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. Reports Fourth Quarter And Annual 2012 Results

The provision for loan losses decreased by $1.3 million, or 39.6 percent, to $1.9 million for the year ended December 31, 2012 from $3.2 million for the year ended December 31, 2011. The provision for loan losses is charged to operations to bring the allowance for loan losses to a level that reflects management's best estimate of the losses inherent in the loan portfolio. The decrease in the provision for loan losses for the year ended December 31, 2012 is primarily attributable to improvements in asset quality and to a $1.3 million decrease in net charge-offs, to $3.0 million, or 0.40 percent of average loans outstanding, for the year ended December 31, 2012 from $4.3 million, or 0.63 percent of average loans outstanding, for the year ended December 31, 2011.

Noninterest income increased by $2.6 million, or 20.0 percent, to $15.8 million for the year ended December 31, 2012 from $13.2 million for the year ended December 31, 2011, primarily due to increases in gains on sales of loans of $2.0 million, commissions income of $501,000, and a decrease in net losses on sales of repossessed assets of $346,000, partially offset by a decrease in service charges and other fees income of $428,000. The increase in gains on sales of loans resulted primarily from improvements in the pricing of one- to four-family residential real estate loans sold in the secondary market, our efforts to sell more of our one- to four-family residential real estate loans, and the sale of a substandard commercial business loan in the year ended December 31, 2011 at a loss of $212,000. The increase in commissions income resulted primarily from an increase in the sales of investment products. The decrease in net losses on sales of repossessed assets resulted primarily from fewer foreclosures and sales of repossessed assets and the stabilization of asset values in 2012. The decrease in service charges and other fees income was primarily attributable to a decrease in non-sufficient funds fee income and a decrease in debit card interchange income.

7 of 10

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
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,150.75 +70.61 0.39%
S&P 500 2,122.36 +4.67 0.22%
NASDAQ 5,107.8040 +15.7190 0.31%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs