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OmniAmerican Bancorp, Inc. Reports Fourth Quarter And Annual 2012 Results

Stocks in this article: OABC

FORT WORTH, Texas, Feb. 28, 2013 (GLOBE NEWSWIRE) -- OmniAmerican Bancorp, Inc. (Nasdaq:OABC), the holding company for OmniAmerican Bank, today announced financial results for the fourth quarter and year ended December 31, 2012. The financial information contained herein at and for the three months and year ended December 31, 2012 is unaudited.

2012 Highlights

  • OABC generated net income of $5.7 million for the 2012 fiscal year. This is an increase of $1.7 million, or 43.6 percent, over the previous year's net income of $4.0 million. On a per-share basis, 2012 earnings were $0.55 per basic and diluted share, an increase of $0.18, or 48.6 percent, compared to $0.37 per basic and diluted share in 2011.  
  • The primary contributors to the increase in net income for the year ended December 31, 2012 compared to the prior year were an increase in noninterest income of $2.6 million and a decrease in the provision for loan losses of $1.3 million. The increase in noninterest income was primarily due to a $2.0 million increase in gains on sales of loans and a $501,000 increase in commissions income. The decrease in the provision for loan losses was primarily due to improvements in asset quality and a $1.3 million decrease in net charge-offs. These increases in net income were partially offset by a decrease in net interest income of $1.5 million and an increase in income tax expense of $1.0 million.  
  • The Company reported net income of $1.2 million and earnings per basic and diluted share of $0.11 in the fourth quarter of 2012 compared to net income of $1.2 million and earnings per basic and diluted share of $0.12 for the fourth quarter of 2011. Increases in net income due to a decrease in the provision for loan losses of $1.7 million and an increase in other noninterest income of $322,000 were offset by decreases due to an increase in noninterest expense of $1.5 million and a decrease in net interest income of $577,000.  
  • OABC achieved solid loan growth of $51.8 million, or 7.6 percent, during the year ended December 31, 2012 as our focus on lending services and the addition of seasoned lenders to our staff enhanced our ability to produce high quality lending relationships.  
  • Total assets for OABC decreased $79.4 million, or 5.9 percent, to $1.26 billion at December 31, 2012 from $1.34 billion at December 31, 2011, primarily due to a decrease of $146.0 million in securities classified as available for sale, partially offset by a $51.8 million increase in loans, net of the allowance for loan losses and deferred fees and discounts, and an $11.2 million increase in bank-owned life insurance.

"2012 was a great year for OmniAmerican, as our overall bank strategy continues to produce sustained growth year-over-year," said Tim Carter, president and CEO of OmniAmerican Bank. "Our emphasis on attracting and retaining a seasoned team to enhance our lending relationships resulted in solid loan increases. At the same time, we progressed in our efforts to strengthen customer relationships by making our banking experience more convenient than ever. This included the planning and development of our upgraded E-Banking system and mobile banking options, as well as the execution of programs to help our employees refine their customer care strategies. We have a great team in place for 2013, and I'm looking forward to building on our momentum."

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