This Day On The Street
Continue to site
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

OmniAmerican Bancorp, Inc. Announces Fourth Quarter And Annual 2010 Results

FORT WORTH, Texas, Feb. 14, 2011 (GLOBE NEWSWIRE) -- OmniAmerican Bancorp, Inc. (Nasdaq:OABC) (the "Company"), the holding company for OmniAmerican Bank, today reported earnings for the quarter and year ended December 31, 2010. Information at and for the three months and year ended December 31, 2010 is unaudited.

Fourth quarter results include net income of $316,000, and basic and diluted earnings per share of $0.03 per share, for the quarter ended December 31, 2010. This compares to net income of $98,000 for the same period in 2009, and represents an increase of 222.4%. Annualized returns on average stockholders' equity and average assets for the current quarter were 0.63% and 0.11%, respectively, compared to 0.42% and 0.04% for the fourth quarter of 2009.

The Company also reported annual earnings of $1.7 million, an increase of 153.0% over 2009 earnings of $655,000. Basic and fully diluted earnings per share were $0.14 for the year ended December 31, 2010. Returns on average stockholders' equity and average assets were 0.86% and 0.15%, respectively, for 2010 compared to 0.72% and 0.06% for 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 or year ended December 31, 2009. 

Financial Condition as of December 31, 2010 Compared with December 31, 2009

Total assets decreased $25.5 million, or 2.2%, to $1.11 billion at December 31, 2010 from $1.13 billion at December 31, 2009. The decrease reflects decreases in cash and cash equivalents of $115.5 million and loans, net of the allowance for loan losses and deferred fees and discounts, of $37.7 million, partially offset by increases in securities classified as available for sale of $107.4 million and bank-owned life insurance of $20.1 million.

Cash and cash equivalents decreased $115.5 million, or 82.4%, to $24.6 million at December 31, 2010 from $140.1 million at December 31, 2009. The decrease is due primarily to $243.5 million in cash used to purchase securities available for sale, $240.3 million used to originate and purchase loans, $25.4 million used to repay Federal Home Loan Bank advances, and $20.0 million in cash used to purchase bank-owned life insurance, partially offset by increases due to $210.6 million in cash received from loan principal repayments, $130.3 million received from proceeds from sales, principal repayments and maturities of securities, and $58.2 million of proceeds from the sales of loans during the year ended December 31, 2010.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,614.30 +173.71 1.00%
S&P 500 2,091.15 +23.51 1.14%
NASDAQ 5,086.6440 +46.8680 0.93%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs