This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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."

1 of 10

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs