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TheStreet Open House

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

Stockholders' equity increased $6.6 million, or 3.3 percent, to $205.6 million at December 31, 2012 from $199.0 million at December 31, 2011. The increase in stockholders' equity was primarily due to net income of $5.7 million, share-based compensation expense of $1.3 million, and ESOP compensation expense of $792,000 for the year ended December 31, 2012. These increases were partially offset by decreases due to the purchase of 42,500 shares of our common stock at a cost of $894,000 and other comprehensive loss of $573,000.

Asset Quality as of December 31, 2012 Compared with December 31, 2011

Non-performing assets decreased $3.5 million, or 21.2 percent, to $13.0 million, or 1.04 percent of total assets, as of December 31, 2012, from $16.5 million, or 1.24 percent of total assets, as of December 31, 2011, primarily due to decreases of $1.9 million in other real estate owned and $1.8 million in loans on nonaccrual status. The decrease in other real estate owned resulted primarily from sales of other real estate owned properties totaling $2.9 million and write-downs of other real estate owned properties to the current fair values less costs to sell totaling $1.0 million, partially offset by loans reclassified to other real estate owned totaling $2.0 million during the year ended December 31, 2012.

Operating Results for the Three Months Ended December 31, 2012 Compared with the Three Months Ended December 31, 2011

Net income decreased $39,000, or 3.3 percent, to $1.2 million, or $0.11 per share, for the quarter ended December 31, 2012 from $1.2 million, or $0.12 per share, for the quarter ended December 31, 2011.

Net interest income decreased by $577,000, or 5.8 percent, to $9.3 million for the quarter ended December 31, 2012 from $9.9 million for the quarter ended December 31, 2011, primarily due to a decrease in the average yield on interest-earning assets, partially offset by a decrease in the average balance of interest-bearing liabilities. Total interest income decreased $1.5 million, or 11.5 percent, to $11.6 million for the three months ended December 31, 2012 from $13.1 million for the three months ended December 31, 2011, primarily due to a 36 basis point decrease in the average yield on interest-earning assets and a 4.0 percent decrease in the average balance of interest-earning assets. Total interest expense decreased $976,000, or 30.5 percent, to $2.2 million for the three months ended December 31, 2012 from $3.2 million for the three months ended December 31, 2011, primarily due to a 2.7 percent decrease in the average balance of interest-bearing liabilities and a 36 basis point decrease in the average rate paid on interest-bearing liabilities.

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