36%   84.93%   158.36%  
Allowance for loan losses to total loans  1.37%  1.20%  1.37%  1.20%  
Net charge-offs to average loans outstanding (1)  0.85%   1.27%  0.78%  0.76%  
           
(1) Ratios are annualized.
(2) The interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities for the period.
(3) The net interest margin represents net interest income as a percent of average interest-earning assets for the period.
(4) The efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income.
(5) Book value per share is equal to stockholders' equity divided by number of shares issued (11,902,500)
CONTACT:  OmniAmerican Bancorp, Inc.
          Keishi High, Investor Relations Officer
          817-367-4640
          Keishi.High@OmniAmerican.com

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